10-Q 1 colm-20220331.htm 10-Q colm-20220331
FALSE2022Q1December 31000105079700010507972022-01-012022-03-3100010507972022-04-22xbrli:shares00010507972022-03-31iso4217:USD00010507972021-12-3100010507972021-03-3100010507972021-01-012021-03-31iso4217:USDxbrli:shares00010507972020-12-310001050797us-gaap:RetainedEarningsMember2022-01-012022-03-310001050797us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001050797us-gaap:CommonStockMember2022-01-012022-03-310001050797us-gaap:RetainedEarningsMember2021-01-012021-03-310001050797us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001050797us-gaap:CommonStockMember2021-01-012021-03-31colm:segment0001050797colm:ApparelAccessoriesAndEquipmentMembercountry:US2022-01-012022-03-310001050797colm:ApparelAccessoriesAndEquipmentMembercolm:LatinAmericaAndAsiaPacificMember2022-01-012022-03-310001050797colm:ApparelAccessoriesAndEquipmentMemberus-gaap:EMEAMember2022-01-012022-03-310001050797country:CAcolm:ApparelAccessoriesAndEquipmentMember2022-01-012022-03-310001050797colm:ApparelAccessoriesAndEquipmentMember2022-01-012022-03-310001050797country:UScolm:FootwearMember2022-01-012022-03-310001050797colm:LatinAmericaAndAsiaPacificMembercolm:FootwearMember2022-01-012022-03-310001050797colm:FootwearMemberus-gaap:EMEAMember2022-01-012022-03-310001050797country:CAcolm:FootwearMember2022-01-012022-03-310001050797colm:FootwearMember2022-01-012022-03-310001050797country:US2022-01-012022-03-310001050797colm:LatinAmericaAndAsiaPacificMember2022-01-012022-03-310001050797us-gaap:EMEAMember2022-01-012022-03-310001050797country:CA2022-01-012022-03-310001050797us-gaap:SalesChannelThroughIntermediaryMembercountry:US2022-01-012022-03-310001050797us-gaap:SalesChannelThroughIntermediaryMembercolm:LatinAmericaAndAsiaPacificMember2022-01-012022-03-310001050797us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:EMEAMember2022-01-012022-03-310001050797country:CAus-gaap:SalesChannelThroughIntermediaryMember2022-01-012022-03-310001050797us-gaap:SalesChannelThroughIntermediaryMember2022-01-012022-03-310001050797country:USus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-03-310001050797colm:LatinAmericaAndAsiaPacificMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-03-310001050797us-gaap:EMEAMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-03-310001050797country:CAus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-03-310001050797us-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-03-310001050797colm:ApparelAccessoriesAndEquipmentMembercountry:US2021-01-012021-03-310001050797colm:ApparelAccessoriesAndEquipmentMembercolm:LatinAmericaAndAsiaPacificMember2021-01-012021-03-310001050797colm:ApparelAccessoriesAndEquipmentMemberus-gaap:EMEAMember2021-01-012021-03-310001050797country:CAcolm:ApparelAccessoriesAndEquipmentMember2021-01-012021-03-310001050797colm:ApparelAccessoriesAndEquipmentMember2021-01-012021-03-310001050797country:UScolm:FootwearMember2021-01-012021-03-310001050797colm:LatinAmericaAndAsiaPacificMembercolm:FootwearMember2021-01-012021-03-310001050797colm:FootwearMemberus-gaap:EMEAMember2021-01-012021-03-310001050797country:CAcolm:FootwearMember2021-01-012021-03-310001050797colm:FootwearMember2021-01-012021-03-310001050797country:US2021-01-012021-03-310001050797colm:LatinAmericaAndAsiaPacificMember2021-01-012021-03-310001050797us-gaap:EMEAMember2021-01-012021-03-310001050797country:CA2021-01-012021-03-310001050797us-gaap:SalesChannelThroughIntermediaryMembercountry:US2021-01-012021-03-310001050797us-gaap:SalesChannelThroughIntermediaryMembercolm:LatinAmericaAndAsiaPacificMember2021-01-012021-03-310001050797us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:EMEAMember2021-01-012021-03-310001050797country:CAus-gaap:SalesChannelThroughIntermediaryMember2021-01-012021-03-310001050797us-gaap:SalesChannelThroughIntermediaryMember2021-01-012021-03-310001050797country:USus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-03-310001050797colm:LatinAmericaAndAsiaPacificMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-03-310001050797us-gaap:EMEAMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-03-310001050797country:CAus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-03-310001050797us-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-03-310001050797colm:PatentsAndPurchasedTechnologyMember2022-03-310001050797colm:PatentsAndPurchasedTechnologyMember2021-12-310001050797colm:PatentsAndPurchasedTechnologyMember2021-03-310001050797us-gaap:CustomerRelationshipsMember2022-03-310001050797us-gaap:CustomerRelationshipsMember2021-12-310001050797us-gaap:CustomerRelationshipsMember2021-03-310001050797us-gaap:SubsequentEventMember2022-04-220001050797us-gaap:StockOptionMember2022-01-012022-03-310001050797us-gaap:StockOptionMember2021-01-012021-03-310001050797us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001050797us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001050797us-gaap:StockOptionMember2022-03-310001050797us-gaap:RestrictedStockUnitsRSUMember2022-03-310001050797us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001050797us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-12-310001050797us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001050797us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310001050797us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-012022-03-310001050797us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310001050797us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001050797us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-03-310001050797us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310001050797us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310001050797us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001050797us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-01-012021-03-310001050797us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310001050797us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-03-310001050797us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001050797colm:UnitedStatesMember2022-01-012022-03-310001050797colm:UnitedStatesMember2021-01-012021-03-310001050797colm:LatinAmericaAndAsiaPacificMember2022-01-012022-03-310001050797colm:LatinAmericaAndAsiaPacificMember2021-01-012021-03-310001050797colm:EuropeMiddleEastAndAfricaMember2022-01-012022-03-310001050797colm:EuropeMiddleEastAndAfricaMember2021-01-012021-03-310001050797colm:CanadaMember2022-01-012022-03-310001050797colm:CanadaMember2021-01-012021-03-310001050797colm:UnitedStatesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001050797colm:UnitedStatesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001050797colm:LatinAmericaAndAsiaPacificMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001050797colm:LatinAmericaAndAsiaPacificMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001050797us-gaap:OperatingSegmentsMembercolm:EuropeMiddleEastAndAfricaMember2022-01-012022-03-310001050797us-gaap:OperatingSegmentsMembercolm:EuropeMiddleEastAndAfricaMember2021-01-012021-03-310001050797colm:CanadaMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