Receivables, net

3 Months Ended

Jun. 28, 2025

Receivables, net, consist of (in millions):


	June 28, 2025		March 29, 2025
Trade receivables (1)	$	203	$	237
Receivables due from licensees	14		20
	217		257
Less: allowances	(46)		(42)
Total receivables, net	$	171	$	215

(1)As of June 28, 2025 and March 29, 2025, $59 million and $55 million, respectively, of trade receivables were insured.

Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and credit losses. 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 revenues.

The Company’s allowance for credit losses is determined through analysis of periodic aging of receivables and assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition 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 credit losses was $14 million and $13 million as of June 28, 2025 and March 29, 2025, respectively. The Company had immaterial credit losses for the three months ended June 28, 2025 and credit losses of $1 million for the three months ended June 29, 2024