10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

Form 10-Q

______________________________________

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File No. 001-33202

______________________________________

UNDER ARMOUR, INC.

(Exact name of registrant as specified in its charter)

______________________________________

Maryland	52-1990078
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1020 Hull Street Baltimore, Maryland 21230	(410) 454-6428
(Address of principal executive offices) (Zip Code)	(Registrant’s telephone number, including area code)

______________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YesþNo¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes þ No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	þ		Accelerated filer	¨
Non-accelerated filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	¨
			Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes¨  Noþ

As of April 30, 2017 there were 184,671,024 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 221,197,453 Class C Common Stock outstanding.

UNDER ARMOUR, INC.

March 31, 2017

INDEX TO FORM 10-Q

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Unaudited Consolidated Balance Sheets as of March 31, 2017, December 31, 2016 and March 31, 2016	1
	Unaudited Consolidated Statements of Income for the Three Months Ended March 31, 2017 and 2016	2
	Unaudited Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2017 and 2016	3
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016	4
	Notes to the Unaudited Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
Item 4.	Controls and Procedures	23
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 6.	Exhibits	24
SIGNATURES		25

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Under Armour, Inc. and Subsidiaries

Unaudited Consolidated Balance Sheets

(In thousands, except share data)

	March 31, 2017			December 31, 2016			March 31, 2016
Assets
Current assets
Cash and cash equivalents	$	172,128		$	250,470		$	157,001
Accounts receivable, net	629,235			622,685			566,286
Inventories	901,613			917,491			834,287
Prepaid expenses and other current assets	203,052			174,507			211,209
Total current assets	1,906,028			1,965,153			1,768,783
Property and equipment, net	830,539			804,211			601,910
Goodwill	571,381			563,591			588,895
Intangible assets, net	61,986			64,310			73,217
Deferred income taxes	121,108			136,862			92,230
Other long term assets	86,118			110,204			93,089
Total assets	$	3,577,160		$	3,644,331		$	3,218,124
Liabilities and Stockholders’ Equity
Current liabilities
Revolving credit facility, current	$	50,000		$	—		$	140,000
Accounts payable	294,857			409,679			184,243
Accrued expenses	217,310			208,750			224,076
Current maturities of long term debt	27,000			27,000			27,000
Other current liabilities	38,372			40,387			30,581
Total current liabilities	627,539			685,816			605,900
Long term debt, net of current maturities	784,052			790,388			217,525
Revolving credit facility, long term	—			—			550,000
Other long term liabilities	145,536			137,227			103,382
Total liabilities	1,557,127			1,613,431			1,476,807
Commitments and contingencies (see Note 4)
Stockholders’ equity
Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of March 31, 2017, December 31, 2016 and March 31, 2016; 184,667,304 shares issued and outstanding as of March 31, 2017, 183,814,911 shares issued and outstanding as of December 31, 2016, and 183,141,109 shares issued and outstanding as of March 31, 2016.	62			61			61
Class B Convertible Common Stock, $0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of March 31, 2017, December 31, 2016 and March 31, 2016.	11			11			12
Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of March 31, 2017, December 31, 2016 and March 31, 2016; 221,148,991 shares issued and outstanding as of March 31, 2017, 220,174,048 shares issued and outstanding as of December 31, 2016, and 217,591,109 shares issued and outstanding as of March 31, 2016.	74			73			73
Additional paid-in capital	835,681			823,484			702,972
Retained earnings	1,232,416			1,259,414			1,082,027
Accumulated other comprehensive loss	(48,211		)	(52,143		)	(43,828		)
Total stockholders’ equity	2,020,033			2,030,900			1,741,317
Total liabilities and stockholders’ equity	$	3,577,160		$	3,644,331		$	3,218,124

See accompanying notes.

1

Under Armour, Inc. and Subsidiaries

Unaudited Consolidated Statements of Income

(In thousands, except per share amounts)

	Three months ended March 31,
	2017			2016
Net revenues	$	1,117,331		$	1,047,702
Cost of goods sold	611,908			567,066
Gross profit	505,423			480,636
Selling, general and administrative expenses	497,887			445,753
Income from operations	7,536			34,883
Interest expense, net	(7,820		)	(4,532		)
Other income, net	2,570			2,702
Income before income taxes	2,286			33,053
Provision for income taxes	4,558			13,873
Net income (loss)	$	(2,272	)	$	19,180
Basic net income (loss) per share of Class A, B and C common stock	$	(0.01	)	$	0.04
Diluted net income (loss) per share of Class A, B and C common stock	$	(0.01	)	$	0.04
Weighted average common shares outstanding Class A, B and C common stock
Basic	439,360			433,626
Diluted	439,360			443,260

See accompanying notes.

2

Under Armour, Inc. and Subsidiaries

Unaudited Consolidated Statements of Comprehensive Income

(In thousands)

	Three Months Ended March 31,
	2017			2016
Net income (loss)	$	(2,272	)	$	19,180
Other comprehensive income (loss):
Foreign currency translation adjustment	9,819			7,442
Unrealized loss on cash flow hedge, net of tax of $(2,399) and $(2,767) for the three months ended March 31, 2017 and 2016.	(6,894		)	(6,257		)
Gain on intra-entity foreign currency transactions	1,007			—
Total other comprehensive income	3,932			1,185
Comprehensive income	$	1,660		$	20,365

See accompanying notes.

3

Under Armour, Inc. and Subsidiaries

Unaudited Consolidated Statements of Cash Flows

(In thousands)

	Three Months Ended March 31,
	2017			2016
Cash flows from operating activities
Net income (loss)	$	(2,272	)	$	19,180
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation and amortization	41,013			32,021
Unrealized foreign currency exchange rate gains	(8,313		)	(11,248		)
Loss on disposal of property and equipment	556			384
Amortization of bond premium	63			—
Stock-based compensation	12,082			14,403
Excess tax benefit (deficiency) from stock-based compensation arrangements	(1,258		)	27,058
Deferred income taxes	15,905			2,724
Changes in reserves and allowances	(21,187		)	12,657
Changes in operating assets and liabilities:
Accounts receivable	21,261			(136,990		)
Inventories	19,084			(45,958		)
Prepaid expenses and other assets	(7,598		)	(15,351		)
Accounts payable	(90,982		)	(976		)
Accrued expenses and other liabilities	7,253			22,312
Income taxes payable and receivable	(19,169		)	(47,748		)
Net cash used in operating activities	(33,562		)	(127,532		)
Cash flows from investing activities
Purchases of property and equipment	(91,790		)	(104,573		)
Purchases of available-for-sale securities	—			(19,997		)
Sales of available-for-sale securities	—			21,414
Net cash used in investing activities	(91,790		)	(103,156		)
Cash flows from financing activities
Proceeds from long term debt and revolving credit facility	200,000			415,000
Payments on long term debt and revolving credit facility	(156,750		)	(145,500		)
Employee taxes paid for shares withheld for income taxes	(2,474		)	(13,685		)
Proceeds from exercise of stock options and other stock issuances	2,782			3,954
Payments of debt financing costs	—			(1,258		)
Net cash provided by financing activities	43,558			258,511
Effect of exchange rate changes on cash and cash equivalents	3,452			(674		)
Net increase (decrease) in cash and cash equivalents	(78,342		)	27,149
Cash and cash equivalents
Beginning of period	250,470			129,852
End of period	$	172,128		$	157,001
Non-cash investing and financing activities
Change in accrual for property and equipment	(25,567		)	(13,814		)

See accompanying notes.

4

Under Armour, Inc. and Subsidiaries

Notes to the Unaudited Consolidated Financial Statements

1. Description of the Business

Under Armour, Inc. is a developer, marketer and distributor of branded performance apparel, footwear and accessories. These products are sold worldwide and worn by athletes at all levels, from youth to professional on playing fields around the globe, as well as by consumers with active lifestyles. The Under Armour Connected Fitness^TM platform powers the world's largest digital health and fitness community. The Company uses this platform to engage its consumers and increase awareness and sales of its products.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Under Armour, Inc. and its wholly owned subsidiaries (the “Company”). Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated. The consolidated balance sheet as of December 31, 2016 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2016 (the “2016 Form 10-K”), which should be read in conjunction with these consolidated financial statements. The results for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other portions thereof.

On March 16, 2016, the Board of Directors approved the issuance of the Company’s new Class C non-voting common stock, referred to as the Class C stock. The Class C stock was issued through a stock dividend on a one-for-one basis to all existing holders of the Company's Class A and Class B common stock. The shares of Class C stock were distributed on April 7, 2016, to stockholders of record of Class A and Class B common stock as of March 28, 2016. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect this one-for-one stock dividend.

On June 3, 2016, the Board of Directors approved the payment of a $59.0 million dividend to the holders of the Company's Class C stock in connection with shareholder litigation related to the creation of the Class C stock. The Company's Board of Directors approved the payment of this dividend in the form of additional shares of Class C stock, with cash in lieu of any fractional shares. This dividend was distributed on June 29, 2016, in the form of 1,470,256 shares of Class C stock and $2.9 million in cash.

Concentration of Credit Risk

Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable is due from large retailers. Credit is extended based on an evaluation of each customer’s financial condition and collateral is not required. The Company's largest customer accounted for 16.7%, 16.1% and 20.3% of accounts receivable as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively. For the three months ended March 31, 2017 no customer accounted for more than 10% of the Company's net revenues. For the three months ended March 31, 2016 the Company's largest customer accounted for 11% of net revenues.

Allowance for Doubtful Accounts

As of March 31, 2017, December 31, 2016 and March 31, 2016, the allowance for doubtful accounts was $12.4 million, $11.3 million and $11.9 million, respectively.

Shipping and Handling Costs

The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative

5

expenses, were $24.7 million and $20.1 million for the three months ended March 31, 2017 and 2016, respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold.

Management Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, which supersedes the most current revenue recognition requirements. This ASU requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services.  In 2016, the FASB issued ASUs 2016-08, 2016-10, 2016-11 and 2016-12, which provide supplemental adoption guidance and clarification to ASU 2014-09. These ASUs will be effective for annual and interim periods beginning after December 15, 2017 with early adoption for annual and interim periods beginning after December 15, 2016 permitted and should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company currently anticipates adopting the guidance in this new ASU effective January 1, 2018, and has not yet determined its adoption method. While the Company has made progress on its scoping review and assessment phase. it is still evaluating the impact this ASU will have on its financial statements and related disclosures. At this time the Company’s key areas of focus include wholesale customer support costs, direct-to-consumer incentive programs and presentation of reserves on the balance sheet.

In February 2016, the FASB issued ASU 2016-02, which amends the existing guidance for leases and will require recognition of operating leases with lease terms of more than twelve months and all financing leases on the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. This ASU will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities recorded in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. The Company currently anticipates adopting the new standard effective January 1, 2019. The Company has formed a committee and initiated the review process for adoption of this ASU. While the Company is still in the process of completing its analysis on the complete impact this ASU will have on its consolidated financial statements and related disclosures, it expects the ASU to have a material impact on its consolidated balance sheet for recognition of lease-related assets and liabilities.

In January 2017, the FASB issued ASU 2017-04, which simplifies how an entity is required to test goodwill for impairment by eliminating step two of the test. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted for annual or goodwill impairment tests performed on testing dates January 1, 2017. The Company has not yet decided if it will early adopt the provisions in this ASU for its annual goodwill impairment test as of September 30, 2017.

Recently Adopted Accounting Standards

In March 2016, the FASB issued ASU 2016-09, which affects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures and the classification of those taxes paid on the statement of cash flows. The Company adopted the provisions of this ASU on January 1, 2017 on a prospective basis and recorded an excess tax deficiency of $1.3 million as an increase in income tax expense related to share-based compensation for vested awards. Additionally, the Company made a policy election under the provisions of this ASU to account for forfeitures when they occur rather than estimating the number of awards that are expected to vest. As a result of this election, the Company recorded a $1.9 million cumulative-effect benefit to retained earnings as of the date of adoption. The Company adopted the provisions of this ASU related to changes on the Consolidated Statement of Cash Flows on a retrospective basis. Excess tax benefits and deficiencies have been classified within cash flows from operating activities and employee taxes paid for shares withheld for income taxes have been classified within cash flows from financing activities on the Consolidated Statement of Cash Flows. This resulted in an increase of $27.1 million and a decrease of $13.7 million

6

to the cash flows from operating activities and cash flows from financing activities sections of the Consolidated Statement of Cash Flows for the three months ended March 31, 2016, respectively.

In October 2016, the FASB issued ASU 2016-16, which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the provisions of this ASU on a modified retrospective basis on January 1, 2017 resulting in a cumulative-effect benefit to retained earnings of $26.0 million as of the date of adoption.

3. Long Term Debt

Credit Facility

The Company is party to a credit agreement that provides revolving credit commitments for up to $1.25 billion of borrowings, as well as term loan commitments, in each case maturing in January 2021. As of March 31, 2017, there was $50.0 million outstanding under the revolving credit facility and $180.0 million of term loan borrowings outstanding.

At the Company's request and the lender's consent, revolving and or term loan borrowings may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the credit agreement, as amended. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time the Company seeks to incur such borrowings.

The borrowings under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. There were $3.6 million of letters of credit outstanding as of March 31, 2017.

The credit agreement contains negative covenants that, subject to significant exceptions, limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, make restricted payments, pledge their assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. The Company is also required to maintain a ratio of consolidated EBITDA, as defined in the credit agreement, to consolidated interest expense of not less than 3.50to 1.00and is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than3.25to 1.00("consolidated leverage ratio"). As of March 31, 2017, the Company was in compliance with these ratios. In addition, the credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the credit agreement, will be considered an event of default under the credit agreement.

