Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | COLUMBIA SPORTSWEAR CO | |
Entity Central Index Key | 1050797 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 70,416,617 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Current Assets: | |||
Cash and cash equivalents | $401,604,000 | $413,558,000 | $528,038,000 |
Short-term investments | 52,938,000 | 27,267,000 | 39,537,000 |
Accounts receivable, net of allowance of $7,679, $8,943 and $6,669, respectively | 251,702,000 | 344,390,000 | 249,115,000 |
Inventories | 363,656,000 | 384,650,000 | 290,196,000 |
Deferred income taxes | 54,708,000 | 57,001,000 | 50,496,000 |
Prepaid expenses and other current assets | 47,502,000 | 39,175,000 | 34,810,000 |
Total current assets | 1,172,110,000 | 1,266,041,000 | 1,192,192,000 |
Property, plant and equipment, at cost, net of accumulated depreciation of $344,266, $345,612 and $339,296, respectively | 283,091,000 | 291,563,000 | 282,290,000 |
Intangible assets, net (Notes 3,5) | 142,444,000 | 143,731,000 | 35,955,000 |
Goodwill (Notes 3,5) | 68,594,000 | 68,594,000 | 14,438,000 |
Other non-current assets | 22,834,000 | 22,280,000 | 24,654,000 |
Total assets | 1,689,073,000 | 1,792,209,000 | 1,549,529,000 |
Current Liabilities: | |||
Accounts payable | 144,488,000 | 214,275,000 | 104,863,000 |
Accrued liabilities (Note 6) | 97,948,000 | 144,288,000 | 95,119,000 |
Income taxes payable | 6,889,000 | 14,388,000 | 6,088,000 |
Deferred income taxes | 121,000 | 169,000 | 65,000 |
Total current liabilities | 249,446,000 | 373,120,000 | 206,135,000 |
Note payable to related party (Note 14) | 15,743,000 | 15,728,000 | 15,699,000 |
Other long-term liabilities | 36,118,000 | 35,435,000 | 30,372,000 |
Income taxes payable, noncurrent | 9,872,000 | 9,388,000 | 14,527,000 |
Deferred income taxes | 3,459,000 | 3,304,000 | 8,105,000 |
Total liabilities | 314,638,000 | 436,975,000 | 274,838,000 |
Commitments and contingencies (Note 12) | |||
Equity: | |||
Preferred stock; 10,000 shares authorized; none issued and outstanding | 0 | 0 | 0 |
Common stock (no par value); 125,000 shares authorized; 70,395, 69,828, and 69,744 issued and outstanding, respectively (Note 9) | 87,567,000 | 72,700,000 | 65,887,000 |
Retained earnings | 1,270,984,000 | 1,255,070,000 | 1,170,226,000 |
Accumulated other comprehensive income (Note 8) | 2,778,000 | 15,833,000 | 30,209,000 |
Total shareholders' equity | 1,361,329,000 | 1,343,603,000 | 1,266,322,000 |
Non-controlling interest (Note 4) | 13,106,000 | 11,631,000 | 8,369,000 |
Total equity | 1,374,435,000 | 1,355,234,000 | 1,274,691,000 |
Total liabilities and equity | $1,689,073,000 | $1,792,209,000 | $1,549,529,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | |||
Allowance for doubtful accounts | $7,679 | $8,943 | $6,669 |
Accumulated depreciation for property, plant and equipment | $344,266 | $345,612 | $339,296 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, no par value (in dollars per share) | $0 | $0 | $0 |
Common stock, shares authorized (in shares) | 125,000 | 125,000 | 125,000 |
Common stock, shares issued (in shares) | 70,395 | 69,828 | 69,744 |
Common stock, shares outstanding (in shares) | 70,395 | 69,828 | 69,744 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $478,982 | $424,084 |
Cost of sales | 250,208 | 226,998 |
Gross profit | 228,774 | 197,086 |
Selling, general and administrative expenses | 186,502 | 163,359 |
Net licensing income | 1,850 | 1,724 |
Income from operations | 44,122 | 35,451 |
Interest income, net | 377 | 239 |
Interest expense on note payable to related party | -274 | -210 |
Other non-operating income (expense) | -2,196 | -356 |
Income before income tax | 42,029 | 35,124 |
Income tax expense | -14,110 | -11,448 |
Net income | 27,919 | 23,676 |
Net income (loss) attributable to non-controlling interest | 1,448 | 1,421 |
Net income attributable to Columbia Sportswear Company | $26,471 | $22,255 |
Earnings per share (Note 9): | ||
Basic (in dollars per share) | $0.38 | $0.32 |
Diluted (in dollars per share) | $0.37 | $0.32 |
Cash dividends per share | $0.15 | $0.14 |
Weighted average shares outstanding (Note 9): | ||
Basic (in shares) | 70,080 | 69,418 |
Diluted (in shares) | 71,010 | 70,390 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $27,919 | $23,676 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) on available-for-sale securities (net of tax benefit (expense) of $2 and ($2), respectively) | -3 | 1 |
Unrealized gains (losses) on derivative transactions (net of tax benefit (expense) of ($715) and $103, respectively) | 3,730 | 228 |
Foreign currency translation adjustments (net of tax benefit (expense) of $829 and ($7), respectively) | -16,755 | -5,878 |
Other comprehensive income (loss) | -13,028 | -5,649 |
Comprehensive income | 14,891 | 18,027 |
Comprehensive income (loss) attributable to non-controlling interest | 1,475 | 923 |
Comprehensive income attributable to Columbia Sportswear Company | $13,416 | $17,104 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Loss)(Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gains (losses) on available-for-sale securities tax benefit (expense) | $2 | ($2) |
Unrealized gains (losses) on derivative transactions tax benefit (expense) | -715 | 103 |
Foreign currency translation adjustment tax benefit (expense) | $829 | ($7) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $27,919 | $23,676 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 13,936 | 10,252 |
Loss on disposal of property, plant, and equipment | 395 | 185 |
Deferred income taxes | 7,319 | 4,399 |
Stock-based compensation | 2,946 | 2,577 |
Excess tax benefit from employee stock plans | -5,213 | -2,557 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 85,527 | 57,763 |
Inventories | 14,680 | 39,031 |
Prepaid expenses and other current assets | -8,929 | -1,921 |
Other assets | -807 | 382 |
Accounts payable | -62,251 | -64,759 |
Accrued liabilities | -38,933 | -25,758 |
Income taxes payable | -8,675 | -621 |
Other liabilities | 793 | 847 |
Net cash provided by (used in) operating activities | 28,707 | 43,496 |
Cash flows from investing activities: | ||
Purchases of short-term investments | -27,556 | -2,788 |
Sales of short-term investments | 1,760 | 55,200 |
Capital expenditures | -15,467 | -17,763 |
Proceeds from sale of property, plant, and equipment | 69 | 16 |
Net cash provided by (used in) investing activities | -41,194 | 34,665 |
Cash flows from financing activities: | ||
Proceeds from credit facilities | 60 | 0 |
Repayments on credit facilities | -60 | 0 |
Proceeds from issuance of common stock under employee stock plans | 11,101 | 11,168 |
Tax payments related to restricted stock unit issuances | -4,440 | -2,791 |
Excess tax benefit from employee stock plans | 5,213 | 2,557 |
Proceeds from note payable to related party | 0 | 16,072 |
Cash dividends paid | -10,557 | -9,762 |
Net cash provided by (used in) financing activities | 1,317 | 17,244 |
Net effect of exchange rate changes on cash | -784 | -4,856 |
Net increase (decrease) in cash and cash equivalents | -11,954 | 90,549 |
Cash and cash equivalents, beginning of period | 413,558 | 437,489 |
Cash and cash equivalents, end of period | 401,604 | 528,038 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for income taxes | 15,672 | 8,002 |
Supplemental disclosures of non-cash investing activities: | ||
Capital expenditures incurred but not yet paid | $2,742 | $1,260 |
Basis_Of_Presentation_And_Orga
Basis Of Presentation And Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation And Organization | BASIS OF PRESENTATION AND ORGANIZATION |
The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (together with its wholly owned subsidiaries and entities in which it maintains a controlling financial interest, the “Company”) and in the opinion of management include all normal recurring material adjustments necessary to present fairly the Company’s financial position as of March 31, 2015 and 2014, and the results of operations and cash flows for the three months ended March 31, 2015 and 2014. The December 31, 2014 financial information was derived from the Company’s audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. A significant part of the Company’s business is of a seasonal nature; therefore, results of operations for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the full year. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The Company, however, believes that the disclosures contained in this report comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934 for a Quarterly Report on Form 10-Q and are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
On September 26, 2014, the Company completed a two-for-one stock split paid in the form of a 100% stock dividend. All references made to share or per share amounts in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the stock split. | |
Principles of consolidation | |
The condensed consolidated financial statements include the accounts of Columbia Sportswear Company, its wholly owned subsidiaries and entities in which it maintains a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Estimates and assumptions | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates and assumptions. Some of these more significant estimates relate to revenue recognition, including sales returns and miscellaneous claims from customers, allowance for doubtful accounts, excess, slow-moving and closeout inventories, product warranty, long-lived and intangible assets, goodwill, income taxes and stock-based compensation. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
There have been no significant changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers: Topic 606. This ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue recognition standard. If approved, the new standard will become effective beginning with the first quarter of 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the impact this ASU will have on the Company's financial position, results of operations and cash flows. | |
In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis: Topic 810. This ASU changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 31, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating this ASU and does not expect the adoption of this standard to have a material effect on the Company's financial position, results of operations or cash flows. |
