Columbia Sportswear 2001 Annual Report Download - page 38

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
was $5,612,000 and $20,525,000 at December 31, 2001 and 2000, respectively, and is included in accounts
payable. At December 31, 2001, the Company had $20,239,000 of Ñrm purchase orders placed under these
agreements.
The Company's Canadian subsidiary has available an unsecured and uncommitted line of credit providing
for borrowing to a maximum of C$25,000,000 (US$15,705,000 at December 31, 2001). The balance
outstanding was US$10,208,000 and US$0 at December 31, 2001 and 2000, respectively. The interest rate at
December 31, 2001 was 4.0%.
The Company's European branch has an unsecured and uncommitted line of credit providing for
borrowing to a maximum of 22,867,000 EURO (US$20,386,000 at December 31, 2001). The balance
outstanding was US$5,650,000 and US$11,463,000, at an interest rate of 5.0% and 5.7% at December 31, 2001
and 2000, respectively.
The Company's Japanese subsidiary also has an unsecured and uncommitted line of credit providing for
borrowing to a maximum of 1,650,000,000 JPY (US$12,531,000 at December 31, 2001). The balance
outstanding was US$9,047,000 and US$12,524,000, at an interest rate of 1.9% and 2.3%, at December 31,
2001 and 2000, respectively.
Note 6 Ì Accrued Liabilities
Accrued liabilities consist of the following (in thousands):
December 31,
2001 2000
Accrued salaries, bonus, vacation and other beneÑts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $16,611 $14,910
Accrued warranty reserve ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,475 5,780
Accrued cooperative advertising reserve ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,895 3,747
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,073 3,857
$34,054 $28,294
Note 7 Ì Long-Term Debt
Long-term debt consists of the following (in thousands):
December 31,
2001 2000
Senior promissory notes payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $25,000 $25,000
Term loan ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 4,177 Ì
Mortgage note payable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 645 1,308
Less current portionÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (4,775) (308)
$25,047 $26,000
The Company assumed a mortgage in connection with the acquisition of a domestic distribution center.
The loan matures in September 2003 and bears interest at 8.76%.
In connection with capital projects, the Company entered into a note purchase agreement. Pursuant to
the note purchase agreement, the Company issued senior promissory notes in the aggregate principal amount
of $25 million, bearing an interest rate of 6.68% and maturing August 11, 2008. Proceeds from the notes were
used to Ñnance the expansion of the Company's distribution center in Portland, Oregon. The Senior
Promissory Notes require the Company to comply with certain ratios related to indebtedness to earnings
32