Columbia Sportswear 2011 Annual Report Download - page 60

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 6—PROPERTY, PLANT, AND EQUIPMENT, NET
Property, plant, and equipment consisted of the following (in thousands):
December 31,
2011 2010
Land and improvements ........................................... $ 20,690 $ 16,898
Building and improvements ........................................ 155,672 144,004
Machinery and equipment ......................................... 198,387 193,104
Furniture and fixtures ............................................. 50,108 46,147
Leasehold improvements .......................................... 65,476 62,884
Construction in progress ........................................... 36,463 9,775
526,796 472,812
Less accumulated depreciation ...................................... (275,886) (250,999)
$ 250,910 $ 221,813
NOTE 7—INTANGIBLE ASSETS, NET AND GOODWILL
Intangible assets that are determined to have finite lives include patents and purchased technology and are
amortized over their estimated useful lives, which is approximately 10 years. Intangible assets with indefinite
useful lives include trademarks and tradenames and are not amortized but are periodically evaluated for
impairment.
Identifiable intangible assets consisted of the following (in thousands):
December 31,
2011 2010
Intangible assets subject to amortization:
Gross carrying amount ........................................... $14,198 $14,198
Accumulated amortization ........................................ (2,599) (1,196)
Net carrying amount ............................................. 11,599 13,002
Intangible assets not subject to amortization .............................. 27,421 27,421
Intangible assets, net ................................................. $39,020 $40,423
Amortization expense for the years ended December 31, 2011, 2010, and 2009 was $1,403,000, $553,000
and $109,000, respectively. Amortization expense for intangible assets subject to amortization is estimated to be
$1,402,000 in 2012 and $1,330,000 in 2013 through 2016.
At December 31, 2011, 2010 and 2009, the Company determined that its goodwill and intangible assets
were not impaired. The change in goodwill in 2011 resulted from a purchase price adjustment related to an
acquisition in 2010.
NOTE 8—SHORT-TERM BORROWINGS AND CREDIT LINES
The Company has a domestic credit agreement for an unsecured, committed $125,000,000 revolving line of
credit. The maturity date of this agreement is July 1, 2016. Interest, payable monthly, is based on the Company’s
applicable funded debt ratio, ranging from LIBOR plus 100 to 175 basis points. This line of credit requires the
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