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|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
|
Oregon
|
|
93-0498284
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification Number)
|
14375 Northwest Science Park Drive
Portland, Oregon
|
|
97229
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
PAGE NO.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
March 31,
2014 |
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
401,604
|
|
|
$
|
413,558
|
|
|
$
|
528,038
|
|
Short-term investments
|
|
52,938
|
|
|
27,267
|
|
|
39,537
|
|
|||
Accounts receivable, net of allowance of $7,679, $8,943 and $6,669, respectively
|
|
251,702
|
|
|
344,390
|
|
|
249,115
|
|
|||
Inventories
|
|
363,656
|
|
|
384,650
|
|
|
290,196
|
|
|||
Deferred income taxes
|
|
54,708
|
|
|
57,001
|
|
|
50,496
|
|
|||
Prepaid expenses and other current assets
|
|
47,502
|
|
|
39,175
|
|
|
34,810
|
|
|||
Total current assets
|
|
1,172,110
|
|
|
1,266,041
|
|
|
1,192,192
|
|
|||
Property, plant and equipment, at cost, net of accumulated depreciation of $344,266, $345,612 and $339,296, respectively
|
|
283,091
|
|
|
291,563
|
|
|
282,290
|
|
|||
Intangible assets, net (Notes 3, 5)
|
|
142,444
|
|
|
143,731
|
|
|
35,955
|
|
|||
Goodwill (Notes 3, 5)
|
|
68,594
|
|
|
68,594
|
|
|
14,438
|
|
|||
Other non-current assets
|
|
22,834
|
|
|
22,280
|
|
|
24,654
|
|
|||
Total assets
|
|
$
|
1,689,073
|
|
|
$
|
1,792,209
|
|
|
$
|
1,549,529
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
$
|
144,488
|
|
|
$
|
214,275
|
|
|
$
|
104,863
|
|
Accrued liabilities (Note 6)
|
|
97,948
|
|
|
144,288
|
|
|
95,119
|
|
|||
Income taxes payable
|
|
6,889
|
|
|
14,388
|
|
|
6,088
|
|
|||
Deferred income taxes
|
|
121
|
|
|
169
|
|
|
65
|
|
|||
Total current liabilities
|
|
249,446
|
|
|
373,120
|
|
|
206,135
|
|
|||
Note payable to related party (Note 14)
|
|
15,743
|
|
|
15,728
|
|
|
15,699
|
|
|||
Other long-term liabilities
|
|
36,118
|
|
|
35,435
|
|
|
30,372
|
|
|||
Income taxes payable
|
|
9,872
|
|
|
9,388
|
|
|
14,527
|
|
|||
Deferred income taxes
|
|
3,459
|
|
|
3,304
|
|
|
8,105
|
|
|||
Total liabilities
|
|
314,638
|
|
|
436,975
|
|
|
274,838
|
|
|||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
||||||
Columbia Sportswear Company Shareholders’ Equity:
|
|
|
|
|
|
|
||||||
Preferred stock; 10,000 shares authorized; none issued and outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock (no par value); 125,000 shares authorized; 70,395, 69,828, and 69,744 issued and outstanding, respectively (Note 9)
|
|
87,567
|
|
|
72,700
|
|
|
65,887
|
|
|||
Retained earnings
|
|
1,270,984
|
|
|
1,255,070
|
|
|
1,170,226
|
|
|||
Accumulated other comprehensive income (Note 8)
|
|
2,778
|
|
|
15,833
|
|
|
30,209
|
|
|||
Total Columbia Sportswear Company shareholders’ equity
|
|
1,361,329
|
|
|
1,343,603
|
|
|
1,266,322
|
|
|||
Non-controlling interest (Note 4)
|
|
13,106
|
|
|
11,631
|
|
|
8,369
|
|
|||
Total equity
|
|
1,374,435
|
|
|
1,355,234
|
|
|
1,274,691
|
|
|||
Total liabilities and equity
|
|
$
|
1,689,073
|
|
|
$
|
1,792,209
|
|
|
$
|
1,549,529
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Net sales
|
|
$
|
478,982
|
|
|
$
|
424,084
|
|
Cost of sales
|
|
250,208
|
|
|
226,998
|
|
||
Gross profit
|
|
228,774
|
|
|
197,086
|
|
||
Selling, general and administrative expenses
|
|
186,502
|
|
|
163,359
|
|
||
Net licensing income
|
|
1,850
|
|
|
1,724
|
|
||
Income from operations
|
|
44,122
|
|
|
35,451
|
|
||
Interest income, net
|
|
377
|
|
|
239
|
|
||
Interest expense on note payable to related party (Note 14)
|
|
(274
|
)
|
|
(210
|
)
|
||
Other non-operating expense
|
|
(2,196
|
)
|
|
(356
|
)
|
||
Income before income tax
|
|
42,029
|
|
|
35,124
|
|
||
Income tax expense
|
|
(14,110
|
)
|
|
(11,448
|
)
|
||
Net income
|
|
27,919
|
|
|
23,676
|
|
||
Net income attributable to non-controlling interest
|
|
1,448
|
|
|
1,421
|
|
||
Net income attributable to Columbia Sportswear Company
|
|
$
|
26,471
|
|
|
$
|
22,255
|
|
Earnings per share attributable to Columbia Sportswear Company (Note 9):
|
|
|
|
|
||||
Basic
|
|
$
|
0.38
|
|
|
$
|
0.32
|
|
Diluted
|
|
0.37
|
|
|
0.32
|
|
||
Cash dividends per share
|
|
$
|
0.15
|
|
|
$
|
0.14
|
|
Weighted average shares outstanding (Note 9):
|
|
|
|
|
|
|||
Basic
|
|
70,080
|
|
|
69,418
|
|
||
Diluted
|
|
71,010
|
|
|
70,390
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Net income
|
|
$
|
27,919
|
|
|
$
|
23,676
|
|
Other comprehensive income (loss):
|
|
|
|
|
||||
Unrealized holding gains (losses) on available-for-sale securities (net of tax benefit (expense) of $2 and ($2), respectively)
|
|
(3
|
)
|
|
1
|
|
||
Unrealized gains on derivative transactions (net of tax benefit (expense) of ($715) and $103, respectively)
|
|
3,730
|
|
|
228
|
|
||
Foreign currency translation adjustments (net of tax benefit (expense) of $829 and ($7), respectively)
|
|
(16,755
|
)
|
|
(5,878
|
)
|
||
Other comprehensive loss
|
|
(13,028
|
)
|
|
(5,649
|
)
|
||
Comprehensive income
|
|
14,891
|
|
|
18,027
|
|
||
Comprehensive income attributable to non-controlling interest
|
|
1,475
|
|
|
923
|
|
||
Comprehensive income attributable to Columbia Sportswear Company
|
|
$
|
13,416
|
|
|
$
|
17,104
|
|
|
Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
27,919
|
|
|
$
|
23,676
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
13,936
|
|
|
10,252
|
|
||
Loss on disposal of property, plant, and equipment
|
395
|
|
|
185
|
|
||
Deferred income taxes
|
7,319
|
|
|
4,399
|
|
||
Stock-based compensation
|
2,946
|
|
|
2,577
|
|
||
Excess tax benefit from employee stock plans
|
(5,213
|
)
|
|
(2,557
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
85,527
|
|
|
57,763
|
|
||
Inventories
|
14,680
|
|
|
39,031
|
|
||
Prepaid expenses and other current assets
|
(8,929
|
)
|
|
(1,921
|
)
|
||
Other assets
|
(807
|
)
|
|
382
|
|
||
Accounts payable
|
(62,251
|
)
|
|
(64,759
|
)
|
||
Accrued liabilities
|
(38,933
|
)
|
|
(25,758
|
)
|
||
Income taxes payable
|
(8,675
|
)
|
|
(621
|
)
|
||
Other liabilities
|
793
|
|
|
847
|
|
||
Net cash provided by operating activities
|
28,707
|
|
|
43,496
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of short-term investments
|
(27,556
|
)
|
|
(2,788
|
)
|
||
Sales of short-term investments
|
1,760
|
|
|
55,200
|
|
||
Capital expenditures
|
(15,467
|
)
|
|
(17,763
|
)
|
||
Proceeds from sale of property, plant, and equipment
|
69
|
|
|
16
|
|
||
Net cash provided by (used in) investing activities
|
(41,194
|
)
|
|
34,665
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from credit facilities
|
60
|
|
|
—
|
|
||
Repayments on credit facilities
|
(60
|
)
|
|
—
|
|
||
Proceeds from issuance of common stock under employee stock plans
|
11,101
|
|
|
11,168
|
|
||
Tax payments related to restricted stock unit issuances
|
(4,440
|
)
|
|
(2,791
|
)
|
||
Excess tax benefit from employee stock plans
|
5,213
|
|
|
2,557
|
|
||
Proceeds from note payable to related party
|
—
|
|
|
16,072
|
|
||
Cash dividends paid
|
(10,557
|
)
|
|
(9,762
|
)
|
||
Net cash provided by financing activities
|
1,317
|
|
|
17,244
|
|
||
Net effect of exchange rate changes on cash
|
(784
|
)
|
|
(4,856
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(11,954
|
)
|
|
90,549
|
|
||
Cash and cash equivalents, beginning of period
|
413,558
|
|
|
437,489
|
|
||
Cash and cash equivalents, end of period
|
$
|
401,604
|
|
|
$
|
528,038
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for income taxes
|
$
|
15,672
|
|
|
$
|
8,002
|
|
Supplemental disclosures of non-cash investing and financing activities
:
|
|
|
|
||||
Capital expenditures incurred but not yet paid
|
$
|
2,742
|
|
|
$
|
1,260
|
|
|
|
|
||
Cash
|
|
$
|
4,946
|
|
Accounts receivable
|
|
10,021
|
|
|
Inventories
|
|
9,641
|
|
|
Other current assets
|
|
2,531
|
|
|
Property, plant and equipment
|
|
5,192
|
|
|
Acquired intangible assets
|
|
114,500
|
|
|
Other non-current assets
|
|
258
|
|
|
Total assets acquired
|
|
147,089
|
|
|
|
|
|
||
Accounts payable
|
|
2,803
|
|
|
Other current liabilities
|
|
5,029
|
|
|
Total liabilities assumed
|
|
7,832
|
|
|
|
|
|
||
Net identifiable assets acquired
|
|
139,257
|
|
|
Goodwill
|
|
54,156
|
|
|
Net assets acquired
|
|
$
|
193,413
|
|
|
|
Columbia Sportswear Company
|
|
Non-Controlling Interest
|
|
Total
|
||||||
Balance at December 31, 2014
|
|
$
|
1,343,603
|
|
|
$
|
11,631
|
|
|
$
|
1,355,234
|
|
Net income
|
|
26,471
|
|
|
1,448
|
|
|
27,919
|
|
|||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized holding losses on available-for-sale securities
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||
Derivative holding gains
|
|
3,730
|
|
|
—
|
|
|
3,730
|
|
|||
Foreign currency translation adjustments
|
|
(16,782
|
)
|
|
27
|
|
|
(16,755
|
)
|
|||
Cash dividends ($0.15 per share)
|
|
(10,557
|
)
|
|
—
|
|
|
(10,557
|
)
|
|||
Issuance of common stock under employee stock plans, net
|
|
6,661
|
|
|
—
|
|
|
6,661
|
|
|||
Tax adjustment from stock plans
|
|
5,260
|
|
|
—
|
|
|
5,260
|
|
|||
Stock-based compensation expense
|
|
2,946
|
|
|
—
|
|
|
2,946
|
|
|||
Balance at March 31, 2015
|
|
$
|
1,361,329
|
|
|
$
|
13,106
|
|
|
$
|
1,374,435
|
|
|
|
Columbia Sportswear Company
|
|
Non-Controlling Interest
|
|
Total
|
||||||
Balance at December 31, 2013
|
|
$
|
1,245,418
|
|
|
$
|
7,446
|
|
|
$
|
1,252,864
|
|
Net income
|
|
22,255
|
|
|
1,421
|
|
|
23,676
|
|
|||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized holding gains on available-for-sale securities
|
|
1
|
|
|
—
|
|
|
1
|
|
|||
Derivative holding gains
|
|
228
|
|
|
—
|
|
|
228
|
|
|||
Foreign currency translation adjustments
|
|
(5,380
|
)
|
|
(498
