DECKERS OUTDOOR CORP, 10-K filed on 5/23/2025
Annual Report
v3.25.1
Cover Page - USD ($)
 12 Months Ended
Mar. 31, 2025
May 09, 2025
Sep. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --03-31    
Document Period End Date Mar. 31, 2025    
Document Transition Report false    
Entity File Number 001-36436    
Entity Registrant Name DECKERS OUTDOOR CORP    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-3015862    
Entity Address, Address Line One 250 Coromar Drive    
Entity Address, City or Town Goleta    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 93117    
City Area Code 805    
Local Phone Number 967-7611    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol DECK    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 24,144,731,557
Entity Common Stock, Shares Outstanding (in shares)   149,435,875  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement on Schedule 14A relating to the registrant’s 2025 annual meeting of stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III within this Annual Report on Form 10-K. With the exception of the portions of the Proxy Statement specifically incorporated herein by reference, the Proxy Statement and related proxy solicitation materials are not deemed to be filed as part of this Annual Report on Form 10-K.
    
Entity Central Index Key 0000910521    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.1
Audit Information
 12 Months Ended
Mar. 31, 2025
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Los Angeles, CA
Auditor Firm ID 185
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
ASSETS    
Cash and cash equivalents $ 1,889,188 $ 1,502,051
Trade accounts receivable, net of allowances ($32,883 and $27,331 as of March 31, 2025, and March 31, 2024, respectively) (Note 2 and Schedule II) 332,872 296,565
Inventories 495,226 474,311
Prepaid expenses 39,294 34,284
Other current assets 67,282 92,713
Income tax receivable 36,613 43,559
Total current assets 2,860,475 2,443,483
Property and equipment, net of accumulated depreciation ($402,964 and $349,138 as of March 31, 2025, and March 31, 2024, respectively) (Note 1 and Note 13) 325,599 302,122
Operating lease assets 237,352 225,669
Goodwill (Note 3) 13,990 13,990
Other intangible assets, net of accumulated amortization ($25,014 and $91,314 as of March 31, 2025, and March 31, 2024, respectively) (Note 3) 15,699 27,083
Deferred tax assets, net (Note 5) 77,591 72,584
Other assets 39,546 50,648
Total assets 3,570,252 3,135,579
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Trade accounts payable 417,955 378,503
Accrued payroll 125,417 123,653
Operating lease liabilities (Note 7) 54,453 53,581
Other accrued expenses 142,120 106,785
Income tax payable 23,299 52,338
Value added tax payable 6,697 5,133
Total current liabilities 769,941 719,993
Long-term operating lease liabilities (Note 7) 222,522 213,298
Income tax liability 13,587 52,470
Other long-term liabilities 51,189 42,350
Total long-term liabilities 287,298 308,118
Commitments and contingencies (Note 7)
Stockholders’ equity    
Common stock ($0.01 par value per share; 750,000 shares authorized; 150,201 and 153,554 shares issued and outstanding as of March 31, 2025, and March 31, 2024, respectively) 1,502 1,536
Additional paid-in capital 253,466 243,050
Retained earnings 2,307,699 1,913,615
Accumulated other comprehensive loss (Note 10) (49,654) (50,733)
Total stockholders’ equity 2,513,013 2,107,468
Total liabilities and stockholders’ equity $ 3,570,252 $ 3,135,579
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowances $ 32,883 $ 27,331
Accumulated depreciation 402,964 349,138
Accumulated amortization and impairments $ 25,014 $ 91,314
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares (in shares) 750,000,000 750,000,000
Common stock, issued shares (in shares) 150,201,000 153,554,000
Common stock, outstanding shares (in shares) 150,201,000 153,554,000
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]      
Net sales (Note 2, Note 12, and Note 13) $ 4,985,612 $ 4,287,763 $ 3,627,286
Cost of sales 2,099,949 1,902,275 1,801,916
Gross profit 2,885,663 2,385,488 1,825,370
Selling, general, and administrative expenses (Note 12) 1,706,571 1,457,974 1,172,619
Income from operations (Note 12) 1,179,092 927,514 652,751
Interest income (68,389) (52,208) (15,563)
Interest expense 3,517 2,564 3,442
Other expense (income), net 665 (1,783) (1,210)
Total other income, net (64,207) (51,427) (13,331)
Income before income taxes 1,243,299 978,941 666,082
Income tax expense (Note 5) 277,208 219,378 149,260
Net income 966,091 759,563 516,822
Other comprehensive income (loss), net of tax      
Unrealized gain on cash flow hedges 1,584 0 0
Foreign currency translation loss (505) (11,698) (14,080)
Total other comprehensive income (loss), net of tax 1,079 (11,698) (14,080)
Comprehensive income $ 967,170 $ 747,865 $ 502,742
Net income per share      
Basic (in dollars per share) $ 6.36 $ 4.89 $ 3.25
Diluted (in dollars per share) $ 6.33 $ 4.86 $ 3.23
Weighted-average common shares outstanding (Note 11)      
Basic (in shares) 151,992 155,225 159,023
Diluted (in shares) 152,670 156,285 160,111
v3.25.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Mar. 31, 2022   161,895,000      
Beginning balance at Mar. 31, 2022 $ 1,538,825 $ 1,619 $ 208,741 $ 1,353,420 $ (24,955)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   33,000      
Stock-based compensation 26,858   26,858    
Shares issued upon vesting (in shares)   312,000      
Shares issued upon vesting 2,170 $ 3 2,167    
Exercise of stock options (in shares)   384,000      
Exercise of stock options 4,396 $ 4 4,392    
Shares withheld for taxes $ (11,317)   (11,317)    
Repurchases of common stock (Note 10) (in shares) (5,569,572) (5,570,000)      
Repurchases of common stock (Note 10) $ (297,372) $ (55)   (297,317)  
Excise taxes related to repurchases of common stock (569)     (569)  
Net income 516,822     516,822  
Total other comprehensive (loss) income (14,080)       (14,080)
Ending balance (in shares) at Mar. 31, 2023   157,054,000      
Ending balance at Mar. 31, 2023 1,765,733 $ 1,571 230,841 1,572,356 (39,035)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   12,000      
Stock-based compensation 37,248   37,248    
Shares issued upon vesting (in shares)   351,000      
Shares issued upon vesting 2,444 $ 4 2,440    
Exercise of stock options (in shares)   426,000      
Exercise of stock options 4,786 $ 4 4,782    
Shares withheld for taxes $ (32,261)   (32,261)    
Repurchases of common stock (Note 10) (in shares) (4,289,124) (4,289,000)      
Repurchases of common stock (Note 10) $ (414,931) $ (43)   (414,888)  
Excise taxes related to repurchases of common stock (3,416)     (3,416)  
Net income 759,563     759,563  
Total other comprehensive (loss) income $ (11,698)       (11,698)
Ending balance (in shares) at Mar. 31, 2024 153,554,000 153,554,000      
Ending balance at Mar. 31, 2024 $ 2,107,468 $ 1,536 243,050 1,913,615 (50,733)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   11,000      
Stock-based compensation 37,915   37,915    
Shares issued upon vesting (in shares)   347,000      
Shares issued upon vesting 3,804 $ 3 3,801    
Exercise of stock options (in shares)   89,000      
Exercise of stock options 968 $ 1 967    
Shares withheld for taxes $ (32,267)   (32,267)    
Repurchases of common stock (Note 10) (in shares) (3,800,040) (3,800,000)      
Repurchases of common stock (Note 10) $ (567,002) $ (38)   (566,964)  
Excise taxes related to repurchases of common stock (5,043)     (5,043)  
Net income 966,091     966,091  
Total other comprehensive (loss) income $ 1,079       1,079
Ending balance (in shares) at Mar. 31, 2025 150,201,000 150,201,000      
Ending balance at Mar. 31, 2025 $ 2,513,013 $ 1,502 $ 253,466 $ 2,307,699 $ (49,654)
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES      
Net income $ 966,091 $ 759,563 $ 516,822
Reconciliation of net income to net cash provided by (used in) operating activities:      
Depreciation, amortization, and accretion 69,353 57,587 47,858
Amortization on cloud computing arrangements 2,380 2,075 2,149
Loss on extinguishment of debt 0 0 226
Bad debt expense 5,032 789 1,983
Deferred tax benefit (5,545) (1,510) (9,719)
Stock-based compensation 37,943 37,288 26,897
Loss on disposal of assets 3,183 407 2,691
Impairment of intangible assets 0 8,164 0
Impairment of cloud computing arrangements, operating lease, and other long-lived assets 4,290 1,015 2,817
Changes in operating assets and liabilities:      
Trade accounts receivable, net (41,339) 4,157 (806)
Inventories (24,344) 58,541 (26,056)
Prepaid expenses and other current assets 20,946 (38,490) (5,609)
Income tax receivable 6,945 (38,775) 13,459
Net operating lease assets and lease liabilities (2,583) (567) (8,308)
Other assets 6,566 (9,989) 13,240
Trade accounts payable 35,636 119,601 (74,247)
Other accrued expenses 22,222 43,534 11,528
Income tax payable (29,039) 35,016 4,897
Other long-term liabilities (33,214) (5,222) 17,600
Net cash provided by operating activities 1,044,523 1,033,184 537,422
INVESTING ACTIVITIES      
Purchases of property and equipment (86,171) (89,365) (81,025)
Proceeds from sale of assets 11,168 34 12
Net cash used in investing activities (75,003) (89,331) (81,013)
FINANCING ACTIVITIES      
Loan origination costs on revolving credit facilities 0 0 (1,537)
Proceeds from issuance of stock 3,804 2,444 2,170
Proceeds from exercise of stock options 968 4,786 4,396
Repurchases of common stock (567,002) (414,931) (297,372)
Cash paid for excise taxes related to repurchases of common stock (3,985) 0 0
Cash paid for shares withheld for taxes (15,119) (9,974) (16,688)
Net cash used in financing activities (581,334) (417,675) (309,031)
Effect of foreign currency exchange rates on cash and cash equivalents (1,049) (5,922) (9,110)
Net change in cash and cash equivalents 387,137 520,256 138,268
Cash and cash equivalents at beginning of period 1,502,051 981,795 843,527
Cash and cash equivalents at end of period 1,889,188 1,502,051 981,795
Cash paid during the period      
Income taxes 345,397 234,062 135,986
Interest 1,789 1,783 1,880
Operating leases 70,326 65,672 60,353
Non-cash investing activities      
Changes in trade accounts payable and other accrued expenses for purchases of property and equipment 3,819 (6,705) 5,325
Accrued for asset retirement obligation assets related to leasehold improvements 2,233 2,278 8,203
Leasehold improvements acquired through tenant allowances 0 8,127 0
Non-cash financing activities      
Accrued for shares withheld for taxes 17,148 22,287 5,371
Accrued excise taxes related to repurchases of common stock $ 5,043 $ 3,416 $ 569
v3.25.1
GENERAL
 12 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL GENERAL
The Company. Deckers Outdoor Corporation and its wholly owned subsidiaries (collectively, the Company) is a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. The Company’s five proprietary brands include UGG® (UGG), HOKA® (HOKA), Teva® (Teva), AHNU® (AHNU), and Koolaburra by UGG® (Koolaburra).

The Company sells its products through quality domestic and international retailers, international distributors, and directly to global consumers through its Direct-to-Consumer (DTC) channel, which is comprised of an e‑commerce and retail store presence. Independent third-party contractors manufacture all of the Company’s products.

Recent Developments. During the third quarter of fiscal year 2025, the Company began taking steps to phase out its standalone operations for the Koolaburra brand in order to maintain focus on the Company’s most significant organic opportunities. The Company closed Koolaburra.com as of March 31, 2025, and plans to wind down the Koolaburra brand in the wholesale channel by the end of calendar year 2025. As of March 31, 2025, the Company has not incurred, and does not expect to incur, material exit costs or obligations associated with this plan.

During the second quarter of fiscal year 2025, the Company entered into an agreement pursuant to which the buyer purchased the Sanuk brand and certain related assets, which was completed on August 15, 2024 (Sanuk Brand Sale Date). The Company determined that the divestiture of the Sanuk brand did not represent a strategic shift that had or will have a major effect on the consolidated results of operations, and therefore results of this business were not classified as discontinued operations. The Company’s financial results for its reportable operating segments present the former Sanuk brand within the Other brands reportable operating segment through the Sanuk Brand Sale Date for the year ended March 31, 2025, and full financial results for the years ended March 31, 2024, and 2023. Refer to Note 3, “Goodwill and Other Intangible Assets,” for further information on Sanuk brand assets.

Basis of Presentation. The consolidated financial statements and accompanying notes thereto (referred to herein as consolidated financial statements) as of March 31, 2025, and 2024, and for the years ended March 31, 2025, 2024, and 2023 (referred to herein as “year ended” or “years ended,” or as “fiscal year 2025,” “fiscal year 2024,” and “fiscal year 2023,” respectively) are prepared in accordance with generally accepted accounting principles in the United States (US GAAP).

Reportable Operating Segments. As of March 31, 2025, the Company’s three reportable operating segments include the worldwide operations of the UGG brand, HOKA brand, and Other brands (primarily consisting of the Teva brand, AHNU brand, and Koolaburra brand) (collectively, the Company’s reportable operating segments). The various brands within Other brands are aggregated within one reportable operating segment as each brand shares similar economic and qualitative characteristics. Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.

During the fourth quarter of fiscal year 2025, the financial information regularly used by the chief operating decision maker (CODM), who is the Principal Executive Officer, to evaluate performance, make operating decisions, and allocate resources was revised. In connection with executive leadership alignment, and the recent divestiture and phase out of certain brands, the CODM shifted resource allocation decisions and performance assessment to a brand focus, rather than a distribution channel focus. This resulted in a change in the Company’s reportable operating segments. The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and the Company clarified unallocated overhead costs excluded from this measure as unallocated enterprise and shared brand expenses. Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s unallocated enterprise and shared brand expenses.
Previously, the Company’s six reportable operating segments included the worldwide wholesale operations of the UGG brand, HOKA brand, Teva brand, Sanuk brand, and Other brands (primarily the AHNU brand and the Koolaburra brand), and DTC. Reportable operating segment results for all prior periods presented in this Annual Report have been recast to reflect the change in reportable operating segments.

Forward Stock Split and Authorized Share Increase. On September 13, 2024, the Company (1) effected a six-for-one forward stock split of its common stock and preferred stock (the stock split), and (2) increased the number of authorized shares of its common stock from 125,000,000 to 750,000,000, and the number of authorized shares of its capital stock from 130,000,000 to 755,000,000 (the authorized share increase). The stock split and the authorized share increase were effected through the filing of an amendment to the Company’s Amended and Restated Certificate of Incorporation (Charter Amendment) with the Secretary of State of the State of Delaware, which was approved by the Company’s stockholders at the Annual Meeting of Stockholders held on September 9, 2024 (Annual Meeting). The Charter Amendment did not provide for any increase in the number of authorized shares of preferred stock, which remains at 5,000,000 shares. There are no shares of preferred stock outstanding as of March 31, 2025, and 2024. As a result of the stock split, every one share of common stock outstanding on September 6, 2024, the record date for the stock split, was automatically split into six shares of common stock. The common stock commenced trading on a post-stock split adjusted basis on September 17, 2024.

All prior period results included in the consolidated financial statements and the related notes within this Annual Report have been retroactively adjusted to reflect the effectiveness of the stock split and the authorized share increase. Specifically, all share and per share amounts have been adjusted, including: (1) the number of shares authorized and outstanding on the consolidated balance sheets; (2) the weighted-average common shares outstanding and the associated earnings per share amounts in the consolidated statements of comprehensive income, as well as the weighted average common shares outstanding disaggregated in Note 11, “Basic and Diluted Shares;” (3) the number of shares underlying stock awards and the weighted-average grant date fair value of annual stock awards in Note 8, “Stock-Based Compensation;” and (4) the total number of shares repurchased and the average price per share paid in Note 10, “Stockholders’ Equity.” Further, as there was no change to par value, an amount equal to the par value of the increased shares resulting from the stock split for shares issued was reclassified to common stock from additional paid-in capital, and for share repurchases was reclassified to retained earnings from common stock, in the consolidated balance sheets and the consolidated statements of stockholders’ equity.

Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of the Company’s consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic factors, including inflation, changes in tariff rates, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and recessionary concerns, on its business and operations. Although the full impact of these factors is unknown, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. However, actual results could differ materially from these estimates and assumptions, which may result in material effects on the Company’s financial condition, results of operations, and liquidity.

Significant areas requiring the use of management estimates and assumptions relate to variable consideration for net sales provided to customers, including the sales return liability, and related sales return asset, as well as trade accounts receivable allowances; inventory write-downs; contract assets and liabilities; stock-based compensation; impairment assessments, including goodwill, other intangible assets, and long-lived assets; depreciation and amortization; income tax receivables and liabilities; uncertain tax positions; the fair value of financial instruments; the reasonably certain lease term; lease classification; and the Company’s incremental borrowing rate (IBR) utilized to measure its operating lease assets and lease liabilities.
Foreign Currency Translation. The Company considers the United States (US) dollar as its functional currency. The Company’s wholly owned foreign subsidiaries have various assets and liabilities, primarily cash, receivables, and payables, which are denominated in currencies other than its functional currency. The Company remeasures these monetary assets and liabilities using the exchange rate at the end of the reporting period, which results in gains and losses that are recorded in selling, general, and administrative (SG&A) expenses in the consolidated statements of comprehensive income as incurred. In addition, the Company translates assets and liabilities of subsidiaries with reporting currencies other than US dollars into US dollars using the exchange rates at the end of the reporting period, which results in financial statement translation gains and losses recorded in other comprehensive income or loss (OCI), net of tax, in the consolidated statements of comprehensive income.

Seasonality. A significant part of the UGG brand’s business has historically been seasonal, with the highest percentage of net sales occurring in the third fiscal quarter, which has contributed to variation in results of operations from quarter to quarter. However, the Company has mitigated the impacts of seasonality by diversifying and expanding product offerings with additional year-round styles. In addition, as the HOKA brand’s net sales, which generally occur more evenly throughout the fiscal year, continue to increase as a percentage of the Company’s aggregate net sales, the Company expects to reduce the impacts of seasonality in future periods.

Recent Accounting Pronouncements. The Financial Accounting Standards Board has issued Accounting Standards Updates (ASUs) that have been adopted and not yet adopted by the Company as stated below.

Recently Adopted. The following is a summary of each ASU adopted by and its impact on the Company upon adoption:
StandardDescription
Impact upon Adoption
ASU 2022-04 - Supplier Finance Program (SFP)
The ASU requires that a buyer in a SFP disclose qualitative and quantitative information about its program on an interim basis, including the nature of the SFP and key terms, outstanding amounts as of the end of the reporting period, and presentation in its financial statements.

The interim portion of this ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted.

The annual requirement that requires a buyer in a SFP disclose an activity roll forward of outstanding balances as of the end of the reporting period is effective on a retrospective basis for fiscal years beginning after December 15, 2023. Early adoption is not permitted.
The Company prospectively adopted the annual rollforward requirement of this ASU beginning with this Annual Report and retrospectively adopted the interim requirements of this ASU on April 1, 2023. This ASU did not have a material impact on the recognition, measurement, or presentation of SFPs in the Company’s annual and interim consolidated financial statements. However, it did result in additional disclosures.

Refer to Note 14, “Supplier Finance Program,” for further information on the Company’s SFPs, key terms, activity rollforward, and outstanding balances recorded in the consolidated balance sheets.
ASU 2023-07 - Improvements to Reportable Segment Disclosures
The ASU requires annual and interim disclosures of significant segment expenses, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the CODM in assessing segment performance and deciding how to allocate resources.

The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.
The Company retrospectively adopted this ASU beginning with this Annual Report. This ASU did not have a material impact on the Company’s consolidated financial statements other than additional disclosures under Note 12, “Reportable Operating Segments.”
Not Yet Adopted. The following is a summary of each ASU that has been issued and is applicable to the Company, but which has not yet been adopted, as well as the planned period of adoption, and the expected impact on the Company upon adoption:
StandardDescriptionPlanned Period of AdoptionExpected Impact on Adoption
ASU 2023-09 - Improvements to Income Tax Disclosures
The ASU requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024. Early adoption is permitted.
Q4 FY 2026
The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.
ASU 2024-03 - Disaggregation of Income Statement Expenses (as amended by ASU 2025-01)
The ASU requires disaggregated disclosure of relevant statement of comprehensive income expense captions including tabular presentation of prescribed expense categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and other specific expense, gains, and losses required by existing US GAAP. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
Q4 FY 2028
and
Q1 FY 2029

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.

Summary of Significant Accounting Policies. The following is a summary of the Company’s significant accounting policies applied to its consolidated financial statements:

Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, demand deposits, and all highly liquid investments, such as money-market funds, with an original maturity of three months or less. The carrying value of money-market funds approximates the fair value as it is considered a highly liquid investment when purchased. Money-market funds are recorded in cash and cash equivalents in the consolidated balance sheets. Refer to Note 4, “Fair Value Measurements,” for further information on the fair value of money-market funds. Refer to Note 13, “Concentration of Business,” for further information on credit risks with respect to the cash and cash equivalents balance.

Allowances for Doubtful Accounts. The Company provides an allowance against trade accounts receivable for estimated losses that may result from customers’ inability to pay. The Company determines the amount of the allowance by analyzing known uncollectible accounts, aged trade accounts receivable, economic conditions and forecasts, historical experience, and the customers’ creditworthiness. Trade accounts receivable that are subsequently determined to be uncollectible are charged or written off against this allowance. The allowance includes specific allowances for trade accounts, for which all or a portion are identified as potentially uncollectible based on known or anticipated losses. Additions to the allowance represent bad debt expense estimates which are recorded in SG&A expenses in the consolidated statements of comprehensive income.

Inventories. Inventories, which are primarily comprised of finished goods on hand and in transit, are stated at the lower of cost (weighted moving average) or net realizable value at each financial statement date. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs to sell. The Company regularly reviews inventory for excess, obsolete, and impaired inventory to evaluate write-downs to the lower of cost or realizable value.

Cloud Computing Arrangements (CCAs). The Company enters into various CCAs that are governed by service contracts (hosting arrangements) to support operations. Application development stage implementation costs (implementation costs) of a hosting arrangement are deferred and recorded to prepaid expenses and other assets in the consolidated balance sheets. Implementation costs are expensed on a straight-line basis and recorded in SG&A expenses in the consolidated statements of comprehensive income over the term of the hosting arrangement, including reasonably certain renewals, which are generally one to three years.
As of March 31, 2025, net capitalized costs for CCAs are $6,031, with $2,167 recorded in prepaid expenses and $3,864 recorded in other assets in the consolidated balance sheets. As of March 31, 2024, net capitalized costs for CCAs are $4,537, with $1,534 recorded in prepaid expenses and $3,003 recorded in other assets in the consolidated balance sheets. Refer to the section titled “Recoverability of Definite-Lived Intangible and Other Long-Lived Assets” below, within this footnote, for detail on an impairment of a CCA recorded during the year ended March 31, 2025.

Property and Equipment, Depreciation and Amortization. Property and equipment are stated at cost less accumulated depreciation and amortization, and generally have a useful life of at least one year. Property and equipment include tangible, non-consumable items owned by the Company. Software implementation costs are capitalized if they are incurred during the application development stage and relate to costs to obtain computer software from third parties, including related consulting expenses, or costs incurred to modify existing software that results in additional upgrades or enhancements that provide additional functionality.

Depreciation of property and equipment is calculated using the straight-line method based on the estimated useful life. Leasehold improvements are amortized to their residual value, if any, on the straight-line basis over their estimated economic useful lives or the lease term, whichever is shorter. Changes in the estimate of the useful life of an asset may occur after an asset is placed in service. For example, this may occur as a result of the Company incurring costs that prolong the useful life of an asset, which would be recorded as an adjustment to depreciation over the revised remaining useful life. Depreciation and amortization are recorded in SG&A expenses in the consolidated statements of comprehensive income.

Property and equipment, net, are summarized as follows:
As of March 31,
 Useful Life (Years)20252024
LandIndefinite$32,864 $32,864 
Building39.541,099 40,058 
Machinery and equipment
1-10
282,838 263,200 
Furniture and fixtures
3-7
47,464 41,336 
Computer software
3-10
139,412 130,688 
Leasehold improvements
1-11
137,806 128,356 
Construction in progress47,080 14,758 
Gross property and equipment728,563 651,260 
Less accumulated depreciation and amortization(402,964)(349,138)
Total$325,599 $302,122 

Depreciation was $67,579, $54,958, and $45,117 during the years ended March 31, 2025, 2024, and 2023, respectively.

