Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.19.3
REVENUES
6 Months Ended
Sep. 28, 2019
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following table provides information about accounts receivable, contract assets and contract liabilities:
(In thousands)
 
September 2019
 
 
March 2019
 
September 2018
Accounts receivable, net
 
$
1,976,154

 
 
$
1,465,855

 
$
1,961,274

Contract assets (a)
 
2,433

 
 
2,569

 
999

Contract liabilities (b)
 
41,228

 
 
30,181

 
29,559

(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 2019, the Company recognized $20.3 million and $45.0 million, respectively, of revenue that was included in the contract liability balance during the periods. 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 and six months ended September 2019, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
As of September 2019, the Company expects to recognize $60.7 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 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 September 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 the 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 September 2019
 
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
 
Channel revenues

 

 

 

 

 
Wholesale
$
1,175,422

 
$
709,770

 
$
392,906

 
$
15,172

 
$
2,293,270

 
Direct-to-consumer
347,684

 
697,627

 
37,115

 
2,898

 
1,085,324

 
Royalty
2,831

 
6,237

 
5,606

 

 
14,674

 
Total
$
1,525,937

 
$
1,413,634

 
$
435,627

 
$
18,070

 
$
3,393,268

 
 
 
 
 
 
 
 
 
 
 
 
Geographic revenues

 

 

 

 

 
United States
$
737,255

 
$
711,541

 
$
345,548

 
$

 
$
1,794,344

 
International
788,682

 
702,093

 
90,079

 
18,070

 
1,598,924

 
Total
$
1,525,937

 
$
1,413,634

 
$
435,627

 
$
18,070

 
$
3,393,268

 
 
Three Months Ended September 2018
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
Channel revenues

 

 

 

 

Wholesale
$
1,130,716

 
$
684,028

 
$
413,453

 
$
1,265

 
$
2,229,462

Direct-to-consumer
332,548

 
610,672

 
33,357

 

 
976,577

Royalty
3,239

 
5,261

 
4,851

 

 
13,351

Total
$
1,466,503

 
$
1,299,961

 
$
451,661

 
$
1,265

 
$
3,219,390

 
 
 
 
 
 
 
 
 
 
Geographic revenues

 

 

 

 

United States
$
674,076

 
$
652,494

 
$
355,438

 
$
1,265

 
$
1,683,273

International
792,427

 
647,467

 
96,223

 

 
1,536,117

Total
$
1,466,503

 
$
1,299,961

 
$
451,661

 
$
1,265

 
$
3,219,390

 
Six Months Ended September 2019
 
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
 
Channel revenues

 

 

 

 

 
Wholesale
$
1,517,178

 
$
1,369,912

 
$
770,454

 
$
17,980

 
$
3,675,524

 
Direct-to-consumer
614,026

 
1,263,514

 
77,967

 
6,352

 
1,961,859

 
Royalty
5,353

 
12,334

 
9,677

 

 
27,364

 
Total
$
2,136,557

 
$
2,645,760

 
$
858,098

 
$
24,332

 
$
5,664,747

 
 
 
 
 
 
 
 
 
 
 
 
Geographic revenues
 
 
 
 
 
 
 
 
 
 
United States
$
1,040,307

 
$
1,422,746

 
$
691,708

 
$

 
$
3,154,761

 
International
1,096,250

 
1,223,014

 
166,390

 
24,332

 
2,509,986

 
Total
$
2,136,557

 
$
2,645,760

 
$
858,098

 
$
24,332

 
$
5,664,747

 
 
Six Months Ended September 2018
(In thousands)
Outdoor
 
Active
 
Work
 
Other
 
Total
Channel revenues
 
 
 
 
 
 
 
 
 
Wholesale
$
1,440,492

 
$
1,338,876

 
$
794,817

 
$
9,570

 
$
3,583,755

Direct-to-consumer
588,512

 
1,086,208

 
70,195

 

 
1,744,915

Royalty
6,099

 
11,814

 
9,942

 

 
27,855

Total
$
2,035,103

 
$
2,436,898

 
$
874,954

 
$
9,570

 
$
5,356,525

 
 
 
 
 
 
 
 
 
 
Geographic revenues
 
 
 
 
 
 
 
 
 
United States
$
936,932

 
$
1,296,599

 
$
686,537

 
$
9,570

 
$
2,929,638

International
1,098,171

 
1,140,299

 
188,417

 

 
2,426,887

Total
$
2,035,103

 
$
2,436,898

 
$
874,954

 
$
9,570

 
$
5,356,525