Borrowings under the credit agreement bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate, or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made (“adjusted LIBOR”), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the “Pricing Grid”) based on the consolidated leverage ratio and ranges between 1.00% to1.25%for adjusted LIBOR loans and 0.00%to 0.25% for alternate base rate loans. The weighted average interest rates under the outstanding term loans and revolving credit facility borrowings were 1.9% and 1.6% during the three months ended March 31, 2017 and 2016, respectively. The Company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of March 31, 2017, the commitment fee was 15.0 basis points. Since inception, the Company incurred and deferred $3.9 million in financing costs in connection with the credit agreement.

3.250% Senior Notes

In June 2016, the Company issued$600.0 million aggregate principal amount of 3.250% senior unsecured notes due June 15, 2026 (the “Notes”). The proceeds were used to pay down amounts outstanding under the revolving credit facility. Interest is payable semi-annually on June 15 and December 15 beginning December 15, 2016. Prior to March 15, 2026 (three months prior to the maturity date of the Notes), the Company may redeem some or all of the Notes at any time or from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or a “make-whole” amount applicable to such Notes as described in the indenture governing the Notes, plus accrued and unpaid interest to, but excluding, the redemption date. On or after March 15, 2026 (three months prior to the maturity date of the Notes), the Company may redeem some or all of the Notes at any time or from time to time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The indenture governing the Notes contains covenants, including limitations that restrict the Company’s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback

7

transactions and the Company’s ability to consolidate, merge or transfer all or substantially all of its properties or assets to another person, in each case subject to material exceptions described in the indenture. The Company incurred and deferred$5.3 millionin financing costs in connection with the Notes.

Other Long Term Debt

In December 2012, the Company entered into a$50.0 millionrecourse loan collateralized by the land, buildings and tenant improvements comprising the Company's corporate headquarters. The loan has asevenyear term and maturity date ofDecember 2019. The loan bears interest at one month LIBOR plus a margin of1.50%, and allows for prepayment without penalty. The loan includes covenants and events of default substantially consistent with the Company's credit agreement discussed above. The loan also requires prior approval of the lender for certain matters related to the property, including transfers of any interest in the property.As of March 31, 2017, December 31, 2016 and March 31, 2016, the outstanding balance on the loan was$41.5 million, $42.0 millionand$43.5 million, respectively.The weighted average interest rate on the loan was2.3% and 1.9% for the three months ended March 31, 2017 and 2016, respectively.

Interest expense, net was$7.8 million and $4.5 millionfor the three months ended March 31, 2017 and 2016, respectively. Interest expense includes the amortization of deferred financing costs, bank fees, capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities.

The Company monitors the financial health and stability of its lenders under the credit and other long term debt facilities, however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities.

4. Commitments and Contingencies

There were no significant changes to the contractual obligations reported in the 2016 Form 10-K other than those which occur in the normal course of business.

In connection with various contracts and agreements, the Company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items. Generally, such indemnification obligations do not apply in situations in which the counterparties are grossly negligent, engage in willful misconduct, or act in bad faith. Based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations.

From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial and intellectual property disputes, as well as trade, regulatory and other claims related to its business. Other than as described below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business, and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position, results of operations or cash flows.

In early 2017, three shareholders filed separate securities cases in the United States District Court for the District of Maryland (the “Court”) against the Company, the Company’s Chief Executive Officer and the Company’s former Chief Financial Officer, the first of which was filed on February 10, 2017.  Each of the complaints alleged violations of Section 10(b) (and Rule 10b-5) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 20(a) control person liability under the Exchange Act against the officers named in the complaints. In general, the allegations in each case concern disclosures and statements made by defendants regarding the Company’s expected revenue growth during the purported class periods. Two of these cases allege class periods between April 21, 2016 and January 20, 2017, inclusive, and one case alleges a class period between July 24, 2014 and January 30, 2017, inclusive.  On March 23, 2017, all three cases were consolidated under the caption In re Under Armour Securities Litigation, Case No. 17-cv-00388-RDB (the “Consolidated Action”). On April 26, 2017, the Court issued an order appointing Aberdeen City Counsel as Administrating Authority for the North East Scotland Pension Fund (“NESFP”) as lead plaintiff for the putative class in the Consolidated Action; because the remaining lead plaintiff applicants did not oppose the appointment of NESFP, no appeal from that order is expected. The Company believes that the claims asserted in the Consolidated Action are without merit and intends to defend the lawsuit vigorously. However, because of the inherent uncertainty as to the outcome of this proceeding, the Company is unable at this time to estimate the possible impact of the outcome of this matter.

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5. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows:

Level 1:	Observable inputs such as quoted prices in active markets;
Level 2:	Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Financial assets and (liabilities) measured at fair value are set forth in the table below:

	March 31, 2017							December 31, 2016							March 31, 2016
(In thousands)	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Available-for-sale securities	$	—	$	—		$	—	$	—	$	—		$	—	$	5,109	$	—		$	—
Derivative foreign currency contracts (see Note 7)	—		5,801			—		—		15,238			—		—		(1,122		)	—
Interest rate swap contracts (see Note 7)	—		162			—		—		(420		)	—		—		(4,282		)	—
TOLI policies held by the Rabbi Trust	—		5,106			—		—		4,880			—		—		4,568			—
Deferred Compensation Plan obligations	—		(8,152		)	—		—		(7,023		)	—		—		(6,084		)	—

Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The Company purchases marketable securities that are designated as available-for-sale. The foreign currency contracts represent gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate. The interest rate swap contracts represent gains and losses on the derivative contracts, which is the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. The fair value of the trust owned life insurance (“TOLI”) policies held by the Rabbi Trust is based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Under Armour, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”), which represent the underlying liabilities to participants in the Deferred Compensation Plan. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants’ selected investments.

As of March 31, 2017, the fair value of the Company's Senior Notes is $548.2 million. The carrying value of the Company's other long term debt approximated its fair value as of March 31, 2017 and 2016. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2).

6. Stock-Based Compensation

During the three months ended March 31, 2017, 3.1 million time-based restricted stock units, 0.2 million time-based options, 1.3 million performance-based restricted stock units and 0.5 million performance-based options for shares of our Class C common stock were awarded to certain officers and key employees under the Company's Second Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as amended. The time-based restricted stock units and options have weighted average grant date fair values of $19.04 and $8.17, respectively, and vest in four equal annual installments. The performance-based restricted stock units and options have weighted average grant date fair values of $19.04 and $8.17, respectively, and have vesting conditions tied to the achievement of certain combined annual revenue and operating income targets for 2017 and 2018. Upon the achievement of the targets, one

9

half of the restricted stock units and options will vest each in February 2019 and February 2020. If certain lower levels of combined annual revenue and operating income for 2017 and 2018 are achieved, fewer or no restricted stock units or options will vest and the remaining restricted stock units and options will be forfeited. The Company deemed the achievement of certain operating income targets for 2017 and 2018 probable during the three months ended March 31, 2017. The Company assesses the probability of the achievement of the remaining operating income targets at the end of each reporting period. If it becomes probable that any remaining performance targets related to these performance-based restricted stock units and options will be achieved, a cumulative adjustment will be recorded as if ratable stock-based compensation expense had been recorded since the grant date. Additional stock based compensation of up to $0.8 million would have been recorded during the three months ended March 31, 2017, for these performance-based restricted stock units and options had the achievement of the remaining revenue and operating income targets been deemed probable.

During 2016, the Company granted performance-based restricted stock units and options with vesting conditions tied to the achievement of certain combined annual operating income targets for 2016 and 2017. As of March 31, 2017, the Company deems the achievement of these operating income targets improbable. As such, no expense for these awards has been recorded.

7. Risk Management and Derivatives

Foreign Currency Risk Management

The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are primarily driven by intercompany transactions and inventory purchases denominated in currencies other than the functional currency of the purchasing entity. From time to time, the Company may elect to enter into foreign currency contracts to reduce the risk associated with foreign currency exchange rate fluctuations on intercompany transactions and projected inventory purchases for its international subsidiaries.

As of March 31, 2017, the aggregate notional value of the Company's outstanding foreign currency contracts was $890.1 million, which was comprised of Canadian Dollar/U.S. Dollar, Euro/U.S. Dollar, Yen/Euro, Mexican Peso/Euro and Pound Sterling/Euro currency pairs with contract maturities ranging from one to fourteen months. A portion of the Company's foreign currency contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in earnings. The Company also enters into foreign currency contracts designated as cash flow hedges. For foreign currency contracts designated as cash flow hedges, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. During the three months ended March 31, 2017 and 2016, the Company reclassified $0.8 million and $0.9 million from other comprehensive income to cost of goods sold related to foreign currency contracts designated as cash flow hedges, respectively. The fair values of the Company's foreign currency contracts were assets of $5.8 million and $15.2 million as of March 31, 2017 and December 31, 2016, respectively, and were included in prepaid expenses and other current assets on the consolidated balance sheet. The fair values of the Company's foreign currency contracts were liabilities of $1.1 million as of March 31, 2016, and were included in accrued expenses on the consolidated balance sheet. Refer to Note 5 for a discussion of the fair value measurements. Included in other income, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency contracts:

	Three Months Ended March 31,
(In thousands)	2017			2016
Unrealized foreign currency exchange rate gains	$	8,313		$	11,248
Realized foreign currency exchange rate gains (losses)	(272		)	597
Unrealized derivative gains (losses)	(704		)	211
Realized derivative losses	(6,366		)	(9,986		)

Interest Rate Risk Management

In order to maintain liquidity and fund business operations, the Company enters into long term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. The Company utilizes interest rate swap contracts to convert a portion of variable rate debt to fixed rate

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debt. The contracts pay fixed and receive variable rates of interest. The interest rate swap contracts are accounted for as cash flow hedges and accordingly, the effective portion of the changes in their fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. Refer to Note 3 for a discussion of long term debt.

As of March 31, 2017, the notional value of the Company's outstanding interest rate swap contracts was $148.8 million. During the three months ended March 31, 2017 and 2016, the Company recorded a $0.3 million and $0.5 million increase in interest expense, respectively, representing the effective portion of the contract reclassified from accumulated other comprehensive income. The fair values of the interest rate swap contracts were assets of $0.2 million as of March 31, 2017, and were included in other long term assets on the consolidated balance sheet. The fair values of the interest rate swap contracts were liabilities of $4.3 million as of March 31, 2016, and were included in other long term liabilities on the consolidated balance sheet.

The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal.

8. Provision for Income Taxes

The effective rates for income taxes were 199.5% and 42.0% for the three months ended March 31, 2017 and 2016, respectively. The effective tax rate for the three months ended March 31, 2017 was higher than the effective tax rate for the three months ended March 31, 2016 primarily due to the impact of discrete items as a percentage of income before taxes in each respective period. The discrete items include reserves in certain international markets, and during the three months ended March 31, 2017, permanent differences resulting from the Company's required adoption of ASU 2016-09.

9. Earnings per Share

The following represents a reconciliation from basic earnings per share to diluted earnings per share:

	Three Months Ended March 31,
(In thousands, except per share amounts)	2017			2016
Numerator
Net income (loss)	$	(2,272	)	$	19,180
Denominator
Weighted average common shares outstanding Class A, B, and C	439,360			433,626
Effect of dilutive securities Class A , B and C	—			9,634
Weighted average common shares and dilutive securities outstanding Class A, B and C	439,360			443,260
Basic earnings per share Class A, B and C	$	(0.01	)	$	0.04
Dilutive earnings per share Class A, B and C	$	(0.01	)	$	0.04

Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Due to the Company being in a net loss position for the three months ended March 31, 2017, there were no warrants, stock options or restricted stock units included in the computation of diluted earnings per share, as their effect would have been anti-dilutive. Warrants, stock options and restricted stock units representing 0.3 million shares of Class A common stock and 0.3 million shares of Class C common stock outstanding for the three months ended March 31, 2016, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

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10. Segment Data and Related Information

The Company’s operating segments are based on how the Chief Operating Decision Maker (“CODM”) makes decisions about allocating resources and assessing performance. As such, the CODM receives discrete financial information for the Company's principal business by geographic region based on the Company’s strategy to become a global brand. These geographic regions include North America, Latin America, Europe, the Middle East and Africa (“EMEA”), and Asia-Pacific. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. The CODM also receives discrete financial information for the Company's Connected Fitness business.

The net revenues and operating income (loss) associated with the Company's segments are summarized in the following tables. Net revenues represent sales to external customers for each segment. Intercompany balances were eliminated for separate disclosure. The majority of corporate service costs within North America have not been allocated to the Company's other segments. As the Company continues to grow its business outside of North America, a larger portion of its corporate overhead costs have begun to support global functions. Due to the individual materiality of our Asia-Pacific segment, the Company has separately presented its Asia-Pacific, EMEA and Latin America segments, and will no longer combine these segments for presentation purposes. Net revenues and operating income by segment presented for prior periods have been conformed to the current presentation. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM.

	Three Months Ended March 31,
(In thousands)	2017		2016
Net revenues
North America	$	871,271	$	880,595
EMEA	102,855		66,267
Asia-Pacific	85,818		53,622
Latin America	38,454		29,467
Connected Fitness	18,933		18,501
Intersegment eliminations	—		(750		)
Total net revenues	$	1,117,331	$	1,047,702

	Three Months Ended March 31,
(In thousands)	2017			2016
Operating income (loss)
North America	$	3,714		$	40,095
EMEA	1,629			2,921
Asia-Pacific	19,628			17,335
Latin America	(7,859		)	(9,007		)
Connected Fitness	(9,576		)	(16,461		)
Total operating income	7,536			34,883
Interest expense, net	(7,820		)	(4,532		)
Other income, net	2,570			2,702
Income before income taxes	$	2,286		$	33,053

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Net revenues by product category are as follows:

	Three Months Ended March 31,
(In thousands)	2017		2016
Apparel	$	715,437	$	666,571
Footwear	269,659		264,246
Accessories	89,097		79,701
Total net sales	1,074,193		1,010,518
License revenues	24,205		19,433
Connected Fitness	18,933		18,501
Intersegment eliminations	—		(750		)
Total net revenues	$	1,117,331	$	1,047,702

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Some of the statements contained in this Form 10-Q constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the development and introduction of new products, the implementation of our marketing and branding strategies and future benefits and opportunities from acquisitions and other significant investments. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “outlook,” “potential” or the negative of these terms or other comparable terminology.

