Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.25.2
REVENUES
 3 Months Ended
Jun. 28, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) June 2025 March 2025 June 2024
Contract assets (a)
$ 6,365  $ 2,448  $ 3,188 
Contract liabilities (b)
76,164  78,421  67,954 
(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 months ended June 2025, the Company recognized $53.3 million of revenue that was included in the contract liability balance during the period, 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 timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of June 2025, the Company expects to recognize $62.0 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 June 2025, 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 June 2025 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 456,831  $ 392,423  $ 175,252  $ 1,024,506 
Direct-to-consumer 352,210  301,029  67,424  720,663 
Royalty 3,425  6,235  5,837  15,497 
Total $ 812,466  $ 699,687  $ 248,513  $ 1,760,666 
Geographic revenues
Americas $ 372,847  $ 404,035  $ 160,716  $ 937,598 
Europe 272,844  213,507  64,912  551,263 
Asia-Pacific 166,775  82,145  22,885  271,805 
Total $ 812,466  $ 699,687  $ 248,513  $ 1,760,666 
Three Months Ended June 2024 (a)
(In thousands) Outdoor Active
All Other (b)
Total
Channel revenues
Wholesale $ 427,005  $ 418,061  $ 168,708  $ 1,013,774 
Direct-to-consumer 323,487  351,755  65,713  740,955 
Royalty 3,138  6,918  4,275  14,331 
Total $ 753,630  $ 776,734  $ 238,696  $ 1,769,060 
Geographic revenues
Americas $ 363,680  $ 457,656  $ 154,363  $ 975,699 
Europe 244,962  222,469  64,905  532,336 
Asia-Pacific 144,988  96,609  19,428  261,025 
Total $ 753,630  $ 776,734  $ 238,696  $ 1,769,060 
(a)In the three months ended June 2025, VF realigned its reportable segments. The three months ended June 2024 have been recast to reflect this change. Refer to Note 14 for additional information regarding the Company's reportable segments.
(b)"All Other" is included for purposes of reconciliation of revenues, but it is not considered a reportable segment. "All Other" includes the Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands.