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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
____________________________
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
For the transition period from_______to_______    
Commission file number 0-23939
 _____________________________
COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter) 
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 and zip code)
(503) 985-4000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each
exchange on which registered
Common stock
 
COLM
 
The Nasdaq Stock Market LLC
_____________________________________
Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
x
Accelerated Filer
¨
Non-accelerated Filer
¨  
Smaller Reporting Company
¨
Emerging Growth Company
¨
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨    No  x
The number of shares of Common Stock outstanding on October 25, 2019 was 67,525,997.


Table of Contents

COLUMBIA SPORTSWEAR COMPANY
SEPTEMBER 30, 2019

TABLE OF CONTENTS
Item
 
Page
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
 



Table of Contents

PART I—FINANCIAL INFORMATION
Item 1.    FINANCIAL STATEMENTS
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
September 30,
2019
 
December 31,
2018
 
September 30,
2018
ASSETS
 
 
 
 
 
Current Assets:
 
 
 
 
 
Cash and cash equivalents (Note 16)
$
239,311

 
$
437,825

 
$
182,175

Restricted cash (Note 17)

 
13,970

 
13,970

Short-term investments (Note 16)
1,477

 
262,802

 
269,313

Accounts receivable, net of allowance of $9,672, $11,051, and $9,176, respectively
646,414

 
449,382

 
552,442

Inventories
717,396

 
521,827

 
617,194

Prepaid expenses and other current assets
94,253

 
79,500

 
77,763

Total current assets
1,698,851

 
1,765,306

 
1,712,857

Property, plant and equipment, at cost, net of accumulated depreciation of $515,300, $489,354, and $483,857, respectively
349,302

 
291,596

 
284,744

Operating lease right-of-use assets (Note 8)
389,558

 

 

Intangible assets, net (Note 5)
124,340

 
126,575

 
127,320

Goodwill
68,594

 
68,594

 
68,594

Deferred income taxes
80,193

 
78,155

 
68,913

Other non-current assets
40,242

 
38,495

 
36,911

Total assets
$
2,751,080

 
$
2,368,721

 
$
2,299,339

LIABILITIES AND EQUITY
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
Short-term borrowings (Note 6)
$

 
$

 
$
8,311

Accounts payable
201,806

 
274,435

 
237,344

Accrued liabilities (Note 7)
279,932

 
275,684

 
255,682

Operating lease liabilities (Note 8)
62,756

 

 

Income taxes payable
13,653

 
22,763

 
8,247

Total current liabilities
558,147

 
572,882

 
509,584

Non-current operating lease liabilities (Note 8)
366,515

 

 

Income taxes payable
48,619

 
50,791

 
62,090

Deferred income taxes
7,711

 
9,521

 
13

Other long-term liabilities
22,982

 
45,214

 
46,056

Total liabilities
1,003,974

 
678,408

 
617,743

Commitments and contingencies (Note 9)

 

 

Columbia Sportswear Company Shareholders' Equity:
 
 
 
 

Preferred stock; 10,000 shares authorized; none issued and outstanding

 

 

Common stock (no par value); 250,000 shares authorized; 67,562, 68,246, and 69,270, issued and outstanding, respectively (Note 10)

 

 
210

Retained earnings
1,754,379

 
1,677,920

 
1,669,390

Accumulated other comprehensive loss (Note 13)
(7,273
)
 
(4,063
)
 
(4,235
)
Total Columbia Sportswear Company shareholders' equity
1,747,106

 
1,673,857

 
1,665,365

Non-controlling interest (Note 4)

 
16,456

 
16,231

Total equity
1,747,106

 
1,690,313

 
1,681,596

Total liabilities and equity
$
2,751,080

 
$
2,368,721

 
$
2,299,339

See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
906,793

 
$
795,801

 
$
2,087,611

 
$
1,884,728

Cost of sales
460,098

 
412,098

 
1,050,596

 
972,966

Gross profit
446,695

 
383,703

 
1,037,015

 
911,762

Selling, general and administrative expenses
299,249

 
259,267

 
791,767

 
724,827

Net licensing income
4,569

 
4,708

 
11,090

 
11,279

Income from operations
152,015

 
129,144

 
256,338

 
198,214

Interest income, net
1,399

 
2,524

 
7,370

 
7,748

Other non-operating income (expense), net
(563
)
 
