Columbia Sportswear 2003 Annual Report Download - page 54

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Significant components of the Company’s deferred taxes are as follows (in thousands):
As of December 31
2003 2002
Deferred tax assets:
Non-deductible accruals and allowances ....................................... $15,774 $ 9,047
Capitalized inventory costs .................................................. 2,463 1,793
18,237 10,840
Deferred tax liabilities:
Depreciation and amortization ............................................... (8,870) (91)
Deferred compensation ..................................................... — (522)
Deductible accruals and allowance ............................................ (1,127) —
(9,997) (613)
Total ..................................................................... $ 8,240 $10,227
Non-current deferred tax assets of $795,000 are netted with the non-current deferred tax liabilities line item
on the consolidated balance sheet and $1,486,000 of current deferred tax liabilities are included as a component
of accrued liabilities in the consolidated balance sheet at December 31, 2003.
NOTE 11—PROFIT SHARING PLAN
The Company has a 401(k) profit-sharing plan, which covers substantially all employees with more than
ninety days of service. The Company may elect to make discretionary matching and/or non-matching
contributions. All contributions to the plan are determined by the Board of Directors and totaled $3,291,000,
$2,930,000 and $2,582,000 for the years ended December 31, 2003, 2002, and 2001, respectively.
NOTE 12—COMMITMENTS AND CONTINGENCIES
The Company leases certain operating facilities from related parties of the Company. Total rent expense,
including month-to-month rentals, for these leases amounted to $449,000, $370,000 and $381,000 for the years
ended December 31, 2003, 2002 and 2001, respectively.
Rent expense was $3,401,000, $2,587,000 and $2,568,000 for non-related party leases during the years
ended December 31, 2003, 2002 and 2001, respectively.
The approximate future minimum payments on all lease obligations at December 31, 2003 are as follows
(amounts in thousands):
Non-related
Parties
Related
Parties Total
2004 ............................................. $3,036 $ 449 $ 3,485
2005 ............................................. 1,927 449 2,376
2006 ............................................. 1,487 449 1,936
2007 ............................................. 1,101 449 1,550
2008 ............................................. 687 449 1,136
Thereafter ........................................ 429 1,347 1,776
$8,667 $3,592 $12,259
49