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COLUMBIA SPORTSWEAR COMPANY
See accompanying notes to consolidated financial statements
44
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,859 $ 103,479 $ 77,037
Adjustments to reconcile net income to net cash provided by operating activities:. .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,892 43,560 38,430
Loss on disposal or impairment of property, plant, and equipment . . . . . . . . . . 1,582 6,485 3,331
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,140 (3,582) (22,610)
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,833 7,870 6,730
Excess tax benefit from employee stock plans . . . . . . . . . . . . . . . . . . . . . . . . . . (1,016) (1,828) (498)
Changes in operating assets and liabilities: . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,166 (54,334) (69,500)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,951 (55,223) (87,265)
Prepaid expenses and other current assets. . . . . . . . . . . . . . . . . . . . . . . . . . (2,025) (10,186) 3,856
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,259) (4,520) (1,566)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,330) 19,081 26,028
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,199) 17,630 34,224
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,052) (7,010) 9,018
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,126 2,374 6,302
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . 148,668 63,796 23,517
Cash flows from investing activities:
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (83,969) (46,349) (81,671)
Sales of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,319 112,070 35,601
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50,491) (78,404) (28,838)
Proceeds from sale of property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . 7,099 168 42
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (16,315)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (85,042) (12,515) (91,181)
Cash flows from financing activities:
Proceeds from credit facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,654 119,384 31,680
Repayments on credit facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,498) (119,384) (31,680)
Proceeds from issuance of common stock under employee stock plans . . . . . . . . . . 14,600 10,991 7,333
Tax payments related to restricted stock unit issuances . . . . . . . . . . . . . . . . . . . . . . . (1,486) (2,974) (853)
Excess tax benefit from employee stock plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,016 1,828 498
Repurchase of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (206) (20,000) (13,838)
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,780) (29,075) (75,439)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (15,700) (39,230) (82,299)
Net effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,821 (5,274) (2,444)
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . 49,747 6,777 (152,407)
Cash and cash equivalents, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241,034 234,257 386,664
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290,781 $ 241,034 $ 234,257
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,696 $ 42,405 $ 34,924
Supplemental disclosures of non-cash investing activities:
Capital expenditures incurred but not yet paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,313 952 1,001