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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
____________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
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 000-23939
 _____________________________
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 classTrading Symbol(s)Name of each
exchange on which registered
Common stockCOLMThe NASDAQ Global Select Market
_____________________________________
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  ☒    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  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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
☒
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  ☒
The number of shares of Common Stock outstanding on April 23, 2021 was 66,454,791.


COLUMBIA SPORTSWEAR COMPANY
March 31, 2021

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


Table of Contents
PART I—FINANCIAL INFORMATION
Item 1.    FINANCIAL STATEMENTS
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)March 31,
2021		December 31,
2020		March 31,
2020
ASSETS
Current Assets:
Cash and cash equivalents$873,641 $790,725 $671,108 
Short-term investments920 1,224 35,828 
Accounts receivable, net of allowance of $13,480, $21,810, and $27,579, respectively
338,787 452,945 312,951 
Inventories, net525,704 556,530 577,124 
Prepaid expenses and other current assets66,173 54,197 113,726 
Total current assets1,805,225 1,855,621 1,710,737 
Property, plant and equipment, at cost, net of accumulated depreciation of $576,597, $574,247, and $530,329, respectively
300,063 309,792 332,997 
Operating lease right-of-use assets363,652 339,244 387,984 
Intangible assets, net103,146 103,558 122,850 
Goodwill68,594 68,594 68,594 
Deferred income taxes86,825 96,126 73,827 
Other non-current assets66,401 63,636 54,498 
Total assets$2,793,906 $2,836,571 $2,751,487 
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings$— $— $174,443 
Accounts payable165,555 206,697 150,971 
Accrued liabilities224,674 257,278 214,044 
Operating lease liabilities81,308 65,466 64,456 
Income taxes payable3,431 23,181 6,441 
Total current liabilities474,968 552,622 610,355 
Non-current operating lease liabilities356,766 353,181 364,300 
Income taxes payable50,285 49,922 48,320 
Deferred income taxes4,406 5,205 8,944 
Other long-term liabilities38,671 42,870 22,977 
Total liabilities925,096 1,003,800 1,054,896 
Commitments and contingencies (Note 6)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
— — — 
Common stock (no par value); 250,000 shares authorized; 66,457, 66,252, and 66,116, issued and outstanding, respectively
22,230 20,165 565 
Retained earnings1,850,415 1,811,800 1,704,000 
Accumulated other comprehensive income (loss)(3,835)806 (7,974)
Total shareholders' equity1,868,810 1,832,771 1,696,591 
Total liabilities and shareholders' equity$2,793,906 $2,836,571 $2,751,487 

See accompanying notes to condensed consolidated financial statements
1
Table of Contents
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31,
(in thousands, except per share amounts)20212020
Net sales$625,606 $568,228 
Cost of sales304,204 296,514 
Gross profit321,402 271,714 
Selling, general and administrative expenses254,389 276,820 
Net licensing income3,467 3,119 
Income (loss) from operations70,480 (1,987)
Interest income, net278 1,813 
Other non-operating income (expense), net(304)1,738 
Income before income tax70,454 1,564 
Income tax expense(14,554)(1,351)
Net income55,900 213 
Earnings per share:
Basic$0.84 $— 
Diluted$0.84 $— 
Weighted average shares outstanding:
Basic66,36366,970
Diluted66,88567,412

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 Three Months Ended March 31,
(in thousands)20212020
Net income$55,900 $213 
Other comprehensive loss:
Unrealized gains on derivative transactions (net of tax effects of $(3,368) and $(4,145), respectively)
8,563 11,525 
Foreign currency translation adjustments (net of tax effects of $414 and $497, respectively)
(13,204)(15,074)
Other comprehensive loss(4,641)(3,549)
Comprehensive income (loss)$51,259 $(3,336)

