Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 66

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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 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.

NOTE 17. 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 

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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 ClassificationDecember 31, 2024March 31, 2024Derivatives designated as hedging instruments under ASC 815Foreign currency contractsOther current assets$33,679 $10,477 Foreign currency contractsOther long-term assets1,985 2,760 Total derivative assets designated as hedging instruments$35,664 $13,237 Foreign currency contractsOther current liabilities$729 $17,761 Foreign currency contractsOther long-term liabilities— 1,171 Total derivative liabilities designated as hedging instruments$729 $18,932 Derivatives not designated as hedging instruments under ASC 815Foreign currency contractsOther current assets$203 $559 Total derivative assets not designated as hedging instruments$203