XML 53 R42.htm IDEA: XBRL DOCUMENT
v3.22.2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
--- | ---
Jul. 02, 2022
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 2022 |  |  | March 2022 |  | June 2021 |  |  | June 2022 |  |  | March 2022 |  | June 2021
Foreign currency exchange contracts designated as hedging instruments |  | $ | 154,231 |  |  |  | $ | 79,046 |  |  | $ | 13,580 |  |  |  | $ | (22,612) |  |  |  | $ | (27,678) |  |  | $ | (64,616) |
Foreign currency exchange contracts not designated as hedging instruments |  | 2,227 |  |  |  | — |  |  | 258 |  |  |  | (1,158) |  |  |  | (45) |  |  | (1,109) |
Total derivatives |  | $ | 156,458 |  |  |  | $ | 79,046 |  |  | $ | 13,838 |  |  |  | $ | (23,770) |  |  |  | $ | (27,723) |  |  | $ | (65,725) |
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 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:
|  | June 2022 |  |  | March 2022 |  | June 2021
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 156,458 |  |  | $ | (23,770) |  |  |  | $ | 79,046 |  |  | $ | (27,723) |  |  | $ | 13,838 |  |  | $ | (65,725) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (23,018) |  |  | 23,018 |  |  |  | (18,721) |  |  | 18,721 |  |  | (13,825) |  |  | 13,825 |
Net amounts |  | $ | 133,440 |  |  | $ | (752) |  |  |  | $ | 60,325 |  |  | $ | (9,002) |  |  | $ | 13 |  |  | $ | (51,900) |
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 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:
|  | June 2022 |  |  | March 2022 |  | June 2021
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 156,458 |  |  | $ | (23,770) |  |  |  | $ | 79,046 |  |  | $ | (27,723) |  |  | $ | 13,838 |  |  | $ | (65,725) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (23,018) |  |  | 23,018 |  |  |  | (18,721) |  |  | 18,721 |  |  | (13,825) |  |  | 13,825 |
Net amounts |  | $ | 133,440 |  |  | $ | (752) |  |  |  | $ | 60,325 |  |  | $ | (9,002) |  |  | $ | 13 |  |  | $ | (51,900) |
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 2022 |  |  | March 2022 |  | June 2021
Other current assets |  | $ | 133,859 |  |  |  | $ | 71,910 |  |  | $ | 6,746 |
Accrued liabilities |  | (20,549) |  |  |  | (24,267) |  |  | (61,391) |
Other assets |  | 22,599 |  |  |  | 7,136 |  |  | 7,092 |
Other liabilities |  | (3,221) |  |  |  | (3,456) |  |  | (4,334) |
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 Income (Loss) are summarized as follows:
(In thousands) |  | Gain (Loss) on Derivatives Recognized in OCI Three Months Ended June |  |  |
Cash Flow Hedging Relationships |  | 2022 |  |  | 2021 |  |  |  |  |  |
Foreign currency exchange |  | $ | 99,430 |  |  |  | $ | (4,563) |  |  |  |  |  |  |
(In thousands) |  | Gain (Loss) Reclassified from Accumulated OCI into Income (Loss) Three Months Ended June |  |
Location of Gain (Loss) |  | 2022 |  |  | 2021 |  |  |  |  |  |
Net revenues |  | $ | (4,750) |  |  |  | $ | (1,798) |  |  |  |  |  |  |
Cost of goods sold |  | 5,924 |  |  |  | (6,169) |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 1,609 |  |  |  | (917) |  |  |  |  |  |  |
Other income (expense), net |  | 5,432 |  |  |  | (1,702) |  |  |  |  |  |  |
Interest expense |  | 27 |  |  |  | 27 |  |  |  |  |  |  |
Total |  | $ | 8,242 |  |  |  | $ | (10,559) |  |  |  |  |  |  |

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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative assets at fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeAssetsAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration