REVENUES

9 Months Ended

Jan. 01, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	December 2021		March 2021		December 2020
Contract assets (a)	$	1,425	$	880	$	1,512
Contract liabilities (b)	73,890		49,869		55,995

(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 2021, the Company recognized $81.6 million and $243.6 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 December 2021, the Company expects to recognize $75.5 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 December 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 nine months ended December 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 December 2021
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	960,020	$	448,690	$	215,023	$	279	$	1,624,012
Direct-to-consumer	964,016		956,393		61,077		—		1,981,486
Royalty	4,391		5,494		9,001		—		18,886
Total	$	1,928,427	$	1,410,577	$	285,101	$	279	$	3,624,384
Geographic revenues
United States	$	945,218	$	788,839	$	213,535	$	279	$	1,947,871
International:
Europe	651,252		333,415		18,631		—		1,003,298
Asia-Pacific	236,348		214,638		37,361		—		488,347
Americas (non-U.S.)	95,609		73,685		15,574		—		184,868
Total	$	1,928,427	$	1,410,577	$	285,101	$	279	$	3,624,384

	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:
Europe	502,000		256,282		32,381		3,195		793,858
Asia-Pacific	213,271		199,202		51,858		—		464,331
Americas (non-U.S.)	79,098		51,376		15,183		—		145,657
Total	$	1,571,043	$	1,127,121	$	270,182	$	3,195	$	2,971,541

	Nine Months Ended December 2021
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	2,426,963	$	1,600,238	$	693,910	$	557	$	4,721,668
Direct-to-consumer	1,614,783		2,488,454		144,029		—		4,247,266
Royalty	11,056		16,126		21,060		—		48,242
Total	$	4,052,802	$	4,104,818	$	858,999	$	557	$	9,017,176
Geographic revenues
United States	$	1,919,914	$	2,198,759	$	640,431	$	557	$	4,759,661
International:
Europe	1,406,329		1,051,301		58,247		—		2,515,877
Asia-Pacific	506,710		641,289		111,561		—		1,259,560
Americas (non-U.S.)	219,849		213,469		48,760		—		482,078
Total	$	4,052,802	$	4,104,818	$	858,999	$	557	$	9,017,176

	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:
Europe	1,015,078		753,820		76,786		4,678		1,850,362
Asia-Pacific	448,234		533,620		120,125		—		1,101,979
Americas (non-U.S.)	151,539		139,054		42,402		—		332,995
Total	$	3,066,678	$	2,898,639	$	686,163	$	4,678	$	6,656,158