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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, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 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) 
Oregon93-0498284
(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 the 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.YesNo
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).
YesNo
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 FilerAccelerated 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 outstanding of the registrant's common stock on July 21, 2023 was 61,330,254.


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

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q FORM 10-Q

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SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "may" and other words and terms of similar meaning or reference future dates. Forward-looking statements include any statements related to our expectations regarding the effectiveness of our investments, future performance or market position, the promotional environment, manufacturing and distribution capacity, inventory levels, inventory carrying costs, shipping timing, consumer spending and preferences, freight charges, scale efficiencies, logistics constraints, inflationary pressures, foreign currency translation, the geopolitical environment, consumer behaviors and expectations, the regulatory environment, the impact of seasonal trends, materiality of legal matters, risk management strategies, borrowings, capital expenditures, our short and long-term cash needs and our ability to meet those needs, and maturities of liabilities.

These forward-looking statements, and others we make from time to time expressed in good faith, are believed to have a reasonable basis; however, each forward-looking statement involves risks and uncertainties. Many factors may cause actual results to differ materially from projected results in forward-looking statements, including the risks described in Part II, Item 1A of this Quarterly Report on Form 10-Q. Forward-looking statements are inherently less reliable than historical information. Except as required by law, we do not undertake any duty to update forward-looking statements after the date they are made or to conform them to actual results or to changes in circumstances or to reflect changes in events, circumstances or expectations. New factors emerge from time to time and it is not possible for us to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | i

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PART I — FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands)June 30,
2023
December 31,
2022
June 30,
2022
ASSETS
Current Assets:
Cash and cash equivalents$231,571 $430,241 $413,110 
Short-term investments71,225 722 1,108 
Accounts receivable, net of allowance of $4,979, $5,443 and $4,405, respectively
343,835 547,561 296,636 
Inventories1,162,519 1,028,545 962,875 
Prepaid expenses and other current assets91,990 129,872 121,404 
Total current assets1,901,140 2,136,941 1,795,133 
Property, plant and equipment, net of accumulated depreciation of $644,585, $623,911 and $604,233, respectively
280,578 291,214 288,199 
Operating lease right-of-use assets313,698 324,409 325,871 
Intangible assets, net80,733 81,558 101,083 
Goodwill51,694 51,694 68,594 
Deferred income taxes94,671 94,162 81,263 
Other non-current assets67,290 71,568 66,645 
Total assets$2,789,804 $3,051,546 $2,726,788 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$247,416 $322,472 $312,353 
Accrued liabilities238,988 328,759 239,181 
Operating lease liabilities69,784 68,685 65,668 
Income taxes payable1,080 18,802 1,242 
Total current liabilities557,268 738,718 618,444 
Non-current operating lease liabilities298,062 310,625 312,043 
Income taxes payable23,452 33,251 32,504 
Deferred income taxes 143  
Other long-term liabilities36,364 33,020 32,080 
Total liabilities915,146 1,115,757 995,071 
Commitments and contingencies (Note 4)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
   
Common stock (no par value); 250,000 shares authorized; 61,358, 62,139 and 62,091 issued and outstanding, respectively
 12,692  
Retained earnings1,915,990 1,953,734 1,753,450 
Accumulated other comprehensive income (loss)(41,332)(30,637)(21,733)
Total shareholders' equity1,874,658 1,935,789 1,731,717 
Total liabilities and shareholders' equity$2,789,804 $3,051,546 $2,726,788 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 1

Notes to unaudited Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share amounts)2023202220232022
Net sales$620,933 $578,063 $1,441,526 $1,339,573 
Cost of sales306,888 293,903 727,981 676,966 
Gross profit314,045 284,160 713,545 662,607 
Selling, general and administrative expenses312,529 281,258 659,927 580,344 
Net licensing income4,713 5,871 9,038 10,176 
Operating income6,229 8,773 62,656 92,439 
Interest income, net3,506 499 6,789 894 
Other non-operating income (expense), net(185)(1,435)665 (1,391)
Income before income tax9,550 7,837 70,110 91,942 
Income tax expense1,200 674 15,558 17,942 
Net income$8,350 $7,163 $54,552 $74,000 
Earnings per share:
Basic$0.14 $0.11 $0.88 $1.17 
Diluted$0.14 $0.11 $0.88 $1.16 
Weighted average shares outstanding:
Basic61,65562,55461,89363,409
Diluted61,78162,69562,12263,654