310001050797colm:CanadaMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310001050797us-gaap:OperatingSegmentsMember2022-01-012022-03-310001050797us-gaap:OperatingSegmentsMember2021-01-012021-03-310001050797us-gaap:CorporateNonSegmentMember2022-01-012022-03-310001050797us-gaap:CorporateNonSegmentMember2021-01-012021-03-310001050797us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2022-01-012022-03-31xbrli:pure0001050797us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2021-01-012021-12-310001050797us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2021-01-012021-03-310001050797us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-03-310001050797us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001050797us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-03-310001050797us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2022-03-310001050797us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-12-310001050797us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMember2021-03-310001050797srt:MaximumMember2022-01-012022-03-310001050797srt:MaximumMember2022-03-310001050797us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-03-310001050797us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001050797us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-03-310001050797us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-03-310001050797us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001050797us-gaap:OtherNoncurrentAssetsMemberus-gaap:ForwardContractsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-03-310001050797us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-03-310001050797us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001050797us-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-03-310001050797us-gaap:ForwardContractsMembercolm:OtherLongTermLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-03-310001050797us-gaap:ForwardContractsMembercolm:OtherLongTermLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001050797us-gaap:ForwardContractsMembercolm:OtherLongTermLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-03-310001050797us-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForwardContractsMember2022-03-310001050797us-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForwardContractsMember2021-12-310001050797us-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForwardContractsMember2021-03-310001050797us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMember2022-03-310001050797us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMember2021-12-310001050797us-gaap:NondesignatedMemberus-gaap:ForwardContractsMemberus-gaap:AccruedLiabilitiesMember2021-03-310001050797us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310001050797us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-03-310001050797us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2022-01-012022-03-310001050797us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:SalesMember2021-01-012021-03-310001050797us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310001050797us-gaap:CostOfSalesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-03-310001050797us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-03-310001050797us-gaap:OtherNonoperatingIncomeExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-01-012021-03-310001050797us-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-03-310001050797us-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2021-01-012021-03-310001050797us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2022-03-310001050797us-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMember2022-03-310001050797us-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMember2022-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AvailableforsaleSecuritiesMember2022-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AvailableforsaleSecuritiesMember2022-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2022-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2022-03-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Member2022-03-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2022-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMember2022-03-310001050797us-gaap:FairValueInputsLevel1Member2022-03-310001050797us-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Member2022-03-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001050797us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001050797us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-03-310001050797us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2021-12-310001050797us-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMember2021-12-310001050797us-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMember2021-12-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:AvailableforsaleSecuritiesMember2021-12-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2021-12-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Member2021-12-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-12-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001050797us-gaap:FairValueInputsLevel1Member2021-12-310001050797us-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Member2021-12-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001050797us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001050797us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-12-310001050797us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2021-03-310001050797us-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMember2021-03-310001050797us-gaap:CashEquivalentsMemberus-gaap:MoneyMarketFundsMember2021-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2021-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2021-03-310001050797us-gaap:USTreasurySecuritiesMemberus-gaap:CashEquivalentsMember2021-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:MutualFundMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:MutualFundMemberus-gaap:ShortTermInvestmentsMember2021-03-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Member2021-03-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-03-310001050797us-gaap:OtherCurrentAssetsMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2021-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:MoneyMarketFundsMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:MutualFundMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:OtherNoncurrentAssetsMember2021-03-310001050797us-gaap:FairValueInputsLevel1Member2021-03-310001050797us-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Member2021-03-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310001050797us-gaap:AccruedLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310001050797us-gaap:FairValueInputsLevel1Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310001050797us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-03-310001050797us-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310001050797us-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_______to_______