Operating Lease Assets and Lease Liabilities. The Company determines if an arrangement contains a lease at inception of a contract. The Company recognizes operating lease assets and lease liabilities in the consolidated balance sheets on the lease commencement date, based on the present value of the outstanding lease payments over the reasonably certain lease term. The lease term includes the non-cancelable period at the lease commencement date, plus any additional period covered by the Company’s option to extend (or not to terminate) the lease that is reasonably certain to be exercised, or an option to extend (or not to terminate) a lease that is controlled by the lessor.
Operating lease assets are initially measured at cost, which comprises the initial amount of the associated lease liabilities, adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives, such as tenant allowances. Operating lease assets are subsequently
measured throughout the lease term at the carrying amount of the associated lease liabilities, plus initial direct costs, plus or minus any prepaid or accrued lease payments, less the unamortized balance of lease incentives received. Operating lease assets and lease liabilities are presented separately in the consolidated balance sheets on a discounted basis. The current portion of operating lease liabilities is presented within current liabilities, while the long-term portion is presented separately as long-term operating lease liabilities. Refer to Note 7, “Commitments and Contingencies,” for further information on the discount rate methodology used to measure operating lease assets and lease liabilities.

Rent expense for operating lease payments is recognized on a straight-line basis over the lease term and recorded in SG&A expenses in the consolidated statements of comprehensive income. Lease payments recorded in the operating lease liabilities (1) are fixed payments, including in-substance fixed payments and fixed rate increases, owed over the lease term and (2) exclude any lease prepayments as of the periods presented. Refer to Note 7, “Commitments and Contingencies,” for further information on the nature of variable lease payments and the timing of recognition of rent expense.

The Company has elected not to recognize operating lease assets and lease liabilities for short-term leases, which are defined as those operating leases with a term of 12 months or less. Instead, lease payments for short-term leases are recognized on a straight-line basis over the lease term in rent expense and recorded as a component of SG&A expenses in the consolidated statements of comprehensive income.

The Company monitors for events that require a change in estimates for its operating lease assets and lease liabilities, such as modifications to the terms of the contract, including the lease term, economic events that may trigger a contractual term contingency, such as minimum lease payments or termination rights, and related changes in discount rates used to measure the operating lease assets and lease liabilities, as well as events or circumstances that result in lease abandonment or operating lease asset impairments. When a change in estimates results in the remeasurement of the operating lease liabilities, a corresponding adjustment is made to the carrying amount of the operating lease assets. The operating lease assets are remeasured and amortized on a straight-line basis over the remaining lease term, with no impact on the related operating lease liabilities. Refer to the section titled “Recoverability of Definite-Lived Intangible and Other Long-Lived Assets” below, within this footnote, for further information on the Company’s accounting policy for evaluating the carrying amount of its operating lease assets and related leasehold improvements for indicators of impairment.

Asset Retirement Obligations (AROs). The Company is contractually obligated under certain of its lease agreements to restore certain retail, office, and warehouse facilities back to their original conditions. At lease inception, the present value of the estimated fair value of these liabilities is recorded along with the related asset. The liability is estimated based on assumptions requiring management’s judgment, including facility closing costs and discount rates, and is accreted to its projected future value over the life of the asset.

The Company’s AROs are recorded in other long-term liabilities in the consolidated balance sheets and activity was as follows:
Years Ended March 31,
20252024
Beginning balance
$25,686 $24,556 
Additions and changes in estimate2,192 2,730 
Liabilities settled during the period(732)(1,724)
Accretion expenses927 421 
Foreign currency translation gains45 (297)
Ending balance
$28,118 $25,686 
Goodwill and Indefinite-Lived Intangible Assets. Goodwill is initially recorded as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are not amortized but are instead tested for impairment annually, or when an event occurs or
changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates goodwill for impairment annually at the reporting unit level, which is the wholesale channel of each of the UGG and HOKA brands as of December 31st of each year. The Company evaluates the Teva brand indefinite-lived trademark for impairment as of October 31st of each year.
The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment of goodwill or indefinite-lived intangible assets. In general, conditions that may indicate impairment include, but are not limited to the following: (1) a significant adverse change in customer demand or business climate that could affect the value of an asset; (2) change in market share, budget-to-actual performance, and consistency of income from operations as a percentage of net sales (operating margins) and capital expenditures; (3) changes in management or key personnel; or (4) changes in general economic conditions. The Company does not calculate the fair value of the assets unless the Company determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the Company concludes that it is more likely than not that its fair value is less than its carrying amount, then the Company prepares a quantitative assessment.

The quantitative assessment requires an analysis of several estimates and assumptions, including future sales and results of operations, discount rates, and other factors that could affect fair value or otherwise indicate potential impairment. The goodwill impairment assessment involves valuing the Company’s various reporting units that carry goodwill. This includes considering the reporting units’ projected ability to generate income from operations and positive cash flow in future periods, as well as perceived changes in customer demand and acceptance of products, or other factors impacting the industry. Upon completion of the quantitative assessment, the Company compares the fair value of the asset to its carrying amount, and if the fair value exceeds its carrying amount, no impairment charge is recognized. If the fair value is less than its carrying amount, the Company will record an impairment charge to write down the asset to its fair value. Refer to Note 3, “Goodwill and Other Intangible Assets,” for further information on the Company’s goodwill and indefinite-lived intangible assets and annual impairment assessment results.

Recoverability of Definite-Lived Intangible and Other Long-Lived Assets. Definite-lived intangible and other long-lived assets, which include definite-lived trademarks; machinery and equipment; internal-use software, including CCAs; and operating lease assets and related leasehold improvements are amortized to their estimated residual values, if any, on a straight-line basis over the estimated useful life and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Amortization or depreciation are recorded in SG&A expenses in the consolidated statements of comprehensive income.

At least quarterly, the Company evaluates factors that would necessitate an impairment assessment, which include a significant adverse change in the extent or manner in which an asset group is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset group or a significant decline in the observable market value of the asset group, among others. When an impairment-triggering event has occurred, the Company tests for recoverability of the asset group’s carrying value using estimates of undiscounted future cash flows based on the existing service potential of the applicable asset group. In determining the service potential of a long-lived asset group, the Company considers its remaining useful life, cash-flow generating capacity, and physical output capacity. These estimates include the undiscounted future cash flows associated with future expenditures necessary to maintain the existing service potential. These assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

Recoverability of definite-lived intangible and other long-lived assets is measured by a comparison of the carrying amount to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset group, which is based on either discounted future cash flows or appraised values. An impairment loss, if any, would only reduce the carrying amount of the long-lived assets in the asset group based on its fair value limitation and is allocated to
individual assets in the asset group, unless doing so would reduce the carrying amount of a long-lived asset in the asset group to an amount less than zero. Impairment charges are recorded in SG&A expenses in the consolidated statements of comprehensive income. Refer to Note 3, “Goodwill and Other Intangible Assets,” for discussion on the Sanuk brand impairment charge recorded during the year ended March 31, 2024.

During the year ended March 31, 2025, the Company recorded impairment charges of $4,290 within unallocated enterprise and shared brand expenses in SG&A expenses in the consolidated statements of comprehensive income, primarily for a CCA that was underperforming against the Company’s expectations. During the years ended March 31, 2024, and 2023, the Company recorded impairment charges of $1,015 and $2,817, respectively, within its UGG and HOKA brand reportable operating segments in SG&A expenses in the consolidated statements of comprehensive income for the underperformance of certain retail store-related operating lease and related leasehold improvements.

Derivative Instruments and Hedging Activities. The Company may use derivative instruments to partially offset its business exposure to foreign currency risk on expected cash flows and certain existing assets and liabilities, primarily intercompany balances. To reduce the volatility in earnings from fluctuations in foreign currency exchange rates, the Company may hedge a portion of forecasted sales denominated in foreign currencies. The Company enters into foreign currency forward or option contracts (derivative contracts), generally with maturities of 15 months or less to manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company may also enter into derivative contracts that are not designated as cash flow hedges (Non-Designated Derivative Contracts), to offset a portion of anticipated gains and losses on certain intercompany balances until the expected time of repayment. The Company does not use derivative contracts for trading purposes.

The notional amounts of outstanding Designated and Non-Designated Derivative Contracts are recorded at fair value measured using Level 2 fair value inputs, consisting of quoted forward spot rates from counterparties at the end of the applicable periods, which are corroborated by market-based pricing, with related assets and liabilities recorded in other current assets and other accrued expenses, respectively, in the consolidated balance sheets. The after-tax unrealized gains or losses from changes in fair value of Designated Derivative Contracts are recorded as a component of accumulated other comprehensive loss (AOCL) in the consolidated balance sheets and are reclassified to net sales in the consolidated statements of comprehensive income in the same period or periods as the related sales are recognized. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and the accumulated gains or losses in AOCL related to the hedging relationship are immediately recorded in OCI in the consolidated statements of comprehensive income. The Company includes all hedge components in its assessment of effectiveness for its derivative contracts. Refer to Note 4, “Fair Value Measurements,” for further information on the fair value of derivative instruments.

Changes in the fair value of Non-Designated Derivative Contracts are recorded in SG&A expenses in the consolidated statements of comprehensive income. The changes in fair value for these contracts are generally offset by the remeasurement gains or losses associated with the underlying foreign currency-denominated intercompany balances, which are recorded in SG&A expenses in the consolidated statements of comprehensive income.

The Company generally enters into over-the-counter derivative contracts with high-credit-quality counterparties, and therefore, considers the risk that counterparties fail to perform according to the terms of the contract as low. The Company factors the nonperformance risk of the counterparties into the fair value measurements of its derivative contracts. Refer to Note 9, “Derivative Instruments,” for further information on the impact of derivative instruments and hedging activities.
Stock Repurchase Program. Repurchased shares of the Company’s common stock are retired. The par value of repurchased shares is deducted from common stock and the excess repurchase price over par value as well as the portion due for excise taxes, is allocated to retained earnings in the consolidated balance sheets. Refer to Note 10, “Stockholders’ Equity,” for further information on the Company’s stock repurchase program.
Revenue Recognition. Revenue is recognized when a performance obligation is completed at a point in time and when the customer has obtained control. Control passes to the customer when they have the ability to direct the use of and obtain substantially all the remaining benefits from the goods transferred. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount less known actual amounts or estimates of variable consideration. The Company recognizes revenue and measures the transaction price net of taxes, including sales taxes, use taxes, value-added taxes, and some types of excise taxes, collected from customers and remitted to governmental authorities. The Company presents revenue gross of fees and sales commissions. Sales commissions are expensed as incurred and are recorded in SG&A expenses in the consolidated statements of comprehensive income. The Company’s customer contracts do not have a significant financing component due to their short durations, which are typically effective for one year or less and have payment terms that are generally 30 to 60 days.

Wholesale and international distributor revenue is recognized either when products are shipped or when delivered, depending on the applicable contract terms. Retail store and e-commerce revenue transactions are recognized at the point of sale and upon shipment, respectively. Shipping and handling costs paid to third-party shipping companies are recorded as cost of sales in the consolidated statements of comprehensive income. Shipping and handling costs are a fulfillment service, and, for certain wholesale and all e-commerce transactions, revenue is recognized when the customer is deemed to obtain control upon the date of shipment. Refer to Note 2, “Revenue Recognition,” for further information regarding the Company’s components of variable consideration.

Cost of Sales. Cost of sales for the Company’s goods are primarily for finished goods, as well as related overhead. Finished goods includes material costs, including commodities, for products; allocation of initial molds; and tooling cost that are amortized based on minimum contractual quantities of related product and recorded in cost of sales in the consolidated statements of comprehensive income when the product is sold.

Distribution Costs. Distribution costs include payroll and related costs, rent and occupancy, depreciation and other related costs, and other miscellaneous expenses for owned warehousing, third-party logistics provider (3PL) service fees, and receiving, inspecting, allocating, and packaging product. Distribution costs are expensed as incurred, and primarily included in unallocated enterprise and shared brand expenses. Such costs amounted to $279,090, $238,312, and $206,191 for the years ended March 31, 2025, 2024, and 2023, respectively, and are recorded in SG&A expenses in the consolidated statements of comprehensive income. Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s unallocated enterprise and shared brand expenses.

Research and Development Costs. Research and development costs include payroll and related costs, and other segment items, which are expensed as incurred, and included within each reportable operating segment, as well as unallocated enterprise and shared brand expenses. Such costs amounted to $56,676, $49,171, and $38,657 for the years ended March 31, 2025, 2024, and 2023, respectively, and are recorded in SG&A expenses in the consolidated statements of comprehensive income. Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s unallocated enterprise and shared brand expenses.
Advertising, Marketing, and Promotion Expenses. Advertising, marketing, and promotion expenses include media advertising (television, radio, print, social, digital), tactical advertising (signs, banners, point-of-sale materials) and other promotional costs specific to the Company’s brands, and amounted to $432,198, $348,852, and $271,140 for the years ended March 31, 2025, 2024 and 2023, respectively, which are recorded in SG&A expenses in the consolidated statements of comprehensive income. Advertising costs are expensed the first time the advertisement is run or communicated. All other costs of advertising, marketing, and promotion are expensed as incurred. Included in prepaid expenses as of March 31, 2025, and 2024 are $4,045 and $1,130, respectively, related to prepaid advertising, marketing, and promotion expenses for programs expected to take place after such dates.

Stock-Based Compensation. All of the Company’s stock-based compensation is classified within stockholders’ equity. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recorded, net of forfeitures, in SG&A expenses in the consolidated statements of comprehensive income ratably over the vesting period. The grant date fair value of time-based restricted stock units (RSUs) and of employees’
purchase rights under the employee stock purchase plans is determined based on the closing market price of the Company’s common stock on the date of grant. The grant date fair value of long-term incentive plan performance-based stock units (LTIP PSUs) is estimated as of the grant date using a Monte Carlo simulation.

Determining the fair value and related expense of stock-based compensation requires judgment, including estimating the percentage of awards that will be forfeited and probabilities of meeting the awards’ performance criteria, as well as the Company’s reliance on the closing price of its stock on the New York Stock Exchange at or near the time of grant. If actual forfeitures differ significantly from the estimates or if probabilities change during a period, stock-based compensation expense and the Company’s results of operations could be materially impacted. Refer to Note 8, “Stock-Based Compensation,” for further information on grant activity, types of awards, and additional disclosure related to stock-based compensation.

Retirement Plan. The Company provides a 401(k) defined contribution plan that eligible US employees may elect to participate in through tax-deferred contributions or other deferrals. The Company matches 50% of each eligible participant’s deferrals on up to 6% of eligible compensation. Internationally, the Company has various defined contribution plans. Certain international locations require mandatory contributions under social programs, and the Company contributes at least the statutory minimums. US 401(k) matching contributions totaled $6,528, $5,129, and $4,433 during the years ended March 31, 2025, 2024, and 2023, respectively, and were recorded in SG&A expenses in the consolidated statements of comprehensive income. In addition, the Company may also make discretionary profit-sharing contributions to the plan. However, there were no Company profit-sharing contributions for the years ended March 31, 2025, 2024, and 2023.

Non-qualified Deferred Compensation. The Company sponsors an unfunded, non-qualified deferred compensation plan (NQDC Plan) that provides certain members of its management team the opportunity to defer compensation into the NQDC Plan. The NQDC Plan year is from January 1st to December 31st. Participants may defer up to 50% of their annual base salary and up to 85% of any cash incentive bonus under the NQDC Plan. The Company has established a rabbi trust as a reserve for the benefits payable under the NQDC Plan. Deferred compensation is recognized based on the fair value of the participants’ accounts. Refer to Note 4, “Fair Value Measurements,” for further information on the fair value of deferred compensation assets and liabilities.

Self-Insurance. The Company is self-insured for a significant portion of its employee medical, including pharmacy, and dental liability exposures. Liabilities for self-insured exposures are accrued for the amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in accrued payroll in the consolidated balance sheets. Excess liability insurance has been purchased to limit the amount of self-insured risk on claims.
Income Taxes. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to net operating loss carryforwards and temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income during the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recorded in the consolidated statements of comprehensive income in the period that includes the enactment date.

The Company recognizes the effect of income tax positions in the consolidated financial statements only if those positions are more likely than not to be sustained upon examination. Recognized income tax positions are measured at the largest amount of tax benefit that is more than 50% likely to be realized upon settlement. Changes in recognition or measurement are recorded in the period in which the change in judgment occurs. The Company records interest and penalties accrued for income tax contingencies as interest expense in the consolidated statements of comprehensive income. Refer to Note 5, “Income Taxes,” for further information on tax impacts and components of tax balances in the consolidated financial statements.
Comprehensive Income. Comprehensive income or loss is the total of net earnings and all other non-owner changes in equity. Comprehensive income or loss includes net income or loss, foreign currency translation adjustments, and unrealized gains and losses on cash flow hedges. Refer to Note 10, “Stockholders’ Equity,” for further information on components of OCI.

Net Income per Share. Basic net income or loss per share represents net income or loss divided by the weighted-average number of common shares outstanding for the period. Diluted net income or loss per share represents net income or loss divided by the weighted-average number of shares outstanding, including the dilutive impact of potential issuances of common stock. Refer to Note 11, “Basic and Diluted Shares,” for a reconciliation of basic to diluted weighted-average common shares outstanding.
v3.25.1
REVENUE RECOGNITION
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue. Refer to Note 12, “Reportable Operating Segments,” and to Note 13, “Concentration of Business,” for further information on the Company’s disaggregation of revenue by reportable operating segment and by geographic location, respectively.

Net sales by channel was as follows:
 Years Ended March 31,
202520242023
Wholesale
$2,855,865 $2,432,307 $2,160,675 
Direct-to-Consumer
2,129,747 1,855,456 1,466,611 
Total$4,985,612 $4,287,763 $3,627,286 

Variable Consideration. Components of variable consideration include estimated allowance for sales discounts, allowance for chargebacks, and sales return asset and liability. Estimates for variable consideration are based on the amounts earned or estimates to be claimed as an adjustment to sales. Estimated variable consideration is included in the transaction price to the extent it is probable that a significant reversal of the cumulative revenue recognized will not occur in a future period.

Allowance for Sales Discounts. The Company provides a trade accounts receivable allowance for sales discounts for wholesale channel sales, which reflects a discount that customers may take, generally based on meeting certain order, shipment or prompt payment terms. The Company uses the amount of the discounts that are available to be taken against the period end trade accounts receivable to estimate and record a corresponding reserve for sales discounts. Additions to the allowance are recorded against gross sales in the consolidated statements of comprehensive income.
Allowance for Chargebacks. The Company provides a trade accounts receivable allowance for chargebacks for wholesale channel sales. When customers pay their invoices, they may take deductions against their invoices that can include chargebacks for price differences, markdowns, short shipments, and other reasons. Therefore, the Company records an allowance primarily for known circumstances as well as unknown circumstances based on historical trends related to the timing and amount of chargebacks taken against customer invoices. Additions to the allowance are recorded against gross sales or SG&A expenses in the consolidated statements of comprehensive income.

Sales Return Asset and Liability. Reserves are recorded for anticipated future returns of goods shipped prior to the end of the reporting period. In general, the Company accepts returns for damaged or defective products for up to one year. The Company also has a policy whereby returns are generally accepted from customers and end consumers between 30 to 90 days from the point of sale for cash or credit.
Sales returns are a refund asset for the right to recover the inventory and a refund liability for the stand-ready right of return. Changes to the refund asset for the right to recover the inventory are recorded against cost of sales and changes in the refund liability are recorded against gross sales in the consolidated statements of comprehensive income. The refund asset for the right to recover the inventory is recorded in other current assets and the related refund liability is recorded in other accrued expenses in the consolidated balance sheets. The amounts of these reserves are determined based on several factors, including known and actual returns, historical returns, and any recent events that could result in a change from historical return rates.

The following table summarizes changes in the estimated sales returns for the periods presented:

Sales Return Asset
Sales Return Liability
Balance, March 31, 2023$15,685 $(45,322)
Net additions to sales return liability (1)
60,789 (276,086)
Actual returns(62,608)266,081 
Balance, March 31, 2024 (2)
13,866 (55,327)
Net additions to sales return liability (1)
74,150 (306,968)
Actual returns(66,896)298,833 
Balance, March 31, 2025 (2)
$21,120 $(63,462)

(1) Net additions to the sales return liability include a provision for anticipated sales returns, which consists of both contractual return rights and discretionary authorized returns.
(2) As of March 31, 2025, and 2024, the sales return liability includes $47,216 and $37,458, respectively, for the wholesale channel and $16,246 and $17,869, respectively, for the DTC channel.

Contract Liabilities. Contract liabilities are performance obligations that the Company expects to satisfy or relieve within the next 12 months, advance consideration obtained prior to satisfying a performance obligation, or unconditional obligations to provide goods or services under non-cancelable contracts before the transfer of goods or services to the customer has occurred. Contract liabilities are recorded in other accrued expenses in the consolidated balance sheets and include loyalty programs and other deferred revenue.

Loyalty Programs. The Company has a loyalty program for the UGG brand in its DTC channel where consumers can earn rewards from qualifying purchases or activities. The Company defers recognition of revenue for unredeemed awards until one of the following occurs: (1) rewards are redeemed by the consumer, (2) points or certificates expire, or (3) an estimate of the expected unused portion of points or certificates is applied, which is based on historical redemption and expiration patterns. The Company’s contract liability for loyalty programs is recorded in other accrued expenses in the consolidated balance sheets.

Activity related to loyalty programs was as follows:
Years Ended March 31,
20252024
Beginning balance
$(17,586)$(13,144)
Redemptions and expirations for loyalty certificates and points recognized in net sales68,080 52,884 
Deferred revenue for loyalty points and certificates issued(69,060)(57,326)
Ending balance
$(18,566)$(17,586)

Deferred Revenue. Revenue is deferred for wholesale channel transactions when certain conditions outlined within the contract terms, including the transfer of control or delivery of product, has not occurred, such as when a wholesale channel customer prepays for ordered product. The contract liability for deferred revenue is recorded in other accrued expenses in the consolidated balance sheets.
Activity related to deferred revenue was as follows:
Years Ended March 31,
20252024
Beginning balance$(9,591)$(13,448)
Additions of customer cash payments(80,732)(61,844)
Revenue recognized63,018 65,701 
Ending balance$(27,305)$(9,591)
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill as well as other intangible assets by major intangible class recorded in the consolidated balance sheets are as follows:
As of March 31,
20252024
Goodwill
Gross carrying amount (1)
$29,821 $143,765 
Accumulated impairment losses (1)
(15,831)(129,775)
Total goodwill (2)
$13,990 $13,990 

As of March 31,
20252024
Other intangible assets
Indefinite-lived intangible assets
Teva brand trademark
$15,454 $15,454 
Definite-lived intangible assets
Trademarks (1)
8,014 51,723 
Other (1)
17,245 51,220 
Total gross carrying amount
25,259 102,943 
Trademarks accumulated amortization and impairments (1)
(7,982)(40,326)
Other accumulated amortization (1)
(17,032)(50,988)
Total accumulated amortization and impairments
(25,014)(91,314)
Definite-lived intangible assets, net
245 11,629 
Total other intangible assets, net$15,699 $27,083 

(1) The change in the March 31, 2025, balances, when compared to March 31, 2024, is primarily due to the sale of the Sanuk brand during fiscal year 2025.
(2) As of March 31, 2025, and 2024, total goodwill is made up of $6,101 and 7,889 of UGG brand and HOKA brand reportable operating segments goodwill, respectively.

Definite-lived amortization expense was $847, $2,208, and $2,228 for the years ended March 31, 2025, 2024, and 2023, respectively.

Based on the evaluation of qualitative and quantitative factors, including the asset carrying amounts recorded in the consolidated balance sheets against actual results of operations and long-term forecasts of net sales and operating income, no impairment loss was recorded for goodwill and indefinite-lived intangible assets during the years ended March 31, 2025, 2024, and 2023.
No definite-lived intangible asset triggering events were identified during the years ended March 31, 2025, and 2023. During the year ended March 31, 2024, an impairment loss of $8,164 was recorded within the Other brands reportable operating segment in SG&A expenses in the consolidated statements of comprehensive income for the Sanuk brand definite-lived trademark, driven by lower-than-expected results of operations for the wholesale channel that resulted in the carrying value exceeding the estimated fair value, which was determined based on an estimate of the future discounted cash flows.
v3.25.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The accounting standard for fair value measurements provides a framework for measuring fair value, which is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy under this accounting standard requires an entity to maximize the use of observable inputs, where available.

The following summarizes the three levels of inputs required:

•Level 1: Quoted prices in active markets for identical assets and liabilities.
•Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities.

•Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring the Company to develop its own assumptions.

The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents, trade accounts receivable, net, trade accounts payable, accrued payroll, and other accrued expenses, approximates fair value due to their short-term nature. When the Company makes short-term borrowings, the carrying amounts, which are considered Level 2 liabilities, approximate fair value based upon current rates and terms available to the Company for similar debt. The Company does not currently have any Level 3 assets or liabilities.
Assets and liabilities that are measured on a recurring basis at fair value in the consolidated balance sheets are as follows:
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,485,555 $1,485,555 $— $— 
Other current assets:
Designated Derivative Contracts asset
2,163 — 2,163 — 
Non-Designated Derivative Contracts asset75 — 75 — 
Other assets:
Non-qualified deferred compensation asset16,967 16,967 — — 
Total assets measured at fair value$1,504,760 $1,502,522 $2,238 $— 
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(2,345)$(2,345)$— $— 
Designated Derivative Contracts liability
(64)— (64)— 
Other long-term liabilities:
Non-qualified deferred compensation liability(22,793)(22,793)— — 
Total liabilities measured at fair value$(25,202)$(25,138)$(64)$— 

As ofMeasured Using
March 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,152,083 $1,152,083 $— $— 
Other assets:
Non-qualified deferred compensation asset13,553 13,553 — — 
Total assets measured at fair value$1,165,636 $1,165,636 $— $— 
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(408)$(408)$— $— 
Other long-term liabilities:
Non-qualified deferred compensation liability(16,229)(16,229)— — 
Total liabilities measured at fair value$(16,637)$(16,637)$— $— 

The Company’s non-financial assets, such as other long-lived assets and definite-lived intangible assets, which include operating lease assets, machinery and equipment, leasehold improvements, definite-lived trademarks; as well as indefinite-lived intangible assets and goodwill, are not required to be carried at fair value on a recurring basis and are reported at carrying value. Instead, these assets are tested for impairment annually, or when an event occurs or changes in circumstances indicate the carrying value may not be recoverable. When determining fair value, Level 3 measurements are used for the estimates and assumptions, including undiscounted future cash flows expected to be generated by the asset groups based upon historical experience, expected market conditions, as well and management’s plans.
v3.25.1
INCOME TAXES
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income Before Income Taxes. Components of income before income taxes recorded in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Domestic (1)
$1,033,428 $688,981 $467,231 
Foreign209,871 289,960 198,851 
Total$1,243,299 $978,941 $666,082 

(1) Domestic income before income taxes for the year ended March 31, 2024 is presented net of intercompany dividends (or repatriated cash) of $250,000. No intercompany dividends (or repatriated cash) that were subject to income taxes from a foreign subsidiary were declared during years ended March 31, 2025 and 2023.
Income Tax Expense. Components of income tax expense (benefit) recorded in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Current
Federal$177,652 $146,939 $115,708 
State43,847 32,065 18,418 
Foreign61,254 41,884 24,853 
Total282,753 220,888 158,979 
Deferred
Federal(1,134)(3,113)4,830 
State219 (2,336)382 
Foreign(4,630)3,939 (14,931)
Total(5,545)(1,510)(9,719)
Total$277,208 $219,378 $149,260 

Income Tax Expense Reconciliation. Income tax expense (benefit) differed from that obtained by applying the statutory federal income tax rate to income before income taxes as follows:
Years Ended March 31,
202520242023
Computed expected income taxes$261,093 $205,578 $139,882 
State income taxes, net of federal income tax benefit45,991 32,023 15,881 
Foreign rate differential(13,078)(15,976)(21,420)
Gross unrecognized tax benefits(1,594)1,301 20,122 
Intercompany transfers of assets
10,430 (1,817)(13,072)
US tax on foreign earnings(14,548)4,750 7,672 
Other(11,086)(6,481)195 
Total$277,208 $219,378 $149,260 
Deferred Taxes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows:
As of March 31,
20252024
Deferred tax assets
Amortization of intangible assets$12,413 $11,416 
Operating lease liabilities38,051 38,890 
Uniform capitalization adjustment to inventory10,723 11,822 
State related taxes and credit carryforwards
3,107 1,834 
Reserves and accruals69,803 65,817 
Net operating loss carry-forwards10,421 5,981 
Other
1,188 3,164 
Gross deferred tax assets145,706 138,924 
Valuation allowances(5,138)(1,259)
Total140,568 137,665 
Deferred tax liabilities
Prepaid expenses(8,727)(7,060)
Operating lease assets(29,189)(29,667)
Depreciation of property and equipment(23,359)(28,354)
Other(1,702)— 
Total(62,977)(65,081)
Deferred tax assets, net$77,591 $72,584 

The deferred tax assets are currently expected to be realized between fiscal years 2026 and 2031. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets. The Company’s deferred tax valuation allowances are primarily the result of a valuation allowance on tax attributes and foreign losses in jurisdictions in which the Company expects it will have limited future profitability. The changes to the Company’s deferred tax valuation allowances are primarily the result of a valuation allowance on domestic tax attributes.

US Taxation of Foreign Earnings. The Company is subject to US taxation of its foreign subsidiary earnings, which is considered global intangible low-taxed income (commonly known as GILTI), as well as limitations on the deductions of executive compensation, which are included in income tax expense in the consolidated statements of comprehensive income for the periods presented above.
The Company currently anticipates repatriating current and future unremitted earnings of non-US subsidiaries, to the extent they have been and will be subject to US income tax, as long as such cash is not required to fund ongoing foreign operations. Due to the complexities in the laws of foreign jurisdictions, it is not practicable to estimate the amount of foreign withholding taxes associated with such unremitted earnings. No intercompany dividends were declared by the Company from a foreign subsidiary with related foreign withholding tax requirements during the year ended March 31, 2025.

As of March 31, 2025, the Company has $16,346 of undistributed earnings and $481,836 of cash and cash equivalents from its non-US subsidiaries, a portion of which may be subject to additional foreign withholding taxes if it were to be repatriated. As of March 31, 2025, the Company has $1,839 of accumulated deficit from its non-US subsidiaries for which no US federal or state income taxes have been paid.
Recent Tax Law Changes. The Organization for Economic Co-operation and Development (commonly known as OECD) has released Pillar Two model rules introducing a 15% global minimum tax rate for large multinational corporations to be effective starting with tax periods ending in 2024. Various jurisdictions in which the Company operates have enacted or plan to enact legislation beginning in calendar year 2024 or in subsequent years. The enactment of Pillar Two legislation did not have a material effect on the Company’s consolidated statements of comprehensive income during the current period. The Company will continue to monitor and reflect the impact of such legislative changes in future periods, as each of the respective jurisdictions enact the legislation and the legislation becomes effective.

Unrecognized Tax Benefits. When tax returns are filed, some positions taken are subject to uncertainty about the merits of the position taken or the amount that would be ultimately sustained upon examination. The benefit of a tax position is recorded in the consolidated financial statements during the period in which the Company believes it is more likely than not that the position will be sustained upon examination by taxing authorities. The recognition threshold is measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement. The portion of the benefit that exceeds the amount measured, as described above, is recorded as a liability for unrecognized tax benefits, along with any associated interest and penalties, in the consolidated balance sheets.

A reconciliation of the beginning and ending amounts of total gross unrecognized tax benefits are as follows:
Years Ended March 31,
202520242023
Beginning balance$45,620 $44,901 $24,779 
Gross increase related to current year tax positions4,499 4,318 6,865 
Gross increase related to prior year tax positions4,662 4,629 16,243 
Gross decrease related to prior year tax positions(4,309)(4,698)(456)
Settlements with taxing authorities(22,793)(582)— 
Lapse of statute of limitations(6,446)(2,948)(2,530)
Ending balance$21,233 $45,620 $44,901 

Total gross unrecognized tax benefits recorded in the consolidated balance sheets are as follows:
As of March 31,
20252024
Current liability
Income tax payable$5,688 $3,998 
Long-term liability
Income tax liability15,545 41,622 
Total$21,233 $45,620 

Net unrecognized tax benefits are defined as gross unrecognized tax benefits, less federal benefit for state income taxes, related to uncertain tax positions taken in the Company’s income tax return that would impact the Company’s effective tax rate, if recognized. Management believes it is reasonably possible that the amount of net unrecognized tax benefits, as well as associated interest and penalties, may decrease during the next 12 months by $2,858, which includes amounts relating to expirations of statute of limitations and settlements of various tax matters. Of this amount, $2,649 would result in an income tax benefit for the Company and $209 would result in a decrease to interest expense in the consolidated statements of comprehensive income.

As of March 31, 2025, and 2024, the Company has accrued $3,424 and $6,314 for the payment of interest and penalties, respectively, in income tax liability in the consolidated balance sheets. During the years ended March 31, 2025, 2024, and 2023, the Company recorded $(2,890), $486, and $1,106, respectively, of interest and penalties as a (decrease) or increase to interest expense in the consolidated statements of comprehensive income.
The Company has on-going income tax examinations in various state and foreign tax jurisdictions and regularly assesses tax positions taken during years open to examination. The Company files income tax returns in the US federal jurisdiction and various state, local, and foreign jurisdictions. With few exceptions, the Company is no longer subject to US federal, state, local, or foreign income tax examinations by tax authorities before fiscal year 2021.

Although the Company believes its tax estimates are reasonable and prepares its tax filings in accordance with all applicable tax laws, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company’s estimates or from its historical income tax provisions and accruals. The results of an audit or litigation could have a material impact on results of operations or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, or interest assessments. However, management does not currently expect any such audits and inquiries to have a material impact on the Company’s consolidated financial statements.
v3.25.1
REVOLVING CREDIT FACILITIES
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
REVOLVING CREDIT FACILITIES REVOLVING CREDIT FACILITIES
Primary Credit Facility. In December 2022, the Company refinanced in full and terminated its prior credit agreement originally entered into in September 2018. The refinanced revolving credit facility agreement is with Citibank, N.A. (Citibank), as administrative agent, Comerica Bank, as sole syndication agent, and the lenders party thereto (Credit Agreement). The Credit Agreement provides for a five-year, $400,000 unsecured revolving credit facility (Primary Credit Facility), contains a $25,000 sublimit for the issuance of letters of credit, and matures on December 19, 2027, subject to extension on early termination as described in the Credit Agreement.

In addition to allowing borrowings in US dollars, the Primary Credit Facility provides a $175,000 sublimit for borrowings in Euros, Sterling, Canadian dollars, and any other foreign currency that is subsequently approved by Citibank, each lender, and each bank issuing letters of credit. Subject to customary conditions, the Company has the option to increase the maximum principal amount available up to an additional $300,000, resulting in a maximum available principal amount of $700,000. However, none of the lenders have committed at this time to provide any such increase in the commitment.

The obligations of the Company and each other borrower under the Primary Credit Facility are guaranteed by the Company’s existing and future wholly owned domestic subsidiaries that meet certain materiality thresholds, subject to limited exceptions. All obligations under the Primary Credit Facility and the foregoing guaranty are unsecured, and amounts borrowed may be prepaid at any time without a premium or penalty, subject to limited exceptions.

Certain of the Company’s foreign subsidiaries may also borrow under the Primary Credit Facility, which permits the Company, subject to customary conditions, to designate one or more additional subsidiaries organized in foreign jurisdictions to borrow. The Company is liable for the obligations of each foreign borrower, but the obligations of the foreign borrowers are several (not joint) in nature.

Interest Rate Terms. At the Company’s election, revolving loans issued under the Primary Credit Facility will bear interest at the adjusted term SOFR, the adjusted Euro InterBank Offered Rate (EURIBOR), the Sterling Overnight Index Average (SONIA), the Canadian Dollar Offered Rate (CDOR), or the adjusted Alternate Base Rate (ABR), in each case plus the applicable interest rate margin.

Interest for borrowings in US dollars will fluctuate between SOFR, plus 1.00% and 0.10% based on the Company’s total net leverage ratio, and ABR, plus 0% per annum. The applicable interest rate margin is based on a pricing grid based on the Company’s total net leverage ratio and ranges from 1.00% to 1.625% per annum in the case of loans based on the SOFR, EURIBOR, SONIA, or CDOR, and from 0.00% to 0.625% per annum in the case of loans based on ABR. As of March 31, 2025, the effective interest rates for SOFR and ABR are 5.40% and 7.50%, respectively.
Commitment Fees. The Company is required to pay a fee rate that fluctuates between 0.125% and 0.20% per annum on the daily unused amount of the Primary Credit Facility, with the exact commitment fee based on the Company’s total net leverage ratio.

Borrowing Activity. During the year ended March 31, 2025, the Company made no borrowings or repayments under the Primary Credit Facility. As of March 31, 2025, the Company has no outstanding balance, $955 of outstanding letters of credit, and available borrowings of $399,045 under the Primary Credit Facility.

China Credit Facility. In October 2021, Deckers (Beijing) Trading Co., LTD (DBTC), a wholly owned subsidiary of the Company, entered into a credit agreement in China (as amended, the China Credit Facility) that provides for an uncommitted revolving line of credit of up to CNY300,000, or $41,338, with an overdraft facility sublimit of CNY100,000, or $13,779. The China Credit Facility is payable on demand and subject to annual review with a defined aggregate period of borrowing of up to 24 months, which was amended to increase from 12 months in November 2023. The obligations under the China Credit Facility are guaranteed by the Company for 108.5% of the facility amount in US dollars.

Interest Rate Terms. Interest is based on the People’s Bank of China market rate multiplied by a variable liquidity factor. As of March 31, 2025, the effective interest rate is 3.40%.

Borrowing Activity. During the year ended March 31, 2025, the Company made no borrowings or repayments under the China Credit Facility. As of March 31, 2025, the Company has no outstanding balance, outstanding bank guarantees of $455, and available borrowings of $40,883 under the China Credit Facility.
Debt Covenants. Under the Credit Agreement, the Company is subject to usual and customary representations and warranties, and contains usual and customary affirmative and negative covenants, which include limitations on liens, additional indebtedness, investments, restricted payments, indemnification provisions in favor of the lenders and transactions with affiliates. The financial covenant requires the total net leverage ratio to be no greater than 3.75 to 1.00.

Under the Credit Agreement, the Company is also subject to other customary limitations, as well as usual and customary events of default, which include non-payment of principal, interest, fees and other amounts; breach of a representation or warranty; non-performance of covenants and obligations; default on other material debt; bankruptcy or insolvency; material judgments; incurrence of certain material Employee Retirement Income Security Act of 1974 (ERISA) liabilities; and a change of control of the Company.

Under the China Credit Facility, DBTC is subject to usual and customary representations and warranties, and usual and customary affirmative and negative covenants, which include limitations on liens and additional indebtedness.

As of March 31, 2025, the Company is in compliance with all financial covenants under the Primary Credit Facility and China Credit Facility.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Leases. The Company primarily leases retail stores, showrooms, offices, and distribution facilities under operating lease contracts which vary in lease terms but, in the aggregate, continue in effect through calendar year 2035. Some of the Company’s operating leases contain extension options between one to 15 years. Historically, the Company has not entered into finance leases and its lease agreements generally do not contain residual value guarantees, options to purchase underlying assets, or material restrictive covenants.
Variable Lease Payments. Certain leases require additional payments based on (1) actual or forecasted sales volume (either monthly or annually), (2) reimbursement for real estate taxes (tax), (3) common area maintenance (CAM), and (4) insurance (collectively, variable lease payments). Variable lease payments are generally excluded from operating lease assets and lease liabilities and are recorded in rent expense as a component of SG&A expenses in the consolidated statements of comprehensive income. Some leases are dependent upon forecasted annual sales volume, and lease payments are recognized on a straight-line basis as rent expense over each annual period when the achievement of the related sales target is reasonably likely to occur. Other variable lease payments, such as tax, CAM, and insurance, are recognized in rent expense as incurred. Some leases contain one fixed lease payment that include variable lease payments, which are considered non-lease components. The Company has elected to account for these instances as a single lease component and the total of these fixed payments is used to measure the operating lease assets and lease liabilities.

Discount Rate. The Company discounts its unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, its IBR. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. The Company has a centralized treasury function, which enables the Company to use a portfolio approach to discount lease obligations. Therefore, the Company generally derives a discount rate at the lease commencement date by utilizing its IBR, which is based on what the Company would have to pay on a collateralized basis to borrow an amount equal to its lease payments under similar terms. Because the Company does not currently borrow on a collateralized basis under its revolving credit facilities, it uses the interest rate it pays on its non-collateralized borrowings under its Primary Credit Facility as an input for deriving an appropriate IBR, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease.

Rent Expense. The components of rent expense for operating leases recorded in SG&A expenses in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Operating$68,020 $64,006 $52,961 
Variable39,284 40,615 30,309 
Short-term9,912 6,931 5,729 
Total$117,216 $111,552 $88,999 
Operating Lease Liabilities. Maturities of undiscounted operating lease liabilities remaining as of March 31, 2025, with a reconciliation to the present value of operating lease liabilities recorded in the consolidated balance sheets, are as follows:
Years Ending March 31,Amount
2026$62,445 
202767,077 
202856,414 
202942,019 
203029,538 
Thereafter60,330 
Total undiscounted future lease payments317,823 
Less: Imputed interest(40,848)
Total$276,975 
Operating lease liabilities recorded in the consolidated balance sheets as of March 31, 2025, exclude an aggregate of $10,096 of undiscounted minimum lease payments due pursuant to leases signed, but not yet commenced, primarily for new HOKA brand retail stores and a regional office, for which the leases are expected to commence in the first quarter of fiscal year ending March 31, 2026 (next fiscal year).

Supplemental Disclosure. Key estimates and judgments related to operating lease assets and lease liabilities that are outstanding and presented in the consolidated balance sheets are as follows:
As of March 31,
20252024
Weighted-average remaining lease term in years5.55.9
Weighted-average discount rate4.5 %3.9 %

Supplemental information for amounts presented in the consolidated statements of cash flows related to operating leases, were as follows:
Years Ended March 31,
202520242023
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$70,179 $78,255 $84,988 
Reductions to operating lease assets for reductions to lease liabilities
(2,096)(8,418)(1,903)

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.
Purchase Obligations. The Company has various types of purchase obligations, as follows:

Product. As of March 31, 2025, the Company has $956,911 of outstanding purchase orders or other obligations with independent third-party contractors that manufacture all of its products (independent manufacturers). These obligations consist mostly of open purchase orders that are expected to be fulfilled in the ordinary course of business and to be paid in less than one fiscal year. A significant portion of the purchase commitments can be cancelled by the Company under certain circumstances; however, the occurrence of such circumstances is generally limited. As a result, the amount does not necessarily reflect the dollar amount of the Company’s binding commitments or minimum purchase obligations for products, and instead reflects an estimate of its future payment commitments based on information currently available.

Commodities. The Company has entered into fixed purchasing contracts with affiliates, manufacturers, factories, and other agents (designated suppliers) of sheepskin and sugarcane-derived ethylene-vinyl acetate (EVA), requiring its designated suppliers to purchase commodities on or before a specified target date, generally within one to two years (collectively, commodity contracts). The Company’s fixed pricing agreements are non-cancellable and may be subject to fees, including certain sheepskin purchasing contracts requiring deposits when minimum volumes are not fully consumed.

As of March 31, 2025, the Company’s aggregated estimated future payment obligations are $231,323 for commitments under these commodity contracts, of which $7,412 is due in less than one fiscal year and the remainder $223,911 is due in one to three fiscal years. As of March 31, 2025, the Company had no outstanding deposits on supply agreements. As of March 31, 2024, the Company had $16,243 in outstanding deposits on supply agreements, which were refunded and received by the Company during the year ended March 31, 2025.
Other. Other purchase commitments include contracts for information technology (IT) services, 3PL service fees and other supply chain services, promotional expenses, and other commitments under service contracts. As of March 31, 2025, the Company has an aggregate of $200,744 of other purchase commitments, of which $118,336 is due in less than one fiscal year, $70,274 is due in one to three fiscal years, and the remainder of $12,134 is due in three to five fiscal years.
Litigation. From time to time, the Company is involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these matters cannot be predicted with certainty, the Company believes it is not currently a party to any legal proceedings, disputes, or other claims for which a material loss is considered probable and for which the amount (or range) of loss is reasonably estimable. However, regardless of the merit of the claims raised or the outcome, these matters can have an adverse impact on the Company as a result of legal costs, diversion of management’s time and resources, and other factors.
Indemnification. The Company has agreed to indemnify certain of its licensees, distributors, and promotional partners in connection with claims related to the use of the Company’s intellectual property. The terms of such agreements generally do not provide for a limitation on the maximum potential future payments. From time to time, the Company also agrees to indemnify its licensees, distributors, and promotional partners in connection with claims that the Company’s products infringe on the intellectual property rights of third parties. These agreements may or may not be made pursuant to a written contract. In addition, from time to time, the Company also agrees to standard indemnification provisions in commercial agreements in the ordinary course of business. Management believes the likelihood of any payments under any of these arrangements is remote and would be immaterial. This determination is made based on a prior history of insignificant claims and related payments.
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Leases. The Company primarily leases retail stores, showrooms, offices, and distribution facilities under operating lease contracts which vary in lease terms but, in the aggregate, continue in effect through calendar year 2035. Some of the Company’s operating leases contain extension options between one to 15 years. Historically, the Company has not entered into finance leases and its lease agreements generally do not contain residual value guarantees, options to purchase underlying assets, or material restrictive covenants.
Variable Lease Payments. Certain leases require additional payments based on (1) actual or forecasted sales volume (either monthly or annually), (2) reimbursement for real estate taxes (tax), (3) common area maintenance (CAM), and (4) insurance (collectively, variable lease payments). Variable lease payments are generally excluded from operating lease assets and lease liabilities and are recorded in rent expense as a component of SG&A expenses in the consolidated statements of comprehensive income. Some leases are dependent upon forecasted annual sales volume, and lease payments are recognized on a straight-line basis as rent expense over each annual period when the achievement of the related sales target is reasonably likely to occur. Other variable lease payments, such as tax, CAM, and insurance, are recognized in rent expense as incurred. Some leases contain one fixed lease payment that include variable lease payments, which are considered non-lease components. The Company has elected to account for these instances as a single lease component and the total of these fixed payments is used to measure the operating lease assets and lease liabilities.

Discount Rate. The Company discounts its unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, its IBR. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. The Company has a centralized treasury function, which enables the Company to use a portfolio approach to discount lease obligations. Therefore, the Company generally derives a discount rate at the lease commencement date by utilizing its IBR, which is based on what the Company would have to pay on a collateralized basis to borrow an amount equal to its lease payments under similar terms. Because the Company does not currently borrow on a collateralized basis under its revolving credit facilities, it uses the interest rate it pays on its non-collateralized borrowings under its Primary Credit Facility as an input for deriving an appropriate IBR, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease.

Rent Expense. The components of rent expense for operating leases recorded in SG&A expenses in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Operating$68,020 $64,006 $52,961 
Variable39,284 40,615 30,309 
Short-term9,912 6,931 5,729 
Total$117,216 $111,552 $88,999 
Operating Lease Liabilities. Maturities of undiscounted operating lease liabilities remaining as of March 31, 2025, with a reconciliation to the present value of operating lease liabilities recorded in the consolidated balance sheets, are as follows:
Years Ending March 31,Amount
2026$62,445 
202767,077 
202856,414 
202942,019 
203029,538 
Thereafter60,330 
Total undiscounted future lease payments317,823 
Less: Imputed interest(40,848)
Total$276,975 
Operating lease liabilities recorded in the consolidated balance sheets as of March 31, 2025, exclude an aggregate of $10,096 of undiscounted minimum lease payments due pursuant to leases signed, but not yet commenced, primarily for new HOKA brand retail stores and a regional office, for which the leases are expected to commence in the first quarter of fiscal year ending March 31, 2026 (next fiscal year).

Supplemental Disclosure. Key estimates and judgments related to operating lease assets and lease liabilities that are outstanding and presented in the consolidated balance sheets are as follows:
As of March 31,
20252024
Weighted-average remaining lease term in years5.55.9
Weighted-average discount rate4.5 %3.9 %

Supplemental information for amounts presented in the consolidated statements of cash flows related to operating leases, were as follows:
Years Ended March 31,
202520242023
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$70,179 $78,255 $84,988 
Reductions to operating lease assets for reductions to lease liabilities
(2,096)(8,418)(1,903)

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.
Purchase Obligations. The Company has various types of purchase obligations, as follows:

Product. As of March 31, 2025, the Company has $956,911 of outstanding purchase orders or other obligations with independent third-party contractors that manufacture all of its products (independent manufacturers). These obligations consist mostly of open purchase orders that are expected to be fulfilled in the ordinary course of business and to be paid in less than one fiscal year. A significant portion of the purchase commitments can be cancelled by the Company under certain circumstances; however, the occurrence of such circumstances is generally limited. As a result, the amount does not necessarily reflect the dollar amount of the Company’s binding commitments or minimum purchase obligations for products, and instead reflects an estimate of its future payment commitments based on information currently available.

Commodities. The Company has entered into fixed purchasing contracts with affiliates, manufacturers, factories, and other agents (designated suppliers) of sheepskin and sugarcane-derived ethylene-vinyl acetate (EVA), requiring its designated suppliers to purchase commodities on or before a specified target date, generally within one to two years (collectively, commodity contracts). The Company’s fixed pricing agreements are non-cancellable and may be subject to fees, including certain sheepskin purchasing contracts requiring deposits when minimum volumes are not fully consumed.

