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Receivables, net | 3 Months Ended
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Jun. 26, 2021
Receivables [Abstract] |
Receivables, net | Receivables, net Receivables, net, consist of (in millions):
| June 26, 2021 |  | March 27, 2021
Trade receivables (1) | $ | 409 |  |  | $ | 412 |
Receivables due from licensees | 26 |  |  | 20 |
| 435 |  |  | 432 |
Less: allowances | (53) |  |  | (59) |
| $ | 382 |  |  | $ | 373 |
(1)As of June 26, 2021 and March 27, 2021, $72 million and $81 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 $22 million and $25 million as of June 26, 2021 and March 27, 2021, respectively, including the impact related to COVID-19. The Company had credit losses of $(1) million and $(6) million for the three months ended June 26, 2021 and June 27, 2020, respectively.

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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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