Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | COLUMBIA SPORTSWEAR CO | ||
Entity Central Index Key | 1,050,797 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1,562,767,527 | ||
Entity Common Stock, Shares Outstanding | 69,485,035 |
Consolidated Balance Sheets
Consolidated Balance Sheets | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
ASSETS | ||
Cash and cash equivalents | $ 551,389,000 | $ 369,770,000 |
Short-term investments | 472,000 | 629,000 |
Accounts receivable, net (Note 5) | 333,678,000 | 371,953,000 |
Inventories | 487,997,000 | 473,637,000 |
Prepaid expenses and other current assets | 38,487,000 | 33,400,000 |
Total current assets | 1,412,023,000 | 1,249,389,000 |
Property, plant, and equipment, net (Note 6) | 279,650,000 | 291,687,000 |
Intangible assets, net (Note 7) | 133,438,000 | 138,584,000 |
Goodwill (Note 7) | 68,594,000 | 68,594,000 |
Deferred income taxes (Note 10) | 92,494,000 | 76,181,000 |
Other non-current assets | 27,695,000 | 21,718,000 |
Total assets | 2,013,894,000 | 1,846,153,000 |
LIABILITIES AND EQUITY | ||
Short-term borrowings (Note 8) | 0 | 1,940,000 |
Accounts payable | 215,048,000 | 217,230,000 |
Accrued liabilities (Note 10) | 142,158,000 | 141,862,000 |
Income taxes payable (Note 11) | 5,645,000 | 5,038,000 |
Total current liabilties | 362,851,000 | 366,070,000 |
Note payable to related party (Note 22) | 14,053,000 | 15,030,000 |
Other long-term liabilities (Notes 11, 12) | 42,622,000 | 40,172,000 |
Income taxes payable (Note 10) | 12,710,000 | 8,839,000 |
Deferred income taxes (Note 10) | 147,000 | 229,000 |
Total liabilities | 432,383,000 | 430,340,000 |
Commitments and contingencies (Note 13) | ||
Shareholders' Equity: | ||
Preferred stock; 10,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock (no par value); 250,000 shares authorized; 69,277 and 69,828 issued and outstanding (Note 15) | 53,801,000 | 34,776,000 |
Retained earnings | 1,529,636,000 | 1,385,860,000 |
Accumulated other comprehensive income (Note 18) | (22,617,000) | (20,836,000) |
Total Columbia Sportswear Company shareholders' equity | 1,560,820,000 | 1,399,800,000 |
Non-controlling interest (Note 4) | 20,691,000 | 16,013,000 |
Total equity | 1,581,511,000 | 1,415,813,000 |
Total liabilities and equity | $ 2,013,894,000 | $ 1,846,153,000 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands, $ / shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 250,000 | 250,000 |
Common stock, shares issued | 69,873 | 69,277 |
Common stock, shares outstanding | 69,873 | 69,277 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales | $ 2,377,045,000 | $ 2,326,180,000 | $ 2,100,590,000 |
Cost of sales | 1,266,697,000 | 1,252,680,000 | 1,145,639,000 |
Gross profit | 1,110,348,000 | 1,073,500,000 | 954,951,000 |
Selling, general and administrative expenses | 864,084,000 | 831,971,000 | 763,063,000 |
Net licensing income | 10,244,000 | 8,192,000 | 6,956,000 |
Income from operations | 256,508,000 | 249,721,000 | 198,844,000 |
Interest income, net | 2,003,000 | 1,531,000 | 1,004,000 |
Interest expense on note payable to related party (Note 22) | (1,041,000) | (1,099,000) | (1,053,000) |
Other non-operating expense | (572,000) | (2,834,000) | (274,000) |
Income before income tax | 256,898,000 | 247,319,000 | 198,521,000 |
Income tax expense (Note 10) | (58,459,000) | (67,468,000) | (56,662,000) |
Net income | 198,439,000 | 179,851,000 | 141,859,000 |
Net income attributable to non-controlling interest | 6,541,000 | 5,514,000 | 4,686,000 |
Net income attributable to Columbia Sportswear Company | $ 191,898,000 | $ 174,337,000 | $ 137,173,000 |
Earnings per share attributable to Columbia Sportswear Company (Note 16) | |||
Basic | $ 2.75 | $ 2.48 | $ 1.97 |
Diluted | $ 2.72 | $ 2.45 | $ 1.94 |
Weighted average shares outstanding (Note 16): | |||
Basic | 69,683 | 70,162 | 69,807 |
Diluted | 70,632 | 71,064 | 70,681 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 198,439 | $ 179,851 | $ 141,859 |
Other comprehensive loss: | |||
Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of $0, ($3) and ($5), respectively) | (2) | (6) | 10 |
Unrealized gains (losses) on derivative transactions (net of tax effects of ($1,922), ($849) and ($1,507), respectively) | 843 | (2,908) | 7,751 |
Foreign currency translation adjustments (net of tax effects of ($347), ($760) and $1,023, respectively) | (4,485) | (34,887) | (27,789) |
Other comprehensive loss | (3,644) | (37,801) | (20,028) |
Comprehensive income | 194,795 | 142,050 | 121,831 |
Comprehensive income attributable to non-controlling interest | 4,678 | 4,382 | 4,185 |
Comprehensive income attributable to Columbia Sportswear Company | $ 190,117 | $ 137,668 | $ 117,646 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized holding gains (losses) on available-for-sale securities, tax effect | $ 0 | $ (3) | $ (5) |
Unrealized gains (losses) on derivative transactions, tax effect | (1,922) | (849) | (1,507) |
Foreign currency translation adjustment, tax effect | $ (347) | $ (760) | $ 1,023 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 198,439 | $ 179,851 | $ 141,859 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 60,016 | 56,521 | 54,017 |
Loss on disposal or impairment of property, plant, and equipment | 4,805 | 5,098 | 481 |
Deferred income taxes | (19,178) | (11,709) | (6,978) |
Stock-based compensation | 10,986 | 11,672 | 11,120 |
Excess tax benefit from employee stock plans | 0 | (7,873) | (4,927) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 36,710 | (40,419) | (31,478) |
Inventories | (18,777) | (103,296) | (62,086) |
Prepaid expenses and other current assets | (5,452) | 4,411 | (4,869) |
Other assets | (5,948) | (2,524) | 4,291 |
Accounts payable | 1,483 | 11,418 | 41,941 |
Accrued liabilities | 4,847 | (2,017) | 35,051 |
Income taxes payable | 4,768 | (10,994) | 1,166 |
Other liabilities | 2,468 | 4,966 | 6,195 |
Net cash provided by operating activities | 275,167 | 95,105 | 185,783 |
Cash flows from investing activities: | |||
Acquisition of business, net of cash acquired | 0 | 0 | (188,467) |
Purchases of short-term investments | (21,263) | (38,208) | (48,243) |
Sales of short-term investments | 21,263 | 64,980 | 112,895 |
Capital expenditures | (49,987) | (69,917) | (60,283) |
Proceeds from sale of property, plant, and equipment | 97 | 144 | 71 |
Net cash used in investing activities | (49,890) | (43,001) | (184,027) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 62,885 | 53,429 | 52,356 |
Repayments on credit facilities | (64,825) | (51,479) | (52,205) |
Proceeds from issuance of common stock under employee stock plans | 13,167 | 17,442 | 22,277 |
Tax payments related to restricted stock unit issuances | (5,117) | (4,895) | (3,141) |
Excess tax benefit from employee stock plans | 0 | 7,873 | 4,927 |
Repurchase of common stock | (11) | (70,068) | (15,000) |
Proceeds from related party note payable | 0 | 0 | 16,072 |
Cash dividends paid | (48,122) | (43,547) | (39,836) |
Net cash used in financing activities | (42,023) | (91,245) | (14,550) |
Net effect of exchange rate changes on cash | (1,635) | (4,647) | (11,137) |
Net increase (decrease) in cash and cash equivalents | 181,619 | (43,788) | (23,931) |
Cash and cash equivalents, beginning of year | 369,770 | 413,558 | 437,489 |
Cash and cash equivalents, end of year | 551,389 | 369,770 | 413,558 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for income taxes | 70,424 | 87,350 | 53,958 |
Interest Paid | 1,049 | 1,115 | 838 |
Supplemental disclosures of non-cash investing activities: | |||
Capital expenditures incurred but not yet paid | $ 2,710 | $ 4,698 | $ 7,196 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-controlling Interest [Member] |
Balance at Dec. 31, 2013 | $ 1,252,864,000 | $ 52,325,000 | $ 1,157,733,000 | $ 35,360,000 | $ 7,446,000 |
Net income | 141,859,000 | 0 | 137,173,000 | 4,686,000 | |
Other comprehensive income (loss): | |||||
Unrealized holding gains (losses) on available-for-sale securities, net | 10,000 | 0 | 0 | 10,000 | 0 |
Unrealized gains (losses) on derivative transactions, net | 7,751,000 | 0 | 0 | 7,751,000 | 0 |
Foreign currency translation adjustments, net | (27,789,000) | 0 | 0 | (27,288,000) | (501,000) |
Cash dividends | (39,836,000) | 0 | (39,836,000) | 0 | |
Issuance of common stock under employee stock plans, net | 19,136,000 | 19,136,000 | 0 | ||
Tax adjustment from stock plans | 5,119,000 | 5,119,000 | 0 | ||
Stock-based compensation expense | 11,120,000 | 11,120,000 | 0 | ||
Repurchase of common stock | (15,000,000) | (15,000,000) | 0 | 0 | |
Balance at Dec. 31, 2014 | 1,355,234,000 | $ 72,700,000 | 1,255,070,000 | 15,833,000 | 11,631,000 |
Balance, shares at Dec. 31, 2013 | 69,190 | ||||
Other comprehensive income (loss): | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,059 | ||||
Stock Repurchased During Period, Shares | (421) | ||||
Balance, shares at Dec. 31, 2014 | 69,828 | ||||
Net income | 179,851,000 | $ 0 | 174,337,000 | 5,514,000 | |
Other comprehensive income (loss): | |||||
Unrealized holding gains (losses) on available-for-sale securities, net | (6,000) | 0 | 0 | (6,000) | 0 |
Unrealized gains (losses) on derivative transactions, net | (2,908,000) | 0 | 0 | (2,908,000) | 0 |
Foreign currency translation adjustments, net | (34,887,000) | 0 | 0 | (33,755,000) | (1,132,000) |
Cash dividends | (43,547,000) | 0 | (43,547,000) | 0 | |
Issuance of common stock under employee stock plans, net | 12,547,000 | 12,547,000 | 0 | ||
Tax adjustment from stock plans | 7,925,000 | 7,925,000 | 0 | ||
Stock-based compensation expense | 11,672,000 | 11,672,000 | 0 | ||
Repurchase of common stock | (70,068,000) | (70,068,000) | 0 | ||
Balance at Dec. 31, 2015 | $ 1,415,813,000 | $ 34,776,000 | 1,385,860,000 | (20,836,000) | 16,013,000 |
Other comprehensive income (loss): | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 835 | ||||
Stock Repurchased During Period, Shares | (1,386) | ||||
Balance, shares at Dec. 31, 2015 | 69,277 | 69,277 | |||
Net income | $ 198,439,000 | $ 0 | 191,898,000 | 6,541,000 | |
Other comprehensive income (loss): | |||||
Unrealized holding gains (losses) on available-for-sale securities, net | (2,000) | 0 | 0 | (2,000) | 0 |
Unrealized gains (losses) on derivative transactions, net | 843,000 | 0 | 0 | 686,000 | 157,000 |
Foreign currency translation adjustments, net | (4,485,000) | 0 | 0 | (2,465,000) | (2,020,000) |
Cash dividends | (48,122,000) | 0 | (48,122,000) | 0 | |
Issuance of common stock under employee stock plans, net | 8,050,000 | 8,050,000 | 0 | ||
Stock-based compensation expense | 10,986,000 | 10,986,000 | 0 | ||
Repurchase of common stock | (11,000) | (11,000) | 0 | ||
Balance at Dec. 31, 2016 | $ 1,581,511,000 | $ 53,801,000 | $ 1,529,636,000 | $ (22,617,000) | $ 20,691,000 |
Other comprehensive income (loss): | |||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 596 | ||||
Balance, shares at Dec. 31, 2016 | 69,873 | 69,873 |
Consolidated Statements of Sha9
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash dividends per share | $ 0.69 | $ 0.62 | $ 0.57 |
Basis of Presentation and Organ
Basis of Presentation and Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Organization | BASIS OF PRESENTATION AND ORGANIZATION Nature of the business: Columbia Sportswear Company is a global leader in the design, sourcing, marketing, and distribution of outdoor and active lifestyle apparel, footwear, accessories, and equipment. Principles of consolidation: The consolidated financial statements include the accounts of Columbia Sportswear Company, its wholly owned subsidiaries and entities in which it maintains a controlling financial interest (the "Company"). All intercompany balances and transactions have been eliminated in consolidation. Estimates and assumptions: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. 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 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 claims from customers, allowance for doubtful accounts, excess, slow-moving and close-out inventories, product warranty, long-lived and intangible assets, goodwill, income taxes, and stock-based compensation. Changes affecting comparability: In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies how several aspects of share-based payments are accounted for and presented in the financial statements. The Company elected to early-adopt ASU 2016-09 with an effective date of January 1, 2016. Under previous guidance, excess tax benefits and deficiencies from stock-based compensation arrangements were recorded in equity when the awards vested or were settled. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies in the income statement, resulting in the recognition of excess tax benefits of $5,499,000 in income tax expense, rather than in paid-in capital, for the year ended December 31, 2016. If we had retrospectively adopted this guidance, we would have recognized excess tax benefits of $7,925,000 and $5,119,000 in income tax expense, rather than in paid-in capital, for the years ended December 31, 2015 and 2014, respectively. In addition, under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified as cash flow from operations, rather than as cash flow from financing activities. The Company has elected to apply the cash flow classification guidance of ASU 2016-09 prospectively, resulting in an increase to operating cash flow of $5,538,000 for the year ended December 31, 2016; the prior years have not been adjusted. The Company has elected to continue to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur. ASU 2016-09 requires excess tax benefits and deficiencies to be prospectively excluded from assumed future proceeds in the calculation of diluted shares, resulting in an increase in diluted weighted average shares outstanding of 240,016 shares for the year ended December 31, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents: Cash and cash equivalents are stated at fair value or at cost, which approximates fair value, and include investments with original maturities of 90 days or less at the date of acquisition. At December 31, 2016 , and 2015 cash and cash equivalents consisted of cash, money market funds and time deposits. Investments: At December 31, 2016 and 2015 , short-term investments consisted of investments held as part of the Company's deferred compensation plan expected to be distributed in the next twelve months. Investments held as part of the Company's deferred compensation plan are classified as trading securities and are recorded at fair value with any unrealized gains and losses reported in operating income. Realized gains or losses are determined based on the specific identification method. At December 31, 2016 and 2015 , long-term investments included in other non-current assets consisted of mutual fund shares held to offset liabilities to participants in the Company's deferred compensation plan. The investments are classified as long-term because the related deferred compensation liabilities are not expected to be paid within the next year. These investments are classified as trading securities and are recorded at fair value with unrealized gains and losses reported as a component of operating income. Accounts receivable: Accounts receivable have been reduced by an allowance for doubtful accounts. The Company makes ongoing estimates of the collectability of accounts receivable and maintains an allowance for estimated losses resulting from the inability of the Company's customers to make required payments. Inventories: Inventories consist primarily of finished goods and are carried at the lower of cost or market. Cost is determined using the first-in, first-out method. The Company periodically reviews its inventories for excess, close-out or slow moving items and makes provisions as necessary to properly reflect inventory value. Property, plant, and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The principal estimated useful lives are: land improvements, 15 years; buildings and building improvements, 15 - 30 years; furniture and fixtures, 3 - 10 years; and machinery, software and equipment, 3 - 10 years. Leasehold improvements are depreciated over the lesser of the estimated useful life of the improvement, which is most commonly 7 years, or the remaining term of the underlying lease. Improvements to property, plant and equipment that substantially extend the useful life of the asset are capitalized. Repair and maintenance costs are expensed as incurred. Internal and external costs directly related to the development of internal-use software during the application development stage, including costs incurred for third party contractors and employee compensation, are capitalized and depreciated over a 3 - 10 year estimated useful life. Impairment of long-lived assets: Long-lived assets are amortized over their estimated useful lives and are measured for impairment only when events or circumstances indicate the carrying value may be impaired. In these cases, the Company estimates the future undiscounted cash flows to be derived from the asset or asset group to determine whether a potential impairment exists. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the estimated fair value of the asset. Impairment charges for long-lived assets are included in selling, general and administrative ("SG&A") expense and were $4,310,000 , $4,171,000 and $73,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Charges during the years ended December 31, 2016 and 2015 were recorded in the United States and LAAP regions for certain underperforming retail stores. Charges during the year ended December 31, 2014 were recorded in the United States region for certain underperforming retail stores. Intangible assets and goodwill: Intangible assets with indefinite useful lives and goodwill are not amortized but are periodically evaluated for impairment. Intangible assets that are determined to have finite lives are amortized using the straight-line method over their estimated useful lives and are measured for impairment only when events or circumstances indicate the carrying value may be impaired. Impairment of intangible assets and goodwill: The Company reviews and tests its intangible assets with indefinite useful lives and goodwill for impairment in the fourth quarter of each year and when events or changes in circumstances indicate that the carrying amount of such assets may be impaired. The Company's intangible assets with indefinite lives consist of trademarks and trade names. Substantially all of the Company's goodwill is recorded in the United States segment and impairment testing for goodwill is performed at the reporting unit level. In the impairment test for goodwill, the two-step process first compares the estimated fair value of the reporting unit with the carrying amount of that reporting unit. The Company estimates the fair value of its reporting units using a combination of discounted cash flow analysis, comparisons with the market values of similar publicly traded companies and other operating performance based valuation methods, as necessary. If step one indicates impairment, step two compares the estimated fair value of the reporting unit to the estimated fair value of all reporting unit assets and liabilities, except goodwill, to determine the implied fair value of goodwill. The Company calculates impairment as the excess of carrying amount of goodwill over the implied fair value of goodwill. In the impairment tests for trademarks and trade names, the Company compares the estimated fair value of each asset to its carrying amount. The fair values of trademarks and trade names are generally estimated using a relief from royalty method under the income approach. If the carrying amount of a trademark or trade name exceeds its estimated fair value, the Company calculates impairment as the excess of carrying amount over the estimate of fair value. If events or circumstances indicate the carrying value of intangible assets with finite lives may be impaired, the Company estimates the future undiscounted cash flows to be derived from the asset or asset group to determine whether a potential impairment exists. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the estimated fair value of the asset. Our 2016 impairment tests of goodwill and intangible assets with indefinite lives indicated that all reporting units and intangible assets with indefinite lives exceeded their respective carrying values by more than 20%, with the exception of goodwill for the Mountain Hardwear reporting unit. In the first step of the Mountain Hardwear goodwill impairment analysis, the estimated fair value of the reporting unit exceeded its carrying value by approximately 13%, and as such the reporting unit’s goodwill balance of $12.2 million was not impaired. Impairment charges, if any, are classified as a component of SG&A expense. The impairment tests and related fair value estimates are based on a number of factors, including assumptions and estimates for projected sales, income, cash flows, discount rates, remaining useful lives, and other operating performance measures. Changes in estimates or the application of alternative assumptions could produce significantly different results. These assumptions and estimates may change in the future due to changes in economic conditions, changes in the Company's ability to meet sales and profitability objectives or changes in the Company's business operations or strategic direction. Income taxes: Income taxes are provided on financial statement earnings for financial reporting purposes. Income taxes are based on amounts of taxes payable or refundable in the current year and on expected future tax consequences of events that are recognized in the financial statements in different periods than they are recognized in tax returns. As a result of timing of recognition and measurement differences between financial accounting standards and income tax laws, temporary differences arise between amounts of pre-tax financial statement income and taxable income and between reported amounts of assets and liabilities in the Consolidated Balance Sheets and their respective tax bases. Deferred income tax assets and liabilities reported in the Consolidated Balance Sheets reflect estimated future tax effects attributable to these temporary differences and to net operating loss and net capital loss carryforwards, based on tax rates expected to be in effect for years in which the differences are expected to be settled or realized. Realization of deferred tax assets is dependent on future taxable income in specific jurisdictions. Valuation allowances are used to reduce deferred tax assets to amounts considered likely to be realized. U.S. deferred income taxes are not provided on undistributed income of foreign subsidiaries, where such earnings are considered to be indefinitely invested, or to the extent such recognition would result in a deferred tax asset. Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits relating to uncertain tax positions, including related interest and penalties, appropriately classified as current or noncurrent. The Company recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. In making this determination, the Company assumes that the taxing authority will examine the position and that it will have full knowledge of all relevant information. The provision for income taxes also includes estimates of interest and penalties related to uncertain tax positions. Derivatives: The effective portion of changes in fair values of outstanding cash flow hedges is recorded in other comprehensive income until earnings are affected by the hedged transaction, and any ineffective portion is included in current income. In most cases amounts recorded in other comprehensive income will be released to earnings after maturity of the related derivative. The Consolidated Statements of Operations classification of effective hedge results is the same as that of the underlying exposure. Results of hedges of product costs are recorded in cost of sales when the underlying hedged transactions affect earnings. Results of hedges of revenue are recorded in net sales when the underlying hedged transactions affect earnings. Unrealized derivative gains and losses, which are recorded in assets and liabilities, respectively, are non-cash items and therefore are taken into account in the preparation of the Consolidated Statements of Cash Flows based on their respective balance sheet classifications. See Note 19 for more information on derivatives and risk management. Foreign currency translation: The assets and liabilities of the Company's foreign subsidiaries have been translated into U.S. dollars using the exchange rates in effect at period end, and the net sales and expenses have been translated into U.S. dollars using average exchange rates in effect during the period. The foreign currency translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders' equity and are not currently adjusted for income taxes when they relate to indefinite net investments in non-U.S. operations. Revenue recognition: The Company records wholesale, distributor, e-commerce and licensed product revenues when title passes and the risks and rewards of ownership have passed to the customer. Title generally passes upon shipment to, or upon receipt by, the customer depending on the terms of sale with the customer. Retail store revenues are recorded at the time of sale. Revenue is recorded net of sales taxes, value added taxes or similar taxes which are collected on behalf of local taxing authorities. Where title passes upon receipt by the customer, predominantly in the Company's European wholesale business, Japan and in certain of our e-commerce operations, precise information regarding the date of receipt by the customer is not readily available. In these cases, the Company estimates the date of receipt by the customer based on historical and expected delivery times by geographic location. The Company periodically tests the accuracy of these estimates based on actual transactions. Delivery times vary by geographic location, generally from one to seven days. To date, the Company has found these estimates to be materially accurate. At the time of revenue recognition, the Company also provides for estimated sales returns and miscellaneous claims from customers as reductions to revenues. The estimates are based on historical rates of product returns and claims as well as events and circumstances that indicate changes to historical rates of returns and claims. However, actual returns and claims in any future period are inherently uncertain and thus may differ from the estimates. If actual or expected future returns and claims are significantly greater or lower than the reserves that have been established, the Company would record a reduction or increase to net revenues in the period in which it made such determination. Cost of sales: The expenses that are included in cost of sales include all direct product costs related to shipping, duties and importation. Specific provisions for excess, close-out or slow moving inventory are also included in cost of sales. In addition, 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. Selling, general and administrative expense: SG&A expense consists of personnel-related costs, advertising, depreciation, occupancy, and other selling and general operating expenses related to the Company's business functions, including planning, receiving finished goods, warehousing, distribution, retail operations and information technology. Shipping and handling costs: Shipping and handling fees billed to customers and consumers are recorded as revenue. The direct costs associated with shipping goods to customers and consumers are recorded as cost of sales. Inventory planning, receiving, storing and handling costs are recorded as a component of SG&A expenses and were $65,757,000 , $61,338,000 and $59,561,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Stock-based compensation: Stock-based compensation cost is estimated at the grant date based on the award's fair value and is recognized as expense over the requisite service period using the straight-line attribution method. The Company estimates stock-based compensation for stock options granted using the Black-Scholes option pricing model, which requires various subjective assumptions, including volatility and expected option life. Further, the Company estimates forfeitures for stock-based awards granted which are not expected to vest. For restricted stock unit awards subject to performance conditions, the amount of compensation expense recorded in a given period reflects the Company's assessment of the probability of achieving its performance targets. If any of these inputs or assumptions changes significantly, stock-based compensation expense may differ materially in the future from that recorded in the current period. Assumptions are evaluated and revised as necessary to reflect changes in market conditions and the Company's experience. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by people who receive equity awards. The fair value of service-based and performance-based restricted stock units is discounted by the present value of the estimated future stream of dividends over the vesting period using the Black-Scholes model. Advertising costs: Advertising costs are expensed in the period incurred and are included in SG&A expenses. Total advertising expense, including cooperative advertising costs, was $118,663,000 , $120,764,000 and $110,109,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Through cooperative advertising programs, the Company reimburses its wholesale customers for some of their costs of advertising the Company's products based on various criteria, including the value of purchases from the Company and various advertising specifications. Cooperative advertising costs are included in expenses because the Company receives an identifiable benefit in exchange for the cost, the advertising may be obtained from a party other than the customer, and the fair value of the advertising benefit can be reasonably estimated. Cooperative advertising costs were $8,699,000 , $10,008,000 and $8,056,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Recent accounting pronouncements: In May 2014, the FASB issued 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 on January 1, 2018. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company plans to conclude upon its transition method during the first half of 2017, and is in the process of evaluating the new standard against its existing accounting policies, including principal and agent considerations, timing of revenue recognition, and balance sheet classifications, to determine the effect the guidance will have on the Consolidated Financial Statements. 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 their 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. Effective January 1, 2016, the Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). See Changes affecting comparability under Note 1. 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 currently evaluating the impact of this guidance, and expects the adoption will result in a material increase in the assets and liabilities on our consolidated balance sheets and will likely have an insignificant impact on our 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 new guidance during the first quarter of 2018, and anticipates it will result in increased volatility in our effective income tax rate. The Company plans to apply the required modified retrospective approach with a cumulative-effect adjustment to retained earnings of previously deferred charges. 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 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. We are currently evaluating the impacts and expect the adoption of ASU 2017-04 to affect the amount and timing of future goodwill impairment charges, if any. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations | CONCENTRATIONS Trade receivables The Company had one customer that accounted for approximately 15.9% of consolidated accounts receivable at December 31, 2016 . No single customer accounted for 10% or more of consolidated accounts receivable at December 31, 2015 . No single customer accounted for 10% or more of consolidated revenues for any of the years ended December 31, 2016 , 2015 or 2014 . Derivatives The Company uses derivative instruments to hedge the currency exchange rate risk of anticipated transactions denominated in non-functional currencies that are designated and qualify as cash flow hedges. The Company also uses derivative instruments to economically hedge the currency exchange rate risk of certain investment positions, to hedge balance sheet re-measurement risk and to hedge other anticipated transactions that do not qualify as cash flow hedges. At December 31, 2016 , the Company's derivative contracts had a remaining maturity of less than two 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 $4,000,000 at December 31, 2016 . All of the Company's derivative counterparties have investment grade credit ratings. See Note 19 for further disclosures concerning derivatives. Country and supplier concentrations The Company's products are produced by contract manufacturers located outside the United States, principally in Southeast Asia. Apparel is manufactured in approximately 17 countries, with Vietnam and China together accounting for approximately 65% of 2016 global apparel production. Footwear is manufactured in four countries, with China and Vietnam accounting for substantially all of 2016 global footwear production. The five largest apparel factory groups accounted for approximately 28% of 2016 global apparel production, with the largest factory group accounting for 10% of 2016 global apparel production. The five largest footwear factory groups accounted for approximately 73% of 2016 global footwear production, with the largest factory group accounting for 34% of 2016 global footwear production. These companies, however, have multiple factory locations, many of which are in different countries, thus reducing the risk that unfavorable conditions at a single factory or location will have a material adverse effect on the Company. |
Non-Controlling Interest
Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2016 | |
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"), which began operations on January 1, 2014, to support the development and operation of the Company's business in China. The accounts and operations of the joint venture are included in the Consolidated Financial Statements for the years ended December 31, 2016, 2015 and 2014. Swire's share of the net income of the joint venture is included in net income attributable to non-controlling interest in the Consolidated Statements of Operations. The non-controlling equity interest in the joint venture is presented separately in the Consolidated Balance Sheets and Consolidated Statements of Equity. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable, Net | ACCOUNTS RECEIVABLE, NET Accounts receivable, net, is as follows (in thousands): December 31, 2016 2015 Trade accounts receivable $ 342,234 $ 381,881 Allowance for doubtful accounts (8,556 ) (9,928 ) Accounts receivable, net $ 333,678 $ 371,953 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following (in thousands): December 31, 2016 2015 Land and improvements $ 20,862 $ 20,832 Buildings and improvements 165,746 165,182 Machinery, software and equipment 301,566 286,055 Furniture and fixtures 79,103 75,682 Leasehold improvements 107,574 102,056 Construction in progress 13,475 5,158 688,326 654,965 Less accumulated depreciation (408,676 ) (363,278 ) $ 279,650 $ 291,687 |
Intangible Assets, Net and Good
Intangible Assets, Net and Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net and Goodwill | INTANGIBLE ASSETS, NET AND GOODWILL 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. At December 31, 2016 and 2015 , the Company determined that its goodwill and intangible assets were not impaired. Intangible assets The following table summarizes the Company's identifiable intangible assets balance (in thousands): December 31, 2016 2015 Intangible assets subject to amortization: Patents and purchased technology $ 14,198 $ 14,198 Customer relationships 23,000 23,000 Gross carrying amount 37,198 37,198 Accumulated amortization: Patents and purchased technology (9,321 ) (7,992 ) Customer relationships (9,860 ) (6,043 ) Accumulated amortization (19,181 ) (14,035 ) Net carrying amount 18,017 23,163 Intangible assets not subject to amortization 115,421 115,421 Intangible assets, net $ 133,438 $ 138,584 Amortization expense was $5,146,000 for both years ended December 31, 2016 and 2015 , and was $7,057,000 for the year ended December 31, 2014 . Annual amortization expense is estimated to be as follows for the years 2017 through 2021 (in thousands): 2017 $ 3,883 2018 2,980 2019 2,980 2020 2,537 2021 1,650 |
Short-Term Borrowings and Credi
Short-Term Borrowings and Credit Lines | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Credit Lines | SHORT-TERM BORROWINGS AND CREDIT LINES The Company has a domestic credit agreement for an unsecured, committed $125,000,000 revolving line of credit. The maturity date of this agreement is July 1, 2020 . Interest, payable monthly, is based on the Company's applicable funded debt ratio, ranging from USD LIBOR plus 87.5 to 162.5 basis points. This line of credit requires the Company to comply with certain financial covenants covering net income, funded debt ratio, fixed charge coverage ratio, and borrowing basis. If the Company is in default, it is prohibited from paying dividends or repurchasing common stock. At December 31, 2016 , the Company was in compliance with all associated covenants. At December 31, 2016 and 2015 , no balance was outstanding under this line of credit. The Company's Canadian subsidiary has available an unsecured and uncommitted line of credit guaranteed by the parent company providing for borrowing up to a maximum of C$30,000,000 ( US$22,320,000 ) at December 31, 2016 . The revolving line accrues interest at the bank's Canadian prime rate . At December 31, 2016 no balance was outstanding under this line of credit. At December 31, 2015 a balance of $1,940,000 was outstanding under this line of credit. The Company's European subsidiary has available two separate unsecured and uncommitted lines of credit guaranteed by the parent company providing for borrowing up to a maximum of €25,800,000 and €5,000,000 , respectively (combined US$32,392,000 ), at December 31, 2016 , of which US$2,419,000 of the €5,000,000 line is designated as a European customs guarantee. These lines accrue interest based on the European Central Bank refinancing rate plus 50 basis points and the Euro Overnight Index Average plus 75 basis points, respectively. There was no balance outstanding under either line at December 31, 2016 or 2015 . The Company's Japanese subsidiary has two separate unsecured and uncommitted lines of credit guaranteed by the parent company providing for borrowing up to a maximum of US$7,000,000 and ¥300,000,000 , respectively (combined US$9,565,000 ), at December 31, 2016 . These lines accrue interest at JPY LIBOR plus 100 basis points and the Bank of Tokyo Prime Rate, respectively. There was no balance outstanding under either line at December 31, 2016 or 2015 . The Company's Korean subsidiary has available an unsecured and uncommitted line of credit guaranteed by the parent company providing for borrowing up to a maximum of US$20,000,000 . The revolving line accrues interest at the Korean three-month CD rate plus 220 basis points . There was no balance outstanding under this line at December 31, 2016 or 2015 . |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | ACCRUED LIABILITIES Accrued liabilities consisted of the following (in thousands): December 31, 2016 2015 Accrued salaries, bonus, paid time off and other benefits $ 66,227 $ 68,714 Accrued import duties 14,366 14,602 Product warranties 11,455 11,487 Other 50,110 47,059 $ 142,158 $ 141,862 A reconciliation of product warranties is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 11,487 $ 11,148 $ 10,768 Provision for warranty claims 3,802 4,560 4,675 Warranty claims (3,726 ) (3,708 ) (3,906 ) Other (108 ) (513 ) (389 ) Balance at end of year $ 11,455 $ 11,487 $ 11,148 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Consolidated income from continuing operations before income taxes consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 U.S. operations $ 173,798 $ 173,966 $ 118,743 Foreign operations 83,100 73,353 79,778 Income before income tax $ 256,898 $ 247,319 $ 198,521 The components of the provision (benefit) for income taxes consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 53,840 $ 61,211 $ 42,790 State and local 6,370 6,520 3,175 Non-U.S. 18,708 21,014 20,679 78,918 88,745 66,644 Deferred: Federal (12,921 ) (8,883 ) (5,147 ) State and local (2,166 ) (906 ) (739 ) Non-U.S. (5,372 ) (11,488 ) (4,096 ) (20,459 ) (21,277 ) (9,982 ) Income tax expense $ 58,459 $ 67,468 $ 56,662 The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements: Year Ended December 31, 2016 2015 2014 (percent of income) Provision for federal income taxes at the statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 1.5 2.2 1.5 Non-U.S. income taxed at different rates (5.8 ) (3.9 ) (3.4 ) Foreign tax credits (3.0 ) (1.7 ) — Foreign deferred tax asset (2.5 ) — — Reduction of unrecognized tax benefits — (0.8 ) (3.2 ) Research credits (0.8 ) (0.9 ) (0.9 ) Reduction of valuation allowance — (2.7 ) — Excess tax benefits from stock plans (2.1 ) — — Other 0.5 0.1 (0.5 ) Actual provision for income taxes 22.8 % 27.3 % 28.5 % Significant components of the Company's deferred taxes consisted of the following (in thousands): December 31, 2016 2015 Deferred tax assets: Accruals and allowances $ 51,724 $ 47,290 Capitalized inventory costs 39,661 27,669 Stock compensation 6,476 6,585 Net operating loss carryforwards 3,637 2,971 Depreciation and amortization 19,313 14,288 Tax credits 443 5,805 Other 263 400 Gross deferred tax assets 121,517 105,008 Valuation allowance (1,323 ) (258 ) Net deferred tax assets 120,194 104,750 Deferred tax liabilities: Depreciation and amortization (25,703 ) (26,608 ) Foreign currency loss (667 ) (1,477 ) Other (1,477 ) (713 ) Gross deferred tax liabilities (27,847 ) (28,798 ) Total net deferred taxes $ 92,347 $ 75,952 The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company had net operating loss carryforwards at December 31, 2016 and 2015 in certain international tax jurisdictions of $19,932,000 and $12,159,000 , respectively, which will begin to expire in 2027 . The net operating losses result in deferred tax assets of $3,637,000 and $2,971,000 at December 31, 2016 and 2015 , respectively. These deferred tax assets were subject to a valuation allowance of $1,060,000 at December 31, 2016 . There was no valuation allowance for these deferred tax assets as of December 31, 2015. The Company had undistributed earnings of foreign subsidiaries of approximately $422,940,000 at December 31, 2016 for which deferred taxes have not been provided. Such earnings are considered indefinitely invested outside of the United States. If these earnings were repatriated to the United States, the earnings would be subject to U.S. taxation. The amount of the unrecognized deferred tax liability associated with the undistributed earnings was approximately $94,193,000 at December 31, 2016 . The unrecognized deferred tax liability approximates the excess of the United States tax liability over the creditable foreign taxes paid that would result from a full remittance of undistributed earnings. The Company conducts business globally, and, as a result, the Company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Canada, China, France, Japan, South Korea, Switzerland, and the United States. The Company has effectively settled Canadian tax examinations of all years through 2011, U.S. and Japanese tax examinations of all years through 2012, France tax examinations of all years through 2013, Italian tax examinations of all years through 2010, and Swiss tax examinations of all years through 2013. The Korean National Tax Service concluded an audit of the Company's 2009 through 2013 corporate income tax returns in 2014. Further, the Korean National Tax Service concluded an audit of the Company's 2014 corporate income tax return in 2016, and due to the nature of the findings in both of these audits, the Company has invoked the Mutual Agreement Procedures outlined in the U.S.-Korean income tax treaty. The Company does not anticipate that adjustments relative to this dispute, or any other ongoing tax audits, will result in material changes to its financial condition, results of operations or cash flows. Other than the dispute previously noted, the Company is not currently under examination in any major jurisdiction. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): December 31, 2016 2015 2014 Balance at beginning of year $ 11,187 $ 6,630 $ 14,639 Increases related to prior year tax positions 2,514 365 821 Decreases related to prior year tax positions (5,119 ) (2,019 ) (7,623 ) Increases related to current year tax positions 1,599 6,564 2,473 Settlements — — (3,121 ) Expiration of statute of limitations (183 ) (353 ) (559 ) Balance at end of year $ 9,998 $ 11,187 $ 6,630 Due to the potential for resolution of income tax audits currently in progress, and the expiration of various statutes of limitation, it is reasonably possible that the unrecognized tax benefits balance may change within the twelve months following December 31, 2016 by a range of zero to $4,410,000 . Open tax years, including those previously mentioned, contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, timing, or inclusion of revenue and expenses or the sustainability of income tax credits for a given examination cycle. Unrecognized tax benefits of $7,723,000 and $9,358,000 would affect the effective tax rate if recognized at December 31, 2016 and 2015 , respectively. The Company recognizes interest expense and penalties related to income tax matters in income tax expense. The Company recognized a net increase of accrued interest and penalties of $637,000 in 2016 , and a net reversal of accrued interest and penalties of $356,000 and $65,000 in 2015 and 2014 , respectively, all of which related to uncertain tax positions. The Company had $3,042,000 and $2,402,000 of accrued interest and penalties related to uncertain tax positions at December 31, 2016 and 2015 , respectively. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following (in thousands): December 31, 2016 2015 Straight-line and deferred rent liabilities $ 30,869 $ 30,313 Asset retirement obligations 3,342 2,972 Deferred compensation plan liability (Note 12) 8,411 6,887 $ 42,622 $ 40,172 |
Retirement Savings Plans
Retirement Savings Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Savings Plans | RETIREMENT SAVINGS PLANS 401(k) Profit-Sharing Plan The Company has a 401(k) profit-sharing plan, which covers substantially all U.S. employees. Participation begins the first day of the quarter following completion of 30 days of service. The Company may elect to make discretionary matching or non-matching contributions. All Company contributions to the plan as determined by the Board of Directors totaled $7,754,000 , $6,981,000 and $7,056,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Deferred Compensation Plan The Company sponsors a nonqualified retirement savings plan for certain senior management employees whose contributions to the tax qualified 401(k) plan would be limited by provisions of the Internal Revenue Code. This plan allows participants to defer receipt of a portion of their salary and incentive compensation and to receive matching contributions for a portion of the deferred amounts. Company matching contributions to the plan totaled $200,000 , $180,000 and $239,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Participants earn a return on their deferred compensation based on investment earnings of participant-selected mutual funds. Deferred compensation, including accumulated earnings on the participant-directed investment selections, is distributable in cash at participant-specified dates or upon retirement, death, disability, or termination of employment. The Company has purchased specific mutual funds in the same amounts as the participant-directed investment selections underlying the deferred compensation liabilities. These investment securities and earnings thereon, held in an irrevocable trust, are intended to provide a source of funds to meet the deferred compensation obligations, subject to claims of creditors in the event of the Company's insolvency. Changes in the market value of the participants' investment selections are recorded as an adjustment to the investments and as unrealized gains and losses in SG&A expense. A corresponding adjustment of an equal amount is made to the deferred compensation liabilities and compensation expense, which is included in SG&A expense. At December 31, 2016 and 2015 , the long-term portion of the liability to participants under this plan was $8,411,000 and $6,887,000 , respectively, and was recorded in other long-term liabilities. At December 31, 2016 and 2015 , the current portion of the participant liability was $472,000 and $629,000 , respectively, and was recorded in accrued liabilities. At December 31, 2016 and 2015 , the fair value of the long-term portion of the mutual fund investments related to this plan was $8,411,000 and $6,887,000 , respectively, and was recorded in other non-current assets. At December 31, 2016 and 2015 , the current portion of the mutual fund investments related to this plan was $472,000 and $629,000 , respectively, and was recorded in short-term investments. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases, among other things, retail space, office space, warehouse facilities, storage space, vehicles, and equipment. Generally, the base lease terms are between 5 and 10 years. Certain lease agreements contain scheduled rent escalation clauses in their future minimum lease payments. Future minimum lease payments are recognized on a straight-line basis over the minimum lease term and the pro rata portion of scheduled rent escalations is included in other long-term liabilities. Certain retail space lease agreements provide for additional rents based on a percentage of annual sales in excess of stipulated minimums ("percentage rent"). Certain lease agreements require the Company to pay real estate taxes, insurance, common area maintenance ("CAM"), and other costs, collectively referred to as operating costs, in addition to base rent. Percentage rent and operating costs are recognized as incurred in SG&A expense in the Consolidated Statements of Operations. Certain lease agreements also contain lease incentives, such as tenant improvement allowances and rent holidays. The Company recognizes the benefits related to the lease incentives on a straight-line basis over the applicable lease term. Rent expense, including percentage rent but excluding operating costs for which the Company is obligated, consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Rent expense included in SG&A expense $ 75,457 $ 67,881 $ 62,704 Rent expense included in cost of sales 1,626 1,689 1,631 $ 77,083 $ 69,570 $ 64,335 Approximate future minimum payments, including rent escalation clauses and committed leases for stores that are not yet open, on all lease obligations at December 31, 2016 , are as follows (in thousands). Operating lease obligations listed below do not include percentage rent, real estate taxes, insurance, CAM, and other costs for which the Company is obligated. These operating lease commitments are not reflected on the Consolidated Balance Sheets. 2017 $ 61,682 2018 56,748 2019 46,707 2020 39,181 2021 33,625 Thereafter 111,800 $ 349,743 Inventory Purchase Obligations Inventory purchase obligations consist of open production purchase orders for sourced apparel, footwear, accessories, and equipment, and raw material commitments not included in open production purchase orders. At December 31, 2016 , inventory purchase obligations were $202,391,000 . 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. Cyber Security Incident In February 2017, we became aware of a cyber security incident involving our prAna.com e-commerce website. The Company has taken steps to address the incident and has launched an investigation, engaging a cyber security firm to assist. The Company is actively investigating the nature and scope of the incident, including to what extent customer information may have been compromised. It is reasonably possible that the Company may incur losses in connection with the incident; however, the Company is still in the early stages of the investigation and at this time the Company is unable to reasonably estimate the amount of any losses or the amount of expenses, net of any potential insurance recovery, it may incur in addressing this incident. Indemnities and Guarantees During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. These include (i) intellectual property indemnities to the Company's customers and licensees in connection with the use, sale or license of Company products, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, (iii) indemnities to customers, vendors and service providers pertaining to claims based on the negligence or willful misconduct of the Company, (iv) executive severance arrangements, and (v) indemnities involving the accuracy of representations and warranties in certain contracts. The duration of these indemnities, commitments and guarantees varies, and in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for any limitation of the maximum potential for future payments the Company could be obligated to make. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying Consolidated Balance Sheets. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY Since the inception of the Company's stock repurchase plan in 2004 through December 31, 2016 , the Company's Board of Directors has authorized the repurchase of $700,000,000 of the Company's common stock. As of December 31, 2016 , the Company had repurchased 20,992,940 shares under this program at an aggregate purchase price of approximately $526,522,000 . During the year ended December 31, 2016 , the Company purchased an aggregate of $11,000 of common stock under the stock repurchase plan. 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. From January 1, 2017 through February 10, 2017, the Company repurchased 616,152 shares of the Company's common stock at an aggregate purchase price of approximately $33,000,000 . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company's stock incentive plan (the "Plan") provides for issuance of up to 20,800,000 shares of the Company's common stock, of which 3,089,699 shares were available for future grants under the Plan at December 31, 2016 . 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 Company uses original issuance shares to satisfy share-based payments. Stock-based compensation expense consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Cost of sales $ 233 $ 326 $ 399 SG&A expense 10,753 11,346 10,721 Pre-tax stock-based compensation expense 10,986 11,672 11,120 Income tax benefits (3,969 ) (4,044 ) (3,874 ) Total stock-based compensation expense, net of tax $ 7,017 $ 7,628 $ 7,246 The Company realized a tax benefit for the deduction from stock-based award transactions of $9,576,000 , $11,872,000 and $8,835,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Stock Options Options to purchase the Company's common stock are granted at exercise prices equal to or greater than the fair market value of the Company's common stock on the date of grant. Options generally vest and become exercisable ratably on an annual basis over a period of four years and expire ten years from the date of the grant. 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, expected 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 option's expected term is derived from historical option exercise behavior and the option's terms and conditions, which the Company believes provide a reasonable basis for estimating an expected term. The expected volatility is estimated based on observations of the Company's historical volatility over the most recent term commensurate with the expected term. The risk-free interest rate is based on the U.S. Treasury yield approximating the expected term. The dividend yield is based on the expected cash dividend payouts. Assumptions are evaluated and revised as necessary to reflect changes in market conditions and the Company's experience. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by people who receive equity awards. The following table presents the weighted average assumptions for the years ended December 31: 2016 2015 2014 Expected term 4.63 years 4.60 years 4.69 years Expected stock price volatility 29.79% 26.57% 27.62% Risk-free interest rate 1.17% 1.20% 1.22% Expected dividend yield 1.20% 1.26% 1.34% Weighted average grant date fair value $13.38 $10.36 $8.69 The following table summarizes stock option activity under the Plan: Number of Weighted Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Options outstanding at January 1, 2014 3,148,264 $ 25.02 6.36 $ 45,187 Granted 512,761 39.69 Cancelled (102,598 ) 28.39 Exercised (917,642 ) 24.28 Options outstanding at December 31, 2014 2,640,785 28.00 6.50 43,682 Granted 500,761 48.46 Cancelled (172,018 ) 34.59 Exercised (680,658 ) 25.63 Options outstanding at December 31, 2015 2,288,870 32.69 6.50 38,209 Granted 430,544 56.63 Cancelled (117,699 ) 47.33 Exercised (450,173 ) 29.25 Options outstanding at December 31, 2016 2,151,542 $ 37.40 6.39 $ 45,253 Options vested and expected to vest at December 31, 2016 2,086,456 $ 36.95 6.32 $ 44,798 Options exercisable at December 31, 2016 1,168,794 $ 28.63 4.90 $ 34,691 The aggregate intrinsic value in the table above represents pre-tax intrinsic value that would have been realized if all options had been exercised on the last business day of the period indicated, based on the Company's closing stock price on that day. Total stock option compensation expense for the years ended December 31, 2016 , 2015 and 2014 was $3,896,000 , $3,637,000 and $3,587,000 , respectively. At December 31, 2016 , unrecognized costs related to stock options totaled approximately $6,678,000 , before any related tax benefit. The unrecognized costs related to stock options are being amortized over the related vesting period using the straight-line attribution method. Unrecognized costs related to stock options at December 31, 2016 are expected to be recognized over a weighted average period of 2.11 years. The aggregate intrinsic value of stock options exercised was $12,976,000 , $20,400,000 and $16,345,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The total cash received as a result of stock option exercises for the years ended December 31, 2016 , 2015 and 2014 was $13,167,000 , $17,442,000 and $22,277,000 , respectively. Restricted Stock Units Service-based restricted stock units are granted at no cost to key employees and generally vest over a period of four years. Performance-based restricted stock units are granted at no cost to certain members of the Company's senior executive team, excluding the Chairman of the Board of Directors and the Chief Executive Officer. Performance-based restricted stock units granted prior to 2010 generally vest over a performance period of between two and one-half and three years with an additional required service period of one year. Performance-based restricted stock units granted after 2009 generally vest over a performance period of between two and three years. Restricted stock units vest in accordance with the terms and conditions established by the Compensation Committee of the Board of Directors, and are based on continued service and, in some instances, on individual performance or Company performance or both. For the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of its employees. For the years ended December 31, 2016 , 2015 and 2014 , the Company withheld 88,335 , 90,355 and 78,265 shares, respectively, to satisfy $5,127,000 , $4,895,000 and $3,141,000 of employees' tax obligations, respectively. The fair value of service-based and performance-based restricted stock units is discounted by the present value of the estimated future stream of dividends over the vesting period using the Black-Scholes model. The relevant inputs and assumptions used in the Black-Scholes model to compute the discount are 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 the years ended December 31: 2016 2015 2014 Vesting period 3.57 years 3.82 years 3.83 years Expected dividend yield 1.08% 1.14% 1.33% Estimated average fair value per restricted stock unit granted $55.93 $51.07 $38.98 The following table summarizes the restricted stock unit activity under the Plan: Number of Shares Weighted Average Grant Date Fair Value Per Share Restricted stock units outstanding at January 1, 2014 674,494 $ 25.67 Granted 272,642 38.98 Vested (220,348 ) 25.21 Forfeited (68,028 ) 28.51 Restricted stock units outstanding at December 31, 2014 658,760 31.03 Granted 207,040 51.07 Vested (243,765 ) 28.09 Forfeited (68,746 ) 34.57 Restricted stock units outstanding at December 31, 2015 553,289 38.85 Granted 205,734 55.93 Vested (235,059 ) 33.98 Forfeited (57,489 ) 46.35 Restricted stock units outstanding at December 31, 2016 466,475 $ 47.23 Restricted stock unit compensation expense for the years ended December 31, 2016 , 2015 and 2014 was $7,090,000 , $8,035,000 and $7,533,000 , respectively. At December 31, 2016 , unrecognized costs related to restricted stock units totaled approximately $12,430,000 , 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 December 31, 2016 are expected to be recognized over a weighted average period of 1.94 years . The total grant date fair value of restricted stock units vested during the years ended December 31, 2016 , 2015 and 2014 was $7,988,000 , $6,848,000 and $5,554,000 , respectively. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
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. For the calculation of diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options and restricted stock units determined using the treasury stock method. A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Weighted average common shares outstanding, used in computing basic earnings per share 69,683 70,162 69,807 Effect of dilutive stock options and restricted stock units 949 902 874 Weighted-average common shares outstanding, used in computing diluted earnings per share 70,632 71,064 70,681 Earnings per share of common stock attributable to Columbia Sportswear Company: Basic $ 2.75 $ 2.48 $ 1.97 Diluted 2.72 2.45 1.94 Stock options and service-based restricted stock units representing 517,654 , 154,170 and 409,250 shares of common stock for the years ended December 31, 2016 , 2015 and 2014 , respectively, were outstanding but were excluded in 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 63,430 , 122,858 and 120,363 shares for the years ended December 31, 2016 , 2015 and 2014 , 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
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 Consolidated Balance Sheets consists of unrealized gains and losses on available-for-sale securities, unrealized gains and losses on derivative transactions and foreign currency translation adjustments. The following table sets forth the changes in accumulated other comprehensive income attributable to Columbia Sportswear Company, net of related tax effects, for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Unrealized gains (losses) on available for sale securities Unrealized holding gains (losses) on derivative transactions Foreign currency translation adjustments Total Balance at January 1, 2014 $ (6 ) $ 1,244 $ 34,122 $ 35,360 Other comprehensive income (loss) before reclassifications 10 9,462 (27,288 ) (17,816 ) Amounts reclassified from other comprehensive income — (1,711 ) — (1,711 ) Net other comprehensive income (loss) during the year 10 7,751 (27,288 ) (19,527 ) Balance at December 31, 2014 4 8,995 6,834 15,833 Other comprehensive income (loss) before reclassifications (6 ) 9,791 (33,755 ) (23,970 ) Amounts reclassified from other comprehensive income — (12,699 ) — (12,699 ) Net other comprehensive income (loss) during the year (6 ) (2,908 ) (33,755 ) (36,669 ) Balance at December 31, 2015 (2 ) 6,087 (26,921 ) (20,836 ) Other comprehensive income (loss) before reclassifications (2 ) 420 (2,465 ) (2,047 ) Amounts reclassified from other comprehensive income — 266 — 266 Net other comprehensive income (loss) during the year (2 ) 686 (2,465 ) (1,781 ) Balance at December 31, 2016 $ (4 ) $ 6,773 $ (29,386 ) $ (22,617 ) All reclassification adjustments related to derivative transactions are recorded in cost of sales on the Consolidated Statements of Operations. See Note 19 for further information regarding derivative instrument reclassification adjustments. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company has aggregated its operating segments into four reportable geographic segments: (1) the 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, human resources and legal, executive compensation, unallocated benefit program expense, and other miscellaneous costs. The geographic distribution of the Company's net sales, income from operations, interest income (expense), income tax (expense) benefit, and depreciation and amortization expense are summarized in the following tables (in thousands) for the years ended December 31, 2016 , 2015 and 2014 and for accounts receivable, net and inventories at December 31, 2016 and 2015 . 2016 2015 2014 Net sales to unrelated entities: United States $ 1,505,302 $ 1,455,283 $ 1,198,405 LAAP 453,686 469,140 491,648 EMEA 253,487 233,226 259,163 Canada 164,570 168,531 151,374 $ 2,377,045 $ 2,326,180 $ 2,100,590 Segment income from operations: United States $ 331,706 $ 309,162 $ 229,784 LAAP 61,994 65,846 66,810 EMEA 8,403 8,664 12,667 Canada 19,010 23,772 22,784 Total segment income from operations 421,113 407,444 332,045 Unallocated corporate expenses (164,605 ) (157,723 ) (133,201 ) Interest income, net 2,003 1,531 1,004 Interest expense on note payable to related party (1,041 ) (1,099 ) (1,053 ) Other non-operating expense (572 ) (2,834 ) (274 ) Income before income tax $ 256,898 $ 247,319 $ 198,521 Interest income (expense), net: United States $ 2,334 $ 4,765 $ 4,804 LAAP (216 ) (555 ) (138 ) EMEA 2,663 152 (661 ) Canada (2,778 ) (2,831 ) (3,001 ) $ 2,003 $ 1,531 $ 1,004 Income tax (expense) benefit: United States $ (45,584 ) $ (58,487 ) $ (40,431 ) LAAP (12,345 ) (10,058 ) (14,062 ) EMEA 1,507 5,305 678 Canada (2,037 ) (4,228 ) (2,847 ) $ (58,459 ) $ (67,468 ) $ (56,662 ) Depreciation and amortization expense: United States $ 24,920 $ 25,490 $ 25,736 LAAP 6,392 5,437 4,750 EMEA 3,189 2,419 2,550 Canada 2,912 3,020 3,463 Unallocated corporate expense 22,603 20,155 17,518 $ 60,016 $ 56,521 $ 54,017 Accounts receivable, net: United States $ 162,017 $ 177,893 LAAP 84,947 92,155 EMEA 42,195 41,294 Canada 44,519 60,611 $ 333,678 $ 371,953 Inventories: United States $ 308,721 $ 298,591 LAAP 95,033 98,986 EMEA 51,226 42,499 Canada 33,017 33,561 $ 487,997 $ 473,637 Property, plant and equipment, net: United States $ 211,572 $ 222,164 Canada 28,159 29,294 All other countries 39,919 40,229 $ 279,650 $ 291,687 Net sales by product category: Apparel, accessories and equipment $ 1,865,449 $ 1,821,182 $ 1,676,192 Footwear 511,596 504,998 424,398 $ 2,377,045 $ 2,326,180 $ 2,100,590 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [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. Our subsidiaries and joint venture that use European euros, Canadian dollars, Japanese yen, or Chinese renminbi 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 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 is excluded from the assessment of hedge effectiveness and included in current period cost of sales. Hedge ineffectiveness was not material during the years ended December 31, 2016 , 2015 and 2014 . The Company also uses foreign currency forward contracts not formally designated as hedges using euros, yen, Canadian dollars, and Swiss francs to manage the consolidated currency exchange risk associated with the remeasurement of non-functional currency denominated monetary assets and liabilities. Non-functional currency denominated monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, 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 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): December 31, 2016 2015 Derivative instruments designated as cash flow hedges: Currency forward contracts $ 206,000 $ 161,000 Derivative instruments not designated as hedges: Currency forward contracts 184,940 113,195 At December 31, 2016 , approximately $6,984,000 of deferred net gains on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to income before tax 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, Canadian dollar, yen, and renminbi when outstanding derivative contracts mature. At December 31, 2016 , the Company's derivative contracts had remaining maturities of less than two 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 $4,000,000 at December 31, 2016 . 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): December 31, Balance Sheet Classification 2016 2015 Derivative instruments designated as cash flow hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets $ 9,805 $ 5,394 Currency forward contracts Other non-current assets 1,969 566 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 106 224 Derivative instruments not designated as hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets 1,361 1,328 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 180 1,693 The following table presents the effect and classification of derivative instruments for the years ended December 31, 2016 , 2015 and 2014 (in thousands): For the Year Ended December 31, Statement Of Operations Classification 2016 2015 2014 Currency Forward Contracts: Derivative instruments designated as cash flow hedges: Gain recognized in other comprehensive income, net of tax — $ 583 $ 9,791 $ 9,462 Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion Cost of sales (724 ) 15,446 2,727 Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance Cost of sales (24 ) — — Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion Net sales 115 385 (27 ) Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion Cost of sales 1,240 (209 ) (353 ) Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion Net sales 1 (30 ) — Derivative instruments not designated as hedges: Gain recognized in income Other non-operating expense 2,739 2,838 7,111 |
Fair Value Measures
Fair Value Measures | 12 Months Ended |
Dec. 31, 2016 | |
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 measured at fair value on a recurring basis as of December 31, 2016 are as follows (in thousands): 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 19) — 11,166 — 11,166 Non-current assets: Derivative financial instruments (Note 19) — 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 19) $ — $ 286 $ — $ 286 Total liabilities measured at fair value $ — $ 286 $ — $ 286 Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are as follows (in thousands): Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 114,247 $ — $ — $ 114,247 Time deposits 63,327 — — 63,327 Other short-term investments: Mutual fund shares 629 — — 629 Other current assets: Derivative financial instruments (Note 19) — 6,722 — 6,722 Non-current assets: Derivative financial instruments (Note 19) — 566 — 566 Mutual fund shares 6,887 — — 6,887 Total assets measured at fair value $ 185,090 $ 7,288 $ — $ 192,378 Liabilities: Accrued liabilities: Derivative financial instruments (Note 19) $ — $ 1,917 $ — $ 1,917 Total liabilities measured at fair value $ — $ 1,917 $ — $ 1,917 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, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions. There were no material assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2016 or 2015 . |
Business Acquisition
Business Acquisition | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition | BUSINESS ACQUISITION On May 30, 2014 , the Company purchased 100% of the equity interest in prAna Living, LLC ("prAna") for $188,467,000 , net of acquired cash of $4,946,000 . Purchase price allocation Acquired assets and liabilities were recorded at estimated fair value as of the acquisition date. The excess of the purchase price over the estimated fair value of identifiable net assets resulted in the recognition of goodwill of $54,156,000 , all of which was assigned to the United States segment, and is attributable to future growth opportunities and any intangible assets that did not qualify for separate recognition. The goodwill is deductible for tax purposes. The following table summarizes the fair value of the net assets acquired and liabilities assumed as of the acquisition date of May 30, 2014 , including measurement period adjustments (in thousands): Cash $ 4,946 Accounts receivable 10,021 Inventories 9,641 Other current assets 2,531 Property, plant and equipment 5,192 Acquired intangible assets 114,500 Other non-current assets 258 Total identifiable assets acquired 147,089 Accounts payable 2,803 Other current liabilities 5,029 Total liabilities assumed 7,832 Net identifiable assets acquired 139,257 Goodwill 54,156 Net assets acquired $ 193,413 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS On January 1, 2014, the Company commenced operations of a majority-owned joint venture in mainland China. Upon commencement, the joint venture entered into Transition Services Agreements ("TSAs") with Swire, the non-controlling shareholder in the joint venture, under which Swire renders administrative and information technology services on behalf of the joint venture. The joint venture incurred service fees, valued under the TSAs at Swire's cost of $3,294,000 , $5,974,000 and $8,638,000 for the years ended December 31, 2016 , 2015 and 2014, respectively. These fees are included in SG&A expenses on the Consolidated Statement 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. For the years ended December 31, 2016 , 2015 and 2014, the joint venture incurred sourcing fees of $71,000 , $396,000 and $388,000 , 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 note payable to related party on the Consolidated Balance Sheets as of December 31, 2016 and 2015 . The note with Swire, in the principal amount of 97,600,000 RMB (US $14,053,000 at December 31, 2016 ), matures on December 31, 2018 and bears interest at a fixed annual rate of 7% . Interest expense related to this note was $1,041,000 , $1,099,000 $1,053,000 for the years ended December 31, 2016 , 2015 and 2014, respectively. As of December 31, 2016 and 2015 , payables to Swire for service fees and interest expense totaled $707,000 and $1,472,000 , respectively, and were included in accounts payable on the 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 normal third-party distributor terms and pricing. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts (in thousands) Description Balance at Beginning Charged to Deductions Other (b) Balance at Year Ended December 31, 2016: Allowance for doubtful accounts $ 9,928 $ 2,037 $ (3,406 ) $ (3 ) $ 8,556 Allowance for sales returns and miscellaneous claims 40,510 49,822 (50,548 ) (16 ) 39,768 Year Ended December 31, 2015: Allowance for doubtful accounts $ 8,943 $ 2,788 $ (1,239 ) $ (564 ) $ 9,928 Allowance for sales returns and miscellaneous claims 27,379 54,017 (40,022 ) (864 ) 40,510 Year Ended December 31, 2014: Allowance for doubtful accounts $ 8,282 $ 2,299 $ (1,344 ) $ (294 ) $ 8,943 Allowance for sales returns and miscellaneous claims 25,125 47,187 (43,322 ) (1,611 ) 27,379 ————— (a) Charges to the accounts included in this column are for the purposes for which the reserves were created. (b) Amounts included in this column primarily relate to foreign currency translation. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of the Business | Nature of the business: Columbia Sportswear Company is a global leader in the design, sourcing, marketing, and distribution of outdoor and active lifestyle apparel, footwear, accessories, and equipment. |
