Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-23939 | |
Entity Registrant Name | COLUMBIA SPORTSWEAR COMPANY | |
Entity Incorporation, State or Country Code | OR | |
Entity Tax Identification Number | 93-0498284 | |
Entity Address, Address Line One | 14375 Northwest Science Park Drive | |
Entity Address, City or Town | Portland | |
Entity Address, State or Province | OR | |
Entity Address, Postal Zip Code | 97229 | |
City Area Code | (503) | |
Local Phone Number | 985-4000 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | COLM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 66,454,791 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001050797 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets, Current [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 873,641 | $ 790,725 | $ 671,108 | |
Short-term Investments | 920 | 1,224 | 35,828 | |
Accounts Receivable, after Allowance for Credit Loss, Current | 338,787 | 452,945 | 312,951 | |
Prepaid Expense and Other Assets, Current | 66,173 | 54,197 | 113,726 | |
Assets, Current, Total | 1,805,225 | 1,855,621 | 1,710,737 | |
Assets, Noncurrent [Abstract] | ||||
Property, Plant and Equipment, Net | 300,063 | 309,792 | 332,997 | |
Operating Lease, Right-of-Use Asset | 363,652 | 339,244 | 387,984 | |
Intangible Assets, Net (Excluding Goodwill) | 103,146 | 103,558 | 122,850 | |
Goodwill | 68,594 | 68,594 | 68,594 | |
Deferred Tax Assets, Net, Noncurrent | 86,825 | 96,126 | 73,827 | |
Other Assets, Noncurrent | 66,401 | 63,636 | 54,498 | |
Total assets | 2,793,906 | 2,836,571 | 2,751,487 | |
Liabilities, Current [Abstract] | ||||
Accounts payable | 165,555 | 206,697 | 150,971 | |
Accrued Liabilities, Current | 224,674 | 257,278 | 214,044 | |
Operating Lease, Liability, Current | 81,308 | 65,466 | 64,456 | |
Accrued Income Taxes, Current | 3,431 | 23,181 | 6,441 | |
Total current liabilties | 474,968 | 552,622 | 610,355 | |
Liabilities, Noncurrent [Abstract] | ||||
Operating Lease, Liability, Noncurrent | 356,766 | 353,181 | 364,300 | |
Accrued Income Taxes, Noncurrent | 50,285 | 49,922 | 48,320 | |
Deferred Tax Liabilities, Net, Noncurrent | 4,406 | 5,205 | 8,944 | |
Other Liabilities, Noncurrent | 38,671 | 42,870 | 22,977 | |
Liabilities, Total | 925,096 | 1,003,800 | 1,054,896 | |
Commitments and Contingencies | ||||
Shareholders' Equity: | ||||
Preferred Stock, Value, Issued | 0 | 0 | 0 | |
Common Stock, Value, Issued | 22,230 | 20,165 | 565 | |
Retained earnings | 1,850,415 | 1,811,800 | 1,704,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,835) | 806 | (7,974) | $ (4,425) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 1,868,810 | 1,832,771 | 1,696,591 | |
Total liabilities and equity | 2,793,906 | 2,836,571 | 2,751,487 | |
Inventories | $ 525,704 | $ 556,530 | $ 577,124 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 625,606 | $ 568,228 |
Cost of Goods and Services Sold | 304,204 | 296,514 |
Gross Profit, Total | 321,402 | 271,714 |
Selling, general and administrative expenses | 254,389 | 276,820 |
Income from operations | 70,480 | (1,987) |
Interest income, net | 278 | 1,813 |
Other Nonoperating Income (Expense) | (304) | 1,738 |
Income before income tax | 70,454 | 1,564 |
Income Tax Expense (Benefit) | (14,554) | (1,351) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 55,900 | $ 213 |
Earnings Per Share [Abstract] | ||
Earnings Per Share, Basic | $ 0.84 | $ 0 |
Earnings Per Share, Diluted | $ 0.84 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 66,363 | 66,970 |
Weighted Average Number of Shares Outstanding, Diluted | 66,885 | 67,412 |
License [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,467 | $ 3,119 |
Retained Earnings [Member] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 55,900 | $ 213 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 55,900 | $ 213 |
Other comprehensive loss: | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 8,563 | 11,525 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (13,204) | (15,074) |
Other Comprehensive Income (Loss), Net of Tax, Total | (4,641) | (3,549) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 51,259 | $ (3,336) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 55,900 | $ 213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, Amortization And Non-Cash Lease Expense | 30,459 | 32,994 |
Accounts Receivable, Credit Loss Expense (Reversal) | (7,849) | 19,229 |
Loss on disposal or impairment of property, plant, and equipment | 131 | 2,138 |
Deferred income taxes | 4,577 | 3,802 |
Share-based Payment Arrangement, Noncash Expense | 4,874 | 3,675 |
Changes in operating assets and liabilities: | ||
Increase (Decrease) in Accounts Receivable | 117,818 | 150,687 |
Increase (Decrease) in Inventories | 25,117 | 23,510 |
Increase (Decrease) in Prepaid Expense and Other Assets | (11,150) | (11,922) |
Increase (Decrease) in Other Operating Assets | 51 | (5,873) |
Increase (Decrease) in Accounts Payable | (41,194) | (100,402) |
Increase (Decrease) in Accrued Liabilities | (27,253) | (77,861) |
Increase (Decrease) in Income Taxes Payable | (19,291) | (9,429) |
Increase (Decrease) In Operating Lease, Right-Of-Use Assets And Liabilities | (21,273) | (16,807) |
Other liabilities | (18) | (1,200) |
Net cash provided by operating activities | 110,899 | 12,754 |
Cash flows from investing activities: | ||
Payments to Acquire Short-term Investments | 0 | (35,044) |
Proceeds from Sale, Maturity and Collection of Short-term Investments | 1,054 | 1,631 |
Payments to Acquire Property, Plant, and Equipment | (3,896) | (9,452) |
Net cash used in investing activities | (2,842) | (42,865) |
Cash flows from financing activities: | ||
Proceeds from Lines of Credit | 7,753 | 175,719 |
Repayments of Lines of Credit | (7,532) | (1,054) |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | 13,772 | 1,096 |
Payment, Tax Withholding, Share-based Payment Arrangement | (5,358) | (4,207) |
Payments for Repurchase of Common Stock | (11,223) | (132,889) |
Payments of Ordinary Dividends, Common Stock | (17,285) | (17,195) |
Net cash used in financing activities | (19,873) | 21,470 |
Effect of Exchange Rate on Cash and Cash Equivalents | (5,268) | (6,260) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 82,916 | (14,901) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 790,725 | 686,009 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 873,641 | 671,108 |
Supplemental disclosures of cash flow information: | ||
Income Taxes Paid | 37,534 | 19,953 |
Supplemental disclosures of non-cash investing activities: | ||
Capital expenditures incurred but not yet paid | $ 2,832 | $ 2,503 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest [Member] |
Balance, shares at Dec. 31, 2019 | 67,561,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 4,937 | $ 1,848,935 | $ (4,425) | $ 1,849,447 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 213 | 213 | |||
Other comprehensive income (loss): | |||||
Unrealized gains (losses) on derivative transactions, net | 11,525 | 11,525 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (15,074) | (15,074) | |||
Cash dividends | $ (17,195) | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.26 | ||||
Issuance of common stock under employee stock plans, net | $ (3,111) | (3,111) | |||
Stock-based compensation expense | 3,675 | $ 3,675 | |||
Issuance of common stock under employee stock plans, net (in shares) | 112,000 | ||||
Stock Repurchased During Period, Value | $ (132,889) | $ (4,936) | 127,953 | ||
Repurchase of common stock (in shares) | (1,557,000) | ||||
Balance, shares at Mar. 31, 2020 | 66,116,000 | 66,116,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ 1,696,591 | $ 565 | 1,704,000 | (7,974) | 1,696,591 |
Other comprehensive income (loss): | |||||
Payments of Ordinary Dividends, Common Stock | $ (17,195) | (17,195) | |||
Balance, shares at Dec. 31, 2020 | 66,252,000 | 66,252,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | $ 1,832,771 | $ 20,165 | 1,811,800 | 806 | 1,832,771 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 55,900 | 55,900 | |||
