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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, 2024
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.Yes☒No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes☒No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐
No☒
The number of shares outstanding of the registrant's common stock on October 25, 2024 was 57,194,480.

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TABLE OF CONTENTS
Page
PART I — FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
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.

COLUMBIA SPORTSWEAR COMPANY | Q3 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 and timing of inventory receipt, inventory carrying costs, shipment timing, consumer and customer spending and preferences, the performance of our various sales channels, freight charges, scale efficiencies, inflationary pressures, foreign currency translation, the performance of our international businesses, 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 and the Columbia brand ACCELERATE Growth Strategy, 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 | Q3 2024 FORM 10-Q | i
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PART I — FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands)September 30,
2024		December 31,
2023		September 30,
2023
ASSETS
Current Assets:
Cash and cash equivalents$306,680 $350,319 $213,282 
Short-term investments67,244 414,185 1,474 
Accounts receivable, net of allowance of $6,464, $5,450 and $6,659, respectively
581,738 423,079 686,821 
Inventories798,153 746,288 885,163 
Prepaid expenses and other current assets72,443 80,814 96,016 
Total current assets1,826,258 2,014,685 1,882,756 
Property, plant and equipment, net of accumulated depreciation of $707,272, $671,930 and $653,545, respectively
284,963 287,281 283,095 
Operating lease right-of-use assets370,844 357,295 339,538 
Intangible assets, net79,221 79,908 80,321 
Goodwill26,694 26,694 51,694 
Deferred income taxes103,757 105,574 89,801 
Other non-current assets69,003 67,576 71,738 
Total assets$2,760,740 $2,939,013 $2,798,943 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$221,714 $235,927 $162,222 
Accrued liabilities266,161 272,058 283,799 
Operating lease liabilities72,968 71,086 72,685 
Income taxes payable6,097 17,556 7,254 
Total current liabilities566,940 596,627 525,960 
Non-current operating lease liabilities348,786 336,772 323,508 
Income taxes payable14,607 25,688 24,218 
Deferred income taxes67 66 — 
Other long-term liabilities42,868 41,250 29,946 
Total liabilities973,268 1,000,403 903,632 
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; 57,261, 59,996 and 60,526 issued and outstanding, respectively
— — — 
Retained earnings1,836,910 1,984,446 1,942,709 
Accumulated other comprehensive loss
(49,438)(45,836)(47,398)
Total shareholders' equity1,787,472 1,938,610 1,895,311 
Total liabilities and shareholders' equity$2,760,740 $2,939,013 $2,798,943 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q3 2024 FORM 10-Q | 1
Notes to unaudited Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands, except per share amounts)2024202320242023
Net sales$931,768 $985,683 $2,271,994 $2,427,209 
Cost of sales464,209 505,486 1,141,457 1,233,467 
Gross profit467,559 480,197 1,130,537 1,193,742 
Selling, general and administrative expenses361,243 351,563 1,013,262 1,011,490 
Net licensing income6,225 5,920 16,145 14,958 
Operating income112,541 134,554 133,420 197,210 
Interest income, net5,364 1,870 22,905 8,659 
Other non-operating income (expense), net1,283 (311)2,030 354 
Income before income tax119,188 136,113 158,355 206,223 
Income tax expense29,031 32,605 37,639 48,163 
Net income$90,157 $103,508 $120,716 $158,060 
Earnings per share:
Basic$1.56 $1.70 $2.05 $2.57 
Diluted$1.56 $1.70 $2.04 $2.56 
Weighted average shares outstanding:
Basic57,78560,84458,89661,575
Diluted57,93660,93259,04361,775

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q3 2024 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 September 30,
Nine Months Ended September 30,
(in thousands)2024202320242023
Net income$90,157 $103,508 $120,716 $158,060 
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 $5,470, $(960), $485 and $1,139, respectively)
(14,905)3,593 (1,071)(2,554)
Foreign currency translation adjustments (net of tax effects of $(390), $325, $(41) and $282, respectively)
20,477 (9,659)(2,386)(14,207)
Other comprehensive income (loss)5,572 (6,066)(3,602)(16,761)
Comprehensive income$95,729 $97,442 $117,114 $141,299 

