Under Armour (UA) 10-Q 6 Feb 25 2025 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-33202
Entity Registrant Name	UNDER ARMOUR, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1990078
Entity Address, Address Line One	101 Performance Drive
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21230
City Area Code	410
Local Phone Number	468-2512
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001336917
Current Fiscal Year End Date	--03-31
Former Address
Document Information [Line Items]
Entity Address, Address Line One	1020 Hull Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21230
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	UAA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		188,822,726
Class C Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class C Common Stock
Trading Symbol	UA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		206,585,018
Class B Convertible Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		34,450,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets
Cash and cash equivalents	$ 726,877	$ 858,691
Accounts receivable, net (Note 3)	615,467	757,339
Inventories	1,100,530	958,495
Prepaid expenses and other current assets, net	248,119	289,157
Total current assets	2,690,993	2,863,682
Property and equipment, net (Note 4)	650,644	664,503
Operating lease right-of-use assets (Note 5)	391,767	434,699
Goodwill (Note 6)	484,546	478,302
Intangible assets, net (Note 7)	5,532	7,000
Deferred income taxes (Note 18)	244,081	221,033
Other long-term assets	163,402	91,515
Total assets	4,630,965	4,760,734
Current liabilities
Current maturities of long-term debt (Note 9)	0	80,919
Accounts payable	657,152	483,731
Accrued expenses	322,555	287,853
Customer refund liabilities (Note 12)	170,344	139,283
Operating lease liabilities (Note 5)	127,930	139,331
Other current liabilities	63,035	34,344
Total current liabilities	1,341,016	1,165,461
Long-term debt, net of current maturities (Note 9)	595,188	594,873
Operating lease liabilities, non-current (Note 5)	582,020	627,665
Other long-term liabilities	128,018	219,449
Total liabilities	2,646,242	2,607,448
Stockholders' equity (Note 11)
Additional paid-in capital	1,224,337	1,181,854
Retained earnings	840,288	1,048,411
Accumulated other comprehensive income (loss)	(80,044)	(77,123)
Total stockholders' equity	1,984,723	2,153,286
Total liabilities and stockholders' equity	4,630,965	4,760,734
Class A Common Stock
Stockholders' equity (Note 11)
Common stock	63	63
Class B Convertible Common Stock
Stockholders' equity (Note 11)
Common stock	11	11
Class C Common Stock
Stockholders' equity (Note 11)
Common stock	$ 68	$ 70

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Mar. 31, 2024
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0003	$ 0.0003
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	188,822,726	188,802,043
Common stock, shares outstanding (in shares)	188,822,726	188,802,043
Class B Convertible Common Stock
Common stock, par value (in dollars per share)	$ 0.0003	$ 0.0003
Common stock, authorized (in shares)	34,450,000	34,450,000
Common stock, shares issued (in shares)	34,450,000	34,450,000
Common stock, shares outstanding (in shares)	34,450,000	34,450,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.0003	$ 0.0003
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	206,495,528	212,711,353
Common stock, shares outstanding (in shares)	206,495,528	212,711,353

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net revenues (Note 12)	$ 1,401,039	$ 1,486,043	$ 3,983,727	$ 4,369,682
Cost of goods sold	735,884	815,404	2,059,765	2,339,025
Gross profit	665,155	670,639	1,923,962	2,030,657
Selling, general and administrative expenses	637,701	599,230	1,994,858	1,797,352
Restructuring charges (Note 13)	13,945	0	42,243	0
Income (loss) from operations	13,509	71,409	(113,139)	233,305
Interest income (expense), net	(3,391)	(211)	(2,794)	(2,210)
Other income (expense), net	(2,563)	47,927	(8,713)	35,763
Income (loss) before income taxes	7,555	119,125	(124,646)	266,858
Income tax expense (benefit) (Note 18)	6,295	8,569	9,308	41,333
Income (loss) from equity method investments	(26)	197	144	(51)
Net income (loss)	$ 1,234	$ 110,753	$ (133,810)	$ 225,474
Basic net income (loss) per share of Class A, B and C common stock (in dollars per share)	$ 0	$ 0.25	$ (0.31)	$ 0.51
Diluted net income (loss) per share of Class A, B and C common stock (in dollars per share)	$ 0	$ 0.25	$ (0.31)	$ 0.50
Weighted average common shares outstanding Class A, B and C common stock
Basic (in shares)	431,744	437,314	433,212	441,893
Diluted (in shares)	437,297	448,435	433,212	452,208

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,234	$ 110,753	$ (133,810)	$ 225,474
Other comprehensive income (loss):
Foreign currency translation adjustment	(30,087)	17,257	(37,344)	9,179
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $(13,907) and $8,837, for the three months ended December 31, 2024 and 2023, respectively; $(13,447) and $6,629 for the nine months ended December 31, 2024 and 2023, respectively.	46,832	(36,070)	35,651	(17,840)
Gain (loss) on intra-entity foreign currency transactions	(5,442)	2,815	(1,228)	(6,556)
Total other comprehensive income (loss)	11,303	(15,998)	(2,921)	(15,217)
Comprehensive income (loss)	$ 12,537	$ 94,755	$ (136,731)	$ 210,257

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense)	$ (13,907)	$ 8,837	$ (13,447)	$ 6,629

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Convertible Common Stock	Class C Common Stock	Common Stock Class A Common Stock	Common Stock Class B Convertible Common Stock	Common Stock Class C Common Stock	Additional Paid-in-Capital	Additional Paid-in-Capital Class C Common Stock	Retained Earnings	Retained Earnings Class C Common Stock	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Mar. 31, 2023					188,705,000	34,450,000	221,347,000
Beginning balance at Mar. 31, 2023	$ 1,966,147				$ 63	$ 11	$ 73	$ 1,136,536		$ 897,306		$ (67,842)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)							(348,000)
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements	(2,428)									(2,428)
Excise tax on repurchases of common stock	(650)							(650)
Class C Common Stock repurchased (in shares)							(10,685,000)
Class C Common Stock repurchased				$ (75,000)			$ (3)		$ (223)		$ (74,774)
Issuance of common stock, net of forfeitures (in shares)					82,000		1,672,000
Issuance of common stock, net of forfeitures				2,443					2,443
Stock-based compensation expense	33,163							33,163
Comprehensive income (loss)	210,257									225,474		(15,217)
Ending balance (in shares) at Dec. 31, 2023					188,787,000	34,450,000	211,986,000
Ending balance at Dec. 31, 2023	2,133,932				$ 63	$ 11	$ 70	1,171,269		1,045,578		(83,059)
Beginning balance (in shares) at Sep. 30, 2023					188,725,000	34,450,000	214,689,000
Beginning balance at Sep. 30, 2023	2,054,044				$ 63	$ 11	$ 71	1,162,548		958,412		(67,061)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)							(15,000)
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements	(110)									(110)
Excise tax on repurchases of common stock	(225)							(225)
Class C Common Stock repurchased (in shares)							(3,069,000)
Class C Common Stock repurchased				(25,000)			$ (1)		(1,522)		(23,477)
Issuance of common stock, net of forfeitures (in shares)					62,000		381,000
Issuance of common stock, net of forfeitures				$ 662					662
Stock-based compensation expense	9,806							9,806
Comprehensive income (loss)	94,755									110,753		(15,998)
Ending balance (in shares) at Dec. 31, 2023					188,787,000	34,450,000	211,986,000
Ending balance at Dec. 31, 2023	2,133,932				$ 63	$ 11	$ 70	1,171,269		1,045,578		(83,059)
Beginning balance (in shares) at Mar. 31, 2024		188,802,043	34,450,000	212,711,353	188,802,000	34,450,000	212,711,000
Beginning balance at Mar. 31, 2024	2,153,286				$ 63	$ 11	$ 70	1,181,854		1,048,411		(77,123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)							(1,320,000)
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements	(9,000)									(9,000)
Excise tax on repurchases of common stock	(478)							(478)
Class C Common Stock repurchased (in shares)							(8,721,000)
Class C Common Stock repurchased				$ (65,000)			$ (3)		316		(65,313)
Issuance of common stock, net of forfeitures (in shares)					21,000		3,826,000
Issuance of common stock, net of forfeitures				$ 1,852			$ 1		1,851
Stock-based compensation expense	40,794							40,794
Comprehensive income (loss)	(136,731)									(133,810)		(2,921)
Ending balance (in shares) at Dec. 31, 2024		188,822,726	34,450,000	206,495,528	188,823,000	34,450,000	206,496,000
Ending balance at Dec. 31, 2024	1,984,723				$ 63	$ 11	$ 68	1,224,337		840,288		(80,044)
Beginning balance (in shares) at Sep. 30, 2024					188,822,000	34,450,000	209,058,000
Beginning balance at Sep. 30, 2024	1,985,201				$ 63	$ 11	$ 69	1,212,378		864,027		(91,347)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements (in shares)							(65,000)
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements	(601)									(601)
Excise tax on repurchases of common stock	(278)							(278)
Class C Common Stock repurchased (in shares)							(2,781,000)
Class C Common Stock repurchased				$ (25,000)			$ (1)		(627)		$ (24,372)
Issuance of common stock, net of forfeitures (in shares)					1,000		284,000
Issuance of common stock, net of forfeitures				$ 538					$ 538
Stock-based compensation expense	12,326							12,326
Comprehensive income (loss)	12,537									1,234		11,303
Ending balance (in shares) at Dec. 31, 2024		188,822,726	34,450,000	206,495,528	188,823,000	34,450,000	206,496,000
Ending balance at Dec. 31, 2024	$ 1,984,723				$ 63	$ 11	$ 68	$ 1,224,337		$ 840,288		$ (80,044)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ (133,810)	$ 225,474
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	96,786	102,113
Unrealized foreign currency exchange rate (gain) loss	8,072	(904)
Loss on disposal of property and equipment	4,039	746
Non-cash restructuring and impairment charges	38,575	0
Amortization of bond premium and debt issuance costs	1,703	1,565
Stock-based compensation	40,794	33,163
Deferred income taxes	(8,784)	(24,430)
Changes in reserves and allowances	10,480	25,085
Changes in operating assets and liabilities:
Accounts receivable	136,658	58,044
Inventories	(149,362)	72,578
Prepaid expenses and other assets	2,988	(56,261)
Other non-current assets	(39,662)	37,494
Accounts payable	172,504	32,100
Accrued expenses and other liabilities	(65,207)	(38,737)
Customer refund liabilities	30,838	80
Income taxes payable and receivable	(3,732)	8,753
Net cash provided by (used in) operating activities	142,880	476,863
Cash flows from investing activities
Purchases of property and equipment	(139,860)	(116,541)
Sale of MyFitnessPal platform	50,000	45,000
Sale of MapMyFitness platform	8,000	0
Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired	(9,788)	0
Purchase of equity method investment in ISC Sport	(7,546)	0
Net cash provided by (used in) investing activities	(99,194)	(71,541)
Cash flows from financing activities
Common shares repurchased	(65,000)	(75,000)
Repayment of long-term debt	(80,919)	0
Employee taxes paid for shares withheld for income taxes	(9,000)	(2,428)
Proceeds from exercise of stock options and other stock issuances	1,852	2,443
Payments of debt financing costs	(1,388)	0
Net cash provided by (used in) financing activities	(154,455)	(74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(20,982)	136
Net increase (decrease) in cash, cash equivalents and restricted cash	(131,751)	330,473
Cash, cash equivalents and restricted cash
Beginning of period	876,917	726,745
End of period	745,166	1,057,218
Non-cash investing and financing activities
Change in accrual for property and equipment	$ (8,587)	$ (3,928)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 726,877	$ 1,039,109
Restricted cash	18,289	18,109
Total cash, cash equivalents and restricted cash	$ 745,166	$ 1,057,218