Business_Acquisition_Business_
Business Acquisition Business Combination text block (Notes) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | BUSINESS ACQUISITION | ||||
On May 30, 2014, the Company purchased 100% of the equity interest in prAna Living LLC (“prAna”) for $188,467,000, net of acquired cash of $4,946,000. PrAna contributed net sales of $37,094,000 and net income of $3,666,000, including amortization of acquired assets of $954,000, for the three months ended March 31, 2015. | |||||
Purchase price allocation | |||||
Acquired assets and liabilities were recorded at estimated fair value as of the acquisition date. The excess of the purchase price over the estimated fair value of identifiable net assets resulted in the recognition of goodwill of $54,156,000, all of which was assigned to the United States segment, and is attributable to future growth opportunities and any intangible assets that did not qualify for separate recognition. The goodwill is expected to be deductible for tax purposes. | |||||
The following table summarizes the fair value of the net assets acquired and liabilities assumed as of the acquisition date of May 30, 2014, including measurement period adjustments (in thousands): | |||||
Cash | $ | 4,946 | |||
Accounts receivable | 10,021 | ||||
Inventories | 9,641 | ||||
Other current assets | 2,531 | ||||
Property, plant and equipment | 5,192 | ||||
Acquired intangible assets | 114,500 | ||||
Other non-current assets | 258 | ||||
Total assets acquired | 147,089 | ||||
Accounts payable | 2,803 | ||||
Other current liabilities | 5,029 | ||||
Total liabilities assumed | 7,832 | ||||
Net identifiable assets acquired | 139,257 | ||||
Goodwill | 54,156 | ||||
Net assets acquired | $ | 193,413 | |||
NonControlling_Interest_NonCon
Non-Controlling Interest Non-Controlling Interest | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Non-controlling Interest | NON-CONTROLLING INTEREST | ||||||||||||
The Company owns a 60% controlling interest in a joint venture formed with Swire Resources, Limited (“Swire”) to support the development and operation of the Company's business in China. The joint venture began operations on January 1, 2014. The accounts of the joint venture are included in the Condensed Consolidated Balance Sheets as of March 31, 2015 and 2014, and December 31, 2014. Swire's share of net income from the joint venture is included in net income attributable to non-controlling interest in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014. The 40% non-controlling equity interest in this entity is included in total equity as non-controlling interest in the Condensed Consolidated Balance Sheets as of March 31, 2015 and 2014, and December 31, 2014. | |||||||||||||
The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the three months ended March 31, 2015 (in thousands, except per share amounts): | |||||||||||||
Columbia Sportswear Company | Non-Controlling Interest | Total | |||||||||||
Balance at December 31, 2014 | $ | 1,343,603 | $ | 11,631 | $ | 1,355,234 | |||||||
Net income | 26,471 | 1,448 | 27,919 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Unrealized holding losses on available-for-sale securities | (3 | ) | — | (3 | ) | ||||||||
Derivative holding gains | 3,730 | — | 3,730 | ||||||||||
Foreign currency translation adjustments | (16,782 | ) | 27 | (16,755 | ) | ||||||||
Cash dividends ($0.15 per share) | (10,557 | ) | — | (10,557 | ) | ||||||||
Issuance of common stock under employee stock plans, net | 6,661 | — | 6,661 | ||||||||||
Tax adjustment from stock plans | 5,260 | — | 5,260 | ||||||||||
Stock-based compensation expense | 2,946 | — | 2,946 | ||||||||||
Balance at March 31, 2015 | $ | 1,361,329 | $ | 13,106 | $ | 1,374,435 | |||||||
The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the three months ended March 31, 2014 (in thousands, except per share amounts): | |||||||||||||
Columbia Sportswear Company | Non-Controlling Interest | Total | |||||||||||
Balance at December 31, 2013 | $ | 1,245,418 | $ | 7,446 | $ | 1,252,864 | |||||||
Net income | 22,255 | 1,421 | 23,676 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Unrealized holding gains on available-for-sale securities | 1 | — | 1 | ||||||||||
Derivative holding gains | 228 | — | 228 | ||||||||||
Foreign currency translation adjustments | (5,380 | ) | (498 | ) | (5,878 | ) | |||||||
Cash dividends ($0.14 per share) | (9,762 | ) | — | (9,762 | ) | ||||||||
Issuance of common stock under employee stock plans, net | 8,377 | — | 8,377 | ||||||||||
Tax adjustment from stock plans | 2,608 | — | 2,608 | ||||||||||
Stock-based compensation expense | 2,577 | — | 2,577 | ||||||||||
Balance at March 31, 2014 | $ | 1,266,322 | $ | 8,369 | $ | 1,274,691 | |||||||
Intangible_Assets_Net_and_Good
Intangible Assets, Net and Goodwill | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Intangible Assets, Net and Goodwill | INTANGIBLE ASSETS, NET AND GOODWILL | |||||||||||
Intangible assets that are determined to have finite lives include patents, purchased technology, customer relationships and order backlog and are amortized over their estimated useful lives, which range from less than one year to approximately 10 years, and are measured for impairment only when events or circumstances indicate the carrying value may be impaired. Goodwill and intangible assets with indefinite useful lives, including trademarks and trade names, are not amortized but are periodically evaluated for impairment. | ||||||||||||
Intangible assets | ||||||||||||
The following table summarizes the Company’s identifiable intangible assets balance (in thousands): | ||||||||||||
March 31, | December 31, | March 31, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Intangible assets subject to amortization: | ||||||||||||
Patents and purchased technology | $ | 14,198 | $ | 14,198 | $ | 14,198 | ||||||
Customer relationships | 23,000 | 23,000 | — | |||||||||
Gross carrying amount | 37,198 | 37,198 | 14,198 | |||||||||
Accumulated amortization: | ||||||||||||
Patents and purchased technology | (6,994 | ) | (6,661 | ) | (5,664 | ) | ||||||
Customer relationships | (3,181 | ) | (2,227 | ) | — | |||||||
Total accumulated amortization | (10,175 | ) | (8,888 | ) | (5,664 | ) | ||||||
Net carrying amount | 27,023 | 28,310 | 8,534 | |||||||||
Intangible assets not subject to amortization | 115,421 | 115,421 | 27,421 | |||||||||
Intangible assets, net | $ | 142,444 | $ | 143,731 | $ | 35,955 | ||||||
Amortization expense for intangible assets subject to amortization was $1,287,000 and $333,000 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||
Annual amortization expense is estimated to be as follows for the years 2015-2019 (in thousands): | ||||||||||||
2015 | $ | 5,147 | ||||||||||
2016 | 5,147 | |||||||||||
2017 | 3,883 | |||||||||||
2018 | 2,980 | |||||||||||
2019 | 2,980 | |||||||||||
Goodwill | ||||||||||||
Goodwill was $68,594,000 at March 31, 2015 and December 31, 2014, and $14,438,000 at March 31, 2014. During the year ended December 31, 2014, goodwill increased $54,156,000, net of a remeasurement period adjustment of $663,000, related to the prAna acquisition (see Note 3). |
Product_Warranty
Product Warranty | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Product Warranties Disclosures [Abstract] | |||||||||
Product Warranty | PRODUCT WARRANTY | ||||||||
Some of the Company’s products carry limited warranty provisions for defects in quality and workmanship. A warranty reserve is established at the time of sale to cover estimated costs based on the Company’s history of warranty repairs and replacements and is recorded in cost of sales. The warranty reserve is included in Accrued liabilities in the Condensed Consolidated Balance Sheets. | |||||||||
A reconciliation of product warranties is as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 11,148 | $ | 10,768 | |||||
Provision for warranty claims | 1,465 | 1,481 | |||||||
Warranty claims | (1,386 | ) | (1,529 | ) | |||||
Other | (354 | ) | (68 | ) | |||||
Balance at end of period | $ | 10,873 | $ | 10,652 | |||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share-based Compensation [Abstract] | |||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||
The Company’s Stock Incentive Plan (the “Plan”) allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units and other stock-based or cash-based awards. The majority of all stock options and restricted stock unit grants outstanding under the Plan were granted in the first quarter of each fiscal year. | |||||||||
Stock-based compensation expense consisted of the following (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Stock options | $ | 916 | $ | 881 | |||||
Restricted stock units | 2,030 | 1,696 | |||||||
Total | $ | 2,946 | $ | 2,577 | |||||
Stock Options | |||||||||
The Company estimates the fair value of stock options using the Black-Scholes model. Key inputs and assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, the expected stock price volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the option’s expected term, and the Company’s expected annual dividend yield. | |||||||||
The following table presents the weighted average assumptions for stock options granted in the periods: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Expected option term | 4.40 years | 4.45 years | |||||||
Expected stock price volatility | 26.32% | 27.59% | |||||||
Risk-free interest rate | 1.14% | 1.12% | |||||||
Expected annual dividend yield | 1.28% | 1.33% | |||||||
Weighted average grant date fair value | $9.78 | $8.43 | |||||||
During the three months ended March 31, 2015 and 2014, the Company granted a total of 462,391 and 436,548 stock options, respectively. At March 31, 2015, unrecognized costs related to outstanding stock options totaled approximately $8,583,000, before any related tax benefit. The unrecognized costs related to stock options are amortized over the related vesting period using the straight-line attribution method. Unrecognized costs related to stock options at March 31, 2015 are expected to be recognized over a weighted average period of 2.70 years. | |||||||||
Restricted Stock Units | |||||||||
The Company estimates the fair value of service-based and performance-based restricted stock units using the Black-Scholes model. Key inputs and assumptions used to estimate the fair value of restricted stock units include the vesting period, expected annual dividend yield and closing price of the Company’s common stock on the date of grant. | |||||||||