Other comprehensive income (loss): | |||||
Unrealized gains (losses) on derivative transactions, net | 8,563 | 8,563 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (13,204) | (13,204) | |||
Cash dividends | $ (17,285) | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.26 | ||||
Issuance of common stock under employee stock plans, net | $ 8,414 | 8,414 | |||
Stock-based compensation expense | 4,874 | $ 4,874 | |||
Issuance of common stock under employee stock plans, net (in shares) | 314,000 | ||||
Stock Repurchased During Period, Value | $ (11,223) | $ (11,223) | |||
Repurchase of common stock (in shares) | (109,000) | ||||
Balance, shares at Mar. 31, 2021 | 66,457,000 | 66,457,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2021 | $ 1,868,810 | $ 22,230 | 1,850,415 | $ (3,835) | $ 1,868,810 |
Other comprehensive income (loss): | |||||
Payments of Ordinary Dividends, Common Stock | $ (17,285) | $ (17,285) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 13,480 | $ 21,810 | $ 27,579 |
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 576,597 | $ 574,247 | $ 530,329 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common Stock, Shares, Outstanding | 66,457,000 | 66,252,000 | 66,116,000 |
Common Stock, Shares, Issued | 66,457,000 | 66,252,000 | 66,116,000 |
Proceeds from Lines of Credit | $ 0 | $ 0 | $ 174,443 |
Cash and Cash Equivalents, at Carrying Value | 873,641 | 790,725 | 671,108 |
Short-term Investments | 920 | 1,224 | 35,828 |
Accounts Receivable, after Allowance for Credit Loss, Current | 338,787 | 452,945 | 312,951 |
Inventories | 525,704 | 556,530 | 577,124 |
Prepaid Expense and Other Assets, Current | 66,173 | 54,197 | 113,726 |
Assets, Current, Total | 1,805,225 | 1,855,621 | 1,710,737 |
Property, Plant and Equipment, Net | 300,063 | 309,792 | 332,997 |
Operating Lease, Right-of-Use Asset | 363,652 | 339,244 | 387,984 |
Intangible Assets, Net (Excluding Goodwill) | 103,146 | 103,558 | 122,850 |
Goodwill | 68,594 | 68,594 | 68,594 |
Deferred Tax Assets, Net, Noncurrent | 86,825 | 96,126 | 73,827 |
Other Assets, Noncurrent | 66,401 | 63,636 | 54,498 |
Assets | 2,793,906 | 2,836,571 | 2,751,487 |
Accounts payable | 165,555 | 206,697 | 150,971 |
Accrued Liabilities, Current | 224,674 | 257,278 | 214,044 |
Operating Lease, Liability, Current | 81,308 | 65,466 | 64,456 |
Accrued Income Taxes, Current | 3,431 | 23,181 | 6,441 |
Total current liabilties | 474,968 | 552,622 | 610,355 |
Operating Lease, Liability, Noncurrent | 356,766 | 353,181 | 364,300 |
Accrued Income Taxes, Noncurrent | 50,285 | 49,922 | 48,320 |
Deferred Tax Liabilities, Net, Noncurrent | 4,406 | 5,205 | 8,944 |
Other Liabilities, Noncurrent | 38,671 | 42,870 | 22,977 |
Liabilities, Total | 925,096 | 1,003,800 | 1,054,896 |
Commitments and Contingencies | |||
Preferred Stock, Value, Issued | 0 | 0 | 0 |
Common Stock, Value, Issued | 22,230 | 20,165 | 565 |
Retained earnings | 1,850,415 | 1,811,800 | 1,704,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,835) | 806 | (7,974) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 1,868,810 | 1,832,771 | 1,696,591 |
Total liabilities and equity | $ 2,793,906 | $ 2,836,571 | $ 2,751,487 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gains (losses) on derivative transactions, tax effect | $ (3,368) | $ (4,145) |
Foreign currency translation adjustment, tax effect | 414 | 497 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 55,900 | 213 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 8,563 | 11,525 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (13,204) | (15,074) |
Other Comprehensive Income (Loss), Net of Tax | (4,641) | (3,549) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 51,259 | $ (3,336) |
Basis of Presentation and Organ
Basis of Presentation and Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1—BASIS OF PRESENTATION AND ORGANIZATION The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of March 31, 2021, December 31, 2020 and March 31, 2020, and the results of operations and cash flows for the three months ended March 31, 2021 and 2020. The December 31, 2020 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for other quarterly periods or for the full year. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Principles of Consolidation The condensed consolidated financial statements include the accounts of Columbia Sportswear Company and its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. Some of the more significant estimates relate to revenue recognition; allowance for uncollectible accounts receivable; obsolescence reserves for excess, close-out and slow moving inventory; impairment of long-lived assets, intangible assets and goodwill; and income taxes. Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which, among other things, removes specific exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods, as well as targeted impacts to the accounting for taxes under hybrid tax regimes. At adoption, there was not a material impact to the Company's financial position, results of operations or cash flows. Recent Accounting Pronouncements Not Yet Adopted None. |
Description of New Accounting Pronouncements Not yet Adopted | Recent Accounting Pronouncements Not Yet Adopted None. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 2—REVENUES Disaggregated Revenue As disclosed in Note 11, the Company has four geographic reportable segments: United States ("U.S."), Latin America and Asia Pacific ("LAAP"), Europe, Middle East and Africa ("EMEA") and Canada. The following tables disaggregate the Company's operating segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors: Three Months Ended March 31, 2021 (in thousands) U.S. LAAP EMEA Canada Total Product category net sales Apparel, Accessories and Equipment $ 317,349 $ 78,723 $ 46,296 $ 26,542 $ 468,910 Footwear 91,313 33,254 24,469 7,660 156,696 Total $ 408,662 $ 111,977 $ 70,765 $ 34,202 $ 625,606 Channel net sales Wholesale $ 200,881 $ 55,550 $ 57,764 $ 21,218 $ 335,413 Direct-to-consumer 207,781 56,427 13,001 12,984 290,193 Total $ 408,662 $ 111,977 $ 70,765 $ 34,202 $ 625,606 Three Months Ended March 31, 2020 (in thousands) U.S. LAAP EMEA Canada Total Product category net sales Apparel, Accessories and Equipment $ 309,677 $ 75,913 $ 39,930 $ 26,649 $ 452,169 Footwear 66,191 26,738 15,918 7,212 116,059 Total $ 375,868 $ 102,651 $ 55,848 $ 33,861 $ 568,228 Channel net sales Wholesale $ 202,868 $ 57,374 $ 42,256 $ 23,462 $ 325,960 Direct-to-consumer 173,000 45,277 13,592 10,399 242,268 Total $ 375,868 $ 102,651 $ 55,848 $ 33,861 $ 568,228 Performance Obligations For the three months ended March 31, 2021 and 2020, Net sales recognized from performance obligations related to prior periods were not material. Net sales expected to be recognized in any future period related to remaining performance obligations are not material. Contract Balances As of March 31, 2021, December 31, 2020 and March 31, 2020, contract liabilities included in Accrued liabilities on the Condensed Consolidated Balance Sheets, which consisted of obligations associated with the Company's gift card and customer loyalty programs, were not material. |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net, Total | $ 300,063 | $ 309,792 | $ 332,997 |
Short-Term Borrowings and Credi