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
(in thousands)20212020
Cash flows from operating activities:
Net income$55,900 $213 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and non-cash lease expense30,459 32,994 
Provision for uncollectible accounts receivable(7,849)19,229 
Loss on disposal or impairment of property, plant and equipment131 2,138 
Deferred income taxes4,577 3,802 
Stock-based compensation4,874 3,675 
Changes in operating assets and liabilities:
Accounts receivable117,818 150,687 
Inventories, net25,117 23,510 
Prepaid expenses and other current assets(11,150)(11,922)
Other assets51 (5,873)
Accounts payable(41,194)(100,402)
Accrued liabilities(27,253)(77,861)
Income taxes payable(19,291)(9,429)
Operating lease assets and liabilities(21,273)(16,807)
Other liabilities(18)(1,200)
Net cash provided by operating activities110,899 12,754 
Cash flows from investing activities:
Purchases of short-term investments— (35,044)
Sales and maturities of short-term investments1,054 1,631 
Capital expenditures(3,896)(9,452)
Net cash used in investing activities(2,842)(42,865)
Cash flows from financing activities:
Proceeds from credit facilities7,753 175,719 
Repayments on credit facilities(7,532)(1,054)
Proceeds from issuance of common stock related to stock-based compensation13,772 1,096 
Tax payments related to stock-based compensation(5,358)(4,207)
Repurchase of common stock(11,223)(132,889)
Cash dividends paid(17,285)(17,195)
Net cash provided by (used in) financing activities(19,873)21,470 
Net effect of exchange rate changes on cash(5,268)(6,260)
Net increase (decrease) in cash and cash equivalents82,916 (14,901)
Cash and cash equivalents, beginning of period790,725 686,009 
Cash and cash equivalents, end of period$873,641 $671,108 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes$37,534 $19,953 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$2,832 $2,503 

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
Three Months Ended March 31, 2021
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding		Amount
BALANCE, DECEMBER 31, 2020
66,252 $20,165 $1,811,800 $806 $1,832,771 
Net income— — 55,900 — 55,900 
Other comprehensive loss:
Unrealized gains on derivative transactions, net— — — 8,563 8,563 
Foreign currency translation adjustment, net— — — (13,204)(13,204)
Cash dividends ($0.26 per share)
— — (17,285)— (17,285)
Issuance of common stock related to stock-based compensation, net
314 8,414 — — 8,414 
Stock-based compensation expense— 4,874 — — 4,874 
Repurchase of common stock(109)(11,223)— — (11,223)
BALANCE, MARCH 31, 2021
66,457 $22,230 $1,850,415 $(3,835)$1,868,810 
Three Months Ended March 31, 2020
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding		Amount
BALANCE, DECEMBER 31, 2019
67,561 $4,937 $1,848,935 $(4,425)$1,849,447 
Net income— — 213 — 213 
Other comprehensive loss:
Unrealized gains on derivative transactions, net— — — 11,525 11,525 
Foreign currency translation adjustment, net— — — (15,074)(15,074)
Cash dividends ($0.26 per share)
— — (17,195)— (17,195)
Issuance of common stock related to stock-based compensation, net
112 (3,111)— — (3,111)
Stock-based compensation expense— 3,675 — — 3,675 
Repurchase of common stock(1,557)(4,936)(127,953)— (132,889)
BALANCE, MARCH 31, 2020
66,116 $565 $1,704,000 $(7,974)$1,696,591 

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
INDEX TO NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTEPAGE
Note 1Basis of Presentation and Organization
Note 2Revenues
Note 3Intangible Assets, Net
Note 4Short-Term Borrowings and Credit Lines
Note 5Income Taxes
Note 6Commitments and Contingencies
Note 7Shareholders' Equity
Note 8Stock-Based Compensation
Note 9Earnings Per Share
Note 10Accumulated Other Comprehensive Income (Loss)
Note 11Segment Information
Note 12Financial Instruments and Risk Management
Note 13Fair Value Measures