Principles of Consolidation | Principles of consolidation: The consolidated financial statements include the accounts of Columbia Sportswear Company, its wholly owned subsidiaries and entities in which it maintains a controlling financial interest (the "Company"). All intercompany balances and transactions have been eliminated in consolidation. |
Estimates and Assumptions | Estimates and assumptions: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. 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 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 claims from customers, allowance for doubtful accounts, excess, slow-moving and close-out inventories, product warranty, long-lived and intangible assets, goodwill, income taxes, and stock-based compensation. |
Changes Affecting Comparability | Changes affecting comparability: In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies how several aspects of share-based payments are accounted for and presented in the financial statements. The Company elected to early-adopt ASU 2016-09 with an effective date of January 1, 2016. Under previous guidance, excess tax benefits and deficiencies from stock-based compensation arrangements were recorded in equity when the awards vested or were settled. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies in the income statement, resulting in the recognition of excess tax benefits of $5,499,000 in income tax expense, rather than in paid-in capital, for the year ended December 31, 2016. If we had retrospectively adopted this guidance, we would have recognized excess tax benefits of $7,925,000 and $5,119,000 in income tax expense, rather than in paid-in capital, for the years ended December 31, 2015 and 2014, respectively. In addition, under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified as cash flow from operations, rather than as cash flow from financing activities. The Company has elected to apply the cash flow classification guidance of ASU 2016-09 prospectively, resulting in an increase to operating cash flow of $5,538,000 for the year ended December 31, 2016; the prior years have not been adjusted. The Company has elected to continue to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur. ASU 2016-09 requires excess tax benefits and deficiencies to be prospectively excluded from assumed future proceeds in the calculation of diluted shares, resulting in an increase in diluted weighted average shares outstanding of 240,016 shares for the year ended December 31, 2016. |
Cash and Cash Equivalents | Cash and cash equivalents: Cash and cash equivalents are stated at fair value or at cost, which approximates fair value, and include investments with original maturities of 90 days or less at the date of acquisition. At December 31, 2016 , and 2015 cash and cash equivalents consisted of cash, money market funds and time deposits. |
Investments | Investments: At December 31, 2016 and 2015 , short-term investments consisted of investments held as part of the Company's deferred compensation plan expected to be distributed in the next twelve months. Investments held as part of the Company's deferred compensation plan are classified as trading securities and are recorded at fair value with any unrealized gains and losses reported in operating income. Realized gains or losses are determined based on the specific identification method. At December 31, 2016 and 2015 , long-term investments included in other non-current assets consisted of mutual fund shares held to offset liabilities to participants in the Company's deferred compensation plan. The investments are classified as long-term because the related deferred compensation liabilities are not expected to be paid within the next year. These investments are classified as trading securities and are recorded at fair value with unrealized gains and losses reported as a component of operating income. |
Accounts Receivable | Accounts receivable: Accounts receivable have been reduced by an allowance for doubtful accounts. The Company makes ongoing estimates of the collectability of accounts receivable and maintains an allowance for estimated losses resulting from the inability of the Company's customers to make required payments. |
Inventories | Inventories: Inventories consist primarily of finished goods and are carried at the lower of cost or market. Cost is determined using the first-in, first-out method. The Company periodically reviews its inventories for excess, close-out or slow moving items and makes provisions as necessary to properly reflect inventory value. |
Property, Plant and Equipment | Property, plant, and equipment: Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The principal estimated useful lives are: land improvements, 15 years; buildings and building improvements, 15 - 30 years; furniture and fixtures, 3 - 10 years; and machinery, software and equipment, 3 - 10 years. Leasehold improvements are depreciated over the lesser of the estimated useful life of the improvement, which is most commonly 7 years, or the remaining term of the underlying lease. Improvements to property, plant and equipment that substantially extend the useful life of the asset are capitalized. Repair and maintenance costs are expensed as incurred. Internal and external costs directly related to the development of internal-use software during the application development stage, including costs incurred for third party contractors and employee compensation, are capitalized and depreciated over a 3 - 10 year estimated useful life. |
Impairment of Long-Lived Assets | Impairment of long-lived assets: Long-lived assets are amortized over their estimated useful lives and are measured for impairment only when events or circumstances indicate the carrying value may be impaired. In these cases, the Company estimates the future undiscounted cash flows to be derived from the asset or asset group to determine whether a potential impairment exists. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the estimated fair value of the asset. Impairment charges for long-lived assets are included in selling, general and administrative ("SG&A") expense and were $4,310,000 , $4,171,000 and $73,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Charges during the years ended December 31, 2016 and 2015 were recorded in the United States and LAAP regions for certain underperforming retail stores. Charges during the year ended December 31, 2014 were recorded in the United States region for certain underperforming retail stores. |
Intangible Assets and Goodwill | Intangible assets and goodwill: Intangible assets with indefinite useful lives and goodwill are not amortized but are periodically evaluated for impairment. Intangible assets that are determined to have finite lives are amortized using the straight-line method over their estimated useful lives and are measured for impairment only when events or circumstances indicate the carrying value may be impaired. |
Impairment of Goodwill and Intangible Assets | Impairment of intangible assets and goodwill: The Company reviews and tests its intangible assets with indefinite useful lives and goodwill for impairment in the fourth quarter of each year and when events or changes in circumstances indicate that the carrying amount of such assets may be impaired. The Company's intangible assets with indefinite lives consist of trademarks and trade names. Substantially all of the Company's goodwill is recorded in the United States segment and impairment testing for goodwill is performed at the reporting unit level. In the impairment test for goodwill, the two-step process first compares the estimated fair value of the reporting unit with the carrying amount of that reporting unit. The Company estimates the fair value of its reporting units using a combination of discounted cash flow analysis, comparisons with the market values of similar publicly traded companies and other operating performance based valuation methods, as necessary. If step one indicates impairment, step two compares the estimated fair value of the reporting unit to the estimated fair value of all reporting unit assets and liabilities, except goodwill, to determine the implied fair value of goodwill. The Company calculates impairment as the excess of carrying amount of goodwill over the implied fair value of goodwill. In the impairment tests for trademarks and trade names, the Company compares the estimated fair value of each asset to its carrying amount. The fair values of trademarks and trade names are generally estimated using a relief from royalty method under the income approach. If the carrying amount of a trademark or trade name exceeds its estimated fair value, the Company calculates impairment as the excess of carrying amount over the estimate of fair value. If events or circumstances indicate the carrying value of intangible assets with finite lives may be impaired, the Company estimates the future undiscounted cash flows to be derived from the asset or asset group to determine whether a potential impairment exists. If the sum of the estimated undiscounted cash flows is less than the carrying value of the asset the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the estimated fair value of the asset. Our 2016 impairment tests of goodwill and intangible assets with indefinite lives indicated that all reporting units and intangible assets with indefinite lives exceeded their respective carrying values by more than 20%, with the exception of goodwill for the Mountain Hardwear reporting unit. In the first step of the Mountain Hardwear goodwill impairment analysis, the estimated fair value of the reporting unit exceeded its carrying value by approximately 13%, and as such the reporting unit’s goodwill balance of $12.2 million was not impaired. Impairment charges, if any, are classified as a component of SG&A expense. The impairment tests and related fair value estimates are based on a number of factors, including assumptions and estimates for projected sales, income, cash flows, discount rates, remaining useful lives, and other operating performance measures. Changes in estimates or the application of alternative assumptions could produce significantly different results. These assumptions and estimates may change in the future due to changes in economic conditions, changes in the Company's ability to meet sales and profitability objectives or changes in the Company's business operations or strategic direction. |
Income Taxes | Income taxes: Income taxes are provided on financial statement earnings for financial reporting purposes. Income taxes are based on amounts of taxes payable or refundable in the current year and on expected future tax consequences of events that are recognized in the financial statements in different periods than they are recognized in tax returns. As a result of timing of recognition and measurement differences between financial accounting standards and income tax laws, temporary differences arise between amounts of pre-tax financial statement income and taxable income and between reported amounts of assets and liabilities in the Consolidated Balance Sheets and their respective tax bases. Deferred income tax assets and liabilities reported in the Consolidated Balance Sheets reflect estimated future tax effects attributable to these temporary differences and to net operating loss and net capital loss carryforwards, based on tax rates expected to be in effect for years in which the differences are expected to be settled or realized. Realization of deferred tax assets is dependent on future taxable income in specific jurisdictions. Valuation allowances are used to reduce deferred tax assets to amounts considered likely to be realized. U.S. deferred income taxes are not provided on undistributed income of foreign subsidiaries, where such earnings are considered to be indefinitely invested, or to the extent such recognition would result in a deferred tax asset. Accrued income taxes in the Consolidated Balance Sheets include unrecognized income tax benefits relating to uncertain tax positions, including related interest and penalties, appropriately classified as current or noncurrent. The Company recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. In making this determination, the Company assumes that the taxing authority will examine the position and that it will have full knowledge of all relevant information. The provision for income taxes also includes estimates of interest and penalties related to uncertain tax positions. |
Derivatives | Derivatives: The effective portion of changes in fair values of outstanding cash flow hedges is recorded in other comprehensive income until earnings are affected by the hedged transaction, and any ineffective portion is included in current income. In most cases amounts recorded in other comprehensive income will be released to earnings after maturity of the related derivative. The Consolidated Statements of Operations classification of effective hedge results is the same as that of the underlying exposure. Results of hedges of product costs are recorded in cost of sales when the underlying hedged transactions affect earnings. Results of hedges of revenue are recorded in net sales when the underlying hedged transactions affect earnings. Unrealized derivative gains and losses, which are recorded in assets and liabilities, respectively, are non-cash items and therefore are taken into account in the preparation of the Consolidated Statements of Cash Flows based on their respective balance sheet classifications. See Note 19 for more information on derivatives and risk management. |
Foreign Currency Translation | Foreign currency translation: The assets and liabilities of the Company's foreign subsidiaries have been translated into U.S. dollars using the exchange rates in effect at period end, and the net sales and expenses have been translated into U.S. dollars using average exchange rates in effect during the period. The foreign currency translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders' equity and are not currently adjusted for income taxes when they relate to indefinite net investments in non-U.S. operations. |
Revenue Recognition | Revenue recognition: The Company records wholesale, distributor, e-commerce and licensed product revenues when title passes and the risks and rewards of ownership have passed to the customer. Title generally passes upon shipment to, or upon receipt by, the customer depending on the terms of sale with the customer. Retail store revenues are recorded at the time of sale. Revenue is recorded net of sales taxes, value added taxes or similar taxes which are collected on behalf of local taxing authorities. Where title passes upon receipt by the customer, predominantly in the Company's European wholesale business, Japan and in certain of our e-commerce operations, precise information regarding the date of receipt by the customer is not readily available. In these cases, the Company estimates the date of receipt by the customer based on historical and expected delivery times by geographic location. The Company periodically tests the accuracy of these estimates based on actual transactions. Delivery times vary by geographic location, generally from one to seven days. To date, the Company has found these estimates to be materially accurate. At the time of revenue recognition, the Company also provides for estimated sales returns and miscellaneous claims from customers as reductions to revenues. The estimates are based on historical rates of product returns and claims as well as events and circumstances that indicate changes to historical rates of returns and claims. However, actual returns and claims in any future period are inherently uncertain and thus may differ from the estimates. If actual or expected future returns and claims are significantly greater or lower than the reserves that have been established, the Company would record a reduction or increase to net revenues in the period in which it made such determination. |
Cost of Sales | Cost of sales: The expenses that are included in cost of sales include all direct product costs related to shipping, duties and importation. Specific provisions for excess, close-out or slow moving inventory are also included in cost of sales. In addition, 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. |
Selling, General and Administrative Expense | Selling, general and administrative expense: SG&A expense consists of personnel-related costs, advertising, depreciation, occupancy, and other selling and general operating expenses related to the Company's business functions, including planning, receiving finished goods, warehousing, distribution, retail operations and information technology. |
Shipping and Handling Costs | Shipping and handling costs: Shipping and handling fees billed to customers and consumers are recorded as revenue. The direct costs associated with shipping goods to customers and consumers are recorded as cost of sales. Inventory planning, receiving, storing and handling costs are recorded as a component of SG&A expenses and were $65,757,000 , $61,338,000 and $59,561,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Stock-Based Compensation | Stock-based compensation: Stock-based compensation cost is estimated at the grant date based on the award's fair value and is recognized as expense over the requisite service period using the straight-line attribution method. The Company estimates stock-based compensation for stock options granted using the Black-Scholes option pricing model, which requires various subjective assumptions, including volatility and expected option life. Further, the Company estimates forfeitures for stock-based awards granted which are not expected to vest. For restricted stock unit awards subject to performance conditions, the amount of compensation expense recorded in a given period reflects the Company's assessment of the probability of achieving its performance targets. If any of these inputs or assumptions changes significantly, stock-based compensation expense may differ materially in the future from that recorded in the current period. Assumptions are evaluated and revised as necessary to reflect changes in market conditions and the Company's experience. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by people who receive equity awards. The fair value of service-based and performance-based restricted stock units is discounted by the present value of the estimated future stream of dividends over the vesting period using the Black-Scholes model. |
