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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2024 |
OR |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from_______to_______ |
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Commission file number 000-23939
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COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter)
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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) | |
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | COLM | The NASDAQ Global Select Market |
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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. | 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. | ☐ |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | ☒ |
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The number of shares outstanding of the registrant's common stock on July 19, 2024 was 58,552,010. |
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PART I — FINANCIAL INFORMATION |
Item 1. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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PART II — OTHER INFORMATION |
Item 1. | | |
Item 1A. | | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 5. | Other Information | |
Item 6. | | |
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COLUMBIA SPORTSWEAR COMPANY | Q2 2024 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", "believe" 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, our utilization of temporary clearance locations, storage and processing capacity, inventory levels, inventory carrying costs, shipment timing, consumer and customer spending and preferences, freight charges, scale efficiencies, inflationary pressures, foreign currency translation, the geopolitical environment, consumer and customer behaviors and expectations, the regulatory environment, the impact of seasonal trends, materiality of legal matters, risk management strategies, the performance of our profit improvement program, capital expenditures, our short and long-term cash needs and our ability to meet those needs, amortization expenses, 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 2024 FORM 10-Q | i
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PART I — FINANCIAL INFORMATION |
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ITEM 1. | FINANCIAL STATEMENTS |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
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(in thousands) | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
ASSETS | | | | | | |
Current Assets: | | | | | | |
Cash and cash equivalents | | $ | 341,822 | | | $ | 350,319 | | | $ | 231,571 | |
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Short-term investments | | 369,276 | | | 414,185 | | | 71,225 | |
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Accounts receivable, net of allowance of $5,878, $5,450 and $4,979, respectively | | 222,628 | | | 423,079 | | | 343,835 | |
Inventories | | 823,557 | | | 746,288 | | | 1,162,519 | |
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Prepaid expenses and other current assets | | 90,527 | | | 80,814 | | | 91,990 | |
Total current assets | | 1,847,810 | | | 2,014,685 | | | 1,901,140 | |
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Property, plant and equipment, net of accumulated depreciation of $689,511, $671,930 and $644,585, respectively | | 277,509 | | | 287,281 | | | 280,578 | |
Operating lease right-of-use assets | | 360,721 | | | 357,295 | | | 313,698 | |
Intangible assets, net | | 79,221 | | | 79,908 | | | 80,733 | |
Goodwill | | 26,694 | | | 26,694 | | | 51,694 | |
Deferred income taxes | | 97,428 | | | 105,574 | | | 94,671 | |
Other non-current assets | | 71,438 | | | 67,576 | | | 67,290 | |
Total assets | | $ | 2,760,821 | | | $ | 2,939,013 | | | $ | 2,789,804 | |
LIABILITIES AND EQUITY | | | | | | |
Current Liabilities: | | | | | | |
| | | | | | |
Accounts payable | | $ | 267,853 | | | $ | 235,927 | | | $ | 247,416 | |
Accrued liabilities | | 201,700 | | | 272,058 | | | 238,988 | |
Operating lease liabilities | | 72,101 | | | 71,086 | | | 69,784 | |
Income taxes payable | | 2,787 | | | 17,556 | | | 1,080 | |
| | | | | | |
Total current liabilities | | 544,441 | | | 596,627 | | | 557,268 | |
| | | | | | |
Non-current operating lease liabilities | | 339,327 | | | 336,772 | | | 298,062 | |
Income taxes payable | | 13,615 | | | 25,688 | | | 23,452 | |
Deferred income taxes | | 64 | | | 66 | | | — | |
Other long-term liabilities | | 39,412 | | | 41,250 | | | 36,364 | |
Total liabilities | | 936,859 | | | 1,000,403 | | | 915,146 | |
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; 58,752, 59,996 and 61,358 issued and outstanding, respectively | | — | | | — | | | — | |
Retained earnings | | 1,878,972 | | | 1,984,446 | | | 1,915,990 | |
Accumulated other comprehensive loss | | (55,010) | | | (45,836) | | | (41,332) | |
Total shareholders' equity | | 1,823,962 | | | 1,938,610 | | | 1,874,658 | |
Total liabilities and shareholders' equity | | $ | 2,760,821 | | | $ | 2,939,013 | | | $ | 2,789,804 | |
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 1
| | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share amounts) | | 2024 | | 2023 | | 2024 | | 2023 | | |
Net sales | | $ | 570,244 | | | $ | 620,933 | | | $ | 1,340,226 | | | $ | 1,441,526 | | | |
Cost of sales | | 296,825 | | | 306,888 | | | 677,248 | | | 727,981 | | | |
Gross profit | | 273,419 | | | 314,045 | | | 662,978 | | | 713,545 | | | |
Selling, general and administrative expenses | | 302,749 | | | 312,529 | | | 652,019 | | | 659,927 | | | |
| | | | | | | | | | |
Net licensing income | | 5,528 | | | 4,713 | | | 9,920 | | | 9,038 | | | |
Operating income (loss) | | (23,802) | | | 6,229 | | | 20,879 | | | 62,656 | | | |
Interest income, net | | 8,344 | | | 3,506 | | | 17,541 | | | 6,789 | | | |
Other non-operating income (expense), net | | 476 | | | (185) | | | 747 | | | 665 | | | |
Income (loss) before income tax | | (14,982) | | | 9,550 | | | 39,167 | | | 70,110 | | | |
Income tax expense (benefit) | | (3,241) | | | 1,200 | | | 8,608 | | | 15,558 | | | |
Net income (loss) | | $ | (11,741) | | | $ | 8,350 | | | $ | 30,559 | | | $ | 54,552 | | | |
| | | | | | | | | | |
Earnings (loss) per share: | | | | | | | | | | |
Basic | | $ | (0.20) | | | $ | 0.14 | | | $ | 0.51 | | | $ | 0.88 | | | |
Diluted | | $ | (0.20) | | | $ | 0.14 | | | $ | 0.51 | | | $ | 0.88 | | | |
Weighted average shares outstanding: | | | | | | | | | | |
Basic | | 59,093 | | 61,655 | | 59,458 | | 61,893 | | |
Diluted | | 59,093 | | 61,781 | | 59,603 | | 62,122 | | |
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 2
| | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | |
Net income (loss) | | $ | (11,741) | | | $ | 8,350 | | | $ | 30,559 | | | $ | 54,552 | | | |
Other comprehensive income (loss): | | | | | | | | | | |
Change in available-for-sale securities (net of tax effect of $46) | | — | | | — | | | (145) | | | — | | | |
Change in derivative transactions (net of tax effects of $(1,550), $(611), $(4,985) and $2,099, respectively) | | 4,057 | | | (726) | | | 13,834 | | | (6,147) | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Foreign currency translation adjustments (net of tax effects of $162, $35, $349 and $(43), respectively) | | (7,876) | | | (6,028) | | | (22,863) | | | (4,548) | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Other comprehensive income (loss) | | (3,819) | | | (6,754) | | | (9,174) | | | (10,695) | | | |
Comprehensive income (loss) | | $ | (15,560) | | | $ | 1,596 | | | $ | 21,385 | | | $ | 43,857 | | | |
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 3
| | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
| | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
(in thousands) | | 2024 | | | | 2023 |
Cash flows from operating activities: | | | | | | |
Net income | | $ | 30,559 | | | | | $ | 54,552 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
Depreciation and amortization | | 29,142 | | | | | 27,976 | |
Non-cash lease expense | | 37,419 | | | | | 33,564 | |
Provision for uncollectible accounts receivable | | 1,502 | | | | | 145 | |
Deferred income taxes | | 2,101 | | | | | 488 | |
Stock-based compensation | | 12,008 | | | | | 11,208 | |
Other, net | | (9,800) | | | | | 491 | |
Changes in operating assets and liabilities: | | | | | | |
Accounts receivable | | 191,737 | | | | | 203,846 | |
Inventories | | (88,753) | | | | | (135,251) | |
Prepaid expenses and other current assets | | (2,809) | | | | | 30,396 | |
Other assets | | 1,159 | | | | | 366 | |
Accounts payable | | 31,105 | | | | | (69,305) | |
Accrued liabilities | | (63,626) | | | | | (90,759) | |
Income taxes payable | | (26,688) | | | | | (27,303) | |
Operating lease assets and liabilities | | (37,275) | | | | | (34,317) | |
Other liabilities | | 1,112 | | | | | 3,611 | |
Net cash provided by operating activities | | 108,893 | | | | | 9,708 | |
Cash flows from investing activities: | | | | | | |
Purchases of short-term investments | | (388,348) | | | | | (117,877) | |
Sales and maturities of short-term investments | | 446,087 | | | | | 50,747 | |
Capital expenditures | | (27,788) | | | | | (22,803) | |
| | | | | | |
Net cash provided by (used in) investing activities | | 29,951 | | | | | (89,933) | |
Cash flows from financing activities: | | | | | | |
Proceeds from credit facilities | | — | | | | | 837 | |
Repayments on credit facilities | | — | | | | | (837) | |
| | | | | | |
Proceeds from issuance of common stock related to stock-based compensation | | 3,747 | | | | | 4,624 | |
Tax payments related to stock-based compensation | | (4,461) | | | | | (4,400) | |
Repurchase of common stock | | (102,618) | | | | | (78,319) | |
| | | | | | |
Cash dividends paid | | (35,628) | | | | | (37,099) | |
Net cash used in financing activities | | (138,960) | | | | | (115,194) | |
Net effect of exchange rate changes on cash | | (8,381) | | | | | (3,251) | |
Net decrease in cash and cash equivalents | | (8,497) | | | | | (198,670) | |
Cash and cash equivalents, beginning of period | | 350,319 | | | | | 430,241 | |
Cash and cash equivalents, end of period | | $ | 341,822 | | | | | $ | 231,571 | |
Supplemental disclosures of cash flow information: | | | | | | |
Cash paid during the period for income taxes | | $ | 58,151 | | | | | $ | 61,131 | |
Supplemental disclosures of non-cash investing and financing activities: | | | | | | |
Property, plant and equipment acquired through increase in liabilities | | $ | 6,283 | | | | | $ | 5,982 | |
Repurchases of common stock not settled | | $ | 8,114 | | | | | $ | — | |
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 4
| | |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total |
| Shares Outstanding | | Amount |
Balance, March 31, 2024 | | 59,473 | | | $ | — | | | $ | 1,960,634 | | | $ | (51,191) | | | $ | 1,909,443 | |
Net loss | | — | | | — | | | (11,741) | | | — | | | (11,741) | |
Other comprehensive loss | | — | | | — | | | — | | | (3,819) | | | (3,819) | |
Cash dividends ($0.30 per share) | | — | | | — | | | (17,701) | | | — | | | (17,701) | |
Issuance of common stock related to stock-based compensation, net | | 62 | | | 2,534 | | | — | | | — | | | 2,534 | |
Stock-based compensation expense | | — | | | 6,364 | | | — | | | — | | | 6,364 | |
Repurchase of common stock | | (783) | | | (8,344) | | | (52,220) | | | — | | | (60,564) | |
Excise taxes related to repurchase of common stock | | — | | | (554) | | | — | | | — | | | (554) | |
Balance, June 30, 2024 | | 58,752 | | | $ | — | | | $ | 1,878,972 | | | $ | (55,010) | | | $ | 1,823,962 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive 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 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 Stock | | Retained Earnings | | Accumulated Other Comprehensive Loss | | | | Total |
| Shares Outstanding | | Amount |
Balance, December 31, 2023 | | 59,996 | | | $ | — | | | $ | 1,984,446 | | | $ | (45,836) | | | | | $ | 1,938,610 | |
Net income | | — | | | — | | | 30,559 | | | — | | | | | 30,559 | |
Other comprehensive loss | | — | | | — | | | — | | | (9,174) | | | | | (9,174) | |
Cash dividends ($0.60 per share) | | — | | | — | | | (35,628) | | | — | | | | | (35,628) | |
Issuance of common stock related to stock-based compensation, net | | 170 | | | (714) | | | — | | | — | | | | | (714) | |
Stock-based compensation expense | | — | | | 12,008 | | | — | | | — | | | | | 12,008 | |
Repurchase of common stock | | (1,414) | | | (10,327) | | | (100,405) | | | — | | | | | (110,732) | |
Excise taxes related to repurchase of common stock | | — | | | (967) | | | — | | | — | | | | | (967) | |