Short-Term Borrowings and Credit Lines | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | NOTE 4—SHORT-TERM BORROWINGS AND CREDIT LINES Except as disclosed below, there have been no significant changes to the Company's short-term borrowings and credit lines as described in Note 7 in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5—INCOME TAXES For the three months ended March 31, 2021 and 2020, the Company's effective income tax rates were 20.7% and 86.4%, respectively. The decrease in the effective income tax rate for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 was primarily driven by a change in the mix of book income or loss among jurisdictions and the recording of a foreign jurisdiction valuation allowance during the prior year period. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6—COMMITMENTS AND CONTINGENCIESThe 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, lease 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. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 7—SHAREHOLDERS' EQUITY Since the inception of the Company's stock repurchase plan in 2004 through March 31, 2021, the Company's Board of Directors has authorized the repurchase of $1.5 billion of the Company's common stock. Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions, and generally settle subsequent to the trade date. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 8—STOCK-BASED COMPENSATION The Company's Stock Incentive Plan allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, and other stock-based or cash-based awards. Stock-Based Compensation Expense Stock-based compensation expense consisted of the following: Three Months Ended March 31, (in thousands) 2021 2020 Stock options $ 1,910 $ 1,704 Restricted stock units 2,964 1,971 Total $ 4,874 $ 3,675 Stock Options During the three months ended March 31, 2021, the Company granted a total of 496,609 stock options at a weighted average grant date fair value of $17.26 per share. As of March 31, 2021, unrecognized costs related to outstanding stock options totaled $17.0 million, before any related tax benefit. As of March 31, 2021, unrecognized costs related to stock options are expected to be recognized over a weighted average period of 2.92 years. Restricted Stock Units During the three months ended March 31, 2021, the Company granted 150,912 restricted stock units at a weighted average grant date fair value of $95.39 per share. As of March 31, 2021, unrecognized costs related to outstanding restricted stock units totaled $27.7 million, before any related tax benefit. As of March 31, 2021, unrecognized costs related to restricted stock units are expected to be recognized over a weighted average period of 2.74 years. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 9—EARNINGS PER SHARE Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock. A reconciliation of the common shares used in the denominator for computing basic and diluted EPS is as follows: Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Weighted average common shares outstanding, used in computing basic earnings per share 66,363 66,970 Effect of dilutive stock options and restricted stock units 522 442 Weighted average common shares outstanding, used in computing diluted earnings per share 66,885 67,412 Earnings per share of common stock: Basic $ 0.84 $ 0.00 Diluted $ 0.84 $ 0.00 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 10—ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) on the Condensed Consolidated Balance Sheets is net of applicable taxes, and consists of unrealized holding gains and losses on available-for-sale securities, unrealized gains and losses on certain derivative transactions and foreign currency translation adjustments. The following table sets forth the changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2021: (in thousands) Unrealized holding Foreign currency Total Balance at December 31, 2020 $ (9,369) $ 10,175 $ 806 Other comprehensive income (loss) before reclassifications 9,279 (13,204) (3,925) Amounts reclassified from accumulated other comprehensive income (loss) (1) (716) — (716) Net other comprehensive income (loss) during the year 8,563 (13,204) (4,641) Balance at March 31, 2021 $ (806) $ (3,029) $ (3,835) (1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the Condensed Consolidated Statements of Operations. Refer to Note 12 for further information regarding reclassifications. The following table sets forth the changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2020: (in thousands) Unrealized gains (losses) Unrealized holding Foreign currency Total Balance at December 31, 2019 $ (4) $ 9,482 $ (13,903) $ (4,425) Other comprehensive income (loss) before reclassifications — 14,362 (15,074) (712) Amounts reclassified from accumulated other comprehensive income (loss) (1) — (2,837) — (2,837) Net other comprehensive income (loss) during the year — 11,525 (15,074) (3,549) Balance at March 31, 2020 $ (4) $ 21,007 $ (28,977) $ (7,974) (1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the Condensed Consolidated Statements of Operations. Refer to Note 12 for further information regarding reclassifications. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 11—SEGMENT INFORMATION The Company has four reportable geographic segments: U.S., LAAP, EMEA, and Canada, which are reflective of the Company's internal organization, management and oversight structure. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and everyday lifestyle apparel, footwear, accessories, and equipment products. Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material. Unallocated corporate expenses consist of expenses incurred by centrally-managed departments, including global information services, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs. The following table presents financial information for the Company's reportable segments: Three Months Ended March 31, (in thousands) 2021 2020 Net sales to unrelated entities: U.S. $ 408,662 $ 375,868 LAAP 111,977 102,651 EMEA 70,765 55,848 Canada 34,202 33,861 $ 625,606 $ 568,228 Segment income (loss) from operations U.S. $ 99,661 $ 40,032 LAAP 9,718 6,138 EMEA 10,062 (66) Canada 6,228 4,151 Total segment income from operations 125,669 50,255 Unallocated corporate expenses (55,189) (52,242) Interest income, net 278 1,813 Other non-operating income (expense), net (304) 1,738 Income before income tax $ 70,454 $ 1,564 Concentrations The Company had one customer that accounted for 10.2% and 14.3% of Accounts receivable, net on the Condensed Consolidated Balance Sheets as of March 31, 2021, and December 31, 2020, respectively. No single customer accounted for 10% or more of Accounts receivable, net as of March 31, 2020. No single customer accounted for 10% or more of Net sales in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 or 2020. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | NOTE 12—FINANCIAL INSTRUMENTS AND RISK MANAGEMENT In the normal course of business, the Company's financial position, results of operations and cash flows are routinely subject to a variety of risks. These risks include risks associated with financial markets, primarily currency exchange rate risk and, to a lesser extent, interest rate risk and equity market risk. The Company regularly assesses these risks and has established policies and business practices designed to mitigate them. The Company does not engage in speculative trading in any financial market. The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from anticipated non-functional currency denominated purchases and sales. Subsidiaries that use European euros, Canadian dollars, Japanese yen, Chinese renminbi, or Korean won as their functional currency are primarily exposed to changes in functional currency equivalent cash flows from anticipated United States dollar inventory purchases. Subsidiaries that use United States dollars and euros as their functional currency also have non-functional currency denominated sales for which the Company hedges the Canadian dollar and British pound. The Company manages these risks by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument's cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. For forward contracts, forward points are included in the fair value of the cash flow hedge on a prospective basis. These costs or benefits are included in Accumulated other comprehensive income (loss) until the underlying hedge transaction is recognized in either Net sales or Cost of sales , at which time, the