Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.24.3
REVENUES
 6 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) September 2024 March 2024 September 2023
Contract assets (a)
$ 4,392  $ 2,393  $ 3,267 
Contract liabilities (b)
66,693  66,130  60,664 
(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 six months ended September 2024, the Company recognized $52.4 million and $97.4 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 September 2024, the Company expects to recognize $69.7 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 September 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 September 2024
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 1,204,940  $ 442,863  $ 179,993  $ 1,827,796 
Direct-to-consumer 450,858  430,261  33,818  914,937 
Royalty 2,874  6,643  5,698  15,215 
Total $ 1,658,672  $ 879,767  $ 219,509  $ 2,757,948 
Geographic revenues
Americas $ 703,094  $ 482,634  $ 170,130  $ 1,355,858 
Europe 651,870  323,038  34,647  1,009,555 
Asia-Pacific 303,708  74,095  14,732  392,535 
Total $ 1,658,672  $ 879,767  $ 219,509  $ 2,757,948 
Three Months Ended September 2023
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 1,275,543  $ 437,003  $ 192,620  $ 1,905,166 
Direct-to-consumer 433,071  524,429  39,957  997,457 
Royalty 5,065  6,739  5,696  17,500 
Total $ 1,713,679  $ 968,171  $ 238,273  $ 2,920,123 
Geographic revenues
Americas $ 795,748  $ 523,464  $ 186,868  $ 1,506,080 
Europe 657,206  351,606  33,946  1,042,758 
Asia-Pacific 260,725  93,101  17,459  371,285 
Total $ 1,713,679  $ 968,171  $ 238,273  $ 2,920,123 
Six Months Ended September 2024
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 1,646,821  $ 878,111  $ 316,637  $ 2,841,569 
Direct-to-consumer 796,148  791,993  67,751  1,655,892 
Royalty 5,902  13,561  10,084  29,547 
Total $ 2,448,871  $ 1,683,665  $ 394,472  $ 4,527,008 
Geographic revenues
Americas $ 1,076,494  $ 940,290  $ 314,773  $ 2,331,557 
Europe 916,051  572,671  53,169  1,541,891 
Asia-Pacific 456,326  170,704  26,530  653,560 
Total $ 2,448,871  $ 1,683,665  $ 394,472  $ 4,527,008 
Six Months Ended September 2023
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 1,765,474  $ 899,266  $ 338,789  $ 3,003,529 
Direct-to-consumer 769,404  1,003,779  79,611  1,852,794 
Royalty 8,498  12,862  10,503  31,863 
Total $ 2,543,376  $ 1,915,907  $ 428,903  $ 4,888,186 
Geographic revenues
Americas $ 1,200,154  $ 1,084,277  $ 340,439  $ 2,624,870 
Europe 945,427  608,679  52,947  1,607,053 
Asia-Pacific 397,795  222,951  35,517  656,263 
Total $ 2,543,376  $ 1,915,907  $ 428,903  $ 4,888,186