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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Jan. 01, 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) |  | December 2021 |  |  | March 2021 |  | December 2020 |  |  | December 2021 |  |  | March 2021 |  | December 2020
Foreign currency exchange contracts designated as hedging instruments |  | $ | 55,000 |  |  |  | $ | 12,301 |  |  | $ | 12,457 |  |  |  | $ | (32,660) |  |  |  | $ | (73,087) |  |  | $ | (96,437) |
Foreign currency exchange contracts not designated as hedging instruments |  | 2,466 |  |  |  | 956 |  |  | 3,752 |  |  |  | (327) |  |  |  | (1,168) |  |  | (1,398) |
Total derivatives |  | $ | 57,466 |  |  |  | $ | 13,257 |  |  | $ | 16,209 |  |  |  | $ | (32,987) |  |  |  | $ | (74,255) |  |  | $ | (97,835) |
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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | December 2021 |  |  | March 2021 |  | December 2020
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 57,466 |  |  | $ | (32,987) |  |  |  | $ | 13,257 |  |  | $ | (74,255) |  |  | $ | 16,209 |  |  | $ | (97,835) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (22,964) |  |  | 22,964 |  |  |  | (13,246) |  |  | 13,246 |  |  | (16,209) |  |  | 16,209 |
Net amounts |  | $ | 34,502 |  |  | $ | (10,023) |  |  |  | $ | 11 |  |  | $ | (61,009) |  |  | $ | — |  |  | $ | (81,626) |
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 would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
|  | December 2021 |  |  | March 2021 |  | December 2020
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 57,466 |  |  | $ | (32,987) |  |  |  | $ | 13,257 |  |  | $ | (74,255) |  |  | $ | 16,209 |  |  | $ | (97,835) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (22,964) |  |  | 22,964 |  |  |  | (13,246) |  |  | 13,246 |  |  | (16,209) |  |  | 16,209 |
Net amounts |  | $ | 34,502 |  |  | $ | (10,023) |  |  |  | $ | 11 |  |  | $ | (61,009) |  |  | $ | — |  |  | $ | (81,626) |
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) |  | December 2021 |  |  | March 2021 |  | December 2020
Other current assets |  | $ | 50,298 |  |  |  | $ | 7,440 |  |  | $ | 15,510 |
Accrued liabilities |  | (28,326) |  |  |  | (66,351) |  |  | (77,317) |
Other assets |  | 7,168 |  |  |  | 5,817 |  |  | 699 |
Other liabilities |  | (4,661) |  |  |  | (7,904) |  |  | (20,518) |
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) |  | Gain (Loss) on Derivatives Recognized in OCI Three Months Ended December |  |  | Gain (Loss) on Derivatives Recognized in OCI Nine Months Ended December
Cash Flow Hedging Relationships |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Foreign currency exchange |  | $ | 14,185 |  |  |  | $ | (82,491) |  |  |  | $ | 43,983 |  |  |  | $ | (129,817) |
(In thousands) |  | Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended December |  | Gain (Loss) Reclassified from Accumulated OCI into Income Nine Months Ended December
Location of Gain (Loss) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Net revenues |  | $ | (9,284) |  |  |  | $ | 4,048 |  |  |  | $ | (16,045) |  |  |  | $ | 6,354 |
Cost of goods sold |  | (3,974) |  |  |  | 224 |  |  |  | (26,644) |  |  |  | 25,372 |
Selling, general and administrative expenses |  | 688 |  |  |  | 586 |  |  |  | (418) |  |  |  | 2,934 |
Other income (expense), net |  | 104 |  |  |  | (613) |  |  |  | (2,958) |  |  |  | 1,190 |
Interest expense |  | 27 |  |  |  | 26 |  |  |  | 81 |  |  |  | 80 |
Total |  | $ | (12,439) |  |  |  | $ | 4,271 |  |  |  | $ | (45,984) |  |  |  | $ | 35,930 |

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