Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 6 Months Ended
Sep. 26, 2020
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following table provides information about accounts receivable, contract assets and contract liabilities:
(In thousands) September 2020 March 2020 September 2019
Accounts receivable, net $ 1,606,479  $ 1,308,051  $ 1,881,374 
Contract assets (a)
2,573  1,181  2,433 
Contract liabilities (b)
44,010  37,498  39,346 
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities line item in the Consolidated Balance Sheets.

For the three and six months ended September 2020, the Company recognized $85.1 million and $120.7 million, respectively, of revenue that was included in the contract liability balance during the periods, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were 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 and six months ended September 2020, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
As of September 2020, the Company expects to recognize $55.5 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 $9.1 million during 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 September 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 September 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 823,954  $ 664,868  $ 208,902  $ —  $ 1,697,724 
Direct-to-consumer 329,661  530,231  40,028  164  900,084 
Royalty 792  5,103  4,621  —  10,516 
Total $ 1,154,407  $ 1,200,202  $ 253,551  $ 164  $ 2,608,324 
Geographic revenues
United States $ 522,676  $ 586,377  $ 161,458  $ —  $ 1,270,511 
International 631,731  613,825  92,093  164  1,337,813 
Total $ 1,154,407  $ 1,200,202  $ 253,551  $ 164  $ 2,608,324 
Three Months Ended September 2019
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,175,422  $ 709,770  $ 186,482  $ 15,172  $ 2,086,846 
Direct-to-consumer 347,684  697,627  30,453  2,898  1,078,662 
Royalty 2,831  6,237  5,182  —  14,250 
Total $ 1,525,937  $ 1,413,634  $ 222,117  $ 18,070  $ 3,179,758 
Geographic revenues
United States $ 737,255  $ 711,541  $ 149,523  $ —  $ 1,598,319 
International 788,682  702,093  72,594  18,070  1,581,439 
Total $ 1,525,937  $ 1,413,634  $ 222,117  $ 18,070  $ 3,179,758 
Six Months Ended September 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 982,460  $ 906,032  $ 326,506  $ 1,275  $ 2,216,273 
Direct-to-consumer 509,675  854,432  80,643  208  1,444,958 
Royalty 3,500  11,054  8,832  —  23,386 
Total $ 1,495,635  $ 1,771,518  $ 415,981  $ 1,483  $ 3,684,617 
Geographic revenues
United States $ 675,153  $ 851,884  $ 276,090  $ —  $ 1,803,127 
International 820,482  919,634  139,891  1,483  1,881,490 
Total $ 1,495,635  $ 1,771,518  $ 415,981  $ 1,483  $ 3,684,617 
Six Months Ended September 2019
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,517,178  $ 1,369,912  $ 350,762  $ 17,980  $ 3,255,832 
Direct-to-consumer 614,026  1,263,514  63,972  6,352  1,947,864 
Royalty 5,353  12,334  9,029  —  26,716 
Total $ 2,136,557  $ 2,645,760  $ 423,763  $ 24,332  $ 5,230,412 
Geographic revenues
United States $ 1,040,307  $ 1,422,746  $ 292,154  $ —  $ 2,755,207 
International 1,096,250  1,223,014  131,609  24,332  2,475,205 
Total $ 2,136,557  $ 2,645,760  $ 423,763  $ 24,332  $ 5,230,412