REVENUES

3 Months Ended

Jul. 03, 2021

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

The following table provides information about contract assets and contract liabilities:

(In thousands)	June 2021		March 2021		June 2020
Contract assets (a)	$	1,135	$	880	$	2,487
Contract liabilities (b)	68,921		49,869		45,622

(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 2021, the Company recognized $91.0 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 the timing differences between the Company's satisfaction of performance obligations and the customer's payment.

Performance Obligations

As of June 2021, the Company expects to recognize $63.8 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, with the majority of the revenue recognized by Fiscal

2025. 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 2021, 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.

For the three months ended June 2021, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.

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.

	Three Months Ended June 2021
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	334,875	$	546,025	$	226,871	$	—	$	1,107,771
Direct-to-consumer	279,658		751,235		42,812		—		1,073,705
Royalty	3,221		4,808		5,052		—		13,081
Total	$	617,754	$	1,302,068	$	274,735	$	—	$	2,194,557
Geographic revenues
United States	$	283,158	$	695,835	$	217,526	$	—	$	1,196,519
International:
Europe	218,555		307,216		14,196		—		539,967
Asia-Pacific	88,060		238,473		26,139		—		352,672
Americas (non-U.S.)	27,981		60,544		16,874		—		105,399
Total	$	617,754	$	1,302,068	$	274,735	$	—	$	2,194,557

	Three Months Ended June 2020
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	158,506	$	241,164	$	117,604	$	1,275	$	518,549
Direct-to-consumer	180,014		324,201		40,615		44		544,874
Royalty	2,708		5,951		4,211		—		12,870
Total	$	341,228	$	571,316	$	162,430	$	1,319	$	1,076,293
Geographic revenues
United States	$	152,477	$	265,507	$	114,632	$	—	$	532,616
International:
Europe	99,024		125,526		13,301		1,319		239,170
Asia-Pacific	79,267		162,414		24,509		—		266,190
Americas (non-U.S.)	10,460		17,869		9,988		—		38,317
Total	$	341,228	$	571,316	$	162,430	$	1,319	$	1,076,293