V F CORP
For the period ended Dec 28, 2024. Filed Jan 29, 2025.
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Dec 28, 2024 · Filed Jan 29, 2025
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Pension Plans
NOTE 10 —PENSION PLANS
The components of pension cost for VF’s defined benefit plans were as follows:
| Three Months Ended December | Nine Months Ended December | |||
|---|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2024 | 2023 |
| Service cost – benefits earned during the period | $2,475 | $2,224 | $7,381 | $6,653 |
| Interest cost on projected benefit obligations | 11,700 | 11,763 | 35,095 | 35,350 |
| Expected return on plan assets | (15,320) | (15,882) | (45,950) | (47,661) |
| Settlement charges | — | 131 | — | 3,430 |
| Curtailments | (638) | — | (638) | — |
| Amortization of deferred amounts: | ||||
| Net deferred actuarial losses | 5,049 | 4,106 | 15,146 | 12,508 |
| Deferred prior service credits | (148) | (136) | (442) | (408) |
| Net periodic pension cost | $3,118 | $2,206 | $10,592 | $9,872 |
VF has reported the service cost component of net periodic pension cost in operating income (loss) and the other components, which include interest cost, expected return on plan assets, settlement charges, curtailments, 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 $6.3 million to its defined benefit plans during the nine months ended December 2024, and intends to make approximately $10.3 million of contributions during the remainder of Fiscal 2025.
VF recorded $0.1 million and $3.4 million in settlement charges in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2023, respectively. The settlement charges 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 valuations were reviewed and revised as appropriate.
VF recorded $0.6 million in curtailment gains in the other income (expense), net line item in the Consolidated Statements of Operations for the three and nine months ended December 2024, related to employee exits from an international plan resulting from restructuring actions.
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