REVENUES

3 Months Ended

Jul. 02, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	June 2022		March 2022		June 2021
Contract assets (a)	$	2,022	$	1,065	$	1,135
Contract liabilities (b)	81,167		71,067		68,921

(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 2022, the Company recognized $64.4 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 2022, the Company expects to recognize $75.3 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 2022, 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 2022, 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 2022
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	472,282	$	582,160	$	193,191	$	148	$	1,247,781
Direct-to-consumer	292,685		666,156		40,249		—		999,090
Royalty	3,657		5,629		5,438		—		14,724
Total	$	768,624	$	1,253,945	$	238,878	$	148	$	2,261,595
Geographic revenues
Americas	$	394,515	$	790,729	$	199,660	$	148	$	1,385,052
Europe	275,045		303,275		16,293		—		594,613
Asia-Pacific	99,064		159,941		22,925		—		281,930
Total	$	768,624	$	1,253,945	$	238,878	$	148	$	2,261,595

	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
Americas	$	311,139	$	756,379	$	234,400	$	—	$	1,301,918
Europe	218,555		307,216		14,196		—		539,967
Asia-Pacific	88,060		238,473		26,139		—		352,672
Total	$	617,754	$	1,302,068	$	274,735	$	—	$	2,194,557