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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the six months ended September 2023, 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 2023, March 2023 or September 2022. 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 Loss Comprehensive loss consists of net loss and specified components of other comprehensive income (loss), which relate to changes in assets and liabilities that are not included in net loss under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive loss is presented in the Consolidated Statements of Comprehensive Loss. The deferred components of other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands) |  | September 2023 |  |  | March 2023 |  | September 2022
Foreign currency translation and other |  | $ | (878,089) |  |  |  | $ | (859,651) |  |  | $ | (883,846) |
Defined benefit pension plans |  | (155,638) |  |  |  | (167,692) |  |  | (166,545) |
Derivative financial instruments |  | 22,022 |  |  |  | 7,825 |  |  | 206,226 |
Accumulated other comprehensive loss |  | $ | (1,011,705) |  |  |  | $ | (1,019,518) |  |  | $ | (844,165) |
The changes in accumulated OCL, net of related taxes, were as follows:
| Three Months Ended September 2023 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, June 2023 | $ | (872,800) |  |  | $ | (161,211) |  |  | $ | (19,518) |  |  | $ | (1,053,529) |  |
Other comprehensive income (loss) before reclassifications | (5,289) |  |  | 2,676 |  |  | 50,043 |  |  | 47,430 |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 2,897 |  |  | (8,503) |  |  | (5,606) |  |
Net other comprehensive income (loss) | (5,289) |  |  | 5,573 |  |  | 41,540 |  |  | 41,824 |  |
Balance, September 2023 | $ | (878,089) |  |  | $ | (155,638) |  |  | $ | 22,022 |  |  | $ | (1,011,705) |  |
| 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 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) |  |
| Six Months Ended September 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 | (18,438) |  |  | 3,764 |  |  | 31,441 |  |  | 16,767 |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 8,290 |  |  | (17,244) |  |  | (8,954) |  |
Net other comprehensive income (loss) | (18,438) |  |  | 12,054 |  |  | 14,197 |  |  | 7,813 |  |
Balance, September 2023 | $ | (878,089) |  |  | $ | (155,638) |  |  | $ | 22,022 |  |  | $ | (1,011,705) |  |
| 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 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) |  |
Reclassifications out of accumulated OCL were as follows:
(In thousands) |  |  |  | Three Months Ended September |  |  | Six Months Ended September
Details About Accumulated Other Comprehensive Loss Components | Affected Line Item in the Consolidated Statements of Operations
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022
Amortization of defined benefit pension plans: |  |  |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses | Other income (expense), net |  |  | $ | (4,170) |  |  |  | $ | (3,953) |  |  |  | $ | (8,402) |  |  |  | $ | (7,674) |
Deferred prior service credits | Other income (expense), net |  |  | 137 |  |  |  | 111 |  |  |  | 272 |  |  |  | 223 |
Pension settlement charges | Other income (expense), net |  |  | (7) |  |  |  | (1,141) |  |  |  | (3,299) |  |  |  | (92,902) |
Total before tax |  |  |  | (4,040) |  |  |  | (4,983) |  |  |  | (11,429) |  |  |  | (100,353) |
Tax benefit |  |  |  | 1,143 |  |  |  | 1,497 |  |  |  | 3,139 |  |  |  | 26,232 |
Net of tax |  |  |  | (2,897) |  |  |  | (3,486) |  |  |  | (8,290) |  |  |  | (74,121) |
Gains (losses) on derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Net revenues |  |  | (516) |  |  |  | (6,421) |  |  |  | 574 |  |  |  | (9,955) |
Foreign exchange contracts | Cost of goods sold |  |  | 9,399 |  |  |  | 23,658 |  |  |  | 17,474 |  |  |  | 35,014 |
Foreign exchange contracts | Selling, general and administrative expenses |  |  | 1,007 |  |  |  | 1,955 |  |  |  | 2,308 |  |  |  | 3,564 |
Foreign exchange contracts | Other income (expense), net |  |  | (750) |  |  |  | (4,313) |  |  |  | (1,261) |  |  |  | (5,529) |
Interest rate contracts | Interest expense |  |  | 1,098 |  |  |  | 27 |  |  |  | 1,823 |  |  |  | 54 |
Total before tax |  |  |  | 10,238 |  |  |  | 14,906 |  |  |  | 20,918 |  |  |  | 23,148 |
Tax expense |  |  |  | (1,735) |  |  |  | (2,374) |  |  |  | (3,674) |  |  |  | (3,647) |
Net of tax |  |  |  | 8,503 |  |  |  | 12,532 |  |  |  | 17,244 |  |  |  | 19,501 |
Total reclassifications for the period, net of tax |  |  | $ | 5,606 |  |  |  | $ | 9,046 |  |  |  | $ | 8,954 |  |  |  | $ | (54,620) |

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