Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 9 Months Ended
Dec. 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) December 2024 March 2024 December 2023
Contract assets (a)
$ 1,757  $ 2,393  $ 1,877 
Contract liabilities (b)
68,820  66,130  66,903 
(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 2024, the Company recognized $61.9 million and $159.3 million, respectively, of revenue, which, for the nine months ended December 2024 included the majority of the contract liability balance at the beginning of the year, and, for both periods, included 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 timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of December 2024, the Company expects to recognize $61.0 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 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 December 2024
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 785,883  $ 305,803  $ 159,251  $ 1,250,937 
Direct-to-consumer 1,060,997  454,254  50,318  1,565,569 
Royalty 4,266  6,250  6,890  17,406 
Total $ 1,851,146  $ 766,307  $ 216,459  $ 2,833,912 
Geographic revenues
Americas $ 864,838  $ 457,417  $ 184,467  $ 1,506,722 
Europe 643,699  233,423  17,120  894,242 
Asia-Pacific 342,609  75,467  14,872  432,948 
Total $ 1,851,146  $ 766,307  $ 216,459  $ 2,833,912 
Three Months Ended December 2023
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 734,130  $ 264,531  $ 157,841  $ 1,156,502 
Direct-to-consumer 999,694  548,465  58,038  1,606,197 
Royalty 4,755  6,311  6,429  17,495 
Total $ 1,738,579  $ 819,307  $ 222,308  $ 2,780,194 
Geographic revenues
Americas $ 821,506  $ 478,584  $ 185,916  $ 1,486,006 
Europe 622,377  237,800  22,829  883,006 
Asia-Pacific 294,696  102,923  13,563  411,182 
Total $ 1,738,579  $ 819,307  $ 222,308  $ 2,780,194 
Nine Months Ended December 2024
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 2,432,704  $ 1,183,914  $ 475,888  $ 4,092,506 
Direct-to-consumer 1,857,145  1,246,247  118,069  3,221,461 
Royalty 10,168  19,811  16,974  46,953 
Total $ 4,300,017  $ 2,449,972  $ 610,931  $ 7,360,920 
Geographic revenues
Americas $ 1,941,332  $ 1,397,707  $ 499,240  $ 3,838,279 
Europe 1,559,750  806,094  70,289  2,436,133 
Asia-Pacific 798,935  246,171  41,402  1,086,508 
Total $ 4,300,017  $ 2,449,972  $ 610,931  $ 7,360,920 
Nine Months Ended December 2023
(In thousands) Outdoor Active Work Total
Channel revenues
Wholesale $ 2,499,604  $ 1,163,797  $ 496,630  $ 4,160,031 
Direct-to-consumer 1,769,098  1,552,244  137,649  3,458,991 
Royalty 13,253  19,173  16,932  49,358 
Total $ 4,281,955  $ 2,735,214  $ 651,211  $ 7,668,380 
Geographic revenues
Americas $ 2,021,660  $ 1,562,861  $ 526,355  $ 4,110,876 
Europe 1,567,804  846,479  75,776  2,490,059 
Asia-Pacific 692,491  325,874  49,080  1,067,445 
Total $ 4,281,955  $ 2,735,214  $ 651,211  $ 7,668,380