Balance, June 30, 2024 | | 58,752 | | | $ | — | | | $ | 1,878,972 | | | $ | (55,010) | | | | | $ | 1,823,962 | |
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 5
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands, except per share amounts) | | Common Stock | | Retained Earnings | | Accumulated Other Comprehensive 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 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 | |
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 6
| | |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
| | | | | | | | | | | | | | |
NOTE | | PAGE |
Note 1 | | Basis of Presentation and Organization | | |
| | | | |
Note 2 | | Revenues | | |
| | | | |
| | | | |
Note 3 | | Intangible Assets, Net and Goodwill | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Note 4 | | Commitments and Contingencies | | |
Note 5 | | Shareholders' Equity | | |
Note 6 | | Stock-Based Compensation | | |
Note 7 | | Earnings (Loss) Per Share | | |
Note 8 | | Accumulated Other Comprehensive Loss | | |
Note 9 | | Segment Information | | |
Note 10 | | Financial Instruments and Risk Management | | |
Note 11 | | Fair Value Measures | | |
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 7
| | |
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, 2024, December 31, 2023 and June 30, 2023, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The December 31, 2023 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, 2023. 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, 2024 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, 2023.
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, impairment of indefinite-lived intangible assets and goodwill, and income taxes.
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
None.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update ("ASU") No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss, among other disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with early adoption permitted, and should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine the impact on the Company's disclosures.
In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through disaggregation of specific rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and may be applied prospectively or retrospectively. The Company is currently evaluating the ASU to determine the impact on the Company’s disclosures.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 8
RECLASSIFICATIONS
Certain amounts in the prior-period financial statements have been reclassified to conform to the current period presentation. Non-cash lease expense is now presented on its own line in the Company's unaudited Condensed Consolidated Statements of Cash Flows instead of combined with depreciation and amortization. Additionally, Loss on disposal or impairment of property, plant and equipment is now included in Other, net in the Company's unaudited Condensed Consolidated Statements of Cash Flows.
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, 2024 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 292,353 | | | $ | 73,538 | | | $ | 76,742 | | | $ | 21,307 | | | $ | 463,940 | |
Footwear | | 47,875 | | | 25,946 | | | 27,180 | | | 5,303 | | | 106,304 | |
Total | | $ | 340,228 | | | $ | 99,484 | | | $ | 103,922 | | | $ | 26,610 | | | $ | 570,244 | |
Channel net sales | | | | | | | | | | |
Wholesale | | $ | 132,394 | | | $ | 47,414 | | | $ | 86,755 | | | $ | 11,821 | | | $ | 278,384 | |
Direct-to-consumer | | 207,834 | | | 52,070 | | | 17,167 | | | 14,789 | | | 291,860 | |
Total | | $ | 340,228 | | | $ | 99,484 | | | $ | 103,922 | | | $ | 26,610 | | | $ | 570,244 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2023 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 325,525 | | | $ | 68,662 | | | $ | 72,271 | | | $ | 22,507 | | | $ | 488,965 | |
Footwear | | 73,584 | | | 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-consumer | | 213,757 | | | 51,666 | | | 13,220 | | | 14,008 | | | 292,651 | |
Total | | $ | 399,109 | | | $ | 93,329 | | | $ | 100,854 | | | $ | 27,641 | | | $ | 620,933 | |
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 9