The following table presents the weighted average assumptions for restricted stock units granted in the periods: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Vesting period | 3.91 years | 3.91 years | |||||||
Expected annual dividend yield | 1.14% | 1.32% | |||||||
Estimated average grant date fair value per restricted stock unit | $50.64 | $38.81 | |||||||
During the three months ended March 31, 2015 and 2014, the Company granted 180,789 and 199,906 restricted stock units, respectively. At March 31, 2015, unrecognized costs related to outstanding restricted stock units totaled approximately $18,690,000, before any related tax benefit. The unrecognized costs related to restricted stock units are being amortized over the related vesting period using the straight-line attribution method. These unrecognized costs at March 31, 2015 are expected to be recognized over a weighted average period of 2.59 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
Accumulated other comprehensive income, net of applicable taxes, reported on the Company’s Condensed Consolidated Balance Sheets consists of unrealized holding gains and losses on available-for-sale securities, unrealized gains and losses on certain derivative transactions and foreign currency translation adjustments. | |||||||||||||||||
The following table sets forth the changes in accumulated other comprehensive income attributable to Columbia Sportswear Company, net of tax, for the three months ended March 31, 2015 (in thousands): | |||||||||||||||||
Unrealized losses on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||||
Balance at December 31, 2014 | $ | 4 | $ | 8,995 | $ | 6,834 | $ | 15,833 | |||||||||
Other comprehensive income (loss) before reclassifications | (3 | ) | 5,582 | (16,782 | ) | (11,203 | ) | ||||||||||
Amounts reclassified from other comprehensive income | — | (1,852 | ) | — | (1,852 | ) | |||||||||||
Net other comprehensive income (loss) during the period | (3 | ) | 3,730 | (16,782 | ) | (13,055 | ) | ||||||||||
Balance at March 31, 2015 | $ | 1 | $ | 12,725 | $ | (9,948 | ) | $ | 2,778 | ||||||||
The following table sets forth the changes in accumulated other comprehensive income attributable to Columbia Sportswear Company, net of tax, for the three months ended March 31, 2014 (in thousands): | |||||||||||||||||
Unrealized gains on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||||
Balance at December 31, 2013 | $ | (6 | ) | $ | 1,244 | $ | 34,122 | $ | 35,360 | ||||||||
Other comprehensive income (loss) before reclassifications | 1 | 704 | (5,380 | ) | (4,675 | ) | |||||||||||
Amounts reclassified from other comprehensive income | — | (476 | ) | — | (476 | ) | |||||||||||
Net other comprehensive income (loss) during the period | 1 | 228 | (5,380 | ) | (5,151 | ) | |||||||||||
Balance at March 31, 2014 | $ | (5 | ) | $ | 1,472 | $ | 28,742 | $ | 30,209 | ||||||||
All reclassification adjustments related to derivative transactions are recorded in cost of sales in the Condensed Consolidated Statements of Operations. See Note 11 for further information regarding derivative instrument reclassification adjustments. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | EARNINGS PER SHARE | ||||||||
Earnings per share (“EPS”) is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted EPS, the basic weighted average number of shares is increased by the dilutive effect of stock options and restricted stock units determined using the treasury stock method. | |||||||||
A reconciliation of common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted average shares of common stock outstanding, used in computing basic earnings per share | 70,080 | 69,418 | |||||||
Effect of dilutive stock options and restricted stock units | 930 | 972 | |||||||
Weighted average shares of common stock outstanding, used in computing diluted earnings per share | 71,010 | 70,390 | |||||||
Earnings per share of common stock attributable to Columbia Sportswear Company: | |||||||||
Basic | $ | 0.38 | $ | 0.32 | |||||
Diluted | $ | 0.37 | $ | 0.32 | |||||
Stock options and service-based restricted stock units representing 283,893 and 233,212 shares of common stock for the three months ended March 31, 2015 and 2014, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive as a result of applying the treasury stock method. In addition, performance-based restricted stock units representing 119,110 and 61,926 shares of common stock for the three months ended March 31, 2015 and 2014, respectively, were outstanding but were excluded from the computation of diluted EPS because these shares were subject to performance conditions that had not been met. | |||||||||
Common stock repurchase plan | |||||||||
Since the inception of the Company’s stock repurchase plan in 2004 through March 31, 2015, the Company’s Board of Directors has authorized the repurchase of $700,000,000 of the Company’s common stock. 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. As of March 31, 2015, the Company had repurchased 19,607,058 shares under this program at an aggregate purchase price of approximately $456,443,000. During the three months ended March 31, 2014 and 2015, the Company did not repurchase any shares of the Company's common stock. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||
Segment Information | SEGMENT INFORMATION | ||||||||
The Company has aggregated its operating segments into four geographic segments: (1) United States, (2) Latin America and Asia Pacific (“LAAP”), (3) Europe, Middle East and Africa (“EMEA”) and (4) Canada, which are reflective of the Company’s internal organization, management, and oversight structure. Each geographic segment operates predominantly in one industry: the design, development, marketing and distribution of outdoor and active lifestyle apparel, footwear, accessories and equipment. Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material. Unallocated corporate expenses consist of expenses incurred by centrally-managed departments, including global information systems, finance and legal, executive compensation, unallocated benefit program expense and other miscellaneous costs. | |||||||||
The geographic distribution of the Company’s net sales and income from operations are summarized in the following table (in thousands) for the three months ended March 31, 2015 and 2014. | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales to unrelated entities: | |||||||||
United States | $ | 283,760 | $ | 241,189 | |||||
LAAP | 113,062 | 116,813 | |||||||
EMEA | 47,825 | 39,140 | |||||||
Canada | 34,335 | 26,942 | |||||||
$ | 478,982 | $ | 424,084 | ||||||
Segment income (loss) from operations: | |||||||||
United States | $ | 52,816 | $ | 44,171 | |||||
LAAP | 15,352 | 17,234 | |||||||
EMEA | 1,365 | (3,526 | ) | ||||||
Canada | 6,300 | 3,399 | |||||||
Total segment income from operations | 75,833 | 61,278 | |||||||
Unallocated corporate expenses | (31,711 | ) | (25,827 | ) | |||||
Interest income, net | 377 | 239 | |||||||
Interest expense on note payable to related party | (274 | ) | (210 | ) | |||||
Other non-operating expense | (2,196 | ) | (356 | ) | |||||
Income before income taxes | $ | 42,029 | $ | 35,124 | |||||
Financial_Instruments_And_Risk
Financial Instruments And Risk Management | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||
Financial Instruments And Risk Management | FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | ||||||||||||||
In the normal course of business, the Company’s financial position, results of operations and cash flows 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 non-functional currency denominated purchases and sales. Subsidiaries that use European euros, Canadian dollars, Japanese yen or Korean won as their functional currency are primarily exposed to changes in functional currency equivalent cash flows from anticipated U.S. dollar inventory purchases. Subsidiaries that use U.S. dollars as their functional currency are primarily exposed to anticipated Canadian dollar denominated sales. The Company manages these risks by using currency forward and option contracts formally designated and effective as cash flow hedges. Hedge effectiveness is generally determined by evaluating the ability of a hedging instrument’s cumulative change in fair value to offset the cumulative change in the present value of expected cash flows on the underlying exposures. For forward contracts, the change in fair value attributable to changes in forward points is excluded from the determination of hedge effectiveness and included in current period cost of sales for hedges of anticipated U.S. dollar inventory purchases and in net sales for hedges of anticipated Canadian dollar sales. For option contracts, the change in fair value attributable to changes in time value are excluded from the assessment of hedge effectiveness and included in current period cost of sales. Hedge ineffectiveness was not material during the three months ended March 31, 2015 and 2014. | |||||||||||||||
The Company also uses currency forward contracts not formally designated as hedges to manage the consolidated currency exchange rate risk associated with the remeasurement of non-functional currency denominated monetary assets and liabilities by subsidiaries that use European euros, Canadian dollars, Japanese yen, Korean won or Chinese renminbi as their functional currency. Non-functional currency denominated monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, receivables, payables and intercompany loans. The gains and losses generated on these currency forward contracts not formally designated as hedges are expected to be largely offset in other non-operating income (expense), net by the gains and losses generated from the remeasurement of the non-functional currency denominated monetary assets and liabilities. | |||||||||||||||
The following table presents the gross notional amount of outstanding derivative instruments (in thousands): | |||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||
2015 | 2014 | 2014 | |||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||
Currency forward contracts | $ | 106,500 | $ | 103,000 | $ | 142,500 | |||||||||
Currency option contracts | 7,000 | — | — | ||||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||
Currency forward contracts | 75,000 | 128,000 | 36,000 | ||||||||||||
At March 31, 2015, approximately $15,632,000 of deferred net gains on both outstanding and matured derivatives accumulated in other comprehensive income are expected to be reclassified to net income during the next twelve months as a result of underlying hedged transactions also being recorded in net income. Actual amounts ultimately reclassified to net income are dependent on U.S. dollar exchange rates in effect against the European euro, Canadian dollar, Japanese yen and Korean won when outstanding derivative contracts mature. | |||||||||||||||
At March 31, 2015, the Company’s derivative contracts had a remaining maturity of less than one year. The maximum net exposure to any single counterparty, which is generally limited to the aggregate unrealized gain of all contracts with that counterparty, was less than $5,000,000 at March 31, 2015. All of the Company's derivative counterparties have investment grade credit ratings. The Company is a party to master netting arrangements that contain features that allow counterparties to net settle amounts arising from multiple separate derivative transactions or net settle in the case of certain triggering events such as a bankruptcy or major default of one of the counterparties to the transaction. Finally, the Company has not pledged assets or posted collateral as a requirement for entering into or maintaining derivative positions. | |||||||||||||||
The following table presents the balance sheet classification and fair value of derivative instruments (in thousands): | |||||||||||||||
Balance Sheet Classification | March 31, | December 31, | March 31, | ||||||||||||
2015 | 2014 | 2014 | |||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||
Derivative instruments in asset positions: | |||||||||||||||
Currency forward contracts | Prepaid expenses and other current assets | $ | 14,475 | $ | 9,993 | $ | 2,391 | ||||||||
Currency option contracts | Prepaid expenses and other current assets | 132 | — | — | |||||||||||
Currency forward contracts | Other non-current assets | — | — | 128 | |||||||||||
Derivative instruments in liability positions: | |||||||||||||||
Currency forward contracts | Accrued liabilities | — | — | 1,017 | |||||||||||
Currency forward contracts | Other long-term liabilities | — | — | 33 | |||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||
Derivative instruments in asset positions: | |||||||||||||||
Currency forward contracts | Prepaid expenses and other current assets | 1,180 | 2,754 | 312 | |||||||||||
Derivative instruments in liability positions: | |||||||||||||||
Currency forward contracts | Accrued liabilities | 123 | 924 | — | |||||||||||
The following table presents the statement of operations effect and classification of derivative instruments (in thousands): | |||||||||||||||
Statement of | Three Months Ended March 31, | ||||||||||||||
Operations | |||||||||||||||
Classification | 2015 | 2014 | |||||||||||||
Currency Forward and Option Contracts: | |||||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||
Gain recognized in other comprehensive income or loss | — | $ | 5,582 | $ | 704 | ||||||||||
Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion | Cost of sales | 2,257 | 809 | ||||||||||||
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion | Net sales | (15 | ) | — | |||||||||||
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion | Cost of sales | (122 | ) | (22 | ) | ||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||
Gain (loss) recognized in income | Other non-operating expense | 2,936 | (1,465 | ) | |||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES |
Inventory Purchase Obligations | |
Inventory purchase obligations consist of open production purchase orders and other commitments for raw materials and sourced apparel, footwear, accessories and equipment. At March 31, 2015, inventory purchase obligations were $579,916,000. | |
Litigation | |
The Company is a party to various legal claims, actions and complaints from time to time. Although the ultimate resolution of legal proceedings cannot be predicted with certainty, management believes that disposition of these matters will not have a material adverse effect on the Company’s consolidated financial statements. |
Fair_Value_Measures
Fair Value Measures | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measures | FAIR VALUE MEASURES | |||||||||||||||
Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
Level 1 – | observable inputs such as quoted prices for identical assets or liabilities in active liquid markets; | |||||||||||||||
Level 2 – | inputs, other than the quoted market prices in active markets, that are observable, either directly or indirectly; or observable market prices in markets with insufficient volume and/or infrequent transactions; and | |||||||||||||||
Level 3 – | unobservable inputs for which there is little or no market data available, that require the reporting entity to | |||||||||||||||
develop its own assumptions. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 are as follows (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 101,241 | $ | — | $ | — | $ | 101,241 | ||||||||
Time deposits | 45,221 | — | — | 45,221 | ||||||||||||
Certificates of deposit | — | 2,205 | — | 2,205 | ||||||||||||
Reverse repurchase agreements | — | 50,000 | — | 50,000 | ||||||||||||
U.S. Government-backed municipal bonds | — | 480 | — | 480 | ||||||||||||
Available-for-sale short-term investments (1) | ||||||||||||||||
Certificates of deposit | — | 13,453 | — | 13,453 | ||||||||||||
U.S. Government-backed municipal bonds | — | 39,119 | — | 39,119 | ||||||||||||
Other short-term investments | ||||||||||||||||
Mutual fund shares | 366 | — | — | 366 | ||||||||||||
Other current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 15,787 | — | 15,787 | ||||||||||||
Other non-current assets | ||||||||||||||||
Mutual fund shares | 7,016 | — | — | 7,016 | ||||||||||||
Total assets measured at fair value | $ | 153,844 | $ | 121,044 | $ | — | $ | 274,888 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | $ | — | $ | 123 | $ | — | $ | 123 | ||||||||
Total liabilities measured at fair value | $ | — | $ | 123 | $ | — | $ | 123 | ||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 are as follows (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 94,112 | $ | — | $ | — | $ | 94,112 | ||||||||
Time deposits | 45,187 | — | — | 45,187 | ||||||||||||
Certificates of deposit | — | 1,470 | — | 1,470 | ||||||||||||
Reverse repurchase agreements | — | 40,000 | — | 40,000 | ||||||||||||
U.S. Government-backed municipal bonds | — | 5,812 | — | 5,812 | ||||||||||||
Available-for-sale short-term investments (1) | ||||||||||||||||
Certificates of deposit | — | 3,184 | — | 3,184 | ||||||||||||
U.S. Government-backed municipal bonds | — | 23,598 | — | 23,598 | ||||||||||||
Other short-term investments | ||||||||||||||||
Mutual fund shares | 485 | — | — | 485 | ||||||||||||
Other current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 12,747 | — | 12,747 | ||||||||||||
Other non-current assets | ||||||||||||||||
Mutual fund shares | 6,039 | — | — | 6,039 | ||||||||||||
Total assets measured at fair value | $ | 145,823 | $ | 86,811 | $ | — | $ | 232,634 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | $ | — | $ | 924 | $ | — | $ | 924 | ||||||||
Total liabilities measured at fair value | $ | — | $ | 924 | $ | — | $ | 924 | ||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 are as follows (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 269,786 | $ | — | $ | — | $ | 269,786 | ||||||||
Time deposits | 25,129 | 14,088 | — | 39,217 | ||||||||||||
U.S. Government-backed repurchase agreements | — | 55,000 | — | 55,000 | ||||||||||||
Available-for-sale short-term investments (1) | ||||||||||||||||
Short-term municipal bond fund | 15,028 | — | — | 15,028 | ||||||||||||
Certificates of deposit | — | 9,795 | — | 9,795 | ||||||||||||
U.S. Government-backed municipal bonds | — | 14,185 | — | 14,185 | ||||||||||||
Other short-term investments | ||||||||||||||||
Mutual funds shares | 529 | — | — | 529 | ||||||||||||
Other current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 2,703 | — | 2,703 | ||||||||||||
Other non-current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 128 | — | 128 | ||||||||||||
Mutual fund shares | 5,390 | — | — | 5,390 | ||||||||||||
Total assets measured at fair value | $ | 315,862 | $ | 95,899 | $ | — | $ | 411,761 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | $ | — | $ | 1,017 | $ | — | $ | 1,017 | ||||||||
Other long-term liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 33 | — | 33 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | 1,050 | $ | — | $ | 1,050 | ||||||||
(1) | Investments have remaining maturities of less than one year. | |||||||||||||||
Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. Level 2 instrument valuations are obtained from inputs, other than quoted market prices in active markets, which are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions. | ||||||||||||||||
Non-recurring fair value measurements | ||||||||||||||||
There were no material assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2015, December 31, 2014 or March 31, 2014. |
Related_Party_Transactions_Rel
Related Party Transactions Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS |
On January 1, 2014, the Company commenced operations of a majority-owned joint venture in mainland China. Upon commencement, the joint venture entered into Transition Services Agreements (“TSAs”) with Swire, the non-controlling shareholder in the joint venture, under which Swire renders administrative and information technology services and operates certain retail stores on behalf of the joint venture. The joint venture incurred service fees, valued under the TSAs at Swire's cost, of $1,754,000 and $2,707,000 during the three months ended March 31, 2015 and 2014, respectively. These fees are included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014. In addition, the joint venture pays Swire sourcing fees related to the purchase of certain inventory. These sourcing fees are capitalized into inventories and charged to cost of sales as the inventories are sold. For the three months ended March 31, 2015 and 2014, the joint venture incurred sourcing fees of $289,000 and $285,000, respectively. | |