The forward-looking statements contained in this Form 10-Q reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to, those factors described in our Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission (“SEC”) (our “2016 Form 10-K”) or in this Form 10-Q under “Risk Factors”, if included herein, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These factors include without limitation:

• changes in general economic or market conditions that could affect overall consumer spending or our industry;

• changes to the financial health of our customers;

• our ability to effectively drive operational efficiency in our business;

• our ability to effectively manage our growth and a more complex global business;

• our ability to comply with existing trade and other regulations, and the potential impact of new trade and tax regulations on our profitability;

• our ability to successfully manage or realize expected results from acquisitions and other significant investments or capital expenditures;

• our ability to effectively develop and launch new, innovative and updated products;

• fluctuations in the costs of our products;

• our ability to accurately forecast consumer demand for our products and manage our inventory in response to changing demands;

• increased competition causing us to lose market share or reduce the prices of our products or to increase significantly our marketing efforts;

• loss of key suppliers or manufacturers or failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner, including due to port disruptions;

• our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries;

• the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology, including risks related to the implementation of our new global operating and financial reporting information technology system;

• our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results;

• risks related to foreign currency exchange rate fluctuations;

• our ability to effectively market and maintain a positive brand image;

• risks related to data security or privacy breaches;

• our ability to raise additional capital required to grow our business on terms acceptable to us;

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• our potential exposure to litigation and other proceedings; and

• our ability to attract key talent and retain the services of senior management and key employees.

The forward-looking statements contained in this Form 10-Q reflect our views and assumptions only as of the date of this Form 10-Q. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Overview

We are a leading developer, marketer and distributor of branded performance apparel, footwear and accessories. The brand’s moisture-wicking fabrications are engineered in many different designs and styles for wear in nearly every climate to provide a performance alternative to traditional products. Our products are sold worldwide and worn by athletes at all levels, from youth to professional, on playing fields around the globe, as well as by consumers with active lifestyles. The Under Armour Connected Fitness platform powers the world's largest digital health and fitness community and our strategy is focused on engaging with these consumers and increasing awareness and sales of our products. We plan to grow this community by developing innovative applications, services and other digital solutions to impact how athletes and fitness-minded individuals train, perform and live.

Our net revenues grew to $4,825.3 million in 2016 from $1,834.9 million in 2012. We believe that our growth in net revenues has been driven by a growing interest in performance products and the strength of the Under Armour brand in the marketplace. We plan to continue to increase our net revenues over the long term through increased sales of our apparel, footwear and accessories, expansion of our wholesale distribution sales channel, growth in our direct to consumer sales channel and expansion in international markets and engaging with consumers through our Connected Fitness business.

Financial highlights for the first quarter of 2017 include:

• Net revenues increased6.6% compared to 2016.

• Wholesale and Direct-to-Consumer revenues increased3.8% and 13.2%, respectively.

• Apparel revenue increased7.3% compared to the prior year, with footwear and accessories revenue increasing 2.0% and 11.8%, respectively.

• Revenue in our North America segment decreased1.1%. Revenue in our Asia-Pacific, EMEA and Latin America segments grew60.0%, 55.2% and 30.5%, respectively, with 2.3% growth in our Connected Fitness segment.

• Selling, general and administrative expense increased11.7% when compared to 2016.

• Gross margin decreased70 basis points when compared to 2016.

As previously disclosed in our 2016 Annual Report filed on Form 10-K, we expect our operating income in 2017 to decline compared to 2016. We are in the process of evaluating our cost structure, and are making strategic resource allocation and prioritization decisions. These initiatives could impact our results of operations. In addition to our cost structure, we are also evaluating a strategic initiative with our key wholesale customers to refresh our offerings, with the goal of ensuring that our most current products are available to our consumers. During the period this initiative is implemented, it could result in higher returns of product as compared to the prior year. 

General

Net revenues comprise net sales, license revenues and Connected Fitness revenues. Net sales comprise sales from our primary product categories, which are apparel, footwear and accessories. Our license revenues primarily consist of fees paid to us by our licensees in exchange for the use of our trademarks on our products. Our Connected Fitness revenues consist of digital advertising, digital fitness platform licenses and subscriptions from our Connected Fitness business.

Cost of goods sold consists primarily of product costs, inbound freight and duty costs, outbound freight costs, handling costs to make products floor-ready to customer specifications, royalty payments to endorsers based on a predetermined percentage of sales of selected products and write downs for inventory obsolescence. The fabrics in many of our products are made primarily of petroleum-based synthetic materials. Therefore our product costs, as well as our inbound and outbound freight costs, could be affected by long term pricing trends of oil. In general, as a percentage of net revenues, we expect cost of goods sold associated with our apparel and accessories to be lower than that of our footwear. A limited portion of cost of goods sold is associated with license and Connected Fitness revenues, primarily website hosting costs and other costs related to our Connected Fitness business.

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We include outbound freight costs associated with shipping goods to customers as cost of goods sold; however, we include the majority of outbound handling costs as a component of selling, general and administrative expenses. As a result, our gross profit may not be comparable to that of other companies that include outbound handling costs in their cost of goods sold. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate our distribution facilities. These costs were $24.7 million and $20.1 million for the three months ended March 31, 2017 and 2016, respectively.

Our selling, general and administrative expenses consist of costs related to marketing, selling, product innovation and supply chain and corporate services. We consolidate our selling, general and administrative expenses into two primary categories: marketing and other. The other category is the sum of our selling, product innovation and supply chain and corporate services categories. Personnel costs are included in these categories based on the employees’ function. Personnel costs include salaries, benefits, incentives and stock-based compensation related to our employees. Our marketing costs are an important driver of our growth. Marketing costs consist primarily of commercials, print ads, league, team, player and event sponsorships and depreciation expense specific to our in-store fixture program for our concept shops.

Other income, net consists of unrealized and realized gains and losses on our foreign currency derivative financial instruments and unrealized and realized gains and losses on adjustments that arise from fluctuations in foreign currency exchange rates relating to transactions generated by our international subsidiaries.

Results of Operations

The following table sets forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of net revenues:

	Three Months Ended March 31,
(In thousands)	2017			2016
Net revenues	$	1,117,331		$	1,047,702
Cost of goods sold	611,908			567,066
Gross profit	505,423			480,636
Selling, general and administrative expenses	497,887			445,753
Income from operations	7,536			34,883
Interest expense, net	(7,820		)	(4,532		)
Other income, net	2,570			2,702
Income before income taxes	2,286			33,053
Provision for income taxes	4,558			13,873
Net income (loss)	$	(2,272	)	$	19,180

	Three Months Ended March 31,
(As a percentage of net revenues)	2017		2016
Net revenues	100.0	%	100.0	%
Cost of goods sold	54.8	%	54.1	%
Gross profit	45.2	%	45.9	%
Selling, general and administrative expenses	44.6	%	42.5	%
Income from operations	0.7	%	3.4	%
Interest expense, net	(0.7	)%	(0.4	)%
Other income, net	0.2	%	0.2	%
Income before income taxes	0.2	%	3.2	%
Provision for income taxes	0.4	%	1.4	%
Net income (loss)	(0.2	)%	1.8	%

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Consolidated Results of Operations

Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016

Net revenues increased$69.6 million, or 6.6%, to $1,117.3 million for the three months ended March 31, 2017 from $1,047.7 million during the same period in 2016. Net revenues by product category are summarized below:

	Three Months Ended March 31,
(In thousands)	2017		2016			$ Change		% Change
Apparel	$	715,437	$	666,571		$	48,866	7.3	%
Footwear	269,659		264,246			5,413		2.0	%
Accessories	89,097		79,701			9,396		11.8	%
Total net sales	1,074,193		1,010,518			63,675		6.3	%
License revenues	24,205		19,433			4,772		24.6	%
Connected Fitness	18,933		18,501			432		2.3	%
Intersegment Eliminations	—		(750		)	750		(100.0	)%
Total net revenues	$	1,117,331	$	1,047,702		$	69,629	6.6	%

The increase in net sales was driven primarily by:

• Apparel unit sales growth in multiple categories led by training, golf and team sports;

• Footwear unit sales growth led by running, golf and women's training; and

• Accessories unit sales growth led by men's training and running.

License revenuesincreased$4.8 million, or 24.6%, to $24.2 million for the three months ended March 31, 2017 from $19.4 million during the same period in 2016 driven primarily by increased revenue from our licensing partners in North America and Japan.

Connected Fitness revenue increased$0.4 million, or 2.3%, to $18.9 million for the three months ended March 31, 2017 from $18.5 million during the same period in 2016 primarily driven by an increase in paid subscribers partially offset by a decrease in advertising on our fitness applications.

Gross profitincreased$24.8 million to $505.4 million for the three months ended March 31, 2017 from $480.6 million for the same period in 2016. Gross profit as a percentage of net revenues, or gross margin, decreased70 basis points to 45.2% for the three months ended March 31, 2017 compared to 45.9% during the same period in2016. The decrease in gross margin percentage was primarily driven by the following:

• approximate 160 basis point decrease driven by our inventory management strategies, which we expect to continue for the remainder of the year on a more limited basis;

• approximate 20 basis point decrease due to our international business representing a higher percentage of sales, which we expect to continue for the remainder of the year; and

• approximate 20 basis point decrease driven by foreign exchange rates, which we expect to continue through the remainder of the year.

The above decreases were partially offset by:

• approximate 140 basis point increase driven by favorable sales channel mix primarily due to lower liquidations as a percentage of total sales.

Selling, general and administrative expenses increased$52.1 million to $497.9 million for the three months ended March 31, 2017 from $445.8 million for the same period in 2016. As a percentage of net revenues, selling, general and administrative expenses increased to 44.6% for the three months ended March 31, 2017 compared to 42.5% for the same period in 2016. These changes were primarily attributable to the following:

• Marketing costs increased$5.8 million to $128.3 million for the three months ended March 31, 2017 from $122.5 million for the same period in 2016. This increase was primarily due to increased marketing in connection with the growth of our international business. As a percentage of net revenues, marketing costs decreased to11.5% for the three months ended March 31, 2017 from 11.7% for the same period in2016.

• Other costs increased$46.3 million to $369.6 million for the three months ended March 31, 2017 from$323.3 millionfor the same period in 2016. The increase was driven by higher personnel and other costs incurred for both the continued expansion of our direct to consumer distribution channel, including increased costs related to retail stores, distribution facilities and our e-commerce business. As a percentage of net revenues, other costsincreased to 33.1% for the three months ended March 31, 2017 from 30.9% for the same period in 2016.

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Income from operationsdecreased$27.4 million, or 78.4%, to $7.5 million for the three months ended March 31, 2017 from $34.9 million for the same period in 2016. Income from operations as a percentage of net revenues decreased to 0.7% for the three months ended March 31, 2017 from 3.4% for the same period in 2016.

Interest expense, netincreased$3.3 million to $7.8 million for the three months ended March 31, 2017 from $4.5 million for the same period in 2016. This increase was primarily due to interest on the $600 million in Senior Notes issued in June of 2016.

Other income, netdecreased$0.1 million to expense of $2.6 million for the three months ended March 31, 2017 from expense of $2.7 million for the same period in 2016.

Provision for income taxes decreased$9.3 million to $4.6 million during the three months ended March 31, 2017 from $13.9 million during the same period in 2016. For the three months ended March 31, 2017, our effective tax rate was 199.5% compared to 42.0% for the same period in 2016. The effective tax rate for the three months ended March 31, 2017 was higher than the effective tax rate for the three months ended March 31, 2016 primarily due to the impact of discrete items as a percentage of income before taxes in each respective period. The discrete items include reserves in certain international markets, and during the three months ended March 31, 2017, permanent differences resulting from our required adoption of Accounting Standards Update ("ASU") 2016-09. Our 2017 annual effective tax rate is expected to be approximately 32.0% to 34.0%.

Segment Results of Operations

The net revenues and operating income (loss) associated with our segments are summarized in the following tables. The majority of corporate expenses within North America have not been allocated to our other segments. Intersegment revenue is generated by Connected Fitness which runs advertising campaigns for other segments. Due to the individual materiality of our Asia-Pacific segment, we have separately presented our Asia-Pacific, EMEA and Latin America segments, and will no longer combine these segments for presentation purposes.  Net revenues and operating income by segment presented for prior periods have been conformed to the current presentation.

Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016

Net revenues by segment are summarized below:

	Three Months Ended March 31,
(In thousands)	2017		2016			$ Change			% Change
North America	$	871,271	$	880,595		$	(9,324	)	(1.1	)%
EMEA	102,855		66,267			36,588			55.2	%
Asia-Pacific	85,818		53,622			32,196			60.0	%
Latin America	38,454		29,467			8,987			30.5	%
Connected Fitness	18,933		18,501			432			2.3	%
Intersegment eliminations	—		(750		)	750			(100.0	)%
Total net revenues	$	1,117,331	$	1,047,702		$	69,629		6.6	%

The increase in total net revenues was driven by the following:

• Net revenues in our North America operating segment decreased$9.3 million to $871.3 million for the three months ended March 31, 2017 from $880.6 million for the same period in 2016 primarily due to the highly promotional retail environment in the United States and the loss of revenue from wholesale customers that filed for bankruptcy protection which was only partially offset by revenue from new wholesale customers.

• Net revenues in our EMEA operating segment increased$36.6 million to $102.9 million for the three months ended March 31, 2017 from $66.3 million for the same period in 2016 primarily due to unit sales growth to wholesale partners in Germany and the United Kingdom.

• Net revenues in our Asia-Pacific operating segment increased$32.2 million to $85.8 million for the three months ended March 31, 2017 from $53.6 million for the same period in 2016 primarily due to store growth in China and Korea and increased unit sales growth to our distribution partners in Taiwan and Southeast Asia.