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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—BASIS OF PRESENTATION AND ORGANIZATION
The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, 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 March 31, 2021, December 31, 2020 and March 31, 2020, and the results of operations and cash flows for the three months ended March 31, 2021 and 2020. The December 31, 2020 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, 2020. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.
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 Securities and Exchange Commission. 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, as amended, 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, 2020.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of Columbia Sportswear Company and its wholly owned subsidiaries. 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 the more significant estimates relate to revenue recognition; allowance for uncollectible accounts receivable; obsolescence reserves for excess, close-out and slow moving inventory; impairment of long-lived assets, intangible assets and goodwill; and income taxes.
Recently Adopted Accounting Pronouncements
Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which, among other things, removes specific exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods, as well as targeted impacts to the accounting for taxes under hybrid tax regimes. At adoption, there was not a material impact to the Company's financial position, results of operations or cash flows.
Recent Accounting Pronouncements Not Yet Adopted
None.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 2—REVENUES
Disaggregated Revenue
As disclosed in Note 11, the Company has four geographic reportable segments: United States ("U.S."), Latin America and Asia Pacific ("LAAP"), Europe, Middle East and Africa ("EMEA") and Canada.
The following tables disaggregate the Company's operating segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors:
Three Months Ended March 31, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$317,349 $78,723 $46,296 $26,542 $468,910 
Footwear91,313 33,254 24,469 7,660 156,696 
Total$408,662 $111,977 $70,765 $34,202 $625,606 
Channel net sales
Wholesale$200,881 $55,550 $57,764 $21,218 $335,413 
Direct-to-consumer207,781 56,427 13,001 12,984 290,193 
Total$408,662 $111,977 $70,765 $34,202 $625,606 

Three Months Ended March 31, 2020
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$309,677 $75,913 $39,930 $26,649 $452,169 
Footwear66,191 26,738 15,918 7,212 116,059 
Total$375,868 $102,651 $55,848 $33,861 $568,228 
Channel net sales
Wholesale$202,868 $57,374 $42,256 $23,462 $325,960 
Direct-to-consumer173,000 45,277 13,592 10,399 242,268 
Total$375,868 $102,651 $55,848 $33,861 $568,228 
Performance Obligations
For the three months ended March 31, 2021 and 2020, Net sales recognized from performance obligations related to prior periods were not material. Net sales expected to be recognized in any future period related to remaining performance obligations are not material.
Contract Balances
As of March 31, 2021, December 31, 2020 and March 31, 2020, contract liabilities included in Accrued liabilities on the Condensed Consolidated Balance Sheets, which consisted of obligations associated with the Company's gift card and customer loyalty programs, were not material.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 3—INTANGIBLE ASSETS, NET
Intangible assets, net consisted of the following:
(in thousands)
March 31, 2021December 31, 2020March 31, 2020
Intangible assets subject to amortization:
Patents and purchased technology$14,198 $14,198 14,198 
Customer relationships23,000 23,000 23,000 
Gross carrying amount37,198 37,198 37,198 
Accumulated amortization:
Patents and purchased technology(14,198)(14,198)(13,644)
Customer relationships(17,775)(17,363)(16,125)
Accumulated amortization(31,973)(31,561)(29,769)
Net carrying amount5,225 5,637 7,429 
Intangible assets not subject to amortization97,921 97,921 115,421 
Intangible assets, net$103,146 $103,558 $122,850 
Amortization expense for intangible assets subject to amortization was $0.4 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively.
The following table presents the estimated annual amortization expense for the years 2021 through 2025:
(in thousands)
2021$1,650 
20221,650 
20231,650 
2024688 
2025— 