See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q3 2024 FORM 10-Q | 3
Notes to unaudited Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended September 30,
(in thousands)20242023
Cash flows from operating activities:
Net income$120,716 $158,060 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization42,187 42,290 
Non-cash lease expense56,903 51,075 
Provision for uncollectible accounts receivable3,183 2,010 
Deferred income taxes2,180 4,236 
Stock-based compensation18,478 17,026 
Other, net(11,278)568 
Changes in operating assets and liabilities:
Accounts receivable(162,252)(146,139)
Inventories(50,336)135,417 
Prepaid expenses and other current assets5,008 26,809 
Other assets(195)(3,106)
Accounts payable(17,044)(152,168)
Accrued liabilities(7,823)(42,251)
Income taxes payable(22,439)(20,434)
Operating lease assets and liabilities(56,557)(49,322)
Other liabilities2,661 (1,897)
Net cash provided by (used in) operating activities(76,608)22,174 
Cash flows from investing activities:
Purchases of short-term investments(388,348)(117,877)
Sales and maturities of short-term investments751,232 120,747 
Capital expenditures(41,736)(41,355)
Net cash provided by (used in) investing activities321,148 (38,485)
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 compensation3,955 7,081 
Tax payments related to stock-based compensation(4,806)(4,620)
Repurchase of common stock(230,864)(144,633)
Cash dividends paid(52,860)(55,379)
Net cash used in financing activities(284,575)(197,551)
Net effect of exchange rate changes on cash(3,604)(3,097)
Net decrease in cash and cash equivalents(43,639)(216,959)
Cash and cash equivalents, beginning of period350,319 430,241 
Cash and cash equivalents, end of period$306,680 $213,282 
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes$63,650 $66,580 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$12,224 $5,389 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q3 2024 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, June 30, 2024
58,752 $— $1,878,972 $(55,010)$1,823,962 
Net income— — 90,157 — 90,157 
Other comprehensive income— — — 5,572 5,572 
Cash dividends ($0.30 per share)
— — (17,232)— (17,232)
Issuance of common stock related to stock-based compensation, net
12 (137)— — (137)
Stock-based compensation expense— 6,470 — — 6,470 
Repurchase of common stock(1,503)(5,145)(114,987)— (120,132)
Excise taxes related to repurchase of common stock— (1,188)— — (1,188)
Balance, September 30, 2024
57,261 $— $1,836,910 $(49,438)$1,787,472 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding		Amount
Balance, June 30, 2023
61,358 $— $1,915,990 $(41,332)$1,874,658 
Net income— — 103,508 — 103,508 
Other comprehensive loss— — — (6,066)(6,066)
Cash dividends ($0.30 per share)
— — (18,280)— (18,280)
Issuance of common stock related to stock-based compensation, net
55 2,237 — — 2,237 
Stock-based compensation expense— 5,818 — — 5,818 
Repurchase of common stock(887)(7,435)(58,509)— (65,944)
Excise taxes related to repurchase of common stock— (620)— — (620)
Balance, September 30, 2023
60,526 $— $1,942,709 $(47,398)$1,895,311 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
Outstanding		Amount
Balance, December 31, 2023
59,996 $— $1,984,446 $(45,836)$1,938,610 
Net income— — 120,716 — 120,716 
Other comprehensive loss— — — (3,602)(3,602)
Cash dividends ($0.90 per share)
— — (52,860)— (52,860)
Issuance of common stock related to stock-based compensation, net
182 (851)— — (851)
Stock-based compensation expense— 18,478 — — 18,478 
Repurchase of common stock(2,917)(15,472)(215,392)— (230,864)
Excise taxes related to repurchase of common stock— (2,155)— — (2,155)
Balance, September 30, 2024
57,261 $— $1,836,910 $(49,438)$1,787,472 

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 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 LossTotal
Shares
Outstanding		Amount
Balance, December 31, 2022
62,139 $12,692 $1,953,734 $(30,637)$1,935,789 
Net income— — 158,060 — 158,060 
Other comprehensive loss— — — (16,761)(16,761)
Cash dividends ($0.90 per share)
— — (55,379)— (55,379)
Issuance of common stock related to stock-based compensation, net
228 2,461 — — 2,461 
Stock-based compensation expense— 17,026 — — 17,026 
Repurchase of common stock(1,841)(30,928)(113,706)— (144,634)
Excise taxes related to repurchase of common stock— (1,251)— — (1,251)
Balance, September 30, 2023
60,526 $— $1,942,709 $(47,398)$1,895,311 
See accompanying notes to unaudited condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | Q3 2024 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
Note 12Supply Chain Financing

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 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 September 30, 2024, December 31, 2023 and September 30, 2023, the results of operations for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 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 nine months ended September 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 | Q3 2024 FORM 10-Q | 8
Notes to unaudited Condensed Consolidated Financial Statements
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In November 2024, the FASB issued ASU No. 2024-03 ("ASU 2024-03"), Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures about a public business entity's expenses, primarily through additional disaggregation of income statement expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine the impact on the Company's disclosures.

