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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 June 30, 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 class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common stock | | COLM | | The 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 July 23, 2021 was 65,967,024.
COLUMBIA SPORTSWEAR COMPANY
June 30, 2021
TABLE OF CONTENTS | | | | | | | | |
Item | | Page |
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Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 6. | | |
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PART I—FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | June 30, 2021 | | December 31, 2020 | | June 30, 2020 |
ASSETS | | | | | | |
Current Assets: | | | | | | |
Cash and cash equivalents | | $ | 819,806 | | | $ | 790,725 | | | $ | 474,793 | |
| | | | | | |
Short-term investments | | 1,138 | | | 1,224 | | | 975 | |
Accounts receivable, net of allowance of $10,734, $21,810, and $28,783, respectively | | 279,763 | | | 452,945 | | | 217,536 | |
Inventories, net | | 676,009 | | | 556,530 | | | 806,887 | |
Prepaid expenses and other current assets | | 102,003 | | | 54,197 | | | 102,574 | |
Total current assets | | 1,878,719 | | | 1,855,621 | | | 1,602,765 | |
Property, plant and equipment, at cost, net of accumulated depreciation of $585,104, $574,247, and $546,397, respectively | | 297,237 | | | 309,792 | | | 328,904 | |
Operating lease right-of-use assets | | 350,798 | | | 339,244 | | | 365,521 | |
Intangible assets, net | | 102,733 | | | 103,558 | | | 122,105 | |
Goodwill | | 68,594 | | | 68,594 | | | 68,594 | |
Deferred income taxes | | 97,746 | | | 96,126 | | | 73,395 | |
Other non-current assets | | 67,472 | | | 63,636 | | | 61,113 | |
Total assets | | $ | 2,863,299 | | | $ | 2,836,571 | | | $ | 2,622,397 | |
LIABILITIES AND EQUITY | | | | | | |
Current Liabilities: | | | | | | |
Short-term borrowings | | $ | — | | | $ | — | | | $ | 2,789 | |
Accounts payable | | 267,677 | | | 206,697 | | | 255,702 | |
Accrued liabilities | | 227,209 | | | 257,278 | | | 203,827 | |
Operating lease liabilities | | 71,149 | | | 65,466 | | | 70,916 | |
Income taxes payable | | 1,565 | | | 23,181 | | | 2,594 | |
Total current liabilities | | 567,600 | | | 552,622 | | | 535,828 | |
Non-current operating lease liabilities | | 344,216 | | | 353,181 | | | 347,967 | |
Income taxes payable | | 48,805 | | | 49,922 | | | 48,863 | |
Deferred income taxes | | 151 | | | 5,205 | | | 7,942 | |
Other long-term liabilities | | 40,870 | | | 42,870 | | | 28,968 | |
Total liabilities | | 1,001,642 | | | 1,003,800 | | | 969,568 | |
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; 66,148, 66,252, and 66,148, issued and outstanding, respectively | | — | | | 20,165 | | | 5,396 | |
Retained earnings | | 1,863,813 | | | 1,811,800 | | | 1,653,293 | |
Accumulated other comprehensive income (loss) | | (2,156) | | | 806 | | | (5,860) | |
Total shareholders' equity | | 1,861,657 | | | 1,832,771 | | | 1,652,829 | |
Total liabilities and shareholders' equity | | $ | 2,863,299 | | | $ | 2,836,571 | | | $ | 2,622,397 | |
See accompanying notes to condensed consolidated financial statements
1
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share amounts) | | 2021 | | 2020 | | 2021 | | 2020 | | |
Net sales | | $ | 566,370 | | | $ | 316,611 | | | $ | 1,191,976 | | | $ | 884,839 | | | |
Cost of sales | | 273,853 | | | 170,381 | | | 578,057 | | | 466,895 | | | |
Gross profit | | 292,517 | | | 146,230 | | | 613,919 | | | 417,944 | | | |
Selling, general and administrative expenses | | 261,766 | | | 217,652 | | | 516,155 | | | 494,472 | | | |
Net licensing income | | 4,244 | | | 1,122 | | | 7,711 | | | 4,241 | | | |
Operating income (loss) | | 34,995 | | | (70,300) | | | 105,475 | | | (72,287) | | | |
Interest income (expense), net | | 598 | | | (805) | | | 876 | | | 1,008 | | | |
