REVENUES

6 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	September 2023		March 2023		September 2022
Contract assets (a)	$	3,267	$	2,294	$	2,772
Contract liabilities (b)	63,820		62,214		77,466

(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 and six months ended September 2023, the Company recognized $59.0 million and $127.2 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 2023, the Company expects to recognize $57.4 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 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 and six months ended September 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 September 2023
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	1,275,543	$	437,003	$	192,620	$	—	$	1,905,166
Direct-to-consumer	433,071		638,545		39,957		—		1,111,573
Royalty	5,065		6,739		5,696		—		17,500
Total	$	1,713,679	$	1,082,287	$	238,273	$	—	$	3,034,239
Geographic revenues
Americas	$	795,748	$	585,884	$	186,868	$	—	$	1,568,500
Europe	657,206		370,885		33,946		—		1,062,037
Asia-Pacific	260,725		125,518		17,459		—		403,702
Total	$	1,713,679	$	1,082,287	$	238,273	$	—	$	3,034,239

	Three Months Ended September 2022
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	1,157,170	$	541,031	$	216,825	$	—	$	1,915,026
Direct-to-consumer	394,324		710,547		41,252		—		1,146,123
Royalty	3,834		8,532		7,085		—		19,451
Total	$	1,555,328	$	1,260,110	$	265,162	$	—	$	3,080,600
Geographic revenues
Americas	$	820,756	$	724,882	$	208,497	$	—	$	1,754,135
Europe	528,568		378,651		25,210		—		932,429
Asia-Pacific	206,004		156,577		31,455		—		394,036
Total	$	1,555,328	$	1,260,110	$	265,162	$	—	$	3,080,600

	Six Months Ended September 2023
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	1,765,474	$	899,268	$	338,789	$	—	$	3,003,531
Direct-to-consumer	769,404		1,236,166		79,611		—		2,085,181
Royalty	8,498		12,862		10,503		—		31,863
Total	$	2,543,376	$	2,148,296	$	428,903	$	—	$	5,120,575
Geographic revenues
Americas	$	1,200,154	$	1,211,731	$	340,439	$	—	$	2,752,324
Europe	945,427		648,011		52,947		—		1,646,385
Asia-Pacific	397,795		288,554		35,517		—		721,866
Total	$	2,543,376	$	2,148,296	$	428,903	$	—	$	5,120,575

	Six Months Ended September 2022
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	1,629,452	$	1,123,191	$	410,016	$	148	$	3,162,807
Direct-to-consumer	687,009		1,376,703		81,501		—		2,145,213
Royalty	7,491		14,161		12,523		—		34,175
Total	$	2,323,952	$	2,514,055	$	504,040	$	148	$	5,342,195
Geographic revenues
Americas	$	1,215,271	$	1,515,611	$	408,157	$	148	$	3,139,187
Europe	803,613		681,926		41,503		—		1,527,042
Asia-Pacific	305,068		316,518		54,380		—		675,966
Total	$	2,323,952	$	2,514,055	$	504,040	$	148	$	5,342,195