Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 3 Months Ended
Jun. 27, 2020
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following table provides information about accounts receivable, contract assets and contract liabilities:
(In thousands) June 2020 March 2020 June 2019
Accounts receivable, net $ 934,984    $ 1,308,051    $ 1,211,347   
Contract assets (a)
2,487    1,181    1,576   
Contract liabilities (b)
45,622    37,498    42,196   
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities and other liabilities line items in the Consolidated Balance Sheets.

For the three months ended June 2020, the Company recognized $35.6 million of revenue that was included in the contract liability balance during the period, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations are satisfied within the same period, such as order deposits from customers. 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 months ended June 2020, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
As of June 2020, the Company expects to recognize $62.9 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 based on the contractual terms, including $15.4 million in the remainder of Fiscal 2021. 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 June 2020, 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 were 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.
Three Months Ended June 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 158,506    $ 241,164    $ 117,604    $ 1,275    $ 518,549   
Direct-to-consumer 180,014    324,201    40,615    44    544,874   
Royalty 2,708    5,951    4,211    —    12,870   
Total $ 341,228    $ 571,316    $ 162,430    $ 1,319    $ 1,076,293   
Geographic revenues
United States $ 152,477    $ 265,507    $ 114,632    $ —    $ 532,616   
International 188,751    305,809    47,798    1,319    543,677   
Total $ 341,228    $ 571,316    $ 162,430    $ 1,319    $ 1,076,293   
Three Months Ended June 2019
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 341,756    $ 660,142    $ 164,280    $ 2,808    $ 1,168,986   
Direct-to-consumer 266,342    565,887    33,519    3,454    869,202   
Royalty 2,522    6,097    3,847    —    12,466   
Total $ 610,620    $ 1,232,126    $ 201,646    $ 6,262    $ 2,050,654   
Geographic revenues
United States $ 303,052    $ 711,205    $ 142,631    $ —    $ 1,156,888   
International 307,568    520,921    59,015    6,262    893,766   
Total $ 610,620    $ 1,232,126    $ 201,646    $ 6,262    $ 2,050,654