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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, 2020
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  x    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  x    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 FilerxAccelerated 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  x
The number of shares of Common Stock outstanding on October 23, 2020 was 66,211,981.


COLUMBIA SPORTSWEAR COMPANY
SEPTEMBER 30, 2020

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,
2020		December 31,
2019		September 30,
2019
ASSETS
Current Assets:
Cash and cash equivalents$313,429 $686,009 $239,311 
Short-term investments1,095 1,668 1,477 
Accounts receivable, net of allowance of $29,760, $8,925, and $9,672, respectively
479,376 488,233 646,414 
Inventories771,724 605,968 717,396 
Prepaid expenses and other current assets82,175 93,868 94,253 
Total current assets1,647,799 1,875,746 1,698,851 
Property, plant and equipment, at cost, net of accumulated depreciation of $550,097, $523,092, and $515,300, respectively
322,167 346,651 349,302 
Operating lease right-of-use assets351,277 394,501 389,558 
Intangible assets, net121,471 123,595 124,340 
Goodwill68,594 68,594 68,594 
Deferred income taxes77,055 78,849 80,193 
Other non-current assets63,951 43,655 40,242 
Total assets$2,652,314 $2,931,591 $2,751,080 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$164,332 $255,372 $201,806 
Accrued liabilities257,040 295,723 279,932 
Operating lease liabilities73,409 64,019 62,756 
Income taxes payable4,813 15,801 13,653 
Total current liabilities499,594 630,915 558,147 
Non-current operating lease liabilities337,108 371,507 366,515 
Income taxes payable49,195 48,427 48,619 
Deferred income taxes7,149 6,361 7,711 
Other long-term liabilities36,452 24,934 22,982 
Total liabilities929,498 1,082,144 1,003,974 
Commitments and contingencies (Note 7)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
— — — 
Common stock (no par value); 250,000 shares authorized; 66,210, 67,561, and 67,562, issued and outstanding, respectively
13,142 4,937 — 
Retained earnings1,716,044 1,848,935 1,754,379 
Accumulated other comprehensive loss(6,370)(4,425)(7,273)
Total shareholders' equity1,722,816 1,849,447 1,747,106 
Total liabilities and shareholders' equity$2,652,314 $2,931,591 $2,751,080 
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)2020201920202019
Net sales
$701,092 $906,793 $1,585,931 $2,087,611 
Cost of sales
358,184 460,098 825,079 1,050,596 
Gross profit
342,908 446,695 760,852 1,037,015 
Selling, general and administrative expenses
261,192 299,249 755,664 791,767 
Net licensing income
3,927 4,569 8,168 11,090 
Income from operations
85,643 152,015 13,356 256,338 
Interest income (expense), net
(280)1,399 728 7,370 
Other non-operating income (expense), net
(465)(563)2,208 915 
Income before income tax
84,898 152,851 16,292 264,623 
Income tax expense
(22,147)(33,593)(4,035)(48,159)
Net income
$62,751 $119,258 $12,257 $216,464 
Earnings per share:
Basic$0.95 $1.76 $0.18 $3.19 
Diluted$0.94 $1.75 $0.18 $3.15 
Weighted average shares outstanding:
Basic66,179 67,593 66,427 67,935 
Diluted66,537 68,180 66,807 68,620 
See accompanying notes to condensed consolidated financial statements.

