Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Under Armour, Inc. | ||
Entity Central Index Key | 1,336,917 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Class A Common Stock | |||
Entity Information [Line Items] | |||
Trading Symbol | UAA | ||
Entity Common Stock, Shares Outstanding | 183,837,686 | ||
Entity Public Float | $ 7,311,048,606 | ||
Class B Convertible Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 34,450,000 | ||
Common Class C [Member] | |||
Entity Information [Line Items] | |||
Trading Symbol | UA | ||
Entity Common Stock, Shares Outstanding | 220,242,776 | ||
Entity Public Float | $ 6,916,196,221 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 250,470 | $ 129,852 |
Accounts receivable, net | 622,685 | 433,638 |
Inventories | 917,491 | 783,031 |
Prepaid expenses and other current assets | 174,507 | 152,242 |
Total current assets | 1,965,153 | 1,498,763 |
Property and equipment, net | 804,211 | 538,531 |
Goodwill | 563,591 | 585,181 |
Intangible assets, net | 64,310 | 75,686 |
Deferred income taxes | 136,862 | 92,157 |
Other long term assets | 110,204 | 75,652 |
Total assets | 3,644,331 | 2,865,970 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 409,679 | 200,460 |
Accrued expenses | 208,750 | 192,935 |
Current maturities of long term debt | 27,000 | 42,000 |
Other current liabilities | 40,387 | 43,415 |
Total current liabilities | 685,816 | 478,810 |
Long term debt, net of current maturities | 790,388 | 624,070 |
Other long term liabilities | 137,227 | 94,868 |
Total liabilities | 1,613,431 | 1,197,748 |
Commitments and contingencies (see Note 6) | ||
Stockholders’ equity | ||
Additional paid-in capital | 823,484 | 636,558 |
Retained earnings | 1,259,414 | 1,076,533 |
Accumulated other comprehensive loss | (52,143) | (45,013) |
Total stockholders’ equity | 2,030,900 | 1,668,222 |
Total liabilities and stockholders’ equity | 3,644,331 | 2,865,970 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common Stock, Value, Issued | 61 | 61 |
Total stockholders’ equity | 61 | 61 |
Class B Convertible Common Stock | ||
Stockholders’ equity | ||
Common Stock, Value, Issued | 11 | 11 |
Total stockholders’ equity | 11 | 11 |
Common Class C [Member] | ||
Stockholders’ equity | ||
Common Stock, Value, Issued | 73 | 72 |
Total stockholders’ equity | $ 73 | $ 72 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Class A Common Stock | ||
Par value per share | $ 0.0003 | $ 0.0003 |
Shares authorized | 400,000,000 | 400,000,000 |
Shares issued | 181,629,641 | |
Shares outstanding | 183,814,911 | 181,629,641 |
Class B Convertible Common Stock | ||
Par value per share | $ 0.0003 | $ 0.0003 |
Shares authorized | 34,450,000 | 34,450,000 |
Shares issued | 34,450,000 | |
Shares outstanding | 34,450,000 | 34,450,000 |
Common Class C [Member] | ||
Par value per share | $ 0.0003 | $ 0.0003 |
Shares authorized | 400,000,000 | 400,000,000 |
Shares issued | 220,174,048 | 216,079,641 |
Shares outstanding | 220,174,048 | 216,079,641 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 4,825,335 | $ 3,963,313 | $ 3,084,370 |
Cost of goods sold | 2,584,724 | 2,057,766 | 1,572,164 |
Gross profit | 2,240,611 | 1,905,547 | 1,512,206 |
Selling, general and administrative expenses | 1,823,140 | 1,497,000 | 1,158,251 |
Income from operations | 417,471 | 408,547 | 353,955 |
Interest expense, net | (26,434) | (14,628) | (5,335) |
Other expense, net | (2,755) | (7,234) | (6,410) |
Income before income taxes | 388,282 | 386,685 | 342,210 |
Provision for income taxes | 131,303 | 154,112 | 134,168 |
Net income | 256,979 | 232,573 | 208,042 |
Weighted average common shares outstanding | |||
Net Income (Loss) Attributable to Parent after Dividends Paid | $ 197,979 | $ 232,573 | $ 208,042 |
Class A Common Stock And Class B Convertible Common Stock | |||
Net income available per common share | |||
Basic (USD Per Share) | $ 0.45 | $ 0.54 | $ 0.49 |
Earnings Per Share, Diluted | $ 0.45 | $ 0.53 | $ 0.47 |
Weighted average common shares outstanding | |||
Basic (In Shares) | 217,707,000 | 215,498,000 | 213,227,000 |
Diluted (In Shares) | 221,944,000 | 220,868,000 | 219,380,000 |
Common Class C [Member] | |||
Net income available per common share | |||
Basic (USD Per Share) | $ 0.72 | $ 0.54 | $ 0.49 |
Earnings Per Share, Diluted | $ 0.71 | $ 0.53 | $ 0.47 |
Weighted average common shares outstanding | |||
Basic (In Shares) | 218,623,000 | 215,498,000 | 213,227,000 |
Diluted (In Shares) | 222,904,000 | 220,868,000 | 219,380,000 |
Dividends | $ 59,000 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 256,979 | $ 232,573 | $ 208,042 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (13,798) | (31,816) | (16,743) |
Unrealized gain (loss) on cash flow hedge, net of tax of $3,346, $415 and $(408) for the years ended December 31, 2016, 2015 and 2014, respectively. | 9,084 | 1,611 | (259) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,416) | 0 | 0 |
Total other comprehensive income (loss) | (7,130) | (30,205) | (17,002) |
Comprehensive income | $ 249,849 | $ 202,368 | $ 191,040 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on cash flow hedge, tax | $ 3,346 | $ 415 | $ (408) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | Total | Class A Common Stock | Common Class C [Member] | Class B Convertible Common Stock | Additional Paid-in-Capital | Additional Paid-in-CapitalClass A Common Stock | Additional Paid-in-CapitalCommon Class C [Member] | Retained Earnings | Accumulated Other Comprehensive Income |
Beginning balance (shares) at Dec. 31, 2013 | 171,629 | 211,629 | 40,000 | ||||||
Beginning balance at Dec. 31, 2013 | $ 1,053,354 | $ 57 | $ 70 | $ 13 | $ 397,178 | $ 653,842 | $ 2,194 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (shares) | 2,908 | 1,454 | 1,454 | ||||||
Exercise of stock options | $ 11,259 | $ 1 | $ 1 | 11,257 | |||||
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (shares) | (95) | (95) | |||||||
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements | (5,197) | (5,197) | |||||||
Issuance of Class A Common Stock, net of forfeitures (shares) | 908 | 908 | |||||||
Issuance of Class A Common Stock, net of forfeitures | 12,067 | 12,067 | |||||||
Class B Convertible Common Stock converted to Class A Common Stock (shares) | (3,400) | (3,400) | |||||||
Class B Convertible Common Stock converted to Class A Common Stock | 0 | $ (1) | $ (1) | ||||||
Stock-based compensation expense | 50,812 | 50,812 | |||||||
Net excess tax benefits from stock-based compensation arrangements | 36,965 | 36,965 | |||||||
Comprehensive income | 191,040 | 208,042 | (17,002) | ||||||
Ending balance (shares) at Dec. 31, 2014 | 177,296 | 213,896 | 36,600 | ||||||
Ending balance at Dec. 31, 2014 | $ 1,350,300 | $ 59 | $ 71 | $ 12 | 508,279 | 856,687 | (14,808) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (shares) | 720 | 360 | 360 | ||||||
Exercise of stock options | $ 2,852 | $ 0 | 2,852 | ||||||
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (shares) | (172) | (172) | |||||||
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements | (12,727) | (12,727) | |||||||
Issuance of Class A Common Stock, net of forfeitures (shares) | 1,996 | 1,996 | |||||||
Issuance of Class A Common Stock, net of forfeitures | 19,136 | $ 1 | $ 1 | 19,134 | |||||
Class B Convertible Common Stock converted to Class A Common Stock (shares) | (2,150) | (2,150) | |||||||
Class B Convertible Common Stock converted to Class A Common Stock | 0 | $ (1) | $ (1) | ||||||
Stock-based compensation expense | 60,376 | 60,376 | |||||||
Net excess tax benefits from stock-based compensation arrangements | 45,917 | 45,917 | |||||||
Comprehensive income | 202,368 | 232,573 | (30,205) | ||||||
Ending balance (shares) at Dec. 31, 2015 | 181,630 | 216,080 | 34,450 | ||||||
Ending balance at Dec. 31, 2015 | $ 1,668,222 | $ 61 | $ 72 | $ 11 | 636,558 | 1,076,533 | (45,013) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (shares) | 1,763 | 792 | 971 | ||||||
Exercise of stock options | $ 6,203 | $ 0 | 6,203 | ||||||
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (shares) | (199) | (276) | |||||||
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements | (15,098) | (15,098) | |||||||
Issuance of Class A Common Stock, net of forfeitures (shares) | 1,592 | 1,852 | |||||||
Stock Issued During Period, Shares, New Issues | $ 0 | $ 1 | |||||||
Issuance of Class A Common Stock, net of forfeitures | $ 7,884 | $ 25,835 | $ 7,884 | $ 25,834 | |||||
Common Stock Dividends, Shares | 1,547 | ||||||||
Stock Issued During Period, Value, Stock Dividend | (2,927) | 56,073 | 59,000 | ||||||
Stock-based compensation expense | 46,149 | 46,149 | |||||||
Net excess tax benefits from stock-based compensation arrangements | 44,783 | 44,783 | |||||||
Comprehensive income | 249,849 | 256,979 | (7,130) | ||||||
Ending balance (shares) at Dec. 31, 2016 | 183,815 | 220,174 | 34,450 | ||||||
Ending balance at Dec. 31, 2016 | $ 2,030,900 | $ 61 | $ 73 | $ 11 | $ 823,484 | $ 1,259,414 | $ (52,143) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | |||
Net income | $ 256,979 | $ 232,573 | $ 208,042 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 144,770 | 100,940 | 72,093 |
Unrealized foreign currency exchange rate losses | 12,627 | 33,359 | 11,739 |
Loss on disposal of property and equipment | 1,580 | 549 | 261 |
Stock-based compensation | 46,149 | 60,376 | 50,812 |
Deferred income taxes | (43,004) | (4,426) | (17,584) |
Changes in reserves and allowances | 70,188 | 40,391 | 31,350 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (249,853) | (191,876) | (101,057) |
Inventories | (148,055) | (278,524) | (84,658) |
Prepaid expenses and other assets | (25,284) | (76,476) | (33,345) |
Accounts payable | 202,446 | (22,583) | 49,137 |
Accrued expenses and other liabilities | 52,656 | 64,126 | 28,856 |
Income taxes payable and receivable | (16,712) | (2,533) | 3,387 |
Net cash provided by (used in) operating activities | 304,487 | (44,104) | 219,033 |
Cash flows from investing activities | |||
Purchases of property and equipment | (316,458) | (298,928) | (140,528) |
Payments to Acquire Property, Plant, and Equipment from Related Parties | 70,288 | 0 | 0 |
Purchase of businesses, net of cash acquired | 0 | (539,460) | (10,924) |
Payments to Acquire Available-for-sale Securities | (24,230) | (103,144) | 0 |
Proceeds from Sale of Available-for-sale Securities, Equity | 30,712 | 96,610 | 0 |
Purchases of other assets | (875) | (2,553) | (860) |
Net cash used in investing activities | (381,139) | (847,475) | (152,312) |
Proceeds from Issuance of Long-term Debt | 1,327,601 | 650,000 | 250,000 |
Cash flows from financing activities | |||
Payments on long term debt and revolving credit facility | (1,170,750) | (265,202) | (118,722) |
Excess tax benefits from stock-based compensation arrangements | 44,783 | 45,917 | 36,965 |
Proceeds from exercise of stock options and other stock issuances | 15,485 | 10,310 | 15,776 |
Payments of debt financing costs | (6,692) | (947) | (1,713) |
Dividends Paid, Cash | (2,927) | 0 | 0 |
Payments for Previous Acquisition | (1,505) | 0 | 0 |
Net cash provided by financing activities | 205,995 | 440,078 | 182,306 |
Effect of exchange rate changes on cash and cash equivalents | (8,725) | (11,822) | (3,341) |
Net increase (decrease) in cash and cash equivalents | 120,618 | (463,323) | 245,686 |
Cash and cash equivalents | |||
Beginning of period | 129,852 | 593,175 | 347,489 |
End of period | 250,470 | 129,852 | 593,175 |
Change in accrual for property and equipment | 16,973 | 17,758 | 4,922 |
Non-cash Dividends Paid | 56,073 | 0 | 0 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 0 | 0 | 11,233 |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired Under Build-to-Suit Leases | 0 | 5,631 | 0 |
Cash paid for income taxes | 135,959 | 99,708 | 103,284 |
Cash paid for interest, net of capitalized interest | $ 21,412 | $ 11,176 | $ 4,146 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Description of the Business | Description of the Business Under Armour, Inc. is a developer, marketer and distributor of branded performance apparel, footwear and accessories. These products are sold worldwide and worn by athletes at all levels, from youth to professional on playing fields around the globe, as well as by consumers with active lifestyles. The Under Armour Connected Fitness TM platform powers the world's largest digital health and fitness community. The Company uses this platform to engage its consumers and increase awareness and sales of its products. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Under Armour, Inc. and its wholly owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America. On January 5, 2015, the Company acquired 100% of the outstanding equity of Endomondo ApS (“Endomondo”), a Denmark-based digital connected fitness company. On March 17, 2015, the Company acquired 100% of the outstanding equity of MyFitnessPal, Inc. (“MFP”), a digital nutrition and connected fitness company. Both companies were acquired to expand the Under Armour Connected Fitness community. The purchase price allocation for each acquisition is reflected in the consolidated balance sheet as of December 31, 2015. On March 16, 2016, the Board of Directors approved the issuance of the Company’s new Class C non-voting common stock, referred to as the Class C stock. The Class C stock was issued through a stock dividend on a one-for-one basis to all existing holders of the Company's Class A and Class B common stock. The shares of Class C stock were distributed on April 7, 2016, to stockholders of record of Class A and Class B common stock as of March 28, 2016. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect this one-for-one stock dividend. On June 3, 2016, the Board of Directors approved the payment of a $59.0 million dividend to the holders of the Company's Class C stock in connection with shareholder litigation related to the creation of the Class C stock. The Company's Board of Directors approved the payment of this dividend in the form of additional shares of Class C stock, with cash in lieu of any fractional shares. This dividend was distributed on June 29, 2016, in the form of 1,470,256 shares of Class C stock and $2.9 million in cash. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at date of inception to be cash and cash equivalents. Included in interest expense, net for the years ended December 31, 2016 , 2015 and 2014 was interest income of $257.7 thousand , $164.0 thousand and $192.0 thousand , respectively, related to cash and cash equivalents. Concentration of Credit Risk Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable is due from large sporting goods retailers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not required. The Company's largest customer in North America accounted for 16% and 19% of accounts receivable as of December 31, 2016 and December 31, 2015 , respectively. The Company's largest customer accounted for 10% , 12% and 14% of net revenues for the years ended December 31, 2016 , 2015 and 2014 , respectively. Allowance for Doubtful Accounts The Company make s ongoing estimates relating to the collectability of accounts receivable and maintain s an allowance for estimated losses resulting from the inability of its customers to make required payments. In determining the amount of the reserve, the Company consider s historical levels of credit losses and significant economic developments within the retail environment that could impact the ability of its customers to pay outstanding balances and makes judgments about the creditworthiness of significant customers based on ongoing credit evaluations. Because the Company cannot predict future changes in the financial stability of its customers, actual future losses from uncollectible accounts may differ from estimates. If the financial condition of customers were to deteriorate, resulting in their inability to make payments, a larger reserve might be required. In the event the Company determine s a smaller or larger reserve is appropriate, it would record a benefit or charge to selling, general and administrative expense in the period in which such a determination was made. As of December 31, 2016 and 2015 , the allowance for doubtful accounts was $11.3 million and $5.9 million , respectively. Inventories Inventories consist primarily of finished goods. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight, duties and other costs. The Company value s its inventory at standard cost which approximates landed cost, using the first-in, first-out method of cost determination. Market value is estimated based upon assumptions made about future demand and retail market conditions. If the Company determine s that the estimated market value of its inventory is less than the carrying value of such inventory, it record s a charge to cost of goods sold to reflect the lower of cost or market. If actual market conditions are less favorable than those projected by the Company , further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by valuation allowances when necessary. Assessing whether deferred tax assets are realizable requires significant judgment. The Company consider s all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent the Company believe s it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company’s deferred tax assets, which increase income tax expense in the period when such a determination is made. Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognize s accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. Property and Equipment Property and equipment are stated at cost, including the cost of internal labor for software customized for internal use, less accumulated depreciation and amortization. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets: 3 to 10 years for furniture, office equipment, software and plant equipment and 10 to 35 years for site improvements, buildings and building equipment. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. The cost of in-store apparel and footwear fixtures and displays are capitalized, included in furniture, fixtures and displays, and depreciated over 3 years. The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively. The Company capitalizes the cost of interest for long term property and equipment projects based on the Company’s weighted average borrowing rates in place while the projects are in progress. Capitalized interest was $1.8 million and $1.0 million as of December 31, 2016 and 2015 , respectively. Upon retirement or disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance and repairs, which do not improve or extend the lives of assets, are expensed as incurred. Goodwill, Intangible Assets and Long-Lived Assets Goodwill and intangible assets are recorded at their estimated fair values at the date of acquisition and are allocated to the reporting units that are expected to receive the related benefits. Goodwill and indefinite lived intangible assets are not amortized and are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. In conducting an annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that is the case, or if goodwill is allocated to a reporting unit for the first time, the Company performs the two-step goodwill impairment test. The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. The Company calculates fair value using the discounted cash flows model, which indicates the fair value of the reporting unit based on the present value of the cash flows that the Company expects the reporting unit to generate in the future. The Company's significant estimates in the discounted cash flows model include: the Company's weighted average cost of capital, long-term rate of growth and profitability of the reporting unit’s business, and working capital effects. If the carrying amount exceeds its fair value, the second step will be performed. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value.The Company performs its annual impairment tests in the fourth quarter of each fiscal year. As of December 31, 2016, no impairment of goodwill was identified and the fair value of each reporting unit substantially exceeded its carrying value. The Connected Fitness valuation is dependent upon revenue growth assumptions. If the performance of this reporting unit does not meet expectations it could have a material impact on the fair value of the reporting unit. The Company continually evaluate s whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived assets may warrant revision or that the remaining balance may not be recoverable. These factors may include a significant deterioration of operating results, changes in business plans, or changes in anticipated cash flows. When factors indicate that an asset should be evaluated for possible impairment, the Company review s long-lived assets to assess recoverability from future operations using undiscounted cash flows. If future undiscounted cash flows are less than the carrying value, an impairment is recognized in earnings to the extent that the carrying value exceeds fair value. Accrued Expenses At December 31, 2016 , accrued expenses primarily included $ 60.8 million and $ 24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31, 2015 , accrued expenses primarily included $ 63.8 million and $ 17.8 million of accrued compensation and benefits and marketing expenses, respectively. Foreign Currency Translation and Transactions The functional currency for each of the Company’s wholly owned foreign subsidiaries is generally the applicable local currency. