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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 September 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 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 October 22, 2021 was 65,217,098.


COLUMBIA SPORTSWEAR COMPANY
September 30, 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)September 30,
2021		December 31,
2020		September 30,
2020
ASSETS
Current Assets:
Cash and cash equivalents$599,479 $790,725 $313,429 
Short-term investments1,132 1,224 1,095 
Accounts receivable, net of allowance of $10,847, $21,810, and $29,760, respectively
500,451 452,945 479,376 
Inventories, net720,865 556,530 771,724 
Prepaid expenses and other current assets98,146 54,197 82,175 
Total current assets1,920,073 1,855,621 1,647,799 
Property, plant and equipment, at cost, net of accumulated depreciation of $591,795, $574,247, and $550,097, respectively
293,725 309,792 322,167 
Operating lease right-of-use assets344,876 339,244 351,277 
Intangible assets, net102,321 103,558 121,471 
Goodwill68,594 68,594 68,594 
Deferred income taxes92,493 96,126 77,055 
Other non-current assets67,277 63,636 63,951 
Total assets$2,889,359 $2,836,571 $2,652,314 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable241,119 206,697 164,332 
Accrued liabilities273,590 257,278 257,040 
Operating lease liabilities67,055 65,466 73,409 
Income taxes payable8,955 23,181 4,813 
Total current liabilities590,719 552,622 499,594 
Non-current operating lease liabilities330,765 353,181 337,108 
Income taxes payable49,392 49,922 49,195 
Deferred income taxes1 5,205 7,149 
Other long-term liabilities38,165 42,870 36,452 
Total liabilities1,009,042 1,003,800 929,498 
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; 65,501, 66,252, and 66,210, issued and outstanding, respectively
— 20,165 13,142 
Retained earnings1,883,343 1,811,800 1,716,044 
Accumulated other comprehensive income (loss)(3,026)806 (6,370)
Total shareholders' equity1,880,317 1,832,771 1,722,816 
Total liabilities and shareholders' equity$2,889,359 $2,836,571 $2,652,314 

See accompanying notes to condensed consolidated financial statements
1
Table of Contents
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts)2021202020212020
Net sales$804,706 $701,092 $1,996,682 $1,585,931 
Cost of sales396,346 358,184 974,403 825,079 
Gross profit408,360 342,908 1,022,279 760,852 
Selling, general and administrative expenses280,121 261,192 796,276 755,664 
Net licensing income5,222 3,927 12,933 8,168 
Operating income133,461 85,643 238,936 13,356 
Interest income (expense), net196 (280)1,072 728 
Other non-operating income (expense), net201 (465)(397)2,208 
Income before income tax133,858 84,898 239,611 16,292 
Income tax expense(33,295)(22,147)(42,464)(4,035)
Net income$100,563 $62,751 $197,147 $12,257 
Earnings per share:
Basic$1.53 $0.95 $2.98 $0.18 
Diluted$1.52 $0.94 $2.96 $0.18 
Weighted average shares outstanding:
Basic65,86266,17966,18266,427
Diluted66,26666,53766,67366,807

See accompanying notes to condensed consolidated financial statements
2
Table of Contents
COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2021202020212020
Net income$100,563 $62,751 $197,147 $12,257 
Other comprehensive income (loss):
Unrealized gains (losses) on derivative transactions (net of tax effects of $(3,602), $3,995, $(5,787) and $1,371, respectively)
10,552 (11,685)15,564 (5,022)
Foreign currency translation adjustments (net of tax effects of $66, $(290), $215 and $(253), respectively)
(11,422)11,175 (19,396)3,077 
Other comprehensive loss(870)(510)(3,832)(1,945)
Comprehensive income$99,693 $62,241 $193,315 $10,312 