736

 
915

 
372

Income before income tax
152,851

 
132,404

 
264,623

 
206,334

Income tax expense
(33,593
)
 
(30,029
)
 
(48,159
)
 
(44,735
)
Net income
119,258

 
102,375

 
216,464

 
161,599

Net income attributable to non-controlling interest

 
2,223

 

 
6,603

Net income attributable to Columbia Sportswear Company
$
119,258

 
$
100,152

 
$
216,464

 
$
154,996

Earnings per share attributable to Columbia Sportswear Company (Note 12):
 
 
 
 
 
 
 
Basic
$
1.76

 
$
1.44

 
$
3.19

 
$
2.22

Diluted
$
1.75

 
$
1.42

 
$
3.15

 
$
2.19

Weighted average shares outstanding (Note 12):
 
 
 
 
 
 
 
Basic
67,593

 
69,589

 
67,935

 
69,895

Diluted
68,180

 
70,357

 
68,620

 
70,685

See accompanying notes to condensed consolidated financial statements.


2

Table of Contents

COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
119,258

 
$
102,375

 
$
216,464

 
$
161,599

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized holding gains (losses) on available-for-sale securities, net

 
(162
)
 
56

 
(158
)
Unrealized gains on derivative transactions (net of tax effects of $(801), $(1,062), $(369), and $(6,036), respectively)
2,414

 
2,896

 
1,866

 
18,542

Foreign currency translation adjustments (net of tax effects of $1,560, $(39), $2,447 and $1,780, respectively)
(8,389
)
 
(562
)
 
(5,033
)
 
(12,565
)
Other comprehensive income (loss)
(5,975
)
 
2,172

 
(3,111
)
 
5,819

Comprehensive income
113,283

 
104,547

 
213,353

 
167,418

Comprehensive income attributable to non-controlling interest

 
2,256

 

 
7,255

Comprehensive income attributable to Columbia Sportswear Company
$
113,283

 
$
102,291

 
$
213,353

 
$
160,163

See accompanying notes to condensed consolidated financial statements.


3

Table of Contents

COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
216,464

 
$
161,599

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Depreciation, amortization, and non-cash lease expense
88,775

 
43,544

Loss on disposal or impairment of property, plant, and equipment
4,866

 
1,979

Deferred income taxes
(3,157
)
 
2,103

Stock-based compensation
13,159

 
10,247

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(199,416
)
 
(125,433
)
Inventories
(198,999
)
 
(188,544
)
Prepaid expenses and other current assets
(12,596
)
 
(7,968
)
Other assets
(3,981
)
 
(9,782
)
Accounts payable
(65,191
)
 
(14,263
)
Accrued liabilities
6,497

 
38,193

Income taxes payable
(11,286
)
 
(7,200
)
Operating lease assets and liabilities
(39,010
)
 

Other liabilities
5,716

 
(2,541
)
Net cash used in operating activities
(198,159
)
 
(98,066
)
Cash flows from investing activities:
 
 
 
Purchases of short-term investments
(181,257
)
 
(426,278
)
Sales and maturities of short-term investments
445,501

 
252,727

Capital expenditures
(104,527
)
 
(45,189
)
Proceeds from sale of property, plant, and equipment

 
18

Net cash provided by (used in) investing activities
159,717

 
(218,722
)
Cash flows from financing activities:
 
 
 
Proceeds from credit facilities
74,053

 
36,051

Repayments on credit facilities
(74,053
)
 
(27,740
)
Proceeds from issuance of common stock related to stock-based compensation
17,687

 
16,508

Tax payments related to stock-based compensation
(5,739
)
 
(4,221
)
Repurchase of common stock
(116,239
)
 
(107,222
)
Purchase of non-controlling interest
(17,880
)
 

Cash dividends paid
(48,917
)
 
(46,160
)
Cash dividends paid to non-controlling interest

 
(19,949
)
Net cash used in financing activities
(171,088
)
 
(152,733
)
Net effect of exchange rate changes on cash
(2,954
)
 
(7,500
)
Net decrease in cash, cash equivalents and restricted cash
(212,484
)
 
(477,021
)
Cash, cash equivalents and restricted cash, beginning of period
451,795