• Net revenues in our Latin America operating segment increased$9.0 million to $38.5 million for the three months ended March 31, 2017 from $29.5 million for the same period in 2016 primarily due to unit sales growth to wholesale partners in Mexico and Chile.

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• Net revenues in our Connected Fitness operating segment increased$0.4 million to $18.9 million from $18.5 million for the same period in 2016 primarily driven by an increase in paid subscribers partially offset by a decrease in advertising on our fitness applications.

Operating income (loss) by segment is summarized below:

	Three Months Ended March 31,
(In thousands)	2017			2016			$ Change			% Change
North America	$	3,714		$	40,095		$	(36,381	)	(90.7	)%
EMEA	1,629			2,921			(1,292		)	(44.2	)%
Asia-Pacific	19,628			17,335			2,293			13.2	%
Latin America	(7,859		)	(9,007		)	1,148			12.7	%
Connected Fitness	(9,576		)	(16,461		)	6,885			41.8	%
Total operating income	$	7,536		$	34,883		$	(27,347	)	(78.4	)%

The decrease in total operating income was driven by the following:

• Operating income in our North America operating segment decreased$36.4 million to $3.7 million for the three months ended March 31, 2017 from $40.1 million for the same period in 2016 primarily due to decreases in net sales and gross margin discussed above in the Consolidated Results of Operations and investments in our direct to consumer distribution channel, including increased costs related to retail stores, distribution facilities and our e-commerce business.

• Operating income in our EMEA operating segment decreased$1.3 million to $1.6 million for the three months ended March 31, 2017 from $2.9 million for the same period in 2016 primarily due to costs related to a distributor termination. This decrease was partially offset by sales growth discussed above.

• Operating income in our Asia-Pacific operating segment increased$2.3 million to $19.6 million for the three months ended March 31, 2017 from $17.3 million for the same period in 2016 primarily due to sales growth discussed above. This increase was offset by investments in our direct-to-consumer business and entry into new territories.

• Operating loss in our Latin America operating segment decreased$1.1 million to $7.9 million for the three months ended March 31, 2017 from $9.0 million for the same period in 2016 primarily due to sales growth discussed above.

• Operating loss in our Connected Fitness segment decreased$6.9 million to $9.6 million for the three months ended March 31, 2017 from $16.5 million for the same period in 2016 primarily driven by the movement of expenses resulting from a strategic shift in headcount supporting our global business to our North America segment.

Seasonality

Historically, we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year, driven primarily by increased sales volume of our products during the fall selling season, including our higher priced cold weather products, along with a larger proportion of higher margin direct to consumer sales. The level of our working capital generally reflects the seasonality and growth in our business.

Financial Position, Capital Resources and Liquidity

Our cash requirements have principally been for working capital and capital expenditures. We fund our working capital, primarily inventory, and capital investments from cash flows from operating activities, cash and cash equivalents on hand and borrowings available under our credit and long term debt facilities. Our working capital requirements generally reflect the seasonality and growth in our business as we recognize the majority of our net revenues in the last two quarters of the year. Our capital investments have included expanding our in-store fixture and branded concept shop program, improvements and expansion of our distribution and corporate facilities to support our growth, leasehold improvements to our brand and factory house stores, and investment and improvements in information technology systems.

Our inventory strategy is focused on continuing to meet consumer demand while improving our inventory efficiency over the long term by putting systems and processes in place to improve our inventory management. These systems and processes are designed to improve our forecasting and supply planning capabilities. In addition to systems and

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processes, key areas of focus that we believe will enhance inventory performance are added discipline around the purchasing of product, production lead time reduction, and better planning and execution in selling of excess inventory through our factory house stores and other liquidation channels.

We believe our cash and cash equivalents on hand, cash from operations, our ability to access the debt capital markets and borrowings available to us under our credit agreement and other financing instruments are adequate to meet our liquidity needs and capital expenditure requirements for at least the next twelve months. As of March 31, 2017, we had $1.2 billion of remaining availability under our revolving credit facility. Although we believe we have adequate sources of liquidity over the long term, an economic recession or a slow recovery could adversely affect our business and liquidity. In addition, instability in or tightening of the capital markets could adversely affect our ability to obtain additional capital to grow our business on terms acceptable to us or at all.

Cash Flows

The following table presents the major components of net cash flows provided by and used in operating, investing and financing activities for the periods presented:

	Three Months Ended March 31,
(In thousands)	2017			2016
Net cash provided by (used in):
Operating activities	$	(33,562	)	$	(127,532	)
Investing activities	(91,790		)	(103,156		)
Financing activities	43,558			258,511
Effect of exchange rate changes on cash and cash equivalents	3,452			(674		)
Net increase (decrease) in cash and cash equivalents	$	(78,342	)	$	27,149

Operating Activities

Operating activities consist primarily of net income adjusted for certain non-cash items. Adjustments to net income for non-cash items include depreciation and amortization, unrealized foreign currency exchange rate gains and losses, losses on disposals of property and equipment, stock-based compensation, deferred income taxes and changes in reserves and allowances. In addition, operating cash flows include the effect of changes in operating assets and liabilities, principally inventories, accounts receivable, income taxes payable and receivable, prepaid expenses and other assets, accounts payable and accrued expenses.

Cash used in operating activities decreased$93.9 million to $33.6 million for the three months ended March 31, 2017 from $127.5 million during the same period in 2016. The decrease in cash used in operating activities was due to a decrease in net cash outflows from operating assets and liabilities of $154.5 million offset by a decrease in net income adjusted for non-cash items of $60.6 million. The decrease in cash outflows related to changes in operating assets and liabilities period over period was primarily driven by:

• an increase in the change in accounts receivable of $158.3 million in the current period compared to the prior period, primarily due to the timing of cash collections and a higher proportion of sales to our international customers with longer payment terms in the prior period; partially offset by

• a decrease in the change in accounts payable of $90.0 million in the current period compared to the prior period, primarily due to the timing of inventory payments.

Investing Activities

Cash used in investing activities decreased$11.4 million to $91.8 million for the three months ended March 31, 2017 from $103.2 million for the same period in 2016, primarily due to lower capital expenditures.

Capital expenditures for the full year 2017 are expected to be approximately $400 million, comprised primarily of investments in our offices around the world, distribution centers and retail stores.

Financing Activities

Cash provided by financing activities decreased$215.0 million to $43.6 million for the three months ended March 31, 2017 from $258.5 million for the same period in 2016. This decrease was primarily due to lower borrowings on our revolving credit facility.

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Capital Resources

Credit Facility

We are party to a credit agreement that provides revolving credit commitments for up to $1.25 billion of borrowings, as well as term loan commitments, in each case maturing in January 2021. As of March 31, 2017, there was $50.0 million outstanding under the revolving credit facility and $180.0 million of term loan borrowings outstanding.

At our request and the lender's consent, revolving and or term loan borrowings may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the credit agreement, as amended. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time we seek to incur such borrowings.

The borrowings under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. There were $3.6 million of letters of credit outstanding as of March 31, 2017.

The credit agreement contains negative covenants that, subject to significant exceptions, limit our ability to, among other things, incur additional indebtedness, make restricted payments, pledge our assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. We are also required to maintain a ratio of consolidated EBITDA, as defined in the credit agreement, to consolidated interest expense of not less than 3.50 to 1.00 and we are not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.00 ("consolidated leverage ratio"). As of March 31, 2017, we were in compliance with these ratios. In addition, the credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the credit agreement, will be considered an event of default under the credit agreement.

Borrowings under the credit agreement bear interest at a rate per annum equal to, at our option, either (a) an alternate base rate, or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made (“adjusted LIBOR”), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the “Pricing Grid”) based on the consolidated leverage ratio and ranges between 1.00% to 1.25%for adjusted LIBOR loans and 0.00% to 0.25% for alternate base rate loans. The weighted average interest rates under the outstanding term loans and revolving credit facility borrowings were 1.9% and 1.6% during the three months ended March 31, 2017 and 2016, respectively. We pay a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of March 31, 2017, the commitment fee was 15.0 basis points.

3.250% Senior Notes

In June 2016, we issued$600.0 million aggregate principal amount of 3.250% senior unsecured notes due June 15, 2026 (the “Notes”). The proceeds were used to pay down amounts outstanding under the revolving credit facility. Interest is payable semi-annually on June 15 and December 15 beginning December 15, 2016. Prior to March 15, 2026 (three months prior to the maturity date of the Notes), we may redeem some or all of the Notes at any time or from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or a “make-whole” amount applicable to such Notes as described in the indenture governing the Notes, plus accrued and unpaid interest to, but excluding, the redemption date. On or after March 15, 2026 (three months prior to the maturity date of the Notes), we may redeem some or all of the Notes at any time or from time to time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The indenture governing the Notes contains covenants, including limitations that restrict our ability and the ability of certain of our subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and our ability to consolidate, merge or transfer all or substantially all of our properties or assets to another person, in each case subject to material exceptions described in the indenture.

Other Long Term Debt

In December 2012, we entered into a $50.0 millionrecourse loan collateralized by the land, buildings and tenant improvements comprising our corporate headquarters. The loan has asevenyear term and maturity date ofDecember 2019. The loan bears interest at one month LIBOR plus a margin of1.50%, and allows for prepayment without penalty. The loan includes covenants and events of default substantially consistent with our credit agreement discussed above.

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The loan also requires prior approval of the lender for certain matters related to the property, including transfers of any interest in the property. As ofMarch 31, 2017, December 31, 2016and March 31, 2016, the outstanding balance on the loan was $41.5 million, $42.0 millionand $43.5 million, respectively. The weighted average interest rate on the loan was2.3% and 1.9% for the three months ended March 31, 2017 and 2016, respectively.

Interest expense, net was$7.8 million and $4.5 million for the three months ended March 31, 2017 and 2016, respectively. Interest expense includes the amortization of deferred financing costs, bank fees, capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities.

We monitor the financial health and stability of our lenders under the credit and other long term debt facilities, however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities.

Contractual Commitments and Contingencies

Other than the borrowings and repayments disclosed above in the "Capital Resources" section and changes which occur in the normal course of business, there were no significant changes to the contractual obligations reported in our 2016 Form 10-K as updated in our Form 10-Q for the quarter ended March 31, 2017.

Critical Accounting Policies and Estimates

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. To prepare these financial statements, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosures of contingent assets and liabilities. Actual results could be significantly different from these estimates. We believe the following addresses the critical accounting policies that are necessary to understand and evaluate our reported financial results.

Our significant accounting policies are described in Note 2 of the audited consolidated financial statements included in our 2016 Form 10-K. The SEC suggests companies provide additional disclosure on those accounting policies considered most critical. The SEC considers an accounting policy to be critical if it is important to our financial condition and results of operations and requires significant judgments and estimates on the part of management in its application. Our estimates are often based on complex judgments, probabilities and assumptions that management believes to be reasonable, but that are inherently uncertain and unpredictable. It is also possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. For a complete discussion of our critical accounting policies, see the “Critical Accounting Policies” section of the MD&A in our 2016 Form 10-K. There were no significant changes to our critical accounting policies during the three months ended March 31, 2017.

Recently Issued Accounting Standards

Refer to Note 2 to the notes to our financial statements included in this Form 10-Q for our assessment of recently issued accounting standards.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to our market risk since December 31, 2016. For a discussion of our exposure to market risk, refer to our Annual Report on Form 10-K for the year ended December 31, 2016.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls

There has been no change in our internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) during the most recent fiscal quarter that has materially affected, or that is reasonably likely to materially affect our internal control over financial reporting.

Global Operating and Financial Reporting System Implementation

We are in the process of implementing a global operating and financial reporting information technology system, SAP Fashion Management Solution ("FMS"), as part of a multi-year plan to integrate and upgrade our systems and processes, which began during 2015 and will continue in phases over the next several years. We plan to substantially complete the migration of our North America, EMEA and Connected Fitness operations to FMS during 2017, and are in the process of developing an implementation strategy and roll-out plan for our Asia-Pacific and Latin America operations.

As the phased implementation of this system occurs, we will experience certain changes to our processes and procedures which, in turn, result in changes to our internal control over financial reporting. While we expect FMS to strengthen our internal financial controls by automating certain manual processes and standardizing business processes and reporting across our organization, management will continue to evaluate and monitor our internal controls as each of the affected areas evolve. For a discussion of risks related to the implementation of new systems, see Item 1A - "Risk Factors - Risks Related to Our Business - Risks and uncertainties associated with the implementation of information systems may negatively impact our business" in our Annual Report on Form 10-K for the year ended December 31, 2016.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are involved in litigation and other proceedings, including matters related to commercial and intellectual property, as well as trade, regulatory and other claims related to our business. See Note 4 to our Consolidated Financial Statements for information on certain legal proceedings, which is incorporated by reference herein.

ITEM 1A. RISK FACTORS

The Risk Factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2016 have not materially changed.

ITEM 6. EXHIBITS

Exhibit No.
10.01	Under Armour, Inc. 2017 Non-Employee Director Compensation Plan.
31.01	Section 302 Chief Executive Officer Certification
31.02	Section 302 Chief Financial Officer Certification
32.01	Section 906 Chief Executive Officer Certification
32.02	Section 906 Chief Financial Officer Certification
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UNDER ARMOUR, INC.
By:	/s/ DAVID E. BERGMAN
	David E. Bergman
	Chief Financial Officer

Date: May 9, 2017

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EX-10.01

Exhibit 10.01

UNDER ARMOUR, INC.

2017 NON-EMPLOYEE DIRECTOR COMPENSATION PLAN

WHEREAS, Under Armour, Inc. (the “Company”) has utilized various arrangements pursuant to which Non-Employee Directors of the Company have been compensated for their services as a director of the Company;

WHEREAS, the Board of Directors of the Company (the “Board”) wishes to align director compensation more directly with the shareholder’s interest;

WHEREAS, the Board has now determined the terms and conditions of the Under Armour, Inc. 2017 Non-Employee Director Compensation Plan (the “Plan”) and wishes to formally establish the Plan;

NOW, THEREFORE, the Company through this instrument establishes the Under Armour, Inc. 2017 Non-Employee Director Compensation Plan, in accordance with the terms as set forth herein, which plan is an amendment and restatement of the 2015 Non-Employee Director Compensation Plan.

