Annual report pursuant to Section 13 and 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.22.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Apr. 02, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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) March 2022 March 2021 March 2022 March 2021
Foreign currency exchange contracts designated as hedging instruments
 $ 79,046  $ 12,301  $ (27,678) $ (73,087)
Foreign currency exchange contracts not designated as hedging instruments
 —  956  (45) (1,168)
Total derivatives $ 79,046  $ 13,257  $ (27,723) $ (74,255)
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 of its foreign exchange forward contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of March 2022 and 2021 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  March 2022 March 2021
(In thousands) Derivative
Asset		 Derivative Liability Derivative
Asset		 Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 79,046  $ (27,723) $ 13,257  $ (74,255)
Gross amounts not offset in the Consolidated Balance Sheets
 (18,721) 18,721  (13,246) 13,246 
Net amounts $ 60,325  $ (9,002) $ 11  $ (61,009)
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) March 2022 March 2021
Other current assets $ 71,910  $ 7,440 
Accrued liabilities (Note 13) (24,267) (66,351)
Other assets (Note 11) 7,136  5,817 
Other liabilities (Note 15) (3,456) (7,904)
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 Income are summarized as follows:
(In thousands)

Cash Flow Hedging Relationships
 Gain (Loss) on Derivatives Recognized in OCI
Year Ended March
2022 2021 2020
Foreign currency exchange $ 71,494  $ (122,244) $ 100,336 
Gain (Loss) Reclassified from Accumulated OCI into Income
(In thousands) Year Ended March
Location of Gain (Loss) 2022 2021 2020
Net revenues $ (27,382) $ 2,596  $ (18,076)
Cost of goods sold (26,346) 19,485  94,376 
Selling, general and administrative expenses (487) 2,797  5,084 
Other income (expense), net (219) (137) 10,304 
Interest expense 108  107  (13,177)
Total $ (54,326) $ 24,848  $ 78,511