10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

_______________________

FORM 10-Q

____________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE EXCHANGE ACT OF 1934

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)

_____________________________________

Indicate by check mark whether 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 shorter period that the registrant was required to submit and post such files).    Yes  x    No  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	Accelerated filer	¨
Non-accelerated filer	o  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨    No  x

The number of shares of Common Stock outstanding on July 27, 2012 was 33,798,537.

COLUMBIA SPORTSWEAR COMPANY

JUNE 30, 2012

INDEX TO FORM 10-Q

	PAGE NO.
PART I. FINANCIAL INFORMATION
Item 1 – Financial Statements – Columbia Sportswear Company (Unaudited)	2
Condensed Consolidated Balance Sheets	2
Condensed Consolidated Statements of Operations	3
Condensed Consolidated Statements of Comprehensive Income	4
Condensed Consolidated Statements of Cash Flows	5
Notes to Condensed Consolidated Financial Statements	6
Item  2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3 – Quantitative and Qualitative Disclosures About Market Risk	24
Item 4 – Controls and Procedures	25
PART II. OTHER INFORMATION
Item 1 – Legal Proceedings	26
Item 1A – Risk Factors	26
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 6 – Exhibits	34
Signatures	35

1

PART I. FINANCIAL INFORMATION

Item 1 –FINANCIAL STATEMENTS

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30, 2012		December 31, 2011		June 30, 2011
ASSETS
Current Assets:
Cash and cash equivalents	$	193,245	$	241,034	$	207,429
Short-term investments	35,266		2,878		90,842
Accounts receivable, net of allowance of $6,422, $7,545 and $6,718, respectively	203,157		351,538		174,822
Inventories, net (Note 3)	523,078		365,199		422,004
Deferred income taxes	52,180		52,485		45,069
Prepaid expenses and other current assets	45,446		36,392		60,242
Total current assets	1,052,372		1,049,526		1,000,408
Property, plant and equipment, at cost, net of accumulated depreciation of $293,008, $275,886 and $264,615, respectively	253,009		250,910		230,363
Intangible assets, net (Note 4)	38,319		39,020		39,721
Goodwill	14,438		14,438		14,438
Other non-current assets	27,957		28,648		27,921
Total assets	$	1,386,095	$	1,382,542	$	1,312,851
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	196,478	$	148,973	$	159,292
Accrued liabilities (Note 5)	84,242		104,496		81,624
Income taxes payable	5,020		12,579		9,541
Deferred income taxes	941		954		2,161
Total current liabilities	286,681		267,002		252,618
Income taxes payable	13,296		15,389		19,187
Deferred income taxes	1,716		1,753		1,714
Other long-term liabilities	25,684		23,853		23,374
Total liabilities	327,377		307,997		296,893
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding	—		—		—
Common stock (no par value); 125,000 shares authorized; 33,796, 33,638 and 34,001 issued and outstanding, respectively (Note 8)	10,381		3,037		17,801
Retained earnings	1,005,759		1,024,611		935,182
Accumulated other comprehensive income (Note 7)	42,578		46,897		62,975
Total shareholders’ equity	1,058,718		1,074,545		1,015,958
Total liabilities and shareholders’ equity	$	1,386,095	$	1,382,542	$	1,312,851

See accompanying notes to condensed consolidated financial statements.

2

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net sales	$	290,357		$	268,030		$	623,498		$	601,116
Cost of sales	172,489			155,617			357,694			339,167
Gross profit	117,868			112,413			265,804			261,949
Selling, general and administrative expenses	133,171			134,512			277,727			268,659
Net licensing income	4,555			3,459			6,530			5,990
Loss from operations	(10,748		)	(18,640		)	(5,393		)	(720		)
Interest income, net	191			461			438			784
Income (loss) before income tax	(10,557		)	(18,179		)	(4,955		)	64
Income tax benefit (expense)	2,656			4,621			952			(852		)
Net loss	$	(7,901	)	$	(13,558	)	$	(4,003	)	$	(788	)
Loss per share (Note 8):
Basic	$	(0.23	)	$	(0.40	)	$	(0.12	)	$	(0.02	)
Diluted	(0.23		)	(0.40		)	(0.12		)	(0.02		)
Cash dividends per share	$	0.22		$	0.22		$	0.44		$	0.42
Weighted average shares outstanding (Note 8):
Basic	33,780			33,956			33,743			33,878
Diluted	33,780			33,956			33,743			33,878

See accompanying notes to condensed consolidated financial statements.

3

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net loss	$	(7,901	)	$	(13,558	)	$	(4,003	)	$	(788	)
Other comprehensive income (loss):
Unrealized holding gains (losses) on available-for-sale securities (net of tax (expense) benefit of $4, ($35), $4 and ($69), respectively)	(31		)	60			(32		)	118
Unrealized derivative holding gains (losses) arising during period (net of tax (expense) benefit of ($47), $613, ($275) and $1,049, respectively)	1,763			(2,651		)	593			(5,594		)
Reclassification to net loss of previously deferred (gains) losses on derivative instruments (net of tax expense (benefit) of $28, ($155), $27 and ($330), respectively)	(469		)	328			(1,176		)	528
Foreign currency translation adjustments (net of tax (expense) benefit of $595, ($277), $260 and ($1,556), respectively)	(8,311		)	8,114			(3,704		)	21,208
Other comprehensive income (loss)	(7,048		)	5,851			(4,319		)	16,260
Comprehensive income (loss)	$	(14,949	)	(7,707		)	$	(8,322	)	$	15,472

See accompanying notes to condensed consolidated financial statements.

4

COLUMBIA SPORTSWEAR COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2012			2011
Cash flows from operating activities:
Net loss	$	(4,003	)	$	(788	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,044			21,063
Loss on disposal or impairment of property, plant, and equipment	186			149
Deferred income taxes	777			3,961
Stock-based compensation	4,303			3,804
Excess tax benefit from employee stock plans	(270		)	(1,780		)
Changes in operating assets and liabilities:
Accounts receivable	147,995			129,918
Inventories	(160,057		)	(102,427		)
Prepaid expenses and other current assets	(9,287		)	(31,290		)
Other assets	(89		)	(926		)
Accounts payable	46,156			24,702
Accrued liabilities	(20,207		)	(28,895		)
Income taxes payable	(9,681		)	(7,395		)
Other liabilities	1,832			1,873
Net cash provided by operating activities	18,699			11,969
Cash flows from investing activities:
Purchases of short-term investments	(39,273		)	(45,816		)
Sales of short-term investments	6,960			23,997
Capital expenditures	(21,400		)	(22,639		)
Proceeds from sale of property, plant, and equipment	—			159
Net cash used in investing activities	(53,713		)	(44,299		)
Cash flows from financing activities:
Proceeds from credit facilities	8,304			17,142
Repayments on credit facilities	(8,304		)	(17,142		)
Proceeds from issuance of common stock under employee stock plans	4,199			9,764
Tax payments related to restricted stock unit issuances	(1,197		)	(2,851		)
Excess tax benefit from employee stock plans	270			1,780
Repurchase of common stock	(206		)	—
Cash dividends paid	(14,849		)	(14,237		)
Net cash used in financing activities	(11,783		)	(5,544		)
Net effect of exchange rate changes on cash	(992		)	11,046
Net decrease in cash and cash equivalents	(47,789		)	(26,828		)
Cash and cash equivalents, beginning of period	241,034			234,257
Cash and cash equivalents, end of period	$	193,245		$	207,429
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	$	13,479		$	25,274
Supplemental disclosures of non-cash investing activities:
Capital expenditures incurred but not yet paid	$	1,972		$	1,802

See accompanying notes to condensed consolidated financial statements.

5

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION AND ORGANIZATION

The accompanying unaudited condensed consolidated financial statements have been prepared by the management of Columbia Sportswear Company (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 June 30, 2012 and 2011, the results of operations for the three and six months ended June 30, 2012 and 2011 and cash flows for the six months endedJune 30, 2012 and 2011. The December 31, 2011 financial information was derived from the Company’s audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2011. A significant part of the Company’s business is of a seasonal nature; therefore, results of operations for the three and six months ended June 30, 2012 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, 2011.

Estimates and assumptions:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 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 claims from customers, allowance for doubtful accounts, excess, slow-moving and close-out inventories, product warranty, long-lived and intangible assets, income taxes and stock-based compensation.

NOTE 2 – 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, 2011.

Restructuring charges:

In connection with cost containment measures implemented during the first quarter of 2012, the Company accrued and expensed restructuring charges of $4,007,000, primarily consisting of employee termination costs related to headcount reductions. All such costs are included in selling, general and administrative expenses.

Recent Accounting Pronouncements:

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This ASU was issued concurrently with International Financial Reporting Standards (“IFRS”) 13 Fair Value Measurements, to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted under IFRS or U.S. GAAP. This standard is effective prospectively for interim and annual periods beginning after December 15, 2011. The adoption of this standard did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU increases the prominence of other comprehensive income in financial statements while eliminating the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. Under this ASU, an entity has the option to present the components of net income and comprehensive income in either one or two consecutive financial statements.

6

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company adopted this guidance January 1, 2012, and applied it retrospectively. To implement this standard, the Company added a separate financial statement entitled, “Condensed Consolidated Statements of Comprehensive Income.”

In September 2011, the FASB issued ASU No. 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment. This ASU permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. Under these requirements, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Although the Company has not yet determined whether it will apply the new qualitative assessment for its annual impairment evaluation performed in the fourth quarter, the Company does not expect the adoption of this standard to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.    

In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU permits an entity to make a qualitative assessment of whether it is not more likely than not that indefinite-lived intangible assets are impaired before calculating the fair value of the assets. This ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, although early adoption is permitted. The Company 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.

NOTE 3 – INVENTORIES, NET

Inventories are carried at the lower of cost or market. Cost is determined using the first-in, first-out method. The Company periodically reviews its inventory for excess, close-out and slow moving items and makes provisions as necessary to properly reflect inventory value.

Inventories, net, consisted of the following (in thousands):

	June 30, 2012		December 31, 2011		June 30, 2011
Raw materials	$	1,720	$	2,044	$	2,038
Work in process	1,569		1,240		704
Finished goods	519,789		361,915		419,262
	$	523,078	$	365,199	$	422,004

NOTE 4 – INTANGIBLE ASSETS, NET

Intangible assets that are determined to have finite lives include patents and purchased technology and are amortized over their estimated useful lives, which is approximately 10 years. Intangible assets with indefinite useful lives include trademarks and tradenames and are not amortized but are periodically evaluated for impairment.

The following table summarizes the Company’s identifiable intangible assets balance (in thousands):

	June 30, 2012			December 31, 2011			June 30, 2011
Intangible assets subject to amortization
Gross carrying amount	$	14,198		$	14,198		$	14,198
Accumulated amortization	(3,300		)	(2,599		)	(1,898		)
Net carrying amount	10,898			11,599			12,300
Intangible assets not subject to amortization	27,421			27,421			27,421
Intangible assets, net	$	38,319		$	39,020		$	39,721

Annual amortization expense for intangible assets subject to amortization is estimated to be $1,402,000 in 2012, and $1,330,000 in 2013 through 2016.

NOTE 5 – PRODUCT WARRANTY

7

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Balance at beginning of period	$	9,833		$	9,982		$	10,452		$	10,256
Charged to costs and expenses	786			814			1,965			2,685
Claims settled	(1,068		)	(1,080		)	(2,957		)	(3,370		)
Other	(98		)	61			(7		)	206
Balance at end of period	$	9,453		$	9,777		$	9,453		$	9,777

NOTE 6 – 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 awards. The majority of all stock option 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 June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Stock options	$	869	$	885	$	1,777	$	1,727
Restricted stock units	1,322		1,106		2,526		2,077
Total	$	2,191	$	1,991	$	4,303	$	3,804

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 volatility of the Company’s stock over the option’s expected term, the risk-free interest rate applicable to the option’s expected term, and the Company’s estimated annual dividend yield.

The following table presents the weighted average assumptions for stock options granted in the period:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011(1)
Expected term	7.69 years	7.27 years	4.79 years	5.13 years
Expected stock price volatility	29.66%	29.08%	32.20%	30.75%
Risk-free interest rate	1.09%	2.24%	0.89%	1.85%
Expected dividend yield	1.79%	1.34%	1.80%	1.31%
Weighted average grant date fair value	$12.85	$19.44	$11.57	$16.12

⁽¹⁾  For the six months ended June 30, 2011, the Company granted two stock option grants totaling 53,720 shares that vest 100% on the fifth anniversary of the grant date. Because the Company did not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options.

During the six months endedJune 30, 2012 and 2011, the Company granted a total of 354,934 and 337,237 stock options, respectively. At June 30, 2012, unrecognized costs related to outstanding stock options totaled approximately $7,667,000, before any related tax benefit. The unrecognized costs related to stock options are amortized over the related vesting period using the

8

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

straight-line attribution method. Unrecognized costs related to stock options at June 30, 2012 are expected to be recognized over a weighted average period of 2.68 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, 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 period:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Vesting period	2.90 years	3.33 years	3.84 years	3.96 years
Expected dividend yield	1.78%	1.31%	1.79%	1.30%
Estimated average grant date fair value per restricted stock unit	$46.90	$64.06	$45.96	$59.06

During the six months endedJune 30, 2012 and 2011, the Company granted 159,097 and 138,720 restricted stock units, respectively. At June 30, 2012, unrecognized costs related to outstanding restricted stock units totaled approximately $12,065,000, 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 June 30, 2012 are expected to be recognized over a weighted average period of 2.62 years.

NOTE 7 – 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. Accumulated other comprehensive income, net of related tax effects, consisted of the following (in thousands):

	June 30, 2012			December 31, 2011			June 30, 2011
Unrealized holding gains (losses) on available-for-sale securities	$	(34	)	$	(2	)	$	154
Unrealized holding gains (losses) on derivative transactions	6,667			7,250			(6,737		)
Foreign currency translation adjustments	35,945			39,649			69,558
Accumulated other comprehensive income	$	42,578		$	46,897		$	62,975

NOTE 8 – 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):

9

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Weighted average shares of common stock outstanding, used in computing basic loss per share	33,780			33,956			33,743			33,878
Effect of dilutive stock options and restricted stock units	—			—			—			—
Weighted-average shares of common stock outstanding, used in computing diluted loss per share	33,780			33,956			33,743			33,878
Loss per share of common stock:
Basic	$	(0.23	)	$	(0.40	)	$	(0.12	)	$	(0.02	)
Diluted	(0.23		)	(0.40		)	(0.12		)	(0.02		)

Stock options and service-based restricted stock units representing 2,424,665 and 2,248,443 shares of common stock outstanding for the three months endedJune 30, 2012 and 2011, respectively, and 2,371,676 and 2,250,631 shares of common stock for the six months endedJune 30, 2012 and 2011, respectively, were excluded from the computation of diluted EPS because their effect would be anti-dilutive due to a net loss in the period. In addition, performance-based restricted stock units representing 37,846 and 35,735 shares of common stock for the three months endedJune 30, 2012 and 2011, respectively, and 34,356 and 30,222 shares of common stock for the six months endedJune 30, 2012 and 2011, respectively, were excluded from the computation of diluted EPS because these shares were subject to performance conditions that had not been met.

Since the inception of the Company’s stock repurchase plan in 2004 through June 30, 2012, the Company’s Board of Directors has authorized the repurchase of $500,000,000 of the Company’s common stock. As of June 30, 2012, the Company had repurchased 9,593,278 shares under this program at an aggregate purchase price of approximately $441,443,000. During the six months endedJune 30, 2012, the Company repurchased an aggregate of $206,000 of the Company's common stock. During the six months endedJune 30, 2011, the Company did not repurchase any shares 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.

NOTE 9 – SEGMENT INFORMATION

The Company operates in 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 active outdoor apparel, footwear, accessories and equipment.

The geographic distribution of the Company’s net sales and income (loss) before income tax are summarized in the following tables (in thousands). Inter-segment net sales, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material.

10

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net sales to unrelated entities:
United States	$	132,075		$	129,080		$	325,122		$	321,537
LAAP	84,194			76,566			160,946			143,901
EMEA	69,941			53,611			108,072			97,967
Canada	4,147			8,773			29,358			37,711
	$	290,357		$	268,030		$	623,498		$	601,116
Income (loss) before income tax:
United States	$	(15,174	)	$	(16,279	)	$	(12,436	)	$	(7,650	)
LAAP	14,431			6,544			25,391			15,041
EMEA	(3,317		)	(5,397		)	(13,289		)	(8,572		)
Canada	(6,688		)	(3,508		)	(5,059		)	461
Interest	191			461			438			784
	$	(10,557	)	$	(18,179	)	$	(4,955	)	$	64

NOTE 10 – FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

In the normal course of business, the Company’s financial position and results of operations 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 U.S. dollar denominated inventory purchases by subsidiaries that use European euros, Canadian dollars, Japanese yen or Korean won as their functional currency. The Company manages this risk by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is 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 are excluded from the determination of hedge effectiveness and included in current cost of sales. Hedge ineffectiveness was not material during the three and six months ended June 30, 2012 and 2011.

