Revolving Credit Facilities |
6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2026 | |||||||||||
| Debt Disclosure [Abstract] | |||||||||||
| Revolving Credit Facilities | Revolving Credit Facilities Primary Credit Facility. In August 2026, Deckers Outdoor Corporation and certain of its consolidated subsidiaries (collectively, the Borrowers) entered into the First Amendment to the Credit Agreement with Citibank, N.A. (Citibank), as administrative agent, and the lenders party thereto (First Amendment), which amended the Credit Agreement, dated December 19, 2022 (Credit Agreement), with Citibank, as administrative agent, and Comerica Bank, as sole syndication agent (which role was assumed by Fifth Third Bank, as successor by merger with Comerica Bank), and the lenders party thereto. The Credit Agreement, as amended by the First Amendment, is referred to herein as the Amended Credit Agreement. Borrowing Capacity. The Amended Credit Agreement provides for a $500,000 unsecured revolving credit facility (Primary Credit Facility). Maturity Date. The maturity date of the Amended Credit Agreement is August 27, 2031, which is the fifth anniversary of the effective date of the First Amendment. Interest Rates. Under the Amended Credit Agreement, at the Borrowers’ election, revolving loans issued under the Primary Credit Facility will bear interest at the term Secured Overnight Financing Rate (SOFR), the adjusted Euro InterBank Offered Rate (EURIBOR), the Sterling Overnight Index Average (SONIA), the term Canadian Overnight Repo Rate Average (CORRA), or the adjusted Alternate Base Rate (ABR), in each case plus the applicable interest rate margin. The applicable interest rate margin is determined using a pricing grid based on the Company’s total net leverage ratio and ranges from 1.00% to 1.50% per annum in the case of loans based on the SOFR, EURIBOR, SONIA, or CORRA, and from 0.00% to 0.50% per annum in the case of loans based on ABR. As of September 30, 2026, the applicable interest rates for borrowings in US dollars using the 1-month SOFR and ABR are 4.91% and 7.00%, respectively. Commitment Fees. Under the Amended Credit Agreement, the Borrowers are required to pay commitment fees of between 0.10% to 0.175% 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. As of September 30, 2026, the Company has no outstanding balance, outstanding letters of credit of $588, and available borrowings of $499,412 under the Primary Credit Facility. Deferred Financing Costs. In connection with the First Amendment, the Borrowers incurred various commitment, arrangement, and other fees totaling $1,339, which were primarily recorded in other assets in the condensed consolidated balance sheets as of September 30, 2026. These costs will be amortized on a straight-line basis over the term of the Amended Credit Agreement. Deferred financing costs associated with the Credit Agreement had an immaterial remaining unamortized balance. Debt Covenants. Under the Amended Credit Agreement, the total net leverage ratio financial covenant increased to be no greater than 4.00 to 1.00. As of September 30, 2026, the Borrowers are in compliance with all financial covenants under the Primary Credit Facility. Except as described above, the material terms of the Company’s revolving credit facilities remain unchanged from those previously disclosed in Note 6, “Revolving Credit Facilities,” in the Company’s consolidated financial statements in Part IV of the 2026 Annual Report.
|
||||||||||