XML 82 R61.htm IDEA: XBRL DOCUMENT
v3.20.1

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
--- | ---
Mar. 28, 2020
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) |  | March 2020 |  |  | March 2019 |  |  |  | March 2020 |  |  | March 2019
Foreign currency exchange contracts designated as hedging instruments |  | $ | 78,298 |  |  |  | $ | 92,356 |  |  |  |  | $ | (12,682 | ) |  |  | $ | (21,798 | )
Foreign currency exchange contracts not designated as hedging instruments |  | 13,536 |  |  |  | 415 |  |  |  |  | (1,849 | ) |  |  | (539 | )
Total derivatives |  | $ | 91,834 |  |  |  | $ | 92,771 |  |  |  |  | $ | (14,531 | ) |  |  | $ | (22,337 | )
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. 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 as of March 2020 and 2019 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | March 2020 |  |  | March 2019
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 91,834 |  |  | $ | (14,531 | ) |  |  | $ | 92,771 |  |  | $ | (22,337 | )
Gross amounts not offset in the Consolidated Balance Sheets |  | (14,393 | ) |  | 14,393 |  |  |  | (22,274 | ) |  | 22,274 |
Net amounts |  | $ | 77,441 |  |  | $ | (138 | ) |  |  | $ | 70,497 |  |  | $ | (63 | )
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. 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 as of March 2020 and 2019 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | March 2020 |  |  | March 2019
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 91,834 |  |  | $ | (14,531 | ) |  |  | $ | 92,771 |  |  | $ | (22,337 | )
Gross amounts not offset in the Consolidated Balance Sheets |  | (14,393 | ) |  | 14,393 |  |  |  | (22,274 | ) |  | 22,274 |
Net amounts |  | $ | 77,441 |  |  | $ | (138 | ) |  |  | $ | 70,497 |  |  | $ | (63 | )
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 2020 |  |  | March 2019
Other current assets |  | $ | 71,784 |  |  |  | $ | 83,582 |
Accrued liabilities (Note 13) |  | (11,378 | ) |  |  | (18,590 | )
Other assets (Note 11) |  | 20,050 |  |  |  | 9,189 |
Other liabilities (Note 15) |  | (3,153 | ) |  |  | (3,747 | )
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:
(In thousands) Cash Flow Hedging Relationships |  | Gain (Loss) on Derivatives Recognized in OCI
| Year Ended March |  | Three Months Ended March (Transition Period) |  | Year Ended December
| 2020 |  |  | 2019 |  | 2018 |  | 2017
Foreign currency exchange |  | $ | 100,336 |  |  |  | $ | 156,513 |  |  | $ | (25,530 | ) |  | $ | (138,716 | )
|  | Gain (Loss) Reclassified from Accumulated OCI into Income
(In thousands) |  | Year Ended March |  | Three Months Ended March (Transition Period) |  | Year Ended December
Location of Gain (Loss) |  | 2020 |  |  | 2019 |  | 2018 |  | 2017
Net revenues |  | $ | (18,076 | ) |  |  | $ | 1,774 |  |  | $ | 4,948 |  |  | $ | 33,641 |
Cost of goods sold |  | 94,376 |  |  |  | (20,686 | ) |  | (13,286 | ) |  | 610 |
Selling, general and administrative expenses |  | 5,084 |  |  |  | (4,772 | ) |  | (1,981 | ) |  | (3,610 | )
Other income (expense), net |  | 10,304 |  |  |  | 355 |  |  | (2,427 | ) |  | (1,851 | )
Interest expense |  | (13,177 | ) |  |  | (5,012 | ) |  | (1,214 | ) |  | (4,723 | )
Total |  | $ | 78,511 |  |  |  | $ | (28,341 | ) |  | $ | (13,960 | ) |  | $ | 24,067 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative liabilities at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration