Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.23.3
REVENUES
 6 Months Ended
Sep. 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) September 2023 March 2023 September 2022
Contract assets (a)
$ 3,267  $ 2,294  $ 2,772 
Contract liabilities (b)
63,820  62,214  77,466 
(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 and six months ended September 2023, the Company recognized $59.0 million and $127.2 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 2023, the Company expects to recognize $57.4 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 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 six months ended September 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 September 2023
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,275,543  $ 437,003  $ 192,620  $ —  $ 1,905,166 
Direct-to-consumer 433,071  638,545  39,957  —  1,111,573 
Royalty 5,065  6,739  5,696  —  17,500 
Total $ 1,713,679  $ 1,082,287  $ 238,273  $ —  $ 3,034,239 
Geographic revenues
Americas $ 795,748  $ 585,884  $ 186,868  $ —  $ 1,568,500 
Europe 657,206  370,885  33,946  —  1,062,037 
Asia-Pacific 260,725  125,518  17,459  —  403,702 
Total $ 1,713,679  $ 1,082,287  $ 238,273  $ —  $ 3,034,239 
Three Months Ended September 2022
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,157,170  $ 541,031  $ 216,825  $ —  $ 1,915,026 
Direct-to-consumer 394,324  710,547  41,252  —  1,146,123 
Royalty 3,834  8,532  7,085  —  19,451 
Total $ 1,555,328  $ 1,260,110  $ 265,162  $ —  $ 3,080,600 
Geographic revenues
Americas $ 820,756  $ 724,882  $ 208,497  $ —  $ 1,754,135 
Europe 528,568  378,651  25,210  —  932,429 
Asia-Pacific 206,004  156,577  31,455  —  394,036 
Total $ 1,555,328  $ 1,260,110  $ 265,162  $ —  $ 3,080,600 
Six Months Ended September 2023
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,765,474  $ 899,268  $ 338,789  $ —  $ 3,003,531 
Direct-to-consumer 769,404  1,236,166  79,611  —  2,085,181 
Royalty 8,498  12,862  10,503  —  31,863 
Total $ 2,543,376  $ 2,148,296  $ 428,903  $ —  $ 5,120,575 
Geographic revenues
Americas $ 1,200,154  $ 1,211,731  $ 340,439  $ —  $ 2,752,324 
Europe 945,427  648,011  52,947  —  1,646,385 
Asia-Pacific 397,795  288,554  35,517  —  721,866 
Total $ 2,543,376  $ 2,148,296  $ 428,903  $ —  $ 5,120,575 
Six Months Ended September 2022
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,629,452  $ 1,123,191  $ 410,016  $ 148  $ 3,162,807 
Direct-to-consumer 687,009  1,376,703  81,501  —  2,145,213 
Royalty 7,491  14,161  12,523  —  34,175 
Total $ 2,323,952  $ 2,514,055  $ 504,040  $ 148  $ 5,342,195 
Geographic revenues
Americas $ 1,215,271  $ 1,515,611  $ 408,157  $ 148  $ 3,139,187 
Europe 803,613  681,926  41,503  —  1,527,042 
Asia-Pacific 305,068  316,518  54,380  —  675,966 
Total $ 2,323,952  $ 2,514,055  $ 504,040  $ 148  $ 5,342,195