XML 67 R49.htm IDEA: XBRL DOCUMENT
v3.8.0.1

RETIREMENT AND SAVINGS BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 30, 2017
Retirement Benefits [Abstract] |
Components of Pension Cost | The components of pension cost for VF’s defined benefit plans were as follows:
(In thousands) |  | 2017 |  |  | 2016 |  | 2015
Service cost — benefits earned during the year |  | $ | 24,890 |  |  |  | $ | 25,839 |  |  | $ | 29,223 |
Interest cost on projected benefit obligations |  | 58,989 |  |  |  | 68,020 |  |  | 77,620 |
Expected return on plan assets |  | (94,807 | ) |  |  | (99,540 | ) |  | (111,095 | )
Settlement charges |  | — |  |  |  | 50,922 |  |  | 4,062 |
Curtailments |  | 1,671 |  |  |  | — |  |  | — |
Amortization of deferred amounts: |  |  |  |  |  |  |
Net deferred actuarial losses |  | 41,440 |  |  |  | 65,212 |  |  | 61,966 |
Deferred prior service costs |  | 2,646 |  |  |  | 2,584 |  |  | 3,038 |
Total pension expense |  | $ | 34,829 |  |  |  | $ | 113,037 |  |  | $ | 64,814 |
Weighted average actuarial assumptions used to determine pension expense: |  |  |  |  |  |  |
Discount rate in effect for determining service cost |  | 4.08 | % |  |  | 4.54 | % |  | 3.93 | %
Discount rate in effect for determining interest cost |  | 3.26 | % |  |  | 3.56 | % |  | 3.93 | %
Expected long-term return on plan assets |  | 5.72 | % |  |  | 5.81 | % |  | 6.05 | %
Rate of compensation increase |  | 3.78 | % |  |  | 3.90 | % |  | 3.91 | %
Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations | The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each year, and the funded status at the end of each year:
(In thousands) |  | 2017 |  |  | 2016
Fair value of plan assets, beginning of year |  | $ | 1,673,297 |  |  |  | $ | 1,755,374 |
Actual return on plan assets |  | 204,017 |  |  |  | 191,219 |
VF contributions |  | 9,807 |  |  |  | 24,031 |
Participant contributions |  | 4,011 |  |  |  | 3,644 |
Benefits paid |  | (93,900 | ) |  |  | (286,271 | )
Currency translation |  | 12,417 |  |  |  | (14,700 | )
Fair value of plan assets, end of year |  | 1,809,649 |  |  |  | 1,673,297 |
Projected benefit obligations, beginning of year |  | 1,808,327 |  |  |  | 1,912,015 |
Service cost |  | 24,890 |  |  |  | 25,839 |
Interest cost |  | 58,989 |  |  |  | 68,020 |
Participant contributions |  | 4,011 |  |  |  | 3,644 |
Actuarial loss |  | 131,040 |  |  |  | 100,242 |
Benefits paid |  | (93,900 | ) |  |  | (286,271 | )
Curtailments |  | (5,664 | ) |  |  | — |
Currency translation |  | 16,128 |  |  |  | (15,162 | )
Projected benefit obligations, end of year |  | 1,943,821 |  |  |  | 1,808,327 |
Funded status, end of year |  | $ | (134,172 | ) |  |  | $ | (135,030 | )
Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis.
(In thousands) |  | 2017 |  |  | 2016
Amounts included in Consolidated Balance Sheets: |  |  |  |  |
Other assets (Note I) |  | $ | 82,296 |  |  |  | $ | 41,281 |
Accrued liabilities (Note K) |  | (27,277 | ) |  |  | (10,669 | )
Other liabilities (Note M) |  | (189,191 | ) |  |  | (165,642 | )
Funded status |  | $ | (134,172 | ) |  |  | $ | (135,030 | )
Accumulated other comprehensive loss, pretax: |  |  |  |  |
Net deferred actuarial losses |  | $ | 454,463 |  |  |  | $ | 476,071 |
Deferred prior service costs |  | 10,533 |  |  |  | 14,883 |
Total accumulated other comprehensive loss, pretax |  | $ | 464,996 |  |  |  | $ | 490,954 |
Accumulated benefit obligations |  | $ | 1,837,776 |  |  |  | $ | 1,717,786 |
Weighted average actuarial assumptions used to determine pension obligations: |  |  |  |  |
Discount rate |  | 3.46 | % |  |  | 3.87 | %
Rate of compensation increase |  | 3.73 | % |  |  | 3.78 | %
Fair Value of Investments Held by Pension Plan | The fair value of investments held by VF’s defined benefit plans at December 2017 and 2016, by asset class, is summarized below. Refer to Note U for a description of the three levels of the fair value measurement hierarchy.
| Total Plan Assets |  | Fair Value Measurements
(In thousands) | Level 1 |  | Level 2 |  | Level 3
December 2017 |  |  |  |  |  |  |
Plan assets |  |  |  |  |  |  |
Cash equivalents | $ | 8,191 |  |  | $ | 8,191 |  |  | $ | — |  |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and government agencies | 8 |  |  | — |  |  | 8 |  |  | — |
Insurance contracts | 69,448 |  |  | — |  |  | 69,448 |  |  | — |
Commodities | (372 | ) |  | (372 | ) |  | — |  |  | — |
Total plan assets in the fair value hierarchy | 77,275 |  |  | $ | 7,819 |  |  | $ | 69,456 |  |  | $ | — |
Plan assets measured at net asset value |  |  |  |  |  |  |
Cash equivalents | 36,313 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Domestic | 152,154 |  |  |  |  |  |  |
International | 173,608 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
Corporate and international bonds | 1,215,558 |  |  |  |  |  |  |
Alternative investments | 154,741 |  |  |  |  |  |  |
Total plan assets measured at net asset value | 1,732,374 |  |  |  |  |  |  |
Total plan assets | $ | 1,809,649 |  |  |  |  |  |  |
| Total Plan Assets |  | Fair Value Measurements
(In thousands) | Level 1 |  | Level 2 |  | Level 3
December 2016 |  |  |  |  |  |  |
Plan assets |  |  |  |  |  |  |
Cash equivalents | $ | 2,896 |  |  | $ | 2,896 |  |  | $ | — |  |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and government agencies | 10 |  |  | — |  |  | 10 |  |  | — |
Insurance contracts | 63,013 |  |  | — |  |  | 63,013 |  |  | — |
Commodities | 506 |  |  | 506 |  |  | — |  |  | — |
Total plan assets in the fair value hierarchy | 66,425 |  |  | $ | 3,402 |  |  | $ | 63,023 |  |  | $ | — |
Plan assets measured at net asset value |  |  |  |  |  |  |
Cash equivalents | 27,486 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Domestic | 134,254 |  |  |  |  |  |  |
International | 142,772 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
Corporate and international bonds | 1,140,894 |  |  |  |  |  |  |
Alternative investments | 161,466 |  |  |  |  |  |  |
Total plan assets measured at net asset value | 1,606,872 |  |  |  |  |  |  |
Total plan assets | $ | 1,673,297 |  |  |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2439-114920 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2410-114920 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=77993564&loc=d3e4179-114921 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration