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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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016 |
|
December 31,
2015 |
|
September 30,
2015 |
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
219,189
|
|
|
$
|
369,770
|
|
|
$
|
173,410
|
|
Short-term investments
|
|
467
|
|
|
629
|
|
|
629
|
|
|||
Accounts receivable, net of allowance of $8,519, $9,928 and $9,043, respectively
|
|
486,236
|
|
|
371,953
|
|
|
529,844
|
|
|||
Inventories
|
|
588,021
|
|
|
473,637
|
|
|
546,685
|
|
|||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
62,888
|
|
|||
Prepaid expenses and other current assets
|
|
33,514
|
|
|
33,400
|
|
|
35,140
|
|
|||
Total current assets
|
|
1,327,427
|
|
|
1,249,389
|
|
|
1,348,596
|
|
|||
Property, plant and equipment, at cost, net of accumulated depreciation of $403,244, $363,278 and $354,273, respectively
|
|
285,514
|
|
|
291,687
|
|
|
294,926
|
|
|||
Intangible assets, net (Note 4)
|
|
134,724
|
|
|
138,584
|
|
|
139,871
|
|
|||
Goodwill
|
|
68,594
|
|
|
68,594
|
|
|
68,594
|
|
|||
Deferred income taxes
|
|
79,934
|
|
|
76,181
|
|
|
2,972
|
|
|||
Other non-current assets
|
|
25,622
|
|
|
21,718
|
|
|
21,917
|
|
|||
Total assets
|
|
$
|
1,921,815
|
|
|
$
|
1,846,153
|
|
|
$
|
1,876,876
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
|
||||||
Short-term borrowings
|
|
$
|
20
|
|
|
$
|
1,940
|
|
|
$
|
21,045
|
|
Accounts payable
|
|
136,667
|
|
|
217,230
|
|
|
170,168
|
|
|||
Accrued liabilities (Note 5)
|
|
166,496
|
|
|
141,862
|
|
|
163,897
|
|
|||
Income taxes payable
|
|
29,332
|
|
|
5,038
|
|
|
30,515
|
|
|||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
126
|
|
|||
Total current liabilities
|
|
332,515
|
|
|
366,070
|
|
|
385,751
|
|
|||
Note payable to related party (Note 13)
|
|
14,629
|
|
|
15,030
|
|
|
15,356
|
|
|||
Other long-term liabilities
|
|
43,066
|
|
|
40,172
|
|
|
38,625
|
|
|||
Income taxes payable
|
|
10,724
|
|
|
8,839
|
|
|
11,256
|
|
|||
Deferred income taxes
|
|
229
|
|
|
229
|
|
|
4,364
|
|
|||
Total liabilities
|
|
401,163
|
|
|
430,340
|
|
|
455,352
|
|
|||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
||||||
Columbia Sportswear Company Shareholders’ Equity:
|
|
|
|
|
|
|
||||||
Preferred stock; 10,000 shares authorized; none issued and outstanding
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock (no par value); 250,000 shares authorized; 69,792, 69,277, and 70,376, issued and outstanding, respectively (Note 8)
|
|
49,091
|
|
|
34,776
|
|
|
86,869
|
|
|||
Retained earnings
|
|
1,457,495
|
|
|
1,385,860
|
|
|
1,334,390
|
|
|||
Accumulated other comprehensive loss (Note 7)
|
|
(6,934
|
)
|
|
(20,836
|
)
|
|
(14,862
|
)
|
|||
Total Columbia Sportswear Company shareholders’ equity
|
|
1,499,652
|
|
|
1,399,800
|
|
|
1,406,397
|
|
|||
Non-controlling interest (Note 3)
|
|
21,000
|
|
|
16,013
|
|
|
15,127
|
|
|||
Total equity
|
|
1,520,652
|
|
|
1,415,813
|
|
|
1,421,524
|
|
|||
Total liabilities and equity
|
|
$
|
1,921,815
|
|
|
$
|
1,846,153
|
|
|
$
|
1,876,876
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
745,714
|
|
|
$
|
767,550
|
|
|
$
|
1,659,595
|
|
|
$
|
1,626,766
|
|
Cost of sales
|
400,002
|
|
|
411,090
|
|
|
886,922
|
|
|
870,214
|
|
||||
Gross profit
|
345,712
|
|
|
356,460
|
|
|
772,673
|
|
|
756,552
|
|
||||
Selling, general and administrative expenses
|
224,497
|
|
|
226,778
|
|
|
622,843
|
|
|
594,782
|
|
||||
Net licensing income
|
2,415
|
|
|
2,587
|
|
|
6,279
|
|
|
5,659
|
|
||||
Income from operations
|
123,630
|
|
|
132,269
|
|
|
156,109
|
|
|
167,429
|
|
||||
Interest income, net
|
393
|
|
|
309
|
|
|
1,576
|
|
|
1,260
|
|
||||
Interest expense on note payable to related party (Note 13)
|
(253
|
)
|
|
(275
|
)
|
|
(779
|
)
|
|
(827
|
)
|
||||
Other non-operating expense
|
(620
|
)
|
|
(1,558
|
)
|
|
(736
|
)
|
|
(3,287
|
)
|
||||
Income before income tax
|
123,150
|
|
|
130,745
|
|
|
156,170
|
|
|
164,575
|
|
||||
Income tax expense
|
(36,598
|
)
|
|
(37,805
|
)
|
|
(43,297
|
)
|
|
(49,520
|
)
|
||||
Net income
|
86,552
|
|
|
92,940
|
|
|
112,873
|
|
|
115,055
|
|
||||
Net income attributable to non-controlling interest
|
2,967
|
|
|
1,879
|
|
|
5,690
|
|
|
4,068
|
|
||||
Net income attributable to Columbia Sportswear Company
|
$
|
83,585
|
|
|
$
|
91,061
|
|
|
$
|
107,183
|
|
|
$
|
110,987
|
|
Earnings per share attributable to Columbia Sportswear Company (Note 8):
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.20
|
|
|
$
|
1.29
|
|
|
$
|
1.54
|
|
|
$
|
1.58
|
|
Diluted
|
1.18
|
|
|
1.28
|
|
|
1.52
|
|
|
1.56
|
|
||||
Cash dividends per share
|
$
|
0.17
|
|
|
$
|
0.15
|
|
|
$
|
0.51
|
|
|
$
|
0.45
|
|
Weighted average shares outstanding (Note 8):
|
|
|
|
|
|
|
|
||||||||
Basic
|
69,761
|
|
|
70,338
|
|
|
69,632
|
|
|
70,253
|
|
||||
Diluted
|
70,630
|
|
|
71,239
|
|
|
70,586
|
|
|
71,201
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
86,552
|
|
|
$
|
92,940
|
|
|
$
|
112,873
|
|
|
$
|
115,055
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Unrealized holding losses on available-for-sale securities (net of tax benefit of $0, $0, $0 and $3, respectively)
|
(4
|
)
|
|
(4
|
)
|
|
(2
|
)
|
|
(6
|
)
|
||||
Unrealized gains (losses) on derivative transactions (net of tax effect of ($200), ($990), $3,360 and ($1,279), respectively)
|
399
|
|
|
(6,667
|
)
|
|
(9,025
|
)
|
|
(4,947
|
)
|
||||
Foreign currency translation adjustments (net of tax benefit (expense) of ($123), ($448), ($306) and $622, respectively)
|
3,390
|
|
|
(12,206
|
)
|
|
22,226
|
|
|
(26,314
|
)
|
||||
Other comprehensive income (loss)
|
3,785
|
|
|
(18,877
|
)
|
|
13,199
|
|
|
(31,267
|
)
|
||||
Comprehensive income
|
90,337
|
|
|
74,063
|
|
|
126,072
|
|
|
83,788
|
|
||||
Comprehensive income attributable to non-controlling interest
|
2,913
|
|
|
1,281
|
|
|
4,987
|
|
|
3,496
|
|
||||
Comprehensive income attributable to Columbia Sportswear Company
|
$
|
87,424
|
|
|
$
|
72,782
|
|
|
$
|
121,085
|
|
|
$
|
80,292
|
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
112,873
|
|
|
$
|
115,055
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
44,478
|
|
|
41,921
|
|
||
Loss on disposal and impairment of property, plant, and equipment
|
3,646
|
|
|
679
|
|
||
Deferred income taxes
|
927
|
|
|
3,181
|
|
||
Stock-based compensation
|
8,454
|
|
|
8,731
|
|
||
Excess tax benefit from employee stock plans
|
—
|
|
|
(7,642
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(106,906
|
)
|
|
(195,018
|
)
|
||
Inventories
|
(103,475
|
)
|
|
(173,444
|
)
|
||
Prepaid expenses and other current assets
|
429
|
|
|
2,762
|
|
||
Other assets
|
(2,552
|
)
|
|
(2,676
|
)
|
||
Accounts payable
|
(82,590
|
)
|
|
(41,327
|
)
|
||
Accrued liabilities
|
10,999
|
|
|
16,747
|
|
||
Income taxes payable
|
26,045
|
|
|
16,799
|
|
||
Other liabilities
|
2,505
|
|
|
3,367
|
|
||
Net cash used in operating activities
|
(85,167
|
)
|
|
(210,865
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of short-term investments
|
(21,263
|
)
|
|
(38,208
|
)
|
||
Sales of short-term investments
|
21,263
|
|
|
64,980
|
|
||
Capital expenditures
|
(35,588
|
)
|
|
(47,796
|
)
|
||
Proceeds from sale of property, plant, and equipment
|
52
|
|
|
126
|
|
||
Net cash used in investing activities
|
(35,536
|
)
|
|
(20,898
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from credit facilities
|
59,277
|
|
|
36,519
|
|
||
Repayments on credit facilities
|
(61,197
|
)
|
|
(15,343
|
)
|
||
Proceeds from issuance of common stock under employee stock plans
|
10,742
|
|
|
16,901
|
|
||
Tax payments related to restricted stock unit issuances
|
(4,870
|
)
|
|
(4,633
|
)
|
||
Excess tax benefit from employee stock plans
|
—
|
|
|
7,642
|
|
||
Repurchase of common stock
|
(11
|
)
|
|
(14,525
|
)
|
||
Cash dividends paid
|
(35,548
|
)
|
|
(31,667
|
)
|
||
Net cash used in financing activities
|
(31,607
|
)
|
|
(5,106
|
)
|
||
Net effect of exchange rate changes on cash
|
1,729
|
|
|
(3,279
|
)
|
||
Net decrease in cash and cash equivalents
|
(150,581
|
)
|
|
(240,148
|
)
|
||
Cash and cash equivalents, beginning of period
|
369,770
|
|
|
413,558
|
|
||
Cash and cash equivalents, end of period
|
$
|
219,189
|
|
|
$
|
173,410
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for income taxes
|
$
|
14,601
|
|
|
$
|
26,413
|
|
Cash paid during the period for interest on note payable to related party
