V F CORP
For the period ended Dec 28, 2024. Filed Jan 29, 2025.
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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.
Dec 28, 2024 · Filed Jan 29, 2025
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Revenues
NOTE 3 —REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
| (In thousands) | December 2024 | March 2024 | December 2023 |
|---|---|---|---|
| Contract assets (a) | $1,757 | $2,393 | $1,877 |
| Contract liabilities (b) | 68,820 | 66,130 | 66,903 |
(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 nine months ended December 2024, the Company recognized $61.9 million and $159.3 million, respectively, of revenue, which, for the nine months ended December 2024 included the majority of the contract liability balance at the beginning of the year, and, for both periods, included 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 timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of December 2024, the Company expects to recognize $61.0 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 December 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 | $785,883 | $305,803 | $159,251 | $1,250,937 |
| Direct-to-consumer | 1,060,997 | 454,254 | 50,318 | 1,565,569 |
| Royalty | 4,266 | 6,250 | 6,890 | 17,406 |
| Total | $1,851,146 | $766,307 | $216,459 | $2,833,912 |
| Geographic revenues | ||||
| Americas | $864,838 | $457,417 | $184,467 | $1,506,722 |
| Europe | 643,699 | 233,423 | 17,120 | 894,242 |
| Asia-Pacific | 342,609 | 75,467 | 14,872 | 432,948 |
| Total | $1,851,146 | $766,307 | $216,459 | $2,833,912 |
VF Corporation Q3 FY25 Form 10-Q 12
| Three Months Ended December 2023 | ||||
|---|---|---|---|---|
| (In thousands) | Outdoor | Active | Work | Total |
| Channel revenues | ||||
| Wholesale | $734,130 | $264,531 | $157,841 | $1,156,502 |
| Direct-to-consumer | 999,694 | 548,465 | 58,038 | 1,606,197 |
| Royalty | 4,755 | 6,311 | 6,429 | 17,495 |
| Total | $1,738,579 | $819,307 | $222,308 | $2,780,194 |
| Geographic revenues | ||||
| Americas | $821,506 | $478,584 | $185,916 | $1,486,006 |
| Europe | 622,377 | 237,800 | 22,829 | 883,006 |
| Asia-Pacific | 294,696 | 102,923 | 13,563 | 411,182 |
| Total | $1,738,579 | $819,307 | $222,308 | $2,780,194 |
| (In thousands) | Outdoor | Active | Work | Total |
|---|---|---|---|---|
| Channel revenues | ||||
| Wholesale | $2,432,704 | $1,183,914 | $475,888 | $4,092,506 |
| Direct-to-consumer | 1,857,145 | 1,246,247 | 118,069 | 3,221,461 |
| Royalty | 10,168 | 19,811 | 16,974 | 46,953 |
| Total | $4,300,017 | $2,449,972 | $610,931 | $7,360,920 |
| Geographic revenues | ||||
| Americas | $1,941,332 | $1,397,707 | $499,240 | $3,838,279 |
| Europe | 1,559,750 | 806,094 | 70,289 | 2,436,133 |
| Asia-Pacific | 798,935 | 246,171 | 41,402 | 1,086,508 |
| Total | $4,300,017 | $2,449,972 | $610,931 | $7,360,920 |
| Nine Months Ended December 2023 | ||||
|---|---|---|---|---|
| (In thousands) | Outdoor | Active | Work | Total |
| Channel revenues | ||||
| Wholesale | $2,499,604 | $1,163,797 | $496,630 | $4,160,031 |
| Direct-to-consumer | 1,769,098 | 1,552,244 | 137,649 | 3,458,991 |
| Royalty | 13,253 | 19,173 | 16,932 | 49,358 |
| Total | $4,281,955 | $2,735,214 | $651,211 | $7,668,380 |
| Geographic revenues | ||||
| Americas | $2,021,660 | $1,562,861 | $526,355 | $4,110,876 |
| Europe | 1,567,804 | 846,479 | 75,776 | 2,490,059 |
| Asia-Pacific | 692,491 | 325,874 | 49,080 | 1,067,445 |
| Total | $4,281,955 | $2,735,214 | $651,211 | $7,668,380 |
13 VF Corporation Q3 FY25 Form 10-Q
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