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenue and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity as a component of accumulated other comprehensive income. Adjustments that arise from foreign currency exchange rate changes on transactions, primarily driven by intercompany transactions, denominated in a currency other than the functional currency are included in other expense, net on the consolidated statements of income. Derivatives and Hedging Activities The Company uses derivative financial instruments in the form of foreign currency and interest rate swap contracts to minimize the risk associated with foreign currency exchange rate and interest rate fluctuations. The Company accounts for derivative financial instruments pursuant to applicable accounting guidance. This guidance establishes accounting and reporting standards for derivative financial instruments and requires all derivatives to be recognized as either assets or liabilities on the balance sheet and to be measured at fair value. Unrealized derivative gain positions are recorded as other current assets or other long term assets, and unrealized derivative loss positions are recorded as accrued expenses or other long term liabilities, depending on the derivative financial instrument’s maturity date. Currently, the majority of the Company’s foreign currency contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are included in other expense, net on the consolidated statements of income. During 2014, the Company began entering into foreign currency contracts designated as cash flow hedges, and consequently, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. Additionally, the Company has designated its interest rate swap contract as a cash flow hedge and accordingly, the effective portion of changes in fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. The ineffective portion, if any, is recognized in current period earnings. The Company does not enter into derivative financial instruments for speculative or trading purposes. Revenue Recognition The Company recognizes revenue pursuant to applicable accounting standards. Net revenues consist of both net sales and license and other revenues. Net sales are recognized upon transfer of ownership, including passage of title to the customer and transfer of risk of loss related to those goods. Transfer of title and risk of loss is based upon shipment under free on board shipping point for most goods or upon receipt by the customer depending on the country of the sale and the agreement with the customer. In some instances, transfer of title and risk of loss takes place at the point of sale, for example, at the Company’s brand and factory house stores. The Company may also ship product directly from its supplier to the customer and recognize revenue when the product is delivered to and accepted by the customer. License and other revenues are primarily recognized based upon shipment of licensed products sold by the Company’s licensees. Sales taxes imposed on the Company’s revenues from product sales are presented on a net basis on the consolidated statements of income and therefore do not impact net revenues or costs of goods sold. The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. The Company bases its estimates on historical rates of customer returns and allowances as well as the specific identification of outstanding returns, markdowns and allowances that have not yet been received by the Company. The actual amount of customer returns and allowances, which is inherently uncertain, may differ from the Company’s estimates. If the Company determines that actual or expected returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as appropriate, to net sales in the period in which it makes such a determination. Provisions for customer specific discounts are based on contractual obligations with certain major customers. Reserves for returns, allowances, markdowns and discounts are recorded as an offset to accounts receivable as settlements are made through offsets to outstanding customer invoices. As of December 31, 2016 and 2015 , there were $146.2 million and $94.5 million , respectively, in reserves for customer returns, allowances, markdowns and discounts. Advertising Costs Advertising costs are charged to selling, general and administrative expenses. Advertising production costs are expensed the first time an advertisement related to such production costs is run. Media (television, print and radio) placement costs are expensed in the month during which the advertisement appears, and costs related to event sponsorships are expensed when the event occurs. In addition, advertising costs include sponsorship expenses. Accounting for sponsorship payments is based upon specific contract provisions and the payments are generally expensed uniformly over the term of the contract after recording expense related to specific performance incentives once they are deemed probable. Advertising expense, including amortization of in-store marketing fixtures and displays, was $ 477.5 million , $ 417.8 million and $ 333.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , prepaid advertising costs were $ 32.0 million and $ 37.5 million , respectively. Shipping and Handling Costs The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $ 89.9 million , $ 63.7 million and $ 55.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold. Minority Investment The Company holds a minority investment in Dome Corporation (“Dome”), the Company’s Japanese licensee. The Company invested ¥ 1,140.0 million , or $ 15.5 million , in exchange for 19.5% common stock ownership in Dome. As of December 31, 2016 and 2015 , the carrying value of the Company’s investment was $ 11.7 million and $ 12.0 million , respectively, and was included in other long term assets on the consolidated balance sheets. The investment is subject to foreign currency translation rate fluctuations as it is held by the Company’s European subsidiary. The Company accounts for its investment in Dome under the cost method given that it does not have the ability to exercise significant influence. Additionally, the Company concluded that no event or change in circumstances occurred during the year ended December 31, 2016 that may have a significant adverse effect on the fair value of the investment. Earnings per Share Basic earnings per common share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Any stock-based compensation awards that are determined to be participating securities, which are stock-based compensation awards that entitle the holders to receive dividends prior to vesting, are included in the calculation of basic earnings per share using the two class method. Diluted earnings per common share is computed by dividing net income available to common stockholders for the period by the diluted weighted average common shares outstanding during the period. Diluted earnings per share reflects the potential dilution from common shares issuable through stock options, warrants, restricted stock units and other equity awards. Refer to Note 10 for further discussion of earnings per share. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting guidance that requires all stock-based compensation awards granted to employees and directors to be measured at fair value and recognized as an expense in the financial statements. In addition, this guidance requires that excess tax benefits related to stock-based compensation awards be reflected as financing cash flows. The Company uses the Black-Scholes option-pricing model to estimate the fair market value of stock-based compensation awards. The Company uses the “simplified method” to estimate the expected life of options, as permitted by accounting guidance. The “simplified method” calculates the expected life of a stock option equal to the time from grant to the midpoint between the vesting date and contractual term, taking into account all vesting tranches. The risk free interest rate is based on the yield for the U.S. Treasury bill with a maturity equal to the expected life of the stock option. Expected volatility is based on the Company's historical average. Compensation expense is recognized net of forfeitures on a straight-line basis over the total vesting period, which is the implied requisite service period. Compensation expense for performance-based awards is recorded over the implied requisite service period when achievement of the performance target is deemed probable. The forfeiture rate is estimated at the date of grant based on historical rates. The Company issues new shares of Class A Common Stock and Class C Common Stock upon exercise of stock options, grant of restricted stock or share unit conversion. Refer to Note 11 for further details on stock-based compensation. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Fair Value of Financial Instruments The carrying amounts shown for the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short term maturity of those instruments. As of December 31, 2016, the fair value of the Company's Senior Notes is $568.1 million . The fair value of the Company's other long term debt approximates its carrying value based on the variable nature of interest rates and current market rates available to the Company. The fair value of foreign currency contracts is based on the net difference between the U.S. dollars to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current exchange rate. The fair value of the interest rate swap contract is based on the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, which supersedes the most current revenue recognition requirements. This ASU requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. In 2016, the FASB issued ASUs 2016-08, 2016-10, 2016-11 and 2016-12, which provide supplemental adoption guidance and clarification to ASU 2014-09. These ASUs will be effective for annual and interim periods beginning after December 15, 2017 with early adoption for annual and interim periods beginning after December 15, 2016 permitted and should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company currently anticipates adopting the guidance in this new ASU effective January 1, 2018. This ASU permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company has not yet determined its adoption method. The Company has identified a committee, agreed on a methodology for review of its revenue arrangements and initiated the review process for adoption of this ASU, and is evaluating the impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which amends the existing guidance for leases and will require recognition of operating leases with lease terms of more than twelve months and all financing leases on the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. This ASU will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities recorded in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. The Company currently anticipates adopting the new standard effective January 1, 2019. The Company has formed a committee and initiated the review process for adoption of this ASU. While the Company is still in the process of completing its analysis on the complete impact this ASU will have on its consolidated financial statements and related disclosures, it expects the ASU to have a material impact on its consolidated balance sheet for recognition of lease-related assets and liabilities. In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company will not early adopt this ASU. The adoption of this guidance may have a material impact on the Company's effective tax rate and income tax expense, depending in part on whether significant employee stock option exercises occur. In August 2016, the FASB issued ASU 2016-15, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period of 2017. Upon adoption, any deferred charge established upon an intra-company transfer would be recorded as a cumulative-effect adjustment to retained earnings. At December 31, 2016, the Company had a deferred charge of $26.0 million with $1.8 million and $24.2 million recorded within Prepaid expenses and Other long term assets, respectively. The Company plans to adopt this ASU during the interim period ending March 31, 2017. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt. This ASU is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this ASU in the first quarter of 2016, and reclassified approximately $2.9 million from "Other long term assets" to "Long term debt, net of current maturities" as of December 31, 2015. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment consisted of the following: December 31, (In thousands) 2016 2015 Leasehold and tenant improvements $ 326,617 $ 214,834 Furniture, fixtures and displays 168,720 132,736 Buildings 47,216 47,137 Software 151,059 99,309 Office equipment 75,196 50,399 Plant equipment 124,140 118,138 Land 83,574 17,628 Construction in progress 204,362 147,581 Other 20,383 4,002 Subtotal property and equipment 1,201,267 831,764 Accumulated depreciation (397,056 ) (293,233 ) Property and equipment, net $ 804,211 $ 538,531 Construction in progress primarily includes costs incurred for software systems, leasehold improvements and in-store fixtures and displays not yet placed in use. Depreciation expense related to property and equipment was $130.7 million , $86.3 million and $63.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Intangible Assets, Net The following table summarizes changes in the carrying amount of the Company’s goodwill by reportable segment as of the periods indicated: North America EMEA Asia-Pacific Latin America Connected Fitness Total Balance as of December 31, 2015 $ 316,852 $ 109,890 $ 79,963 $ 51,116 $ 27,360 $ 585,181 Effect of currency translation adjustment 471 (10,645 ) (2,377 ) (8,680 ) (359 ) (21,590 ) Balance as of December 31, 2016 $ 317,323 $ 99,245 $ 77,586 $ 42,436 $ 27,001 $ 563,591 The following table summarizes the Company’s intangible assets as of the periods indicated: December 31, 2016 December 31, 2015 (In thousands) Useful Lives from Date of Acquisitions (in years) Gross Accumulated Net Carrying Gross Accumulated Net Carrying Intangible assets subject to amortization: User base 10 $ 47,653 $ (8,733 ) $ 38,920 $ 47,922 $ (3,965 ) $ 43,957 Technology 5-7 19,612 (8,221 ) 11,391 19,739 (5,041 ) 14,698 Customer relationships 2-3 9,527 (9,527 ) — 10,738 (8,354 ) 2,384 Trade name 4-5 7,653 (4,816 ) 2,837 7,663 (3,036 ) 4,627 Nutrition database 10 4,500 (806 ) 3,694 4,500 (356 ) 4,144 Lease-related intangible assets 1-15 3,896 (3,075 ) 821 3,896 (2,919 ) 977 Other 5-10 1,373 (666 ) 707 1,385 (444 ) 941 Total $ 94,214 $ (35,844 ) $ 58,370 $ 95,843 $ (24,115 ) $ 71,728 Indefinite-lived intangible assets 5,940 3,958 Intangible assets, net $ 64,310 $ 75,686 Amortization expense, which is included in selling, general and administrative expenses, was $13.0 million , $13.9 million and $8.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following is the estimated amortization expense for the Company’s intangible assets as of December 31, 2016 : (In thousands) 2017 $ 10,509 2018 9,346 2019 9,240 2020 7,201 2021 5,318 2022 and thereafter 16,756 Amortization expense of intangible assets $ 58,370 At December 31, 2016 , 2015 and 2014 , the Company determined that its goodwill and indefinite-lived intangible assets were not impaired. |
Credit Facility and Long Term D
Credit Facility and Long Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facility and Long Term Debt | Credit Facility and Other Long Term Debt Credit Facility The Company is party to a credit agreement that provides revolving commitments for up to $1.25 billion of borrowings, as well as term loan commitments, in each case maturing in January 2021 . As of December 31, 2016 there was no outstanding balance under the revolving credit facility and $186.3 million of term loan borrowings remained outstanding. At the Company's request and the lender's consent, revolving and or term loan borrowings may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the credit agreement, as amended. Incremental borrowings are uncommitted and the availability thereof, will depend on market conditions at the time the Company seek s to incur such borrowings. The borrowings under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. There were $2.6 million of letters of credit outstanding as of December 31, 2016 . The credit agreement contains negative covenants that, subject to significant exceptions, limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, make restricted payments, pledge their assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. The Company is also required to maintain a ratio of consolidated EBITDA, as defined in the credit agreement, to consolidated interest expense of not less than 3.50 to 1.00 and is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.00 ("consolidated leverage ratio"). As of December 31, 2016 , the Company was in compliance with these ratios. In addition, the credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the credit agreement, will be considered an event of default under the credit agreement. Borrowings under the credit agreement bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate, or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made (“adjusted LIBOR”), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the “Pricing Grid”) based on the consolidated leverage ratio and ranges between 1.00% to 1.25% for adjusted LIBOR loans and 0.00% to 0.25% for alternate base rate loans. The weighted average interest rate under the outstanding term loans and revolving credit facility borrowings was 1.6% and 1.3% during the years ended December 31, 2016 and 2015 , respectively. The Company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of December 31, 2016 , the commitment fee was 15.0 basis points. Since inception, the Company incurred and deferred $3.9 million in financing costs in connection with the credit agreement. 3.250% Senior Notes In June 2016, the Company issued $600.0 million aggregate principal amount of 3.250% senior unsecured notes due June 15, 2026 (the “Notes”). The proceeds were used to pay down amounts outstanding under the revolving credit facility. Interest is payable semi-annually on June 15 and December 15 beginning December 15, 2016. Prior to March 15, 2026 (three months prior to the maturity date of the Notes), the Company may redeem some or all of the Notes at any time or from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or a “make-whole” amount applicable to such Notes as described in the indenture governing the Notes, plus accrued and unpaid interest to, but excluding, the redemption date. On or after March 15, 2026 (three months prior to the maturity date of the Notes), the Company may redeem some or all of the Notes at any time or from time to time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The indenture governing the Notes contains covenants, including limitations that restrict the Company’s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the Company’s ability to consolidate, merge or transfer all or substantially all of its properties or assets to another person, in each case subject to material exceptions described in the indenture. The Company incurred and deferred $5.3 million in financing costs in connection with the Notes. Other Long Term Debt In December 2012, the Company entered into a $50.0 million recourse loan collateralized by the land, buildings and tenant improvements comprising the Company's corporate headquarters. The loan has a seven year term and maturity date of December 2019 . The loan bears interest at one month LIBOR plus a margin of 1.50% , and allows for prepayment without penalty. The loan includes covenants and events of default substantially consistent with the Company's credit agreement discussed above. The loan also requires prior approval of the lender for certain matters related to the property, including transfers of any interest in the property. As of December 31, 2016 and 2015 , the outstanding balance on the loan was $42.0 million and $44.0 million , respectively. The weighted average interest rate on the loan was 2.0% and 1.7% for the years ended December 31, 2016 and 2015 , respectively. The following are the scheduled maturities of long term debt as of December 31, 2016 : (In thousands) 2017 $ 27,000 2018 27,000 2019 63,000 2020 25,000 2021 86,250 2022 and thereafter 600,000 Total scheduled maturities of long term debt $ 828,250 Current maturities of long term debt $ 27,000 Interest expense, net was $26.4 million , $14.6 million , and $5.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Interest expense includes the amortization of deferred financing costs, bank fees, capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities. Amortization of deferred financing costs was $1.2 million , $0.8 million , and $0.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company monitor s the financial health and stability of its lenders under the credit and other long term debt facilities, however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Obligations Under Operating Leases The Company leases warehouse space, office facilities, space for its brand and factory house stores and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2033 , excluding extensions at the Company’s option, and include provisions for rental adjustments. The table below includes executed lease agreements for brand and factory house stores that the Company did not yet occupy as of December 31, 2016 and does not include contingent rent the Company may incur at its stores based on future sales above a specified minimum or payments made for maintenance, insurance and real estate taxes. The following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of December 31, 2016 as well as significant operating lease agreements entered into during the period after December 31, 2016 through the date of this report: (In thousands) 2017 $ 114,857 2018 127,504 2019 136,040 2020 133,092 2021 122,753 2022 and thereafter 788,180 Total future minimum lease payments $ 1,422,426 Included in selling, general and administrative expense was rent expense of $109.0 million , $83.0 million and $59.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, under non-cancelable operating lease agreements. Included in these amounts was contingent rent expense of $13.0 million , $11.0 million and $11.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Sports Marketing and Other Commitments Within the normal course of business, the Company enters into contractual commitments in order to promote the Company’s brand and products. These commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels, official supplier agreements, athletic event sponsorships and other marketing commitments. The following is a schedule of the Company’s future minimum payments under its sponsorship and other marketing agreements as of December 31, 2016 , as well as significant sponsorship and other marketing agreements entered into during the period after December 31, 2016 through the date of this report: (In thousands) 2017 $ 176,138 2018 166,961 2019 142,987 2020 124,856 2021 118,168 2022 and thereafter 626,495 Total future minimum sponsorship and other payments $ 1,355,605 The amounts listed above are the minimum compensation obligations and guaranteed royalty fees required to be paid under the Company’s sponsorship and other marketing agreements. The amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements. It is not possible to determine how much the Company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products. The amount of product provided to the sponsorships depends on many factors including general playing conditions, the number of sporting events in which they participate and the Company’s decisions regarding product and marketing initiatives. In addition, the costs to design, develop, source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers. Other In connection with various contracts and agreements, the Company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items. Generally, such indemnification obligations do not apply in situations in which the counterparties are grossly negligent, engage in willful misconduct, or act in bad faith. Based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations. From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial and intellectual property disputes, as well as trade, regulatory and other claims related to its business. Other than as described below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business, and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position, results of operations or cash flows. On February 10, 2017, a shareholder filed a securities case in the United States District Court for the District of Maryland (the "Court") against the Company, the Company’s Chief Executive Officer and the Company’s former Chief Financial Officer ( Brian Breece v. Under Armour, Inc. ). On February 16, 2017, a second shareholder filed a securities case in the Court against the same defendants ( Jodie Hopkins v. Under Armour, Inc. ). The plaintiff in each case purports to represent a class of shareholders for the period between April 21, 2016 and January 30, 2017, inclusive. The complaints allege violations of Section 10(b) (and Rule 10b-5) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 20(a) control person liability under the Exchange Act against the officers named in the complaints. In general, the allegations in each case concern disclosures and statements made by defendants regarding the Company’s expected revenue growth during that time period. The Company has not yet been served with the complaint in either matter. The Company believes that the claims are without merit and, once served, intends to defend each lawsuit vigorously. However, because of the inherent uncertainty as to the outcome of this proceeding, the Company is unable at this time to estimate the possible impact of the outcome of these proceedings. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity The Company’s Class A Common Stock and Class B Convertible Common Stock have an authorized number of shares at December 31, 2016 of 400.0 million shares and 34.5 million shares, respectively, and each have a par value of $0.0003 1/3 per share. Holders of Class A Common Stock and Class B Convertible Common Stock have identical rights, including liquidation preferences, except that the holders of Class A Common Stock are entitled to one vote per share and holders of Class B Convertible Common Stock are entitled to 10 votes per share on all matters submitted to a stockholder vote. Class B Convertible Common Stock may only be held by Kevin Plank, the Company’s founder and Chief Executive Officer, or a related party of Mr. Plank, as defined in the Company’s charter. As a result, Mr. Plank has a majority voting control over the Company. Upon the transfer of shares of Class B Convertible Stock to a person other than Mr. Plank or a related party of Mr. Plank, the shares automatically convert into shares of Class A Common Stock on a one-for-one basis. In addition, all of the outstanding shares of Class B Convertible Common Stock will automatically convert into shares of Class A Common Stock on a one-for-one basis upon the death or disability of Mr. Plank or on the record date for any stockholders’ meeting upon which the shares of Class A Common Stock and Class B Convertible Common Stock beneficially owned by Mr. Plank is less than 15% of the total shares of Class A Common Stock and Class B Convertible Common Stock outstanding or upon the other events specified in the Class C Charter. Holders of the Company’s common stock are entitled to receive dividends when and if authorized and declared out of assets legally available for the payment of dividends. In June 2015, the Company's Board of Directors (the “Board”) approved Articles Supplementary to the Company's charter which designated 400.0 million shares of common stock as a new class of common stock, referred to as the Class C common stock, par value $0.0003 1/3 per share. The Articles Supplementary became effective on June 15, 2015. In April 2016, the Company issued shares of Class C common stock as a dividend to the Company's holders of Class A and Class B common stock on a one-for-one basis. The terms of the Class C common stock are substantially identical to those of the Company's Class A common stock, except that the Class C common stock has no voting rights (except in limited circumstances), will automatically convert into Class A common stock under certain circumstances and includes provisions intended to ensure equal treatment of Class C common stock and Class B common stock in certain corporate transactions, such as mergers, consolidations, statutory share exchanges, conversions or negotiated tender offers, and including consideration incidental to these transactions. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial assets and (liabilities) measured at fair value are set forth in the table below: December 31, 2016 December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Available-for-sale securities $ — $ — $ — $ 6,534 $ — $ — Derivative foreign currency contracts (see Note 13) — 15,238 — — 3,811 — Interest rate swap contracts (see Note 13) — (420 ) — — (1,486 ) — TOLI policies held by the Rabbi Trust (see Note 12) — 4,880 — — 4,456 — Deferred Compensation Plan obligations (see Note 12) — (7,023 ) — — (5,072 ) — Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The Company purchases marketable securities that are designated as available-for-sale. The foreign currency contracts represent gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate. The interest rate swap contracts represent gains and losses on the derivative contracts, which is the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. The fair value of the trust owned life insurance (“TOLI”) policies held by the Rabbi Trust is based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Under Armour, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”), which represent the underlying liabilities to participants in the Deferred Compensation Plan. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants’ selected investments. As of December 31, 2016, the fair value of the Company's Senior Notes is $568.1 million . The carrying value of the Company's other long term debt approximated its fair value as of December 31, 2016 and 2015 . The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). |
Provision For Income Taxes
Provision For Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Taxes Payable [Abstract] | |
Provision For Income Taxes | Provision for Income Taxes Income before income taxes is as follows: Year Ended December 31, (In thousands) 2016 2015 2014 Income before income taxes: United States $ 251,321 $ 272,739 $ 269,503 Foreign 136,961 113,946 72,707 Total $ 388,282 $ 386,685 $ 342,210 The components of the provision for income taxes consisted of the following: Year Ended December 31, (In thousands) 2016 2015 2014 Current Federal $ 116,637 $ 102,317 $ 110,439 State 29,989 27,500 24,419 Other foreign countries 32,394 28,336 16,489 179,020 158,153 151,347 Deferred Federal (35,748 ) 707 (15,368 ) State (10,658 ) (5,703 ) (4,073 ) Other foreign countries (1,311 ) 955 2,262 (47,717 ) (4,041 ) (17,179 ) Provision for income taxes $ 131,303 $ 154,112 $ 134,168 A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows: Year Ended December 31, 2016 2015 2014 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax impact 2.4 3.2 3.8 Unrecognized tax benefits 1.1 3.4 1.9 Permanent tax benefits/nondeductible expenses (1.3 ) 2.2 1.0 Foreign rate differential (6.6 ) (5.5 ) (4.5 ) Foreign valuation allowance 2.3 2.7 2.5 Other 0.9 (1.1 ) (0.5 ) Effective income tax rate 33.8 % 39.9 % 39.2 % The decrease in the 2016 full year effective income tax rate, as compared to 2015 , is primarily attributable to increased international profitability and a tax benefit related to the Company's prior period acquisitions. Deferred tax assets and liabilities consisted of the following: December 31, (In thousands) 2016 2015 Deferred tax asset Allowance for doubtful accounts and sales return reserves $ 53,811 $ 33,821 Reserves and accrued liabilities (1) 38,819 24,967 Stock-based compensation 32,910 40,406 Foreign net operating loss carry-forwards 26,964 19,600 Tax basis inventory adjustment 25,776 10,019 Deferred rent 21,168 13,991 Inventory obsolescence reserves 15,479 11,956 Foreign tax credit carry-forwards 8,664 6,151 State tax credits, net of federal impact 7,408 4,966 U.S. net operating loss carry forward 3,032 9,217 Other 3,107 2,080 Total deferred tax assets 237,138 177,174 Less: valuation allowance (37,969 ) (24,043 ) Total net deferred tax assets 199,169 153,131 Deferred tax liability Property, plant and equipment (45,178 ) (31,069 ) Prepaid expenses (8,628 ) (8,766 ) Intangible assets (1) (6,815 ) (20,381 ) Other (2,506 ) (1,688 ) Total deferred tax liabilities (63,127 ) (61,904 ) Total deferred tax assets, net $ 136,042 $ 91,227 (1) Certain December 31, 2015 amounts have been reclassified from “Other” amounts presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 to conform to the current period’s presentation. As of December 31, 2016 , the Company had $27.0 million in deferred tax assets associated with approximately $95.8 million in foreign net operating loss carryforwards which will begin to expire in 1 to 5 years. As of December 31, 2016 , the Company believes certain deferred tax assets associated with foreign net operating loss carryforwards will expire unused based on the Company's projections. Therefore, a full valuation allowance of $10.1 million was recorded against the Company's net deferred tax assets in 2016 . As of December 31, 2016 , the Company had $8.7 million in deferred tax assets associated with foreign tax credits. As of December 31, 2016 the Company believes that the foreign taxes paid would not be creditable against its future income taxes. Therefore, a full valuation allowance was recorded against the Company's net deferred tax assets. As of December 31, 2016 , approximately $122.9 million of cash and cash equivalents was held by the Company's non-U.S. subsidiaries whose cumulative undistributed earnings total $418.1 million . Withholding and U.S. taxes have not been provided on the undistributed earnings as the earnings are being permanently reinvested in its non-U.S. subsidiaries. Determining the tax liability that would arise if these earnings were repatriated is not practical. The Company utilizes the “with and without” method for intraperiod allocation of income tax provisions. Certain tax benefits associated with the Company’s stock-based compensation arrangements are recorded directly to Stockholders’ equity including benefit from excess tax deductions. As of December 31, 2016 and 2015 , the total liability for unrecognized tax benefits, including related interest and penalties, was approximately $70.4 million and $46.9 million , respectively. The following table represents a reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties, for the years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, (In thousands) 2016 2015 2014 Beginning of year $ 42,611 $ 28,353 $ 21,712 Increases as a result of tax positions taken in a prior period 661 203 250 Decreases as a result of tax positions taken in a prior period — — — Increases as a result of tax positions taken during the current period 26,482 14,382 8,947 Decreases as a result of tax positions taken during the current period — — — Decreases as a result of settlements during the current period — — — Reductions as a result of a lapse of statute of limitations during the current period (5,395 ) (327 ) (2,556 ) End of year $ 64,359 $ 42,611 $ 28,353 As of December 31, 2016 , $42.4 million of unrecognized tax benefits, excluding interest and penalties, would impact the Company's effective tax rate if recognized. As of December 31, 2016 , 2015 and 2014 , the liability for unrecognized tax benefits included $6.1 million , $4.3 million and $3.0 million , respectively, for the accrual of interest and penalties. For each of the years ended December 31, 2016 , 2015 and 2014 , the Company recorded $3.1 million , $1.7 million and $1.2 million , respectively, for the accrual of interest and penalties in its consolidated statements of income. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is currently under audit by the Internal Revenue Service for the 2012 and 2013 tax years. The majority of the Company's returns for years before 2012 are no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities. The total amount of unrecognized tax benefits relating to the Company's tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. Although the outcomes and timing of such events are highly uncertain, the Company does not anticipate that the balance of gross unrecognized tax benefits, excluding interest and penalties, will change significantly during the next twelve months. However, changes in the occurrence, expected outcomes, and timing of such events could cause the Company's current estimate to change materially in the future. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Earnings per Share | Earnings per Share The calculation of earnings per share for common stock shown below excludes the income attributable to outstanding restricted stock awards from the numerator and excludes the impact of these awards from the denominator. The following is a reconciliation of basic earnings per share to diluted earnings per share: Year Ended December 31, (In thousands, except per share amounts) 2016 2015 2014 Numerator Net income $ 256,979 $ 232,573 $ 208,042 Adjustment payment to Class C capital stockholders 59,000 — — Net income available to all stockholders $ 197,979 $ 232,573 $ 208,042 Denominator - Class A and B shares Weighted average common shares outstanding 217,707 215,498 213,227 Effect of dilutive securities 4,237 5,370 6,153 Weighted average common shares and dilutive securities outstanding 221,944 220,868 219,380 Earnings per share Class A and B —basic $ 0.45 $ 0.54 $ 0.49 Earnings per share Class A and B—diluted $ 0.45 $ 0.53 $ 0.47 Denominator - Class C shares Weighted average common shares outstanding 218,623 215,498 213,227 Effect of dilutive securities 4,281 5,370 6,153 Weighted average common shares and dilutive securities outstanding 222,904 220,868 219,380 Earnings per share Class C — basic $ 0.72 $ 0.54 $ 0.49 Earnings per share Class C — diluted $ 0.71 $ 0.53 $ 0.47 Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Stock options, restricted stock units and warrants representing 114.0 thousand , 770.0 thousand and 22.6 thousand shares of Class A common stock outstanding for the years ended December 31, 2016 , 2015 and 2014 , respectively, were excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. Stock options, restricted stock units and warrants representing 691.6 thousand , 770.0 thousand and 22.6 thousand shares of Class C common stock outstanding for the years ended December 31, 2016 , 2015 and 2014 , respectively, were excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Compensation Plans The Under Armour, Inc. Second Amended and Restated 2005 Omnibus Long-Term Incentive Plan as amended (the “2005 Plan”) provides for the issuance of stock options, restricted stock, restricted stock units and other equity awards to officers, directors, key employees and other persons. Stock options and restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a two to five year period. The contractual term for stock options is generally ten years from the date of grant. The Company generally receives a tax deduction for any ordinary income recognized by a participant in respect to an award under the 2005 Plan. The 2005 Plan terminates in 2025. As of December 31, 2016 , 7.2 million Class A shares and 22.0 million Class C shares are available for future grants of awards under the 2005 Plan. Total stock-based compensation expense for the years ended December 31, 2016 , 2015 and 2014 was $ 46.1 million , $ 60.4 million and $ 50.8 million , respectively. As of December 31, 2016 , the Company had $ 64.5 million of unrecognized compensation expense expected to be recognized over a weighted average period of 1.7 years. This unrecognized compensation expense does not include any expense related to performance-based restricted stock units and stock options for which the performance targets have not been deemed probable as of December 31, 2016 . Refer to “Stock Options” and “Restricted Stock and Restricted Stock Units” below for further information on these awards. Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (the “ESPP”) allows for the purchase of Class A Common Stock and Class C Common Stock by all eligible employees at a 15% discount from fair market value subject to certain limits as defined in the ESPP. As of December 31, 2016 , 2.7 million Class A shares and 1.7 million Class C shares are available for future purchases under the ESPP. During the years ended December 31, 2016 , 2015 and 2014 , 290.8 thousand , 103.3 thousand and 87.6 thousand shares were purchased under the ESPP, respectively . Non-Employee Director Compensation Plan and Deferred Stock Unit Plan The Company’s Non-Employee Director Compensation Plan (the “Director Compensation Plan”) provides for cash compensation and equity awards to non-employee directors of the Company under the 2005 Plan. Non-employee directors have the option to defer the value of their annual cash retainers as deferred stock units in accordance with the Under Armour, Inc. Non-Employee Deferred Stock Unit Plan (the “DSU Plan”). Each new non-employee director receives an award of restricted stock units upon the initial election to the Board of Directors, with the units covering stock valued at $100.0 thousand on the grant date and vesting in three equal annual installments. In addition, each non-employee director receives, following each annual stockholders’ meeting, a grant under the 2005 Plan of restricted stock units covering stock valued at $125.0 thousand on the grant date. Each award vests 100% on the date of the next annual stockholders’ meeting following the grant date. The receipt of the shares otherwise deliverable upon vesting of the restricted stock units automatically defers into deferred stock units under the DSU Plan. Under the DSU Plan each deferred stock unit represents the Company’s obligation to issue one share of the Company’s Class A Common Stock with the shares delivered six months following the termination of the director’s service. Stock Options The weighted average fair value of a stock option granted for the years ended December 31, 2016 and 2015 was $ 14.87 and $ 27.21 , respectively. There were no stock options granted during the year ended December 31, 2014 . The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rate 1.4 % 1.8 % — % Average expected life in years 6.50 6.00 0 Expected volatility 39.5 % 44.3 % — % Expected dividend yield — % — % — % A summary of the Company’s stock options as of December 31, 2016 , 2015 and 2014 , and changes during the years then ended is presented below: (In thousands, except per share amounts) Year Ended December 31, 2016 2015 2014 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Outstanding, beginning of year 6,008 $ 7.26 5,622 $ 4.14 8,544 $ 4.06 Granted, at fair market value 335 36.05 1,158 20.15 — — Exercised (1,763 ) 3.52 (720 ) 3.96 (2,908 ) 3.87 Expired — — — — — — Forfeited (315 ) 26.26 (52 ) 2.27 (14 ) 8.23 Outstanding, end of year 4,265 $ 9.63 6,008 $ 7.26 5,622 $ 4.14 Options exercisable, end of year 3,385 $ 4.30 4,892 $ 4.13 5,414 $ 3.94 Included in the table above are 0.3 million and 0.6 million performance-based stock options awarded to certain executives and key employees under the 2005 Plan during the years ended December 31, 2016 and 2015 , respectively. The performance-based stock options awarded in 2016 and 2015 have weighted average fair values of $14.87 and $18.03 , respectively, and have vesting that is tied to the achievement of certain combined annual operating income targets. The intrinsic value of stock options exercised during the years ended December 31, 2016 , 2015 and 2014 was $63.9 million , $27.5 million and $73.0 million , respectively. The following table summarizes information about stock options outstanding and exercisable as of December 31, 2016 : (In thousands, except per share amounts) Options Outstanding Options Exercisable Number of Underlying Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Total Intrinsic Value Number of Underlying Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Total Intrinsic Value 4,265 $ 9.63 4.27 $ 81,740 3,385 $ 4.30 3.20 $ 77,545 Restricted Stock and Restricted Stock Units A summary of the Company’s restricted stock and restricted stock units as of December 31, 2016 , 2015 and 2014 , and changes during the years then ended is presented below: Year Ended December 31, 2016 2015 2014 (In thousands, except per share amounts) Number of Restricted Shares Weighted Average Grant Date Fair Value Number of Restricted Shares Weighted Average Fair Value Number of Restricted Shares Weighted Average Fair Value Outstanding, beginning of year 6,760 $ 23.23 9,020 $ 15.21 10,488 $ 11.10 Granted 4,002 35.20 2,030 38.36 2,122 27.09 Forfeited (935 ) 30.35 (652 ) 24.29 (1,916 ) 10.49 Vested (3,056 ) 16.25 (3,638 ) 11.61 (1,674 ) 9.75 Outstanding, end of year 6,771 $ 19.68 6,760 $ 23.23 9,020 $ 15.21 Included in the table above are 2.5 million , 1.7 million and 2.0 million performance-based restricted stock units awarded to certain executives and key employees under the 2005 Plan during the years ended December 31, 2016 , 2015 and 2014 , respectively. The performance-based restricted stock units awarded in 2016 , 2015 and 2014 have weighted average fair values of $35.71 , $37.87 and $27.12 , respectively, and have vesting that is tied to the achievement of certain combined annual operating income targets. During the year ended December 31, 2016 , the Company deemed the achievement of certain operating income targets improbable for the performance-based stock options and restricted stock units granted in 2015 and 2016, and recorded reversals of expense of $3.6 million and $8.0 million , respectively, for the three months ended December 31, 2016. During the year ended December 31, 2015, the Company deemed the achievement of certain operating income targets probable for the performance-based stock options and restricted stock units granted in 2015 and 2014, and recorded $33.2 million for these awards, including a cumulative adjustment of $10.0 million during the three months ended September 30, 2015. During the year ended December 31, 2014, the Company deemed the achievement of certain operating income targets probable for the performance-based restricted stock units granted in 2014, 2013 and 2012, and recorded $38.4 million for a portion of these awards, including cumulative adjustments of $6.6 million during the three months ended March 31, 2014 and $3.8 million during the three months ended December 31, 2014. The Company will assess the probability of the achievement of the operating income targets at the end of each reporting period. If it becomes probable that any remaining performance targets related to these performance-based stock options and restricted stock units will be achieved, a cumulative adjustment will be recorded as if ratable stock-based compensation expense had been recorded since the grant date. Additional stock based compensation of up to $ 20.0 million would have been recorded through December 31, 2016 for all performance-based stock options and restricted stock units granted in 2016 had the full achievement of these operating income targets been deemed probable. Warrants In 2006, the Company issued fully vested and non-forfeitable warrants to purchase 1.92 million shares of the Company's Class A Common Stock and 1.93 million shares of the Company’s Class C Common Stock to NFL Properties as partial consideration for footwear promotional rights which were recorded as an intangible asset. The warrants have a term of 12 years from the date of issuance and an exercise price of $4.66 per Class A share and $4.59 per Class C share. As of December 31, 2016 , all outstanding warrants were exercisable, and no warrants were exercised. |
