| REVENUES |
REVENUES The following table provides information about accounts receivable, contract assets and contract liabilities:
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(In thousands) |
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September 2019 |
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March 2019 |
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September 2018 |
Accounts receivable, net |
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$ |
1,976,154 |
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$ |
1,465,855 |
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$ |
1,961,274 |
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Contract assets (a)
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2,433 |
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2,569 |
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999 |
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Contract liabilities (b)
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41,228 |
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30,181 |
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29,559 |
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(a) |
Included in the other current assets line item in the Consolidated Balance Sheets. |
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(b) |
Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets. |
For the three and six months ended September 2019, the Company recognized $20.3 million and $45.0 million, respectively, of revenue that was included in the contract liability balance during the periods. The change in the contract asset and contract liability balances primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
For the three and six months ended September 2019, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
As of September 2019, the Company expects to recognize $60.7 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects
such amounts to be recognized over time through December 2024. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.
As of September 2019, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.
Disaggregation of Revenue
The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors. The wholesale channel includes fees generated from sourcing activities as the customers and point-in-time revenue recognition are similar to other wholesale arrangements.
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Three Months Ended September 2019 |
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(In thousands) |
Outdoor |
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Active |
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Work |
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Other |
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Total |
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Channel revenues |
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Wholesale |
$ |
1,175,422 |
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$ |
709,770 |
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$ |
392,906 |
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$ |
15,172 |
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$ |
2,293,270 |
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Direct-to-consumer |
347,684 |
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697,627 |
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37,115 |
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2,898 |
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1,085,324 |
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Royalty |
2,831 |
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6,237 |
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5,606 |
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— |
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14,674 |
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Total |
$ |
1,525,937 |
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$ |
1,413,634 |
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$ |
435,627 |
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$ |
18,070 |
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$ |
3,393,268 |
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Geographic revenues |
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United States |
$ |
737,255 |
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$ |
711,541 |
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$ |
345,548 |
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$ |
— |
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$ |
1,794,344 |
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International |
788,682 |
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702,093 |
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90,079 |
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18,070 |
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1,598,924 |
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Total |
$ |
1,525,937 |
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$ |
1,413,634 |
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$ |
435,627 |
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$ |
18,070 |
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$ |
3,393,268 |
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Three Months Ended September 2018 |
(In thousands) |
Outdoor |
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Active |
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Work |
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Other |
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Total |
Channel revenues |
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Wholesale |
$ |
1,130,716 |
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$ |
684,028 |
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$ |
413,453 |
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$ |
1,265 |
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$ |
2,229,462 |
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Direct-to-consumer |
332,548 |
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610,672 |
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33,357 |
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— |
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976,577 |
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Royalty |
3,239 |
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5,261 |
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4,851 |
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— |
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13,351 |
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Total |
$ |
1,466,503 |
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$ |
1,299,961 |
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$ |
451,661 |
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$ |
1,265 |
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$ |
3,219,390 |
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Geographic revenues |
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United States |
$ |
674,076 |
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$ |
652,494 |
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$ |
355,438 |
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$ |
1,265 |
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$ |
1,683,273 |
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International |
792,427 |
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647,467 |
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96,223 |
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— |
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1,536,117 |
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Total |
$ |
1,466,503 |
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$ |
1,299,961 |
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$ |
451,661 |
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$ |
1,265 |
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$ |
3,219,390 |
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Six Months Ended September 2019 |
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(In thousands) |
Outdoor |
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Active |
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Work |
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Other |
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Total |
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Channel revenues |
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Wholesale |
$ |
1,517,178 |
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$ |
1,369,912 |
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$ |
770,454 |
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$ |
17,980 |
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$ |
3,675,524 |
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Direct-to-consumer |
614,026 |
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1,263,514 |
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77,967 |
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6,352 |
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1,961,859 |
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Royalty |
5,353 |
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12,334 |
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9,677 |
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— |
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27,364 |
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Total |
$ |
2,136,557 |
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$ |
2,645,760 |
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$ |
858,098 |
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$ |
24,332 |
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$ |
5,664,747 |
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Geographic revenues |
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United States |
$ |
1,040,307 |
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$ |
1,422,746 |
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$ |
691,708 |
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$ |
— |
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$ |
3,154,761 |
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International |
1,096,250 |
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1,223,014 |
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166,390 |
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24,332 |
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2,509,986 |
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Total |
$ |
2,136,557 |
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$ |
2,645,760 |
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$ |
858,098 |
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$ |
24,332 |
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$ |
5,664,747 |
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Six Months Ended September 2018 |
(In thousands) |
Outdoor |
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Active |
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Work |
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Other |
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Total |
Channel revenues |
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Wholesale |
$ |
1,440,492 |
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$ |
1,338,876 |
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$ |
794,817 |
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$ |
9,570 |
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$ |
3,583,755 |
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Direct-to-consumer |
588,512 |
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1,086,208 |
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70,195 |
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— |
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1,744,915 |
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Royalty |
6,099 |
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11,814 |
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9,942 |
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— |
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27,855 |
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Total |
$ |
2,035,103 |
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$ |
2,436,898 |
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$ |
874,954 |
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$ |
9,570 |
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$ |
5,356,525 |
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Geographic revenues |
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United States |
$ |
936,932 |
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$ |
1,296,599 |
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$ |
686,537 |
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$ |
9,570 |
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$ |
2,929,638 |
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International |
1,098,171 |
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1,140,299 |
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188,417 |
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— |
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2,426,887 |
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Total |
$ |
2,035,103 |
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$ |
2,436,898 |
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$ |
874,954 |
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$ |
9,570 |
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$ |
5,356,525 |
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