Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.23.3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivatives on Individual Contract Basis
The following table presents outstanding derivatives on an individual contract basis:
  Fair Value of Derivatives
with Unrealized Gains		 Fair Value of Derivatives
with Unrealized Losses
(In thousands) September 2023 March 2023 September 2022 September 2023 March 2023 September 2022
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts $ 51,216  $ 46,752  $ 209,837  $ (37,664) $ (71,052) $ (31,844)
Interest rate contracts 4,897  —  —  —  (1,140) — 
Total derivatives designated as hedging instruments 56,113  46,752  209,837  (37,664) (72,192) (31,844)
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts 1,258  2,936  5,427  (905) (461) (1,077)
Total derivatives
 $ 57,371  $ 49,688  $ 215,264  $ (38,569) $ (72,653) $ (32,921)
Schedule of Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  September 2023 March 2023 September 2022
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 57,371  $ (38,569) $ 49,688  $ (72,653) $ 215,264  $ (32,921)
Gross amounts not offset in the Consolidated Balance Sheets
 (25,460) 25,460  (26,470) 26,470  (32,358) 32,358 
Net amounts
 $ 31,911  $ (13,109) $ 23,218  $ (46,183) $ 182,906  $ (563)
Schedule of Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  September 2023 March 2023 September 2022
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 57,371  $ (38,569) $ 49,688  $ (72,653) $ 215,264  $ (32,921)
Gross amounts not offset in the Consolidated Balance Sheets
 (25,460) 25,460  (26,470) 26,470  (32,358) 32,358 
Net amounts
 $ 31,911  $ (13,109) $ 23,218  $ (46,183) $ 182,906  $ (563)
Schedule of Derivatives Classified as Current or Noncurrent Based on Maturity Dates
Derivatives are classified as current or noncurrent based on maturity dates, as follows:
(In thousands) September 2023 March 2023 September 2022
Derivative Instruments Balance Sheet Location
Foreign exchange contracts Other current assets $ 40,567  $ 48,132  $ 186,926 
Foreign exchange contracts Accrued liabilities (35,347) (59,995) (28,484)
Foreign exchange contracts Other assets 11,907  1,556  28,338 
Foreign exchange contracts Other liabilities (3,222) (11,518) (4,437)
Interest rate contracts Other assets 4,897  —  — 
Interest rate contracts Other liabilities —  (1,140) — 
Schedule of Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income The effects of cash flow hedging included in VF’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss are summarized as follows:
(In thousands)
Gain on Derivatives
Recognized in Accumulated OCL
Three Months Ended September
Gain on Derivatives
Recognized in Accumulated OCL
Six Months Ended September
Cash Flow Hedging Relationships 2023 2022 2023 2022
Foreign exchange contracts $ 58,509  $ 102,685  $ 29,349  $ 202,115 
Interest rate contracts 1,386  —  7,806  — 
Total $ 59,895  $ 102,685  $ 37,155  $ 202,115 
(In thousands)
Gain (Loss) Reclassified from Accumulated OCL into Net Loss
Three Months Ended September
Gain (Loss) Reclassified from Accumulated OCL into Net Loss
Six Months Ended September
Cash Flow Hedging Relationships Location of Gain (Loss) 2023 2022 2023 2022
Foreign exchange contracts Net revenues $ (516) $ (6,421) $ 574  $ (9,955)
Foreign exchange contracts Cost of goods sold 9,399  23,658  17,474  35,014 
Foreign exchange contracts Selling, general and administrative expenses 1,007  1,955  2,308  3,564 
Foreign exchange contracts Other income (expense), net (750) (4,313) (1,261) (5,529)
Interest rate contracts Interest expense 1,098  27  1,823  54 
Total $ 10,238  $ 14,906  $ 20,918  $ 23,148