As of March 31, 2025, the Company’s aggregated estimated future payment obligations are $231,323 for commitments under these commodity contracts, of which $7,412 is due in less than one fiscal year and the remainder $223,911 is due in one to three fiscal years. As of March 31, 2025, the Company had no outstanding deposits on supply agreements. As of March 31, 2024, the Company had $16,243 in outstanding deposits on supply agreements, which were refunded and received by the Company during the year ended March 31, 2025.
Other. Other purchase commitments include contracts for information technology (IT) services, 3PL service fees and other supply chain services, promotional expenses, and other commitments under service contracts. As of March 31, 2025, the Company has an aggregate of $200,744 of other purchase commitments, of which $118,336 is due in less than one fiscal year, $70,274 is due in one to three fiscal years, and the remainder of $12,134 is due in three to five fiscal years.
Litigation. From time to time, the Company is involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these matters cannot be predicted with certainty, the Company believes it is not currently a party to any legal proceedings, disputes, or other claims for which a material loss is considered probable and for which the amount (or range) of loss is reasonably estimable. However, regardless of the merit of the claims raised or the outcome, these matters can have an adverse impact on the Company as a result of legal costs, diversion of management’s time and resources, and other factors.
Indemnification. The Company has agreed to indemnify certain of its licensees, distributors, and promotional partners in connection with claims related to the use of the Company’s intellectual property. The terms of such agreements generally do not provide for a limitation on the maximum potential future payments. From time to time, the Company also agrees to indemnify its licensees, distributors, and promotional partners in connection with claims that the Company’s products infringe on the intellectual property rights of third parties. These agreements may or may not be made pursuant to a written contract. In addition, from time to time, the Company also agrees to standard indemnification provisions in commercial agreements in the ordinary course of business. Management believes the likelihood of any payments under any of these arrangements is remote and would be immaterial. This determination is made based on a prior history of insignificant claims and related payments.
v3.25.1
STOCK-BASED COMPENSATION
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock Incentive Plans. In September 2015, the Company’s stockholders approved the 2015 Stock Incentive Plan (2015 SIP), which initially reserved 7,650,000 shares of the Company’s common stock for issuance to employees, directors, consultants, independent contractors, and advisors. The 2015 SIP provided for the issuance of a variety of stock-based compensation awards, including RSUs, performance-based restricted stock units (PSUs), LTIP PSUs, stock appreciation rights, stock bonuses, incentive stock options (ISOs), and non-qualified stock options (NQSOs).

In September 2024, the Company’s stockholders approved the 2024 Stock Incentive Plan (2024 SIP), which is intended to replace the 2015 SIP. Like the 2015 SIP, the primary purpose of the 2024 SIP is to encourage ownership in the Company by key personnel, whose long-term service is considered essential to the Company’s continued success. As a result of the stock split, the number of shares of common stock reserved for issuance under the 2024 SIP and the number of shares underlying outstanding equity awards and the exercise price of stock options were adjusted proportionately.

The 2024 SIP initially reserves 7,800,000 shares of the Company’s common stock for issuance to employees, directors, consultants, independent contractors, and advisors, less one share for every one share granted under the 2015 SIP after March 31, 2024 and prior to September 9, 2024, the effective date of the 2024 SIP, subject to an increase from the return of shares under the 2015 SIP as described below. The terms of the 2024 SIP are substantially similar to the terms of the 2015 SIP. The 2024 SIP provides for the issuance of a variety of stock-based compensation awards, including RSUs, PSUs, LTIP PSUs, stock appreciation rights, stock bonuses, ISOs, and NQSOs. The maximum aggregate number of shares that may be issued to employees under the 2024 SIP through the exercise of ISOs is 4,500,000.
The Company will not grant any further equity awards under the 2015 SIP. Outstanding awards under the 2015 SIP will remain outstanding, unchanged and subject to the terms of the 2015 SIP and their respective award agreements. Shares subject to awards that are forfeited, expire or are otherwise terminated without shares being issued, or shares withheld to pay the exercise price of an award or to satisfy tax withholding obligations, including shares subject to awards granted under the 2015 SIP that are outstanding after March 31, 2024, will be returned to the pool of shares available for grant and issuance under the 2024 SIP. As of March 31, 2025, 7,793,719 shares of common stock remained available for future issuance under the 2024 SIP, subject to adjustment for future stock splits, stock dividends, and similar changes in capitalization.

Annual Stock Awards. During the years ended March 31, 2025, 2024, and 2023, the Company granted RSU and LTIP PSU awards to certain members of the Company’s management team, which entitle the recipients to receive shares of the Company’s common stock upon vesting. No dividends are paid or accumulated on any RSU or LTIP PSU awards.

A summary of the status and changes of the Company’s nonvested shares is as follows:
RSUs
LTIP PSUs
Number of
Shares
Weighted-
Average
Grant-Date
Fair Value (3)
Number of
Shares
Weighted-
Average
Grant-Date
Fair Value (3)
Nonvested, March 31, 2022587,202 $47.34 618,192 $57.37 
Granted (1)
311,730 56.50 392,820 55.12 
Vested (2)
(270,552)(41.61)(180,624)(53.30)
Forfeited(92,634)(50.00)(163,164)(53.99)
Nonvested, March 31, 2023535,746 55.10 667,224 57.98 
Granted (1)
235,788 95.55 277,692 95.13 
Vested (2)
(264,888)(52.19)(301,368)(61.39)
Forfeited(39,864)(77.07)(112,404)(87.15)
Nonvested, March 31, 2024466,782 75.31 531,144 69.29 
Granted (1)
165,988 158.78 148,770 151.19 
Vested (2)
(235,872)(70.69)(327,868)(55.07)
Forfeited(31,026)(96.52)(51,708)(80.76)
Nonvested, March 31, 2025365,872 $114.34 300,338 $123.42 

(1) The amounts granted are the maximum amounts under the terms of the applicable LTIP PSUs.
(2) The amounts vested include shares withheld to cover taxes that are not issued to the recipient.
(3) Impact from the stock split may not calculate on rounded numbers disclosed in prior periods.

Restricted Stock Units. RSUs are subject to a time-based vesting condition and typically vest in equal annual installments over three years following the date of grant.

Long-Term Incentive Plan Awards. LTIP PSU awards are subject to market, performance, and time-based vesting conditions. The term of LTIP PSU awards is over a multi-fiscal year performance period with metrics established at the beginning of the performance period, which is generally two or three years (Measurement Period). The LTIP PSU awards include a market condition tied to the Company’s relative total stockholder return (TSR) in relation to its peer companies (peer market condition), as well as financial performance conditions tied to certain revenue and pre-tax income performance targets (financial performance conditions). Following a determination of the Company’s achievement with respect to the financial performance conditions for the applicable Measurement Period, the vesting of each LTIP PSU award will be subject to adjustment for the peer market condition based on the application of the TSR modifier. The amount of the adjustment is determined based on a
comparison of the Company’s TSR relative to the TSR of a pre-determined set of peer group companies for the Measurement Period.

The grant date fair value of LTIP PSUs is determined using a Monte-Carlo model that simulates a range of possible future stock prices for the Company and each member of the peer group over the Measurement Period. For each grant of LTIP PSUs, the Monte-Carlo simulation model factors in key assumptions, such as the market price of the underlying common stock at the beginning and end of the Measurement Period, risk free interest rate, expected dividend yield when simulating a TSR, expected dividend yield when simulating the Company’s stock price, stock price volatility, and correlation coefficients. The Company evaluates the probability of achieving the financial performance conditions against its most current long-range forecast at least quarterly and may adjust stock-based compensation expense for its LTIP PSUs up or down based on its estimated probability outcome over the Measurement Period. The peer market condition is measured as part of the grant date fair value.

The actual number of LTIP PSU awards that vest may increase up to a maximum of 200% of the targeted amount for the award based on achievement of the financial performance conditions and the TSR modifier for the peer market condition. No vesting of any portion of the LTIP PSU awards will occur if the Company fails to achieve the minimum threshold financial performance conditions for each reporting period within the Measurement Period. For the LTIP PSUs granted during the fiscal years 2025, 2024, and 2023, the Company expects to exceed the minimum threshold target performance criteria based on the Company’s long-range forecast as of March 31, 2025.
Long-Term Incentive Plan Options. The Company approved the issuance of LTIP NQSOs under the 2015 SIP, including the November 2016 (2017 LTIP NQSOs) and June 2017 (2018 LTIP NQSOs) grants, which were awarded to certain members of the Company’s management team, with a maximum contractual term ending March 31, 2026. As of March 31, 2019, and 2020, the target performance criteria were achieved and all LTIP NQSOs under the 2017 LTIP NQSOs and 2018 LTIP NQSOs, respectively, were fully vested. Each vested LTIP NQSO provides the recipient the right to purchase a specified number of shares of the Company’s common stock at a fixed exercise price per share based on the closing price of the common stock on the date of grant. During the years ended March 31, 2025, 2024, and 2023, no LTIP NQSOs were granted. During the year ended March 31, 2025, 89,454 shares were exercised pursuant to LTIP NQSOs at a weighted-average exercise price of $10.80. As of March 31, 2025, no LTIP NQSOs were exercisable and as of March 31, 2024, 89,454 LTIP NQSOs were exercisable at a weighted average exercise price of $10.80.

Grants to Directors. Each of the Company’s nonemployee directors was entitled to receive common stock with a total value of $170 for annual service on the Board of Directors (Board) during the year ended March 31, 2025. The shares are issued in equal quarterly installments with the number of shares being determined using the rolling average of the closing price of the Company’s common stock during the last ten trading days leading up to, and including, the grant date, which is in alignment with the Company’s equity grant guidelines. Each of these shares is fully vested and recorded as compensation expense in the consolidated statements of comprehensive income on the date of issuance.

Employee Stock Purchase Plans. In September 2015, the Company’s stockholders approved the 2015 Employee Stock Purchase Plan (2015 ESPP), which authorized 6,000,000 shares of the Company’s common stock for sale to eligible employees using after-tax payroll deductions, which are refundable until purchases are made, and are liability-classified. Following the issuance of shares under the 2015 ESPP to employees who participated in the offering period ended February 28, 2025, the 2015 ESPP was terminated, and no new offering periods under the 2015 ESPP will commence.

In September 2024, the Company’s stockholders approved the 2024 Employee Stock Purchase Plan (2024 ESPP), which replaced the 2015 ESPP. The 2024 ESPP reserves 6,000,000 shares of the Company’s common stock for sale to eligible employees. The terms of the 2024 ESPP are substantially similar to the terms of the 2015 ESPP. Each offering period under the 2024 ESPP is anticipated to run for approximately six months with purchases occurring on the last day of each offering period (no look-back provision) at a 15% discount to the closing price on that date. The first offering period commenced on March 1, 2025. As a result of the stock split, the number of shares of common stock reserved for issuance under the 2024 ESPP were adjusted proportionately.
Stock-Based Compensation. Components of stock-based compensation recorded, net of estimated forfeitures, in SG&A expenses in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Stock-based compensation
RSUs$19,758 $15,935 $13,249 
LTIP PSUs15,676 18,941 11,275 
Grants to Directors1,858 1,907 1,863 
Subtotal37,292 36,783 26,387 
Other stock-based compensation
Employee Stock Purchase Plan651 505 510 
Total stock-based compensation, pre-tax37,943 37,288 26,897 
Income tax benefit (9,304)(9,097)(6,557)
Total stock-based compensation, net of tax$28,639 $28,191 $20,340 

Unrecognized Stock-Based Compensation. Total remaining unrecognized stock-based compensation as of March 31, 2025, related to non-vested awards that the Company considers probable to vest and the weighted-average period over which the cost is expected to be recognized in future periods, is as follows:
Unrecognized
Stock-Based Compensation
Weighted-Average
Remaining
Vesting Period (Years)
RSUs$21,951 1.0
LTIP PSUs21,225 1.5
Total$43,176 
v3.25.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
As of March 31, 2025, the Company has the following derivative contracts recorded at fair value in the consolidated balance sheets:
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)

As of March 31, 2025, five counterparties hold the Company’s outstanding derivative contracts, all of which are expected to mature in the next twelve months. As of March 31, 2024, the Company had no outstanding derivative contracts.
The Company settled derivative contracts with notional values as follows:
Years Ended March 31,
202520242023
Designated Derivative Contracts
$258,040 $179,528 $96,345 
Non-Designated Derivative Contracts
18,565 — 31,044 
Total$276,605 $179,528 $127,389 
The following table summarizes the effect of Designated Derivative Contracts on unrealized gains or losses recorded in the consolidated statements of comprehensive income for changes in AOCL, net of tax:
Years Ended March 31,
202520242023
Gain recorded in OCI$4,387 $4,090 $1,504 
Reclassifications from AOCL into net sales(2,288)(4,090)(1,504)
Income tax expense in OCI(515)— — 
Total$1,584 $— $— 
The non-performance risk of the Company and its counterparties did not have a material impact on the fair value of its derivative contracts. As of March 31, 2025, the amount of unrealized gains on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next twelve months. Refer to Note 10, “Stockholders’ Equity,” for further information on the components of AOCL.
v3.25.1
STOCKHOLDERS’ EQUITY
 12 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchase Program. The Board has approved various authorizations under the Company’s stock repurchase program to repurchase shares of its common stock in the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other factors (collectively, the stock repurchase program). As of March 31, 2025, the Board last approved an authorization of $1,200,000 on July 27, 2022, to repurchase its common stock under the same conditions as the prior stock repurchase program. As of March 31, 2025, the aggregate remaining approved amount under the stock repurchase program is $374,701. The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended at any time at the Company’s discretion.

Stock repurchase activity under the Company’s stock repurchase program was as follows:
Years Ended March 31,
202520242023
Total number of shares repurchased (1)
3,800,040 4,289,124 5,569,572 
Weighted average price per share
$149.21 $96.74 $53.39 
Dollar value of shares repurchased (2) (3)
$567,002 $414,931 $297,372 

(1) All share repurchases were made pursuant to the Company’s stock repurchase program in open-market transactions.
(2) The dollar value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.
(3) May not calculate on rounded dollars.
Subsequent to March 31, 2025, through May 9, 2025, the Company repurchased 765,321 shares of its common stock at a weighted average price of $109.75 per share for $83,998. As of May 9, 2025, the Company had $290,704 remaining authorized under the stock repurchase program. Amounts may not calculate on rounded dollars.
On May 21, 2025, the Board approved an additional authorization of $2,250,000, for the Company to repurchase its common stock under the same conditions as the prior stock repurchase program.
Accumulated Other Comprehensive Loss. The components within AOCL, net of tax, recorded in the consolidated balance sheets, are as follows:
As of March 31,
 20252024
Unrealized gain on cash flow hedges$1,584 $— 
Cumulative foreign currency translation loss(51,238)(50,733)
Total $(49,654)$(50,733)
v3.25.1
BASIC AND DILUTED SHARES
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
BASIC AND DILUTED SHARES BASIC AND DILUTED SHARES
The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:
 Years Ended March 31,
 202520242023
Basic151,992,000 155,225,000 159,023,000 
Dilutive effect of equity awards678,000 1,060,000 1,088,000 
Diluted152,670,000 156,285,000 160,111,000 
Excluded
RSUs9,000 16,000 20,000 
LTIP PSUs155,000 291,000 453,000 
Deferred Non-Employee Director Equity Awards2,000 3,000 11,000 

Excluded Awards. The equity awards excluded from the calculation of the dilutive effect may be excluded due to one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the shares to be deemed issuable based on the Company’s performance for the relevant performance period. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and may be materially lower than the number of shares presented, which could result in a lower dilutive effect. Refer to Note 8, “Stock-Based Compensation,” for further information on the Company’s equity incentive plans.
v3.25.1
REPORTABLE OPERATING SEGMENTS
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
REPORTABLE OPERATING SEGMENTS REPORTABLE OPERATING SEGMENTS
Information reported to the CODM is organized into the Company’s three reportable operating segments, which include the brand operations for the UGG brand, HOKA brand, and Other brands. The operations of each brand within these reportable operating segments are managed separately because each requires different marketing, research and development, design, sourcing, and sales strategies.
The Company does not regularly provide total assets or capital expenditures information by reportable operating segment to the CODM because that information is not used to evaluate performance or allocate resources to each reportable operating segment.
Segment Net Sales, Gross Margin, and Income from Operations. The CODM regularly evaluates the performance of each reportable operating segment based on net sales, gross profit as a percentage of net sales (gross margin), and income from operations when making decisions about resource allocations to each reportable operating segment. Income from operations of each reportable operating segment includes certain costs which are specifically related to each reportable operating segment and that are regularly provided to the CODM. These costs consist of cost of sales; payroll and related expenses, including stock-based compensation; advertising, marketing, and promotion expenses; rent and occupancy; depreciation and other related costs; and other segment items.
There are no inter-segment sales for any period presented. The accounting policies of the Company's reportable operating segments are consistent with those described in Note 1, “General.”

Income from operations of each reportable operating segment exclude enterprise and shared brand expenses as well as total other income, net, which are not used to assess reportable operating segment performance. Unallocated enterprise and shared brand expenses are costs that are managed centrally and not specific to any one brand. These costs are primarily comprised of certain payroll and related expenses, including stock-based compensation; global IT expenses; 3PL service fees; depreciation, rent, and occupancy for owned warehouses and offices; and other SG&A expenses, such as costs for contract services, materials, supplies, and travel. These costs span multiple functions including owned warehouses and 3PL service fees, along with enterprise costs which include centralized commercial operations, IT, finance, human resources, legal, supply chain, and corporate executives.

Reportable operating segment information, with a reconciliation to the consolidated statements of comprehensive income, was as follows:
Year Ended March 31, 2025UGGHOKA
Other Brands
Total
Net sales$2,531,351$2,233,090$221,171$4,985,612
Less: Cost of sales (1)
1,023,495949,824126,6302,099,949
Segment gross profit1,507,8561,283,26694,5412,885,663
Segment gross margin59.6 %57.5 %42.7 %57.9 %
Less: (1)
Payroll and related costs146,093 101,056 18,179 265,328 
Advertising, marketing, and promotion expenses180,889 226,238 25,071 432,198 
Rent and occupancy75,724 26,467 424 102,615 
Depreciation and other related costs (2)
10,026 5,007 4,412 19,445 
Other segment items (3)
92,251 75,993 11,877 180,121 
Segment SG&A expenses
504,983 434,761 59,963 999,707 
Segment income from operations$1,002,873 $848,505 $34,578 $1,885,956 
Segment operating margin
39.6 %38.0 %15.6 %37.8 %

Year Ended March 31, 2024UGGHOKA
Other Brands
Total
Net sales$2,239,132$1,806,740$241,891$4,287,763
Less: Cost of sales (1)
983,636763,673154,9661,902,275
Segment gross profit1,255,4961,043,06786,9252,385,488
Segment gross margin56.1 %57.7 %35.9 %55.6 %
Less: (1)
Payroll and related costs134,307 74,991 17,628 226,926 
Advertising, marketing, and promotion expenses148,809 175,756 24,287 348,852 
Rent and occupancy75,724 16,589 348 92,661 
Depreciation and other related costs (2)
9,295 3,389 10,034 22,718 
Other segment items (3)
82,534 53,295 10,907 146,736 
Segment SG&A expenses
450,669 324,020 63,204 837,893 
Segment income from operations$804,827 $719,047 $23,721 $1,547,595 
Segment operating margin
35.9 %39.8 %9.8 %36.1 %
Year Ended March 31, 2023UGGHOKA
Other Brands
Total
Net sales$1,929,211$1,412,916$285,159$3,627,286
Less: Cost of sales (1)
975,585641,240185,0911,801,916
Segment gross profit953,626771,676100,0681,825,370
Segment gross margin49.4 %54.6 %35.1 %50.3 %
Less: (1)
Payroll and related costs109,576 57,446 15,266 182,288 
Advertising, marketing, and promotion expenses114,652 135,590 20,898 271,140 
Rent and occupancy69,302 9,033 453 78,788 
Depreciation and other related costs (2)
10,623 2,272 1,866 14,761 
Other segment items (3)
77,004 38,877 12,083 127,964 
Segment SG&A expenses
381,157 243,218 50,566 674,941 
Segment income from operations$572,469 $528,458 $49,502 $1,150,429 
Segment operating margin
29.7 %37.4 %17.4 %31.7 %

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Depreciation and other related costs generally includes depreciation of property and equipment, amortization and impairment of intangible assets or other-long lived assets, accretion, loss on disposal of assets, and other miscellaneous costs. During the year ended March 31, 2024, the Company recorded an impairment to intangible assets of $8,164 for the Sanuk brand definite-lived trademark. Refer to Note 3, “Goodwill and Other Intangible Assets,” for further information on the impairment loss.
(3) Other segment items are comprised of other SG&A expenses, which primarily includes credit card fees, commissions, materials and supplies, travel, and certain 3PL service fees.

A reconciliation of reportable segment income from operations to consolidated statements of comprehensive income was as follows:
Years Ended March 31,
202520242023
Segment income from operations
$1,885,956 $1,547,595 $1,150,429 
Unallocated enterprise and shared brand expenses (1)
(706,864)(620,081)(497,678)
Total other income, net64,207 51,427 13,331 
Consolidated income before income taxes
$1,243,299 $978,941 $666,082 

(1) To the extent that consolidated SG&A expenses exceed reportable operating segment SG&A expenses, the costs are recorded in unallocated enterprise and shared brand expenses, which are costs that are managed centrally and not specific to any one brand. The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.
v3.25.1
CONCENTRATION OF BUSINESS
 12 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
CONCENTRATION OF BUSINESS CONCENTRATION OF BUSINESS
Regions and Customers. The Company sells its products globally to customers and consumers, with net sales concentrations as follows:
Years Ended March 31,
202520242023
International net sales$1,798,903 $1,424,089 $1,175,789 
% of net sales36.1 %33.2 %32.4 %
Net sales in foreign currencies$1,376,782 $1,105,057 $832,632 
% of net sales27.6 %25.8 %23.0 %
Ten largest global customers as % of net sales
23.7 %24.2 %25.2 %
For the years ended March 31, 2025, 2024, and 2023, no single foreign country and no single global customer comprised 10.0% or more of the Company’s total net sales.

As of March 31, 2025, the Company has one customer that represents 13.6% of trade accounts receivable, net, compared to two customers that in total represented 31.2% of trade accounts receivable, net, as of March 31, 2024. Management performs regular evaluations concerning the ability of the Company’s customers to satisfy their obligations to the Company and recognizes an allowance for doubtful accounts based on these evaluations.

Cash and Cash Equivalents. The Company maintains a portion of its cash in Federal Deposit Insurance Corporation insured bank deposit accounts which, at times, may exceed federally insured limits. To date, the Company has not experienced any losses in such accounts. Based on the size and strength of the banking institutions used, the Company does not believe it is exposed to any significant credit risks in cash.

Designated Suppliers. The Company outsources the production of its finished goods to independent manufacturers, which are primarily located in Southeast Asia, predominately in Vietnam. The majority of the raw materials and components used in the production of the Company’s products by its independent manufacturers are purchased from designated suppliers, who work with other subcontractors that extract, process, or convert these raw materials. Sheepskin used to manufacture a significant portion of the Company’s UGG brand products and is sourced primarily from designated suppliers in Australia and processed by two tanneries in China.
Long-Lived Assets. Long-lived assets, which consist of property and equipment, net, recorded in the consolidated balance sheets, are as follows:
As of March 31,
 20252024
United States$289,672 $270,561 
Foreign (1)
35,927 31,561 
Total$325,599 $302,122 

(1) As of March 31, 2025, and 2024, no property and equipment, net, associated with any single foreign country represented 10.0% or more of the Company’s total property and equipment, net.
v3.25.1
SUPPLIER FINANCE PROGRAM
 12 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
SUPPLIER FINANCE PROGRAM SUPPLIER FINANCE PROGRAM
The Company has a voluntary SFP administered through a third-party platform that provides the Company’s independent manufacturers that supply its inventory (inventory suppliers) the opportunity to sell their receivables due from the Company to participating financial institutions in advance of the invoice due date, at the sole discretion of both inventory suppliers and the financial institutions The Company is not party to the agreements between these third parties and has no economic interest in an inventory suppliers’ decision to sell a receivable.

