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