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Other Employee Benefits
3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
OTHER EMPLOYEE BENEFITS OTHER EMPLOYEE BENEFITS
The Company offers a 401(k) Deferred Compensation Plan for the benefit of eligible employees. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company matches a portion of the participant's contribution and recorded expense of $6.1 million and $2.3 million for the three months ended March 31, 2022 and 2021, respectively.
In addition, the Company offers the Under Armour, Inc. Deferred Compensation Plan which allows a select group of management or highly compensated employees, as approved by the Compensation Committee, to make an annual base salary and/or bonus deferral for each year. As of March 31, 2022, December 31, 2021 and March 31, 2021, the Deferred Compensation Plan obligations were $14.2 million, $14.5 million and $14.6 million, respectively, and were included in other long term liabilities on the Condensed Consolidated Balance Sheets.
The Company established a Rabbi Trust to fund obligations to participants in the Deferred Compensation Plan. As of March 31, 2022, December 31, 2021 and March 31, 2021, the assets held in the Rabbi Trust were TOLI policies with cash-surrender values of $8.4 million, $9.0 million and $8.0 million, respectively. These assets are consolidated and are included in other long term assets on the Condensed Consolidated Balance Sheets. Refer to Note 15 for a discussion of the fair value measurements of the assets held in the Rabbi Trust and the Deferred Compensation Plan obligations.