Advertising Costs | Advertising costs: Advertising costs are expensed in the period incurred and are included in SG&A expenses. Total advertising expense, including cooperative advertising costs, was $118,663,000 , $120,764,000 and $110,109,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Through cooperative advertising programs, the Company reimburses its wholesale customers for some of their costs of advertising the Company's products based on various criteria, including the value of purchases from the Company and various advertising specifications. Cooperative advertising costs are included in expenses because the Company receives an identifiable benefit in exchange for the cost, the advertising may be obtained from a party other than the customer, and the fair value of the advertising benefit can be reasonably estimated. Cooperative advertising costs were $8,699,000 , $10,008,000 and $8,056,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Recent Accounting Pronouncements | Recent accounting pronouncements: In May 2014, the FASB issued 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 on January 1, 2018. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company plans to conclude upon its transition method during the first half of 2017, and is in the process of evaluating the new standard against its existing accounting policies, including principal and agent considerations, timing of revenue recognition, and balance sheet classifications, to determine the effect the guidance will have on the Consolidated Financial Statements. 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 their 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. Effective January 1, 2016, the Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718). See Changes affecting comparability under Note 1. 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 currently evaluating the impact of this guidance, and expects the adoption will result in a material increase in the assets and liabilities on our consolidated balance sheets and will likely have an insignificant impact on our 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 new guidance during the first quarter of 2018, and anticipates it will result in increased volatility in our effective income tax rate. The Company plans to apply the required modified retrospective approach with a cumulative-effect adjustment to retained earnings of previously deferred charges. 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 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. We are currently evaluating the impacts and expect the adoption of ASU 2017-04 to affect the amount and timing of future goodwill impairment charges, if any. |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Components of Accounts Receivable, Net | Accounts receivable, net, is as follows (in thousands): December 31, 2016 2015 Trade accounts receivable $ 342,234 $ 381,881 Allowance for doubtful accounts (8,556 ) (9,928 ) Accounts receivable, net $ 333,678 $ 371,953 |
Properly, Plant, and Equipment,
Properly, Plant, and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment consisted of the following (in thousands): December 31, 2016 2015 Land and improvements $ 20,862 $ 20,832 Buildings and improvements 165,746 165,182 Machinery, software and equipment 301,566 286,055 Furniture and fixtures 79,103 75,682 Leasehold improvements 107,574 102,056 Construction in progress 13,475 5,158 688,326 654,965 Less accumulated depreciation (408,676 ) (363,278 ) $ 279,650 $ 291,687 |
Intangible Assets, Net and Go36
Intangible Assets, Net and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Identifiable Intangible Assets | December 31, 2016 2015 Intangible assets subject to amortization: Patents and purchased technology $ 14,198 $ 14,198 Customer relationships 23,000 23,000 Gross carrying amount 37,198 37,198 Accumulated amortization: Patents and purchased technology (9,321 ) (7,992 ) Customer relationships (9,860 ) (6,043 ) Accumulated amortization (19,181 ) (14,035 ) Net carrying amount 18,017 23,163 Intangible assets not subject to amortization 115,421 115,421 Intangible assets, net $ 133,438 $ 138,584 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2016 2015 Accrued salaries, bonus, paid time off and other benefits $ 66,227 $ 68,714 Accrued import duties 14,366 14,602 Product warranties 11,455 11,487 Other 50,110 47,059 $ 142,158 $ 141,862 |
Reconciliation of Product Warranties | A reconciliation of product warranties is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 11,487 $ 11,148 $ 10,768 Provision for warranty claims 3,802 4,560 4,675 Warranty claims (3,726 ) (3,708 ) (3,906 ) Other (108 ) (513 ) (389 ) Balance at end of year $ 11,455 $ 11,487 $ 11,148 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Consolidated Income from Continuing Operations Before Income Taxes | Consolidated income from continuing operations before income taxes consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 U.S. operations $ 173,798 $ 173,966 $ 118,743 Foreign operations 83,100 73,353 79,778 Income before income tax $ 256,898 $ 247,319 $ 198,521 |
Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current: Federal $ 53,840 $ 61,211 $ 42,790 State and local 6,370 6,520 3,175 Non-U.S. 18,708 21,014 20,679 78,918 88,745 66,644 Deferred: Federal (12,921 ) (8,883 ) (5,147 ) State and local (2,166 ) (906 ) (739 ) Non-U.S. (5,372 ) (11,488 ) (4,096 ) (20,459 ) (21,277 ) (9,982 ) Income tax expense $ 58,459 $ 67,468 $ 56,662 |
Reconciliation of Statutory Federal Income Tax Rate to Effective Rate | The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements: Year Ended December 31, 2016 2015 2014 (percent of income) Provision for federal income taxes at the statutory rate 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 1.5 2.2 1.5 Non-U.S. income taxed at different rates (5.8 ) (3.9 ) (3.4 ) Foreign tax credits (3.0 ) (1.7 ) — Foreign deferred tax asset (2.5 ) — — Reduction of unrecognized tax benefits — (0.8 ) (3.2 ) Research credits (0.8 ) (0.9 ) (0.9 ) Reduction of valuation allowance — (2.7 ) — Excess tax benefits from stock plans (2.1 ) — — Other 0.5 0.1 (0.5 ) Actual provision for income taxes 22.8 % 27.3 % 28.5 % |
Significant Components of Deferred Taxes | Significant components of the Company's deferred taxes consisted of the following (in thousands): December 31, 2016 2015 Deferred tax assets: Accruals and allowances $ 51,724 $ 47,290 Capitalized inventory costs 39,661 27,669 Stock compensation 6,476 6,585 Net operating loss carryforwards 3,637 2,971 Depreciation and amortization 19,313 14,288 Tax credits 443 5,805 Other 263 400 Gross deferred tax assets 121,517 105,008 Valuation allowance (1,323 ) (258 ) Net deferred tax assets 120,194 104,750 Deferred tax liabilities: Depreciation and amortization (25,703 ) (26,608 ) Foreign currency loss (667 ) (1,477 ) Other (1,477 ) (713 ) Gross deferred tax liabilities (27,847 ) (28,798 ) Total net deferred taxes $ 92,347 $ 75,952 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): December 31, 2016 2015 2014 Balance at beginning of year $ 11,187 $ 6,630 $ 14,639 Increases related to prior year tax positions 2,514 365 821 Decreases related to prior year tax positions (5,119 ) (2,019 ) (7,623 ) Increases related to current year tax positions 1,599 6,564 2,473 Settlements — — (3,121 ) Expiration of statute of limitations (183 ) (353 ) (559 ) Balance at end of year $ 9,998 $ 11,187 $ 6,630 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long Term Liabilities | Other long-term liabilities consisted of the following (in thousands): December 31, 2016 2015 Straight-line and deferred rent liabilities $ 30,869 $ 30,313 Asset retirement obligations 3,342 2,972 Deferred compensation plan liability (Note 12) 8,411 6,887 $ 42,622 $ 40,172 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Rent Expense | Rent expense, including percentage rent but excluding operating costs for which the Company is obligated, consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Rent expense included in SG&A expense $ 75,457 $ 67,881 $ 62,704 Rent expense included in cost of sales 1,626 1,689 1,631 $ 77,083 $ 69,570 $ 64,335 |
Schedule of Future Minimum Rental Payments for Operating Leases | 2017 $ 61,682 2018 56,748 2019 46,707 2020 39,181 2021 33,625 Thereafter 111,800 $ 349,743 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 Cost of sales $ 233 $ 326 $ 399 SG&A expense 10,753 11,346 10,721 Pre-tax stock-based compensation expense 10,986 11,672 11,120 Income tax benefits (3,969 ) (4,044 ) (3,874 ) Total stock-based compensation expense, net of tax $ 7,017 $ 7,628 $ 7,246 |
Schedule of Weighted Average Assumptions | The following table presents the weighted average assumptions for the years ended December 31: 2016 2015 2014 Expected term 4.63 years 4.60 years 4.69 years Expected stock price volatility 29.79% 26.57% 27.62% Risk-free interest rate 1.17% 1.20% 1.22% Expected dividend yield 1.20% 1.26% 1.34% Weighted average grant date fair value $13.38 $10.36 $8.69 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plan: Number of Weighted Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) Options outstanding at January 1, 2014 3,148,264 $ 25.02 6.36 $ 45,187 Granted 512,761 39.69 Cancelled (102,598 ) 28.39 Exercised (917,642 ) 24.28 Options outstanding at December 31, 2014 2,640,785 28.00 6.50 43,682 Granted 500,761 48.46 Cancelled (172,018 ) 34.59 Exercised (680,658 ) 25.63 Options outstanding at December 31, 2015 2,288,870 32.69 6.50 38,209 Granted 430,544 56.63 Cancelled (117,699 ) 47.33 Exercised (450,173 ) 29.25 Options outstanding at December 31, 2016 2,151,542 $ 37.40 6.39 $ 45,253 Options vested and expected to vest at December 31, 2016 2,086,456 $ 36.95 6.32 $ 44,798 Options exercisable at December 31, 2016 1,168,794 $ 28.63 4.90 $ 34,691 |
Schedule Of Weighted Average Assumptions for Restricted Stock Units | The following table presents the weighted average assumptions for the years ended December 31: 2016 2015 2014 Vesting period 3.57 years 3.82 years 3.83 years Expected dividend yield 1.08% 1.14% 1.33% Estimated average fair value per restricted stock unit granted $55.93 $51.07 $38.98 |
Summary of Restricted Stock Unit Activity | The following table summarizes the restricted stock unit activity under the Plan: Number of Shares Weighted Average Grant Date Fair Value Per Share Restricted stock units outstanding at January 1, 2014 674,494 $ 25.67 Granted 272,642 38.98 Vested (220,348 ) 25.21 Forfeited (68,028 ) 28.51 Restricted stock units outstanding at December 31, 2014 658,760 31.03 Granted 207,040 51.07 Vested (243,765 ) 28.09 Forfeited (68,746 ) 34.57 Restricted stock units outstanding at December 31, 2015 553,289 38.85 Granted 205,734 55.93 Vested (235,059 ) 33.98 Forfeited (57,489 ) 46.35 Restricted stock units outstanding at December 31, 2016 466,475 $ 47.23 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts): Year Ended December 31, 2016 2015 2014 Weighted average common shares outstanding, used in computing basic earnings per share 69,683 70,162 69,807 Effect of dilutive stock options and restricted stock units 949 902 874 Weighted-average common shares outstanding, used in computing diluted earnings per share 70,632 71,064 70,681 Earnings per share of common stock attributable to Columbia Sportswear Company: Basic $ 2.75 $ 2.48 $ 1.97 Diluted 2.72 2.45 1.94 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 income attributable to Columbia Sportswear Company, net of related tax effects, for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Unrealized gains (losses) on available for sale securities Unrealized holding gains (losses) on derivative transactions Foreign currency translation adjustments Total Balance at January 1, 2014 $ (6 ) $ 1,244 $ 34,122 $ 35,360 Other comprehensive income (loss) before reclassifications 10 9,462 (27,288 ) (17,816 ) Amounts reclassified from other comprehensive income — (1,711 ) — (1,711 ) Net other comprehensive income (loss) during the year 10 7,751 (27,288 ) (19,527 ) Balance at December 31, 2014 4 8,995 6,834 15,833 Other comprehensive income (loss) before reclassifications (6 ) 9,791 (33,755 ) (23,970 ) Amounts reclassified from other comprehensive income — (12,699 ) — (12,699 ) Net other comprehensive income (loss) during the year (6 ) (2,908 ) (33,755 ) (36,669 ) Balance at December 31, 2015 (2 ) 6,087 (26,921 ) (20,836 ) Other comprehensive income (loss) before reclassifications (2 ) 420 (2,465 ) (2,047 ) Amounts reclassified from other comprehensive income — 266 — 266 Net other comprehensive income (loss) during the year (2 ) 686 (2,465 ) (1,781 ) Balance at December 31, 2016 $ (4 ) $ 6,773 $ (29,386 ) $ (22,617 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The geographic distribution of the Company's net sales, income from operations, interest income (expense), income tax (expense) benefit, and depreciation and amortization expense are summarized in the following tables (in thousands) for the years ended December 31, 2016 , 2015 and 2014 and for accounts receivable, net and inventories at December 31, 2016 and 2015 . 2016 2015 2014 Net sales to unrelated entities: United States $ 1,505,302 $ 1,455,283 $ 1,198,405 LAAP 453,686 469,140 491,648 EMEA 253,487 233,226 259,163 Canada 164,570 168,531 151,374 $ 2,377,045 $ 2,326,180 $ 2,100,590 Segment income from operations: United States $ 331,706 $ 309,162 $ 229,784 LAAP 61,994 65,846 66,810 EMEA 8,403 8,664 12,667 Canada 19,010 23,772 22,784 Total segment income from operations 421,113 407,444 332,045 Unallocated corporate expenses (164,605 ) (157,723 ) (133,201 ) Interest income, net 2,003 1,531 1,004 Interest expense on note payable to related party (1,041 ) (1,099 ) (1,053 ) Other non-operating expense (572 ) (2,834 ) (274 ) Income before income tax $ 256,898 $ 247,319 $ 198,521 Interest income (expense), net: United States $ 2,334 $ 4,765 $ 4,804 LAAP (216 ) (555 ) (138 ) EMEA 2,663 152 (661 ) Canada (2,778 ) (2,831 ) (3,001 ) $ 2,003 $ 1,531 $ 1,004 Income tax (expense) benefit: United States $ (45,584 ) $ (58,487 ) $ (40,431 ) LAAP (12,345 ) (10,058 ) (14,062 ) EMEA 1,507 5,305 678 Canada (2,037 ) (4,228 ) (2,847 ) $ (58,459 ) $ (67,468 ) $ (56,662 ) Depreciation and amortization expense: United States $ 24,920 $ 25,490 $ 25,736 LAAP 6,392 5,437 4,750 EMEA 3,189 2,419 2,550 Canada 2,912 3,020 3,463 Unallocated corporate expense 22,603 20,155 17,518 $ 60,016 $ 56,521 $ 54,017 Accounts receivable, net: United States $ 162,017 $ 177,893 LAAP 84,947 92,155 EMEA 42,195 41,294 Canada 44,519 60,611 $ 333,678 $ 371,953 Inventories: United States $ 308,721 $ 298,591 LAAP 95,033 98,986 EMEA 51,226 42,499 Canada 33,017 33,561 $ 487,997 $ 473,637 Property, plant and equipment, net: United States $ 211,572 $ 222,164 Canada 28,159 29,294 All other countries 39,919 40,229 $ 279,650 $ 291,687 Net sales by product category: Apparel, accessories and equipment $ 1,865,449 $ 1,821,182 $ 1,676,192 Footwear 511,596 504,998 424,398 $ 2,377,045 $ 2,326,180 $ 2,100,590 |
Financial Instruments and Ris45
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Gross Notional Amount of Outstanding Derivatives | The following table presents the gross notional amount of outstanding derivative instruments (in thousands): December 31, 2016 2015 Derivative instruments designated as cash flow hedges: Currency forward contracts $ 206,000 $ 161,000 Derivative instruments not designated as hedges: Currency forward contracts 184,940 113,195 |
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): December 31, Balance Sheet Classification 2016 2015 Derivative instruments designated as cash flow hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets $ 9,805 $ 5,394 Currency forward contracts Other non-current assets 1,969 566 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 106 224 Derivative instruments not designated as hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets 1,361 1,328 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 180 1,693 |
Effect and Classification of Derivative Instruments | The following table presents the effect and classification of derivative instruments for the years ended December 31, 2016 , 2015 and 2014 (in thousands): For the Year Ended December 31, Statement Of Operations Classification 2016 2015 2014 Currency Forward Contracts: Derivative instruments designated as cash flow hedges: Gain recognized in other comprehensive income, net of tax — $ 583 $ 9,791 $ 9,462 Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion Cost of sales (724 ) 15,446 2,727 Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance Cost of sales (24 ) — — Gain (loss) reclassified from accumulated other comprehensive income to income for the effective portion Net sales 115 385 (27 ) Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion Cost of sales 1,240 (209 ) (353 ) Gain (loss) recognized in income for amount excluded from effectiveness testing and for the ineffective portion Net sales 1 (30 ) — Derivative instruments not designated as hedges: Gain recognized in income Other non-operating expense 2,739 2,838 7,111 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis as of December 31, 2016 are as follows (in thousands): 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 19) — 11,166 — 11,166 Non-current assets: Derivative financial instruments (Note 19) — 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 19) $ — $ 286 $ — $ 286 Total liabilities measured at fair value $ — $ 286 $ — $ 286 | Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are as follows (in thousands): Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 114,247 $ — $ — $ 114,247 Time deposits 63,327 — — 63,327 Other short-term investments: Mutual fund shares 629 — — 629 Other current assets: Derivative financial instruments (Note 19) — 6,722 — 6,722 Non-current assets: Derivative financial instruments (Note 19) — 566 — 566 Mutual fund shares 6,887 — — 6,887 Total assets measured at fair value $ 185,090 $ 7,288 $ — $ 192,378 Liabilities: Accrued liabilities: Derivative financial instruments (Note 19) $ — $ 1,917 $ — $ 1,917 Total liabilities measured at fair value $ — $ 1,917 $ — $ 1,917 |
Business Acquisition Business A
Business Acquisition Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Estimated Fair Value of Net Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the net assets acquired and liabilities assumed as of the acquisition date of May 30, 2014 , including measurement period adjustments (in thousands): Cash $ 4,946 Accounts receivable 10,021 Inventories 9,641 Other current assets 2,531 Property, plant and equipment 5,192 Acquired intangible assets 114,500 Other non-current assets 258 Total identifiable assets acquired 147,089 Accounts payable 2,803 Other current liabilities 5,029 Total liabilities assumed 7,832 Net identifiable assets acquired 139,257 Goodwill 54,156 Net assets acquired $ 193,413 |