|
792
|
|
|
834
|
|
||
Supplemental disclosures of non-cash investing and financing activities
:
|
|
|
|
||||
Capital expenditures incurred but not yet paid
|
$
|
3,656
|
|
|
$
|
9,150
|
|
|
|
Columbia Sportswear Company
|
|
Non-Controlling Interest
|
|
Total
|
||||||
Balance at December 31, 2015
|
|
$
|
1,399,800
|
|
|
$
|
16,013
|
|
|
$
|
1,415,813
|
|
Net income
|
|
107,183
|
|
|
5,690
|
|
|
112,873
|
|
|||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized holding losses on available-for-sale securities
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||
Derivative holding gains (losses)
|
|
(9,078
|
)
|
|
53
|
|
|
(9,025
|
)
|
|||
Foreign currency translation adjustments
|
|
22,982
|
|
|
(756
|
)
|
|
22,226
|
|
|||
Cash dividends ($0.51 per share)
|
|
(35,548
|
)
|
|
—
|
|
|
(35,548
|
)
|
|||
Issuance of common stock under employee stock plans, net
|
|
5,872
|
|
|
—
|
|
|
5,872
|
|
|||
Stock-based compensation expense
|
|
8,454
|
|
|
—
|
|
|
8,454
|
|
|||
Repurchase of common stock
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|||
Balance at September 30, 2016
|
|
$
|
1,499,652
|
|
|
$
|
21,000
|
|
|
$
|
1,520,652
|
|
|
|
Columbia Sportswear Company
|
|
Non-Controlling Interest
|
|
Total
|
||||||
Balance at December 31, 2014
|
|
$
|
1,343,603
|
|
|
$
|
11,631
|
|
|
$
|
1,355,234
|
|
Net income
|
|
110,987
|
|
|
4,068
|
|
|
115,055
|
|
|||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Unrealized holding losses on available-for-sale securities
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|||
Derivative holding losses
|
|
(4,947
|
)
|
|
—
|
|
|
(4,947
|
)
|
|||
Foreign currency translation adjustments
|
|
(25,742
|
)
|
|
(572
|
)
|
|
(26,314
|
)
|
|||
Cash dividends ($0.45 per share)
|
|
(31,667
|
)
|
|
—
|
|
|
(31,667
|
)
|
|||
Issuance of common stock under employee stock plans, net
|
|
12,268
|
|
|
—
|
|
|
12,268
|
|
|||
Tax adjustment from stock plans
|
|
7,695
|
|
|
—
|
|
|
7,695
|
|
|||
Stock-based compensation expense
|
|
8,731
|
|
|
—
|
|
|
8,731
|
|
|||
Repurchase of common stock
|
|
(14,525
|
)
|
|
—
|
|
|
(14,525
|
)
|
|||
Balance at September 30, 2015
|
|
$
|
1,406,397
|
|
|
$
|
15,127
|
|
|
$
|
1,421,524
|
|
|
September 30,
2016 |
|
December 31,
2015 |
|
September 30,
2015 |
||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Patents and purchased technology
|
$
|
14,198
|
|
|
$
|
14,198
|
|
|
$
|
14,198
|
|
Customer relationships
|
23,000
|
|
|
23,000
|
|
|
23,000
|
|
|||
Gross carrying amount
|
37,198
|
|
|
37,198
|
|
|
37,198
|
|
|||
Accumulated amortization:
|
|
|
|
|
|
||||||
Patents and purchased technology
|
(8,989
|
)
|
|
(7,992
|
)
|
|
(7,659
|
)
|
|||
Customer relationships
|
(8,906
|
)
|
|
(6,043
|
)
|
|
(5,089
|
)
|
|||
Total accumulated amortization
|
(17,895
|
)
|
|
(14,035
|
)
|
|
(12,748
|
)
|
|||
Net carrying amount
|
19,303
|
|
|
23,163
|
|
|
24,450
|
|
|||
Intangible assets not subject to amortization
|
115,421
|
|
|
115,421
|
|
|
115,421
|
|
|||
Intangible assets, net
|
$
|
134,724
|
|
|
$
|
138,584
|
|
|
$
|
139,871
|
|
2016
|
$
|
5,147
|
|
2017
|
3,883
|
|
|
2018
|
2,980
|
|
|
2019
|
2,980
|
|
|
2020
|
2,537
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Balance at beginning of period
|
$
|
11,653
|
|
|
$
|
10,966
|
|
|
$
|
11,487
|
|
|
$
|
11,148
|
|
Provision for warranty claims
|
922
|
|
|
921
|
|
|
3,360
|
|
|
3,246
|
|
||||
Warranty claims
|
(462
|
)
|
|
(478
|
)
|
|
(2,894
|
)
|
|
(2,711
|
)
|
||||
Other
|
76
|
|
|
(138
|
)
|
|
236
|
|
|
(412
|
)
|
||||
Balance at end of period
|
$
|
12,189
|
|
|
$
|
11,271
|
|
|
$
|
12,189
|
|
|
$
|
11,271
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock options
|
$
|
1,008
|
|
|
$
|
898
|
|
|
$
|
2,989
|
|
|
$
|
2,727
|
|
Restricted stock units
|
1,993
|
|
|
1,894
|
|
|
5,465
|
|
|
6,004
|
|
||||
Total
|
$
|
3,001
|
|
|
$
|
2,792
|
|
|
$
|
8,454
|
|
|
$
|
8,731
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Expected option term
|
4.37 years
|
|
4.37 years
|
|
4.63 years
|
|
4.60 years
|
Expected stock price volatility
|
29.34%
|
|
29.37%
|
|
29.80%
|
|
26.56%
|
Risk-free interest rate
|
0.94%
|
|
1.27%
|
|
1.17%
|
|
1.20%
|