NOTE 4—SHORT-TERM BORROWINGS AND CREDIT LINES
Except as disclosed below, there have been no significant changes to the Company's short-term borrowings and credit lines as described in Note 7 in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
At the beginning of 2021 the Company's Japanese subsidiary had two separate unsecured and uncommitted overdraft facilities guaranteed by the Company providing for borrowings up to a maximum of ¥1.5 billion and US$7.0 million. In March 2021, the Company's Japanese subsidiary entered into an agreement to establish an unsecured and uncommitted overdraft facility providing for borrowings up to a maximum of ¥400.0 million. The combined available borrowings of the three lines was approximately US$24.2 million at March 31, 2021. Borrowings under the ¥1.5 billion and ¥400.0 million overdraft facilities accrue interest at the Tokyo Interbank Offered Rate plus 50 basis points and borrowings under the US$7.0 million overdraft facility accrue interest at 150 basis points. As of March 31, 2021, there was no balance outstanding under these facilities.
NOTE 5—INCOME TAXES
For the three months ended March 31, 2021 and 2020, the Company's effective income tax rates were 20.7% and 86.4%, respectively. The decrease in the effective income tax rate for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 was primarily driven by a change in the mix of book income or loss among jurisdictions and the recording of a foreign jurisdiction valuation allowance during the prior year period.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 6—COMMITMENTS AND CONTINGENCIES
The Company is involved in litigation and various legal matters arising in the normal course of business, including matters related to employment, retail, intellectual property, contractual agreements, lease agreements, and various regulatory compliance activities. Management has considered facts related to legal and regulatory matters and opinions of counsel handling these matters, and does not believe the ultimate resolution of these proceedings will have a material adverse effect on the Company's financial position, results of operations or cash flows.
NOTE 7—SHAREHOLDERS' EQUITY
Since the inception of the Company's stock repurchase plan in 2004 through March 31, 2021, the Company's Board of Directors has authorized the repurchase of $1.5 billion of the Company's common stock. Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions, and generally settle subsequent to the trade date. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.
Under this program as of March 31, 2021, the Company had repurchased 26.9 million shares at an aggregate purchase price of $1,029.0 million and has $471.0 million remaining available. During the three months ended March 31, 2021, the Company purchased an aggregate of $11.2 million of the Company's common stock under this program.
NOTE 8—STOCK-BASED COMPENSATION
The Company's Stock Incentive Plan allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, and other stock-based or cash-based awards.
Stock-Based Compensation Expense
Stock-based compensation expense consisted of the following:
Three Months Ended March 31,
(in thousands)20212020
Stock options$1,910 $1,704 
Restricted stock units2,964 1,971 
Total$4,874 $3,675 
Stock Options
During the three months ended March 31, 2021, the Company granted a total of 496,609 stock options at a weighted average grant date fair value of $17.26 per share. As of March 31, 2021, unrecognized costs related to outstanding stock options totaled $17.0 million, before any related tax benefit. As of March 31, 2021, unrecognized costs related to stock options are expected to be recognized over a weighted average period of 2.92 years.
Restricted Stock Units
During the three months ended March 31, 2021, the Company granted 150,912 restricted stock units at a weighted average grant date fair value of $95.39 per share. As of March 31, 2021, unrecognized costs related to outstanding restricted stock units totaled $27.7 million, before any related tax benefit. As of March 31, 2021, unrecognized costs related to restricted stock units are expected to be recognized over a weighted average period of 2.74 years.
