Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.24.0.1
REVENUES
 9 Months Ended
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) December 2023 March 2023 December 2022
Contract assets (a)
$ 1,877  $ 2,294  $ 1,273 
Contract liabilities (b)
67,103  62,214  80,456 
(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 2023, the Company recognized $59.9 million and $187.1 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 2023, the Company expects to recognize $84.6 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 December 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 and nine months ended December 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 December 2023
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 734,130  $ 264,606  $ 157,841  $ —  $ 1,156,577 
Direct-to-consumer 999,694  728,479  58,038  —  1,786,211 
Royalty 4,755  6,311  6,429  —  17,495 
Total $ 1,738,579  $ 999,396  $ 222,308  $ —  $ 2,960,283 
Geographic revenues
Americas $ 821,506  $ 578,955  $ 185,916  $ —  $ 1,586,377 
Europe 622,377  267,075  22,829  —  912,281 
Asia-Pacific 294,696  153,366  13,563  —  461,625 
Total $ 1,738,579  $ 999,396  $ 222,308  $ —  $ 2,960,283 
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 
Nine Months Ended December 2023
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 2,499,604  $ 1,163,874  $ 496,630  $ —  $ 4,160,108 
Direct-to-consumer 1,769,098  1,964,645  137,649  —  3,871,392 
Royalty 13,253  19,173  16,932  —  49,358 
Total $ 4,281,955  $ 3,147,692  $ 651,211  $ —  $ 8,080,858 
Geographic revenues
Americas $ 2,021,660  $ 1,790,686  $ 526,355  $ —  $ 4,338,701 
Europe 1,567,804  915,086  75,776  —  2,558,666 
Asia-Pacific 692,491  441,920  49,080  —  1,183,491 
Total $ 4,281,955  $ 3,147,692  $ 651,211  $ —  $ 8,080,858 
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