Columbia Sportswear 2014 Annual Report Download - page 68

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
64
percentage rent, real estate taxes, insurance, CAM, and other costs for which the Company is obligated. These operating
lease commitments are not reflected on the Consolidated Balance Sheets.
2015 $ 51,765
2016 49,851
2017 45,748
2018 41,181
2019 32,629
Thereafter 114,600
$ 335,774
Inventory Purchase Obligations
Inventory purchase obligations consist of open production purchase orders for sourced apparel, footwear, accessories
and equipment, and raw material commitments not included in open production purchase orders. At December 31, 2014,
inventory purchase obligations were $287,002,000.
Litigation
The Company is involved in litigation and various legal matters arising in the normal course of business, including
matters related to employment, retail, intellectual property, contractual agreements and various regulatory compliance
activities. Management has considered facts related to legal and regulatory matters and opinions of counsel handling these
matters, and does not believe the ultimate resolution of these proceedings will have a material adverse effect on the Company's
financial position, results of operations or cash flows.
Indemnities and Guarantees
During its normal course of business, the Company has made certain indemnities, commitments and guarantees under
which it may be required to make payments in relation to certain transactions. These include (i) intellectual property
indemnities to the Company’s customers and licensees in connection with the use, sale and/or license of Company products,
(ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease,
(iii) indemnities to customers, vendors and service providers pertaining to claims based on the negligence or willful
misconduct of the Company, (iv) executive severance arrangements and (v) indemnities involving the accuracy of
representations and warranties in certain contracts. The duration of these indemnities, commitments and guarantees varies,
and in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for
any limitation of the maximum potential for future payments the Company could be obligated to make. The Company has
not recorded any liability for these indemnities, commitments and guarantees in the accompanying Consolidated Balance
Sheets.
NOTE 15—SHAREHOLDERS’ EQUITY
Since the inception of the Company’s stock repurchase plan in 2004 through December 31, 2014, the Company’s
Board of Directors has authorized the repurchase of $500,000,000 of the Company’s common stock. As of December 31,
2014, the Company had repurchased 19,607,058 shares under this program at an aggregate purchase price of approximately
$456,443,000. During the year ended December 31, 2014, the Company purchased an aggregate of $15,000,000 of common
stock under the stock repurchase plan. In January 2015, the Board of Directors authorized the repurchase of an additional
$200,000,000 of the Company's common stock, which brought the total amount available for repurchase up to $243,557,000.
Shares of the Company’s common stock may be purchased in the open market or through privately negotiated transactions,
subject to 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 16—STOCK-BASED COMPENSATION