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COLUMBIA SPORTSWEAR COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2020201920202019
Net income$62,751 $119,258 $12,257 $216,464 
Other comprehensive loss:
Unrealized holding gains on available-for-sale securities, net
— — — 56 
Unrealized gains (losses) on derivative transactions (net of tax effects of $3,995, $(801), $1,371 and $(369), respectively)
(11,685)2,414 (5,022)1,866 
Foreign currency translation adjustments (net of tax effects of $(290), $1,560, $(253) and $2,447, respectively)
11,175 (8,389)3,077 (5,033)
Other comprehensive loss(510)(5,975)(1,945)(3,111)
Comprehensive income$62,241 $113,283 $10,312 $213,353 
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)20202019
Cash flows from operating activities:
Net income$12,257 $216,464 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization, and non-cash lease expense102,283 88,775 
Provision for uncollectible accounts receivable24,684 (242)
Loss on disposal or impairment of property, plant and equipment, and right-of-use assets8,981 4,866 
Deferred income taxes4,306 (3,157)
Stock-based compensation12,802 13,159 
Changes in operating assets and liabilities:
Accounts receivable(17,130)(199,174)
Inventories(160,090)(198,999)
Prepaid expenses and other current assets9,098 (12,596)
Other assets(20,786)(3,981)
Accounts payable(89,790)(65,191)
Accrued liabilities(41,182)6,497 
Income taxes payable(10,011)(11,286)
Operating lease assets and liabilities(41,459)(39,010)
Other liabilities8,077 5,716 
Net cash used in operating activities(197,960)(198,159)
Cash flows from investing activities:
Purchases of short-term investments(35,044)(181,257)
Sales and maturities of short-term investments36,630 445,501 
Capital expenditures(25,164)(104,527)
Net cash provided by (used in) investing activities(23,578)159,717 
Cash flows from financing activities:
Proceeds from credit facilities387,992 74,053 
Repayments on credit facilities(388,465)(74,053)
Payment of line of credit issuance fees(2,096)— 
Proceeds from issuance of common stock related to stock-based compensation4,793 17,687 
Tax payments related to stock-based compensation(4,454)(5,739)
Repurchase of common stock(132,889)(116,239)
Purchase of non-controlling interest— (17,880)
Cash dividends paid(17,195)(48,917)
Net cash used in financing activities(152,314)(171,088)
Net effect of exchange rate changes on cash1,272 (2,954)
Net decrease in cash and cash equivalents(372,580)(212,484)
Cash and cash equivalents, beginning of period686,009 451,795 
Cash and cash equivalents, end of period$313,429 $239,311 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes$18,385 $73,413 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$4,774 $11,638 
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, 2020
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
BALANCE, JUNE 30, 202066,148 $5,396 $1,653,293 $(5,860)$1,652,829 
Net Income
— — 62,751 — 62,751 
Other comprehensive loss:
Unrealized holding 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, 202066,210 $13,142 $1,716,044 $(6,370)$1,722,816 

Three Months Ended September 30, 2019
(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
BALANCE, JUNE 30, 201967,586 $100 $1,656,392 $(1,298)$1,655,194 
Net Income
— — 119,258 — 119,258 
Other comprehensive loss:
Unrealized holding gains on derivative transactions, net
— — — 2,414 2,414 
Foreign currency translation adjustment, net— — — (8,389)(8,389)
Cash dividends ($0.24 per share)
— — (16,231)— (16,231)
Issuance of common stock related to stock-based compensation, net
135 6,251 — — 6,251 
Stock-based compensation expense— 4,378 — — 4,378 
Repurchase of common stock(159)(10,729)(5,040)— (15,769)
BALANCE, SEPTEMBER 30, 201967,562 $— $1,754,379 $(7,273)$1,747,106 
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, 2020
Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding
Amount
BALANCE, DECEMBER 31, 201967,561 $4,937 $1,848,935 $(4,425)$1,849,447 
Net Income
— — 12,257 — 12,257 
Other comprehensive loss:
Unrealized holding 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, 202066,210 $13,142 $1,716,044 $(6,370)$1,722,816 

Nine Months Ended September 30, 2019
Columbia Sportswear Company Shareholders' Equity
Common StockRetained EarningsAccumulated Other Comprehensive LossNon-Controlling InterestTotal
Shares
Outstanding
Amount
BALANCE, DECEMBER 31, 201868,246 $— $1,677,920 $(4,063)$16,456 $1,690,313 
Net Income
— — 216,464 — — 216,464 
Purchase of non-controlling interest— — — (99)(16,456)(16,555)
Other comprehensive loss:
Unrealized holding gains on available for-sale-securities, net
— — — 56 — 56 
Unrealized holding gains on derivative transactions, net
— — — 1,866 — 1,866 
Foreign currency translation adjustment, net
— — — (5,033)— (5,033)
Cash dividends ($0.72 per share)
— — (48,917)— — (48,917)
Issuance of common stock related to stock-based compensation, net
507 11,948 — — — 11,948 
Stock-based compensation expense
— 13,159 — — — 13,159 
Repurchase of common stock
(1,191)(25,107)(91,088)— — (116,195)
BALANCE, SEPTEMBER 30, 201967,562 $— $1,754,379 $(7,273)$— $1,747,106 
See accompanying notes to condensed consolidated financial statements.
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COLUMBIA SPORTSWEAR COMPANY
INDEX TO NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTEPAGE
Note 1Basis of Presentation and Organization
Note 2Revenues
Note 3Intangible Assets, Net
Note 4Short-Term Borrowings and Credit Lines
Note 5Income Taxes
Note 6Product Warranty
Note 7Commitments and Contingencies
Note 8Shareholders' Equity
Note 9Stock-Based Compensation
Note 10Earnings Per Share
Note 11Accumulated Other Comprehensive Loss
Note 12Segment Information
Note 13Financial Instruments and Risk Management
Note 14Fair Value Measures