forward points will also be recognized as a component of Net income . The Company also uses currency forward contracts not formally designated as hedges to manage the consolidated currency exchange rate risk associated with the remeasurement of non-functional currency denominated monetary assets and liabilities by subsidiaries that use United States dollars, euros, Canadian dollars, yen, won, or renminbi as their functional currency. Non-functional currency denominated monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, receivables, payables, deferred income taxes, and intercompany loans. The gains and losses generated on these currency forward contracts not formally designated as hedges are expected to be largely offset in Other non-operating income (expense), net by the gains and losses generated from the remeasurement of the non-functional currency denominated monetary assets and liabilities. The following table presents the gross notional amount of outstanding derivative instruments: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Derivative instruments designated as cash flow hedges: Currency forward contracts $ 484,176 $ 417,707 $ 458,823 Derivative instruments not designated as cash flow hedges: Currency forward contracts 219,961 326,280 205,030 At March 31, 2021, $3.2 million of deferred net losses on both outstanding and matured derivatives recorded in Other comprehensive loss are expected to be reclassified to Net income during the next twelve months as a result of underlying hedged transactions also being recorded in Net sa les or Cost of sales in the Condensed Consolidated Statements of Operations. Actual amounts ultimately reclassified to Net sa les or Cost of sales in the Condensed Consolidated Statements of Comprehensive Income (Loss) are dependent on United States dollar exchange rates in effect against the euro, pound sterling, renminbi, Canadian dollar, and yen when outstanding derivative contracts mature. At March 31, 2021, the Company's derivative contracts had a remaining maturity of less than four 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 $2.7 million at March 31, 2021. All of the Company's derivative counterparties have credit ratings that are investment grade or higher. The Company is a party to master netting arrangements that contain features that allow counterparties to net settle amounts arising from multiple separate derivative transactions or net settle in the case of certain triggering events such as a bankruptcy or major default of one of the counterparties to the transaction. The Company has not pledged assets or posted collateral as a requirement for entering into or maintaining derivative positions. The following table presents the balance sheet classification and fair value of derivative instruments: (in thousands) Balance Sheet Classification March 31, 2021 December 31, 2020 March 31, 2020 Derivative instruments designated as cash flow hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets $ 2,438 $ 947 $ 18,945 Currency forward contracts Other non-current assets 6,159 1,126 10,520 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 4,908 7,573 231 Currency forward contracts Other long-term liabilities 2,337 6,590 — Derivative instruments not designated as cash flow hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets 1,759 1,650 4,449 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 1,793 2,268 978 The following table presents the statement of operations effect and classification of derivative instruments: Three Months Ended March 31, (in thousands) Statement Of Operations Classification 2021 2020 Currency Forward Contracts: Derivative instruments designated as cash flow hedges: Gain recognized in other comprehensive loss, net of tax — $ 9,279 $ 14,362 Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion Net sales 100 (122) Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion Cost of sales 772 2,795 Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance Other non-operating income (expense), net 106 1,111 Derivative instruments not designated as cash flow hedges: Gain recognized in income Other non-operating income (expense), net 897 1,649 |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures | NOTE 13—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 the Company would receive to sell an asset or pay 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. The Company's assets and liabilities measured at fair value are categorized as Level 1 or Level 2 instruments. 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. Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 are as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 344,886 $ — $ — $ 344,886 United States government treasury bills — 45,000 — 45,000 Short-term investments: Money market funds 99 — — 99 Mutual fund shares 821 — — 821 Other current assets: Derivative financial instruments — 4,197 — 4,197 Non-current assets: Money market funds 3,667 — — 3,667 Mutual fund shares 15,376 — — 15,376 Derivative financial instruments — 6,159 — 6,159 Total assets measured at fair value $ 364,849 $ 55,356 $ — $ 420,205 Liabilities: Accrued liabilities: Derivative financial instruments $ — $ 6,701 $ — $ 6,701 Other long-term liabilities: Derivative financial instruments — 2,337 — 2,337 Total liabilities measured at fair value $ — $ 9,038 $ — $ 9,038 Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 are as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 119,378 $ — $ — $ 119,378 United States government treasury bills — 234,982 — 234,982 Short-term investments: Money market funds 105 — — 105 Mutual fund shares 1,119 — — 1,119 Other current assets: Derivative financial instruments — 2,597 — 2,597 Non-current assets: Money market funds 4,059 — — 4,059 Mutual fund shares 14,657 — — 14,657 Derivative financial instruments — 1,126 — 1,126 Total assets measured at fair value $ 139,318 $ 238,705 $ — $ 378,023 Liabilities: Accrued liabilities: Derivative financial instruments $ — $ 9,841 $ — $ 9,841 Other long-term liabilities: Derivative financial instruments — 6,590 — 6,590 Total liabilities measured at fair value $ — $ 16,431 $ — $ 16,431 Assets and liabilities measured at fair value on a recurring basis at March 31, 2020 are as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 128,488 $ — $ — $ 128,488 United States government treasury bills — 44,973 — 44,973 Available-for-sale short-term investments: (1) United States government treasury bills — 35,032 — 35,032 Other short-term investments: Money market funds 14 — — 14 Mutual fund shares 782 — — 782 Other current assets: Derivative financial instruments — 23,394 — 23,394 Non-current assets: Money market funds 3,674 — — 3,674 Mutual fund shares 9,329 — — 9,329 Derivative financial instruments — 10,520 — 10,520 Total assets measured at fair value $ 142,287 $ 113,919 $ — $ 256,206 Liabilities: Accrued liabilities: Derivative financial instruments $ — $ 1,209 $ — $ 1,209 Total liabilities measured at fair value $ — $ 1,209 $ — $ 1,209 (1) Investments have remaining maturities of less than one year. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of Columbia Sportswear Company and its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. Some of the more significant estimates relate to revenue recognition; allowance for uncollectible accounts receivable; obsolescence reserves for excess, close-out and slow moving inventory; impairment of long-lived assets, intangible assets and goodwill; and income taxes. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") No. 2019-12 , Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which, among other things, removes specific exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods, as well as targeted impacts to the accounting for taxes under hybrid tax regimes. At adoption, there was not a material impact to the Company's financial position, results of operations or cash flows. |
