Quarterly report pursuant to Section 13 or 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
6 Months Ended
Sep. 30, 2023
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the six months ended September 2023, the Company did not purchase shares of Common Stock in open market transactions under its share repurchase program authorized by VF’s Board of Directors. These are treated as treasury stock transactions when shares are repurchased.
Common Stock outstanding is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2023, March 2023 or September 2022. The excess of the cost of treasury shares acquired over the $0.25 per share stated value of Common Stock is deducted from retained earnings.
Accumulated Other Comprehensive Loss
Comprehensive loss consists of net loss and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net loss under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive loss is presented in the Consolidated Statements of Comprehensive Loss. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands) September 2023 March 2023 September 2022
Foreign currency translation and other $ (878,089) $ (859,651) $ (883,846)
Defined benefit pension plans (155,638) (167,692) (166,545)
Derivative financial instruments 22,022  7,825  206,226 
Accumulated other comprehensive loss $ (1,011,705) $ (1,019,518) $ (844,165)
The changes in accumulated OCL, net of related taxes, were as follows:
  Three Months Ended September 2023
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2023 $ (872,800) $ (161,211) $ (19,518) $ (1,053,529)
Other comprehensive income (loss) before reclassifications
(5,289) 2,676  50,043  47,430 
Amounts reclassified from accumulated other comprehensive loss
—  2,897  (8,503) (5,606)
Net other comprehensive income (loss)
(5,289) 5,573  41,540  41,824 
Balance, September 2023 $ (878,089) $ (155,638) $ 22,022  $ (1,011,705)
  Three Months Ended September 2022
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, June 2022 $ (833,166) $ (174,139) $ 132,429  $ (874,876)
Other comprehensive income (loss) before reclassifications
(50,680) 4,108  86,329  39,757 
Amounts reclassified from accumulated other comprehensive loss
—  3,486  (12,532) (9,046)
Net other comprehensive income (loss)
(50,680) 7,594  73,797  30,711 
Balance, September 2022 $ (883,846) $ (166,545) $ 206,226  $ (844,165)
Six Months Ended September 2023
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2023 $ (859,651) $ (167,692) $ 7,825  $ (1,019,518)
Other comprehensive income (loss) before reclassifications (18,438) 3,764  31,441  16,767 
Amounts reclassified from accumulated other comprehensive loss —  8,290  (17,244) (8,954)
Net other comprehensive income (loss) (18,438) 12,054  14,197  7,813 
Balance, September 2023 $ (878,089) $ (155,638) $ 22,022  $ (1,011,705)
  Six Months Ended September 2022
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March, 2022 $ (751,632) $ (230,290) $ 55,343  $ (926,579)
Other comprehensive income (loss) before reclassifications (132,214) (10,376) 170,384  27,794 
Amounts reclassified from accumulated other comprehensive loss —  74,121  (19,501) 54,620 
Net other comprehensive income (loss) (132,214) 63,745  150,883  82,414 
Balance, September 2022 $ (883,846) $ (166,545) $ 206,226  $ (844,165)
Reclassifications out of accumulated OCL were as follows:
(In thousands) Three Months Ended September Six Months Ended September
Details About Accumulated Other Comprehensive Loss Components Affected Line Item in the Consolidated Statements of Operations
2023 2022 2023 2022
Amortization of defined benefit pension plans:
Net deferred actuarial losses
Other income (expense), net $ (4,170) $ (3,953) $ (8,402) $ (7,674)
Deferred prior service credits
Other income (expense), net 137  111  272  223 
Pension settlement charges
Other income (expense), net (7) (1,141) (3,299) (92,902)
Total before tax
(4,040) (4,983) (11,429) (100,353)
Tax benefit
1,143  1,497  3,139  26,232 
Net of tax
(2,897) (3,486) (8,290) (74,121)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
Net revenues (516) (6,421) 574  (9,955)
Foreign exchange contracts
Cost of goods sold 9,399  23,658  17,474  35,014 
Foreign exchange contracts
Selling, general and administrative expenses 1,007  1,955  2,308  3,564 
Foreign exchange contracts
Other income (expense), net (750) (4,313) (1,261) (5,529)
Interest rate contracts
Interest expense 1,098  27  1,823  54 
Total before tax
10,238  14,906  20,918  23,148 
Tax expense
(1,735) (2,374) (3,674) (3,647)
Net of tax
8,503  12,532  17,244  19,501 
Total reclassifications for the period, net of tax $ 5,606  $ 9,046  $ 8,954  $ (54,620)