|
)
|
|
(5,878
|
)
|
|||
Cash dividends ($0.14 per share)
|
|
(9,762
|
)
|
|
—
|
|
|
(9,762
|
)
|
|||
Issuance of common stock under employee stock plans, net
|
|
8,377
|
|
|
—
|
|
|
8,377
|
|
|||
Tax adjustment from stock plans
|
|
2,608
|
|
|
—
|
|
|
2,608
|
|
|||
Stock-based compensation expense
|
|
2,577
|
|
|
—
|
|
|
2,577
|
|
|||
Balance at March 31, 2014
|
|
$
|
1,266,322
|
|
|
$
|
8,369
|
|
|
$
|
1,274,691
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
March 31,
2014 |
||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Patents and purchased technology
|
$
|
14,198
|
|
|
$
|
14,198
|
|
|
$
|
14,198
|
|
Customer relationships
|
23,000
|
|
|
23,000
|
|
|
—
|
|
|||
Gross carrying amount
|
37,198
|
|
|
37,198
|
|
|
14,198
|
|
|||
Accumulated amortization:
|
|
|
|
|
|
||||||
Patents and purchased technology
|
(6,994
|
)
|
|
(6,661
|
)
|
|
(5,664
|
)
|
|||
Customer relationships
|
(3,181
|
)
|
|
(2,227
|
)
|
|
—
|
|
|||
Total accumulated amortization
|
(10,175
|
)
|
|
(8,888
|
)
|
|
(5,664
|
)
|
|||
Net carrying amount
|
27,023
|
|
|
28,310
|
|
|
8,534
|
|
|||
Intangible assets not subject to amortization
|
115,421
|
|
|
115,421
|
|
|
27,421
|
|
|||
Intangible assets, net
|
$
|
142,444
|
|
|
$
|
143,731
|
|
|
$
|
35,955
|
|
2015
|
$
|
5,147
|
|
2016
|
5,147
|
|
|
2017
|
3,883
|
|
|
2018
|
2,980
|
|
|
2019
|
2,980
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Balance at beginning of period
|
|
$
|
11,148
|
|
|
$
|
10,768
|
|
Provision for warranty claims
|
|
1,465
|
|
|
1,481
|
|
||
Warranty claims
|
|
(1,386
|
)
|
|
(1,529
|
)
|
||
Other
|
|
(354
|
)
|
|
(68
|
)
|
||
Balance at end of period
|
|
$
|
10,873
|
|
|
$
|
10,652
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Stock options
|
|
$
|
916
|
|
|
$
|
881
|
|
Restricted stock units
|
|
2,030
|
|
|
1,696
|
|
||
Total
|
|
$
|
2,946
|
|
|
$
|
2,577
|
|
|
|
Three Months Ended March 31,
|
||
|
|
2015
|
|
2014
|
Expected option term
|
|
4.40 years
|
|
4.45 years
|
Expected stock price volatility
|
|
26.32%
|
|
27.59%
|
Risk-free interest rate
|
|
1.14%
|
|
1.12%
|
Expected annual dividend yield
|
|
1.28%
|
|
1.33%
|
Weighted average grant date fair value
|
|
$9.78
|
|
$8.43
|
|
|
Three Months Ended March 31,
|
||
|
|
2015
|
|
2014
|
Vesting period
|
|
3.91 years
|
|
3.91 years
|
Expected annual dividend yield
|
|
1.14%
|
|
1.32%
|
Estimated average grant date fair value per restricted stock unit
|
|
$50.64
|
|
$38.81
|
|
|
Unrealized losses on available-for-sale securities
|
|
Unrealized holding gains (losses) on derivative transactions
|
|
Foreign currency translation adjustments
|
|
Total
|
||||||||
Balance at December 31, 2014
|
|
$
|
4
|
|
|
$
|
8,995
|
|
|
$
|
6,834
|
|
|
$
|
15,833
|
|
Other comprehensive income (loss) before reclassifications
|
|
(3
|
)
|
|
5,582
|
|
|
(16,782
|
)
|
|
(11,203
|
)
|
||||
Amounts reclassified from other comprehensive income
|
|
—
|
|
|
(1,852
|
)
|
|
—
|
|
|
(1,852
|
)
|
||||
Net other comprehensive income (loss) during the period
|
|
(3
|
)
|
|
3,730
|
|
|
(16,782
|
)
|
|
(13,055
|
)
|
||||
Balance at March 31, 2015
|
|
$
|
1
|
|
|
$
|
12,725
|
|
|
$
|
(9,948
|
)
|
|
$
|
2,778
|
|
|
|
Unrealized gains on available-for-sale securities
|
|
Unrealized holding gains (losses) on derivative transactions
|
|
Foreign currency translation adjustments
|
|
Total
|
||||||||
Balance at December 31, 2013
|
|
$
|
(6
|
)
|
|
$
|
1,244
|
|
|
$
|
34,122
|
|
|
$
|
35,360
|
|
Other comprehensive income (loss) before reclassifications
|
|
1
|
|
|
704
|
|
|
(5,380
|
)
|
|
(4,675
|
)
|
||||
Amounts reclassified from other comprehensive income
|
|
—
|
|
|
(476
|
)
|
|
—
|
|
|
(476
|
)
|
||||
Net other comprehensive income (loss) during the period
|
|
1
|
|
|
228
|
|
|
(5,380
|
)
|
|
(5,151
|
)
|
||||
Balance at March 31, 2014
|
|
$
|
(5
|
)
|
|
$
|
1,472
|
|
|
$
|
28,742
|
|
|
$
|
30,209
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Weighted average shares of common stock outstanding, used in computing basic earnings per share
|
|
70,080
|
|
|
69,418
|
|
||
Effect of dilutive stock options and restricted stock units
|
|
930
|
|
|
972
|
|
||
Weighted average shares of common stock outstanding, used in computing diluted earnings per share
|
|
71,010
|
|
|
70,390
|
|
||
Earnings per share of common stock attributable to Columbia Sportswear Company:
|
|
|
|
|
||||
Basic
|
|
$
|
0.38
|
|
|
$
|
0.32
|
|
Diluted
|
|
$
|
0.37
|
|
|
$
|
0.32
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
Net sales to unrelated entities:
|
|
|
|
|
||||
United States
|
|
$
|
283,760
|
|
|
$
|
241,189
|
|
LAAP
|
|
113,062
|
|
|
116,813
|
|
||
EMEA
|
|
47,825
|
|
|
39,140
|
|
||
Canada
|
|
34,335
|
|
|
26,942
|
|
||
|
|
$
|
478,982
|
|
|
$
|
424,084
|
|
Segment income (loss) from operations:
|
|
|
|
|
||||
United States
|
|
$
|
52,816
|
|
|
$
|
44,171
|
|