Basis of Accounting, Policy | The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries, the "Company") and, in the opinion of management, include all normal recurring material adjustments necessary to present fairly the Company's financial position as of March 31, 2021, December 31, 2020 and March 31, 2020, and the results of operations and cash flows for the three months ended March 31, 2021 and 2020. The December 31, 2020 financial information was derived from the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. A significant part of the Company's business is of a seasonal nature; therefore, results of operations for the three months ended March 31, 2021 are not necessarily indicative of results to be expected for other quarterly periods or for the full year. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables disaggregate the Company's operating segment Net sales by product category and channel, which the Company believes provides a meaningful depiction of how the nature, timing, and uncertainty of Net sales are affected by economic factors: Three Months Ended March 31, 2021 (in thousands) U.S. LAAP EMEA Canada Total Product category net sales Apparel, Accessories and Equipment $ 317,349 $ 78,723 $ 46,296 $ 26,542 $ 468,910 Footwear 91,313 33,254 24,469 7,660 156,696 Total $ 408,662 $ 111,977 $ 70,765 $ 34,202 $ 625,606 Channel net sales Wholesale $ 200,881 $ 55,550 $ 57,764 $ 21,218 $ 335,413 Direct-to-consumer 207,781 56,427 13,001 12,984 290,193 Total $ 408,662 $ 111,977 $ 70,765 $ 34,202 $ 625,606 Three Months Ended March 31, 2020 (in thousands) U.S. LAAP EMEA Canada Total Product category net sales Apparel, Accessories and Equipment $ 309,677 $ 75,913 $ 39,930 $ 26,649 $ 452,169 Footwear 66,191 26,738 15,918 7,212 116,059 Total $ 375,868 $ 102,651 $ 55,848 $ 33,861 $ 568,228 Channel net sales Wholesale $ 202,868 $ 57,374 $ 42,256 $ 23,462 $ 325,960 Direct-to-consumer 173,000 45,277 13,592 10,399 242,268 Total $ 375,868 $ 102,651 $ 55,848 $ 33,861 $ 568,228 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Identifiable Intangible Assets [Table Text Block] | (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Intangible assets subject to amortization: Patents and purchased technology $ 14,198 $ 14,198 14,198 Customer relationships 23,000 23,000 23,000 Gross carrying amount 37,198 37,198 37,198 Accumulated amortization: Patents and purchased technology (14,198) (14,198) (13,644) Customer relationships (17,775) (17,363) (16,125) Accumulated amortization (31,973) (31,561) (29,769) Net carrying amount 5,225 5,637 7,429 Intangible assets not subject to amortization 97,921 97,921 115,421 Intangible assets, net $ 103,146 $ 103,558 $ 122,850 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated annual amortization expense for the years 2021 through 2025: (in thousands) 2021 $ 1,650 2022 1,650 2023 1,650 2024 688 2025 — |
Schedule of Intangible Assets and Goodwill | Intangible assets, net consisted of the following: (in thousands) March 31, 2021 December 31, 2020 March 31, 2020 Intangible assets subject to amortization: Patents and purchased technology $ 14,198 $ 14,198 14,198 Customer relationships 23,000 23,000 23,000 Gross carrying amount 37,198 37,198 37,198 Accumulated amortization: Patents and purchased technology (14,198) (14,198) (13,644) Customer relationships (17,775) (17,363) (16,125) Accumulated amortization (31,973) (31,561) (29,769) Net carrying amount 5,225 5,637 7,429 Intangible assets not subject to amortization 97,921 97,921 115,421 Intangible assets, net $ 103,146 $ 103,558 $ 122,850 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense consisted of the following: Three Months Ended March 31, (in thousands) 2021 2020 Stock options $ 1,910 $ 1,704 Restricted stock units 2,964 1,971 Total $ 4,874 $ 3,675 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Weighted average common shares outstanding, used in computing basic earnings per share 66,363 66,970 Effect of dilutive stock options and restricted stock units 522 442 Weighted average common shares outstanding, used in computing diluted earnings per share 66,885 67,412 Earnings per share of common stock: Basic $ 0.84 $ 0.00 Diluted $ 0.84 $ 0.00 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 (loss) for the three months ended March 31, 2021: (in thousands) Unrealized holding Foreign currency Total Balance at December 31, 2020 $ (9,369) $ 10,175 $ 806 Other comprehensive income (loss) before reclassifications 9,279 (13,204) (3,925) Amounts reclassified from accumulated other comprehensive income (loss) (1) (716) — (716) Net other comprehensive income (loss) during the year 8,563 (13,204) (4,641) Balance at March 31, 2021 $ (806) $ (3,029) $ (3,835) (1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the Condensed Consolidated Statements of Operations. Refer to Note 12 for further information regarding reclassifications. The following table sets forth the changes in Accumulated other comprehensive income (loss) for the three months ended March 31, 2020: (in thousands) Unrealized gains (losses) Unrealized holding Foreign currency Total Balance at December 31, 2019 $ (4) $ 9,482 $ (13,903) $ (4,425) Other comprehensive income (loss) before reclassifications — 14,362 (15,074) (712) Amounts reclassified from accumulated other comprehensive income (loss) (1) — (2,837) — (2,837) Net other comprehensive income (loss) during the year — 11,525 (15,074) (3,549) Balance at March 31, 2020 $ (4) $ 21,007 $ (28,977) $ (7,974) (1) Amounts reclassified are recorded in Net sales, Cost of sales, or Other non-operating income (expense), net on the Condensed Consolidated Statements of Operations. Refer to Note 12 for further information regarding reclassifications. |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, 2021 December 31, 2020 March 31, 2020 Derivative instruments designated as cash flow hedges: Currency forward contracts $ 484,176 $ 417,707 $ 458,823 Derivative instruments not designated as cash flow hedges: Currency forward contracts 219,961 326,280 205,030 |
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) Balance Sheet Classification March 31, 2021 December 31, 2020 March 31, 2020 Derivative instruments designated as cash flow hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets $ 2,438 $ 947 $ 18,945 Currency forward contracts Other non-current assets 6,159 1,126 10,520 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 4,908 7,573 231 Currency forward contracts Other long-term liabilities 2,337 6,590 — Derivative instruments not designated as cash flow hedges: Derivative instruments in asset positions: Currency forward contracts Prepaid expenses and other current assets 1,759 1,650 4,449 Derivative instruments in liability positions: Currency forward contracts Accrued liabilities 1,793 2,268 978 |
