The Company licenses its brands across a broad range of product categories, including fashion apparel, footwear, accessories, sportswear, home furnishings and décor, and beauty and fragrance. The Company seeks licensees with the ability to produce and sell quality products in their licensed categories and to meet and exceed minimum sales and royalty payment thresholds.

The Company maintains direct-to-retail and traditional wholesale licenses. Typically, in a direct-to-retail license, the Company grants exclusive rights to one of its brands to a national retailer for a broad range of product categories. Direct-to-retail licenses provide retailers with proprietary rights to national brands at favorable economics. In a traditional wholesale license, the Company grants the right to a specific brand to a single or small group of related product categories to a wholesale supplier, who is permitted to sell licensed products to multiple retailers within an approved distribution channel.

The Company’s license agreements typically require the licensee to pay the Company royalties based upon net sales with guaranteed minimum royalties in the event that net sales do not reach certain specified targets. The Company’s licenses also typically require the licensees to pay to the Company certain minimum amounts for the advertising and marketing of the respective licensed brands.

Licensing revenue is comprised of revenue related to the Company’s entry into various trade name license agreements that provide revenues based on minimum royalties and advertising/marketing fees and additional revenues based on a percentage of defined sales. In accordance with ASC Topic 606 – Revenue from Contracts with Customers (“Topic 606”), the Company recognizes the minimum royalty revenue on a straight-line basis over the entire contract term and royalties exceeding the defined minimum amounts in a specific contract year (sales-based royalties), as defined in each license agreement, are recognized only in the subsequent periods to when the minimum guarantee for the contract year has been achieved and when the later of the following events occur: (i) the subsequent sale occurs, or (ii) the performance obligation to which some or all of the sales-based royalty has been allocated has been satisfied (or partially satisfied).

Within the Company's International segment, the Umbro business purchases replica soccer jerseys for resale to certain licensees. The Company generally does this as an accommodation to its licensees to consolidate ordering from the manufacturers. The revenue associated with such activity is included in licensing revenue and was approximately $0.4 million and $2.0 million in the Current Quarter and the three months ended March 31, 2018 (the “Prior Year Quarter”), respectively. The associated cost of goods sold is included in selling general and administrative expenses and was approximately $0.3 million and $1.9 million in the Current Quarter and Prior Year Quarter, respectively. Revenue for these sales are recognized upon the transfer of control of the promised product to the customer or licensee in an amount that reflects the consideration that we expect to receive in exchange for these products.

	Three Months Ended March 31,
	2019		2018
Licensing revenue by license type:
Direct-to-retail license	$	9,753	$	21,213
Wholesale licenses		25,806		25,138
Other licenses⁽¹⁾		383		2,197
	$	35,942	$	48,548

⁽¹⁾	Included in Other licenses for the Current Quarter and Prior Year Quarter is $0.4 million and $2.0 million, respectively, of revenue associated with the Umbro business purchases discussed above.

	Three Months Ended March 31,
	2019		2018
Total licensing revenue by geographic region:
United States	$	22,619	$	32,877
Other ⁽¹⁾		13,323		15,671
	$	35,942	$	48,548

⁽¹⁾	No single country outside of the United States represented 10% or more of the Company’s revenues in the periods presented.

We enter into long-term license agreements with our licensees across all operating segments. Revenues are recognized on a straight line basis consistent with the nature, timing and extent of our services, which primarily relate to the ongoing brand management and maintenance of the intellectual property. As of April 1, 2019, the Company and its joint ventures had a contractual right to receive over $395 million of aggregate minimum licensing revenue over the balance and the terms of their current licenses, excluding any renewals.

As of March 31, 2019, future minimum license revenue to be recognized is as follows: $81.9 million, $86.5 million, $58.1 million, $48.9 million, $42.7 million and $81.7 million for the remainder of FY 2019, FY 2020, FY 2021, FY 2022, FY 2023 and thereafter, respectively.

Timing of revenue recognition may differ from the timing of invoicing to licensees. We record a receivable when amounts are contractually due or when revenue is recognized prior to invoicing. Deferred revenue is recorded when amounts are contractually due prior to satisfying the performance obligations of the contracts. For multi-year license agreements, as the performance obligation is providing the licensee with the right of access to the Company’s intellectual property for the contractual term, the Company uses a time-lapse measure of progress and straight lines the guaranteed minimum royalties over the contract term.

We record contract assets when revenue is recognized in advance of cash payment being due from our licensees. As of March 31, 2019, our contract assets – current and long term contract assets were $4.9 million and $15.0 million, respectively, as compared to our contract assets – current and long term contract assets as of December 31, 2018 which were $4.8 million and $14.6 million, respectively. For the Current Quarter, the Company incurred an impairment loss of its contract assets of $0.4 million as a result of certain contract modifications as compared to none for the Prior Year Quarter.

We record deferred revenue when cash payment is received or due in advance of our performance, including amounts which are refundable. Advanced royalty payments are recognized ratably over the period indicated by the terms of the license and are reflected in the Company’s consolidated balance sheet in deferred revenue at the time the payment is received. The increase in deferred revenues for the Current Quarter is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $3.2 million of revenues recognized that were included in the deferred revenue balance at the beginning of the period.