Basis of Presentation and Org48
Basis of Presentation and Organization Recent Accounting Pronouncements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Cash Flow Increase [Member] | |||
Item Effected [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 5,538,000 | ||
Income Tax Benefit [Member] | |||
Item Effected [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 5,499,000 | $ 7,925,000 | $ 5,119,000 |
Weighted Average Diluted Shares Outstanding Impact [Member] | |||
Item Effected [Line Items] | |||
Adoption of Recent Accounting Pronouncement Impact on Weighted Average Shares Outstanding | 240,016 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Summary of Investment Holdings [Line Items] | |||
Impairment charge of long-lived assets | $ 4,310,000 | $ 4,171,000 | $ 73,000 |
Inventory planning, receiving and handling costs | 65,757,000 | 61,338,000 | 59,561,000 |
Advertising costs | 118,663,000 | 120,764,000 | 110,109,000 |
Cooperative Advertising Expense | $ 8,699,000 | $ 10,008,000 | $ 8,056,000 |
Minimum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Delivery time by geographic location (in days) | 1 | ||
Maximum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Delivery time by geographic location (in days) | 7 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 15 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 30 years | ||
Land Improvements [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 15 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 10 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 10 years | ||
Leasehold Improvements [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 7 years | ||
Software and Software Development Costs [Member] | Minimum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 3 years | ||
Software and Software Development Costs [Member] | Maximum [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Property, plant and equipment, useful life minimum (years) | 10 years |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Apparel Production [Member] | |
Concentration Risk [Line Items] | |
Concentration risk sourcing countries | 17 |
Footwear Production [Member] | |
Concentration Risk [Line Items] | |
Concentration risk sourcing countries | 4 |
Maximum [Member] | |
Concentration Risk [Line Items] | |
Remaining maturity of derivative contracts | 2 years |
Aggregate unrealized gain of derivative contracts with single counterparty | $ 4,000,000 |
Vietnam And China [Member] | Apparel [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration percentage | 65.00% |
China And Vietnam [Member] | Footwear [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, geographic | substantially all |
Five Largest Apparel Factory Groups [Member] | Apparel [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration percentage | 28.00% |
Largest Apparel Factory Groups [Member] | Apparel [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration percentage | 10.00% |
Five Largest Footwear Factory Groups [Member] | Footwear [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration percentage | 73.00% |
Largest Footwear Factory Groups [Member] | Footwear [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration percentage | 34.00% |
Non-Controlling Interest (Detai
Non-Controlling Interest (Details) | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% |
Accounts Receivable, Net (Compo
Accounts Receivable, Net (Components of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 342,234 | $ 381,881 |
Allowance for doubtful accounts | (8,556) | (9,928) |
Accounts receivable, net | $ 333,678 | $ 371,953 |
Property, Plant, and Equipmen53
Property, Plant, and Equipment, Net (Schedule of Property, Plant, and Equipment, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 688,326 | $ 654,965 |
Less accumulated depreciation | (408,676) | (363,278) |
Property, plant, and equipment, net | 279,650 | 291,687 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 20,862 | 20,832 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 165,746 | 165,182 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 301,566 | 286,055 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 79,103 | 75,682 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 107,574 | 102,056 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 13,475 | $ 5,158 |
Intangible Assets, Net and Go54
Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 5,146,000 | $ 5,146,000,000 | $ 7,057,000 |
Estimated amortization expense, 2015 | 3,883,000 | ||
Estimated amortization expense, 2016 | 2,980,000 | ||
Estimated amortization expense, 2017 | 2,980,000 | ||
Estimated amortization expense, 2018 | 2,537,000 | ||
Estimated amortization expense, 2019 | 1,650,000 | ||
Impairment of goodwill | 0 | 0 | 0 |
Impairment of intangible assets (excluding goodwill) | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, in years | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, in years | 10 years | ||
Order Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period, in years | 1 year |
Intangible Assets, Net and Go55
Intangible Assets, Net and Goodwill (Schedule of Identifiable Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of Identifiable Intangible Assets [Line Items] | ||
Gross carrying amount | $ 37,198 | $ 37,198 |
Accumulated amortization | (19,181) | (14,035) |
Net carrying amount | 18,017 | 23,163 |
Intangible assets not subject to amortization | 115,421 | 115,421 |
Intangible assets, net | 133,438 | 138,584 |
Patents And Purchased Technology [Member] | ||
Summary of Identifiable Intangible Assets [Line Items] | ||
Gross carrying amount | 14,198 | 14,198 |
Accumulated amortization | (9,321) | (7,992) |
Customer Relationships [Member] | ||
Summary of Identifiable Intangible Assets [Line Items] | ||
Gross carrying amount | 23,000 | 23,000 |
Accumulated amortization | $ (9,860) | $ (6,043) |
Short-Term Borrowings and Cre56
Short-Term Borrowings and Credit Lines (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016JPY (¥) | Dec. 31, 2016CAD | Dec. 31, 2015USD ($) | |
Line of Credit Facility [Line Items] | |||||
Available credit amount | $ 125,000,000 | ||||
Long-term Line of Credit | 0 | $ 1,940,000 | |||
Domestic [Member] | Unsecured And Uncommitted Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
Canadian Subsidiary [Member] | Unsecured And Uncommitted Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | Canadian prime rate | ||||
Proceeds from Lines of Credit | 1,940,000 | ||||
Maximum borrowing capacity | 22,320,000 | CAD 30,000,000 | |||
Long-term Line of Credit | 0 | ||||
European Subsidiary [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
European Subsidiary [Member] | Unsecured And Uncommitted Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 32,392,000 | ||||
European Subsidiary [Member] | European Customs Guaranteed Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 2,419,000 | ||||
European Subsidiary [Member] | Unsecured And Uncommitted Credit Line1 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | European Central Bank ("ECB") refinancing rate plus 50 basis points | ||||
Maximum borrowing capacity | € | € 25,800,000 | ||||
European Subsidiary [Member] | Unsecured And Uncommitted Credit Line2 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | Euro Overnight Index Average ("EONIA") plus 75 basis points | ||||
Maximum borrowing capacity | € | € 5,000,000 | ||||
Japanese Subsidiary [Member] | Unsecured And Uncommitted Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 9,565,000 | ||||
Japanese Subsidiary [Member] | Unsecured And Uncommitted Credit Line1 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | JPY LIBOR plus 100 basis points | ||||
Maximum borrowing capacity | 7,000,000 | ||||
Japanese Subsidiary [Member] | Unsecured And Uncommitted Credit Line2 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | Bank of Tokyo Prime Rate | ||||
Maximum borrowing capacity | ¥ | ¥ 300,000,000 | ||||
Japanese Subsidiary [Member] | Revolving Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
Korean Subsidiary [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | $ 0 | |||
Korean Subsidiary [Member] | Unsecured And Uncommitted Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | CD rate plus 220 basis points | ||||
Maximum borrowing capacity | $ 20,000,000 | ||||
Committed Portion Of Credit Facility [Member] | Domestic [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Maturity date of agreement | Jul. 1, 2020 | ||||
Minimum [Member] | Domestic [Member] | Committed Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | USD LIBOR plus 87.5 basis points | ||||
Maximum [Member] | Domestic [Member] | Committed Line Of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate description | USD LIBOR plus 162.5 basis points |
Accrued Liabilities (Schedule o
Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Liabilities, Current [Abstract] | ||||
Accrued salaries, bonus, vacation and other benefits | $ 66,227 | $ 68,714 | ||
Accrued import duties | 14,366 | 14,602 | ||
Product warranties | 11,455 | 11,487 | $ 11,148 | $ 10,768 |
Other | 50,110 | 47,059 | ||
Accrued liabilities, total | $ 142,158 | $ 141,862 |
Accrued Liabilities (Reconcilia
Accrued Liabilities (Reconciliation of Product Warranties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accrued Liabilities, Current [Abstract] | |||
Balance at beginning of period | $ 11,487 | $ 11,148 | $ 10,768 |
Provision for warranty claims | 3,802 | 4,560 | 4,675 |
Warranty claims | (3,726) | (3,708) | (3,906) |
Other | (108) | (513) | (389) |
Balance at end of period | $ 11,455 | $ 11,487 | $ 11,148 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Change in Unrecognized Tax Benefit Reasonably Possible, Low Range | $ 0 | ||
Change in Unrecognized Tax Benefit Reasonably Possible, High Range | 4,410,000 | ||
Net operating loss carryforwards | $ 19,932,000 | $ 12,159,000 | |
Net operating loss carryforwards, expiration year | Jan. 1, 2027 | ||
Deferred tax assets, net operating loss carryforwards | $ 3,637,000 | 2,971,000 | |
Operating Loss Carryforwards, Valuation Allowance | 1,060,000 | ||
Undistributed earnings of foreign subsidiaries | 422,940,000 | ||
Unrecognized deferred tax liability associated with undistributed earnings | 94,193,000 | ||
Unrecognized tax benefits that would affect the effective tax rate | 7,723,000 | 9,358,000 | |
Interest expense and penalties recognized (reversed) | 637,000 | 356,000 | $ 65,000 |
Accrued interest and penalties related to uncertain tax positions | $ 3,042,000 | $ 2,402,000 |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ 173,798 | $ 173,966 | $ 118,743 |
Foreign operations | 83,100 | 73,353 | 79,778 |
Income before income tax | $ 256,898 | $ 247,319 | $ 198,521 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current, federal | $ 53,840 | $ 61,211 | $ 42,790 |
Current, state and local | 6,370 | 6,520 | 3,175 |
Current, non-U.S. | 18,708 | 21,014 | 20,679 |
Current income tax expense | 78,918 | 88,745 | 66,644 |
Deferred, federal | (12,921) | (8,883) | (5,147) |
Deferred, state and local | (2,166) | (906) | (739) |
Deferred, non-U.S. | (5,372) | (11,488) | (4,096) |
Deferred income tax expense | (20,459) | (21,277) | (9,982) |
Income tax expense | $ 58,459 | $ 67,468 | $ 56,662 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Federal Income Tax Rate to Effective Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Provision for federal income taxes at the statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 1.50% | 2.20% | 1.50% |
Non-U.S. income taxes at different rates | (5.80%) | (3.90%) | (3.40%) |
Foreign tax credits | (3.00%) | (1.70%) | (0.00%) |
effective income tax rate reconciliation, foreign deferred tax asset, percent | (2.50%) | 0.00% | 0.00% |
Reduction of uncrecognized tax benefits | 0.00% | (0.80%) | (3.20%) |
Research credits | (0.80%) | (0.90%) | (0.90%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (0.00%) | (2.70%) | (0.00%) |
Effective Income Tax Rate Reconciliation, Excess Tax Benefits From Stock Plans, Percent | (2.10%) | 0.00% | 0.00% |
Other | 0.50% | 0.10% | (0.50%) |
Actual provision for income taxes | 22.80% | 27.30% | 28.50% |
Income Taxes (Significant Compo
Income Taxes (Significant Components of Deferred Taxes) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Non-deductible accruals and allowances | $ 51,724,000 | $ 47,290,000 |
Capitalized inventory costs | 39,661,000 | 27,669,000 |
Stock compensation | 6,476,000 | 6,585,000 |
Net operating loss carryforwards | 3,637,000 | 2,971,000 |
Depreciation and amortization | 19,313,000 | 14,288,000 |
Tax credits | 443,000 | 5,805,000 |
Other | 263,000 | 400,000 |
Gross deferred tax assets | 121,517,000 | 105,008,000 |
Valuation allowance | (1,323,000) | (258,000) |
Net deferred tax assets | 120,194,000 | 104,750,000 |
Depreciation and amortization | (25,703,000) | (26,608,000) |
Foreign currency loss | (667,000) | (1,477,000) |
Other | (1,477,000) | (713,000) |
Gross deferred tax liabilities | (27,847,000) | (28,798,000) |
Total net deferred taxes | $ 92,347,000 | $ 75,952,000 |
Income Taxes (Reconciliation 64
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 11,187 | $ 6,630 | $ 14,639 |
Increases related to prior year tax positions | 2,514 | 365 | 821 |
Decreases related to prior year tax positions | (5,119) | (2,019) | (7,623) |
Increases related to current year tax positions | 1,599 | 6,564 | 2,473 |
Settlements | 0 | 0 | (3,121) |
Expiration of statute of limitations | (183) | (353) | (559) |
Balance at end of period | $ 9,998 | $ 11,187 | $ 6,630 |
Other Long-Term Liabilities (Sc
Other Long-Term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Straight-line and deferred rent liabilities | $ 30,869,000 | $ 30,313,000 |
Asset retirement obligations | 3,342,000 | 2,972,000 |
Deferred compensation plan liability | 8,411,000 | 6,887,000 |
Total other long-term liabilities | $ 42,622,000 | $ 40,172,000 |
Retirement Savings Plans (Narra
Retirement Savings Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Liability to participants under deferred compensation plan | $ 8,411,000 | $ 6,887,000 | |
Current liability to participants under deferred compensation plan | 472,000 | 629,000 | |
401(k) Profit-Sharing Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Company contributions to the plan | 7,754,000 | 6,981,000 | $ 7,056,000 |
Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Company contributions to the plan | 200,000 | 180,000 | $ 239,000 |
Other Noncurrent Assets [Member] | Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Fair value of mutual fund investments | 8,411,000 | 6,887,000 | |
Short-term Investments [Member] | Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Fair value of mutual fund investments | $ 472,000 | $ 629,000 |
Commitments and Contingencies67
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)yr | |
Inventories [Member] | |
Loss Contingencies [Line Items] | |
Outstanding inventory purchase obligations | $ | $ 202,391,000 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Operating leases, base lease term | 5 |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Operating leases, base lease term | 10 |
Commitments and Contingencies68
Commitments and Contingencies (Schedule of Rent Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Rent expense | $ 77,083 | $ 69,570 | $ 64,335 |
Selling, General and Administrative Expense [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rent expense | 75,457 | 67,881 | 62,704 |
Cost of Sales [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rent expense | $ 1,626 | $ 1,689 | $ 1,631 |
Commitments and Contingencies69
Commitments and Contingencies (Schedule of Future Minimum Rental Payments for Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 61,682 |
2,016 | 56,748 |
2,017 | 46,707 |
2,018 | 39,181 |
2,019 | 33,625 |
Thereafter | 111,800 |
Operating leases, future minimum payments due, total | $ 349,743 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 10, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Stock repurchase plan, authorized amount | $ 700,000,000 | |||
Aggregate shares repurchased under stock repurchase plan | 20,992,940 | |||
Stock repurchased to date, value | $ 526,522,000 | |||
Stock Repurchased During Period, Value | $ 11,000 | $ 70,068,000 | $ 15,000,000 | |
Share Repurchase Program [Domain] | ||||
Class of Stock [Line Items] | ||||
Aggregate shares repurchased under stock repurchase plan | 616,152 | |||
Stock Repurchased During Period, Value | $ 33,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Shares authorized | 20,800,000 | ||
Shares available for future grants | 3,089,699 | ||
Tax benefit for the deduction from stock-based award transactions | $ 9,576,000 | $ 11,872,000 | $ 8,835,000 |
Stock-based compensation expense | 10,986,000 | 11,672,000 | 11,120,000 |
Stock Options [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Stock-based compensation expense | 3,896,000 | 3,637,000 | 3,587,000 |
Unrecognized costs related to share based compensation | $ 6,678,000 | ||
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 1 month 9 days | ||
Intrinsic value of stock options exercised | $ 12,976,000 | 20,400,000 | 16,345,000 |
Cash received on exercises of stock options | $ 13,167,000 | 17,442,000 | 22,277,000 |
Stock Options [Member] | After2008 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Vesting period of options granted, years | 4 years | ||
Expiration period, years | 10 years | ||
Service Based Restricted Stock Units [Member] | After2008 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Vesting period of options granted, years | 4 years | ||
Performance Based Restricted Stock Units [Member] | Prior To2010 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Additional requisite service period, years | 1 year | ||
Performance Based Restricted Stock Units [Member] | Minimum [Member] | Prior To2010 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Vesting period of options granted, years | 2 years 6 months | ||
Performance Based Restricted Stock Units [Member] | Minimum [Member] | After2009 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Vesting period of options granted, years | 2 years | ||
Performance Based Restricted Stock Units [Member] | Maximum [Member] | Prior To2010 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Vesting period of options granted, years | 3 years | ||
Performance Based Restricted Stock Units [Member] | Maximum [Member] | After2009 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Vesting period of options granted, years | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Stock-based compensation expense | $ 7,090,000 | $ 8,035,000 | $ 7,533,000 |
