±¬×ߺÚÁÏ

Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.23.2
REVENUES
 3 Months Ended
Jul. 01, 2023
Revenue from Contract with Customer [Abstract] Ìý
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) June 2023 March 2023 June 2022
Contract assets (a)
$ 2,645Ìý $ 2,294Ìý $ 2,022Ìý
Contract liabilities (b)
62,942Ìý 62,214Ìý 81,167Ìý
(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 2023, the ±¬×ߺÚÁÏ recognized $68.2Ìýmillion 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 the timing differences between the ±¬×ߺÚÁÏ's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of June 2023, the ±¬×ߺÚÁÏ expects to recognize $63.6 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 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 2023, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the ±¬×ߺÚÁÏ has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.
For the three months ended June 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 June 2023
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 489,931Ìý $ 462,265Ìý $ 146,169Ìý $ —Ìý $ 1,098,365Ìý
Direct-to-consumer 336,333Ìý 597,621Ìý 39,654Ìý —Ìý 973,608Ìý
Royalty 3,433Ìý 6,123Ìý 4,807Ìý —Ìý 14,363Ìý
Total $ 829,697Ìý $ 1,066,009Ìý $ 190,630Ìý $ —Ìý $ 2,086,336Ìý
Geographic revenues
Americas $ 404,406Ìý $ 625,847Ìý $ 153,571Ìý $ —Ìý $ 1,183,824Ìý
Europe 288,221Ìý 277,126Ìý 19,001Ìý —Ìý 584,348Ìý
Asia-Pacific 137,070Ìý 163,036Ìý 18,058Ìý —Ìý 318,164Ìý
Total $ 829,697Ìý $ 1,066,009Ìý $ 190,630Ìý $ —Ìý $ 2,086,336Ìý
Three Months Ended June 2022
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 472,282Ìý $ 582,160Ìý $ 193,191Ìý $ 148Ìý $ 1,247,781Ìý
Direct-to-consumer 292,685Ìý 666,156Ìý 40,249Ìý —Ìý 999,090Ìý
Royalty 3,657Ìý 5,629Ìý 5,438Ìý —Ìý 14,724Ìý
Total $ 768,624Ìý $ 1,253,945Ìý $ 238,878Ìý $ 148Ìý $ 2,261,595Ìý
Geographic revenues
Americas $ 394,515Ìý $ 790,729Ìý $ 199,660Ìý $ 148Ìý $ 1,385,052Ìý
Europe 275,045Ìý 303,275Ìý 16,293Ìý —Ìý 594,613Ìý
Asia-Pacific 99,064Ìý 159,941Ìý 22,925Ìý —Ìý 281,930Ìý
Total $ 768,624Ìý $ 1,253,945Ìý $ 238,878Ìý $ 148Ìý $ 2,261,595Ìý