The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by the inventory suppliers’ election to participate in the SFP, and the Company provides no guarantees to any third parties under the SFP. Accordingly, amounts due to inventory suppliers that elect to participate in the SFP are recorded in trade accounts payable in the consolidated balance sheets.
Activity for the Company’s SFP program is as follows:
Year Ended March 31, 2025
Beginning balance
$3,483 
Obligations added
29,373 
Obligations settled
(31,960)
Ending balance
$896 

Payments made in connection with the SFP are reported as cash used in operating activities in the trade accounts payable line item of the consolidated statements of cash flows.
v3.25.1
SCHEDULE II - TOTAL VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Mar. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II - TOTAL VALUATION AND QUALIFYING ACCOUNTS
Allowances for doubtful accounts, sales discounts, and chargebacks against gross trade accounts receivable related to wholesale channel sales recorded in the consolidated balance sheets, are as follows:
Years Ended March 31,
202520242023
Allowance for doubtful accounts (1)
Beginning balance$(9,109)$(10,576)$(9,044)
Additions(4,869)(658)(1,983)
Deductions444 2,125 451 
Ending balance$(13,534)$(9,109)$(10,576)
Allowance for sales discounts (2)
Beginning balance$(3,840)$(5,656)$(2,831)
Additions(19,028)(17,060)(19,745)
Deductions21,502 18,876 16,920 
Ending balance$(1,366)$(3,840)$(5,656)
Allowance for chargebacks (3)
Beginning balance$(14,382)$(16,272)$(18,716)
Additions(31,701)(28,845)(27,400)
Deductions28,100 30,735 29,844 
Ending balance$(17,983)$(14,382)$(16,272)
Total$(32,883)$(27,331)$(32,504)

(1) The additions to the allowance for doubtful accounts represent estimates of the Company’s bad debt expense or recovery based on the factors on which the Company evaluates the collectability of its accounts receivable, with actual recoveries netted into additions. Deductions are for the actual amounts written off against outstanding trade accounts receivable.
(2) The additions to the allowance for sales discounts represent estimates of discounts to be taken by the Company’s customers based on the amount of outstanding discounts for meeting shipment or prompt payments terms. Deductions are for the actual discounts taken by the Company’s customers against outstanding trade accounts receivable.
(3) The additions to the allowance for chargebacks represent chargebacks and markdowns taken in the respective year, as well as an estimate of amounts that will be taken in the future related to sales in the current reporting period. Deductions are for the actual amounts written off against outstanding trade accounts receivable.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure      
Net income (loss) $ 966,091 $ 759,563 $ 516,822
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Set forth below is a summary of the adoption, modification, and termination activity of our directors and executive officers with respect to Rule 10b5-1 trading plans during the three months ended March 31, 2025:
Name & TitleAdoption DateTermination DateContract End Date
Aggregate Shares Covered
(in ones) (1)
Angela Ogbechie,
Chief Supply Chain Officer
February 27, 2025
*
December 31, 2025
12,570
Bonita Stewart,
Director
February 10, 2025
*
May 27, 2026
9,000

*Not applicable.
(1) The actual number of shares sold under the plan may depend on the vesting of certain performance-based equity awards and the number of shares withheld by us to satisfy our income tax withholding obligations and may vary from the number provided herein.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Angela Ogbechie [Member]  
Trading Arrangements, by Individual  
Name Angela Ogbechie
Title Chief Supply Chain Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2025
Expiration Date December 31, 2025
Arrangement Duration 307 days
Aggregate Available 12,570
Bonita Stewart [Member]  
Trading Arrangements, by Individual  
Name Bonita Stewart
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 10, 2025
Expiration Date May 27, 2026
Arrangement Duration 471 days
Aggregate Available 9,000
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Mar. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Mar. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a comprehensive cybersecurity program, recognizing the critical importance of safeguarding our operations, employees, customers, and other business partners from the constantly evolving risks associated with cybersecurity threats. These risks include, among other things, operational risks, reputational risks, financial risks, and litigation and legal risks.

As a part of our comprehensive cybersecurity program, we have developed an incident response plan (IRP) designed to quickly respond to, mitigate, and recover from cybersecurity incidents. The IRP includes procedures for incident detection and reporting, initial assessment, containment, eradication, recovery, post-incident activities, and continuous improvement.

We also integrated cybersecurity risk management into our overall risk management framework to ensure that cybersecurity risks are considered in all aspects of our business. The integration ensures that cybersecurity considerations are integral to our strategic and operational decision-making. Our management team works closely with our Chief Digital & Data Officer (CDDO) and Chief Information Security Officer (CISO), ensuring that our cybersecurity efforts align with our business objectives and operational needs. Key components of our cybersecurity approach include, among other things:

•establishing a dedicated action team, led by our CDDO and CISO, to oversee and manage cybersecurity risks;
•implementing a comprehensive cybersecurity risk assessment process and strategy based on industry standards and established frameworks such as the National Institute of Standards and Technology (NIST) Special Publication 800-61;
•implementing a vendor risk management program, which includes cybersecurity and data privacy audits, evaluating vendor risk level, and monitoring risk mitigation efforts;
•conducting penetration tests and security maturity assessments throughout the year;
•periodically engaging independent third-party assessors to audit our cybersecurity and information system programs to evaluate their effectiveness;
•implementing industry-standard technologies and processes to protect our system and data and to help detect potential suspicious activity;
•maintaining access controls to safeguard data and systems;
•providing annual trainings to employees on responsible information security, data security and cybersecurity practices including appropriate action to take against cybersecurity threats;
•conducting periodic phishing simulations to our employees;
•engaging in cybersecurity incident tabletop exercises and scenario planning exercises;
•maintaining a cybersecurity and information security risk insurance policy, which insures for data incidents or breaches and other technology related exposures; and
•periodically reviewing and updating our IRP, privacy policy, and other relevant policies/procedures.

These approaches are not exhaustive, and we plan to continuously improve our approaches to cybersecurity risk management.

In the three-year period ended March 31, 2025, our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of any prior cybersecurity incidents experienced by either us or third parties, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. Refer to Part I, Item 1A, “Risk Factors - Risks Related to Technology, Data Security and Privacy” within this Annual Report for further information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We also integrated cybersecurity risk management into our overall risk management framework to ensure that cybersecurity risks are considered in all aspects of our business. The integration ensures that cybersecurity considerations are integral to our strategic and operational decision-making.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board has delegated to the Audit Committee primary responsibility for oversight of risk assessment and risk management, including risks related to cybersecurity and information security issues. Our CDDO and CISO, who head our cybersecurity and information security initiatives, provide quarterly updates to the Audit Committee, and annual updates to the full Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board has delegated to the Audit Committee primary responsibility for oversight of risk assessment and risk management, including risks related to cybersecurity and information security issues.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our CDDO and CISO, who head our cybersecurity and information security initiatives, provide quarterly updates to the Audit Committee, and annual updates to the full Board. These updates cover various topics, such as efforts to enhance our cybersecurity posture, operational and incident metrics, mitigation actions, and key performance indicators like cybersecurity maturity, program health, and audit and compliance activities. In addition to these regular updates, significant cybersecurity incidents and updates are escalated on an as-needed basis in accordance with our IRP.
Cybersecurity Risk Role of Management [Text Block]
Our Board has delegated to the Audit Committee primary responsibility for oversight of risk assessment and risk management, including risks related to cybersecurity and information security issues. Our CDDO and CISO, who head our cybersecurity and information security initiatives, provide quarterly updates to the Audit Committee, and annual updates to the full Board. These updates cover various topics, such as efforts to enhance our cybersecurity posture, operational and incident metrics, mitigation actions, and key performance indicators like cybersecurity maturity, program health, and audit and compliance activities. In addition to these regular updates, significant cybersecurity incidents and updates are escalated on an as-needed basis in accordance with our IRP.

Our CDDO and CISO have extensive experience in cybersecurity. Our CDDO has served in his role since September 2024. He has over 15 years of experience in digital transformations, enterprise technology, artificial intelligence, and data management. Our CISO has served in various roles in Information Technology for over 25 years, including 15 years in Information Security. He holds a B.S. in Cybersecurity and Information Assurance, along with industry certifications that include the Information Systems Audit and Control Association Certified in Risk and Information Systems Control, Certified Information Security Manager, and International Information System Security Certification Consortium Certified Information Systems Security Professional certifications.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CDDO and CISO, who head our cybersecurity and information security initiatives, provide quarterly updates to the Audit Committee, and annual updates to the full Board. These updates cover various topics, such as efforts to enhance our cybersecurity posture, operational and incident metrics, mitigation actions, and key performance indicators like cybersecurity maturity, program health, and audit and compliance activities.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CDDO and CISO have extensive experience in cybersecurity. Our CDDO has served in his role since September 2024. He has over 15 years of experience in digital transformations, enterprise technology, artificial intelligence, and data management. Our CISO has served in various roles in Information Technology for over 25 years, including 15 years in Information Security. He holds a B.S. in Cybersecurity and Information Assurance, along with industry certifications that include the Information Systems Audit and Control Association Certified in Risk and Information Systems Control, Certified Information Security Manager, and International Information System Security Certification Consortium Certified Information Systems Security Professional certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Board has delegated to the Audit Committee primary responsibility for oversight of risk assessment and risk management, including risks related to cybersecurity and information security issues. Our CDDO and CISO, who head our cybersecurity and information security initiatives, provide quarterly updates to the Audit Committee, and annual updates to the full Board. These updates cover various topics, such as efforts to enhance our cybersecurity posture, operational and incident metrics, mitigation actions, and key performance indicators like cybersecurity maturity, program health, and audit and compliance activities. In addition to these regular updates, significant cybersecurity incidents and updates are escalated on an as-needed basis in accordance with our IRP.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
GENERAL (Policies)
 12 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation. The consolidated financial statements and accompanying notes thereto (referred to herein as consolidated financial statements) as of March 31, 2025, and 2024, and for the years ended March 31, 2025, 2024, and 2023 (referred to herein as “year ended” or “years ended,” or as “fiscal year 2025,” “fiscal year 2024,” and “fiscal year 2023,” respectively) are prepared in accordance with generally accepted accounting principles in the United States (US GAAP).
Reportable Operating Segments During the third quarter of fiscal year 2025, the Company began taking steps to phase out its standalone operations for the Koolaburra brand in order to maintain focus on the Company’s most significant organic opportunities. The Company closed Koolaburra.com as of March 31, 2025, and plans to wind down the Koolaburra brand in the wholesale channel by the end of calendar year 2025. As of March 31, 2025, the Company has not incurred, and does not expect to incur, material exit costs or obligations associated with this plan.During the second quarter of fiscal year 2025, the Company entered into an agreement pursuant to which the buyer purchased the Sanuk brand and certain related assets, which was completed on August 15, 2024 (Sanuk Brand Sale Date). The Company determined that the divestiture of the Sanuk brand did not represent a strategic shift that had or will have a major effect on the consolidated results of operations, and therefore results of this business were not classified as discontinued operations. The Company’s financial results for its reportable operating segments present the former Sanuk brand within the Other brands reportable operating segment through the Sanuk Brand Sale Date for the year ended March 31, 2025, and full financial results for the years ended March 31, 2024, and 2023.
Reportable Operating Segments. As of March 31, 2025, the Company’s three reportable operating segments include the worldwide operations of the UGG brand, HOKA brand, and Other brands (primarily consisting of the Teva brand, AHNU brand, and Koolaburra brand) (collectively, the Company’s reportable operating segments). The various brands within Other brands are aggregated within one reportable operating segment as each brand shares similar economic and qualitative characteristics. Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.

During the fourth quarter of fiscal year 2025, the financial information regularly used by the chief operating decision maker (CODM), who is the Principal Executive Officer, to evaluate performance, make operating decisions, and allocate resources was revised. In connection with executive leadership alignment, and the recent divestiture and phase out of certain brands, the CODM shifted resource allocation decisions and performance assessment to a brand focus, rather than a distribution channel focus. This resulted in a change in the Company’s reportable operating segments. The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and the Company clarified unallocated overhead costs excluded from this measure as unallocated enterprise and shared brand expenses. Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s unallocated enterprise and shared brand expenses.
Previously, the Company’s six reportable operating segments included the worldwide wholesale operations of the UGG brand, HOKA brand, Teva brand, Sanuk brand, and Other brands (primarily the AHNU brand and the Koolaburra brand), and DTC. Reportable operating segment results for all prior periods presented in this Annual Report have been recast to reflect the change in reportable operating segments.
Information reported to the CODM is organized into the Company’s three reportable operating segments, which include the brand operations for the UGG brand, HOKA brand, and Other brands. The operations of each brand within these reportable operating segments are managed separately because each requires different marketing, research and development, design, sourcing, and sales strategies.
The Company does not regularly provide total assets or capital expenditures information by reportable operating segment to the CODM because that information is not used to evaluate performance or allocate resources to each reportable operating segment.
Segment Net Sales, Gross Margin, and Income from Operations. The CODM regularly evaluates the performance of each reportable operating segment based on net sales, gross profit as a percentage of net sales (gross margin), and income from operations when making decisions about resource allocations to each reportable operating segment. Income from operations of each reportable operating segment includes certain costs which are specifically related to each reportable operating segment and that are regularly provided to the CODM. These costs consist of cost of sales; payroll and related expenses, including stock-based compensation; advertising, marketing, and promotion expenses; rent and occupancy; depreciation and other related costs; and other segment items.
There are no inter-segment sales for any period presented. The accounting policies of the Company's reportable operating segments are consistent with those described in Note 1, “General.”
Income from operations of each reportable operating segment exclude enterprise and shared brand expenses as well as total other income, net, which are not used to assess reportable operating segment performance. Unallocated enterprise and shared brand expenses are costs that are managed centrally and not specific to any one brand. These costs are primarily comprised of certain payroll and related expenses, including stock-based compensation; global IT expenses; 3PL service fees; depreciation, rent, and occupancy for owned warehouses and offices; and other SG&A expenses, such as costs for contract services, materials, supplies, and travel. These costs span multiple functions including owned warehouses and 3PL service fees, along with enterprise costs which include centralized commercial operations, IT, finance, human resources, legal, supply chain, and corporate executives.
Consolidation
Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates. The preparation of the Company’s consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic factors, including inflation, changes in tariff rates, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and recessionary concerns, on its business and operations. Although the full impact of these factors is unknown, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. However, actual results could differ materially from these estimates and assumptions, which may result in material effects on the Company’s financial condition, results of operations, and liquidity.
Significant areas requiring the use of management estimates and assumptions relate to variable consideration for net sales provided to customers, including the sales return liability, and related sales return asset, as well as trade accounts receivable allowances; inventory write-downs; contract assets and liabilities; stock-based compensation; impairment assessments, including goodwill, other intangible assets, and long-lived assets; depreciation and amortization; income tax receivables and liabilities; uncertain tax positions; the fair value of financial instruments; the reasonably certain lease term; lease classification; and the Company’s incremental borrowing rate (IBR) utilized to measure its operating lease assets and lease liabilities.
Foreign Currency Translation
Foreign Currency Translation. The Company considers the United States (US) dollar as its functional currency. The Company’s wholly owned foreign subsidiaries have various assets and liabilities, primarily cash, receivables, and payables, which are denominated in currencies other than its functional currency. The Company remeasures these monetary assets and liabilities using the exchange rate at the end of the reporting period, which results in gains and losses that are recorded in selling, general, and administrative (SG&A) expenses in the consolidated statements of comprehensive income as incurred. In addition, the Company translates assets and liabilities of subsidiaries with reporting currencies other than US dollars into US dollars using the exchange rates at the end of the reporting period, which results in financial statement translation gains and losses recorded in other comprehensive income or loss (OCI), net of tax, in the consolidated statements of comprehensive income.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. The Financial Accounting Standards Board has issued Accounting Standards Updates (ASUs) that have been adopted and not yet adopted by the Company as stated below.

Recently Adopted. The following is a summary of each ASU adopted by and its impact on the Company upon adoption:
StandardDescription
Impact upon Adoption
ASU 2022-04 - Supplier Finance Program (SFP)
The ASU requires that a buyer in a SFP disclose qualitative and quantitative information about its program on an interim basis, including the nature of the SFP and key terms, outstanding amounts as of the end of the reporting period, and presentation in its financial statements.

The interim portion of this ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted.

The annual requirement that requires a buyer in a SFP disclose an activity roll forward of outstanding balances as of the end of the reporting period is effective on a retrospective basis for fiscal years beginning after December 15, 2023. Early adoption is not permitted.
The Company prospectively adopted the annual rollforward requirement of this ASU beginning with this Annual Report and retrospectively adopted the interim requirements of this ASU on April 1, 2023. This ASU did not have a material impact on the recognition, measurement, or presentation of SFPs in the Company’s annual and interim consolidated financial statements. However, it did result in additional disclosures.

Refer to Note 14, “Supplier Finance Program,” for further information on the Company’s SFPs, key terms, activity rollforward, and outstanding balances recorded in the consolidated balance sheets.
ASU 2023-07 - Improvements to Reportable Segment Disclosures
The ASU requires annual and interim disclosures of significant segment expenses, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the CODM in assessing segment performance and deciding how to allocate resources.

The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.
The Company retrospectively adopted this ASU beginning with this Annual Report. This ASU did not have a material impact on the Company’s consolidated financial statements other than additional disclosures under Note 12, “Reportable Operating Segments.”
Not Yet Adopted. The following is a summary of each ASU that has been issued and is applicable to the Company, but which has not yet been adopted, as well as the planned period of adoption, and the expected impact on the Company upon adoption:
StandardDescriptionPlanned Period of AdoptionExpected Impact on Adoption
ASU 2023-09 - Improvements to Income Tax Disclosures
The ASU requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024. Early adoption is permitted.
Q4 FY 2026
The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.
ASU 2024-03 - Disaggregation of Income Statement Expenses (as amended by ASU 2025-01)
The ASU requires disaggregated disclosure of relevant statement of comprehensive income expense captions including tabular presentation of prescribed expense categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and other specific expense, gains, and losses required by existing US GAAP. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
Q4 FY 2028
and
Q1 FY 2029

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.
Cash and Cash Equivalents Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, demand deposits, and all highly liquid investments, such as money-market funds, with an original maturity of three months or less. The carrying value of money-market funds approximates the fair value as it is considered a highly liquid investment when purchased. Money-market funds are recorded in cash and cash equivalents in the consolidated balance sheets.
Cash and Cash Equivalents. The Company maintains a portion of its cash in Federal Deposit Insurance Corporation insured bank deposit accounts which, at times, may exceed federally insured limits. To date, the Company has not experienced any losses in such accounts. Based on the size and strength of the banking institutions used, the Company does not believe it is exposed to any significant credit risks in cash.
Allowance for Doubtful Accounts
Allowances for Doubtful Accounts. The Company provides an allowance against trade accounts receivable for estimated losses that may result from customers’ inability to pay. The Company determines the amount of the allowance by analyzing known uncollectible accounts, aged trade accounts receivable, economic conditions and forecasts, historical experience, and the customers’ creditworthiness. Trade accounts receivable that are subsequently determined to be uncollectible are charged or written off against this allowance. The allowance includes specific allowances for trade accounts, for which all or a portion are identified as potentially uncollectible based on known or anticipated losses. Additions to the allowance represent bad debt expense estimates which are recorded in SG&A expenses in the consolidated statements of comprehensive income.
Inventories Inventories. Inventories, which are primarily comprised of finished goods on hand and in transit, are stated at the lower of cost (weighted moving average) or net realizable value at each financial statement date. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs to sell. The Company regularly reviews inventory for excess, obsolete, and impaired inventory to evaluate write-downs to the lower of cost or realizable value.
Cloud Computing Arrangements (CCAs) Cloud Computing Arrangements (CCAs). The Company enters into various CCAs that are governed by service contracts (hosting arrangements) to support operations. Application development stage implementation costs (implementation costs) of a hosting arrangement are deferred and recorded to prepaid expenses and other assets in the consolidated balance sheets. Implementation costs are expensed on a straight-line basis and recorded in SG&A expenses in the consolidated statements of comprehensive income over the term of the hosting arrangement, including reasonably certain renewals, which are generally one to three years.
Property and Equipment, Depreciation and Amortization
Property and Equipment, Depreciation and Amortization. Property and equipment are stated at cost less accumulated depreciation and amortization, and generally have a useful life of at least one year. Property and equipment include tangible, non-consumable items owned by the Company. Software implementation costs are capitalized if they are incurred during the application development stage and relate to costs to obtain computer software from third parties, including related consulting expenses, or costs incurred to modify existing software that results in additional upgrades or enhancements that provide additional functionality.
Depreciation of property and equipment is calculated using the straight-line method based on the estimated useful life. Leasehold improvements are amortized to their residual value, if any, on the straight-line basis over their estimated economic useful lives or the lease term, whichever is shorter. Changes in the estimate of the useful life of an asset may occur after an asset is placed in service. For example, this may occur as a result of the Company incurring costs that prolong the useful life of an asset, which would be recorded as an adjustment to depreciation over the revised remaining useful life. Depreciation and amortization are recorded in SG&A expenses in the consolidated statements of comprehensive income.
Operating Lease Assets and Lease Liabilities
Operating Lease Assets and Lease Liabilities. The Company determines if an arrangement contains a lease at inception of a contract. The Company recognizes operating lease assets and lease liabilities in the consolidated balance sheets on the lease commencement date, based on the present value of the outstanding lease payments over the reasonably certain lease term. The lease term includes the non-cancelable period at the lease commencement date, plus any additional period covered by the Company’s option to extend (or not to terminate) the lease that is reasonably certain to be exercised, or an option to extend (or not to terminate) a lease that is controlled by the lessor.
Operating lease assets are initially measured at cost, which comprises the initial amount of the associated lease liabilities, adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives, such as tenant allowances. Operating lease assets are subsequently
measured throughout the lease term at the carrying amount of the associated lease liabilities, plus initial direct costs, plus or minus any prepaid or accrued lease payments, less the unamortized balance of lease incentives received. Operating lease assets and lease liabilities are presented separately in the consolidated balance sheets on a discounted basis. The current portion of operating lease liabilities is presented within current liabilities, while the long-term portion is presented separately as long-term operating lease liabilities. Refer to Note 7, “Commitments and Contingencies,” for further information on the discount rate methodology used to measure operating lease assets and lease liabilities.

Rent expense for operating lease payments is recognized on a straight-line basis over the lease term and recorded in SG&A expenses in the consolidated statements of comprehensive income. Lease payments recorded in the operating lease liabilities (1) are fixed payments, including in-substance fixed payments and fixed rate increases, owed over the lease term and (2) exclude any lease prepayments as of the periods presented. Refer to Note 7, “Commitments and Contingencies,” for further information on the nature of variable lease payments and the timing of recognition of rent expense.

The Company has elected not to recognize operating lease assets and lease liabilities for short-term leases, which are defined as those operating leases with a term of 12 months or less. Instead, lease payments for short-term leases are recognized on a straight-line basis over the lease term in rent expense and recorded as a component of SG&A expenses in the consolidated statements of comprehensive income.
The Company monitors for events that require a change in estimates for its operating lease assets and lease liabilities, such as modifications to the terms of the contract, including the lease term, economic events that may trigger a contractual term contingency, such as minimum lease payments or termination rights, and related changes in discount rates used to measure the operating lease assets and lease liabilities, as well as events or circumstances that result in lease abandonment or operating lease asset impairments. When a change in estimates results in the remeasurement of the operating lease liabilities, a corresponding adjustment is made to the carrying amount of the operating lease assets. The operating lease assets are remeasured and amortized on a straight-line basis over the remaining lease term, with no impact on the related operating lease liabilities.
Leases. The Company primarily leases retail stores, showrooms, offices, and distribution facilities under operating lease contracts which vary in lease terms but, in the aggregate, continue in effect through calendar year 2035. Some of the Company’s operating leases contain extension options between one to 15 years. Historically, the Company has not entered into finance leases and its lease agreements generally do not contain residual value guarantees, options to purchase underlying assets, or material restrictive covenants.
Variable Lease Payments. Certain leases require additional payments based on (1) actual or forecasted sales volume (either monthly or annually), (2) reimbursement for real estate taxes (tax), (3) common area maintenance (CAM), and (4) insurance (collectively, variable lease payments). Variable lease payments are generally excluded from operating lease assets and lease liabilities and are recorded in rent expense as a component of SG&A expenses in the consolidated statements of comprehensive income. Some leases are dependent upon forecasted annual sales volume, and lease payments are recognized on a straight-line basis as rent expense over each annual period when the achievement of the related sales target is reasonably likely to occur. Other variable lease payments, such as tax, CAM, and insurance, are recognized in rent expense as incurred. Some leases contain one fixed lease payment that include variable lease payments, which are considered non-lease components. The Company has elected to account for these instances as a single lease component and the total of these fixed payments is used to measure the operating lease assets and lease liabilities.

Discount Rate. The Company discounts its unpaid lease payments using the interest rate implicit in the lease or, if the rate cannot be readily determined, its IBR. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. The Company has a centralized treasury function, which enables the Company to use a portfolio approach to discount lease obligations. Therefore, the Company generally derives a discount rate at the lease commencement date by utilizing its IBR, which is based on what the Company would have to pay on a collateralized basis to borrow an amount equal to its lease payments under similar terms. Because the Company does not currently borrow on a collateralized basis under its revolving credit facilities, it uses the interest rate it pays on its non-collateralized borrowings under its Primary Credit Facility as an input for deriving an appropriate IBR, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease.
Asset Retirement Obligations (AROs)
Asset Retirement Obligations (AROs). The Company is contractually obligated under certain of its lease agreements to restore certain retail, office, and warehouse facilities back to their original conditions. At lease inception, the present value of the estimated fair value of these liabilities is recorded along with the related asset. The liability is estimated based on assumptions requiring management’s judgment, including facility closing costs and discount rates, and is accreted to its projected future value over the life of the asset.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill and Indefinite-Lived Intangible Assets. Goodwill is initially recorded as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are not amortized but are instead tested for impairment annually, or when an event occurs or
changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates goodwill for impairment annually at the reporting unit level, which is the wholesale channel of each of the UGG and HOKA brands as of December 31st of each year. The Company evaluates the Teva brand indefinite-lived trademark for impairment as of October 31st of each year.
The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative assessment of goodwill or indefinite-lived intangible assets. In general, conditions that may indicate impairment include, but are not limited to the following: (1) a significant adverse change in customer demand or business climate that could affect the value of an asset; (2) change in market share, budget-to-actual performance, and consistency of income from operations as a percentage of net sales (operating margins) and capital expenditures; (3) changes in management or key personnel; or (4) changes in general economic conditions. The Company does not calculate the fair value of the assets unless the Company determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. If the Company concludes that it is more likely than not that its fair value is less than its carrying amount, then the Company prepares a quantitative assessment.
The quantitative assessment requires an analysis of several estimates and assumptions, including future sales and results of operations, discount rates, and other factors that could affect fair value or otherwise indicate potential impairment. The goodwill impairment assessment involves valuing the Company’s various reporting units that carry goodwill. This includes considering the reporting units’ projected ability to generate income from operations and positive cash flow in future periods, as well as perceived changes in customer demand and acceptance of products, or other factors impacting the industry. Upon completion of the quantitative assessment, the Company compares the fair value of the asset to its carrying amount, and if the fair value exceeds its carrying amount, no impairment charge is recognized. If the fair value is less than its carrying amount, the Company will record an impairment charge to write down the asset to its fair value.
Recoverability of Definite-Lived Intangible and Other Long-Lived Assets
Recoverability of Definite-Lived Intangible and Other Long-Lived Assets. Definite-lived intangible and other long-lived assets, which include definite-lived trademarks; machinery and equipment; internal-use software, including CCAs; and operating lease assets and related leasehold improvements are amortized to their estimated residual values, if any, on a straight-line basis over the estimated useful life and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Amortization or depreciation are recorded in SG&A expenses in the consolidated statements of comprehensive income.