Section 1 Interpretation

1.1 Purposes

The purposes of the Plan are:

(a) to develop a mechanism to compensate Non-Employee Directors for their services to the Company; and

(b) to provide a financial incentive that will help the Company to attract and retain highly qualified individuals to serve as Non-Employee Directors of the Company.

1.2Definitions

Wherever used in the Plan, unless otherwise defined, the following terms shall have the meanings set forth below:

(a) “Affiliate” means a subsidiary, division or affiliate of the Company, as determined in accordance with Section 414(b), (c) or (m) of the Code.

(b) “Award Agreement” means an award agreement by and between a Non-Employee Director and the Company, entered into pursuant to the terms of the Omnibus Incentive Plan.

(c) “Audit Committee” means the Audit Committee of the Board of Directors.

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(d) “Board” or “Board of Directors” means those individuals who serve from time to time as the Board of Directors of the Company.

(e) “Change in Control” has the meaning given to it in the Omnibus Incentive Plan.

(f) “Code” means the United States Internal Revenue Code of 1986, as amended.

(g) “Committee” means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant to the provisions of the Plan, initially the Compensation Committee.

(h) “Committee Chair” means the individual who chairs a committee or a sub-committee of the Board to which the Board has delegated authority with respect to certain functions, including the Audit Committee, the Compensation Committee, Corporate Governance Committee and the Finance and Capital Planning Committee and any other committee or sub-committee established by the Board.

(i) “Compensation Committee” means the Compensation Committee of the Board of Directors.

(j) “Company” means Under Armour, Inc., a Maryland corporation, and any successor to all or substantially all of its assets or business.

(k)“Disability” has the meaning given to it in the Omnibus Incentive Plan.

(l) “Deferred Stock Unit” means an interest credited under the DSU Plan. Each DSU represents the Company’s obligation to issue one share of common stock in accordance with the terms of the DSU Plan.

(m) “DSU Plan” means the Under Armour, Inc. 2006 Non-Employee Directors Deferred Stock Unit Plan, as amended and restated from time to time.

(n) “Effective Date” of the Plan is January 1, 2017.

(o) “Finance and Capital Planning Committee” means the Finance and Capital Planning Committee of the Board of Directors.

(p) “Grant Date” means the date of an annual shareholder meeting; provided however, that with respect to an Initial Restricted Stock Unit Grant made to a Non-Employee Director in accordance with Section 4.1 below, “Grant Date” means the first day of the month coincident with or next following the date the Non-Employee Director commences Board service.

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(q) “Initial Restricted Stock Unit Grant” means an equity grant made under Section 4.1 of this Plan.

(r) “Lead Director” Independent Director appointed by the Board to act as liaison between Directors, CEO and other members of Management.

(s) “Corporate Governance Committee” means the Corporate Governance Committee of the Board of Directors.

(t) “Non-Employee Director” means a member of the Board of Directors who is not an employee of the Company or any Affiliate of the Company.

(u) “Omnibus Incentive Plan” means the Under Armour, Inc. 2005 Omnibus Long-Term Incentive Plan, as amended and restated from time to time.

(v) “Plan” means this Under Armour, Inc. 2017 Non-Employee Director Compensation Plan, as amended and restated from time to time.

(w) “Plan Year” means the twelve month period beginning on January 1 and ending on December 31 of each year.

(x) “RSU” means a restricted stock unit granted under the Omnibus Incentive Plan.

(y) “Quarter” means each Company fiscal calendar quarter, which begins on January 1, April 1, July 1, and October 1 of each year.

(z) “Separation from Service” or “Separate from Service” means a Non-Employee Director ceasing to be a member of the Board for any reason, determined in accordance with Code Section 409A and the guidance issued thereunder, including Proposed Treas. Reg. Section 1.409A-1(h) (or any successor rule or regulation thereto).

Section 2 Eligibility

Each Non-Employee Director shall be eligible to participate in the Plan on the date he or she is first appointed or nominated to the Board, in accordance with its terms.

Section 3 Compensation

3.1 Annual Retainer

(a) Subject to the other provisions of this Plan, each Non-Employee Director shall receive an annual retainer of Seventy-Five Thousand Dollars ($75,000) in installments of Eighteen Thousand Seven Hundred Fifty Dollars ($18,750) each Quarter, paid in arrears.

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(b) Non-Employee Directors who Separate from Service during a Quarter shall receive a pro-rata payment for that Quarter based on the number of days of service as a Board member in the Quarter.

(c) A Non-Employee Director may elect to defer all of the value of the Annual Retainer as DSUs under the DSU Plan, in accordance with its terms.

3.2 Annual Retainer for Lead Director

(a) The Lead Directors shall receive an annual retainer of Twenty Five Thousand Dollars ($25,000) in installments of Six Thousand Two Hundred Fifty Dollars ($6,250) each Quarter, paid in arrears.

(b) Lead Director may elect to defer all of the value of the Annual Retainer for Lead Director as DSUs under the DSU Plan, in accordance with its terms.

3.3 Expenses

Each Non-Employee Director shall be reimbursed for his or her reasonable expenses incurred for attending meetings and otherwise acting on the Company’s behalf. To the extent that any reimbursement under the Plan provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement in one calendar year may not affect the amount eligible for reimbursement in any other calendar year, (ii) the right to reimbursement is not subject to liquidation or exchange for another benefit, and (iii) any such reimbursement of an expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred

3.4 Committee Chairs

(a) In addition to fees otherwise paid hereunder, each Committee Chair shall be paid a Committee Chair annual retainer, as follows:

Committee Chair	Annual Retainer
Audit Committee	$15,000
Compensation Committee	$12,500
Corporate Governance Committee	$10,000
Finance and Capital Planning Committee	$10,000

(b) Whether the Committee Chair of an additional committee or sub-committee established by the Board is entitled to a Committee Chair annual retainer, and the

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amount of such retainer, if any, shall be determined by the Board, solely in its discretion.

(c) Committee Chair annual retainer fees shall be paid in equal Quarterly payments, in arrears, and subject to the rules set forth at Section 3.1 (b) above.

(d) A Non-Employee Director may elect to defer all of the value of the Committee Chair annual retainer as DSUs under the DSU Plan, in accordance with its terms.

Section 4 Equity Grants

4.1 Initial Restricted Stock Unit Grant

(a) On the Grant Date applicable to Initial Restricted Stock Unit Grants, each new Non-Employee Director shall be granted an RSU with an equivalent value as of the Grant Date of One Hundred Thousand Dollars ($100,000).

(b) RSUs will be granted under and pursuant to the terms of the Omnibus Incentive Plan and subject to the terms of an Award Agreement by and between each Non-Employee Director and the Company. Each RSU shall vest 1/3^rd annually while the Non-Employee Director continues to serve as a Board member, starting with the first anniversary of the Grant Date. Upon vesting, each RSU shall be settled in the form of a DSU, and shall be deferred in accordance with the terms of the DSU Plan. DSU interests shall be settled in the form of Company stock on the date that is six (6) months from the date the Board member incurs a Separation from Service and otherwise in accordance with Section 4 of the DSU Plan.

(c)    Non-Employee Directors who are Board Members on the Effective Date are not eligible for this RSU grant.

4.2 Annual Restricted Stock Unit Grant

Each Non-Employee Director who serves as a Board Member at the close of each annual shareholder meeting of the Company shall be awarded the number of RSUs equivalent in value as of the Grant Date to One Hundred Fifty Thousand Dollars ($150,000). Annual RSUs shall 100% vest on the date of the next shareholder meeting following the Grant Date, if the Non-Employee Director is a Board member at that time. Upon vesting, each RSU shall be immediately settled in the form of a DSU, and shall be deferred in accordance with the terms of the DSU Plan. DSU interests shall be settled in the form of Company stock on the date that is six (6) months from the date the Board member incurs a Separation from Service, and otherwise in accordance with Section 4 of the DSU Plan.

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4.3 Rules Applicable to Equity Grants

(a) The Board, in its discretion, shall determine whether and to what extent a grant under this Section 4.2 to a Non-Employee Director who begins service as a Board member other than at an annual shareholders meeting shall be prorated for the first year of Board service.

(b)    Notwithstanding anything contained herein to the contrary, all grants under this Section 4 shall 100% vest upon the death or Disability of a Non-Employee Director, or upon a Change in Control. Upon vesting pursuant to this Section 4.3(b), RSUs shall be settled in the form of shares of Company common stock (with fractional shares settled in cash), issued directly to the Non-Employee Director or his beneficiary, and shall not be settled as DSUs in the DSU Plan.

Section 5 General

5.1 Successors and Assigns

The Plan shall be binding on the Company and its successors and assigns and each Non-Employee Director and his or her heirs and legal representatives and on any receiver or trustee in bankruptcy or representative of creditors of the Company or Non-Employee Director, as the case may be.

5.2 Amendment or Termination of the Plan

The Board shall have the right and power at any time and from time to time to amend the Plan in whole or in part and at any time to terminate the Plan; provided, however, that an amendment to the Plan may be conditioned on the approval of the shareholders of the Company if and to the extent the Board determines that such approval is necessary or appropriate. No termination, amendment, or modification of the Plan shall adversely affect in any material way any award previously granted under the Plan, without the written consent of the affected Non-Employee Director.

5.3 Limitations on Rights of Non-Employee Directors

(a) Any and all of the rights of the Non-Employee Directors respecting payments under the Plan shall not be transferable or assignable other than by will or the laws of descent and distribution, nor shall they be pledged, encumbered or charged, and any attempt to do so shall be void.

(b) Any liability of the Company to any Non-Employee Director with respect to receipt of payment under this Plan shall be based solely upon contractual obligations created

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by the Plan. Neither the Committee nor the Board shall be liable for any actions taken in accordance with the terms of the Plan.

5.4 Compliance with Law

The obligations of the Company with respect to payments hereunder are subject to compliance with all applicable laws and regulations. In connection with the Plan, each Non-Employee Director shall comply with all applicable laws and regulations and shall furnish the Company with any and all information and undertakings as may be required to ensure compliance therewith.

5.5 Governing Law

The Plan shall be governed by and construed in accordance with the laws of Maryland. The Plan is also intended to comply with the requirements of section 409A of the Code, to the extent such section applies, and to the extent applicable, this Plan shall be interpreted in a manner consistent with that intent.

5.6 Administration

The Committee shall have complete discretionary authority and power to (i) construe, interpret and administer the Plan and any agreement or instrument entered into under the Plan, (ii) establish, amend and rescind any rules and regulations relating to the Plan, (iii) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan, including without limitation decisions regarding eligibility to participate and the amount and value of any payment, and (iv) delegate to other persons any duties and responsibilities relating to the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan in the manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable. No member of the Committee shall be liable for any action or determination made in good faith. Any decision of the Committee with respect to the administration and interpretation of the Plan shall be binding and conclusive for all purposes and on all persons, including the Company, all Non-Employee Directors and any other person claiming an entitlement or benefit through any Non-Employee Director. All expenses of administration of the Plan shall be borne by the Company.

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EX-31.01

Exhibit 31.01

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Kevin A. Plank, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Under Armour, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 9, 2017

/s/ KEVIN A. PLANK

Kevin A. Plank

Chairman of the Board of Directors and

Chief Executive Officer

EX-31.02

Exhibit 31.02

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David E. Bergman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Under Armour, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 9, 2017

/s/ DAVID E. BERGMAN

David E. Bergman

Chief Financial Officer

EX-32.01

Exhibit 32.01

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Under Armour, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:

(i) the quarterly report on Form 10-Q of the Company for the period ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 9, 2017

/s/ KEVIN A. PLANK

Kevin A. Plank

Chairman of the Board of Directors and

Chief Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Under Armour, Inc. and will be retained by Under Armour, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.02

Exhibit 32.02

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Under Armour, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:

(i) the quarterly report on Form 10-Q of the Company for the period ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 9, 2017

/s/ DAVID E. BERGMAN

David E. Bergman

Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Under Armour, Inc. and will be retained by Under Armour, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017	Dec. 31, 2016	Mar. 31, 2016
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	UA
Entity Registrant Name	UNDER ARMOUR, INC.
Entity Central Index Key	0001336917
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		184,671,024
Common Stock, Shares, Issued	183,814,911		181,629,641	180,115,884
Common Stock, Shares Authorized	400,000,000		400,000,000	400,000,000
Class B Convertible Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		34,450,000
Common Stock, Shares, Issued	34,450,000		34,450,000	35,700,000
Common Stock, Shares Authorized	34,450,000		34,450,000	35,700,000
Common Class C [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		221,197,453
Common Stock, Shares, Issued	220,174,048		216,079,641	215,815,884
Common Stock, Shares Authorized	400,000,000		400,000,000	400,000,000