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 2

Notes to unaudited Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2023202220232022
Net income$8,350 $7,163 $54,552 $74,000 
Other comprehensive income (loss):
Change in available-for-sale securities (net of tax effect of $(146))
 451   
Change in derivative transactions (net of tax effects of $(611), $(5,744),$2,099, and $(5,088), respectively)
(726)15,808 (6,147)13,717 
Foreign currency translation adjustments (net of tax effects of $35, $147, $(43) and $997, respectively)
(6,028)(28,818)(4,548)(31,074)
Other comprehensive income (loss)(6,754)(12,559)(10,695)(17,357)
Comprehensive income (loss)$1,596 $(5,396)$43,857 $56,643 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 3

Notes to unaudited Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended June 30,
(in thousands)20232022
Cash flows from operating activities:
Net income$54,552 $74,000 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and non-cash lease expense61,540 58,537 
Provision for uncollectible accounts receivable145 (4,047)
Loss on disposal or impairment of property, plant and equipment, and right-of-use assets491 2,418 
Deferred income taxes488 3,750 
Stock-based compensation11,208 10,636 
Changes in operating assets and liabilities:
Accounts receivable203,846 186,364 
Inventories(135,251)(332,225)
Prepaid expenses and other current assets30,396 (23,226)
Other assets366 3,018 
Accounts payable(69,305)35,754 
Accrued liabilities(90,759)(67,199)
Income taxes payable(27,303)(23,807)
Operating lease assets and liabilities(34,317)(34,478)
Other liabilities3,611 (2,163)
Net cash provided by (used in) operating activities9,708 (112,668)
Cash flows from investing activities:
Purchases of short-term investments(117,877)(44,877)
Sales and maturities of short-term investments50,747 175,725 
Capital expenditures(22,803)(28,983)
Net cash provided by (used in) investing activities(89,933)101,865 
Cash flows from financing activities:
Proceeds from credit facilities837  
Repayments on credit facilities(837) 
Proceeds from issuance of common stock related to stock-based compensation4,624 4,076 
Tax payments related to stock-based compensation(4,400)(4,024)
Repurchase of common stock(78,319)(287,443)
Cash dividends paid(37,099)(37,926)
Net cash used in financing activities(115,194)(325,317)
Net effect of exchange rate changes on cash(3,251)(14,174)
Net decrease in cash and cash equivalents(198,670)(350,294)
Cash and cash equivalents, beginning of period430,241 763,404 
Cash and cash equivalents, end of period$231,571 $413,110 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes$61,131 $47,846 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$5,982 $5,334 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 4

Notes to unaudited Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, March 31, 2023
62,076 $1,076 $1,981,287 $(34,578)$1,947,785 
Net income— — 8,350 — 8,350 
Other comprehensive income (loss)— — — (6,754)(6,754)
Cash dividends ($0.30 per share)
— — (18,450)— (18,450)
Issuance of common stock related to stock-based compensation, net
57 1,843 — — 1,843 
Stock-based compensation expense— 5,400 — — 5,400 
Repurchase of common stock(775)(7,740)(55,197)— (62,937)
Excise taxes related to repurchase of common stock— (579)— — (579)
Balance, June 30, 2023
61,358 $ $1,915,990 $(41,332)$1,874,658 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, March 31, 2022
62,948 $ $1,828,074 $(9,174)$1,818,900 
Net income— — 7,163 — 7,163 
Other comprehensive income (loss)— — — (12,559)(12,559)
Cash dividends ($0.30 per share)
— — (18,775)— (18,775)
Issuance of common stock related to stock-based compensation, net
49 1,498 — — 1,498 
Stock-based compensation expense— 5,133 — — 5,133 
Repurchase of common stock(906)(6,631)(63,012)— (69,643)
Balance, June 30, 2022
62,091 $ $1,753,450 $(21,733)$1,731,717 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2022
62,139 $12,692 $1,953,734 $(30,637)$1,935,789 
Net income— — 54,552 — 54,552 
Other comprehensive income (loss)— — — (10,695)(10,695)
Cash dividends ($0.60 per share)
— — (37,099)— (37,099)
Issuance of common stock related to stock-based compensation, net
173 224 — — 224 
Stock-based compensation expense— 11,208 — — 11,208 
Repurchase of common stock(954)(23,493)(55,197)— (78,690)
Excise taxes related to repurchase of common stock— (631)— — (631)
Balance, June 30, 2023
61,358 $ $1,915,990 $(41,332)$1,874,658 
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 5