Effect and Classification of Derivative Instruments | The following table presents the statement of operations effect and classification of derivative instruments: Three Months Ended March 31, (in thousands) Statement Of Operations Classification 2021 2020 Currency Forward Contracts: Derivative instruments designated as cash flow hedges: Gain recognized in other comprehensive loss, net of tax — $ 9,279 $ 14,362 Gain (loss) reclassified from accumulated other comprehensive income (loss) to income for the effective portion Net sales 100 (122) Gain reclassified from accumulated other comprehensive income (loss) to income for the effective portion Cost of sales 772 2,795 Gain reclassified from accumulated other comprehensive income (loss) to income as a result of cash flow hedge discontinuance Other non-operating income (expense), net 106 1,111 Derivative instruments not designated as cash flow hedges: Gain recognized in income Other non-operating income (expense), net 897 1,649 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 are as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 344,886 $ — $ — $ 344,886 United States government treasury bills — 45,000 — 45,000 Short-term investments: Money market funds 99 — — 99 Mutual fund shares 821 — — 821 Other current assets: Derivative financial instruments — 4,197 — 4,197 Non-current assets: Money market funds 3,667 — — 3,667 Mutual fund shares 15,376 — — 15,376 Derivative financial instruments — 6,159 — 6,159 Total assets measured at fair value $ 364,849 $ 55,356 $ — $ 420,205 Liabilities: Accrued liabilities: Derivative financial instruments $ — $ 6,701 $ — $ 6,701 Other long-term liabilities: Derivative financial instruments — 2,337 — 2,337 Total liabilities measured at fair value $ — $ 9,038 $ — $ 9,038 Assets and liabilities measured at fair value on a recurring basis at December 31, 2020 are as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 119,378 $ — $ — $ 119,378 United States government treasury bills — 234,982 — 234,982 Short-term investments: Money market funds 105 — — 105 Mutual fund shares 1,119 — — 1,119 Other current assets: Derivative financial instruments — 2,597 — 2,597 Non-current assets: Money market funds 4,059 — — 4,059 Mutual fund shares 14,657 — — 14,657 Derivative financial instruments — 1,126 — 1,126 Total assets measured at fair value $ 139,318 $ 238,705 $ — $ 378,023 Liabilities: Accrued liabilities: Derivative financial instruments $ — $ 9,841 $ — $ 9,841 Other long-term liabilities: Derivative financial instruments — 6,590 — 6,590 Total liabilities measured at fair value $ — $ 16,431 $ — $ 16,431 Assets and liabilities measured at fair value on a recurring basis at March 31, 2020 are as follows: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 128,488 $ — $ — $ 128,488 United States government treasury bills — 44,973 — 44,973 Available-for-sale short-term investments: (1) United States government treasury bills — 35,032 — 35,032 Other short-term investments: Money market funds 14 — — 14 Mutual fund shares 782 — — 782 Other current assets: Derivative financial instruments — 23,394 — 23,394 Non-current assets: Money market funds 3,674 — — 3,674 Mutual fund shares 9,329 — — 9,329 Derivative financial instruments — 10,520 — 10,520 Total assets measured at fair value $ 142,287 $ 113,919 $ — $ 256,206 Liabilities: Accrued liabilities: Derivative financial instruments $ — $ 1,209 $ — $ 1,209 Total liabilities measured at fair value $ — $ 1,209 $ — $ 1,209 (1) Investments have remaining maturities of less than one year. |
Revenues (Details)
Revenues (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of reportable geographic segments | segment | 4 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 625,606 | $ 568,228 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 335,413 | 325,960 |
Direct-to-consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 290,193 | 242,268 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 408,662 | 375,868 |
United States | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 200,881 | 202,868 |
United States | Direct-to-consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 207,781 | 173,000 |
LAAP | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 111,977 | 102,651 |
LAAP | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 55,550 | 57,374 |
LAAP | Direct-to-consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,427 | 45,277 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 70,765 | 55,848 |
EMEA | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 57,764 | 42,256 |
EMEA | Direct-to-consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 13,001 | 13,592 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,202 | 33,861 |
Canada | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,218 | 23,462 |
Canada | Direct-to-consumer | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,984 | 10,399 |
Apparel, Accessories and Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 468,910 | 452,169 |
Apparel, Accessories and Equipment | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 317,349 | 309,677 |
Apparel, Accessories and Equipment | LAAP | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 78,723 | 75,913 |
Apparel, Accessories and Equipment | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 46,296 | 39,930 |
Apparel, Accessories and Equipment | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,542 | 26,649 |
Footwear | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 156,696 | 116,059 |
Footwear | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 91,313 | 66,191 |
Footwear | LAAP | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,254 | 26,738 |
Footwear | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,469 | 15,918 |
Footwear | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,660 | $ 7,212 |
Intangible Assets, Net and Good
Intangible Assets, Net and Goodwill (Schedule of Identifiable Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Summary of Identifiable Intangible Assets [Line Items] | |||
Gross carrying amount | $ 37,198 | $ 37,198 | $ 37,198 |
Accumulated amortization | (31,973) | (29,769) | (31,561) |
Net carrying amount | 5,225 | 7,429 | 5,637 |
Intangible assets not subject to amortization | 97,921 | 115,421 | 97,921 |
Intangible Assets, Net (Excluding Goodwill), Total | 103,146 | 122,850 | 103,558 |
Amortization of Intangible Assets | 400 | 700 | |
Patents And Purchased Technology [Member] | |||
Summary of Identifiable Intangible Assets [Line Items] | |||
Gross carrying amount | 14,198 | 14,198 | 14,198 |
Accumulated amortization | (14,198) | (13,644) | (14,198) |
Customer Relationships [Member] | |||
Summary of Identifiable Intangible Assets [Line Items] | |||
Gross carrying amount | 23,000 | 23,000 | 23,000 |
Accumulated amortization | $ (17,775) | $ (16,125) | $ (17,363) |
Intangible Assets, Net and Go_2
Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 0.4 | $ 0.7 |
Intangible Assets, Net and Go_3
Intangible Assets, Net and Goodwill (Schedule of Future Amortization Expense) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 1,650 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,650 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 688 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 0 |
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 1,650 |
Short-Term Borrowings and Cre_2
Short-Term Borrowings and Credit Lines (Narrative) (Details) - Mar. 31, 2021 - Japanese Subsidiary [Member] | USD ($) | JPY (Â¥) |
Unsecured And Uncommitted Credit Line1 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ | $ 7,000,000 | |
Unsecured And Uncommitted Credit Line2 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | ¥ | ¥ 1,500,000,000 | |
Unsecured And Uncommitted Credit Line3 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | ¥ | ¥ 400,000,000 | |
Unsecured And Uncommitted Credit Lines 1, 2, And 3 | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ | $ 24,200,000 |
Accrued Liabilities (Schedule o
Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
schedule of accrued liabilities [Line Items] | |||
Accrued liabilities, total | $ 224,674 | $ 257,278 | $ 214,044 |
Leases (Maturity Schedule) (Det
Leases (Maturity Schedule) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Less: current obligations | $ (81,308) | $ (65,466) | $ (64,456) |
Operating Lease, Liability, Noncurrent | $ 356,766 | $ 353,181 | $ 364,300 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | (20.70%) | (86.40%) |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income from Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income before income tax | $ 70,454 | $ 1,564 |
Income Taxes (Components of Pro
Income Taxes (Components of Provision (Benefit) for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
schedule of income tax expense [Line Items] | ||
Income Tax Expense (Benefit), Total | $ 14,554 | $ 1,351 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Federal Income Tax Rate to Effective Rate) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Actual provision for income taxes | (20.70%) | (86.40%) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Subsequent Event [Line Items] | ||
