DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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9 Months Ended |
Jan. 01, 2022 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Outstanding Derivatives on Individual Contract Basis |
The following table presents outstanding derivatives on an individual contract basis:
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Fair Value of Derivatives
with Unrealized Gains |
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Fair Value of Derivatives
with Unrealized Losses |
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| (In thousands) |
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December 2021 |
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March 2021 |
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December 2020 |
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December 2021 |
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March 2021 |
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December 2020 |
Foreign currency exchange contracts designated as hedging instruments |
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$ |
55,000 |
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$ |
12,301 |
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$ |
12,457 |
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$ |
(32,660) |
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$ |
(73,087) |
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$ |
(96,437) |
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Foreign currency exchange contracts not designated as hedging instruments |
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2,466 |
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956 |
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3,752 |
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(327) |
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(1,168) |
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(1,398) |
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Total derivatives |
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$ |
57,466
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$ |
13,257
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$ |
16,209
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$ |
(32,987) |
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$ |
(74,255) |
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$ |
(97,835) |
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| 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:
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December 2021 |
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March 2021 |
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December 2020 |
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| (In thousands) |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
Gross amounts presented in the Consolidated Balance Sheets |
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$ |
57,466 |
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$ |
(32,987) |
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$ |
13,257 |
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$ |
(74,255) |
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$ |
16,209 |
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$ |
(97,835) |
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Gross amounts not offset in the Consolidated Balance Sheets |
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(22,964) |
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22,964 |
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(13,246) |
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13,246 |
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(16,209) |
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16,209 |
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Net amounts |
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$ |
34,502
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$ |
(10,023) |
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$ |
11
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$ |
(61,009) |
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$ |
—
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$ |
(81,626) |
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| 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:
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December 2021 |
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March 2021 |
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December 2020 |
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| (In thousands) |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
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Derivative
Asset |
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Derivative
Liability |
Gross amounts presented in the Consolidated Balance Sheets |
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$ |
57,466 |
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$ |
(32,987) |
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$ |
13,257 |
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$ |
(74,255) |
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$ |
16,209 |
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$ |
(97,835) |
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Gross amounts not offset in the Consolidated Balance Sheets |
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(22,964) |
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22,964 |
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(13,246) |
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13,246 |
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(16,209) |
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16,209 |
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Net amounts |
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$ |
34,502
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$ |
(10,023) |
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$ |
11
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$ |
(61,009) |
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$ |
—
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$ |
(81,626) |
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| Derivatives Classified as Current or Noncurrent Based on Maturity Dates |
Derivatives are classified as current or noncurrent based on maturity dates, as follows:
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| (In thousands) |
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December 2021 |
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March 2021 |
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December 2020 |
| Other current assets |
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$ |
50,298 |
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$ |
7,440 |
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$ |
15,510 |
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| Accrued liabilities |
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(28,326) |
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(66,351) |
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(77,317) |
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| Other assets |
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7,168 |
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5,817 |
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699 |
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| Other liabilities |
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(4,661) |
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(7,904) |
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(20,518) |
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| 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:
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| (In thousands) |
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Gain (Loss) on Derivatives Recognized in OCI
Three Months Ended December
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Gain (Loss) on Derivatives Recognized in OCI
Nine Months Ended December
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| Cash Flow Hedging Relationships |
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2021 |
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2020 |
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2021 |
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2020 |
| Foreign currency exchange |
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$ |
14,185 |
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$ |
(82,491) |
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$ |
43,983 |
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$ |
(129,817) |
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| (In thousands) |
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Gain (Loss) Reclassified from Accumulated OCI into Income
Three Months Ended December
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Gain (Loss) Reclassified from Accumulated OCI into Income
Nine Months Ended December
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| Location of Gain (Loss) |
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2021 |
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2020 |
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2021 |
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2020 |
Net revenues |
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$ |
(9,284) |
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$ |
4,048 |
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$ |
(16,045) |
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$ |
6,354 |
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Cost of goods sold |
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(3,974) |
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224 |
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(26,644) |
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25,372 |
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Selling, general and administrative expenses |
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688 |
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586 |
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(418) |
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2,934 |
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Other income (expense), net |
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104 |
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(613) |
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(2,958) |
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1,190 |
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Interest expense |
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27 |
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26 |
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81 |
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80 |
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| Total |
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$ |
(12,439) |
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$ |
4,271
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$ |
(45,984) |
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$ |
35,930
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