Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 9 Months Ended
Jan. 01, 2022
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) December 2021 March 2021 December 2020
Contract assets (a)
$ 1,425  $ 880  $ 1,512 
Contract liabilities (b)
73,890  49,869  55,995 
(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 nine months ended December 2021, the Company recognized $81.6 million and $243.6 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 December 2021, the Company expects to recognize $75.5 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 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 December 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 nine months ended December 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 December 2021
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 960,020  $ 448,690  $ 215,023  $ 279  $ 1,624,012 
Direct-to-consumer 964,016  956,393  61,077  —  1,981,486 
Royalty 4,391  5,494  9,001  —  18,886 
Total $ 1,928,427  $ 1,410,577  $ 285,101  $ 279  $ 3,624,384 
Geographic revenues
United States $ 945,218  $ 788,839  $ 213,535  $ 279  $ 1,947,871 
International:
Europe 651,252  333,415  18,631  —  1,003,298 
Asia-Pacific 236,348  214,638  37,361  —  488,347 
Americas (non-U.S.) 95,609  73,685  15,574  —  184,868 
Total $ 1,928,427  $ 1,410,577  $ 285,101  $ 279  $ 3,624,384 
Three Months Ended December 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 763,743  $ 465,857  $ 200,872  $ 3,106  $ 1,433,578 
Direct-to-consumer 804,711  655,922  63,470  89  1,524,192 
Royalty 2,589  5,342  5,840  —  13,771 
Total $ 1,571,043  $ 1,127,121  $ 270,182  $ 3,195  $ 2,971,541 
Geographic revenues
United States $ 776,674  $ 620,261  $ 170,760  $ —  $ 1,567,695 
International:
Europe 502,000  256,282  32,381  3,195  793,858 
Asia-Pacific 213,271  199,202  51,858  —  464,331 
Americas (non-U.S.) 79,098  51,376  15,183  —  145,657 
Total $ 1,571,043  $ 1,127,121  $ 270,182  $ 3,195  $ 2,971,541 
Nine Months Ended December 2021
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 2,426,963  $ 1,600,238  $ 693,910  $ 557  $ 4,721,668 
Direct-to-consumer 1,614,783  2,488,454  144,029  —  4,247,266 
Royalty 11,056  16,126  21,060  —  48,242 
Total $ 4,052,802  $ 4,104,818  $ 858,999  $ 557  $ 9,017,176 
Geographic revenues
United States $ 1,919,914  $ 2,198,759  $ 640,431  $ 557  $ 4,759,661 
International:
Europe 1,406,329  1,051,301  58,247  —  2,515,877 
Asia-Pacific 506,710  641,289  111,561  —  1,259,560 
Americas (non-U.S.) 219,849  213,469  48,760  —  482,078 
Total $ 4,052,802  $ 4,104,818  $ 858,999  $ 557  $ 9,017,176 
Nine Months Ended December 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,746,203  $ 1,371,889  $ 527,378  $ 4,381  $ 3,649,851 
Direct-to-consumer 1,314,386  1,510,354  144,113  297  2,969,150 
Royalty 6,089  16,396  14,672  —  37,157 
Total $ 3,066,678  $ 2,898,639  $ 686,163  $ 4,678  $ 6,656,158 
Geographic revenues
United States $ 1,451,827  $ 1,472,145  $ 446,850  $ —  $ 3,370,822 
International:
Europe 1,015,078  753,820  76,786  4,678  1,850,362 
Asia-Pacific 448,234  533,620  120,125  —  1,101,979 
Americas (non-U.S.) 151,539  139,054  42,402  —  332,995 
Total $ 3,066,678  $ 2,898,639  $ 686,163  $ 4,678  $ 6,656,158