x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 |
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) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ¨ |
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
Emerging growth company | ¨ |
PAGE NO. | |
June 30, 2017 | December 31, 2016 | June 30, 2016 | ||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 620,639 | $ | 551,389 | $ | 415,944 | ||||||
Short-term investments | 1,591 | 472 | 12,859 | |||||||||
Accounts receivable, net of allowance of $8,666, $8,556 and $7,338, respectively | 181,119 | 333,678 | 192,354 | |||||||||
Inventories | 559,544 | 487,997 | 653,636 | |||||||||
Prepaid expenses and other current assets | 42,053 | 38,487 | 35,657 | |||||||||
Total current assets | 1,404,946 | 1,412,023 | 1,310,450 | |||||||||
Property, plant and equipment, at cost, net of accumulated depreciation of $435,625, $408,676 and $390,100, respectively | 286,006 | 279,650 | 287,869 | |||||||||
Intangible assets, net (Note 4) | 131,045 | 133,438 | 136,011 | |||||||||
Goodwill | 68,594 | 68,594 | 68,594 | |||||||||
Deferred income taxes | 94,514 | 92,494 | 78,651 | |||||||||
Other non-current assets | 26,095 | 27,695 | 25,979 | |||||||||
Total assets | $ | 2,011,200 | $ | 2,013,894 | $ | 1,907,554 | ||||||
LIABILITIES AND EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,364 | ||||||
Accounts payable | 264,881 | 215,048 | 274,609 | |||||||||
Accrued liabilities (Note 5) | 114,807 | 142,158 | 121,696 | |||||||||
Income taxes payable | 3,245 | 5,645 | 3,094 | |||||||||
Total current liabilities | 382,933 | 362,851 | 401,763 | |||||||||
Note payable to related party (Note 13) | — | 14,053 | 14,681 | |||||||||
Other long-term liabilities | 44,809 | 42,622 | 43,416 | |||||||||
Income taxes payable | 11,102 | 12,710 | 9,858 | |||||||||
Deferred income taxes | 156 | 147 | 228 | |||||||||
Total liabilities | 439,000 | 432,383 | 469,946 | |||||||||
Commitments and contingencies (Note 11) | ||||||||||||
Columbia Sportswear Company Shareholders' Equity: | ||||||||||||
Preferred stock; 10,000 shares authorized; none issued and outstanding | — | — | — | |||||||||
Common stock (no par value); 250,000 shares authorized; 69,686, 69,873, and 69,729, issued and outstanding, respectively (Note 8) | 31,045 | 53,801 | 44,525 | |||||||||
Retained earnings | 1,529,061 | 1,529,636 | 1,385,769 | |||||||||
Accumulated other comprehensive loss (Note 7) | (13,296 | ) | (22,617 | ) | (10,773 | ) | ||||||
Total Columbia Sportswear Company shareholders' equity | 1,546,810 | 1,560,820 | 1,419,521 | |||||||||
Non-controlling interest (Note 3) | 25,390 | 20,691 | 18,087 | |||||||||
Total equity | 1,572,200 | 1,581,511 | 1,437,608 | |||||||||
Total liabilities and equity | $ | 2,011,200 | $ | 2,013,894 | $ | 1,907,554 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | $ | 398,904 | $ | 388,745 | $ | 942,697 | $ | 913,881 | |||||||
Cost of sales | 218,042 | 209,161 | 503,368 | 486,920 | |||||||||||
Gross profit | 180,862 | 179,584 | 439,329 | 426,961 | |||||||||||
Selling, general and administrative expenses | 200,598 | 193,321 | 413,413 | 398,346 | |||||||||||
Net licensing income | 2,451 | 1,951 | 4,804 | 3,864 | |||||||||||
Income (loss) from operations | (17,285 | ) | (11,786 | ) | 30,720 | 32,479 | |||||||||
Interest income, net | 1,250 | 692 | 2,205 | 1,183 | |||||||||||
Interest expense on note payable to related party (Note 13) | (180 | ) | (262 | ) | (429 | ) | (526 | ) | |||||||
Other non-operating income (expense), net | 360 | 259 | 307 | (116 | ) | ||||||||||
Income (loss) before income tax | (15,855 | ) | (11,097 | ) | 32,803 | 33,020 | |||||||||
Income tax benefit (expense) | 4,539 | 3,224 | (5,234 | ) | (6,699 | ) | |||||||||
Net income (loss) | (11,316 | ) | (7,873 | ) | 27,569 | 26,321 | |||||||||
Net income attributable to non-controlling interest | 219 | 299 | 3,098 | 2,723 | |||||||||||
Net income (loss) attributable to Columbia Sportswear Company | $ | (11,535 | ) | $ | (8,172 | ) | $ | 24,471 | $ | 23,598 | |||||
Earnings (loss) per share attributable to Columbia Sportswear Company (Note 8): | |||||||||||||||
Basic | $ | (0.17 | ) | $ | (0.12 | ) | $ | 0.35 | $ | 0.34 | |||||
Diluted | $ | (0.17 | ) | $ | (0.12 | ) | $ | 0.35 | $ | 0.33 | |||||
Cash dividends per share | $ | 0.18 | $ | 0.17 | $ | 0.36 | $ | 0.34 | |||||||
Weighted average shares outstanding (Note 8): | |||||||||||||||
Basic | 69,672 | 69,694 | 69,639 | 69,567 | |||||||||||
Diluted | 69,672 | 69,694 | 70,367 | 70,542 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | (11,316 | ) | $ | (7,873 | ) | $ | 27,569 | $ | 26,321 | |||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of $0, ($1), $0 and $0, respectively) | (4 | ) | 4 | — | 2 | ||||||||||
Unrealized losses on derivative transactions (net of tax effects of $3,361, $379, $4,241 and $3,160, respectively) | (6,157 | ) | (920 | ) | (7,762 | ) | (9,424 | ) | |||||||
Foreign currency translation adjustments (net of tax effects of $93, $200, $2 and ($183), respectively) | 7,182 | 315 | 18,684 | 18,836 | |||||||||||
Other comprehensive income (loss) | 1,021 | (601 | ) | 10,922 | 9,414 | ||||||||||
Comprehensive income (loss) | (10,295 | ) | (8,474 | ) | 38,491 | 35,735 | |||||||||
Comprehensive income (loss) attributable to non-controlling interest | 1,644 | (543 | ) | 4,699 | 2,074 | ||||||||||
Comprehensive income (loss) attributable to Columbia Sportswear Company | $ | (11,939 | ) | $ | (7,931 | ) | $ | 33,792 | $ | 33,661 |
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 27,569 | $ | 26,321 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 29,932 | 29,491 | |||||
Loss on disposal and impairment of property, plant, and equipment | 441 | 3,460 | |||||
Deferred income taxes | 3,378 | 1,514 | |||||
Stock-based compensation | 5,719 | 5,453 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 156,755 | 187,132 | |||||
Inventories | (61,809 | ) | (167,461 | ) | |||
Prepaid expenses and other current assets | (3,073 | ) | (1,968 | ) | |||
Other assets | 2,037 | (3,125 | ) | ||||
Accounts payable | 39,773 | 53,458 | |||||
Accrued liabilities | (41,523 | ) | (33,456 | ) | |||
Income taxes payable | (4,133 | ) | (1,020 | ) | |||
Other liabilities | 1,981 | 2,903 | |||||
Net cash provided by operating activities | 157,047 | 102,702 | |||||
Cash flows from investing activities: | |||||||
Purchases of short-term investments | (33,813 | ) | (21,263 | ) | |||
Sales of short-term investments | 32,878 | 8,855 | |||||
Capital expenditures | (24,323 | ) | (22,972 | ) | |||
Proceeds from sale of property, plant, and equipment | 202 | 40 | |||||
Net cash used in investing activities | (25,056 | ) | (35,340 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from credit facilities | 2,774 | 19,625 | |||||
Repayments on credit facilities | (2,774 | ) | (19,202 | ) | |||
Proceeds from issuance of common stock under employee stock plans | 10,606 | 9,102 | |||||
Tax payments related to restricted stock unit issuances | (3,539 | ) | (4,806 | ) | |||
Repurchase of common stock | (35,542 | ) | — | ||||
Cash dividends paid | (25,046 | ) | (23,689 | ) | |||
Payment of related party note payable | (14,236 | ) | — | ||||
Net cash used in financing activities | (67,757 | ) | (18,970 | ) | |||
Net effect of exchange rate changes on cash | 5,016 | (2,218 | ) | ||||
Net increase in cash and cash equivalents | 69,250 | 46,174 | |||||
Cash and cash equivalents, beginning of period | 551,389 | 369,770 | |||||
Cash and cash equivalents, end of period | $ | 620,639 | $ | 415,944 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for income taxes | $ | 18,133 | $ | 11,805 | |||
Cash paid during the period for interest on note payable to related party | 501 | 532 | |||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||
Capital expenditures incurred but not yet paid | $ | 9,191 | $ | 4,856 |
Columbia Sportswear Company | Non-Controlling Interest | Total | ||||||||||
Balance at December 31, 2016 | $ | 1,560,820 | $ | 20,691 | $ | 1,581,511 | ||||||
Net income | 24,471 | 3,098 | 27,569 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Derivative holding losses | (7,567 | ) | (195 | ) | (7,762 | ) | ||||||
Foreign currency translation adjustments | 16,888 | 1,796 | 18,684 | |||||||||
Cash dividends ($0.36 per share) | (25,046 | ) | — | (25,046 | ) | |||||||
Issuance of common stock under employee stock plans, net | 7,067 | — | 7,067 | |||||||||
Stock-based compensation expense | 5,719 | — | 5,719 | |||||||||
Repurchase of common stock | (35,542 | ) | — | (35,542 | ) | |||||||
Balance at June 30, 2017 | $ | 1,546,810 | $ | 25,390 | $ | 1,572,200 |
Columbia Sportswear Company | Non-Controlling Interest | Total | ||||||||||
Balance at December 31, 2015 | $ | 1,399,800 | $ | 16,013 | $ | 1,415,813 | ||||||
Net income | 23,598 | 2,723 | 26,321 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Unrealized holding gains on available-for-sale securities | 2 | — | 2 | |||||||||
Derivative holding losses | (9,424 | ) | — | (9,424 | ) | |||||||
Foreign currency translation adjustments | 19,485 | (649 | ) | 18,836 | ||||||||
Cash dividends ($0.34 per share) | (23,689 | ) | — | (23,689 | ) | |||||||
Issuance of common stock under employee stock plans, net | 9,102 | — | 9,102 | |||||||||
Tax adjustment from stock plans | (4,806 | ) | — | (4,806 | ) | |||||||
Stock-based compensation expense | 5,453 | — | 5,453 | |||||||||