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Assets
Cash and cash equivalents	$ 172,128	$ 250,470	$ 157,001
Accounts receivable, net	629,235	622,685	566,286
Inventories	901,613	917,491	834,287
Prepaid expenses and other current assets	203,052	174,507	211,209
Total current assets	1,906,028	1,965,153	1,768,783
Property and equipment, net	830,539	804,211	601,910
Goodwill	571,381	563,591	588,895
Intangible assets, net	61,986	64,310	73,217
Deferred income taxes	121,108	136,862	92,230
Other long term assets	86,118	110,204	93,089
Total assets	3,577,160	3,644,331	3,218,124
Liabilities and Stockholders' Equity
Line of Credit Facility, Amount Outstanding, Current	50,000	0	140,000
Accounts payable	294,857	409,679	184,243
Accrued expenses	217,310	208,750	224,076
Current maturities of long term debt	27,000	27,000	27,000
Other current liabilities	38,372	40,387	30,581
Total current liabilities	627,539	685,816	605,900
Long term debt, net of current maturities	784,052	790,388	217,525
Line of Credit Facility, Amount Outstanding, Long Term	0	0	550,000
Other long term liabilities	145,536	137,227	103,382
Total liabilities	1,557,127	1,613,431	1,476,807
Commitments and contingencies (see Note 4)
Stockholders' equity
Additional paid-in capital	835,681	823,484	702,972
Retained earnings	1,232,416	1,259,414	1,082,027
Accumulated other comprehensive income	(48,211)	(52,143)	(43,828)
Total stockholders' equity	2,020,033	2,030,900	1,741,317
Total liabilities and stockholders' equity	3,577,160	3,644,331	3,218,124
Class A Common Stock [Member]
Stockholders' equity
Common Stock	62	61	61
Class B Convertible Common Stock [Member]
Stockholders' equity
Common Stock	11	11	12
Common Class C [Member]
Stockholders' equity
Common Stock	$ 74	$ 73	$ 73

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Class A Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0003	$ 0.0003	$ 0.0003
Common Stock, Shares, Outstanding	183,814,911	181,629,641	180,115,884
Common Stock, Shares Authorized	400,000,000	400,000,000	400,000,000
Common Stock, Shares, Issued	183,814,911	181,629,641	180,115,884
Class B Convertible Common Stock [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0003	$ 0.0003	$ 0.0003
Common Stock, Shares, Outstanding	34,450,000	34,450,000	35,700,000
Common Stock, Shares Authorized	34,450,000	34,450,000	35,700,000
Common Stock, Shares, Issued	34,450,000	34,450,000	35,700,000
Common Class C [Member]
Common Stock, Par or Stated Value Per Share	$ 0.0003	$ 0.0003	$ 0.0003
Common Stock, Shares, Outstanding	220,174,048	216,079,641	215,815,884
Common Stock, Shares Authorized	400,000,000	400,000,000	400,000,000
Common Stock, Shares, Issued	220,174,048	216,079,641	215,815,884

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Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue, Net	$ 1,117,331	$ 1,047,702
Cost of goods sold	611,908	567,066
Gross profit	505,423	480,636
Selling, general and administrative expenses	497,887	445,753
Income from operations	7,536	34,883
Interest Income (Expense), Net	(7,820)	(4,532)
Other income (expense), net	2,570	2,702
Income before income taxes	2,286	33,053
Provision for income taxes	4,558	13,873
Net income	$ (2,272)	$ 19,180
Net income available per common share
Basic	$ (0.01)	$ 0.04
Diluted	$ (0.01)	$ 0.04
Weighted average common shares outstanding
Weighted Average Number of Shares Outstanding, Basic	439,360	433,626
Diluted	439,360	443,260

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ (2,272)	$ 19,180
Other comprehensive income:
Foreign currency translation adjustment	9,819	7,442
Unrealized gain on cash flow hedge, net of tax	(6,894)	(6,257)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1,007	0
Total other comprehensive income	3,932	1,185
Comprehensive income	$ 1,660	$ 20,365

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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ (2,399,000)	$ (2,767,000)

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ (2,272)	$ 19,180
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	41,013	32,021
Unrealized foreign currency exchange rate (gains) losses	(8,313)	(11,248)
Loss on disposal of property and equipment	556	384
Amortization of Debt Discount (Premium)	63	0
Stock-based compensation	12,082	14,403
Excess Tax Benefit from Share-based Compensation, Operating Activities	(1,258)	27,058
Deferred Income Taxes and Tax Credits	15,905	2,724
Changes in reserves and allowances	(21,187)	12,657
Changes in operating assets and liabilities:
Accounts receivable	21,261	(136,990)
Inventories	19,084	(45,958)
Prepaid expenses and other assets	(7,598)	(15,351)
Accounts payable	(90,982)	(976)
Accrued expenses and other liabilities	7,253	22,312
Income taxes payable and receivable	(19,169)	(47,748)
Net cash used in operating activities	(33,562)	(127,532)
Cash flows from investing activities
Purchase of property and equipment	(91,790)	(104,573)
Payments to Acquire Available-for-sale Securities	0	(19,997)
Proceeds from Sale of Available-for-sale Securities, Equity	0	21,414
Net cash used in investing activities	(91,790)	(103,156)
Cash flows from financing activities
Payment on Term Loan	200,000	415,000
Payments on long term debt	(156,750)	(145,500)
Excess tax benefits from stock-based compensation arrangements	(2,474)	(13,685)
Proceeds from exercise of stock options and other stock issuances	2,782	3,954
Payments of deferred financing costs	0	(1,258)
Net cash provided by financing activities	43,558	258,511
Effect of exchange rate changes on cash and cash equivalents	3,452	(674)
Net decrease in cash and cash equivalents	(78,342)	27,149
Cash and cash equivalents
Beginning of period	250,470	129,852
End of period	172,128	157,001
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ (25,567)	$ (13,814)

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Description of the Business

3 Months Ended

Mar. 31, 2017

Description of the Business

Description of the Business

Under Armour, Inc. is a developer, marketer and distributor of branded performance apparel, footwear and accessories. These products are sold worldwide and worn by athletes at all levels, from youth to professional on playing fields around the globe, as well as by consumers with active lifestyles. The Under Armour Connected Fitness^TM platform powers the world's largest digital health and fitness community. The Company uses this platform to engage its consumers and increase awareness and sales of its products.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Under Armour, Inc. and its wholly owned subsidiaries (the “Company”). Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated. The consolidated balance sheet as of December 31, 2016 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2016 (the “2016 Form 10-K”), which should be read in conjunction with these consolidated financial statements. The results for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or any other portions thereof.

On March 16, 2016, the Board of Directors approved the issuance of the Company’s new Class C non-voting common stock, referred to as the Class C stock. The Class C stock was issued through a stock dividend on a one-for-one basis to all existing holders of the Company's Class A and Class B common stock. The shares of Class C stock were distributed on April 7, 2016, to stockholders of record of Class A and Class B common stock as of March 28, 2016. Stockholders' equity and all references to share and per share amounts in the accompanying consolidated financial statements have been retroactively adjusted to reflect this one-for-one stock dividend.

On June 3, 2016, the Board of Directors approved the payment of a $59.0 million dividend to the holders of the Company's Class C stock in connection with shareholder litigation related to the creation of the Class C stock. The Company's Board of Directors approved the payment of this dividend in the form of additional shares of Class C stock, with cash in lieu of any fractional shares. This dividend was distributed on June 29, 2016, in the form of 1,470,256 shares of Class C stock and $2.9 million in cash.

Concentration of Credit Risk

Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable is due from large retailers. Credit is extended based on an evaluation of each customer’s financial condition and collateral is not required. The Company's largest customer accounted for 16.7%, 16.1% and 20.3% of accounts receivable as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively. For the three months ended March 31, 2017 no customer accounted for more than 10% of the Company's net revenues. For the three months ended March 31, 2016 the Company's largest customer accounted for 11% of net revenues.

Allowance for Doubtful Accounts

As of March 31, 2017, December 31, 2016 and March 31, 2016, the allowance for doubtful accounts was $12.4 million, $11.3 million and $11.9 million, respectively.

Shipping and Handling Costs

The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $24.7 million and $20.1 million for the three months ended March 31, 2017 and 2016, respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold.

Management Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Recently Issued Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, which supersedes the most current revenue recognition requirements. This ASU requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled to in exchange for those goods or services.  In 2016, the FASB issued ASUs 2016-08, 2016-10, 2016-11 and 2016-12, which provide supplemental adoption guidance and clarification to ASU 2014-09. These ASUs will be effective for annual and interim periods beginning after December 15, 2017 with early adoption for annual and interim periods beginning after December 15, 2016 permitted and should be applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company currently anticipates adopting the guidance in this new ASU effective January 1, 2018, and has not yet determined its adoption method. While the Company has made progress on its scoping review and assessment phase. it is still evaluating the impact this ASU will have on its financial statements and related disclosures. At this time the Company’s key areas of focus include wholesale customer support costs, direct-to-consumer incentive programs and presentation of reserves on the balance sheet.

In February 2016, the FASB issued ASU 2016-02, which amends the existing guidance for leases and will require recognition of operating leases with lease terms of more than twelve months and all financing leases on the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. This ASU will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities recorded in the financial statements. This ASU is effective for fiscal years beginning after December 15, 2018. The Company is currently evaluating this ASU to determine the impact of its adoption on its consolidated financial statements. The Company currently anticipates adopting the new standard effective January 1, 2019. The Company has formed a committee and initiated the review process for adoption of this ASU. While the Company is still in the process of completing its analysis on the complete impact this ASU will have on its consolidated financial statements and related disclosures, it expects the ASU to have a material impact on its consolidated balance sheet for recognition of lease-related assets and liabilities.

In January 2017, the FASB issued ASU 2017-04, which simplifies how an entity is required to test goodwill for impairment by eliminating step two of the test. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years with early adoption permitted for annual or goodwill impairment tests performed on testing dates January 1, 2017. The Company has not yet decided if it will early adopt the provisions in this ASU for its annual goodwill impairment test as of September 30, 2017.

Recently Adopted Accounting Standards

In March 2016, the FASB issued ASU 2016-09, which affects all entities that issue share-based payment awards to their employees. The amendments in this ASU cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures and the classification of those taxes paid on the statement of cash flows. The Company adopted the provisions of this ASU on January 1, 2017 on a prospective basis and recorded an excess tax deficiency of $1.3 million as an increase in income tax expense related to share-based compensation for vested awards. Additionally, the Company made a policy election under the provisions of this ASU to account for forfeitures when they occur rather than estimating the number of awards that are expected to vest. As a result of this election, the Company recorded a $1.9 million cumulative-effect benefit to retained earnings as of the date of adoption. The Company adopted the provisions of this ASU related to changes on the Consolidated Statement of Cash Flows on a retrospective basis. Excess tax benefits and deficiencies have been classified within cash flows from operating activities and employee taxes paid for shares withheld for income taxes have been classified within cash flows from financing activities on the Consolidated Statement of Cash Flows. This resulted in an increase of $27.1 million and a decrease of $13.7 million to the cash flows from operating activities and cash flows from financing activities sections of the Consolidated Statement of Cash Flows for the three months ended March 31, 2016, respectively.

In October 2016, the FASB issued ASU 2016-16, which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the provisions of this ASU on a modified retrospective basis on January 1, 2017 resulting in a cumulative-effect benefit to retained earnings of $26.0 million as of the date of adoption.

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Credit Facility and Long Term Debt

3 Months Ended

Mar. 31, 2017

Credit Facility and Long Term Debt

Long Term Debt

Credit Facility

The Company is party to a credit agreement that provides revolving credit commitments for up to $1.25 billion of borrowings, as well as term loan commitments, in each case maturing in January 2021. As of March 31, 2017, there was $50.0 million outstanding under the revolving credit facility and $180.0 million of term loan borrowings outstanding.

At the Company's request and the lender's consent, revolving and or term loan borrowings may be increased by up to $300.0 million in aggregate, subject to certain conditions as set forth in the credit agreement, as amended. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time the Company seeks to incur such borrowings.

The borrowings under the revolving credit facility have maturities of less than one year. Up to $50.0 million of the facility may be used for the issuance of letters of credit. There were $3.6 million of letters of credit outstanding as of March 31, 2017.

The credit agreement contains negative covenants that, subject to significant exceptions, limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, make restricted payments, pledge their assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. The Company is also required to maintain a ratio of consolidated EBITDA, as defined in the credit agreement, to consolidated interest expense of not less than 3.50to 1.00and is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than3.25to 1.00("consolidated leverage ratio"). As of March 31, 2017, the Company was in compliance with these ratios. In addition, the credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the credit agreement, will be considered an event of default under the credit agreement.

Borrowings under the credit agreement bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate, or (b) a rate based on the rates applicable for deposits in the interbank market for U.S. Dollars or the applicable currency in which the loans are made (“adjusted LIBOR”), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the “Pricing Grid”) based on the consolidated leverage ratio and ranges between 1.00% to1.25%for adjusted LIBOR loans and 0.00%to 0.25% for alternate base rate loans. The weighted average interest rates under the outstanding term loans and revolving credit facility borrowings were 1.9% and 1.6% during the three months ended March 31, 2017 and 2016, respectively. The Company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of March 31, 2017, the commitment fee was 15.0 basis points. Since inception, the Company incurred and deferred $3.9 million in financing costs in connection with the credit agreement.

3.250% Senior Notes

In June 2016, the Company issued$600.0 million aggregate principal amount of 3.250% senior unsecured notes due June 15, 2026 (the “Notes”). The proceeds were used to pay down amounts outstanding under the revolving credit facility. Interest is payable semi-annually on June 15 and December 15 beginning December 15, 2016. Prior to March 15, 2026 (three months prior to the maturity date of the Notes), the Company may redeem some or all of the Notes at any time or from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or a “make-whole” amount applicable to such Notes as described in the indenture governing the Notes, plus accrued and unpaid interest to, but excluding, the redemption date. On or after March 15, 2026 (three months prior to the maturity date of the Notes), the Company may redeem some or all of the Notes at any time or from time to time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

The indenture governing the Notes contains covenants, including limitations that restrict the Company’s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the Company’s ability to consolidate, merge or transfer all or substantially all of its properties or assets to another person, in each case subject to material exceptions described in the indenture. The Company incurred and deferred$5.3 millionin financing costs in connection with the Notes.

Other Long Term Debt

In December 2012, the Company entered into a$50.0 millionrecourse loan collateralized by the land, buildings and tenant improvements comprising the Company's corporate headquarters. The loan has asevenyear term and maturity date ofDecember 2019. The loan bears interest at one month LIBOR plus a margin of1.50%, and allows for prepayment without penalty. The loan includes covenants and events of default substantially consistent with the Company's credit agreement discussed above. The loan also requires prior approval of the lender for certain matters related to the property, including transfers of any interest in the property.As of March 31, 2017, December 31, 2016 and March 31, 2016, the outstanding balance on the loan was$41.5 million, $42.0 millionand$43.5 million, respectively.The weighted average interest rate on the loan was2.3% and 1.9% for the three months ended March 31, 2017 and 2016, respectively.