LAAP
|
|
15,352
|
|
|
17,234
|
|
||
EMEA
|
|
1,365
|
|
|
(3,526
|
)
|
||
Canada
|
|
6,300
|
|
|
3,399
|
|
||
Total segment income from operations
|
|
75,833
|
|
|
61,278
|
|
||
Unallocated corporate expenses
|
|
(31,711
|
)
|
|
(25,827
|
)
|
||
Interest income, net
|
|
377
|
|
|
239
|
|
||
Interest expense on note payable to related party
|
|
(274
|
)
|
|
(210
|
)
|
||
Other non-operating expense
|
|
(2,196
|
)
|
|
(356
|
)
|
||
Income before income taxes
|
|
$
|
42,029
|
|
|
$
|
35,124
|
|
|
March 31,
2015 |
|
December 31,
2014 |
|
March 31,
2014 |
||||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
|
||||||
Currency forward contracts
|
$
|
106,500
|
|
|
$
|
103,000
|
|
|
$
|
142,500
|
|
Currency option contracts
|
7,000
|
|
|
—
|
|
|
—
|
|
|||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
||||||
Currency forward contracts
|
75,000
|
|
|
128,000
|
|
|
36,000
|
|
|
|
Balance Sheet Classification
|
|
March 31,
2015 |
|
December 31,
2014 |
|
March 31,
2014 |
||||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments in asset positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
$
|
14,475
|
|
|
$
|
9,993
|
|
|
$
|
2,391
|
|
Currency option contracts
|
|
Prepaid expenses and other current assets
|
|
132
|
|
|
—
|
|
|
—
|
|
|||
Currency forward contracts
|
|
Other non-current assets
|
|
—
|
|
|
—
|
|
|
128
|
|
|||
Derivative instruments in liability positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Accrued liabilities
|
|
—
|
|
|
—
|
|
|
1,017
|
|
|||
Currency forward contracts
|
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
33
|
|
|||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments in asset positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
1,180
|
|
|
2,754
|
|
|
312
|
|
|||
Derivative instruments in liability positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Accrued liabilities
|
|
123
|
|
|
924
|
|
|
—
|
|
|
|
Statement of
Operations
Classification
|
|
Three Months Ended March 31,
|
||||||
|
|
|
2015
|
|
2014
|
|||||
Currency Forward and Option Contracts:
|
|
|
|
|
|
|
||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
||||||
Gain recognized in other comprehensive income or loss
|
|
—
|
|
$
|
5,582
|
|
|
$
|
704
|
|
Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion
|
|
Cost of sales
|
|
2,257
|
|
|
809
|
|
||
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
|
|
Net sales
|
|
(15
|
)
|
|
—
|
|
||
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion
|
|
Cost of sales
|
|
(122
|
)
|
|
(22
|
)
|
||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
||||||
Gain (loss) recognized in income
|
|
Other non-operating expense
|
|
2,936
|
|
|
(1,465
|
)
|
Level 1 –
|
observable inputs such as quoted prices for identical assets or liabilities in active liquid markets;
|
Level 2 –
|
inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume and/or infrequent transactions; and
|
Level 3 –
|
unobservable inputs for which there is little or no market data available, that require the reporting entity to
develop its own assumptions.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
101,241
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101,241
|
|
Time deposits
|
45,221
|
|
|
—
|
|
|
—
|
|
|
45,221
|
|
||||
Certificates of deposit
|
—
|
|
|
2,205
|
|
|
—
|
|
|
2,205
|
|
||||
Reverse repurchase agreements
|
—
|
|
|
50,000
|
|
|
—
|
|
|
50,000
|
|
||||
U.S. Government-backed municipal bonds
|
—
|
|
|
480
|
|
|
—
|
|
|
480
|
|
||||
Available-for-sale short-term investments
(1)
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
—
|
|
|
13,453
|
|
|
—
|
|
|
13,453
|
|
||||
U.S. Government-backed municipal bonds
|
—
|
|
|
39,119
|
|
|
—
|
|
|
39,119
|
|
||||
Other short-term investments
|
|
|
|
|
|
|
|
||||||||
Mutual fund shares
|
366
|
|
|
—
|
|
|
—
|
|
|
366
|
|
||||
Other current assets
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
—
|
|
|
15,787
|
|
|
—
|
|
|
15,787
|
|
||||
Other non-current assets
|
|
|
|
|
|
|
|
||||||||
Mutual fund shares
|
7,016
|
|
|
—
|
|
|
—
|
|
|
7,016
|
|
||||
Total assets measured at fair value
|
$
|
153,844
|
|
|
$
|
121,044
|
|
|
$
|
—
|
|
|
$
|
274,888
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
$
|
—
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
123
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
123
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
94,112
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
94,112
|
|
Time deposits
|
45,187
|
|
|
—
|
|
|
—
|
|
|
45,187
|
|
||||
Certificates of deposit
|
—
|
|
|
1,470
|
|
|
—
|
|
|
1,470
|
|
||||
Reverse repurchase agreements
|
—
|
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
||||
U.S. Government-backed municipal bonds
|
—
|
|
|
5,812
|
|
|
—
|
|
|
5,812
|
|
||||
Available-for-sale short-term investments
(1)
