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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended
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Oct. 01, 2022
Equity [Abstract] |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Common Stock During the six months ended September 2022, 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 2022, March 2022 or September 2021. 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 Income (Loss) Comprehensive income (loss) consists of net income (loss) and specified components of OCI, 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 OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) |  | September 2022 |  |  | March 2022 |  | September 2021
Foreign currency translation and other |  | $ | (883,846) |  |  |  | $ | (751,632) |  |  | $ | (687,120) |
Defined benefit pension plans |  | (166,545) |  |  |  | (230,290) |  |  | (255,635) |
Derivative financial instruments |  | 206,226 |  |  |  | 55,343 |  |  | 1,921 |
Accumulated other comprehensive income (loss) |  | $ | (844,165) |  |  |  | $ | (926,579) |  |  | $ | (940,834) |
The changes in accumulated OCI, net of related taxes, were as follows:
| 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 income (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) |  |
| Three Months Ended September 2021 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, June 2021 | $ | (663,120) |  |  | $ | (257,431) |  |  | $ | (45,335) |  |  | $ | (965,886) |  |
Other comprehensive income (loss) before reclassifications | (24,000) |  |  | (327) |  |  | 28,383 |  |  | 4,056 |  |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 2,123 |  |  | 18,873 |  |  | 20,996 |  |
Net other comprehensive income (loss) | (24,000) |  |  | 1,796 |  |  | 47,256 |  |  | 25,052 |  |
Balance, September 2021 | $ | (687,120) |  |  | $ | (255,635) |  |  | $ | 1,921 |  |  | $ | (940,834) |  |
| 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 income (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) |  |
| Six Months Ended September 2021 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, March 2021 | $ | (700,173) |  |  | $ | (257,747) |  |  | $ | (51,080) |  |  | $ | (1,009,000) |  |
Other comprehensive income (loss) before reclassifications | 13,053 |  |  | (2,738) |  |  | 24,012 |  |  | 34,327 |  |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 4,850 |  |  | 28,989 |  |  | 33,839 |  |
Net other comprehensive income (loss) | 13,053 |  |  | 2,112 |  |  | 53,001 |  |  | 68,166 |  |
Balance, September 2021 | $ | (687,120) |  |  | $ | (255,635) |  |  | $ | 1,921 |  |  | $ | (940,834) |  |
Reclassifications out of accumulated OCI were as follows:
(In thousands) |  |  |  | Three Months Ended September |  |  | Six Months Ended September
Details About Accumulated Other Comprehensive Income (Loss) Components | Affected Line Item in the Consolidated Statements of Operations
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021
Amortization of defined benefit pension plans: |  |  |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses | Other income (expense), net |  |  | $ | (3,953) |  |  |  | $ | (2,871) |  |  |  | $ | (7,674) |  |  |  | $ | (5,711) |
Deferred prior service credits | Other income (expense), net |  |  | 111 |  |  |  | 117 |  |  |  | 223 |  |  |  | 235 |
Pension settlement charges | Other income (expense), net |  |  | (1,141) |  |  |  | (76) |  |  |  | (92,902) |  |  |  | (1,024) |
Total before tax |  |  |  | (4,983) |  |  |  | (2,830) |  |  |  | (100,353) |  |  |  | (6,500) |
Tax benefit |  |  |  | 1,497 |  |  |  | 707 |  |  |  | 26,232 |  |  |  | 1,650 |
Net of tax |  |  |  | (3,486) |  |  |  | (2,123) |  |  |  | (74,121) |  |  |  | (4,850) |
Gains (losses) on derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Net revenues |  |  | (10,734) |  |  |  | (4,963) |  |  |  | (15,484) |  |  |  | (6,761) |
Foreign exchange contracts | Cost of goods sold |  |  | 11,837 |  |  |  | (16,501) |  |  |  | 17,761 |  |  |  | (22,670) |
Foreign exchange contracts | Selling, general and administrative expenses |  |  | 1,955 |  |  |  | (189) |  |  |  | 3,564 |  |  |  | (1,106) |
Foreign exchange contracts | Other income (expense), net |  |  | 11,821 |  |  |  | (1,360) |  |  |  | 17,253 |  |  |  | (3,062) |
Interest rate contracts | Interest expense |  |  | 27 |  |  |  | 27 |  |  |  | 54 |  |  |  | 54 |
Total before tax |  |  |  | 14,906 |  |  |  | (22,986) |  |  |  | 23,148 |  |  |  | (33,545) |
Tax (expense) benefit |  |  |  | (2,374) |  |  |  | 4,113 |  |  |  | (3,647) |  |  |  | 4,556 |
Net of tax |  |  |  | 12,532 |  |  |  | (18,873) |  |  |  | 19,501 |  |  |  | (28,989) |
Total reclassifications for the period, net of tax |  |  | $ | 9,046 |  |  |  | $ | (20,996) |  |  |  | $ | (54,620) |  |  |  | $ | (33,839) |

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