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
 9 Months Ended
Dec. 28, 2024
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Common Stock
During the nine months ended December 2024, 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 December 2024, March 2024 or December 2023. 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 deficit).
Accumulated Other Comprehensive Loss
Comprehensive income (loss) consists of net income (loss) and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net income (loss) under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income (loss) is presented in the Consolidated Statements of Comprehensive Income (Loss). The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated other comprehensive loss ("OCL") in stockholders’ equity, as follows:
(In thousands) December 2024 March 2024 December 2023
Foreign currency translation and other $ (846,574) $ (868,439) $ (856,853)
Defined benefit pension plans (171,993) (182,333) (155,701)
Derivative financial instruments 67,082  (13,559) (38,819)
Accumulated other comprehensive loss $ (951,485) $ (1,064,331) $ (1,051,373)
The changes in accumulated OCL, net of related taxes, were as follows:
  Three Months Ended December 2024
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, September 2024 $ (869,994) $ (175,087) $ (25,499) $ (1,070,580)
Other comprehensive income (loss) before reclassifications
 (51,873) (99) 88,068  36,096 
Amounts reclassified from accumulated other comprehensive loss
 75,293  3,193  4,513  82,999 
Net other comprehensive income
 23,420  3,094  92,581  119,095 
Balance, December 2024 $ (846,574) $ (171,993) $ 67,082  $ (951,485)
  Three Months Ended December 2023
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, September 2023 $ (878,089) $ (155,638) $ 22,022  $ (1,011,705)
Other comprehensive income (loss) before reclassifications
 21,236  (3,002) (61,585) (43,351)
Amounts reclassified from accumulated other comprehensive loss
 —  2,939  744  3,683 
Net other comprehensive income (loss)
 21,236  (63) (60,841) (39,668)
Balance, December 2023 $ (856,853) $ (155,701) $ (38,819) $ (1,051,373)
  Nine Months Ended December 2024
(In thousands) Foreign Currency Translation and Other Defined Benefit Pension Plans Derivative Financial Instruments Total
Balance, March 2024 $ (868,439) $ (182,333) $ (13,559) $ (1,064,331)
Other comprehensive income (loss) before reclassifications (53,428) (135) 56,015  2,452 
Amounts reclassified from accumulated other comprehensive loss
 75,293  10,475  24,626  110,394 
Net other comprehensive income
 21,865  10,340  80,641  112,846 
Balance, December 2024 $ (846,574) $ (171,993) $ 67,082  $ (951,485)
  Nine Months Ended December 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
 2,798  762  (30,144) (26,584)
Amounts reclassified from accumulated other comprehensive loss
 —  11,229  (16,500) (5,271)
Net other comprehensive income (loss)
 2,798  11,991  (46,644) (31,855)
Balance, December 2023 $ (856,853) $ (155,701) $ (38,819) $ (1,051,373)
Reclassifications out of accumulated OCL were as follows:
(In thousands) Three Months Ended December Nine Months Ended December
Details About Accumulated Other Comprehensive Loss Components Affected Line Item in the Consolidated Statements of Operations
2024 2023 2024 2023
Losses on foreign currency translation and other:
Sale of Supreme
Income (loss) from discontinued operations, net of tax (a)
$ (75,293) $ —  $ (75,293) $ — 
Total before tax
 (75,293) —  (75,293) — 
Tax benefit (expense)
 —  —  —  — 
Net of tax
 (75,293) —  (75,293) — 
Amortization of defined benefit pension plans:
Net deferred actuarial losses
 Other income (expense), net (5,049) (4,106) (15,146) (12,508)
Deferred prior service credits
 Other income (expense), net 148  136  442  408 
Pension curtailment gains and settlement charges
 Other income (expense), net 638  (131) 638  (3,430)
Total before tax
 (4,263) (4,101) (14,066) (15,530)
Tax benefit
 1,070  1,162  3,591  4,301 
Net of tax
 (3,193) (2,939) (10,475) (11,229)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts
 Net revenues (9,580) (794) (21,762) (220)
Foreign exchange contracts
 Cost of goods sold 4,648  (2,697) (9,479) 14,777 
Foreign exchange contracts
 SG&A expenses 166  833  (289) 3,141 
Foreign exchange contracts
 Other income (expense), net (970) 536  (973) (725)
Interest rate contracts
 Interest expense 364  27  418  81 
Interest rate contracts
 Income (loss) from discontinued operations, net of tax —  1,183  2,299  2,952 
Total before tax
 (5,372) (912) (29,786) 20,006 
Tax benefit (expense)
 859  168  5,160  (3,506)
Net of tax
 (4,513) (744) (24,626) 16,500 
Total reclassifications for the period, net of tax $ (82,999) $ (3,683) $ (110,394) $ 5,271 
(a)Foreign currency translation losses related to Supreme were included in the carrying value of the disposal group used in determining the estimated loss on sale recorded during the second quarter of Fiscal 2025. Upon completion of the sale of Supreme on October 1, 2024, these amounts were reclassified out of accumulated OCL into the income (loss) from discontinued operations, net of tax line item in the Consolidated Statements of Operations for the three and nine months ended December 2024 and offset against the derecognition of the previously recorded allowance on the disposal group.