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
—
|
|
|
3,184
|
|
|
—
|
|
|
3,184
|
|
||||
U.S. Government-backed municipal bonds
|
—
|
|
|
23,598
|
|
|
—
|
|
|
23,598
|
|
||||
Other short-term investments
|
|
|
|
|
|
|
|
||||||||
Mutual fund shares
|
485
|
|
|
—
|
|
|
—
|
|
|
485
|
|
||||
Other current assets
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
—
|
|
|
12,747
|
|
|
—
|
|
|
12,747
|
|
||||
Other non-current assets
|
|
|
|
|
|
|
|
||||||||
Mutual fund shares
|
6,039
|
|
|
—
|
|
|
—
|
|
|
6,039
|
|
||||
Total assets measured at fair value
|
$
|
145,823
|
|
|
$
|
86,811
|
|
|
$
|
—
|
|
|
$
|
232,634
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
$
|
—
|
|
|
$
|
924
|
|
|
$
|
—
|
|
|
$
|
924
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
924
|
|
|
$
|
—
|
|
|
$
|
924
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
269,786
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
269,786
|
|
Time deposits
|
25,129
|
|
|
14,088
|
|
|
—
|
|
|
39,217
|
|
||||
U.S. Government-backed repurchase agreements
|
—
|
|
|
55,000
|
|
|
—
|
|
|
55,000
|
|
||||
Available-for-sale short-term investments
(1)
|
|
|
|
|
|
|
|
||||||||
Short-term municipal bond fund
|
15,028
|
|
|
—
|
|
|
—
|
|
|
15,028
|
|
||||
Certificates of deposit
|
—
|
|
|
9,795
|
|
|
—
|
|
|
9,795
|
|
||||
U.S. Government-backed municipal bonds
|
—
|
|
|
14,185
|
|
|
—
|
|
|
14,185
|
|
||||
Other short-term investments
|
|
|
|
|
|
|
|
||||||||
Mutual funds shares
|
529
|
|
|
—
|
|
|
—
|
|
|
529
|
|
||||
Other current assets
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
—
|
|
|
2,703
|
|
|
—
|
|
|
2,703
|
|
||||
Other non-current assets
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
—
|
|
|
128
|
|
|
—
|
|
|
128
|
|
||||
Mutual fund shares
|
5,390
|
|
|
—
|
|
|
—
|
|
|
5,390
|
|
||||
Total assets measured at fair value
|
$
|
315,862
|
|
|
$
|
95,899
|
|
|
$
|
—
|
|
|
$
|
411,761
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
$
|
—
|
|
|
$
|
1,017
|
|
|
$
|
—
|
|
|
$
|
1,017
|
|
Other long-term liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 11)
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
1,050
|
|
|
$
|
—
|
|
|
$
|
1,050
|
|
(1)
|
Investments have remaining maturities of less than one year.
|
•
|
Net sales growth in the Columbia and Sorel brands in our United States and Canadian wholesale channels;
|
•
|
Continued growth and increased investment in our direct-to-consumer businesses in the United States and Canada;
|
•
|
Difficult economic and/or competitive environments in certain key international markets, particularly Russia, Korea and China;
|
•
|
Incremental financial results from the prAna business, which was acquired on May 30, 2014; and
|
•
|
The unfavorable effects of foreign currency exchange rates on gross margin and translation of operating results.
|
•
|
Unseasonable weather conditions or other unforeseen factors affecting consumer demand and the resulting effect on order cancellations, sales returns, customer accommodations, reorders, direct-to-consumer sales, promotional activities, and suppressed demand in subsequent seasons;
|
•
|
Macroeconomic trends affecting consumer traffic and spending in brick and mortar retail channels;
|
•
|
The rate of new store expansion and productivity of our existing stores and e-commerce sites in our global direct-to-consumer operations;
|
•
|
Changes in mix and volume of full price sales in relation to closeout product sales and promotional sales activity;
|
•
|
Production capacity constraints and associated risks, including timely delivery, quality and non-compliance;
|
•
|
Costs and business interruption risks related to our supply chain, including work slowdowns and stoppages due to labor disputes at west coast ports in the United States;
|
•
|
Risks associated with information technology infrastructure investments and projects, including our multi-year global ERP system implementation;
|
•
|
Our ability to effectively manage operating costs;
|
•
|
Continued political and economic uncertainty, which is creating headwinds in key global markets; and
|
•
|
Fluctuating currency exchange rates.
|
•
|
Net sales for the
first
quarter of
2015
increase
d
$54.9 million
, or
13%
, to
$479.0 million
from
$424.1 million
for the
first
quarter of 2014. Changes in foreign currency exchange rates compared with the
first
quarter of
2014
negatively affected the consolidated net sales comparison by approximately four percentage points.
|
•
|
Net
income
attributable to Columbia Sportswear Company for the
first
quarter of
2015
increase
d 19% to
$26.5 million
, or
$0.37
per diluted share, compared to net
income
of
$22.3 million
, or
$0.32
per diluted share, for the
first
quarter of
2014
.
|
•
|
We paid a quarterly cash dividend of
$0.15
per share, or
$10.6 million
, in the
first
quarter of
2015
.