NOTE 9—EARNINGS PER SHARE
Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:
Three Months Ended March 31,
(in thousands, except per share amounts)
20212020
Weighted average common shares outstanding, used in computing basic earnings per share
66,363 66,970 
Effect of dilutive stock options and restricted stock units522 442 
Weighted average common shares outstanding, used in computing diluted earnings per share
66,885 67,412 
Earnings per share of common stock:
Basic$0.84 $0.00 
Diluted$0.84 $0.00 
Stock options, service-based restricted stock units, and performance-based restricted stock representing 693,403 and 937,523 shares of common stock for the three months ended March 31, 2021 and 2020, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would have been anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.
NOTE 10—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets is net of applicable taxes, and consists of unrealized holding gains and losses on available-for-sale securities, unrealized gains and losses on certain derivative transactions and foreign currency translation adjustments.
The following table sets forth the changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2021:
(in thousands)Unrealized holding
gains (losses) on
derivative transactions		Foreign currency
 translation
adjustments		Total
Balance at December 31, 2020$(9,369)$10,175 $806 
Other comprehensive income (loss) before reclassifications9,279 (13,204)(3,925)
Amounts reclassified from accumulated other comprehensive income (loss)(1)
(716)— (716)
Net other comprehensive income (loss) during the year8,563 (13,204)(4,641)
Balance at March 31, 2021$(806)$(3,029)$(3,835)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the Condensed Consolidated Statements of Operations. Refer to Note 12 for further information regarding reclassifications.
The following table sets forth the changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2020:
(in thousands)Unrealized gains (losses)
on available for
sale securities		Unrealized holding
gains (losses) on
derivative transactions		Foreign currency
 translation
adjustments		Total
Balance at December 31, 2019$(4)$9,482 $(13,903)$(4,425)
Other comprehensive income (loss) before reclassifications— 14,362 (15,074)(712)
Amounts reclassified from accumulated other comprehensive income (loss)(1)
— (2,837)— (2,837)
Net other comprehensive income (loss) during the year— 11,525 (15,074)(3,549)
Balance at March 31, 2020$(4)$21,007 $(28,977)$(7,974)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the Condensed Consolidated Statements of Operations. Refer to Note 12 for further information regarding reclassifications.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 11—SEGMENT INFORMATION
The Company has four reportable geographic segments: U.S., LAAP, EMEA, and Canada, which are reflective of the Company's internal organization, management and oversight structure. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and everyday lifestyle apparel, footwear, accessories, and equipment products. Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material. Unallocated corporate expenses consist of expenses incurred by centrally-managed departments, including global information services, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.
The following table presents financial information for the Company's reportable segments:
Three Months Ended March 31,
(in thousands)
20212020
Net sales to unrelated entities:
U.S.$408,662 $375,868 
LAAP111,977 102,651 
EMEA70,765 55,848 
Canada34,202 33,861 
$625,606 $568,228 
Segment income (loss) from operations
U.S.$99,661 $40,032 
LAAP9,718 6,138 
EMEA10,062 (66)
Canada6,228 4,151 
Total segment income from operations125,669 50,255 
Unallocated corporate expenses(55,189)(52,242)
Interest income, net
278 1,813 
Other non-operating income (expense), net
(304)1,738 
Income before income tax
$70,454 $1,564 

