Company: UAA
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001336917-25-000016
Chunk: 118

Company: Under Armour, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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$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, 2024As of March 31, 2024Weighted average remaining lease term (in years)7.337.62Weighted average discount rate4.92 %4.95 %Supplemental Cash Flow InformationThe following table presents supplemental information relating to cash flow arising from lease transactions:Three Months Ended December 31,Nine Months Ended December 31,2024202320242023Operating 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 

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Maturity of Lease LiabilitiesThe 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 2026155,201 2027133,576 2028113,941 202976,380 2030 and thereafter321,524 Total lease payments$841,334 Less: Interest131,384 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