 —————————————————————
Commission file number 000-23939
 —————————————————————

COLUMBIA SPORTSWEAR COMPANY
(Exact name of registrant as specified in its charter) 
 —————————————————————

Oregon93-0498284
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
14375 Northwest Science Park Drive, Portland Oregon 97229
(Address of principal executive offices and zip code)
(503) 985-4000
(Registrant's telephone number, including area code)
 —————————————————————
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCOLMThe NASDAQ Global Select Market
 —————————————————————
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No
The number of shares outstanding of the registrant's common stock on April 22, 2022 was 62,868,818.










colm-20220331_g1.jpg
TABLE OF CONTENTS
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "may" and other words and terms of similar meaning or reference future dates. Forward-looking statements include any statements related to our expectations regarding future performance or market position, including any statements regarding outdoor participation by consumers, the casualization of the apparel and footwear markets, the promotional environment, wholesale trade terms, inventories, consumer spending and preferences, store traffic, freight charges, inventory receipts, logistics constraints, manufacturing constraints, labor costs and shortages, inflationary pressures, the geopolitical environment, consumer expectations, our short and long-term cash needs and our ability to meet those needs, amortization expenses and maturities of liabilities.

These forward-looking statements, and others we make from time to time expressed in good faith, are believed to have a reasonable basis; however, each forward-looking statement involves risks and uncertainties. Many factors may cause actual results to differ materially from projected results in forward-looking statements, including the risks described in Item 1A of this Quarterly Report on Form 10-Q. Forward-looking statements are inherently less reliable than historical information. Except as required by law, we do not undertake any duty to update forward-looking statements after the date they are made or to conform them to actual results or to changes in circumstances or to reflect changes in events, circumstances or expectations. New factors emerge from time to time and it is not possible for us to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | i