Balance at June 30, 2016 | $ | 1,419,521 | $ | 18,087 | $ | 1,437,608 |
June 30, 2017 | December 31, 2016 | June 30, 2016 | |||||||||
Intangible assets subject to amortization: | |||||||||||
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 | (9,986 | ) | (9,321 | ) | (8,656 | ) | |||||
Customer relationships | (11,588 | ) | (9,860 | ) | (7,952 | ) | |||||
Total accumulated amortization | (21,574 | ) | (19,181 | ) | (16,608 | ) | |||||
Net carrying amount | 15,624 | 18,017 | 20,590 | ||||||||
Intangible assets not subject to amortization | 115,421 | 115,421 | 115,421 | ||||||||
Intangible assets, net | $ | 131,045 | $ | 133,438 | $ | 136,011 |
2017 | $ | 3,883 | |
2018 | 2,980 | ||
2019 | 2,980 | ||
2020 | 2,537 | ||
2021 | 1,650 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Balance at beginning of period | $ | 11,503 | $ | 11,733 | $ | 11,455 | $ | 11,487 | |||||||
Provision for warranty claims | 731 | 895 | 1,931 | 2,438 | |||||||||||
Warranty claims | (1,190 | ) | (906 | ) | (2,489 | ) | (2,433 | ) | |||||||
Other | 170 | (69 | ) | 317 | 161 | ||||||||||
Balance at end of period | $ | 11,214 | $ | 11,653 | $ | 11,214 | $ | 11,653 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Stock options | $ | 1,005 | $ | 1,009 | $ | 2,009 | $ | 1,981 | |||||||
Restricted stock units | 1,772 | 1,371 | 3,710 | 3,472 | |||||||||||
Total | $ | 2,777 | $ | 2,380 | $ | 5,719 | $ | 5,453 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2017 | 2016 | 2017 | 2016 | ||||
Expected option term | 6.89 years | 7.73 years | 4.56 years | 4.63 years | |||
Expected stock price volatility | 28.50% | 30.95% | 28.91% | 29.80% | |||
Risk-free interest rate | 1.94% | 1.47% | 1.72% | 1.17% | |||
Expected annual dividend yield | 1.26% | 1.21% | 1.30% | 1.20% | |||
Weighted average grant date fair value | $15.98 | $17.47 | $13.00 | $13.39 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2017 | 2016 | 2017 | 2016 | ||||
Vesting period | 3.08 years | 2.80 years | 3.86 years | 3.83 years | |||
Expected annual dividend yield | 1.26% | 1.20% | 1.30% | 1.16% | |||
Estimated average grant date fair value per restricted stock unit | $55.06 | $54.80 | $52.54 | $55.94 |
Unrealized losses on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||
Balance at March 31, 2017 | $ | — | $ | 5,246 | $ | (18,138 | ) | $ | (12,892 | ) | |||||
Other comprehensive income (loss) before reclassifications | (4 | ) | (5,537 | ) | 5,640 | 99 | |||||||||
Amounts reclassified from other comprehensive income | — | (503 | ) | — | (503 | ) | |||||||||
Net other comprehensive income (loss) during the period | (4 | ) | (6,040 | ) | 5,640 | (404 | ) | ||||||||
Balance at June 30, 2017 | $ | (4 | ) | $ | (794 | ) | $ | (12,498 | ) | $ | (13,296 | ) |
Unrealized gains (losses) on available-for-sale securities | Unrealized holding losses on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||
Balance at March 31, 2016 | $ | (4 | ) | $ | (2,417 | ) | $ | (8,593 | ) | $ | (11,014 | ) | |||
Other comprehensive income (loss) before reclassifications | 4 | (787 | ) | 1,157 | 374 | ||||||||||
Amounts reclassified from other comprehensive income | — | (133 | ) | — | (133 | ) | |||||||||
Net other comprehensive income (loss) during the period | 4 | (920 | ) | 1,157 | 241 | ||||||||||
Balance at June 30, 2016 | $ | — | $ | (3,337 | ) | $ | (7,436 | ) | $ | (10,773 | ) |
Unrealized losses on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||
Balance at December 31, 2016 | $ | (4 | ) | $ | 6,773 | $ | (29,386 | ) | $ | (22,617 | ) | ||||
Other comprehensive income (loss) before reclassifications | — | (6,975 | ) | 16,888 | 9,913 | ||||||||||
Amounts reclassified from other comprehensive income | — | (592 | ) | — | (592 | ) | |||||||||
Net other comprehensive income (loss) during the period | — | (7,567 | ) | 16,888 | 9,321 | ||||||||||
Balance at June 30, 2017 | $ | (4 | ) | $ | (794 | ) | $ | (12,498 | ) | $ | (13,296 | ) |
Unrealized gains (losses) on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||
Balance at December 31, 2015 | $ | (2 | ) | $ | 6,087 | $ | (26,921 | ) | $ | (20,836 | ) | ||||
Other comprehensive income (loss) before reclassifications | 2 | (7,925 | ) | 19,485 | 11,562 | ||||||||||
Amounts reclassified from other comprehensive income | — | (1,499 | ) | — | (1,499 | ) | |||||||||
Net other comprehensive income (loss) during the period | 2 | (9,424 | ) | 19,485 | 10,063 | ||||||||||
Balance at June 30, 2016 | $ | — | $ | (3,337 | ) | $ | (7,436 | ) | $ | (10,773 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Weighted average shares of common stock outstanding, used in computing basic earnings per share | 69,672 | 69,694 | 69,639 | 69,567 | |||||||||||
Effect of dilutive stock options and restricted stock units | — | — | 728 | 975 | |||||||||||
Weighted average shares of common stock outstanding, used in computing diluted earnings per share | 69,672 | 69,694 | 70,367 | 70,542 | |||||||||||
Earnings per share of common stock attributable to Columbia Sportswear Company: | |||||||||||||||
Basic | $ | (0.17 | ) | $ | (0.12 | ) | $ | 0.35 | $ | 0.34 | |||||
Diluted | $ | (0.17 | ) | $ | (0.12 | ) | $ | 0.35 | $ | 0.33 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales to unrelated entities: | |||||||||||||||
United States | $ | 238,196 | $ | 228,776 | $ | 571,380 | $ | 565,021 | |||||||
LAAP | 79,467 | 87,258 | 197,811 | 189,059 | |||||||||||
EMEA | 67,392 | 59,045 | 122,726 | 110,374 | |||||||||||
Canada | 13,849 | 13,666 | 50,780 | 49,427 | |||||||||||
$ | 398,904 | $ | 388,745 | $ | 942,697 | $ | 913,881 | ||||||||
Segment income (loss) from operations: | |||||||||||||||
United States | $ | 22,314 | $ | 21,687 | $ | 84,956 | $ | 87,979 | |||||||
LAAP | 3,503 | 5,331 | 23,311 | 19,498 | |||||||||||
EMEA | 152 | 105 | 1,476 | 1,364 | |||||||||||
Canada | (2,563 | ) | (3,173 | ) | 3,264 | 686 | |||||||||
Total segment income from operations | 23,406 | 23,950 | 113,007 | 109,527 | |||||||||||
Unallocated corporate expenses | (40,691 | ) | (35,736 | ) | (82,287 | ) | (77,048 | ) | |||||||
Interest income, net | 1,250 | 692 | 2,205 | 1,183 | |||||||||||
Interest expense on note payable to related party | (180 | ) | (262 | ) | (429 | ) | (526 | ) | |||||||
Other non-operating income (expense) | 360 | 259 | 307 | (116 | ) | ||||||||||
Income (loss) before income taxes | $ | (15,855 | ) | $ | (11,097 | ) | $ | 32,803 | $ | 33,020 |
June 30, 2017 | December 31, 2016 | June 30, 2016 | |||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||
Currency forward contracts | $ | 314,000 | $ | 206,000 | $ | 247,500 | |||||
Derivative instruments not designated as cash flow hedges: | |||||||||||
Currency forward contracts | 166,476 | 184,940 | 79,930 |
Balance Sheet Classification | June 30, 2017 | December 31, 2016 | June 30, 2016 | |||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||
Derivative instruments in asset positions: | ||||||||||||||
Currency forward contracts | Prepaid expenses and other current assets | $ | 1,648 | $ | 9,805 | $ | 2,228 | |||||||
Currency forward contracts | Other non-current assets | 816 | 1,969 | 1,079 | ||||||||||
Derivative instruments in liability positions: | ||||||||||||||
Currency forward contracts | Accrued liabilities | 3,151 | 106 | 4,169 | ||||||||||
Currency forward contracts | Other long-term liabilities | 1,665 | — | 1,456 | ||||||||||
Derivative instruments not designated as cash flow hedges: | ||||||||||||||
Derivative instruments in asset positions: | ||||||||||||||
Currency forward contracts | Prepaid expenses and other current assets | 505 | 1,361 | 458 | ||||||||||
Derivative instruments in liability positions: | ||||||||||||||
Currency forward contracts | Accrued liabilities | 916 | 180 | 3,545 |
Statement of Operations Classification | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Currency Forward and Option Contracts: | ||||||||||||||||||
Derivative instruments designated as cash flow hedges: | ||||||||||||||||||
Loss recognized in other comprehensive income or loss | — | $ | (5,537 | ) | $ | (787 | ) | $ | (6,975 | ) | $ | (7,925 | ) | |||||
Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion | Net sales | — | — | 144 | 161 | |||||||||||||
Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion | Cost of sales | 897 | 171 | 951 | 1,605 | |||||||||||||
Loss reclassified from accumulated other comprehensive income or loss to income as a result of cash flow hedge discontinuance | Cost of sales | — | (81 | ) | — | (81 | ) | |||||||||||
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion | Net sales | 2 | 1 | 5 | 5 | |||||||||||||
Gain recognized in income for amount excluded from effectiveness testing and for the ineffective portion | Cost of sales | 492 | 540 | 1,286 | 962 | |||||||||||||
Derivative instruments not designated as cash flow hedges: | ||||||||||||||||||
Loss recognized in income | Other non-operating expense | (1,723 | ) | (1,887 | ) | (3,411 | ) | (3,441 | ) |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 307,724 | $ | — | $ | — | $ | 307,724 | |||||||
Time deposits | 66,217 | — | — | 66,217 | |||||||||||
U.S. Government-backed municipal bonds | — | 97,738 | — | 97,738 | |||||||||||
Other short-term investments: | |||||||||||||||
Mutual fund shares | 1,591 | — | — | 1,591 | |||||||||||
Other current assets: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 2,153 | — | 2,153 | |||||||||||
