Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.22.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Jul. 02, 2022
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) June 2022 March 2022 June 2021 June 2022 March 2022 June 2021
Foreign currency exchange contracts designated as hedging instruments
 $ 154,231  $ 79,046  $ 13,580  $ (22,612) $ (27,678) $ (64,616)
Foreign currency exchange contracts not designated as hedging instruments
 2,227  —  258  (1,158) (45) (1,109)
Total derivatives
 $ 156,458  $ 79,046  $ 13,838  $ (23,770) $ (27,723) $ (65,725)
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 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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  June 2022 March 2022 June 2021
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 156,458  $ (23,770) $ 79,046  $ (27,723) $ 13,838  $ (65,725)
Gross amounts not offset in the Consolidated Balance Sheets
 (23,018) 23,018  (18,721) 18,721  (13,825) 13,825 
Net amounts
 $ 133,440  $ (752) $ 60,325  $ (9,002) $ 13  $ (51,900)
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 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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  June 2022 March 2022 June 2021
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 156,458  $ (23,770) $ 79,046  $ (27,723) $ 13,838  $ (65,725)
Gross amounts not offset in the Consolidated Balance Sheets
 (23,018) 23,018  (18,721) 18,721  (13,825) 13,825 
Net amounts
 $ 133,440  $ (752) $ 60,325  $ (9,002) $ 13  $ (51,900)
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) June 2022 March 2022 June 2021
Other current assets $ 133,859  $ 71,910  $ 6,746 
Accrued liabilities (20,549) (24,267) (61,391)
Other assets 22,599  7,136  7,092 
Other liabilities (3,221) (3,456) (4,334)
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 Income (Loss) are summarized as follows:
(In thousands)
Gain (Loss) on Derivatives Recognized in OCI
Three Months Ended June
Cash Flow Hedging Relationships 2022 2021
Foreign currency exchange $ 99,430  $ (4,563)
(In thousands)
Gain (Loss) Reclassified from Accumulated OCI into Income (Loss)
Three Months Ended June
Location of Gain (Loss) 2022 2021
Net revenues
 $ (4,750) $ (1,798)
Cost of goods sold
 5,924  (6,169)
Selling, general and administrative expenses
 1,609  (917)
Other income (expense), net
 5,432  (1,702)
Interest expense
 27  27 
Total $ 8,242  $ (10,559)