Contract Balances

Contract assets are rights to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time. Once the Company has an unconditional right to consideration under a contract, amounts are invoiced and contract assets are reclassified to accounts receivable. The Company's primary contract assets relate to sales-based royalty arrangements, which are discussed in more detail within Note 1.

Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's primary contract liabilities relate to gift cards, loyalty programs and sales-based royalty arrangements, which are discussed in more detail within Note 1, and order deposits.

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


(In thousands)	March 2023		March 2022
Contract assets (a)	$	2,294	$	1,065
Contract liabilities (b)	62,214		71,067

(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 year ended March 2023, the Company recognized $319.2 million of revenue that was included in the contract liability balance during the year, 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 March 2023, the Company expects to recognize $70.5 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.

As of March 2023, 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 year ended March 2023, 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.


	Year Ended March 2023
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	3,375,343	$	2,082,875	$	847,729	$	148	$	6,306,095
Direct-to-consumer	2,252,958		2,791,936		186,462		—		5,231,356
Royalty	19,225		29,811		25,988		—		75,024
Total	$	5,647,526	$	4,904,622	$	1,060,179	$	148	$	11,612,475

Geographic revenues
Americas	$	2,921,383	$	2,912,666	$	848,524	$	148	$	6,682,721
Europe	1,960,485		1,343,796		107,414		—		3,411,695
Asia-Pacific	765,658		648,160		104,241		—		1,518,059
Total	$	5,647,526	$	4,904,622	$	1,060,179	$	148	$	11,612,475


	Year Ended March 2022
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	3,194,881	$	2,256,444	$	919,080	$	785	$	6,371,190
Direct-to-consumer	2,115,056		3,102,231		186,788		—		5,404,075
Royalty	17,631		21,663		27,281		—		66,575
Total	$	5,327,568	$	5,380,338	$	1,133,149	$	785	$	11,841,840

Geographic revenues
Americas	$	2,748,935	$	3,155,870	$	899,706	$	785	$	6,805,296
Europe	1,877,502		1,432,260		89,537		—		3,399,299
Asia-Pacific	701,131		792,208		143,906		—		1,637,245
Total	$	5,327,568	$	5,380,338	$	1,133,149	$	785	$	11,841,840


	Year Ended March 2021
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	2,363,575	$	1,970,699	$	734,921	$	4,372	$	5,073,567
Direct-to-consumer	1,753,923		2,167,929		191,409		321		4,113,582
Royalty	10,103		22,228		19,350		—		51,681
Total	$	4,127,601	$	4,160,856	$	945,680	$	4,693	$	9,238,830

Geographic revenues
Americas	$	2,058,020	$	2,357,295	$	677,222	$	—	$	5,092,537
Europe	1,430,402		1,075,489		107,339		4,693		2,617,923
Asia-Pacific	639,179		728,072		161,119		—		1,528,370
Total	$	4,127,601	$	4,160,856	$	945,680	$	4,693	$	9,238,830