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Revenues
 9 Months Ended
Dec. 31, 2024
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 December 31,Nine Months Ended December 31,
2024202320242023
Apparel$966,068 $1,016,655 $2,671,048 $2,911,669 
Footwear301,208 331,000 924,357 1,045,872 
Accessories110,432 104,510 319,358 316,305 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 


Wholesale$704,760 $711,699 $2,211,266 $2,393,382 
Direct-to-consumer672,948 740,466 1,703,497 1,880,464 
Net Sales1,377,708 1,452,165 3,914,763 4,273,846 
License revenues23,904 29,069 70,371 82,787 
Corporate Other(573)4,809 (1,407)13,049 
    Total net revenues$1,401,039 $1,486,043 $3,983,727 $4,369,682 
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
December 31, 2024		As of
March 31, 2024
Customer refund liability$170,344 $139,283 
Inventory associated with reserves for sales returns$39,796 $29,514 
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 (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments
received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2024, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Total Contract Liabilities
Balance as of March 31, 2024$26,322 
Revenues deferred53,460 
Revenues recognized (1)
(41,072)
Foreign exchange and other(729)
Balance as of December 31, 2024$37,981 
(1) Includes approximately $7.1 million of revenue from gift cards and subscriptions that was previously included in contract liabilities as of March 31, 2024. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.