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Business Under Armour, Inc. (together with its wholly owned subsidiaries, the "Company") is a developer, marketer and distributor of branded athletic performance apparel, footwear and accessories. The Company creates products engineered to make athletes better with a vision to inspire performance solutions you never knew you needed and can't imagine living without. The Company's products are made, sold and worn worldwide. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation. The unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 ("Fiscal 2024"), filed with the SEC on May 29, 2024 ("Annual Report on Form 10-K for Fiscal 2024"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and nine months ended December 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2025 ("Fiscal 2025"), or any other portions thereof. Reclassifications Certain prior period comparative amounts have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the unaudited Condensed Consolidated Financial Statements. Equity Method Investment In November 2024, the Company invested $7.5 million in exchange for 29.5% common stock ownership in ISC Sport (ISC), an Australian custom teamwear company. This investment is accounted for under the equity method, given the Company has the ability to exercise significant influence, but not control, and is included in other long-term assets on the Condensed Consolidated Balance Sheets. Revisions to previously issued financial statements As previously disclosed in the Company's Annual Report on Form 10-K for Fiscal 2024, the Company identified and corrected certain accounting errors. Using the guidance in Accounting Standards Codification ("ASC") Topic 250, Accounting Changes and Error Corrections, ASC Topic 250-S99-1, Assessing Materiality, and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated whether its previously issued consolidated financial statements were materially misstated due to these errors. Based upon the evaluation of both quantitative and qualitative factors, the Company concluded that the effects of these errors were not material individually or in the aggregate to any previously reported quarterly or annual period. However, the Company revised its previously issued annual consolidated financial statements to correct these errors. See Note 1 to the Company’s Consolidated Financial Statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for Fiscal 2024, filed with the SEC on May 29, 2024 for additional details. The following tables set forth the Company’s revisions to the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023. The unaudited Condensed Consolidated Financial Statements and accompanying notes included within this Quarterly Report on Form 10-Q have been revised to reflect these corrections. Condensed Consolidated Statements of Operations Three Months Ended December 31, 2023 Nine Months Ended December 31, 2023 (in thousands) As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised Net revenues $ 1,486,095 $ (52) $ 1,486,043 $ 4,369,817 $ (135) $ 4,369,682 Cost of goods sold 814,914 490 815,404 2,338,905 120 2,339,025 Gross profit 671,181 (542) 670,639 2,030,912 (255) 2,030,657 Selling, general and administrative expenses 601,661 (2,431) 599,230 1,794,703 2,649 1,797,352 Income (loss) from operations 69,520 1,889 71,409 236,209 (2,904) 233,305 Interest income (expense), net (211) — (211) (2,210) — (2,210) Other income (expense), net 49,636 (1,709) 47,927 36,822 (1,059) 35,763 Income (loss) before income taxes 118,945 180 119,125 270,821 (3,963) 266,858 Income tax expense (benefit) 4,999 3,570 8,569 38,464 2,869 41,333 Income (loss) from equity method investments 197 — 197 (51) — (51) Net income (loss) $ 114,143 $ (3,390) $ 110,753 $ 232,306 $ (6,832) $ 225,474 Basic net income (loss) per share $ 0.26 $ (0.01) $ 0.25 $ 0.53 $ (0.02) $ 0.51 Diluted net income (loss) per share $ 0.26 $ (0.01) $ 0.25 $ 0.52 $ (0.02) $ 0.50 Condensed Consolidated Statements of Cash Flows Nine Months Ended December 31, 2023 (in thousands) As Previously Reported Adjustment As Revised Cash flows from operating activities Net income (loss) $ 232,306 $ (6,832) $ 225,474 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 106,685 (4,572) 102,113 Unrealized foreign currency exchange rate (gain) loss (904) — (904) Loss on disposal of property and equipment 746 — 746 Amortization of bond premium and debt issuance costs 1,565 — 1,565 Stock-based compensation 33,163 — 33,163 Deferred income taxes (24,430) — (24,430) Changes in reserves and allowances 25,085 — 25,085 Changes in operating assets and liabilities: Accounts receivable 55,912 2,132 58,044 Inventories 71,400 1,178 72,578 Prepaid expenses and other assets (45,363) (10,898) (56,261) Other non-current assets 42,149 (4,655) 37,494 Accounts payable 31,470 630 32,100 Accrued expenses and other liabilities (42,630) 3,893 (38,737) Customer refund liability 80 — 80 Income taxes payable and receivable 5,884 2,869 8,753 Net cash provided by (used in) operating activities 493,118 (16,255) 476,863 Cash flows from investing activities Purchases of property and equipment (132,796) 16,255 (116,541) Sale of MyFitnessPal platform 45,000 — 45,000 Net cash provided by (used in) investing activities (87,796) 16,255 (71,541) Cash flows from financing activities Net cash provided by (used in) financing activities (74,985) — (74,985) Effect of exchange rate changes on cash, cash equivalents and restricted cash 136 — 136 Net increase (decrease) in cash, cash equivalents and restricted cash 330,473 — 330,473 Cash, cash equivalents and restricted cash Beginning of period 727,726 (981) 726,745 End of period $ 1,058,199 $ (981) $ 1,057,218 Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates. As the impacts of major global events continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. The extent to which the evolving events impact the Company's financial statements will depend on a number of factors including, but not limited to, any new information that may emerge concerning the severity of these major events and the actions that governments around the world may take in response. While the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, the Company may experience further impacts based on long-term effects on the Company's customers and the countries in which the Company operates. Refer to the risk factors discussed in Part I, Item 1A "Risk Factors" of the Company's Annual Report on Form 10-K for Fiscal 2024.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements The Company assesses the applicability and impact of all Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). There were no ASUs adopted during the first nine months of Fiscal 2025. Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. The Company adopted ASU 2022-04 on April 1, 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which will be effective for the Company's Annual Report on Form 10-K for Fiscal 2025. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Refer to Note 8 of these Condensed Consolidated Financial Statements for a discussion of the Company's supply chain finance program. Recently Issued Accounting Pronouncements The Company assessed all recently issued ASUs and, other than those described below, determined them to be either not applicable or expected to have no material impact on its Condensed Consolidated Financial Statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" ("ASU 2024-03"), which will require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for the Company's Fiscal 2028 annual period and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures. Income Tax In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and should be adopted on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures. Reportable Segments In November 2023, the FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosures about an entity’s reportable segments,

Allowance For Doubtful Accounts

Allowance For Doubtful Accounts	9 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company's allowance for doubtful accounts was established with information available as of December 31, 2024, including reasonable and supportable estimates of future risk. The following table illustrates the activity in the Company's allowance for doubtful accounts: Allowance for doubtful accounts - within accounts receivable, net Balance as of March 31, 2024 $ 14,994 Increases to costs and expenses 5,582 Write-offs, net of recoveries (1,217) Balance as of December 31, 2024 $ 19,359

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: As of December 31, 2024 As of March 31, 2024 Leasehold and tenant improvements $ 440,319 $ 495,181 Furniture, fixtures and displays 305,918 301,897 Buildings 213,832 68,230 Software 280,314 350,811 Office equipment 138,483 139,223 Plant equipment 190,103 178,316 Land 73,244 82,410 Construction in progress (1) 20,800 175,960 Other 25,846 28,910 Subtotal property and equipment 1,688,859 1,820,938 Accumulated depreciation (1,038,215) (1,156,435) Property and equipment, net $ 650,644 $ 664,503 (1) Construction in progress primarily includes costs incurred for construction of corporate offices, leasehold improvements and in-store fixtures and displays not yet placed in use. During the three months ended December 31, 2024, the Company relocated to its new global headquarters. As a result of vacating its former global headquarters, the Company performed an impairment analysis and recognized an impairment charge of $28.4 million within selling, general and administrative expenses on the Condensed Consolidated Statements of Operations to reduce the carrying value to its estimated fair value. Additionally, during the three months ended December 31, 2024, the property and equipment associated with the new global headquarters, which had been previously classified as construction in progress, were placed into service. Depreciation expense related to property and equipment for the three and nine months ended December 31, 2024 was $30.9 million and $95.6 million, respectively (three and nine months ended December 31, 2023: $33.5 million and $101.0 million, respectively).

Leases

Leases	9 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company enters into operating leases domestically and internationally to lease certain 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 2038. Short-term lease payments were not material for the periods presented. Lease Costs and Other Information The Company recognizes lease expense on a straight-line basis over the lease term. There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses and certain costs relating to lease assets held solely for sublet purposes, included in other income (expense), net within the Company's Condensed Consolidated Statements of Operations, for the periods indicated: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating lease costs $ 37,580 $ 37,535 $ 113,040 $ 112,845 Variable lease costs $ 27,400 $ 22,290 $ 76,940 $ 64,452 As previously disclosed, historically, variable lease costs primarily consisted of lease payments dependent on sales in Brand and Factory House stores. Prior period amounts, included in the table above, have been revised to also include other non-lease components payable to the lessor. Additionally, certain amounts previously disclosed as operating lease costs in error have been corrected to be classified as variable lease costs. This presentation change did not affect total lease related costs recorded within the Company's Condensed Consolidated Statements of Operations. The Company subleases certain excess office facilities, retail space and warehouse space to third parties. Sublease income for the three and nine months ended December 31, 2024 was $3.3 million and $6.1 million, respectively. Sublease income for the three and nine months ended December 31, 2023 was not material. The weighted average remaining lease term and discount rate for the periods indicated below were as follows: As of December 31, 2024 As of March 31, 2024 Weighted average remaining lease term (in years) 7.33 7.62 Weighted average discount rate 4.92 % 4.95 % Supplemental Cash Flow Information The following table presents supplemental information relating to cash flow arising from lease transactions: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating cash outflows from operating leases $ 46,243 $ 44,941 $ 139,089 $ 133,259 Leased assets obtained in exchange for new operating lease liabilities $ 13,840 $ 29,239 $ 50,156 $ 50,698 Maturity of Lease Liabilities The following table presents the future minimum lease payments under the Company's operating lease liabilities as of December 31, 2024: Fiscal year ending March 31, 2025 (three months ending) $ 40,712 2026 155,201 2027 133,576 2028 113,941 2029 76,380 2030 and thereafter 321,524 Total lease payments $ 841,334 Less: Interest 131,384 Total present value of lease liabilities $ 709,950 As of December 31, 2024, the Company has additional operating lease obligations that have not yet commenced of approximately $70.2 million, which are not reflected in the table above. This amount includes approximately $56.6 million relating to an agreement with a third-party logistics provider to operate a distribution center in the Netherlands. This agreement has been assessed as containing a lease and is scheduled to commence in February 2026.

Goodwill

Goodwill	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	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 Total Balance as of March 31, 2024 $ 301,371 $ 101,958 $ 74,973 $ 478,302 Purchase of UNLESS COLLECTIVE, Inc (1) 9,784 — — 9,784 Effect of currency translation adjustment — (2,489) (1,051) (3,540) Balance as of December 31, 2024 $ 311,155 $ 99,469 $ 73,922 $ 484,546 (1)

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET The following tables summarize the Company's intangible assets as of the periods indicated: Useful Lives from Date of Acquisitions (in years) As of December 31, 2024 Gross Carrying Accumulated Net Carrying Intangible assets subject to amortization: Customer relationships 2-6 $ 8,517 $ (6,666) $ 1,851 Lease-related intangible assets 1-15 1,522 (1,469) 53 Total $ 10,039 $ (8,135) $ 1,904 Indefinite-lived intangible assets 3,628 Intangible assets, net $ 5,532 Useful Lives from Date of Acquisitions (in years) As of March 31, 2024 Gross Carrying Accumulated Net Carrying Intangible assets subject to amortization: Customer relationships 2-6 $ 8,609 $ (5,708) $ 2,901 Lease-related intangible assets 1-15 1,756 (1,677) 79 Total $ 10,365 $ (7,385) $ 2,980 Indefinite-lived intangible assets 4,020 Intangible assets, net $ 7,000 Amortization expense, which is included in selling, general and administrative expenses, for the three and nine months ended December 31, 2024 was $0.4 million and $1.1 million, respectively (three and nine months ended December 31, 2023: $0.4 million and $1.1 million, respectively). The following is the estimated future amortization expense for the Company's intangible assets as of December 31, 2024: Fiscal year ending March 31, 2025 (three months ending) $ 406 2026 1,489 2027 9 2028 and thereafter — Total amortization expense of intangible assets $ 1,904

Supply Chain Finance Program

Supply Chain Finance Program	9 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
SUPPLY CHAIN FINANCE PROGRAM	SUPPLY CHAIN FINANCE PROGRAM The Company facilitates a supply chain finance program, administered through third-party platforms, which provides participating suppliers with the opportunity to finance payments due from the Company with certain third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more invoices of the Company prior to their scheduled due dates at a discounted price with the participating financial institution. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. As such, the outstanding payment obligations under the Company’s supply chain financing program The Company’s outstanding payment obligations under this program were $206.9 million as of December 31, 2024 (March 31, 2024: $159.4 million).

