The Company licenses its brands across a broad range of product categories, including fashion apparel, footwear, accessories, sportswear, home furnishings and décor, and beauty and fragrance. The Company seeks licensees with the ability to produce and sell quality products in their licensed categories and to meet and exceed minimum sales and royalty payment thresholds.

The Company maintains direct-to-retail and traditional wholesale licenses. Typically, in a direct-to-retail license, the Company grants exclusive rights to one of its brands to a national retailer for a broad range of product categories. Direct-to-retail licenses provide retailers with proprietary rights to national brands at favorable economics. In a traditional wholesale license, the Company grants the right to a specific brand to a single or small group of related product categories to a wholesale supplier, who is permitted to sell licensed products to multiple retailers within an approved distribution channel.

The Company’s license agreements typically require the licensee to pay the Company royalties based upon net sales with guaranteed minimum royalties in the event that net sales do not reach certain specified targets. The Company’s licenses also typically require the licensees to pay to the Company certain minimum amounts for the advertising and marketing of the respective licensed brands.

Licensing revenue is comprised of revenue related to the Company’s entry into various trade name license agreements that provide revenues based on minimum royalties and advertising/marketing fees and additional revenues based on a percentage of defined sales. In accordance with ASC Topic 606 – Revenue from Contracts with Customers (“Topic 606”), the Company recognizes the minimum royalty revenue on a straight-line basis over the entire contract term and royalties exceeding the defined minimum amounts in a specific contract year (sales-based royalties), as defined in each license agreement, are recognized only in the subsequent periods to when the minimum guarantee for the contract year has been achieved and when the later of the following events occur: (i) the subsequent sale occurs, or (ii) the performance obligation to which some or all of the sales-based royalty has been allocated has been satisfied (or partially satisfied).

Within the Company's International segment, the Company purchases licensed products for resale to certain licensees. The Company generally does this as an accommodation to its licensees to consolidate ordering from the manufacturers. The revenue associated with such activity is included in licensing revenue and the associated cost of goods sold is included in selling general and administrative expenses and was approximately equal to revenue.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Licensing revenue by license type:
Direct-to-retail license	$	6,490	$	11,146	$	21,460	$	31,263
Wholesale licenses		17,878		24,206		52,787		73,758
Other licenses		94		119		441		785
	$	24,462	$	35,471	$	74,688	$	105,806

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Total licensing revenue by geographic region:
United States	$	15,006	$	21,613	$	42,269	$	63,219
Other ⁽¹⁾		9,456		13,858		32,419		42,587
	$	24,462	$	35,471	$	74,688	$	105,806

⁽¹⁾	No single country outside of the United States represented 10% or more of the Company’s revenues in the periods presented.

We enter into long-term license agreements with our licensees across all operating segments. Revenues are recognized on a straight-line basis consistent with the nature, timing and extent of our services, which primarily relate to the ongoing brand management and maintenance of the intellectual property. As of October 1, 2020, the Company and its joint ventures had a contractual right to receive over $380.7 million of aggregate minimum licensing revenue over the balance and the terms of their current licenses, excluding any renewals.

As of September 30, 2020, future minimum license revenue to be recognized under our existing licenses is as follows: $19.3 million, $68.4 million, $66.6 million, $61.0 million, $44.7 million and $120.7 million for the remainder of FY 2020, FY 2021, FY 2022, FY 2023, FY 2024 and thereafter, respectively.

Timing of revenue recognition may differ from the timing of invoicing to licensees. We record a receivable when amounts are contractually due or when revenue is recognized prior to invoicing. Deferred revenue is recorded when amounts are contractually due prior to satisfying the performance obligations of the contracts. For multi-year license agreements, as the performance obligation is providing the licensee with the right of access to the Company’s intellectual property for the contractual term, the Company uses a time-lapse measure of progress and straight lines the guaranteed minimum royalties over the contract term.

We record contract assets when revenue is recognized in advance of cash payment being due from our licensees. As of September 30, 2020, current and long-term contract assets were $13.7 million and $8.6 million, respectively. Our current and long- term contract assets as of December 31, 2019, were $9.4 million and $11.8 million, respectively. For the Current Quarter, the Company incurred an impairment loss of its contract assets of $2.0 million as a result of impairments including $1.5 million associated with the Starter China Sale and certain contract modifications as compared to $4.0 million for the three months ended September 30, 2019 (“Prior Year Quarter”). For the Current Nine Months, the Company incurred an impairment loss of $3.2 million as a result of impairments and certain contract modifications as compared to $4.6 million in Nine Months ended September 30, 2019 (“Prior Year Nine Months”).

We record deferred revenue when cash payment is received or due in advance of our performance, including amounts which are refundable. Advanced royalty payments are recognized ratably over the period indicated by the terms of the license and are reflected in the Company’s condensed consolidated balance sheet in deferred revenue at the time the payment is received. The increase in deferred revenues as of September 30, 2020 as compared to December 31, 2019 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $3.8 million of revenues recognized that were included in the deferred revenue balance at the beginning of the period.