The Company also uses currency forward contracts not formally designated as hedges to manage the currency exchange rate risk associated with the remeasurement of non-functional monetary assets and liabilities. Non-functional monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, intercompany loans and payables.

The following table presents the gross notional amount of outstanding derivative instruments (in thousands):

	June 30, 2012		December 31, 2011		June 30, 2011
Derivative instruments designated as cash flow hedges:
Currency forward contracts	$	78,250	$	144,000	$	157,725
Derivative instruments not designated as cash flow hedges:
Currency forward contracts	117,584		138,807		73,625

At June 30, 2012, approximately $7,120,000 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 June 30, 2012, the Company’s derivative contracts had a remaining maturity of approximately one year or less. All the counterparties to these transactions had both long-term and short-term investment grade credit ratings and as a result, the Company does not require collateral to facilitate transactions. The maximum net exposure to any single counterparty, which is generally

11

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

limited to the aggregate unrealized gain of all contracts with that counterparty, was less than $3,000,000 at June 30, 2012. The Company does not hold derivatives featuring credit-related contingent terms. In addition, the Company is not a party to any derivative master agreement featuring credit-related contingent terms. 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	June 30, 2012		December 31, 2011		June 30, 2011
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	3,993	$	6,591	$	108
Currency forward contracts	Other non-current assets	—		1,117		—
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	225		824		5,750
Currency forward contracts	Other long-term liabilities	—		91		—
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	3,553	$	645	$	110
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	1,675		2,962		1,931

The following table presents the effect and classification of derivative instruments (in thousands):

	Statement of Operations Classification	Three Months Ended June 30,						Six Months Ended June 30,
		2012			2011			2012			2011
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income or loss	—	$	1,763		$	(2,651	)	$	593		$	(5,594	)
Gain (loss) reclassified from accumulated other comprehensive income or loss to income or loss for the effective portion	Cost of sales	481			(500		)	792			(868		)
Gain reclassified from accumulated other comprehensive income or loss to income or loss as a result of cash flow hedge discontinuance	Cost of sales	—			—			441			—
Loss recognized in income or loss for amount excluded from effectiveness testing and for the ineffective portion	Cost of sales	(95		)	(457		)	(4		)	(646		)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income or loss	SG&A	(3,480		)	97			(6,253		)	4,759

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Inventory Purchase Obligations

Inventory purchase obligations consist of open production purchase orders and other commitments for raw materials and

12

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

sourced apparel, footwear, accessories and equipment. At June 30, 2012, inventory purchase obligations were $271,468,000.

NOTE 12 – 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 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 at June 30, 2012 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	85,373	$	—	$	—	$	85,373
Time deposits	10,012		—		—		10,012
Certificates of deposit	—		3,294		—		3,294
U.S. Government-backed municipal bonds	—		28,456		—		28,456
Available-for-sale short-term investments (1)
Certificates of deposit	—		4,598		—		4,598
Time deposits	—		2,109		—		2,109
Variable-rate demand notes	—		9,870		—		9,870
U.S. Government-backed municipal bonds	—		18,689		—		18,689
Other current assets
Derivative financial instruments (Note 10)	—		7,546		—		7,546
Other non-current assets
Mutual fund shares	3,566		—		—		3,566
Total assets measured at fair value	$	98,951	$	74,562	$	—	$	173,513
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	1,900	$	—	$	1,900
Total liabilities measured at fair value	$	—	$	1,900	$	—	$	1,900

Assets and liabilities measured at fair value on a recurring basis at December 31, 2011 are as follows (in thousands):

13

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	55,542	$	—	$	—	$	55,542
Time deposits	10,000		—		—		10,000
Available-for-sale short-term investments (1)
Time deposits	2,878		—		—		2,878
Other current assets
Derivative financial instruments (Note 10)	—		7,236		—		7,236
Other non-current assets
Derivative financial instruments (Note 10)	—		1,117		—		1,117
Mutual fund shares	2,521		—		—		2,521
Total assets measured at fair value	$	70,941	$	8,353	$	—	$	79,294
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	3,786	$	—	$	3,786
Other long-term liabilities
Derivative financial instruments (Note 10)	—		91		—		91
Total liabilities measured at fair value	$	—	$	3,877	$	—	$	3,877

Assets and liabilities measured at fair value on a recurring basis at June 30, 2011 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	136,840	$	—	$	—	$	136,840
Time deposits	21,659		—		—		21,659
Available-for-sale short-term investments (1)
Short-term municipal bond fund	25,864		—		—		25,864
Time deposits	2,856		—		—		2,856
U.S. Government-backed municipal bonds	—		62,122		—		62,122
Other current assets
Derivative financial instruments (Note 10)	—		218		—		218
Other non-current assets
Mutual fund shares	2,480		—		—		2,480
Total assets measured at fair value	$	189,699	$	62,340	$	—	$	252,039
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	7,681	$	—	$	7,681
Total liabilities measured at fair value	$	—	$	7,681	$	—	$	7,681

⁽¹⁾  Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.

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, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

There were no material assets and liabilities measured at fair value on a nonrecurring basis as of June 30, 2012, December 31,

14

COLUMBIA SPORTSWEAR COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

(Unaudited)

2011, or June 30, 2011.

NOTE 13 – SUBSEQUENT EVENT

On August 6, 2012, the Company entered into an agreement with Swire Resources Ltd. to form a joint venture with the purpose of supporting the development of the Company's business in the People's Republic of China, excluding the administrative territories of Hong Kong and Macau. The joint venture is expected to begin operations January 1, 2014, subject to regulatory approval in the People's Republic of China and other conditions customary in transactions of this size and type. The Company will hold a 60 percent ownership interest in the joint venture. The joint venture will replace distributor agreements with Swire Resources Ltd.

15

Item 2 –MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This quarterly report contains forward-looking statements. Forward-looking statements include any statements related to our expectations regarding future performance or market position, including any statements regarding anticipated sales across markets, distribution channels and product categories, expenses, input costs and cost containment measures, effects of unseasonable weather on our results of operations, investments in our business, access to raw materials and factory capacity, financing and working capital requirements and resources and our exposure to market risk associated with interest rates and foreign currency exchange rates.

These forward-looking statements, and others we make from time to time, are subject to a number of risks and uncertainties. Many factors may cause actual results to differ materially from those projected in forward-looking statements, including the risks described below in Part II, Item 1A, Risk Factors. We do not undertake any duty to update forward-looking statements after the date they are made or to conform them to actual results or to changes in circumstances or expectations.

Our Business

As one of the largest outdoor apparel and footwear companies in the world, we design, source, market and distribute active outdoor apparel, footwear, accessories and equipment under the Columbia, Mountain Hardwear, Sorel and Montrail brands. Our products are sold through a mix of wholesale distribution channels, independent distributors and our own direct-to-consumer channels. In addition, we license our Columbia trademarks across a range of apparel, footwear, accessories and equipment.

The popularity of outdoor activities, changing design trends and consumer adoption of innovative performance technologies affect consumer desire for our products. Therefore, we seek to drive, anticipate and respond to trends and shifts in consumer preferences by adjusting the mix of our available product offerings, developing new products with innovative performance features and designs, and creating persuasive and memorable marketing communications to generate consumer awareness and demand. Failure to anticipate or respond to consumer needs and preferences in a timely and adequate manner could have a material adverse effect on our sales and profitability.

Seasonality and Variability of Business

Our business is affected by the general seasonal trends common to the outdoor industry and is heavily dependent upon weather and discretionary consumer spending patterns. Our products are marketed on a seasonal basis and our sales are weighted substantially toward the fall season, while our operating costs are more equally distributed throughout the year. Since 2008, the expansion of our direct-to-consumer operations has increased the proportion of sales and profits that we generate in the fourth calendar quarter. As a result, our sales and profits tend to be highest in the third and fourth calendar quarters. In 2011, approximately 65 percent of our net sales and all of our profitability were realized in the second half of the year, illustrating our dependence upon sales results in the second half of the year, as well as the less seasonal nature of our operating costs.

We generally solicit orders from wholesale customers and independent distributors for the fall and spring seasons based on seasonal ordering deadlines that we establish to aid our efforts in planning manufacturing volumes to meet demand for each of our selling seasons. We typically ship the majority of our advance fall season orders to wholesale customers and independent distributors beginning in June and continuing through November. Similarly, the majority of our advance spring season orders ship to wholesale customers and independent distributors beginning in December and continuing through May. Generally, orders are subject to cancellation prior to the date of shipment.

Results of operations in any period should not be considered indicative of the results to be expected for any future period, particularly in light of persistent volatility in economic conditions. Sales of our products are subject to substantial cyclical fluctuation, the effects of unseasonable weather conditions, the relative popularity of competitors' brands, and the continued popularity of outdoor activities as part of an active lifestyle in key markets. Volatile economic environments in key markets, coupled with inflationary cost pressures and input cost volatility, reduces the predictability of our business.

Business Outlook

The global business climate continues to present us with a great deal of uncertainty, making it difficult to predict future results. Factors that could significantly affect our full year 2012 outlook include:

• Unseasonable weather conditions or other unforeseen factors affecting consumer demand and the resulting effect on order cancellations, sales returns, reorders, direct-to-consumer sales and suppressed demand in subsequent seasons;

• Changes in mix and volume of full price sales in relation to close-out product sales and promotional sales activity;

• Increased costs to support supply chain and information technology infrastructure investments and projects, including our global enterprise resource planning (“ERP”) system implementation;

16

• Our ability to implement adequate cost containment measures in order to limit the growth of selling, general and administrative (“SG&A”) expenses to a rate comparable to sales growth;

• Continued economic uncertainty in key global markets, particularly in Europe as it relates to our EMEA direct business;

• Lower incremental sales through our expanding direct-to-consumer operations;

• Changes in consumer spending activity; and

• Fluctuating currency exchange rates.

Like other branded consumer product companies, our business is heavily dependent upon discretionary consumer spending patterns. Continuing high levels of unemployment and concerns about potential increases in consumer prices in our key markets continue to pose significant challenges and risks for us.

We believe the potential for growth in our full year 2012 net sales compared to 2011 is limited primarily as a result of the unseasonably warm 2011/2012 winter and a challenging economic environment, particularly in Europe, both of which subdued retailer confidence as they placed their advance orders for the fall 2012 season. We expect full year 2012 SG&A expenses to increase at a comparable rate to anticipated net sales as a result of cost containment measures executed in the first quarter of 2012, which included a reduction in global headcount, curtailment of various compensation and benefit increases and reduction in travel, event and other discretionary spending.

We remain firmly committed to investing in innovation, enhanced design, our direct-to-consumer platform and compelling marketing to elevate our brands and gain market share, and to investing in information technologies and process improvements to increase operational and supply chain efficiencies and profitability.

These factors and others may have a material effect on our financial condition, results of operations, or cash flows, particularly with respect to quarterly comparisons.

Our business and internal management processes have evolved significantly in recent years, including a broader geographic scope, larger international distributor and direct-to-consumer operations, increased automatic replenishment programs and changes in the multiple data points we use to plan our business. We have concluded that providing two seasonal backlog reports at March 31 and September 30 is not material to an understanding of our company and our future expectations.

Results of Operations

The following discussion of our results of operations and liquidity and capital resources should be read in conjunction with the Condensed Consolidated Financial Statements and accompanying Notes that appear elsewhere in this quarterly report. All references to quarters relate to the quarter ended June 30 of the particular year.

The second quarter is our smallest revenue quarter, historically accounting for approximately 15 percent of annual net sales. As a result, geographic, product category and brand net sales results often produce large percentage variances when compared with the prior year's comparable period due to the small base of comparison and changes in the timing of shipments. Seasonal shipments to our international distributors may occur late in the second quarter or early in the third quarter. In addition, the Company's fixed cost structure amplifies the seasonal sales effect on our profitability.

Highlights of the Second Quarter of 2012

• Net sales for the second quarter of 2012increased $22.4 million, or 8%, to $290.4 million from $268.0 million for the second quarter of 2011. Changes in foreign currency exchange rates compared with the second quarter of 2011 negatively affected the consolidated net sales comparison by approximately one percentage point.

• Net loss for the second quarter of 2012decreased 42% to $7.9 million, or $0.23 per diluted share, compared to net loss of $13.6 million, or $0.40 per diluted share, for the second quarter of 2011.

• We paid a quarterly cash dividend of $0.22 per share, or $7.4 million, in the second quarter of 2012.

The following table sets forth, for the periods indicated, the percentage relationship to net sales of specified items in our Condensed Consolidated Statements of Operations:

17

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net sales	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	59.4	%	58.1	%	57.4	%	56.4	%
Gross profit	40.6	%	41.9	%	42.6	%	43.6	%
Selling, general and administrative expense	45.9	%	50.2	%	44.5	%	44.7	%
Net licensing income	1.6	%	1.3	%	1.0	%	1.0	%
Loss from operations	(3.7	)%	(7.0	)%	(0.9	)%	(0.1	)%
Interest income, net	0.1	%	0.2	%	0.1	%	0.1	%
Income (loss) before income tax	(3.6	)%	(6.8	)%	(0.8	)%	—	%
Income tax benefit (expense)	0.9	%	1.7	%	0.2	%	(0.1	)%
Net loss	(2.7	)%	(5.1	)%	(0.6	)%	(0.1	)%

Quarter Ended June 30, 2012 Compared to Quarter Ended June 30, 2011

Net Sales: Consolidated net sales increased $22.4 million, or 8%, to $290.4 million for the second quarter of 2012 from $268.0 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the second quarter of 2011 negatively affected the consolidated net sales comparison by approximately one percentage point.

Sales by Geographic Region

Net sales by geographical region are summarized in the following table:

	Three Months Ended June 30,
	2012		2011		% Change
	(In millions, except for percentage changes)
United States	$	132.1	$	129.0	2%
LAAP	84.1		76.6		10%
EMEA	70.0		53.6		31%
Canada	4.2		8.8		(52)%
	$	290.4	$	268.0	8%

Net sales in the United States increased $3.1 million, or 2%, to $132.1 million for the second quarter of 2012 from $129.0 million for the comparable period in 2011. The increase in net sales in the United States was led by apparel, accessories and equipment, followed by footwear. The net sales increase consisted of an increase in our direct-to-consumer business, partially offset by a decrease in our wholesale business. The net sales increase in our direct-to-consumer business was primarily concentrated in the Columbia brand and was led by increased net sales within our retail stores, followed by increased e-commerce net sales. At June 30, 2012, we operated 55 retail stores, compared with 48 at June 30, 2011. The decline in wholesale net sales was primarily due to a decrease in spring 2012 product sales driven by lower reorders and increased promotional sales activity than the comparable period in 2011.

Net sales in the LAAP region increased $7.5 million, or 10%, to $84.1 million for the second quarter of 2012 from $76.6 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the second quarter of 2011 negatively affected the LAAP net sales comparison by approximately one percentage point. The net sales increase in the LAAP region was led by apparel, accessories and equipment, followed by footwear. The LAAP net sales increase was primarily concentrated in the Columbia brand and was led by our LAAP distributor business, followed by Japan, partially offset by a net sales decrease in Korea. The LAAP distributor net sales increase was primarily due to increased advance orders for fall 2012 Columbia brand products and a favorable shift in the timing of shipments as a higher percentage of fall 2012 advance orders shipped in the second quarter of 2012, while a higher percentage of fall 2011 advance orders shipped in the third quarter of 2011. The increase in Japan net sales was driven primarily by the Columbia brand. The decrease in Korea net sales was primarily due to the negative effect of foreign currency exchange rates.

Net sales in the EMEA region increased $16.4 million, or 31%, to $70.0 million for the second quarter of 2012 from $53.6 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the second quarter of 2011 negatively affected the EMEA net sales comparison by approximately two percentage points. The net sales increase in the EMEA region consisted of an increase in apparel, accessories and equipment, partially offset by a decrease in footwear. The increase in net sales in the EMEA region was concentrated in the Columbia brand, and consisted of an increase in our EMEA distributor

18

business, partially offset by a decrease in our EMEA direct business. The EMEA distributor net sales increase was primarily due to increased advance orders for fall 2012 Columbia brand products and a favorable shift in the timing of shipments as a higher percentage of fall 2012 advance orders shipped in the second quarter of 2012, while a higher percentage of fall 2011 advance orders shipped in the third quarter of 2011. The decrease in net sales in the EMEA direct business was primarily due to an increase in promotional sales activity, a decline in advance orders and a challenging macroeconomic environment in the region.

Net sales in Canada decreased $4.6 million, or 52%, to $4.2 million for the second quarter of 2012 from $8.8 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the second quarter of 2011 negatively affected the Canada net sales comparison by approximately one percentage point. The decrease in net sales in Canada was primarily concentrated in the Columbia brand and was led by apparel, accessories and equipment, followed by footwear. The Canada net sales decrease was primarily due to an unfavorable shift in timing of spring 2012 shipments to the first quarter from the second quarter in advance of the April 2012 implementation of our new ERP system in the region, as well as a decline in advance orders and lower at-once orders during the season.