Unrecognized costs related to share based compensation | $ 12,430,000 | ||
Weighted average period of recognition of unrecognized costs related to stock options, years | 1 year 11 months 10 days | ||
Company withheld shares | 88,335 | 90,355 | 78,265 |
Company withheld shares, tax obligations | $ 5,127,000 | $ 4,895,000 | $ 3,141,000 |
Grant date fair value of vested units | $ 7,988,000 | $ 6,848,000 | $ 5,554,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax stock-based compensation expense | $ 10,986 | $ 11,672 | $ 11,120 |
Income tax benefits | (3,969) | (4,044) | (3,874) |
Total stock-based compensation expense, net of tax | 7,017 | 7,628 | 7,246 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax stock-based compensation expense | 233 | 326 | 399 |
Selling, General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pre-tax stock-based compensation expense | $ 10,753 | $ 11,346 | $ 10,721 |
Stock-Based Compensation (Sch73
Stock-Based Compensation (Schedule of Weighted Average Assumptions) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term, years | 4 years 7 months 18 days | 4 years 7 months 5 days | 4 years 8 months 8 days |
Expected stock price volatility | 29.79% | 26.57% | 27.62% |
Risk-free interest rate | 1.17% | 1.20% | 1.22% |
Expected dividend yield | 1.20% | 1.26% | 1.34% |
Weighted average grant date fair value | $ 13.38 | $ 10.36 | $ 8.69 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Options outstanding, beginning, number of shares | 2,288,870 | 2,640,785 | 3,148,264 | |
Granted, number of shares | 430,544 | 500,761 | 512,761 | |
Cancelled, number of shares | (117,699) | (172,018) | (102,598) | |
Exercised, number of shares | (450,173) | (680,658) | (917,642) | |
Options outstanding, ending, number of shares | 2,151,542 | 2,288,870 | 2,640,785 | 3,148,264 |
Options outstanding, beginning, weighted average exercise price | $ 32.69 | $ 28 | $ 25.02 | |
Granted, weighted average exercise price | 56.63 | 48.46 | 39.69 | |
Cancelled, weighted average exercise price | 47.33 | 34.59 | 28.39 | |
Exercised, weighted average exercise price | 29.25 | 25.63 | 24.28 | |
Options outstanding, ending, weighted average exercise price | $ 37.40 | $ 32.69 | $ 28 | $ 25.02 |
Options outstanding, beginning, weighted average remaining contractual life, years | 6 years 4 months 22 days | 6 years 6 months | 6 years 6 months | 6 years 4 months 10 days |
Options outstanding, ending, weighted average remaining contractual life, years | 6 years 4 months 22 days | 6 years 6 months | 6 years 6 months | 6 years 4 months 10 days |
Options outstanding, beginning, aggregate intrinsic value | $ 38,209 | $ 43,682 | $ 45,187 | |
Options outstanding, ending, aggregate intrinsic value | $ 45,253 | $ 38,209 | $ 43,682 | $ 45,187 |
Options vested and expected to vest, number of shares | 2,086,456 | |||
Options vested and expected to vest, weighted average exercise price | $ 36.95 | |||
Options vested and expected to vest, weighted average remining contractual life, years | 6 years 3 months 26 days | |||
Options vested and expected to vest, aggregate intrinsic value | $ 44,798 | |||
Options exercisable, number of shares | 1,168,794 | |||
Options exercisable, weighted average exercise price | $ 28.63 | |||
Options exercisable, weighted average remaining contractual life | 4 years 10 months 25 days | |||
Options exercisable, aggregate intrinsic value | $ 34,691 |
Stock-Based Compensation (Sch75
Stock-Based Compensation (Schedule of Weighted Average Assumptions for Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years 6 months 26 days | 3 years 9 months 25 days | 3 years 9 months 29 days |
Expected dividend yield | 1.08% | 1.14% | 1.33% |
Estimated average fair value per restricted stock unit granted | $ 55.93 | $ 51.07 | $ 38.98 |
Stock-Based Compensation (Sum76
Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units outstanding, beginning, number of shares | 553,289 | 658,760 | 674,494 |
Granted, number of shares | 205,734 | 207,040 | 272,642 |
Vested, number of shares | (235,059) | (243,765) | (220,348) |
Forfeited, number of shares | (57,489) | (68,746) | (68,028) |
Restricted stock units outstanding, ending, number of shares | 466,475 | 553,289 | 658,760 |
Restricted stock units outstanding, beginning, weighted average grate date fair value per share | $ 38.85 | $ 31.03 | $ 25.67 |
Granted, weighted average grant date fair value per share | 55.93 | 51.07 | 38.98 |
Vested, weighted average grant date fair value | 33.98 | 28.09 | 25.21 |
Forfeited, weighted average grant date fair value | 46.35 | 34.57 | 28.51 |
Restricted stock units outstanding, ending, weighted average grate date fair value per share | $ 47.23 | $ 38.85 | $ 31.03 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options And Service Based Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, number of shares | 517,654 | 154,170 | 409,250 |
Performance Based Restricted Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, number of shares | 63,430 | 122,858 | 120,363 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Earnings per Share, Basic and Diluted) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding, used in computing basic earnings per share | 69,683 | 70,162 | 69,807 |
Effect of dilutive stock options and restricted stock units | 949 | 902 | 874 |
Weighted-average common shares outstanding, used in computing diluted earnings per share | 70,632 | 71,064 | 70,681 |
Basic | $ 2.75 | $ 2.48 | $ 1.97 |
Diluted | $ 2.72 | $ 2.45 | $ 1.94 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income, Net of Related Tax Effects) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income at beginning of period | $ (20,836) | $ 15,833 | $ 35,360 |
Other comprehensive income (loss) before reclassifications | (2,047) | (23,970) | (17,816) |
Amounts reclassified from other comprehensive income | 266 | (12,699) | (1,711) |
Net other comprehensive income (loss) during the period | (1,781) | (36,669) | (19,527) |
Accumulated other comprehensive income at end of period | (22,617) | (20,836) | 15,833 |
Unrealized Holding Gains (Losses) on Available-For-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income at beginning of period | (2) | 4 | (6) |
Other comprehensive income (loss) before reclassifications | (2) | (6) | 10 |
Amounts reclassified from other comprehensive income | 0 | 0 | 0 |
Net other comprehensive income (loss) during the period | (2) | (6) | 10 |
Accumulated other comprehensive income at end of period | (4) | (2) | 4 |
Unrealized Holding Gains (Losses) on Derivative Transactions [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income at beginning of period | 6,087 | 8,995 | 1,244 |
Other comprehensive income (loss) before reclassifications | 420 | 9,791 | 9,462 |
Amounts reclassified from other comprehensive income | 266 | (12,699) | (1,711) |
Net other comprehensive income (loss) during the period | 686 | (2,908) | 7,751 |
Accumulated other comprehensive income at end of period | 6,773 | 6,087 | 8,995 |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income at beginning of period | (26,921) | 6,834 | 34,122 |
Other comprehensive income (loss) before reclassifications | (2,465) | (33,755) | (27,288) |
Amounts reclassified from other comprehensive income | 0 | 0 | 0 |
Net other comprehensive income (loss) during the period | (2,465) | (33,755) | (27,288) |
Accumulated other comprehensive income at end of period | $ (29,386) | $ (26,921) | $ 6,834 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | $ 2,377,045,000 | $ 2,326,180,000 | $ 2,100,590,000 |
Income (loss) from operations | 256,508,000 | 249,721,000 | 198,844,000 |
Interest income (expense), net | 2,003,000 | 1,531,000 | 1,004,000 |
Interest expense on note payable to related party | 1,041,000 | 1,099,000 | 1,053,000 |
Other non-operating expense | (572,000) | (2,834,000) | (274,000) |
Income before income taxes | 256,898,000 | 247,319,000 | 198,521,000 |
Income tax (expense) benefit | (58,459,000) | (67,468,000) | (56,662,000) |
Depreciation and amortization expense | 60,016,000 | 56,521,000 | 54,017,000 |
Accounts receivable, net | 333,678,000 | 371,953,000 | |
Inventories | 487,997,000 | 473,637,000 | |
Property, plant and equipment, net | 279,650,000 | 291,687,000 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | 1,505,302,000 | 1,455,283,000 | 1,198,405,000 |
Income (loss) from operations | 331,706,000 | 309,162,000 | 229,784,000 |
Interest income (expense), net | 2,334,000 | 4,765,000 | 4,804,000 |
Income tax (expense) benefit | (45,584,000) | (58,487,000) | (40,431,000) |
Depreciation and amortization expense | 24,920,000 | 25,490,000 | 25,736,000 |
Accounts receivable, net | 162,017,000 | 177,893,000 | |
Inventories | 308,721,000 | 298,591,000 | |
LAAP [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | 453,686,000 | 469,140,000 | 491,648,000 |
Income (loss) from operations | 61,994,000 | 65,846,000 | 66,810,000 |
Interest income (expense), net | (216,000) | (555,000) | (138,000) |
Income tax (expense) benefit | (12,345,000) | (10,058,000) | (14,062,000) |
Depreciation and amortization expense | 6,392,000 | 5,437,000 | 4,750,000 |
Accounts receivable, net | 84,947,000 | 92,155,000 | |
Inventories | 95,033,000 | 98,986,000 | |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | 253,487,000 | 233,226,000 | 259,163,000 |
Income (loss) from operations | 8,403,000 | 8,664,000 | 12,667,000 |
Interest income (expense), net | 2,663,000 | 152,000 | (661,000) |
Income tax (expense) benefit | 1,507,000 | 5,305,000 | 678,000 |
Depreciation and amortization expense | 3,189,000 | 2,419,000 | 2,550,000 |
Accounts receivable, net | 42,195,000 | 41,294,000 | |
Inventories | 51,226,000 | 42,499,000 | |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | 164,570,000 | 168,531,000 | 151,374,000 |
Income (loss) from operations | 19,010,000 | 23,772,000 | 22,784,000 |
Interest income (expense), net | (2,778,000) | (2,831,000) | (3,001,000) |
Income tax (expense) benefit | (2,037,000) | (4,228,000) | (2,847,000) |
Depreciation and amortization expense | 2,912,000 | 3,020,000 | 3,463,000 |
Accounts receivable, net | 44,519,000 | 60,611,000 | |
Inventories | 33,017,000 | 33,561,000 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 421,113,000 | 407,444,000 | 332,045,000 |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unallocated corporate expense | (164,605,000) | (157,723,000) | (133,201,000) |
Depreciation and amortization expense | 22,603,000 | 20,155,000 | 17,518,000 |
Apparel, Accessories And Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | 1,865,449,000 | 1,821,182,000 | 1,676,192,000 |
Footwear [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales to unrelated entities | 511,596,000 | 504,998,000 | $ 424,398,000 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 211,572,000 | 222,164,000 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 28,159,000 | 29,294,000 | |
All Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | $ 39,919,000 | $ 40,229,000 |
Financial Instruments and Ris81
Financial Instruments and Risk Management (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivatives [Line Items] | |
Deferred net gains on derivatives accumulated in other comprehensive income expected to be reclassified to net income in next twelve months | $ 6,984,000 |
Maximum [Member] | |
Derivatives [Line Items] | |
Remaining maturity of derivative contracts | 2 years |
Aggregate unrealized gain of derivative contracts with single counterparty | $ 4,000,000 |
Financial Instruments and Ris82
Financial Instruments and Risk Management (Gross Notional Amount of Outstanding Derivatives) (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency forward contracts | $ 206,000 | $ 161,000 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Currency forward contracts | $ 184,940 | $ 113,195 |
Financial Instruments and Ris83
Financial Instruments and Risk Management (Balance Sheet Classification and Fair Value of Derivative Instruments) (Details) - Forward Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses And Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 1,361 | $ 1,328 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 180 | 1,693 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses And Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 9,805 | 5,394 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1,969 | 566 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 106 | $ 224 |
Financial Instruments and Ris84
Financial Instruments and Risk Management (Effect and Classification of Derivative Instuments) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) recognized in other comprehensive income, net of tax | $ 583 | $ 9,791 | $ 9,462 |
Designated as Hedging Instrument [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) reclassified from accumulated other comprehensive income to income for the effective portion | (724) | 15,446 | 2,727 |
Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance | (24) | 0 | 0 |
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion | 1,240 | (209) | (353) |
Designated as Hedging Instrument [Member] | Sales [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) reclassified from accumulated other comprehensive income to income for the effective portion | 115 | 385 | (27) |
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion | 1 | (30) | 0 |
Not Designated as Hedging Instrument [Member] | Other Non-Operating Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) recognized in income | $ 2,739 | $ 2,838 | $ 7,111 |
Fair Value Measures (Assets and
Fair Value Measures (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 394,914 | $ 192,378 |
Liabilities, Fair Value Disclosure | 286 | 1,917 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 381,779 | 185,090 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 13,135 | 7,288 |
Liabilities, Fair Value Disclosure | 286 | 1,917 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 299,769 | 114,247 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 299,769 | 114,247 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Bank Time Deposits [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 73,127 | 63,327 |
Bank Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 73,127 | 63,327 |
Bank Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 11,166 | 6,722 |
Derivative Financial Instruments, Assets [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,969 | 566 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 11,166 | 6,722 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,969 | 566 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Mutual Fund Shares [Member] | Trading Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 472 | 629 |
Mutual Fund Shares [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 8,411 | 6,887 |
Mutual Fund Shares [Member] | Fair Value, Inputs, Level 1 [Member] | Trading Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 472 | 629 |
Mutual Fund Shares [Member] | Fair Value, Inputs, Level 1 [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 8,411 | 6,887 |
Mutual Fund Shares [Member] | Fair Value, Inputs, Level 2 [Member] | Trading Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Mutual Fund Shares [Member] | Fair Value, Inputs, Level 2 [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Mutual Fund Shares [Member] | Fair Value, Inputs, Level 3 [Member] | Trading Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Mutual Fund Shares [Member] | Fair Value, Inputs, Level 3 [Member] | Non Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 286 | 1,917 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 286 | 1,917 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Business Acquisition (Narrative
Business Acquisition (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 30, 2014 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 0 | $ 0 | $ (188,467,000) | |
Goodwill | 68,594,000 | $ 68,594,000 | ||
prAna Living LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,946,000 | $ 4,946,000 | ||
Goodwill | $ 54,156,000 |
Business Acquisition (Schedule
Business Acquisition (Schedule of Recognized Identified Assets and Liabilities Assumed) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | May 30, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 68,594,000 | $ 68,594,000 | |
prAna Living LLC [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 4,946,000 | $ 4,946,000 | |
Accounts receivable | 10,021,000 | ||
Inventories | 9,641,000 | ||
Other current assets | 2,531,000 | ||
Property, plant and equipment | 5,192,000 | ||
Acquired intangible assets | 114,500,000 | ||
Other non-current assets | 258,000 | ||
Total assets acquired | 147,089,000 | ||
Accounts payable | 2,803,000 | ||
Other current liabilities | 5,029,000 | ||
Total liabilities assumed | 7,832,000 | ||
Net identifiable assets acquired | 139,257,000 | ||
Goodwill | 54,156,000 | ||
Net assets acquired | $ 193,413,000 |
Business Acquisition (Schedul88
Business Acquisition (Schedule of Identifiable Intangible Assets Acquired as Part of Business Combination) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Customer Relationships [Member] | Minimum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Customer Relationships [Member] | Maximum [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Order Backlog [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 1 year |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016CNY (¥) | |
Related Party Transactions [Abstract] | ||||
Related party service fees | $ 3,294,000 | $ 5,974,000 | $ 8,638,000 | |
Related party sourcing fees | 71,000 | 396,000 | 388,000 | |
Note payable to related party | $ 14,053,000 | 15,030,000 | ¥ 97,600,000 | |
Related party note payable maturity date | Dec. 31, 2018 | |||
Related party note payable interest rate | 7.00% | |||
Interest expense on note payable to related party | $ 1,041,000 | 1,099,000 | $ 1,053,000 | |
Accounts payable to related party | $ 707,000 | $ 1,472,000 |
Valuation and Qualifying Acco90
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 9,928 | $ 8,943 | $ 8,282 | |
Charged to Costs and Expenses | 2,037 | 2,788 | 2,299 | |
Deductions | [1] | (3,406) | (1,239) | (1,344) |
Balance at End of Period | 8,556 | 9,928 | 8,943 | |
Valuation Allowances and Reserves, Adjustments | [2] | (3) | (564) | (294) |
Allowance For Sales Returns And Miscellaneous Claims [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 40,510 | 27,379 | 25,125 | |
Charged to Costs and Expenses | 49,822 | 54,017 | 47,187 | |
Deductions | [1] | (50,548) | (40,022) | (43,322) |
Balance at End of Period | 39,768 | 40,510 | 27,379 | |
Valuation Allowances and Reserves, Adjustments | [2] | $ (16) | $ (864) | $ (1,611) |
[1] | Charges to the accounts included in this column are for the purposes for which the reserves were created. | |||
[2] | Amounts included in this column primarily relate to foreign currency translation. |