Other non-current assets: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 816 | — | 816 | |||||||||||
Mutual fund shares | 8,298 | — | — | 8,298 | |||||||||||
Total assets measured at fair value | $ | 383,830 | $ | 100,707 | $ | — | $ | 484,537 | |||||||
Liabilities: | |||||||||||||||
Accrued liabilities: | |||||||||||||||
Derivative financial instruments (Note 10) | $ | — | $ | 4,067 | $ | — | $ | 4,067 | |||||||
Other long-term liabilities: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 1,665 | — | 1,665 | |||||||||||
Total liabilities measured at fair value | $ | — | $ | 5,732 | $ | — | $ | 5,732 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 299,769 | $ | — | $ | — | $ | 299,769 | |||||||
Time deposits | 73,127 | — | — | 73,127 | |||||||||||
Other short-term investments: | |||||||||||||||
Mutual fund shares | 472 | — | — | 472 | |||||||||||
Other current assets: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 11,166 | — | 11,166 | |||||||||||
Other non-current assets: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 1,969 | — | 1,969 | |||||||||||
Mutual fund shares | 8,411 | — | — | 8,411 | |||||||||||
Total assets measured at fair value | $ | 381,779 | $ | 13,135 | $ | — | $ | 394,914 | |||||||
Liabilities: | |||||||||||||||
Accrued liabilities: | |||||||||||||||
Derivative financial instruments (Note 10) | $ | — | $ | 286 | $ | — | $ | 286 | |||||||
Total liabilities measured at fair value | $ | — | $ | 286 | $ | — | $ | 286 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 166,000 | $ | — | $ | — | $ | 166,000 | |||||||
Time deposits | 105,212 | — | — | 105,212 | |||||||||||
Reverse repurchase agreements | — | 30,000 | — | 30,000 | |||||||||||
U.S. Government-backed municipal bonds | — | 12,149 | — | 12,149 | |||||||||||
Available-for-sale short-term investments (1): | |||||||||||||||
U.S. Government-backed municipal bonds | — | 12,410 | — | 12,410 | |||||||||||
Other short-term investments: | |||||||||||||||
Mutual funds shares | 449 | — | — | 449 | |||||||||||
Other current assets: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 2,686 | — | 2,686 | |||||||||||
Other non-current assets: | |||||||||||||||
Derivative financial instruments (Note 10) | — | 1,079 | — | 1,079 | |||||||||||
Mutual fund shares | 7,874 | — | — | 7,874 | |||||||||||
Total assets measured at fair value | $ | 279,535 | $ | 58,324 | $ | — | $ | 337,859 | |||||||
Liabilities: | |||||||||||||||
Accrued liabilities: | |||||||||||||||
Derivative financial instruments (Note 10) | $ | — | $ | 7,714 | $ | — | $ | 7,714 | |||||||
Other long-term liabilities | |||||||||||||||
Derivative financial instruments (Note 10) | — | 1,456 | — | 1,456 | |||||||||||
Total liabilities measured at fair value | $ | — | $ | 9,170 | $ | — | $ | 9,170 |
• | Performance and profitability of our owned brick-and-mortar stores and e-commerce direct-to-consumer sales globally; |
• | Unseasonable weather conditions or other unforeseen factors affecting consumer demand and the resulting effect on cancellations of advance wholesale orders, sales returns, wholesale customer accommodations, replenishment orders and reorders, direct-to-consumer sales, changes in mix and volume of full price sales in relation to promotional and closeout product sales, and suppressed wholesale and end-consumer demand in subsequent seasons; |
• | Industry trends affecting consumer traffic and spending in brick and mortar retail channels, which are creating uncertainty regarding the long-term financial health of several of our U.S. wholesale customers, including some who have recently closed stores, or initiated restructuring activities, bankruptcy proceedings or liquidation; |
• | Difficult economic and competitive environments in certain key markets within our Latin America and Asia Pacific ("LAAP") region, in particular, Korea; |
• | Continued sales growth and profitability contributed by our Europe-direct business; |
• | The effects of changes in foreign currency exchange rates on sales, gross margin, operating income, and net income; |
• | A reduction in the rate of net sales growth of our prAna business; |
• | Performance of our Mountain Hardwear business as we work to re-invigorate that brand in the marketplace; and |
• | The financial impact of activities associated with and resulting from our operating model assessment or subsequent actions. |
• | Net sales for the second quarter of 2017 increased $10.1 million, or 3%, to $398.9 million from $388.8 million for the second quarter of 2016. |
• | Net loss attributable to Columbia Sportswear Company increased $3.3 million, or 40%, for the second quarter of 2017 to $11.5 million, or $(0.17) per share, compared to net loss of $8.2 million, or $(0.12) per share, for the second quarter of 2016. |
• | We paid a quarterly cash dividend of $0.18 per share, or $12.5 million, in the second quarter of 2017. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 54.7 | 53.8 | 53.4 | 53.3 | |||||||
Gross profit | 45.3 | 46.2 | 46.6 | 46.7 | |||||||
Selling, general and administrative expenses | 50.3 | 49.7 | 43.9 | 43.6 | |||||||
Net licensing income | 0.6 | 0.5 | 0.5 | 0.5 | |||||||
Income (loss) from operations | (4.4 | ) | (3.0 | ) | 3.2 | 3.6 | |||||
Interest income, net | 0.3 | 0.2 | 0.2 | — | |||||||
Interest expense on note payable to related party | — | (0.2 | ) | — | — | ||||||
Other non-operating income | 0.1 | 0.1 | — | — | |||||||
Income (loss) before income tax | (4.0 | ) | (2.9 | ) | 3.4 | 3.6 | |||||
Income tax benefit (expense) | 1.2 | 0.9 | (0.6 | ) | (0.7 | ) | |||||
Net income (loss) | (2.8 | ) | (2.0 | ) | 2.8 | 2.9 | |||||
Net income attributable to non-controlling interest | 0.1 | 0.1 | 0.3 | 0.3 | |||||||
Net income (loss) attributable to Columbia Sportswear Company | (2.9 | )% | (2.1 | )% | 2.5 | % | 2.6 | % |
Three Months Ended June 30, | |||||||||||||||||||
Adjust for | Constant- | Constant- | |||||||||||||||||
Reported | Foreign | currency | Reported | Reported | currency | ||||||||||||||
Net Sales | Currency | Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||
2017 | Translation | 2017(1) | 2016 | % Change | % Change(1) | ||||||||||||||
(In millions, except for percentage changes) | |||||||||||||||||||
United States | $ | 238.2 | $ | — | $ | 238.2 | $ | 228.8 | 4% | 4% | |||||||||
LAAP | 79.5 | 1.0 | 80.5 | 87.3 | (9)% | (8)% | |||||||||||||
EMEA | 67.3 | 1.1 | 68.4 | 59.1 | 14% | 16% | |||||||||||||
Canada | 13.9 | 0.4 | 14.3 | 13.6 | 2% | 5% | |||||||||||||
$ | 398.9 | $ | 2.5 | $ | 401.4 | $ | 388.8 | 3% | 3% |
Three Months Ended June 30, | |||||||||||||||||||
Adjust for | Constant- | Constant- | |||||||||||||||||
Reported | Foreign | currency | Reported | Reported | currency | ||||||||||||||
Net Sales | Currency | Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||
2017 | Translation | 2017 | 2016 | % Change | % Change | ||||||||||||||
(In millions, except for percentage changes) | |||||||||||||||||||
Columbia | $ | 340.5 | $ | 2.3 | $ | 342.8 | $ | 333.4 | 2% | 3% | |||||||||
SOREL | 6.0 | 0.1 | 6.1 | 3.5 | 71% | 74% | |||||||||||||
prAna | 35.0 | — | 35.0 | 32.2 | 9% | 9% | |||||||||||||
Mountain Hardwear | 16.1 | — | 16.1 | 17.0 | (5)% | (5)% | |||||||||||||
Other | 1.3 | 0.1 | 1.4 | 2.7 | (52)% | (48)% | |||||||||||||
$ | 398.9 | $ | 2.5 | $ | 401.4 | $ | 388.8 | 3% | 3% |
Three Months Ended June 30, | |||||||||||||||||||
Adjust for | Constant- | Constant- | |||||||||||||||||
Reported | Foreign | currency | Reported | Reported | currency | ||||||||||||||
Net Sales | Currency | Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||
2017 | Translation | 2017 | 2016 | % Change | % Change | ||||||||||||||
(In millions, except for percentage changes) | |||||||||||||||||||
Apparel, Accessories and Equipment | $ | 329.7 | $ | 1.6 | $ | 331.3 | $ | 321.5 | 3% | 3% | |||||||||
Footwear | 69.2 | 0.9 | 70.1 | 67.3 | 3% | 4% | |||||||||||||
$ | 398.9 | $ | 2.5 | $ | 401.4 | $ | 388.8 | 3% | 3% |
• | Increased promotional activity in the U.S. in order to liquidate aged inventory primarily through our outlet stores; |
• | Favorable changes in sales channel mix with a higher proportion of direct-to-consumer net sales, which generally carry higher gross margins, and a lower proportion of net sales to our wholesale customers and international distributors, which generally carry lower gross margins. |
• | Increased costs to support our expanding global direct-to-consumer businesses; |
• | Increased costs related to our operating model assessment; and |
• | Increased personnel related expenses; |
• | Changes in the timing of receipt of local tax subsidies related to the company's China joint venture; and |
• | The favorable impact of foreign currency translation. |
Six Months Ended June 30, | |||||||||||||||||||
Adjust for | Constant- | Constant- | |||||||||||||||||
Reported | Foreign | currency | Reported | Reported | currency | ||||||||||||||
Net Sales | Currency | Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||
2017 | Translation | 2017 | 2016 | % Change | % Change | ||||||||||||||
(In millions, except for percentage changes) | |||||||||||||||||||
United States | $ | 571.4 | $ | — | $ | 571.4 | $ | 565.0 | 1% | 1% | |||||||||
LAAP | 197.8 | 2.3 | 200.1 | 189.1 | 5% | 6% | |||||||||||||
EMEA | 122.7 | 2.0 | 124.7 | 110.4 | 11% | 13% | |||||||||||||
Canada | 50.8 | (0.9 | ) | 49.9 | 49.4 | 3% | 1% | ||||||||||||
