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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 x For the fiscal year ended December 31, 2015 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934 o For the transition period from_______to_______ Commission file number 0-23939 COLUMBIA SPORTSWEAR COMPANY (Exact name of registrant as specified in its charter) Oregon 93-0498284 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number) 14375 Northwest Science Park Drive Portland, Oregon 97229 (Address of principal executive offices) (Zip Code) (503) 985-4000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Act. Act. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Yes x No o I ndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Yes o No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such short period that the registrant was required to submit and post such files). Yes x No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of \"large accelerated filer,\" \"accelerated filer\" and \"smaller reporting company\" in Rule 12b-2 of the Exchange Act. Large accelerated filer x Non-accelerated filer o o Accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). No x Yes The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 30, 2015 , the last business day of the registrant's most recently completed second fiscal quarter, was $1,727,714,936 based on the last reported sale price of the Company's Common Stock as reported by the NASDAQ Global Select Market System on that day. The number of shares of Common Stock outstanding on February 12, 2016 was 69,308,905 . Part III is incorporated by reference from the registrant's proxy statement for its 2016 annual meeting of shareholders to be filed with the Commission within 120 days of December 31, 2015 . COLUMBIA SPORTSWEAR COMPANY DECEMBER 31, 2015 TABLE OF CONTENTS Item Page PART I Item 1. Business 2 Item 1A. Risk Factors 9 Item 1B. Unresolved Staff Comments 21 Item 2. Properties 21 Item 3. Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 Item 4A. Executive Officers and Key Employees of the Registrant 22 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Selected Financial Data 28 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A. Quantitative and Qualitative Disclosures about Market Risk 43 Item 8. Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A. Controls and Procedures 75 Item 9B. Other Information 78 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11. Executive Compensation 79 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 80 PART IV Item 15. Exhibits and Financial Statement Schedule 81 Signatures . 82 1 PART I Item 1. BUSINESS General Founded in 1938 in Portland, Oregon, as a small, family-owned, regional hat distributor and incorporated in 1961, Columbia Sportswear Company has grown to become a global leader in designing, sourcing, marketing and distributing outdoor and active lifestyle apparel, footwear, accessories and equipment. Unless the context indicates otherwise, the terms \"we\Accounting 381 - Fall 2016 Project 1: Columbia Sportswear Company 2015 10-K 1. What is the state of incorporation for Columbia Sportswear Company? a. Michigan b. Ohio c. Delaware d. Oregon 2. Columbia Sportswear Company products were sold in approximately how many countries in 2015? a. 40 b. 65 c. 85 d. 100 3. The United States represented what percentage of net sales during 2015 for Columbia Sportswear Company? a. 23.4% b. 12.3% c. 57.1% d. 62.6.% 4. On which stock exchange is Columbia Sportswear Company traded? a. Penny stocks b. AMEX c. NYSE d. NASDAQ 5. What is the annual report that provides a comprehensive overview of the company's business and financial condition and includes audited financial statements? a. SEC Form 8-K b. SEC Form 10-K c. SEC Form 10-Q d. SEC Def 14-A 6. What is the SEC report that includes unaudited financial statements and provides a continuing view of the company's financial position during the year, and must be filed for each of the first three fiscal quarters of the company's fiscal year? a. b. c. d. SEC Form 10-K SEC Form 8-K SEC Def 14-A SEC Form 10-Q 7. Which was NOT listed as a significant risk factor for the Columbia Sportswear Company in 2015? a. Not realizing the expected benefits of a joint venture in China. b. The financial health of their customers. c. Weather conditions including global climate change. d. Operating in highly competitive markets. e. All of the above are listed as significant risk factors 8. What covers three financial aspects of an enterprise's business - liquidity, capital resources, and results of operations? It requires management to highlight favorable or unfavorable trends and to identify significant events and uncertainties that affect these three factors. a. Proxy statement b. Statement of Retained Earnings c. Press release d. MD&A (Management's Discussion and Analysis) 9. Which is NOT a primary brand under Columbia Sportswear Company? a. Mountain Hardwear b. Sorel c. Black Diamond d. prAna e. Columbia 10. Who was Columbia Sportswear Company's Chief Executive Officer in 2015? a. Joseph P. Boyle b. Gertrude Boyle c. Timothy P. Boyle d. Susan G. Popp e. Stuart B. Redsun 11. What was the high and low price per share for Columbia Sportswear Company's common stock for the Fourth