Expected annual dividend yield
|
1.17%
|
|
0.84%
|
|
1.20%
|
|
1.26%
|
Weighted average grant date fair value
|
$13.12
|
|
$17.12
|
|
$13.38
|
|
$10.36
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Vesting period
|
4.01 years
|
|
4.00 years
|
|
3.83 years
|
|
3.82 years
|
Expected annual dividend yield
|
1.17%
|
|
0.93%
|
|
1.16%
|
|
1.14%
|
Estimated average grant date fair value per restricted stock unit
|
$55.43
|
|
$62.53
|
|
$55.94
|
|
$51.09
|
|
Unrealized losses on available-for-sale securities
|
|
Unrealized holding gains (losses) on derivative transactions
|
|
Foreign currency translation adjustments
|
|
Total
|
||||||||
Balance at June 30, 2016
|
$
|
—
|
|
|
$
|
(3,337
|
)
|
|
$
|
(7,436
|
)
|
|
$
|
(10,773
|
)
|
Other comprehensive income (loss) before reclassifications
|
(4
|
)
|
|
(319
|
)
|
|
3,497
|
|
|
3,174
|
|
||||
Amounts reclassified from other comprehensive income
|
—
|
|
|
665
|
|
|
—
|
|
|
665
|
|
||||
Net other comprehensive income (loss) during the period
|
(4
|
)
|
|
346
|
|
|
3,497
|
|
|
3,839
|
|
||||
Balance at September 30, 2016
|
$
|
(4
|
)
|
|
$
|
(2,991
|
)
|
|
$
|
(3,939
|
)
|
|
$
|
(6,934
|
)
|
|
Unrealized gains (losses) on available-for-sale securities
|
|
Unrealized holding gains (losses) on derivative transactions
|
|
Foreign currency translation adjustments
|
|
Total
|
||||||||
Balance at June 30, 2015
|
$
|
2
|
|
|
$
|
10,715
|
|
|
$
|
(7,300
|
)
|
|
$
|
3,417
|
|
Other comprehensive income (loss) before reclassifications
|
(4
|
)
|
|
789
|
|
|
(11,608
|
)
|
|
(10,823
|
)
|
||||
Amounts reclassified from other comprehensive income
|
—
|
|
|
(7,456
|
)
|
|
—
|
|
|
(7,456
|
)
|
||||
Net other comprehensive loss during the period
|
(4
|
)
|
|
(6,667
|
)
|
|
(11,608
|
)
|
|
(18,279
|
)
|
||||
Balance at September 30, 2015
|
$
|
(2
|
)
|
|
$
|
4,048
|
|
|
$
|
(18,908
|
)
|
|
$
|
(14,862
|
)
|
|
Unrealized losses on available-for-sale securities
|
|
Unrealized holding gains (losses) on derivative transactions
|
|
Foreign currency translation adjustments
|
|
Total
|
||||||||
Balance at December 31, 2015
|
$
|
(2
|
)
|
|
$
|
6,087
|
|
|
$
|
(26,921
|
)
|
|
$
|
(20,836
|
)
|
Other comprehensive income (loss) before reclassifications
|
(2
|
)
|
|
(8,244
|
)
|
|
22,982
|
|
|
14,736
|
|
||||
Amounts reclassified from other comprehensive income
|
—
|
|
|
(834
|
)
|
|
—
|
|
|
(834
|
)
|
||||
Net other comprehensive loss during the period
|
(2
|
)
|
|
(9,078
|
)
|
|
22,982
|
|
|
13,902
|
|
||||
Balance at September 30, 2016
|
$
|
(4
|
)
|
|
$
|
(2,991
|
)
|
|
$
|
(3,939
|
)
|
|
$
|
(6,934
|
)
|
|
Unrealized gains (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
|
(6
|
)
|
|
5,629
|
|
|
(25,742
|
)
|
|
(20,119
|
)
|
||||
Amounts reclassified from other comprehensive income
|
—
|
|
|
(10,576
|
)
|
|
—
|
|
|
(10,576
|
)
|
||||
Net other comprehensive loss during the period
|
(6
|
)
|
|
(4,947
|
)
|
|
(25,742
|
)
|
|
(30,695
|
)
|
||||
Balance at September 30, 2015
|
$
|
(2
|
)
|
|
$
|
4,048
|
|
|
$
|
(18,908
|
)
|
|
$
|
(14,862
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Weighted average shares of common stock outstanding, used in computing basic earnings per share
|
69,761
|
|
|
70,338
|
|
|
69,632
|
|
|
70,253
|
|
||||
Effect of dilutive stock options and restricted stock units
|
869
|
|
|
901
|
|
|
954
|
|
|
948
|
|
||||
Weighted average shares of common stock outstanding, used in computing diluted earnings per share
|
70,630
|
|
|
71,239
|
|
|
70,586
|
|
|
71,201
|
|
||||
Earnings per share of common stock attributable to Columbia Sportswear Company:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.20
|
|
|
$
|
1.29
|
|
|
$
|
1.54
|
|
|
$
|
1.58
|
|
Diluted
|
1.18
|
|
|
1.28
|
|
|
1.52
|
|
|
1.56
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales to unrelated entities:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
484,758
|
|
|
$
|
513,148
|
|
|
$
|
1,049,779
|
|
|
$
|
1,008,940
|
|
LAAP
|
112,718
|
|
|
109,407
|
|
|
301,777
|
|
|
319,537
|
|
||||
EMEA
|
73,062
|
|
|
67,295
|
|
|
183,436
|
|
|
175,025
|
|
||||
Canada
|
75,176
|
|
|
77,700
|
|
|
124,603
|
|
|
123,264
|
|
||||
|
$
|
745,714
|
|
|
$
|
767,550
|
|
|
$
|
1,659,595
