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COLUMBIA SPORTSWEAR COMPANY
See accompanying notes to consolidated financial statements
47
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93,603 $ 99,859 $ 103,479
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,871 40,892 43,560
Loss on disposal or impairment of property, plant, and equipment . . . . . . . . . . 9,344 1,582 6,485
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,818 7,140 (3,582)
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,878 7,833 7,870
Excess tax benefit from employee stock plans . . . . . . . . . . . . . . . . . . . . . . . . . . (1,532) (1,016) (1,828)
Changes in operating assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,442 18,166 (54,334)
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,089 2,951 (55,223)
Prepaid expenses and other current assets. . . . . . . . . . . . . . . . . . . . . . . . . . 5,166 (2,025) (10,186)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,215) (1,259) (4,520)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,711 (12,330) 19,081
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,210 (5,199) 17,630
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,534 (11,052) (7,010)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,356 3,126 2,374
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . 274,275 148,668 63,796
Cash flows from investing activities:
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,390) (83,969) (46,349)
Sales of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,636 42,319 112,070
Capital expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (69,443) (50,491) (78,404)
Proceeds from sale of property, plant, and equipment. . . . . . . . . . . . . . . . . . . . . . . . 111 7,099 168
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (116,086) (85,042) (12,515)
Cash flows from financing activities:
Proceeds from credit facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,136 100,654 119,384
Repayments on credit facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (69,292) (100,498) (119,384)
Proceeds from issuance of common stock under employee stock plans . . . . . . . . . . 19,537 14,600 10,991
Tax payments related to restricted stock unit issuances. . . . . . . . . . . . . . . . . . . . . . . (2,291) (1,486) (2,974)
Excess tax benefit from employee stock plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532 1,016 1,828
Repurchase of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (206) (20,000)
Capital contribution from non-controlling interest. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 — —
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,298) (29,780) (29,075)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (4,676) (15,700) (39,230)
Net effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,805) 1,821 (5,274)
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,708 49,747 6,777
Cash and cash equivalents, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,781 241,034 234,257
Cash and cash equivalents, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 437,489 $ 290,781 $ 241,034
Supplemental disclosures of cash flow information:
Cash paid during the year for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,771 $ 43,696 $ 42,405
Supplemental disclosures of non-cash investing activities:
Capital expenditures incurred but not yet paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,195 5,313 952