Revolving Credit Facilities

12 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Revolving Credit Facilities

Revolving Credit Facilities

Primary Credit Facility. In December 2022, the Company refinanced in full and terminated its prior credit

agreement originally entered into in September 2018. The refinanced revolving credit facility agreement is with

Citibank, N.A. (Citibank), as administrative agent, Comerica Bank, as sole syndication agent, which was assumed

by Fifth Third bank, as successor by merger with Comerica Bank and the lenders party thereto (Credit Agreement).

The Credit Agreement provides for a five-year, $400,000 unsecured revolving credit facility (Primary Credit Facility),

contains a $25,000 sublimit for the issuance of letters of credit, and matures on December 19, 2027, subject to

extension on early termination as described in the Credit Agreement.

In addition to allowing borrowings in US dollars, the Primary Credit Facility provides a $175,000 sublimit for

borrowings in Euros, Sterling, Canadian dollars, and any other foreign currency that is subsequently approved by

Citibank, each lender, and each bank issuing letters of credit. Subject to customary conditions, the Company has

the option to increase the maximum principal amount available up to an additional $300,000, resulting in a

maximum available principal amount of $700,000. However, none of the lenders have committed at this time to

provide any such increase in the commitment.

The obligations of the Company and each other borrower under the Primary Credit Facility are guaranteed by the

Company’s existing and future wholly owned domestic subsidiaries that meet certain materiality thresholds, subject

to limited exceptions. All obligations under the Primary Credit Facility and the foregoing guaranty are unsecured,

and amounts borrowed may be prepaid at any time without a premium or penalty, subject to limited exceptions.

Certain of the Company’s international subsidiaries may also borrow under the Primary Credit Facility, which permits

the Company, subject to customary conditions, to designate one or more additional subsidiaries organized in

international jurisdictions to borrow. The Company is liable for the obligations of each international borrower, but the

obligations of the international borrowers are several (not joint) in nature.

Interest Rate Terms. At the Company’s election, revolving loans issued under the Primary Credit Facility will bear

interest at the adjusted term SOFR, the adjusted Euro InterBank Offered Rate (EURIBOR), the Sterling Overnight

Index Average (SONIA), the Canadian Dollar Offered Rate (CDOR), or the adjusted Alternate Base Rate (ABR), in

each case plus the applicable interest rate margin.

Interest for borrowings in US dollars will fluctuate between SOFR, plus 1.00% and 0.10% based on the Company’s

total net leverage ratio, and ABR, plus 0% per annum. The applicable interest rate margin is based on a pricing grid

based on the Company’s total net leverage ratio and ranges from 1.00% to 1.625% per annum in the case of loans

based on the SOFR, EURIBOR, SONIA, or CDOR, and from 0.00% to 0.625% per annum in the case of loans

based on ABR. As of March 31, 2026, the effective interest rates for the 1-month SOFR and ABR are 4.75% and

6.75%, respectively.

Commitment Fees. The Company is required to pay a fee rate that fluctuates between 0.125% and 0.20% per

annum on the daily unused amount of the Primary Credit Facility, with the exact commitment fee based on the

Company’s total net leverage ratio.

Borrowing Activity. During the year ended March 31, 2026, the Company made no borrowings or repayments under

the Primary Credit Facility. As of March 31, 2026, the Company has no outstanding balance, $593 of outstanding

letters of credit, and available borrowings of $399,407 under the Primary Credit Facility.

China Credit Facility. In October 2021, Deckers (Beijing) Trading Co., LTD (DBTC), a wholly owned subsidiary of

the Company, entered into a credit agreement in China (as amended, the China Credit Facility) that provides for an

uncommitted revolving line of credit of up to CNY300,000, or $43,512, with an overdraft facility sublimit of

CNY100,000, or $14,504. The China Credit Facility is payable on demand and subject to annual review with a

defined aggregate period of borrowing of up to 24 months, which was amended to increase from 12 months in

November 2023. The obligations under the China Credit Facility are guaranteed by the Company for 108.5% of the

facility amount in US dollars.

Interest Rate Terms. Interest is based on the People’s Bank of China market rate multiplied by a variable liquidity

factor. As of March 31, 2026, the effective interest rate is 3.30%.

Borrowing Activity. During the year ended March 31, 2026, the Company made no borrowings or repayments under

the China Credit Facility. As of March 31, 2026, the Company has no outstanding balance, outstanding bank

guarantees of $480, and available borrowings of $43,032 under the China Credit Facility.

Debt Covenants. Under the Credit Agreement, the Company is subject to usual and customary representations and

warranties, and contains usual and customary affirmative and negative covenants, which include limitations on

liens, additional indebtedness, investments, restricted payments, indemnification provisions in favor of the lenders

and transactions with affiliates. The financial covenant requires the total net leverage ratio to be no greater than

3.75 to 1.00.

Under the Credit Agreement, the Company is also subject to other customary limitations, as well as usual and

customary events of default, which include non-payment of principal, interest, fees and other amounts; breach of a

representation or warranty; non-performance of covenants and obligations; default on other material debt;

bankruptcy or insolvency; material judgments; incurrence of certain material Employee Retirement Income Security

Act of 1974 (ERISA) liabilities; and a change of control of the Company. Under the China Credit Facility, DBTC is

subject to usual and customary representations and warranties, and usual and customary affirmative and negative

covenants, which include limitations on liens and additional indebtedness. As of March 31, 2026, the Company is in

compliance with all financial covenants under the Primary Credit Facility and China Credit Facility.