REVENUES

9 Months Ended

Dec. 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)	December 2023		March 2023		December 2022
Contract assets (a)	$	1,877	$	2,294	$	1,273
Contract liabilities (b)	67,103		62,214		80,456

(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 2023, the Company recognized $59.9 million and $187.1 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 2023, the Company expects to recognize $84.6 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 December 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 nine months ended December 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 December 2023
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	734,130	$	264,606	$	157,841	$	—	$	1,156,577
Direct-to-consumer	999,694		728,479		58,038		—		1,786,211
Royalty	4,755		6,311		6,429		—		17,495
Total	$	1,738,579	$	999,396	$	222,308	$	—	$	2,960,283
Geographic revenues
Americas	$	821,506	$	578,955	$	185,916	$	—	$	1,586,377
Europe	622,377		267,075		22,829		—		912,281
Asia-Pacific	294,696		153,366		13,563		—		461,625
Total	$	1,738,579	$	999,396	$	222,308	$	—	$	2,960,283

	Three Months Ended December 2022
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	973,292	$	401,521	$	198,956	$	—	$	1,573,769
Direct-to-consumer	1,023,428		850,167		63,773		—		1,937,368
Royalty	6,325		6,994		6,211		—		19,530
Total	$	2,003,045	$	1,258,682	$	268,940	$	—	$	3,530,667
Geographic revenues
Americas	$	1,110,134	$	766,394	$	217,408	$	—	$	2,093,936
Europe	643,740		312,857		26,752		—		983,349
Asia-Pacific	249,171		179,431		24,780		—		453,382
Total	$	2,003,045	$	1,258,682	$	268,940	$	—	$	3,530,667

	Nine Months Ended December 2023
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	2,499,604	$	1,163,874	$	496,630	$	—	$	4,160,108
Direct-to-consumer	1,769,098		1,964,645		137,649		—		3,871,392
Royalty	13,253		19,173		16,932		—		49,358
Total	$	4,281,955	$	3,147,692	$	651,211	$	—	$	8,080,858
Geographic revenues
Americas	$	2,021,660	$	1,790,686	$	526,355	$	—	$	4,338,701
Europe	1,567,804		915,086		75,776		—		2,558,666
Asia-Pacific	692,491		441,920		49,080		—		1,183,491
Total	$	4,281,955	$	3,147,692	$	651,211	$	—	$	8,080,858

	Nine Months Ended December 2022
(In thousands)	Outdoor		Active		Work		Other		Total
Channel revenues
Wholesale	$	2,602,744	$	1,524,712	$	608,972	$	148	$	4,736,576
Direct-to-consumer	1,710,437		2,226,870		145,274		—		4,082,581
Royalty	13,816		21,155		18,734		—		53,705
Total	$	4,326,997	$	3,772,737	$	772,980	$	148	$	8,872,862
Geographic revenues
Americas	$	2,325,405	$	2,282,005	$	625,565	$	148	$	5,233,123
Europe	1,447,353		994,783		68,255		—		2,510,391
Asia-Pacific	554,239		495,949		79,160		—		1,129,348
Total	$	4,326,997	$	3,772,737	$	772,980	$	148	$	8,872,862