PART I — FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands)March 31,
2022
December 31,
2021
March 31,
2021
ASSETS
Current Assets:
Cash and cash equivalents$435,240 $763,404 $873,641 
Short-term investments175,024 131,145 920 
Accounts receivable, net of allowance of $5,412, $8,893 and $13,480, respectively
408,186 487,803 338,787 
Inventories, net714,415 645,379 525,704 
Prepaid expenses and other current assets105,261 86,306 66,173 
Total current assets1,838,126 2,114,037 1,805,225 
Property, plant and equipment, net of accumulated depreciation of $603,229, $602,660 and $576,597, respectively
290,070 291,088 300,063 
Operating lease right-of-use assets333,356 330,928 363,652 
Intangible assets, net101,496 101,908 103,146 
Goodwill68,594 68,594 68,594 
Deferred income taxes89,613 92,121 86,825 
Other non-current assets66,724 68,452 66,401 
Total assets$2,787,979 $3,067,128 $2,793,906 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$262,255 $283,349 $165,555 
Accrued liabilities234,326 316,485 224,674 
Operating lease liabilities68,136 67,429 81,308 
Income taxes payable6,297 13,127 3,431 
Total current liabilities571,014 680,390 474,968 
Non-current operating lease liabilities321,250 317,666 356,766 
Income taxes payable40,299 44,541 50,285 
Deferred income taxes  4,406 
Other long-term liabilities36,516 35,279 38,671 
Total liabilities969,079 1,077,876 925,096 
Commitments and contingencies (Note 4)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding
   
Common stock (no par value); 250,000 shares authorized; 62,948, 65,164 and 66,457 issued and outstanding, respectively
  22,230 
Retained earnings1,828,074 1,993,628 1,850,415 
Accumulated other comprehensive income (loss)(9,174)(4,376)(3,835)
Total shareholders' equity1,818,900 1,989,252 1,868,810 
Total liabilities and shareholders' equity$2,787,979 $3,067,128 $2,793,906 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 1

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

Three Months Ended March 31,
(in thousands, except per share amounts)20222021
Net sales$761,510 $625,606 
Cost of sales383,063 304,204 
Gross profit378,447 321,402 
Selling, general and administrative expenses299,086 254,389 
Net licensing income4,305 3,467 
Operating income83,666 70,480 
Interest income, net395 278 
Other non-operating income (expense), net44 (304)
Income before income tax84,105 70,454 
Income tax expense(17,268)(14,554)
Net income$66,837 $55,900 
Earnings per share:
Basic$1.04 $0.84 
Diluted$1.03 $0.84 
Weighted average shares outstanding:
Basic64,27366,363
Diluted64,59166,885

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 2

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended March 31,
(in thousands)20222021
Net income$66,837 $55,900 
Other comprehensive income (loss):
Unrealized holding losses on available-for-sale securities (net of tax effects of $146)
(451) 
Unrealized holding gains (losses) on derivative transactions (net of tax effects of $656 and $(3,368), respectively)
(2,091)8,563 
Foreign currency translation adjustments (net of tax effects of $850 and $414, respectively)
(2,256)(13,204)
Other comprehensive income (loss)(4,798)(4,641)
Comprehensive income$62,039 $51,259 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 3