Sales by Product Category

Net sales by product category are summarized in the following table:

	Three Months Ended June 30,
	2012		2011		% Change
	(In millions, except for percentage changes)
Apparel, Accessories and Equipment	$	240.9	$	218.0	11%
Footwear	49.5		50.0		(1)%
	$	290.4	$	268.0	8%

Net sales of apparel, accessories and equipment increased $22.9 million, or 11%, to $240.9 million for the second quarter of 2012 from $218.0 million for the comparable period in 2011. The increase in apparel, accessories and equipment net sales was primarily concentrated in the Columbia brand, and was led by the EMEA region, followed by the LAAP region and the United States, partially offset by a net sales decrease in Canada. The apparel, accessories and equipment net sales increase in the EMEA region was due to an increase in net sales to our EMEA distributors, partially offset by a net sales decrease in our EMEA direct business. The net sales increase in apparel, accessories and equipment in the LAAP region was led by our LAAP distributor business, followed by Japan, partially offset by a net sales decrease in Korea.

Net sales of footwear were essentially flat at $49.5 million for the second quarter of 2012 compared to $50.0 million for the comparable period in 2011. Sorel and Columbia brand net sales decreases were partially offset by an increase in Montrail brand net sales. Footwear net sales decreased in the EMEA region and Canada, partially offset by net sales increases in the LAAP region and the United States.

Sales by Brand

Net sales by brand are summarized in the following table:

	Three Months Ended June 30,
	2012		2011		% Change
	(In millions, except for percentage changes)
Columbia	$	260.7	$	239.1	9%
Mountain Hardwear	23.7		22.7		4%
Sorel	2.9		3.7		(22)%
Other	3.1		2.5		24%
	$	290.4	$	268.0	8%

The net sales increase for the second quarter of 2012 compared to the second quarter of 2011 was primarily concentrated in the Columbia brand. The Columbia brand net sales increase was led by the EMEA region, followed by the LAAP region and the United States, partially offset by a net sales decrease in Canada.

Gross Profit: Gross profit, as a percentage of net sales, decreased to 40.6% for the second quarter of 2012 from 41.9% for the comparable period in 2011. Gross profit contraction was primarily due to:

• A higher proportion of shipments to distributors, which carry lower gross margins; and

• Increased promotional sales activity;

19

partially offset by:

• Favorable foreign currency hedge rates; and

• Lower airfreight costs.

Our gross profits may not be comparable to those of other companies in our industry because some include costs related to both their distribution network and retail store occupancy in cost of sales while we, like many others, include these expenses as a component of SG&A expense.

Selling, General and Administrative Expense: SG&A expense includes all costs associated with design, merchandising, marketing, distribution and corporate functions, including related depreciation and amortization.

SG&A expense decreased $1.3 million, or 1.0%, to $133.2 million for the second quarter of 2012 from $134.5 million for the comparable period in 2011. The SG&A decrease was primarily due to:

• Cost containment measures; and

• Favorable foreign currency exchange rates;

partially offset by:

• Increased personnel costs and professional fees related to our ongoing ERP implementation; and

• Expansion of direct-to-consumer operations globally.

SG&A expense decreased to 45.9% of net sales for the second quarter of 2012 from 50.2% of net sales for the comparable period in 2011. Depreciation and amortization included in SG&A expense totaled $9.7 million for the second quarter of 2012, compared to $10.4 million for the same period in 2011.

Net Licensing Income: Net licensing income increased $1.1 million to $4.6 million for the second quarter of 2012 from $3.5 million for the same period in 2011, primarily due to increased apparel and footwear licensing income in the LAAP region, where a third party distributor is licensed to locally manufacture Columbia brand apparel and footwear for sale in local markets. This increase was driven in part by a shift in the timing of production and shipment of fall 2012 licensed product.

Interest Income, Net: Net interest income was $0.2 million for the second quarter of 2012 compared to $0.5 million for the same period in 2011. Interest income decreased due to lower average yields on cash equivalents and short-term investments and lower average balances compared to the same period in 2011. Interest expense was nominal for the second quarter of 2012 and for the comparable period in 2011.

Income Tax Benefit: Income tax benefitdecreased to $2.7 million for the second quarter of 2012 from $4.6 million for the comparable period in 2011. This decrease primarily resulted from a smaller loss before income taxes for the quarter. Our effective income tax rate was 25.2% for the second quarter of 2012 compared to 25.4% for the same period in 2011. Many factors could cause our annual effective tax rate to differ materially from our quarterly effective tax rates, including changes in the geographic mix of taxable income and discrete events in future periods.

Net Loss: Net lossdecreased $5.7 million, or 42%, to $7.9 million, compared to net loss of $13.6 million for the comparable period in 2011. Diluted loss per share was $0.23 for the second quarter of 2012, compared to diluted loss per share of $0.40 for the second quarter of 2011.

Six Months Ended June 30, 2012 Compared to Six Months Ended June 30, 2011

Net Sales: Consolidated net sales increased $22.4 million, or 4%, to $623.5 million for the six months endedJune 30, 2012 from $601.1 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the six months endedJune 30, 2012 negatively affected the consolidated net sales comparison by less than one percent.

Sales by Geographic Region

Net sales by geographical region are summarized in the following table:

	Six Months Ended June 30,
	2012		2011		% Change
	(In millions, except for percentage changes)
United States	$	325.1	$	321.5	1%
LAAP	160.9		143.9		12%
EMEA	108.1		98.0		10%
Canada	29.4		37.7		(22)%
	$	623.5	$	601.1	4%

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Net sales in the United States increased $3.6 million, or 1%, to $325.1 million for the six months endedJune 30, 2012 from $321.5 million for the comparable period in 2011. The increase in net sales in the United States consisted of a net sales increase in apparel, accessories and equipment, partially offset by decreased net sales of footwear. The net sales increase consisted of a net sales increase in our direct-to-consumer business, partially offset by a net sales decrease in our wholesale business. The net sales increase in our direct-to-consumer business was primarily concentrated in the Columbia brand and was driven by increased net sales within our retail stores, offset by decreased e-commerce net sales. At June 30, 2012, we operated 55 retail stores, compared with 48 at June 30, 2011.

Net sales in the LAAP region increased $17.0 million, or 12%, to $160.9 million for the six months endedJune 30, 2012 from $143.9 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the six months endedJune 30, 2011 contributed less than one percentage point of benefit to the LAAP net sales comparison. The net sales increase in the LAAP region was led by apparel, accessories and equipment, followed by footwear. The LAAP net sales increase was primarily concentrated in the Columbia brand and was led by Japan, followed by our LAAP distributor business and Korea. The increase in Japan net sales was primarily the result of increased net sales from our wholesale business, increased direct-to-consumer net sales and the favorable effect of foreign currency exchange rates. The major earthquake and tsunami that occurred in March 2011 negatively affected net sales in Japan in the first half of 2011. The LAAP distributor net sales increase was primarily due to an increase in advance orders for fall 2012 products and a shift in the timing of shipments as a higher percentage of fall 2012 advance orders shipped in the second quarter of 2012, while a higher percentage of fall 2011 advance orders shipped in the third quarter of 2011. The increase in Korea net sales was due to a greater number of retail stores operating during the six months endedJune 30, 2012 than during the six months endedJune 30, 2011, partially offset by decreased sales from existing stores.

Net sales in the EMEA region increased $10.1 million, or 10%, to $108.1 million for the six months endedJune 30, 2012 from $98.0 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the six months endedJune 30, 2011, negatively affected the EMEA net sales comparison by approximately three percentage points. The net sales increase in the EMEA region consisted of a net sales increase in apparel, accessories and equipment, partially offset by decreased net sales of footwear. The increase in net sales in the EMEA region was concentrated in the Columbia brand, and consisted of an increase in net sales to our EMEA distributors, offset by decreased net sales in our EMEA direct business. The EMEA distributor net sales increase was primarily due to an increase in advance orders for fall 2012 products and a shift in the timing of shipments, as a higher percentage of fall 2012 advance orders shipped in the second quarter of 2012, while a higher percentage of fall 2011 advance orders shipped in the third quarter of 2011. The decrease in net sales in the EMEA direct business was primarily due to unseasonably warm winter weather and a challenging economic environment in the region.

Net sales in Canada decreased $8.3 million, or 22%, to $29.4 million for the six months endedJune 30, 2012 from $37.7 million for the comparable period in 2011. Changes in foreign currency exchange rates compared with the six months endedJune 30, 2011, negatively affected the Canada net sales comparison by approximately two percentage points. The decrease in net sales in Canada was primarily concentrated in the Columbia brand, followed by Mountain Hardwear, and was led by apparel, accessories and equipment, followed by footwear. The Canada net sales decrease was primarily due to a decline in advance orders, lower at-once orders during the season and decreased closeout sales.

Sales by Product Category

Net sales by product category are summarized in the following table:

	Six Months Ended June 30,
	2012		2011		% Change
	(In millions, except for percentage changes)
Apparel, Accessories and Equipment	$	525.2	$	496.7	6%
Footwear	98.3		104.4		(6)%
	$	623.5	$	601.1	4%

Net sales of apparel, accessories and equipment increased $28.5 million, or 6%, to $525.2 million for the six months endedJune 30, 2012 from $496.7 million for the comparable period in 2011. The increase in apparel, accessories and equipment net sales was concentrated in the Columbia brand, and was led by the EMEA region, followed by the LAAP region and the United States, partially offset by a net sales decrease in Canada. The apparel, accessories and equipment net sales increase in the EMEA region consisted of an increase in net sales to our EMEA distributors, partially offset by a net sales decrease in our direct business. The apparel, accessories and equipment net sales increase in the LAAP region was led by Japan, followed by Korea and our LAAP distributor business. The net sales increase in apparel, accessories and equipment in the United States consisted of increased sales in our direct-to-consumer business, partially offset by a net sales decrease in our wholesale business.

Net sales of footwear decreased $6.1 million, or 6%, to $98.3 million for the six months endedJune 30, 2012 from $104.4

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million for the comparable period in 2011. The decrease in footwear net sales was led by the Sorel brand, followed by the Columbia brand, and was primarily due to the effect of unseasonably warm winter weather. The net sales decrease was led by the United States, followed by the EMEA region and Canada, partially offset by a net sales increase in the LAAP region. The net sales decrease in footwear in the United States consisted of a net sales decrease in our wholesale business, partially offset by a net sales increase in our direct-to-consumer business.

Sales by Brand

Net sales by brand are summarized in the following table:

	Six Months Ended June 30,
	2012		2011		% Change
	(In millions, except for percentage changes)
Columbia	$	553.8	$	527.2	5%
Mountain Hardwear	54.4		54.4		—%
Sorel	9.3		14.0		(34)%
Other	6.0		5.5		9%
	$	623.5	$	601.1	4%

The net sales increase for the six months endedJune 30, 2012 compared to the six months endedJune 30, 2011 was primarily concentrated in the Columbia brand, partially offset by a net sales decrease in the Sorel brand. The Columbia brand net sales increase was led by the LAAP region, followed by the EMEA region and the United States, partially offset by a net sales decrease in Canada. The decrease in Sorel brand net sales was driven by unseasonably warm winter weather, which negatively affected consumer demand for cold weather footwear.

Gross Profit: Gross profit, as a percentage of net sales, decreased to 42.6% for the six months endedJune 30, 2012 from 43.6% for the comparable period in 2011. Gross profit contraction was primarily due to:

• A higher volume of promotional and close-out product sales resulting from excess inventory liquidation exiting the unseasonably warm winter; and

• A higher proportion of shipments to distributors, which carry lower gross margins;

partially offset by:

• Favorable foreign currency hedge rates; and

• Lower airfreight costs.

Selling, General and Administrative Expense: SG&A expense increased $9.0 million, or 3%, to $277.7 million, or 44.5% of net sales, for the six months endedJune 30, 2012, from $268.7 million, or 44.7% of net sales, for the comparable period in 2011. The SG&A increase was primarily due to:

• Increased personnel costs and professional fees related to our ongoing ERP implementation;

• Restructuring charges; and

• Expansion of our direct-to-consumer operations globally;

partially offset by:

• Favorable foreign currency exchange rates; and

• Cost containment measures.

Depreciation and amortization included in SG&A expense totaled $20.5 million for the six months endedJune 30, 2012, compared to $20.8 million for the same period in 2011.

Net Licensing Income: Net licensing income increased $0.5 million to $6.5 million for the six months endedJune 30, 2012 from $6.0 million for the same period in 2011, primarily due to increased apparel and footwear licensing income in the LAAP region, where a third party distributor is licensed to locally manufacture Columbia brand apparel and footwear for sale in local markets. This increase was driven in part by a shift in the timing of production and shipment of fall 2012 licensed product.

Interest Income, Net: Net interest income was $0.4 million for the six months endedJune 30, 2012, compared to $0.8 million for the same period in 2011. Interest income decreased due to lower average yields on cash equivalents and short-term investments and lower average balances compared to the same period in 2011. Interest expense was nominal for the six months endedJune 30, 2012 and for the comparable period in 2011.

Income Tax Benefit (Expense): The provision for income taxes was a $1.0 million benefit for the six months endedJune 30, 2012 compared to $0.9 million of income tax expense for the comparable period in 2011. Income tax expense decreased primarily

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due to the effect of discrete tax expense items during the six months ended June 30, 2011, as well as the fact that we recognized a net loss before income taxes for the six months endedJune 30, 2012 while we recognized net income before income taxes for the comparable period in 2011.

Net Loss: Net loss increased to $4.0 million, including restructuring charges of approximately $2.8 million, net of tax, from $0.8 million for the comparable period in 2011. Diluted loss per share was $0.12 for the six months endedJune 30, 2012, including restructuring charges of $0.08 net of tax, compared to diluted loss per share of $0.02 for the six months endedJune 30, 2011.

Liquidity and Capital Resources

Our primary ongoing funding requirements are for working capital, investing activities associated with the expansion of our global operations and general corporate needs. At June 30, 2012, we had total cash and cash equivalents of $193.2 million compared to $241.0 million at December 31, 2011 and $207.4 million at June 30, 2011. In addition, we had short-term investments of $35.3 million at June 30, 2012, compared to $2.9 million at December 31, 2011 and $90.8 million at June 30, 2011. At June 30, 2012, approximately 45% of our cash and short-term investments were held by some of our foreign subsidiaries where a repatriation of those funds to the United States would likely result in a significant tax expense to the Company. However, based on the capital and liquidity needs of our foreign operations, as well as the status of current tax law, it is our intent to indefinitely reinvest these funds outside the United States. In addition, our United States operations do not require the repatriation of these funds to meet our currently projected liquidity needs.

Net cash provided by operating activities was $18.7 million for the six months endedJune 30, 2012, compared to $12.0 million for the same period in 2011. The increase in cash provided by operating activities was due to the combined effect of a larger increase in current liabilities, a smaller increase in prepaid expenses and other current assets and larger collections of accounts receivable, partially offset by a larger increase in inventory and a larger net loss.

Net cash used in investing activities was $53.7 million for the six months endedJune 30, 2012, compared to $44.3 million for the comparable period in 2011. For the 2012 period, net cash used in investing activities primarily consisted of $32.3 million for net purchases of short-term investments and $21.4 million for capital expenditures. For the 2011 period, net cash used in investing activities primarily consisted of $22.6 million for capital expenditures and $21.8 million for net purchases of short-term investments.

Net cash used in financing activities was $11.8 million for the six months endedJune 30, 2012, compared to $5.5 million for the comparable period in 2011. For the 2012 period, net cash used in financing activities primarily consisted of dividend payments of $14.8 million, partially offset by net proceeds from stock plan activity of $3.0 million. For the 2011 period, net cash used in financing activities primarily consisted of dividend payments of $14.2 million, partially offset by net proceeds from stock plan activity of $6.9 million.

We have an unsecured, committed $125.0 million revolving line of credit available to fund our domestic working capital requirements. At June 30, 2012, no balance was outstanding under this line of credit and we were in compliance with all associated covenants. Internationally, our subsidiaries have local currency operating lines in place guaranteed by the parent company with a combined limit of approximately $93.8 million at June 30, 2012, of which $3.2 million is designated as a European customs guarantee. At June 30, 2012, no balance was outstanding under these lines of credit.

We expect to fund our future capital expenditures with existing cash, operating cash flows and credit facilities. If the need arises, we may need to seek additional funding. Our ability to obtain additional financing will depend on many factors, including prevailing market conditions, our financial condition, and our ability to negotiate favorable terms and conditions. Financing may not be available on terms that are acceptable or favorable to us, if at all.

Our operations are affected by seasonal trends typical in the outdoor apparel industry and have historically resulted in higher sales and profits in the third and fourth calendar quarters. This pattern has resulted primarily from the timing of shipments of fall season products to wholesale customers and proportionally higher sales from our direct-to-consumer operations in the fourth quarter, combined with an expense base that is more consistent throughout the year. We believe that our liquidity requirements for at least the next 12 months will be adequately covered by existing cash, cash provided by operations and existing short-term borrowing arrangements.