Other Employee Benefits
Other Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |
Other Employee Benefits | Other Employee Benefits The Company offers a 401(k) Deferred Compensation Plan for the benefit of eligible employees. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company matches a portion of the participant’s contribution and recorded expense of $9.0 million , $7.0 million and $4.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Shares of the Company’s Class A Common Stock and Class C common stock are not investment options in this plan. In addition, the Company offers the Under Armour, Inc. Deferred Compensation Plan which allows a select group of management or highly compensated employees, as approved by the Compensation Committee, to make an annual base salary and/or bonus deferral for each year. As of December 31, 2016 and 2015 , the Deferred Compensation Plan obligations were $7.0 million and $5.1 million , respectively, and were included in other long term liabilities on the consolidated balance sheets. The Company established the Rabbi Trust to fund obligations to participants in the Deferred Compensation Plan. As of December 31, 2016 and 2015 , the assets held in the Rabbi Trust were TOLI policies with cash-surrender values of $4.9 million and $4.5 million , respectively. These assets are consolidated and are included in other long term assets on the consolidated balance sheet. Refer to Note 8 for a discussion of the fair value measurements of the assets held in the Rabbi Trust and the Deferred Compensation Plan obligations. |
Risk Management and Derivatives
Risk Management and Derivatives | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Foreign Currency Risk Management and Derivatives | Risk Management and Derivatives Foreign Currency Risk Management The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are primarily driven by intercompany transactions and inventory purchases denominated in currencies other than the functional currency of the purchasing entity. From time to time, the Company may elect to enter into foreign currency contracts to reduce the risk associated with foreign currency exchange rate fluctuations on intercompany transactions and projected inventory purchases for its international subsidiaries. As of December 31, 2016 , the aggregate notional value of the Company's outstanding foreign currency contracts was $ 845.1 million , which was comprised of Canadian Dollar/U.S. Dollar, Euro/U.S. Dollar, Yen/Euro, Mexican Peso/Euro and Pound Sterling/Euro currency pairs with contract maturities ranging from one to eleven months. A portion of the Company's foreign currency contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in earnings. During 2014, the Company began entering into foreign currency contracts designated as cash flow hedges. For foreign currency contracts designated as cash flow hedges, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. During the years ended December 31, 2016 and 2015 , the Company reclassified $0.3 million and $3.5 million from other comprehensive income to cost of goods sold related to foreign currency contracts designated as cash flow hedges, respectively. The fair values of the Company’s foreign currency contracts were assets of $ 15.2 million and $3.8 million as of December 31, 2016 and 2015 , respectively, and were included in prepaid expenses and other current assets on the consolidated balance sheet. Refer to Note 8 for a discussion of the fair value measurements. Included in other expense, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency contracts: (In thousands) Year Ended December 31, 2016 2015 2014 Unrealized foreign currency exchange rate gains (losses) $ (12,627 ) $ (33,359 ) $ (11,739 ) Realized foreign currency exchange rate gains (losses) (6,906 ) 7,643 2,247 Unrealized derivative gains 729 388 1 Realized derivative gains 15,192 16,404 3,081 Interest Rate Risk Management In order to maintain liquidity and fund business operations, the Company enters into long term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long-term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. The Company utilizes interest rate swap contracts to convert a portion of variable rate debt to fixed rate debt. The contracts pay fixed and receive variable rates of interest. The interest rate swap contracts are accounted for as cash flow hedges and accordingly, the effective portion of the changes in their fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. Refer to Note 5 for a discussion of long term debt. As of December 31, 2016 , the notional value of our outstanding interest rate swap contracts was $153.1 million . During the years ended December 31, 2016 and 2015 , the Company recorded a $2.0 million and $2.7 million increase in interest expense, respectively, representing the effective portion of the contracts reclassified from accumulated other comprehensive income. The fair value of the interest rate swap contracts was a liability of $0.4 million and $1.5 million as of December 31, 2016 and 2015 , respectively, and were included in other long term liabilities on the consolidated balance sheet. The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has an operating lease agreement with an entity controlled by the Company’s CEO to lease an aircraft for business purposes. The Company paid $2.0 million , $2.0 million , and $1.8 million in lease payments to the entity for its use of the aircraft during the years ended December 31, 2016 , 2015 and 2014 , respectively. No amounts were payable to this related party as of December 31, 2016 and 2015 . The Company determined the lease payments were at fair market lease rates. In June 2016, the Company purchased parcels of land from an entity controlled by the Company's CEO, to be utilized to expand the Company’s corporate headquarters to accommodate its growth needs. The purchase price for these parcels totaled $70.3 million . The Company determined that the purchase price for the land represented the fair market value of the parcels and approximated the cost to the seller to purchase and develop the parcels, including costs related to the termination of a lease encumbering the parcels. In connection with the purchase of these parcels, in September 2016, the parties entered into an agreement pursuant to which the parties will share the burden of any special taxes arising due to infrastructure projects in the surrounding area. The allocation to the Company is based on the expected benefits to the Company’s parcels from these projects. No obligations were owed by either party under this agreement as of December 31, 2016. |
Segment Data and Related Inform
Segment Data and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Data and Related Information | Segment Data and Related Information The Company’s operating segments are based on how the Chief Operating Decision Maker (“CODM”) makes decisions about allocating resources and assessing performance. As such, the CODM receives discrete financial information for the Company's principal business by geographic region based on the Company’s strategy to become a global brand. These geographic regions include North America; Latin America; Europe, the Middle East and Africa (“EMEA”); and Asia-Pacific. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. Beginning in the first quarter of 2015, the CODM began receiving discrete financial information for the Company's Connected Fitness business. The net revenues and operating income (loss) associated with the Company's segments are summarized in the following tables. Net revenues represent sales to external customers for each segment. Intercompany balances were eliminated for separate disclosure. The majority of corporate service costs within North America have not been allocated to the Company's other segments. As the Company continues to grow its business outside of North America, a larger portion of its corporate overhead costs have begun to support global functions. Due to the individual materiality of our Asia-Pacific segment, the Company has separately presented its Asia-Pacific, EMEA and Latin America segments, as of December 31, 2016 and will no longer combine these segments for presentation purposes. Net revenues and operating income by segment presented for prior periods has been conformed to the current presentation. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM. During 2017, the Company plans to separately disclose its unallocated corporate costs. The Company believes this presentation will provide the users of its financial statements with increased transparency and comparability of its operating results. (In thousands) Year Ended December 31, 2016 2015 2014 Net revenues North America $ 4,005,314 $ 3,455,737 $ 2,796,390 EMEA 330,584 203,109 134,118 Asia-Pacific 268,607 144,877 70,419 Latin America 141,793 106,175 64,234 Connected Fitness 80,447 53,415 19,209 Intersegment Eliminations (1,410 ) — — Total net revenues $ 4,825,335 $ 3,963,313 $ 3,084,370 (In thousands) Year Ended December 31, 2016 2015 2014 Operating income (loss) North America $ 408,424 $ 460,961 $ 372,347 EMEA 11,420 3,122 (11,763 ) Asia-Pacific 68,338 36,358 21,858 Latin America (33,891 ) (30,593 ) (15,423 ) Connected Fitness (36,820 ) (61,301 ) (13,064 ) Total operating income 417,471 408,547 353,955 Interest expense, net (26,434 ) (14,628 ) (5,335 ) Other expense, net (2,755 ) (7,234 ) (6,410 ) Income before income taxes $ 388,282 $ 386,685 $ 342,210 Net revenues by product category are as follows: (In thousands) Year Ended December 31, 2016 2015 2014 Apparel $ 3,229,142 $ 2,801,062 $ 2,291,520 Footwear 1,010,693 677,744 430,987 Accessories 406,614 346,885 275,409 Total net sales 4,646,449 3,825,691 2,997,916 Licensing revenues 99,849 84,207 67,229 Connected Fitness 80,447 53,415 19,225 Intersegment Eliminations (1,410 ) — — Total net revenues $ 4,825,335 $ 3,963,313 $ 3,084,370 With the exception of goodwill and intangible assets disclosed in Note 4, as of December 31, 2016 and 2015 , the majority of the Company’s long-lived assets were located in the United States. Net revenues in the United States were $3,843.7 million , $3,317.0 million , and $2,639.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data (In thousands) Quarter Ended (unaudited) Year Ended December 31, March 31, June 30, September 30, December 31, 2016 Net revenues $ 1,047,702 $ 1,000,783 $ 1,471,573 $ 1,305,277 $ 4,825,335 Gross profit 480,636 477,647 698,624 583,704 2,240,611 Income from operations 34,883 19,378 199,310 163,900 417,471 Net income 19,180 6,344 128,225 103,230 256,979 Adjustment payment to Class C 59,000,000 — 59,000 — — 59,000 Net income available to all stockholders 199,660,000 $ 19,180 $ (52,656 ) $ 128,225 $ 103,230 $ 197,979 Basic net income (loss) per share of Class A and B common stock $ 0.04 $ (0.12 ) $ 0.29 $ 0.24 $ 0.45 Basic net income per share of Class C common stock $ 0.04 $ 0.15 $ 0.29 $ 0.24 $ 0.72 Diluted net income (loss) per share of Class A and B common stock $ 0.04 $ (0.12 ) $ 0.29 $ 0.23 $ 0.45 Diluted net income per share of Class C common stock $ 0.04 $ 0.15 $ 0.29 $ 0.23 $ 0.71 2015 Net revenues $ 804,941 $ 783,577 $ 1,204,109 $ 1,170,686 $ 3,963,313 Gross profit 377,664 379,053 587,160 561,670 1,905,547 Income from operations 27,667 31,901 171,397 177,582 408,547 Net income 11,728 14,766 100,477 105,602 232,573 Basic net income per share of Class A and B common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.54 Basic net income per share of Class C common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.54 Diluted net income per share of Class A and B common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.53 Diluted net income per share of Class C common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.53 |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Schedule II Valuation and Qualifying Accounts (In thousands) Description Balance at Beginning of Year Charged to Costs and Expenses Write-Offs Net of Recoveries Balance at End of Year Allowance for doubtful accounts For the year ended December 31, 2016 $ 5,930 $ 23,575 $ (18,164 ) $ 11,341 For the year ended December 31, 2015 3,693 2,951 (714 ) 5,930 For the year ended December 31, 2014 2,938 1,028 (273 ) 3,693 Sales returns and allowances For the year ended December 31, 2016 $ 72,615 $ 179,445 $ (130,774 ) $ 121,286 For the year ended December 31, 2015 52,973 145,828 (126,186 ) 72,615 For the year ended December 31, 2014 34,102 156,791 (137,920 ) 52,973 Deferred tax asset valuation allowance For the year ended December 31, 2016 $ 24,043 $ 13,951 $ (25 ) $ 37,969 For the year ended December 31, 2015 15,550 8,493 — 24,043 For the year ended December 31, 2014 8,091 7,581 (122 ) 15,550 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of Under Armour, Inc. and its wholly owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America. On January 5, 2015, the Company acquired 100% of the outstanding equity of Endomondo ApS (“Endomondo”), a Denmark-based digital connected fitness company. On March 17, 2015, the Company acquired 100% of the outstanding equity of MyFitnessPal, Inc. (“MFP”), a digital nutrition and connected fitness company. Both companies were acquired to expand the Under Armour Connected Fitness community. The purchase price allocation for each acquisition is reflected in the consolidated balance sheet as of December 31, 2015. On March 16, 2016, the Board of Directors approved the issuance of the Company’s new Class C non-voting common stock, referred to as the Class C stock. The Class C stock was issued through a stock dividend on a one-for-one basis to all existing holders of the Company's Class A and Class B common stock. The shares of Class C stock were distributed on April 7, 2016, to stockholders of record of Class A and Class B common stock as of March 28, 2016. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect this one-for-one stock dividend. On June 3, 2016, the Board of Directors approved the payment of a $59.0 million dividend to the holders of the Company's Class C stock in connection with shareholder litigation related to the creation of the Class C stock. The Company's Board of Directors approved the payment of this dividend in the form of additional shares of Class C stock, with cash in lieu of any fractional shares. This dividend was distributed on June 29, 2016, in the form of 1,470,256 shares of Class C stock and $2.9 million in cash. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at date of inception to be cash and cash equivalents. Included in interest expense, net for the years ended December 31, 2016 , 2015 and 2014 was interest income of $257.7 thousand , $164.0 thousand and $192.0 thousand , respectively, related to cash and cash equivalents. Concentration of Credit Risk Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable is due from large sporting goods retailers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not required. The Company's largest customer in North America accounted for 16% and 19% of accounts receivable as of December 31, 2016 and December 31, 2015 , respectively. The Company's largest customer accounted for 10% , 12% and 14% of net revenues for the years ended December 31, 2016 , 2015 and 2014 , respectively. Allowance for Doubtful Accounts The Company make s ongoing estimates relating to the collectability of accounts receivable and maintain s an allowance for estimated losses resulting from the inability of its customers to make required payments. In determining the amount of the reserve, the Company consider s historical levels of credit losses and significant economic developments within the retail environment that could impact the ability of its customers to pay outstanding balances and makes judgments about the creditworthiness of significant customers based on ongoing credit evaluations. Because the Company cannot predict future changes in the financial stability of its customers, actual future losses from uncollectible accounts may differ from estimates. If the financial condition of customers were to deteriorate, resulting in their inability to make payments, a larger reserve might be required. In the event the Company determine s a smaller or larger reserve is appropriate, it would record a benefit or charge to selling, general and administrative expense in the period in which such a determination was made. As of December 31, 2016 and 2015 , the allowance for doubtful accounts was $11.3 million and $5.9 million , respectively. Inventories Inventories consist primarily of finished goods. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight, duties and other costs. The Company value s its inventory at standard cost which approximates landed cost, using the first-in, first-out method of cost determination. Market value is estimated based upon assumptions made about future demand and retail market conditions. If the Company determine s that the estimated market value of its inventory is less than the carrying value of such inventory, it record s a charge to cost of goods sold to reflect the lower of cost or market. If actual market conditions are less favorable than those projected by the Company , further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by valuation allowances when necessary. Assessing whether deferred tax assets are realizable requires significant judgment. The Company consider s all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent the Company believe s it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company’s deferred tax assets, which increase income tax expense in the period when such a determination is made. Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognize s accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. Property and Equipment Property and equipment are stated at cost, including the cost of internal labor for software customized for internal use, less accumulated depreciation and amortization. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets: 3 to 10 years for furniture, office equipment, software and plant equipment and 10 to 35 years for site improvements, buildings and building equipment. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. The cost of in-store apparel and footwear fixtures and displays are capitalized, included in furniture, fixtures and displays, and depreciated over 3 years. The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively. The Company capitalizes the cost of interest for long term property and equipment projects based on the Company’s weighted average borrowing rates in place while the projects are in progress. Capitalized interest was $1.8 million and $1.0 million as of December 31, 2016 and 2015 , respectively. Upon retirement or disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance and repairs, which do not improve or extend the lives of assets, are expensed as incurred. Goodwill, Intangible Assets and Long-Lived Assets Goodwill and intangible assets are recorded at their estimated fair values at the date of acquisition and are allocated to the reporting units that are expected to receive the related benefits. Goodwill and indefinite lived intangible assets are not amortized and are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. In conducting an annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that is the case, or if goodwill is allocated to a reporting unit for the first time, the Company performs the two-step goodwill impairment test. The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. The Company calculates fair value using the discounted cash flows model, which indicates the fair value of the reporting unit based on the present value of the cash flows that the Company expects the reporting unit to generate in the future. The Company's significant estimates in the discounted cash flows model include: the Company's weighted average cost of capital, long-term rate of growth and profitability of the reporting unit’s business, and working capital effects. If the carrying amount exceeds its fair value, the second step will be performed. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value.The Company performs its annual impairment tests in the fourth quarter of each fiscal year. As of December 31, 2016, no impairment of goodwill was identified and the fair value of each reporting unit substantially exceeded its carrying value. The Connected Fitness valuation is dependent upon revenue growth assumptions. If the performance of this reporting unit does not meet expectations it could have a material impact on the fair value of the reporting unit. The Company continually evaluate s whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived assets may warrant revision or that the remaining balance may not be recoverable. These factors may include a significant deterioration of operating results, changes in business plans, or changes in anticipated cash flows. When factors indicate that an asset should be evaluated for possible impairment, the Company review s long-lived assets to assess recoverability from future operations using undiscounted cash flows. If future undiscounted cash flows are less than the carrying value, an impairment is recognized in earnings to the extent that the carrying value exceeds fair value. Accrued Expenses At December 31, 2016 , accrued expenses primarily included $ 60.8 million and $ 24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31, 2015 , accrued expenses primarily included $ 63.8 million and $ 17.8 million of accrued compensation and benefits and marketing expenses, respectively. Foreign Currency Translation and Transactions The functional currency for each of the Company’s wholly owned foreign subsidiaries is generally the applicable local currency. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenue and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity as a component of accumulated other comprehensive income. Adjustments that arise from foreign currency exchange rate changes on transactions, primarily driven by intercompany transactions, denominated in a currency other than the functional currency are included in other expense, net on the consolidated statements of income. Derivatives and Hedging Activities The Company uses derivative financial instruments in the form of foreign currency and interest rate swap contracts to minimize the risk associated with foreign currency exchange rate and interest rate fluctuations. The Company accounts for derivative financial instruments pursuant to applicable accounting guidance. This guidance establishes accounting and reporting standards for derivative financial instruments and requires all derivatives to be recognized as either assets or liabilities on the balance sheet and to be measured at fair value. Unrealized derivative gain positions are recorded as other current assets or other long term assets, and unrealized derivative loss positions are recorded as accrued expenses or other long term liabilities, depending on the derivative financial instrument’s maturity date. Currently, the majority of the Company’s foreign currency contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are included in other expense, net on the consolidated statements of income. During 2014, the Company began entering into foreign currency contracts designated as cash flow hedges, and consequently, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. Additionally, the Company has designated its interest rate swap contract as a cash flow hedge and accordingly, the effective portion of changes in fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. The ineffective portion, if any, is recognized in current period earnings. The Company does not enter into derivative financial instruments for speculative or trading purposes. Revenue Recognition The Company recognizes revenue pursuant to applicable accounting standards. Net revenues consist of both net sales and license and other revenues. Net sales are recognized upon transfer of ownership, including passage of title to the customer and transfer of risk of loss related to those goods. Transfer of title and risk of loss is based upon shipment under free on board shipping point for most goods or upon receipt by the customer depending on the country of the sale and the agreement with the customer. In some instances, transfer of title and risk of loss takes place at the point of sale, for example, at the Company’s brand and factory house stores. The Company may also ship product directly from its supplier to the customer and recognize revenue when the product is delivered to and accepted by the customer. License and other revenues are primarily recognized based upon shipment of licensed products sold by the Company’s licensees. Sales taxes imposed on the Company’s revenues from product sales are presented on a net basis on the consolidated statements of income and therefore do not impact net revenues or costs of goods sold. The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. The Company bases its estimates on historical rates of customer returns and allowances as well as the specific identification of outstanding returns, markdowns and allowances that have not yet been received by the Company. The actual amount of customer returns and allowances, which is inherently uncertain, may differ from the Company’s estimates. If the Company determines that actual or expected returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as appropriate, to net sales in the period in which it makes such a determination. Provisions for customer specific discounts are based on contractual obligations with certain major customers. Reserves for returns, allowances, markdowns and discounts are recorded as an offset to accounts receivable as settlements are made through offsets to outstanding customer invoices. As of December 31, 2016 and 2015 , there were $146.2 million and $94.5 million , respectively, in reserves for customer returns, allowances, markdowns and discounts. Advertising Costs Advertising costs are charged to selling, general and administrative expenses. Advertising production costs are expensed the first time an advertisement related to such production costs is run. Media (television, print and radio) placement costs are expensed in the month during which the advertisement appears, and costs related to event sponsorships are expensed when the event occurs. In addition, advertising costs include sponsorship expenses. Accounting for sponsorship payments is based upon specific contract provisions and the payments are generally expensed uniformly over the term of the contract after recording expense related to specific performance incentives once they are deemed probable. Advertising expense, including amortization of in-store marketing fixtures and displays, was $ 477.5 million , $ 417.8 million and $ 333.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , prepaid advertising costs were $ 32.0 million and $ 37.5 million , respectively. Shipping and Handling Costs The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $ 89.9 million , $ 63.7 million and $ 55.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold. Minority Investment The Company holds a minority investment in Dome Corporation (“Dome”), the Company’s Japanese licensee. The Company invested ¥ 1,140.0 million , or $ 15.5 million , in exchange for 19.5% common stock ownership in Dome. As of December 31, 2016 and 2015 , the carrying value of the Company’s investment was $ 11.7 million and $ 12.0 million , respectively, and was included in other long term assets on the consolidated balance sheets. The investment is subject to foreign currency translation rate fluctuations as it is held by the Company’s European subsidiary. The Company accounts for its investment in Dome under the cost method given that it does not have the ability to exercise significant influence. Additionally, the Company concluded that no event or change in circumstances occurred during the year ended December 31, 2016 that may have a significant adverse effect on the fair value of the investment. Earnings per Share Basic earnings per common share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Any stock-based compensation awards that are determined to be participating securities, which are stock-based compensation awards that entitle the holders to receive dividends prior to vesting, are included in the calculation of basic earnings per share using the two class method. Diluted earnings per common share is computed by dividing net income available to common stockholders for the period by the diluted weighted average common shares outstanding during the period. Diluted earnings per share reflects the potential dilution from common shares issuable through stock options, warrants, restricted stock units and other equity awards. Refer to Note 10 for further discussion of earnings per share. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting guidance that requires all stock-based compensation awards granted to employees and directors to be measured at fair value and recognized as an expense in the financial statements. In addition, this guidance requires that excess tax benefits related to stock-based compensation awards be reflected as financing cash flows. The Company uses the Black-Scholes option-pricing model to estimate the fair market value of stock-based compensation awards. The Company uses the “simplified method” to estimate the expected life of options, as permitted by accounting guidance. The “simplified method” calculates the expected life of a stock option equal to the time from grant to the midpoint between the vesting date and contractual term, taking into account all vesting tranches. The risk free interest rate is based on the yield for the U.S. Treasury bill with a maturity equal to the expected life of the stock option. Expected volatility is based on the Company's historical average. Compensation expense is recognized net of forfeitures on a straight-line basis over the total vesting period, which is the implied requisite service period. Compensation expense for performance-based awards is recorded over the implied requisite service period when achievement of the performance target is deemed probable. The forfeiture rate is estimated at the date of grant based on historical rates. The Company issues new shares of Class A Common Stock and Class C Common Stock upon exercise of stock options, grant of restricted stock or share unit conversion. Refer to Note 11 for further details on stock-based compensation. Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Fair Value of Financial Instruments The carrying amounts shown for the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short term maturity of those instruments. As of December 31, 2016, the fair value of the Company's Senior Notes is $568.1 million . The fair value of the Company's other long term debt approximates its carrying value based on the variable nature of interest rates and current market rates available to the Company. The fair value of foreign currency contracts is based on the net difference between the U.S. dollars to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current exchange rate. The fair value of the interest rate swap contract is based on the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, which supersedes the most current revenue recognition requirements. This ASU requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. In 2016, the FASB issued ASUs 2016-08, 2016-10, 2016-11 and 2016-12, which provide supplemental adoption guidance and clarification to ASU 2014-09. These ASUs will be effective for annual and interim periods beginning after December 15, 2017 with early adoption for annual and interim periods beginning after December 15, 2016 permitted and should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company currently anticipates adopting the guidance in this new ASU effective January 1, 2018. This ASU permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company has not yet determined its adoption method. The Company has identified a committee, agreed on a methodology for review of its revenue arrangements and initiated the review process for adoption of this ASU, and is evaluating the impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which amends the existing guidance for leases and will require recognition of operating leases with lease terms of more than twelve months and all financing leases on the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. This ASU will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities recorded in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. The Company currently anticipates adopting the new standard effective January 1, 2019. The Company has formed a committee and initiated the review process for adoption of this ASU. While the Company is still in the process of completing its analysis on the complete impact this ASU will have on its consolidated financial statements and related disclosures, it expects the ASU to have a material impact on its consolidated balance sheet for recognition of lease-related assets and liabilities. In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company will not early adopt this ASU. The adoption of this guidance may have a material impact on the Company's effective tax rate and income tax expense, depending in part on whether significant employee stock option exercises occur. In August 2016, the FASB issued ASU 2016-15, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period of 2017. Upon adoption, any deferred charge established upon an intra-company transfer would be recorded as a cumulative-effect adjustment to retained earnings. At December 31, 2016, the Company had a deferred charge of $26.0 million with $1.8 million and $24.2 million recorded within Prepaid expenses and Other long term assets, respectively. The Company plans to adopt this ASU during the interim period ending March 31, 2017. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt. This ASU is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this ASU in the first quarter of 2016, and reclassified approximately $2.9 million from "Other long term assets" to "Long term debt, net of current maturities" as of December 31, 2015. |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation The accompanying consolidated financial statements include the accounts of Under Armour, Inc. and its wholly owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America. On January 5, 2015, the Company acquired 100% of the outstanding equity of Endomondo ApS (“Endomondo”), a Denmark-based digital connected fitness company. On March 17, 2015, the Company acquired 100% of the outstanding equity of MyFitnessPal, Inc. (“MFP”), a digital nutrition and connected fitness company. Both companies were acquired to expand the Under Armour Connected Fitness community. The purchase price allocation for each acquisition is reflected in the consolidated balance sheet as of December 31, 2015. On March 16, 2016, the Board of Directors approved the issuance of the Company’s new Class C non-voting common stock, referred to as the Class C stock. The Class C stock was issued through a stock dividend on a one-for-one basis to all existing holders of the Company's Class A and Class B common stock. The shares of Class C stock were distributed on April 7, 2016, to stockholders of record of Class A and Class B common stock as of March 28, 2016. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect this one-for-one stock dividend. On June 3, 2016, the Board of Directors approved the payment of a $59.0 million dividend to the holders of the Company's Class C stock in connection with shareholder litigation related to the creation of the Class C stock. The Company's Board of Directors approved the payment of this dividend in the form of additional shares of Class C stock, with cash in lieu of any fractional shares. This dividend was distributed on June 29, 2016, in the form of 1,470,256 shares of Class C stock and $2.9 million in cash. |
Earnings Per Share, Policy | Earnings per Share Basic earnings per common share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Any stock-based compensation awards that are determined to be participating securities, which are stock-based compensation awards that entitle the holders to receive dividends prior to vesting, are included in the calculation of basic earnings per share using the two class method. Diluted earnings per common share is computed by dividing net income available to common stockholders for the period by the diluted weighted average common shares outstanding during the period. Diluted earnings per share reflects the potential dilution from common shares issuable through stock options, warrants, restricted stock units and other equity awards. Refer to Note 10 for further discussion of earnings per share. |
Cost Based Investment | Minority Investment The Company holds a minority investment in Dome Corporation (“Dome”), the Company’s Japanese licensee. The Company invested ¥ 1,140.0 million , or $ 15.5 million , in exchange for 19.5% common stock ownership in Dome. As of December 31, 2016 and 2015 , the carrying value of the Company’s investment was $ 11.7 million and $ 12.0 million , respectively, and was included in other long term assets on the consolidated balance sheets. The investment is subject to foreign currency translation rate fluctuations as it is held by the Company’s European subsidiary. The Company accounts for its investment in Dome under the cost method given that it does not have the ability to exercise significant influence. Additionally, the Company concluded that no event or change in circumstances occurred during the year ended December 31, 2016 that may have a significant adverse effect on the fair value of the investment. |
Advertising Costs, Policy | Advertising Costs Advertising costs are charged to selling, general and administrative expenses. Advertising production costs are expensed the first time an advertisement related to such production costs is run. Media (television, print and radio) placement costs are expensed in the month during which the advertisement appears, and costs related to event sponsorships are expensed when the event occurs. In addition, advertising costs include sponsorship expenses. Accounting for sponsorship payments is based upon specific contract provisions and the payments are generally expensed uniformly over the term of the contract after recording expense related to specific performance incentives once they are deemed probable. Advertising expense, including amortization of in-store marketing fixtures and displays, was $ 477.5 million , $ 417.8 million and $ 333.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , prepaid advertising costs were $ 32.0 million and $ 37.5 million , respectively. |
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation and Transactions The functional currency for each of the Company’s wholly owned foreign subsidiaries is generally the applicable local currency. The translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenue and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders’ equity as a component of accumulated other comprehensive income. Adjustments that arise from foreign currency exchange rate changes on transactions, primarily driven by intercompany transactions, denominated in a currency other than the functional currency are included in other expense, net on the consolidated statements of income. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy | Goodwill, Intangible Assets and Long-Lived Assets Goodwill and intangible assets are recorded at their estimated fair values at the date of acquisition and are allocated to the reporting units that are expected to receive the related benefits. Goodwill and indefinite lived intangible assets are not amortized and are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. In conducting an annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that is the case, or if goodwill is allocated to a reporting unit for the first time, the Company performs the two-step goodwill impairment test. The first step, identifying a potential impairment, compares the fair value of the reporting unit with its carrying amount. The Company calculates fair value using the discounted cash flows model, which indicates the fair value of the reporting unit based on the present value of the cash flows that the Company expects the reporting unit to generate in the future. The Company's significant estimates in the discounted cash flows model include: the Company's weighted average cost of capital, long-term rate of growth and profitability of the reporting unit’s business, and working capital effects. If the carrying amount exceeds its fair value, the second step will be performed. The second step, measuring the impairment loss, compares the implied fair value of the goodwill with the carrying amount of the goodwill. Any excess of the goodwill carrying amount over the applied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to fair value.The Company performs its annual impairment tests in the fourth quarter of each fiscal year. As of December 31, 2016, no impairment of goodwill was identified and the fair value of each reporting unit substantially exceeded its carrying value. The Connected Fitness valuation is dependent upon revenue growth assumptions. If the performance of this reporting unit does not meet expectations it could have a material impact on the fair value of the reporting unit. The Company continually evaluate s whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived assets may warrant revision or that the remaining balance may not be recoverable. These factors may include a significant deterioration of operating results, changes in business plans, or changes in anticipated cash flows. When factors indicate that an asset should be evaluated for possible impairment, the Company review s long-lived assets to assess recoverability from future operations using undiscounted cash flows. If future undiscounted cash flows are less than the carrying value, an impairment is recognized in earnings to the extent that the carrying value exceeds fair value. |
Inventory, Policy | Inventories Inventories consist primarily of finished goods. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight, duties and other costs. The Company value s its inventory at standard cost which approximates landed cost, using the first-in, first-out method of cost determination. Market value is estimated based upon assumptions made about future demand and retail market conditions. If the Company determine s that the estimated market value of its inventory is less than the carrying value of such inventory, it record s a charge to cost of goods sold to reflect the lower of cost or market. If actual market conditions are less favorable than those projected by the Company , further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable is due from large sporting goods retailers. Credit is extended based on an evaluation of the customer’s financial condition and collateral is not required. The Company's largest customer in North America accounted for 16% and 19% of accounts receivable as of December 31, 2016 and December 31, 2015 , respectively. The Company's largest customer accounted for 10% , 12% and 14% of net revenues for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts The Company make s ongoing estimates relating to the collectability of accounts receivable and maintain s an allowance for estimated losses resulting from the inability of its customers to make required payments. In determining the amount of the reserve, the Company consider s historical levels of credit losses and significant economic developments within the retail environment that could impact the ability of its customers to pay outstanding balances and makes judgments about the creditworthiness of significant customers based on ongoing credit evaluations. Because the Company cannot predict future changes in the financial stability of its customers, actual future losses from uncollectible accounts may differ from estimates. If the financial condition of customers were to deteriorate, resulting in their inability to make payments, a larger reserve might be required. In the event the Company determine s a smaller or larger reserve is appropriate, it would record a benefit or charge to selling, general and administrative expense in the period in which such a determination was made. As of December 31, 2016 and 2015 , the allowance for doubtful accounts was $11.3 million and $5.9 million , respectively. |
Shipping and Handling Costs | Shipping and Handling Costs The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $ 89.9 million , $ 63.7 million and $ 55.3 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold. |
Management Estimates | Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at date of inception to be cash and cash equivalents. Included in interest expense, net for the years ended December 31, 2016 , 2015 and 2014 was interest income of $257.7 thousand , $164.0 thousand and $192.0 thousand , respectively, related to cash and cash equivalents. |
