Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Jul. 03, 2021
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) June 2021 March 2021 June 2020 June 2021 March 2021 June 2020
Foreign currency exchange contracts designated as hedging instruments
 $ 13,580  $ 12,301  $ 53,810  $ (64,616) $ (73,087) $ (13,329)
Foreign currency exchange contracts not designated as hedging instruments
 258  956  14,775  (1,109) (1,168) (2,302)
Total derivatives
 $ 13,838  $ 13,257  $ 68,585  $ (65,725) $ (74,255) $ (15,631)
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 2021 March 2021 June 2020
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 13,838  $ (65,725) $ 13,257  $ (74,255) $ 68,585  $ (15,631)
Gross amounts not offset in the Consolidated Balance Sheets
 (13,825) 13,825  (13,246) 13,246  (15,607) 15,607 
Net amounts
 $ 13  $ (51,900) $ 11  $ (61,009) $ 52,978  $ (24)
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 2021 March 2021 June 2020
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 13,838  $ (65,725) $ 13,257  $ (74,255) $ 68,585  $ (15,631)
Gross amounts not offset in the Consolidated Balance Sheets
 (13,825) 13,825  (13,246) 13,246  (15,607) 15,607 
Net amounts
 $ 13  $ (51,900) $ 11  $ (61,009) $ 52,978  $ (24)
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 2021 March 2021 June 2020
Other current assets $ 6,746  $ 7,440  $ 56,428 
Accrued liabilities (61,391) (66,351) (10,103)
Other assets 7,092  5,817  12,157 
Other liabilities (4,334) (7,904) (5,528)
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 2021 2020
Foreign currency exchange $ (4,563) $ (7,595)
(In thousands)
Gain (Loss) Reclassified from Accumulated OCI into Income (Loss)
Three Months Ended June
Location of Gain (Loss) 2021 2020
Net revenues
 $ (1,798) $ 171 
Cost of goods sold
 (6,169) 16,705 
Selling, general and administrative expenses
 (917) 1,607 
Other income (expense), net
 (1,702) 1,770 
Interest expense
 27  27 
Total $ (10,559) $ 20,280