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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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, 2020, December 31, 2019 and September 30, 2019, and the results of operations for the three and nine months ended September 30, 2020 and 2019, and cash flows for the nine months ended September 30, 2020 and 2019. The December 31, 2019 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, 2019. 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, 2020 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, 2019.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of Columbia Sportswear Company and its wholly owned subsidiaries. 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 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, excess, close-out and slow moving inventory, product warranty, impairment of long-lived assets, intangible assets and goodwill, income taxes, and stock-based compensation.
COVID-19
A novel strain of coronavirus ("COVID-19") was first identified in China in December 2019 and a global pandemic of respiratory disease caused by COVID-19 was declared by the World Health Organization in March 2020.
The current environment of uncertainty significantly affected the September 30, 2020 estimates for allowance for uncollectible accounts receivable and excess, close-out and slow-moving inventory. These estimates involve assumptions about future events. The allowance for uncollectible accounts receivable includes assumptions about the future financial condition of the Company's customers and their ability to make required payments. The provision for excess, close-out and slow moving inventory includes assumptions about future demand for the Company’s products and the Company's ability to sell them at a profit.
As a result of lower consumer demand related to the COVID-19 pandemic, the Company tested certain retail locations and their respective lease right-of-use assets for impairment. For the three and nine months ended September 30, 2020, impairment charges for certain underperforming retail stores were $0.1 million and $6.7 million, respectively. These charges were recognized in Selling, general and administrative expenses ("SG&A expense"). Additionally, as a result of the COVID-19 pandemic and a significant decline in projected net sales, the prAna brand's trademark and goodwill were tested for impairment as of March 31, 2020. While no impairment was indicated during the first quarter 2020 tests, the degree by which the fair value of the prAna reporting unit and trademark exceeded their respective carrying values declined from the Company's 2019 impairment test. After performing both qualitative and quantitative analysis, including review of future long-term revenue and cash flow assumptions, the Company concluded a triggering event requiring measurement of the prAna brand's trademark and goodwill for impairment during the quarter ended September 30, 2020 did not occur.
As of September 30, 2020, the Company received or negotiated lease concessions related to the effects of the COVID-19 pandemic on a portion of its stores. In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A, Topic 842 and 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic. The FASB staff indicated that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how they would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. The Company elected to account for lease concessions related to the effects of the COVID-19 pandemic in accordance with the Staff Q&A. For concessions that provide a deferral of payments with no substantive changes to the consideration in the original contract, the Company continues to recognize
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
expense during the deferral period. For concessions in the form of lease abatements, the reduced lease payments are accounted for as reductions to variable lease expense. In the periods presented, lease concessions reducing variable lease expense were not material.
In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law in the United States on March 27, 2020. The CARES Act provides payroll tax credits for employee retention, deferral of payroll tax payments and several income tax provision modifications. Additionally, there are other subsidies and incentives provided by foreign governments in the countries where the Company conducts business. For the three and nine months ended September 30, 2020, $2.8 million and $7.1 million, respectively, of government subsidies and incentives reduced SG&A expense.
Recently Adopted Accounting Pronouncements
Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) issued by the FASB in August 2018, which clarifies certain aspects of accounting for implementation costs incurred in a cloud computing arrangement ("CCA") that is a service contract. Under the ASU, an entity would expense costs incurred in the preliminary-project and post-implementation-operation stages. The entity would also capitalize certain costs incurred during the application-development stage, as well as certain costs related to enhancements. The ASU does not change the accounting for the service component of a CCA. The Company adopted the standard using the prospective method and anticipates an increase in cloud-specific implementation assets as specific cloud initiatives are executed by the Company. These assets will generally be included in Other non-current assets in the Condensed Consolidated Balance Sheets and will amortize over their assessed useful lives or the term of the underlying cloud computing hosting contract, whichever is shorter. Upon the adoption of the standard, there was no immediate impact to the Company's financial position, results of operations or cash flows.
Effective January 1, 2020, the Company adopted ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment issued by the FASB in January 2017, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. Under this guidance, if the carrying amount of a reporting unit exceeds its estimated fair value, an impairment charge shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The impact of the new standard will depend on the specific facts and circumstances of future individual goodwill impairments, if any.
Effective January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments issued by the FASB in June 2016, as well as the clarifying amendments subsequently issued. The pronouncement changes the impairment model for most financial assets and will require the use of an "expected loss" model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. Upon adoption of the standard, there was no immediate impact to the Company's financial position, results of operations or cash flows. On an ongoing basis, the Company will contemplate forward-looking economic conditions in recording lifetime expected credit losses for the Company’s financial assets measured at cost, such as the Company’s trade receivables and certain short-term investments.
Summary of Significant Accounting Policies
Except as disclosed below, there have been no significant changes to the Company's significant accounting policies as described in Note 2 in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
The following significant accounting policies have been updated since the Company’s 2019 Annual Report on Form 10-K as a result of the adoption of ASU No. 2016-13 and ASU No. 2018-15, respectively:
Accounts Receivable
Accounts receivable have been reduced by an allowance for doubtful accounts. The Company maintains the allowance for estimated losses resulting from the inability of the Company's customers to make required payments. The allowance represents the current estimate of lifetime expected credit losses over the remaining duration of existing accounts receivable considering current market conditions and supportable forecasts when appropriate. The estimate is a result of the Company’s ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses, and future expectations. Write-off activity and recoveries for the periods presented were not material.
Cloud Computing Arrangements
The Company’s CCAs primarily relate to various enterprise resource planning systems, as well as other supporting systems. These assets are generally included in Other non-current assets in the Condensed Consolidated Balance Sheets and amortize on a straight-line basis over their assessed useful lives or the term of the underlying cloud computing hosting contract, whichever is shorter. As of September 30, 2020, assets were in-service with useful lives ranging from ten months to five years. As of September 30, 2020, CCA assets consisted of capitalized implementation costs of $24.1 million and associated accumulated amortization of $0.7 million. Changes in these assets are recorded in Other assets within operating activities in the Condensed Consolidated Statements of Cash Flows.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Recent Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which, among other things, removes specific exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods, as well as targeted impacts to the accounting for taxes under hybrid tax regimes. This standard is effective beginning in the first quarter of 2021 on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact this accounting standard will have on the Company's financial position, results of operations or cash flows.
NOTE 2—REVENUES
Disaggregated Revenue
As disclosed below in Note 12, 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 sales channel, which the Company believes provide a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors:
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 
Sales 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 