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(in thousands)20212020
Cash flows from operating activities:
Net income$197,147 $12,257 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, and non-cash lease expense84,509 102,283 
Provision for uncollectible accounts receivable(9,088)24,684 
Loss on disposal or impairment of property, plant and equipment and right-of-use assets366 8,981 
Deferred income taxes(8,731)4,306 
Stock-based compensation14,487 12,802 
Changes in operating assets and liabilities:
Accounts receivable(44,500)(17,130)
Inventories, net(173,761)(160,090)
Prepaid expenses and other current assets(40,957)9,098 
Other assets148 (20,786)
Accounts payable22,014 (89,790)
Accrued liabilities24,813 (41,182)
Income taxes payable(14,621)(10,011)
Operating lease assets and liabilities(68,823)(41,459)
Other liabilities1,359 8,077 
Net cash used in operating activities(15,638)(197,960)
Cash flows from investing activities:
Purchases of short-term investments— (35,044)
Sales and maturities of short-term investments1,184 36,630 
Capital expenditures(20,413)(25,164)
Net cash used in investing activities(19,229)(23,578)
Cash flows from financing activities:
Proceeds from credit facilities29,508 387,992 
Repayments on credit facilities(29,313)(388,465)
Payment of line of credit issuance fees— (2,096)
Proceeds from issuance of common stock related to stock-based compensation24,329 4,793 
Tax payments related to stock-based compensation(5,715)(4,454)
Repurchase of common stock(118,580)(132,889)
Cash dividends paid(51,662)(17,195)
Net cash used in financing activities(151,433)(152,314)
Net effect of exchange rate changes on cash(4,946)1,272 
Net decrease in cash and cash equivalents(191,246)(372,580)
Cash and cash equivalents, beginning of period790,725 686,009 
Cash and cash equivalents, end of period$599,479 $313,429 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes$87,709 $18,385 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$8,277 $4,774 
Repurchases of common stock not settled$8,628 $— 

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
Three Months Ended September 30, 2021
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding		Amount
BALANCE, JUNE 30, 2021
66,148 $— $1,863,813 $(2,156)$1,861,657 
Net income— — 100,563 — 100,563 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net— — — 10,552 10,552 
Foreign currency translation adjustment, net— — — (11,422)(11,422)
Cash dividends ($0.26 per share)
— — (17,122)— (17,122)
Issuance of common stock related to stock-based compensation, net
79 3,767 — — 3,767 
Stock-based compensation expense— 4,664 — — 4,664 
Repurchase of common stock(726)(8,431)(63,911)— (72,342)
BALANCE, SEPTEMBER 30, 2021
65,501 $— $1,883,343 $(3,026)$1,880,317 
Three Months Ended September 30, 2020
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding		Amount
BALANCE, JUNE 30, 2020
66,148 $5,396 $1,653,293 $(5,860)$1,652,829 
Net income— — 62,751 — 62,751 
Other comprehensive income (loss):
Unrealized losses on derivative transactions, net— — — (11,685)(11,685)
Foreign currency translation adjustment, net— — — 11,175 11,175 
Issuance of common stock related to stock-based compensation, net
62 2,656 — — 2,656 
Stock-based compensation expense— 5,090 — — 5,090 
BALANCE, SEPTEMBER 30, 2020
66,210 $13,142 $1,716,044 $(6,370)$1,722,816 

See accompanying notes to condensed consolidated financial statements
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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
Nine Months Ended September 30, 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— — 197,147 — 197,147 
Other comprehensive income (loss):
Unrealized gains on derivative transactions, net— — — 15,564 15,564 
Foreign currency translation adjustment, net— — — (19,396)(19,396)
Cash dividends ($0.78 per share)
— — (51,662)— (51,662)
Issuance of common stock related to stock-based compensation, net
503 18,614 — — 18,614 
Stock-based compensation expense14,487 — — 14,487 
Repurchase of common stock(1,254)(53,266)(73,942)— (127,208)
BALANCE, SEPTEMBER 30, 2021
65,501 $— $1,883,343 $(3,026)$1,880,317 
Nine Months Ended September 30, 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— — 12,257 — 12,257 
Other comprehensive income (loss):
Unrealized losses on derivative transactions, net— — — (5,022)(5,022)
Foreign currency translation adjustment, net— — — 3,077 3,077 
Cash dividends ($0.26 per share)
— — (17,195)— (17,195)
Issuance of common stock related to stock-based compensation, net
206 339 — — 339 
Stock-based compensation expense— 12,802 — — 12,802 
Repurchase of common stock(1,557)(4,936)(127,953)— (132,889)
BALANCE, SEPTEMBER 30, 2020
66,210 $13,142 $1,716,044 $(6,370)$1,722,816 

See accompanying notes to condensed consolidated financial statements
6
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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