$ | 942.7 | $ | 3.4 | $ | 946.1 | $ | 913.9 | 3% | 4% |
Six Months Ended June 30, | |||||||||||||||||||
Adjust for | Constant- | Constant- | |||||||||||||||||
Reported | Foreign | currency | Reported | Reported | currency | ||||||||||||||
Net Sales | Currency | Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||
2017 | Translation | 2017 | 2016 | % Change | % Change | ||||||||||||||
(In millions, except for percentage changes) | |||||||||||||||||||
Columbia | $ | 789.6 | $ | 3.4 | $ | 793.0 | $ | 770.5 | 2% | 3% | |||||||||
SOREL | 33.2 | — | 33.2 | 21.6 | 54% | 54% | |||||||||||||
prAna | 73.7 | — | 73.7 | 73.6 | —% | —% | |||||||||||||
Mountain Hardwear | 43.8 | (0.1 | ) | 43.7 | 42.2 | 4% | 4% | ||||||||||||
Other | 2.4 | 0.1 | 2.5 | 6.0 | (60)% | (58)% | |||||||||||||
$ | 942.7 | $ | 3.4 | $ | 946.1 | $ | 913.9 | 3% | 4% |
Six Months Ended June 30, | |||||||||||||||||||
Adjust for | Constant- | Constant- | |||||||||||||||||
Reported | Foreign | currency | Reported | Reported | currency | ||||||||||||||
Net Sales | Currency | Net Sales | Net Sales | Net Sales | Net Sales | ||||||||||||||
2017 | Translation | 2017 | 2016 | % Change | % Change | ||||||||||||||
(In millions, except for percentage changes) | |||||||||||||||||||
Apparel, Accessories and Equipment | $ | 769.7 | $ | 1.8 | $ | 771.5 | $ | 755.5 | 2% | 2% | |||||||||
Footwear | 173.0 | 1.6 | 174.6 | 158.4 | 9% | 10% | |||||||||||||
$ | 942.7 | $ | 3.4 | $ | 946.1 | $ | 913.9 | 3% | 4% |
• | Increased promotional activity in the U.S. in order to liquidate aged inventory primarily through our outlet stores; |
• | Favorable changes in sales channel mix with a higher proportion of direct-to-consumer net sales, which generally carry higher gross margins, and a lower proportion of net sales to our wholesale customers and international distributors, which generally carry lower gross margins. |
• | Increased costs to support our expanding global direct-to-consumer businesses; |
• | Increased costs related to our operating model assessment; |
• | Increased personnel related expenses; and |
• | Increased demand creation expenses; |
• | The favorable impact of foreign currency translation; and |
• | A decrease in information technology investments. |
• | Availability and quality of raw materials; |
• | The prices of oil, leather, natural down, cotton, and other raw materials whose prices are determined by global commodity markets and can be very volatile; |
• | Changes in labor markets and wage rates paid by our independent factory partners, which are often mandated by governments in the countries where our products are manufactured, particularly in China and Vietnam; |
• | Disruption to shipping and transportation channels utilized to bring our products to market; |
• | Interest rates and currency exchange rates; |
• | Availability of skilled labor and production capacity at contract manufacturers; and |
• | General economic conditions. |
• | Unseasonable weather conditions; |
• | Our reliance, for certain demand and supply planning functions, on manual processes and judgments that are subject to human error; |
• | Consumer acceptance of our products or changes in consumer demand for products of our competitors, which could increase pressure on our product development cycle; |
• | Unanticipated changes in general market conditions or other factors, which may result in lower advance orders from wholesale customers and distributors, cancellations of advance orders or a reduction or increase in the rate of reorders placed by retailers; and |
• | Weak economic conditions or consumer confidence, which could reduce demand for discretionary items such as our products. |
• | Our ability to effectively operate the joint venture depends upon our ability to manage the employees of the joint venture, and to attract new employees as necessary to supplement the skills, knowledge and expertise of the existing management team and other key personnel. We face intense competition for these individuals worldwide, including in China. We may not be able to attract qualified new employees or retain existing employees to operate the joint venture. Additionally, turnover in key management positions at the joint venture could impair our ability to execute our growth strategy, which may negatively affect the value of our investment in the joint venture and the growth of our sales in China. |
• | We rely, in part, on the operational skill of our joint venture partner. Additionally, because our joint venture partner has protective voting rights with respect to specified major business decisions of the joint venture, we may experience difficulty reaching agreement as to implementation of various changes to the joint venture's business. For these reasons, or as a result of other factors, we may not realize the anticipated benefits of the joint venture, and our results of operations could be adversely affected. |
• | Continued sales growth in China is an important part of our expectations for our joint venture business. Although China has experienced significant economic growth in recent years, that growth is slowing. Slowing economic growth in China could result in reduced consumer discretionary spending, which in turn could result in lower demand for our products, and thus could have a material adverse effect on our financial condition, results of operations or cash flows. |
• | Although we believe we have achieved a leading market position in China, many of our competitors who are significantly larger than we are and have substantially greater financial, distribution, marketing, and other resources, more stable manufacturing resources and greater brand strength are also concentrating on growing their businesses in China. In addition, the number of competitors in the marketplace has increased significantly in recent years. Increased investment by our competitors in this market could decrease our market share and competitive position in China. |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
April 1, 2017 through April 30, 2017 | — | $ | — | — | $ | 140,478,000 | |||||||
May 1, 2017 through May 31, 2017 | 48,943 | 51.94 | 48,943 | 137,936,000 | |||||||||
June 1, 2017 through June 30, 2017 | — | — | — | 137,936,000 | |||||||||
Total | 48,943 | $ | 51.94 | 48,943 | $ | 137,936,000 |
(a) | Exhibits |
Ninth amendment to Credit Agreement dated May 24, 2017 among Columbia Sportswear Company, Wells Fargo Bank, National Association, as the administrator for the lenders and as a lender, and Bank of America, N.A., as a lender (incorporated by reference to the Company's Form 8-K filed on May 30, 2017) (File No. 0-23939) | ||
+ | Columbia Sportswear Company 1997 Stock Incentive Plan, as amended | |
+ | Columbia Sportswear Company Executive Incentive Compensation Plan, as amended | |
Columbia Sportswear Company Second Amendment Change in Control Severance Plan | ||
Rule 13a-14(a) Certification of Timothy P. Boyle, President and Chief Executive Officer | ||
Rule 13a-14(a) Certification of Jim A. Swanson, Senior Vice President, Chief Financial Officer | ||
Section 1350 Certification of Timothy P. Boyle, President and Chief Executive Officer | ||
Section 1350 Certification of Jim A. Swanson, Senior Vice President, Chief Financial Officer | ||
101 | INS XBRL Instance Document | |
101 | SCH XBRL Taxonomy Extension Schema Document | |
101 | CAL XBRL Taxonomy Extension Calculation Linkbase Document | |
101 | DEF XBRL Taxonomy Extension Definition Linkbase Document | |
101 | LAB XBRL Taxonomy Extension Label Linkbase Document | |
101 | PRE XBRL Taxonomy Extension Presentation Linkbase Document |
COLUMBIA SPORTSWEAR COMPANY | ||
Date: August 3, 2017 | /s/ JIM A. SWANSON | |
Jim A. Swanson | ||
Senior Vice President, Chief Financial Officer | ||
(Duly Authorized Officer and Principal Financial and Accounting Officer) |
1. | Purpose, Establishment and Applicability of Plan. |
2. | Definitions and Construction. |
3. | Eligibility. |
4. | Severance Benefits. |
5. | Golden Parachute Excise Tax and Non-Deductibility Limitations. |
6. | Forfeiture of Severance Benefits. |
7. | Employment Status: Withholding. |
8. | Successors to Company and Participants. |
9. | Duration, Amendment, and Termination. |
10. | Administration. |
11. | Claims Process. |
12. | Notices and Assignment. |
13. | Miscellaneous. |
Tier | Amount of Cash Severance Payment |
I | 3.0 times the Tier I Participant's Base Salary |
II | 2.25 times the Tier II Participant's Base Salary |
III | 1.4 times the Tier III Participant's Base Salary |
IV | 1.3 times the Tier IV Participant's Base Salary |
Tier | Amount of Cash Severance Payment |
I | 3.75 times the Tier I Participant's Base Salary |
II | 3.0 times the Tier II Participant's Base Salary |
III | 2.1 times the Tier III Participant's Base Salary |
IV | 1.95 times the Tier IV Participant's Base Salary |
1. | I have reviewed this quarterly report on Form 10-Q of Columbia Sportswear Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
/s/TIMOTHY P. BOYLE |
Timothy P. Boyle |
President, Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Columbia Sportswear Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
/s/ JIM A. SWANSON |
Jim A. Swanson |
Senior Vice President, Chief Financial Officer |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ TIMOTHY P. BOYLE |
Timothy P. Boyle |
