Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.23.2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Jul. 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) June 2023 March 2023 June 2022 June 2023 March 2023 June 2022
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts $ 27,902  $ 46,752  $ 154,231  $ (74,050) $ (71,052) $ (22,612)
Interest rate contracts 4,582  —  —  —  (1,140) — 
Total derivatives designated as hedging instruments 32,484  46,752  154,231  (74,050) (72,192) (22,612)
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts 404  2,936  2,227  (7,978) (461) (1,158)
Total derivatives
 $ 32,888  $ 49,688  $ 156,458  $ (82,028) $ (72,653) $ (23,770)
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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  June 2023 March 2023 June 2022
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 32,888  $ (82,028) $ 49,688  $ (72,653) $ 156,458  $ (23,770)
Gross amounts not offset in the Consolidated Balance Sheets
 (27,128) 27,128  (26,470) 26,470  (23,018) 23,018 
Net amounts
 $ 5,760  $ (54,900) $ 23,218  $ (46,183) $ 133,440  $ (752)
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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
  June 2023 March 2023 June 2022
(In thousands) Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability		 Derivative
Asset		 Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
 $ 32,888  $ (82,028) $ 49,688  $ (72,653) $ 156,458  $ (23,770)
Gross amounts not offset in the Consolidated Balance Sheets
 (27,128) 27,128  (26,470) 26,470  (23,018) 23,018 
Net amounts
 $ 5,760  $ (54,900) $ 23,218  $ (46,183) $ 133,440  $ (752)
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 2023 March 2023 June 2022
Derivative Instruments Balance Sheet Location
Foreign exchange contracts Other current assets $ 26,145  $ 48,132  $ 133,859 
Foreign exchange contracts Accrued liabilities (73,049) (59,995) (20,549)
Foreign exchange contracts Other assets 2,161  1,556  22,599 
Foreign exchange contracts Other liabilities (8,979) (11,518) (3,221)
Interest rate contracts Other assets 4,582  —  — 
Interest rate contracts Other liabilities —  (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 Loss are summarized as follows:
(In thousands)
Gain (Loss) on Derivatives Recognized in OCL
Three Months Ended June
Cash Flow Hedging Relationships 2023 2022
Foreign exchange contracts $ (29,160) $ 99,430 
Interest rate contracts 6,420  — 
Total $ (22,740) $ 99,430 
(In thousands)
Gain (Loss) Reclassified from Accumulated OCL into Net Loss
Three Months Ended June
Cash Flow Hedging Relationships Location of Gain (Loss) 2023 2022
Foreign exchange contracts Net revenues $ 1,090  $ (3,534)
Foreign exchange contracts Cost of goods sold 8,075  11,356 
Foreign exchange contracts Selling, general and administrative expenses 1,301  1,609 
Foreign exchange contracts Other income (expense), net (511) (1,216)
Interest rate contracts Interest expense 725  27 
Total $ 10,680  $ 8,242