← Filings of DECK

Tables in the 10-K of DECKERS OUTDOOR CORP

66 tables with numbers, filed May 28, 2021. Each one downloads as a CSV for Excel or Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

		Page
	Cautionary Note Regarding Forward-Looking Statements	2
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	*
Item 2.	Properties	28
Item 3.	Legal Proceedings	29

	April 1,	Years Ended March 31,
	2016	2017		2018	2019	2020		2021
Deckers Outdoor Corporation	$100.0		$99.7		$150.3		$245.4		$223.7	$551.5
S&P 500 Apparel, Accessories & Luxury Goods Index	100.0		79.5		101.9		98.7		49.1	100.2
The NYSE Composite Index	100.0		115.6		128.6		134.8		112.4	174.2

	Total number of shares repurchased*	Average price paid per share		Dollar value of shares repurchased	Dollar value of shares remaining for repurchase
January 1 - January 31, 2021	—		$—		$—	$159,807
February 1 - February 28, 2021	192,361		323.33		62,196	97,611
March 1 - March 31, 2021	114,719		322.10		36,951	60,660

	Payments Due by Period
	Total	Less than 1 Year		1-3 Years	3-5 Years	More than 5 Years
Operating lease obligations (1)	$245,418		$49,528		$82,233		$56,707	$56,950
Purchase obligations for product (2)	566,820		566,820		—		—	—
Purchase obligations for commodities (3)	150,594		114,342		36,252		—	—
Other purchase obligations (4)	102,317		30,630		45,300		26,387	—
Net unrecognized tax benefits (5)	6,359		1,038		5,321		—	—
Total	$1,071,508		$762,358		$169,106		$83,094	$56,950

	As of March 31,
	2021	2020
	Amount	% of Gross Trade Accounts Receivable		Amount	% of Gross Trade Accounts Receivable
Gross trade accounts receivable	$242,234		100.0%		$206,742	100.0%
Allowance for doubtful accounts	(9,730)		(4.0)		(6,989)	(3.4)
Allowance for sales discounts	(3,016)		(1.2)		(1,030)	(0.5)
Allowance for chargebacks	(13,770)		(5.8)		(13,127)	(6.3)
Trade accounts receivable, net	$215,718		89.1%		$185,596	89.8%

	Three Months Ended March 31,
	2021	2020
	Amount	% of Net Sales		Amount	% of Net Sales
Net Sales
Wholesale	$326,106		58.1%		$230,677	61.5%
Direct-to-Consumer	235,082		41.9		144,233	38.5
Total	$561,188		100.0%		$374,910	100.0%

Exhibit Number	Description of Exhibit
3.1	Amended and Restated Certificate of Incorporation of Deckers Outdoor Corporation, as amended through May 27, 2010 (Exhibit 3.1 to the Registrant's Form 10-Q filed on August 9, 2010 and incorporated by reference herein)
3.2	Amended and Restated Bylaws of Deckers Outdoor Corporation, as updated through June 5, 2018 (Exhibit 3.1 to the Registrant’s Form 8-K filed on June 5, 2018 and incorporated by reference herein)
4.1	Description of Deckers Outdoor Corporation’s Capital Stock (Exhibit 4.1 to the Registrant’s Form 10-K filed on May 30, 2019 and incorporated by reference herein)
10.1	Lease Agreement, dated December 5, 2013, by and between Moreno Knox, LLC and Deckers Outdoor Corporation for distribution center at 17791 Perris Blvd., Moreno Valley, CA 92551 (Exhibit 10.6 to the Registrant’s Form 10-K filed on March 3, 2014 and incorporated by reference herein)
10.2	First Amendment to Lease Agreement, dated June 6, 2017, by and between Moreno Knox, LLC and Deckers Outdoor Corporation for distribution center at 17791 Perris Blvd., Moreno Valley, CA 92551 (Exhibit 10.6 to the Registrant’s Form 10-K filed on May 30, 2018 and incorporated by reference herein)
10.3	Second Amendment to Lease Agreement, dated July 17, 2017, by and between Moreno Knox, LLC and Deckers Outdoor Corporation for distribution center at 17791 Perris Blvd., Moreno Valley, CA 92551 (Exhibit 10.7 to the Registrant’s Form 10-K filed on May 30, 2018 and incorporated by reference herein)
*10.4	Lease Agreement, dated February 10, 2021, by and between Westpoint Building II, LLC and Deckers Outdoor Corporation for distribution center at 2633 Westpoint Blvd., Mooresville, IN 46158