At least quarterly, the Company evaluates factors that would necessitate an impairment assessment, which include a significant adverse change in the extent or manner in which an asset group is used, a significant adverse change in legal factors or the business climate that could affect the value of the asset group or a significant decline in the observable market value of the asset group, among others. When an impairment-triggering event has occurred, the Company tests for recoverability of the asset group’s carrying value using estimates of undiscounted future cash flows based on the existing service potential of the applicable asset group. In determining the service potential of a long-lived asset group, the Company considers its remaining useful life, cash-flow generating capacity, and physical output capacity. These estimates include the undiscounted future cash flows associated with future expenditures necessary to maintain the existing service potential. These assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

Recoverability of definite-lived intangible and other long-lived assets is measured by a comparison of the carrying amount to estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset group, which is based on either discounted future cash flows or appraised values. An impairment loss, if any, would only reduce the carrying amount of the long-lived assets in the asset group based on its fair value limitation and is allocated to
individual assets in the asset group, unless doing so would reduce the carrying amount of a long-lived asset in the asset group to an amount less than zero. Impairment charges are recorded in SG&A expenses in the consolidated statements of comprehensive income.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities. The Company may use derivative instruments to partially offset its business exposure to foreign currency risk on expected cash flows and certain existing assets and liabilities, primarily intercompany balances. To reduce the volatility in earnings from fluctuations in foreign currency exchange rates, the Company may hedge a portion of forecasted sales denominated in foreign currencies. The Company enters into foreign currency forward or option contracts (derivative contracts), generally with maturities of 15 months or less to manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company may also enter into derivative contracts that are not designated as cash flow hedges (Non-Designated Derivative Contracts), to offset a portion of anticipated gains and losses on certain intercompany balances until the expected time of repayment. The Company does not use derivative contracts for trading purposes.

The notional amounts of outstanding Designated and Non-Designated Derivative Contracts are recorded at fair value measured using Level 2 fair value inputs, consisting of quoted forward spot rates from counterparties at the end of the applicable periods, which are corroborated by market-based pricing, with related assets and liabilities recorded in other current assets and other accrued expenses, respectively, in the consolidated balance sheets. The after-tax unrealized gains or losses from changes in fair value of Designated Derivative Contracts are recorded as a component of accumulated other comprehensive loss (AOCL) in the consolidated balance sheets and are reclassified to net sales in the consolidated statements of comprehensive income in the same period or periods as the related sales are recognized. When it is probable that a forecasted transaction will not occur, the Company discontinues hedge accounting and the accumulated gains or losses in AOCL related to the hedging relationship are immediately recorded in OCI in the consolidated statements of comprehensive income. The Company includes all hedge components in its assessment of effectiveness for its derivative contracts. Refer to Note 4, “Fair Value Measurements,” for further information on the fair value of derivative instruments.

Changes in the fair value of Non-Designated Derivative Contracts are recorded in SG&A expenses in the consolidated statements of comprehensive income. The changes in fair value for these contracts are generally offset by the remeasurement gains or losses associated with the underlying foreign currency-denominated intercompany balances, which are recorded in SG&A expenses in the consolidated statements of comprehensive income.
The Company generally enters into over-the-counter derivative contracts with high-credit-quality counterparties, and therefore, considers the risk that counterparties fail to perform according to the terms of the contract as low. The Company factors the nonperformance risk of the counterparties into the fair value measurements of its derivative contracts.
Stock Repurchase Program Stock Repurchase Program. Repurchased shares of the Company’s common stock are retired. The par value of repurchased shares is deducted from common stock and the excess repurchase price over par value as well as the portion due for excise taxes, is allocated to retained earnings in the consolidated balance sheets.
Revenue Recognition
Revenue Recognition. Revenue is recognized when a performance obligation is completed at a point in time and when the customer has obtained control. Control passes to the customer when they have the ability to direct the use of and obtain substantially all the remaining benefits from the goods transferred. The amount of revenue recognized is based on the transaction price, which represents the invoiced amount less known actual amounts or estimates of variable consideration. The Company recognizes revenue and measures the transaction price net of taxes, including sales taxes, use taxes, value-added taxes, and some types of excise taxes, collected from customers and remitted to governmental authorities. The Company presents revenue gross of fees and sales commissions. Sales commissions are expensed as incurred and are recorded in SG&A expenses in the consolidated statements of comprehensive income. The Company’s customer contracts do not have a significant financing component due to their short durations, which are typically effective for one year or less and have payment terms that are generally 30 to 60 days.
Wholesale and international distributor revenue is recognized either when products are shipped or when delivered, depending on the applicable contract terms. Retail store and e-commerce revenue transactions are recognized at the point of sale and upon shipment, respectively. Shipping and handling costs paid to third-party shipping companies are recorded as cost of sales in the consolidated statements of comprehensive income. Shipping and handling costs are a fulfillment service, and, for certain wholesale and all e-commerce transactions, revenue is recognized when the customer is deemed to obtain control upon the date of shipment.
Variable Consideration. Components of variable consideration include estimated allowance for sales discounts, allowance for chargebacks, and sales return asset and liability. Estimates for variable consideration are based on the amounts earned or estimates to be claimed as an adjustment to sales. Estimated variable consideration is included in the transaction price to the extent it is probable that a significant reversal of the cumulative revenue recognized will not occur in a future period.

Allowance for Sales Discounts. The Company provides a trade accounts receivable allowance for sales discounts for wholesale channel sales, which reflects a discount that customers may take, generally based on meeting certain order, shipment or prompt payment terms. The Company uses the amount of the discounts that are available to be taken against the period end trade accounts receivable to estimate and record a corresponding reserve for sales discounts. Additions to the allowance are recorded against gross sales in the consolidated statements of comprehensive income.
Allowance for Chargebacks. The Company provides a trade accounts receivable allowance for chargebacks for wholesale channel sales. When customers pay their invoices, they may take deductions against their invoices that can include chargebacks for price differences, markdowns, short shipments, and other reasons. Therefore, the Company records an allowance primarily for known circumstances as well as unknown circumstances based on historical trends related to the timing and amount of chargebacks taken against customer invoices. Additions to the allowance are recorded against gross sales or SG&A expenses in the consolidated statements of comprehensive income.

Sales Return Asset and Liability. Reserves are recorded for anticipated future returns of goods shipped prior to the end of the reporting period. In general, the Company accepts returns for damaged or defective products for up to one year. The Company also has a policy whereby returns are generally accepted from customers and end consumers between 30 to 90 days from the point of sale for cash or credit.
Sales returns are a refund asset for the right to recover the inventory and a refund liability for the stand-ready right of return. Changes to the refund asset for the right to recover the inventory are recorded against cost of sales and changes in the refund liability are recorded against gross sales in the consolidated statements of comprehensive income. The refund asset for the right to recover the inventory is recorded in other current assets and the related refund liability is recorded in other accrued expenses in the consolidated balance sheets. The amounts of these reserves are determined based on several factors, including known and actual returns, historical returns, and any recent events that could result in a change from historical return rates.
Contract Liabilities. Contract liabilities are performance obligations that the Company expects to satisfy or relieve within the next 12 months, advance consideration obtained prior to satisfying a performance obligation, or unconditional obligations to provide goods or services under non-cancelable contracts before the transfer of goods or services to the customer has occurred. Contract liabilities are recorded in other accrued expenses in the consolidated balance sheets and include loyalty programs and other deferred revenue.
Loyalty Programs. The Company has a loyalty program for the UGG brand in its DTC channel where consumers can earn rewards from qualifying purchases or activities. The Company defers recognition of revenue for unredeemed awards until one of the following occurs: (1) rewards are redeemed by the consumer, (2) points or certificates expire, or (3) an estimate of the expected unused portion of points or certificates is applied, which is based on historical redemption and expiration patterns. The Company’s contract liability for loyalty programs is recorded in other accrued expenses in the consolidated balance sheets.Deferred Revenue. Revenue is deferred for wholesale channel transactions when certain conditions outlined within the contract terms, including the transfer of control or delivery of product, has not occurred, such as when a wholesale channel customer prepays for ordered product. The contract liability for deferred revenue is recorded in other accrued expenses in the consolidated balance sheets.
Cost of Sales Cost of Sales. Cost of sales for the Company’s goods are primarily for finished goods, as well as related overhead. Finished goods includes material costs, including commodities, for products; allocation of initial molds; and tooling cost that are amortized based on minimum contractual quantities of related product and recorded in cost of sales in the consolidated statements of comprehensive income when the product is sold.
Distribution Costs Distribution Costs. Distribution costs include payroll and related costs, rent and occupancy, depreciation and other related costs, and other miscellaneous expenses for owned warehousing, third-party logistics provider (3PL) service fees, and receiving, inspecting, allocating, and packaging product. Distribution costs are expensed as incurred, and primarily included in unallocated enterprise and shared brand expenses.
Research and Development Costs Research and Development Costs. Research and development costs include payroll and related costs, and other segment items, which are expensed as incurred, and included within each reportable operating segment, as well as unallocated enterprise and shared brand expenses.
Advertising, Marketing and Promotion Expenses Advertising, Marketing, and Promotion Expenses. Advertising, marketing, and promotion expenses include media advertising (television, radio, print, social, digital), tactical advertising (signs, banners, point-of-sale materials) and other promotional costs specific to the Company’s brands, and amounted to $432,198, $348,852, and $271,140 for the years ended March 31, 2025, 2024 and 2023, respectively, which are recorded in SG&A expenses in the consolidated statements of comprehensive income. Advertising costs are expensed the first time the advertisement is run or communicated. All other costs of advertising, marketing, and promotion are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation. All of the Company’s stock-based compensation is classified within stockholders’ equity. Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recorded, net of forfeitures, in SG&A expenses in the consolidated statements of comprehensive income ratably over the vesting period. The grant date fair value of time-based restricted stock units (RSUs) and of employees’
purchase rights under the employee stock purchase plans is determined based on the closing market price of the Company’s common stock on the date of grant. The grant date fair value of long-term incentive plan performance-based stock units (LTIP PSUs) is estimated as of the grant date using a Monte Carlo simulation.
Determining the fair value and related expense of stock-based compensation requires judgment, including estimating the percentage of awards that will be forfeited and probabilities of meeting the awards’ performance criteria, as well as the Company’s reliance on the closing price of its stock on the New York Stock Exchange at or near the time of grant. If actual forfeitures differ significantly from the estimates or if probabilities change during a period, stock-based compensation expense and the Company’s results of operations could be materially impacted.Long-Term Incentive Plan Options. The Company approved the issuance of LTIP NQSOs under the 2015 SIP, including the November 2016 (2017 LTIP NQSOs) and June 2017 (2018 LTIP NQSOs) grants, which were awarded to certain members of the Company’s management team, with a maximum contractual term ending March 31, 2026. As of March 31, 2019, and 2020, the target performance criteria were achieved and all LTIP NQSOs under the 2017 LTIP NQSOs and 2018 LTIP NQSOs, respectively, were fully vested. Each vested LTIP NQSO provides the recipient the right to purchase a specified number of shares of the Company’s common stock at a fixed exercise price per share based on the closing price of the common stock on the date of grant.
Grants to Directors. Each of the Company’s nonemployee directors was entitled to receive common stock with a total value of $170 for annual service on the Board of Directors (Board) during the year ended March 31, 2025. The shares are issued in equal quarterly installments with the number of shares being determined using the rolling average of the closing price of the Company’s common stock during the last ten trading days leading up to, and including, the grant date, which is in alignment with the Company’s equity grant guidelines. Each of these shares is fully vested and recorded as compensation expense in the consolidated statements of comprehensive income on the date of issuance.

Employee Stock Purchase Plans. In September 2015, the Company’s stockholders approved the 2015 Employee Stock Purchase Plan (2015 ESPP), which authorized 6,000,000 shares of the Company’s common stock for sale to eligible employees using after-tax payroll deductions, which are refundable until purchases are made, and are liability-classified. Following the issuance of shares under the 2015 ESPP to employees who participated in the offering period ended February 28, 2025, the 2015 ESPP was terminated, and no new offering periods under the 2015 ESPP will commence.
In September 2024, the Company’s stockholders approved the 2024 Employee Stock Purchase Plan (2024 ESPP), which replaced the 2015 ESPP. The 2024 ESPP reserves 6,000,000 shares of the Company’s common stock for sale to eligible employees. The terms of the 2024 ESPP are substantially similar to the terms of the 2015 ESPP. Each offering period under the 2024 ESPP is anticipated to run for approximately six months with purchases occurring on the last day of each offering period (no look-back provision) at a 15% discount to the closing price on that date. The first offering period commenced on March 1, 2025. As a result of the stock split, the number of shares of common stock reserved for issuance under the 2024 ESPP were adjusted proportionately.
Retirement Plan Retirement Plan. The Company provides a 401(k) defined contribution plan that eligible US employees may elect to participate in through tax-deferred contributions or other deferrals. The Company matches 50% of each eligible participant’s deferrals on up to 6% of eligible compensation. Internationally, the Company has various defined contribution plans. Certain international locations require mandatory contributions under social programs, and the Company contributes at least the statutory minimums. US 401(k) matching contributions totaled $6,528, $5,129, and $4,433 during the years ended March 31, 2025, 2024, and 2023, respectively, and were recorded in SG&A expenses in the consolidated statements of comprehensive income. In addition, the Company may also make discretionary profit-sharing contributions to the plan.
Non-qualified Deferred Compensation Non-qualified Deferred Compensation. The Company sponsors an unfunded, non-qualified deferred compensation plan (NQDC Plan) that provides certain members of its management team the opportunity to defer compensation into the NQDC Plan. The NQDC Plan year is from January 1st to December 31st. Participants may defer up to 50% of their annual base salary and up to 85% of any cash incentive bonus under the NQDC Plan. The Company has established a rabbi trust as a reserve for the benefits payable under the NQDC Plan. Deferred compensation is recognized based on the fair value of the participants’ accounts.
Self-Insurance
Self-Insurance. The Company is self-insured for a significant portion of its employee medical, including pharmacy, and dental liability exposures. Liabilities for self-insured exposures are accrued for the amounts expected to be paid based on historical claims experience and actuarial data for forecasted settlements of claims filed and for incurred but not yet reported claims. Accruals for self-insured exposures are included in accrued payroll in the consolidated balance sheets. Excess liability insurance has been purchased to limit the amount of self-insured risk on claims.
Income Taxes
Income Taxes. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to net operating loss carryforwards and temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income during the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recorded in the consolidated statements of comprehensive income in the period that includes the enactment date.
The Company recognizes the effect of income tax positions in the consolidated financial statements only if those positions are more likely than not to be sustained upon examination. Recognized income tax positions are measured at the largest amount of tax benefit that is more than 50% likely to be realized upon settlement. Changes in recognition or measurement are recorded in the period in which the change in judgment occurs. The Company records interest and penalties accrued for income tax contingencies as interest expense in the consolidated statements of comprehensive income.
Comprehensive Income Comprehensive Income. Comprehensive income or loss is the total of net earnings and all other non-owner changes in equity. Comprehensive income or loss includes net income or loss, foreign currency translation adjustments, and unrealized gains and losses on cash flow hedges.
Net Income per Share Net Income per Share. Basic net income or loss per share represents net income or loss divided by the weighted-average number of common shares outstanding for the period. Diluted net income or loss per share represents net income or loss divided by the weighted-average number of shares outstanding, including the dilutive impact of potential issuances of common stock.Excluded Awards. The equity awards excluded from the calculation of the dilutive effect may be excluded due to one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the shares to be deemed issuable based on the Company’s performance for the relevant performance period. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and may be materially lower than the number of shares presented, which could result in a lower dilutive effect.
Fair Value Measurement
The accounting standard for fair value measurements provides a framework for measuring fair value, which is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy under this accounting standard requires an entity to maximize the use of observable inputs, where available.

The following summarizes the three levels of inputs required:

•Level 1: Quoted prices in active markets for identical assets and liabilities.
•Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities.

•Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring the Company to develop its own assumptions.

The carrying amount of the Company’s financial instruments, which principally include cash and cash equivalents, trade accounts receivable, net, trade accounts payable, accrued payroll, and other accrued expenses, approximates fair value due to their short-term nature. When the Company makes short-term borrowings, the carrying amounts, which are considered Level 2 liabilities, approximate fair value based upon current rates and terms available to the Company for similar debt. The Company does not currently have any Level 3 assets or liabilities.
Supplier Finance Program
The Company has a voluntary SFP administered through a third-party platform that provides the Company’s independent manufacturers that supply its inventory (inventory suppliers) the opportunity to sell their receivables due from the Company to participating financial institutions in advance of the invoice due date, at the sole discretion of both inventory suppliers and the financial institutions The Company is not party to the agreements between these third parties and has no economic interest in an inventory suppliers’ decision to sell a receivable.
The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by the inventory suppliers’ election to participate in the SFP, and the Company provides no guarantees to any third parties under the SFP. Accordingly, amounts due to inventory suppliers that elect to participate in the SFP are recorded in trade accounts payable in the consolidated balance sheets.
v3.25.1
GENERAL (Tables)
 12 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted The following is a summary of each ASU adopted by and its impact on the Company upon adoption:
StandardDescription
Impact upon Adoption
ASU 2022-04 - Supplier Finance Program (SFP)
The ASU requires that a buyer in a SFP disclose qualitative and quantitative information about its program on an interim basis, including the nature of the SFP and key terms, outstanding amounts as of the end of the reporting period, and presentation in its financial statements.

The interim portion of this ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted.

The annual requirement that requires a buyer in a SFP disclose an activity roll forward of outstanding balances as of the end of the reporting period is effective on a retrospective basis for fiscal years beginning after December 15, 2023. Early adoption is not permitted.
The Company prospectively adopted the annual rollforward requirement of this ASU beginning with this Annual Report and retrospectively adopted the interim requirements of this ASU on April 1, 2023. This ASU did not have a material impact on the recognition, measurement, or presentation of SFPs in the Company’s annual and interim consolidated financial statements. However, it did result in additional disclosures.

Refer to Note 14, “Supplier Finance Program,” for further information on the Company’s SFPs, key terms, activity rollforward, and outstanding balances recorded in the consolidated balance sheets.
ASU 2023-07 - Improvements to Reportable Segment Disclosures
The ASU requires annual and interim disclosures of significant segment expenses, including an amount and composition description for other segment items, and how reported measures of profit or loss are used by the CODM in assessing segment performance and deciding how to allocate resources.

The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.
The Company retrospectively adopted this ASU beginning with this Annual Report. This ASU did not have a material impact on the Company’s consolidated financial statements other than additional disclosures under Note 12, “Reportable Operating Segments.”
Not Yet Adopted. The following is a summary of each ASU that has been issued and is applicable to the Company, but which has not yet been adopted, as well as the planned period of adoption, and the expected impact on the Company upon adoption:
StandardDescriptionPlanned Period of AdoptionExpected Impact on Adoption
ASU 2023-09 - Improvements to Income Tax Disclosures
The ASU requires annual disclosures of prescribed standard categories for the components of the effective tax rate reconciliation, disclosure of income taxes paid disaggregated by jurisdiction, and other income-tax related disclosures. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2024. Early adoption is permitted.
Q4 FY 2026
The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.
ASU 2024-03 - Disaggregation of Income Statement Expenses (as amended by ASU 2025-01)
The ASU requires disaggregated disclosure of relevant statement of comprehensive income expense captions including tabular presentation of prescribed expense categories such as purchases of inventory, employee compensation, depreciation, intangible asset amortization, and other specific expense, gains, and losses required by existing US GAAP. The ASU is effective on a prospective basis, with retrospective application permitted, for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
Q4 FY 2028
and
Q1 FY 2029

The Company is currently evaluating the impact of the adoption of this ASU on its disclosures in its annual and interim consolidated financial statements.
Schedule of Property and Equipment, Net
Property and equipment, net, are summarized as follows:
As of March 31,
 Useful Life (Years)20252024
LandIndefinite$32,864 $32,864 
Building39.541,099 40,058 
Machinery and equipment
1-10
282,838 263,200 
Furniture and fixtures
3-7
47,464 41,336 
Computer software
3-10
139,412 130,688 
Leasehold improvements
1-11
137,806 128,356 
Construction in progress47,080 14,758 
Gross property and equipment728,563 651,260 
Less accumulated depreciation and amortization(402,964)(349,138)
Total$325,599 $302,122 
Schedule of Change in Asset Retirement Obligation
The Company’s AROs are recorded in other long-term liabilities in the consolidated balance sheets and activity was as follows:
Years Ended March 31,
20252024
Beginning balance
$25,686 $24,556 
Additions and changes in estimate2,192 2,730 
Liabilities settled during the period(732)(1,724)
Accretion expenses927 421 
Foreign currency translation gains45 (297)
Ending balance
$28,118 $25,686 
v3.25.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales by Channel
Net sales by channel was as follows:
 Years Ended March 31,
202520242023
Wholesale
$2,855,865 $2,432,307 $2,160,675 
Direct-to-Consumer
2,129,747 1,855,456 1,466,611 
Total$4,985,612 $4,287,763 $3,627,286 
Schedule of Activity Related to Estimated Sales Returns and Loyalty Program Activity
The following table summarizes changes in the estimated sales returns for the periods presented:

Sales Return Asset
Sales Return Liability
Balance, March 31, 2023$15,685 $(45,322)
Net additions to sales return liability (1)
60,789 (276,086)
Actual returns(62,608)266,081 
Balance, March 31, 2024 (2)
13,866 (55,327)
Net additions to sales return liability (1)
74,150 (306,968)
Actual returns(66,896)298,833 
Balance, March 31, 2025 (2)
$21,120 $(63,462)

(1) Net additions to the sales return liability include a provision for anticipated sales returns, which consists of both contractual return rights and discretionary authorized returns.
(2) As of March 31, 2025, and 2024, the sales return liability includes $47,216 and $37,458, respectively, for the wholesale channel and $16,246 and $17,869, respectively, for the DTC channel.
Activity related to loyalty programs was as follows:
Years Ended March 31,
20252024
Beginning balance
$(17,586)$(13,144)
Redemptions and expirations for loyalty certificates and points recognized in net sales68,080 52,884 
Deferred revenue for loyalty points and certificates issued(69,060)(57,326)
Ending balance
$(18,566)$(17,586)
Activity related to deferred revenue was as follows:
Years Ended March 31,
20252024
Beginning balance$(9,591)$(13,448)
Additions of customer cash payments(80,732)(61,844)
Revenue recognized63,018 65,701 
Ending balance$(27,305)$(9,591)
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Other Intangible Assets
Goodwill as well as other intangible assets by major intangible class recorded in the consolidated balance sheets are as follows:
As of March 31,
20252024
Goodwill
Gross carrying amount (1)
$29,821 $143,765 
Accumulated impairment losses (1)
(15,831)(129,775)
Total goodwill (2)
$13,990 $13,990 

As of March 31,
20252024
Other intangible assets
Indefinite-lived intangible assets
Teva brand trademark
$15,454 $15,454 
Definite-lived intangible assets
Trademarks (1)
8,014 51,723 
Other (1)
17,245 51,220 
Total gross carrying amount
25,259 102,943 
Trademarks accumulated amortization and impairments (1)
(7,982)(40,326)
Other accumulated amortization (1)
(17,032)(50,988)
Total accumulated amortization and impairments
(25,014)(91,314)
Definite-lived intangible assets, net
245 11,629 
Total other intangible assets, net$15,699 $27,083 

