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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
NOTE 16 — SEGMENT INFORMATION

The Company defines its operating segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker ("CODM") to analyze performance, make decisions, and allocate resources. The Company aggregates its operating segments with similar economic and operating characteristics into four reportable segments: U.S., LAAP, EMEA, and Canada. These reportable segments are organized by geographic location. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and lifestyle products, including apparel, footwear, accessories, and equipment.

The Company’s CODM is the Company’s president and chief executive officer. The Company’s CODM assesses the segments’ performance by using each segment's operating income.

The CODM uses each segment's operating income to allocate resources predominantly in the annual budget and forecasting process. The CODM considers plan-to-actual variances on a quarterly basis for the segment operating income profit measure when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses this profit measure to assess the performance of each segment by comparing the results of each segment with one another, and in the overall strategic planning for each segment.

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 departmental functions, including information technology, certain supply chain functions, finance, human resources and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs.
The following tables present segment financial information for the Company's reportable segments for the years ended December 31, 2024, 2023, and 2022:

Year Ended December 31, 2024
(in thousands)
U.S.
LAAP
EMEA
Canada
Total
Net sales
$2,068,228 $560,706 $511,778 $227,870 $3,368,582 
Cost of sales
1,051,855 247,506 264,434 113,702 1,677,497 
Segment selling, general and administrative expenses
577,295 207,248 126,121 49,187 959,851 
Other segment items(a)
82,356 28,944 17,737 17,184 146,221 
Segment operating income
356,722 77,008 103,486 47,797 585,013 
Reconciliation to income before income tax:
Unallocated corporate expenses
314,272 
Operating income270,741 
Interest income, net
27,703 
Other non-operating expense(257)
Income before income tax$298,187 
(a) For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments.

Year Ended December 31, 2023
(in thousands)
U.S.
LAAP
EMEA
Canada
Total
Net sales
$2,241,437 $519,754 $469,237 $256,775 $3,487,203 
Cost of sales
1,150,610 227,304 244,570 134,787 1,757,271 
Segment selling, general and administrative expenses
591,748 200,939 110,702 49,050 952,439 
Other segment items(a)
83,348 29,687 15,022 17,339 145,396 
Segment operating income
415,731 61,824 98,943 55,599 632,097 
Reconciliation to income before income tax:
Unallocated corporate expenses
321,813 
Operating income
310,284 
Interest income, net
13,687 
Other non-operating income
2,221 
Income before income tax
$326,192 
(a) For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments.
Year Ended December 31, 2022
(in thousands)
U.S.
LAAP
EMEA
Canada
Total
Net sales
$2,302,246 $473,866 $438,554 $249,486 $3,464,152 
Cost of sales
1,165,429 208,803 244,747 134,095 1,753,074 
Segment selling, general and administrative expenses
537,044 192,315 98,477 43,559 871,395 
Other segment items(a)
79,961 25,723 15,138 18,875 139,697 
Segment operating income
519,812 47,025 80,192 52,957 699,986 
Reconciliation to income before income tax:
Unallocated corporate expenses
306,882 
Operating income
393,104 
Interest income, net
2,713 
Other non-operating income
1,593 
Income before income tax
$397,410 
(a) For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments.

The following table presents segment depreciation and amortization expense information for the years ended December 31, 2024, 2023 and 2022:
Year Ended December 31,
(in thousands)
202420232022
Depreciation and amortization expense:
U.S.$22,907 $21,429 $20,428 
LAAP5,885 5,440 4,984 
EMEA4,040 3,545 3,066 
Canada2,913 2,616 2,461 
Unallocated corporate expense20,199 25,033 23,813 
$55,944 $58,063 $54,752 
The following table presents segment asset information, as well as long-lived asset information by geographic area as of December 31, 2024 and 2023. The Company has historically limited its disclosure of entity-wide information about geographic areas to property, plant, and equipment, net. In connection with the preparation of its 2024 disclosure, the Company expanded its disclosure to include lease ROU assets and CCA assets. Accordingly, the entity-wide information about geographic areas in the table below has been revised from the amount previously reported for 2023 to include lease ROU assets and CCA assets.
 As of December 31,
(in thousands)
20242023
Inventories:
U.S.$450,014 $487,860 
LAAP108,818 106,785 
EMEA79,710 89,303 
Canada51,973 62,340 
Total segment assets
690,515 746,288 
All other assets
2,284,750 2,192,725 
Total assets
$2,975,265 $2,939,013 
Long-lived assets, net:
U.S.$545,401 $540,534 
All other countries150,995 122,878 
$696,396 $663,412 

CONCENTRATIONS

No single customer accounted for 10% or more of Net sales for any of the years ended December 31, 2024, 2023 or 2022.