 
673,166

Cash, cash equivalents and restricted cash, end of period
$
239,311

 
$
196,145

Supplemental disclosures of cash flow information:
 
 
 
Cash paid during the period for income taxes
$
73,413

 
$
47,041

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Property, plant and equipment acquired through increase in liabilities
$
11,638

 
$
7,380

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
 
 
Three Months Ended September 30, 2019
 
 
Columbia Sportswear Company Shareholders' Equity
 
 
 
 
 
 
Common Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-Controlling Interest
 
Total
 
Shares
Outstanding
 
Amount
BALANCE, JUNE 30, 2019
 
67,586

 
$
100

 
$
1,656,392

 
$
(1,298
)
 
$

 
$
1,655,194

Net income
 

 

 
119,258

 

 

 
119,258

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains on derivative transactions, net
 

 

 

 
2,414

 

 
2,414

Foreign currency translation adjustment, net
 

 

 

 
(8,389
)
 

 
(8,389
)
Cash dividends ($0.24 per share)
 

 

 
(16,231
)
 

 

 
(16,231
)
Issuance of common stock related to stock-based compensation, net
 
135

 
6,251

 

 

 

 
6,251

Stock-based compensation expense
 

 
4,378

 

 

 

 
4,378

Repurchase of common stock
 
(159
)
 
(10,729
)
 
(5,040
)
 

 

 
(15,769
)
BALANCE, SEPTEMBER 30, 2019
 
67,562

 
$

 
$
1,754,379

 
$
(7,273
)
 
$

 
$
1,747,106

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
Columbia Sportswear Company Shareholders' Equity
 
 
 
 
 
 
Common Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-Controlling Interest
 
Total
 
Shares
Outstanding
 
Amount
BALANCE, JUNE 30, 2018
 
69,988

 
$
23,162

 
$
1,623,612

 
$
(6,374
)
 
$
13,975

 
$
1,654,375

Net income
 

 

 
100,152

 

 
2,223

 
102,375

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding losses on available-for-sale securities, net
 

 

 

 
(162
)
 

 
(162
)
Unrealized holding gains on derivative transactions, net
 

 

 

 
2,352

 
544

 
2,896

Foreign currency translation adjustment, net
 

 

 

 
(51
)
 
(511
)
 
(562
)
Cash dividends ($0.22 per share)
 

 

 
(15,304
)
 

 

 
(15,304
)
Issuance of common stock related to stock-based compensation, net
 
42

 
1,446

 

 

 

 
1,446

Stock-based compensation expense
 

 
3,648

 

 

 

 
3,648

Repurchase of common stock
 
(760
)
 
(28,046
)
 
(39,070
)
 

 

 
(67,116
)
BALANCE, SEPTEMBER 30, 2018
 
69,270

 
$
210

 
$
1,669,390

 
$
(4,235
)
 
$
16,231

 
$
1,681,596

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per share amounts)
(Unaudited)
 
 
Nine months ended September 30, 2019
 
 
Columbia Sportswear Company Shareholders' Equity
 
 
 
 
 
 
Common Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-Controlling Interest
 
Total
 
Shares
Outstanding
 
Amount
BALANCE, DECEMBER 31, 2018
 
68,246

 
$

 
$
1,677,920

 
$
(4,063
)
 
$
16,456

 
$
1,690,313

Net income
 

 

 
216,464

 

 

 
216,464

Purchase of non-controlling interest
 

 

 

 
(99
)
 
(16,456
)
 
(16,555
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains on available-for-sale securities, net
 

 

 

 
56

 

 
56

Unrealized holding gains on derivative transactions, net
 

 

 

 
1,866

 

 
1,866

Foreign currency translation adjustment, net
 

 

 

 
(5,033
)
 

 
(5,033
)
Cash dividends ($0.72 per share)
 

 

 
(48,917
)
 

 

 
(48,917
)
Issuance of common stock related to stock-based compensation, net
 
507

 
11,948

 

 

 

 
11,948

Stock-based compensation expense
 

 
13,159

 

 

 

 
13,159

Repurchase of common stock
 
(1,191
)
 
(25,107
)
 
(91,088
)
 

 

 
(116,195
)
BALANCE, SEPTEMBER 30, 2019
 
67,562

 
$

 
$
1,754,379

 
$
(7,273
)
 