During the three months ended March 31, 2014, both the Company and Swire funded long-term loans to the joint venture. The Company's loan has been eliminated in consolidation, while the Swire loan is reflected as note payable to related party in the Condensed Consolidated Balance Sheet as of March 31, 2015 and 2014 and December 31, 2014. The note with Swire, in the principal amount of 97,600,000 RMB (US$15,743,000 at March 31, 2015), matures on December 31, 2018 and bears interest at a fixed annual rate of 7%. Interest expense related to this note was $274,000 and $210,000 for the three months ended March 31, 2015 and 2014, respectively. | |
As of March 31, 2015 and December 31, 2014, net payables to Swire for service fees, interest expense and miscellaneous expenses totaled $5,338,000 and $3,651,000, respectively, and were included in accounts payable in the Condensed Consolidated Balance Sheets. | |
In addition to the transactions described above, Swire is also a third-party distributor of the Company's brands in certain regions outside of mainland China and purchases products from the Company under the Company's normal third-party distributor terms and pricing. |
Business_Acquisition_Business_1
Business Acquisition Business Acquisition (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Schedule of Fair Value Of Net Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the net assets acquired and liabilities assumed as of the acquisition date of May 30, 2014, including measurement period adjustments (in thousands): | ||||
Cash | $ | 4,946 | |||
Accounts receivable | 10,021 | ||||
Inventories | 9,641 | ||||
Other current assets | 2,531 | ||||
Property, plant and equipment | 5,192 | ||||
Acquired intangible assets | 114,500 | ||||
Other non-current assets | 258 | ||||
Total assets acquired | 147,089 | ||||
Accounts payable | 2,803 | ||||
Other current liabilities | 5,029 | ||||
Total liabilities assumed | 7,832 | ||||
Net identifiable assets acquired | 139,257 | ||||
Goodwill | 54,156 | ||||
Net assets acquired | $ | 193,413 | |||
NonControlling_Interest_NonCon1
Non-Controlling Interest Non-Controlling Interest (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Schedule of Equity | The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the three months ended March 31, 2015 (in thousands, except per share amounts): | ||||||||||||
Columbia Sportswear Company | Non-Controlling Interest | Total | |||||||||||
Balance at December 31, 2014 | $ | 1,343,603 | $ | 11,631 | $ | 1,355,234 | |||||||
Net income | 26,471 | 1,448 | 27,919 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Unrealized holding losses on available-for-sale securities | (3 | ) | — | (3 | ) | ||||||||
Derivative holding gains | 3,730 | — | 3,730 | ||||||||||
Foreign currency translation adjustments | (16,782 | ) | 27 | (16,755 | ) | ||||||||
Cash dividends ($0.15 per share) | (10,557 | ) | — | (10,557 | ) | ||||||||
Issuance of common stock under employee stock plans, net | 6,661 | — | 6,661 | ||||||||||
Tax adjustment from stock plans | 5,260 | — | 5,260 | ||||||||||
Stock-based compensation expense | 2,946 | — | 2,946 | ||||||||||
Balance at March 31, 2015 | $ | 1,361,329 | $ | 13,106 | $ | 1,374,435 | |||||||
The following table presents the changes in Columbia Sportswear Company shareholders' equity and non-controlling interest for the three months ended March 31, 2014 (in thousands, except per share amounts): | |||||||||||||
Columbia Sportswear Company | Non-Controlling Interest | Total | |||||||||||
Balance at December 31, 2013 | $ | 1,245,418 | $ | 7,446 | $ | 1,252,864 | |||||||
Net income | 22,255 | 1,421 | 23,676 | ||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||
Unrealized holding gains on available-for-sale securities | 1 | — | 1 | ||||||||||
Derivative holding gains | 228 | — | 228 | ||||||||||
Foreign currency translation adjustments | (5,380 | ) | (498 | ) | (5,878 | ) | |||||||
Cash dividends ($0.14 per share) | (9,762 | ) | — | (9,762 | ) | ||||||||
Issuance of common stock under employee stock plans, net | 8,377 | — | 8,377 | ||||||||||
Tax adjustment from stock plans | 2,608 | — | 2,608 | ||||||||||
Stock-based compensation expense | 2,577 | — | 2,577 | ||||||||||
Balance at March 31, 2014 | $ | 1,266,322 | $ | 8,369 | $ | 1,274,691 | |||||||
Intangible_Assets_Net_and_Good1
Intangible Assets, Net and Goodwill (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Summary Of Identifiable Intangible Assets | The following table summarizes the Company’s identifiable intangible assets balance (in thousands): | |||||||||||
March 31, | December 31, | March 31, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Intangible assets subject to amortization: | ||||||||||||
Patents and purchased technology | $ | 14,198 | $ | 14,198 | $ | 14,198 | ||||||
Customer relationships | 23,000 | 23,000 | — | |||||||||
Gross carrying amount | 37,198 | 37,198 | 14,198 | |||||||||
Accumulated amortization: | ||||||||||||
Patents and purchased technology | (6,994 | ) | (6,661 | ) | (5,664 | ) | ||||||
Customer relationships | (3,181 | ) | (2,227 | ) | — | |||||||
Total accumulated amortization | (10,175 | ) | (8,888 | ) | (5,664 | ) | ||||||
Net carrying amount | 27,023 | 28,310 | 8,534 | |||||||||
Intangible assets not subject to amortization | 115,421 | 115,421 | 27,421 | |||||||||
Intangible assets, net | $ | 142,444 | $ | 143,731 | $ | 35,955 | ||||||
Product_Warranty_Tables
Product Warranty (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Product Warranties Disclosures [Abstract] | |||||||||
Reconciliation Of Product Warranties | A reconciliation of product warranties is as follows (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Balance at beginning of period | $ | 11,148 | $ | 10,768 | |||||
Provision for warranty claims | 1,465 | 1,481 | |||||||
Warranty claims | (1,386 | ) | (1,529 | ) | |||||
Other | (354 | ) | (68 | ) | |||||
Balance at end of period | $ | 10,873 | $ | 10,652 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share-based Compensation [Abstract] | |||||||||
Schedule Of Stock-Based Compensation Expense | Stock-based compensation expense consisted of the following (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Stock options | $ | 916 | $ | 881 | |||||
Restricted stock units | 2,030 | 1,696 | |||||||
Total | $ | 2,946 | $ | 2,577 | |||||
Schedule Of Weighted Average Assumptions For Employee Stock Options | The following table presents the weighted average assumptions for stock options granted in the periods: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Expected option term | 4.40 years | 4.45 years | |||||||
Expected stock price volatility | 26.32% | 27.59% | |||||||
Risk-free interest rate | 1.14% | 1.12% | |||||||
Expected annual dividend yield | 1.28% | 1.33% | |||||||
Weighted average grant date fair value | $9.78 | $8.43 | |||||||
Schedule Of Weighted Average Assumptions For Restricted Stock Units | The following table presents the weighted average assumptions for restricted stock units granted in the periods: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Vesting period | 3.91 years | 3.91 years | |||||||
Expected annual dividend yield | 1.14% | 1.32% | |||||||
Estimated average grant date fair value per restricted stock unit | $50.64 | $38.81 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income, Net Of Related Tax Effects | The following table sets forth the changes in accumulated other comprehensive income attributable to Columbia Sportswear Company, net of tax, for the three months ended March 31, 2015 (in thousands): | ||||||||||||||||
Unrealized losses on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||||
Balance at December 31, 2014 | $ | 4 | $ | 8,995 | $ | 6,834 | $ | 15,833 | |||||||||
Other comprehensive income (loss) before reclassifications | (3 | ) | 5,582 | (16,782 | ) | (11,203 | ) | ||||||||||
Amounts reclassified from other comprehensive income | — | (1,852 | ) | — | (1,852 | ) | |||||||||||
Net other comprehensive income (loss) during the period | (3 | ) | 3,730 | (16,782 | ) | (13,055 | ) | ||||||||||
Balance at March 31, 2015 | $ | 1 | $ | 12,725 | $ | (9,948 | ) | $ | 2,778 | ||||||||
The following table sets forth the changes in accumulated other comprehensive income attributable to Columbia Sportswear Company, net of tax, for the three months ended March 31, 2014 (in thousands): | |||||||||||||||||
Unrealized gains on available-for-sale securities | Unrealized holding gains (losses) on derivative transactions | Foreign currency translation adjustments | Total | ||||||||||||||
Balance at December 31, 2013 | $ | (6 | ) | $ | 1,244 | $ | 34,122 | $ | 35,360 | ||||||||
Other comprehensive income (loss) before reclassifications | 1 | 704 | (5,380 | ) | (4,675 | ) | |||||||||||
Amounts reclassified from other comprehensive income | — | (476 | ) | — | (476 | ) | |||||||||||
Net other comprehensive income (loss) during the period | 1 | 228 | (5,380 | ) | (5,151 | ) | |||||||||||
Balance at March 31, 2014 | $ | (5 | ) | $ | 1,472 | $ | 28,742 | $ | 30,209 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation Of Common Shares Used In Denominator For Computing Basic And Diluted EPS | A reconciliation of common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted average shares of common stock outstanding, used in computing basic earnings per share | 70,080 | 69,418 | |||||||
Effect of dilutive stock options and restricted stock units | 930 | 972 | |||||||
Weighted average shares of common stock outstanding, used in computing diluted earnings per share | 71,010 | 70,390 | |||||||
Earnings per share of common stock attributable to Columbia Sportswear Company: | |||||||||
Basic | $ | 0.38 | $ | 0.32 | |||||
Diluted | $ | 0.37 | $ | 0.32 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting, Measurement Disclosures [Abstract] | |||||||||
Schedule Of Segment Information | The geographic distribution of the Company’s net sales and income from operations are summarized in the following table (in thousands) for the three months ended March 31, 2015 and 2014. | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales to unrelated entities: | |||||||||
United States | $ | 283,760 | $ | 241,189 | |||||
LAAP | 113,062 | 116,813 | |||||||
EMEA | 47,825 | 39,140 | |||||||
Canada | 34,335 | 26,942 | |||||||
$ | 478,982 | $ | 424,084 | ||||||
Segment income (loss) from operations: | |||||||||
United States | $ | 52,816 | $ | 44,171 | |||||
LAAP | 15,352 | 17,234 | |||||||
EMEA | 1,365 | (3,526 | ) | ||||||
Canada | 6,300 | 3,399 | |||||||
Total segment income from operations | 75,833 | 61,278 | |||||||
Unallocated corporate expenses | (31,711 | ) | (25,827 | ) | |||||
Interest income, net | 377 | 239 | |||||||
Interest expense on note payable to related party | (274 | ) | (210 | ) | |||||
Other non-operating expense | (2,196 | ) | (356 | ) | |||||
Income before income taxes | $ | 42,029 | $ | 35,124 | |||||
Financial_Instruments_And_Risk1
Financial Instruments And Risk Management (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||
Gross Notional Amount Of Outstanding Derivative Instruments | The following table presents the gross notional amount of outstanding derivative instruments (in thousands): | ||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||
2015 | 2014 | 2014 | |||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||
Currency forward contracts | $ | 106,500 | $ | 103,000 | $ | 142,500 | |||||||||
Currency option contracts | 7,000 | — | — | ||||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||
Currency forward contracts | 75,000 | 128,000 | 36,000 | ||||||||||||
Balance Sheet Classification And Fair Value Of Derivative Instruments | The following table presents the balance sheet classification and fair value of derivative instruments (in thousands): | ||||||||||||||
Balance Sheet Classification | March 31, | December 31, | March 31, | ||||||||||||
2015 | 2014 | 2014 | |||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||
Derivative instruments in asset positions: | |||||||||||||||
Currency forward contracts | Prepaid expenses and other current assets | $ | 14,475 | $ | 9,993 | $ | 2,391 | ||||||||
Currency option contracts | Prepaid expenses and other current assets | 132 | — | — | |||||||||||
Currency forward contracts | Other non-current assets | — | — | 128 | |||||||||||
Derivative instruments in liability positions: | |||||||||||||||
Currency forward contracts | Accrued liabilities | — | — | 1,017 | |||||||||||
Currency forward contracts | Other long-term liabilities | — | — | 33 | |||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||
Derivative instruments in asset positions: | |||||||||||||||
Currency forward contracts | Prepaid expenses and other current assets | 1,180 | 2,754 | 312 | |||||||||||
Derivative instruments in liability positions: | |||||||||||||||
Currency forward contracts | Accrued liabilities | 123 | 924 | — | |||||||||||
Statement of Operations Effect and Classification of Derivative Instruments | The following table presents the statement of operations effect and classification of derivative instruments (in thousands): | ||||||||||||||
Statement of | Three Months Ended March 31, | ||||||||||||||
Operations | |||||||||||||||
Classification | 2015 | 2014 | |||||||||||||
Currency Forward and Option Contracts: | |||||||||||||||
Derivative instruments designated as cash flow hedges: | |||||||||||||||
Gain recognized in other comprehensive income or loss | — | $ | 5,582 | $ | 704 | ||||||||||
Gain reclassified from accumulated other comprehensive income or loss to income for the effective portion | Cost of sales | 2,257 | 809 | ||||||||||||
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion | Net sales | (15 | ) | — | |||||||||||
Loss recognized in income for amount excluded from effectiveness testing and for the ineffective portion | Cost of sales | (122 | ) | (22 | ) | ||||||||||
Derivative instruments not designated as cash flow hedges: | |||||||||||||||
Gain (loss) recognized in income | Other non-operating expense | 2,936 | (1,465 | ) | |||||||||||
Fair_Value_Measures_Tables
Fair Value Measures (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 are as follows (in thousands): | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 101,241 | $ | — | $ | — | $ | 101,241 | ||||||||
Time deposits | 45,221 | — | — | 45,221 | ||||||||||||
Certificates of deposit | — | 2,205 | — | 2,205 | ||||||||||||
Reverse repurchase agreements | — | 50,000 | — | 50,000 | ||||||||||||
U.S. Government-backed municipal bonds | — | 480 | — | 480 | ||||||||||||
Available-for-sale short-term investments (1) | ||||||||||||||||
Certificates of deposit | — | 13,453 | — | 13,453 | ||||||||||||
U.S. Government-backed municipal bonds | — | 39,119 | — | 39,119 | ||||||||||||
Other short-term investments | ||||||||||||||||
Mutual fund shares | 366 | — | — | 366 | ||||||||||||
Other current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 15,787 | — | 15,787 | ||||||||||||
Other non-current assets | ||||||||||||||||
Mutual fund shares | 7,016 | — | — | 7,016 | ||||||||||||
Total assets measured at fair value | $ | 153,844 | $ | 121,044 | $ | — | $ | 274,888 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | $ | — | $ | 123 | $ | — | $ | 123 | ||||||||
Total liabilities measured at fair value | $ | — | $ | 123 | $ | — | $ | 123 | ||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 are as follows (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 94,112 | $ | — | $ | — | $ | 94,112 | ||||||||
Time deposits | 45,187 | — | — | 45,187 | ||||||||||||
Certificates of deposit | — | 1,470 | — | 1,470 | ||||||||||||
Reverse repurchase agreements | — | 40,000 | — | 40,000 | ||||||||||||
U.S. Government-backed municipal bonds | — | 5,812 | — | 5,812 | ||||||||||||
Available-for-sale short-term investments (1) | ||||||||||||||||
Certificates of deposit | — | 3,184 | — | 3,184 | ||||||||||||
U.S. Government-backed municipal bonds | — | 23,598 | — | 23,598 | ||||||||||||
Other short-term investments | ||||||||||||||||
Mutual fund shares | 485 | — | — | 485 | ||||||||||||
Other current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 12,747 | — | 12,747 | ||||||||||||
Other non-current assets | ||||||||||||||||
Mutual fund shares | 6,039 | — | — | 6,039 | ||||||||||||
Total assets measured at fair value | $ | 145,823 | $ | 86,811 | $ | — | $ | 232,634 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | $ | — | $ | 924 | $ | — | $ | 924 | ||||||||
Total liabilities measured at fair value | $ | — | $ | 924 | $ | — | $ | 924 | ||||||||
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 are as follows (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 269,786 | $ | — | $ | — | $ | 269,786 | ||||||||
Time deposits | 25,129 | 14,088 | — | 39,217 | ||||||||||||
U.S. Government-backed repurchase agreements | — | 55,000 | — | 55,000 | ||||||||||||
Available-for-sale short-term investments (1) | ||||||||||||||||
Short-term municipal bond fund | 15,028 | — | — | 15,028 | ||||||||||||
Certificates of deposit | — | 9,795 | — | 9,795 | ||||||||||||
U.S. Government-backed municipal bonds | — | 14,185 | — | 14,185 | ||||||||||||
Other short-term investments | ||||||||||||||||
Mutual funds shares | 529 | — | — | 529 | ||||||||||||
Other current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 2,703 | — | 2,703 | ||||||||||||
Other non-current assets | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 128 | — | 128 | ||||||||||||
Mutual fund shares | 5,390 | — | — | 5,390 | ||||||||||||
Total assets measured at fair value | $ | 315,862 | $ | 95,899 | $ | — | $ | 411,761 | ||||||||
Liabilities: | ||||||||||||||||
Accrued liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | $ | — | $ | 1,017 | $ | — | $ | 1,017 | ||||||||
Other long-term liabilities | ||||||||||||||||
Derivative financial instruments (Note 11) | — | 33 | — | 33 | ||||||||||||
Total liabilities measured at fair value | $ | — | $ | 1,050 | $ | — | $ | 1,050 | ||||||||
(1) | Investments have remaining maturities of less than one year. |
Business_Acquisition_Business_2
Business Acquisition Business Acquisition (Narrative) (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | 30-May-14 | |
Business Acquisition [Line Items] | |||||
Net sales | $478,982,000 | $424,084,000 | |||
Amortization of acquired prAna net assets | 1,287,000 | 333,000 | |||
Goodwill | 68,594,000 | 14,438,000 | 68,594,000 | ||
prAna Living LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 188,467,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,946,000 | ||||
Net sales | 37,094,000 | ||||
Net income from prAna | 3,666,000 | ||||
Amortization of acquired prAna net assets | 954,000 | ||||
Goodwill | $54,156,000 |
Business_Acquisition_Business_3
Business Acquisition Business Acquisition (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | 30-May-14 |
Business Acquisition [Line Items] | ||||
Goodwill | $68,594,000 | $68,594,000 | $14,438,000 | |
prAna Living LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 4,946,000 | |||
Accounts receivable | 10,021,000 | |||
Inventories | 9,641,000 | |||
Other current assets | 2,531,000 | |||
Property, plant and equipment | 5,192,000 | |||
Acquired intangible assets | 114,500,000 | |||
Other non-current assets | 258,000 | |||
Total assets acquired | 147,089,000 | |||
Accounts payable | 2,803,000 | |||
Other current liabilities | 5,029,000 | |||
Total liabilities assumed | 7,832,000 | |||
Net identifiable assets acquired | 139,257,000 | |||
Goodwill | 54,156,000 | |||
Net assets acquired | $193,413,000 |
NonControlling_Interest_NonCon2
Non-Controlling Interest Non-Controlling Interest (Narrative) (Details) | Mar. 31, 2015 |
Noncontrolling Interest [Line Items] | |
Non-controlling Interest, Ownership Percentage by Parent | 60.00% |
NonControlling_Interest_NonCon3
Non-Controlling Interest Non-Controlling Interest (Schedule of Equity) (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | |||
Balance, beginning of period | $1,355,234 | $1,252,864 | |
Net income | 27,919 | 23,676 | |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on available-for-sale securities | -3 | 1 | |
Derivative holding gains (losses) | 3,730 | 228 | |
Foreign currency translation adjustments | -16,755 | -5,878 | |
Cash dividends | -10,557 | -9,762 | |
Issuance of common stock under employee stock plans, net | 6,661 | 8,377 | |
Tax adjustment from stock plans | 5,260 | 2,608 | |
Stock-based compensation expense | 2,946 | 2,577 | |
Balance, end of period | 1,374,435 | 1,274,691 | 1,252,864 |
Cash dividends per share | $0.15 | $0.14 | |
Parent [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance, beginning of period | 1,343,603 | 1,245,418 | |
Net income | 26,471 | 22,255 | |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on available-for-sale securities | -3 | 1 | |
Derivative holding gains (losses) | 3,730 | 228 | |
Foreign currency translation adjustments | -16,782 | -5,380 | |
Cash dividends | -10,557 | -9,762 | |
Issuance of common stock under employee stock plans, net | 6,661 | 8,377 | |
Tax adjustment from stock plans | 5,260 | 2,608 | |
Stock-based compensation expense | 2,946 | 2,577 | |
Balance, end of period | 1,361,329 | 1,266,322 | 1,245,418 |
Cash dividends per share | $0.15 | $0.14 | |
Non-controlling Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Balance, beginning of period | 11,631 | 7,446 | |
Net income | 1,448 | 1,421 | |
Other comprehensive income (loss): | |||
Unrealized holding gains (losses) on available-for-sale securities | 0 | 0 | |
Derivative holding gains (losses) | 0 | 0 | |
Foreign currency translation adjustments | 27 | -498 | |
Cash dividends | 0 | 0 | |
Issuance of common stock under employee stock plans, net | 0 | 0 | |
Tax adjustment from stock plans | 0 | 0 | |
Stock-based compensation expense | 0 | 0 | |
Balance, end of period | $13,106 | $8,369 | $7,446 |
Intangible_Assets_Net_and_Good2
Intangible Assets, Net and Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $5,147,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,147,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,883,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,980,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,980,000 | ||
Goodwill, Purchase Accounting Adjustments | 663,000 | ||
Goodwill | 68,594,000 | 14,438,000 | 68,594,000 |
Amortization of Intangible Assets | $1,287,000 | $333,000 |
Intangible_Assets_Net_and_Good3
Intangible Assets, Net and Goodwill (Summary Of Identifiable Intangible Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Summary of Identifiable Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, Gross carrying amount | $37,198 | $37,198 | $14,198 |
Intangible assets subject to amortization, Accumulated amortization | -10,175 | -8,888 | -5,664 |
Intangible assets subject to amortization, Net carrying amount | 27,023 | 28,310 | 8,534 |
Intangible assets not subject to amortization | 115,421 | 115,421 | 27,421 |
Intangible assets, net | 142,444 | 143,731 | 35,955 |
Patents And Purchased Technology [Member] | |||
Summary of Identifiable Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, Gross carrying amount | 14,198 | 14,198 | 14,198 |
Intangible assets subject to amortization, Accumulated amortization | -6,994 | -6,661 | -5,664 |
Customer Relationships [Member] | |||
Summary of Identifiable Intangible Assets [Line Items] | |||
Intangible assets subject to amortization, Gross carrying amount | 23,000 | 23,000 | 0 |
Intangible assets subject to amortization, Accumulated amortization | ($3,181) | ($2,227) | $0 |
Product_Warranty_Reconciliatio
Product Warranty (Reconciliation Of Product Warranties) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reconciliation of Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $11,148 | $10,768 |
Provision for warranty claims | 1,465 | 1,481 |
Warranty claims | -1,386 | -1,529 |
Other | -354 | -68 |
Balance at end of period | $10,873 | $10,652 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock Units [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Unrecognized costs related to share based compensation | $18,690,000 | |
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 7 months 3 days | |
Restricted stock units granted (in shares) | 180,789 | 199,906 |
Employee Stock Options [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Stock options granted (in shares) | 462,391 | 436,548 |
Unrecognized costs related to share based compensation | $8,583,000 | |
Weighted average period of recognition of unrecognized costs related to stock options, years | 2 years 8 months 12 days |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $2,946 | $2,577 |
Employee Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 916 | 881 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $2,030 | $1,696 |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Weighted Average Assumptions) (Details) (Stock Option [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term, years | 4 years 4 months 26 days | 4 years 5 months 12 days |
Expected stock price volatility | 26.32% | 27.59% |
Risk-free interest rate | 1.14% | 1.12% |
Expected annual dividend yield | 1.28% | 1.33% |
Weighted average grant date fair value (in dollars per share) | $9.78 | $8.43 |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Weighted Average Assumptions For Restricted Stock Units) (Details) (Restricted Stock Units [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period, years | 3 years 10 months 27 days | 3 years 10 months 27 days |
Expected annual dividend yield | 1.14% | 1.32% |
Estimated average grant date fair value per restricted stock unit (in dollars per share) | $50.64 | $38.81 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning of period | $15,833 | $35,360 |
Other comprehensive income (loss) before reclassifications | -11,203 | -4,675 |
Amounts reclassified from other comprehensive income | -1,852 | -476 |
Net other comprehensive income (loss) during the period | -13,055 | -5,151 |
Accumulated other comprehensive income at end of period | 2,778 | 30,209 |
Unrealized Gains (Losses) on Available-For-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning of period | 4 | -6 |
Other comprehensive income (loss) before reclassifications | -3 | 1 |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net other comprehensive income (loss) during the period | -3 | 1 |
Accumulated other comprehensive income at end of period | 1 | -5 |
Unrealized Holding Gains (Losses) on Derivative Transactions [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning of period | 8,995 | 1,244 |
Other comprehensive income (loss) before reclassifications | 5,582 | 704 |
Amounts reclassified from other comprehensive income | -1,852 | -476 |
Net other comprehensive income (loss) during the period | 3,730 | 228 |
Accumulated other comprehensive income at end of period | 12,725 | 1,472 |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss) at beginning of period | 6,834 | 34,122 |
Other comprehensive income (loss) before reclassifications | -16,782 | -5,380 |
Amounts reclassified from other comprehensive income | 0 | 0 |
Net other comprehensive income (loss) during the period | -16,782 | -5,380 |
Accumulated other comprehensive income at end of period | ($9,948) | $28,742 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock repurchase plan, authorized amount | 700,000,000 | |
Aggregate shares repurchased under stock repurchase plan (in shares) | 19,607,058 | |
Stock purchase value | 456,443,000 | |
Stock Options And Service-Based Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, number of shares | 283,893 | 233,212 |
Performance-Based Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, number of shares | 119,110 | 61,926 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Common Shares Used In Denominator For Computing Basic And Diluted EPS) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted average shares of common stock outstanding, used in computing basic earnings per share (in shares) | 70,080 | 69,418 |
Effect of dilutive stock options and restricted stock units (in shares) | 930 | 972 |
Weighted-average shares of common stock outstanding, used in computing diluted earnings per share (in shares) | 71,010 | 70,390 |
Income Loss From Continuing Operations Per Basic And Diluted Share [Abstract] | ||
Earnings (loss) per share of common stock, Basic (in dollars per share) | $0.38 | $0.32 |
Earnings (loss) per share of common stock, Diluted (in dollars per share) | $0.37 | $0.32 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Information) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
GeographicSegments | ||
Segment Reporting Information [Line Items] | ||
Number of operating segments | 4 | |
Net sales to unrelated entities | $478,982,000 | $424,084,000 |
Income (loss) from operations | 44,122,000 | 35,451,000 |
Interest income, net | 377,000 | 239,000 |
Related party interest expense on note payable | -274,000 | -210,000 |
Other non-operating income (expense) | -2,196,000 | -356,000 |
Income before income tax | 42,029,000 | 35,124,000 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales to unrelated entities | 283,760,000 | 241,189,000 |
Income (loss) from operations | 52,816,000 | 44,171,000 |
LAAP [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales to unrelated entities | 113,062,000 | 116,813,000 |
Income (loss) from operations | 15,352,000 | 17,234,000 |
EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales to unrelated entities | 47,825,000 | 39,140,000 |
Income (loss) from operations | 1,365,000 | -3,526,000 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales to unrelated entities | 34,335,000 | 26,942,000 |
Income (loss) from operations | 6,300,000 | 3,399,000 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Income (loss) from operations | 75,833,000 | 61,278,000 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Unallocated corporate expenses | ($31,711,000) | ($25,827,000) |
Financial_Instruments_And_Risk2
Financial Instruments And Risk Management (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Derivative [Line Items] | |
Deferred net gains on derivatives accumulated in other comprehensive income expected reclassification to net income in next twelve months | $15,632,000 |
Maximum [Member] | |
Derivative [Line Items] | |
Derivatives maximum remaining maturity | 1 year |
Aggregate unrealized gain of derivative contracts with single counterparty | $5,000,000 |
Financial_Instruments_And_Risk3
Financial Instruments And Risk Management (Gross Notional Amount Of Outstanding Derivative Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Derivative Instruments Designated As Cash Flow Hedges [Member] | Currency Forward Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Currency forward contracts | $106,500 | $103,000 | $142,500 |
Derivative Instruments Designated As Cash Flow Hedges [Member] | Foreign Exchange Option [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Currency forward contracts | 7,000 | 0 | 0 |
Derivative Instruments Not Designated As Cash Flow Hedges [Member] | Currency Forward Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Currency forward contracts | $75,000 | $128,000 | $36,000 |
Financial_Instruments_And_Risk4
Financial Instruments And Risk Management (Balance Sheet Classification And Fair Value Of Derivative Instruments) (Details) (Currency Forward Contracts [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Prepaid Expenses And Other Current Assets [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative assets | $14,475 | $9,993 | $2,391 |
Prepaid Expenses And Other Current Assets [Member] | Derivative Instruments Not Designated As Cash Flow Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative assets | 1,180 | 2,754 | 312 |
Other Non-Current Assets [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative assets | 0 | 0 | 128 |
Accrued Liabilities [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | 0 | 0 | 1,017 |
Accrued Liabilities [Member] | Derivative Instruments Not Designated As Cash Flow Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | 123 | 924 | 0 |
Other Long Term Liabilities [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | $0 | $0 | $33 |
Financial_Instruments_And_Risk5
Financial Instruments And Risk Management (Effect And Classification Of Derivative Instruments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments Designated As Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in other comprehensive income or loss | $5,582 | $704 |
Cost Of Sales [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) reclassified from accumulated other comprehensive income or loss to income or loss for the effective portion | 2,257 | 809 |
Gain (loss) recognized in income or loss for amount excluded from effectiveness testing and for the ineffective portion | -122 | -22 |
Sales [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income or loss for amount excluded from effectiveness testing and for the ineffective portion | -15 | 0 |
Other Non-operating Income (Expense) [Member] | Derivative Instruments Not Designated As Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income or loss | $2,936 | ($1,465) |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Inventory purchase obligations | $579,916,000 |
Fair_Value_Measures_Assets_And
Fair Value Measures (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | $274,888 | $232,634 | $411,761 | |||
Total liabilities measured at fair value | 123 | 924 | 1,050 | |||
Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 153,844 | 145,823 | 315,862 | |||
Total liabilities measured at fair value | 0 | 0 | 0 | |||
Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 121,044 | 86,811 | 95,899 | |||
Total liabilities measured at fair value | 123 | 924 | 1,050 | |||
Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Total liabilities measured at fair value | 0 | 0 | 0 | |||
Accrued Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 123 | 924 | 1,017 | |||
Accrued Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 0 | 0 | 0 | |||
Accrued Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 123 | 924 | 1,017 | |||
Accrued Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 0 | 0 | 0 | |||
Other Long Term Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 33 | |||||
Other Long Term Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 0 | |||||
Other Long Term Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 33 | |||||
Other Long Term Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total liabilities measured at fair value | 0 | |||||
Cash Equivalents [Member] | Money Market Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 101,241 | 94,112 | 269,786 | |||
Cash Equivalents [Member] | Money Market Funds [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 101,241 | 94,112 | 269,786 | |||
Cash Equivalents [Member] | Money Market Funds [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Cash Equivalents [Member] | Money Market Funds [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Cash Equivalents [Member] | Time Deposits [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 45,221 | 45,187 | 39,217 | |||
Cash Equivalents [Member] | Time Deposits [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 45,221 | 45,187 | 25,129 | |||
Cash Equivalents [Member] | Time Deposits [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 14,088 | ||||
Cash Equivalents [Member] | Time Deposits [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Cash Equivalents [Member] | Certificates of Deposit [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 2,205 | 1,470 | ||||
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | ||||
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 2,205 | 1,470 | ||||
Cash Equivalents [Member] | Certificates of Deposit [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | ||||
Cash Equivalents [Member] | Repurchase Agreements [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 50,000 | 40,000 | 55,000 | |||
Cash Equivalents [Member] | Repurchase Agreements [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Cash Equivalents [Member] | Repurchase Agreements [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 50,000 | 40,000 | 55,000 | |||
Cash Equivalents [Member] | Repurchase Agreements [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Cash Equivalents [Member] | US Government Backed Municipal Bonds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 480 | 5,812 | ||||
Cash Equivalents [Member] | US Government Backed Municipal Bonds [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | ||||
Cash Equivalents [Member] | US Government Backed Municipal Bonds [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 480 | 5,812 | ||||
Cash Equivalents [Member] | US Government Backed Municipal Bonds [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | ||||
Available-For-Sale Short-Term Investments [Member] | Certificates of Deposit [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 13,453 | [1] | 3,184 | [1] | 9,795 | [1] |
Available-For-Sale Short-Term Investments [Member] | Certificates of Deposit [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | [1] | 0 | [1] | 0 | [1] |
Available-For-Sale Short-Term Investments [Member] | Certificates of Deposit [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 13,453 | [1] | 3,184 | [1] | 9,795 | [1] |
Available-For-Sale Short-Term Investments [Member] | Certificates of Deposit [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | [1] | 0 | [1] | 0 | [1] |
Available-For-Sale Short-Term Investments [Member] | US Government Backed Municipal Bonds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 39,119 | [1] | 23,598 | [1] | 14,185 | [1] |
Available-For-Sale Short-Term Investments [Member] | US Government Backed Municipal Bonds [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | [1] | 0 | [1] | 0 | [1] |
Available-For-Sale Short-Term Investments [Member] | US Government Backed Municipal Bonds [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 39,119 | [1] | 23,598 | [1] | 14,185 | [1] |
Available-For-Sale Short-Term Investments [Member] | US Government Backed Municipal Bonds [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | [1] | 0 | [1] | 0 | [1] |
Available-For-Sale Short-Term Investments [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 15,028 | [1] | ||||
Available-For-Sale Short-Term Investments [Member] | US States and Political Subdivisions Debt Securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 15,028 | [1] | ||||
Short-term Investments [Member] | Mutual Fund Shares [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 366 | 485 | 529 | |||
Short-term Investments [Member] | Mutual Fund Shares [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 366 | 485 | 529 | |||
Short-term Investments [Member] | Mutual Fund Shares [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Short-term Investments [Member] | Mutual Fund Shares [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Other Current Assets [Member] | Derivative Financial Instruments, Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 15,787 | 12,747 | 2,703 | |||
Other Current Assets [Member] | Derivative Financial Instruments, Assets [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Other Current Assets [Member] | Derivative Financial Instruments, Assets [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 15,787 | 12,747 | 2,703 | |||
Other Current Assets [Member] | Derivative Financial Instruments, Assets [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Non Current Assets [Member] | Mutual Fund Shares [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 7,016 | 6,039 | 5,390 | |||
Non Current Assets [Member] | Mutual Fund Shares [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 7,016 | 6,039 | 5,390 | |||
Non Current Assets [Member] | Mutual Fund Shares [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Non Current Assets [Member] | Mutual Fund Shares [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 0 | 0 | 0 | |||
Non Current Assets [Member] | Derivative Financial Instruments, Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | 128 | |||||
Non Current Assets [Member] | Derivative Financial Instruments, Assets [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total assets measured at fair value | $128 | |||||
[1] | (1)B Investments have remaining maturities of less than one year. |
Related_Party_Transactions_Rel1
Related Party Transactions Related Party Transactions (Details) | 3 Months Ended | 3 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | Swire Resources [Member] | Swire Resources [Member] | Swire Resources [Member] | China, Yuan Renminbi | |
USD ($) | USD ($) | USD ($) | Swire Resources [Member] | ||||
CNY | |||||||
Related Party Transaction [Line Items] | |||||||
Note payable to related party noncurrent | $15,743,000 | $15,699,000 | $15,728,000 | 97,600,000 | |||
Related party note payable maturity date | 31-Dec-18 | ||||||
Related party note payable interest rate | 7.00% | ||||||
Related party interest expense on note payable | -274,000 | -210,000 | -274,000 | -210,000 | |||
Accounts payable to related party current | 5,338,000 | 3,651,000 | |||||
Related party sourcing fees | 289,000 | 285,000 | |||||
Related party service fees, interest expense and miscellaneous expenses | $1,754,000 | $2,707,000 |