|
|
Three Months Ended March 31,
|
||||
|
2015
|
|
2014
|
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
52.2
|
|
|
53.5
|
|
Gross profit
|
47.8
|
|
|
46.5
|
|
Selling, general and administrative expenses
|
38.9
|
|
|
38.5
|
|
Net licensing income
|
0.3
|
|
|
0.4
|
|
Income from operations
|
9.2
|
|
|
8.4
|
|
Interest income, net
|
0.1
|
|
|
—
|
|
Interest expense on note payable to related party
|
—
|
|
|
—
|
|
Other non-operating expense
|
(0.5
|
)
|
|
(0.1
|
)
|
Income before income tax
|
8.8
|
|
|
8.3
|
|
Income tax expense
|
(3.0
|
)
|
|
(2.7
|
)
|
Net income
|
5.8
|
|
|
5.6
|
|
Net income attributable to non-controlling interest
|
0.3
|
|
|
0.4
|
|
Net income attributable to Columbia Sportswear Company
|
5.5
|
%
|
|
5.2
|
%
|
|
Three Months Ended March 31,
|
||||||||
|
2015
|
|
2014
|
|
% Change
|
||||
|
(In millions, except for percentage changes)
|
||||||||
United States
|
$
|
283.8
|
|
|
$
|
241.2
|
|
|
18%
|
LAAP
|
113.1
|
|
|
116.8
|
|
|
(3)%
|
||
EMEA
|
47.8
|
|
|
39.2
|
|
|
22%
|
||
Canada
|
34.3
|
|
|
26.9
|
|
|
28%
|
||
|
$
|
479.0
|
|
|
$
|
424.1
|
|
|
13%
|
|
Three Months Ended March 31,
|
||||||||
|
2015
|
|
2014
|
|
% Change
|
||||
|
(In millions, except for percentage changes)
|
||||||||
Columbia
|
$
|
401.0
|
|
|
$
|
376.0
|
|
|
7%
|
Sorel
|
13.4
|
|
|
12.9
|
|
|
4%
|
||
Mountain Hardwear
|
25.1
|
|
|
32.4
|
|
|
(23)%
|
||
prAna
|
37.1
|
|
|
—
|
|
|
100%
|
||
Other
|
2.4
|
|
|
2.8
|
|
|
(14)%
|
||
|
$
|
479.0
|
|
|
$
|
424.1
|
|
|
13%
|
|
Three Months Ended March 31,
|
||||||||
|
2015
|
|
2014
|
|
% Change
|
||||
|
(In millions, except for percentage changes)
|
||||||||
Apparel, Accessories and Equipment
|
$
|
399.3
|
|
|
$
|
353.7
|
|
|
13%
|
Footwear
|
79.7
|
|
|
70.4
|
|
|
13%
|
||
|
$
|
479.0
|
|
|
$
|
424.1
|
|
|
13%
|
•
|
A more favorable mix of full price and close-out wholesale sales; and
|
•
|
Improved gross margins within the direct-to-consumer channel driven by a stronger product assortment, less promotional activity, and a higher proportion of e-commerce sales;
|
•
|
Unfavorable foreign currency hedge rates; and
|
•
|
A higher proportion of sales to international distributors, which carry lower gross margins than wholesale and direct-to-consumer channels.
|
•
|
Incremental operating costs associated with prAna;
|
•
|
Increased expenses relating to our expanding direct-to-consumer operations; and
|
•
|
Increased personnel demand creation, and information technology expenses;
|
•
|
Favorable foreign currency translation.
|
•
|
Availability and quality of raw materials;
|
•
|
The prices of oil, leather, natural down, cotton and other raw materials whose prices are determined by global commodity markets and can be very volatile;
|
•
|
Changes in labor markets and wage rates paid by our independent factory partners, which are often mandated by governments in the countries where our products are manufactured, particularly in China and Vietnam;
|
•
|
Disruption to shipping and transportation channels utilized to bring our product to market;
|
•
|
Interest rates and currency exchange rates;
|
•
|
Availability of skilled labor and production capacity at contract manufacturers; and
|
•
|
General economic conditions.
|
•
|
Unseasonable weather conditions;
|
•
|
Our reliance, for certain demand and supply planning functions, on manual processes and judgment that are subject to human error;
|
•
|
Consumer acceptance of our products or changes in consumer demand for products of our competitors;
|
•
|
Unanticipated changes in general market conditions or other factors, which may result in lower advance orders from wholesale customers and independent distributors, cancellations of advance orders or a reduction or increase in the rate of reorders placed by retailers; and
|
•
|
Weak economic conditions or consumer confidence, which could reduce demand for discretionary items such as our products.
|
•
|
Our ability to operate the joint venture is dependent upon, among other things, our ability to attract and retain personnel with the skills, knowledge and experience necessary to carry out the operations of the joint venture. Approximately 600 employees working with, or for Swire, became employees of, or provide services to, the joint venture. Our ability
|
•
|
Initially, we are relying in part on the operational skill of our joint venture partner. Additionally, because our joint venture partner has protective voting rights with respect to specified major business decisions of the joint venture, we may experience difficulty reaching agreement as to implementation of various changes to the joint venture’s business. For these reasons, or as a result of other factors, we may not realize the anticipated benefits of the joint venture, and our participation in the joint venture could adversely affect the results of our operations.
|
•
|
Continued sales growth in China is an important part of our expectations for our joint venture business. Although China has experienced significant economic growth in recent years, that growth is slowing. Slowing economic growth in China could result in reduced consumer discretionary spending, which in turn could result in less demand for our products, and thus negatively affect the value of our investment in the joint venture and the growth of our sales in China.
|
•
|
Although we believe we have achieved a leading market position in China, many of our competitors who are significantly larger than we are and have substantially greater financial, distribution, marketing and other resources, more stable manufacturing resources and greater brand strength are also concentrating on growing their businesses in China. In addition, the number of competitors in the marketplace has increased significantly in recent years. Increased investment by our competitors in this market could decrease our market share and competitive position in China.
|
(a)
|
Exhibits
|
|
|
|
3.2
|
|
Amendment to 2000 Restated Bylaws of Columbia Sportswear Company, as amended, effective March 19, 2015 (incorporated by reference to exhibit 3.2 to the Company's Form 8-K filed on March 23, 2015)
|
|
|
|
31.1
|
|
Rule 13a-14(a) Certification of Timothy P. Boyle, Chief Executive Officer
|
|
|
|
31.2
|
|
Rule 13a-14(a) Certification of Thomas B. Cusick, Executive Vice President of Finance and Chief Financial Officer
|
|
|
|
32.1
|
|
Section 1350 Certification of Timothy P. Boyle, Chief Executive Officer
|
|
|
|
32.2
|
|
Section 1350 Certification of Thomas B. Cusick, Executive Vice President of Finance and Chief Financial Officer
|
|
|
|
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 *
|
*
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities and Exchange Act of 1934, as amended and otherwise are not subject to liability under those sections.
