Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 3 Months Ended
Jun. 29, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) June 2024 March 2024 June 2023
Contract assets (a)
$ 3,188  $ 2,393  $ 2,645 
Contract liabilities (b)
68,254  67,115  62,942 
(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 months ended June 2024, the Company recognized $46.3 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 2024, the Company expects to recognize $75.8 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 2024, 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.
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 2024
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 441,881  $ 435,264  $ 136,644  $ 1,013,789 
Direct-to-consumer 345,290  499,957  33,933  879,180 
Royalty 3,028  6,918  4,386  14,332 
Total $ 790,199  $ 942,139  $ 174,963  $ 1,907,301 
Geographic revenues
Americas $ 373,400  $ 526,726  $ 144,643  $ 1,044,769 
Europe 264,181  270,153  18,522  552,856 
Asia-Pacific 152,618  145,260  11,798  309,676 
Total $ 790,199  $ 942,139  $ 174,963  $ 1,907,301 
Three Months Ended June 2023
(In thousands) Outdoor Active Work 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