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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended
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Mar. 30, 2024
Equity [Abstract] |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the years ended March 2024 and 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. During the year ended March 2022, the Company purchased 4.8 million shares of Common Stock in open market transactions for $350.0 million under its share repurchase program authorized by VF's Board of Directors. These purchases were treated as treasury stock transactions. Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the year ended March 2022, VF restored 4.8 million treasury shares to an unissued status, after which they were no longer recognized as shares held in treasury. There were no shares held in treasury at the end of March 2024, 2023 or 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 income (loss) consists of net income (loss) and specified components of other comprehensive income (loss), 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 other comprehensive income (loss) are reported, net of related income taxes, in accumulated OCL in stockholders’ equity, as follows:
(In thousands) |  | March 2024 |  |  | March 2023
Foreign currency translation and other |  | $ | (868,439) |  |  |  | $ | (859,651) |
Defined benefit pension plans |  | (182,333) |  |  |  | (167,692) |
Derivative financial instruments |  | (13,559) |  |  |  | 7,825 |
Accumulated other comprehensive loss |  | $ | (1,064,331) |  |  |  | $ | (1,019,518) |
The changes in accumulated OCL, net of related taxes, were as follows:
(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 | (51,459) |  |  | 13,547 |  |  | 59,753 |  |  |  |  | 21,841 |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 13,910 |  |  | 46,670 |  |  |  |  | 60,580 |  |
Net other comprehensive income (loss) | (51,459) |  |  | 27,457 |  |  | 106,423 |  |  |  |  | 82,421 |  |
Balance, March 2022 | (751,632) |  |  | (230,290) |  |  | 55,343 |  |  |  |  | (926,579) |  |
Other comprehensive income (loss) before reclassifications | (108,019) |  |  | (18,596) |  |  | 44,979 |  |  |  |  | (81,636) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 81,194 |  |  | (92,497) |  |  |  |  | (11,303) |  |
Net other comprehensive income (loss) | (108,019) |  |  | 62,598 |  |  | (47,518) |  |  |  |  | (92,939) |  |
Balance, March 2023 | (859,651) |  |  | (167,692) |  |  | 7,825 |  |  |  |  | (1,019,518) |  |
Other comprehensive income (loss) before reclassifications | (8,788) |  |  | (28,939) |  |  | (6,443) |  |  |  |  | (44,170) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 14,298 |  |  | (14,941) |  |  |  |  | (643) |  |
Net other comprehensive income (loss) | (8,788) |  |  | (14,641) |  |  | (21,384) |  |  |  |  | (44,813) |  |
Balance, March 2024 | $ | (868,439) |  |  | $ | (182,333) |  |  | $ | (13,559) |  |  |  |  | $ | (1,064,331) |  |
Reclassifications out of accumulated OCL were as follows:
(In thousands) | Affected Line Item in the Consolidated Statements of Operations |  |  | Year Ended March |  |  |  |  |  |
Details About Accumulated Other Comprehensive Loss Components |  |  |  |  |  |  |  |
|  | 2024 |  |  | 2023 |  | 2022 |  |  |  |  |  |
Amortization of defined benefit pension plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses | Other income (expense), net |  |  | $ | (16,195) |  |  |  | $ | (16,395) |  |  | $ | (11,310) |  |  |  |  |  |  |
Deferred prior service credits | Other income (expense), net |  |  | 80 |  |  |  | 453 |  |  | 440 |  |  |  |  |  |  |
Pension settlement charges | Other income (expense), net |  |  | (3,538) |  |  |  | (93,731) |  |  | (7,466) |  |  |  |  |  |  |
Total before tax |  |  |  | (19,653) |  |  |  | (109,673) |  |  | (18,336) |  |  |  |  |  |  |
Tax benefit |  |  |  | 5,355 |  |  |  | 28,479 |  |  | 4,426 |  |  |  |  |  |  |
Net of tax |  |  |  | (14,298) |  |  |  | (81,194) |  |  | (13,910) |  |  |  |  |  |  |
Gains (losses) on derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Net revenues |  |  | (5,004) |  |  |  | (6,843) |  |  | (27,382) |  |  |  |  |  |  |
Foreign exchange contracts | Cost of goods sold |  |  | 15,703 |  |  |  | 120,438 |  |  | (26,346) |  |  |  |  |  |  |
Foreign exchange contracts | Selling, general and administrative expenses |  |  | 3,437 |  |  |  | 6,695 |  |  | (487) |  |  |  |  |  |  |
Foreign exchange contracts | Other income (expense), net |  |  | (253) |  |  |  | (10,365) |  |  | (219) |  |  |  |  |  |  |
Interest rate contracts | Interest expense |  |  | 4,238 |  |  |  | 235 |  |  | 108 |  |  |  |  |  |  |
Total before tax |  |  |  | 18,121 |  |  |  | 110,160 |  |  | (54,326) |  |  |  |  |  |  |
Tax (expense) benefit |  |  |  | (3,180) |  |  |  | (17,663) |  |  | 7,656 |  |  |  |  |  |  |
Net of tax |  |  |  | 14,941 |  |  |  | 92,497 |  |  | (46,670) |  |  |  |  |  |  |
Total reclassifications for the period, net of tax |  |  | $ | 643 |  |  |  | $ | 11,303 |  |  | $ | (60,580) |  |  |  |  |  |  |

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