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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
Dec. 31, 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)December 2022March 2022December 2021December 2022March 2022December 2021
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts$80,435 $79,046 $55,000 $(58,455)$(27,678)$(32,660)
Interest rate contracts422 — — — — — 
Total derivatives designated as hedging instruments80,857 79,046 55,000 (58,455)(27,678)(32,660)
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts 4,061 — 2,466 (321)(45)(327)
Total derivatives
$84,918 $79,046 $57,466 $(58,776)$(27,723)$(32,987)
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 2022March 2022December 2021
(In thousands)Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
$84,918 $(58,776)$79,046 $(27,723)$57,466 $(32,987)
Gross amounts not offset in the Consolidated Balance Sheets
(24,024)24,024 (18,721)18,721 (22,964)22,964 
Net amounts
$60,894 $(34,752)$60,325 $(9,002)$34,502 $(10,023)
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 2022March 2022December 2021
(In thousands)Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
$84,918 $(58,776)$79,046 $(27,723)$57,466 $(32,987)
Gross amounts not offset in the Consolidated Balance Sheets
(24,024)24,024 (18,721)18,721 (22,964)22,964 
Net amounts
$60,894 $(34,752)$60,325 $(9,002)$34,502 $(10,023)
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 2022March 2022December 2021
Derivative InstrumentsBalance Sheet Location
Foreign exchange contractsOther current assets$79,862 $71,910 $50,298 
Foreign exchange contractsAccrued liabilities(42,274)(24,267)(28,326)
Foreign exchange contractsOther assets4,634 7,136 7,168 
Foreign exchange contractsOther liabilities(16,502)(3,456)(4,661)
Interest rate contractsOther assets422 — — 
Schedule of Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income The effects of cash flow hedging included in VF’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are summarized as follows:
(In thousands)
Gain (Loss) on Derivatives
Recognized in OCI
Three Months Ended December
Gain (Loss) on Derivatives
Recognized in OCI
Nine Months Ended December
Cash Flow Hedging Relationships2022202120222021
Foreign exchange contracts$(120,057)$14,185 $82,058 $43,983 
Interest rate contracts422 — 422 — 
Total$(119,635)$14,185 $82,480 $43,983 
(In thousands)
Gain (Loss) Reclassified from Accumulated OCI into Income
Three Months Ended December
Gain (Loss) Reclassified from Accumulated OCI into Income
Nine Months Ended December
Cash Flow Hedging RelationshipsLocation of Gain (Loss) 2022202120222021
Foreign exchange contractsNet revenues$(2,759)$(9,284)$(18,243)$(16,045)
Foreign exchange contractsCost of goods sold27,019 (3,974)44,780 (26,644)
Foreign exchange contractsSelling, general and administrative expenses1,816 688 5,380 (418)
Foreign exchange contractsOther income (expense), net6,802 104 24,055 (2,958)
Interest rate contractsInterest expense27 27 81 81 
Total$32,905 $(12,439)$56,053 $(45,984)