Quarter of 2015? a. $44.13 and $36.09 b. $45.87 and $34.25 c. $66.00 and $43.56 d. $62.19 and $41.11 12. Who is Columbia Sportswear Company's auditor? a. KPMG b. Deloitte & Touche c. PricewaterhouseCoopers d. Ernst & Young 13. Did Columbia Sportswear Company get an \"unqualified\" opinion? a. No b. Yes 14. What are US publicly traded firms required to file with the SEC when soliciting shareholder votes? This statement is useful in assessing how management is paid and potential conflict-of-interest issues with auditors. The statement includes: voting procedure and information; background information about the company's nominated directors; director compensation; executive compensation; a breakdown of audit and non-audit fees paid to the auditor a. Press release b. MD&A (Management's Discussion and Analysis) c. Statement of Retained Earnings d. Proxy statement 15. Does Columbia Sportswear Company use a One-Statement or Two-Statement approach to reporting total comprehensive income for 2015? a. One-Statement Approach b. Two-Statement Approach 16. Where does Columbia Sportswear Company discuss its accounting policies? a. Notes to the financial statements b. Item 7: Management Discussion and Analysis of Financial Condition and Results of Operations c. All the above 17. Did Columbia Sportswear Company declare any cash dividends in 2015? a. No b. Yes 18. Did Columbia Sportswear Company have any dividends that were declared but not paid in 2015? a. No b. Yes 19. Compared to 2014, is Columbia Sportswear Company's cost of sales (dollar amount) going up or down in 2015? a. Down b. Up 20. Compared to 2014, is Columbia Sportswear Company's sales (dollar amount) going up or down in 2015? a. Down b. Up 21. Compared to 2014, is Columbia Sportswear Company's net income (dollar amount) going up or down in 2015? a. Down b. Up 22. Does Columbia Sportswear Company report any discontinued operations in 2015? a. No b. Yes 23. Does Columbia Sportswear Company have any net income(loss) attributable to non-controlling interest in 2015? a. No b. Yes 24. What is the numerator (in thousands) for the calculation of the 2015 Basic EPS of $2.48? a. $198,844 b. $249,721 c. $137,173 d. $174,337 25. What is the denominator (in thousands) for the calculation of the 2015 Basic EPS of $2.48? a. 70,162 b. 71,064 c. 69,807 d. 69,434 26. What is the denominator (in thousands) for the calculation of the 2015 Diluted EPS of $2.45? a. 70,162 b. 71,064 c. 69,807 d. 70,681 27. What is a \"classified\" balance sheet ? a. A balance sheet that puts assets and liabilities in order of liquidity b. A balance sheet that includes categories c. A balance sheet that separates assets and liabilities into current and non-current sections d. A balance sheet that has a restricted audience 28. Does Columbia Sportswear Company have a classified balance sheet? a. No b. Yes 29. What is an \"accumulated deficit?\" a. This occurs when a company has generated more losses than profits for a given year. b. This occurs when a company has generated more losses over its life than profits. c. This occurs when a company pays dividends during a given year. d. This occurs when a company pays dividends every year. 30. Is it possible for an accumulated deficit to ever go away? a. No b. Yes 31. Does Columbia Sportswear Company have retained earnings or an accumulated deficit in 2015? a. Retained earnings b. Accumulated deficit 32. What is the dollar amount (in thousands) of the retained earnings or accumulated deficit in 2015? a. $1,157,733 b. $1,385,860 c. $1,255,070 d. $1,343,603 33. What types of items are included in Columbia Sportswear Company's Accumulated Other Comprehensive Income? a. Derivative Instruments b. Foreign Currency Translation c. Available-for-Sale Securities d. All of the above 34. Columbia Sportswear Company measures inventories at lower of cost or market where cost is determined using: a. Average Cost b. Specific Identification c. FIFO d. LIFO 35. What is the dollar value of 12/31/15 asset fair value measurements for Columbia Sportswear Company using the Level 1 fair value hierarchy? Level 2? Level 3 (in thousands)? a. b. c. d. $185,090, $7,288 and $0, respectively $145,823, $86,811, and $0, respectively $0, $1,917, and $0, respectively None of the above 36. Does Columbia Sportswear Company use the direct or indirect method for the Consolidated Statement of Cash Flows? a. Indirect b. Direct 37. Why doesn't Cash Flow from Operations equal Net Income? a. The income statement includes non-cash items b. The income statement is based on accruals c. All of the above d. None of the above 38. What does \"cash equivalent\" mean? a. Cash and short-term, highly liquid investments with maturities of three months or less at date of purchase. b. Cash and short-term, highly liquid investments with maturities of three months at the balance sheet date. c. All of the above. d. None of the above. 39. What was the number of Common Stock shares (in thousands) issued and outstanding for Columbia Sportswear Company at 12/31/15? a. 69,277 b. 69,828 c. 250,000 d. 500,000 40. Columbia Sportswear Company acquired 100% of the equity interest in PrAna Living LLC during 2014. How much of the purchase price was allocated to Goodwill (in thousands)? a. $188,467 b. $193,413 c. $ 10,021 d. $ 65,842 e. $ 54,156