President, Chief Executive Officer |
Columbia Sportswear Company |
(1) | The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ JIM A. SWANSON |
Jim A. Swanson |
Senior Vice President, Chief Financial Officer |
Columbia Sportswear Company |
Document And Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jul. 21, 2017 |
|
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | COLUMBIA SPORTSWEAR CO | |
Entity Central Index Key | 0001050797 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,746,957 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
---|---|---|---|
Allowance for doubtful accounts | $ 8,666 | $ 8,556 | $ 7,338 |
Accumulated depreciation for property, plant and equipment | $ 435,625 | $ 408,676 | $ 390,100 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 250,000 | 250,000 | 250,000 |
Common stock, shares issued (in shares) | 69,686 | 69,873 | 69,729 |
Common stock, shares outstanding (in shares) | 69,686 | 69,873 | 69,729 |
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Net sales | $ 398,904 | $ 388,745 | $ 942,697 | $ 913,881 |
Cost of sales | 218,042 | 209,161 | 503,368 | 486,920 |
Gross profit | 180,862 | 179,584 | 439,329 | 426,961 |
Selling, general and administrative expenses | 200,598 | 193,321 | 413,413 | 398,346 |
Net licensing income | 2,451 | 1,951 | 4,804 | 3,864 |
Income (loss) from operations | (17,285) | (11,786) | 30,720 | 32,479 |
Interest income, net | 1,250 | 692 | 2,205 | 1,183 |
Interest expense on note payable to related party | (180) | (262) | (429) | (526) |
Other non-operating income (expense) | 360 | 259 | 307 | (116) |
Income (loss) before income tax | (15,855) | (11,097) | 32,803 | 33,020 |
Income tax benefit (expense) | 4,539 | 3,224 | (5,234) | (6,699) |
Net income (loss) | (11,316) | (7,873) | 27,569 | 26,321 |
Net income attributable to non-controlling interest | 219 | 299 | 3,098 | 2,723 |
Net income (loss) attributable to Columbia Sportswear Company | $ (11,535) | $ (8,172) | $ 24,471 | $ 23,598 |
Earnings (loss) per share (Note 8): | ||||
Basic (in dollars per share) | $ (0.17) | $ (0.12) | $ 0.35 | $ 0.34 |
Diluted (in dollars per share) | (0.17) | (0.12) | 0.35 | 0.33 |
Cash dividends per share | $ 0.18 | $ 0.17 | $ 0.36 | $ 0.34 |
Weighted average shares outstanding (Note 8): | ||||
Basic (in shares) | 69,672 | 69,694 | 69,639 | 69,567 |
Diluted (in shares) | 69,672 | 69,694 | 70,367 | 70,542 |
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Net income (loss) | $ (11,316) | $ (7,873) | $ 27,569 | $ 26,321 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of $0, ($1), $0, and $0, respectively) | (4) | 4 | 0 | 2 |
Unrealized losses on derivative transactions (net of tax effects of $3,361, $379, $4,241 and $3,160, respectively) | (6,157) | (920) | (7,762) | (9,424) |
Foreign currency translation adjustments (net of tax effects of $93, $200, $2 and ($183), respectively) | 7,182 | 315 | 18,684 | 18,836 |
Other comprehensive income (loss) | 1,021 | (601) | 10,922 | 9,414 |
Comprehensive income (loss) | (10,295) | (8,474) | 38,491 | 35,735 |
Comprehensive income (loss) attributable to non-controlling interest | 1,644 | (543) | 4,699 | 2,074 |
Comprehensive income (loss) attributable to Columbia Sportswear Company | $ (11,939) | $ (7,931) | $ 33,792 | $ 33,661 |
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Unrealized holding gains (losses) on available-for-sale securities tax effects | $ 0 | $ (1) | $ 0 | $ 0 |
Unrealized losses on derivative transactions tax effects | 3,361 | 379 | 4,241 | 3,160 |
Foreign currency translation adjustments tax effects | $ 93 | $ 200 | $ 2 | $ (183) |
Basis Of Presentation And Organization |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation And Organization | 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 and entities in which it maintains a controlling financial interest, 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, 2017 and 2016, and the results of operations and cash flows for the three and six months ended June 30, 2017 and 2016. The December 31, 2016 financial information was derived from the Company's audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. 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, 2017 are not necessarily indicative of results to be expected for other quarterly periods or for the full year. Certain information and footnote 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 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 consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. Principles of Consolidation The condensed consolidated financial statements include the accounts of Columbia Sportswear Company, its wholly owned subsidiaries and entities in which it maintains a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. Some of these more significant estimates relate to revenue recognition, including sales returns and miscellaneous claims from customers, allowance for doubtful accounts, excess, slow-moving and closeout inventories, product warranty, long-lived and intangible assets, goodwill, income taxes, and stock-based compensation. |
Summary Of Significant Accounting Policies |
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Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no significant changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2016. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers Topic 606, outlining a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. The updated guidance requires an entity to recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company expects to adopt the standard utilizing the modified retrospective approach on January 1, 2018. The Company is in the process of evaluating the new standard against its existing accounting policies, including principal and agent considerations and balance sheet classifications, to determine the effect the guidance will have on the Consolidated Financial Statements. We do not expect the adoption of the standard to have a material impact on the timing of revenue recognition. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, an update to its accounting guidance related to the recognition and measurement of certain financial instruments. This new standard requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and also updates certain presentation and disclosure requirements. This standard is effective beginning in the first quarter of 2018 with early adoption permitted. The adoption of ASU 2016-01 is not expected to have a material impact on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for most leases previously classified as operating leases. The new standard will become effective beginning with the first quarter of 2019 using a modified retrospective approach and early adoption is permitted. The Company is evaluating the impact of this guidance and expects the adoption will result in a material increase in the assets and liabilities on the Company's consolidated balance sheets and will likely have an insignificant impact on the Company's consolidated statements of operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The pronouncement changes the impairment model for most financial assets and will require the use of an "expected loss" model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. This standard is effective beginning in the first quarter of 2020. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's financial position, results of operations or cash flows. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfer of Assets Other than Inventory, which requires the recognition of the income tax effects of an intra-entity transfer of an asset, other than inventory, when the transfer occurs, eliminating an exception under current GAAP in which the tax effects of intra-entity asset transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use. Income tax effects of intra-entity transfers of inventory will continue to be deferred until the inventory has been sold to a third party. The Company expects to adopt this standard when it becomes effective during the first quarter of 2018, and plans to apply the required modified retrospective approach with a cumulative-effect adjustment to retained earnings of the previously deferred charges. The Company anticipates it will result in increased volatility in our effective income tax rate. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. Under this new guidance, if the carrying amount of a reporting unit exceeds its estimated fair value, an impairment charge shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The new standard will become effective during the first quarter of 2019, with early adoption permitted. The Company is evaluating the impact and expects the adoption of ASU 2017-04 to affect the amount and timing of future goodwill impairment charges, if any. |
Non-Controlling Interest |
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Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling Interest | 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 accounts of the joint venture are included in the condensed consolidated financial statements. 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 and six months ended June 30, 2017 and 2016. 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 June 30, 2017 and 2016, and December 31, 2016. The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the six months ended June 30, 2017 (in thousands, except per share amounts):