Credit Facility and Other Long-

Credit Facility and Other Long-Term Debt	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
CREDIT FACILITY AND OTHER LONG-TERM DEBT	CREDIT FACILITY AND OTHER LONG-TERM DEBT The Company's outstanding debt consisted of the following: As of As of 1.50% Convertible Senior Notes due 2024 $ — $ 80,919 3.25% Senior Notes due 2026 600,000 600,000 Total principal payments due 600,000 680,919 Unamortized debt discount on Senior Notes (370) (560) Unamortized debt issuance costs - Convertible Senior Notes — (16) Unamortized debt issuance costs - Senior Notes (785) (1,189) Unamortized debt issuance costs - Credit facility (3,657) (3,362) Total amount outstanding 595,188 675,792 Less: Current portion of long-term debt: 1.50% Convertible Senior Notes due 2024 — 80,919 Non-current portion of long-term debt $ 595,188 $ 594,873 Credit Facility On March 8, 2019, the Company entered into an amended and restated credit agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2024, the Company entered into the fifth amendment to the credit agreement (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $1.1 billion of revolving credit commitments comprised of two tranches: (i) one tranche of $50 million that has a term that ends on December 3, 2026, and (ii) a second tranche of $1.05 billion that has a term that ends on December 3, 2027, in each case with permitted extensions under certain circumstances. As of December 31, 2024 and March 31, 2024, there were no amounts outstanding under the revolving credit facility. At the Company's request and a lender's consent, commitments under the amended credit agreement may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the amended credit agreement. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time the Company seeks to incur such borrowings. Borrowings, if any, 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. As of December 31, 2024, $45.9 million of letters of credit were outstanding (March 31, 2024: $4.2 million). The obligations of the Company under the amended credit agreement are guaranteed by certain domestic significant subsidiaries of Under Armour, Inc., subject to customary exceptions (the "subsidiary guarantors") and primarily secured by a first-priority security interest in substantially all of the assets of Under Armour, Inc. and the subsidiary guarantors, excluding real property, capital stock in and debt of subsidiaries of Under Armour, Inc. holding certain real property and other customary exceptions. The amended credit agreement provides for the permanent fall away of guarantees and collateral upon the Company's achievement of investment grade rating from two rating agencies. The amended credit agreement contains negative covenants that, subject to significant exceptions, limit the Company's ability to, among other things: incur additional secured and unsecured indebtedness; pledge the assets as security; make investments, loans, advances, guarantees and acquisitions (including investments in and loans to non-guarantor subsidiaries); undergo fundamental changes; sell assets outside the ordinary course of business; enter into transactions with affiliates; and make restricted payments. The Company is also required to maintain a ratio of consolidated EBITDA, to consolidated interest expense of not less than 3.50 to 1.0 (the "interest coverage covenant") and the Company is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.0 (the "leverage covenant"), as described in more detail in the amended credit agreement. In July 2024, the Company entered into an amendment to the credit agreement to exclude from the definition of consolidated EBITDA certain charges related to the settlement of the Company's Class Action Securities litigation described in Note 10 of these Condensed Consolidated Financial Statements. The Company was in compliance with the applicable covenants for the quarter ended December 31, 2024. In addition, the amended 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 amended credit agreement, will be considered an event of default under the amended credit agreement. The amended credit agreement implemented SOFR as the replacement for LIBOR as a benchmark interest rate for U.S. dollar borrowings (and analogous benchmark rate replacements for borrowings in Yen, Pound Sterling and Euro). Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at the Company's option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), 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 leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% to 1.75% (or, in the case of alternate base loans, 0.00% to 0.75%). The Company will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of December 31, 2024, the commitment fee was 17.5 basis points. 1.50% Convertible Senior Notes On June 1, 2024, the Company's previously outstanding $80.9 million aggregate principal amount of 1.50% convertible senior notes due 2024 (the "Convertible Senior Notes") matured. The Convertible Senior Notes bore interest at the fixed rate of 1.50% per annum, payable semiannually in arrears on June 1 and December 1 of each year, beginning December 1, 2020. Upon maturity, the Company repaid the $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding, plus $0.6 million of accrued interest, using cash on hand. No holders exercised their rights to convert prior to maturity. 3.25% Senior Notes In June 2016, the Company issued $600.0 million aggregate principal amount of 3.25% senior unsecured notes due June 15, 2026 (the "Senior Notes"). The Senior Notes bear interest at the fixed rate of 3.25% per annum, payable semi-annually on June 15 and December 15 beginning December 15, 2016. The Company may redeem some or all of the Senior Notes at any time, or from time to time, at redemption prices described in the indenture governing the Senior Notes. The indenture governing the Senior Notes contains negative covenants that limit the Company's ability to engage in certain transactions and are subject to material exceptions described in the indenture. The Company incurred and deferred $5.4 million in financing costs in connection with the Senior Notes. Interest Expense Interest expense, which includes 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, was $6.4 million and $18.1 million for the three and nine months ended December 31, 2024, respectively (three and nine months ended December 31, 2023: $5.7 million and $17.0 million, respectively). Maturity of Long-Term Debt The following are the scheduled maturities of long-term debt as of December 31, 2024: Fiscal year ending March 31, 2025 (three months ending) $ — 2026 — 2027 600,000 2028 and thereafter — Total scheduled maturities of long-term debt $ 600,000 Current maturities of long-term debt $ —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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. However, the matters described below, if decided adversely to or settled by the Company, could result, individually or in the aggregate, in a liability material to the Company's consolidated financial position, results of operations or cash flows. In re Under Armour Securities Litigation On March 23, 2017, three separate securities cases previously filed against the Company in the United States District Court for the District of Maryland (the "District Court") were consolidated under the caption In re Under Armour Securities Litigation, Case No. 17-cv-00388-RDB (the "Consolidated Securities Action"). On September 14, 2020, the District Court issued an order that, among other things, consolidated two additional securities cases into the Consolidated Securities Action. The operative complaint (the "TAC") in the Consolidated Securities Action was filed on October 14, 2020. The class period identified in the TAC was September 16, 2015 through November 1, 2019. On June 20, 2024, the defendants reached an agreement with the plaintiffs to enter into a settlement resolving the Consolidated Securities Action (the “Securities Action Settlement”). Under the terms of the Securities Action Settlement, the Company paid $434 million to the members of the class, which was funded using balance sheet cash together with $63 million of insurance proceeds. In addition, the Company agreed to two additional, non-monetary provisions, specifically to continue to separate the roles of Chair and Chief Executive Officer for a period of at least three years beginning on the date that the court order approving the Securities Action Settlement and dismissing the Consolidated Securities Action becomes final and non-appealable (the “Three-Year Period”), and that all restricted stock or restricted stock units granted by the Company to its Chief Executive Officer, Chief Financial Officer and Chief Legal Officer during the Three-Year Period include a performance-based vesting condition to be set by the Human Capital and Compensation Committee of the Company’s Board of Directors. In exchange, the plaintiffs and the Class granted customary releases in favor of Defendants of all of their claims that were or could have been asserted in the Consolidated Securities Action. On November 7, 2024, the District Court granted the plaintiffs’ motion for final approval of the Securities Action Settlement and dismissed the Consolidated Securities Action with prejudice. By entering into the Securities Action Settlement, the defendants in no way conceded or admitted liability for any of the claims that were or could have been asserted in the Consolidated Securities Action. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Consolidated Securities Action, and entered into the Securities Action Settlement to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Consolidated Securities Action. Consolidated Kenney Derivative Litigation In June and July 2018, two purported stockholder derivative complaints were filed in Maryland state court (the "State Court"), in cases captioned Kenney v. Plank, et al. (filed June 29, 2018) and Luger v. Plank, et al. (filed July 26, 2018), respectively). The cases were consolidated on October 19, 2018 under the caption Kenney v. Plank, et. al. The consolidated complaint in the Kenney action names Mr. Plank, certain other current and former members of the Company's Board of Directors, certain former Company executives, and Sagamore Development Company, LLC ("Sagamore") as defendants, and names the Company as a nominal defendant. The consolidated complaint asserts breach of fiduciary duty, unjust enrichment, and corporate waste claims against the individual defendants and asserts a claim against Sagamore for aiding and abetting certain of the alleged breaches of fiduciary duty. The consolidated complaint seeks damages on behalf of the Company and certain corporate governance related actions. The consolidated complaint includes allegations challenging, among other things, the Company's disclosures related to growth and consumer demand for certain of the Company's products, as well as stock sales by certain individual defendants. The consolidated complaint also makes allegations related to the Company's 2016 purchase from entities controlled by Mr. Plank (through Sagamore) of certain parcels of land to accommodate the Company's growth needs, which was approved by the Audit Committee of the Company's Board of Directors in accordance with the Company's policy on transactions with related persons. On March 29, 2019, the State Court granted the Company's and the defendants' motion to stay that case pending the outcome of both the Consolidated Securities Action and an earlier-filed derivative action asserting similar claims to those asserted in the Kenney action relating to the Company's purchase of parcels in the Baltimore Peninsula, an area of Baltimore previously referred to as Port Covington (which derivative action has since been dismissed in its entirety). Prior to the filing of the derivative complaints in Kenney v. Plank, et al. and Luger v. Plank, et al., both of the purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and both of these purported stockholders were informed of that determination. In 2020, two additional purported shareholder derivative complaints were filed in the State Court, in cases captioned Cordell v. Plank, et al. (filed August 11, 2020), and Salo v. Plank, et al. (filed October 21, 2020), respectively. Prior to the filing of the derivative complaints in these two actions, neither of the purported stockholders made a demand that the Company's Board of Directors pursue the claims asserted in the complaints. In October 2021, the State Court issued an order (i) consolidating the Cordell and Salo actions with the consolidated Kenney action into a single consolidated derivative action (the "Consolidated Kenney Derivative Action"); (ii) designating the Kenney action as the lead case; and (iii) specifying that the scheduling order in the Kenney action shall control the Consolidated Kenney Derivative Action. On October 27, 2023, an additional purported stockholder derivative complaint was filed in the State Court by four purported stockholders, in a case captioned Viskovich, et al. v. Plank, et al. (the “Viskovich Action”). Prior to the filing of this complaint, each of the four purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaint. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and these purported stockholders were informed of that determination. On March 20, 2024, the State Court issued an order (i) consolidating the Viskovich Action into the Consolidated Kenney Derivative Action; (ii) designating the Kenney action as the lead case; and (iii) specifying that the scheduling order in the Kenney action shall control the Consolidated Kenney Derivative Action. As previously disclosed, the parties in the Consolidated Kenney Derivative Action and the Consolidated Paul Derivative Action described below (together, the “Derivative Actions”) agreed to engage in private mediation in an effort to potentially resolve the claims in the Derivative Actions. On January 18, 2025, the Company and all of the defendants in the Derivative Actions entered into a binding term sheet (the “Term Sheet”) with plaintiffs containing the material terms of a settlement resolving the Derivative Actions. The parties intend to prepare a formal stipulation of settlement describing the terms of the proposed settlement, which will be presented to the State Court for approval following a notice and review period for the Company’s stockholders. The Term Sheet provides that (a) the Company will implement various corporate governance measures for a period of three years from the time that the settlement becomes final and non-appealable; and (b) a payment of $8.9 million, less any award of attorneys’ fees and costs to counsel for the plaintiffs, will be made to the Company on behalf of the defendants and will be funded using insurance proceeds. In exchange, the plaintiffs, the Company, and Under Armour stockholders derivatively on behalf of the Company, will grant customary releases in favor of the defendants of all of claims that were or could have been asserted in the Derivative Actions. By agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions. Consolidated Paul Derivative Litigation On January 27, 2021, the District Court entered an order consolidating for all purposes four separate stockholder derivative cases that previously had been filed in the court. On February 2, 2023, the District Court issued an order appointing Balraj Paul and Anthony Viskovich as lead plaintiffs (“Derivative Lead Plaintiffs”), appointing counsel for the Derivative Lead Plaintiffs as lead counsel, and recaptioning the consolidated case as Paul et al. v. Plank et al. (the “Consolidated Paul Derivative Action”). Prior to filing their derivative complaints, both of the Derivative Lead Plaintiffs had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company, and the Derivative Lead Plaintiffs were informed of that determination. On March 16, 2023, the District Court issued an order granting a motion for voluntary dismissal without prejudice that had been filed by the plaintiff in one of the four derivative cases who had not been appointed as a lead plaintiff. On April 24, 2023, the Derivative Lead Plaintiffs designated an operative complaint in the Consolidated Paul Derivative Action. The operative complaint named Mr. Plank, certain other current and former members of the Company's Board of Directors, and certain other current and former Company executives as defendants, and named the Company as a nominal defendant. It asserted allegations challenging (i) the Company's disclosures related to growth and consumer demand for certain of the Company's products; (ii) the Company's practice of shifting sales between quarterly periods supposedly to appear healthier and its purported failure to disclose that practice; (iii) the Company's internal controls with respect to revenue recognition and inventory management; and (iv) the Company's supposed failure to timely disclose investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice. The operative complaint asserted breach of fiduciary duty and unjust enrichment claims against the defendants and asserted a contribution claim against certain defendants. The operative complaint sought damages on behalf of the Company and also sought certain corporate governance related actions. The Company and the defendants filed a motion to dismiss the operative complaint on June 23, 2023. The District Court granted that motion on September 27, 2023, dismissing the Consolidated Paul Derivative Action without prejudice, due to lack of subject matter jurisdiction. Following that decision, Viskovich, one of the Derivative Lead Plaintiffs, filed the above-referenced Viskovich Action in State Court. The other Derivative Lead Plaintiff, Paul, filed a motion in the District Court seeking reconsideration of the dismissal decision or leave to amend the operative complaint. On January 9, 2024, the District Court entered an order denying Paul's motion and ordering that the Consolidated Paul Derivative Action remained dismissed without prejudice. In February 2024, Paul filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit (the "Fourth Circuit") from the decisions by the District Court on September 27, 2023 and January 9, 2024. Briefing on the appeal began on April 24, 2024 and was completed as of July 22, 2024. No decision has been issued in the appeal, which remains pending before the Fourth Circuit. As described above, on January 18, 2025, the parties in the Derivative Actions entered into the binding Term Sheet, which contains the material terms of a settlement resolving those cases. A summary of the Term Sheet and the next steps with respect to the proposed settlement is set forth above. As noted above, by agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions. Contingencies In accordance with ASC Topic 450 “Contingencies” (“Topic 450”), the Company establishes accruals for contingencies when (i) the Company believes it is probable that a loss will be incurred and (ii) the amount of the loss can be reasonably estimated. If the reasonable estimate is a range, the Company will accrue the best estimate in that range; where no best estimate can be determined, the Company will accrue the minimum. Legal proceedings and other contingencies for which no accrual has been established are disclosed to the extent required by ASC Topic 450. In connection with the matters described above and previously disclosed government investigations, the Company provided notice of claims under multiple director and officer liability insurance policy periods. While the Company’s director and officer insurance carriers from each policy period have funded a portion of the payment in connection with the Securities Action Settlement, as previously disclosed, the Company remains in litigation with certain of its insurance carriers regarding coverage with respect to one of these policy periods. On March 26, 2024, the District Court issued a decision and order that obligated these insurance carriers to provide coverage. On April 25, 2024, the insurance carriers filed a motion for entry of judgment or leave to appeal the March 26, 2024 decision. The Company opposed the insurance carriers’ motion, and briefing on the motion was completed on May 23, 2024. On December 19, 2024, the District Court granted the insurance carriers’ motion for entry of final judgment with respect to the District Court’s March 26, 2024 decision and stayed further proceedings in the District Court pending the Fourth Circuit’s resolution of the insurance carriers’ appeal with respect to the District Court’s March 26, 2024 decision. On January 16, 2025, the insurance carriers filed a notice of appeal. If the Fourth Circuit reverses the District Court’s decision, the Company may be required to repay the settlement amount funded by the insurance carriers, as well as any defense costs from the Consolidated Securities Action paid by these insurance carriers. $90 million of the insurance proceeds recognized as of December 31, 2024 remains subject to appeal by the insurance carriers. From time to time, the Company’s view regarding probability of loss with respect to outstanding legal proceedings will change, proceedings for which the Company is able to estimate a loss or range of loss will change, and the estimates themselves will change. In addition, while many matters presented in financial disclosures involve significant judgment and may be subject to significant uncertainties, estimates with respect to legal proceedings are subject to particular uncertainties. Other than as described above, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 31, 2024
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 400.0 million shares and 34.45 million shares, respectively, and each have a par value of $0.0003 1/3 per share as of December 31, 2024. 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, President 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 Articles Supplementary to the Company's charter as documented below. 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. The Company's Class C Common Stock has an authorized number of 400.0 million shares and has a par value of $0.0003 1/3 per share as of December 31, 2024. 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. Share Repurchase Program On May 15, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million (exclusive of fees and commissions) of outstanding shares of the Company's Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, the Company's financial condition, results of operations, liquidity and other factors. During the three months ended December 31, 2024, the Company entered into a supplemental confirmation (the "December 2024 ASR Agreement") of an accelerated share repurchase transaction with Truist Bank ("Truist") to repurchase $25.0 million of the Company's Class C Common Stock, and received a total of 2.8 million shares of Class C Common Stock from Truist, which were immediately retired. As a result, $24.4 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. During the nine months ended December 31, 2024, pursuant to the December 2024 ASR Agreement and the previously disclosed accelerated share repurchase transaction that the Company entered into in May 2024, the Company repurchased 8.7 million shares of Class C Common Stock, which were immediately retired. As a result, $65.3 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. As of the date of this Quarterly Report on Form 10-Q, the Company has repurchased a total of $65 million or 8.7 million outstanding shares of its Class C Common Stock, leaving approximately $435 million remaining under its current share repurchase program. During the three and nine months ended December 31, 2023, the Company repurchased and immediately retired 3.1 million and 10.7 million Class C Common Stock, respectively, under the Company's previously approved $500 million share repurchase program which was completed in December 2023.

Revenues

Revenues	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following tables summarize the Company's net revenues by product category and distribution channels: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Apparel $ 966,068 $ 1,016,655 $ 2,671,048 $ 2,911,669 Footwear 301,208 331,000 924,357 1,045,872 Accessories 110,432 104,510 319,358 316,305 Net Sales 1,377,708 1,452,165 3,914,763 4,273,846 License revenues 23,904 29,069 70,371 82,787 Corporate Other (573) 4,809 (1,407) 13,049 Total net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682 Wholesale $ 704,760 $ 711,699 $ 2,211,266 $ 2,393,382 Direct-to-consumer 672,948 740,466 1,703,497 1,880,464 Net Sales 1,377,708 1,452,165 3,914,763 4,273,846 License revenues 23,904 29,069 70,371 82,787 Corporate Other (573) 4,809 (1,407) 13,049 Total net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682 The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated: As of As of Customer refund liability $ 170,344 $ 139,283 Inventory associated with reserves for sales returns $ 39,796 $ 29,514 Contract Liabilities Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets. The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2024, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment. Total Contract Liabilities Balance as of March 31, 2024 $ 26,322 Revenues deferred 53,460 Revenues recognized (1) (41,072) Foreign exchange and other (729) Balance as of December 31, 2024 $ 37,981 (1) Includes approximately $7.1 million of revenue from gift cards and subscriptions that was previously included in contract liabilities as of March 31, 2024. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.

