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Revenues
 6 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables summarize the Company's net revenues by product category and distribution channels:
 Three Months Ended September 30,Six Months Ended September 30,
2022202120222021
Apparel$1,038,268 $1,058,231 $1,906,696 $1,932,424 
Footwear375,885 329,718 723,136 672,359 
Accessories111,117 126,345 207,948 237,848 
Net Sales1,525,270 1,514,294 2,837,780 2,842,631 
License revenues33,123 31,099 61,258 54,360 
Corporate Other15,492 139 23,904 75 
    Total net revenues$1,573,885 $1,545,532 $2,922,942 $2,897,066 


 Three Months Ended September 30,Six Months Ended September 30,
2022202120222021
Wholesale$948,154 $910,655 $1,739,840 $1,678,266 
Direct-to-consumer577,116 603,639 1,097,940 1,164,365 
Net Sales1,525,270 1,514,294 2,837,780 2,842,631 
License revenues33,123 31,099 61,258 54,360 
Corporate Other15,492 139 23,904 75 
    Total net revenues$1,573,885 $1,545,532 $2,922,942 $2,897,066 
The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
As of
September 30, 2022		 As of
March 31, 2022
Customer refund liability$155,021 $159,628 
Inventory associated with the reserves$39,968 $44,291 
Contract Liabilities
Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of payments received in advance of revenue recognition for subscriptions for the Company's digital fitness applications and royalty arrangements, included in other current and other long-term liabilities, and gift cards, included in accrued expenses on the Company's Condensed Consolidated Balance Sheets. As of September 30, 2022 and March 31, 2022, contract liabilities were $29.7 million and $35.3 million, respectively.
For the three and six months ended September 30, 2022, the Company recognized approximately $1.3 million and $6.1 million, respectively, of revenue that was previously included in contract liabilities as of March 31, 2022. During the three and six months ended September 30, 2021, the Company recognized
approximately $1.7 million and $6.5 million, respectively, of revenue that was previously included in contract liabilities as of March 31, 2021. The change in the contract liabilities balance primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment. Commissions related to subscription revenue are capitalized and recognized over the subscription period.