The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the six months ended June 30, 2016 (in thousands, except per share amounts):
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Intangible Assets, Net and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net and Goodwill | INTANGIBLE ASSETS, NET Intangible assets that are determined to have finite lives include patents, purchased technology and customer relationships and are amortized over their estimated useful lives, which range from approximately 3 to 10 years, and are measured for impairment only when events or circumstances indicate the carrying value may be impaired. Goodwill and intangible assets with indefinite useful lives, including trademarks and trade names, are not amortized but are periodically evaluated for impairment. Intangible Assets The following table summarizes the Company's identifiable intangible assets (in thousands):
Amortization expense for intangible assets subject to amortization was $1,106,000 and $1,287,000 for the three months ended June 30, 2017 and 2016, respectively, and was $2,393,000 and $2,573,000 for the six months ended June 30, 2017 and 2016, respectively. Annual amortization expense is estimated to be as follows for the years 2017-2021 (in thousands):
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Product Warranty |
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Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty | PRODUCT WARRANTY Some of the Company's products carry limited warranty provisions for defects in quality and workmanship. A warranty reserve is established at the time of sale to cover estimated costs based on the Company's history of warranty repairs and replacements and is recorded in cost of sales. The warranty reserve is included in accrued liabilities in the Condensed Consolidated Balance Sheets. A reconciliation of product warranties is as follows (in thousands):
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Stock-Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company's Stock Incentive Plan (the "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 majority of all stock options and restricted stock unit grants outstanding under the Plan were granted in the first quarter of each fiscal year. Stock compensation is recognized based on an estimated number of awards that are expected to vest. Stock-based compensation expense consisted of the following (in thousands):
Stock Options The Company estimates the fair value of stock options using the Black-Scholes model. Key inputs and assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, the expected stock price volatility of the Company's stock over the option's expected term, the risk-free interest rate over the option's expected term and the Company's expected annual dividend yield. The following table presents the weighted average assumptions for stock options granted in the periods:
During the six months ended June 30, 2017 and 2016, the Company granted a total of 496,384 and 422,973 stock options, respectively. At June 30, 2017, unrecognized costs related to outstanding stock options totaled approximately $9,241,000, before any related tax benefit. The unrecognized costs related to stock options are amortized over the related vesting period using the straight-line attribution method. Unrecognized costs related to stock options at June 30, 2017 are expected to be recognized over a weighted average period of 2.72 years. Restricted Stock Units The Company estimates the fair value of service-based and performance-based restricted stock units using the Black-Scholes model. Key inputs and assumptions used to estimate the fair value of restricted stock units include the vesting period, expected annual dividend yield and closing price of the Company's common stock on the date of grant. The following table presents the weighted average assumptions for restricted stock units granted in the periods:
During the six months ended June 30, 2017 and 2016, the Company granted 245,953 and 188,719 restricted stock units, respectively. At June 30, 2017, unrecognized costs related to outstanding restricted stock units totaled approximately $18,265,000, before any related tax benefit. The unrecognized costs related to restricted stock units are being amortized over the related vesting period using the straight-line attribution method. These unrecognized costs at June 30, 2017 are expected to be recognized over a weighted average period of 2.56 years. |
Accumulated Other Comprehensive Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of applicable taxes, reported on the Company's Condensed Consolidated Balance Sheets consists of unrealized holding gains and losses on available-for-sale securities, unrealized gains and losses on certain derivative transactions and foreign currency translation adjustments. The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the three months ended June 30, 2017 (in thousands):
The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the three months ended June 30, 2016 (in thousands):
The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the six months ended June 30, 2017 (in thousands):
The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the six months ended June 30, 2016 (in thousands):
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Earnings Per Share |
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Earnings Per Share | 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 common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts):
Stock options and service-based restricted stock units representing 2,641,676 and 2,793,715 shares of common stock for the three months ended June 30, 2017 and 2016, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would have been anti-dilutive due to a net loss in the period. Stock options and service-based restricted stock units representing 862,559 and 471,964 shares of common stock for the six months ended June 30, 2017 and 2016, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive as a result of applying the treasury stock method. In addition, performance-based restricted stock units representing 50,403 and 76,742 shares of common stock for the three months ended June 30, 2017 and 2016, respectively, and 46,485 and 69,472 shares of common stock for the six months ended June 30, 2017 and 2016, respectively, were outstanding but were excluded from the computation of diluted EPS because these shares were subject to performance conditions that had not been met. Common Stock Repurchase Plan Since the inception of the Company's stock repurchase plan in 2004 through June 30, 2017, the Company's Board of Directors has authorized the repurchase of $700,000,000 of the Company's common stock. Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions. 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. As of June 30, 2017, the Company had repurchased 21,658,035 shares under this program at an aggregate purchase price of approximately $562,064,000. During the three and six months ended June 30, 2017, the Company repurchased 48,943 and 665,095 shares of the Company's common stock at an aggregate purchase price of $2,542,000 and $35,542,000, respectively. During the three and six months ended June 30, 2016, the Company did not repurchase any shares of the Company's common stock. |
Segment Information |
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Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION The Company has aggregated its operating segments into four geographic segments: (1) United States, (2) Latin America and Asia Pacific ("LAAP"), (3) Europe, Middle East and Africa ("EMEA") and (4) 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 and active lifestyle 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 departments, including global information systems, finance and legal, executive compensation, unallocated benefit program expense, and other miscellaneous costs. The geographic distribution of the Company's net sales and income from operations are summarized in the following table (in thousands) for the three and six months ended June 30, 2017 and 2016.
Concentrations The Company had two customers that accounted for approximately 12.6% and 10.9%, respectively, of consolidated accounts receivable at June 30, 2017. The Company had one customer that accounted for approximately 10.4% consolidated accounts receivable at June 30, 2016. No single customer accounted for 10% or more of consolidated accounts receivable at December 31, 2016. No single customer accounted for 10% or more of consolidated net sales for the three or six months ended June 30, 2017 or 2016. |