Restructuring and related charg

Restructuring and related charges	9 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES On May 15, 2024, the Company's Board of Directors approved a restructuring plan (the "2025 restructuring plan") designed to strengthen and support the Company's financial and operational efficiencies. On September 5, 2024, the Company’s Board of Directors approved a $70 million increase to the 2025 restructuring plan, resulting in an updated restructuring plan of approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred during Fiscal 2025 and the fiscal year ending March 31, 2026 ("Fiscal 2026"), including: • Up to $75 million in cash-related charges, consisting of approximately $30 million in employee severance and benefits costs and $45 million related to various transformational initiatives; and • Up to $85 million in non-cash charges, including approximately $7 million in employee severance and benefits costs and $78 million in facility, software, and other asset-related charges and impairments. Restructuring and related charges are included in the Company's Corporate Other segment. The costs recorded during the three and nine months ended December 31, 2024 were primarily North America related. The summary of these costs, as well as the Company's current estimates of the remaining amount expected to be incurred in connection with the 2025 restructuring plan is as follows: Estimated Restructuring and Related Charges (1) Three Months Ended Nine Months Ended Remaining to be incurred Total to be incurred under plan Costs recorded in restructuring charges: Employee-related costs $ 1,584 $ 13,322 Facility-related costs 5,706 18,201 Other restructuring costs 6,655 10,720 Total costs recorded in restructuring charges $ 13,945 $ 42,243 $ 67,757 $ 110,000 Costs recorded in selling, general and administrative expenses: Employee related costs — 9,460 Other transformation initiatives 3,819 5,740 Total costs recorded in selling, general and administrative expenses $ 3,819 $ 15,200 $ 34,800 $ 50,000 Total restructuring and related charges $ 17,764 $ 57,443 $ 102,557 $ 160,000 (1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred by the Company in connection with the 2025 restructuring plan. Restructuring and related charges and recoveries require the Company to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. The restructuring reserve is recorded within current and long-term liabilities on the Condensed Consolidated Balance Sheets. On a quarterly basis, the Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate, as new or updated information becomes available. A summary of the activity in the restructuring reserve related to the Company's 2025 restructuring plan for the nine months ended December 31, 2024 is as follows: Employee Related Costs Facility Related Costs Other Restructuring Related Costs Balance as of March 31, 2024 $ — $ — $ — Net additions (recoveries) charged to expense (1) 13,311 5,800 12,908 Cash payments (10,827) (5,800) (7,725) Foreign exchange and other 45 — — Balance as of December 31, 2024 $ 2,529 $ — $ 5,183 (1) Amount excludes approximately $15.5 million of non-cash facility-related and other charges and a $5.3 million non-cash gain from the sale of the MapMyFitness platform.

Other Employee Benefits

Other Employee Benefits	9 Months Ended
	Dec. 31, 2024
Retirement Benefits [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 for the three and nine months ended December 31, 2024 of $2.2 million and $8.2 million, respectively (three and nine months ended December 31, 2023: $2.2 million and $8.9 million, respectively). In addition, the Company offers the Under Armour, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") which allows a select group of management or highly compensated employees, as approved by the Human Capital and Compensation Committee of the Board of Directors, to make an annual base salary and/or bonus deferral for each year. As of December 31, 2024, the Deferred Compensation Plan obligations, which are included in other long-term liabilities on the Condensed Consolidated Balance Sheets, were $18.0 million (March 31, 2024: $16.2 million). The Company established a Rabbi Trust to fund obligations to participants in the Deferred Compensation Plan. As of December 31, 2024, the assets held in the Rabbi Trust were trust owned life insurance ("TOLI") policies with cash-surrender values of $9.0 million (March 31, 2024: $9.1 million). These assets are consolidated and are included in other long-term assets on the Condensed Consolidated Balance Sheets. Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements of the assets held in the Rabbi Trust and the Deferred Compensation Plan obligations.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION The Under Armour, Inc. Fourth 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. The 2005 Plan terminates in 2033. As of December 31, 2024, 8.3 million Class A shares and 28.3 million Class C shares are available for future grants of awards under the 2005 Plan. Awards Granted to Employees and Non-Employee Directors Total stock-based compensation expense associated with awards granted to employees and non-employee directors for the three and nine months ended December 31, 2024 was $10.7 million and $36.2 million, respectively (three and nine months ended December 31, 2023: $8.3 million and $28.6 million, respectively). As of December 31, 2024, the Company had $62.4 million of unrecognized compensation expense related to these awards expected to be recognized over a weighted average period of 2.09 years. The unrecognized expense does not include any expense related to performance-based restricted stock unit awards for which the performance targets have been deemed improbable as of December 31, 2024. Refer to "Stock Options" and "Restricted Stock and Restricted Stock Unit Awards" below for further information on these awards. A summary of each of these plans is as follows: Employee Stock Compensation Plan Stock options, restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a period of two Non-Employee Director Compensation 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 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 $150 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 or Class C Common Stock with the shares delivered six months following the termination of the director's service. The Company had 1.0 million deferred stock units outstanding as of December 31, 2024. Employee Stock Purchase Plan The Company's Employee Stock Purchase Plans (the "ESPPs") allow 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 ESPPs. As of December 31, 2024, 2.7 million Class A shares and 2.3 million Class C shares are available for future purchases under the ESPPs. During the three and nine months ended December 31, 2024, 0.1 million and 0.3 million Class C shares, respectively, were purchased under the ESPPs (three and nine months ended December 31, 2023: 0.1 million and 0.4 million, respectively). Awards granted to Certain Marketing and Other Partners In addition to the plans discussed above, the Company may also, from time to time, issue deferred stock units or restricted stock units to certain of our marketing and other partners in connection with their entering into endorsement or other service agreements with the Company. The terms of each agreement set forth the number of units to be granted and the delivery dates for the shares, which range over a multi-year period, depending on the contract. Total stock-based compensation expense related to these awards for the three and nine months ended December 31, 2024 was $1.9 million and $5.6 million, respectively (three and nine months ended December 31, 2023: $2.2 million and $7.0 million, respectively). As of December 31, 2024, the Company had $65.8 million of unrecognized compensation expense associated with these awards expected to be recognized over a weighted average period of 9.63 years. Summary by Award Classification: Stock Options A summary of the Company's stock options activity for the nine months ended December 31, 2024 is presented below: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Total Intrinsic Value Outstanding at March 31, 2024 1,578 $ 19.44 3.82 $ — Granted, at fair market value — — — — Exercised — — — — Forfeited — — — — Outstanding at December 31, 2024 1,578 $ 19.44 3.07 $ — Exercisable at December 31, 2024 1,578 $ 19.44 3.07 $ — Restricted Stock and Restricted Stock Unit Awards A summary of the Company's restricted stock and restricted stock unit awards activity for the nine months ended December 31, 2024 is presented below: Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024 20,776 $ 8.58 Granted 9,185 6.33 Forfeited (3,186) 7.54 Vested (3,805) 9.32 Outstanding at December 31, 2024 22,970 $ 7.72 The awards outstanding at December 31, 2024 in the table above includes 2.3 million of performance-based restricted stock units with financial performance conditions that were awarded to certain executives and key employees under the 2005 Plan. The performance-based restricted stock units with financial performance conditions awarded during Fiscal 2025, Fiscal 2024 and Fiscal 2023 have a weighted average fair value of $6.85, $6.93 and $9.13, respectively, and have vesting that is tied to the achievement of certain annual revenue and operating income targets. As of December 31, 2024, the Company deemed the achievement of the targets for the performance-based restricted stock units granted during Fiscal 2024 and Fiscal 2023 to be improbable and as such no stock-based compensation expense was recorded during the three and nine months ended December 31, 2024. As of December 31, 2024, the Company deemed the achievement of the targets for the performance-based restricted stock units awarded during the Fiscal 2025 to be probable and recorded stock-based compensation expense of $1.0 million and $2.3 million, for the three and nine months ended December 31, 2024, respectively. The Company assesses the probability of the achievement of the revenue and operating income targets at the end of each reporting period and based on that assessment cumulative adjustments may be recorded in future periods. The awards outstanding at December 31, 2024 in the table above also include 2.0 million of performance-based restricted stock unit awards with market performance conditions that were awarded to the Company's President and CEO under the 2005 plan during Fiscal 2025. The performance-based restricted stock units with market conditions have a weighted average fair value of $4.13 and have vesting that is tied to the achievement of certain stock price targets for the Company's Class C Common Stock. The fair value of these awards was determined on the grant date using a Monte Carlo simulation model. The Company recorded $0.5 million and $1.2 million of compensation expense related to these awards during the three and nine months ended December 31, 2024, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 on a recurring basis The Company's financial assets (liabilities) measured at fair value on a recurring basis consisted of the following types of instruments as of the following periods: December 31, 2024 March 31, 2024 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative foreign currency contracts (see Note 17) $ — $ 34,582 $ — $ — $ (4,643) $ — TOLI policies held by the Rabbi Trust (see Note 14) $ — $ 8,983 $ — $ — $ 9,105 $ — Deferred Compensation Plan obligations (see Note 14) $ — $ (17,986) $ — $ — $ (16,151) $ — 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 foreign currency contracts represent unrealized 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 fair value of the TOLI policies held by the Rabbi Trust are 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 Deferred Compensation Plan, which represent the underlying liabilities to participants. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants' selected investments. Fair value of Long-Term Debt 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). As of December 31, 2024, the fair value of the Senior Notes was $579.7 million (March 31, 2024: $569.1 million). Assets and liabilities measured at fair value on a non-recurring basis Certain assets are not remeasured to fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets and goodwill that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

Risk Management and Derivatives

Risk Management and Derivatives	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
RISK MANAGEMENT AND DERIVATIVES	RISK MANAGEMENT AND DERIVATIVES The Company is exposed to global market risks, including the effects of changes in foreign currency and interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business and does not hold or issue derivatives for trading or speculative purposes. The Company may elect to designate certain derivatives as hedging instruments under U.S. GAAP. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to forecasted cash flows and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships. The Company's foreign exchange risk management program consists of designated cash flow hedges and undesignated hedges. As of December 31, 2024, the Company has hedge instruments primarily for: • British Pound/U.S. Dollar; • Euro/U.S. Dollar; • U.S. Dollar/Chinese Renminbi; • U.S. Dollar/Canadian Dollar; • U.S. Dollar/Mexican Peso; and • U.S. Dollar/Korean Won. All derivatives are recognized on the Condensed Consolidated Balance Sheets at fair value and classified based on the instrument's maturity date. The following table presents the fair values of derivative instruments within the Condensed Consolidated Balance Sheets. Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements. Balance Sheet Classification December 31, 2024 March 31, 2024 Derivatives designated as hedging instruments under ASC 815 Foreign currency contracts Other current assets $ 33,679 $ 10,477 Foreign currency contracts Other long-term assets 1,985 2,760 Total derivative assets designated as hedging instruments $ 35,664 $ 13,237 Foreign currency contracts Other current liabilities $ 729 $ 17,761 Foreign currency contracts Other long-term liabilities — 1,171 Total derivative liabilities designated as hedging instruments $ 729 $ 18,932 Derivatives not designated as hedging instruments under ASC 815 Foreign currency contracts Other current assets $ 203 $ 559 Total derivative assets not designated as hedging instruments $ 203 $ 559 Foreign currency contracts Other current liabilities $ 556 $ 600 Total derivative liabilities not designated as hedging instruments $ 556 $ 600 The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Net revenues $ 1,401,039 $ (737) $ 1,486,043 $ 3,415 $ 3,983,727 $ (3,891) $ 4,369,682 $ 8,961 Cost of goods sold $ 735,884 $ 329 $ 815,404 $ (1,550) $ 2,059,765 $ (3,242) $ 2,339,025 $ (1,779) Interest income (expense), net $ (3,391) $ (9) $ (211) $ (9) $ (2,794) $ (27) $ (2,210) $ (27) Other income (expense), net $ (2,563) $ — $ 47,927 $ — $ (8,713) $ — $ 35,763 $ — The following tables present the amounts affecting the Condensed Consolidated Statements of Comprehensive Income (Loss) from derivatives designated as cash flow hedges: Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ (22,304) $ 60,322 $ (408) $ 38,426 Interest rate swaps (404) — (9) (395) Total designated as cash flow hedges $ (22,708) $ 60,322 $ (417) $ 38,031 Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ (10,645) $ 41,938 $ (7,133) $ 38,426 Interest rate swaps (422) — (27) (395) Total designated as cash flow hedges $ (11,067) $ 41,938 $ (7,160) $ 38,031 Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ 15,656 $ (43,051) $ 1,865 $ (29,260) Interest rate swaps (440) — (9) (431) Total designated as cash flow hedges $ 15,216 $ (43,051) $ 1,856 $ (29,691) Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ (4,764) $ (17,314) $ 7,182 $ (29,260) Interest rate swaps (458) — (27) (431) Total designated as cash flow hedges $ (5,222) $ (17,314) $ 7,155 $ (29,691) The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Other income (expense), net $ (2,563) $ (1,123) $ 47,927 $ 4,610 $ (8,713) $ 3,469 $ 35,763 $ 39 Cash Flow Hedges 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 driven by non-functional currency generated revenue, non-functional currency inventory purchases and certain other intercompany transactions. The Company enters into foreign currency contracts to reduce the risk associated with the foreign currency exchange rate fluctuations on these transactions. Certain contracts are designated as cash flow hedges. As of December 31, 2024, the aggregate notional value of the Company's outstanding cash flow hedges was $850.5 million (March 31, 2024: $1,199.1 million), with contract maturities ranging from one The Company may enter 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 interest rate swap contracts are accounted for as cash flow hedges. Refer to Note 9 of these Condensed Consolidated Financial Statements for a discussion of long-term debt. For contracts designated as cash flow hedges, the changes in fair value are reported as other comprehensive income (loss) and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. Effective hedge results are classified in the Condensed Consolidated Statements of Operations in the same manner as the underlying exposure. Undesignated Derivative Instruments The Company has entered into foreign exchange forward contracts to mitigate the change in fair value of specific assets and liabilities on the Condensed Consolidated Balance Sheets. Undesignated instruments are recorded at fair value as a derivative asset or liability on the Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in other expense, net, together with the re-measurement gain or loss from the hedged balance sheet position. As of December 31, 2024, the total notional value of the Company's outstanding undesignated derivative instruments was $483.0 million (March 31, 2024: $449.0 million). Credit Risk 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.