Three Months Ended September 30, 2019
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$459,633 $93,486 $66,058 $65,532 $684,709 
Footwear121,630 29,760 38,345 32,349 222,084 
Total$581,263 $123,246 $104,403 $97,881 $906,793 
Sales channel net sales
Wholesale$396,275 $77,934 $91,329 $86,993 $652,531 
Direct-to-consumer184,988 45,312 13,074 10,888 254,262 
Total$581,263 $123,246 $104,403 $97,881 $906,793 

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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
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 
Sales 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 

Nine Months Ended September 30, 2019
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$1,081,942 $267,919 $183,168 $109,909 $1,642,938 
Footwear227,072 89,800 84,110 43,691 444,673 
Total$1,309,014 $357,719 $267,278 $153,600 $2,087,611 
Sales channel net sales
Wholesale$756,558 $200,083 $231,219 $124,119 $1,311,979 
Direct-to-consumer552,456 157,636 36,059 29,481 775,632 
Total$1,309,014 $357,719 $267,278 $153,600 $2,087,611 
Performance Obligations
For the three and nine months ended September 30, 2020 and 2019, 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 September 30, 2020, December 31, 2019 and September 30, 2019, contract liabilities included in Accrued liabilities on the Condensed Consolidated Balance Sheets, which consisted of obligations associated with the Company's gift card and customer loyalty programs, were not material.
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Index to Notes to Consolidated Financial Statements
COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
NOTE 3—INTANGIBLE ASSETS, NET
Intangible assets, net consisted of the following:
(in thousands)September 30,
2020		December 31,
2019		September 30,
2019
Intangible assets subject to amortization:
Patents and purchased technology$14,198 $14,198 $14,198 
Customer relationships