REVENUES

6 Months Ended

Oct. 02, 2021

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	September 2021		March 2021		September 2020
Contract assets (a)	$	1,773	$	880	$	2,573
Contract liabilities (b)	58,841		49,869		44,010

(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 six months ended September 2021, the Company recognized $71.0 million and $162.0 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.

Performance Obligations

As of September 2021, the Company expects to recognize $80.8 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 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 September 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 and six months ended September 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 September 2021
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	1,132,068	$	605,523	$	252,016	$	278	$	1,989,885
Direct-to-consumer	371,109		780,826		40,140		—		1,192,075
Royalty	3,444		5,824		7,007		—		16,275
Total	$	1,506,621	$	1,392,173	$	299,163	$	278	$	3,198,235
Geographic revenues
United States	$	691,538	$	714,085	$	209,370	$	278	$	1,615,271
International:
Europe	536,522		410,670		25,420		—		972,612
Asia-Pacific	182,302		188,178		48,061		—		418,541
Americas (non-U.S.)	96,259		79,240		16,312		—		191,811
Total	$	1,506,621	$	1,392,173	$	299,163	$	278	$	3,198,235

	Three Months Ended September 2020
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	823,954	$	664,868	$	208,902	$	—	$	1,697,724
Direct-to-consumer	329,661		530,231		40,028		164		900,084
Royalty	792		5,103		4,621		—		10,516
Total	$	1,154,407	$	1,200,202	$	253,551	$	164	$	2,608,324
Geographic revenues
United States	$	522,676	$	586,377	$	161,458	$	—	$	1,270,511
International:
Europe	414,054		372,012		31,104		164		817,334
Asia-Pacific	155,696		172,004		43,758		—		371,458
Americas (non-U.S.)	61,981		69,809		17,231		—		149,021
Total	$	1,154,407	$	1,200,202	$	253,551	$	164	$	2,608,324

	Six Months Ended September 2021
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	1,466,943	$	1,151,548	$	478,887	$	278	$	3,097,656
Direct-to-consumer	650,767		1,532,061		82,952		—		2,265,780
Royalty	6,665		10,632		12,059		—		29,356
Total	$	2,124,375	$	2,694,241	$	573,898	$	278	$	5,392,792
Geographic revenues
United States	$	974,696	$	1,409,920	$	426,896	$	278	$	2,811,790
International:
Europe	755,077		717,886		39,616		—		1,512,579
Asia-Pacific	270,362		426,651		74,200		—		771,213
Americas (non-U.S.)	124,240		139,784		33,186		—		297,210
Total	$	2,124,375	$	2,694,241	$	573,898	$	278	$	5,392,792

	Six Months Ended September 2020
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	982,460	$	906,032	$	326,506	$	1,275	$	2,216,273
Direct-to-consumer	509,675		854,432		80,643		208		1,444,958
Royalty	3,500		11,054		8,832		—		23,386
Total	$	1,495,635	$	1,771,518	$	415,981	$	1,483	$	3,684,617
Geographic revenues
United States	$	675,153	$	851,884	$	276,090	$	—	$	1,803,127
International:
Europe	513,078		497,538		44,405		1,483		1,056,504
Asia-Pacific	234,963		334,418		68,267		—		637,648
Americas (non-U.S.)	72,441		87,678		27,219		—		187,338
Total	$	1,495,635	$	1,771,518	$	415,981	$	1,483	$	3,684,617