Off-Balance Sheet Arrangements

We have arrangements in place to facilitate the import and purchase of inventory through import letters of credit. We maintain unsecured and uncommitted import lines of credit with a combined limit of $10.0 million at June 30, 2012, available for issuing documentary letters of credit. At June 30, 2012, no balance was outstanding under these letters of credit.

Critical Accounting Policies and Estimates

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Management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make various estimates and judgments that affect reported amounts of assets, liabilities, sales, cost of sales and expenses and related disclosure of contingent assets and liabilities. We believe that the estimates, assumptions and judgments involved in the accounting policies referred to in our Annual Report on Form 10-K for the year ended December 31, 2011 have the greatest potential impact on our financial statements, so we consider these to be our critical accounting policies and estimates. Because of the uncertainty inherent in these matters, actual results could differ from the estimates we use in applying the critical accounting policies. We base our ongoing estimates on historical experience and other various assumptions that we believe to be reasonable under the circumstances. Many of these critical accounting policies affect working capital account balances, including the policy for revenue recognition, the allowance for doubtful accounts, the provision for potential excess, close-out and slow moving inventory, product warranty, income taxes and stock-based compensation.

Management regularly discusses with our audit committee each of our critical accounting estimates, the development and selection of these accounting estimates, and the disclosure about each estimate in Management’s Discussion and Analysis of Financial Condition and Results of Operations. These discussions typically occur at our quarterly audit committee meetings and include the basis and methodology used in developing and selecting these estimates, the trends in and amounts of these estimates, specific matters affecting the amount of and changes in these estimates, and any other relevant matters related to these estimates, including significant issues concerning accounting principles and financial statement presentation.

There have been no significant changes to our critical accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2011.

Recent Accounting Pronouncements

See “Recent Accounting Pronouncements” in Note 2 to the notes to the condensed consolidated financial statements.

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Item 3 –QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has not been any material change in the market risk disclosure contained in our Annual Report on Form 10-K for the year ended December 31, 2011.

Item 4 –CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We have evaluated, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on that evaluation, our chief executive officer and chief financial officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

We are implementing an enterprise resource planning ("ERP") system on a worldwide basis, which is expected to impact our business and financial transaction processes. The implementation is expected to occur in phases globally over the next several years, and began with a roll-out to Canadian subsidiary in April 2012. The implementation of a worldwide ERP system will affect the processes that constitute our internal control over financial reporting and will require testing for effectiveness as the implementation progresses.

There were no other changes in internal controls over financial reporting that occurred during the quarter ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

We are involved in litigation and various legal matters arising in the normal course of business, including matters related to employment, retail, intellectual property and various regulatory compliance activities. We have considered facts related to legal and regulatory matters and opinions of counsel handling these matters, and do not believe the ultimate resolution of such proceedings will have a material adverse effect on our financial position, results of operations or cash flows.

Item 1A. RISK FACTORS

In addition to the other information contained in this Form 10-Q, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, results of operations or cash flows may be materially adversely affected by any of these risks. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations. The following risk factors include changes to and supersede the description of the risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Our Success Depends on Our Business Strategies

Our business strategies are to achieve sustainable, profitable growth by creating innovative products, elevating consumer perception of our brands, improving our operating flexibility and efficiency, increasing consumer and retailer awareness and demand for our products, creating compelling retail environments, and building stronger emotional brand connections with consumers over time. We intend to pursue these strategies across our portfolio of brands, product categories and geographic markets. We face many challenges in implementing our business strategies. For example, our focus on innovation depends on our ongoing ability to identify, develop or secure rights to product improvements or developments through internal research, joint developments, acquisitions or licenses. Once obtained, these innovations and developments may not be profitable or have the desired effect of increasing demand for our products. The failure to implement our business strategies successfully could have a material adverse effect on our financial condition, results of operations or cash flows.

To implement our business strategies, we must continue to modify and fund various aspects of our business, to maintain and enhance our information systems and supply chain operations to respond to changes in demand, and to attract, retain and manage qualified personnel. Changes in our business, including efforts to contain costs, may place an increasing strain on management, financial, product design, marketing, distribution, supply chain and other resources, and we may have operating difficulties as a result. For example, in support of our strategic initiatives, we are making significant investments in our business processes and information technology infrastructure that require significant management attention and corporate resources. In addition, we may need to adapt our information technology systems and business processes to integrate business acquisitions. These business initiatives involve many risks and uncertainties that, if not managed effectively, may have a material adverse effect on our financial condition, results of operations or cash flows.

Our business strategies and related increased expenditures could also cause our operating margin to decline if we are unable to offset our increased spending with increased sales or gross margins, or comparable reductions in other operating costs. If our sales or gross margins decline or fail to grow as planned and we fail to sufficiently leverage our operating expenses, our profitability will decline. This could result in a decision to delay, reduce, modify or terminate our strategic business initiatives, which could have a material adverse effect on our financial condition, results of operations or cash flows.

Initiatives to Upgrade Our Information Technology Infrastructure Involve Many Risks Which Could Result In, Among Other Things, Business Interruptions and Higher Costs

We regularly implement business process improvement initiatives to optimize our performance. Our current business process initiatives include plans to improve business results through standardization of business processes and technology that support our supply chain and go-to-market strategies through implementation of an integrated ERP software solution over the next few years. We may experience difficulties as we transition to these new or upgraded systems and processes, including loss of data and decreases in productivity as our personnel become familiar with new systems. In addition, transitioning to these new or upgraded systems requires significant capital investments and personnel resources. Difficulties in implementing new or upgraded information systems or significant system failures could disrupt our operations and have a material adverse effect on our capital resources, financial condition, results of operations or cash flows.

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We expect implementation of this new information technology infrastructure to have a pervasive impact on our business processes and information systems across a significant portion of our operations, including our finance operations. As a result, we will experience significant changes in our internal controls over financial reporting as our implementation progresses. If we are unable to successfully implement this system, including harmonizing our systems, data and processes, we could incur material unanticipated expenses and our ability to process transactions accurately and efficiently may be affected, which could result in significant business disruptions and have a material adverse effect on our capital resources, financial condition, results of operations, or cash flows.

We Rely on Our Highly Customized Information Management Systems

Our business is increasingly reliant on information technology. Information systems are used across our supply chain and retail operations, from design to distribution and sales, and are used as a method of communication among employees, with our subsidiaries and liaison offices overseas and with our customers and retail stores. We also rely on our information systems to allocate resources, manage product data, develop demand and supply plans and forecast and report operating results. System failures, breaches of confidential information or service interruptions may occur as the result of a number of factors, including computer viruses, programming errors, hacking or other unlawful activities by third parties and disasters, or our failure to properly maintain systems redundancy or to protect, repair, maintain or upgrade our systems. Any breach or interruption of critical business information systems could have a material adverse effect on our financial condition, results of operations or cash flows.

Our legacy ERP system, on which we currently manage a substantial majority of our business, is highly customized. As a result, the availability of internal and external resources with the expertise to maintain this ERP system is limited. Our legacy ERP system may inhibit our ability to operate efficiently, which could have an adverse effect on our financial condition, results of operations or cash flows. For example, our legacy ERP system may not be compatible with other systems that support desired functionality for our operations. As we transition from our legacy ERP system to upgrade to a new ERP system, certain functionality and information from our legacy ERP system may not be fully compatible with the new ERP system. As a result, temporary processes may be required, including manual operations, which could significantly increase the risk of human errors in information used by the business and/or result in business disruptions, which could have a material adverse effect on our capital resources, financial condition, results of operations or cash flows.

We Depend on Independent Factories

Our products are manufactured by independent factories worldwide. We do not own or operate any production facilities. Although we enter into purchase order commitments with these independent factories each season, we generally do not maintain long-term manufacturing commitments with them. Without long-term or reserve commitments, in a capacity-constrained environment, there is no assurance that we will be able to secure adequate or timely production capacity or favorable pricing if growth or product demand differs from our forecasts. Independent factories may fail to perform as expected or our competitors may obtain production capacities that effectively limit or eliminate the availability of these resources to us. If an independent manufacturer fails to ship orders in a timely manner or to meet our standards or if we are unable to obtain necessary capacities, we may miss delivery deadlines or incur additional costs, which may result in cancellation of orders, refusal to accept deliveries, a reduction in purchase prices or increased costs, any of which could have a material adverse effect on our financial condition, results of operations or cash flows.

Reliance on independent factories also creates quality control risks. Independent factories may need to use sub-contracted manufacturers to fulfill demand and these manufacturers may have less experience producing our products or possess lower overall capabilities, which could result in compromised quality of our products. A failure in our quality control program may result in diminished product quality, which in turn could result in increased order cancellations and returns, decreased consumer demand for our products, or product recalls (or other regulatory actions), any of which could have a material adverse effect on our financial condition, results of operations or cash flows.

We also have license agreements that permit unaffiliated parties to manufacture or contract to manufacture products using our trademarks. We impose Standards of Manufacturing Practices on our independent factories and licensees for the benefit of workers and require compliance with our restricted substances list and product safety and other applicable environmental, health and safety laws. We also require our independent factories and licensees to impose these practices, standards and laws on their contractors. However, if an independent manufacturer or licensee violates labor or other laws, or engages in practices that are not generally accepted as ethical in our key markets, we may be subject to production disruptions or significant negative publicity that could result in long-term damage to our brands, and in some circumstances parties may attempt to assert that we are liable for the independent manufacturer’s or licensee’s practices, which could have a material adverse effect on our financial condition, results of operations or cash flows.

We May be Adversely Affected by Volatility in Global Production and Transportation Costs and Capacity

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Our product costs are subject to substantial fluctuation based on:

• Availability and quality of raw materials;

• The prices of oil, cotton and other raw materials whose prices are determined by global commodity markets and can be very volatile;

• Changes in labor markets and wage rates paid by our independent factory partners, which are often mandated by governments in the countries where our products are manufactured, particularly in China and Vietnam;

• Interest rates and currency exchange rates;

• Availability of skilled labor and production capacity at independent factories; and

• General economic conditions.

Prolonged periods of inflationary pressure on some or all input costs will result in increased costs to produce our products that may result in reduced gross profit or necessitate price increases for our products that could adversely affect consumer demand for our products.

In addition, since the majority of our products are manufactured outside of our principal sales markets, our products must be transported by third parties over large geographical distances. Shortages in ocean freight capacity, airfreight capacity and volatile fuel costs can result in rapidly changing transportation costs. For example, during 2010, shortages of sourcing and transportation capacity, combined with later-than-optimal production of advance orders, caused us to rely more heavily on airfreight to achieve timely delivery to our customers, resulting in significantly higher freight costs. Because we price our products in advance and the external cost changes may be difficult to predict, we may not be able to pass all or any portion of these higher costs on to our customers or adjust our pricing structure in a timely manner in order to remain competitive, either of which could have a material adverse effect on our financial condition, results of operations or cash flows.

We May be Adversely Affected by Volatile Economic Conditions

We are a consumer products company and are highly dependent on consumer discretionary spending patterns and the purchasing patterns of our wholesale customers as they attempt to match their seasonal purchase volumes to volatile consumer demand. In addition, as we have expanded our direct-to-consumer operations, we have increased our exposure to the risks associated with volatile and unpredictable consumer discretionary spending patterns. Consumer discretionary spending behavior is inherently unpredictable and consumer demand for our products may not reach our sales targets, or may decline, especially during periods of heightened economic uncertainty in our key markets, particularly markets in North America and the EMEA region. Our sensitivity to economic cycles and any related fluctuation in consumer demand may have a material adverse effect on our financial condition, results of operations or cash flows.

Our Results of Operations Could be Materially Harmed If We Are Unable to Accurately Match Supply Forecast with Consumer Demand for Our Products

Many factors may significantly affect demand for our products, including, among other things, economic conditions, fashion trends, financial condition of our distributors and wholesale customers, consumer and customer preferences and weather, making it difficult to accurately forecast demand for our products and our future results of operations. To minimize our purchasing costs, the time necessary to fill customer orders and the risk of non-delivery, we place a significant amount of orders for our products with independent factories prior to receiving our customers’ orders, and we maintain an inventory of various products that we anticipate will be in greater demand. In addition, customers are generally allowed to cancel orders prior to shipment with sufficient notice.

Factors that could affect our ability to accurately forecast demand for our products include:

• Consumer acceptance of our products or changes in consumer demand for products of our competitors;

• Unseasonable weather conditions;

• Our reliance, for certain demand and supply planning functions, on manual processes and judgment that are subject to human error;

• Unanticipated changes in general market conditions or other factors, which may result in cancellations of orders or a reduction or increase in the rate of reorders placed by retailers; and

• Weak economic conditions or consumer confidence, which could reduce demand for discretionary items such as our products.

In some cases, we may produce quantities of product that exceed actual demand, which could result in higher inventory levels. During periods of weak economic conditions we may experience a significant increase in the volume of order cancellations by our customers, including cancellations resulting from the bankruptcy, liquidation or contraction of certain customers’ operations. We may not be able to sell all of the products we have ordered from independent factories or that we have in our inventory. Inventory levels in excess of customer demand may result in inventory write-downs and the sale of excess inventory at discounted

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prices through discount direct-to-consumer channels, which could have a material adverse effect on our brand image, financial condition, results of operations or cash flows.

Conversely, if we underestimate demand for our products or if our independent factories are unable to supply products when we need them, we may experience inventory shortages. Inventory shortages may prevent us from fulfilling customer orders, delay shipments to customers, negatively affect customer relationships, result in increased costs to expedite production and delivery, and diminish our ability to build brand loyalty. Shipments delayed due to limited factory capacity or other factors could result in order cancellations by our customers, which could have a material adverse effect on our financial condition, results of operations or cash flows.

We May be Adversely Affected by Weather Conditions

Our business is adversely affected by unseasonable weather conditions. A significant portion of the sales of our products is dependent in part on the weather and likely to decline in years in which weather conditions do not stimulate demand for these products. Periods of unseasonably warm weather in the fall or winter or unseasonably cold or wet weather in the spring and summer may have a material adverse effect on our financial condition, results of operations or cash flows. Unintended inventory accumulation by our wholesale customers resulting from unseasonable weather in one season generally negatively affects orders in future seasons, which may have a material adverse effect on our financial condition, results of operations or cash flows.

Our International Operations Involve Many Risks

We are subject to risks generally associated with doing business internationally. These risks include the effects of foreign laws and regulations, changes in consumer preferences, foreign currency fluctuations, managing a diverse and widespread workforce, political unrest, terrorist acts, military operations, disruptions or delays in shipments, disease outbreaks, natural disasters and changes in economic conditions in countries in which we manufacture or sell products. These factors, among others, may affect our ability to sell products in international markets, our ability to manufacture products or procure materials, and our cost of doing business. If any of these or other factors make the conduct of business in a particular country undesirable or impractical, our business may be materially and adversely affected. As we expand our operations in geographic scope and product categories, we anticipate intellectual property disputes will increase, making it more expensive and challenging to establish and protect our intellectual property rights and to defend against claims of infringement by others.

In addition, many of our imported products are subject to duties, tariffs or other import limitations that affect the cost and quantity of various types of goods imported into the United States or into our other sales markets. Any country in which our products are produced or sold may eliminate, adjust or impose new import limitations, duties, anti-dumping penalties or other charges or restrictions, any of which could have a material adverse effect on our financial condition, results of operations or cash flows.

We May Have Additional Tax Liabilities

As a global company, we determine our income tax liability in various competing tax jurisdictions based on an analysis and interpretation of local tax laws and regulations. This analysis requires a significant amount of judgment and estimation and is often based on various assumptions about the future actions of the local tax authorities. These determinations are the subject of periodic domestic and foreign tax audits. Although we accrue for uncertain tax positions, our accrual may be insufficient to satisfy unfavorable findings. Unfavorable audit findings and tax rulings may result in payment of taxes, fines and penalties for prior periods and higher tax rates in future periods, which may have a material adverse effect on our financial condition, results of operations or cash flows. Changes in tax law or our interpretation of tax laws and the resolution of current and future tax audits could significantly affect the amounts provided for income taxes in our consolidated financial statements.

We earn a significant amount of our operating income from outside the U.S., and any repatriation of funds currently held in foreign jurisdictions may result in higher effective tax rates for the company. If we encounter a significant need for liquidity domestically or at a particular location that we cannot fulfill through borrowings, equity offerings or other internal or external sources, we may experience unfavorable tax and earnings consequences as a result of cash transfers. These adverse consequences would occur, for example, if the transfer of cash into the United States is taxed and no offsetting foreign tax credit is available to offset the U.S. tax liability, resulting in lower earnings. Furthermore, foreign exchange ceilings imposed by local governments and the sometimes lengthy approval processes that foreign governments require for international cash transfers may delay or otherwise limit our internal cash transfers from time to time.