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2024 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 689,841 | | | $ | 181,501 | | | $ | 149,132 | | | $ | 62,520 | | | $ | 1,082,994 | |
Footwear | | 124,793 | | | 56,629 | | | 59,310 | | | 16,500 | | | 257,232 | |
Total | | $ | 814,634 | | | $ | 238,130 | | | $ | 208,442 | | | $ | 79,020 | | | $ | 1,340,226 | |
Channel net sales | | | | | | | | | | |
Wholesale | | $ | 349,528 | | | $ | 114,445 | | | $ | 162,503 | | | $ | 42,805 | | | $ | 669,281 | |
Direct-to-consumer | | 465,106 | | | 123,685 | | | 45,939 | | | 36,215 | | | 670,945 | |
Total | | $ | 814,634 | | | $ | 238,130 | | | $ | 208,442 | | | $ | 79,020 | | | $ | 1,340,226 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2023 |
(in thousands) | | U.S. | | LAAP | | EMEA | | Canada | | Total |
Product category net sales | | | | | | | | | | |
Apparel, Accessories and Equipment | | $ | 741,453 | | | $ | 169,083 | | | $ | 144,228 | | | $ | 66,803 | | | $ | 1,121,567 | |
Footwear | | 175,131 | | | 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-consumer | | 471,882 | | | 116,917 | | | 36,931 | | | 35,026 | | | 660,756 | |
Total | | $ | 916,584 | | | $ | 229,742 | | | $ | 209,143 | | | $ | 86,057 | | | $ | 1,441,526 | |
PERFORMANCE OBLIGATIONS
For the three and six months ended June 30, 2024 and 2023, 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, 2024, December 31, 2023 and June 30, 2023, 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.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 10
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NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL |
INTANGIBLE ASSETS, NET
Intangible assets, net consisted of the following:
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(in thousands) | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Intangible assets with definite lives: | | | | | | |
Patents and purchased technology | | $ | 14,198 | | | $ | 14,198 | | | $ | 14,198 | |
Customer relationships | | 23,000 | | | 23,000 | | | 23,000 | |
Gross carrying amount | | 37,198 | | | 37,198 | | | 37,198 | |
Accumulated amortization: | | | | | | |
Patents and purchased technology | | (14,198) | | | (14,198) | | | (14,198) | |
Customer relationships | | (23,000) | | | (22,313) | | | (21,488) | |
Accumulated amortization | | (37,198) | | | (36,511) | | | (35,686) | |
Net carrying amount | | — | | | 687 | | | 1,512 | |
Intangible assets with indefinite lives | | 79,221 | | | 79,221 | | | 79,221 | |
Intangible assets, net | | $ | 79,221 | | | $ | 79,908 | | | $ | 80,733 | |
Amortization expense for intangible assets subject to amortization was $0.3 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and was $0.7 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively.
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, 2023.
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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.
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NOTE 5 — SHAREHOLDERS' EQUITY |
Since the inception of the Company's stock repurchase plan in 2004 through June 30, 2024, 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, 2024, the Company had repurchased 35.5 million shares at an aggregate purchase price of $1,765.4 million and had $234.6 million remaining available, excluding excise tax. During the three and six months ended June 30, 2024, the Company repurchased an aggregate of $60.6 million and $110.7 million, respectively, of common stock under this program, excluding excise tax.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 11
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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:
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
Stock options | | $ | 1,560 | | | $ | 1,898 | | | $ | 3,207 | | | $ | 3,936 | |
Restricted stock units | | 4,804 | | | 3,502 | | | 8,801 | | | 7,272 | |
Total | | $ | 6,364 | | | $ | 5,400 | | | $ | 12,008 | | | $ | 11,208 | |
STOCK OPTIONS
During the six months ended June 30, 2024, the Company granted a total of 156,277 stock options at a weighted average grant date fair value of $20.86 per option. As of June 30, 2024, unrecognized costs related to outstanding stock options totaled $11.9 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 2.38 years.
