V F CORP
For the period ended Jun 29, 2024. Filed Aug 7, 2024.
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Jun 29, 2024 · Filed Aug 7, 2024
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Pension Plans
NOTE 9 —PENSION PLANS
The components of pension cost for VF’s defined benefit plans were as follows:
| Three Months Ended June | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Service cost – benefits earned during the period | $2,408 | $2,192 |
| Interest cost on projected benefit obligations | 11,680 | 11,812 |
| Expected return on plan assets | (15,296) | (15,877) |
| Settlement charge | — | 3,292 |
| Amortization of deferred amounts: | ||
| Net deferred actuarial losses | 5,046 | 4,232 |
| Deferred prior service credits | (144) | (135) |
| Net periodic pension cost | $3,694 | $5,516 |
VF has reported the service cost component of net periodic pension cost in operating loss and the other components, which include interest cost, expected return on plan assets, settlement charges and amortization of deferred actuarial losses and prior service credits, in the other income (expense), net line item in the Consolidated Statements of Operations.
VF contributed $1.5 million to its defined benefit plans during the three months ended June 2024, and intends to make approximately $7.7 million of contributions during the remainder of Fiscal 2025.
VF recorded a $3.3 million settlement charge in the other income (expense), net line item in the Consolidated Statement of Operations for the three months ended June 2023. The settlement charge related to the recognition of deferred actuarial losses resulting from lump-sum payments of retirement benefits in the supplemental defined benefit pension plan. Actuarial assumptions used in the interim valuation were reviewed and revised as appropriate.
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