We Operate in Very Competitive Markets

The markets for apparel, footwear, accessories and equipment are highly competitive, as are the markets for our licensed products. In each of our geographic markets, we face significant competition from global and regional branded apparel, footwear,

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accessories and equipment companies.

Retailers who are our customers often pose our most significant competitive threat by marketing apparel, footwear and equipment under their own private labels. For example, in the United States, several of our largest customers have developed significant private label brands during the past decade that compete directly with our products. These retailers have assumed an increasing degree of inventory risk in their private label products and, as a result, may first cancel advance orders with us in order to manage their own inventory levels downward during weak economic cycles.

We also compete with other companies for the production capacity of independent factories that manufacture our products and for import capacity. Many of our competitors are significantly larger than we are and have substantially greater financial, distribution, marketing and other resources, more stable manufacturing resources and greater brand strength than we have. In addition, when our competitors combine operations through mergers, acquisitions or other transactions, their competitive strength may increase.

Increased competition may result in reduced access to production capacity, reductions in display areas in retail locations, reductions in sales, or reductions in our profit margins, any of which may have a material adverse effect on our financial condition, results of operations or cash flows.

We May be Adversely Affected by the Financial Health of our Customers

Sluggish economies and consumer uncertainty regarding future economic prospects in our key markets have had an adverse effect on the financial health of our customers, some of whom have filed or may file for protection under bankruptcy laws, which may in turn have a material adverse effect on our results of operations and financial condition. We extend credit to our customers based on an assessment of the customer’s financial condition, generally without requiring collateral. To assist in the scheduling of production and the shipping of seasonal products, we offer customers discounts for placing advance orders and extended payment terms for taking delivery before the peak shipping season. These extended payment terms increase our exposure to the risk of uncollectible receivables. In addition, we face increased risk of order reduction or cancellation or reduced availability of credit insurance coverage when dealing with financially ailing retailers or retailers struggling with economic uncertainty. Some of our significant wholesale customers and distributors have liquidated or reorganized, while others have had financial difficulties in the past and have recently experienced tightened credit markets and sales declines and reduced profitability, which in turn has an adverse effect on our business. We may reduce our level of business with customers and distributors experiencing financial difficulties and may not be able to replace that business with other customers, which could have a material adverse effect on our financial condition, results of operations or cash flows.

We May be Adversely Affected by Global Credit Market Conditions

Economic downturns and economic uncertainty generally affect global credit markets. Our vendors, customers and other participants in our supply chain may require access to credit markets in order to do business. Credit market conditions may slow our collection efforts as customers find it more difficult to obtain necessary financing, leading to higher than normal accounts receivable. This could result in greater expense associated with collection efforts and increased bad debt expense. Credit conditions may impair our vendors’ ability to finance the purchase of raw materials or general working capital needs to support our production requirements, resulting in a delay or non-receipt of inventory shipments during key seasons.

Historically we have limited our reliance on debt to finance our working capital, capital expenditures and investing activity requirements. We expect to fund our future capital expenditures with existing cash, expected operating cash flows and credit facilities, but if the need arises to finance additional expenditures, we may need to seek additional funding. Our ability to obtain additional financing will depend on many factors, including prevailing market conditions, our financial condition, and our ability to negotiate favorable terms and conditions. Financing may not be available on terms that are acceptable or favorable to us, if at all.

We May be Adversely Affected by Retailer Consolidation

When our wholesale customers combine their operations through mergers, acquisitions, or other transactions, their consolidated order volume may decrease while their bargaining power and the competitive threat they pose by marketing products under their own private labels may increase. Some of our significant customers have consolidated their operations in the past, which in turn has had a negative effect on our business. Future customer consolidations could have a material adverse effect on our financial condition, results of operations or cash flows.

We Rely on Technical Innovation and Functional Design to Compete in the Market for our Products

Technical innovation and functional design is essential to distinguish our products in the marketplace and achieve commercial

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success. Research and development plays a key role in technical innovation. We rely upon specialists in the fields of chemistry, biochemistry, engineering, industrial design, electronics and related fields, guided by consumer feedback, to develop and test innovative performance products. Although we are committed to designing innovative and functional products that deliver relevant performance benefits to consumers who participate in a wide range of competitive and recreational outdoor activities, if we fail to introduce technical innovation in our products that address consumers’ performance expectations, demand for our products could decline.

As we strive to achieve technical innovations, we face a greater risk of inadvertent infringements of third party rights or compliance issues with regulations applicable to products with technical innovations such as electrical components. In addition, technical innovations often involve more complex manufacturing processes. More complex manufacturing processes may lead to higher instances of quality issues, and if we experience problems with the quality of our products, we may incur substantial expense to remedy the problems. Failure to successfully bring to market technical innovations in our product lines could have a material adverse effect on our financial condition, results of operations or cash flows.

We Face Risks Associated with Consumer Preferences and Fashion Trends

Changes in consumer preferences or consumer interest in outdoor activities may have a material adverse effect on our business. In addition, changes in fashion trends may have a greater impact than in the past as we expand our offerings to include more product categories in more geographic areas, particularly with the Sorel brand. We also face risks because our business requires us and our customers to anticipate consumer preferences. Our decisions about product designs often are made far in advance of consumer acceptance. Although we try to manage our inventory risk by soliciting advance order commitments by retailers, we must generally place a significant portion of our seasonal production orders with our independent factories before we have received all of a season’s orders, and orders may be cancelled by customers before shipment. If we or our customers fail to anticipate and respond to consumer preferences, we may have lower sales, excess inventories and lower profit margins, any of which could have a material adverse effect on our financial condition, results of operations or cash flows.

Our Success Depends on Our Use and Protection of Intellectual Property Rights

Our registered and common law trademarks and our patented or patent-pending designs and technologies have significant value and are important to our ability to differentiate our products from those of our competitors’ and to create and sustain demand for our products. We also place significant value on our trade dress, the overall appearance and image of our products. From time to time, we discover products that are counterfeit reproductions of our products or that otherwise infringe on our proprietary rights. Counterfeiting activities typically increase as brand recognition increases, especially in markets outside the United States. Increased instances of counterfeit manufacture and sales may adversely affect our sales and our brand and result in a shift of consumer preference away from our products. The actions we take to establish and protect trademarks and other proprietary rights may not be adequate to prevent imitation of our products by others or to prevent others from seeking to block sales of our products as violations of proprietary rights. In markets outside of the United States, it may be more difficult for us to establish our proprietary rights and to successfully challenge use of those rights by other parties. We also license our proprietary rights to third parties. Failure to choose appropriate licensees and licensed product categories may dilute or harm our brand image. In addition to our own intellectual property rights, many of the intellectual property rights in the technology, fabrics and processes used to manufacture our products are generally owned or controlled by our suppliers and are generally not unique to us. In those cases, we may not be able to adequately protect our products or differentiate their performance characteristics and fabrications from those of our competitors. Actions or decisions in the management of our intellectual property portfolio may affect the strength of our brands, which may in turn have a material adverse effect on our financial condition, results of operations or cash flows.

Although we have not been materially inhibited from selling products in connection with patent, trademark and trade dress disputes, as we focus on innovation in our product lines, extend our brands into new product categories and expand the geographic scope of our marketing, we may become subject to litigation based on allegations of infringement of intellectual property rights of third parties, including third party trademark, copyright and patent rights. An increasing number of our products include technologies and/or designs for which we have obtained or applied for patent protection. Failure to successfully obtain and maintain patents on these innovations could negatively affect our ability to market and sell our products. Future litigation also may be necessary to defend against such claims or to enforce and protect our intellectual property rights. Intellectual property litigation may be costly and may divert management’s attention from the operation of our business. Adverse determinations in any litigation may result in the loss of our proprietary rights, subject us to significant liabilities or require us to seek licenses from third parties, which may not be available on commercially reasonable terms, if at all. Any of these outcomes may have a material adverse effect on our financial condition, results of operations or cash flows.

Our Success Depends on Our Distribution Facilities

Our ability to meet customer expectations, manage inventory, complete sales and achieve objectives for operating efficiencies

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depends on the proper operation of our existing distribution facilities, the development or expansion of additional distribution capabilities and the timely performance of services by third parties, including those involved in shipping product to and from our distribution facilities. In the United States, we rely primarily on our distribution centers in Portland, Oregon and Robards, Kentucky; in Canada, we rely primarily on our distribution facilities in Strathroy, Ontario; in Europe, we rely primarily on our distribution center in Cambrai, France; in Japan, we rely primarily on a third-party logistics distribution provider in Tokyo; and in Korea, we rely primarily on leased distribution facilities near Seoul that we manage and operate.

Our distribution facilities in the United States and France are highly automated, which means that their operations are complicated and may be subject to a number of risks related to computer viruses, the proper operation of software and hardware, electronic or power interruptions, and other system failures. Risks associated with upgrading or expanding these facilities may significantly disrupt or increase the cost of our operations. For example, in addition to supporting our traditional wholesale business, our existing distribution facilities have been modified to enable them to also support our new e-commerce sales in the United States. Failure to successfully maintain and update these modifications could disrupt our wholesale and e-commerce shipments and may have a material adverse effect on our financial condition, results of operations or cash flows.

The fixed costs associated with owning, operating and maintaining these large, highly-automated distribution centers in the United States and France during a period of economic weakness or declining sales could result in lower operating efficiencies and financial deleverage. This fixed cost structure may make it difficult for us to maintain profitability if sales volumes decline for an extended period of time and could have a material adverse effect on our financial condition, results of operations or cash flows.

Our distribution facilities may also be interrupted by disasters, such as earthquakes, tornadoes or fires. We maintain business interruption insurance, but it may not adequately protect us from the adverse effect that may be caused by significant disruptions in our distribution facilities.

We May be Adversely Affected by Currency Exchange Rate Fluctuations

Although the majority of our product purchases are denominated in U.S. dollars, the cost of these products may be affected by the relative changes in the value of the local currency of the manufacturer. Price increases caused by currency exchange rate fluctuations may make our products less competitive or have an adverse effect on our margins. Our international revenues and expenses generally are derived from sales and operations in currencies other than the U.S. dollar. Because the functional currency of many of our subsidiaries is not the U.S. dollar, we are exposed to potentially material gains or losses from the remeasurement of U.S. dollar monetary transactions into the respective functional currencies. Currency exchange rate fluctuations may also disrupt the business of the independent factories that produce our products by making their purchases of raw materials more expensive and more difficult to finance. As a result, currency fluctuations may have a material adverse effect on our financial condition, results of operations or cash flows.

Our Investments May be Adversely Affected by Market Conditions

Our investment portfolio is subject to a number of risks and uncertainties. Changes in market conditions, such as those that accompany an economic downturn or economic uncertainty, may negatively affect the value and liquidity of our investment portfolio, perhaps significantly. Our ability to find diversified investments that are both safe and liquid and that provide a reasonable return may be impaired, potentially resulting in lower interest income, less diversification, longer investment maturities and/or other-than-temporary impairments.

We May be Adversely Affected by Labor Disruptions

Our business depends on our ability to source and distribute products in a timely manner. Labor disputes at independent factories where our goods are produced, shipping ports, transportation carriers, retail stores or distribution centers create significant risks for our business, particularly if these disputes result in work slowdowns, lockouts, strikes or other disruptions during our peak manufacturing and importing seasons, and may have a material adverse effect on our business, potentially resulting in cancelled orders by customers, unanticipated inventory accumulation, and reduced revenues and earnings.

We Depend on Key Suppliers

Some of the materials that we use may be available from only one source or a very limited number of sources. For example, some specialty fabrics are manufactured to our specification by one source or a few sources, and a single vendor supplies substantially all of the zippers used in our products. From time to time, we have difficulty satisfying our raw material and finished goods requirements. Although we believe that we can identify and qualify additional independent factories to produce these materials as necessary, there are no guarantees that additional independent factories will be available. In addition, depending on the timing, any changes in sources or materials may result in increased costs or production delays, which may have a material adverse effect on our financial condition, results of operations or cash flows.

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We Depend on Key Personnel

Our future success will depend in part on the continued service of key personnel and our ability to attract, retain and develop key managers, designers, sales and information technology professionals and others. We face intense competition for these individuals worldwide, and there is a significant concentration of well-funded apparel and footwear competitors in and around our headquarters in Portland, Oregon. We may not be able to attract qualified new employees or retain existing employees, which may have a material adverse effect on our financial condition, results of operations or cash flows.

Our Business Is Affected by Seasonality

Our business is affected by the general seasonal trends common to the outdoor industry. Our products are marketed on a seasonal basis and our annual net sales are weighted heavily toward the fall/winter season, while our operating expenses are more equally distributed throughout the year. As a result, the majority, and sometimes all, of our operating profits are generated in the second half of the year. The expansion of our direct-to-consumer operations and sales growth in our winter footwear business (both Sorel and Columbia brands) has increased the proportion of sales and profits that we generate in the fourth calendar quarter. This seasonality, along with other factors that are beyond our control and that are discussed elsewhere in this section, may adversely affect our business and cause our results of operations to fluctuate. As a result, our profitability may be materially affected if management is not able to timely adjust expenses in reaction to adverse events such as unfavorable weather, weak consumer spending patterns or unanticipated levels of order cancellations. Results of operations in any period should not be considered indicative of the results to be expected for any future period.

Our Products Are Subject to Increasing Product Regulations and We Face Risks of Product Liability and Warranty Claims

Our products are subject to increasingly stringent and complex domestic and foreign product labeling and performance and safety standards, laws and other regulations. These requirements could result in greater expense associated with compliance efforts, and failure to comply with these regulations could result in a delay, non-delivery or mandated recall or destruction of inventory shipments during key seasons or in other financial penalties. Significant or continuing noncompliance with these standards and laws could disrupt our business and harm our reputation and, as a result, could have a material adverse effect on our financial condition, results of operations or cash flows.

Our products are used in outdoor activities, sometimes in severe conditions. Product recalls or product liability claims in the future, resulting from the alleged failure of our products, could have a material adverse effect on our financial condition, results of operations or cash flows. Some of our products carry warranties for defects in quality and workmanship. We maintain a warranty reserve for future warranty claims, but the actual costs of servicing future warranty claims may exceed the reserve, which may also have a material adverse effect on our financial condition, results of operations or cash flows.

Our Common Stock Price May Be Volatile

The price of our common stock has fluctuated substantially since our initial public offering. Our common stock is traded on the NASDAQ Global Select Market. Factors such as general market conditions, fluctuations in financial results, variances from financial market expectations, changes in earnings estimates or recommendations by analysts, or announcements by us or our competitors may cause the market price of our common stock to fluctuate, perhaps substantially.

Insiders Control a Majority of Our Common Stock and May Sell Shares

Three related shareholders, Timothy Boyle, Gertrude Boyle and Sarah Bany, beneficially own a majority of our common stock. As a result, if acting together, they can effectively control matters requiring shareholder approval without the cooperation of other shareholders. Shares held by these three insiders are available for resale, subject to the requirements of, and the rules under, the Securities Act of 1933 and the Securities Exchange Act of 1934. The sale or the prospect of the sale of a substantial number of these shares may have an adverse effect on the market price of our common stock.

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Item 2 –UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
April 1, 2012 through April 30, 2012	4,480	$	45.89	4,480	$	58,557,000
May 1, 2012 through May 31, 2012	—	—		—	58,557,000
June 1, 2012 through June 30, 2012	—	—		—	58,557,000
Total	4,480	$	45.89	4,480	$	58,557,000

⁽¹⁾ In 2004, the Board of Directors authorized the repurchase of $500,000,000 of the Company’s common stock. As of June 30, 2012, the Company had repurchased 9,593,278 shares under this program at an aggregate purchase price of approximately $441,443,000. Shares of the Company’s common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time.

Item 6 –EXHIBITS

(a) Exhibits

10.1	Columbia Sportswear Company 1997 Stock Incentive Plan, as amended
10.2	Form of Restricted Stock Unit Award Agreement for restricted stock units granted on or after June 7, 2012
10.3	Form of Nonstatutory Stock Option Agreement for stock options granted on or after June 7, 2012
31.1	Rule 13a-14(a) Certification of Timothy P. Boyle, President and Chief Executive Officer
31.2	Rule 13a-14(a) Certification of Thomas B. Cusick, Senior Vice President and Chief Financial Officer
32.1	Section 1350 Certification of Timothy P. Boyle, President and Chief Executive Officer
32.2	Section 1350 Certification of Thomas B. Cusick, Senior Vice President and Chief Financial Officer
101	INS XBRL Instance Document *
101	SCH XBRL Taxonomy Extension Schema Document *
101	CAL XBRL Taxonomy Extension Calculation Linkbase Document *
101	DEF XBRL Taxonomy Extension Definition Linkbase Document*
101	LAB XBRL Taxonomy Extension Label Linkbase Document *
101	PRE XBRL Taxonomy Extension Presentation Linkbase Document *

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities and Exchange Act of 1934, as amended and otherwise are not subject to liability under those sections.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COLUMBIA SPORTSWEAR COMPANY
Date: August 8, 2012	/s/ THOMAS B. CUSICK
	Thomas B. Cusick
	Senior Vice President and Chief Financial Officer
	(Duly Authorized Officer and Principal Financial and Accounting Officer)

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EX-10.1

EXHIBIT 10.1

COLUMBIA SPORTSWEAR COMPANY

1997 STOCK INCENTIVE PLAN, AS AMENDED

1.Purpose.The purpose of this 1997 Stock Incentive Plan (the "Plan") is to enable Columbia Sportswear Company (the "Company") to attract and retain the services of (i) selected employees, officers and directors of the Company or any parent or subsidiary of the Company and (ii) selected nonemployee agents, consultants, advisors and independent contractors of the Company or any parent or subsidiary of the Company. For purposes of this Plan, a person is considered to be employed by or in the service of the Company if the person is employed by or in the service of the Company or any parent or subsidiary of the Company (in which case, the Company, parent or subsidiary is referred to as an "Employer").