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended March 31,
(in thousands)20222021
Cash flows from operating activities:
Net income$66,837 $55,900 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, amortization, and non-cash lease expense30,577 30,459 
Provision for uncollectible accounts receivable(3,377)(7,849)
Loss on disposal or impairment of intangible assets, property, plant and equipment, and right-of-use assets1,598 131 
Deferred income taxes2,746 4,577 
Stock-based compensation5,503 4,874 
Changes in operating assets and liabilities:
Accounts receivable81,220 117,818 
Inventories, net(71,108)25,117 
Prepaid expenses and other current assets(17,604)(11,150)
Other assets(1,443)51 
Accounts payable(20,823)(41,194)
Accrued liabilities(81,371)(27,253)
Income taxes payable(11,004)(19,291)
Operating lease assets and liabilities(15,979)(21,273)
Other liabilities440 (18)
Net cash provided by (used in) operating activities(33,788)110,899 
Cash flows from investing activities:
Purchases of short-term investments(44,877) 
Sales and maturities of short-term investments984 1,054 
Capital expenditures(12,885)(3,896)
Net cash used in investing activities(56,778)(2,842)
Cash flows from financing activities:
Proceeds from credit facilities 7,753 
Repayments on credit facilities (7,532)
Proceeds from issuance of common stock related to stock-based compensation2,512 13,772 
Tax payments related to stock-based compensation(3,959)(5,358)
Repurchase of common stock(217,317)(11,223)
Cash dividends paid(19,151)(17,285)
Net cash used in financing activities(237,915)(19,873)
Net effect of exchange rate changes on cash317 (5,268)
Net increase (decrease) in cash and cash equivalents(328,164)82,916 
Cash and cash equivalents, beginning of period763,404 790,725 
Cash and cash equivalents, end of period$435,240 $873,641 
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes$18,205 $37,534 
Supplemental disclosures of non-cash investing and financing activities:
Property, plant and equipment acquired through increase in liabilities$6,702 $2,832 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 4

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2021
65,164 $ $1,993,628 $(4,376)$1,989,252 
Net income— — 66,837 — 66,837 
Other comprehensive income (loss):
Unrealized holding losses on available-for-sale securities, net— — — (451)(451)
Unrealized holding losses on derivative transactions, net— — — (2,091)(2,091)
Foreign currency translation adjustment, net— — — (2,256)(2,256)
Cash dividends ($0.30 per share)
— — (19,151)— (19,151)
Issuance of common stock related to stock-based compensation, net
113 (1,446)— — (1,446)
Stock-based compensation expense— 5,503 — — 5,503 
Repurchase of common stock(2,329)(4,057)(213,240)— (217,297)
Balance, March 31, 2022
62,948 $ $1,828,074 $(9,174)$1,818,900 

(in thousands, except per share amounts)Common StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Shares
Outstanding
Amount
Balance, December 31, 2020
66,252 $20,165 $1,811,800 $806 $1,832,771 
Net income— — 55,900 — 55,900 
Other comprehensive income (loss):
Unrealized holding gains on derivative transactions, net— — — 8,563 8,563 
Foreign currency translation adjustment, net— — — (13,204)(13,204)
Cash dividends ($0.26 per share)
— — (17,285)— (17,285)
Issuance of common stock related to stock-based compensation, net
314 8,414 — — 8,414 
Stock-based compensation expense— 4,874 — — 4,874 
Repurchase of common stock(109)(11,223)— — (11,223)
Balance, March 31, 2021
66,457 $22,230 $1,850,415 $(3,835)$1,868,810 

See accompanying notes to condensed consolidated financial statements.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 5

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTEPAGE
Note 1Basis of Presentation and Organization
Note 2Revenues
Note 3Intangible Assets, Net and Goodwill
Note 4Commitments and Contingencies
Note 5Shareholders' Equity
Note 6Stock-Based Compensation
Note 7Earnings Per Share
Note 8Accumulated Other Comprehensive Income (Loss)
Note 9Segment Information
Note 10Financial Instruments and Risk Management
Note 11Fair Value Measures

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 6

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
NOTE 1 — BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of March 31, 2022, December 31, 2021 and March 31, 2021, the results of operations for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. The December 31, 2021 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for other quarterly periods or for the full year.

Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

PRINCIPLES OF CONSOLIDATION

The unaudited condensed consolidated financial statements include the accounts of the Company. All significant intercompany balances and transactions have been eliminated in consolidation.

ESTIMATES AND ASSUMPTIONS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. The Company's significant estimates relate to sales reserves, allowance for uncollectible accounts receivable, excess, close-out and slow-moving inventory, impairment of long-lived assets, intangible assets and goodwill, and income taxes.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

None.

RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In November 2021, the FASB issued ASU No. 2021-10 (“ASU 2021-10”), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, to increase transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The impact of this new standard will depend on the amount of future government assistance received, if any.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 7

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
NOTE 2 — REVENUES

DISAGGREGATED REVENUE

As disclosed below in Note 9, the Company has four geographic reportable segments: United States ("U.S."), Latin America and Asia Pacific ("LAAP"), Europe, Middle East and Africa ("EMEA") and Canada.