Income Tax, Policy | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by valuation allowances when necessary. Assessing whether deferred tax assets are realizable requires significant judgment. The Company consider s all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. To the extent the Company believe s it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company’s deferred tax assets, which increase income tax expense in the period when such a determination is made. Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognize s accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes on the consolidated statements of income. |
Property, Plant and Equipment, Policy | Property and Equipment Property and equipment are stated at cost, including the cost of internal labor for software customized for internal use, less accumulated depreciation and amortization. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets: 3 to 10 years for furniture, office equipment, software and plant equipment and 10 to 35 years for site improvements, buildings and building equipment. Leasehold and tenant improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. The cost of in-store apparel and footwear fixtures and displays are capitalized, included in furniture, fixtures and displays, and depreciated over 3 years. The Company periodically reviews assets’ estimated useful lives based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively. The Company capitalizes the cost of interest for long term property and equipment projects based on the Company’s weighted average borrowing rates in place while the projects are in progress. Capitalized interest was $1.8 million and $1.0 million as of December 31, 2016 and 2015 , respectively. Upon retirement or disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance and repairs, which do not improve or extend the lives of assets, are expensed as incurred. |
Accrued Expenses | Accrued Expenses At December 31, 2016 , accrued expenses primarily included $ 60.8 million and $ 24.7 million of accrued compensation and benefits and marketing expenses, respectively. At December 31, 2015 , accrued expenses primarily included $ 63.8 million and $ 17.8 million of accrued compensation and benefits and marketing expenses, respectively. |
Derivatives, Policy | Derivatives and Hedging Activities The Company uses derivative financial instruments in the form of foreign currency and interest rate swap contracts to minimize the risk associated with foreign currency exchange rate and interest rate fluctuations. The Company accounts for derivative financial instruments pursuant to applicable accounting guidance. This guidance establishes accounting and reporting standards for derivative financial instruments and requires all derivatives to be recognized as either assets or liabilities on the balance sheet and to be measured at fair value. Unrealized derivative gain positions are recorded as other current assets or other long term assets, and unrealized derivative loss positions are recorded as accrued expenses or other long term liabilities, depending on the derivative financial instrument’s maturity date. Currently, the majority of the Company’s foreign currency contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are included in other expense, net on the consolidated statements of income. During 2014, the Company began entering into foreign currency contracts designated as cash flow hedges, and consequently, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. Additionally, the Company has designated its interest rate swap contract as a cash flow hedge and accordingly, the effective portion of changes in fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. The ineffective portion, if any, is recognized in current period earnings. The Company does not enter into derivative financial instruments for speculative or trading purposes. |
Revenue Recognition, Policy | Revenue Recognition The Company recognizes revenue pursuant to applicable accounting standards. Net revenues consist of both net sales and license and other revenues. Net sales are recognized upon transfer of ownership, including passage of title to the customer and transfer of risk of loss related to those goods. Transfer of title and risk of loss is based upon shipment under free on board shipping point for most goods or upon receipt by the customer depending on the country of the sale and the agreement with the customer. In some instances, transfer of title and risk of loss takes place at the point of sale, for example, at the Company’s brand and factory house stores. The Company may also ship product directly from its supplier to the customer and recognize revenue when the product is delivered to and accepted by the customer. License and other revenues are primarily recognized based upon shipment of licensed products sold by the Company’s licensees. Sales taxes imposed on the Company’s revenues from product sales are presented on a net basis on the consolidated statements of income and therefore do not impact net revenues or costs of goods sold. The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. The Company bases its estimates on historical rates of customer returns and allowances as well as the specific identification of outstanding returns, markdowns and allowances that have not yet been received by the Company. The actual amount of customer returns and allowances, which is inherently uncertain, may differ from the Company’s estimates. If the Company determines that actual or expected returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as appropriate, to net sales in the period in which it makes such a determination. Provisions for customer specific discounts are based on contractual obligations with certain major customers. Reserves for returns, allowances, markdowns and discounts are recorded as an offset to accounts receivable as settlements are made through offsets to outstanding customer invoices. As of December 31, 2016 and 2015 , there were $146.2 million and $94.5 million , respectively, in reserves for customer returns, allowances, markdowns and discounts. |
Share-based Compensation, Option and Incentive Plans Policy | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with accounting guidance that requires all stock-based compensation awards granted to employees and directors to be measured at fair value and recognized as an expense in the financial statements. In addition, this guidance requires that excess tax benefits related to stock-based compensation awards be reflected as financing cash flows. The Company uses the Black-Scholes option-pricing model to estimate the fair market value of stock-based compensation awards. The Company uses the “simplified method” to estimate the expected life of options, as permitted by accounting guidance. The “simplified method” calculates the expected life of a stock option equal to the time from grant to the midpoint between the vesting date and contractual term, taking into account all vesting tranches. The risk free interest rate is based on the yield for the U.S. Treasury bill with a maturity equal to the expected life of the stock option. Expected volatility is based on the Company's historical average. Compensation expense is recognized net of forfeitures on a straight-line basis over the total vesting period, which is the implied requisite service period. Compensation expense for performance-based awards is recorded over the implied requisite service period when achievement of the performance target is deemed probable. The forfeiture rate is estimated at the date of grant based on historical rates. The Company issues new shares of Class A Common Stock and Class C Common Stock upon exercise of stock options, grant of restricted stock or share unit conversion. Refer to Note 11 for further details on stock-based compensation. |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments The carrying amounts shown for the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short term maturity of those instruments. As of December 31, 2016, the fair value of the Company's Senior Notes is $568.1 million . The fair value of the Company's other long term debt approximates its carrying value based on the variable nature of interest rates and current market rates available to the Company. The fair value of foreign currency contracts is based on the net difference between the U.S. dollars to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current exchange rate. The fair value of the interest rate swap contract is based on the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. |
New Accounting Pronouncements, Policy | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, which supersedes the most current revenue recognition requirements. This ASU requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services. In 2016, the FASB issued ASUs 2016-08, 2016-10, 2016-11 and 2016-12, which provide supplemental adoption guidance and clarification to ASU 2014-09. These ASUs will be effective for annual and interim periods beginning after December 15, 2017 with early adoption for annual and interim periods beginning after December 15, 2016 permitted and should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company currently anticipates adopting the guidance in this new ASU effective January 1, 2018. This ASU permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company has not yet determined its adoption method. The Company has identified a committee, agreed on a methodology for review of its revenue arrangements and initiated the review process for adoption of this ASU, and is evaluating the impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, which amends the existing guidance for leases and will require recognition of operating leases with lease terms of more than twelve months and all financing leases on the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. This ASU will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities recorded in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. The Company currently anticipates adopting the new standard effective January 1, 2019. The Company has formed a committee and initiated the review process for adoption of this ASU. While the Company is still in the process of completing its analysis on the complete impact this ASU will have on its consolidated financial statements and related disclosures, it expects the ASU to have a material impact on its consolidated balance sheet for recognition of lease-related assets and liabilities. In March 2016, the FASB issued ASU 2016-09, which effects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016. This guidance can be applied either prospectively, retrospectively or using a modified retrospective transition method. Early adoption is permitted. The Company will not early adopt this ASU. The adoption of this guidance may have a material impact on the Company's effective tax rate and income tax expense, depending in part on whether significant employee stock option exercises occur. In August 2016, the FASB issued ASU 2016-15, which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company does not believe this ASU will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which will require an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. This ASU is effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted in the first interim period of 2017. Upon adoption, any deferred charge established upon an intra-company transfer would be recorded as a cumulative-effect adjustment to retained earnings. At December 31, 2016, the Company had a deferred charge of $26.0 million with $1.8 million and $24.2 million recorded within Prepaid expenses and Other long term assets, respectively. The Company plans to adopt this ASU during the interim period ending March 31, 2017. Recently Adopted Accounting Standards In April 2015, the FASB issued ASU 2015-03, which requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt. This ASU is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of this ASU in the first quarter of 2016, and reclassified approximately $2.9 million from "Other long term assets" to "Long term debt, net of current maturities" as of December 31, 2015. |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consisted of the following: December 31, (In thousands) 2016 2015 Leasehold and tenant improvements $ 326,617 $ 214,834 Furniture, fixtures and displays 168,720 132,736 Buildings 47,216 47,137 Software 151,059 99,309 Office equipment 75,196 50,399 Plant equipment 124,140 118,138 Land 83,574 17,628 Construction in progress 204,362 147,581 Other 20,383 4,002 Subtotal property and equipment 1,201,267 831,764 Accumulated depreciation (397,056 ) (293,233 ) Property and equipment, net $ 804,211 $ 538,531 |
Goodwill and Intangible Asset28
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Intangible Assets, Net The following table summarizes changes in the carrying amount of the Company’s goodwill by reportable segment as of the periods indicated: North America EMEA Asia-Pacific Latin America Connected Fitness Total Balance as of December 31, 2015 $ 316,852 $ 109,890 $ 79,963 $ 51,116 $ 27,360 $ 585,181 Effect of currency translation adjustment 471 (10,645 ) (2,377 ) (8,680 ) (359 ) (21,590 ) Balance as of December 31, 2016 $ 317,323 $ 99,245 $ 77,586 $ 42,436 $ 27,001 $ 563,591 The following table summarizes the Company’s intangible assets as of the periods indicated: December 31, 2016 December 31, 2015 (In thousands) Useful Lives from Date of Acquisitions (in years) Gross Accumulated Net Carrying Gross Accumulated Net Carrying Intangible assets subject to amortization: User base 10 $ 47,653 $ (8,733 ) $ 38,920 $ 47,922 $ (3,965 ) $ 43,957 Technology 5-7 19,612 (8,221 ) 11,391 19,739 (5,041 ) 14,698 Customer relationships 2-3 9,527 (9,527 ) — 10,738 (8,354 ) 2,384 Trade name 4-5 7,653 (4,816 ) 2,837 7,663 (3,036 ) 4,627 Nutrition database 10 4,500 (806 ) 3,694 4,500 (356 ) 4,144 Lease-related intangible assets 1-15 3,896 (3,075 ) 821 3,896 (2,919 ) 977 Other 5-10 1,373 (666 ) 707 1,385 (444 ) 941 Total $ 94,214 $ (35,844 ) $ 58,370 $ 95,843 $ (24,115 ) $ 71,728 Indefinite-lived intangible assets 5,940 3,958 Intangible assets, net $ 64,310 $ 75,686 Amortization expense, which is included in selling, general and administrative expenses, was $13.0 million , $13.9 million and $8.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following is the estimated amortization expense for the Company’s intangible assets as of December 31, 2016 : (In thousands) 2017 $ 10,509 2018 9,346 2019 9,240 2020 7,201 2021 5,318 2022 and thereafter 16,756 Amortization expense of intangible assets $ 58,370 At December 31, 2016 , 2015 and 2014 , the Company determined that its goodwill and indefinite-lived intangible assets were not impaired. |
Schedule of Goodwill | The following table summarizes changes in the carrying amount of the Company’s goodwill by reportable segment as of the periods indicated: North America EMEA Asia-Pacific Latin America Connected Fitness Total Balance as of December 31, 2015 $ 316,852 $ 109,890 $ 79,963 $ 51,116 $ 27,360 $ 585,181 Effect of currency translation adjustment 471 (10,645 ) (2,377 ) (8,680 ) (359 ) (21,590 ) Balance as of December 31, 2016 $ 317,323 $ 99,245 $ 77,586 $ 42,436 $ 27,001 $ 563,591 |
Summary Of Intangible Assets | The following table summarizes the Company’s intangible assets as of the periods indicated: December 31, 2016 December 31, 2015 (In thousands) Useful Lives from Date of Acquisitions (in years) Gross Accumulated Net Carrying Gross Accumulated Net Carrying Intangible assets subject to amortization: User base 10 $ 47,653 $ (8,733 ) $ 38,920 $ 47,922 $ (3,965 ) $ 43,957 Technology 5-7 19,612 (8,221 ) 11,391 19,739 (5,041 ) 14,698 Customer relationships 2-3 9,527 (9,527 ) — 10,738 (8,354 ) 2,384 Trade name 4-5 7,653 (4,816 ) 2,837 7,663 (3,036 ) 4,627 Nutrition database 10 4,500 (806 ) 3,694 4,500 (356 ) 4,144 Lease-related intangible assets 1-15 3,896 (3,075 ) 821 3,896 (2,919 ) 977 Other 5-10 1,373 (666 ) 707 1,385 (444 ) 941 Total $ 94,214 $ (35,844 ) $ 58,370 $ 95,843 $ (24,115 ) $ 71,728 Indefinite-lived intangible assets 5,940 3,958 Intangible assets, net $ 64,310 $ 75,686 |
Credit Facility and Long Term29
Credit Facility and Long Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Scheduled Maturities of Long Term Debt | The following are the scheduled maturities of long term debt as of December 31, 2016 : (In thousands) 2017 $ 27,000 2018 27,000 2019 63,000 2020 25,000 2021 86,250 2022 and thereafter 600,000 Total scheduled maturities of long term debt $ 828,250 Current maturities of long term debt $ 27,000 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments For Non-Cancelable Real Property Operating Leases | The following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of December 31, 2016 as well as significant operating lease agreements entered into during the period after December 31, 2016 through the date of this report: (In thousands) 2017 $ 114,857 2018 127,504 2019 136,040 2020 133,092 2021 122,753 2022 and thereafter 788,180 Total future minimum lease payments $ 1,422,426 |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements | The following is a schedule of the Company’s future minimum payments under its sponsorship and other marketing agreements as of December 31, 2016 , as well as significant sponsorship and other marketing agreements entered into during the period after December 31, 2016 through the date of this report: (In thousands) 2017 $ 176,138 2018 166,961 2019 142,987 2020 124,856 2021 118,168 2022 and thereafter 626,495 Total future minimum sponsorship and other payments $ 1,355,605 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Financial Assets and (Liabilities) Measured at Fair Value | Financial assets and (liabilities) measured at fair value are set forth in the table below: December 31, 2016 December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Available-for-sale securities $ — $ — $ — $ 6,534 $ — $ — Derivative foreign currency contracts (see Note 13) — 15,238 — — 3,811 — Interest rate swap contracts (see Note 13) — (420 ) — — (1,486 ) — TOLI policies held by the Rabbi Trust (see Note 12) — 4,880 — — 4,456 — Deferred Compensation Plan obligations (see Note 12) — (7,023 ) — — (5,072 ) — |
Provision For Income Taxes Sche
Provision For Income Taxes Schedule of Income before Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Income before Income Tax [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income before income taxes is as follows: Year Ended December 31, (In thousands) 2016 2015 2014 Income before income taxes: United States $ 251,321 $ 272,739 $ 269,503 Foreign 136,961 113,946 72,707 Total $ 388,282 $ 386,685 $ 342,210 |
Provision For Income Taxes Sc33
Provision For Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Income before Income Tax [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (In thousands) 2016 2015 2014 Income before income taxes: United States $ 251,321 $ 272,739 $ 269,503 Foreign 136,961 113,946 72,707 Total $ 388,282 $ 386,685 $ 342,210 The components of the provision for income taxes consisted of the following: Year Ended December 31, (In thousands) 2016 2015 2014 Current Federal $ 116,637 $ 102,317 $ 110,439 State 29,989 27,500 24,419 Other foreign countries 32,394 28,336 16,489 179,020 158,153 151,347 Deferred Federal (35,748 ) 707 (15,368 ) State (10,658 ) (5,703 ) (4,073 ) Other foreign countries (1,311 ) 955 2,262 (47,717 ) (4,041 ) (17,179 ) Provision for income taxes $ 131,303 $ 154,112 $ 134,168 |
Provision For Income Taxes Sc34
Provision For Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Income before Income Tax [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows: Year Ended December 31, 2016 2015 2014 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal tax impact 2.4 3.2 3.8 Unrecognized tax benefits 1.1 3.4 1.9 Permanent tax benefits/nondeductible expenses (1.3 ) 2.2 1.0 Foreign rate differential (6.6 ) (5.5 ) (4.5 ) Foreign valuation allowance 2.3 2.7 2.5 Other 0.9 (1.1 ) (0.5 ) Effective income tax rate 33.8 % 39.9 % 39.2 % |
Provision For Income Taxes Sc35
Provision For Income Taxes Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Income before Income Tax [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets and liabilities consisted of the following: December 31, (In thousands) 2016 2015 Deferred tax asset Allowance for doubtful accounts and sales return reserves $ 53,811 $ 33,821 Reserves and accrued liabilities (1) 38,819 24,967 Stock-based compensation 32,910 40,406 Foreign net operating loss carry-forwards 26,964 19,600 Tax basis inventory adjustment 25,776 10,019 Deferred rent 21,168 13,991 Inventory obsolescence reserves 15,479 11,956 Foreign tax credit carry-forwards 8,664 6,151 State tax credits, net of federal impact 7,408 4,966 U.S. net operating loss carry forward 3,032 9,217 Other 3,107 2,080 Total deferred tax assets 237,138 177,174 Less: valuation allowance (37,969 ) (24,043 ) Total net deferred tax assets 199,169 153,131 Deferred tax liability Property, plant and equipment (45,178 ) (31,069 ) Prepaid expenses (8,628 ) (8,766 ) Intangible assets (1) (6,815 ) (20,381 ) Other (2,506 ) (1,688 ) Total deferred tax liabilities (63,127 ) (61,904 ) Total deferred tax assets, net $ 136,042 $ 91,227 (1) Certain December 31, 2015 amounts have been reclassified from “Other” amounts presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 to conform to the current period’s presentation. |
Provision For Income Taxes Summ
Provision For Income Taxes Summary of income Tax Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Income before Income Tax [Abstract] | |
Summary of Income Tax Contingencies [Table Text Block] | Year Ended December 31, (In thousands) 2016 2015 2014 Beginning of year $ 42,611 $ 28,353 $ 21,712 Increases as a result of tax positions taken in a prior period 661 203 250 Decreases as a result of tax positions taken in a prior period — — — Increases as a result of tax positions taken during the current period 26,482 14,382 8,947 Decreases as a result of tax positions taken during the current period — — — Decreases as a result of settlements during the current period — — — Reductions as a result of a lapse of statute of limitations during the current period (5,395 ) (327 ) (2,556 ) End of year $ 64,359 $ 42,611 $ 28,353 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Reconciliation of Basic Earnings per Share to Diluted Earnings per Share | The following is a reconciliation of basic earnings per share to diluted earnings per share: Year Ended December 31, (In thousands, except per share amounts) 2016 2015 2014 Numerator Net income $ 256,979 $ 232,573 $ 208,042 Adjustment payment to Class C capital stockholders 59,000 — — Net income available to all stockholders $ 197,979 $ 232,573 $ 208,042 Denominator - Class A and B shares Weighted average common shares outstanding 217,707 215,498 213,227 Effect of dilutive securities 4,237 5,370 6,153 Weighted average common shares and dilutive securities outstanding 221,944 220,868 219,380 Earnings per share Class A and B —basic $ 0.45 $ 0.54 $ 0.49 Earnings per share Class A and B—diluted $ 0.45 $ 0.53 $ 0.47 Denominator - Class C shares Weighted average common shares outstanding 218,623 215,498 213,227 Effect of dilutive securities 4,281 5,370 6,153 Weighted average common shares and dilutive securities outstanding 222,904 220,868 219,380 Earnings per share Class C — basic $ 0.72 $ 0.54 $ 0.49 Earnings per share Class C — diluted $ 0.71 $ 0.53 $ 0.47 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |
