Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.2
REVENUES
 6 Months Ended
Oct. 02, 2021
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) September 2021 March 2021 September 2020
Contract assets (a)
$ 1,773  $ 880  $ 2,573 
Contract liabilities (b)
58,841  49,869  44,010 
(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 2021, the Company recognized $71.0 million and $162.0 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.
Performance Obligations
As of September 2021, the Company expects to recognize $80.8 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 through March 2031. 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 2021, 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.
For the three and six months ended September 2021, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
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.
Three Months Ended September 2021
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,132,068  $ 605,523  $ 252,016  $ 278  $ 1,989,885 
Direct-to-consumer 371,109  780,826  40,140  —  1,192,075 
Royalty 3,444  5,824  7,007  —  16,275 
Total $ 1,506,621  $ 1,392,173  $ 299,163  $ 278  $ 3,198,235 
Geographic revenues
United States $ 691,538  $ 714,085  $ 209,370  $ 278  $ 1,615,271 
International:
Europe 536,522  410,670  25,420  —  972,612 
Asia-Pacific 182,302  188,178  48,061  —  418,541 
Americas (non-U.S.) 96,259  79,240  16,312  —  191,811 
Total $ 1,506,621  $ 1,392,173  $ 299,163  $ 278  $ 3,198,235 
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:
Europe 414,054  372,012  31,104  164  817,334 
Asia-Pacific 155,696  172,004  43,758  —  371,458 
Americas (non-U.S.) 61,981  69,809  17,231  —  149,021 
Total $ 1,154,407  $ 1,200,202  $ 253,551  $ 164  $ 2,608,324 
Six Months Ended September 2021
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,466,943  $ 1,151,548  $ 478,887  $ 278  $ 3,097,656 
Direct-to-consumer 650,767  1,532,061  82,952  —  2,265,780 
Royalty 6,665  10,632  12,059  —  29,356 
Total $ 2,124,375  $ 2,694,241  $ 573,898  $ 278  $ 5,392,792 
Geographic revenues
United States $ 974,696  $ 1,409,920  $ 426,896  $ 278  $ 2,811,790 
International:
Europe 755,077  717,886  39,616  —  1,512,579 
Asia-Pacific 270,362  426,651  74,200  —  771,213 
Americas (non-U.S.) 124,240  139,784  33,186  —  297,210 
Total $ 2,124,375  $ 2,694,241  $ 573,898  $ 278  $ 5,392,792 
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:
Europe 513,078  497,538  44,405  1,483  1,056,504 
Asia-Pacific 234,963  334,418  68,267  —  637,648 
Americas (non-U.S.) 72,441  87,678  27,219  —  187,338 
Total $ 1,495,635  $ 1,771,518  $ 415,981  $ 1,483  $ 3,684,617