|
|
|
COLUMBIA SPORTSWEAR COMPANY
|
Date: May 7, 2015
|
|
/s/ THOMAS B. CUSICK
|
|
|
Thomas B. Cusick
|
|
|
Executive Vice President of Finance and Chief Financial Officer
|
|
|
(Duly Authorized Officer and
Principal Financial and Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Mr. Boyle (age 75) has served on the Board since 1978 and was appointed Chairman of the Board in January 2020. Mr. Boyle joined Columbia in 1971 as General Manager, has served as Chief Executive Officer since 1988, and reassumed the role of President in 2017, which he had previously held from 1988 to 2015. Mr. Boyle is a member of the board of directors of Northwest Natural Holding Company (NYSE: NWN), and its subsidiary, Northwest Natural Gas Company, and formerly served on the board of directors of Craft Brew Alliance, Inc. Mr. Boyle is Joseph P. Boyle’s father. Mr. Boyle has spent his entire business career growing Columbia into a global leader in outdoor, active and everyday lifestyle apparel, footwear, accessories, and equipment products. Mr. Boyle’s customer relationships, market knowledge and breadth of experience performing nearly every function within Columbia has resulted in a deep understanding of the business issues facing Columbia. | |||
Mr. Babson (age 74) has served on the Board since 2002. Mr. Babson chairs the Compensation Committee. Mr. Babson is a Managing Director of Endeavour Capital, a Northwest private equity firm, which he joined in 2002. Prior to 2002, Mr. Babson was an attorney at Stoel Rives LLP. Mr. Babson joined Stoel Rives in 1978, was a partner from 1984 to 2002, and served as the firm’s chairman from 1999 to 2002. Mr. Babson serves on a number of boards of privately-held companies, including ATL Technology, LLC, Peninsula Holdings, LLC and ENTEK Technology Holdings LLC. Mr. Babson brings a combination of financial and legal expertise to the Board. His experience in a private equity firm provides Columbia with valuable insights related to capital markets, strategic planning and financial integrity. | |||
Ms. Simmons (age 62) has served on the Board since 2018. Ms. Simmons joined Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) as Chief Financial Officer in February 2025. Previously, she served as Executive Vice President and Chief Financial Officer of Gap, Inc. from 2008 until 2017 and also served in the following positions at Gap: Executive Vice President, Corporate Finance from 2007 to 2008, Senior Vice President, Corporate Finance and Treasurer from 2003 to 2007, and Vice President and Treasurer from 2001 to 2003. Prior to that, Ms. Simmons served as Chief Financial Officer and an executive member of the board of directors of Sygen International PLC, and was Assistant Treasurer at Levi Strauss & Co. Ms. Simmons currently serves as a member of the board of directors and chair of the audit committee of Coursera, Inc. (NYSE: COUR). Ms. Simmons formerly served on the boards of Petco Health and Wellness Company, Inc., e.l.f. Beauty, Inc. and Williams-Sonoma, Inc. Ms. Simmons brings a combination of public company, global retail and financial experience to the Board. | |||
Mr. Nelson (age 82) has served on the Board since 2011. He joined NIKE, Inc. in 1976 and went on to serve as Vice President from 1982 to 1997, overseeing a wide variety of operations, including NIKE’s early advertising, promotions and retail operations, global footwear sourcing and financing, and the global apparel division, and he served as President of NIKE’s Japanese subsidiary from 1995 to 1997, retiring from NIKE in 1997. Mr. Nelson served as an advisory board member to Columbia in the 1970s. Mr. Nelson’s broad and deep experience within the apparel and footwear industry provides the Board with insights and guidance regarding our global supply chain, marketing and growth strategies. | |||
Ms. Wasson (age 66) has served on the Board since 2015. Ms. Wasson chairs the Audit Committee, and the Board has designated Ms. Wasson as an “audit committee financial expert.” Ms. Wasson worked at U.S. Bank of Oregon for over 25 years, serving as President of U.S. Bank’s Oregon and Southwest Washington operations from 2005 to 2015. In addition to her role as President, she led the Oregon Commercial Banking group for U.S. Bank, which provides a wide variety of financial services to middle market companies. Currently, Ms. Wasson is the Chief Executive Officer of Sand Creek Advisors LLC, which provides business consulting to CEOs of public and private companies. Ms. Wasson serves as Chair of the board of directors of each of Northwest Natural Holding Company (NYSE: NWN) and its subsidiary, Northwest Natural Gas Company, and is a member of each company’s Audit Committee, Governance Committee and Organization and Executive Compensation Committee. Ms. Wasson’s extensive experience in commercial banking, finance and accounting, as well as local and regional leadership, enables her to provide insight and advice to Columbia on strategic matters including mergers and acquisitions, consumer and commercial businesses, regulatory, marketing, public and government policy and relations, media relations, change management and human capital management and diversity. | |||
Mr. Mansell (age 72) has served on the Board since 2019. Mr. Mansell co-chairs the Nominating and Corporate Governance Committee. Mr. Mansell spent over 35 years at Kohl’s Corporation, most recently serving as its Chairman, Chief Executive Officer and President prior to retiring in 2018. Mr. Mansell began his retail career in 1975 with the Venture Store Division of May Department Stores, where he held a number of positions in buying and merchandising. He joined Kohl’s Corporation in 1982 and served in several management roles, including President from 1999, Chief Executive Officer from 2008 and Chairman of the Board of Directors from 2009 until his retirement in 2018. Mr. Mansell serves as Chairman of the Board and Chair of the Compensation and Talent Management Committee of Fossil Group, Inc. (Nasdaq: FOSL) and is the former Chair of the Board of Directors of Chicos FAS, Inc. Mr. Mansell brings a combination of retail, public company, strategic and financial expertise to the Board. | |||
