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PENSION PLANS | 9 Months Ended
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Jan. 01, 2022
Retirement Benefits [Abstract] |
PENSION PLANS | PENSION PLANS The components of pension cost (income) for VF’s defined benefit plans were as follows:
|  | Three Months Ended December |  |  | Nine Months Ended December
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Service cost – benefits earned during the period |  | $ | 3,547 |  |  |  | $ | 3,837 |  |  |  | $ | 10,737 |  |  |  | $ | 11,252 |
Interest cost on projected benefit obligations |  | 9,332 |  |  |  | 11,764 |  |  |  | 28,174 |  |  |  | 35,693 |
Expected return on plan assets |  | (19,347) |  |  |  | (20,586) |  |  |  | (58,100) |  |  |  | (61,696) |
Settlement charges |  | 5,660 |  |  |  | 544 |  |  |  | 6,684 |  |  |  | 1,116 |
Amortization of deferred amounts: |  |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses |  | 2,858 |  |  |  | 3,020 |  |  |  | 8,569 |  |  |  | 8,781 |
Deferred prior service credits |  | (117) |  |  |  | (19) |  |  |  | (352) |  |  |  | (53) |
Net periodic pension cost (income) |  | $ | 1,933 |  |  |  | $ | (1,440) |  |  |  | $ | (4,288) |  |  |  | $ | (4,907) |
The amounts reported in these disclosures have not been segregated between continuing and discontinued operations. VF has reported the service cost component of net periodic pension cost (income) in operating income and the other components, which include interest cost, expected return on plan assets, settlement charges and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations. VF contributed $23.2 million to its defined benefit plans during the nine months ended December 2021, and intends to make approximately $10.3 million of contributions during the remainder of Fiscal 2022. VF recorded $5.7 million and $6.7 million in settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2021, respectively, as well as $0.5 million and $1.1 million for the three and nine months ended December 2020, respectively. The settlement charges related to the recognition of deferred actuarial losses resulting from lump sum payments of retirement benefits in the supplemental defined benefit pension plan. Actuarial assumptions used in the interim valuations were reviewed and revised as appropriate. The discount rate used to determine the supplemental defined benefit pension obligation as of December 2021, September 2021 and June 2021 was 2.96%, 2.91% and 2.90%, respectively.

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