RESTRICTED STOCK UNITS
During the six months ended June 30, 2024, the Company granted 421,786 restricted stock units at a weighted average grant date fair value of $78.82 per restricted stock unit. As of June 30, 2024, unrecognized costs related to outstanding restricted stock units totaled $42.6 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 2.84 years.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 12
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NOTE 7 — EARNINGS (LOSS) PER SHARE |
Earnings (loss) 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:
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share amounts) | | 2024 | | 2023 | | 2024 | | 2023 | | |
Weighted average common shares outstanding, used in computing basic earnings (loss) per share | | 59,093 | | | 61,655 | | | 59,458 | | | 61,893 | | | |
Effect of dilutive stock options and restricted stock units | | — | | | 126 | | | 145 | | | 229 | | | |
Weighted average common shares outstanding, used in computing diluted earnings (loss) per share | | 59,093 | | | 61,781 | | | 59,603 | | | 62,122 | | | |
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Earnings (loss) per share: | | | | | | | | | | |
Basic | | $ | (0.20) | | | $ | 0.14 | | | $ | 0.51 | | | $ | 0.88 | | | |
Diluted | | $ | (0.20) | | | $ | 0.14 | | | $ | 0.51 | | | $ | 0.88 | | | |
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Weighted average common shares excluded (1) | | 2,969 | | | 2,213 | | | 2,029 | | | 1,789 | | | |
(1) Common stock related to stock options, service-based restricted stock units and certain market-based restricted stock units, and performance-based restricted stock units were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method, due to a net loss in the period, or because the shares were subject to performance conditions that had not been met.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 13
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NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE LOSS |
Accumulated other comprehensive 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 loss:
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(in thousands) | | | Derivative transactions | | Foreign currency translation adjustments | | Total |
Balance as of March 31, 2024 | | | $ | 13,466 | | | $ | (64,657) | | | $ | (51,191) | |
Other comprehensive income (loss) before reclassifications | | | 5,451 | | | (7,876) | | | (2,425) | |
Amounts reclassified from accumulated other comprehensive loss (1) | | | (1,394) | | | — | | | (1,394) | |
Net other comprehensive income (loss) during the period | | | 4,057 | | | (7,876) | | | (3,819) | |
Balance as of June 30, 2024 | | | $ | 17,523 | | | $ | (72,533) | | | $ | (55,010) | |
(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.
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(in thousands) | | | | Derivative transactions | | Foreign currency translation adjustments | | Total |
Balance as of March 31, 2023 | | | | $ | 16,369 | | | $ | (50,947) | | | $ | (34,578) | |
Other comprehensive income (loss) before reclassifications | | | | 2,404 | | | (6,028) | | | (3,624) | |
Amounts reclassified from accumulated other comprehensive loss (1) | | | | (3,130) | | | — | | | (3,130) | |
Net other comprehensive 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.
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(in thousands) | | Available-for- sale securities | | Derivative transactions | | Foreign currency translation adjustments | | Total |
Balance as of December 31, 2023 | | $ | 145 | | | $ | 3,689 | | | $ | (49,670) | | | $ | (45,836) | |
Other comprehensive income (loss) before reclassifications | | — | | | 17,178 | | | (22,863) | | | (5,685) | |
Amounts reclassified from accumulated other comprehensive loss (1) | | (145) | | | (3,344) | | | — | | | (3,489) | |
Net other comprehensive income (loss) during the period | | (145) | | | 13,834 | | | (22,863) | | | (9,174) | |
Balance as of June 30, 2024 | | $ | — | | | $ | 17,523 | | | $ | (72,533) | | | $ | (55,010) | |
(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 2024 FORM 10-Q | 14
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(in thousands) | | | | Derivative transactions | | Foreign currency translation adjustments | | Total |
Balance as of December 31, 2022 | | | | $ | 21,790 | | | $ | (52,427) | | | $ | (30,637) | |
Other comprehensive income (loss) before reclassifications | | | | 726 | | | (4,548) | | | (3,822) | |
Amounts reclassified from accumulated other comprehensive loss (1) | | | | (6,873) | | | — | | | (6,873) | |
Net other comprehensive 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.