(1) The change in the March 31, 2025, balances, when compared to March 31, 2024, is primarily due to the sale of the Sanuk brand during fiscal year 2025.
(2) As of March 31, 2025, and 2024, total goodwill is made up of $6,101 and 7,889 of UGG brand and HOKA brand reportable operating segments goodwill, respectively.
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and liabilities that are measured on a recurring basis at fair value in the consolidated balance sheets are as follows:
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,485,555 $1,485,555 $— $— 
Other current assets:
Designated Derivative Contracts asset
2,163 — 2,163 — 
Non-Designated Derivative Contracts asset75 — 75 — 
Other assets:
Non-qualified deferred compensation asset16,967 16,967 — — 
Total assets measured at fair value$1,504,760 $1,502,522 $2,238 $— 
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(2,345)$(2,345)$— $— 
Designated Derivative Contracts liability
(64)— (64)— 
Other long-term liabilities:
Non-qualified deferred compensation liability(22,793)(22,793)— — 
Total liabilities measured at fair value$(25,202)$(25,138)$(64)$— 

As ofMeasured Using
March 31, 2024Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,152,083 $1,152,083 $— $— 
Other assets:
Non-qualified deferred compensation asset13,553 13,553 — — 
Total assets measured at fair value$1,165,636 $1,165,636 $— $— 
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(408)$(408)$— $— 
Other long-term liabilities:
Non-qualified deferred compensation liability(16,229)(16,229)— — 
Total liabilities measured at fair value$(16,637)$(16,637)$— $— 
v3.25.1
INCOME TAXES - (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes Components of income before income taxes recorded in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Domestic (1)
$1,033,428 $688,981 $467,231 
Foreign209,871 289,960 198,851 
Total$1,243,299 $978,941 $666,082 

(1) Domestic income before income taxes for the year ended March 31, 2024 is presented net of intercompany dividends (or repatriated cash) of $250,000. No intercompany dividends (or repatriated cash) that were subject to income taxes from a foreign subsidiary were declared during years ended March 31, 2025 and 2023.
Schedule of Components of Income Tax Expense (Benefit) Components of income tax expense (benefit) recorded in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Current
Federal$177,652 $146,939 $115,708 
State43,847 32,065 18,418 
Foreign61,254 41,884 24,853 
Total282,753 220,888 158,979 
Deferred
Federal(1,134)(3,113)4,830 
State219 (2,336)382 
Foreign(4,630)3,939 (14,931)
Total(5,545)(1,510)(9,719)
Total$277,208 $219,378 $149,260 
Schedule of Income Tax Expense Reconciliation Income tax expense (benefit) differed from that obtained by applying the statutory federal income tax rate to income before income taxes as follows:
Years Ended March 31,
202520242023
Computed expected income taxes$261,093 $205,578 $139,882 
State income taxes, net of federal income tax benefit45,991 32,023 15,881 
Foreign rate differential(13,078)(15,976)(21,420)
Gross unrecognized tax benefits(1,594)1,301 20,122 
Intercompany transfers of assets
10,430 (1,817)(13,072)
US tax on foreign earnings(14,548)4,750 7,672 
Other(11,086)(6,481)195 
Total$277,208 $219,378 $149,260 
Schedule of Deferred Tax Assets and Liabilities The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows:
As of March 31,
20252024
Deferred tax assets
Amortization of intangible assets$12,413 $11,416 
Operating lease liabilities38,051 38,890 
Uniform capitalization adjustment to inventory10,723 11,822 
State related taxes and credit carryforwards
3,107 1,834 
Reserves and accruals69,803 65,817 
Net operating loss carry-forwards10,421 5,981 
Other
1,188 3,164 
Gross deferred tax assets145,706 138,924 
Valuation allowances(5,138)(1,259)
Total140,568 137,665 
Deferred tax liabilities
Prepaid expenses(8,727)(7,060)
Operating lease assets(29,189)(29,667)
Depreciation of property and equipment(23,359)(28,354)
Other(1,702)— 
Total(62,977)(65,081)
Deferred tax assets, net$77,591 $72,584 
Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of total gross unrecognized tax benefits are as follows:
Years Ended March 31,
202520242023
Beginning balance$45,620 $44,901 $24,779 
Gross increase related to current year tax positions4,499 4,318 6,865 
Gross increase related to prior year tax positions4,662 4,629 16,243 
Gross decrease related to prior year tax positions(4,309)(4,698)(456)
Settlements with taxing authorities(22,793)(582)— 
Lapse of statute of limitations(6,446)(2,948)(2,530)
Ending balance$21,233 $45,620 $44,901 
Balance Sheet Location of Gross Unrecognized Tax Benefits
Total gross unrecognized tax benefits recorded in the consolidated balance sheets are as follows:
As of March 31,
20252024
Current liability
Income tax payable$5,688 $3,998 
Long-term liability
Income tax liability15,545 41,622 
Total$21,233 $45,620 
v3.25.1
COMMITMENTS AND CONTINGENCIES - (Tables)
 12 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Rent Expense and Supplemental Disclosure
Rent Expense. The components of rent expense for operating leases recorded in SG&A expenses in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Operating$68,020 $64,006 $52,961 
Variable39,284 40,615 30,309 
Short-term9,912 6,931 5,729 
Total$117,216 $111,552 $88,999 
Supplemental Disclosure. Key estimates and judgments related to operating lease assets and lease liabilities that are outstanding and presented in the consolidated balance sheets are as follows:
As of March 31,
20252024
Weighted-average remaining lease term in years5.55.9
Weighted-average discount rate4.5 %3.9 %

Supplemental information for amounts presented in the consolidated statements of cash flows related to operating leases, were as follows:
Years Ended March 31,
202520242023
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$70,179 $78,255 $84,988 
Reductions to operating lease assets for reductions to lease liabilities
(2,096)(8,418)(1,903)

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.
Schedule of Maturities of Undiscounted Operating Lease Liabilities Maturities of undiscounted operating lease liabilities remaining as of March 31, 2025, with a reconciliation to the present value of operating lease liabilities recorded in the consolidated balance sheets, are as follows:
Years Ending March 31,Amount
2026$62,445 
202767,077 
202856,414 
202942,019 
203029,538 
Thereafter60,330 
Total undiscounted future lease payments317,823 
Less: Imputed interest(40,848)
Total$276,975 
v3.25.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Stock Units Activity
A summary of the status and changes of the Company’s nonvested shares is as follows:
RSUs
LTIP PSUs
Number of
Shares
Weighted-
Average
Grant-Date
Fair Value (3)
Number of
Shares
Weighted-
Average
Grant-Date
Fair Value (3)
Nonvested, March 31, 2022587,202 $47.34 618,192 $57.37 
Granted (1)
311,730 56.50 392,820 55.12 
Vested (2)
(270,552)(41.61)(180,624)(53.30)
Forfeited(92,634)(50.00)(163,164)(53.99)
Nonvested, March 31, 2023535,746 55.10 667,224 57.98 
Granted (1)
235,788 95.55 277,692 95.13 
Vested (2)
(264,888)(52.19)(301,368)(61.39)
Forfeited(39,864)(77.07)(112,404)(87.15)
Nonvested, March 31, 2024466,782 75.31 531,144 69.29 
Granted (1)
165,988 158.78 148,770 151.19 
Vested (2)
(235,872)(70.69)(327,868)(55.07)
Forfeited(31,026)(96.52)(51,708)(80.76)
Nonvested, March 31, 2025365,872 $114.34 300,338 $123.42 

(1) The amounts granted are the maximum amounts under the terms of the applicable LTIP PSUs.
(2) The amounts vested include shares withheld to cover taxes that are not issued to the recipient.
(3) Impact from the stock split may not calculate on rounded numbers disclosed in prior periods.
Schedule of Stock Compensation Expense Components of stock-based compensation recorded, net of estimated forfeitures, in SG&A expenses in the consolidated statements of comprehensive income were as follows:
Years Ended March 31,
202520242023
Stock-based compensation
RSUs$19,758 $15,935 $13,249 
LTIP PSUs15,676 18,941 11,275 
Grants to Directors1,858 1,907 1,863 
Subtotal37,292 36,783 26,387 
Other stock-based compensation
Employee Stock Purchase Plan651 505 510 
Total stock-based compensation, pre-tax37,943 37,288 26,897 
Income tax benefit (9,304)(9,097)(6,557)
Total stock-based compensation, net of tax$28,639 $28,191 $20,340 
Schedule of Unrecognized Compensation Expense Total remaining unrecognized stock-based compensation as of March 31, 2025, related to non-vested awards that the Company considers probable to vest and the weighted-average period over which the cost is expected to be recognized in future periods, is as follows:
Unrecognized
Stock-Based Compensation
Weighted-Average
Remaining
Vesting Period (Years)
RSUs$21,951 1.0
LTIP PSUs21,225 1.5
Total$43,176 
v3.25.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
As of March 31, 2025, the Company has the following derivative contracts recorded at fair value in the consolidated balance sheets:
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)
The Company settled derivative contracts with notional values as follows:
Years Ended March 31,
202520242023
Designated Derivative Contracts
$258,040 $179,528 $96,345 
Non-Designated Derivative Contracts
18,565 — 31,044 
Total$276,605 $179,528 $127,389 
Schedule of Location and Amount of Gains and Losses Related to Derivatives Designated as Hedging Instruments
The following table summarizes the effect of Designated Derivative Contracts on unrealized gains or losses recorded in the consolidated statements of comprehensive income for changes in AOCL, net of tax:
Years Ended March 31,
202520242023
Gain recorded in OCI$4,387 $4,090 $1,504 
Reclassifications from AOCL into net sales(2,288)(4,090)(1,504)
Income tax expense in OCI(515)— — 
Total$1,584 $— $— 
v3.25.1
STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock Repurchases
Stock repurchase activity under the Company’s stock repurchase program was as follows:
Years Ended March 31,
202520242023
Total number of shares repurchased (1)
3,800,040 4,289,124 5,569,572 
Weighted average price per share
$149.21 $96.74 $53.39 
Dollar value of shares repurchased (2) (3)
$567,002 $414,931 $297,372 

(1) All share repurchases were made pursuant to the Company’s stock repurchase program in open-market transactions.
(2) The dollar value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.
(3) May not calculate on rounded dollars.
Schedule of Components of Accumulated Other Comprehensive Loss The components within AOCL, net of tax, recorded in the consolidated balance sheets, are as follows:
As of March 31,
 20252024
Unrealized gain on cash flow hedges$1,584 $— 
Cumulative foreign currency translation loss(51,238)(50,733)
Total $(49,654)$(50,733)
v3.25.1
BASIC AND DILUTED SHARES (Tables)
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares
The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:
 Years Ended March 31,
 202520242023
Basic151,992,000 155,225,000 159,023,000 
Dilutive effect of equity awards678,000 1,060,000 1,088,000 
Diluted152,670,000 156,285,000 160,111,000 
Excluded
RSUs9,000 16,000 20,000 
LTIP PSUs155,000 291,000 453,000 
Deferred Non-Employee Director Equity Awards2,000 3,000 11,000 
v3.25.1
REPORTABLE OPERATING SEGMENTS (Tables)
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Operating Segment Information
Reportable operating segment information, with a reconciliation to the consolidated statements of comprehensive income, was as follows:
Year Ended March 31, 2025UGGHOKA
Other Brands
Total
Net sales$2,531,351$2,233,090$221,171$4,985,612
Less: Cost of sales (1)
1,023,495949,824126,6302,099,949
Segment gross profit1,507,8561,283,26694,5412,885,663
Segment gross margin59.6 %57.5 %42.7 %57.9 %
Less: (1)
Payroll and related costs146,093 101,056 18,179 265,328 
Advertising, marketing, and promotion expenses180,889 226,238 25,071 432,198 
Rent and occupancy75,724 26,467 424 102,615 
Depreciation and other related costs (2)
10,026 5,007 4,412 19,445 
Other segment items (3)
92,251 75,993 11,877 180,121 
Segment SG&A expenses
504,983 434,761 59,963 999,707 
Segment income from operations$1,002,873 $848,505 $34,578 $1,885,956 
Segment operating margin
39.6 %38.0 %15.6 %37.8 %

Year Ended March 31, 2024UGGHOKA
Other Brands
Total
Net sales$2,239,132$1,806,740$241,891$4,287,763
Less: Cost of sales (1)
983,636763,673154,9661,902,275
Segment gross profit1,255,4961,043,06786,9252,385,488
Segment gross margin56.1 %57.7 %35.9 %55.6 %
Less: (1)
Payroll and related costs134,307 74,991 17,628 226,926 
Advertising, marketing, and promotion expenses148,809 175,756 24,287 348,852 
Rent and occupancy75,724 16,589 348 92,661 
Depreciation and other related costs (2)
9,295 3,389 10,034 22,718 
Other segment items (3)
82,534 53,295 10,907 146,736 
Segment SG&A expenses
450,669 324,020 63,204 837,893 
Segment income from operations$804,827 $719,047 $23,721 $1,547,595 
Segment operating margin
35.9 %39.8 %9.8 %36.1 %
Year Ended March 31, 2023UGGHOKA
Other Brands
Total
Net sales$1,929,211$1,412,916$285,159$3,627,286
Less: Cost of sales (1)
975,585641,240185,0911,801,916
Segment gross profit953,626771,676100,0681,825,370
Segment gross margin49.4 %54.6 %35.1 %50.3 %
Less: (1)
Payroll and related costs109,576 57,446 15,266 182,288 
Advertising, marketing, and promotion expenses114,652 135,590 20,898 271,140 
Rent and occupancy69,302 9,033 453 78,788 
Depreciation and other related costs (2)
10,623 2,272 1,866 14,761 
Other segment items (3)
77,004 38,877 12,083 127,964 
Segment SG&A expenses
381,157 243,218 50,566 674,941 
Segment income from operations$572,469 $528,458 $49,502 $1,150,429 
Segment operating margin
29.7 %37.4 %17.4 %31.7 %

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Depreciation and other related costs generally includes depreciation of property and equipment, amortization and impairment of intangible assets or other-long lived assets, accretion, loss on disposal of assets, and other miscellaneous costs. During the year ended March 31, 2024, the Company recorded an impairment to intangible assets of $8,164 for the Sanuk brand definite-lived trademark. Refer to Note 3, “Goodwill and Other Intangible Assets,” for further information on the impairment loss.
(3) Other segment items are comprised of other SG&A expenses, which primarily includes credit card fees, commissions, materials and supplies, travel, and certain 3PL service fees.
Schedule of Reconciliation of Reportable Segment Income from Segments to Consolidated
A reconciliation of reportable segment income from operations to consolidated statements of comprehensive income was as follows:
Years Ended March 31,
202520242023
Segment income from operations
$1,885,956 $1,547,595 $1,150,429 
Unallocated enterprise and shared brand expenses (1)
(706,864)(620,081)(497,678)
Total other income, net64,207 51,427 13,331 
Consolidated income before income taxes
$1,243,299 $978,941 $666,082 

(1) To the extent that consolidated SG&A expenses exceed reportable operating segment SG&A expenses, the costs are recorded in unallocated enterprise and shared brand expenses, which are costs that are managed centrally and not specific to any one brand. The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.
v3.25.1
CONCENTRATION OF BUSINESS (Tables)
 12 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
Schedules of Revenue Concentration of Risk The Company sells its products globally to customers and consumers, with net sales concentrations as follows:
Years Ended March 31,
202520242023
International net sales$1,798,903 $1,424,089 $1,175,789 
% of net sales36.1 %33.2 %32.4 %
Net sales in foreign currencies$1,376,782 $1,105,057 $832,632 
% of net sales27.6 %25.8 %23.0 %
Ten largest global customers as % of net sales
23.7 %24.2 %25.2 %
Schedule of Long-lived Assets, Which Consist of Property and Equipment, by Major Country Long-lived assets, which consist of property and equipment, net, recorded in the consolidated balance sheets, are as follows:
As of March 31,
 20252024
United States$289,672 $270,561 
Foreign (1)
35,927 31,561 
Total$325,599 $302,122 