The following tables disaggregate the Company's operating segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors:

Three Months Ended March 31, 2022
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$385,228 $85,925 $63,269 $31,521 $565,943 
Footwear116,666 35,818 31,448 11,635 195,567 
Total$501,894 $121,743 $94,717 $43,156 $761,510 
Channel net sales
Wholesale$247,509 $59,938 $75,294 $25,483 $408,224 
DTC254,385 61,805 19,423 17,673 353,286 
Total$501,894 $121,743 $94,717 $43,156 $761,510 

Three Months Ended March 31, 2021
(in thousands)
U.S.LAAPEMEACanadaTotal
Product category net sales
Apparel, Accessories and Equipment$317,349 $78,723 $46,296 $26,542 $468,910 
Footwear91,313 33,254 24,469 7,660 156,696 
Total$408,662 $111,977 $70,765 $34,202 $625,606 
Channel net sales
Wholesale$200,881 $55,550 $57,764 $21,218 $335,413 
DTC207,781 56,427 13,001 12,984 290,193 
Total$408,662 $111,977 $70,765 $34,202 $625,606 

PERFORMANCE OBLIGATIONS

For the three months ended March 31, 2022 and 2021, Net sales recognized from performance obligations related to prior periods were not material. Net sales expected to be recognized in any future period related to remaining performance obligations is not material.

CONTRACT BALANCES

As of March 31, 2022, December 31, 2021 and March 31, 2021, contract liabilities included in Accrued liabilities on the unaudited Condensed Consolidated Balance Sheets, which consisted of obligations associated with the Company's gift card and customer loyalty programs, were not material.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 8

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
NOTE 3 — INTANGIBLE ASSETS, NET AND GOODWILL
Intangible assets, net consisted of the following:

(in thousands)
March 31, 2022December 31, 2021March 31, 2021
Intangible assets with definite lives:
Patents and purchased technology$14,198 14,198 14,198 
Customer relationships23,000 23,000 23,000 
Gross carrying amount37,198 37,198 37,198 
Accumulated amortization:
Patents and purchased technology(14,198)(14,198)(14,198)
Customer relationships(19,425)(19,013)(17,775)
Accumulated amortization(33,623)(33,211)(31,973)
Net carrying amount3,575 3,987 5,225 
Intangible assets with indefinite lives97,921 97,921 97,921 
Intangible assets, net$101,496 $101,908 $103,146 

Amortization expense for intangible assets subject to amortization was $0.4 million for the three months ended March 31, 2022 and 2021.

The following table presents the remaining estimated annual amortization expense for the years 2022 through 2027:

(in thousands)
2022$1,237 
20231,650 
2024688 
2025 
2026 
2027 

NOTE 4 — COMMITMENTS AND CONTINGENCIES

LITIGATION

The Company is involved in litigation and various legal matters arising in the normal course of business, including matters related to employment, retail, intellectual property, contractual agreements, and various regulatory compliance activities. Management has considered facts related to legal and regulatory matters and opinions of counsel handling these matters, and does not believe the ultimate resolution of these proceedings will have a material adverse effect on the Company's financial position, results of operations or cash flows.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 9

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
NOTE 5 — SHAREHOLDERS' EQUITY

Since the inception of the Company's stock repurchase plan in 2004 through March 31, 2022, the Company's Board of Directors has authorized the repurchase of $1.5 billion 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, and generally settle subsequent to the trade date. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

Under this program as of March 31, 2022, the Company had repurchased 30.8 million shares at an aggregate purchase price of $1,401.0 million and had $99.0 million remaining available. During the three months ended March 31, 2022, the Company repurchased an aggregate of $217.3 million of common stock under this program.

In April 2022, the Company's Board of Directors approved a $500.0 million increase in share repurchase authorization.

