REVENUES

3 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	June 2023		March 2023		June 2022
Contract assets (a)	$	2,645	$	2,294	$	2,022
Contract liabilities (b)	62,942		62,214		81,167

(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 2023, the Company recognized $68.2 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 2023, the Company expects to recognize $63.6 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 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 three months ended June 2023, 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 2023
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	489,931	$	462,265	$	146,169	$	—	$	1,098,365
Direct-to-consumer	336,333		597,621		39,654		—		973,608
Royalty	3,433		6,123		4,807		—		14,363
Total	$	829,697	$	1,066,009	$	190,630	$	—	$	2,086,336
Geographic revenues
Americas	$	404,406	$	625,847	$	153,571	$	—	$	1,183,824
Europe	288,221		277,126		19,001		—		584,348
Asia-Pacific	137,070		163,036		18,058		—		318,164
Total	$	829,697	$	1,066,009	$	190,630	$	—	$	2,086,336

	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