#10.16	Form of Stock Unit Award Agreement (2018 Time-Based RSU) under the 2015 Stock Incentive Plan (Exhibit 10.1 to the Registrant’s Form 10-Q filed on August 9, 2017 and incorporated by reference herein)
#10.17	Form of Stock Unit Award Agreement (2018 Performance-Based PSU) under the 2015 Stock Incentive Plan (Exhibit 10.2 to the Registrant’s Form 10-Q filed on August 9, 2017 and incorporated by reference herein)
#10.18	Form of Performance Stock Option Agreement under 2015 Stock Incentive Plan (Exhibit 10.3 to the Registrant’s Form 10-Q filed on August 9, 2017 and incorporated by reference herein)
#10.19	Form of Stock Unit Award Agreement (2019 Performance-Based PSU) under the 2015 Stock Incentive Plan (Exhibit 10.1 to the Registrant’s Form 10-Q filed on August 9, 2018 and incorporated by reference herein)
#10.20	Form of Stock Unit Award Agreement (2019 Time-Based RSU) under the 2015 Stock Incentive Plan (Exhibit 10.2 to the Registrant’s Form 10-Q filed on August 9, 2018 and incorporated by reference herein)
#10.21	Form of Restricted Stock Unit Award Agreement under 2015 Stock Incentive Plan (FY 2019) LTIP Agreement (Exhibit 10.2 to the Registrant’s Form 8-K filed on September 25, 2018 and incorporated by reference herein)
#10.22	Form of Stock Unit Award Agreement (2020 Time-Based RSU) under the 2015 Stock Incentive Plan (Exhibit 10.1 to the Registrant’s Form 10-Q filed on August 8, 2019 and incorporated by referenced herein)
#10.23	Form of Stock Unit Award Agreement (2020 Performance-Based PSU) under the 2015 Stock Incentive Plan (Exhibit 10.1 to the Registrant’s Form 10-Q filed on August 8, 2019 and incorporated by reference herein)

/s/ DAVE POWERS	Chief Executive Officer, President and Director (Principal Executive Officer)	May 28, 2021
Dave Powers
/s/ STEVEN J. FASCHING	Chief Financial Officer (Principal Financial and Accounting Officer)	May 28, 2021
Steven J. Fasching
/s/ MICHAEL F. DEVINE, III	Chairman of the Board	May 28, 2021
Michael F. Devine, III
/s/ NELSON C. CHAN	Director	May 28, 2021
Nelson C. Chan

	Page
Consolidated Financial Statements:
Report of Independent Registered Public Accounting Firm - Consolidated Financial Statements	F-2
Report of Independent Registered Public Accounting Firm - Internal Control Over Financial Reporting	F-4
Consolidated Balance Sheets	F-5
Consolidated Statements of Comprehensive Income	F-6
Consolidated Statements of Stockholders' Equity	F-7
Consolidated Statements of Cash Flows	F-8

	Years Ended March 31,
	2021		2020		Change
	Amount	%			Amount	%		Amount	%
Net sales	$2,545,641			100.0%			$2,132,689		100.0%	$412,952	19.4%
Cost of sales	1,171,551			46.0			1,029,016		48.2	(142,535)	(13.9)
Gross profit	1,374,090			54.0			1,103,673		51.8	270,417	24.5
Selling, general, and administrative expenses	869,885			34.2			765,538		35.9	(104,347)	(13.6)
Income from operations	504,205			19.8			338,135		15.9	166,070	49.1

	Years Ended March 31,
	2021	2020		Change
	Amount	Amount		Amount	%
Net sales by location
US	$1,761,477		$1,401,692			$359,785	25.7%
International	784,164		730,997			53,167	7.3
Total	$2,545,641		$2,132,689			$412,952	19.4%
Net sales by brand and channel

	Years Ended March 31,
	2021	2020		Change
	Amount	Amount		Amount	%
Income (loss) from operations
UGG brand wholesale	$292,718		$303,908			$(11,190)	(3.7)%
HOKA brand wholesale	111,208		61,860			49,348	79.8
Teva brand wholesale	27,120		30,736			(3,616)	(11.8)
Sanuk brand wholesale	(162)		3,212			(3,374)	(105.0)

	Years Ended March 31,
	2021	2020		Change
	Amount	Amount		Amount	%
Net cash provided by operating activities	$596,217		$286,334			$309,883	108.2%
Net cash used in investing activities	(32,169)		(31,964)			(205)	(0.6)
Net cash used in financing activities	(129,581)		(192,114)			62,533	32.5