NOTE 6 — STOCK-BASED COMPENSATION

The Company's Stock Incentive Plan allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, and other stock-based or cash-based awards. The Company uses original issuance shares to satisfy share-based payments.

STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense consisted of the following:

Three Months Ended March 31,
(in thousands)20222021
Stock options$1,896 $1,910 
Restricted stock units3,607 2,964 
Total$5,503 $4,874 

STOCK OPTIONS

During the three months ended March 31, 2022, the Company granted a total of 536,436 stock options at a weighted average grant date fair value of $18.36 per option. As of March 31, 2022, unrecognized costs related to outstanding stock options totaled $19.2 million, before any related tax benefit. These unrecognized costs related to stock options are expected to be recognized over a weighted average remaining period of 2.89 years.

RESTRICTED STOCK UNITS

During the three months ended March 31, 2022, the Company granted 206,787 restricted stock units at a weighted average grant date fair value of $86.74 per restricted stock unit. As of March 31, 2022, unrecognized costs related to outstanding restricted stock units totaled $30.6 million, before any related tax benefit. These unrecognized costs related to restricted stock units are expected to be recognized over a weighted average remaining period of 2.95 years.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 10

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
NOTE 7 — EARNINGS PER SHARE

Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows:

Three Months Ended March 31,
(in thousands, except per share amounts)
20222021
Weighted average common shares outstanding, used in computing basic earnings per share
64,273 66,363 
Effect of dilutive stock options and restricted stock units318 522 
Weighted average common shares outstanding, used in computing diluted earnings per share
64,591 66,885 
Earnings per share:
Basic$1.04 $0.84 
Diluted$1.03 $0.84 

Stock options, service-based restricted stock units, and performance-based restricted stock representing 1,230,716 and 693,403 shares of common stock for the three months ended March 31, 2022 and 2021, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.

NOTE 8 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated other comprehensive income (loss) on the unaudited Condensed Consolidated Balance Sheets is net of applicable taxes, and consists of unrealized 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 income (loss) attributable to the Company:

(in thousands)Unrealized holding losses on available-for-sale securitiesUnrealized holding gains (losses) on derivative transactionsForeign currency
 translation
adjustments
Total
Balance as of December 31, 2021
$ $9,914 $(14,290)$(4,376)
Other comprehensive income (loss) before reclassifications(451)(1,864)(2,256)(4,571)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
 (227) (227)
Net other comprehensive income (loss) during the year(451)(2,091)(2,256)(4,798)
Balance as of March 31, 2022
$(451)$7,823 $(16,546)$(9,174)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 11

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
(in thousands)Unrealized holding
gains (losses) on
derivative transactions
Foreign currency
 translation
adjustments
Total
Balance as of December 31, 2020
$(9,369)$10,175 $806 
Other comprehensive income (loss) before reclassifications9,279 (13,204)(3,925)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
(716) (716)
Net other comprehensive income (loss) during the year8,563 (13,204)(4,641)
Balance as of March 31, 2021
$(806)$(3,029)$(3,835)
(1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 10 for further information regarding reclassifications.

NOTE 9 — SEGMENT INFORMATION

The Company has four reportable geographic segments: U.S., LAAP, EMEA, and Canada, which are reflective of the Company's internal organization, management and oversight structure. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and everyday lifestyle apparel, footwear, accessories, and equipment products. 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 services, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.

The following table presents financial information for the Company's reportable segments:

Three Months Ended March 31,
(in thousands)
20222021
Net sales to unrelated entities:
U.S.$501,894 $408,662 
LAAP121,743 111,977 
EMEA94,717 70,765 
Canada43,156 34,202 
$761,510 $625,606 
Segment operating income:
U.S.$113,176 $99,661 
LAAP13,002 9,718 
EMEA16,499 10,062 
Canada8,141 6,228 
Total segment operating income150,818 125,669 
Unallocated corporate expenses(67,152)(55,189)
Interest income, net395 278 
Other non-operating income (expense), net44 (304)
Income before income tax$84,105 $70,454 

CONCENTRATIONS

The Company had one customer that accounted for approximately 13.0%, 14.3% and 10.2% of Accounts receivable, net as of March 31, 2022, December 31, 2021, and March 31, 2021, respectively. No single customer accounted for 10% or more of Net sales for any of the three months ended March 31, 2022 and March 31, 2021, respectively.
COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 12

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg

NOTE 10 — FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

In the normal course of business, the Company's financial position, results of operations and cash flows are routinely subject to a variety of risks. These risks include risks associated with financial markets, primarily currency exchange rate risk and, to a lesser extent, interest rate risk and equity market risk. The Company regularly assesses these risks and has established policies and business practices designed to mitigate them. The Company does not engage in speculative trading in any financial market.