Schedule of Share-based Payment Award, Valuation Assumptions | The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Year Ended December 31, 2016 2015 2014 Risk-free interest rate 1.4 % 1.8 % — % Average expected life in years 6.50 6.00 0 Expected volatility 39.5 % 44.3 % — % Expected dividend yield — % — % — % |
Summary Of Stock Options Activity | A summary of the Company’s stock options as of December 31, 2016 , 2015 and 2014 , and changes during the years then ended is presented below: (In thousands, except per share amounts) Year Ended December 31, 2016 2015 2014 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Outstanding, beginning of year 6,008 $ 7.26 5,622 $ 4.14 8,544 $ 4.06 Granted, at fair market value 335 36.05 1,158 20.15 — — Exercised (1,763 ) 3.52 (720 ) 3.96 (2,908 ) 3.87 Expired — — — — — — Forfeited (315 ) 26.26 (52 ) 2.27 (14 ) 8.23 Outstanding, end of year 4,265 $ 9.63 6,008 $ 7.26 5,622 $ 4.14 Options exercisable, end of year 3,385 $ 4.30 4,892 $ 4.13 5,414 $ 3.94 |
Stock Options Outstanding And Exercisable | The following table summarizes information about stock options outstanding and exercisable as of December 31, 2016 : (In thousands, except per share amounts) Options Outstanding Options Exercisable Number of Underlying Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Total Intrinsic Value Number of Underlying Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Total Intrinsic Value 4,265 $ 9.63 4.27 $ 81,740 3,385 $ 4.30 3.20 $ 77,545 |
Summary Of Restricted Stock And Restricted Stock Units | A summary of the Company’s restricted stock and restricted stock units as of December 31, 2016 , 2015 and 2014 , and changes during the years then ended is presented below: Year Ended December 31, 2016 2015 2014 (In thousands, except per share amounts) Number of Restricted Shares Weighted Average Grant Date Fair Value Number of Restricted Shares Weighted Average Fair Value Number of Restricted Shares Weighted Average Fair Value Outstanding, beginning of year 6,760 $ 23.23 9,020 $ 15.21 10,488 $ 11.10 Granted 4,002 35.20 2,030 38.36 2,122 27.09 Forfeited (935 ) 30.35 (652 ) 24.29 (1,916 ) 10.49 Vested (3,056 ) 16.25 (3,638 ) 11.61 (1,674 ) 9.75 Outstanding, end of year 6,771 $ 19.68 6,760 $ 23.23 9,020 $ 15.21 |
Risk Management and Derivativ39
Risk Management and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Changes in Foreign Currency Exchange Rates and Derivative Foreign Currency Forward Contracts | Included in other expense, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency contracts: (In thousands) Year Ended December 31, 2016 2015 2014 Unrealized foreign currency exchange rate gains (losses) $ (12,627 ) $ (33,359 ) $ (11,739 ) Realized foreign currency exchange rate gains (losses) (6,906 ) 7,643 2,247 Unrealized derivative gains 729 388 1 Realized derivative gains 15,192 16,404 3,081 |
Segment Data and Related Info40
Segment Data and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | (In thousands) Year Ended December 31, 2016 2015 2014 Net revenues North America $ 4,005,314 $ 3,455,737 $ 2,796,390 EMEA 330,584 203,109 134,118 Asia-Pacific 268,607 144,877 70,419 Latin America 141,793 106,175 64,234 Connected Fitness 80,447 53,415 19,209 Intersegment Eliminations (1,410 ) — — Total net revenues $ 4,825,335 $ 3,963,313 $ 3,084,370 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | (In thousands) Year Ended December 31, 2016 2015 2014 Operating income (loss) North America $ 408,424 $ 460,961 $ 372,347 EMEA 11,420 3,122 (11,763 ) Asia-Pacific 68,338 36,358 21,858 Latin America (33,891 ) (30,593 ) (15,423 ) Connected Fitness (36,820 ) (61,301 ) (13,064 ) Total operating income 417,471 408,547 353,955 Interest expense, net (26,434 ) (14,628 ) (5,335 ) Other expense, net (2,755 ) (7,234 ) (6,410 ) Income before income taxes $ 388,282 $ 386,685 $ 342,210 |
Net Revenues by Product Category | Net revenues by product category are as follows: (In thousands) Year Ended December 31, 2016 2015 2014 Apparel $ 3,229,142 $ 2,801,062 $ 2,291,520 Footwear 1,010,693 677,744 430,987 Accessories 406,614 346,885 275,409 Total net sales 4,646,449 3,825,691 2,997,916 Licensing revenues 99,849 84,207 67,229 Connected Fitness 80,447 53,415 19,225 Intersegment Eliminations (1,410 ) — — Total net revenues $ 4,825,335 $ 3,963,313 $ 3,084,370 |
Unaudited Quarterly Financial41
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | (In thousands) Quarter Ended (unaudited) Year Ended December 31, March 31, June 30, September 30, December 31, 2016 Net revenues $ 1,047,702 $ 1,000,783 $ 1,471,573 $ 1,305,277 $ 4,825,335 Gross profit 480,636 477,647 698,624 583,704 2,240,611 Income from operations 34,883 19,378 199,310 163,900 417,471 Net income 19,180 6,344 128,225 103,230 256,979 Adjustment payment to Class C 59,000,000 — 59,000 — — 59,000 Net income available to all stockholders 199,660,000 $ 19,180 $ (52,656 ) $ 128,225 $ 103,230 $ 197,979 Basic net income (loss) per share of Class A and B common stock $ 0.04 $ (0.12 ) $ 0.29 $ 0.24 $ 0.45 Basic net income per share of Class C common stock $ 0.04 $ 0.15 $ 0.29 $ 0.24 $ 0.72 Diluted net income (loss) per share of Class A and B common stock $ 0.04 $ (0.12 ) $ 0.29 $ 0.23 $ 0.45 Diluted net income per share of Class C common stock $ 0.04 $ 0.15 $ 0.29 $ 0.23 $ 0.71 2015 Net revenues $ 804,941 $ 783,577 $ 1,204,109 $ 1,170,686 $ 3,963,313 Gross profit 377,664 379,053 587,160 561,670 1,905,547 Income from operations 27,667 31,901 171,397 177,582 408,547 Net income 11,728 14,766 100,477 105,602 232,573 Basic net income per share of Class A and B common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.54 Basic net income per share of Class C common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.54 Diluted net income per share of Class A and B common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.53 Diluted net income per share of Class C common stock $ 0.03 $ 0.03 $ 0.23 $ 0.24 $ 0.53 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Narrative) (Detail) ¥ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011 | Mar. 17, 2015 | Jan. 05, 2015 | Jan. 31, 2011JPY (¥) | Jan. 31, 2011USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Interest and Dividend Income, Securities, Operating, Trading or Measured at Fair Value | $ 257,700 | $ 164,000 | $ 192,000 | |||||||||
Allowance for doubtful accounts receivable | $ 11,300,000 | 11,300,000 | 5,900,000 | |||||||||
Interest Costs Capitalized | 1,800,000 | 1,000,000 | ||||||||||
Accrued liabilities accrued compensation and benefits | 60,800,000 | 60,800,000 | 63,800,000 | |||||||||
Accrued Liabilities Accrued Marketing Expenses | 24,700,000 | 24,700,000 | 17,800,000 | |||||||||
Reserves For Customer Returns Allowances Markdowns And Discounts | 146,200,000 | 94,500,000 | ||||||||||
Advertising Expense | 477,500,000 | 417,800,000 | 333,000,000 | |||||||||
Prepaid Advertising | 32,000,000 | 32,000,000 | 37,500,000 | |||||||||
Shipping and handling costs | 89,900,000 | 63,700,000 | 55,300,000 | |||||||||
Cost Method Investments | 11,700,000 | 11,700,000 | 12,000,000 | |||||||||
Payments to Acquire Available-for-sale Securities | 24,230,000 | 103,144,000 | 0 | |||||||||
Proceeds from Sale of Available-for-sale Securities, Equity | 30,712,000 | 96,610,000 | 0 | |||||||||
Accounts receivable, net | $ 622,685,000 | 622,685,000 | 433,638,000 | |||||||||
Dividends | $ 59,000,000 | |||||||||||
Dividends Paid, Cash | 2,900,000 | $ 2,927,000 | $ 0 | $ 0 | ||||||||
Dome Corporation | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Ownership Percentage Cost Method Investment | 19.50% | |||||||||||
Furniture Office Equipment And Software | Minimum | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||
Furniture Office Equipment And Software | Maximum | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||
Site Improvement Buildings And Building Equipment | Minimum | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||||||
Site Improvement Buildings And Building Equipment | Maximum | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||||||||
Fixtures And Displays | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||
Japan, Yen | Dome Corporation | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cost Method Investments | ¥ | ¥ 1,140 | |||||||||||
United States of America, Dollars | Dome Corporation | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cost Method Investments | $ 15,500,000 | |||||||||||
Customer A Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Concentration Credit Risk, Percentage | 16.00% | 16.00% | 19.00% | |||||||||
Customer A Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Concentration Risk, Percentage | 10.00% | 12.00% | 14.00% | |||||||||
Endomondo [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Equity Interest in Acquiree, Percentage | 100.00% | |||||||||||
MyFitnessPal [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Equity Interest in Acquiree, Percentage | 100.00% | |||||||||||
Other Noncurrent Assets [Member] | Long-term Debt [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Prior Period Disclosures, Balance Sheet Reclassification Adjustment | $ 2,900,000 | |||||||||||
Common Class C [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Dividends | $ 0 | $ 0 | $ 59,000,000 | $ 0 | $ 59,000,000 | $ 0 | $ 0 | |||||
Stock Dividends, Shares | shares | 1,470,256 | |||||||||||
Senior Notes [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Long-term Debt, Fair Value | 568,100,000 | 568,100,000 | ||||||||||
Assets, Total [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 26,000,000 | 26,000,000 | ||||||||||
Prepaid Expenses and Other Current Assets [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1,800,000 | 1,800,000 | ||||||||||
Other Noncurrent Assets [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 24,200,000 | $ 24,200,000 |
Property And Equipment, Net (Co
Property And Equipment, Net (Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,201,267 | $ 831,764 |
Accumulated depreciation | (397,056) | (293,233) |
Property and equipment, net | 804,211 | 538,531 |
Leasehold and tenant improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 326,617 | 214,834 |
Furniture, fixtures and displays | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 168,720 | 132,736 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 47,216 | 47,137 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 151,059 | 99,309 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 75,196 | 50,399 |
Plant equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 124,140 | 118,138 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 83,574 | 17,628 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 204,362 | 147,581 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 20,383 | $ 4,002 |
Property And Equipment, Net (Na
Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 144,770 | $ 100,940 | $ 72,093 |
Property And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 130,700 | $ 86,300 | $ 63,100 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 585,181 | |
Goodwill | 585,181 | $ 563,591 |
Goodwill, Translation Adjustments | (21,590) | |
North America [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 316,852 | |
Goodwill | 316,852 | 317,323 |
Goodwill, Translation Adjustments | 471 | |
EMEA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 109,890 | |
Goodwill | 109,890 | 99,245 |
Goodwill, Translation Adjustments | (10,645) | |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 79,963 | |
Goodwill | 79,963 | 77,586 |
Goodwill, Translation Adjustments | (2,377) | |
Latin America [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 51,116 | |
Goodwill | 51,116 | 42,436 |
Goodwill, Translation Adjustments | (8,680) | |
Connected Fitness [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 27,360 | |
Goodwill | 27,360 | $ 27,001 |
Goodwill, Translation Adjustments | $ (359) |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets, Net - Summary Of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 94,214 | $ 95,843 |
Intangible assets, Accumulated Amortization | (35,844) | (24,115) |
Intangible assets, Net Carrying Amount | 58,370 | 71,728 |
Indefinite-lived intangible assets | 5,940 | 3,958 |
Intangible assets, net | $ 64,310 | 75,686 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Intangible assets, Gross Carrying Amount | $ 47,653 | 47,922 |
Intangible assets, Accumulated Amortization | (8,733) | (3,965) |
Intangible assets, Net Carrying Amount | 38,920 | 43,957 |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 19,612 | 19,739 |
Intangible assets, Accumulated Amortization | (8,221) | (5,041) |
Intangible assets, Net Carrying Amount | 11,391 | 14,698 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 7,653 | 7,663 |
Intangible assets, Accumulated Amortization | (4,816) | (3,036) |
Intangible assets, Net Carrying Amount | $ 2,837 | 4,627 |
Nutrition Database [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Intangible assets, Gross Carrying Amount | $ 4,500 | 4,500 |
Intangible assets, Accumulated Amortization | (806) | (356) |
Intangible assets, Net Carrying Amount | 3,694 | 4,144 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 9,527 | 10,738 |
Intangible assets, Accumulated Amortization | (9,527) | (8,354) |
Intangible assets, Net Carrying Amount | 0 | 2,384 |
Lease-related intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 3,896 | 3,896 |
Intangible assets, Accumulated Amortization | (3,075) | (2,919) |
Intangible assets, Net Carrying Amount | 821 | 977 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | 1,373 | 1,385 |
Intangible assets, Accumulated Amortization | (666) | (444) |
Intangible assets, Net Carrying Amount | $ 707 | $ 941 |
Minimum | Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Minimum | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Minimum | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Minimum | Lease-related intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Minimum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum | Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |
Maximum | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum | Lease-related intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Maximum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 13,000 | $ 13,900 | $ 8,500 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 10,509 | ||
Estimated Amortization of Intangible Assets, 2015 | 9,346 | ||
Estimated Amortization of Intangible Assets, 2016 | 9,240 | ||
Estimated Amortization of Intangible Assets, 2017 | 7,201 | ||
Estimated Amortization of Intangible Assets, 2018 | $ 5,318 | ||
Minimum | Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 5 years | ||
Minimum | Lease-related intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 1 year | ||
Minimum | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 4 years | ||
Minimum | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 2 years | ||
Maximum | Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 7 years | ||
Maximum | Lease-related intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 15 years | ||
Maximum | Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 5 years | ||
Maximum | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of intangible assets | 3 years |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets, Net Finite-Lived Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangibles Assets, Estimated Future Amortization Expense [Line Items] | |||
Amortization of Intangible Assets | $ 13,000 | $ 13,900 | $ 8,500 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 10,509 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,346 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 9,240 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 7,201 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,318 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 16,756 | ||
Finite-Lived Intangible Assets, Net | $ 58,370 | $ 71,728 |
Credit Facility and Long Term49
Credit Facility and Long Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2016 | |
Debt Disclosure [Line Items] | ||||||
Letters of Credit Outstanding, Amount | $ 2,600 | |||||
Commitment fee as percentage of the committed line amount less outstanding borrowings and letters of credit | 1500.00% | |||||
Repayments of Long-term Debt | $ 1,170,750 | $ 265,202 | $ 118,722 | |||
Interest expense, net | (26,434) | (14,628) | (5,335) | |||
Amortization of Debt Issuance Costs | 1,200 | $ 800 | $ 600 | |||
Senior Notes | $ 600,000 | |||||
LIBOR Rate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line Of Credit Facility Interest Rate Margin Minimum | 1.00% | |||||
Interest rate margin, maximum | 1.25% | |||||
Prime Rate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line Of Credit Facility Interest Rate Margin Minimum | 0.00% | |||||
Interest rate margin, maximum | 0.25% | |||||
Letter of Credit [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 50,000 | |||||
Senior Notes [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2026 | |||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 5,300 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||
Term Loan Facility [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Long term debt agreements principal outstanding | $ 186,300 | |||||
Weighted Average Interest Rate | 1.60% | 1.30% | ||||
January 2016 Credit Agreement [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Maturity Date | Jan. 1, 2021 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 1,250,000 | |||||
Weighted Average Interest Rate | 1.60% | 1.30% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 300,000 | |||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 3,900 | |||||
Secured Debt [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Term | 7 years | |||||
Weighted Average Interest Rate | 2.00% | 1.70% | ||||
Debt Instrument, Maturity Date | Dec. 1, 2019 | |||||
Secured Debt | $ 50,000 | $ 42,000 | $ 44,000 | $ 50,000 | ||
Secured Debt [Member] | LIBOR Rate [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Interest Expense [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 1 | |||||
EBITDA [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 3.50 | |||||
Debt [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 3.25 | |||||
EBITDA [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | 1 | |||||
Interest Rate Swap [Member] | ||||||
Debt Disclosure [Line Items] | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 2,000 | $ 2,700 |
Credit Facility and Long Term50
Credit Facility and Long Term Debt - Scheduled Maturities Of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,014 | $ 27,000 | |
2,015 | 27,000 | |
2,016 | 63,000 | |
2,017 | 25,000 | |
2,018 | 86,250 | |
2022 and thereafter | 600,000 | |
Total scheduled maturities of long term debt | 828,250 | |
Current maturities of long term debt | $ 27,000 | $ 42,000 |
Commitments And Contingencies51
Commitments And Contingencies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Lease Expiration Date | 2,033 | ||
Rent expense included in selling, general and administrative expense | $ 109 | $ 83 | $ 59 |
Contingent rent expense | $ 13 | $ 11 | $ 11 |
Common Class C [Member] | |||
Loss Contingencies [Line Items] | |||
Par value per share | $ 0.0003 | $ 0.0003 |
Commitments And Contingencies52
Commitments And Contingencies (Future Minimum Lease Payments For Non-Cancelable Real Property Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets | |
2,014 | $ 114,857 |
2,015 | 127,504 |
2,016 | 136,040 |
2,017 | 133,092 |
2,018 | 122,753 |
2022 and thereafter | 788,180 |
Total future minimum lease payments | $ 1,422,426 |
Commitments And Contingencies53
Commitments And Contingencies (Future Minimum Payments Under Sponsorship And Other Marketing Agreements) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Future Minimum Payments on Sponsorship and Other Marketing Agreements [Line Items] | |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements Due 2014 | $ 176,138 |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements Due 2015 | 166,961 |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements Due 2016 | 142,987 |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements Due 2017 | 124,856 |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements Due 2018 | 118,168 |
Future Minimum Payments Under Sponsorship And Other Marketing Agreements Due 2019 and Thereafter | 626,495 |
Total future minimum sponsorship and other payments | $ 1,355,605 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)vote$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Shares authorized | 400,000,000 | 400,000,000 | |
Common Stock, Value, Issued | $ | $ 61 | $ 61 | |
Par value per share | $ / shares | $ 0.0003 | $ 0.0003 | |
Number of votes per share | vote | 1 | ||
Number of shares of Class A Common Shares issued per share upon conversion | 2,150,000 | 3,400,000 | |
Class B Convertible Common Stock | |||
Class of Stock [Line Items] | |||
Shares authorized | 34,450,000 | 34,450,000 | |
Common Stock, Value, Issued | $ | $ 11 | $ 11 | |
Par value per share | $ / shares | $ 0.0003 | $ 0.0003 | |
Number of votes per share | vote | 10 | ||
Number of shares of Class A Common Shares issued per share upon conversion | 2,150,000 | 3,400,000 | |
Class A Common Stock And Class B Convertible Common Stock | |||
Class of Stock [Line Items] | |||
Class B Convertible Common Stock converted to Class A Common Stock, ratio | one-for-one | ||
Common Class C [Member] | |||
Class of Stock [Line Items] | |||
Shares authorized | 400,000,000 | 400,000,000 | |
Common Stock, Value, Issued | $ | $ 73 | $ 72 | |
Par value per share | $ / shares | $ 0.0003 | $ 0.0003 | |
Minimum | Class A Common Stock And Class B Convertible Common Stock | |||
Class of Stock [Line Items] | |||
Beneficial ownership percentage of CEO | 15.00% |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets And (Liabilities) Measured At Fair Value) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 0 | $ 0 |
Trust Owned Life Insurance Policies Fair Value Disclosure | 0 | 0 |
Deferred Compensation Plan obligations | 0 | 0 |
Available-for-sale Securities, Current | 0 | (6,534) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 15,238 | 3,811 |
Trust Owned Life Insurance Policies Fair Value Disclosure | 4,880 | 4,456 |
Deferred Compensation Plan obligations | (7,023) | (5,072) |
