V F CORP
For the period ended Sep 28, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Oct 30, 2024
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Revenues
NOTE 3 —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 arrang ements 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.
| (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 |
VF Corporation Q2 FY25 Form 10-Q 12
| 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 |
| (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 |
13 VF Corporation Q2 FY25 Form 10-Q
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