Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 3 Months Ended
Jul. 02, 2022
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) June 2022 March 2022 June 2021
Contract assets (a)
$ 2,022  $ 1,065  $ 1,135 
Contract liabilities (b)
81,167  71,067  68,921 
(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 2022, the Company recognized $64.4 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 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 June 2022, the Company expects to recognize $75.3 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 June 2022, 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 months ended June 2022, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
Disaggregation of Revenues
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 June 2022
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 472,282  $ 582,160  $ 193,191  $ 148  $ 1,247,781 
Direct-to-consumer 292,685  666,156  40,249  —  999,090 
Royalty 3,657  5,629  5,438  —  14,724 
Total $ 768,624  $ 1,253,945  $ 238,878  $ 148  $ 2,261,595 
Geographic revenues
Americas $ 394,515  $ 790,729  $ 199,660  $ 148  $ 1,385,052 
Europe 275,045  303,275  16,293  —  594,613 
Asia-Pacific 99,064  159,941  22,925  —  281,930 
Total $ 768,624  $ 1,253,945  $ 238,878  $ 148  $ 2,261,595 
Three Months Ended June 2021
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 334,875  $ 546,025  $ 226,871  $ —  $ 1,107,771 
Direct-to-consumer 279,658  751,235  42,812  —  1,073,705 
Royalty 3,221  4,808  5,052  —  13,081 
Total $ 617,754  $ 1,302,068  $ 274,735  $ —  $ 2,194,557 
Geographic revenues
Americas $ 311,139  $ 756,379  $ 234,400  $ —  $ 1,301,918 
Europe 218,555  307,216  14,196  —  539,967 
Asia-Pacific 88,060  238,473  26,139  —  352,672 
Total $ 617,754  $ 1,302,068  $ 274,735  $ —  $ 2,194,557