Available-for-sale Securities, Current | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 |
Trust Owned Life Insurance Policies Fair Value Disclosure | 0 | 0 |
Deferred Compensation Plan obligations | 0 | 0 |
Available-for-sale Securities, Current | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | (420) | (1,486) |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Derivatives, at Fair Value, Net | $ 0 | $ 0 |
Provision For Income Taxes - In
Provision For Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes Payable [Abstract] | |||
United States | $ 251,321 | $ 272,739 | $ 269,503 |
Foreign | 136,961 | 113,946 | 72,707 |
Income before income taxes | $ 388,282 | $ 386,685 | $ 342,210 |
Provision For Income Taxes - Co
Provision For Income Taxes - Components Of The Provision For Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes Payable [Abstract] | |||
Federal, Current | $ 116,637 | $ 102,317 | $ 110,439 |
State, Current | 29,989 | 27,500 | 24,419 |
Other foreign countries, Current | 32,394 | 28,336 | 16,489 |
Provision for income taxes, Current | 179,020 | 158,153 | 151,347 |
Federal, Deferred | (35,748) | 707 | (15,368) |
State, Deferred | (10,658) | (5,703) | (4,073) |
Other foreign countries, Deferred | (1,311) | 955 | 2,262 |
Provision for income taxes, Deferred | (47,717) | (4,041) | (17,179) |
Provision for income taxes | $ 131,303 | $ 154,112 | $ 134,168 |
Provision For Income Taxes - Re
Provision For Income Taxes - Reconciliation From The U.S. Statutory Federal Income Tax Rate To Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes Payable [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax impact | 2.40% | 3.20% | 3.80% |
Unrecognized tax benefits | 1.10% | 3.40% | 1.90% |
Permanent tax benefits/nondeductible expenses | (1.30%) | (2.20%) | (1.00%) |
Foreign rate differential | (6.60%) | (5.50%) | (4.50%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 2.30% | 2.70% | 2.50% |
Other | (0.90%) | (1.10%) | 0.50% |
Effective income tax rate | 33.80% | 39.90% | 39.20% |
Provision For Income Taxes - De
Provision For Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Tax Credit Carryforward [Line Items] | ||
Valuation Allowance, Deferred Tax Asset, Operating Loss Carryforwards, Foreign, Change in Amount | $ 10,100 | |
Deferred tax asset | ||
Reserves and accrued liabilities | 32,910 | $ 40,406 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 26,964 | 19,600 |
Stock-based compensation | 53,811 | 33,821 |
U. S. net operating loss carryforward | 3,032 | 9,217 |
Deferred rent | 21,168 | 13,991 |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Inventory Obsolescence Reserves | 15,479 | 11,956 |
Tax basis inventory adjustment | 25,776 | 10,019 |
Foreign tax credit carry-forwards | 7,408 | 4,966 |
Foreign tax credits | 8,664 | 6,151 |
Accrued expenses | 38,819 | 24,967 |
Other | 3,107 | 2,080 |
Total deferred tax assets | 237,138 | 177,174 |
Less: valuation allowance | (37,969) | (24,043) |
Total net deferred tax assets | 199,169 | 153,131 |
Deferred tax liability | ||
Prepaid expenses | (45,178) | (31,069) |
Deferred Tax Liabilities, Prepaid Expenses | 8,628 | 8,766 |
Intangible assets | (6,815) | (20,381) |
Other | (2,506) | (1,688) |
Total deferred tax liabilities | (63,127) | (61,904) |
Total deferred tax assets, net | 136,042 | $ 91,227 |
Net [Member] | ||
Deferred tax asset | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 95,800 | |
Minimum | ||
Deferred tax asset | ||
Deferred Tax Assets, Net Operating Loss Carryforwards, Foreign Expiration | 1 year | |
Maximum | ||
Deferred tax asset | ||
Deferred Tax Assets, Net Operating Loss Carryforwards, Foreign Expiration | 5 years |
Provision For Income Taxes - Un
Provision For Income Taxes - Unrecognized Tax Benefits Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning of year | $ 42,611 | $ 28,353 | $ 21,712 |
Increases as a result of tax positions taken in a prior period | 661 | 203 | 250 |
Decreases as a result of tax positions taken in a prior period | 0 | 0 | 0 |
Increases as a result of tax positions taken during the current period | 26,482 | 14,382 | 8,947 |
Decreases as a result of tax positions taken during the current period | 0 | 0 | 0 |
Decreases as a result of settlements during the current period | 0 | 0 | 0 |
Reductions as a result of a lapse of statute of limitations during the current period | (5,395) | (327) | (2,556) |
End of year | $ 64,359 | $ 42,611 | $ 28,353 |
Provision For Income Taxes - Na
Provision For Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 3,032 | $ 9,217 | |
Foreign tax credit carry-forwards | 7,408 | 4,966 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 26,964 | 19,600 | |
Valuation allowance recorded during period | 10,100 | ||
Deferred tax assets associated with foreign tax credits | 8,664 | 6,151 | |
Cash and Cash Equivalents Held by Foreign Subsidiaries | 122,900 | ||
Undistributed Earnings, Basic | 418,100 | ||
Unrecognized Tax Benefits Including Interest And Penalties | 70,400 | 46,900 | |
Unrecognized tax benefits excluding interest and penalties that would impact the effective tax rate if recognized | 42,400 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3,100 | 1,700 | $ 1,200 |
Accrual of interest and penalties | $ 6,100 | $ 4,300 | $ 3,000 |
Minimum | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Net Operating Loss Carryforwards, Foreign Expiration | 1 year | ||
Maximum | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Net Operating Loss Carryforwards, Foreign Expiration | 5 years | ||
Net [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 95,800 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from the computation of diluted earnings per share | 114,000 | 770,000 | 22,600 |
Common Class C [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from the computation of diluted earnings per share | 691,600 | 770,000 | 22,600 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Reconciliation Of Basic Earnings Per Share To Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 103,230 | $ 128,225 | $ 6,344 | $ 19,180 | $ 105,602 | $ 100,477 | $ 14,766 | $ 11,728 | $ 256,979 | $ 232,573 | $ 208,042 |
Dividends | 59,000 | ||||||||||
Net Income (Loss) Attributable to Parent after Dividends Paid | $ 103,230 | $ 128,225 | $ (52,656) | $ 19,180 | $ 197,979 | $ 232,573 | $ 208,042 | ||||
Class A Common Stock And Class B Convertible Common Stock | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 4,237,000 | 5,370,000 | 6,153,000 | ||||||||
Weighted average common shares and dilutive securities outstanding | 221,944,000 | 220,868,000 | 219,380,000 | ||||||||
Earnings per share - basic | $ 0.24 | $ 0.29 | $ (0.12) | $ 0.04 | $ 0.24 | $ 0.23 | $ 0.03 | $ 0.03 | $ 0.45 | $ 0.54 | $ 0.49 |
Earnings per share - diluted | $ 0.23 | $ 0.29 | $ (0.12) | $ 0.04 | 0.24 | 0.23 | 0.03 | 0.03 | $ 0.45 | $ 0.53 | $ 0.47 |
Weighted Average Number of Shares Outstanding, Basic | 217,707,000 | 215,498,000 | 213,227,000 | ||||||||
Common Class C [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dividends | $ 0 | $ 0 | $ 59,000 | $ 0 | $ 59,000 | $ 0 | $ 0 | ||||
Effect of dilutive securities | 4,281,000 | 5,370,000 | 6,153,000 | ||||||||
Weighted average common shares and dilutive securities outstanding | 222,904,000 | 220,868,000 | 219,380,000 | ||||||||
Earnings per share - basic | $ 0.24 | $ 0.29 | $ 0.15 | $ 0.04 | 0.24 | 0.23 | 0.03 | 0.03 | $ 0.72 | $ 0.54 | $ 0.49 |
Earnings per share - diluted | $ 0.23 | $ 0.29 | $ 0.15 | $ 0.04 | $ 0.24 | $ 0.23 | $ 0.03 | $ 0.03 | $ 0.71 | $ 0.53 | $ 0.47 |
Weighted Average Number of Shares Outstanding, Basic | 218,623,000 | 215,498,000 | 213,227,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Share-based Payment Award, Valuation Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | 1.80% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months | 5 years 11 months 29 days | 0 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 39.50% | 44.30% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Stock Options Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning of year, Number of Stock Options | 6,008 | 5,622 | 8,544 |
Granted, at fair market value, Number of Stock Options | 335 | 1,158 | 0 |
Exercised, Number of Stock Options | (1,763) | (720) | (2,908) |
Expired, Number of Stock Options | 0 | 0 | 0 |
Forfeited, Number of Stock Options | (315) | (52) | (14) |
Outstanding, end of year, Number of Stock Options | 4,265 | 6,008 | 5,622 |
Options exercisable, end of year, Number of Stock Options | 3,385 | 4,892 | 5,414 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding, beginning of year, Weighted Average Exercise Price | $ 7.26 | $ 4.14 | $ 4.06 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 36.05 | 20.15 | 0 |
Exercised, Weighted Average Exercise Price | 3.52 | 3.96 | 3.87 |
Expired, Weighted Average Exercise Price | 0 | 0 | 0 |
Forfeited, Weighted Average Exercise Price | 26.26 | 2.27 | 8.23 |
Outstanding, end of year, Weighted Average Exercise Price | 9.63 | 7.26 | 4.14 |
Options exercisable, end of year, Weighted Average Exercise Price | 4.30 | $ 4.13 | 3.94 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.87 | $ 27.21 | |
Certain Executives and Key Employees [Member] | Two Thousand Five Plan [Member] | Performance Based Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period | 300 | 600 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.87 | $ 18.03 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding And Exercisable (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options Outstanding, Number of Underlying Shares | 5,622 | 4,265 | 6,008 | 5,622 | 8,544 | ||
Options Outstanding, Weighted Average Exercise Price Per Share | $ 4.14 | $ 9.63 | $ 7.26 | $ 4.14 | $ 4.06 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 3 months 9 days | ||||||
Options Outstanding, Total Intrinsic Value | $ 81,740 | ||||||
Options Exercisable, Number of Underlying Shares | 5,414 | 3,385 | 4,892 | 5,414 | |||
Options Exercisable, Weighted Average Exercise Price Per Share | $ 3.94 | $ 4.30 | $ 4.13 | $ 3.94 | |||
Options Exercisable, Weighted Average Remaining Contractual Life (Years) | 3 years 2 months 12 days | ||||||
Options Exercisable, Total Intrinsic Value | $ 77,545 | ||||||
Certain Executives and Key Employees [Member] | Two Thousand Five Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 33,200 | $ 38,400 | |||||
Allocated Share-based Compensation Expense, Cumulative Adjustment | $ 10,000 | $ 3,800 | $ 6,600 | ||||
Certain Executives and Key Employees [Member] | Two Thousand Five Plan [Member] | Performance Based Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.87 | $ 18.03 |
Stock-Based Compensation - Su67
Stock-Based Compensation - Summary Of Restricted Stock And Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock And Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Outstanding, beginning of year, Number of Restricted Shares | 10,488 | 6,760 | 9,020 | 10,488 | ||
Performance-based restricted stock units awarded | 4,002 | 2,030 | 2,122 | |||
Forfeited, Number of Restricted Shares | (935) | (652) | (1,916) | |||
Vested, Number of Restricted Shares | (3,056) | (3,638) | (1,674) | |||
Outstanding, end of year, Number of Restricted Shares | 9,020 | 6,771 | 6,760 | 9,020 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Outstanding, beginning of year, Weighted Average Value | $ 11.10 | $ 23.23 | $ 15.21 | $ 11.10 | ||
Granted, Weighted Average Fair Value (per share) | 35.20 | 38.36 | 27.09 | |||
Forfeited, Weighted Average Value | 30.35 | 24.29 | 10.49 | |||
Vested, Weighted Average Value | 16.25 | 11.61 | 9.75 | |||
Outstanding, end of year, Weighted Average Value | $ 15.21 | $ 19.68 | $ 23.23 | $ 15.21 | ||
Certain Executives and Key Employees [Member] | Two Thousand Five Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense, Cumulative Adjustment | $ 10 | $ 3.8 | $ 6.6 | |||
Certain Executives and Key Employees [Member] | Two Thousand Five Plan [Member] | Performance Based Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Performance-based restricted stock units awarded | 2,500 | 1,700 | 2,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Granted, Weighted Average Fair Value (per share) | $ 35.71 | $ 37.87 | $ 27.12 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2006 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation | $ 46,149,000 | $ 60,376,000 | $ 50,812,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 64,500,000 | $ 64,500,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months | ||||||||
Granted, at fair market value, Number of Stock Options | 335,000 | 1,158,000 | 0 | ||||||
Options Outstanding, Weighted Average Exercise Price Per Share | $ 9.63 | $ 4.14 | $ 9.63 | $ 7.26 | $ 4.14 | $ 4.06 | |||
Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non Employee Directors Fair Value Of Stock Awards | $ 125,000 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee Stock Purchase Program Discount Rate From Fair Market Value | 15.00% | ||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 290,800 | 103,300 | 87,600 | ||||||
Director Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non Employee Directors Fair Value Of Stock Awards | $ 100,000 | ||||||||
Non Employee Directors Stock Awards Percentage Of Each Award Vested Following Grant Date | 100.00% | 100.00% | |||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.87 | $ 27.21 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 63,900,000 | $ 27,500,000 | $ 73,000,000 | ||||||
Warrant [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Term Of Warrants Issued | 12 years | ||||||||
Certain Executives and Key Employees [Member] | Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated Share-based Compensation Expense | $ 33,200,000 | $ 38,400,000 | |||||||
Allocated Share-based Compensation Expense, Cumulative Adjustment | $ 10,000,000 | $ 3,800,000 | $ 6,600,000 | ||||||
Certain Executives and Key Employees [Member] | Performance Based Restricted Stock Units [Member] | Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,500,000 | 1,700,000 | 2,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.71 | $ 37.87 | $ 27.12 | ||||||
Additional Stock Based Compensation That Would Have Been Recorded If Operating Income Targets Had Been Deemed Probable | $ 20,000,000 | ||||||||
Certain Executives and Key Employees [Member] | Performance-Based Awards Granted in 2015 [Member] | Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated Share-based Compensation Expense, Cumulative Adjustment | $ 3,600,000 | ||||||||
Certain Executives and Key Employees [Member] | Performance-Based Awards Granted in 2016 [Member] | Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Allocated Share-based Compensation Expense, Cumulative Adjustment | $ 8,000,000 | ||||||||
Class A Common Stock | Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,200,000 | 7,200,000 | |||||||
Warrants and Rights Outstanding | $ 1,920,000 | $ 1,920,000 | |||||||
Class A Common Stock | Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,700,000 | 2,700,000 | |||||||
Class A Common Stock | Warrant [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.66 | ||||||||
Common Class C [Member] | Two Thousand Five Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 22,000,000 | 22,000,000 | |||||||
Warrants and Rights Outstanding | $ 1,930,000 | $ 1,930,000 | |||||||
Common Class C [Member] | Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,700,000 | 1,700,000 | |||||||
Common Class C [Member] | Warrant [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.59 |
Other Employee Benefits (Detail
Other Employee Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) contribution matching expense | $ 9,000 | $ 7,000 | $ 4,900 |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Plan Obligations Fair Value Disclosure | 7,023 | 5,072 | |
Trust Owned Life Insurance Policies Fair Value Disclosure | $ 4,880 | $ 4,456 |
Risk Management And Derivativ70
Risk Management And Derivatives (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Maturity of foreign currency forward contract | 11 months | ||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 300 | $ 3,500 | |
Notional Amount of Interest Rate Derivatives | $ 845,100 | ||
Minimum Remaining Maturity of Foreign Currency Derivatives | 1 month | ||
Secured Debt [Member] | |||
Derivative [Line Items] | |||
Secured Debt | $ 42,000 | 44,000 | $ 50,000 |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Notional Amount of Interest Rate Derivatives | 153,100 | ||
Derivative, Gain (Loss) on Derivative, Net | 2,000 | 2,700 | |
Interest Rate Derivative Liabilities, at Fair Value | (400) | (1,500) | |
Fair Value, Inputs, Level 2 [Member] | |||
Derivative [Line Items] | |||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 15,238 | $ 3,811 |
Risk Management And Derivativ71
Risk Management And Derivatives (Changes In Foreign Currency Exchange Rates And Derivative Foreign Currency Forward Contracts) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency Exchange Gain Loss [Line Items] | |||
Unrealized foreign currency exchange rate gains (losses) | $ (12,627) | $ (33,359) | $ (11,739) |
Unrealized derivative gains (losses) | 729 | 388 | 1 |
Realized derivative gains (losses) | (15,192) | (16,404) | (3,081) |
Foreign Currency Exchange Rates [Member] | |||
Foreign Currency Exchange Gain Loss [Line Items] | |||
Unrealized foreign currency exchange rate gains (losses) | (12,627) | (33,359) | (11,739) |
Realized foreign currency exchange rate gains (losses) | $ (6,906) | $ 7,643 | $ 2,247 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 70,300,000 | ||
Related Party - Operating Lease Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Fees paid | $ 2,000,000 | $ 2,000,000 | |
Amount payable to related party | $ 0 | $ 0 |
Segment Data And Related Info73
Segment Data And Related Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
UNITED STATES | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Total net revenues in the United States | $ 3,843.7 | $ 3,317 | $ 2,639.5 |
Segment Data And Related Info74
Segment Data And Related Information (Geographic Distribution Of The Company's Net Revenues And Operating Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | $ 1,305,277 | $ 1,471,573 | $ 1,000,783 | $ 1,047,702 | $ 1,170,686 | $ 1,204,109 | $ 783,577 | $ 804,941 | $ 4,825,335 | $ 3,963,313 | $ 3,084,370 |
Revenue, Net | 4,646,449 | 3,825,691 | 2,997,916 | ||||||||
Total operating income | $ 163,900 | $ 199,310 | $ 19,378 | $ 34,883 | $ 177,582 | $ 171,397 | $ 31,901 | $ 27,667 | 417,471 | 408,547 | 353,955 |
Interest expense, net | (26,434) | (14,628) | (5,335) | ||||||||
Other expense, net | (2,755) | (7,234) | (6,410) | ||||||||
Income before income taxes | 388,282 | 386,685 | 342,210 | ||||||||
Connected Fitness [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 80,447 | 53,415 | 19,209 | ||||||||
Revenue, Net | 80,447 | 53,415 | 19,225 | ||||||||
Total operating income | (36,820) | (61,301) | (13,064) | ||||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 4,005,314 | 3,455,737 | 2,796,390 | ||||||||
Total operating income | 408,424 | 460,961 | 372,347 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 330,584 | 203,109 | 134,118 | ||||||||
Total operating income | 11,420 | 3,122 | (11,763) | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 268,607 | 144,877 | 70,419 | ||||||||
Total operating income | 68,338 | 36,358 | 21,858 | ||||||||
Latin America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net revenues | 141,793 | 106,175 | 64,234 | ||||||||
Total operating income | (33,891) | (30,593) | (15,423) | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | $ (1,410) | $ 0 | $ 0 |
Segment Data And Related Info75
Segment Data And Related Information (Net Revenues By Product Category) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | $ 4,646,449 | $ 3,825,691 | $ 2,997,916 | ||||||||
License revenues | 99,849 | 84,207 | 67,229 | ||||||||
Total net revenues | $ 1,305,277 | $ 1,471,573 | $ 1,000,783 | $ 1,047,702 | $ 1,170,686 | $ 1,204,109 | $ 783,577 | $ 804,941 | 4,825,335 | 3,963,313 | 3,084,370 |
Apparel [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | 3,229,142 | 2,801,062 | 2,291,520 | ||||||||
Footwear [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | 1,010,693 | 677,744 | 430,987 | ||||||||
Accessories [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | 406,614 | 346,885 | 275,409 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | (1,410) | 0 | 0 | ||||||||
Connected Fitness [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, Net | 80,447 | 53,415 | 19,225 | ||||||||
Total net revenues | $ 80,447 | $ 53,415 | $ 19,209 |
Unaudited Quarterly Financial76
Unaudited Quarterly Financial Data (Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Net revenues | $ 1,305,277 | $ 1,471,573 | $ 1,000,783 | $ 1,047,702 | $ 1,170,686 | $ 1,204,109 | $ 783,577 | $ 804,941 | $ 4,825,335 | $ 3,963,313 | $ 3,084,370 |
Gross profit | 583,704 | 698,624 | 477,647 | 480,636 | 561,670 | 587,160 | 379,053 | 377,664 | 2,240,611 | 1,905,547 | 1,512,206 |
Income from operations | 163,900 | 199,310 | 19,378 | 34,883 | 177,582 | 171,397 | 31,901 | 27,667 | 417,471 | 408,547 | 353,955 |
Net income | 103,230 | 128,225 | 6,344 | 19,180 | $ 105,602 | $ 100,477 | $ 14,766 | $ 11,728 | 256,979 | 232,573 | 208,042 |
Dividends | 59,000 | ||||||||||
Net Income (Loss) Attributable to Parent after Dividends Paid | 103,230 | 128,225 | (52,656) | 19,180 | 197,979 | 232,573 | 208,042 | ||||
Common Class C [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Dividends | $ 0 | $ 0 | $ 59,000 | $ 0 | $ 59,000 | $ 0 | $ 0 | ||||
Earnings per share - basic | $ 0.24 | $ 0.29 | $ 0.15 | $ 0.04 | $ 0.24 | $ 0.23 | $ 0.03 | $ 0.03 | $ 0.72 | $ 0.54 | $ 0.49 |
Earnings per share - diluted | 0.23 | 0.29 | 0.15 | 0.04 | 0.24 | 0.23 | 0.03 | 0.03 | 0.71 | 0.53 | 0.47 |
Class A Common Stock And Class B Convertible Common Stock | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Earnings per share - basic | 0.24 | 0.29 | (0.12) | 0.04 | 0.24 | 0.23 | 0.03 | 0.03 | 0.45 | 0.54 | 0.49 |
Earnings per share - diluted | $ 0.23 | $ 0.29 | $ (0.12) | $ 0.04 | $ 0.24 | $ 0.23 | $ 0.03 | $ 0.03 | $ 0.45 | $ 0.53 | $ 0.47 |
Valuation And Qualifying Acco77
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 5,930 | $ 3,693 | $ 2,938 |
Charged to Costs and Expenses | 23,575 | 2,951 | 1,028 |
Write-Offs Net of Recoveries | (18,164) | (714) | (273) |
Balance at End of Year | 11,341 | 5,930 | 3,693 |
Sales Returns And Allowances [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 72,615 | 52,973 | 34,102 |
Charged to Costs and Expenses | 179,445 | 145,828 | 156,791 |
Write-Offs Net of Recoveries | (130,774) | (126,186) | (137,920) |
Balance at End of Year | 121,286 | 72,615 | 52,973 |
Deferred Tax Asset Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 24,043 | 15,550 | 8,091 |
Charged to Costs and Expenses | 13,951 | 8,493 | 7,581 |
Write-Offs Net of Recoveries | (25) | 0 | (122) |
Balance at End of Year | $ 37,969 | $ 24,043 | $ 15,550 |