Provision for Income Taxes

Provision for Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES	PROVISION FOR INCOME TAXES The Company computes its quarterly income tax provision under the effective tax rate method by applying an estimated anticipated annual effective rate to the Company's year-to-date earnings, except for significant and unusual or extraordinary transactions. Losses from jurisdictions for which no benefit can be recognized are excluded from the overall computations of the estimated annual effective tax rate and a separate estimated annual effective tax rate is computed and applied to earnings in the loss jurisdiction. Income tax provision for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs. The effective rates for income taxes were 83.3% and 7.2% for the three months ended December 31, 2024 and 2023, respectively. The increase in the Company's effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States. The effective rates for income taxes were (7.5)% and 15.5% for the nine months ended December 31, 2024 and 2023, respectively. The decrease in the Company's effective tax rate was primarily driven by the proportion of earnings subject to tax in the U.S. as compared to foreign jurisdictions in each period and the Fiscal 2025 impact of U.S. losses on foreign earnings subject to tax in the United States. Valuation Allowance The Company evaluates on a quarterly basis whether the deferred tax assets are realizable which requires significant judgment. The Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance. To the extent the Company believes 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. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of December 31, 2024, for U.S. states and certain foreign taxing jurisdictions, the Company believe the weight of the negative evidence continues to outweigh the positive evidence regarding the realization of these deferred tax assets and have maintained a valuation allowance against these assets. The Company will continue to evaluate its ability to realize its net deferred tax assets on a quarterly basis.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Numerator Net income (loss) - Basic $ 1,234 $ 110,753 $ (133,810) $ 225,474 Interest on Convertible Senior Notes due 2024, net of tax (1)(2) — 225 — 675 Net income (loss) - Diluted $ 1,234 $ 110,978 $ (133,810) $ 226,149 Denominator Weighted average common shares outstanding Class A, B and C - Basic 431,744 437,314 433,212 441,893 Dilutive effect of Class A, B, and C securities (1) 5,553 2,879 — 2,073 Dilutive effect of Convertible Senior Notes due 2024 (1)(2) — 8,242 — 8,242 Weighted average common shares and dilutive securities outstanding Class A, B, and C 437,297 448,435 433,212 452,208 Class A and Class C securities excluded as anti-dilutive (3) 1,721 12,953 10,588 16,446 Basic net income (loss) per share of Class A, B and C common stock $ 0.00 $ 0.25 $ (0.31) $ 0.51 Diluted net income (loss) per share of Class A, B and C common stock $ 0.00 $ 0.25 $ (0.31) $ 0.50 (1) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options, restricted stock units, or effects from the Convertible Senior Notes due 2024 are included in the computation of diluted earnings per share during periods when the Company is in the net loss position, as their effect would be anti-dilutive. (2) The Company's Convertible Senior Notes matured on June 1, 2024. Upon maturity, the Company repaid the approximately $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding using cash on hand. Refer to Note 9 of these Condensed Consolidated Financial Statements for additional details. (3) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

Segment Data

Segment Data	9 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA 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 of being a global brand. These geographic regions include North America, EMEA, Asia-Pacific and Latin America. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM. The Company excludes certain corporate items from its segment profitability measures. The Company reports these items within Corporate Other, which is designed to provide increased transparency and comparability of the Company's operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an operating segment, including expenses associated with centrally managed departments such as global marketing, global IT, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; (iii) certain foreign currency hedge gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025. The following tables summarize the Company's net revenues and operating income (loss) by its geographic segments. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance. Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net revenues North America $ 843,620 $ 915,335 $ 2,416,225 $ 2,733,297 EMEA 297,890 284,049 807,960 797,781 Asia-Pacific 201,112 212,018 590,609 646,315 Latin America 58,990 69,832 170,340 179,240 Corporate Other (573) 4,809 (1,407) 13,049 Total net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682 Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating income (loss) North America $ 164,068 $ 166,256 $ 529,216 $ 538,041 EMEA 42,110 49,133 114,161 117,738 Asia-Pacific 14,009 16,014 58,158 86,020 Latin America 14,186 13,367 41,528 32,759 Corporate Other (1) (220,864) (173,361) (856,202) (541,253) Total operating income (loss) 13,509 71,409 (113,139) 233,305 Interest income (expense), net (3,391) (211) (2,794) (2,210) Other income (expense), net (2,563) 47,927 (8,713) 35,763 Income (loss) before income taxes $ 7,555 $ 119,125 $ (124,646) $ 266,858 (1) Results for the nine months ended December 31, 2024, include $261 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation. Refer to Note 10 of these Condensed Consolidated Financial Statements for additional details.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income (loss) - Basic	$ 1,234	$ 110,753	$ (133,810)	$ 225,474

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements are presented in U.S. Dollars and include the accounts of Under Armour, Inc. and its wholly owned subsidiaries. Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation. The unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024 ("Fiscal 2024"), filed with the SEC on May 29, 2024 ("Annual Report on Form 10-K for Fiscal 2024"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and nine months ended December 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2025 ("Fiscal 2025"), or any other portions thereof.
Reclassifications	Reclassifications Certain prior period comparative amounts have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the unaudited Condensed Consolidated Financial Statements.
Equity Method Investment	Equity Method Investment
Management Estimates	Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company assesses the applicability and impact of all Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). There were no ASUs adopted during the first nine months of Fiscal 2025. Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") which requires entities to disclose the key terms of supplier finance programs used in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. The Company adopted ASU 2022-04 on April 1, 2023 on a retrospective basis, except for the amendments relating to the rollforward requirement, which will be effective for the Company's Annual Report on Form 10-K for Fiscal 2025. The adoption did not have a material impact on the Company's Condensed Consolidated Financial Statements. Refer to Note 8 of these Condensed Consolidated Financial Statements for a discussion of the Company's supply chain finance program. Recently Issued Accounting Pronouncements The Company assessed all recently issued ASUs and, other than those described below, determined them to be either not applicable or expected to have no material impact on its Condensed Consolidated Financial Statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" ("ASU 2024-03"), which will require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for the Company's Fiscal 2028 annual period and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures. Income Tax In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and should be adopted on a prospective basis. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures. Reportable Segments In November 2023, the FASB issued ASU 2023-07 "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires expanded disclosures about an entity’s reportable segments,
Fair Value of Financial Instruments	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.

Description of Business and B_2

Description of Business and Basis of Presentation (Tables)	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	Condensed Consolidated Statements of Operations Three Months Ended December 31, 2023 Nine Months Ended December 31, 2023 (in thousands) As Previously Reported Adjustment As Revised As Previously Reported Adjustment As Revised Net revenues $ 1,486,095 $ (52) $ 1,486,043 $ 4,369,817 $ (135) $ 4,369,682 Cost of goods sold 814,914 490 815,404 2,338,905 120 2,339,025 Gross profit 671,181 (542) 670,639 2,030,912 (255) 2,030,657 Selling, general and administrative expenses 601,661 (2,431) 599,230 1,794,703 2,649 1,797,352 Income (loss) from operations 69,520 1,889 71,409 236,209 (2,904) 233,305 Interest income (expense), net (211) — (211) (2,210) — (2,210) Other income (expense), net 49,636 (1,709) 47,927 36,822 (1,059) 35,763 Income (loss) before income taxes 118,945 180 119,125 270,821 (3,963) 266,858 Income tax expense (benefit) 4,999 3,570 8,569 38,464 2,869 41,333 Income (loss) from equity method investments 197 — 197 (51) — (51) Net income (loss) $ 114,143 $ (3,390) $ 110,753 $ 232,306 $ (6,832) $ 225,474 Basic net income (loss) per share $ 0.26 $ (0.01) $ 0.25 $ 0.53 $ (0.02) $ 0.51 Diluted net income (loss) per share $ 0.26 $ (0.01) $ 0.25 $ 0.52 $ (0.02) $ 0.50 Condensed Consolidated Statements of Cash Flows Nine Months Ended December 31, 2023 (in thousands) As Previously Reported Adjustment As Revised Cash flows from operating activities Net income (loss) $ 232,306 $ (6,832) $ 225,474 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 106,685 (4,572) 102,113 Unrealized foreign currency exchange rate (gain) loss (904) — (904) Loss on disposal of property and equipment 746 — 746 Amortization of bond premium and debt issuance costs 1,565 — 1,565 Stock-based compensation 33,163 — 33,163 Deferred income taxes (24,430) — (24,430) Changes in reserves and allowances 25,085 — 25,085 Changes in operating assets and liabilities: Accounts receivable 55,912 2,132 58,044 Inventories 71,400 1,178 72,578 Prepaid expenses and other assets (45,363) (10,898) (56,261) Other non-current assets 42,149 (4,655) 37,494 Accounts payable 31,470 630 32,100 Accrued expenses and other liabilities (42,630) 3,893 (38,737) Customer refund liability 80 — 80 Income taxes payable and receivable 5,884 2,869 8,753 Net cash provided by (used in) operating activities 493,118 (16,255) 476,863 Cash flows from investing activities Purchases of property and equipment (132,796) 16,255 (116,541) Sale of MyFitnessPal platform 45,000 — 45,000 Net cash provided by (used in) investing activities (87,796) 16,255 (71,541) Cash flows from financing activities Net cash provided by (used in) financing activities (74,985) — (74,985) Effect of exchange rate changes on cash, cash equivalents and restricted cash 136 — 136 Net increase (decrease) in cash, cash equivalents and restricted cash 330,473 — 330,473 Cash, cash equivalents and restricted cash Beginning of period 727,726 (981) 726,745 End of period $ 1,058,199 $ (981) $ 1,057,218

Allowance For Doubtful Accoun_2

Allowance For Doubtful Accounts (Tables)	9 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Schedule of Financing Receivable, Allowance for Credit Loss	The following table illustrates the activity in the Company's allowance for doubtful accounts: Allowance for doubtful accounts - within accounts receivable, net Balance as of March 31, 2024 $ 14,994 Increases to costs and expenses 5,582 Write-offs, net of recoveries (1,217) Balance as of December 31, 2024 $ 19,359

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property and equipment consisted of the following: As of December 31, 2024 As of March 31, 2024 Leasehold and tenant improvements $ 440,319 $ 495,181 Furniture, fixtures and displays 305,918 301,897 Buildings 213,832 68,230 Software 280,314 350,811 Office equipment 138,483 139,223 Plant equipment 190,103 178,316 Land 73,244 82,410 Construction in progress (1) 20,800 175,960 Other 25,846 28,910 Subtotal property and equipment 1,688,859 1,820,938 Accumulated depreciation (1,038,215) (1,156,435) Property and equipment, net $ 650,644 $ 664,503 (1) Construction in progress primarily includes costs incurred for construction of corporate offices, leasehold improvements and in-store fixtures and displays not yet placed in use.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease Costs	The following table illustrates operating and variable lease costs, included in selling, general and administrative expenses and certain costs relating to lease assets held solely for sublet purposes, included in other income (expense), net within the Company's Condensed Consolidated Statements of Operations, for the periods indicated: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating lease costs $ 37,580 $ 37,535 $ 113,040 $ 112,845 Variable lease costs $ 27,400 $ 22,290 $ 76,940 $ 64,452 The weighted average remaining lease term and discount rate for the periods indicated below were as follows: As of December 31, 2024 As of March 31, 2024 Weighted average remaining lease term (in years) 7.33 7.62 Weighted average discount rate 4.92 % 4.95 % Supplemental Cash Flow Information The following table presents supplemental information relating to cash flow arising from lease transactions: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating cash outflows from operating leases $ 46,243 $ 44,941 $ 139,089 $ 133,259 Leased assets obtained in exchange for new operating lease liabilities $ 13,840 $ 29,239 $ 50,156 $ 50,698
Schedule of Operating Lease Liability Maturity	The following table presents the future minimum lease payments under the Company's operating lease liabilities as of December 31, 2024: Fiscal year ending March 31, 2025 (three months ending) $ 40,712 2026 155,201 2027 133,576 2028 113,941 2029 76,380 2030 and thereafter 321,524 Total lease payments $ 841,334 Less: Interest 131,384 Total present value of lease liabilities $ 709,950

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
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 Total Balance as of March 31, 2024 $ 301,371 $ 101,958 $ 74,973 $ 478,302 Purchase of UNLESS COLLECTIVE, Inc (1) 9,784 — — 9,784 Effect of currency translation adjustment — (2,489) (1,051) (3,540) Balance as of December 31, 2024 $ 311,155 $ 99,469 $ 73,922 $ 484,546 (1)

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following tables summarize the Company's intangible assets as of the periods indicated: Useful Lives from Date of Acquisitions (in years) As of December 31, 2024 Gross Carrying Accumulated Net Carrying Intangible assets subject to amortization: Customer relationships 2-6 $ 8,517 $ (6,666) $ 1,851 Lease-related intangible assets 1-15 1,522 (1,469) 53 Total $ 10,039 $ (8,135) $ 1,904 Indefinite-lived intangible assets 3,628 Intangible assets, net $ 5,532 Useful Lives from Date of Acquisitions (in years) As of March 31, 2024 Gross Carrying Accumulated Net Carrying Intangible assets subject to amortization: Customer relationships 2-6 $ 8,609 $ (5,708) $ 2,901 Lease-related intangible assets 1-15 1,756 (1,677) 79 Total $ 10,365 $ (7,385) $ 2,980 Indefinite-lived intangible assets 4,020 Intangible assets, net $ 7,000
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following is the estimated future amortization expense for the Company's intangible assets as of December 31, 2024: Fiscal year ending March 31, 2025 (three months ending) $ 406 2026 1,489 2027 9 2028 and thereafter — Total amortization expense of intangible assets $ 1,904

Credit Facility and Other Lon_2

Credit Facility and Other Long-Term Debt (Tables)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Components of Outstanding Debt	The Company's outstanding debt consisted of the following: As of As of 1.50% Convertible Senior Notes due 2024 $ — $ 80,919 3.25% Senior Notes due 2026 600,000 600,000 Total principal payments due 600,000 680,919 Unamortized debt discount on Senior Notes (370) (560) Unamortized debt issuance costs - Convertible Senior Notes — (16) Unamortized debt issuance costs - Senior Notes (785) (1,189) Unamortized debt issuance costs - Credit facility (3,657) (3,362) Total amount outstanding 595,188 675,792 Less: Current portion of long-term debt: 1.50% Convertible Senior Notes due 2024 — 80,919 Non-current portion of long-term debt $ 595,188 $ 594,873
Schedule of Maturities of Long-term Debt	The following are the scheduled maturities of long-term debt as of December 31, 2024: Fiscal year ending March 31, 2025 (three months ending) $ — 2026 — 2027 600,000 2028 and thereafter — Total scheduled maturities of long-term debt $ 600,000 Current maturities of long-term debt $ —

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Net Revenues by Product Category	The following tables summarize the Company's net revenues by product category and distribution channels: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Apparel $ 966,068 $ 1,016,655 $ 2,671,048 $ 2,911,669 Footwear 301,208 331,000 924,357 1,045,872 Accessories 110,432 104,510 319,358 316,305 Net Sales 1,377,708 1,452,165 3,914,763 4,273,846 License revenues 23,904 29,069 70,371 82,787 Corporate Other (573) 4,809 (1,407) 13,049 Total net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682 Wholesale $ 704,760 $ 711,699 $ 2,211,266 $ 2,393,382 Direct-to-consumer 672,948 740,466 1,703,497 1,880,464 Net Sales 1,377,708 1,452,165 3,914,763 4,273,846 License revenues 23,904 29,069 70,371 82,787 Corporate Other (573) 4,809 (1,407) 13,049 Total net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682
Schedule of Customer Refund Liability and Inventory Associated with the Reserves	The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated: As of As of Customer refund liability $ 170,344 $ 139,283 Inventory associated with reserves for sales returns $ 39,796 $ 29,514
Schedule of Change in Contract Liabilities	The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2024, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment. Total Contract Liabilities Balance as of March 31, 2024 $ 26,322 Revenues deferred 53,460 Revenues recognized (1) (41,072) Foreign exchange and other (729) Balance as of December 31, 2024 $ 37,981 (1) Includes approximately $7.1 million of revenue from gift cards and subscriptions that was previously included in contract liabilities as of March 31, 2024. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.

