XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.21.1

REVENUES | 3 Months Ended
--- | ---
Apr. 03, 2021
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES Performance Obligations As of March 2021, there were no arrangements with transaction price allocated to remaining performance obligations other than (i) contracts for which the Company has applied the practical expedients and (ii) fixed consideration related to future minimum guarantees. For the three months ended March 2021, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not significant. Contract Balances The following table presents information about contract balances recorded in the Company's balance sheets:
(In thousands) |  | March 2021 |  |  | December 2020 |  | March 2020
Accounts receivable, net |  | $ | 221,031 |  |  |  | $ | 231,397 |  |  | $ | 213,080 |
Contract assets (a) |  | 4,359 |  |  |  | 5,769 |  |  | 5,715 |
Contract liabilities (b) |  | 786 |  |  |  | 787 |  |  | 1,690 |
(a) Included within "prepaid expenses and other current assets" in the Company's balance sheets. (b) Included within "accrued liabilities" in the Company's balance sheets. For the three months ended March 2021, revenue recognized that was included in contract liabilities as of December 2020 was not significant. For the three months ended March 2020, $1.1 million of revenue was recognized that was included in contract liabilities as of December 2019. As of March 2021, the Company has contractual rights under its licensing agreements to receive $26.6 million of fixed consideration related to the future minimum guarantees through December 2025. The variable consideration is not disclosed as a remaining performance obligation as the licensing arrangements qualify for the sales-based royalty exemption. Disaggregation of Revenue The following tables present revenues disaggregated by channel and geography. Revenues from licensing arrangements have been included within the U.S. or Non-U.S. Wholesale channels, based on the respective region where the licensee sells the product. Direct-to-Consumer revenues include the distribution of our products via Wrangler® and Lee® branded full-price stores and Company-operated outlet stores globally, digital sales via www.wrangler.com and www.lee.com globally and concession retail locations internationally. The Other channel primarily included sales of third-party branded merchandise at VF Outlet™ stores. During 2020, the Company decided to discontinue the sale of third-party branded merchandise. Sales of Wrangler® and Lee® branded products at VF Outlet™ are not included in Other and are reported in the Direct-to-Consumer channel discussed above.
| Three Months Ended March 2021 |
(In thousands) | Wrangler |  | Lee |  | Other |  | Total |
Channel revenues |  |  |  |  |  |  |  |
U.S. Wholesale | $ | 329,699 |  |  | $ | 124,582 |  |  | $ | 1,726 |  |  | $ | 456,007 |  |
Non-U.S. Wholesale | 47,577 |  |  | 90,800 |  |  | 637 |  |  | 139,014 |  |
Direct-to-Consumer | 21,546 |  |  | 34,766 |  |  | 5 |  |  | 56,317 |  |
Other | — |  |  | — |  |  | 424 |  |  | 424 |  |
Total | $ | 398,822 |  |  | $ | 250,148 |  |  | $ | 2,792 |  |  | $ | 651,762 |  |
Geographic revenues |  |  |  |  |  |  |  |
U.S. | $ | 347,879 |  |  | $ | 138,232 |  |  | $ | 2,155 |  |  | $ | 488,266 |  |
International | 50,943 |  |  | 111,916 |  |  | 637 |  |  | 163,496 |  |
Total | $ | 398,822 |  |  | $ | 250,148 |  |  | $ | 2,792 |  |  | $ | 651,762 |  |
| Three Months Ended March 2020 |
(In thousands) | Wrangler |  | Lee |  | Other |  | Total |
Channel revenues |  |  |  |  |  |  |  |
U.S. Wholesale | $ | 236,282 |  |  | $ | 92,578 |  |  | $ | 4,061 |  |  | $ | 332,921 |  |
Non-U.S. Wholesale | 46,937 |  |  | 59,853 |  |  | 304 |  |  | 107,094 |  |
Direct-to-Consumer | 20,167 |  |  | 30,325 |  |  | 2 |  |  | 50,494 |  |
Other | — |  |  | — |  |  | 13,989 |  |  | 13,989 |  |
Total | $ | 303,386 |  |  | $ | 182,756 |  |  | $ | 18,356 |  |  | $ | 504,498 |  |
Geographic revenues |  |  |  |  |  |  |  |
U.S. | $ | 252,584 |  |  | $ | 107,968 |  |  | $ | 18,052 |  |  | $ | 378,604 |  |
International | 50,802 |  |  | 74,788 |  |  | 304 |  |  | 125,894 |  |
Total | $ | 303,386 |  |  | $ | 182,756 |  |  | $ | 18,356 |  |  | $ | 504,498 |  |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&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 http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration