VF Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

REVENUES

REVENUES

3 Months Ended

Jun. 29, 2019

Revenue from Contract with Customer [Abstract]

The following table provides information about accounts receivable, contract assets and contract liabilities:



(In thousands)	June 2019		March 2019		June 2018
Accounts receivable, net	$	1,306,270	$	1,465,855	$	1,222,938
Contract assets^(a)	1,576		2,569		1,543
Contract liabilities ^(b)	44,364		30,181		27,105


^(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 months ended June 2019, the Company recognized $24.7 million of revenue that was included in the contract liability balance during the period. 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.

For the three months ended June 2019, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.

As of June 2019, the Company expects to recognize $85.0 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 through December 2024. 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 2019, 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 fixed consideration related to future minimum guarantees discussed above.

Disaggregation of Revenue

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. The wholesale channel includes fees generated from sourcing activities as the customers and point-in-time revenue recognition are similar to other wholesale arrangements.



	Three Months Ended June 2019
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	341,756	$	660,142	$	377,548	$	2,808	$	1,382,254
Direct-to-consumer	266,342		565,887		40,852		3,454		876,535
Royalty	2,522		6,097		4,071		—		12,690
Total	$	610,620	$	1,232,126	$	422,471	$	6,262	$	2,271,479

Geographic revenues
United States	$	303,052	$	711,205	$	346,160	$	—	$	1,360,417
International	307,568		520,921		76,311		6,262		911,062
Total	$	610,620	$	1,232,126	$	422,471	$	6,262	$	2,271,479



	Three Months Ended June 2018
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	309,776	$	654,848	$	381,364	$	8,305	$	1,354,293
Direct-to-consumer	255,964		475,536		36,838		—		768,338
Royalty	2,860		6,553		5,091		—		14,504
Total	$	568,600	$	1,136,937	$	423,293	$	8,305	$	2,137,135

Geographic revenues
United States	$	262,856	$	644,105	$	331,099	$	8,305	$	1,246,365
International	305,744		492,832		92,194		—		890,770
Total	$	568,600	$	1,136,937	$	423,293	$	8,305	$	2,137,135