$

 
$
1,747,106

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
Columbia Sportswear Company Shareholders' Equity
 
 
 
 
 
 
Common Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-Controlling Interest
 
Total
 
Shares
Outstanding
 
Amount
BALANCE, DECEMBER 31, 2017
 
69,995

 
$
45,829

 
$
1,585,009

 
$
(8,887
)
 
$
30,308

 
$
1,652,259

Net income
 

 

 
154,996

 

 
6,603

 
161,599

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding losses on available-for-sale securities, net
 

 

 

 
(158
)
 

 
(158
)
Unrealized holding gains on derivative transactions, net
 

 

 

 
17,472

 
1,070

 
18,542

Foreign currency translation adjustment, net
 

 

 

 
(12,147
)
 
(418
)
 
(12,565
)
Dividends to non-controlling interest
 

 

 

 

 
(21,332
)
 
(21,332
)
Adoption of new accounting standards
 

 

 
14,615

 
(515
)
 

 
14,100

Cash dividends ($0.66 per share)
 

 

 
(46,160
)
 

 

 
(46,160
)
Issuance of common stock related to stock-based compensation, net
 
535

 
12,286

 

 

 

 
12,286

Stock-based compensation expense
 

 
10,247

 

 

 

 
10,247

Repurchase of common stock
 
(1,260
)
 
(68,152
)
 
(39,070
)
 

 

 
(107,222
)
BALANCE, SEPTEMBER 30, 2018
 
69,270

 
$
210

 
$
1,669,390

 
$
(4,235
)
 
$
16,231

 
$
1,681,596

See accompanying notes to condensed consolidated financial statements.


6

Table of Contents

COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1—BASIS OF PRESENTATION AND ORGANIZATION
The accompanying condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries and entities in which it maintains a controlling financial interest, the "Company") and in the opinion of management include all normal recurring material adjustments necessary to present fairly the Company's financial position as of September 30, 2019, December 31, 2018 and September 30, 2018, and the results of operations for the three and nine months ended September 30, 2019 and 2018, and cash flows for the nine months ended September 30, 2019 and 2018. The December 31, 2018 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.
In accordance with the Disclosure Modernization and Simplification final rule issued by the Securities and Exchange Commission ("SEC") and effective for the Company beginning in the first quarter of 2019, a reconciliation of the changes of shareholders' equity is presented for all periods for which the results of operations are presented.
Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934 for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of Columbia Sportswear Company, its wholly owned subsidiaries and entities in which it maintains a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. Some of these more significant estimates relate to revenue recognition, including sales returns and claims from customers, allowance for doubtful accounts, provisions for potential excess, slow-moving and closeout inventories, product warranty, long-lived and intangible assets, goodwill, income taxes, and stock-based compensation.
NOTE 2—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as disclosed below and in Note 8, pertaining to our adoption of new accounting pronouncements, there have been no significant changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.
Recently Adopted Accounting Pronouncements
On January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The adoption of this provision did not have a material effect on the Company's financial position, results of operations or cash flows.
On January 1, 2019, the Company adopted ASU No. 2016-02, Leases ("ASC 842"), which increased transparency and comparability among organizations by recognizing right-of-use ("ROU") assets and lease liabilities on the balance sheet for most leases previously classified as operating leases. The updated guidance and subsequent clarifications require disclosures to meet the objective of enabling users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases.
The Company adopted this standard utilizing the modified retrospective approach. The comparative prior period information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company has elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. The Company did not elect the practical expedient to use hindsight for leases existing at adoption date.

7

Table of Contents
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)


The adoption of ASC 842 resulted in the recognition of ROU assets of $352.7 million, with corresponding lease liabilities of $387.1 million. As a result of adopting the standard, $34.4 million of pre-existing liabilities for deferred rent and various lease incentives were reclassified as a component of the ROU assets. At adoption, the measurement of the lease liabilities utilized the remaining minimum rental payments as defined under the previous accounting standard and the incremental borrowing rate as of January 1, 2019.
The adoption of ASC 842 did not materially impact the Condensed Consolidated Statements of Operations. Also, the adoption of ASC 842 had no material impact on operating, investing or financing cash flows in the Condensed Consolidated Statements of Cash Flows. See Note 8 for additional disclosure regarding the adoption of the new standard.
The following table presents the effect of the adoption of ASC 842 on our Condensed Consolidated Balance Sheets as of January 1, 2019:
 