Interest expense, net was$7.8 million and $4.5 millionfor the three months ended March 31, 2017 and 2016, respectively. Interest expense includes the amortization of deferred financing costs, bank fees, capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities.

The Company monitors the financial health and stability of its lenders under the credit and other long term debt facilities, however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies

Commitments and Contingencies

There were no significant changes to the contractual obligations reported in the 2016 Form 10-K other than those which occur in the normal course of business.

In connection with various contracts and agreements, the Company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items. Generally, such indemnification obligations do not apply in situations in which the counterparties are grossly negligent, engage in willful misconduct, or act in bad faith. Based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations.

From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial and intellectual property disputes, as well as trade, regulatory and other claims related to its business. Other than as described below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business, and that the ultimate resolution of any such proceedings will not have a material adverse effect on its consolidated financial position, results of operations or cash flows.

In early 2017, three shareholders filed separate securities cases in the United States District Court for the District of Maryland (the “Court”) against the Company, the Company’s Chief Executive Officer and the Company’s former Chief Financial Officer, the first of which was filed on February 10, 2017.  Each of the complaints alleged violations of Section 10(b) (and Rule 10b-5) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 20(a) control person liability under the Exchange Act against the officers named in the complaints. In general, the allegations in each case concern disclosures and statements made by defendants regarding the Company’s expected revenue growth during the purported class periods. Two of these cases allege class periods between April 21, 2016 and January 20, 2017, inclusive, and one case alleges a class period between July 24, 2014 and January 30, 2017, inclusive.  On March 23, 2017, all three cases were consolidated under the caption In re Under Armour Securities Litigation, Case No. 17-cv-00388-RDB (the “Consolidated Action”). On April 26, 2017, the Court issued an order appointing Aberdeen City Counsel as Administrating Authority for the North East Scotland Pension Fund (“NESFP”) as lead plaintiff for the putative class in the Consolidated Action; because the remaining lead plaintiff applicants did not oppose the appointment of NESFP, no appeal from that order is expected. The Company believes that the claims asserted in the Consolidated Action are without merit and intends to defend the lawsuit vigorously. However, because of the inherent uncertainty as to the outcome of this proceeding, the Company is unable at this time to estimate the possible impact of the outcome of this matter.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows:

Level 1:	Observable inputs such as quoted prices in active markets;
Level 2:	Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
Level 3:	Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Financial assets and (liabilities) measured at fair value are set forth in the table below:

	March 31, 2017							December 31, 2016							March 31, 2016
(In thousands)	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Available-for-sale securities	$	—	$	—		$	—	$	—	$	—		$	—	$	5,109	$	—		$	—
Derivative foreign currency contracts (see Note 7)	—		5,801			—		—		15,238			—		—		(1,122		)	—
Interest rate swap contracts (see Note 7)	—		162			—		—		(420		)	—		—		(4,282		)	—
TOLI policies held by the Rabbi Trust	—		5,106			—		—		4,880			—		—		4,568			—
Deferred Compensation Plan obligations	—		(8,152		)	—		—		(7,023		)	—		—		(6,084		)	—

Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The Company purchases marketable securities that are designated as available-for-sale. The foreign currency contracts represent gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts’ settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate. The interest rate swap contracts represent gains and losses on the derivative contracts, which is the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates. The fair value of the trust owned life insurance (“TOLI”) policies held by the Rabbi Trust is based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Under Armour, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”), which represent the underlying liabilities to participants in the Deferred Compensation Plan. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants’ selected investments.

As of March 31, 2017, the fair value of the Company's Senior Notes is $548.2 million. The carrying value of the Company's other long term debt approximated its fair value as of March 31, 2017 and 2016. The fair value of long-term debt is estimated based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2).

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Stock-Based Compensation

Stock-Based Compensation

During the three months ended March 31, 2017, 3.1 million time-based restricted stock units, 0.2 million time-based options, 1.3 million performance-based restricted stock units and 0.5 million performance-based options for shares of our Class C common stock were awarded to certain officers and key employees under the Company's Second Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as amended. The time-based restricted stock units and options have weighted average grant date fair values of $19.04 and $8.17, respectively, and vest in four equal annual installments. The performance-based restricted stock units and options have weighted average grant date fair values of $19.04 and $8.17, respectively, and have vesting conditions tied to the achievement of certain combined annual revenue and operating income targets for 2017 and 2018. Upon the achievement of the targets, one half of the restricted stock units and options will vest each in February 2019 and February 2020. If certain lower levels of combined annual revenue and operating income for 2017 and 2018 are achieved, fewer or no restricted stock units or options will vest and the remaining restricted stock units and options will be forfeited. The Company deemed the achievement of certain operating income targets for 2017 and 2018 probable during the three months ended March 31, 2017. The Company assesses the probability of the achievement of the remaining operating income targets at the end of each reporting period. If it becomes probable that any remaining performance targets related to these performance-based restricted stock units and options will be achieved, a cumulative adjustment will be recorded as if ratable stock-based compensation expense had been recorded since the grant date. Additional stock based compensation of up to $0.8 million would have been recorded during the three months ended March 31, 2017, for these performance-based restricted stock units and options had the achievement of the remaining revenue and operating income targets been deemed probable.

During 2016, the Company granted performance-based restricted stock units and options with vesting conditions tied to the achievement of certain combined annual operating income targets for 2016 and 2017. As of March 31, 2017, the Company deems the achievement of these operating income targets improbable. As such, no expense for these awards has been recorded.

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Risk Management and Derivatives

3 Months Ended

Mar. 31, 2017

Foreign Currency Risk Management and Derivatives

Risk Management and Derivatives

Foreign Currency Risk Management

The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are primarily driven by intercompany transactions and inventory purchases denominated in currencies other than the functional currency of the purchasing entity. From time to time, the Company may elect to enter into foreign currency contracts to reduce the risk associated with foreign currency exchange rate fluctuations on intercompany transactions and projected inventory purchases for its international subsidiaries.

As of March 31, 2017, the aggregate notional value of the Company's outstanding foreign currency contracts was $890.1 million, which was comprised of Canadian Dollar/U.S. Dollar, Euro/U.S. Dollar, Yen/Euro, Mexican Peso/Euro and Pound Sterling/Euro currency pairs with contract maturities ranging from one to fourteen months. A portion of the Company's foreign currency contracts are not designated as cash flow hedges, and accordingly, changes in their fair value are recorded in earnings. The Company also enters into foreign currency contracts designated as cash flow hedges. For foreign currency contracts designated as cash flow hedges, changes in fair value, excluding any ineffective portion, are recorded in other comprehensive income until net income is affected by the variability in cash flows of the hedged transaction. The effective portion is generally released to net income after the maturity of the related derivative and is classified in the same manner as the underlying exposure. During the three months ended March 31, 2017 and 2016, the Company reclassified $0.8 million and $0.9 million from other comprehensive income to cost of goods sold related to foreign currency contracts designated as cash flow hedges, respectively. The fair values of the Company's foreign currency contracts were assets of $5.8 million and $15.2 million as of March 31, 2017 and December 31, 2016, respectively, and were included in prepaid expenses and other current assets on the consolidated balance sheet. The fair values of the Company's foreign currency contracts were liabilities of $1.1 million as of March 31, 2016, and were included in accrued expenses on the consolidated balance sheet. Refer to Note 5 for a discussion of the fair value measurements. Included in other income, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency contracts:

	Three Months Ended March 31,
(In thousands)	2017			2016
Unrealized foreign currency exchange rate gains	$	8,313		$	11,248
Realized foreign currency exchange rate gains (losses)	(272		)	597
Unrealized derivative gains (losses)	(704		)	211
Realized derivative losses	(6,366		)	(9,986		)

Interest Rate Risk Management

In order to maintain liquidity and fund business operations, the Company enters into long term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. The Company utilizes interest rate swap contracts to convert a portion of variable rate debt to fixed rate debt. The contracts pay fixed and receive variable rates of interest. The interest rate swap contracts are accounted for as cash flow hedges and accordingly, the effective portion of the changes in their fair value are recorded in other comprehensive income and reclassified into interest expense over the life of the underlying debt obligation. Refer to Note 3 for a discussion of long term debt.

As of March 31, 2017, the notional value of the Company's outstanding interest rate swap contracts was $148.8 million. During the three months ended March 31, 2017 and 2016, the Company recorded a $0.3 million and $0.5 million increase in interest expense, respectively, representing the effective portion of the contract reclassified from accumulated other comprehensive income. The fair values of the interest rate swap contracts were assets of $0.2 million as of March 31, 2017, and were included in other long term assets on the consolidated balance sheet. The fair values of the interest rate swap contracts were liabilities of $4.3 million as of March 31, 2016, and were included in other long term liabilities on the consolidated balance sheet.

The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal.

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Provision for Income Taxes

3 Months Ended

Mar. 31, 2017

Provision for Income Taxes

Provision for Income Taxes

The effective rates for income taxes were 199.5% and 42.0% for the three months ended March 31, 2017 and 2016, respectively. The effective tax rate for the three months ended March 31, 2017 was higher than the effective tax rate for the three months ended March 31, 2016 primarily due to the impact of discrete items as a percentage of income before taxes in each respective period. The discrete items include reserves in certain international markets, and during the three months ended March 31, 2017, permanent differences resulting from the Company's required adoption of ASU 2016-09.

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Earnings per Share

3 Months Ended

Mar. 31, 2017

Earnings per Share

Earnings per Share

The following represents a reconciliation from basic earnings per share to diluted earnings per share:

	Three Months Ended March 31,
(In thousands, except per share amounts)	2017			2016
Numerator
Net income (loss)	$	(2,272	)	$	19,180
Denominator
Weighted average common shares outstanding Class A, B, and C	439,360			433,626
Effect of dilutive securities Class A , B and C	—			9,634
Weighted average common shares and dilutive securities outstanding Class A, B and C	439,360			443,260
Basic earnings per share Class A, B and C	$	(0.01	)	$	0.04
Dilutive earnings per share Class A, B and C	$	(0.01	)	$	0.04

Effects of potentially dilutive securities are presented only in periods in which they are dilutive. Due to the Company being in a net loss position for the three months ended March 31, 2017, there were no warrants, stock options or restricted stock units included in the computation of diluted earnings per share, as their effect would have been anti-dilutive. Warrants, stock options and restricted stock units representing 0.3 million shares of Class A common stock and 0.3 million shares of Class C common stock outstanding for the three months ended March 31, 2016, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

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Segment Data and Related Information

3 Months Ended

Mar. 31, 2017

Segment Data and Related Information

Segment Data and Related Information

The Company’s operating segments are based on how the Chief Operating Decision Maker (“CODM”) makes decisions about allocating resources and assessing performance. As such, the CODM receives discrete financial information for the Company's principal business by geographic region based on the Company’s strategy to become a global brand. These geographic regions include North America, Latin America, Europe, the Middle East and Africa (“EMEA”), and Asia-Pacific. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories. The CODM also receives discrete financial information for the Company's Connected Fitness business.

The net revenues and operating income (loss) associated with the Company's segments are summarized in the following tables. Net revenues represent sales to external customers for each segment. Intercompany balances were eliminated for separate disclosure. The majority of corporate service costs within North America have not been allocated to the Company's other segments. As the Company continues to grow its business outside of North America, a larger portion of its corporate overhead costs have begun to support global functions. Due to the individual materiality of our Asia-Pacific segment, the Company has separately presented its Asia-Pacific, EMEA and Latin America segments, and will no longer combine these segments for presentation purposes. Net revenues and operating income by segment presented for prior periods have been conformed to the current presentation. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM.

	Three Months Ended March 31,
(In thousands)	2017		2016
Net revenues
North America	$	871,271	$	880,595
EMEA	102,855		66,267
Asia-Pacific	85,818		53,622
Latin America	38,454		29,467
Connected Fitness	18,933		18,501
Intersegment eliminations	—		(750		)
Total net revenues	$	1,117,331	$	1,047,702

	Three Months Ended March 31,
(In thousands)	2017			2016
Operating income (loss)
North America	$	3,714		$	40,095
EMEA	1,629			2,921
Asia-Pacific	19,628			17,335
Latin America	(7,859		)	(9,007		)
Connected Fitness	(9,576		)	(16,461		)
Total operating income	7,536			34,883
Interest expense, net	(7,820		)	(4,532		)
Other income, net	2,570			2,702
Income before income taxes	$	2,286		$	33,053

Net revenues by product category are as follows:

	Three Months Ended March 31,
(In thousands)	2017		2016
Apparel	$	715,437	$	666,571
Footwear	269,659		264,246
Accessories	89,097		79,701
Total net sales	1,074,193		1,010,518
License revenues	24,205		19,433
Connected Fitness	18,933		18,501
Intersegment eliminations	—		(750		)
Total net revenues	$	1,117,331	$	1,047,702

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company’s accounts receivable is due from large retailers. Credit is extended based on an evaluation of each customer’s financial condition and collateral is not required. The Company's largest customer accounted for 16.7%, 16.1% and 20.3% of accounts receivable as of March 31, 2017, December 31, 2016 and March 31, 2016, respectively. For the three months ended March 31, 2017 no customer accounted for more than 10% of the Company's net revenues.

Allowance For Doubtful Accounts

Allowance for Doubtful Accounts

As of March 31, 2017, December 31, 2016 and March 31, 2016, the allowance for doubtful accounts was $12.4 million, $11.3 million and $11.9 million, respectively.

Shipping and Handling Costs

Shipping and Handling Costs

The Company charges certain customers shipping and handling fees. These fees are recorded in net revenues. The Company includes the majority of outbound handling costs as a component of selling, general and administrative expenses. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate the Company’s distribution facilities. These costs, included within selling, general and administrative expenses, were $24.7 million and $20.1 million for the three months ended March 31, 2017 and 2016, respectively. The Company includes outbound freight costs associated with shipping goods to customers as a component of cost of goods sold.