|
|
|
$
|
1,626,766
|
|
Segment income from operations:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
138,682
|
|
|
$
|
148,062
|
|
|
$
|
226,661
|
|
|
$
|
223,586
|
|
LAAP
|
17,698
|
|
|
14,967
|
|
|
37,196
|
|
|
38,894
|
|
||||
EMEA
|
6,599
|
|
|
7,828
|
|
|
7,963
|
|
|
11,308
|
|
||||
Canada
|
13,548
|
|
|
16,563
|
|
|
14,234
|
|
|
19,352
|
|
||||
Total segment income from operations
|
176,527
|
|
|
187,420
|
|
|
286,054
|
|
|
293,140
|
|
||||
Unallocated corporate expenses
|
(52,897
|
)
|
|
(55,151
|
)
|
|
(129,945
|
)
|
|
(125,711
|
)
|
||||
Interest income, net
|
393
|
|
|
309
|
|
|
1,576
|
|
|
1,260
|
|
||||
Interest expense on note payable to related party
|
(253
|
)
|
|
(275
|
)
|
|
(779
|
)
|
|
(827
|
)
|
||||
Other non-operating expense
|
(620
|
)
|
|
(1,558
|
)
|
|
(736
|
)
|
|
(3,287
|
)
|
||||
Income before income taxes
|
$
|
123,150
|
|
|
$
|
130,745
|
|
|
$
|
156,170
|
|
|
$
|
164,575
|
|
|
September 30,
2016 |
|
December 31,
2015 |
|
September 30,
2015 |
||||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
|
||||||
Currency forward contracts
|
$
|
204,000
|
|
|
$
|
161,000
|
|
|
$
|
133,500
|
|
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
||||||
Currency forward contracts
|
189,159
|
|
|
113,195
|
|
|
81,000
|
|
|
|
Balance Sheet Classification
|
|
September 30,
2016 |
|
December 31,
2015 |
|
September 30,
2015 |
||||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments in asset positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
$
|
1,880
|
|
|
$
|
5,394
|
|
|
$
|
2,101
|
|
Currency forward contracts
|
|
Other non-current assets
|
|
344
|
|
|
566
|
|
|
309
|
|
|||
Derivative instruments in liability positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Accrued liabilities
|
|
3,295
|
|
|
224
|
|
|
170
|
|
|||
Currency forward contracts
|
|
Other long-term liabilities
|
|
559
|
|
|
—
|
|
|
—
|
|
|||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments in asset positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
99
|
|
|
1,328
|
|
|
391
|
|
|||
Derivative instruments in liability positions:
|
|
|
|
|
|
|
|
|
||||||
Currency forward contracts
|
|
Accrued liabilities
|
|
850
|
|
|
1,693
|
|
|
489
|
|
|
|
Statement of
Operations
Classification
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Currency Forward and Option Contracts:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative instruments designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||||||
Gain (loss) recognized in other comprehensive income or loss
|
|
—
|
|
$
|
(266
|
)
|
|
$
|
789
|
|
|
$
|
(8,191
|
)
|
|
$
|
5,629
|
|
Gain (loss) reclassified from accumulated other comprehensive income or loss to income for the effective portion
|
|
Net sales
|
|
(46
|
)
|
|
187
|
|
|
115
|
|
|
187
|
|
||||
Gain (loss) reclassified from accumulated other comprehensive income or loss to income for the effective portion
|
|
Cost of sales
|
|
(784
|
)
|
|
8,878
|
|
|
821
|
|
|
12,825
|
|
||||
Loss reclassified from accumulated other comprehensive income or loss to income as a result of cash flow hedge discontinuance
|
|
Cost of sales
|
|
—
|
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
||||
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
|
|
Net sales
|
|
(4
|
)
|
|
(3
|
)
|
|
1
|
|
|
(20
|
)
|
||||
Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion
|
|
Cost of sales
|
|
143
|
|
|
84
|
|
|
1,105
|
|
|
(126
|
)
|
||||
Derivative instruments not designated as cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||||||
Gain (loss) recognized in income
|
|
Other non-operating expense
|
|
(444
|
)
|
|
260
|
|
|
(3,885
|
)
|
|
2,840
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
96,994
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
96,994
|
|
Time deposits
|
42,248
|
|
|
—
|
|
|
—
|
|
|
42,248
|
|
||||
Other short-term investments:
|
|
|
|
|
|
|
|
||||||||
Mutual fund shares
|
467
|
|
|
—
|
|
|
—
|
|
|
467
|
|
||||
Other current assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
1,979
|
|
|
—
|
|
|
1,979
|
|
||||
Other non-current assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
344
|
|
|
—
|
|
|
344
|
|
||||
Mutual fund shares
