Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 3 Months Ended
Jul. 01, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) June 2023 March 2023 June 2022
Contract assets (a)
$ 2,645  $ 2,294  $ 2,022 
Contract liabilities (b)
62,942  62,214  81,167 
(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 2023, the Company recognized $68.2 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 2023, the Company expects to recognize $63.6 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 2023, 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 2023, 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 2023
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 489,931  $ 462,265  $ 146,169  $ —  $ 1,098,365 
Direct-to-consumer 336,333  597,621  39,654  —  973,608 
Royalty 3,433  6,123  4,807  —  14,363 
Total $ 829,697  $ 1,066,009  $ 190,630  $ —  $ 2,086,336 
Geographic revenues
Americas $ 404,406  $ 625,847  $ 153,571  $ —  $ 1,183,824 
Europe 288,221  277,126  19,001  —  584,348 
Asia-Pacific 137,070  163,036  18,058  —  318,164 
Total $ 829,697  $ 1,066,009  $ 190,630  $ —  $ 2,086,336 
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