Financial Instruments And Risk Management |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments And Risk Management | 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 U.S. dollar inventory purchases. The Company's prAna subsidiary uses U.S. dollars as its functional currency and is exposed to anticipated Canadian dollar denominated sales. The Company manages these risks by using currency forward and option 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. For forward contracts, the change in fair value attributable to changes in forward points is excluded from the determination of hedge effectiveness and included in current period cost of sales for hedges of anticipated U.S. dollar inventory purchases and in net sales for hedges of anticipated Canadian dollar sales. For option contracts, the change in fair value attributable to changes in time value are excluded from the assessment of hedge effectiveness and included in current period cost of sales. Hedge ineffectiveness was not material during the three and six months ended June 30, 2017 and 2016. 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 U.S. dollars, euros, Swiss francs, Canadian dollars, yen, won, or renminbi as their functional currency. Non-functional currency denominated monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, receivables, payables, and intercompany loans. 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 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):
At June 30, 2017, approximately $7,000 of deferred net losses on both outstanding and matured derivatives accumulated in other comprehensive income 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 income. Actual amounts ultimately reclassified to net income are dependent on U.S. dollar exchange rates in effect against the euro, renminbi, Canadian dollar, and yen when outstanding derivative contracts mature. At June 30, 2017, the Company's derivative contracts had a remaining maturity of less than three 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 less than $2,000,000 at June 30, 2017. All of the Company's derivative counterparties have investment grade credit ratings. 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. Finally, the Company has not pledged assets or posted collateral as a requirement for entering into or maintaining derivative positions. The following table presents the balance sheet classification and fair value of derivative instruments (in thousands):
The following table presents the statement of operations effect and classification of derivative instruments (in thousands):
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Commitments And Contingencies |
6 Months Ended |
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Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Inventory Purchase Obligations Inventory purchase obligations consist of open production purchase orders and other commitments for raw materials and sourced apparel, footwear, accessories, and equipment. At June 30, 2017, inventory purchase obligations were $319,714,000. Litigation The Company is a party to various legal claims, actions and complaints from time to time. Although the ultimate resolution of legal proceedings cannot be predicted with certainty, management believes that disposition of these matters will not have a material adverse effect on the Company's consolidated financial statements. |
Fair Value Measures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measures | FAIR VALUE MEASURES Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 — observable inputs such as quoted prices for identical assets or liabilities in active liquid markets; Level 2 — inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume or infrequent transactions; and Level 3 — unobservable inputs for which there is little or no market data available, that require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 are as follows (in thousands):
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 are as follows (in thousands):
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 are as follows (in thousands):
(1) Investments have remaining maturities of less than one year. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, which are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions. Non-recurring Fair Value Measurements There were no material assets and liabilities measured at fair value on a nonrecurring basis as of June 30, 2017, December 31, 2016 or June 30, 2016. |
Related Party Transactions |
6 Months Ended |
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Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company owns a 60% controlling interest in a joint venture formed with Swire, which is a related party. The joint venture arrangement involves Transition Services Agreements ("TSAs") with Swire, under which Swire provides administrative and information technology services to the joint venture. The Company continues to reduce its costs under the TSAs as it internalizes the back-office functions and related personnel, including the transition of the joint venture's systems to the Company's platform in the second quarter of 2017. The joint venture incurred service fees, valued under the TSAs at Swire's cost, of $329,000 and $1,042,000 during the three months ended June 30, 2017 and 2016, respectively and $845,000 and $1,895,000 during the six months ended June 30, 2017 and 2016, respectively. These fees are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. In addition, the joint venture pays Swire sourcing fees related to the purchase of certain inventory. These sourcing fees are capitalized into inventories and charged to cost of sales as the inventories are sold. The Company incurred sourcing fees of $4,000 and $10,000, for the three months ended June 30, 2017 and 2016, respectively, and $5,000 and $61,000, for the six months ended June 30, 2017 and 2016, respectively. In 2014, both the Company and Swire funded long-term loans to the joint venture. The Company's loan has been eliminated in consolidation, while the Swire loan is reflected as a note payable to related party in the Condensed Consolidated Balance Sheets as of December 31, 2016 and June 30, 2016. In June 2017, the Company repaid these loans, including the note with Swire in the principal amount of RMB 97,600,000 (USD $14,236,000), and as such, the balance on the Condensed Consolidated Balance Sheets is zero at June 30, 2017. Interest expense related to this note was $180,000 and $262,000 for the three months ended June 30, 2017 and 2016, respectively, and $429,000 and $526,000 for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017 and 2016, and December 31, 2016, net payables to Swire for service fees, interest expense and miscellaneous expenses totaled $340,000, $1,042,000 and $707,000, respectively, and were included in accounts payable in the Condensed Consolidated Balance Sheets. In addition to the transactions described above, Swire is also a third-party distributor of the Company's brands in certain regions outside of mainland China and purchases products from the Company under the Company's standard third-party distributor terms and pricing. |
Non-Controlling Interest (Tables) |
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Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity | The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the six months ended June 30, 2017 (in thousands, except per share amounts):
The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the six months ended June 30, 2016 (in thousands, except per share amounts):
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Intangible Assets, Net and Goodwill (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Identifiable Intangible Assets | The following table summarizes the Company's identifiable intangible assets (in thousands):
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Schedule of finite lived intangible assets future amortization expense | Annual amortization expense is estimated to be as follows for the years 2017-2021 (in thousands):
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Product Warranty (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Product Warranties | A reconciliation of product warranties is as follows (in thousands):
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Stock-Based Compensation Expense | Stock-based compensation expense consisted of the following (in thousands):
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Schedule Of Weighted Average Assumptions For Employee Stock Options | The following table presents the weighted average assumptions for stock options granted in the periods:
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Schedule Of Weighted Average Assumptions For Restricted Stock Units | The following table presents the weighted average assumptions for restricted stock units granted in the periods:
|
Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Net Of Related Tax Effects | The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the three months ended June 30, 2017 (in thousands):
The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the three months ended June 30, 2016 (in thousands):
The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the six months ended June 30, 2017 (in thousands):
The following table sets forth the changes in accumulated other comprehensive loss attributable to Columbia Sportswear Company, net of tax, for the six months ended June 30, 2016 (in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Common Shares Used In Denominator For Computing Basic And Diluted EPS | A reconciliation of common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts):
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Information | The geographic distribution of the Company's net sales and income from operations are summarized in the following table (in thousands) for the three and six months ended June 30, 2017 and 2016.