|
8,245
|
|
|
—
|
|
|
—
|
|
|
8,245
|
|
||||
Total assets measured at fair value
|
$
|
147,954
|
|
|
$
|
2,323
|
|
|
$
|
—
|
|
|
$
|
150,277
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
$
|
—
|
|
|
$
|
4,145
|
|
|
$
|
—
|
|
|
$
|
4,145
|
|
Other long-term liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
559
|
|
|
—
|
|
|
559
|
|
||||
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
4,704
|
|
|
$
|
—
|
|
|
$
|
4,704
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
114,247
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
114,247
|
|
Time deposits
|
63,327
|
|
|
—
|
|
|
—
|
|
|
63,327
|
|
||||
Other short-term investments:
|
|
|
|
|
|
|
|
||||||||
Mutual fund shares
|
629
|
|
|
—
|
|
|
—
|
|
|
629
|
|
||||
Other current assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
6,722
|
|
|
—
|
|
|
6,722
|
|
||||
Other non-current assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
566
|
|
|
—
|
|
|
566
|
|
||||
Mutual fund shares
|
6,887
|
|
|
—
|
|
|
—
|
|
|
6,887
|
|
||||
Total assets measured at fair value
|
$
|
185,090
|
|
|
$
|
7,288
|
|
|
$
|
—
|
|
|
$
|
192,378
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
$
|
—
|
|
|
$
|
1,917
|
|
|
$
|
—
|
|
|
$
|
1,917
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
1,917
|
|
|
$
|
—
|
|
|
$
|
1,917
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
82,137
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
82,137
|
|
Time deposits
|
23,600
|
|
|
—
|
|
|
—
|
|
|
23,600
|
|
||||
Other short-term investments:
|
|
|
|
|
|
|
|
||||||||
Mutual funds shares
|
629
|
|
|
—
|
|
|
—
|
|
|
629
|
|
||||
Other current assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
2,492
|
|
|
—
|
|
|
2,492
|
|
||||
Other non-current assets:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
—
|
|
|
309
|
|
|
—
|
|
|
309
|
|
||||
Mutual fund shares
|
6,596
|
|
|
—
|
|
|
—
|
|
|
6,596
|
|
||||
Total assets measured at fair value
|
$
|
112,962
|
|
|
$
|
2,801
|
|
|
$
|
—
|
|
|
$
|
115,763
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued liabilities:
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments (Note 10)
|
$
|
—
|
|
|
$
|
659
|
|
|
$
|
—
|
|
|
$
|
659
|
|
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
659
|
|
|
$
|
—
|
|
|
$
|
659
|
|
•
|
Performance and profitability of our owned brick-and-mortar stores and e-commerce direct-to-consumer sales globally;
|
•
|
Unseasonable weather conditions or other unforeseen factors affecting consumer demand and the resulting effect on cancellations of advance wholesale orders, sales returns, wholesale customer accommodations, replenishment orders and reorders, direct-to-consumer sales, changes in mix and volume of full price sales in relation to promotional and closeout product sales and suppressed wholesale and end-consumer demand in subsequent seasons;
|
•
|
Industry trends affecting consumer traffic and spending in brick and mortar retail channels, which are creating uncertainty regarding the long-term financial health of several of our U.S. wholesale customers, including some who have recently initiated restructuring activities, bankruptcy proceedings or liquidation;
|
•
|
Difficult economic and/or competitive environments in certain key markets within our Europe, Middle East and Africa ("EMEA") and Latin America and Asia Pacific ("LAAP") regions, in particular, Russia and Korea;
|
•
|
Continued recovery and sales growth contributed by our Europe direct business;
|
•
|
The transactional effects of changes in foreign currency exchange rates on sales, gross margin, operating income and net income; and
|
•
|
Performance of our Mountain Hardwear business as we work to re-establish that brand in the marketplace.
|
•
|
Net sales for the
third
quarter of
2016
decrease
d
$21.9 million
, or
3%
(
3%
constant-currency), to
$745.7 million
from
$767.6 million
for the
third
quarter of 2015.
|
•
|
Net
income
attributable to Columbia Sportswear Company
decrease
d
$7.5 million
, or
8%
, for the
third
quarter of
2016
to
$83.6 million
, or
$1.18
per diluted share, compared to net
income
of
$91.1 million
, or
$1.28
per diluted share, for the
third
quarter of
2015
.