	Common Stock	Additional Paid-in Capital		Retained Earnings	Accumulated Other Comprehensive Loss	Total Stockholders' Equity
	Shares	Amount
Balance, March 31, 2018	30,447		$304		$167,587		$785,871	$(12,983)	$940,779
Stock-based compensation expense	10		—		14,773		—	—	14,773
Shares issued upon vesting	85		1		1,024		—	—	1,025
Cumulative adjustment from adoption of recent accounting pronouncements	—		—		—		468	—	468
Shares withheld for taxes	—		—		(5,157)		—	—	(5,157)
Repurchases of common stock	(1,401)		(14)		—		(161,381)	—	(161,395)

Standard	Description	Impact on Adoption
ASU No. 2017-04, Goodwill and Other: Simplifying the Test for Goodwill Impairment (as amended by ASU 2019-06)	Requires annual and interim goodwill impairment tests be performed by comparing the fair value of a reporting unit with its carrying amount, effectively eliminating step two of the goodwill impairment test under legacy US GAAP. The amount by which the carrying amount exceeds the reporting unit’s fair value will continue to be recognized as an impairment charge.	The Company adopted this ASU beginning April 1, 2020 on a prospective basis, which did not have a material impact on its consolidated financial statements.
ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (as amended by ASUs 2018-19, 2019-04, 2019-05, 2019-11, 2020-02, and 2020-03)	Replaces the incurred loss impairment methodology in legacy US GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.	The Company adopted this ASU beginning April 1, 2020 on a prospective basis, which did not have a material impact on its consolidated financial statements.

Standard	Description	Planned Period of Adoption	Expected Impact on Adoption
ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes	Removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation, and calculating income taxes in interim periods, as well as reduces complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group.	Q1 FY 2022	The Company is currently evaluating the impact of the adoption of this ASU; however, the Company does not expect that the adoption will have a material impact on its consolidated financial statements.
ASU No. 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (as amended by ASU 2021-01)	London Interbank Offered Rate (LIBOR) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. At the end of 2021, banks will no longer be required to report information that is used to determine LIBOR. As a result, LIBOR could be discontinued. Other interest rates used globally could also be discontinued for similar reasons. This ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. Guidance is limited for adoption through December 31, 2022.	Q3 FY 2023	The Company is currently evaluating the impact of the adoption of this ASU; however, the Company does not expect that the adoption will have a material impact on its consolidated financial statements.

		As of March 31,
	Useful life (years)	2021	2020
Land	Indefinite	$32,865		$32,864
Building	39.5	35,094		35,093
Machinery and equipment	2-10	149,494		145,423
Furniture and fixtures	3-7	36,497		35,024
Computer software	3-10	94,365		80,718
Leasehold improvements	Useful life or remaining lease term, whichever is shorter	110,538		104,497

	Recovery Asset	Refund Liability
Balance, March 31, 2019	$10,441		$(24,787)
Net additions to sales return liability*	36,028		(117,969)
Actual returns	(36,806)		117,089
Balance, March 31, 2020	9,663		(25,667)
Net additions to sales return liability*	39,939		(153,742)
Actual returns	(38,898)		141,692
Balance, March 31, 2021	$10,704		$(37,717)

	Amounts
Balance, March 31, 2018	$57,850
Amortization expense	(6,235)
Foreign currency translation net loss	(121)
Balance, March 31, 2019	51,494
Amortization expense	(3,470)
Foreign currency translation net loss	(8)
Balance, March 31, 2020	48,016

Years Ending March 31,	Amounts
2022	$2,244
2023	2,228
2024	2,208
2025	2,053
2026	1,899
Thereafter	15,859
Total	$26,491

	As of		Measured Using
	March 31, 2021	Level 1		Level 2	Level 3
Non-qualified deferred compensation asset	$9,107			$9,107		$—	$—
Non-qualified deferred compensation liability	(6,692)			(6,692)		—	—

	As of		Measured Using
	March 31, 2020	Level 1		Level 2	Level 3
Non-qualified deferred compensation asset	$6,164			$6,164		$—	$—
Non-qualified deferred compensation liability	(3,756)			(3,756)		—	—

Balance, March 31, 2018	$9,594
Gross increase related to current fiscal year tax positions	1,027
Gross increase related to prior fiscal year tax positions	3,282
Settlements	(1,157)
Lapse of statute of limitations	(1,804)
Balance, March 31, 2019	10,942
Gross increase related to current fiscal year tax positions	1,153
Gross increase related to prior fiscal year tax positions	8,152

