Annual report pursuant to Section 13 and 15(d)

CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Apr. 02, 2022
Equity [Abstract]  
CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CAPITAL AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Common Stock

During the years ended March 2022 and 2020, the Company purchased 4.8 million and 12.0 million shares of Common Stock, respectively, in open market transactions for $350.0 million and $1.0 billion, respectively, under its share repurchase program authorized by VF’s Board of Directors. These purchases were treated as treasury stock transactions. During the year ended March 2021, 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.

Common Stock outstanding is net of shares held in treasury which are, in substance, retired. During the years ended March 2022 and 2020, VF restored 4.8 million and 12.0 million treasury shares, respectively, 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 2022, 2021 or 2020. 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 Income (Loss)

Comprehensive income consists of net income and specified components of OCI, which relate to changes in assets and liabilities that are not included in net income under GAAP but are instead deferred and accumulated within a separate component of stockholders’ equity in the balance sheet. VF’s comprehensive income is presented in the Consolidated Statements of Comprehensive Income. The deferred components of OCI are reported, net of related income taxes, in accumulated OCI in stockholders’ equity, as follows:
(In thousands) March 2022 March 2021
Foreign currency translation and other $ (751,632) $ (700,173)
Defined benefit pension plans (230,290) (257,747)
Derivative financial instruments 55,343  (51,080)
Accumulated other comprehensive income (loss) $ (926,579) $ (1,009,000)
The changes in accumulated OCI, net of related taxes, are as follows:
(In thousands) Foreign Currency Translation and Other Defined
Benefit
Pension Plans		 Derivative
Financial
Instruments		 Total
Balance, March 2019 $ (725,679) $ (243,184) $ 66,788  $ (902,075)
Adoption of accounting standard related to reclassification of stranded tax effects (9,088) (50,402) (2,371) (61,861)
Other comprehensive income (loss) before reclassifications (134,297) (2,757) 76,797  (60,257)
Amounts reclassified from accumulated other comprehensive income (loss) 48,261  33,077  (63,396) 17,942 
Spin-off of Jeans Business 83,094  794  (8,595) 75,293 
Net other comprehensive income (loss) (12,030) (19,288) 2,435  (28,883)
Balance, March 2020 (737,709) (262,472) 69,223  (930,958)
Other comprehensive income (loss) before reclassifications (4,828) (6,197) (100,448) (111,473)
Amounts reclassified from accumulated other comprehensive income (loss) 42,364  10,922  (19,855) 33,431 
Net other comprehensive income (loss) 37,536  4,725  (120,303) (78,042)
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 income (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)
 
Reclassifications out of accumulated OCI are as follows:
(In thousands) Affected Line Item in the Consolidated Statements of Operations Year Ended March
Details About Accumulated Other
Comprehensive Income (Loss) Components
2022 2021 2020
Losses on foreign currency translation and other:
Liquidation of foreign entities Other income (expense), net $ —  $ (42,364) $ (48,261)
Total before tax —  (42,364) (48,261)
Tax (expense) benefit —  —  — 
Net of tax —  (42,364) (48,261)
Amortization of defined benefit pension plans:
Net deferred actuarial losses Other income (expense), net (11,310) (11,911) (14,848)
Deferred prior service (costs) credits Other income (expense), net 440  81  (1,887)
Pension settlement charges Other income (expense), net (7,466) (1,584) (27,443)
Pension curtailment losses Other income (expense), net —  (920) — 
Total before tax (18,336) (14,334) (44,178)
Tax benefit 4,426  3,412  11,101 
Net of tax (13,910) (10,922) (33,077)
Gains (losses) on derivative financial instruments:
Foreign exchange contracts Net revenues (27,382) 2,596  (18,076)
Foreign exchange contracts Cost of goods sold (26,346) 19,485  94,376 
Foreign exchange contracts Selling, general and administrative expenses (487) 2,797  5,084 
Foreign exchange contracts Other income (expense), net (219) (137) 10,304 
Interest rate contracts Interest expense 108  107  (13,177)
Total before tax (54,326) 24,848  78,511 
Tax (expense) benefit 7,656  (4,993) (15,115)
Net of tax (46,670) 19,855  63,396 
Total reclassifications for the period, net of tax $ (60,580) $ (33,431) $ (17,942)