The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated purchases and sales. Subsidiaries that use European euros, Canadian dollars, Japanese yen, Chinese renminbi, or Korean won as their functional currency are primarily exposed to changes in functional currency equivalent cash flows from anticipated United States dollar inventory purchases. Subsidiaries that use United States dollars and European euros as their functional currency also have non-functional currency denominated sales for which the Company hedges the Canadian dollar and British pound. The Company manages these risks by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument's cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. Time value components ("forward points") for forward contracts are included in the fair value of the cash flow hedge. These costs or benefits will be included in Accumulated other comprehensive income (loss) until the underlying hedge transaction is recognized in either Net sales or Cost of sales, at which time, the forward points will also be recognized as a component of Net income.

The Company also uses currency forward contracts not formally designated as hedges to manage the consolidated currency exchange rate risk associated with the remeasurement of non-functional currency denominated monetary assets and liabilities by subsidiaries that use United States dollars, euros, Canadian dollars, yen, 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, deferred income taxes, 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 income (expense), net by the gains and losses generated from the remeasurement of the non-functional currency denominated monetary assets and liabilities.

The following table presents the gross notional amount of outstanding derivative instruments:

(in thousands)March 31, 2022December 31, 2021March 31, 2021
Derivative instruments designated as cash flow hedges:
Currency forward contracts$536,790 $485,083 $484,176 
Derivative instruments not designated as hedges:
Currency forward contracts230,968 267,982 219,961 

As of March 31, 2022, $5.1 million of deferred net gains on both outstanding and matured derivatives recorded in Accumulated other comprehensive income (loss) are expected to be reclassified to Net income during the next twelve months as a result of underlying hedged transactions also being recorded in Net sales, Cost of sales, or Other non-operating income (expense) in the unaudited Condensed Consolidated Statements of Operations. When outstanding derivative contracts mature, actual amounts ultimately reclassified to Net sales, Cost of sales, or Other non-operating income (expense) in the unaudited Condensed Consolidated Statements of Operations are dependent on United States dollar exchange rates in effect against the euro, pound sterling, renminbi, Canadian dollar, and yen as well as the euro exchange rate in effect against the pound sterling.

As of March 31, 2022, 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 $5.3 million as of March 31, 2022. All of the Company's derivative counterparties have credit ratings that are investment grade or higher. The Company is a party to master netting arrangements that contain features that allow counterparties to net settle amounts arising from multiple separate derivative transactions or net settle in the case of certain triggering events such as a bankruptcy or major default of one of the counterparties to the transaction. The Company has not pledged assets or posted collateral as a requirement for entering into or maintaining derivative positions.

COLUMBIA SPORTSWEAR COMPANY | 2022 FORM 10-Q | 13

Notes to Condensed Consolidated Financial Statements (Unaudited)
colm-20220331_g1.jpg
The following table presents the balance sheet classification and fair value of derivative instruments:

(in thousands)Balance Sheet
Classification
March 31, 2022December 31, 2021March 31, 2021
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets$9,184 $7,927 $2,438 
Currency forward contractsOther non-current assets7,351 10,142 6,159 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities3,411 2,545 4,908 
Currency forward contractsOther long-term liabilities1,383 318 2,337 
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contractsPrepaid expenses and other current assets1,888 1,470 1,759 
Derivative instruments in liability positions:
Currency forward contractsAccrued liabilities902 1,027 1,793 

The following table presents the statement of operations effect and classification of derivative instruments:

</