Tables in the 10-K of DECKERS OUTDOOR CORP

Table 1 after “TABLE OF CONTENTS”

Table 2 after “Table of Contents”

Table 3 after “Below is a summary of stock repurchase activity under our stock repurchase program during the fourth fiscal quarter ended March 31, 2021:”

Table 4 after “The following table summarizes our results of operations:”

Table 5 after “The following table summarizes our net sales by location, and by brand and channel:”

Table 6 after “Income from operations by reportable operating segment was as follows:”

Table 7 after “Income tax expense and our effective income tax rate were as follows:”

Table 8 after “The following table summarizes our cash flows for the periods presented:”

Table 9 after “The following table summarizes our contractual obligations as of March 31, 2021 and the effects of such obligations in future periods:”

Table 10 after “The following table summarizes critical accounting estimates for accounts receivable allowances and reserves:”

Table 11 after “The following tables summarize estimates for our sales return liability as a percentage of the most recent quarterly net sales by channel:”

Table 12 after “Table of Contents”

Table 13 after “The following tables summarize estimates for our inventory reserves:”

Table 14 after “EXHIBIT INDEX”

Table 15 after “Table of Contents”

Table 16 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”

Table 17 after “AND FINANCIAL STATEMENT SCHEDULE”

Table 18 after “(dollar and share data amounts in thousands, except par value)”

Table 19 after “(dollar and share data amounts in thousands, except per share data)”

Table 20 after “(amounts in thousands)”

Table 21 after “(amounts in thousands)”

Table 22 after “(continued)”

Table 23 after “Adopted ASUs during the year ended March 31, 2021 and the impact on the Company, were as follows:”

Table 24 after “Applicable ASUs issued that have not yet been adopted by the Company, the planned period of adoption, and the expected impact on the Company”

Table 25 after “Property and equipment, net, are summarized as follows:”

Table 26 after “The Company’s asset retirement obligations (AROs) are recorded in other long-term liabilities in the consolidated balance sheets, and activi”

Table 27 after “Activity during the years ended March 31, 2021 and 2020 related to estimated sales returns were as follows:”

Table 28 after “The Company’s goodwill and other intangible assets are recorded in the consolidated balance sheets, as follows:”

Table 29 after “A reconciliation of the changes in total other intangible assets in the consolidated balance sheets, are as follows:”

Table 30 after “Expected amortization expense for amortizable intangible assets subsequent to March 31, 2021 is as follows:”

Table 31 after “Assets and liabilities that are measured on a recurring basis at fair value in the consolidated balance sheets, are as follows:”

Table 32 after “Assets and liabilities that are measured on a recurring basis at fair value in the consolidated balance sheets, are as follows:”

Table 33 after “Components of income before income taxes recorded in the consolidated statements of comprehensive income, were as follows:”

Table 34 after “Components of income tax expense (benefit) recorded in the consolidated statements of comprehensive income, were as follows:”

Table 35 after “Income tax expense (benefit) differed from that obtained by applying the statutory federal income tax rate to income before income taxes, as”

Table 36 after “The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities, are as ”

Table 37 after “(dollar amounts in thousands, except per share or share data)”

Table 38 after “A reconciliation of the beginning and ending amounts of total gross unrecognized tax benefits, are as follows:”

Table 39 after “Total gross unrecognized tax benefits recorded in the consolidated balance sheets, are as follows:”

Table 40 after “. The components of rent expense for operating leases recorded in the consolidated statements of comprehensive income under the new lease st”

Table 41 after “as of April 1, 2019, were as follows:”

Table 42 after “Maturities of undiscounted operating lease liabilities remaining as of March 31, 2021 under the new lease standard, with a reconciliation to”

Table 43 after “. Key estimates and judgments related to operating lease assets and liabilities that are outstanding and presented in the consolidated balan”

Table 44 after “Supplemental information for amounts presented in the consolidated statements of cash flows related to operating leases, were as follows:”

Table 45 after “Total future minimum commitments for commodities contracts as of March 31, 2021 were as follows:”

Table 46 after “The Company granted annual awards under the 2015 SIP, as recorded in the consolidated statements of comprehensive income, as summarized belo”

Table 47 after “Annual award activity recorded in the consolidated statements of comprehensive income, were as follows:”

Table 48 after “LTIP award activity recorded in the consolidated statements of comprehensive income, were as follows:”

Table 49 after “LTIP option activity recorded in the consolidated statements of comprehensive income, were as follows:”

Table 50 after “The Company measured stock-based compensation expense for the 2018 LTIP NQSOs at the date of grant using the Black-Scholes option pricing mo”

