RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
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12 Months Ended |
Mar. 29, 2025 |
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| Retirement Benefits [Abstract] |
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| Schedule of Components of Pension Cost |
The components of pension cost for VF’s defined benefit plans were as follows:
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Year Ended March |
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| (In thousands) |
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2025 |
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2024 |
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2023 |
| Service cost — benefits earned during the period |
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$ |
9,796 |
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$ |
8,924 |
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$ |
10,632 |
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| Interest cost on projected benefit obligations |
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46,789 |
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47,079 |
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44,732 |
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| Expected return on plan assets |
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(61,225) |
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(63,569) |
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(63,157) |
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| Settlement charges |
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— |
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3,538 |
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93,731 |
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| Curtailments |
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(936) |
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— |
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— |
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| Amortization of deferred amounts: |
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| Net deferred actuarial losses |
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20,205 |
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16,656 |
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16,395 |
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| Deferred prior service credits |
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(589) |
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(541) |
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(453) |
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| Net periodic pension cost |
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$ |
14,040
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$ |
12,087
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$ |
101,880
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| Weighted average actuarial assumptions used to determine pension cost: |
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| Discount rate in effect for determining service cost |
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2.05 |
% |
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2.50 |
% |
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1.42 |
% |
| Discount rate in effect for determining interest cost |
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4.59 |
% |
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4.85 |
% |
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4.09 |
% |
| Expected long-term return on plan assets |
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5.90 |
% |
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5.99 |
% |
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5.24 |
% |
Rate of compensation increase (a)
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2.15 |
% |
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2.19 |
% |
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1.95 |
% |
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
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| Schedule of Reconciliation of Changes in Fair Value of Defined Benefit Plan Assets and Projected Benefit Obligations |
The following provides a reconciliation of the changes in fair value of VF’s defined benefit plan assets and projected benefit obligations for each period, and the funded status at the end of each period:
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| (In thousands) |
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March 2025 |
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March 2024 |
| Fair value of plan assets, beginning of period |
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$ |
1,085,242 |
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$ |
1,111,710 |
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| Actual return on plan assets |
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33,976 |
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17,332 |
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| VF contributions |
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15,478 |
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30,167 |
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| Participant contributions |
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5,469 |
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5,447 |
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| Benefits paid |
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(66,132) |
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(81,150) |
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| Currency translation |
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2,982 |
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1,736 |
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| Fair value of plan assets, end of period |
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1,077,015 |
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1,085,242 |
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| Projected benefit obligations, beginning of period |
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995,357 |
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1,021,333 |
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| Service cost |
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9,796 |
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8,924 |
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| Interest cost |
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46,789 |
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47,079 |
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| Participant contributions |
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5,469 |
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5,447 |
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| Actuarial gain |
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(12,184) |
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(7,518) |
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| Benefits paid |
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(66,132) |
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(81,150) |
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| Plan amendments |
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129 |
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(489) |
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| Curtailments |
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(781) |
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— |
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| Currency translation |
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3,563 |
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1,731 |
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Projected benefit obligations, end of period |
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982,006 |
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995,357 |
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| Funded status, end of period |
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$ |
95,009
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$ |
89,885
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Pension benefits are reported in the Consolidated Balance Sheets as a net asset or liability based on the overfunded or underfunded status of the defined benefit plans, assessed on a plan-by-plan basis.
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| (In thousands) |
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March 2025 |
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March 2024 |
| Amounts included in Consolidated Balance Sheets: |
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Other assets (Note 11) |
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$ |
179,596 |
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$ |
175,110 |
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Accrued liabilities (Note 14) |
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(6,899) |
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(6,597) |
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Other liabilities (Note 16) |
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(77,688) |
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(78,628) |
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| Funded status |
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$ |
95,009 |
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$ |
89,885
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| Accumulated other comprehensive loss, pretax: |
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| Net deferred actuarial losses |
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$ |
256,027 |
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$ |
260,512 |
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| Net deferred prior service credits |
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(3,666) |
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(4,290) |
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| Total accumulated other comprehensive loss, pretax |
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$ |
252,361 |
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$ |
256,222
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| Accumulated benefit obligations |
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$ |
963,373 |
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$ |
976,120
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| Weighted average actuarial assumptions used to determine pension obligations: |
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| Discount rate |
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5.05 |
% |
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4.94 |
% |
Rate of compensation increase (a)
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1.98 |
% |
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2.11 |
% |
(a)Rate of compensation increase is calculated as the weighted average rate of compensation increase for active plans. Frozen plans are excluded from the calculation.
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| Schedule of Components of Pension Plans with an Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets |
The following provides information for VF's defined benefit plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:
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| (In thousands) |
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March 2025 |
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March 2024 |
| Projected benefit obligations |
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$ |
190,404 |
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$ |
183,329 |
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| Accumulated benefit obligations |
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171,771 |
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164,092 |
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| Fair value of plan assets |
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105,817 |
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98,104 |
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The net amount of projected benefit obligations and plan assets for underfunded defined benefit plans was $84.6 million and $85.2 million as of March 2025 and 2024, respectively, and was reported in accrued liabilities and other liabilities in the Consolidated Balance Sheets.
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| Schedule of Fair Value of Investments Held by Pension Plan |
The fair value of investments held by VF’s defined benefit plans at March 2025 and March 2024, by asset class, is summarized below. Refer to Note 24 for a description of the three levels of the fair value measurement hierarchy.
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Total Plan
Assets |
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Fair Value Measurements |
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| (In thousands) |
Level 1 |
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Level 2 |
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Level 3 |
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| March 2025 |
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| Plan assets |
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| Cash equivalents |
$ |
16,716 |
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$ |
16,716 |
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$ |
— |
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$ |
— |
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| Fixed income securities: |
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| U.S. Treasury and government agencies |
2 |
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— |
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2 |
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— |
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| Insurance contracts |
111,992 |
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— |
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111,992 |
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— |
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| Futures contracts |
1,900 |
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1,900 |
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— |
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— |
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| Total plan assets in the fair value hierarchy |
130,610
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$ |
18,616
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$ |
111,994
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$ |
—
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| Plan assets measured at net asset value |
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| Cash equivalents |
121,450 |
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| Equity securities: |
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| Domestic |
5,109 |
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| International |
27,324 |
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| Fixed income securities: |
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| Corporate and international bonds |
784,724 |
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| Alternative investments |
7,798 |
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| Total plan assets measured at net asset value |
946,405 |
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| Total plan assets |
$ |
1,077,015
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Total Plan
Assets |
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Fair Value Measurements |
| (In thousands) |
Level 1 |
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Level 2 |
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Level 3 |
| March 2024 |
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| Plan assets |
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| Cash equivalents |
$ |
4,428 |
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$ |
4,428 |
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$ |
— |
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$ |
— |
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| Fixed income securities: |
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| U.S. Treasury and government agencies |
2 |
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|
— |
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2 |
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— |
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| Insurance contracts |
103,362 |
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— |
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|
103,362 |
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— |
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| Futures contracts |
2,661 |
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2,661 |
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— |
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— |
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| Total plan assets in the fair value hierarchy |
110,453
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$ |
7,089
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$ |
103,364
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$ |
—
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| Plan assets measured at net asset value |
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| Cash equivalents |
87,748 |
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| Equity securities: |
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| Domestic |
33,510 |
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| International |
40,933 |
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| Fixed income securities: |
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| Corporate and international bonds |
751,147 |
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| Alternative investments |
61,451 |
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| Total plan assets measured at net asset value |
974,789 |
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| Total plan assets |
$ |
1,085,242
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