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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended
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Sep. 28, 2024
Equity [Abstract] |
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS | CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE LOSS Common Stock During the six months ended September 2024, the Company did not purc hase 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 out standing is net of shares held in treasury which are, in substance, retired. There were no shares held in treasury at the end of September 2024, March 2024 or September 2023. 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 deficit). 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 o f other comprehensive income (loss) are reported, net of related income taxes, in accu mulated other comprehensive loss ("OC L") in stockholders’ equity, as follows:
(In thousands) |  | September 2024 |  |  | March 2024 |  | September 2023
Foreign currency translation and other |  | $ | (869,994) |  |  |  | $ | (868,439) |  |  | $ | (878,089) |
Defined benefit pension plans |  | (175,087) |  |  |  | (182,333) |  |  | (155,638) |
Derivative financial instruments |  | (25,499) |  |  |  | (13,559) |  |  | 22,022 |
Accumulated other comprehensive loss |  | $ | (1,070,580) |  |  |  | $ | (1,064,331) |  |  | $ | (1,011,705) |
The changes in accumulated OCL, ne t of related taxes, were as follows:
| Three Months Ended September 2024 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, June 2024 | $ | (887,892) |  |  | $ | (178,701) |  |  | $ | 12,966 |  |  | $ | (1,053,627) |  |
Other comprehensive income (loss) before reclassifications | 17,898 |  |  | (26) |  |  | (47,838) |  |  | (29,966) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 3,640 |  |  | 9,373 |  |  | 13,013 |  |
Net other comprehensive income (loss) | 17,898 |  |  | 3,614 |  |  | (38,465) |  |  | (16,953) |  |
Balance, September 2024 | $ | (869,994) |  |  | $ | (175,087) |  |  | $ | (25,499) |  |  | $ | (1,070,580) |  |
| 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) |  |
| Six Months Ended September 2024 |
(In thousands) | Foreign Currency Translation and Other |  | Defined Benefit Pension Plans |  | Derivative Financial Instruments |  | Total |
Balance, March 2024 | $ | (868,439) |  |  | $ | (182,333) |  |  | $ | (13,559) |  |  | $ | (1,064,331) |  |
Other comprehensive loss before reclassifications | (1,555) |  |  | (36) |  |  | (32,053) |  |  | (33,644) |  |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 7,282 |  |  | 20,113 |  |  | 27,395 |  |
Net other comprehensive income (loss) | (1,555) |  |  | 7,246 |  |  | (11,940) |  |  | (6,249) |  |
Balance, September 2024 | $ | (869,994) |  |  | $ | (175,087) |  |  | $ | (25,499) |  |  | $ | (1,070,580) |  |
| 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) |  |
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
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023
Amortization of defined benefit pension plans: |  |  |  |  |  |  |  |  |  |  |  |
Net deferred actuarial losses | Other income (expense), net |  |  | $ | (5,051) |  |  |  | $ | (4,170) |  |  |  | $ | (10,097) |  |  |  | $ | (8,402) |
Deferred prior service credits | Other income (expense), net |  |  | 150 |  |  |  | 137 |  |  |  | 294 |  |  |  | 272 |
Pension settlement charges | Other income (expense), net |  |  | — |  |  |  | (7) |  |  |  | — |  |  |  | (3,299) |
Total before tax |  |  |  | (4,901) |  |  |  | (4,040) |  |  |  | (9,803) |  |  |  | (11,429) |
Tax benefit |  |  |  | 1,261 |  |  |  | 1,143 |  |  |  | 2,521 |  |  |  | 3,139 |
Net of tax |  |  |  | (3,640) |  |  |  | (2,897) |  |  |  | (7,282) |  |  |  | (8,290) |
Gains (losses) on derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Net revenues |  |  | (7,851) |  |  |  | (516) |  |  |  | (12,182) |  |  |  | 574 |
Foreign exchange contracts | Cost of goods sold |  |  | (4,001) |  |  |  | 9,399 |  |  |  | (14,127) |  |  |  | 17,474 |
Foreign exchange contracts | Selling, general and administrative expenses |  |  | (47) |  |  |  | 1,007 |  |  |  | (455) |  |  |  | 2,308 |
Foreign exchange contracts | Other income (expense), net |  |  | 53 |  |  |  | (750) |  |  |  | (3) |  |  |  | (1,261) |
Interest rate contracts | Interest expense |  |  | 27 |  |  |  | 27 |  |  |  | 54 |  |  |  | 54 |
Interest rate contracts | Income (loss) from discontinued operations, net of tax |  |  | 1,134 |  |  |  | 1,071 |  |  |  | 2,299 |  |  |  | 1,769 |
Total before tax |  |  |  | (10,685) |  |  |  | 10,238 |  |  |  | (24,414) |  |  |  | 20,918 |
Tax benefit (expense) |  |  |  | 1,312 |  |  |  | (1,735) |  |  |  | 4,301 |  |  |  | (3,674) |
Net of tax |  |  |  | (9,373) |  |  |  | 8,503 |  |  |  | (20,113) |  |  |  | 17,244 |
Total reclassifications for the period, net of tax |  |  | $ | (13,013) |  |  |  | $ | 5,606 |  |  |  | $ | (27,395) |  |  |  | $ | 8,954 |

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