REVENUES

6 Months Ended

Sep. 28, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Contract Balances

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

(In thousands)	September 2024		March 2024		September 2023
Contract assets (a)	$	4,392	$	2,393	$	3,267
Contract liabilities (b)	66,693		66,130		60,664

(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 six months ended September 2024, the Company recognized $52.4 million and $97.4 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 2024, the Company expects to recognize $69.7 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 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 September 2024
(In thousands)	Outdoor		Active		Work		Total
Channel revenues
Wholesale	$	1,204,940	$	442,863	$	179,993	$	1,827,796
Direct-to-consumer	450,858		430,261		33,818		914,937
Royalty	2,874		6,643		5,698		15,215
Total	$	1,658,672	$	879,767	$	219,509	$	2,757,948
Geographic revenues
Americas	$	703,094	$	482,634	$	170,130	$	1,355,858
Europe	651,870		323,038		34,647		1,009,555
Asia-Pacific	303,708		74,095		14,732		392,535
Total	$	1,658,672	$	879,767	$	219,509	$	2,757,948

	Three Months Ended September 2023
(In thousands)	Outdoor		Active		Work		Total
Channel revenues
Wholesale	$	1,275,543	$	437,003	$	192,620	$	1,905,166
Direct-to-consumer	433,071		524,429		39,957		997,457
Royalty	5,065		6,739		5,696		17,500
Total	$	1,713,679	$	968,171	$	238,273	$	2,920,123
Geographic revenues
Americas	$	795,748	$	523,464	$	186,868	$	1,506,080
Europe	657,206		351,606		33,946		1,042,758
Asia-Pacific	260,725		93,101		17,459		371,285
Total	$	1,713,679	$	968,171	$	238,273	$	2,920,123

	Six Months Ended September 2024
(In thousands)	Outdoor		Active		Work		Total
Channel revenues
Wholesale	$	1,646,821	$	878,111	$	316,637	$	2,841,569
Direct-to-consumer	796,148		791,993		67,751		1,655,892
Royalty	5,902		13,561		10,084		29,547
Total	$	2,448,871	$	1,683,665	$	394,472	$	4,527,008
Geographic revenues
Americas	$	1,076,494	$	940,290	$	314,773	$	2,331,557
Europe	916,051		572,671		53,169		1,541,891
Asia-Pacific	456,326		170,704		26,530		653,560
Total	$	2,448,871	$	1,683,665	$	394,472	$	4,527,008

	Six Months Ended September 2023
(In thousands)	Outdoor		Active		Work		Total
Channel revenues
Wholesale	$	1,765,474	$	899,266	$	338,789	$	3,003,529
Direct-to-consumer	769,404		1,003,779		79,611		1,852,794
Royalty	8,498		12,862		10,503		31,863
Total	$	2,543,376	$	1,915,907	$	428,903	$	4,888,186
Geographic revenues
Americas	$	1,200,154	$	1,084,277	$	340,439	$	2,624,870
Europe	945,427		608,679		52,947		1,607,053
Asia-Pacific	397,795		222,951		35,517		656,263
Total	$	2,543,376	$	1,915,907	$	428,903	$	4,888,186