Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 41

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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,582 Write-offs, net of recoveries(1,217)Balance as of December 31, 2024$19,359 

NOTE 4. PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:As of December 31, 2024As of March 31, 2024Leasehold and tenant improvements$440,319 $495,181 Furniture, fixtures and displays305,918 301,897 Buildings213,832 68,230 Software280,314 350,811 Office equipment138,483 139,223 Plant equipment190,103 178,316 Land73,244 82,410 Construction in progress (1)20,800 175,960 Other25,846 28,910 Subtotal property and equipment1,688,859 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).

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 NOTE 5. 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