REVENUES

3 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	June 2024		March 2024		June 2023
Contract assets (a)	$	3,188	$	2,393	$	2,645
Contract liabilities (b)	68,254		67,115		62,942

(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 months ended June 2024, the Company recognized $46.3 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 2024, the Company expects to recognize $75.8 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 2024, 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.

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 2024
(In thousands)	Outdoor		Active		Work		Total
Channel revenues
Wholesale	$	441,881	$	435,264	$	136,644	$	1,013,789
Direct-to-consumer	345,290		499,957		33,933		879,180
Royalty	3,028		6,918		4,386		14,332
Total	$	790,199	$	942,139	$	174,963	$	1,907,301
Geographic revenues
Americas	$	373,400	$	526,726	$	144,643	$	1,044,769
Europe	264,181		270,153		18,522		552,856
Asia-Pacific	152,618		145,260		11,798		309,676
Total	$	790,199	$	942,139	$	174,963	$	1,907,301

	Three Months Ended June 2023
(In thousands)	Outdoor		Active		Work		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