Restructuring and related cha_2

Restructuring and related charges (Tables)	9 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The costs recorded during the three and nine months ended December 31, 2024 were primarily North America related. The summary of these costs, as well as the Company's current estimates of the remaining amount expected to be incurred in connection with the 2025 restructuring plan is as follows: Estimated Restructuring and Related Charges (1) Three Months Ended Nine Months Ended Remaining to be incurred Total to be incurred under plan Costs recorded in restructuring charges: Employee-related costs $ 1,584 $ 13,322 Facility-related costs 5,706 18,201 Other restructuring costs 6,655 10,720 Total costs recorded in restructuring charges $ 13,945 $ 42,243 $ 67,757 $ 110,000 Costs recorded in selling, general and administrative expenses: Employee related costs — 9,460 Other transformation initiatives 3,819 5,740 Total costs recorded in selling, general and administrative expenses $ 3,819 $ 15,200 $ 34,800 $ 50,000 Total restructuring and related charges $ 17,764 $ 57,443 $ 102,557 $ 160,000 (1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred by the Company in connection with the 2025 restructuring plan.
Schedule of Activity in the Restructuring Reserve	A summary of the activity in the restructuring reserve related to the Company's 2025 restructuring plan for the nine months ended December 31, 2024 is as follows: Employee Related Costs Facility Related Costs Other Restructuring Related Costs Balance as of March 31, 2024 $ — $ — $ — Net additions (recoveries) charged to expense (1) 13,311 5,800 12,908 Cash payments (10,827) (5,800) (7,725) Foreign exchange and other 45 — — Balance as of December 31, 2024 $ 2,529 $ — $ 5,183 (1) Amount excludes approximately $15.5 million of non-cash facility-related and other charges and a $5.3 million non-cash gain from the sale of the MapMyFitness platform.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Option, Activity	A summary of the Company's stock options activity for the nine months ended December 31, 2024 is presented below: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Total Intrinsic Value Outstanding at March 31, 2024 1,578 $ 19.44 3.82 $ — Granted, at fair market value — — — — Exercised — — — — Forfeited — — — — Outstanding at December 31, 2024 1,578 $ 19.44 3.07 $ — Exercisable at December 31, 2024 1,578 $ 19.44 3.07 $ —
Schedule of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	A summary of the Company's restricted stock and restricted stock unit awards activity for the nine months ended December 31, 2024 is presented below: Number of Restricted Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024 20,776 $ 8.58 Granted 9,185 6.33 Forfeited (3,186) 7.54 Vested (3,805) 9.32 Outstanding at December 31, 2024 22,970 $ 7.72

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and (Liabilities) Measured at Fair Value	The Company's financial assets (liabilities) measured at fair value on a recurring basis consisted of the following types of instruments as of the following periods: December 31, 2024 March 31, 2024 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative foreign currency contracts (see Note 17) $ — $ 34,582 $ — $ — $ (4,643) $ — TOLI policies held by the Rabbi Trust (see Note 14) $ — $ 8,983 $ — $ — $ 9,105 $ — Deferred Compensation Plan obligations (see Note 14) $ — $ (17,986) $ — $ — $ (16,151) $ —

Risk Management and Derivativ_2

Risk Management and Derivatives (Tables)	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Balance Sheet Location	The following table presents the fair values of derivative instruments within the Condensed Consolidated Balance Sheets. Refer to Note 16 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements. Balance Sheet Classification December 31, 2024 March 31, 2024 Derivatives designated as hedging instruments under ASC 815 Foreign currency contracts Other current assets $ 33,679 $ 10,477 Foreign currency contracts Other long-term assets 1,985 2,760 Total derivative assets designated as hedging instruments $ 35,664 $ 13,237 Foreign currency contracts Other current liabilities $ 729 $ 17,761 Foreign currency contracts Other long-term liabilities — 1,171 Total derivative liabilities designated as hedging instruments $ 729 $ 18,932 Derivatives not designated as hedging instruments under ASC 815 Foreign currency contracts Other current assets $ 203 $ 559 Total derivative assets not designated as hedging instruments $ 203 $ 559 Foreign currency contracts Other current liabilities $ 556 $ 600 Total derivative liabilities not designated as hedging instruments $ 556 $ 600
Schedule of Effects of Cash Flow Hedges	The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Net revenues $ 1,401,039 $ (737) $ 1,486,043 $ 3,415 $ 3,983,727 $ (3,891) $ 4,369,682 $ 8,961 Cost of goods sold $ 735,884 $ 329 $ 815,404 $ (1,550) $ 2,059,765 $ (3,242) $ 2,339,025 $ (1,779) Interest income (expense), net $ (3,391) $ (9) $ (211) $ (9) $ (2,794) $ (27) $ (2,210) $ (27) Other income (expense), net $ (2,563) $ — $ 47,927 $ — $ (8,713) $ — $ 35,763 $ —
Schedule of Cash Flows in AOCI	The following tables present the amounts affecting the Condensed Consolidated Statements of Comprehensive Income (Loss) from derivatives designated as cash flow hedges: Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ (22,304) $ 60,322 $ (408) $ 38,426 Interest rate swaps (404) — (9) (395) Total designated as cash flow hedges $ (22,708) $ 60,322 $ (417) $ 38,031 Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ (10,645) $ 41,938 $ (7,133) $ 38,426 Interest rate swaps (422) — (27) (395) Total designated as cash flow hedges $ (11,067) $ 41,938 $ (7,160) $ 38,031 Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ 15,656 $ (43,051) $ 1,865 $ (29,260) Interest rate swaps (440) — (9) (431) Total designated as cash flow hedges $ 15,216 $ (43,051) $ 1,856 $ (29,691) Balance as of Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of Foreign currency contracts $ (4,764) $ (17,314) $ 7,182 $ (29,260) Interest rate swaps (458) — (27) (431) Total designated as cash flow hedges $ (5,222) $ (17,314) $ 7,155 $ (29,691)
Schedule of Fair Value Hedging Activity	The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Other income (expense), net $ (2,563) $ (1,123) $ 47,927 $ 4,610 $ (8,713) $ 3,469 $ 35,763 $ 39

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic Earnings per Share to Diluted Earnings per Share	The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share: Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Numerator Net income (loss) - Basic $ 1,234 $ 110,753 $ (133,810) $ 225,474 Interest on Convertible Senior Notes due 2024, net of tax (1)(2) — 225 — 675 Net income (loss) - Diluted $ 1,234 $ 110,978 $ (133,810) $ 226,149 Denominator Weighted average common shares outstanding Class A, B and C - Basic 431,744 437,314 433,212 441,893 Dilutive effect of Class A, B, and C securities (1) 5,553 2,879 — 2,073 Dilutive effect of Convertible Senior Notes due 2024 (1)(2) — 8,242 — 8,242 Weighted average common shares and dilutive securities outstanding Class A, B, and C 437,297 448,435 433,212 452,208 Class A and Class C securities excluded as anti-dilutive (3) 1,721 12,953 10,588 16,446 Basic net income (loss) per share of Class A, B and C common stock $ 0.00 $ 0.25 $ (0.31) $ 0.51 Diluted net income (loss) per share of Class A, B and C common stock $ 0.00 $ 0.25 $ (0.31) $ 0.50 (1) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options, restricted stock units, or effects from the Convertible Senior Notes due 2024 are included in the computation of diluted earnings per share during periods when the Company is in the net loss position, as their effect would be anti-dilutive. (2) The Company's Convertible Senior Notes matured on June 1, 2024. Upon maturity, the Company repaid the approximately $80.9 million aggregate principal amount of the Convertible Senior Notes outstanding using cash on hand. Refer to Note 9 of these Condensed Consolidated Financial Statements for additional details. (3) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenue from Segments to Consolidated	The following tables summarize the Company's net revenues and operating income (loss) by its geographic segments. Intercompany balances were eliminated in consolidation and are not reviewed when evaluating segment performance. Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Net revenues North America $ 843,620 $ 915,335 $ 2,416,225 $ 2,733,297 EMEA 297,890 284,049 807,960 797,781 Asia-Pacific 201,112 212,018 590,609 646,315 Latin America 58,990 69,832 170,340 179,240 Corporate Other (573) 4,809 (1,407) 13,049 Total net revenues $ 1,401,039 $ 1,486,043 $ 3,983,727 $ 4,369,682 Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Operating income (loss) North America $ 164,068 $ 166,256 $ 529,216 $ 538,041 EMEA 42,110 49,133 114,161 117,738 Asia-Pacific 14,009 16,014 58,158 86,020 Latin America 14,186 13,367 41,528 32,759 Corporate Other (1) (220,864) (173,361) (856,202) (541,253) Total operating income (loss) 13,509 71,409 (113,139) 233,305 Interest income (expense), net (3,391) (211) (2,794) (2,210) Other income (expense), net (2,563) 47,927 (8,713) 35,763 Income (loss) before income taxes $ 7,555 $ 119,125 $ (124,646) $ 266,858 (1) Results for the nine months ended December 31, 2024, include $261 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation. Refer to Note 10 of these Condensed Consolidated Financial Statements for additional details.

Description of Business and B_3

Description of Business and Basis of Presentation - Narrative (Details) - ISC Sport $ in Millions	Nov. 30, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment	$ 7.5
Exchange for common stock ownership percentage	29.50%

Description of Business and B_4

Description of Business and Basis of Presentation - Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenues	$ 1,401,039	$ 1,486,043	$ 3,983,727	$ 4,369,682
Cost of goods sold	735,884	815,404	2,059,765	2,339,025
Gross profit	665,155	670,639	1,923,962	2,030,657
Selling, general and administrative expenses	637,701	599,230	1,994,858	1,797,352
Income (loss) from operations	13,509	71,409	(113,139)	233,305
Interest income (expense), net	(3,391)	(211)	(2,794)	(2,210)
Other income (expense), net	(2,563)	47,927	(8,713)	35,763
Income (loss) before income taxes	7,555	119,125	(124,646)	266,858
Income tax expense (benefit)	6,295	8,569	9,308	41,333
Income (loss) from equity method investments	(26)	197	144	(51)
Net income (loss)	$ 1,234	$ 110,753	$ (133,810)	$ 225,474
Basic net income (loss) per share (in dollars per share)	$ 0	$ 0.25	$ (0.31)	$ 0.51
Diluted net income (loss) per share (in dollars per share)	$ 0	$ 0.25	$ (0.31)	$ 0.50
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenues		$ 1,486,095		$ 4,369,817
Cost of goods sold		814,914		2,338,905
Gross profit		671,181		2,030,912
Selling, general and administrative expenses		601,661		1,794,703
Income (loss) from operations		69,520		236,209
Interest income (expense), net		(211)		(2,210)
Other income (expense), net		49,636		36,822
Income (loss) before income taxes		118,945		270,821
Income tax expense (benefit)		4,999		38,464
Income (loss) from equity method investments		197		(51)
Net income (loss)		$ 114,143		$ 232,306
Basic net income (loss) per share (in dollars per share)		$ 0.26		$ 0.53
Diluted net income (loss) per share (in dollars per share)		$ 0.26		$ 0.52
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net revenues		$ (52)		$ (135)
Cost of goods sold		490		120
Gross profit		(542)		(255)
Selling, general and administrative expenses		(2,431)		2,649
Income (loss) from operations		1,889		(2,904)
Interest income (expense), net		0		0
Other income (expense), net		(1,709)		(1,059)
Income (loss) before income taxes		180		(3,963)
Income tax expense (benefit)		3,570		2,869
Income (loss) from equity method investments		0		0
Net income (loss)		$ (3,390)		$ (6,832)
Basic net income (loss) per share (in dollars per share)		$ (0.01)		$ (0.02)
Diluted net income (loss) per share (in dollars per share)		$ (0.01)		$ (0.02)