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.

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 September 30, 2024
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$472,324 $109,251 $93,027 $60,754 $735,356 
Footwear98,982 25,734 48,758 22,938 196,412 
Total$571,306 $134,985 $141,785 $83,692 $931,768 
Channel net sales
Wholesale$331,141 $93,482 $115,880 $64,714 $605,217 
Direct-to-consumer240,165 41,503 25,905 18,978 326,551 
Total$571,306 $134,985 $141,785 $83,692 $931,768 

Three Months Ended September 30, 2023
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$487,596 $88,362 $85,051 $70,656 $731,665 
Footwear147,817 26,995 44,300 34,906 254,018 
Total$635,413 $115,357 $129,351 $105,562 $985,683 
Channel net sales
Wholesale$391,892 $75,814 $110,608 $86,046 $664,360 
Direct-to-consumer243,521 39,543 18,743 19,516 321,323 
Total$635,413 $115,357 $129,351 $105,562 $985,683 

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 FORM 10-Q | 9
Notes to unaudited Condensed Consolidated Financial Statements
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Nine Months Ended September 30, 2024
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$1,162,165 $290,752 $242,159 $123,274 $1,818,350 
Footwear223,775 82,363 108,068 39,438 453,644 
Total$1,385,940 $373,115 $350,227 $162,712 $2,271,994 
Channel net sales
Wholesale$680,669 $207,927 $278,383 $107,519 $1,274,498 
Direct-to-consumer705,271 165,188 71,844 55,193 997,496 
Total$1,385,940 $373,115 $350,227 $162,712 $2,271,994 

Nine Months Ended September 30, 2023
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$1,229,049 $257,445 $229,279 $137,459 $1,853,232 
Footwear322,948 87,654 109,215 54,160 573,977 
Total$1,551,997 $345,099 $338,494 $191,619 $2,427,209 
Channel net sales
Wholesale$836,594 $188,639 $282,820 $137,077 $1,445,130 
Direct-to-consumer715,403 156,460 55,674 54,542 982,079 
Total$1,551,997 $345,099 $338,494 $191,619 $2,427,209 

PERFORMANCE OBLIGATIONS

For the three and nine months ended September 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 September 30, 2024, December 31, 2023 and September 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 | Q3 2024 FORM 10-Q | 10
Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL

INTANGIBLE ASSETS, NET

Intangible assets, net consisted of the following:

(in thousands)
September 30, 2024December 31, 2023September 30, 2023
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(23,000)(22,313)(21,900)
Accumulated amortization(37,198)(36,511)(36,098)
Net carrying amount— 687 1,100 
Intangible assets with indefinite lives79,221 79,221 79,221 
Intangible assets, net$79,221 $79,908 $80,321 

Amortization expense for intangible assets subject to amortization was $0.0 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, and was $0.7 million and $1.2 million for the nine months ended September 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.

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.

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 FORM 10-Q | 11
Notes to unaudited Condensed Consolidated Financial Statements
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NOTE 5 — SHAREHOLDERS' EQUITY

Since the inception of the Company's stock repurchase plan in 2004 through September 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 September 30, 2024, the Company had repurchased 37.0 million shares at an aggregate purchase price of $1,885.5 million and had $114.5 million remaining available, excluding excise tax. During the three and nine months ended September 30, 2024, the Company repurchased an aggregate of $120.1 million and $230.9 million, respectively, of common stock under this program, excluding excise tax.

In October 2024, the Company's Board of Directors approved a $600.0 million increase to the Company's share repurchase authorization, which does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

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 September 30,
Nine Months Ended September 30,
(in thousands)2024202320242023
Stock options$1,570 $2,083 $4,777 $6,019 
Restricted stock units4,900 3,735 13,701 11,007 
Total$6,470 $5,818 $18,478 $17,026 

STOCK OPTIONS

During the nine months ended September 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 September 30, 2024, unrecognized costs related to outstanding stock options totaled $10.4 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 2.14 years.

RESTRICTED STOCK UNITS

During the nine months ended September 30, 2024, the Company granted 426,499 restricted stock units at a weighted average grant date fair value of $78.82 per restricted stock unit. As of September 30, 2024, unrecognized costs related to outstanding restricted stock units totaled $38.2 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 2.60 years.

