XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.24.0.1

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended
--- | ---
Dec. 30, 2023
Equity [Abstract] |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the nine months ended December 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 December 2023, March 2023 or December 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) |  | December 2023 |  |  | March 2023 |  | December 2022
Foreign currency translation and other |  | $ | (856,853) |  |  |  | $ | (859,651) |  |  | $ | (841,877) |
Defined benefit pension plans |  | (155,701) |  |  |  | (167,692) |  |  | (164,346) |
Derivative financial instruments |  | (38,819) |  |  |  | 7,825 |  |  | 76,635 |
Accumulated other comprehensive loss |  | $ | (1,051,373) |  |  |  | $ | (1,019,518) |  |  | $ | (929,588) |
The changes in accumulated OCL, net of related taxes, were as follows:
| Three Months Ended December 2023 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, September 2023 | $ | (878,089) |  |  | $ | (155,638) |  |  | $ | 22,022 |  |  | $ | (1,011,705) |  |
Other comprehensive income (loss) before reclassifications | 21,236 |  |  | (3,002) |  |  | (61,585) |  |  | (43,351) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 2,939 |  |  | 744 |  |  | 3,683 |  |
Net other comprehensive income (loss) | 21,236 |  |  | (63) |  |  | (60,841) |  |  | (39,668) |  |
Balance, December 2023 | $ | (856,853) |  |  | $ | (155,701) |  |  | $ | (38,819) |  |  | $ | (1,051,373) |  |
| Three Months Ended December 2022 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, September 2022 | $ | (883,846) |  |  | $ | (166,545) |  |  | $ | 206,226 |  |  | $ | (844,165) |  |
Other comprehensive income (loss) before reclassifications | 41,969 |  |  | (850) |  |  | (101,665) |  |  | (60,546) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 3,049 |  |  | (27,926) |  |  | (24,877) |  |
Net other comprehensive income (loss) | 41,969 |  |  | 2,199 |  |  | (129,591) |  |  | (85,423) |  |
Balance, December 2022 | $ | (841,877) |  |  | $ | (164,346) |  |  | $ | 76,635 |  |  | $ | (929,588) |  |
| Nine Months Ended December 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 | 2,798 |  |  | 762 |  |  | (30,144) |  |  | (26,584) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 11,229 |  |  | (16,500) |  |  | (5,271) |  |
Net other comprehensive income (loss) | 2,798 |  |  | 11,991 |  |  | (46,644) |  |  | (31,855) |  |
Balance, December 2023 | $ | (856,853) |  |  | $ | (155,701) |  |  | $ | (38,819) |  |  | $ | (1,051,373) |  |
| Nine Months Ended December 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 | (90,245) |  |  | (11,226) |  |  | 68,719 |  |  | (32,752) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 77,170 |  |  | (47,427) |  |  | 29,743 |  |
Net other comprehensive income (loss) | (90,245) |  |  | 65,944 |  |  | 21,292 |  |  | (3,009) |  |
Balance, December 2022 | $ | (841,877) |  |  | $ | (164,346) |  |  | $ | 76,635 |  |  | $ | (929,588) |  |
Reclassifications out of accumulated OCL were as follows:
(In thousands) |  |  |  | Three Months Ended December |  |  | Nine Months Ended December
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 |  |  | $ | (4,106) |  |  |  | $ | (3,858) |  |  |  | $ | (12,508) |  |  |  | $ | (11,532) |
Deferred prior service credits | Other income (expense), net |  |  | 136 |  |  |  | 112 |  |  |  | 408 |  |  |  | 335 |
Pension settlement charges | Other income (expense), net |  |  | (131) |  |  |  | (695) |  |  |  | (3,430) |  |  |  | (93,597) |
Total before tax |  |  |  | (4,101) |  |  |  | (4,441) |  |  |  | (15,530) |  |  |  | (104,794) |
Tax benefit |  |  |  | 1,162 |  |  |  | 1,392 |  |  |  | 4,301 |  |  |  | 27,624 |
Net of tax |  |  |  | (2,939) |  |  |  | (3,049) |  |  |  | (11,229) |  |  |  | (77,170) |
Gains (losses) on derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Net revenues |  |  | (794) |  |  |  | 782 |  |  |  | (220) |  |  |  | (9,173) |
Foreign exchange contracts | Cost of goods sold |  |  | (2,697) |  |  |  | 33,816 |  |  |  | 14,777 |  |  |  | 68,830 |
Foreign exchange contracts | Selling, general and administrative expenses |  |  | 833 |  |  |  | 1,816 |  |  |  | 3,141 |  |  |  | 5,380 |
Foreign exchange contracts | Other income (expense), net |  |  | 536 |  |  |  | (3,536) |  |  |  | (725) |  |  |  | (9,065) |
Interest rate contracts | Interest expense |  |  | 1,210 |  |  |  | 27 |  |  |  | 3,033 |  |  |  | 81 |
Total before tax |  |  |  | (912) |  |  |  | 32,905 |  |  |  | 20,006 |  |  |  | 56,053 |
Tax expense |  |  |  | 168 |  |  |  | (4,979) |  |  |  | (3,506) |  |  |  | (8,626) |
Net of tax |  |  |  | (744) |  |  |  | 27,926 |  |  |  | 16,500 |  |  |  | 47,427 |
Total reclassifications for the period, net of tax |  |  | $ | (3,683) |  |  |  | $ | 24,877 |  |  |  | $ | 5,271 |  |  |  | $ | (29,743) |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration