Columbia Sportswear 2013 Annual Report Download - page 71

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
67
Income before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 131,426 $ 133,907 $ 137,680
Interest income (expense), net:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,501 $ 5,121 $ 4,565
LAAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (162) (1,097) (666)
EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (556) 293 648
Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,280) (3,938) (3,273)
$ 503 $ 379 $ 1,274
Income tax (expense) benefit:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (28,629) $ (21,961) $ (19,233)
LAAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,135) (13,792) (12,163)
EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,959 1,527 (80)
Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,018) 178 (2,725)
$(37,823) $ (34,048) $ (34,201)
Depreciation and amortization expense:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,922 $ 31,025 $ 33,100
LAAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,061 4,214 3,241
EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,032 4,112 6,292
Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,856 1,541 927
$ 40,871 $ 40,892 $ 43,560
Assets:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,156,323 $ 1,031,838
LAAP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,754 229,139
EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,717 293,878
Canada. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,047 177,912
Total identifiable assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,940,841 1,732,767
Eliminations and reclassifications. . . . . . . . . . . . . . . . . . . . . . . . . . (335,253) (273,925)
$ 1,605,588 $ 1,458,842
Net sales by product category:
Apparel, accessories and equipment . . . . . . . . . . . . . . . . . . . . . . . . $ 1,374,598 $ 1,347,005 $ 1,334,883
Footwear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,398 322,558 359,102
$ 1,684,996 $ 1,669,563 $ 1,693,985
NOTE 20—FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
In the normal course of business, the Company’s financial position and results of operations are routinely subject to
a variety of risks. These risks include risks associated with financial markets, primarily currency exchange rate risk and,
to a lesser extent, interest rate risk and equity market risk. The Company regularly assesses these risks and has established
policies and business practices designed to mitigate them. The Company does not engage in speculative trading in any
financial market.
The Company actively manages the risk of changes in functional currency equivalent cash flows resulting from
anticipated U.S. dollar denominated inventory purchases by subsidiaries that use European euros, Canadian dollars, or
Japanese yen as their functional currency. The Company manages this risk by using currency forward contracts formally
designated and effective as cash flow hedges. Hedge effectiveness is determined by evaluating the ability of a hedging