DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
|
12 Months Ended |
Apr. 01, 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) |
|
March 2023 |
|
|
March 2022 |
|
|
March 2023 |
|
|
March 2022 |
| Derivatives Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
|
|
|
| Foreign exchange contracts |
|
$ |
46,752 |
|
|
|
$ |
79,046 |
|
|
|
$ |
(71,052) |
|
|
|
$ |
(27,678) |
|
| Interest rate contracts |
|
— |
|
|
|
— |
|
|
|
(1,140) |
|
|
|
— |
|
| Total derivatives designated as hedging instruments |
|
46,752 |
|
|
|
79,046 |
|
|
|
(72,192) |
|
|
|
(27,678) |
|
| Derivatives Not Designated as Hedging Instruments: |
|
|
|
|
|
|
|
|
|
|
|
| Foreign exchange contracts |
|
2,936 |
|
|
|
— |
|
|
|
(461) |
|
|
|
(45) |
|
| Total derivatives |
|
$ |
49,688
|
|
|
|
$ |
79,046
|
|
|
|
$ |
(72,653) |
|
|
|
$ |
(27,723) |
|
|
| 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 as of March 2023 and 2022 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 2023 |
|
|
March 2022 |
| (In thousands) |
|
Derivative
Asset |
|
Derivative Liability |
|
|
Derivative
Asset |
|
Derivative Liability |
| Gross amounts presented in the Consolidated Balance Sheets |
|
$ |
49,688 |
|
|
$ |
(72,653) |
|
|
|
$ |
79,046 |
|
|
$ |
(27,723) |
|
| Gross amounts not offset in the Consolidated Balance Sheets |
|
(26,470) |
|
|
26,470 |
|
|
|
(18,721) |
|
|
18,721 |
|
| Net amounts |
|
$ |
23,218
|
|
|
$ |
(46,183) |
|
|
|
$ |
60,325
|
|
|
$ |
(9,002) |
|
|
| 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) |
|
|
March 2023 |
|
|
March 2022 |
| Derivative Instruments |
Balance Sheet Location |
|
|
|
|
|
| Foreign exchange contracts |
Other current assets |
|
$ |
48,132 |
|
|
|
$ |
71,910 |
|
| Foreign exchange contracts |
Accrued liabilities (Note 13) |
|
(59,995) |
|
|
|
(24,267) |
|
| Foreign exchange contracts |
Other assets (Note 11) |
|
1,556 |
|
|
|
7,136 |
|
| Foreign exchange contracts |
Other liabilities (Note 15) |
|
(11,518) |
|
|
|
(3,456) |
|
| Interest rate contracts |
Other liabilities (Note 15) |
|
(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 Income are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
Cash Flow Hedging Relationships
|
|
Gain (Loss) on Derivatives Recognized in OCI |
|
Year Ended March |
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
2021 |
| Foreign exchange contracts |
|
$ |
54,546 |
|
|
|
$ |
71,494 |
|
|
$ |
(122,244) |
|
| Interest rate contracts |
|
(1,013) |
|
|
|
— |
|
|
— |
|
| Total |
|
$ |
53,533
|
|
|
|
$ |
71,494
|
|
|
$ |
(122,244) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (Loss) Reclassified from Accumulated OCI into Income |
| (In thousands) |
|
|
Year Ended March |
|
|
|
|
|
|
|
| Cash Flow Hedging Relationships |
Location of Gain (Loss) |
|
2023 |
|
|
2022 |
|
2021 |
| Foreign exchange contracts |
Net revenues |
|
$ |
(6,843) |
|
|
|
$ |
(27,382) |
|
|
$ |
2,596 |
|
| Foreign exchange contracts |
Cost of goods sold |
|
120,438 |
|
|
|
(26,346) |
|
|
19,485 |
|
| Foreign exchange contracts |
Selling, general and administrative expenses |
|
6,695 |
|
|
|
(487) |
|
|
2,797 |
|
| Foreign exchange contracts |
Other income (expense), net |
|
(10,365) |
|
|
|
(219) |
|
|
(137) |
|
| Interest rate contracts |
Interest expense |
|
235 |
|
|
|
108 |
|
|
107 |
|
| Total |
|
|
$ |
110,160
|
|
|
|
$ |
(54,326) |
|
|
$ |
24,848
|
|
|