Columbia Sportswear Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest

Non-Controlling Interest

3 Months Ended

Mar. 31, 2016

NON-CONTROLLING INTEREST

The Company owns a 60% controlling interest in a joint venture formed with Swire Resources, Limited (“Swire”) to support the development and operation of the Company's business in China. The joint venture began operations on January 1, 2014. The accounts of the joint venture are included in the Condensed Consolidated Balance Sheets as of March 31, 2016 and 2015, and December 31, 2015. Swire's share of net income from the joint venture is included in net income attributable to non-controlling interest in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015. The 40% non-controlling equity interest in this entity is included in total equity as non-controlling interest in the Condensed Consolidated Balance Sheets as of March 31, 2016 and 2015, and December 31, 2015.

The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the three months ended March 31, 2016 (in thousands, except per share amounts):



	Columbia Sportswear Company			Non-Controlling Interest		Total
Balance at December 31, 2015	$	1,399,800		$	16,013	$	1,415,813
Net income	31,770			2,424		34,194
Other comprehensive income (loss), net of tax:
Unrealized holding losses on available-for-sale securities	(2		)	—		(2		)
Derivative holding losses	(8,504		)	—		(8,504		)
Foreign currency translation adjustments	18,328			193		18,521
Cash dividends ($0.17 per share)	(11,841		)	—		(11,841		)
Issuance of common stock under employee stock plans, net	2,661			—		2,661
Stock-based compensation expense	3,073			—		3,073
Balance at March 31, 2016	$	1,435,285		$	18,630	$	1,453,915

The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the three months ended March 31, 2015 (in thousands, except per share amounts):



	Columbia Sportswear Company			Non-Controlling Interest		Total
Balance at December 31, 2014	$	1,343,603		$	11,631	$	1,355,234
Net income	26,471			1,448		27,919
Other comprehensive income (loss), net of tax:
Unrealized holding gains on available-for-sale securities	(3		)	—		(3		)
Derivative holding gains	3,730			—		3,730
Foreign currency translation adjustments	(16,782		)	27		(16,755		)
Cash dividends ($0.15 per share)	(10,557		)	—		(10,557		)
Issuance of common stock under employee stock plans, net	6,661			—		6,661
Tax adjustment from stock plans	5,260			—		5,260
Stock-based compensation expense	2,946			—		2,946
Balance at March 31, 2015	$	1,361,329		$	13,106	$	1,374,435