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Financial Instruments And Risk Management (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Notional Amount Of Outstanding Derivative Instruments | The following table presents the gross notional amount of outstanding derivative instruments (in thousands):
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Balance Sheet Classification And Fair Value Of Derivative Instruments | The following table presents the balance sheet classification and fair value of derivative instruments (in thousands):
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Statement of Operations Effect and Classification of Derivative Instruments | The following table presents the statement of operations effect and classification of derivative instruments (in thousands):
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Fair Value Measures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of June 30, 2017 are as follows (in thousands):
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 are as follows (in thousands):
Assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 are as follows (in thousands):
|
Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) |
Jun. 30, 2017 |
---|---|
Noncontrolling Interest [Line Items] | |
Non-controlling Interest, Ownership Percentage by Parent | 60.00% |
Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 1,106 | $ 1,287 | $ 2,393 | $ 2,573 | |
Goodwill | $ 68,594 | $ 68,594 | $ 68,594 | $ 68,594 | $ 68,594 |
Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Intangible Assets, Net and Goodwill Schedule of Estimated Five Year Amortization Expense (Details) $ in Thousands |
Jun. 30, 2017
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 3,883 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,980 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,980 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,537 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1,650 |
Intangible Assets, Net and Goodwill Range (Details) |
6 Months Ended |
---|---|
Jun. 30, 2017 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Product Warranty (Reconciliation Of Product Warranties) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Reconciliation of Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 11,503 | $ 11,733 | $ 11,455 | $ 11,487 |
Provision for warranty claims | 731 | 895 | 1,931 | 2,438 |
Warranty claims | (1,190) | (906) | (2,489) | (2,433) |
Other | 170 | (69) | 317 | 161 |
Balance at end of period | $ 11,214 | $ 11,653 | $ 11,214 | $ 11,653 |
Stock-Based Compensation (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Employee Stock Options [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Stock options granted (in shares) | 496,384 | 422,973 | |
Unrecognized costs related to share based compensation | $ 9,241,000 | $ 9,241,000 | |
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 8 months 20 days | ||
Restricted Stock Units [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Unrecognized costs related to share based compensation | $ 18,265,000 | $ 18,265,000 | |
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 6 months 22 days | ||
Restricted stock units granted (in shares) | 245,953 | 188,719 |
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2,777 | $ 2,380 | $ 5,719 | $ 5,453 |
Employee Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1,005 | 1,009 | 2,009 | 1,981 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,772 | $ 1,371 | $ 3,710 | $ 3,472 |
Stock-Based Compensation (Schedule Of Weighted Average Assumptions) (Details) - Stock Option [Member] - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term, years | 6 years 10 months 20 days | 7 years 8 months 22 days | 4 years 6 months 22 days | 4 years 7 months 17 days |
Expected stock price volatility | 28.50% | 30.95% | 28.91% | 29.80% |
Risk-free interest rate | 1.94% | 1.47% | 1.72% | 1.17% |
Expected annual dividend yield | 1.26% | 1.21% | 1.30% | 1.20% |
Weighted average grant date fair value (in dollars per share) | $ 15.98 | $ 17.47 | $ 13.00 | $ 13.39 |
Stock-Based Compensation (Schedule Of Weighted Average Assumptions For Restricted Stock Units) (Details) - Restricted Stock Units [Member] - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, years | 3 years 29 days | 2 years 9 months 18 days | 3 years 10 months 8 days | 3 years 9 months 28 days |
Expected annual dividend yield | 1.26% | 1.20% | 1.30% | 1.16% |
Estimated average grant date fair value per restricted stock unit (in dollars per share) | $ 55.06 | $ 54.80 | $ 52.54 | $ 55.94 |
Earnings Per Share (Reconciliation Of Common Shares Used In Denominator For Computing Basic And Diluted EPS) (Details) - $ / shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Earnings Per Share [Abstract] | ||||
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares) | 69,672 | 69,694 | 69,639 | 69,567 |
Effect of dilutive stock options and restricted stock units (in shares) | 0 | 0 | 728 | 975 |
Weighted-average shares of common stock outstanding, used in computing diluted earnings per share (in shares) | 69,672 | 69,694 | 70,367 | 70,542 |
Income Loss From Continuing Operations Per Basic And Diluted Share [Abstract] | ||||
Earnings (loss) per share of common stock, Basic (in dollars per share) | $ (0.17) | $ (0.12) | $ 0.35 | $ 0.34 |
Earnings (loss) per share of common stock, Diluted (in dollars per share) | $ (0.17) | $ (0.12) | $ 0.35 | $ 0.33 |
Segment Information Concentrations (Details) - USD ($) |
Jun. 30, 2017 |
Jun. 30, 2016 |
---|---|---|
Concentration Risk [Line Items] | ||
Fair Value, Concentration of Risk, Accounts Receivable | $ 0.104 | |
Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Fair Value, Concentration of Risk, Accounts Receivable | $ 0.126 | |
Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Fair Value, Concentration of Risk, Accounts Receivable | $ 0.109 |
Financial Instruments And Risk Management (Narrative) (Details) |
3 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
Derivative [Line Items] | |
Deferred net gains on derivatives accumulated in other comprehensive income expected reclassification to net income in next twelve months | $ 7,000 |
Maximum [Member] | |
Derivative [Line Items] | |
Derivatives maximum remaining maturity | 3 years |
Aggregate unrealized gain of derivative contracts with single counterparty | $ 2,000,000 |
Financial Instruments And Risk Management (Gross Notional Amount Of Outstanding Derivative Instruments) (Details) - Currency Forward Contracts [Member] - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
Jun. 30, 2016 |
---|---|---|---|
Derivative Instruments Designated As Cash Flow Hedges [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Currency forward contracts | $ 314,000 | $ 206,000 | $ 247,500 |
Derivative Instruments Not Designated As Cash Flow Hedges [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Currency forward contracts | $ 166,476 | $ 184,940 | $ 79,930 |
Commitments And Contingencies (Details) |
Jun. 30, 2017
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Inventory purchase obligations | $ 319,714,000 |
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