Table 51 after “Components of stock-based compensation expense recorded in the consolidated statements of comprehensive income, were as follows:”

Table 52 after “Total remaining unrecognized stock-based compensation expense as of March 31, 2021 related to non-vested awards that the Company considers p”

Table 53 after “outstanding derivative contracts, however, settled derivative contracts with notional values were as follows:”

Table 54 after “The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losse”

Table 55 after “Amounts excluded from effectiveness testing recorded in SG&A expenses for Designated Derivative Contracts were as follows:”

Table 56 after “The following table summarizes the effect of Non-Designated Derivative Contracts:”

Table 57 after “Stock repurchase activity under the Company’s stock repurchase program, was as follows:”

Table 58 after “The components within AOCL recorded in the consolidated balance sheets, were as follows:”

Table 59 after “The reconciliation of basic to diluted weighted-average common shares outstanding, are as follows:”

Table 60 after “Reportable operating segment information, with a reconciliation to the consolidated statements of comprehensive income, was as follows:”

Table 61 after “Assets allocated to each reportable operating segment, with a reconciliation to the consolidated balance sheets, were as follows:”

Table 62 after “The Company sells its products to customers throughout the US and to foreign customers in various countries, with concentrations that were a”

Table 63 after “Long-lived assets, which consist of property and equipment, net, recorded in the consolidated balance sheets, are as follows:”

Table 64 after “Summarized unaudited quarterly financial data, were as follows:”

Table 65 after “Summarized unaudited quarterly financial data, were as follows:”

Table 66 after “Allowances for doubtful accounts, sales discounts, chargebacks, and sales returns against trade accounts receivable recorded in the consolid”

	Year Ended March 31, 2019
Minimum rentals	$60,859
Contingent rentals	13,226
Total	$74,085

Years Ending March 31,	Amount*
2022	$49,528
2023	44,165
2024	38,068
2025	30,307
2026	26,400
Thereafter	56,950
Total undiscounted future lease payments	245,418

Contract Effective Date	Final Target Date	Contract Value	Remaining Commitment
July 2017	September 2019	$7,200		$5,223
April 2018	September 2020	45,600		6,443
October 2018	September 2020	27,350		25,336
October 2018	September 2021	41,210		41,210
April 2019	September 2020	8,906		8,906
October 2019	June 2020	28,800		10,580
October 2019	June 2021	16,644		16,644

	Number of Shares	Weighted- Average Grant-Date Fair Value
Nonvested, March 31, 2018	289,297		$65.18
Granted	94,063		116.68
Vested	(118,903)		(64.39)
Forfeited	(33,058)		(77.60)
Nonvested, March 31, 2019	231,399		84.75
Granted	67,515		172.34
Vested	(121,572)		(76.81)

	Number of Shares	Weighted- Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Nonvested, March 31, 2018	397,340		$65.70		7.1	$9,666
Forfeited	(35,957)		(69.29)
Nonvested, March 31, 2019	361,383		65.35		6.2	29,504
Exercised	(58,444)		(61.86)
Nonvested, March 31, 2020	302,939		66.02		5.0	20,594
Exercised	(107,197)		(63.20)
Nonvested, March 31, 2021	195,742		$67.56		3.6	$51,452

	2018 LTIP NQSOs
Expected life (in years)	4.90
Expected volatility	38.73%
Risk free interest rate	1.78%
Dividend yield	—%
Weighted-average exercise price	$69.29
Weighted-average option value	$25.03

	Unrecognized Stock-based Compensation Expense	Weighted-Average Remaining Vesting Period (Years)
Annual RSUs	$8,911		1.1
Annual PSUs	842		0.7
LTIP PSUs	14,645		1.4
Total	$24,398

	Fiscal Year 2021
	Quarter Ended
	6/30/2020	9/30/2020		12/31/2020	3/31/2021
Net sales	$283,169		$623,525		$1,077,759	$561,188
Gross profit	142,566		318,977		613,897	298,650
(Loss) income from operations	(7,699)		128,604		328,655	54,645
Net (loss) income	(7,973)		101,554		255,536	33,458
Net (loss) income per share

	Fiscal Year 2020
	Quarter Ended
	6/30/2019	9/30/2019		12/31/2019	3/31/2020
Net sales	$276,839		$542,205		$938,735	$374,910
Gross profit	130,019		273,024		507,632	192,998
(Loss) income from operations	(31,417)		97,131		255,766	16,655
Net (loss) income	(19,351)		77,810		201,593	16,090
Net (loss) income per share