Columbia Sportswear 2009 Annual Report Download - page 70

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
As of December 31, 2009, the Company has repurchased 8,897,957 shares under this program at an aggregate
purchase price of approximately $407,399,000. During the year ended December 31, 2009, the Company
repurchased an aggregate of $7,399,000 of the Company’s common stock under the stock repurchase plan, of
which $1,185,000 was recorded as a reduction to total retained earnings; otherwise, the aggregate purchase price
would have resulted in a negative common stock carrying amount. Shares of the Company’s common stock may
be purchased in the open market or through privately negotiated transactions, subject to the market conditions.
The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire
shares over any specified period of time.
NOTE 14—COMPREHENSIVE INCOME
Accumulated other comprehensive income, net of applicable taxes, reported on the Company’s
Consolidated Balance Sheets consists of foreign currency translation adjustments, unrealized gains and losses on
derivative transactions and unrealized gains on available-for-sale securities. A summary of comprehensive
income, net of related tax effects, for the year ended December 31, is as follows (in thousands):
2009 2008 2007
Net income ...................................................... $67,021 $ 95,047 $144,452
Other comprehensive income (loss):
Unrealized holding gains on available-for-sale securities .............. 64 — —
Unrealized derivative holding gains (losses) arising during period (net of
tax expense (benefit) of ($1,054), $361 and ($796) in 2009, 2008 and
2007, respectively) .......................................... (3,024) 6,425 (844)
Reclassification to net income of previously deferred gains on derivative
transactions (net of tax benefit of $227, $36 and $608 in 2009, 2008 and
2007, respectively) .......................................... (616) (389) (1,303)
Foreign currency translation adjustments ........................... 13,854 (30,511) 25,394
Other comprehensive income (loss) ................................... 10,278 (24,475) 23,247
Comprehensive income ............................................. $77,299 $ 70,572 $167,699
NOTE 15—SEGMENT INFORMATION
The Company operates in four geographic segments: (1) United States, (2) Europe, Middle East and Africa
(“EMEA”), (3) Latin America and Asia Pacific (“LAAP”), and (4) Canada, which are reflective of the
Company’s internal organization, management, and oversight structure. Each geographic segment operates
predominantly in one industry: the design, development, marketing and distribution of active outdoor apparel,
including sportswear, outerwear, footwear, accessories and equipment.
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