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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Apr. 02, 2022
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 2022 |  |  | March 2021 |  |  | March 2022 |  |  | March 2021
Foreign currency exchange contracts designated as hedging instruments |  | $ | 79,046 |  |  |  | $ | 12,301 |  |  |  | $ | (27,678) |  |  |  | $ | (73,087) |
Foreign currency exchange contracts not designated as hedging instruments |  | — |  |  |  | 956 |  |  |  | (45) |  |  |  | (1,168) |
Total derivatives |  | $ | 79,046 |  |  |  | $ | 13,257 |  |  |  | $ | (27,723) |  |  |  | $ | (74,255) |
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 as of March 2022 and 2021 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | March 2022 |  |  | March 2021
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 79,046 |  |  | $ | (27,723) |  |  |  | $ | 13,257 |  |  | $ | (74,255) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (18,721) |  |  | 18,721 |  |  |  | (13,246) |  |  | 13,246 |
Net amounts |  | $ | 60,325 |  |  | $ | (9,002) |  |  |  | $ | 11 |  |  | $ | (61,009) |
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 2022 |  |  | March 2021
Other current assets |  | $ | 71,910 |  |  |  | $ | 7,440 |
Accrued liabilities (Note 13) |  | (24,267) |  |  |  | (66,351) |
Other assets (Note 11) |  | 7,136 |  |  |  | 5,817 |
Other liabilities (Note 15) |  | (3,456) |  |  |  | (7,904) |
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
| 2022 |  |  | 2021 |  | 2020
Foreign currency exchange |  | $ | 71,494 |  |  |  | $ | (122,244) |  |  | $ | 100,336 |
|  | Gain (Loss) Reclassified from Accumulated OCI into Income
(In thousands) |  | Year Ended March
Location of Gain (Loss) |  | 2022 |  |  | 2021 |  | 2020
Net revenues |  | $ | (27,382) |  |  |  | $ | 2,596 |  |  | $ | (18,076) |
Cost of goods sold |  | (26,346) |  |  |  | 19,485 |  |  | 94,376 |
Selling, general and administrative expenses |  | (487) |  |  |  | 2,797 |  |  | 5,084 |
Other income (expense), net |  | (219) |  |  |  | (137) |  |  | 10,304 |
Interest expense |  | 108 |  |  |  | 107 |  |  | (13,177) |
Total |  | $ | (54,326) |  |  |  | $ | 24,848 |  |  | $ | 78,511 |

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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://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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5624171-113959 Reference 9: 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=125515794&loc=SL5579240-113959 + Details
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