Stock repurchase plan, authorized amount | $ 1,500,000 | |
Aggregate shares repurchased under stock repurchase plan | 26,900 | |
Stock repurchased to date, value | $ 1,029,000 | |
Stock Repurchased During Period, Value | 11,223 | $ 132,889 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 471,000 | |
Shareholders' Equity | NOTE 7—SHAREHOLDERS' EQUITY Since the inception of the Company's stock repurchase plan in 2004 through March 31, 2021, the Company's Board of Directors has authorized the repurchase of $1.5 billion of the Company's common stock. Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions, and generally settle subsequent to the trade date. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time. |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation expense | $ 4,874,000 | $ 3,675,000 |
Stock Options [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation expense | 1,910,000 | 1,704,000 |
Unrecognized costs related to share based compensation | $ 17,000,000 | |
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 11 months 1 day | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock-based compensation expense | $ 2,964,000 | $ 1,971,000 |
Unrecognized costs related to share based compensation | $ 27,700,000 | |
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 8 months 26 days |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax stock-based compensation expense | $ 4,874,000 | $ 3,675,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax stock-based compensation expense | 1,910,000 | 1,704,000 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pre-tax stock-based compensation expense | $ 2,964,000 | $ 1,971,000 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Weighted Average Assumptions) (Details) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average grant date fair value | $ 17.26 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Option Activity) (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Share-based Payment Arrangement [Abstract] | |
Granted, number of shares | 496,609 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule of Weighted Average Assumptions for Restricted Stock Units) (Details) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated average fair value per restricted stock unit granted | $ 95.39 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, number of shares | shares | 150,912 |
Granted, weighted average grant date fair value per share | $ / shares | $ 95.39 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, number of shares | 693,403 | 937,523 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of Earnings per Share, Basic and Diluted) (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 66,363 | 66,970 |
Effect of dilutive stock options and restricted stock units | 522 | 442 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 66,885 | 67,412 |
Earnings Per Share, Basic | $ 0.84 | $ 0 |
Earnings Per Share, Diluted | $ 0.84 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income, Net of Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income at beginning of period | $ 806 | $ (4,425) |
Other comprehensive income (loss) before reclassifications | (3,925) | (712) |
Amounts reclassified from other comprehensive income | (716) | (2,837) |
Net other comprehensive income (loss) during the period | (4,641) | (3,549) |
Accumulated other comprehensive income at end of period | (3,835) | (7,974) |
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 | (4) | |
Other comprehensive income (loss) before reclassifications | 0 | |
Amounts reclassified from other comprehensive income | 0 | |
Net other comprehensive income (loss) during the period | 0 | |
Accumulated other comprehensive income at end of period | (4) | |
Unrealized Holding Gains (Losses) on Derivative Transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income at beginning of period | (9,369) | 9,482 |
Other comprehensive income (loss) before reclassifications | 9,279 | 14,362 |
Amounts reclassified from other comprehensive income | (716) | (2,837) |
Net other comprehensive income (loss) during the period | 8,563 | 11,525 |
Accumulated other comprehensive income at end of period | (806) | 21,007 |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income at beginning of period | 10,175 | (13,903) |
Other comprehensive income (loss) before reclassifications | (13,204) | (15,074) |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net other comprehensive income (loss) during the period | (13,204) | (15,074) |
Accumulated other comprehensive income at end of period | $ (3,029) | $ (28,977) |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting [Abstract] | |||
Segment Information | NOTE 11—SEGMENT INFORMATION The Company has four reportable geographic segments: U.S., LAAP, EMEA, and Canada, which are reflective of the Company's internal organization, management and oversight structure. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and everyday lifestyle apparel, footwear, accessories, and equipment products. Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material. Unallocated corporate expenses consist of expenses incurred by centrally-managed departments, including global information services, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs. The following table presents financial information for the Company's reportable segments: Three Months Ended March 31, (in thousands) 2021 2020 Net sales to unrelated entities: U.S. $ 408,662 $ 375,868 LAAP 111,977 102,651 EMEA 70,765 55,848 Canada 34,202 33,861 $ 625,606 $ 568,228 Segment income (loss) from operations U.S. $ 99,661 $ 40,032 LAAP 9,718 6,138 EMEA 10,062 (66) Canada 6,228 4,151 Total segment income from operations 125,669 50,255 Unallocated corporate expenses (55,189) (52,242) Interest income, net 278 1,813 Other non-operating income (expense), net (304) 1,738 Income before income tax $ 70,454 $ 1,564 Concentrations The Company had one customer that accounted for 10.2% and 14.3% of Accounts receivable, net on the Condensed Consolidated Balance Sheets as of March 31, 2021, and December 31, 2020, respectively. No single customer accounted for 10% or more of Accounts receivable, net as of March 31, 2020. No single customer accounted for 10% or more of Net sales in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 or 2020. | ||
Schedule of Segment Information | The following table presents financial information for the Company's reportable segments: Three Months Ended March 31, (in thousands) 2021 2020 Net sales to unrelated entities: U.S. $ 408,662 $ 375,868 LAAP 111,977 102,651 EMEA 70,765 55,848 Canada 34,202 33,861 $ 625,606 $ 568,228 Segment income (loss) from operations U.S. $ 99,661 $ 40,032 LAAP 9,718 6,138 EMEA 10,062 (66) Canada 6,228 4,151 Total segment income from operations 125,669 50,255 Unallocated corporate expenses (55,189) (52,242) Interest income, net 278 1,813 Other non-operating income (expense), net (304) 1,738 Income before income tax $ 70,454 $ 1,564 | ||
Segment Reporting Information [Line Items] | |||
Number of reportable geographic segments | segment | 4 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 625,606 | $ 568,228 | |
Income (loss) from operations | 70,480 | (1,987) | |
Interest income (expense), net | 278 | 1,813 | |
Other Nonoperating Income (Expense) | (304) | 1,738 | |
Income before income taxes | 70,454 | 1,564 | |
Income Tax Expense (Benefit) | 14,554 | 1,351 | |
Accounts Receivable, after Allowance for Credit Loss, Current | 338,787 | 312,951 | $ 452,945 |
Inventories | 525,704 | 577,124 | 556,530 |
Property, Plant and Equipment, Net | 300,063 | 332,997 | $ 309,792 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 125,669 | 50,255 | |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Unallocated corporate expense | (55,189) | (52,242) | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 408,662 | 375,868 | |