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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 information technology, certain supply chain functions, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.
The following tables present financial information for the Company's reportable segments:
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2024 | | 2023 | | 2024 | | 2023 | | |
Net sales to unrelated entities: | | | | | | | | | | |
U.S. | | $ | 340,228 | | | $ | 399,109 | | | $ | 814,634 | | | $ | 916,584 | | | |
LAAP | | 99,484 | | | 93,329 | | | 238,130 | | | 229,742 | | | |
EMEA | | 103,922 | | | 100,854 | | | 208,442 | | | 209,143 | | | |
Canada | | 26,610 | | | 27,641 | | | 79,020 | | | 86,057 | | | |
| | $ | 570,244 | | | $ | 620,933 | | | $ | 1,340,226 | | | $ | 1,441,526 | | | |
Segment operating income (loss): | | | | | | | | | | |
U.S. | | $ | 23,466 | | | $ | 55,058 | | | $ | 96,459 | | | $ | 136,658 | | | |
LAAP | | 6,082 | | | 4,097 | | | 27,904 | | | 22,423 | | | |
EMEA | | 14,419 | | | 15,041 | | | 33,565 | | | 35,395 | | | |
Canada | | (23) | | | 114 | | | 11,145 | | | 10,915 | | | |
Total segment operating income | | 43,944 | | | 74,310 | | | 169,073 | | | 205,391 | | | |
Unallocated corporate expenses | | (67,746) | | | (68,081) | | | (148,194) | | | (142,735) | | | |
Interest income, net | | 8,344 | | | 3,506 | | | 17,541 | | | 6,789 | | | |
Other non-operating income (expense), net | | 476 | | | (185) | | | 747 | | | 665 | | | |
Income (loss) before income tax | | $ | (14,982) | | | $ | 9,550 | | | $ | 39,167 | | | $ | 70,110 | | | |
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CONCENTRATIONS
The Company had one customer that accounted for approximately 13.7%, 19.8% and 14.6% of Accounts receivable, net as of June 30, 2024, December 31, 2023 and June 30, 2023, respectively. The Company did not have any customers that accounted for 10% or more of Net sales for the three and six months ended June 30, 2024 and 2023.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 15
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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 are 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, 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:
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(in thousands) | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Derivative instruments designated as cash flow hedges: | | | | | | |
Currency forward contracts | | $ | 488,039 | | | $ | 634,676 | | | $ | 598,621 | |
Derivative instruments not designated as hedges: | | | | | | |
Currency forward contracts | | $ | 377,391 | | | $ | 342,532 | | | $ | 465,182 | |
As of June 30, 2024, $16.3 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 or Cost of sales in the unaudited Condensed Consolidated Statements of Operations. When outstanding derivative contracts mature, actual amounts ultimately reclassified to Net sales or Cost of sales 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, 2024, the Company's derivative contracts had a remaining maturity of less than 3 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 $5.9 million as of June 30, 2024. 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.
COLUMBIA SPORTSWEAR COMPANY | Q2 2024 FORM 10-Q | 16
The following table presents the balance sheet classification and fair value of derivative instruments:
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(in thousands) | Balance Sheet Classification | | June 30, 2024 | | December 31, 2023 | | June 30, 2023 |
Derivative instruments designated as cash flow hedges: | | | | | | | |
Derivative instruments in asset positions: | | | | | | | |
Currency forward contracts | Prepaid expenses and other current assets | | $ | 10,688 | | | $ | 7,367 | | | $ | 13,448 | |
Currency forward contracts | Other non-current assets | | 6,492 | | | 961 | | | 3,535 | |
Derivative instruments in liability positions: | | | | | | | |
Currency forward contracts | Accrued liabilities | | |