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Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
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Jan. 03, 2015
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 |
|  | December 2014 |  |  | December 2013 |  |  | December 2014 |  |  | December 2013 |
|  | In thousands |
Foreign currency exchange contracts designated as hedging instruments |  | $ | 104,860 |  |  | $ | 15,964 |  |  | $ | (31,711 | ) |  | $ | (46,627 | )
Foreign currency exchange contracts not designated as hedging instruments |  |  | 404 |  |  |  | 124 |  |  |  | (58 | ) |  |  | (164 | )
Total derivatives |  | $ | 105,264 |  |  | $ | 16,088 |  |  | $ | (31,769 | ) |  | $ | (46,791 | )
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross | VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of December 2014 and December 2013 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | December 2014 |  |  | December 2013 |
|  | Derivative Asset |  |  | Derivative Liability |  |  | Derivative Asset |  |  | Derivative Liability |
|  | In thousands |
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 105,264 |  |  | $ | (31,769 | ) |  | $ | 16,088 |  |  | $ | (46,791 | )
Gross amounts not offset in the Consolidated Balance Sheets |  |  | (30,724 | ) |  |  | 30,724 |  |  |  | (11,641 | ) |  |  | 11,641 |
Net amounts |  | $ | 74,540 |  |  | $ | (1,045 | ) |  | $ | 4,447 |  |  | $ | (35,150 | )
Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross | VF records and presents the fair values of all of its derivative assets and liabilities in the Consolidated Balance Sheets on a gross basis, even though they are subject to master netting agreements. However, if VF were to offset and record the asset and liability balances of its forward foreign currency exchange contracts on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets as of December 2014 and December 2013 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | December 2014 |  |  | December 2013 |
|  | Derivative Asset |  |  | Derivative Liability |  |  | Derivative Asset |  |  | Derivative Liability |
|  | In thousands |
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 105,264 |  |  | $ | (31,769 | ) |  | $ | 16,088 |  |  | $ | (46,791 | )
Gross amounts not offset in the Consolidated Balance Sheets |  |  | (30,724 | ) |  |  | 30,724 |  |  |  | (11,641 | ) |  |  | 11,641 |
Net amounts |  | $ | 74,540 |  |  | $ | (1,045 | ) |  | $ | 4,447 |  |  | $ | (35,150 | )
Derivatives Classified as Current or Noncurrent Based on Maturity Dates | Derivatives are classified as current or noncurrent based on maturity dates, as follows:
|  | December 2014 |  |  | December 2013 |
|  | In thousands |
Other current assets |  | $ | 84,995 |  |  | $ | 12,699 |
Accrued liabilities (Note J) |  |  | (26,968 | ) |  |  | (36,622 | )
Other assets (Note H) |  |  | 20,269 |  |  |  | 3,389 |
Other liabilities (Note L) |  |  | (4,801 | ) |  |  | (10,169 | )
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 Income and Consolidated Statements of Comprehensive Income are summarized as follows:
Cash Flow Hedging Relationships |  | Gain (Loss) on Derivatives Recongnized in OCI |
| 2014 |  |  | 2013 |  |  | 2012 |
|  | In thousands |
Foreign currency exchange |  | $ | 88,387 |  |  | $ | (8,133 | ) |  | $ | (9,555 | )
|  | Gain (Loss) Reclassified from Accumulated OCI into Income |
Location of Gain (Loss) |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | In thousands |
Net sales |  | $ | (18,071 | ) |  | $ | 12,917 |  |  | $ | (6,569 | )
Cost of goods sold |  |  | (8,756 | ) |  |  | 4,208 |  |  |  | 22,470 |
Other income (expense), net |  |  | (1,189 | ) |  |  | (1,051 | ) |  |  | 3,704 |
Interest expense |  |  | (4,095 | ) |  |  | (3,905 | ) |  |  | (3,722 | )
Total |  | $ | (32,111 | ) |  | $ | 12,169 |  |  | $ | 15,883 |
Effects of Fair Value Hedging Included in Consolidated Statements of Income | Following is a summary of these derivatives included in VF’s Consolidated Statements of Income:
Derivatives Not Designated as Hedges |  | Location of Gain (Loss) on Derivatives Recognized in Income |  | Gain (Loss) on Derivatives Recognized in Income |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  |  |  | In thousands |
Foreign currency exchange |  | Other income (expense), net |  | $ | (707 | ) |  | $ | (2,664 | ) |  | $ | 1,443 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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