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Receivables, net | 12 Months Ended
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Mar. 27, 2021
Receivables [Abstract] |
Receivables, net | Receivables, net Receivables, net consist of (in millions):
| March 27, 2021 |  | March 28, 2020
Trade receivables (1) | $ | 412 |  |  | $ | 432 |
Receivables due from licensees | 20 |  |  | 14 |
| 432 |  |  | 446 |
Less: allowances | (59) |  |  | (138) |
| $ | 373 |  |  | $ | 308 |
(1)As of March 27, 2021 and March 28, 2020, $81 million and $80 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 $25 million and $39 million as of March 27, 2021 and March 28, 2020, respectively, including the impact related to COVID-19. The Company had credit loss of $(3) million, $29 million and $4 million, respectively, for Fiscal 2021, Fiscal 2020 and Fiscal 2019.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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