|
•
|
We paid a quarterly cash dividend of
$0.17
per share, or
$11.9 million
, in the
third
quarter of
2016
.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
53.6
|
|
|
53.6
|
|
|
53.4
|
|
|
53.5
|
|
Gross profit
|
46.4
|
|
|
46.4
|
|
|
46.6
|
|
|
46.5
|
|
Selling, general and administrative expenses
|
30.1
|
|
|
29.5
|
|
|
37.5
|
|
|
36.6
|
|
Net licensing income
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
Income from operations
|
16.6
|
|
|
17.2
|
|
|
9.4
|
|
|
10.3
|
|
Interest income, net
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
Interest expense on note payable to related party
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
Other non-operating expense
|
(0.1
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
Income before income tax
|
16.5
|
|
|
17.0
|
|
|
9.4
|
|
|
10.1
|
|
Income tax expense
|
(4.9
|
)
|
|
(4.9
|
)
|
|
(2.6
|
)
|
|
(3.0
|
)
|
Net income
|
11.6
|
|
|
12.1
|
|
|
6.8
|
|
|
7.1
|
|
Net income attributable to non-controlling interest
|
0.4
|
|
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
Net income attributable to Columbia Sportswear Company
|
11.2
|
%
|
|
11.9
|
%
|
|
6.5
|
%
|
|
6.8
|
%
|
|
Three Months Ended September 30,
|
||||||||||||||||||
|
|
|
Adjust for
|
|
Constant-
|
|
|
|
|
|
Constant-
|
||||||||
|
Reported
|
|
Foreign
|
|
currency
|
|
Reported
|
|
Reported
|
|
currency
|
||||||||
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
||||||||
|
2016
|
|
Translation
|
|
2016
(1)
|
|
2015
|
|
% Change
|
|
% Change
(1)
|
||||||||
|
(In millions, except for percentage changes)
|
||||||||||||||||||
United States
|
$
|
484.8
|
|
|
$
|
—
|
|
|
$
|
484.8
|
|
|
$
|
513.1
|
|
|
(6)%
|
|
(6)%
|
LAAP
|
112.7
|
|
|
(2.5
|
)
|
|
110.2
|
|
|
109.4
|
|
|
3%
|
|
1%
|
||||
EMEA
|
73.0
|
|
|
(0.1
|
)
|
|
72.9
|
|
|
67.4
|
|
|
8%
|
|
8%
|
||||
Canada
|
75.2
|
|
|
0.3
|
|
|
75.5
|
|
|
77.7
|
|
|
(3)%
|
|
(3)%
|
||||
|
$
|
745.7
|
|
|
$
|
(2.3
|
)
|
|
$
|
743.4
|
|
|
$
|
767.6
|
|
|
(3)%
|
|
(3)%
|
|
Three Months Ended September 30,
|
||||||||||||||||||
|
|
|
Adjust for
|
|
Constant-
|
|
|
|
|
|
Constant-
|
||||||||
|
Reported
|
|
Foreign
|
|
currency
|
|
Reported
|
|
Reported
|
|
currency
|
||||||||
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
||||||||
|
2016
|
|
Translation
|
|
2016
|
|
2015
|
|
% Change
|
|
% Change
|
||||||||
|
(In millions, except for percentage changes)
|
||||||||||||||||||
Columbia
|
$
|
587.3
|
|
|
$
|
(1.8
|
)
|
|
$
|
585.5
|
|
|
$
|
609.7
|
|
|
(4)%
|
|
(4)%
|
SOREL
|
87.6
|
|
|
(0.3
|
)
|
|
87.3
|
|
|
86.2
|
|
|
2%
|
|
1%
|
||||
prAna
|
38.1
|
|
|
—
|
|
|
38.1
|
|
|
34.4
|
|
|
11%
|
|
11%
|
||||
Mountain Hardwear
|
30.5
|
|
|
(0.2
|
)
|
|
30.3
|
|
|
34.8
|
|
|
(12)%
|
|
(13)%
|
||||
Other
|
2.2
|
|
|
—
|
|
|
2.2
|
|
|
2.5
|
|
|
(12)%
|
|
(12)%
|
||||
|
$
|
745.7
|
|
|
$
|
(2.3
|
)
|
|
$
|
743.4
|
|
|
$
|
767.6
|
|
|
(3)%
|
|
(3)%
|
|
Three Months Ended September 30,
|
||||||||||||||||||
|
|
|
Adjust for
|
|
Constant-
|
|
|
|
|
|
Constant-
|
||||||||
|
Reported
|
|
Foreign
|
|
currency
|
|
Reported
|
|
Reported
|
|
currency
|
||||||||
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
||||||||
|
2016
|
|
Translation
|
|
2016
|
|
2015
|
|
% Change
|
|
% Change
|
||||||||
|
(In millions, except for percentage changes)
|
||||||||||||||||||
Apparel, Accessories and Equipment
|
$
|
574.1
|
|
|
$
|
(1.7
|
)
|
|
$
|
572.4
|
|
|
$
|
596.1
|
|
|
(4)%
|
|
(4)%
|
Footwear
|
171.6
|
|
|
(0.6
|
)
|
|
171.0
|
|
|
171.5
|
|
|
—%
|
|
—%
|
||||
|
$
|
745.7
|
|
|
$
|
(2.3
|
)
|
|
$
|
743.4
|
|
|
$
|
767.6
|
|
|
(3)%
|
|
(3)%
|
•
|
Favorable changes in sales channel mix with a higher proportion of direct-to-consumer net sales, which carry higher gross margins, and a lower proportion of sales to international distributors, which carry lower gross margins;
|
•
|
Selective price increases across product categories and geographies; and
|
•
|
A favorable sourcing environment;
|
•
|
Unfavorable foreign currency hedge rates in Europe, Canada and Japan.
|
•
|
Cost containment measures that have been implemented throughout the year;
|
•
|
Lower incentive compensation expense; and
|
•
|
Lower demand creation expense;
|
•
|
Increased costs to support our expanding global direct-to-consumer businesses; and
|
•
|
Increased personnel costs to support strategic initiatives and business growth.
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
|
|
Adjust for
|
|
Constant-
|
|
|
|
|
|
Constant-
|
||||||||
|
Reported
|
|
Foreign
|
|
currency
|
|
Reported
|
|
Reported
|
|
currency
|
||||||||
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
||||||||
|
2016
|
|
Translation
|
|
2016
|
|
2015
|
|
% Change
|
|
% Change
|
||||||||
|
(In millions, except for percentage changes)
|
||||||||||||||||||
United States
|
$
|
1,049.8
|
|
|
$
|
—
|
|
|
$
|
1,049.8
|
|
|
$
|
1,009.0
|
|
|
4%
|
|
4%
|
LAAP
|
301.8
|
|
|
0.3
|
|
|
302.1
|
|
|
319.5
|
|
|
(6)%
|
|
(5)%
|
||||
EMEA
|
183.4
|
|
|
2.4
|
|
|
185.8
|
|
|
175.0
|
|
|
5%
|
|
6%
|
||||
Canada
|
124.6
|
|
|
5.6
|
|
|
130.2
|
|
|
123.3
|
|
|
1%
|
|
6%
|
||||
|
$
|
1,659.6
|
|
|
$
|
8.3
|
|
|
$
|
1,667.9
|
|
|
$
|
1,626.8
|
|
|
2%
|
|
3%
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
|
|
Adjust for
|
|
Constant-
|
|
|
|
|
|
Constant-
|
||||||||
|
Reported
|
|
Foreign
|
|
currency
|
|
Reported
|
|
Reported
|
|
currency
|
||||||||
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
||||||||
|
2016
|
|
Translation
|
|
2016
|
|
2015
|
|
% Change
|
|
% Change
|
||||||||
|
(In millions, except for percentage changes)
|
||||||||||||||||||
Columbia
|
$
|
1,357.8
|
|
|
$
|
7.7
|
|
|
$
|
1,365.5
|
|
|
$
|
1,335.8
|
|
|
2%
|
|
2%
|
SOREL
|
109.2
|
|
|
0.2
|
|
|
109.4
|
|
|
103.9
|
|
|
5%
|
|
5%
|
||||
prAna
|
111.7
|
|
|
—
|
|
|
111.7
|
|
|
97.6
|
|
|
14%
|
|
14%
|
||||
Mountain Hardwear
|
72.7
|
|
|
0.5
|
|
|
73.2
|
|
|
81.1
|
|
|
(10)%
|
|
(10)%
|
||||
Other
|
8.2
|
|
|
(0.1
|
)
|
|
8.1
|
|
|
8.4
|
|
|
(2)%
|
|
(4)%
|
||||
|
$
|
1,659.6
|
|
|
$
|
8.3
|
|
|
$
|
1,667.9
|
|
|
$
|
1,626.8
|
|
|
2%
|
|
3%
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
|
|
Adjust for
|
|
Constant-
|
|
|
|
|
|
Constant-
|
||||||||
|
Reported
|
|
Foreign
|
|
currency
|
|
Reported
|
|
Reported
|
|
currency
|
||||||||
|
Net Sales
|
|
Currency
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
|
Net Sales
|
||||||||
|
2016
|
|
Translation
|
|
2016
|
|
2015
|
|
% Change
|
|
% Change
|
||||||||
|
(In millions, except for percentage changes)
|
||||||||||||||||||
Apparel, Accessories and Equipment
|
$
|
1,329.6
|
|
|
$
|
6.2
|
|
|
$
|
1,335.8
|
|
|
$
|
1,305.6
|
|
|
2%
|
|
2%
|
Footwear
|
330.0
|
|
|
2.1
|
|
|
332.1
|
|
|
321.2
|
|
|
3%
|
|
3%
|
||||
|
$
|
1,659.6
|
|
|
$
|
8.3
|
|
|
$
|
1,667.9
|
|
|
$
|
1,626.8
|
|
|
2%
|
|
3%
|
•
|
Favorable changes in sales channel mix with a higher proportion of direct-to-consumer net sales, which carry higher gross margins, and a lower proportion of sales to international distributors, which carry lower gross margins;
|
•
|
Selective price increases across product categories and geographies; and
|
•
|
A favorable sourcing environment;
|
•
|
Unfavorable foreign currency hedge rates in Europe, Canada and Japan.
|
•
|
Increased expenses related to the expansion of our global direct-to-consumer businesses;
|
•
|
Increased personnel expenses to support strategic initiatives and business growth; and
|
•
|
Increased information technology investments;
|
•
|
Lower incentive compensation expenses;
|
•
|
Lower demand creation expenses; and
|
•
|
Cost containment measures that have been implemented throughout the year.
|
•
|
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, which could increase pressure on our product development cycle;
|
•
|
Unanticipated changes in general market conditions or other factors, which may result in lower advance orders from wholesale customers and 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 effectively operate the joint venture depends upon our ability to manage the employees of the joint venture, and to attract new employees as necessary to supplement the skills, knowledge and expertise of the existing management team and other key personnel. We face intense competition for these individuals worldwide, including in China. We may not be able to attract qualified new employees or retain existing employees to operate the joint venture. Additionally, turnover in key management positions in China could impair our ability to execute our growth strategy, which may negatively affect the value of our investment in the joint venture and the growth of our sales in China.
|
•
|
We rely, 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 lower demand for our products, and thus could have a material adverse effect on our financial condition, results of operations or cash flows.
|
•
|
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.
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(1)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
July 1, 2016 through July 31, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
173,489,000
|
|
|
August 1, 2016 through August 31, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
173,489,000
|
|
||
September 1, 2016 through September 30, 2016
|
200
|
|
|
53.00
|
|
|
200
|
|
|
173,478,000
|
|
||
Total
|
200
|
|
|
$
|
53.00
|
|
|
200
|
|
|
$
|
173,478,000
|
|
(a)
|
Exhibits
|
|
|
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, Chief Financial Officer and Treasurer
|
|
|
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, Chief Financial Officer and Treasurer
|
|
|
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
|
|
|
COLUMBIA SPORTSWEAR COMPANY
|
Date: November 3, 2016
|
|
/s/ THOMAS B. CUSICK
|
|
|
Thomas B. Cusick
|
|
|
Executive Vice President of Finance, Chief Financial Officer and Treasurer
|
|
|
(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 |
---|
No information found
Customers
Customer name | Ticker |
---|---|
The TJX Companies, Inc. | TJX |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|