v3.25.4

Receivables, net | 9 Months Ended
--- | ---
Dec. 27, 2025
Receivables [Abstract] |
Receivables, net | Receivables, net Receivables, net, consist of (in millions):
| December 27, 2025 |  | March 29, 2025
Trade receivables (1) | $ | 212 |  |  | $ | 237 |
Receivables due from licensees | 25 |  |  | 20 |
| 237 |  |  | 257 |
Less: allowances | (53) |  |  | (42) |
Total receivables, net | $ | 184 |  |  | $ | 215 |
(1)As of December 27, 2025 and March 29, 2025, $65 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 $19 million and $13 million as of December 27, 2025 and March 29, 2025, respectively. The Company had credit losses of $11 million and $12 million for the three and nine months ended December 27, 2025, respectively. During the three and nine months ended December 27, 2025 the Company recorded an incremental allowance due to a wholesale customer filing for a voluntary petition for reorganization under Chapter 11 under U.S. Bankruptcy Code. The Company had net credit losses of $(3) million for the three months ended December 28, 2024 and credit losses of $1 million for the nine months ended December 28, 2024.

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- Definition The entire disclosure for claims held for amounts due to 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 -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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