(1) As of March 31, 2025, and 2024, no property and equipment, net, associated with any single foreign country represented 10.0% or more of the Company’s total property and equipment, net.
v3.25.1
SUPPLIER FINANCE PROGRAM (Tables)
 12 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Supplier Finance Program
Activity for the Company’s SFP program is as follows:
Year Ended March 31, 2025
Beginning balance
$3,483 
Obligations added
29,373 
Obligations settled
(31,960)
Ending balance
$896 
v3.25.1
GENERAL - Narrative (Details)
$ in Thousands
 12 Months Ended 24 Months Ended
Sep. 13, 2024
shares
Mar. 31, 2025
USD ($)
segment
proprietary_brand
shares
Mar. 31, 2024
USD ($)
shares
Mar. 31, 2023
USD ($)
Dec. 31, 2024
segment
Sep. 12, 2024
shares
Restructuring Cost and Reserve [Line Items]            
Number of proprietary brands | proprietary_brand   5        
Number of reportable segments | segment   3     6  
Stock split ratio 6          
Common stock, authorized shares (in shares) | shares 750,000,000 750,000,000 750,000,000     125,000,000
Capital stock shares authorized (in shares) | shares 755,000,000         130,000,000
Preferred stock, authorized shares (in shares) | shares 5,000,000          
Preferred stock, shares outstanding (in shares) | shares   0 0      
Capitalized cloud computing arrangements, net   $ 6,031 $ 4,537      
Depreciation   67,579 54,958 $ 45,117    
Impairment of cloud computing arrangements, operating lease, and other long-lived assets   $ 4,290        
Effective period (in years)   1 year        
Distribution costs   $ 279,090 238,312 206,191    
Research and development costs   56,676 49,171 38,657    
Advertising, marketing, and promotion expenses   432,198 348,852 271,140    
Prepaid advertising, marketing, and promotion expense   $ 4,045 1,130      
Employer matching contribution percentage   50.00%        
Employer matching contribution, percent of employees' gross pay   6.00%        
Defined contribution plan cost   $ 6,528 5,129 4,433    
Profit-sharing contributions   $ 0 0 0    
Deferral percentage of annual base salary, maximum   50.00%        
Deferral percentage of cash incentive bonus, maximum   85.00%        
UGG and HOKA Brands            
Restructuring Cost and Reserve [Line Items]            
Impairment of cloud computing arrangements, operating lease, and other long-lived assets     1,015 $ 2,817    
Minimum            
Restructuring Cost and Reserve [Line Items]            
Useful Life (Years)   1 year        
Payment term (in days)   30 days        
Minimum | Cloud Computing Arrangement            
Restructuring Cost and Reserve [Line Items]            
Hosting arrangement useful life (in years)   1 year        
Maximum            
Restructuring Cost and Reserve [Line Items]            
Derivative term of contract (in months)   15 months        
Payment term (in days)   60 days        
Maximum | Cloud Computing Arrangement            
Restructuring Cost and Reserve [Line Items]            
Hosting arrangement useful life (in years)   3 years        
Prepaid Expenses and Other Current Assets            
Restructuring Cost and Reserve [Line Items]            
Capitalized cloud computing arrangements, net   $ 2,167 1,534      
Other Assets            
Restructuring Cost and Reserve [Line Items]            
Capitalized cloud computing arrangements, net   $ 3,864 $ 3,003      
v3.25.1
GENERAL - Property Plant Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Property and equipment    
Gross property and equipment $ 728,563 $ 651,260
Less accumulated depreciation and amortization (402,964) (349,138)
Total $ 325,599 302,122
Minimum    
Property and equipment    
Useful Life (Years) 1 year  
Land    
Property and equipment    
Gross property and equipment $ 32,864 32,864
Building    
Property and equipment    
Useful Life (Years) 39 years 6 months  
Gross property and equipment $ 41,099 40,058
Machinery and equipment    
Property and equipment    
Gross property and equipment $ 282,838 263,200
Machinery and equipment | Minimum    
Property and equipment    
Useful Life (Years) 1 year  
Machinery and equipment | Maximum    
Property and equipment    
Useful Life (Years) 10 years  
Furniture and fixtures    
Property and equipment    
Gross property and equipment $ 47,464 41,336
Furniture and fixtures | Minimum    
Property and equipment    
Useful Life (Years) 3 years  
Furniture and fixtures | Maximum    
Property and equipment    
Useful Life (Years) 7 years  
Computer software    
Property and equipment    
Gross property and equipment $ 139,412 130,688
Computer software | Minimum    
Property and equipment    
Useful Life (Years) 3 years  
Computer software | Maximum    
Property and equipment    
Useful Life (Years) 10 years  
Leasehold improvements    
Property and equipment    
Gross property and equipment $ 137,806 128,356
Leasehold improvements | Minimum    
Property and equipment    
Useful Life (Years) 1 year  
Leasehold improvements | Maximum    
Property and equipment    
Useful Life (Years) 11 years  
Construction in progress    
Property and equipment    
Gross property and equipment $ 47,080 $ 14,758
v3.25.1
GENERAL - Schedule of Change in Asset Retirement Obligation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance $ 25,686 $ 24,556
Additions and changes in estimate 2,192 2,730
Liabilities settled during the period (732) (1,724)
Accretion expenses 927 421
Foreign currency translation gains 45 (297)
Ending balance $ 28,118 $ 25,686
v3.25.1
REVENUE RECOGNITION - Schedule of Net Sales by Channel (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]      
Net sales $ 4,985,612 $ 4,287,763 $ 3,627,286
Wholesale      
Disaggregation of Revenue [Line Items]      
Net sales 2,855,865 2,432,307 2,160,675
Direct-to-Consumer      
Disaggregation of Revenue [Line Items]      
Net sales $ 2,129,747 $ 1,855,456 $ 1,466,611
v3.25.1
REVENUE RECOGNITION - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sales Return Asset    
Beginning balance $ 13,866 $ 15,685
Net additions to sales return liability 74,150 60,789
Actual returns (66,896) (62,608)
Ending balance 21,120 13,866
Sales Return Liability    
Beginning balance (55,327) (45,322)
Net additions to sales return liability (306,968) (276,086)
Actual returns 298,833 266,081
Ending balance (63,462) (55,327)
Wholesale    
Sales Return Liability    
Beginning balance (37,458)  
Ending balance (47,216) (37,458)
Direct-to-Consumer    
Sales Return Liability    
Beginning balance (17,869)  
Ending balance $ (16,246) $ (17,869)
v3.25.1
REVENUE RECOGNITION - Loyalty Programs (Details) - Loyalty Programs - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Contract with Customer, Loyalty Program [Roll Forward]    
Beginning balance $ (17,586) $ (13,144)
Redemptions and expirations for loyalty certificates and points recognized in net sales 68,080 52,884
Deferred revenue for loyalty points and certificates issued (69,060) (57,326)
Ending balance $ (18,566) $ (17,586)
v3.25.1
REVENUE RECOGNITION - Deferred Revenue (Details) - Wholesale - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Contract With Customer, Deferred Revenue [Roll Forward]    
Beginning balance $ (9,591) $ (13,448)
Additions of customer cash payments (80,732) (61,844)
Revenue recognized 63,018 65,701
Ending balance $ (27,305) $ (9,591)
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Goodwill [Line Items]    
Gross carrying amount $ 29,821 $ 143,765
Accumulated impairment losses (15,831) (129,775)
Total goodwill 13,990 13,990
Definite-lived intangible assets    
Total gross carrying amount 25,259 102,943
Accumulated amortization and impairments (25,014) (91,314)
Definite-lived intangible assets, net 245 11,629
Total other intangible assets, net 15,699 27,083
UGG    
Goodwill [Line Items]    
Total goodwill 6,101 6,101
HOKA    
Goodwill [Line Items]    
Total goodwill 7,889 7,889
Trademarks    
Indefinite-lived intangible assets    
Teva brand trademark 15,454 15,454
Trademarks    
Definite-lived intangible assets    
Total gross carrying amount 8,014 51,723
Accumulated amortization and impairments (7,982) (40,326)
Other    
Definite-lived intangible assets    
Total gross carrying amount 17,245 51,220
Other accumulated amortization $ (17,032) $ (50,988)
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Definite-lived amortization expense $ 847 $ 2,208 $ 2,228
Impairment of goodwill and indefinite lived intangible assets 0 0 0
Impairment of intangible assets $ 0 8,164 $ 0
Trademarks | Other Brands      
Finite-Lived Intangible Assets [Line Items]      
Impairment of intangible assets   $ 8,164  
v3.25.1
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Assets:    
Derivative Contract asset $ 2,238  
Non-qualified deferred compensation asset 16,967 $ 13,553
Total assets measured at fair value 1,504,760 1,165,636
Liabilities:    
Non-qualified deferred compensation liability (2,345) (408)
Derivative Contracts liability (64)  
Non-qualified deferred compensation liability (22,793) (16,229)
Total liabilities measured at fair value (25,202) (16,637)
Designated Derivative Contracts    
Assets:    
Derivative Contract asset 2,163  
Liabilities:    
Derivative Contracts liability (64)  
Non-Designated Derivative Contracts    
Assets:    
Derivative Contract asset 75  
Liabilities:    
Derivative Contracts liability 0  
Money-market funds    
Assets:    
Money-market funds 1,485,555 1,152,083
Level 1    
Assets:    
Non-qualified deferred compensation asset 16,967 13,553
Total assets measured at fair value 1,502,522 1,165,636
Liabilities:    
Non-qualified deferred compensation liability (2,345) (408)
Non-qualified deferred compensation liability (22,793) (16,229)
Total liabilities measured at fair value (25,138) (16,637)
Level 1 | Designated Derivative Contracts    
Assets:    
Derivative Contract asset 0  
Liabilities:    
Derivative Contracts liability 0  
Level 1 | Non-Designated Derivative Contracts    
Assets:    
Derivative Contract asset 0  
Level 1 | Money-market funds    
Assets:    
Money-market funds 1,485,555 1,152,083
Level 2    
Assets:    
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 2,238 0
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value (64) 0
Level 2 | Designated Derivative Contracts    
Assets:    
Derivative Contract asset 2,163  
Liabilities:    
Derivative Contracts liability (64)  
Level 2 | Non-Designated Derivative Contracts    
Assets:    
Derivative Contract asset 75  
Level 2 | Money-market funds    
Assets:    
Money-market funds 0 0
Level 3    
Assets:    
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 0 0
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value 0 0
Level 3 | Designated Derivative Contracts    
Assets:    
Derivative Contract asset 0  
Liabilities:    
Derivative Contracts liability 0  
Level 3 | Non-Designated Derivative Contracts    
Assets:    
Derivative Contract asset 0  
Level 3 | Money-market funds    
Assets:    
Money-market funds $ 0 $ 0
v3.25.1
INCOME TAXES - Schedule of Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 1,033,428 $ 688,981 $ 467,231
Foreign 209,871 289,960 198,851
Income before income taxes 1,243,299 978,941 666,082
Intercompany dividends $ 0 $ 250,000 $ 0
v3.25.1
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Current      
Federal $ 177,652 $ 146,939 $ 115,708
State 43,847 32,065 18,418
Foreign 61,254 41,884 24,853
Total 282,753 220,888 158,979
Deferred      
Federal (1,134) (3,113) 4,830
State 219 (2,336) 382
Foreign (4,630) 3,939 (14,931)
Total (5,545) (1,510) (9,719)
Total $ 277,208 $ 219,378 $ 149,260
v3.25.1
INCOME TAXES - Schedule of Income Tax Expense Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]      
Computed expected income taxes $ 261,093 $ 205,578 $ 139,882
State income taxes, net of federal income tax benefit 45,991 32,023 15,881
Foreign rate differential (13,078) (15,976) (21,420)
Gross unrecognized tax benefits (1,594) 1,301 20,122
Intercompany transfers of assets 10,430 (1,817) (13,072)
US tax on foreign earnings (14,548) 4,750 7,672
Other (11,086) (6,481) 195
Total $ 277,208 $ 219,378 $ 149,260
v3.25.1
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Deferred tax assets    
Amortization of intangible assets $ 12,413 $ 11,416
Operating lease liabilities 38,051 38,890
Uniform capitalization adjustment to inventory 10,723 11,822
State related taxes and credit carryforwards 3,107 1,834
Reserves and accruals 69,803 65,817
Net operating loss carry-forwards 10,421 5,981
Other 1,188 3,164
Gross deferred tax assets 145,706 138,924
Valuation allowances (5,138) (1,259)
Total 140,568 137,665
Deferred tax liabilities    
Prepaid expenses (8,727) (7,060)
Operating lease assets (29,189) (29,667)
Depreciation of property and equipment (23,359) (28,354)
Other (1,702) 0
Total (62,977) (65,081)
Deferred tax assets, net $ 77,591 $ 72,584
v3.25.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]      
Intercompany dividends $ 0 $ 250,000 $ 0
Undistributed earnings of foreign subsidiaries 16,346    
Non US subsidiary cash and cash equivalents 481,836    
Undistributed deficit from foreign subsidiaries not subject to transition tax 1,839    
Decrease in unrecognized tax benefit expected to settle in next twelve months 2,858    
Affecting income tax expense (benefit) (2,649)    
Affecting interest expense 209    
Income tax penalties and interest accrued 3,424 6,314  
(Decrease) increase of income tax penalties and interest expense $ (2,890) $ 486 $ 1,106
v3.25.1
INCOME TAXES - Unrecognized Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Reconciliation of the beginning and ending amounts of total unrecognized tax benefits      
Beginning balance $ 45,620 $ 44,901 $ 24,779
Gross increase related to current year tax positions 4,499 4,318 6,865
Gross increase related to prior year tax positions 4,662 4,629 16,243
Gross decrease related to prior year tax positions (4,309) (4,698) (456)
Settlements with taxing authorities (22,793) (582) 0
Lapse of statute of limitations (6,446) (2,948) (2,530)
Ending balance $ 21,233 $ 45,620 $ 44,901
v3.25.1
IINCOME TAXES - Balance Sheet Location of Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Tax Contingency [Line Items]        
Unrecognized tax benefits $ 21,233 $ 45,620 $ 44,901 $ 24,779
Income tax payable        
Income Tax Contingency [Line Items]        
Unrecognized tax benefits 5,688 3,998    
Income tax liability        
Income Tax Contingency [Line Items]        
Unrecognized tax benefits $ 15,545 $ 41,622    
v3.25.1
REVOLVING CREDIT FACILITIES - Primary Credit Facility (Details) - Primary Credit Facility - Line of Credit - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2022
Mar. 31, 2025
Maximum    
Debt Instrument [Line Items]    
Sublimit available for borrowings in foreign currency $ 175,000  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Debt instrument term (in years) 5 years  
Maximum borrowing capacity $ 400,000  
Increase to credit facility 300,000  
Maximum available principal amount $ 700,000  
Repayments of lines of credit   $ 0
Proceeds from lines of credit   0
Long-term line of credit   0
Outstanding letters of credit   955
Amount available under the credit agreement   $ 399,045
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Spread on variable interest rate 1.00%  
Interest rate, effective percentage   5.40%
Revolving Credit Facility | Total Net Leverage Ratio Per Annum    
Debt Instrument [Line Items]    
Spread on variable interest rate 0.10%  
Revolving Credit Facility | Alternative Base Rate (ABR)    
Debt Instrument [Line Items]    
Spread on variable interest rate 0.00%  
Interest rate, effective percentage   7.50%
Revolving Credit Facility | Minimum    
Debt Instrument [Line Items]    
Fee on unused amount of revolving credit facility   0.125%
Revolving Credit Facility | Minimum | Alternative Base Rate (ABR)    
Debt Instrument [Line Items]    
Spread on variable interest rate 0.00%  
Revolving Credit Facility | Minimum | SOFR, EURIBOR, SONIA Or CDOR    
Debt Instrument [Line Items]    
Spread on variable interest rate 1.00%  
Revolving Credit Facility | Maximum    
Debt Instrument [Line Items]    
Capacity available for letters of credit $ 25,000  
Fee on unused amount of revolving credit facility   0.20%
Revolving Credit Facility | Maximum | Alternative Base Rate (ABR)    
Debt Instrument [Line Items]    
Spread on variable interest rate 0.625%  
Revolving Credit Facility | Maximum | SOFR, EURIBOR, SONIA Or CDOR    
Debt Instrument [Line Items]    
Spread on variable interest rate 1.625%  
v3.25.1
REVOLVING CREDIT FACILITIES - China Line of Credit (Details) - Line of Credit - Revolving Credit Facility
¥ in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2023
Oct. 31, 2021
USD ($)
Mar. 31, 2025
USD ($)
Oct. 31, 2021
CNY (¥)
Second Amended China Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity   $ 41,338   ¥ 300,000
Guarantor obligation   108.50%    
Interest rate, effective percentage     3.40%  
Proceeds from lines of credit     $ 0  
Repayments of lines of credit     0  
Long-term line of credit     0  
Current carrying value of guarantor obligations     455  
Amount available under the credit agreement     $ 40,883  
Second Amended China Credit Facility, Overdraft Sublimit        
Debt Instrument [Line Items]        
Line of credit facility overdraft facility sublimit   $ 13,779   ¥ 100,000
Maximum | Second Amended China Credit Facility        
Debt Instrument [Line Items]        
Debt instrument term (in months) 24 months 12 months    
v3.25.1
REVOLVING CREDIT FACILITIES - Debt Covenants (Details) - Primary Credit Facility - Line of Credit
Dec. 31, 2022
Debt Instrument [Line Items]  
Net leverage ratio, minimum 3.75
Net leverage ratio, maximum 1.00
v3.25.1
COMMITMENTS AND CONTINGENCIES - Lease Narrative (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Undiscounted minimum lease payments due $ 10,096
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease renewal term (in years) 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease renewal term (in years) 15 years
v3.25.1
COMMITMENTS AND CONTINGENCIES - Schedule of Rent Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Lease, Cost [Abstract]      
Operating $ 68,020 $ 64,006 $ 52,961
Variable 39,284 40,615 30,309
Short-term 9,912 6,931 5,729
Total $ 117,216 $ 111,552 $ 88,999
v3.25.1
COMMITMENTS AND CONTINGENCIES - Schedule of Maturities of Undiscounted Operating Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Future Operating Lease Payments Due [Abstract]  
2026 $ 62,445
2027 67,077
2028 56,414
2029 42,019
2030 29,538
Thereafter 60,330
Total undiscounted future lease payments 317,823
Less: Imputed interest (40,848)
Total $ 276,975
v3.25.1
COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental Lease Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Weighted-average remaining lease term in years 5 years 6 months 5 years 10 months 24 days  
Weighted-average discount rate 4.50% 3.90%  
Non-cash operating activities      
Operating lease assets obtained in exchange for lease liabilities $ 70,179 $ 78,255 $ 84,988
Reductions to operating lease assets for reductions to lease liabilities $ (2,096) $ (8,418) $ (1,903)
v3.25.1
COMMITMENTS AND CONTINGENCIES - Purchase Obligations Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Product    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Outstanding purchase orders $ 956,911  
Commodity Contracts    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Purchase obligation 231,323  
Purchase obligation, to be paid, year one 7,412  
Purchase obligation, to be paid, year two and three $ 223,911  
Commodity Contracts | Minimum    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Purchase commitment period (in years) 1 year  
Commodity Contracts | Maximum    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Purchase commitment period (in years) 2 years  
Supply Agreements    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Purchase commitment, deposit outstanding $ 0 $ 16,243
Refunds of deposits 16,243  
Other Purchase Commitment    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Long-term purchase commitment 200,744  
Long-term purchase commitment, less than one year 118,336  
Long-term purchase commitment, one to three year 70,274  
Long-term purchase commitment, three to five year $ 12,134  
v3.25.1
STOCK-BASED COMPENSATION - Narrative (Details)
 1 Months Ended 12 Months Ended
Sep. 09, 2024
shares
Sep. 30, 2024
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2024
USD ($)
$ / shares
shares
Mar. 31, 2023
USD ($)
shares
Sep. 30, 2015
shares
Director | Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock issuable to board of directors for annual service | $     $ 170,000      
Board of directors service award measurement period (in days)     10 days      
RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Dividends | $     $ 0 $ 0 $ 0  
Award vesting period (in years)     3 years      
LTIP PSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Dividends | $     $ 0 $ 0 $ 0  
LTIP PSUs | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period (in years)     2 years      
LTIP PSUs | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period (in years)     3 years      
Award vesting rights percentage     200.00%      
Stock Incentive Plan 2015            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized (in shares)           7,650,000
Stock Incentive Plan 2015 | LTIP NQSOs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)       0 0  
Exercise of stock options (in shares)     89,454      
Weighted-average exercise price vested (in dollars per share) | $ / shares     $ 10.80      
Number of shares exercisable (in shares)       89,454    
Weighted-average exercise price vested (in dollars per share) | $ / shares       $ 10.80    
Stock Incentive Plan 2024            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized (in shares) 7,800,000          
Number of shares reducing the number of shares authorized for shares granted under the 2015 SIP after March 31, 2024 and prior to September 9, 2024, the effective date of the 2024 SIP, subject to an increase from the return of shares under the 2015 SIP 1          
Maximum number of shares that may be issued through exercise of stock options (in shares)     4,500,000      
Shares available for future issuance (in shares)     7,793,719      
Stock Incentive Plan 2024 | LTIP NQSOs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)     0      
Number of shares exercisable (in shares)     0      
Employee Stock Purchase Plan 2015            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized (in shares)           6,000,000
Employee Stock Purchase Plan 2024            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized (in shares)   6,000,000        
Award purchase period (in months)   6 months        
Discount on purchase price of common stock, percent   15.00%        
v3.25.1
STOCK-BASED COMPENSATION - Annual Awards (Details) - $ / shares
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
RSUs      
Number of Shares      
Nonvested at the beginning of the period (in shares) 466,782 535,746 587,202
Granted (in shares) 165,988 235,788 311,730
Vested (in shares) (235,872) (264,888) (270,552)
Forfeited (in shares) (31,026) (39,864) (92,634)
Nonvested at the end of the period (in shares) 365,872 466,782 535,746
Weighted-Average Grant-Date Fair Value      
Outstanding at the beginning of the period (in dollars per share) $ 75.31 $ 55.10 $ 47.34
Granted (in dollars per share) 158.78 95.55 56.50
Vested (in dollars per share) (70.69) (52.19) (41.61)
Forfeited (in dollars per share) (96.52) (77.07) (50.00)
Outstanding at the end of the period (in dollars per share) $ 114.34 $ 75.31 $ 55.10
LTIP PSUs      
Number of Shares      
Nonvested at the beginning of the period (in shares) 531,144 667,224 618,192
Granted (in shares) 148,770 277,692 392,820
Vested (in shares) (327,868) (301,368) (180,624)
Forfeited (in shares) (51,708) (112,404) (163,164)
Nonvested at the end of the period (in shares) 300,338 531,144 667,224
Weighted-Average Grant-Date Fair Value      
Outstanding at the beginning of the period (in dollars per share) $ 69.29 $ 57.98 $ 57.37
Granted (in dollars per share) 151.19 95.13 55.12
Vested (in dollars per share) (55.07) (61.39) (53.30)
Forfeited (in dollars per share) (80.76) (87.15) (53.99)
Outstanding at the end of the period (in dollars per share) $ 123.42 $ 69.29 $ 57.98
v3.25.1
STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation, pre-tax $ 37,943 $ 37,288 $ 26,897
Income tax benefit (9,304) (9,097) (6,557)
Total stock-based compensation, net of tax 28,639 28,191 20,340
RSUs, LTIP PSUs And Grants To Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation, pre-tax 37,292 36,783 26,387
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation, pre-tax 19,758 15,935 13,249
LTIP PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation, pre-tax 15,676 18,941 11,275
Grants to Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation, pre-tax 1,858 1,907 1,863
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation, pre-tax $ 651 $ 505 $ 510
v3.25.1
STOCK-BASED COMPENSATION - Schedule of Unrecognized Compensation Expense (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation $ 43,176
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation $ 21,951
Weighted-Average Remaining Vesting Period (Years) 1 year
LTIP PSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Stock-Based Compensation $ 21,225
Weighted-Average Remaining Vesting Period (Years) 1 year 6 months
v3.25.1
DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other accrued expenses Other accrued expenses
Notional value $ 381,713 $ 0
Fair value recorded in other current assets 2,238  
Fair value recorded in other accrued expenses (64)  
Designated Derivative Contracts    
Derivatives, Fair Value [Line Items]    
Notional value 367,695  
Fair value recorded in other current assets 2,163  
Fair value recorded in other accrued expenses (64)  
Non-Designated Derivative Contracts    
Derivatives, Fair Value [Line Items]    
Notional value 14,018  
Fair value recorded in other current assets 75  
Fair value recorded in other accrued expenses $ 0  
v3.25.1
DERIVATIVE INSTRUMENTS - Narrative (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
USD ($)
counterparty
Mar. 31, 2024
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Number of counterparties in derivative contracts | counterparty 5  
Maturity period (in months) 12 months  
Notional amount | $ $ 381,713 $ 0
Reclassification period of unrealized gain into net sales (in months) 12 months  
v3.25.1
DERIVATIVE INSTRUMENTS - Schedule of Derivatives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Foreign currency exchange contracts and hedging      
Notional value $ 381,713 $ 0  
Gain recorded in OCI 4,387 4,090 $ 1,504
Reclassifications from AOCL into net sales (2,288) (4,090) (1,504)
Income tax expense in OCI (515) 0 0
Total 1,584 0 0
Settled Foreign Exchange Contract      
Foreign currency exchange contracts and hedging      
Notional value 276,605 179,528 127,389
Designated Derivative Contracts      
Foreign currency exchange contracts and hedging      
Notional value 367,695    
Designated Derivative Contracts | Settled Foreign Exchange Contract      
Foreign currency exchange contracts and hedging      
Notional value 258,040 179,528 96,345
Non-Designated Derivative Contracts      
Foreign currency exchange contracts and hedging      
Notional value 14,018    
Non-Designated Derivative Contracts | Settled Foreign Exchange Contract      
Foreign currency exchange contracts and hedging      
Notional value $ 18,565 $ 0 $ 31,044
v3.25.1
STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
May 09, 2025
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
May 21, 2025
Jul. 27, 2022
Equity, Class of Treasury Stock [Line Items]            
Share repurchase program, authorized, amount           $ 1,200,000
Stock repurchase program, remaining authorized repurchase amount   $ 374,701        
Shares repurchased (in shares)   3,800,040 4,289,124 5,569,572    
Weighted average price per share (in dollars per share)   $ 149.21 $ 96.74 $ 53.39    
Repurchases of common stock   $ 567,002 $ 414,931 $ 297,372    
Subsequent Event            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, remaining authorized repurchase amount $ 290,704          
Shares repurchased (in shares) 765,321          
Weighted average price per share (in dollars per share) $ 109.75          
Repurchases of common stock $ 83,998          
Stock repurchase program, additional authorized amount         $ 2,250,000  
v3.25.1
STOCKHOLDERS’ EQUITY - Repurchase Programs (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Stockholders' Equity Note [Abstract]      
Total number of shares repurchased (in shares) 3,800,040 4,289,124 5,569,572
Weighted average price per share (in dollars per share) $ 149.21 $ 96.74 $ 53.39
Dollar value of shares repurchased $ 567,002 $ 414,931 $ 297,372
v3.25.1
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Stockholders' Equity Note [Abstract]    
Unrealized gain on cash flow hedges $ 1,584 $ 0
Cumulative foreign currency translation loss (51,238) (50,733)
Total $ (49,654) $ (50,733)
v3.25.1
BASIC AND DILUTED SHARES (Details) - shares
shares in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Basic (in shares) 151,992 155,225 159,023
Dilutive effect of equity awards (in shares) 678 1,060 1,088
Diluted (in shares) 152,670 156,285 160,111
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 9 16 20
LTIP PSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 155 291 453
Deferred Non-Employee Director Equity Awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 2 3 11
v3.25.1
REPORTABLE OPERATING SEGMENTS - Narrative (Details) - segment
 12 Months Ended 24 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Number of reportable segments 3 6
v3.25.1
REPORTABLE OPERATING SEGMENTS - Schedule of Operating Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]      
Net sales $ 4,985,612 $ 4,287,763 $ 3,627,286
Less: Cost of sales 2,099,949 1,902,275 1,801,916
Gross profit $ 2,885,663 $ 2,385,488 $ 1,825,370
Segment gross margin 57.90% 55.60% 50.30%
Less:      
Payroll and related costs $ 265,328 $ 226,926 $ 182,288
Advertising, marketing, and promotion expenses 432,198 348,852 271,140
Rent and occupancy 102,615 92,661 78,788
Depreciation and other related costs 19,445 22,718 14,761
Other segment items 180,121 146,736 127,964
Segment SG&A expenses 999,707 837,893 674,941
Segment income from operations $ 1,885,956 $ 1,547,595 $ 1,150,429
Segment operating margin 37.80% 36.10% 31.70%
Impairment of intangible assets $ 0 $ 8,164 $ 0
UGG | Reportable segments      
Segment Reporting Information [Line Items]      
Net sales 2,531,351 2,239,132 1,929,211
Less: Cost of sales 1,023,495 983,636 975,585
Gross profit $ 1,507,856 $ 1,255,496 $ 953,626
Segment gross margin 59.60% 56.10% 49.40%
Less:      
Payroll and related costs $ 146,093 $ 134,307 $ 109,576
Advertising, marketing, and promotion expenses 180,889 148,809 114,652
Rent and occupancy 75,724 75,724 69,302
Depreciation and other related costs 10,026 9,295 10,623
Other segment items 92,251 82,534 77,004
Segment SG&A expenses 504,983 450,669 381,157
Segment income from operations $ 1,002,873 $ 804,827 $ 572,469
Segment operating margin 39.60% 35.90% 29.70%
HOKA | Reportable segments      
Segment Reporting Information [Line Items]      
Net sales $ 2,233,090 $ 1,806,740 $ 1,412,916
Less: Cost of sales 949,824 763,673 641,240
Gross profit $ 1,283,266 $ 1,043,067 $ 771,676
Segment gross margin 57.50% 57.70% 54.60%
Less:      
Payroll and related costs $ 101,056 $ 74,991 $ 57,446
Advertising, marketing, and promotion expenses 226,238 175,756 135,590
Rent and occupancy 26,467 16,589 9,033
Depreciation and other related costs 5,007 3,389 2,272
Other segment items 75,993 53,295 38,877
Segment SG&A expenses 434,761 324,020 243,218
Segment income from operations $ 848,505 $ 719,047 $ 528,458
Segment operating margin 38.00% 39.80% 37.40%
Other Brands | Reportable segments      
Segment Reporting Information [Line Items]      
Net sales $ 221,171 $ 241,891 $ 285,159
Less: Cost of sales 126,630 154,966 185,091
Gross profit $ 94,541 $ 86,925 $ 100,068
Segment gross margin 42.70% 35.90% 35.10%
Less:      
Payroll and related costs $ 18,179 $ 17,628 $ 15,266
Advertising, marketing, and promotion expenses 25,071 24,287 20,898
Rent and occupancy 424 348 453
Depreciation and other related costs 4,412 10,034 1,866
Other segment items 11,877 10,907 12,083
Segment SG&A expenses 59,963 63,204 50,566
Segment income from operations $ 34,578 $ 23,721 $ 49,502
Segment operating margin 15.60% 9.80% 17.40%
v3.25.1
REPORTABLE OPERATING SEGMENTS - Schedule of Reconciliation of Reportable Segment Income from Operations to Consolidated Statements of Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting [Abstract]      
Segment income from operations $ 1,885,956 $ 1,547,595 $ 1,150,429
Unallocated enterprise and shared brand expenses (706,864) (620,081) (497,678)
Total other income, net 64,207 51,427 13,331
Income before income taxes $ 1,243,299 $ 978,941 $ 666,082
v3.25.1
CONCENTRATION OF BUSINESS - Revenue Concentration of Risk (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Concentration Risk [Line Items]      
Net sales $ 4,985,612 $ 4,287,763 $ 3,627,286
Foreign | International net sales | Sales Revenue, Net      
Concentration Risk [Line Items]      
Net sales $ 1,798,903 $ 1,424,089 $ 1,175,789
Concentration risk 36.10% 33.20% 32.40%
Foreign | Net sales in foreign currencies | Sales Revenue, Net      
Concentration Risk [Line Items]      
Net sales $ 1,376,782 $ 1,105,057 $ 832,632
Concentration risk 27.60% 25.80% 23.00%
Foreign | Customer Concentration Risk | Sales Revenue, Net | 10 Largest Customers      
Concentration Risk [Line Items]      
Concentration risk 23.70% 24.20% 25.20%
v3.25.1
CONCENTRATION OF BUSINESS - Narrative (Details) - tannery
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Concentration Risk [Line Items]    
Number of tanneries 2  
One Customer | Trade Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk 13.60%  
Two Customers | Trade Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk   31.20%
v3.25.1
CONCENTRATION OF BUSINESS - Long-lived Assets, Which Consist of Property and Equipment, by Major Country (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 325,599 $ 302,122
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total 289,672 270,561
Foreign    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total $ 35,927 $ 31,561
v3.25.1
SUPPLIER FINANCE PROGRAM (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Payables and Accruals [Abstract]    
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Trade accounts payable Trade accounts payable
Supplier Finance Program, Obligation [Roll Forward]    
Beginning balance $ 3,483  
Obligations added 29,373  
Obligations settled (31,960)  
Ending balance $ 896  
v3.25.1
TOTAL VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Valuation and qualifying accounts      
Beginning balance $ (27,331) $ (32,504)  
Ending balance (32,883) (27,331) $ (32,504)
Allowance for doubtful accounts      
Valuation and qualifying accounts      
Beginning balance (9,109) (10,576) (9,044)
Additions (4,869) (658) (1,983)
Deductions 444 2,125 451
Ending balance (13,534) (9,109) (10,576)
Allowance for sales discounts      
Valuation and qualifying accounts      
Beginning balance (3,840) (5,656) (2,831)
Additions (19,028) (17,060) (19,745)
Deductions 21,502 18,876 16,920
Ending balance (1,366) (3,840) (5,656)
Allowance for chargebacks      
Valuation and qualifying accounts      
Beginning balance (14,382) (16,272) (18,716)
Additions (31,701) (28,845) (27,400)
Deductions 28,100 30,735 29,844
Ending balance $ (17,983) $ (14,382) $ (16,272)