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PENSION PLANS | 3 Months Ended
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Jul. 01, 2023
Retirement Benefits [Abstract] |
PENSION PLANS | PENSION PLANS The components of pension cost for VF’s defined benefit plans were as follows:
|  | Three Months Ended June |  |  |  |  |  |
(In thousands) |  | 2023 |  |  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
Service cost – benefits earned during the period |  | $ | 2,192 |  |  |  | $ | 2,646 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest cost on projected benefit obligations |  | 11,812 |  |  |  | 12,631 |  |  |  |  |  |  |  |  |  |  |  |  |
Expected return on plan assets |  | (15,877) |  |  |  | (18,860) |  |  |  |  |  |  |  |  |  |  |  |  |
Settlement charges |  | 3,292 |  |  |  | 91,761 |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of deferred amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses |  | 4,232 |  |  |  | 3,721 |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred prior service credits |  | (135) |  |  |  | (112) |  |  |  |  |  |  |  |  |  |  |  |  |
Net periodic pension cost |  | $ | 5,516 |  |  |  | $ | 91,787 |  |  |  |  |  |  |  |  |  |  |  |  |
VF has reported the service cost component of net periodic pension cost in operating income (loss) 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 $16.2 million to its defined benefit plans during the three months ended June 2023, and intends to make approximately $13.5 million of contributions during the remainder of Fiscal 2024. VF recorded a $3.3 million settlement charge in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended June 2023. The settlement charge 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 valuation were reviewed and revised as appropriate. The discount rate used to determine the supplemental defined benefit pension obligation as of June 2023 was 5.44% Additionally, during the three months ended June 2022, VF entered into an agreement with The Prudential Insurance Company of America (“Prudential”) to purchase an irrevocable group annuity contract relating to approximately $330.0 million of the U.S. qualified defined benefit pension plan obligations. The transaction closed on June 30, 2022 and was funded entirely by existing assets of the plan. Under the group annuity contract, Prudential assumed responsibility for benefit payments and annuity administration for approximately 17,700 retirees and beneficiaries. The transaction did not change the amount or timing of monthly retirement benefit payments. VF recorded a $91.8 million settlement charge in the other income (expense), net line item in the Consolidated Statement of Operations during the three months ended June 2022 to recognize the related deferred actuarial losses in accumulated other comprehensive loss (“OCL”).

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