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REVENUES | 6 Months Ended
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Oct. 01, 2022
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Contract Balances The following table provides information about contract assets and contract liabilities:
(In thousands) |  | September 2022 |  |  | March 2022 |  | September 2021
Contract assets (a) |  | $ | 2,772 |  |  |  | $ | 1,065 |  |  | $ | 1,773 |
Contract liabilities (b) |  | 77,466 |  |  |  | 71,067 |  |  | 58,841 |
(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 2022, the Company recognized $96.2 million and $160.6 million, respectively, 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 September 2022, the Company expects to recognize $75.4 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 2022, 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 2022, 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 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 |  |
| Three Months Ended September 2021
(In thousands) | Outdoor |  | Active |  | Work |  | Other |  | Total
Channel revenues |  |  |  |  |  |  |  |  |
Wholesale | $ | 1,132,068 |  |  | $ | 605,523 |  |  | $ | 252,016 |  |  | $ | 278 |  |  | $ | 1,989,885 |
Direct-to-consumer | 371,109 |  |  | 780,826 |  |  | 40,140 |  |  | — |  |  | 1,192,075 |
Royalty | 3,444 |  |  | 5,824 |  |  | 7,007 |  |  | — |  |  | 16,275 |
Total | $ | 1,506,621 |  |  | $ | 1,392,173 |  |  | $ | 299,163 |  |  | $ | 278 |  |  | $ | 3,198,235 |
Geographic revenues |  |  |  |  |  |  |  |  |
Americas | $ | 787,797 |  |  | $ | 793,325 |  |  | $ | 225,682 |  |  | $ | 278 |  |  | $ | 1,807,082 |
Europe | 536,522 |  |  | 410,670 |  |  | 25,420 |  |  | — |  |  | 972,612 |
Asia-Pacific | 182,302 |  |  | 188,178 |  |  | 48,061 |  |  | — |  |  | 418,541 |
Total | $ | 1,506,621 |  |  | $ | 1,392,173 |  |  | $ | 299,163 |  |  | $ | 278 |  |  | $ | 3,198,235 |
| 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 |  |
| Six Months Ended September 2021
(In thousands) | Outdoor |  | Active |  | Work |  | Other |  | Total
Channel revenues |  |  |  |  |  |  |  |  |
Wholesale | $ | 1,466,943 |  |  | $ | 1,151,548 |  |  | $ | 478,887 |  |  | $ | 278 |  |  | $ | 3,097,656 |
Direct-to-consumer | 650,767 |  |  | 1,532,061 |  |  | 82,952 |  |  | — |  |  | 2,265,780 |
Royalty | 6,665 |  |  | 10,632 |  |  | 12,059 |  |  | — |  |  | 29,356 |
Total | $ | 2,124,375 |  |  | $ | 2,694,241 |  |  | $ | 573,898 |  |  | $ | 278 |  |  | $ | 5,392,792 |
Geographic revenues |  |  |  |  |  |  |  |  |
Americas | $ | 1,098,936 |  |  | $ | 1,549,704 |  |  | $ | 460,082 |  |  | $ | 278 |  |  | $ | 3,109,000 |
Europe | 755,077 |  |  | 717,886 |  |  | 39,616 |  |  | — |  |  | 1,512,579 |
Asia-Pacific | 270,362 |  |  | 426,651 |  |  | 74,200 |  |  | — |  |  | 771,213 |
Total | $ | 2,124,375 |  |  | $ | 2,694,241 |  |  | $ | 573,898 |  |  | $ | 278 |  |  | $ | 5,392,792 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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