Annual report pursuant to Section 13 and 15(d)

Segment Information

v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
NOTE 17 — 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, goodwill and intangible asset impairment charges and other miscellaneous costs.

The following tables present financial information for the Company's reportable segments:

Year Ended December 31,
(in thousands)
 2023 2022 2021
Net sales to unrelated entities:
U.S. $ 2,241,437  $ 2,302,246  $ 2,060,300 
LAAP 519,754  473,866  465,499 
EMEA 469,237  438,554  382,060 
Canada 256,775  249,486  218,543 
$ 3,487,203  $ 3,464,152  $ 3,126,402 
Segment operating income:
U.S. $ 415,731  $ 519,812  $ 536,475 
LAAP 61,824  47,025  42,025 
EMEA 98,943  80,192  65,496 
Canada 55,599  52,957  52,731 
Total segment operating income 632,097  699,986  696,727 
Unallocated corporate expenses (321,813) (306,882) (246,223)
Interest income, net 13,687  2,713  1,380 
Other non-operating income (expense), net 2,221  1,593  (373)
Income before income tax $ 326,192  $ 397,410  $ 451,511 
Depreciation and amortization expense:
U.S. $ 21,429  $ 20,428  $ 21,098 
LAAP 5,440  4,984  5,733 
EMEA 3,545  3,066  3,423 
Canada 2,616  2,461  2,586 
Unallocated corporate expense 25,033  23,813  23,082 
$ 58,063  $ 54,752  $ 55,922 
December 31,
(in thousands)
 2023 2022
Accounts receivable, net:
U.S. $ 206,119  $ 280,199 
LAAP 71,236  87,391 
EMEA 104,871  107,626 
Canada 40,853  72,345 
$ 423,079  $ 547,561 
Inventories:
U.S. $ 487,860  $ 747,762 
LAAP 106,785  105,158 
EMEA 89,303  98,777 
Canada 62,340  76,848 
$ 746,288  $ 1,028,545 
Property, plant and equipment, net:
U.S. $ 226,243  $ 233,382 
Canada 25,174  25,350 
All other countries 35,864  32,482 
$ 287,281  $ 291,214