2.Shares Subject to the Plan.

2.1Shares Subject to the Plan.Subject to adjustment as provided below and in Section 10, the shares to be offered under the Plan shall consist of Common Stock of the Company, and the total number of shares of Common Stock that may be issued under the Plan shall be 10,400,000 shares.

2.2Share Usage.Shares of Common Stock covered by an award shall not be counted as used unless and until they are actually issued and delivered to the Recipient. If all or any portion of an option or Performance‑based Award granted under the Plan or a restricted stock units award awarded pursuant to Section 7 expires, terminates, is cancelled, or otherwise does not result in all the shares subject to such award being issued, the unissued shares subject to that option Performance‑based Award or restricted stock units award shall again be available under the Plan. If shares awarded as a stock bonus or restricted stock award pursuant to Section 7 or sold pursuant to Section 8 under the Plan are forfeited to or repurchased by the Company, the number of shares forfeited or repurchased shall again be available under the Plan.

3.Effective Date and Duration of Plan.

3.1Effective Date.The Plan shall become effective as of March 12, 1997. No Incentive Stock Option (as defined in Section 5 below) granted under the Plan shall become exercisable and no payments shall be made under a Performance‑based Award, however, until the Plan is approved by the affirmative vote of the holders of a majority of the shares of Common Stock represented at a shareholders meeting at which a quorum is present and the exercise of any Incentive Stock Options granted under the Plan before such approval shall be conditioned on and subject to such approval. Subject to this limitation, options and Performance‑based Awards may be granted and shares may be awarded as bonuses or sold under the Plan at any time after the effective date and before termination of the Plan.

3.2Duration.The Plan shall continue in effect until all shares available for issuance under the Plan have been issued and all restrictions on such shares have lapsed. The Board of Directors may suspend or terminate the Plan at any time except with respect to options, Performance‑based Awards, restricted stock units and shares subject to restrictions then outstanding under the Plan. Termination shall not affect any outstanding options, any outstanding Performance‑based Awards, any outstanding restricted stock units or any right of the Company to repurchase shares or the forfeitability of shares issued under the Plan.

4.Administration.

4.1Board of Directors.The Plan shall be administered by the Board of Directors of the Company, which shall determine and designate from time to time the individuals to whom awards shall be made, the amount of the awards and the other terms and conditions of the awards. Subject to the provisions of the Plan, the Board of Directors may from time to time adopt and amend rules and regulations relating to administration of the Plan, advance the lapse of any waiting period, accelerate any exercise date, waive or modify any restriction applicable to shares (except those restrictions imposed by law) and make all other

64071-0001/LEGAL22521201.4

determinations in the judgment of the Board of Directors necessary or desirable for the administration of the Plan. The interpretation and construction of the provisions of the Plan and related agreements by the Board of Directors shall be final and conclusive. The Board of Directors may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any related agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect, and it shall be the sole and final judge of such expediency.

4.2Committee.The Board of Directors may delegate to any committee of the Board of Directors (the "Committee") any or all authority for administration of the Plan. If authority is delegated to the Committee, all references to the Board of Directors in the Plan shall mean and relate to the Committee, except (i) as otherwise provided by the Board of Directors and (ii) that only the Board of Directors may amend or terminate the Plan as provided in Sections 3 and 11.

4.3Officers.The Board of Directors may delegate to any officer or officers of the Company authority to grant awards under the Plan, subject to any restrictions imposed by the Board of Directors.

4.4Non‑U.S. Provisions.Notwithstanding anything in the Plan to the contrary, with respect to any person eligible for awards under the Plan who is resident outside the United States, the Board of Directors may, in its sole discretion, amend or vary the terms of the Plan in order to conform such terms with the requirements of local law or to meet the goals and objectives of the Plan or to permit the Plan to operate in a qualified or tax‑efficient manner, and may, in its sole discretion, establish administrative rules and procedures to facilitate the operation of the Plan in such non‑U.S. jurisdictions. The Board may, where it deems appropriate in its sole discretion, establish one or more sub‑plans for these purposes.

5.Types of Awards; Eligibility.The Board of Directors may, from time to time, take the following actions, separately or in combination, under the Plan: (i) grant Incentive Stock Options, as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), as provided in Sections 6.1 and 6.2; (ii) grant options other than Incentive Stock Options ("Non‑Statutory Stock Options") as provided in Sections 6.1 and 6.3; (iii) award stock bonuses or restricted stock units as provided in Section 7; (iv) sell shares subject to restrictions as provided in Section 8; and (v) award Performance‑based Awards as provided in Section 9. Awards may be made to employees, including employees who are officers or directors, and to other individuals described in Section 1 who the Board of Directors believes have made or will make an important contribution to the Company; provided, however, that only employees of the Company or any parent or subsidiary of the Company (as defined in subsections 424(e) and 424(f) of the Code) shall be eligible to receive Incentive Stock Options under the Plan. The Board of Directors shall select the individuals to whom awards shall be made and shall specify the action taken with respect to each individual to whom an award is made. At the discretion of the Board of Directors, an individual may be given an election to surrender an award in exchange for the grant of a new award.

6.Option Grants.

6.1General Rules Relating to Options.

6.1‑1Terms of Grant.The Board of Directors may grant options under the Plan. With respect to each option grant, the Board of Directors shall determine the number of shares subject to the option, the option exercise price, the period of the option, the time or times at which the option may be exercised and whether the option is an Incentive Stock Option or a Non‑Statutory Stock Option.

6.1‑2Exercise of Options.Except as provided in Section 6.1‑4 or as determined by the Board of Directors, no option granted under the Plan may be exercised unless at the time of such exercise the optionee is employed by or in the service of the Company and shall have been so employed or provided such service continuously since the date the option was granted. Except as provided in Sections 6.1‑4 and 10, options granted under the Plan may be exercised from time to time over the period stated in each option in such amounts and at such times as shall be prescribed by the Board of Directors, provided that options shall not

be exercised for fractional shares. Unless otherwise determined by the Board of Directors, if an optionee does not exercise an option in any one year with respect to the full number of shares to which the optionee is entitled in that year, the optionee's rights shall be cumulative and the optionee may purchase those shares in any subsequent year during the term of the option.

6.1‑3Nontransferability.Each Incentive Stock Option and, unless otherwise determined by the Board of Directors, each other option granted under the Plan by its terms (i) shall be nonassignable and nontransferable by the optionee, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the optionee's domicile at the time of death, and (ii) during the optionee's lifetime, shall be exercisable only by the optionee.

6.1‑4Termination of Employment or Service.

6.1‑4(a)General Rule.Unless otherwise determined by the Board of Directors or unless otherwise required under applicable law, in the event an optionee's employment or service with the Company terminates for any reason other than because of total disability or death as provided in Sections 6.1‑4(b) and (c), his or her option may be exercised at any time before the expiration date of the option or the expiration of the post‑termination exercise period after the date of termination, whichever is the shorter period, but only if and to the extent the optionee was entitled to exercise the option at the date of termination. The post‑termination exercise period for a grant is set forth in an option agreement.

6.1‑4(b)Termination Because of Total Disability.Unless otherwise determined by the Board of Directors, in the event an optionee's employment or service with the Company terminates because of total disability, his or her option may be exercised at any time before the expiration date of the option or before the date 12 months after the date of termination, whichever is the shorter period, but only if and to the extent the optionee was entitled to exercise the option at the date of termination. The term "total disability" shall be defined under the Company’s long‑term disability policy. .

6.1‑4(c)Termination Because of Death.Unless otherwise determined by the Board of Directors, in the event of an optionee's death while employed by or providing service to the Company, his or her option may be exercised at any time before the expiration date of the option or before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the optionee was entitled to exercise the option at the date of death and only by the person or persons to whom the optionee's rights under the option shall pass by the optionee's will or by the laws of descent and distribution of the state or country of domicile at the time of death.

6.1‑4(d)Amendment of Exercise Period Applicable to Termination.The Board of Directors may at any time prior to the expiration of an option extend the applicable post‑termination exercise periods any length of time not longer than the original expiration date of the option. The Board of Directors may at any time increase the portion of an option that is exercisable, subject to such terms and conditions as the Board of Directors may determine.

6.1‑4(e)Failure to Exercise Option.To the extent that the option of any deceased optionee or any optionee whose employment or service terminates is not exercised within the applicable period, all further rights to purchase shares pursuant to the option shall cease and terminate.

6.1‑4(f)Leave of Absence.Absence on leave approved by the Employer or on account of illness or disability shall not be deemed a termination or interruption of employment or service. Unless otherwise determined by the Board of Directors, vesting of options shall continue during a medical, family or military leave of absence, whether paid or unpaid, and vesting of options shall be suspended during any other unpaid leave of absence greater than 30 days.

6.1‑5Purchase of Shares.

64071-0001/LEGAL22521201.4

6.1‑5(a)Notice of Exercise.Unless the Board of Directors determines otherwise, shares may be acquired pursuant to an option granted under the Plan only upon the receipt by the Company, or by a broker or other agent as directed or approved by the Company, of written notice from the optionee of the optionee's binding commitment to purchase shares, specifying the number of shares the optionee desires to purchase under the option and the date on which the optionee agrees to complete the transaction, and, if required in order to comply with the Securities Act of 1933, as amended, containing a representation that it is the optionee's present intention to acquire the shares for investment and not with a view to distribution.

6.1‑5(b)Payment.Unless the Board of Directors determines otherwise, on or before the date specified for completion of the purchase of shares pursuant to an option exercise, the optionee must have paid the Company the full purchase price of those shares in cash or by check or, with the consent of the Board of Directors, in whole or in part, in Common Stock of the Company valued at fair market value, restricted stock, or other contingent awards denominated in either stock or cash, promissory notes and other forms of consideration. The fair market value of Common Stock provided in payment of the purchase price shall be the closing price of the Common Stock last reported before the time payment in Common Stock is made or, if earlier, committed to be made, if the Common Stock is publicly traded, or another value of the Common Stock as shall be specified by the Board of Directors. No shares shall be issued until full payment for the shares has been made, including all amounts owed for tax withholding. With the consent of the Board of Directors, an optionee may request the Company to apply automatically the shares to be received upon the exercise of a portion of a Non‑Statutory Stock Option (even though stock certificates have not yet been issued) to satisfy the purchase price for additional portions of the option.

6.1‑5(c)Tax Withholding. Each optionee who has exercised an option shall, immediately upon notification of the amount due, if any, pay to the Company in cash or by check amounts necessary to satisfy any applicable federal, state, local and non‑U.S. tax withholding requirements. If additional withholding is or becomes required (as a result of exercise of an option or as a result of disposition of shares acquired pursuant to exercise of an option) beyond any amount deposited before delivery of the certificates, the optionee shall pay such amount, in cash or by check, to the Company on demand. If the optionee fails to pay the amount demanded, the Company or the Employer may withhold that amount from other amounts payable to the optionee, including salary, subject to applicable law. The Company shall have the right, but not the obligation, to deduct from any and all payments made under the Plan, or to require the optionee, to satisfy this obligation, in whole or in part, by instructing the Company to withhold from the shares to be issued upon exercise or by delivering to the Company other shares of Common Stock; provided, however, that the number of shares so withheld or delivered shall not exceed the minimum amount necessary to satisfy the required tax withholding obligation. The Company shall have no obligation to deliver shares of stock until the Company’s tax withholding obligations have been satisfied by the optionee.

6.1‑5(d)Reduction of Reserved Shares.Upon the exercise of an option, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued upon exercise of the option (less the number of any shares surrendered in payment for the exercise price or withheld to satisfy withholding requirements).

6.1‑6Limitations on Grants to Non‑Exempt Employees.Unless otherwise determined by the Board of Directors, if an employee of the Company or any parent or subsidiary of the Company is a non‑exempt employee subject to the overtime compensation provisions of Section 7 of the Fair Labor Standards Act (the "FLSA"), any option granted to that employee shall be subject to the following restrictions: (i) the option price shall be at least 85 percent of the fair market value, as described in Section 6.2‑4, of the Common Stock subject to the option on the date it is granted; and (ii) the option shall not be exercisable until at least six months after the date it is granted; provided, however, that this six‑month restriction on exercisability will cease to apply if the employee dies, becomes disabled or retires, there is a change in ownership of the Company, or in other circumstances permitted by regulation, all as prescribed in Section 7(e)(8)(B) of the FLSA.

6.2Incentive Stock Options.Incentive Stock Options shall be subject to the following additional terms and

conditions:

6.2‑1Limitation on Amount of Grants.If the aggregate fair market value of stock (determined as of the date the option with respect to such stock is granted) with respect to which Incentive Stock Options granted under this Plan (and any other stock incentive plan of the Company or its parent or subsidiary corporations) are exercisable for the first time by an employee during any calendar year exceeds $100,000, the portion of the option or options not exceeding $100,000 will be treated as an Incentive Stock Option and the portion of the option exceeding $100,000 will be treated as a Non‑Statutory Stock Option. The preceding sentence will be applied by taking options into account in the order in which they were granted. The Company may designate stock that is treated as acquired pursuant to exercise of an option that is in part an Incentive Stock Option and in part a Non‑Statutory Stock Option as Incentive Stock Option stock by issuing a separate certificate for that stock and identifying the certificate as Incentive Stock Option stock in its stock records. In the absence of such a designation, each share of stock issued pursuant to exercise of the option will be treated in part as Incentive Stock Option stock and in part as Non‑Statutory Stock Option stock.

6.2‑2Limitations on Grants to 10 Percent Shareholders.An Incentive Stock Option may be granted under the Plan to an employee possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or any parent or subsidiary (as defined in subsections 424(e) and 424(f) of the Code) only if the option price is at least 110 percent of the fair market value, as described in Section 6.2‑4, of the Common Stock subject to the option on the date it is granted and the option by its terms is not exercisable after the expiration of five years from the date it is granted.

6.2‑3Duration of Options.Subject to Sections 6.1‑2, 6.1‑4 and 6.2‑2, Incentive Stock Options granted under the Plan shall continue in effect for the period fixed by the Board of Directors, except that no Incentive Stock Option shall be exercisable after the expiration of 10 years from the date it is granted.

6.2‑4Option Price.The option price per share shall be determined by the Board of Directors at the time of grant. Except as provided in Section 6.2‑2, the option price shall not be less than 100 percent of the fair market value of the Common Stock covered by the Incentive Stock Option at the date the option is granted. The fair market value shall be the closing price of the Common Stock last reported before the time the option is granted, if the stock is publicly traded, or, another value of the Common Stock as shall be specified by the Board of Directors.

6.2‑5Limitation on Time of Grant.No Incentive Stock Option shall be granted on or after the tenth anniversary of the last action by the Board of Directors adopting the Plan or approving any amendment to the Plan that constitutes the adoption of a new Plan for purposes of Section 422 of the Code. If the Company's shareholders do not approve the Plan within 12 months of such adoption or amendment, any Incentive Stock Options granted under the Plan after the date of such adoption or amendment will be treated as Non‑Statutory Stock Options.

6.2‑6Early Dispositions.If within two years after an Incentive Stock Option is granted or within 12 months after an Incentive Stock Option is exercised, the optionee sells or otherwise disposes of Common Stock acquired on exercise of the Option, the optionee shall within 30 days of the sale or disposition notify the Company in writing of (i) the date of the sale or disposition, (ii) the amount realized on the sale or disposition and (iii) the nature of the disposition (e.g., sale, gift, etc.).

6.3Non‑Statutory Stock Options.Non‑Statutory Stock Options shall be subject to the following terms and conditions, in addition to those set forth in Section 6.1 above:

6.3‑1Option Price.The option price for Non‑Statutory Stock Options shall be determined by the Board of Directors at the time of grant. Except as provided in Section 6.2‑2, the option price shall not be less than 100 percent of the fair market value of the Common Stock covered by the Non‑Statutory Stock Option at the date the option is granted. The fair market value shall be the closing price of the Common Stock last reported before the time the option is granted, if the stock is publicly traded, or, another value of the

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Common Stock as shall be specified by the Board of Directors.

6.3‑2Duration of Options.Non‑Statutory Stock Options granted under the Plan shall continue in effect for the period fixed by the Board of Directors.

