VF Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Pension Plans

Pension Plans

6 Months Ended

Jul. 04, 2015

Note G – Pension Plans

The components of pension cost for VF’s defined benefit plans were as follows:


	Three Months Ended June						Six Months Ended June
In thousands	2015			2014			2015			2014
Service cost – benefits earned during the period	$	7,344		$	6,097		$	14,679		$	12,182
Interest cost on projected benefit obligations		19,411			20,404			38,814			40,793
Expected return on plan assets		(27,779	)		(22,697	)		(55,550	)		(45,378	)
Amortization of deferred amounts:
Net deferred actuarial losses		15,495			9,389			30,992			18,773
Deferred prior service costs		759			1,362			1,521			2,724

Net periodic pension cost	$	15,230		$	14,555		$	30,456		$	29,094

During the first six months of 2015, VF contributed $261.4 million to its defined benefit plans, which included a $250.0 million discretionary contribution to its domestic qualified plan in the first quarter. VF intends to make approximately $11.9 million of additional contributions during the remainder of 2015.

In addition, VF incurred a $1.6 million settlement charge in the second quarter of 2015 related to the recognition of deferred actuarial losses resulting from lump sum payments of retirement benefits to participants in VF’s supplemental defined benefit pension plan.