United States | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 99,661 | 40,032 | |
LAAP | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 111,977 | 102,651 | |
LAAP | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 9,718 | 6,138 | |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 70,765 | 55,848 | |
EMEA | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 10,062 | (66) | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,202 | 33,861 | |
Canada | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from operations | 6,228 | 4,151 | |
Apparel, Accessories and Equipment | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 468,910 | 452,169 | |
Footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 156,696 | 116,059 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 408,662 | 375,868 | |
United States | Apparel, Accessories and Equipment | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 317,349 | 309,677 | |
United States | Footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 91,313 | 66,191 | |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,202 | 33,861 | |
Canada | Apparel, Accessories and Equipment | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,542 | 26,649 | |
Canada | Footwear | |||
Segment Reporting Information [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,660 | $ 7,212 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Derivatives [Line Items] | |
Deferred net gains on derivatives accumulated in other comprehensive income expected to be reclassified to net income in next twelve months | $ (3,200,000) |
Maximum | |
Derivatives [Line Items] | |
Remaining maturity of derivative contracts | 4 years |
Aggregate unrealized gain of derivative contracts with single counterparty | $ 2,700,000 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Gross Notional Amount of Outstanding Derivatives) (Details) - Foreign Exchange Forward [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 484,176 | $ 417,707 | $ 458,823 |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 219,961 | $ 326,280 | $ 205,030 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Balance Sheet Classification and Fair Value of Derivative Instruments) (Details) - Forward Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses And Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative assets | $ 1,759 | $ 1,650 | $ 4,449 |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | 1,793 | 2,268 | 978 |
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 | 2,438 | 947 | 18,945 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Noncurrent Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative assets | 6,159 | 1,126 | 10,520 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | 4,908 | 7,573 | 231 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Long Term Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | $ 2,337 | $ 6,590 | $ 0 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Effect and Classification of Derivative Instuments) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | $ 9,279 | $ 14,362 |
Designated as Hedging Instrument [Member] | Cost of Sales | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) reclassified from accumulated other comprehensive income to income for the effective portion | 772 | 2,795 |
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 | 100 | (122) |
Designated as Hedging Instrument [Member] | Other Non-Operating Income (Expense) [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss reclassified from accumulated other comprehensive income to income as a result of cash flow hedge discontinuance | 106 | 1,111 |
Not Designated as Hedging Instrument [Member] | Other Non-Operating Income (Expense) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) recognized in income | $ 897 | $ 1,649 |
Fair Value Measures (Assets and
Fair Value Measures (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 420,205 | $ 378,023 | $ 256,206 |
Liabilities, Fair Value Disclosure | 9,038 | 16,431 | 1,209 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 364,849 | 139,318 | 142,287 |
Liabilities, Fair Value Disclosure | 0 | 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 | 55,356 | 238,705 | 113,919 |
Liabilities, Fair Value Disclosure | 9,038 | 16,431 | 1,209 |
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 | 0 |
Liabilities, Fair Value Disclosure | 0 | 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 | 344,886 | 119,378 | 128,488 |
Money Market Funds [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 99 | 105 | 14 |
Money Market Funds [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3,667 | 4,059 | 3,674 |
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 | 344,886 | 119,378 | 128,488 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 99 | 105 | 14 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3,667 | 4,059 | 3,674 |
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 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 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 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
US Treasury Securities [Member] | Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 45,000 | 234,982 | 44,973 |
US Treasury Securities [Member] | Available-for-sale Securities [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 35,032 | ||
US Treasury Securities [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 | 0 | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
US Treasury Securities [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 | 45,000 | 234,982 | 44,973 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 35,032 | ||
US Treasury Securities [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 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 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 | 4,197 | 2,597 | 23,394 |
Derivative Financial Instruments, Assets [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 6,159 | 1,126 | 10,520 |
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 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 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 | 4,197 | 2,597 | 23,394 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 6,159 | 1,126 | 10,520 |
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 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 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 | 6,701 | 9,841 | 1,209 |
Derivative Financial Instruments, Liabilities [Member] | Other Noncurrent Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities, Fair Value Disclosure | 2,337 | 6,590 | |
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 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Other Noncurrent Liabilities | |||
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 | 6,701 | 9,841 | 1,209 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities, Fair Value Disclosure | 2,337 | 6,590 | |
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 | 0 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Other Noncurrent Liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities, Fair Value Disclosure | 0 | 0 | |
Mutual Fund | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 821 | 1,119 | 782 |
Mutual Fund | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 15,376 | 14,657 | 9,329 |
Mutual Fund | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 821 | 1,119 | 782 |
Mutual Fund | Fair Value, Inputs, Level 1 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 15,376 | 14,657 | 9,329 |
Mutual Fund | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Mutual Fund | Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Mutual Fund | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Mutual Fund | Fair Value, Inputs, Level 3 [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Gross Profit | $ 321,402 | $ 271,714 |
Earnings Per Share, Basic | $ 0.84 | $ 0 |
Earnings Per Share, Diluted | $ 0.84 | $ 0 |