Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

NOTE 3 — 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:

	Three Months Ended March 31, 2025
(in thousands)	U.S.		LAAP		EMEA		Canada		Total
Net sales	$	471,181	$	152,210	$	107,480	$	47,581	$	778,452
Cost of sales	239,908		66,278		52,855		23,354		382,395
Segment selling, general and administrative expenses	146,383		53,081		32,138		11,539		243,141
Other segment items(a)	18,936		6,521		3,509		3,725		32,691
Segment operating income	65,954		26,330		18,978		8,963		120,225
Reconciliation to income before income tax:
Unallocated corporate expenses									73,717
Operating income									46,508
Interest income, net									6,817
Other non-operating income, net									1,551
Income before income tax									$	54,876

(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.

	Three Months Ended March 31, 2024
(in thousands)	U.S.		LAAP		EMEA		Canada		Total
Net sales	$	474,406	$	138,646	$	104,520	$	52,410	$	769,982
Cost of sales	241,986		59,045		52,794		26,598		380,423
Segment selling, general and administrative expenses	138,917		50,221		28,796		10,363		228,297
Other segment items(a)	20,510		7,558		3,784		4,281		36,133
Segment operating income	72,993		21,822		19,146		11,168		125,129
Reconciliation to income before income tax:
Unallocated corporate expenses									80,448
Operating income									44,681
Interest income, net									9,197
Other non-operating income, net									271
Income before income tax									$	54,149

(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:

	Three Months Ended March 31,
(in thousands)	2025		2024
Depreciation and amortization expense:
U.S.	$	6,101	$	5,801
LAAP	1,538		1,389
EMEA	1,054		970
Canada	710		693
Unallocated corporate expense	4,062		6,217
	$	13,465	$	15,070

The following table presents segment asset information:

	As of
(in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
Inventories:
U.S.	$	414,998	$	450,014	$	401,423
LAAP	87,738		108,818		81,483
EMEA	73,336		79,710		72,834
Canada	47,628		51,973		51,633
Total segment assets	623,700		690,515		607,373
All other assets	2,083,715		2,284,750		2,154,858
Total assets	$	2,707,415	$	2,975,265	$	2,762,231

CONCENTRATIONS

No single customer accounted for 10% or more of Net sales for the three months ended March 31, 2025 and 2024.