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

Quarterly report pursuant to Section 13 or 15(d)

Pension Plans

Pension Plans

9 Months Ended

Oct. 03, 2015

Note G – Pension Plans

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


	Three Months Ended September						Nine Months Ended September
In thousands	2015			2014			2015			2014
Service cost – benefits earned during the period	$	7,305		$	6,046		$	21,984		$	18,228
Interest cost on projected benefit obligations		19,415			20,387			58,229			61,180
Expected return on plan assets		(27,784	)		(22,682	)		(83,334	)		(68,060	)
Amortization of deferred amounts:
Net deferred actuarial losses		15,493			9,385			46,485			28,158
Deferred prior service costs		760			1,361			2,281			4,085

Net periodic pension cost	$	15,189		$	14,497		$	45,645		$	43,591

During the first nine months of 2015, VF contributed $270.0 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 $3.0 million of additional contributions during the remainder of 2015.

In addition, VF incurred $2.4 million and $4.0 million in settlement charges during the third quarter and first nine months of 2015, respectively, 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.