Concentrations
The Company had one customer that accounted for 10.2% and 14.3% of Accounts receivable, net on the Condensed Consolidated Balance Sheets as of March 31, 2021, and December 31, 2020, respectively. No single customer accounted for 10% or more of Accounts receivable, net as of March 31, 2020. No single customer accounted for 10% or more of Net sales in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 or 2020.

NOTE 12—FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
In the normal course of business, the Company's financial position, results of operations and cash flows are routinely subject to a variety of risks. These risks include risks associated with financial markets, primarily currency exchange rate risk and, to a lesser extent, interest rate risk and equity market risk. The Company regularly assesses these risks and has established policies and business practices designed to mitigate them. The Company does not engage in speculative trading in any financial market.
The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated purchases and sales. Subsidiaries that use European euros, Canadian dollars, Japanese yen, Chinese renminbi, or Korean won as their functional currency are primarily exposed to changes in functional currency equivalent cash flows from anticipated United States dollar inventory purchases. Subsidiaries that use United States dollars and euros as their functional currency also have non-functional currency denominated sales for which the Company hedges the Canadian dollar and British pound. The Company manages these risks by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument's cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. For forward contracts, forward points are included in the fair value of the cash flow hedge on a prospective basis. These costs or benefits are included in
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Accumulated other comprehensive income (loss) until the underlying hedge transaction is recognized in either Net sales or Cost of sales, at which time, the forward points will also be recognized as a component of Net income.
The Company also uses currency forward contracts not formally designated as hedges to manage the consolidated currency exchange rate risk associated with the remeasurement of non-functional currency denominated monetary assets and liabilities by subsidiaries that use United States dollars, euros, Canadian dollars, yen, won, or renminbi as their functional currency. Non-functional currency denominated monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, receivables, payables, deferred income taxes, and intercompany loans. The gains and losses generated on these currency forward contracts not formally designated as hedges are expected to be largely offset in Other non-operating income (expense), net by the gains and losses generated from the remeasurement of the non-functional currency denominated monetary assets and liabilities.
The following table presents the gross notional amount of outstanding derivative instruments:
(in thousands)March 31, 2021December 31, 2020March 31, 2020
Derivative instruments designated as cash flow hedges:
Currency forward contracts$484,176 $417,707 $458,823 
Derivative instruments not designated as cash flow hedges:
Currency forward contracts219,961 326,280 205,030 
At March 31, 2021, $3.2 million of deferred net losses on both outstanding and matured derivatives recorded in Other comprehensive loss are expected to be reclassified to Net income during the next twelve months as a result of underlying hedged transactions also being recorded in Net sales or Cost of sales in the Condensed Consolidated Statements of Operations. Actual amounts ultimately reclassified to Net sales or Cost of sales in the Condensed Consolidated Statements of Comprehensive Income (Loss) are dependent on United States dollar exchange rates in effect against the euro, pound sterling, renminbi, Canadian dollar, and yen when outstanding derivative contracts mature.
At March 31, 2021, the Company's derivative contracts had a remaining maturity of less than four years. The maximum net exposure to any single counterparty, which is generally limited to the aggregate unrealized gain of all contracts with that counterparty, was $2.7 million at March 31, 2021. All of the Company's derivative counterparties have credit ratings that are investment grade or higher. The Company is a party to master netting arrangements that contain features that allow counterparties to net settle amounts arising from multiple separate derivative transactions or net settle in the case of certain triggering events such as a bankruptcy or major default of one of the counterparties to the transaction. The Company has not pledged assets or posted collateral as a requirement for entering into or maintaining derivative positions.
The following table presents the balance sheet classification and fair value of derivative instruments:
(in thousands)Balance Sheet ClassificationMarch 31, 2021December 31, 2020March 31, 2020
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$2,438 $947 $18,945 
Currency forward contractsOther non-current assets6,159 1,126 10,520 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities4,908 7,573 231 
Currency forward contractsOther long-term liabilities2,337 6,590 — 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets1,759 1,650 4,449 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities1,793 2,268 978 
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents the statement of operations effect and classification of derivative instruments:
Three Months Ended March 31,
(in thousands)Statement Of Operations Classification20212020
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain recognized in other comprehensive loss, net of tax
—$9,279 $14,362 
Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Net sales100 (122)
Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion
Cost of sales772 2,795 
Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance
Other non-operating income (expense), net
106 1,111 
Derivative instruments not designated as cash flow hedges:
Gain recognized in income
Other non-operating income (expense), net
897 1,649 

NOTE 13—FAIR VALUE MEASURES
Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
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 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.
The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 are as follows:
(in thousands)Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$344,886 $— $— $344,886 
United States government treasury bills— 45,000 — 45,000 
Short-term investments:
Money market funds99 — — 99 
Mutual fund shares821 — — 821 
Other current assets:
Derivative financial instruments— 4,197 — 4,197 
Non-current assets:
Money market funds 3,667 — — 3,667 
Mutual fund shares 15,376 — — 15,376 
Derivative financial instruments— 6,159 — 6,159 
Total assets measured at fair value$364,849 $55,356 $— $420,205 
Liabilities:
Accrued liabilities:
Derivative financial instruments$— $6,701 $— $6,701 
Other long-term liabilities: