XML 55 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
--- | ---
Dec. 30, 2023
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) |  | December 2023 |  |  | March 2023 |  | December 2022 |  |  | December 2023 |  |  | March 2023 |  | December 2022
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 13,901 |  |  |  | $ | 46,752 |  |  | $ | 80,435 |  |  |  | $ | (63,897) |  |  |  | $ | (71,052) |  |  | $ | (58,455) |
Interest rate contracts |  | 1,737 |  |  |  | — |  |  | 422 |  |  |  | — |  |  |  | (1,140) |  |  | — |
Total derivatives designated as hedging instruments |  | 15,638 |  |  |  | 46,752 |  |  | 80,857 |  |  |  | (63,897) |  |  |  | (72,192) |  |  | (58,455) |
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 166 |  |  |  | 2,936 |  |  | 4,061 |  |  |  | (803) |  |  |  | (461) |  |  | (321) |
Total derivatives |  | $ | 15,804 |  |  |  | $ | 49,688 |  |  | $ | 84,918 |  |  |  | $ | (64,700) |  |  |  | $ | (72,653) |  |  | $ | (58,776) |
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 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 2023 |  |  | March 2023 |  | December 2022
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 15,804 |  |  | $ | (64,700) |  |  |  | $ | 49,688 |  |  | $ | (72,653) |  |  | $ | 84,918 |  |  | $ | (58,776) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (15,011) |  |  | 15,011 |  |  |  | (26,470) |  |  | 26,470 |  |  | (24,024) |  |  | 24,024 |
Net amounts |  | $ | 793 |  |  | $ | (49,689) |  |  |  | $ | 23,218 |  |  | $ | (46,183) |  |  | $ | 60,894 |  |  | $ | (34,752) |
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 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 2023 |  |  | March 2023 |  | December 2022
(In thousands) |  | Derivative Asset |  | Derivative Liability |  |  | Derivative Asset |  | Derivative Liability |  | Derivative Asset |  | Derivative Liability
Gross amounts presented in the Consolidated Balance Sheets |  | $ | 15,804 |  |  | $ | (64,700) |  |  |  | $ | 49,688 |  |  | $ | (72,653) |  |  | $ | 84,918 |  |  | $ | (58,776) |
Gross amounts not offset in the Consolidated Balance Sheets |  | (15,011) |  |  | 15,011 |  |  |  | (26,470) |  |  | 26,470 |  |  | (24,024) |  |  | 24,024 |
Net amounts |  | $ | 793 |  |  | $ | (49,689) |  |  |  | $ | 23,218 |  |  | $ | (46,183) |  |  | $ | 60,894 |  |  | $ | (34,752) |
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) |  |  | December 2023 |  |  | March 2023 |  | December 2022
Derivative Instruments | Balance Sheet Location |  |  |  |  |  |  |
Foreign exchange contracts | Other current assets |  | $ | 12,261 |  |  |  | $ | 48,132 |  |  | $ | 79,862 |
Foreign exchange contracts | Accrued liabilities |  | (55,562) |  |  |  | (59,995) |  |  | (42,274) |
Foreign exchange contracts | Other assets |  | 1,806 |  |  |  | 1,556 |  |  | 4,634 |
Foreign exchange contracts | Other liabilities |  | (9,138) |  |  |  | (11,518) |  |  | (16,502) |
Interest rate contracts | Other current assets |  | 1,737 |  |  |  | — |  |  | — |
Interest rate contracts | Other assets |  | — |  |  |  | — |  |  | 422 |
Interest rate contracts | Other liabilities |  | — |  |  |  | (1,140) |  |  | — |
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 Comprehensive Income (Loss) and Consolidated Statements of Operations are summarized as follows:
(In thousands) |  | Gain (Loss) on Derivatives Recognized in Accumulated OCL Three Months Ended December |  |  | Gain (Loss) on Derivatives Recognized in Accumulated OCL Nine Months Ended December
Cash Flow Hedging Relationships |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022
Foreign exchange contracts |  | $ | (71,398) |  |  |  | $ | (120,057) |  |  |  | $ | (42,049) |  |  |  | $ | 82,058 |
Interest rate contracts |  | (1,977) |  |  |  | 422 |  |  |  | 5,829 |  |  |  | 422 |
Total |  | $ | (73,375) |  |  |  | $ | (119,635) |  |  |  | $ | (36,220) |  |  |  | $ | 82,480 |
(In thousands) |  |  | Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) Three Months Ended December |  |  | Gain (Loss) Reclassified from Accumulated OCL into Net Income (Loss) Nine Months Ended December
Cash Flow Hedging Relationships | Location of Gain (Loss) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022
Foreign exchange contracts | Net revenues |  | $ | (794) |  |  |  | $ | 782 |  |  |  | $ | (220) |  |  |  | $ | (9,173) |
Foreign exchange contracts | Cost of goods sold |  | (2,697) |  |  |  | 33,816 |  |  |  | 14,777 |  |  |  | 68,830 |
Foreign exchange contracts | Selling, general and administrative expenses |  | 833 |  |  |  | 1,816 |  |  |  | 3,141 |  |  |  | 5,380 |
Foreign exchange contracts | Other income (expense), net |  | 536 |  |  |  | (3,536) |  |  |  | (725) |  |  |  | (9,065) |
Interest rate contracts | Interest expense |  | 1,210 |  |  |  | 27 |  |  |  | 3,033 |  |  |  | 81 |
Total |  |  | $ | (912) |  |  |  | $ | 32,905 |  |  |  | $ | 20,006 |  |  |  | $ | 56,053 |

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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + 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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + 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