Mr. Culver (age 64) has served on the Board since 2021. Mr. Culver served as Group President, North America and Chief Operating Officer of Starbucks Corporation from 2021 to 2022. Mr. Culver joined Starbucks Corporation in 2002 as Vice President; General Manager, Foodservice and held various positions after, including Group President, International, Channel Development and Global Coffee, Tea & Cocoa from 2018 to 2021. Mr. Culver serves on the board of Kimberly-Clark Corporation (NYSE: KMB). Mr. Culver brings a combination of global public company and operational and strategic planning expertise to the Board. | |||
Ms. Shi (age 65) has served on the Board since 2022. Ms. Shi is Principal at Lovejoy Advisors, LLC, an advisory services firm focused on digitally transforming consumer and retail businesses, which she founded in 2016. Ms. Shi joined NIKE, Inc. in 2010 and most recently served as President, Direct-to-Consumer from 2013 until her retirement in 2016. Prior to that, Ms. Shi spent 24 years at McKinsey & Company in various roles, including Director and Senior Partner from 2000 to 2010. Ms. Shi began her career at Merrill Lynch & Company in 1981. Ms. Shi currently serves on the Board of Directors of United Parcel Service, Inc. (NYSE: UPS). She served on the Boards of Directors of Williams-Sonoma, Inc. until 2019 and Mondelēz International, Inc. until 2023. Ms. Shi brings robust footwear and apparel industry and direct-to-consumer experience to the Board. | |||
Mr. Denson (age 68) has served on the Board since January 2024. Mr. Denson is the Chairman of the Board of Directors of Funko, Inc. (Nasdaq: FNKO), where he has served as a director since its formation in 2017, in addition to serving as a director of FAH, LLC since 2016. Mr. Denson has served as the President and Chief Executive Officer of Anini Vista Advisors, an advisory and consulting firm, since 2014. From 1979 to 2014, Mr. Denson held various positions at NIKE, Inc., where he was appointed to several management roles, including President of the NIKE Brand, which he held from 2001 to 2014. Mr. Denson brings robust footwear and apparel market, direct-to-consumer, and wholesale experience to the Board. | |||
Mr. Bryant (age 74) has served on the Board since 2005. Mr. Bryant co-chairs the Nominating and Corporate Governance Committee and has served as Lead Independent Director since January 2020. Mr. Bryant served as Chairman of the Board of Intel Corporation from 2012 to 2020. Mr. Bryant joined Intel Corporation in 1981 and held several leadership roles, including Vice Chairman of the Board of Directors from 2011 to 2012 and Executive Vice President and Chief Administrative Officer from 2007 until 2012. Mr. Bryant is a former director of Silver Crest Acquisition Corporation and McKesson Corporation. Mr. Bryant’s years of experience at a large, global public company provide operational, strategic planning and financial expertise to the Board. |
Name and
Principal Position Year |
Salary
($)
|
Bonus
($)
|
Stock Awards
($)
|
Option
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
($)
|
All Other Compensation
($)
|
Total | |||||||||||||||||||||||||||||||||||||
Timothy P. Boyle, Chairman, President and CEO | ||||||||||||||||||||||||||||||||||||||||||||
2024 | $ | 1,080,000 | $ | — | $ | — | $ | — | $ | 1,756,488 | $ | 17,250 | $ | 2,853,738 | ||||||||||||||||||||||||||||||
2023 | $ | 1,073,600 | $ | — | $ | — | $ | — | $ | 533,364 | $ | 16,500 | $ | 1,623,464 | ||||||||||||||||||||||||||||||
2022 | $ | 1,032,985 | $ | — | $ | — | $ | — | $ | 1,715,979 | $ | 15,250 | $ | 2,764,214 | ||||||||||||||||||||||||||||||
Jim A. Swanson, Executive Vice President and CFO | ||||||||||||||||||||||||||||||||||||||||||||
2024 | $ | 693,539 | $ | — | $ | 874,997 | $ | 210,007 | $ | 292,743 | $ | 50,422 | $ | 2,121,708 | ||||||||||||||||||||||||||||||
2023 | $ | 616,431 | $ | — | $ | 600,098 | $ | 400,010 | $ | 200,217 | $ | 51,884 | $ | 1,868,640 | ||||||||||||||||||||||||||||||
2022 | $ | 566,331 | $ | — | $ | 480,209 | $ | 320,004 | $ | 291,774 | $ | 68,701 | $ | 1,727,019 | ||||||||||||||||||||||||||||||
Joseph P. Boyle, Executive Vice President, Columbia Brand President | ||||||||||||||||||||||||||||||||||||||||||||
2024 | $ | 617,692 | $ | — | $ | — | $ | 600,020 | $ | 260,728 | $ | 45,455 | $ | 1,523,895 | ||||||||||||||||||||||||||||||
2023 | $ | 600,462 | $ | — | $ | — | $ | 550,005 | $ | 186,623 | $ | 49,365 | $ | 1,386,455 | ||||||||||||||||||||||||||||||
2022 | $ | 572,500 | $ | — | $ | — | $ | 500,008 | $ | 294,952 | $ | 66,826 | $ | 1,434,286 | ||||||||||||||||||||||||||||||
Peter J. Bragdon, Executive Vice President, CAO and General Counsel
|
||||||||||||||||||||||||||||||||||||||||||||
2024 | $ | 708,808 | $ | — | $ | 804,168 | $ | 193,019 | $ | 341,929 | $ | 55,086 | $ | 2,103,010 | ||||||||||||||||||||||||||||||
2023 | $ | 646,154 | $ | — | $ | 605,184 | $ | 320,008 | $ | 239,852 | $ | 56,574 | $ | 1,867,772 | ||||||||||||||||||||||||||||||
2022 | $ | 614,615 | $ | — | $ | 420,120 | $ | 280,017 | $ | 361,886 | $ | 71,919 | $ | 1,748,557 | ||||||||||||||||||||||||||||||
Steven M. Potter, Executive Vice President, Chief Digital Information Officer
|
||||||||||||||||||||||||||||||||||||||||||||
2024 | $ | 697,262 | $ | — | $ | 616,708 | $ | 148,017 | $ | 294,314 | $ | 52,862 | $ | 1,809,163 | ||||||||||||||||||||||||||||||
2023 | $ | 675,708 | $ | — | $ | 435,141 | $ | 290,004 | $ | 214,740 | $ | 57,758 | $ | 1,673,351 | ||||||||||||||||||||||||||||||
2022 | $ | 648,700 | $ | — | $ | 408,205 | $ | 272,012 | $ | 334,210 | $ | 69,007 | $ | 1,732,134 |
Customers
Customer name | Ticker |
---|---|
The TJX Companies, Inc. | TJX |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
BOYLE TIMOTHY P | - | 15,972,100 | 2,000 |
BOYLE TIMOTHY P | - | 12,607,300 | 2,000 |
Boyle Joseph P | - | 2,550,570 | 199,388 |
BABSON STEPHEN E | - | 128,309 | 2,750 |
Bragdon Peter J | - | 24,098 | 1,200 |
Bragdon Peter J | - | 21,582 | 200 |
Nelson Ronald E. | - | 17,048 | 0 |
LUTHER RICHELLE T | - | 14,283 | 0 |
Wasson Malia H | - | 13,515 | 0 |
Swanson Jim A | - | 9,423 | 0 |
Kulok Lisa | - | 3,829 | 0 |
Kulok Lisa | - | 1,458 | 0 |