Management Estimates

Management Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Financial Assets And (Liabilities) Measured At Fair Value

Financial assets and (liabilities) measured at fair value are set forth in the table below:

	March 31, 2017							December 31, 2016							March 31, 2016
(In thousands)	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Available-for-sale securities	$	—	$	—		$	—	$	—	$	—		$	—	$	5,109	$	—		$	—
Derivative foreign currency contracts (see Note 7)	—		5,801			—		—		15,238			—		—		(1,122		)	—
Interest rate swap contracts (see Note 7)	—		162			—		—		(420		)	—		—		(4,282		)	—
TOLI policies held by the Rabbi Trust	—		5,106			—		—		4,880			—		—		4,568			—
Deferred Compensation Plan obligations	—		(8,152		)	—		—		(7,023		)	—		—		(6,084		)	—

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Risk Management and Derivatives (Tables)

3 Months Ended

Mar. 31, 2017

Changes in Foreign Currency Exchange Rates and Derivative Foreign Currency Forward Contracts

Included in other income, net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency contracts:

	Three Months Ended March 31,
(In thousands)	2017			2016
Unrealized foreign currency exchange rate gains	$	8,313		$	11,248
Realized foreign currency exchange rate gains (losses)	(272		)	597
Unrealized derivative gains (losses)	(704		)	211
Realized derivative losses	(6,366		)	(9,986		)

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Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Reconciliation of Basic Earnings per Share to Diluted Earnings per Share

The following represents a reconciliation from basic earnings per share to diluted earnings per share:

	Three Months Ended March 31,
(In thousands, except per share amounts)	2017			2016
Numerator
Net income (loss)	$	(2,272	)	$	19,180
Denominator
Weighted average common shares outstanding Class A, B, and C	439,360			433,626
Effect of dilutive securities Class A , B and C	—			9,634
Weighted average common shares and dilutive securities outstanding Class A, B and C	439,360			443,260
Basic earnings per share Class A, B and C	$	(0.01	)	$	0.04
Dilutive earnings per share Class A, B and C	$	(0.01	)	$	0.04

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Segment Data and Related Information (Tables)

3 Months Ended

Mar. 31, 2017

Reconciliation of Revenue from Segments to Consolidated

	Three Months Ended March 31,
(In thousands)	2017		2016
Net revenues
North America	$	871,271	$	880,595
EMEA	102,855		66,267
Asia-Pacific	85,818		53,622
Latin America	38,454		29,467
Connected Fitness	18,933		18,501
Intersegment eliminations	—		(750		)
Total net revenues	$	1,117,331	$	1,047,702

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

	Three Months Ended March 31,
(In thousands)	2017			2016
Operating income (loss)
North America	$	3,714		$	40,095
EMEA	1,629			2,921
Asia-Pacific	19,628			17,335
Latin America	(7,859		)	(9,007		)
Connected Fitness	(9,576		)	(16,461		)
Total operating income	7,536			34,883
Interest expense, net	(7,820		)	(4,532		)
Other income, net	2,570			2,702
Income before income taxes	$	2,286		$	33,053

Net Revenues by Product Category

Net revenues by product category are as follows:

	Three Months Ended March 31,
(In thousands)	2017		2016
Apparel	$	715,437	$	666,571
Footwear	269,659		264,246
Accessories	89,097		79,701
Total net sales	1,074,193		1,010,518
License revenues	24,205		19,433
Connected Fitness	18,933		18,501
Intersegment eliminations	—		(750		)
Total net revenues	$	1,117,331	$	1,047,702

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Summary Of Significant Accounting Policies (Schedule Of Customers That Accounted For A Large Portion Of Net Revenues And Accounts Receivable) (Detail)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Customer A [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Credit Risk, Percentage	16.70%	16.10%	20.30%

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Summary Of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Dividends		$ 59,000
Dividends Paid, Cash		$ 2,900
Allowance for doubtful accounts receivable	$ 12,400		$ 11,900	$ 11,300
Shipping and handling costs	24,700		20,100
Payments to Acquire Available-for-sale Securities	0		19,997
Proceeds from Sale of Available-for-sale Securities, Equity	$ 0		$ 21,414
Common Class C [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock Dividends, Shares		1,470,256
Accounts Receivable [Member] | Customer A [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Credit Risk, Percentage	16.70%		20.30%	16.10%
Sales Revenue, Net [Member] | Customer A [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage			11.00%
Senior Notes [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross		$ 5,300
Revolving Credit Facility [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross	$ 3,900
Debt Instrument, Unused Borrowing Capacity, Amount	300,000
Line of Credit Facility, Maximum Borrowing Capacity	1,250,000
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member]
Summary Of Significant Accounting Policies [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	1,300
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	1,900
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member]
Summary Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 26,000
Operating Activities [Member] | Accounting Standards Update 2016-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			$ 27,100
Financing Activities [Member] | Accounting Standards Update 2016-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets			$ 13,700

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Credit Facility And Long Term Debt (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2012	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2012	Dec. 31, 2016
Debt Disclosure [Line Items]
Long term debt, net of current maturities		$ 784,052		$ 217,525		$ 790,388
Letters of Credit Outstanding, Amount		$ 3,600
Commitment fee as percentage of the committed line amount less outstanding borrowings and letters of credit		15.00%
Senior Notes			$ 600,000
Line of Credit Facility, Amount Outstanding, Current		$ 50,000		140,000		0
Repayments of Long-term Debt		156,750		145,500
Interest Income (Expense), Net		$ (7,820)		$ (4,532)
LIBOR Rate [Member]
Debt Disclosure [Line Items]
Interest rate margin, minimum		1.00%
Interest rate margin, maximum		1.25%
Prime Rate [Member]
Debt Disclosure [Line Items]
Interest rate margin, minimum		0.00%
Interest rate margin, maximum		0.25%
Letter of Credit [Member]
Debt Disclosure [Line Items]
Credit facility maximum borrowing capacity		$ 50,000
Debt [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Covenant Terms		3.25
EBITDA [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Covenant Terms		1.00
EBITDA [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Covenant Terms		3.50
Interest Expense [Member]
Debt Disclosure [Line Items]
Line of Credit Facility, Covenant Terms		1.00
Senior Notes [Member]
Debt Disclosure [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Gross			$ 5,300
Debt Instrument, Interest Rate, Stated Percentage			3.25%
Debt Instrument, Maturity Date			Jun. 15, 2026
Term Loan Facility [Member]
Debt Disclosure [Line Items]
Weighted Average Interest Rate		1.90%		1.60%
Long term debt agreements principal outstanding		$ 180,000
Revolving Credit Facility [Member]
Debt Disclosure [Line Items]
Credit facility maximum borrowing capacity		1,250,000
Debt Issuance Costs, Line of Credit Arrangements, Gross		3,900
Debt Instrument, Unused Borrowing Capacity, Amount		300,000
Secured Debt [Member]
Debt Disclosure [Line Items]
Debt Facility Term Period	7 years
Debt Instrument, Maturity Date	Dec. 01, 2019
Secured Debt	$ 50,000	$ 41,500		$ 43,500	$ 50,000	$ 42,000
Secured Debt [Member] | LIBOR Rate [Member]
Debt Disclosure [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.50%

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Fair Value Measurements (Financial Assets And (Liabilities) Measured At Fair Value) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 0	$ 5,109	$ 0
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0	0
TOLI policies held by the Rabbi Trust	0	0	0
Deferred Compensation Plan obligations	0	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0	0
Foreign Currency Contract, Asset, Fair Value Disclosure	5,801	1,122	15,238
TOLI policies held by the Rabbi Trust	5,106	4,568	4,880
Deferred Compensation Plan obligations	(8,152)	(6,084)	(7,023)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0	0
Foreign Currency Contract, Asset, Fair Value Disclosure	0	0	0
TOLI policies held by the Rabbi Trust	0	0	0
Deferred Compensation Plan obligations	0	0	0
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income, Net	300	500
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Derivatives, at Fair Value, Net	0	0	0
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Derivatives, at Fair Value, Net	162	(4,282)	(420)
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest Rate Derivatives, at Fair Value, Net	$ 0	$ 0	$ 0

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Fair Value Measurements (Narrative) (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	$ 548,200,000.0
Fair Value, Inputs, Level 1 [Member]
Debt Instrument [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 0	$ 0	$ 0

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Stock-Based Compensation (Detail) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares Rate shares
Time-Based Restricted Stock Units Granted in 2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3.1
Time-Based Options Granted in 2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0.2
Performance-Based Restricted Stock Units Granted in 2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1.3
Share-based Compensation Arrangement by Share-based Payment Award, Annual Vesting Percentage | Rate	50.00%
Performance-Based Options Granted in 2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Annual Vesting Percentage | Rate	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0.5
Performance-Based Restricted Stock Units Granted in 2015 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 19.04
Performance-Based Options Granted in 2015 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 8.17
Performance-Based Awards Granted in 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock-based compensation that would have been recorded if operating income targets had been deemed probable | $	$ 0.8

XML

Risk Management And Derivatives (Narrative) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivative [Line Items]
Maturity of foreign currency forward contract	14 months
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ (800)	$ (900)
Notional Amount of Interest Rate Derivatives	$ 890,100
Derivative, Lower Remaining Maturity Range	1 month
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	$ 148,800
Derivative Instruments, Gain (Loss) Recognized in Income, Net	300	500
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	(5,801)	(1,122)	$ (15,238)
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest Rate Derivatives, at Fair Value, Net	$ 162	$ (4,282)	$ (420)

XML

Risk Management And Derivatives (Changes In Foreign Currency Exchange Rates And Derivative Foreign Currency Forward Contracts) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Foreign Currency Exchange Gain Loss [Line Items]
Maturity of foreign currency forward contract	14 months
Unrealized foreign currency exchange rate gains (losses)	$ 8,313	$ 11,248
Realized foreign currency exchange rate gains (losses)	(272)	597
Unrealized derivative gains (losses)	(704)	211
Realized derivative gains (losses)	(6,366)	(9,986)
Fair Value, Inputs, Level 2 [Member]
Foreign Currency Exchange Gain Loss [Line Items]
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 5,801	$ 1,122	$ 15,238

XML

Provision For Income Taxes (Detail)	3 Months Ended
	Mar. 31, 2017 Rate	Mar. 31, 2016 Rate
Provision For Income Taxes [Line Items]
Effective tax rate	199.46499%	41.97198%

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Earnings Per Share (Schedule Of Reconciliation Of Basic Earnings Per Share To Diluted Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ (2,272)		$ 19,180
Dividends		$ 59,000
Weighted Average Number of Shares Outstanding, Basic	439,360		433,626
Effect of dilutive securities	0		9,634
Weighted Average Number of Shares Outstanding, Diluted	439,360		443,260
Earnings Per Share, Basic	$ (0.01)		$ 0.04
Earnings Per Share, Diluted	$ (0.01)		$ 0.04

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Earnings Per Share (Narrative) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss) Attributable to Parent	$ (2,272)		$ 19,180
Dividends		$ 59,000
Weighted Average Number of Shares Outstanding, Basic	439,360		433,626
Weighted Average Number Diluted Shares Outstanding Adjustment	0		9,634
Weighted Average Number of Shares Outstanding, Diluted	439,360		443,260
Earnings Per Share, Basic	$ (0.01)		$ 0.04
Earnings Per Share, Diluted	$ (0.01)		$ 0.04
Class A Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the computation of diluted earnings per share			300
Common Class C [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the computation of diluted earnings per share	300

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Segment Data And Related Information (Geographic Distribution Of The Company's Net Revenues And Operating Income) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net revenues	$ 1,074,193	$ 1,010,518
Revenue, Net	1,117,331	1,047,702
Total operating income	7,536	34,883
Interest Income (Expense), Net	(7,820)	(4,532)
Other income (expense), net	2,570	2,702
Income before income taxes	2,286	33,053
North America [Member]
Segment Reporting Information [Line Items]
Net revenues	871,271	880,595
Total operating income	3,714	40,095
EMEA [Member]
Segment Reporting Information [Line Items]
Net revenues	102,855	66,267
Total operating income	1,629	2,921
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Net revenues	85,818	53,622
Total operating income	19,628	17,335
Latin America [Member]
Segment Reporting Information [Line Items]
Net revenues	38,454	29,467
Total operating income	(7,859)	(9,007)
Connected Fitness [Member]
Segment Reporting Information [Line Items]
Net revenues	18,933	18,501
Revenue, Net	18,933	18,501
Total operating income	(9,576)	(16,461)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net revenues	0	(750)
Revenue, Net	$ 0	$ (750)

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Segment Data And Related Information (Net Revenues By Product Category) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Operating Income (Loss)	$ 7,536	$ 34,883
Revenue, Net	1,117,331	1,047,702
License revenues	24,205	19,433
Net revenues	1,074,193	1,010,518
Interest Income (Expense), Net	(7,820)	(4,532)
Other Nonoperating Income (Expense)	2,570	2,702
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	2,286	33,053
Apparel [Member]
Segment Reporting Information [Line Items]
Revenue, Net	715,437	666,571
Footwear [Member]
Segment Reporting Information [Line Items]
Revenue, Net	269,659	264,246
Accessories [Member]
Segment Reporting Information [Line Items]
Revenue, Net	89,097	79,701
North America [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	3,714	40,095
Net revenues	871,271	880,595
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue, Net	0	(750)
Net revenues	0	(750)
Connected Fitness [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(9,576)	(16,461)
Revenue, Net	18,933	18,501
Net revenues	18,933	18,501
EMEA [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	1,629	2,921
Net revenues	102,855	66,267
Asia Pacific [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	19,628	17,335
Net revenues	85,818	53,622
Latin America [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(7,859)	(9,007)
Net revenues	$ 38,454	$ 29,467