Description of Business and B_5

Description of Business and Basis of Presentation - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 1,234	$ 110,753	$ (133,810)	$ 225,474
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization			96,786	102,113
Unrealized foreign currency exchange rate (gain) loss			8,072	(904)
Loss on disposal of property and equipment			4,039	746
Amortization of bond premium and debt issuance costs			1,703	1,565
Stock-based compensation			40,794	33,163
Deferred income taxes			(8,784)	(24,430)
Changes in reserves and allowances			10,480	25,085
Changes in operating assets and liabilities:
Accounts receivable			136,658	58,044
Inventories			(149,362)	72,578
Prepaid expenses and other assets			2,988	(56,261)
Other non-current assets			(39,662)	37,494
Accounts payable			172,504	32,100
Accrued expenses and other liabilities			(65,207)	(38,737)
Customer refund liabilities			30,838	80
Income taxes payable and receivable			(3,732)	8,753
Net cash provided by (used in) operating activities			142,880	476,863
Cash flows from investing activities
Purchases of property and equipment			(139,860)	(116,541)
Sale of MyFitnessPal platform			50,000	45,000
Net cash provided by (used in) investing activities			(99,194)	(71,541)
Cash flows from financing activities
Net cash provided by (used in) financing activities			(154,455)	(74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(20,982)	136
Net increase (decrease) in cash, cash equivalents and restricted cash			(131,751)	330,473
Cash, cash equivalents and restricted cash
Beginning of period			876,917	726,745
End of period	$ 745,166	1,057,218	$ 745,166	1,057,218
As Previously Reported
Cash flows from operating activities
Net income (loss)		114,143		232,306
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization				106,685
Unrealized foreign currency exchange rate (gain) loss				(904)
Loss on disposal of property and equipment				746
Amortization of bond premium and debt issuance costs				1,565
Stock-based compensation				33,163
Deferred income taxes				(24,430)
Changes in reserves and allowances				25,085
Changes in operating assets and liabilities:
Accounts receivable				55,912
Inventories				71,400
Prepaid expenses and other assets				(45,363)
Other non-current assets				42,149
Accounts payable				31,470
Accrued expenses and other liabilities				(42,630)
Customer refund liabilities				80
Income taxes payable and receivable				5,884
Net cash provided by (used in) operating activities				493,118
Cash flows from investing activities
Purchases of property and equipment				(132,796)
Sale of MyFitnessPal platform				45,000
Net cash provided by (used in) investing activities				(87,796)
Cash flows from financing activities
Net cash provided by (used in) financing activities				(74,985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash				136
Net increase (decrease) in cash, cash equivalents and restricted cash				330,473
Cash, cash equivalents and restricted cash
Beginning of period				727,726
End of period		1,058,199		1,058,199
Adjustment
Cash flows from operating activities
Net income (loss)		(3,390)		(6,832)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization				(4,572)
Unrealized foreign currency exchange rate (gain) loss				0
Loss on disposal of property and equipment				0
Amortization of bond premium and debt issuance costs				0
Stock-based compensation				0
Deferred income taxes				0
Changes in reserves and allowances				0
Changes in operating assets and liabilities:
Accounts receivable				2,132
Inventories				1,178
Prepaid expenses and other assets				(10,898)
Other non-current assets				(4,655)
Accounts payable				630
Accrued expenses and other liabilities				3,893
Customer refund liabilities				0
Income taxes payable and receivable				2,869
Net cash provided by (used in) operating activities				(16,255)
Cash flows from investing activities
Purchases of property and equipment				16,255
Sale of MyFitnessPal platform				0
Net cash provided by (used in) investing activities				16,255
Cash flows from financing activities
Net cash provided by (used in) financing activities				0
Effect of exchange rate changes on cash, cash equivalents and restricted cash				0
Net increase (decrease) in cash, cash equivalents and restricted cash				0
Cash, cash equivalents and restricted cash
Beginning of period				(981)
End of period		$ (981)		$ (981)

Allowance For Doubtful Accoun_3

Allowance For Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Allowance for doubtful accounts - within accounts receivable, net
Beginning balance	$ 14,994
Increases to costs and expenses	5,582
Write-offs, net of recoveries	(1,217)
Ending balance	$ 19,359

Property and Equipment, Net- Sc

Property and Equipment, Net- Schedule of Components Of Property And Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	$ 1,688,859	$ 1,820,938
Accumulated depreciation	(1,038,215)	(1,156,435)
Property and equipment, net	650,644	664,503
Impairment of long-lived assets	28,400
Leasehold and tenant improvements
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	440,319	495,181
Furniture, fixtures and displays
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	305,918	301,897
Buildings
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	213,832	68,230
Software
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	280,314	350,811
Office equipment
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	138,483	139,223
Plant equipment
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	190,103	178,316
Land
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	73,244	82,410
Construction in progress
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	20,800	175,960
Other
Property, Plant and Equipment [Line Items]
Subtotal property and equipment	$ 25,846	$ 28,910

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 30.9	$ 33.5	$ 95.6	$ 101

Leases - Schedule of Leases Cos

Leases - Schedule of Leases Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Leases [Abstract]
Operating lease costs	$ 37,580	$ 37,535	$ 113,040	$ 112,845
Variable lease costs	$ 27,400	22,290	$ 76,940	64,452
Weighted average remaining lease term (in years)	7 years 3 months 29 days		7 years 3 months 29 days		7 years 7 months 13 days
Weighted average discount rate	4.92%		4.92%		4.95%
Operating cash outflows from operating leases	$ 46,243	44,941	$ 139,089	133,259
Leased assets obtained in exchange for new operating lease liabilities	$ 13,840	$ 29,239	$ 50,156	$ 50,698

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Sublease income	$ 3.3	$ 0	$ 6.1	$ 0
Leases not yet commenced	70.2		70.2
NETHERLANDS
Lessee, Lease, Description [Line Items]
Leases not yet commenced	$ 56.6		$ 56.6

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025 (three months ending)	$ 40,712
2026	155,201
2027	133,576
2028	113,941
2029	76,380
2030 and thereafter	321,524
Total lease payments	841,334
Less: Interest	131,384
Total present value of lease liabilities	$ 709,950

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 478,302
Purchase of UNLESS COLLECTIVE, Inc.	9,784
Effect of currency translation adjustment	(3,540)
Goodwill, ending balance	484,546
North America
Goodwill [Roll Forward]
Goodwill, beginning balance	301,371
Purchase of UNLESS COLLECTIVE, Inc.	9,784
Effect of currency translation adjustment	0
Goodwill, ending balance	311,155
EMEA
Goodwill [Roll Forward]
Goodwill, beginning balance	101,958
Purchase of UNLESS COLLECTIVE, Inc.	0
Effect of currency translation adjustment	(2,489)
Goodwill, ending balance	99,469
Asia-Pacific
Goodwill [Roll Forward]
Goodwill, beginning balance	74,973
Purchase of UNLESS COLLECTIVE, Inc.	0
Effect of currency translation adjustment	(1,051)
Goodwill, ending balance	$ 73,922

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 10,039	$ 10,365
Accumulated Amortization	(8,135)	(7,385)
Net Carrying Amount	1,904	2,980
Indefinite-lived intangible assets	3,628	4,020
Intangible assets, net	5,532	7,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8,517	8,609
Accumulated Amortization	(6,666)	(5,708)
Net Carrying Amount	1,851	2,901
Lease-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,522	1,756
Accumulated Amortization	(1,469)	(1,677)
Net Carrying Amount	$ 53	$ 79
Minimum | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Lives from Date of Acquisitions (in years)	2 years	2 years
Minimum | Lease-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Useful Lives from Date of Acquisitions (in years)	1 year	1 year
Maximum | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Lives from Date of Acquisitions (in years)	6 years	6 years
Maximum | Lease-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Useful Lives from Date of Acquisitions (in years)	15 years	15 years

Intangible Assets, Net - Narrat

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0.4	$ 0.4	$ 1.1	$ 1.1

Intangible Assets, Net - Sche_2

Intangible Assets, Net - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (three months ending)	$ 406
2026	1,489
2027	9
2028 and thereafter	0
Net Carrying Amount	$ 1,904	$ 2,980

Supply Chain Finance Program (D

Supply Chain Finance Program (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Outstanding payment obligations	$ 206.9	$ 159.4

Credit Facility and Other Lon_3

Credit Facility and Other Long-Term Debt - Schedule of Components of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 01, 2024	Mar. 31, 2024	Jun. 30, 2016
Debt Instrument [Line Items]
Total principal payments due	$ 600,000	$ 80,900	$ 680,919
Total amount outstanding	595,188		675,792
Current maturities of long-term debt	0		80,919
Non-current portion of long-term debt	595,188		594,873
Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs - Credit facility	(3,657)		(3,362)
1.50% Convertible Senior Notes
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 0		80,919
Stated interest rate, percentage	1.50%	1.50%
1.50% Convertible Senior Notes | Convertible Notes
Debt Instrument [Line Items]
Total principal payments due	$ 0		80,919
Unamortized debt issuance costs - Credit facility	$ 0		(16)
Stated interest rate, percentage	1.50%
3.25% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Total principal payments due	$ 600,000		600,000
Unamortized debt discount on Senior Notes	(370)		(560)
Unamortized debt issuance costs - Credit facility	$ (785)		$ (1,189)	$ (5,400)
Stated interest rate, percentage	3.25%			3.25%

Credit Facility and Other Lon_4

Credit Facility and Other Long-Term Debt - Credit Facility (Details)	9 Months Ended
	Dec. 31, 2024 USD ($)	Jul. 31, 2024 USD ($) tranche	Jun. 01, 2024 USD ($)	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding under credit facility	$ 600,000,000		$ 80,900,000	$ 680,919,000
SOFR | Minimum
Debt Instrument [Line Items]
Variable rate (as percent)	1%
SOFR | Maximum
Debt Instrument [Line Items]
Variable rate (as percent)	1.75%
Base Rate | Minimum
Debt Instrument [Line Items]
Variable rate (as percent)	0%
Base Rate | Maximum
Debt Instrument [Line Items]
Variable rate (as percent)	0.75%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000
Letters of credit outstanding	$ 45,900,000			4,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		1 year
Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300,000,000
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,100,000,000
Number of tranches | tranche		2
Outstanding under credit facility	$ 0			$ 0
Covenant, consolidated EBITDA to consolidated interest expense ratio, greater than or equal	3.50
Debt, leverage covenant, consolidated total indebtedness to consolidated EBITDA ratio less than or equal	3.25
Commitment fee percentage	0.175%
Tranche One | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000
Tranche Two | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,050,000,000

Credit Facility and Other Lon_5

Credit Facility and Other Long-Term Debt - Senior Notes, Capped Call Transaction and Interest Expense (Details) - USD ($)	Jun. 01, 2024	Dec. 31, 2024	Mar. 31, 2024	Jun. 30, 2016
1.50% Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate, percentage	1.50%	1.50%
Aggregate principal	$ 80,900,000
Debt repaid	80,900,000
Accrued interest paid	$ 600,000
3.25% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Stated interest rate, percentage		3.25%		3.25%
Aggregate principal				$ 600,000,000
Deferred financing costs		$ 785,000	$ 1,189,000	$ 5,400,000

Credit Facility and Other Lon_6

Credit Facility and Other Long-Term Debt - Interest Expense Related to Convertible Senior Notes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense, debt	$ 6.4	$ 5.7	$ 18.1	$ 17

Credit Facility and Other Lon_7

Credit Facility and Other Long-Term Debt - Scheduled Maturities Of Long Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 01, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
2025 (three months ending)	$ 0
2026	0
2027	600,000
2028 and thereafter	0
Total principal payments due	600,000	$ 80,900	$ 680,919
Current maturities of long-term debt	$ 0		$ 80,919

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions						2 Months Ended
	Jun. 20, 2024 USD ($)	Oct. 27, 2023 USD ($) purportedStockholder	Mar. 16, 2023 case	Jan. 27, 2021 case	Sep. 14, 2020 case	Oct. 21, 2020 case	Jul. 31, 2018 case	Dec. 31, 2024 USD ($)	Mar. 23, 2017 case
Loss Contingencies [Line Items]
Litigation settlement amount | $	$ 434
Period of non-monetary legal provision to keep roles of Chair and Chief Executive Officer separate	3 years
Period of non-monetary legal provision to include performance-based vesting condition for restricted stock or restricted stock units	3 years
Estimate of insurance coverage in dispute | $								$ 90
Under Armour Securities Litigation, Case No. 17-cv-00388-RDB | Pending Litigation
Loss Contingencies [Line Items]
Pending claims | case									3
Under Armour Securities Litigation, Case No. 17-cv-00388-RDB | Settled Litigation
Loss Contingencies [Line Items]
Estimated insurance recoveries | $	$ 63
Securities Class Actions
Loss Contingencies [Line Items]
Number of complaints | case					2
Derivative Complaints
Loss Contingencies [Line Items]
Number of complaints | case			4	4		2	2
Number of purported stockholders included in complaint | purportedStockholder		4
Number of complaints dismissed | case			1
Derivative Complaints | Settled Litigation
Loss Contingencies [Line Items]
Settlement amount | $		$ 8.9

Stockholders' Equity (Details)

Stockholders' Equity (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) shares	May 15, 2024 USD ($)	Mar. 31, 2024 $ / shares shares
Class C Common Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $					$ 500,000,000
Stock repurchased and retired during period, shares (in shares) | shares			8,700,000
Class C Common Stock repurchased | $			$ 65,000,000
Remaining amount in share repurchase program | $	$ 435,000,000		$ 435,000,000
Common Class C
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $		$ 500,000,000		$ 500,000,000
Stock repurchased and retired during period, shares (in shares) | shares		3,100,000	8,700,000	10,700,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares) | shares	400,000,000		400,000,000			400,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0003		$ 0.0003			$ 0.0003
Number of votes per share | vote	1		1
Shares issued upon conversion (in shares) | shares			1
Class B Convertible Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares) | shares	34,450,000		34,450,000			34,450,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0003		$ 0.0003			$ 0.0003
Number of votes per share | vote	10		10
Class A Common Stock And Class B Convertible Common Stock | Minimum
Class of Stock [Line Items]
Beneficial ownership percentage of CEO			15%
Common Class C
Class of Stock [Line Items]
Common stock, authorized (in shares) | shares	400,000,000		400,000,000			400,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0003		$ 0.0003			$ 0.0003
Class C Common Stock repurchased | $	$ 25,000,000	$ 25,000,000	$ 65,000,000	$ 75,000,000
Common Class C | ASR Agreement
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $	$ 25,000,000		25,000,000
Stock repurchased and retired during period, shares (in shares) | shares	2,800,000
Stock repurchased and retired during period, net of par value | $	$ 24,400,000		$ 65,300,000

Revenues - Schedule of Net Reve

Revenues - Schedule of Net Revenues By Product Category and Distribution Channels (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,401,039	$ 1,486,043	$ 3,983,727	$ 4,369,682
Net revenues	1,401,039	1,486,043	3,983,727	4,369,682
Wholesale
Segment Reporting Information [Line Items]
Revenues	704,760	711,699	2,211,266	2,393,382
Direct-to-consumer
Segment Reporting Information [Line Items]
Revenues	672,948	740,466	1,703,497	1,880,464
Corporate Other
Segment Reporting Information [Line Items]
Revenues	(573)	4,809	(1,407)	13,049
Net revenues	(573)	4,809	(1,407)	13,049
Apparel
Segment Reporting Information [Line Items]
Revenues	966,068	1,016,655	2,671,048	2,911,669
Footwear
Segment Reporting Information [Line Items]
Revenues	301,208	331,000	924,357	1,045,872
Accessories
Segment Reporting Information [Line Items]
Revenues	110,432	104,510	319,358	316,305
Net Sales
Segment Reporting Information [Line Items]
Revenues	1,377,708	1,452,165	3,914,763	4,273,846
License revenues
Segment Reporting Information [Line Items]
Revenues	$ 23,904	$ 29,069	$ 70,371	$ 82,787