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 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 September 30,
Nine Months Ended September 30,
(in thousands, except per share amounts)
2024202320242023
Weighted average common shares outstanding, used in computing basic earnings per share
57,785 60,844 58,896 61,575 
Effect of dilutive stock options and restricted stock units151 88 147 200 
Weighted average common shares outstanding, used in computing diluted earnings per share
57,936 60,932 59,043 61,775 
Earnings per share:
Basic$1.56 $1.70 $2.05 $2.57 
Diluted$1.56 $1.70 $2.04 $2.56 
Weighted average common shares excluded (1)
1,957 2,266 2,005 1,989 
(1) Common stock related to stock options, service-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 or because the shares were subject to performance conditions that had not been met.

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 FORM 10-Q | 13
Notes to unaudited Condensed Consolidated Financial Statements
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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 June 30, 2024
$17,523 $(72,533)$(55,010)
Other comprehensive income (loss) before reclassifications(9,895)20,477 10,582 
Amounts reclassified from accumulated other comprehensive loss (1)
(5,010)— (5,010)
Net other comprehensive income (loss) during the period(14,905)20,477 5,572 
Balance as of September 30, 2024
$2,618 $(52,056)$(49,438)
(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 June 30, 2023
$15,643 $(56,975)$(41,332)
Other comprehensive income (loss) before reclassifications9,876 (9,659)217 
Amounts reclassified from accumulated other comprehensive loss (1)
(6,283)— (6,283)
Net other comprehensive income (loss) during the period3,593 (9,659)(6,066)
Balance as of September 30, 2023
$19,236 $(66,634)$(47,398)
(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, 2023
$145 $3,689 $(49,670)$(45,836)
Other comprehensive income (loss) before reclassifications— 7,283 (2,386)4,897 
Amounts reclassified from accumulated other comprehensive loss (1)
(145)(8,354)— (8,499)
Net other comprehensive loss during the period(145)(1,071)(2,386)(3,602)
Balance as of September 30, 2024
$— $2,618 $(52,056)$(49,438)
(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 | Q3 2024 FORM 10-Q | 14
Notes to unaudited Condensed Consolidated Financial Statements
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(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 reclassifications10,602 (14,207)(3,605)
Amounts reclassified from accumulated other comprehensive loss (1)
(13,156)— (13,156)
Net other comprehensive loss during the period(2,554)(14,207)(16,761)
Balance as of September 30, 2023
$19,236 $(66,634)$(47,398)
(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 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:

Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)
2024202320242023
Net sales to unrelated entities:
U.S.$571,306 $635,413 $1,385,940 $1,551,997 
LAAP134,985 115,357 373,115 345,099 
EMEA141,785 129,351 350,227 338,494 
Canada83,692 105,562 162,712 191,619 
$931,768 $985,683 $2,271,994 $2,427,209 
Segment operating income:
U.S.$115,356 $131,602 $211,815 $268,260 
LAAP20,435 14,509 48,340 36,932 
EMEA33,238 34,241 66,802 69,636 
Canada22,369 30,150 33,515 41,065 
Total segment operating income191,398 210,502 360,472 415,893 
Unallocated corporate expenses(78,857)(75,948)(227,052)(218,683)
Interest income, net5,364 1,870 22,905 8,659 
Other non-operating income (expense), net1,283 (311)2,030 354 
Income before income tax$119,188 $136,113 $158,355 $206,223 

CONCENTRATIONS

The Company had one customer that accounted for approximately 11.9%, 19.8% and 11.6% of Accounts receivable, net as of September 30, 2024, December 31, 2023 and September 30, 2023, respectively. The Company did not have any customers that accounted for 10% or more of Net sales for the three and nine months ended September 30, 2024 and 2023.

COLUMBIA SPORTSWEAR COMPANY | Q3 2024 FORM 10-Q | 15
Notes to unaudited Condensed Consolidated Financial Statements
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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:

(in thousands)September 30, 2024December 31, 2023September 30, 2023
Derivative instruments designated as cash flow hedges:
Currency forward contracts$581,848 $634,676 $548,424 
Derivative instruments not designated as hedges:
Currency forward contracts$471,927 $342,532 $477,843 

As of September 30, 2024, $5.4 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 September 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 $1.9 million as of September 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.

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The following table presents the balance sheet classification and fair value of derivative instruments:

(in thousands)Balance Sheet ClassificationSeptember 30, 2024December 31, 2023September 30, 2023
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$3,311 $7,367 $17,121 
Currency forward contractsOther non-current assets817 961 6,511 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities3,657 4,121 972 
Currency forward contractsOther long-term liabilities1,264 2,629 104