Receivables

Receivables consist of (in millions):



	April 2, 2016			March 28, 2015
Trade receivables:
Credit risk assumed by insured/factors	$	353.7		$	374.1
Credit risk retained by Company	61.8			67.5
Receivables due from licensees	9.5			11.8
	425.0			453.4
Less allowances:	(117.1		)	(90.0		)
	$	307.9		$	363.4

Receivables are presented net of allowances for sales returns, discounts, markdowns, operational chargebacks and doubtful accounts. Sales returns are determined based on an evaluation of current market conditions and historical returns experience. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on wholesale customers' sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in net sales.

The Company has assumed responsibility for most of the previously factored accounts receivable balances during the periods presented. However, the majority of its trade receivables as of April 2, 2016 and March 28, 2015 are insured. The allowance for doubtful accounts is determined through analysis of periodic aging of receivables for which credit risk is not assumed by the factors, or which are not covered by insurance, and assessments of collectability based on an evaluation of historic and anticipated trends, the financial conditions of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowance for doubtful accounts was $0.7 million as of April 2, 2016 and March 28, 2015.