Company: UAA
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001336917-25-000198
Chunk: 102

Company: Under Armour, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 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 six months ended September 30, 2025, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.Total Contract LiabilitiesBalance as of March 31, 2025$34,342 Revenues deferred36,366 Revenues recognized (1)(41,172)Foreign exchange and other(49)Balance as of September 30, 2025$29,487 (1) Includes approximately $10.3 million of revenue from gift cards, including breakage, and subscription revenues that were previously included in contract liabilities as of March 31, 2025. 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.

NOTE 11. RESTRUCTURING AND RELATED CHARGESDuring Fiscal 2025, 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. The 2025 restructuring plan is expected to include up to $160 million of pre-tax restructuring and related charges, consisting of up to $90 million in cash-related charges, including approximately $30 million in employee severance and benefits costs and $60 million related to various transformational initiatives; and up to $70 million in non-cash charges, including approximately $7 million in employee severance and benefits costs and $63 million in facility, software, and other asset-related charges and impairments. The 2025 restructuring plan is expected to be substantially complete by the end of Fiscal 2026.Restructuring and related charges recorded during the three and six months ended September 30, 2025 and September 30, 2024 were primarily North America related and are included within Corporate Other. The following