Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 9 Months Ended
Dec. 26, 2020
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following table provides information about accounts receivable, contract assets and contract liabilities:
(In thousands) December 2020 March 2020 December 2019
Accounts receivable, net $ 1,411,565  $ 1,308,051  $ 1,539,923 
Contract assets (a)
1,512  1,181  1,789 
Contract liabilities (b)
55,995  37,498  54,260 
(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 2020, the Company recognized $75.2 million and $195.9 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.
For the three and nine months ended December 2020, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
As of December 2020, the Company expects to recognize $68.6 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, including $5.8 million during the remainder of Fiscal 2021. 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 2020, 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 were 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 December 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 763,743  $ 465,857  $ 200,872  $ 3,106  $ 1,433,578 
Direct-to-consumer 804,711  655,922  63,470  89  1,524,192 
Royalty 2,589  5,342  5,840  —  13,771 
Total $ 1,571,043  $ 1,127,121  $ 270,182  $ 3,195  $ 2,971,541 
Geographic revenues
United States $ 776,674  $ 620,261  $ 170,760  $ —  $ 1,567,695 
International 794,369  506,860  99,422  3,195  1,403,846 
Total $ 1,571,043  $ 1,127,121  $ 270,182  $ 3,195  $ 2,971,541 
Three Months Ended December 2019
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 857,939  $ 527,206  $ 196,342  $ 4,750  $ 1,586,237 
Direct-to-consumer 796,632  706,186  46,384  1,340  1,550,542 
Royalty 4,537  6,070  8,337  —  18,944 
Total $ 1,659,108  $ 1,239,462  $ 251,063  $ 6,090  $ 3,155,723 
Geographic revenues
United States $ 903,184  $ 686,733  $ 162,411  $ —  $ 1,752,328 
International 755,924  552,729  88,652  6,090  1,403,395 
Total $ 1,659,108  $ 1,239,462  $ 251,063  $ 6,090  $ 3,155,723 
Nine Months Ended December 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 1,746,203  $ 1,371,889  $ 527,378  $ 4,381  $ 3,649,851 
Direct-to-consumer 1,314,386  1,510,354  144,113  297  2,969,150 
Royalty 6,089  16,396  14,672  —  37,157 
Total $ 3,066,678  $ 2,898,639  $ 686,163  $ 4,678  $ 6,656,158 
Geographic revenues
United States $ 1,451,827  $ 1,472,145  $ 446,850  $ —  $ 3,370,822 
International 1,614,851  1,426,494  239,313  4,678  3,285,336 
Total $ 3,066,678  $ 2,898,639  $ 686,163  $ 4,678  $ 6,656,158 
Nine Months Ended December 2019
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 2,375,117  $ 1,897,118  $ 547,104  $ 22,730  $ 4,842,069 
Direct-to-consumer 1,410,658  1,969,700  110,356  7,692  3,498,406 
Royalty 9,890  18,404  17,366  —  45,660 
Total $ 3,795,665  $ 3,885,222  $ 674,826  $ 30,422  $ 8,386,135 
Geographic revenues
United States $ 1,943,491  $ 2,109,479  $ 454,565  $ —  $ 4,507,535 
International 1,852,174  1,775,743  220,261  30,422  3,878,600 
Total $ 3,795,665  $ 3,885,222  $ 674,826  $ 30,422  $ 8,386,135