Notes to unaudited Condensed Consolidated Financial Statements
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(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2021
65,164 $ $1,993,628 $(4,376)$1,989,252 
Net income— — 74,000 — 74,000 
Other comprehensive income (loss)— — — (17,357)(17,357)
Cash dividends ($0.60 per share)
— — (37,926)— (37,926)
Issuance of common stock related to stock-based compensation, net
162 52 — — 52 
Stock-based compensation expense— 10,636 — — 10,636 
Repurchase of common stock(3,235)(10,688)(276,252)— (286,940)
Balance, June 30, 2022
62,091 $ $1,753,450 $(21,733)$1,731,717 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 6

Notes to unaudited Condensed Consolidated Financial Statements
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 7

Notes to unaudited Condensed Consolidated Financial Statements
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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, 2023, December 31, 2022 and June 30, 2022, the results of operations for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The December 31, 2022 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, 2022. 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, 2023 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, 2022.

PRINCIPLES OF CONSOLIDATION

The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.

ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited 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. The Company's significant estimates relate to sales reserves, allowance for uncollectible accounts receivable, excess, close-out and slow-moving inventory, impairment of long-lived assets, intangible assets and goodwill, and income taxes.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

None.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

None.

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 8

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 2 — REVENUES

DISAGGREGATED REVENUE

As disclosed below in Note 9, 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 reportable 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, 2023
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$325,525 $68,662 $72,271 $22,507 $488,965 
Footwear73,584 24,667 28,583 5,134 131,968 
Total$399,109 $93,329 $100,854 $27,641 $620,933 
Channel net sales
Wholesale$185,352 $41,663 $87,634 $13,633 $328,282 
Direct-to-consumer213,757 51,666 13,220 14,008 292,651 
Total$399,109 $93,329 $100,854 $27,641 $620,933 

Three Months Ended June 30, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$348,592 $54,379 $37,542 $27,805 $468,318 
Footwear63,893 18,446 20,000 7,406 109,745 
Total$412,485 $72,825 $57,542 $35,211 $578,063 
Channel net sales
Wholesale$201,880 $28,308 $47,259 $22,449 $299,896 
Direct-to-consumer210,605 44,517 10,283 12,762 278,167 
Total$412,485 $72,825 $57,542 $35,211 $578,063 

Six Months Ended June 30, 2023
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$741,453 $169,083 $144,228 $66,803 $1,121,567 
Footwear175,131 60,659 64,915 19,254 319,959 
Total$916,584 $229,742 $209,143 $86,057 $1,441,526 
Channel net sales
Wholesale$444,702 $112,825 $172,212 $51,031 $780,770 
Direct-to-consumer471,882 116,917 36,931 35,026 660,756 
Total$916,584 $229,742 $209,143 $86,057 $1,441,526 

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 9

Notes to unaudited Condensed Consolidated Financial Statements
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Six Months Ended June 30, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$733,820 $140,304 $100,811 $59,326 $1,034,261 
Footwear180,559 54,264 51,448 19,041 305,312 
Total$914,379 $194,568 $152,259 $78,367 $1,339,573 
Channel net sales
Wholesale$449,389 $88,246 $122,553 $47,932 $708,120 
Direct-to-consumer464,990 106,322 29,706 30,435 631,453 
Total$914,379 $194,568 $152,259 $78,367 $1,339,573 

PERFORMANCE OBLIGATIONS

For the three and six months ended June 30, 2023 and 2022, 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 is not material.

