Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 9 Months Ended
Dec. 31, 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 2022 March 2022 December 2021
Contract assets (a)
$ 1,273  $ 1,065  $ 1,425 
Contract liabilities (b)
80,456  71,067  73,890 
(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 2022, the Company recognized $79.2 million and $239.8 million, respectively, 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 December 2022, the Company expects to recognize $73.9 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 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 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 and nine months ended December 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 December 2022
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 973,292  $ 401,521  $ 198,956  $ —  $ 1,573,769 
Direct-to-consumer 1,023,428  850,167  63,773  —  1,937,368 
Royalty 6,325  6,994  6,211  —  19,530 
Total $ 2,003,045  $ 1,258,682  $ 268,940  $ —  $ 3,530,667 
Geographic revenues
Americas $ 1,110,134  $ 766,394  $ 217,408  $ —  $ 2,093,936 
Europe 643,740  312,857  26,752  —  983,349 
Asia-Pacific 249,171  179,431  24,780  —  453,382 
Total $ 2,003,045  $ 1,258,682  $ 268,940  $ —  $ 3,530,667 
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
Americas $ 1,040,827  $ 862,524  $ 229,109  $ 279  $ 2,132,739 
Europe 651,252  333,415  18,631  —  1,003,298 
Asia-Pacific 236,348  214,638  37,361  —  488,347 
Total $ 1,928,427  $ 1,410,577  $ 285,101  $ 279  $ 3,624,384 
Nine Months Ended December 2022
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 2,602,744  $ 1,524,712  $ 608,972  $ 148  $ 4,736,576 
Direct-to-consumer 1,710,437  2,226,870  145,274  —  4,082,581 
Royalty 13,816  21,155  18,734  —  53,705 
Total $ 4,326,997  $ 3,772,737  $ 772,980  $ 148  $ 8,872,862 
Geographic revenues
Americas $ 2,325,405  $ 2,282,005  $ 625,565  $ 148  $ 5,233,123 
Europe 1,447,353  994,783  68,255  —  2,510,391 
Asia-Pacific 554,239  495,949  79,160  —  1,129,348 
Total $ 4,326,997  $ 3,772,737  $ 772,980  $ 148  $ 8,872,862 
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
Americas $ 2,139,763  $ 2,412,228  $ 689,191  $ 557  $ 5,241,739 
Europe 1,406,329  1,051,301  58,247  —  2,515,877 
Asia-Pacific 506,710  641,289  111,561  —  1,259,560 
Total $ 4,052,802  $ 4,104,818  $ 858,999  $ 557  $ 9,017,176