Other non-operating income (expense), net | | (294) | | | 935 | | | (598) | | | 2,673 | | | |
Income (loss) before income tax | | 35,299 | | | (70,170) | | | 105,753 | | | (68,606) | | | |
Income tax benefit (expense) | | 5,385 | | | 19,463 | | | (9,169) | | | 18,112 | | | |
Net income (loss) | | $ | 40,684 | | | $ | (50,707) | | | $ | 96,584 | | | $ | (50,494) | | | |
| | | | | | | | | | |
Earnings (loss) per share: | | | | | | | | | | |
Basic | | $ | 0.61 | | | $ | (0.77) | | | $ | 1.46 | | | $ | (0.76) | | | |
Diluted | | $ | 0.61 | | | $ | (0.77) | | | $ | 1.44 | | | $ | (0.76) | | | |
Weighted average shares outstanding: | | | | | | | | | | |
Basic | | 66,327 | | 66,135 | | 66,345 | | 66,553 | | |
Diluted | | 66,787 | | 66,135 | | 66,858 | | 66,553 | | |
See accompanying notes to condensed consolidated financial statements
2
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2021 | | 2020 | | 2021 | | 2020 | | |
Net income (loss) | | $ | 40,684 | | | $ | (50,707) | | | $ | 96,584 | | | $ | (50,494) | | | |
Other comprehensive income (loss): | | | | | | | | | | |
| | | | | | | | | | |
Unrealized gains (losses) on derivative transactions (net of tax effects of $1,183, $1,521, $(2,185) and $(2,624), respectively) | | (3,551) | | | (4,862) | | | 5,012 | | | 6,663 | | | |
Foreign currency translation adjustments (net of tax effects of $(265), $(460), $149 and $37, respectively) | | 5,230 | | | 6,976 | | | (7,974) | | | (8,098) | | | |
Other comprehensive income (loss) | | 1,679 | | | 2,114 | | | (2,962) | | | (1,435) | | | |
Comprehensive income (loss) | | $ | 42,363 | | | $ | (48,593) | | | $ | 93,622 | | | $ | (51,929) | | | |
See accompanying notes to condensed consolidated financial statements
3
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
(in thousands) | | 2021 | | 2020 | | |
Cash flows from operating activities: | | | | | | |
Net income (loss) | | $ | 96,584 | | | $ | (50,494) | | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | |
Depreciation, amortization, and non-cash lease expense | | 60,962 | | | 65,924 | | | |
Provision for uncollectible accounts receivable | | (9,757) | | | 22,815 | | | |
Loss on disposal or impairment of property, plant and equipment and right-of-use assets | | 201 | | | 8,800 | | | |
Deferred income taxes | | (9,667) | | | 4,362 | | | |
Stock-based compensation | | 9,823 | | | 7,712 | | | |
Changes in operating assets and liabilities: | | | | | | |
Accounts receivable | | 180,456 | | | 244,112 | | | |
Inventories, net | | (123,737) | | | (202,646) | | | |
Prepaid expenses and other current assets | | (48,160) | | | (3,199) | | | |
Other assets | | (337) | | | (14,596) | | | |
Accounts payable | | 59,085 | | | 3,397 | | | |
Accrued liabilities | | (30,130) | | | (89,323) | | | |
Income taxes payable | | (22,652) | | | (12,633) | | | |
Operating lease assets and liabilities | | (47,436) | | | (26,264) | | | |
Other liabilities | | 1,927 | | | 4,757 | | | |
Net cash provided by (used in) operating activities | | 117,162 | | | (37,276) | | | |
Cash flows from investing activities: | | | | | | |
Purchases of short-term investments | | — | | | (35,045) | | | |
Sales and maturities of short-term investments | | 1,184 | | | 36,631 | | | |
Capital expenditures | | (12,387) | | | (20,959) | | | |
| | | | | | |
Net cash used in investing activities | | (11,203) | | | (19,373) | | | |
Cash flows from financing activities: | | | | | | |
Proceeds from credit facilities | | 19,888 | | | 375,759 | | | |
Repayments on credit facilities | | (19,683) | | | (373,390) | | | |
Payment of line of credit issuance fees | | — | | | (1,674) | | | |
Proceeds from issuance of common stock related to stock-based compensation | | 20,287 | | | 1,987 | | | |
Tax payments related to stock-based compensation | | (5,440) | | | (4,304) | | | |
Repurchase of common stock | | (54,500) | | | (132,889) | | | |
| | | | | | |
Cash dividends paid | | (34,540) | | | (17,195) | | | |
| | | | | | |
Net cash used in financing activities | | (73,988) | | | (151,706) | | | |
Net effect of exchange rate changes on cash | | (2,890) | | | (2,861) | | | |
Net increase (decrease) in cash and cash equivalents | | 29,081 | | | (211,216) | | | |
Cash and cash equivalents, beginning of period | | 790,725 | | | 686,009 | | | |
Cash and cash equivalents, end of period | | $ | 819,806 | | | $ | 474,793 | | | |
Supplemental disclosures of cash flow information: | | | | | | |
Cash paid during the year for income taxes | | $ | 81,497 | | | $ | 13,294 | | | |
Supplemental disclosures of non-cash investing and financing activities: | | | | | | |
Property, plant and equipment acquired through increase in liabilities | | $ | 4,268 | | | $ | 2,414 | | | |
See accompanying notes to condensed consolidated financial statements
4
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2021 |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
| Shares Outstanding | | Amount |
BALANCE, MARCH 31, 2021 | | 66,457 | | | $ | 22,230 | | | $ | 1,850,415 | | | $ | (3,835) | | | $ | 1,868,810 | |
Net income (loss) | | — | | | — | | | 40,684 | | | — | | | 40,684 | |
Other comprehensive income (loss): | | | | | | | | | | |
| | | | | | | | | | |
Unrealized losses on derivative transactions, net | | — | | | — | | | — | | | (3,551) | | | (3,551) | |
Foreign currency translation adjustment, net | | — | | | — | | | — | | | 5,230 | | | 5,230 | |
Cash dividends ($0.26 per share) | | — | | | — | | | (17,255) | | | — | | | (17,255) | |
Issuance of common stock related to stock-based compensation, net | | 110 | | | 6,433 | | | — | | | — | | | 6,433 | |
Stock-based compensation expense | | — | | | 4,949 | | | — | | | — | | | 4,949 | |
Repurchase of common stock | | (419) | | | (33,612) | | | (10,031) | | | — | | | (43,643) | |
BALANCE, JUNE 30, 2021 | | 66,148 | | | $ | — | | | $ | 1,863,813 | | | $ | (2,156) | | | $ | 1,861,657 | |
| | | | | | | | | | |
| | Three Months Ended June 30, 2020 |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
| Shares Outstanding | | Amount |
BALANCE, MARCH 31, 2020 | | 66,116 | | | $ | 565 | | | $ | 1,704,000 | | | $ | (7,974) | | | $ | 1,696,591 | |
Net income (loss) | | — | | | — | | | (50,707) | | | — | | | (50,707) | |
Other comprehensive income (loss): | | | | | | | | | | |
| | | | | | | | | | |
Unrealized losses on derivative transactions, net | | — | | | — | | | — | | | (4,862) | | | (4,862) | |
Foreign currency translation adjustment, net | | — | | | — | | | — | | | 6,976 | | | 6,976 | |
| | | | | | | | | | |
Issuance of common stock related to stock-based compensation, net | | 32 | | | 794 | | | — | | | — | | | 794 | |
Stock-based compensation expense | | — | | | 4,037 | | | — | | | — | | | 4,037 | |
| | | | | | | | | | |
BALANCE, JUNE 30, 2020 | | 66,148 | | | $ | 5,396 | | | $ | 1,653,293 | | | $ | (5,860) | | | $ | 1,652,829 | |
See accompanying notes to condensed consolidated financial statements
5
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2021 |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated 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 (loss) | | — | | | — | | | 96,584 | | | — | | | 96,584 | |
Other comprehensive income (loss): | | | | | | | | | | |
| | | | | | | | | | |
Unrealized gains on derivative transactions, net | | — | | | — | | | — | | | 5,012 | | | 5,012 | |
Foreign currency translation adjustment, net | | — | | | — | | | — | | | (7,974) | | | (7,974) | |
Cash dividends ($0.52 per share) | | — | | | — | | | (34,540) | | | — | | | (34,540) | |
Issuance of common stock related to stock-based compensation, net | | 424 | | | 14,847 | | | — | | | — | | | 14,847 | |
Stock-based compensation expense | | — | | | 9,823 | | | — | | | — | | | 9,823 | |
Repurchase of common stock | | (528) | | | (44,835) | | | (10,031) | | | — | | | (54,866) | |
BALANCE, JUNE 30, 2021 | | 66,148 | | | $ | — | | | $ | 1,863,813 | | | $ | (2,156) | | | $ | 1,861,657 | |
| | | | | | | | | | |
| | Six Months Ended June 30, 2020 |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated 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 (loss) | | — | | | — | | | (50,494) | | | — | | | (50,494) | |
Other comprehensive income (loss): | | | | | | | | | | |
| | | | | | | | | | |
Unrealized gains on derivative transactions, net | | — | | | — | | | — | | | 6,663 | | | 6,663 | |
Foreign currency translation adjustment, net | | — | | | — | | | — | | | (8,098) | | | (8,098) | |
Cash dividends ($0.26 per share) | | — | | | — | | | (17,195) | | | — | | | (17,195) | |
Issuance of common stock related to stock-based compensation, net | | 144 | | | (2,317) | | | — | | | — | | | (2,317) | |
Stock-based compensation expense | | — | | | 7,712 | | | — | | | — | | | 7,712 | |
Repurchase of common stock | | (1,557) | | | (4,936) | | | (127,953) | | | — | | | (132,889) | |
BALANCE, JUNE 30, 2020 | | 66,148 | | | $ | 5,396 | | | $ | 1,653,293 | | | $ | (5,860) | | | $ | 1,652,829 | |
See accompanying notes to condensed consolidated financial statements
6
COLUMBIA SPORTSWEAR COMPANY
INDEX TO NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| | | | | | | | | | | | | | |
NOTE | | PAGE |
Note 1 | | Basis of Presentation and Organization | | |
Note 2 | | Revenues | | |
Note 3 | | Intangible Assets, Net | | |
Note 4 | | Short-Term Borrowings and Credit Lines | | |
Note 5 | | Income Taxes | | |
Note 6 | | Commitments and Contingencies | | |
Note 7 | | Shareholders' Equity | | |
Note 8 | | Stock-Based Compensation | | |
Note 9 | | Earnings (Loss) Per Share | | |
Note 10 | | Accumulated Other Comprehensive Income (Loss) | | |
Note 11 | | Segment Information | | |
Note 12 | | Financial Instruments and Risk Management | | |
Note 13 | | Fair Value Measures | | |
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 June 30, 2021, December 31, 2020 and June 30, 2020, the results of operations for the three and six months ended June 30, 2021 and 2020, and cash flows for the six months ended June 30, 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 and six months ended June 30, 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 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.
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 June 30, 2021 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 316,896 | | | $ | 56,038 | | | $ | 64,518 | | | $ | 15,598 | | | $ | 453,050 | |
Footwear | | 62,169 | | | 21,937 | | | 24,056 | | | 5,158 | | | 113,320 | |
Total | | $ | 379,065 | | | $ | 77,975 | | | $ | 88,574 | | | $ | 20,756 | | | $ | 566,370 | |
Channel net sales | | | | | | | | | | |
Wholesale | | $ | 176,187 | | | $ | 32,069 | | | $ | 80,552 | | | $ | 13,495 | | | $ | 302,303 | |
Direct-to-consumer | | 202,878 | | | 45,906 | | | 8,022 | | | 7,261 | | | 264,067 | |
Total | | $ | 379,065 | | | $ | 77,975 | | | $ | 88,574 | | | $ | 20,756 | | | $ | 566,370 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2020 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 151,456 | | | $ | 47,876 | | | $ | 39,010 | | | $ | 5,575 | | | $ | 243,917 | |
Footwear | | 31,789 | | | 19,434 | | | 19,281 | | | 2,190 | | | 72,694 | |
Total | | $ | 183,245 | | | $ | 67,310 | | | $ | 58,291 | | | $ | 7,765 | | | $ | 316,611 | |
Channel net sales | | | | | | | | | | |
Wholesale | | $ | 73,334 | | | $ | 31,219 | | | $ | 53,086 | | | $ | 2,264 | | | $ | 159,903 | |
Direct-to-consumer | | 109,911 | | | 36,091 | | | 5,205 | | | 5,501 | | | 156,708 | |
Total | | $ | 183,245 | | | $ | 67,310 | | | $ | 58,291 | | | $ | 7,765 | | | $ | 316,611 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2021 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 634,245 | | | $ | 134,761 | | | $ | 110,814 | | | $ | 42,140 | | | $ | 921,960 | |
Footwear | | 153,482 | | | 55,191 | | | 48,525 | | | 12,818 | | | 270,016 | |
Total | | $ | 787,727 | | | $ | 189,952 | | | $ | 159,339 | | | $ | 54,958 | | | $ | 1,191,976 | |
Channel net sales | | | | | | | | | | |
Wholesale | | $ | 377,068 | | | $ | 87,619 | | | $ | 138,316 | | | $ | 34,713 | | | $ | 637,716 | |
Direct-to-consumer | | 410,659 | | | 102,333 | | | 21,023 | | | 20,245 | | | 554,260 | |
Total | | $ | 787,727 | | | $ | 189,952 | | | $ | 159,339 | | | $ | 54,958 | | | $ | 1,191,976 | |
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2020 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 461,133 | | | $ | 123,789 | | | $ | 78,940 | | | $ | 32,224 | | | $ | 696,086 | |
Footwear | | 97,980 | | | 46,172 | | | 35,199 | | | 9,402 | | | 188,753 | |
Total | | $ | 559,113 | | | $ | 169,961 | | | $ | 114,139 | | | $ | 41,626 | | | $ | 884,839 | |
Channel net sales | | | | | | | | | | |
Wholesale | | $ | 276,202 | | | $ | 88,593 | | | $ | 95,342 | | | $ | 25,726 | | | $ | 485,863 | |
Direct-to-consumer | | 282,911 | | | 81,368 | | | 18,797 | | | 15,900 | | | 398,976 | |
Total | | $ | 559,113 | | | $ | 169,961 | | | $ | 114,139 | | | $ | 41,626 | | | $ | 884,839 | |
Performance ObligationsFor the three and six months ended June 30, 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 June 30, 2021, December 31, 2020 and June 30, 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.
NOTE 3—INTANGIBLE ASSETS, NET
Intangible assets, net consisted of the following:
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | June 30, 2021 | | December 31, 2020 | | June 30, 2020 |
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 | | (14,198) | | | (14,198) | | | (13,976) | |
Customer relationships | | (18,188) | | | (17,363) | | | (16,538) | |
Accumulated amortization | | (32,386) | | | (31,561) | | | (30,514) | |
Net carrying amount | | 4,812 | | | 5,637 | | | 6,684 | |
Intangible assets not subject to amortization | | 97,921 | | | 97,921 | | | 115,421 | |
Intangible assets, net | | $ | 102,733 | | | $ | 103,558 | | | $ | 122,105 | |
Amortization expense for intangible assets subject to amortization was $0.4 million and $0.7 million for the three months ended June 30, 2021 and 2020, respectively, and was $0.8 million and $1.5 million for the six months ended June 30, 2021, and 2020, respectively.
The following table presents the estimated annual amortization expense for the years ending 2021 through 2025:
| | | | | |
(in thousands) | |
2021 | $ | 1,650 | |
2022 | 1,650 | |
2023 | 1,650 | |
2024 | 688 | |
2025 | — | |
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
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 June 30, 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 June 30, 2021, there was no balance outstanding under these facilities.
NOTE 5—INCOME TAXES
For the three months ended June 30, 2021 and 2020, the Company's effective income tax rates were negative 15.3% and 27.7%, respectively. For the six months ended June 30, 2021 and 2020, the Company's effective income tax rates were 8.7% and 26.4%, respectively. The decrease in the effective income tax rate for the three and six months ended June 30, 2021 was primarily due to a non-recurring decrease in accrued foreign withholding taxes.
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 June 30, 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 June 30, 2021, the Company had repurchased 27.3 million shares at an aggregate purchase price of $1,072.6 million and has $427.4 million remaining available. During the three and six months ended June 30, 2021, the Company purchased an aggregate of $43.6 million and $54.9 million, respectively, 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 June 30, | | Six Months Ended June 30, |
(in thousands) | | 2021 | | 2020 | | 2021 | | 2020 |
Stock options | | $ | |