7
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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 September 30, 2021, December 31, 2020 and September 30, 2020, the results of operations for the three and nine months ended September 30, 2021 and 2020, and cash flows for the nine months ended September 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 nine months ended September 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.
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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 September 30, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$406,187 $78,160 $75,399 $61,409 $621,155 
Footwear104,299 24,594 33,751 20,907 183,551 
Total$510,486 $102,754 $109,150 $82,316 $804,706 
Channel net sales
Wholesale$292,357 $66,070 $93,899 $65,810 $518,136 
Direct-to-consumer218,129 36,684 15,251 16,506 286,570 
Total$510,486 $102,754 $109,150 $82,316 $804,706 
Three Months Ended September 30, 2020
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$332,713 $70,026 $66,160 $41,221 $510,120 
Footwear112,907 20,925 32,999 24,141 190,972 
Total$445,620 $90,951 $99,159 $65,362 $701,092 
Channel net sales
Wholesale$282,850 $50,723 $85,074 $52,820 $471,467 
Direct-to-consumer162,770 40,228 14,085 12,542 229,625 
Total$445,620 $90,951 $99,159 $65,362 $701,092 
Nine Months Ended September 30, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$1,040,432 $212,921 $186,213 $103,549 $1,543,115 
Footwear257,781 79,785 82,276 33,725 453,567 
Total$1,298,213 $292,706 $268,489 $137,274 $1,996,682 
Channel net sales
Wholesale$669,425 $153,689 $232,215 $100,523 $1,155,852 
Direct-to-consumer628,788 139,017 36,274 36,751 840,830 
Total$1,298,213 $292,706 $268,489 $137,274 $1,996,682 
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Nine Months Ended September 30, 2020
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$793,846 $193,815 $145,100 $73,445 $1,206,206 
Footwear210,887 67,097 68,198 33,543 379,725 
Total$1,004,733 $260,912 $213,298 $106,988 $1,585,931 
Channel net sales
Wholesale$559,052 $139,316 $180,416 $78,546 $957,330 
Direct-to-consumer445,681 121,596 32,882 28,442 628,601 
Total$1,004,733 $260,912 $213,298 $106,988 $1,585,931 
Performance Obligations
For the three and nine months ended September 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 September 30, 2021, December 31, 2020 and September 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)
September 30, 2021December 31, 2020September 30, 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)(14,198)
Customer relationships(18,600)(17,363)(16,950)
Accumulated amortization(32,798)(31,561)(31,148)
Net carrying amount4,400 5,637 6,050 
Intangible assets not subject to amortization97,921 97,921 115,421 
Intangible assets, net$102,321 $103,558 $121,471 
Amortization expense for intangible assets subject to amortization was $0.4 million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, and was $1.2 million and $2.1 million for the nine months ended September 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 
20221,650 
20231,650 
2024688 
2025— 
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Index to Notes to Consolidated Financial Statements
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 ¥700.0 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. In September 2021, the Company's Japanese subsidiary entered into an agreement which replaced the ¥1.5 billion overdraft facility with a ¥1.0 billion overdraft facility. At September 30, 2021, the combined available borrowings of the three lines was approximately US$18.8 million. Borrowings under the ¥1.0 billion and ¥400.0 million overdraft facilities accrue interest at the Tokyo Interbank Offered Rate plus 50 basis points and borrowings under the ¥700.0 million overdraft facility accrue interest at 150 basis points. As of September 30, 2021, there was no balance outstanding under these facilities.
At the beginning of 2021, the Company's Chinese subsidiary had available an unsecured and uncommitted line of credit providing for borrowings up to a maximum of RMB140.0 million and an unsecured and uncommitted overdraft and clean advance facility, guaranteed by the Company, that provided for borrowings of advances or overdrafts up to a maximum of US$20.0 million. In September 2021, the Company's Chinese subsidiary did not renew the agreement for the RMB140.0 million line of credit. At September 30, 2021, the available borrowings of the remaining facility was US$20.0 million. Borrowings under this facility accrue interest on advances of RMB at 4% or advances of USD at 1.62% per annum. As of September 30, 2021, there was no balance outstanding under the facility.
NOTE 5—INCOME TAXES
For the three months ended September 30, 2021 and 2020, the Company's effective income tax rates were 24.9% and 26.1%, respectively. The decrease in the effective income tax rate for the three months ended September 30, 2021 was primarily due to the mix of book income or loss among jurisdictions. For the nine months ended September 30, 2021 and 2020, the Company's effective income tax rates were 17.7% and 24.8%, respectively. The decrease in the effective income tax rate for the nine months ended September 30, 2021 was primarily due to the non-recurring decrease in accrued foreign withholding taxes and the mix of book income or loss among jurisdictions.
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 matter