Revenues - Schedule of Customer

Revenues - Schedule of Customer Refund Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Customer refund liability
Disaggregation of Revenue [Line Items]
Reserves for customer returns allowances markdowns and discounts	$ 170,344	$ 139,283
Inventory associated with reserves for sales returns
Disaggregation of Revenue [Line Items]
Reserves for customer returns allowances markdowns and discounts	$ 39,796	$ 29,514

Revenues - Schedule of Contract

Revenues - Schedule of Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Revenue From Contract With Customer [Roll Forward]
Balance as of March 31, 2024	$ 26,322
Revenues deferred	53,460
Revenue recognized	(41,072)
Foreign exchange and other	(729)
Balance as of December 31, 2024	37,981
Revenue recognized	$ 7,100

Restructuring and related cha_3

Restructuring and related charges - 2025 restructuring Plan (Details) - 2025 Restructuring Plan - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 05, 2024
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 160,000	$ 70,000
Cash Related Charges
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		75,000
Employee Related Costs
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		30,000
Various Transformational Initiatives
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		45,000
Non-Cash Charges
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		85,000
Employee Severance, Noncash
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		7,000
Intangible and Other Asset Impairment
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		$ 78,000
Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	140,000
Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 160,000

Restructuring and related cha_4

Restructuring and related charges - Schedule of Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Sep. 05, 2024
Restructuring Cost and Reserve [Line Items]
Total costs recorded in restructuring charges	$ 13,945	$ 0	$ 42,243	$ 0
2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Total costs recorded in restructuring charges	17,764		57,443
Remaining to be incurred	102,557		102,557
Total to be incurred under plan	160,000		160,000		$ 70,000
2025 Restructuring Plan | Restructuring and impairment charges
Restructuring Cost and Reserve [Line Items]
Employee-related costs	1,584		13,322
Facility-related costs	5,706		18,201
Other restructuring costs	6,655		10,720
Total costs recorded in restructuring charges	13,945		42,243
Remaining to be incurred	67,757		67,757
Total to be incurred under plan	110,000		110,000
2025 Restructuring Plan | Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Employee-related costs	0		9,460
Other restructuring costs	3,819		5,740
Total costs recorded in restructuring charges	3,819		15,200
Remaining to be incurred	34,800		34,800
Total to be incurred under plan	$ 50,000		$ 50,000

Restructuring and related cha_5

Restructuring and related charges - Schedule of Restructuring Reserve (Details) - 2025 Restructuring Plan $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Non-cash facility-related and other charges	$ 15,500
Non-cash recovery from the sale	5,300
Employee Related Costs
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2024	0
Net additions (recoveries) charged to expense	13,311
Cash payments	(10,827)
Foreign exchange and other	45
Balance as of December 31, 2024	2,529
Facility Related Costs
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2024	0
Net additions (recoveries) charged to expense	5,800
Cash payments	(5,800)
Foreign exchange and other	0
Balance as of December 31, 2024	0
Other Restructuring Related Costs
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2024	0
Net additions (recoveries) charged to expense	12,908
Cash payments	(7,725)
Foreign exchange and other	0
Balance as of December 31, 2024	$ 5,183

Other Employee Benefits (Detail

Other Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Retirement Benefits [Abstract]
401(k) contribution matching expense	$ 2.2	$ 2.2	$ 8.2	$ 8.9
Deferred compensation plan obligations	18		18		$ 16.2
TOLI policies held by the Rabbi Trust	$ 9		$ 9		$ 9.1

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Compensation Plans (Details)	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Jun. 30, 2022 $ / shares	Dec. 31, 2024 USD ($) installment $ / shares shares	Dec. 31, 2023 USD ($) shares	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $				$ 40,794,000	$ 33,163,000
Number of equal annual vesting installments | installment				3
Options outstanding, number of underlying shares (in shares) | shares	1,578,000			1,578,000		1,578,000
Employees and Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 10,700,000	$ 8,300,000		$ 36,200,000	28,600,000
Unrecognized compensation costs | $	62,400,000			$ 62,400,000
Unrecognized compensation costs, period for recognition				2 years 1 month 2 days
Marketing and Consulting Partners
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $	65,800,000			$ 65,800,000
Unrecognized compensation costs, period for recognition				9 years 7 months 17 days
Share based compensation | $	$ 1,900,000	$ 2,200,000		$ 5,600,000	$ 7,000,000
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term				10 years
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, number of underlying shares (in shares) | shares	1,000,000			1,000,000
Performance Based Restricted Stock Units, Granted in Fiscal 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation | $	$ 1,000,000			$ 2,300,000
Performance Based Restricted Stock Units, Granted in Fiscal 2024 and Fiscal 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation | $	$ 0			0
2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock awards | $				$ 150,000
Vesting percentage	100%			100%
2005 Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	8,300,000			8,300,000
2005 Plan | Common Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	28,300,000			28,300,000
2005 Plan | Performance Based Restricted Stock Units | Certain Executives and Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) | shares				2,300,000
2005 Plan | Performance Based Restricted Stock Units | President and CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation | $	$ 500,000			$ 1,200,000
Shares granted (in shares) | shares				2,000,000
Shares granted (in dollars per share) | $ / shares				$ 4.13
2005 Plan | Performance Based Restricted Stock Units, Granted in Fiscal 2025 | Certain Executives and Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in dollars per share) | $ / shares				$ 6.85
2005 Plan | Performance Based Restricted Stock Units, Granted in Fiscal 2024 | Certain Executives and Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in dollars per share) | $ / shares						$ 6.93
2005 Plan | Performance Based Restricted Stock Units, Granted in Fiscal 2023 | Certain Executives and Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in dollars per share) | $ / shares			$ 9.13
2005 Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (over)				2 years
2005 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (over)				5 years
Director Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock awards | $				$ 100,000
Obligation to issue share (in shares) | shares	1			1
Period shares delivered following termination of director's service				6 months
ESPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP discount rate from fair market value				15%
ESPPs | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	2,700,000			2,700,000
ESPPs | Common Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	2,300,000			2,300,000
ESPP shares granted during period (in shares) | shares	100,000	100,000		300,000	400,000

Stock Based Compensation - Sche

Stock Based Compensation - Schedule Of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Number of Stock Options
Outstanding, beginning of year (in shares)	1,578,000
Granted, at fair market value (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding, end of year (in shares)	1,578,000	1,578,000
Exercisable, end of year (in shares)	1,578,000
Weighted Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 19.44
Granted, at fair market value (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, end of year (in dollars per share)	19.44	$ 19.44
Exercisable, weighted average exercise price per share (in dollars per share)	$ 19.44
Weighted average remaining contractual life (in years)	3 years 25 days	3 years 9 months 25 days
Exercisable, weighted average remaining contractual life (in years)	3 years 25 days
Options outstanding, total intrinsic value	$ 0	$ 0
Exercisable, end of year	$ 0

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule Of Restricted Stock And Restricted Stock Units (Details) - Restricted Stock and Restricted Stock Units	9 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Restricted Shares
Outstanding, beginning of year (in shares) | shares	20,776,000
Granted (in shares) | shares	9,185,000
Forfeited (in shares) | shares	(3,186,000)
Vested (in shares) | shares	(3,805,000)
Outstanding, end of year (in shares) | shares	22,970,000
Weighted Average Grant Date Fair Value
Outstanding, beginning of year (in dollars per share) | $ / shares	$ 8.58
Granted (in dollars per share) | $ / shares	6.33
Forfeited (in dollars per share) | $ / shares	7.54
Vested (in dollars per share) | $ / shares	9.32
Outstanding, end of year (in dollars per share) | $ / shares	$ 7.72

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets And (Liabilities) Measured At Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TOLI policies held by the Rabbi Trust (see Note 14)	$ 9,000	$ 9,100
Deferred Compensation Plan obligations (see Note 14)	(18,000)	(16,200)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TOLI policies held by the Rabbi Trust (see Note 14)	0	0
Deferred Compensation Plan obligations (see Note 14)	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TOLI policies held by the Rabbi Trust (see Note 14)	8,983	9,105
Deferred Compensation Plan obligations (see Note 14)	(17,986)	(16,151)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
TOLI policies held by the Rabbi Trust (see Note 14)	0	0
Deferred Compensation Plan obligations (see Note 14)	0	0
Foreign currency contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative foreign currency contracts (see Note 17)	0	0
Foreign currency contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative foreign currency contracts (see Note 17)	34,582	(4,643)
Foreign currency contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative foreign currency contracts (see Note 17)	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Senior Notes
Debt Instrument [Line Items]
Fair value	$ 579.7	$ 569.1

Risk Management and Derivativ_3

Risk Management and Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Derivatives designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative assets	$ 35,664	$ 13,237
Derivative liabilities	729	18,932
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	33,679	10,477
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets	1,985	2,760
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	729	17,761
Derivatives designated as hedging instruments under ASC 815 | Foreign currency contracts | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	1,171
Derivatives not designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative assets	203	559
Derivative liabilities	556	600
Derivatives not designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	203	559
Derivatives not designated as hedging instruments under ASC 815 | Foreign currency contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 556	$ 600

Risk Management and Derivativ_4

Risk Management and Derivatives - Hedging Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net revenues (Note 12)	$ 1,401,039	$ 1,486,043	$ 3,983,727	$ 4,369,682
Cost of goods sold	735,884	815,404	2,059,765	2,339,025
Interest income (expense), net	(3,391)	(211)	(2,794)	(2,210)
Other income (expense), net	(2,563)	47,927	(8,713)	35,763
Net revenues
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	(737)	3,415	(3,891)	8,961
Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	329	(1,550)	(3,242)	(1,779)
Interest income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	(9)	(9)	(27)	(27)
Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) on Cash Flow Hedge Activity	$ 0	$ 0	$ 0	$ 0

Risk Management and Derivativ_5

Risk Management and Derivatives - Derivative Other Comprehensive Income Rollforward (Details) - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivative Asset (Liability) Rollforward [Roll Forward]
Derivative assets (liabilities), beginning balance	$ (22,708)	$ 15,216	$ (11,067)	$ (5,222)
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	60,322	(43,051)	41,938	(17,314)
Amount of gain (loss) reclassified from other comprehensive income (loss) into income	(417)	1,856	(7,160)	7,155
Derivative assets (liabilities), ending balance	38,031	(29,691)	38,031	(29,691)
Foreign currency contracts
Derivative Asset (Liability) Rollforward [Roll Forward]
Derivative assets (liabilities), beginning balance	(22,304)	15,656	(10,645)	(4,764)
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	60,322	(43,051)	41,938	(17,314)
Amount of gain (loss) reclassified from other comprehensive income (loss) into income	(408)	1,865	(7,133)	7,182
Derivative assets (liabilities), ending balance	38,426	(29,260)	38,426	(29,260)
Interest rate swaps
Derivative Asset (Liability) Rollforward [Roll Forward]
Derivative assets (liabilities), beginning balance	(404)	(440)	(422)	(458)
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	0	0	0	0
Amount of gain (loss) reclassified from other comprehensive income (loss) into income	(9)	(9)	(27)	(27)
Derivative assets (liabilities), ending balance	$ (395)	$ (431)	$ (395)	$ (431)

Risk Management and Derivativ_6

Risk Management and Derivatives - Effects of Undesignated Derivatives and Fair Value Hedge Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Other income (expense), net	$ (2,563)	$ 47,927	$ (8,713)	$ 35,763
Other income (expense), net
Derivative [Line Items]
Amount of Gain (Loss) on Fair Value Hedge Activity	$ (1,123)	$ 4,610	$ 3,469	$ 39

Risk Management and Derivativ_7

Risk Management and Derivatives - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Derivative [Line Items]
Minimum maturity	1 month
Maximum maturity	24 months
Foreign currency contracts | Derivatives not designated as hedging instruments under ASC 815
Derivative [Line Items]
Notional amount	$ 483	$ 449
Cash Flow Hedges | Foreign currency contracts
Derivative [Line Items]
Notional amount	$ 850.5	$ 1,199.1

Provision for Income Taxes (Det

Provision for Income Taxes (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	83.30%	7.20%	(7.50%)	15.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 01, 2024	Mar. 31, 2024
Numerator
Net income (loss) - Basic	$ 1,234	$ 110,753	$ (133,810)	$ 225,474
Interest on Convertible Senior Notes due 2024, net of tax	0	225	0	675
Net income (loss) - Diluted	$ 1,234	$ 110,978	$ (133,810)	$ 226,149
Denominator
Weighted average common shares outstanding Class A, B and C - Basic (in shares)	431,744	437,314	433,212	441,893
Dilutive effect of Class A, B, and C securities (in shares)	5,553	2,879	0	2,073
Dilutive effect of Convertible Senior Notes due 2024 (in shares)	0	8,242	0	8,242
Weighted average common shares and dilutive securities outstanding Class A, B, and C (in shares)	437,297	448,435	433,212	452,208
Basic net income (loss) per share of Class A, B and C common stock (in dollars per share)	$ 0	$ 0.25	$ (0.31)	$ 0.51
Diluted net income (loss) per share of Class A, B and C common stock (in dollars per share)	$ 0	$ 0.25	$ (0.31)	$ 0.50
Total principal payments due	$ 600,000		$ 600,000		$ 80,900	$ 680,919
Stock Options and RSUs Representing Class A and Class C Common Stock
Denominator
Class A and Class C securities excluded as anti-dilutive (in shares)	1,721	12,953	10,588	16,446

Segment Data (Details)

Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024 USD ($) industry	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) industry	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of industries per segment | industry	1		1
Net revenues	$ 1,401,039	$ 1,486,043	$ 3,983,727	$ 4,369,682
Operating income (loss)	13,509	71,409	(113,139)	233,305
Interest income (expense), net	(3,391)	(211)	(2,794)	(2,210)
Other income (expense), net	(2,563)	47,927	(8,713)	35,763
Income (loss) before income taxes	7,555	119,125	(124,646)	266,858
Litigation expense, net of insurance receivable			261,000
Corporate Other
Segment Reporting Information [Line Items]
Net revenues	(573)	4,809	(1,407)	13,049
Operating income (loss)	(220,864)	(173,361)	(856,202)	(541,253)
North America | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	843,620	915,335	2,416,225	2,733,297
Operating income (loss)	164,068	166,256	529,216	538,041
EMEA | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	297,890	284,049	807,960	797,781
Operating income (loss)	42,110	49,133	114,161	117,738
Asia-Pacific | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	201,112	212,018	590,609	646,315
Operating income (loss)	14,009	16,014	58,158	86,020
Latin America | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	58,990	69,832	170,340	179,240
Operating income (loss)	$ 14,186	$ 13,367	$ 41,528	$ 32,759