CONTRACT BALANCES

As of June 30, 2023, December 31, 2022 and June 30, 2022, the Company did not have contract assets and had an immaterial amount of contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL

INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

(in thousands)
June 30, 2023December 31, 2022June 30, 2022
Intangible assets with definite lives:
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(21,488)(20,663)(19,838)
Accumulated amortization(35,686)(34,861)(34,036)
Net carrying amount1,512 2,337 3,162 
Intangible assets with indefinite lives79,221 79,221 97,921 
Intangible assets, net$80,733 $81,558 $101,083 

Amortization expense for intangible assets subject to amortization was $0.4 million for the three months ended June 30, 2023 and 2022, and was $0.8 million for the six months ended June 30, 2023 and 2022.

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 10

Notes to unaudited Condensed Consolidated Financial Statements
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The following table presents the remaining estimated annual amortization expense of intangible assets with definite lives for the years 2023 through 2028:

(in thousands)
2023$825 
2024687 
2025 
2026 
2027 
2028 

GOODWILL

There have been no changes to the Company's goodwill as described in Note 6 in Part II, Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

NOTE 4 — COMMITMENTS AND CONTINGENCIES

LITIGATION

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, 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 5 — SHAREHOLDERS' EQUITY

Since the inception of the Company's stock repurchase plan in 2004 through June 30, 2023, the Company's Board of Directors has authorized the repurchase of $2.0 billion of the Company's common stock, excluding excise tax. 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, 2023, the Company had repurchased 32.7 million shares at an aggregate purchase price of $1,549.3 million and had $450.7 million remaining available, excluding excise tax. During the three and six months ended June 30, 2023, the Company repurchased an aggregate of $62.9 million and $78.7 million, respectively, of common stock under this program, excluding excise tax.


COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 11

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 6 — 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. The Company uses original issuance shares to satisfy share-based payments.

STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense consisted of the following:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2023202220232022
Stock options$1,898 $1,939 $3,936 $3,835 
Restricted stock units3,502 3,194 7,272 6,801 
Total$5,400 $5,133 $11,208 $10,636 

STOCK OPTIONS

During the six months ended June 30, 2023, the Company granted a total of 485,806 stock options at a weighted average grant date fair value of $22.71 per option. As of June 30, 2023, unrecognized costs related to outstanding stock options totaled $16.8 million, before any related tax benefit. These unrecognized costs related to stock options are expected to be recognized over a weighted average remaining period of 2.51 years.

RESTRICTED STOCK UNITS

During the six months ended June 30, 2023, the Company granted 281,154 restricted stock units at a weighted average grant date fair value of $82.81 per restricted stock unit. As of June 30, 2023, unrecognized costs related to outstanding restricted stock units totaled $32.6 million, before any related tax benefit. These unrecognized costs related to restricted stock units are expected to be recognized over a weighted average remaining period of 2.81 years.

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 12

Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 7 — 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.

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands, except per share amounts)
2023202220232022
Weighted average common shares outstanding, used in computing basic earnings per share
61,655 62,554 61,893 63,409 
Effect of dilutive stock options and restricted stock units126 141 229 245 
Weighted average common shares outstanding, used in computing diluted earnings per share
61,781 62,695 62,122 63,654 
Earnings per share:
Basic$0.14 $0.11 $0.88 $1.17 
Diluted$0.14 $0.11 $0.88 $1.16 
Anti-dilutive common shares (1)
2,213 2,061 1,789 1,709 
(1) Common stock related to stock options and service-based restricted stock units, and performance-based restricted stock were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.

NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) on the unaudited Condensed Consolidated Balance Sheets is net of applicable taxes, and consists of unrealized gains and losses on available-for-sale securities, unrealized gains and losses on certain derivative transactions and foreign currency translation adjustments.

The following tables set forth the changes in Accumulated other comprehensive income (loss):

(in thousands)Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of March 31, 2023
$16,369 $(50,947)$(34,578)
Other comprehensive income (loss) before reclassifications2,404 (6,028)(3,624)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
(3,130) (3,130)
Net other comprehensive income (loss) during the period(726)(6,028)(6,754)
Balance as of June 30, 2023
$15,643 $(56,975)$(41,332)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 13

Notes to unaudited Condensed Consolidated Financial Statements
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(in thousands)Available-for-sale securitiesDerivative transactionsForeign currency
 translation
adjustments
Total
Balance as of March 31, 2022
$(451)$7,823 $(16,546)$(9,174)
Other comprehensive income (loss) before reclassifications 16,453 (28,818)(12,365)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
451 (645) (194)
Net other comprehensive income (loss) during the period451 15,808 (28,818)(12,559)
Balance as of June 30, 2022
$ $23,631 $(45,364)$(21,733)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