 
January 1, 2019
(in thousands)
 
December 31, 2018
 
Adjustments due to ASC 842
 
January 1, 2019
Operating lease right-of-use assets
 
$

 
$
352,679

 
$
352,679

Total assets
 
2,368,721

 
352,679

 
2,721,400

Accrued liabilities
 
275,684

 
(3,346
)
 
272,338

Operating lease liabilities
 

 
57,207

 
57,207

Current liabilities
 
572,882

 
53,861

 
626,743

Non-current operating lease liabilities
 

 
329,865

 
329,865

Other long-term liabilities
 
45,214

 
(31,047
)
 
14,167

Total liabilities
 
678,408

 
352,679

 
1,031,087

Total liabilities and equity
 
2,368,721

 
352,679

 
2,721,400


Recent Accounting Pronouncements Not Yet Adopted
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which clarifies certain aspects of accounting for implementation costs incurred in a cloud computing arrangement ("CCA") that is a service contract. Under the ASU, an entity would expense costs incurred in the preliminary-project and post-implementation-operation stages. The entity would also capitalize certain costs incurred during the application-development stage, as well as certain costs related to enhancements. The ASU does not change the accounting for the service component of a CCA. This standard is effective beginning in the first quarter of 2020, with early adoption permitted. The Company is planning to adopt the standard using the prospective method and is currently evaluating the impact this accounting standard will have on the Company's financial position, results of operations or cash flows.
In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. Under this guidance, if the carrying amount of a reporting unit exceeds its estimated fair value, an impairment charge shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. This standard is effective beginning in the first quarter of 2020, with early adoption permitted. The impact of the new standard will depend on the specific facts and circumstances of future individual goodwill impairments, if any.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Subsequently, the FASB has issued amendments to clarify the codification, in addition to also clarifying the implementation dates and the items that fall within the scope of this pronouncement. The pronouncement changes the impairment model for most financial assets and will require the use of an "expected loss" model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. This standard is effective beginning in the first quarter of 2020. The adoption of ASU 2016-13 is not expected to have a material effect on the Company's financial position, results of operations or cash flows.
NOTE 3—REVENUES
Disaggregated Revenue
As disclosed below in Note 14, the Company has aggregated its operating segments into four geographic segments: the United States, Latin America and Asia Pacific ("LAAP"), Europe, Middle East and Africa ("EMEA"), and Canada.

8

Table of Contents
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)


The following tables disaggregate the Company's operating segment Net sales by product category and sales channel, which the Company believes provide a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors:
 
 
Three Months Ended September 30, 2019
(in thousands)
 
United States
 
LAAP
 
EMEA
 
Canada
 
Total
Product category net sales
 
 
 
 
 
 
 
 
 
 
Apparel, Accessories and Equipment
 
$
459,633

 
$
93,486

 
$
66,058

 
$
65,532

 
$
684,709

Footwear
 
121,630

 
29,760

 
38,345

 
32,349

 
222,084

Total
 
$
581,263

 
$
123,246

 
$
104,403

 
$
97,881

 
$
906,793

Sales channel net sales
 
 
 
 
 
 
 
 
 
 
Wholesale
 
$
396,275

 
$
77,934

 
$
91,329

 
$
86,993

 
$
652,531

Direct-to-consumer
 
184,988

 
45,312

 
13,074

 
10,888

 
254,262

Total
 
$
581,263

 
$
123,246

 
$
104,403

 
$
97,881

 
$
906,793

 
 
Three Months Ended September 30, 2018
(in thousands)
 
United States
 
LAAP
 
EMEA
 
Canada
 
Total
Product category net sales
 
 
 
 
 
 
 
 
 
 
Apparel, Accessories and Equipment
 
$
406,474

 
$
92,869

 
$
63,950

 
$
54,294

 
$
617,587

Footwear
 
89,687

 
25,510

 
36,401

 
26,616

 
178,214

Total
 
$
496,161

 
$
118,379

 
$
100,351

 
$
80,910

 
$
795,801

Sales channel net sales
 
 
 
 
 
 
 
 
 
 
Wh