(in thousands)Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of December 31, 2022
$21,790 $(52,427)$(30,637)
Other comprehensive income (loss) before reclassifications726 (4,548)(3,822)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
(6,873) (6,873)
Net other comprehensive income (loss) during the period(6,147)(4,548)(10,695)
Balance as of June 30, 2023
$15,643 $(56,975)$(41,332)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

(in thousands)Available-for-
sale securities
Derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of December 31, 2021
$ $9,914 $(14,290)$(4,376)
Other comprehensive income (loss) before reclassifications(451)14,589 (31,074)(16,936)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
451 (872) (421)
Net other comprehensive income (loss) during the period 13,717 (31,074)(17,357)
Balance as of June 30, 2022
$ $23,631 $(45,364)$(21,733)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

NOTE 9 — 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 lifestyle products, including apparel, footwear, accessories, and equipment. 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 departmental functions, including consumer digital technology, certain supply chain functions, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.

COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 14

Notes to unaudited Condensed Consolidated Financial Statements
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The following tables present financial information for the Company's reportable segments:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2023202220232022
Net sales to unrelated entities:
U.S.$399,109 $412,485 $916,584 $914,379 
LAAP93,329 72,825 229,742 194,568 
EMEA100,854 57,542 209,143 152,259 
Canada27,641 35,211 86,057 78,367 
$620,933 $578,063 $1,441,526 $1,339,573 
Segment operating income (loss):
U.S.$55,058 $67,346 $136,658 $180,522 
LAAP4,097 (3,061)22,423 9,941 
EMEA15,041 (1,030)35,395 15,469 
Canada114 3,535 10,915 11,676 
Total segment operating income74,310 66,790 205,391 217,608 
Unallocated corporate expenses(68,081)(58,017)(142,735)(125,169)
Interest income, net3,506 499 6,789 894 
Other non-operating income (expense), net(185)(1,435)665 (1,391)
Income before income tax$9,550 $7,837 $70,110 $91,942 

CONCENTRATIONS

The Company had one customer that accounted for approximately 14.6%, 13.8% and 12.3% of Accounts receivable, net as of June 30, 2023, December 31, 2022 and June 30, 2022, respectively. The Company did not have any customer that accounted for 10% or more of Net sales for the three and six months ended June 30, 2023 and June 30, 2022.

NOTE 10 — 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 sterling. The Company seeks to manage 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. Time value components ("forward points") for forward contracts are included in the fair value of the cash flow hedge. These costs or benefits will be included in 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, renminbi, or won as their functional currency. Non-functional currency denominated monetary assets and liabilities consists of cash and cash equivalents, short-term investments, receivables, payables, deferred income taxes,
COLUMBIA SPORTSWEAR COMPANY | Q2 2023 FORM 10-Q | 15

Notes to unaudited Condensed Consolidated Financial Statements
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and intercompany loans and dividends. 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)June 30, 2023December 31, 2022June 30, 2022
Derivative instruments designated as cash flow hedges:
Currency forward contracts$598,621 $514,365 $542,879 
Derivative instruments not designated as hedges:
Currency forward contracts$465,182 $448,838 $239,676 

As of June 30, 2023, $18.1 million of deferred net gains on both outstanding and matured derivatives recorded in Accumulated other comprehensive income (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, Cost of sales, or Other non-operating income (expense), net in the unaudited Condensed Consolidated Statements of Operations. When outstanding derivative contracts mature, actual amounts ultimately reclassified to Net sales, Cost of sales, or Other non-operating income (expense), net in the unaudited Condensed Consolidated Statements of Operations are dependent on United States dollar exchange rates in effect against the euro, pound sterling, renminbi, Canadian dollar, won, and yen as well as the euro exchange rate in effect against the pound sterling.

As of June 30, 2023, the Company's derivative contracts had a remaining maturity of less than three 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 $7.1 million as of June 30, 2023. 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 ClassificationJune 30, 2023December 31, 2022June 30, 2022
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$13,448 $20,306 $18,212 
Currency forward contractsOther non-current assets3,535 7,153 13,158 
Derivative instruments in liability positions:
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