7.Stock Bonuses and Restricted Stock Units.The Board of Directors may award shares under the Plan as stock bonuses or restricted stock units. Shares awarded as a stock bonus or restricted stock units shall be subject to the terms, conditions and restrictions determined by the Board of Directors. The restrictions may include restrictions concerning transferability and forfeiture of the shares awarded, together with such other restrictions as may be determined by the Board of Directors. The Board of Directors may require the recipient to sign an agreement as a condition of the award, but may not require the recipient to pay any monetary consideration other than amounts necessary to satisfy tax withholding requirements. The agreement may contain any terms, conditions, restrictions, representations and warranties required by the Board of Directors. The certificates representing the shares awarded shall bear any legends required by the Board of Directors. The Company may require any recipient of an award to pay to the Company in cash or by check upon demand amounts necessary to satisfy any applicable federal, state, local or non‑U.S. tax withholding requirements. If the recipient fails to pay the amount demanded, the Company or the Employer may withhold that amount from other amounts payable to the recipient, including salary, subject to applicable law. The Company shall have the right, but not the obligation, to deduct from any and all payments made under the Plan, or to require the recipient, to satisfy this obligation, in whole or in part, by instructing the Company to withhold from the shares to be issued or by delivering to the Company other shares of Common Stock; provided, however, that the number of shares so withheld or delivered shall not exceed the minimum amount necessary to satisfy the required tax withholding obligation. The Company shall have no obligation to deliver shares of stock until the Company’s tax withholding obligations have been satisfied by the recipient. Upon the issuance of a stock bonus or restricted stock unit, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued, less the number of shares withheld or delivered to satisfy withholding obligations.

8.Restricted Stock.The Board of Directors may issue shares under the Plan for such consideration (including promissory notes and services) as determined by the Board of Directors. Shares issued under the Plan shall be subject to the terms, conditions and restrictions determined by the Board of Directors. The restrictions may include restrictions concerning transferability, repurchase by the Company and forfeiture of the shares issued, together with such other restrictions as may be determined by the Board of Directors. All Common Stock issued pursuant to this Section 8 shall be subject to a purchase agreement, which shall be executed by the Company and the prospective purchaser of the shares before the delivery of certificates representing such shares to the purchaser. The purchase agreement may contain any terms, conditions, restrictions, representations and warranties required by the Board of Directors. The certificates representing the shares shall bear any legends required by the Board of Directors. The Company may require any purchaser of restricted stock to pay to the Company in cash or by check upon demand amounts necessary to satisfy any applicable federal, state, local, or non‑U.S. tax withholding requirements. If the purchaser fails to pay the amount demanded, the Company or the Employer may withhold that amount from other amounts payable to the purchaser, including salary, subject to applicable law. With the consent of the Board of Directors, a purchaser may satisfy this obligation, in whole or in part, by instructing the Company to withhold from any shares to be issued or by delivering to the Company other shares of Common Stock; provided, however, that the number of shares so withheld or delivered shall not exceed the minimum amount necessary to satisfy the required tax withholding obligation. Upon the issuance of restricted stock, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued, less the number of shares withheld or delivered to satisfy withholding obligations.

9.Performance‑based Awards.The Committee may grant awards intended to qualify as qualified performance‑based compensation under Section 162(m) of the Code and the regulations thereunder to any "covered employee" as that term is defined for purposes of Section 162(m)(3) of the Code or any successor provision ("Performance‑based Awards"). Performance‑based Awards shall be denominated at the time of grant either in Common Stock ("Stock Performance Awards") or in dollar amounts ("Dollar Performance

Awards"). Payment under a Stock Performance Award or a Dollar Performance Award shall be made, at the discretion of the Committee, in Common Stock ("Performance Shares"), or in cash or in any combination thereof. Performance‑based Awards shall be subject to the following terms and conditions:

9.1Award Period.The Committee shall determine the period of time for which a Performance‑based Award is made (the "Award Period").

9.2Performance Goals and Payment.The Committee shall establish in writing objective performance goals ("Performance Goals") that must be met by the Company or any subsidiary, division or other unit of the Company ("Business Unit") during the Award Period as a condition to payment being made under the Performance‑based Award.

9.2‑1The Performance Goals for each Performance‑based Award shall be one or more targeted levels of performance with respect to one or more of the following "performance criteria" with respect to the Company or any Business Unit as reported or calculated by the Company: earnings, earnings per share, book value per share, stock price appreciation, total shareholder return (stock price increase plus dividends), return on equity, return on assets, return on invested capital, working capital, market or economic value added, revenues, operating income (including or excluding depreciation, amortization, extraordinary items, restructuring charges or other expenses), operating margins, inventories, inventory turns, debt, debt plus equity, cost control, strategic initiatives, market share, net income, improvements in capital structure, cash flows (including, but not limited to, operating cash flow, free cash flow or cash flow return on capital).

9.2‑2Performance Goals also may be based on the achievement of specified levels of Company performance (or performance of an applicable Business Unit) under one or more of the performance criteria described above relative to the performance of other corporations. Such performance goals shall be set by the Committee within the time period prescribed by, and shall otherwise comply with the requirements of, Section 162(m) of the Code, or any successor provision thereto, and the regulations thereunder.

9.2‑3The Committee may provide in any Performance‑based Award that any evaluation of performance may include or exclude any of the following events that occurs during an Award Period: (i) asset write‑downs, (ii) litigation or claim judgments or settlements, (iii) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results, (iv) any reorganization and restructuring programs, (v) extraordinary nonrecurring items as described in Accounting Standards Codification 225‑20 and/or in Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing in the Company’s annual report to shareholders for the applicable year, (vi) acquisitions or divestitures, (vii) foreign exchange gains and losses, and (viii) gains and losses on asset sales. To the extent such inclusions or exclusions affect Performance‑based Awards to covered employees, they shall be prescribed in a form that satisfies the requirements for “performance‑based compensation” within the meaning of Section 162(m)(4)(C) of the Code, or any successor provision thereto.

9.2‑4The Committee shall also establish the number of Performance Shares or the amount of cash payment to be made under a Performance‑based Award if the Performance Goals are met or exceeded, including the fixing of a maximum payment (subject to Section 9.4).

9.2‑5The Committee may establish other restrictions to payment under a Performance‑based Award, such as a continued employment requirement, in addition to satisfaction of the Performance Goals. Some or all of the Performance Shares may be issued at the time of the award as restricted shares subject to forfeiture in whole or in part if Performance Goals or, if applicable, other restrictions are not satisfied.

9.3Maximum Awards.No covered employee may be awarded in any fiscal year awards, other than Performance‑based Awards, with respect to more than 100,000 shares of Common Stock, Stock Performance Awards under which the aggregate amount of shares of Common Stock payable under the Awards exceeds the equivalent of 100,000 shares of Common Stock, or Dollar Performance Awards under

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which the aggregate amount payable under the Awards exceeds $3,000,000.

9.4Tax Withholding.Each participant who has received Performance Shares shall, upon notification of the amount due, pay to the Company in cash or by check amounts necessary to satisfy any applicable federal, state, local, or non‑U.S. tax withholding requirements. If the participant fails to pay the amount demanded, the Company or the Employer may withhold that amount from other amounts payable to the participant, including salary, subject to applicable law. With the consent of the Board of Directors, a participant may satisfy this obligation, in whole or in part, by instructing the Company to withhold from any shares to be issued or by delivering to the Company other shares of Common Stock; provided, however, that the number of shares so delivered or withheld shall not exceed the minimum amount necessary to satisfy the required tax withholding obligation.

9.5Effect on Shares Available.The payment of a Performance‑based Award in cash shall not reduce the number of shares of Common Stock reserved for issuance under the Plan. The number of shares of Common Stock reserved for issuance under the Plan shall be reduced by the number of shares issued upon payment of an award, less the number of shares delivered or withheld to satisfy withholding obligations.

10.Changes in Capital Structure.

10.1Stock Splits; Stock Dividends.If the outstanding Common Stock of the Company is hereafter increased or decreased in number or value or changed into or exchanged for a different number or kind of shares or other securities of the Company or any other Company by reason of any stock split, reverse stock split, spin off, combination or exchange of shares, dividend payable in shares, distribution to shareholders other than a normal cash dividend or recapitalization, reclassification, or other change in the Company's corporate or capital structure, appropriate adjustment shall be made by the Board of Directors in the number and kind of shares available for grants under the Plan and in all other share amounts set forth in the Plan. In addition, the Board of Directors shall make appropriate adjustment in the number and kind of shares as to which outstanding options and awards, or portions thereof then unexercised or not yet vested or settled, shall be exercisable or payable, so that the optionee's proportionate interest before and after the occurrence of the event is maintained. Notwithstanding the foregoing, the Board of Directors shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Board of Directors. Any such adjustments made by the Board of Directors shall be conclusive.

10.2Mergers, Reorganizations, Etc.In the event of a merger, consolidation, plan of exchange, acquisition of property or stock, split‑up, split‑off, spin‑off or reorganization to which the Company is a party or any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the Company's assets or of more than 50% of the Company's outstanding shares of Common Stock (each, a "Transaction"), the Board of Directors shall, in its sole discretion and to the extent possible under the structure of the Transaction, select one of the following alternatives for treating outstanding awards under the Plan, in each case provided that the Transaction is consummated:

10.2‑1Outstanding awards shall remain in effect in accordance with their terms.

10.2‑2Outstanding awards shall be assumed, converted into or exchanged for awards with respect to stock in one or more of the corporations, including the Company, that are the surviving or acquiring corporations in the Transaction (or in a parent corporation). The amount and type of securities subject thereto and exercise price of any converted options shall be determined by the Board of Directors of the Company, taking into account the relative values of the companies involved in the Transaction and the exchange rate, if any, used in determining shares of the surviving corporation(s) to be held by holders of shares of the Company following the Transaction. Unless otherwise determined by the Board of Directors, the assumed converted or exchanged awards shall be vested and/or free from applicable restrictions only to the extent that such requirements relating to awards granted hereunder have been satisfied.

10.2‑3The Board of Directors shall provide a period of 30 days or less before the consummation of the Transaction during which outstanding options may be exercised to the extent then exercisable, and upon the expiration of that period, all unexercised options shall immediately terminate. The Board of Directors may, in its sole discretion, accelerate the exercisability of options so that they are exercisable in full during that period. The Board of Directors may, in its sole discretion, provide that any or all other outstanding awards granted under the Plan shall terminate upon or immediately prior to the consummation of the Transaction and/or accelerate the vesting and/or waive any applicable restrictions upon the expiration of the period provided as described in this Section 10.2‑3 or upon or immediately prior to the consummation of the Transaction.

10.2‑4The Board of Directors, in its sole discretion, shall provide that outstanding awards shall terminate either upon or immediately prior to consummation of a Transaction and that holders of such awards shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (x) the value of the per share consideration received by holders of Common Stock in the Transaction, or, in the event the Transaction does not result in direct receipt of consideration by holders of Common Stock, the value of the deemed per share consideration received, in each case as determined by the Board of Directors in its sole discretion, multiplied by the number of shares of Common Stock subject to such outstanding awards (to the extent then vested and/or exercisable or whether or not then vested and/or exercisable, as determined by the Board of Directors in its sole discretion) exceeds (y) if applicable, the respective aggregate exercise price or grant price for such awards, if any.

10.2‑5For the avoidance of doubt, nothing in this Section 10.2 requires all outstanding awards to be treated similarly.

10.3Dissolution of the Company.Unless otherwise determined by the Board of Directors in its sole discretion, in the event of the dissolution or liquidation of the Company, outstanding awards shall automatically terminate immediately prior to such dissolution or liquidation of the Company‑. To the extent a vesting condition, forfeiture provision or repurchase right applicable to an award has not been waived by the Board of Directors, the award shall be forfeited immediately prior to the consummation of the dissolution or liquidation.

10.4Rights Issued by Another Corporation.The Board of Directors may also grant options, stock bonuses, restricted stock units and Performance‑based Awards and issue restricted stock under the Plan having terms, conditions and provisions that vary from those specified in this Plan, provided that any such awards are granted in exchange or substitution for, or in connection with the assumption or conversion of, existing options, stock bonuses, restricted stock units, Performance‑based Awards and restricted stock granted, awarded or issued by another corporation and assumed, converted, exchanged or otherwise agreed to be provided for by the Company pursuant to or by reason of a Transaction.

11.Amendment of the Plan.The Board of Directors may at any time, modify or amend the Plan in such respects as it shall deem advisable because of changes in the law while the Plan is in effect or for any other reason. Except as provided in Section 10, however, no change in an award already granted shall be made without the written consent of the holder of the award if the change would adversely affect the holder to a material extent.

12.Approvals.The Company's obligations under the Plan are subject to the approval of federal, state and non‑U.S. authorities or agencies with jurisdiction in the matter. The Company will use its best efforts to comply with applicable law and regulations, including rules and regulations of the Securities and Exchange Commission and any stock exchange on which the Company's shares may then be listed, in connection with the grants under the Plan. The foregoing notwithstanding, the Company shall not be obligated to issue or deliver Common Stock under the Plan if such issuance or delivery would violate applicable federal, state or non‑U.S. laws, rules or regulations.

13.Employment and Service Rights.Nothing in the Plan or any award pursuant to the Plan shall (i) confer

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upon any employee any right to be continued in the employment of an Employer or interfere in any way with the Employer's right to terminate such employee's employment at will at any time, for any reason, with or without cause, or to decrease such employee's compensation or benefits, or (ii) confer upon any person engaged by an Employer any right to be retained or employed by the Employer or to the continuation, extension, renewal or modification of any compensation, contract or arrangement with or by the Employer.

14.Rights as a Shareholder.The recipient of any award under the Plan shall have no rights as a shareholder with respect to any Common Stock until the date the recipient becomes the holder of record of those shares. Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date occurs before the date the recipient becomes the holder of record.

15.Option Repricing.In no event shall the Board or Directors have the right, without shareholder approval, to (i) lower the price of an option after it is granted, except in connection with adjustments provided in Section 10; (ii) take any other action that is treated as a repricing under generally accepted accounting principles; or (iii) cancel an option at a time when its exercise price exceeds the fair market value of the underlying stock, in exchange for [cash,] another option, stock appreciation right, restricted stock, or other equity, unless the cancellation and exchange occurs in connection with a merger, acquisition, spin‑off or other similar corporate transaction.

16.Section 409A of the Code.The Plan and awards granted under the Plan are intended to be exempt from the requirements of Section 409A of the Code to the maximum extent possible, whether pursuant to the short‑term deferral exception described in Treasury Regulation Section 1.409A‑1(b)(4), the exclusion applicable to stock options, stock appreciation rights and certain other equity‑based compensation under Treasury Regulation Section 1.409A‑1(b)(5), or otherwise. To the extent Section 409A is applicable to the Plan or any award granted under the Plan, it is intended that the Plan and such awards granted under the Plan comply with the deferral, payout and other limitations and restrictions imposed under Section 409A. Notwithstanding any other provision of the Plan or any award granted under the Plan to the contrary, the Plan and any award granted under the Plan shall be interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and notwithstanding any other provision of the Plan or any award granted under the Plan to the contrary, with respect to any payments and benefits under the Plan or any award granted under the Plan to which Section 409A applies, all references in the Plan or any award granted under the Plan to the termination of the participant’s employment or service are intended to mean the participant’s “separation from service,” within the meaning of Section 409A(a)(2)(A)(i). In addition, if the participant is a “specified employee,” within the meaning of Section 409, then to the extent necessary to avoid subjecting the participant to the imposition of any additional tax under Section 409A, amounts that would otherwise be payable under the Plan or any award granted under the Plan during the six‑month period immediately following the participant’s “separation from service,” within the meaning of Section 409A(a)(2)(A)(i), shall not be paid to the participant during such period, but shall instead be accumulated and paid to the participant (or, in the event of the participant’s death, the participant’s estate) in a lump sum on the first business day after the earlier of the date that is six months following the participant’s separation from service or the participant’s death. Notwithstanding any other provision of the Plan to the contrary, the Board of Directors, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify the Plan and any award granted under the Plan so that the award qualifies for exemption from or complies with Section 409A; provided, however, that the Board of Directors makes no representations that awards granted under the Plan shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to awards granted under the Plan.

EX-10.2

EXHIBIT 10.2

RESTRICTED STOCK UNIT
AWARD AGREEMENT

This Award Agreement (the “Agreement”) is entered into as of [Grant Date] (the “Award Date”) by and between Columbia Sportswear Company, an Oregon corporation (the “Company”), and [Name](the “Recipient”), for the award of restricted stock units with respect to the Company’s Common Stock (“Common Stock”).

The award of restricted stock units to the Recipient is made pursuant to Section 7 of the 1997 Stock Incentive Plan, as amended (the “Plan”) and the Recipient desires to accept the award subject to the terms and conditions of this Agreement.

IN CONSIDERATION of the mutual covenants and agreements set forth in this Agreement, the parties agree to the following.

1.    Award and Terms of Restricted Stock Units. The Company awards to the Recipient under the Plan [Number]restricted stock units (the “Award”), subject to the restrictions, terms and conditions set forth in this Agreement.

(a)    Rights under Restricted Stock Units. A restricted stock unit (a “RSU”) represents the unfunded, unsecured right to require the Company to deliver to the Recipient one share of Common Stock for each RSU.  The number of shares of Common Stock deliverable with respect to each RSU is subject to adjustment as determined by the Board of Directors of the Company as to the number and kind of shares of stock deliverable upon any merger, reorganization, consolidation, recapitalization, stock dividend, spin-off or other change in the corporate structure affecting the Common Stock generally.

(b)    Vesting Dates. The RSUs awarded under this Agreement shall initially be 100% unvested and subject to forfeiture.  Subject to this Section 1(b), [Vesting Schedule]. The date on which RSUs vest is referred to as a “vesting date.” The RSUs shall become vested on a respective vesting date only to the extent the Recipient is an employee of the Company continuously from the Award Date to such vesting date. If a vesting date falls on a weekend or any other day on which the Nasdaq Stock Market (“NSM”) or any national securities exchange on which the Common Stock then is principally traded (the “Exchange”) is not open, affected RSUs shall vest on the next following NSM or Exchange business day, as the case may be.

(c)    Acceleration on Death or Total Disability. If the Recipient ceases to be an employee of the Company by reason of the Recipient’s death or physical disability, outstanding but unvested RSUs shall become immediately vested. The term “total disability” shall have the meaning given to the term under the Company’s long-term disability policy.

(d)    Forfeiture of RSUs.

(1)    Forfeiture of RSUs on Termination of Service. If the Recipient ceases to be an employee of the Company for any reason that does not result in acceleration of vesting pursuant to Section 1(c), the Recipient shall immediately forfeit all outstanding but unvested RSUs awarded pursuant to this Agreement and the Recipient shall have no right to receive the related Common Stock. In addition, absence on leave approved by the Company (or, if the Recipient is an executive officer of the Company, by the Board of Directors), shall not be deemed a termination or interruption of employment or service. Unless otherwise determined by the Company or the Board of Directors in its sole discretion, (i) vesting of RSUs shall continue during a medical, family or military leave of absence, whether paid or unpaid, and (ii) vesting of RSUs shall be suspended during, and the number of shares deliverable at the vesting date shall be proportionately reduced as a result of, any other unpaid leave of absence greater than 30 days.

(2)    Forfeiture of RSUs on Violation of Code of Business Conduct and Ethics. Recipient acknowledges that compliance with the Company’s Code of Business Conduct and Ethics is a condition to the

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receipt and vesting of the RSUs.  If, during the term of this Agreement, the Board of Directors (or a committee of directors designated by the Board of Directors)  determines in good faith that the Recipient’s conduct is or has been in violation of the Company’s Code of Business Conduct and Ethics,  then the Board of Directors or committee may cause the Recipient to immediately forfeit all or a portion of the unvested RSUs granted pursuant to this Agreement and the Recipient shall have no right to receive the related Common Stock. 

(e)    Restrictions on Transfer and Delivery on Death. The Recipient may not sell, transfer, assign, pledge or otherwise encumber or dispose of the RSUs subject to this Agreement. If the Recipient dies before the delivery date, the shares will be delivered to the Recipient’s estate.

(f)    Voting Rights and Dividend Equivalents. The Recipient shall have no rights as a shareholder with respect to the RSUs or the Common Stock underlying the RSUs until the vesting date for the relevant RSUs. The Recipient will not be entitled to receive a cash payment equal to any cash dividends paid with respect to the Common Stock underlying the RSUs awarded under this Agreement that are declared prior to the particular vesting date for the relevant RSUs.

(g)    PhysicalDelivery of Share Certificates. As soon as practicable following any particular vesting date (including any accelerated vesting date pursuant to Section 1(c)), provided that the Recipient has satisfied its tax withholding obligations as specified under Section 1(h) and the Recipient has completed, signed and returned any documents and taken any additional action the Company deems appropriate, the Company shall deliver the shares of Common Stock represented by vested RSUs to the Recipient (the date of delivery of such shares is referred to as a “delivery date”), rounded to the nearest whole share.  No fractional shares of Common Stock shall be issued. The shares of Common Stock will be issued in the Recipient’s name or, in the event of the Recipient’s death or total disability, to the Recipient’s beneficiary or executor.

Notwithstanding the foregoing, (i) the Company shall not be obligated to vest or deliver any shares of Common Stock during any period when the Company determines that the conversion of a RSU or the delivery of shares hereunder would violate any federal, state or other applicable laws and may issue shares with any restrictive legend that, as determined by the Company, is necessary to comply with securities laws or other regulatory requirements, and (ii) a delivery date may be delayed in order to provide the Company such time as it determines appropriate to determine tax withholding and other administrative matters; provided, however, that in any event the shares shall be delivered not later than the later to occur of the date that is 2 1/2 months from the end of (i) the Recipient’s tax year that includes the applicable vesting date, or (ii) the Company's tax year that includes the applicable vesting date.

(h)    Taxes and Tax Withholding.

(i) The Recipient acknowledges that under United States federal tax laws in effect on the Award Date, the Recipient will have taxable compensation income at the time of vesting based on the Market Value (as defined below) of the Common Stock on the vesting date. The Recipient shall be responsible for all taxes imposed in connection with the Award, regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Award. The Company makes no representation or undertaking regarding the adequacy of any tax withholding in connection with the grant or vesting of the Award.

    (ii) The Company shall be entitled to withhold from any delivery of Common Stock hereunder all domestic or foreign income, employment or other tax withholding obligations, whether national, federal, state or local (the “Tax Withholding Obligation”), arising as a result of any grant, vesting or delivery of Common Stock pursuant to this Award, in amounts determined by the Company. Unless otherwise determined by the Company, the Tax Withholding Obligation will be satisfied by the Company withholding from the vested shares of Common Stock a number of whole shares of Common Stock with an aggregate Market Value (as defined below) equal to the required minimum tax withholding. The Recipient shall pay to the Company in cash, upon demand, the amount of any Tax Withholding Obligation that is not satisfied by the withholding of shares described above, and authorizes the Company to withhold from other amounts payable by the Company to the Recipient, including through additional payroll withholding, any

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amount not so paid.

(i)    No Solicitation. The Recipient agrees that for 18 months after the Recipient’s employment with the Company terminates for any reason, with or without cause, whether by the Company or the Recipient, the Recipient shall not recruit, attempt to hire, solicit, or assist others in recruiting or hiring, any person who is an employee of the Company, or any of its subsidiaries. In addition to other remedies that may be available to the Company, the Recipient shall pay to the Company in cash, upon demand, the net value of any shares of Common Stock, valued as of the vesting date, delivered under this Agreement if the Recipient violates this section 1(i).

(j)    Not a Contract of Employment. This Agreement shall not be construed as a contract of employment between the Company and the Recipient and nothing contained in this Agreement or in the Plan shall confer upon the Recipient any right to be continued in the employment of the Company or any subsidiary or to interfere in any way with the right of the Company or any subsidiary by whom the Recipient is employed to terminate the Recipient’s employment at any time for any reason, with or without cause, or to decrease the Recipient’s compensation or benefits.

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64071-0003/LEGAL23962034.1

2.    Miscellaneous.

(a)    Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subjects hereof.

(b)    Interpretation of the Plan and the Agreement. The Board of Directors, or a committee of the Board of Directors responsible for administering the Plan (the “Administrator”), shall have the sole authority to interpret the provisions of this Agreement and the Plan, and all determinations by it shall be final and conclusive.

(c)    Section 409A. The Award made pursuant to this Agreement is intended not to constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A the Internal Revenue Code of 1986, as amended, and instead is intended to be exempt from the application of Section 409A. To the extent that the Award is nevertheless deemed to be subject to Section 409A, the Award shall be interpreted in accordance with Section 409A and Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance issued after the grant of the Award. Notwithstanding anyprovision of the Award to the contrary, in the event that the Administrator determines that the Award is or may be subject to Section 409A, the Administrator may adopt such amendments to the Award or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Award from the application of Section 409A or preserve the intended taxtreatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A.

(d)    Market Value. “Market Value” as of a particular date shall mean (i) the closing sales price per share of Common Stock as reported by the NSM on that date, or (ii) if the shares of Common Stock are not listed or admitted to trading on the NSM, the closing price on the national securities exchange on which such stock is principally traded on that date, or (iii) if the shares of Common Stock are not then listed on the NSM or on another national securities exchange, the average of the highest reported bid and lowest reported asked prices for the shares of Common Stock on that date or (iv) if the shares of Common Stock are not then listed on any securities exchange and prices therefor are not reported, such value as determined in good faith by the Board of Directors (or any duly authorized committee thereof) as of that date.

(e)    Electronic Delivery. The Recipient consents to the electronic delivery of any prospectus and any other documents relating to this Award in lieu of mailing or other form of delivery.

(f)    Rights and Benefits. The rights and benefits of this Agreement shall inure to the benefit of and be enforceable by the Company’s successors and assigns and, subject to the restrictions on transfer of this Agreement, be binding upon the Recipient’s heirs, executors, administrators, successors and assigns.

(g)    Further Action. The parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

(h)    Governing Law, Venue and Jurisdiction; Attorneys’ Fees. This Agreement and the Plan will be interpreted under the laws of the state of Oregon, exclusive of choice of law rules. Venue and jurisdiction will be in the state or federal courts in Washington County, Oregon, and nowhere else. In the event either party institutes litigation hereunder, the prevailing party shall be entitled to reasonable attorneys’ fees to be set by the trial court and, upon any appeal, the appellate court.

(i)    Consent to Transfer Personal Data. By signing this Agreement, the Recipient voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph. The Recipient is not obliged to consent to such collection, use, processing and transfer of personal data. However, failure to provide the consent may affect the Recipient’s ability to participate in the Plan. The Company and its subsidiaries hold certain personal information about the Recipient, including name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all entitlement to shares of stock

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awarded, canceled, purchased, vested, unvested or outstanding in the Recipient’s favor, for the purpose of managing and administering the Plan (“Data”). The Company and/or its subsidiaries will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Plan, and the Company and/or any of its subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area, or elsewhere throughout the world, including the United States. The Recipient authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Recipient’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on the Recipient’s behalf to a broker or other third party with whom the Recipient may elect to deposit any shares of stock acquired pursuant to the Plan. The Recipient may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may affect the Recipient’s ability to participate in the Plan.

(j)    Acknowledgment of Discretionary Nature of the Plan; No Vested Rights. The Recipient acknowledges and agrees that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The award of RSUs under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of RSUs or benefits in lieu of RSUs in the future. Future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any award, the number of RSUs and vesting provisions.

(k)    Character of Award. Participation in the Plan is voluntary. The value of the Award is an extraordinary item of compensation outside the scope of the Recipient’s employment contract, if any. As such, the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments

(l)    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original.

COLUMBIA SPORTSWEAR COMPANY

By:

RECIPIENT

[Name]

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64071-0003/LEGAL23962034.1

EX-10.3

EXHIBIT 10.3

COLUMBIA SPORTSWEAR COMPANY

STOCK OPTION AGREEMENT

Non-Statutory Stock Option

This STOCK OPTION AGREEMENT is made between COLUMBIA SPORTSWEAR COMPANY, an Oregon corporation (the “Company”), and [Name] (the “Optionee”), pursuant to the Company’s 1997 Stock Incentive Plan (the “Plan”) as amended. The Company and the Optionee agree as follows:

1.Option Grant. The Company hereby grants to the Optionee on the terms and conditions of this Agreement the right and the option (the “Option”) to purchase all or any part of [Number] shares of the Company’s Common Stock at a purchase price of [Exercise Price] per share. The terms and conditions of the Option grant set forth in the attached Exhibit A are hereby incorporated into and made a part of this Agreement. The Option is not intended to be an Incentive Stock Option, as defined in Section 422A of the Internal Revenue Code of 1986, as amended (the “Code”), and therefore is a Non-Statutory Stock Option.

2.Grant Date. The Grant Date for this Option is [Date]. The Option shall continue in effect until the date ten years after the Grant Date (the “Expiration Date”) unless earlier terminated as provided in Sections 1, 4 or 6 of Exhibit A.

3.Exercise of Option. The Option shall become exercisable [Vesting Schedule].

IN WITNESS WHEREOF, the parties have executed this Agreement in duplicate as of this day of , YYYY.

COLUMBIA SPORTSWEAR COMPANY    OPTIONEE

BY:

         [Name]

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64071-0003/LEGAL23962000.2

COLUMBIA SPORTSWEAR COMPANY

EXHIBIT A TO STOCK OPTION AGREEMENT

1.    Termination of Service.

1.1.    Unless otherwise determined by the Board of Directors of the Company, if the Optionee’s employment by or service with the Company terminates for any reason other than because of total disability or death, the Option may be exercised at any time prior to the Expiration Date or the expiration of 90 days after the date of the termination, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of termination.

1.2.    If the Optionee’s employment by or service with the Company

terminates because of death or total disability (as defined in Section 6.1-4(b) and (c) of the Plan), the Option may be exercised at any time prior to the Expiration Date or the expiration of 12 months after the date of termination, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the Option at the date of termination. If the Optionee’s employment or service is terminated by death, the Option shall be exercisable only by the person or persons to whom the Optionee’s rights under the Option pass by the Optionee’s will or by the laws of descent and distribution of the state or country of the Optionee’s domicile at the time of death.

2.    Method of Exercise of Option.

2.1    Unless the Board of Directors determines otherwise, to exercise the Option, the Optionee must give written notice to the Company stating the Optionee’s intention to exercise, specifying the number of shares as to which the Optionee desires to exercise the Option and the date on which the Optionee desires to complete the transaction. Delivering a notice of intent to exercise by itself does not constitute exercise of the option; the Optionee must also deliver payment for the shares set forth in the notice of intent to exercise. Unless the Board of directors determines otherwise, on or before the date specified for completion of the purchase of shares pursuant to the Option, the Optionee must pay the Company the full purchase price of such shares in cash or, in whole or in part, in Common Stock of the Company valued at fair market value. No shares shall be issued until full payment for the shares has been made.

2.2    After exercise of all or a part of the Option, the Optionee shall immediately upon notification of the amount due, if any, pay to the Company in cash the amount necessary to satisfy any applicable federal, state and local tax withholding requirements. If additional withholding is or becomes required beyond any amount deposited before delivery of the certificates for the Option shares, the Optionee shall pay such amount to the Company on demand. If the Optionee fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the Optionee, including salary or compensation, subject to applicable law.

3.    Nontransferability of Option. The Option may not be assigned or transferred by the Optionee, either voluntarily or by operation of law, except by will or by the laws of descent and distribution of the state or country of the Optionee’s domicile at the time of death.

4.    Changes in Capital Structure.

4.1    Stock Splits; Stock Dividends. If the outstanding Common Stock of the Company is hereafter increased or decreased in number or value or changed into or exchanged for a different number or kind of shares or other securities of the Company or any other Company by reason of any stock split, reverse

stock split, spin off, combination or exchange of shares or dividend payable in shares, distribution to shareholders other than a normal cash dividend or recapitalization, reclassification or other change in the Company's corporate or capital structure, appropriate adjustment shall be made by the Board of Directors in the number and kind of shares as to which the Option, or portions thereof then unexercised, shall be exercisable. Adjustments shall be made without change in the total price applicable to the unexercised portion of the Option and with a corresponding adjustment in the Option price per share and shall neither (i) make the ratio, immediately after the event, of the Option price per share to the fair market value per share more favorable to the Optionee than that ratio immediately before the event nor (ii) make the aggregate spread, immediately after the event, between the fair market value of shares as to which the Option is exercisable and the Option price of such shares more favorable to the Optionee than that aggregate spread immediately before the event. The Board of Directors shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Board of Directors. Any such adjustments made by the Board of Directors shall be conclusive.

4.2    Mergers, Reorganizations, Etc. In the event of a merger, consolidation or plan of exchange to which the Company is a party or a sale of all or substantially all of the Company’s assets or of more than 50% of the Company's outstanding shares of Common Stock (each, a “Transaction”), the Board of Directors shall, in its sole discretion and to the extent possible under the structure of the Transaction, select one of the following alternatives for treating the Option, in each case provided that the Transaction is consummated:

4.2-1    The Option shall remain in effect in accordance with its terms.

4.2-2    The Option shall be assumed, converted or exchanged into an option to purchase stock in the corporation that is the surviving or acquiring corporation in the Transaction (or in a parent corporation). The amount and type of securities subject thereto and exercise price of the assumed, converted or exchanged option shall be determined by the Board of Directors of the Company, taking into account the relative values of the companies involved in the Transaction and the exchange rate, if any, used in determining shares of the surviving corporation to be issued to holders of shares of the Company. Conversions shall be made without change in the total price applicable to the unexercised portion of the Option and with a corresponding adjustment in the Option price per share and shall neither (i) make the ratio, immediately after the event, of the Option price per share to the fair market value per share more favorable to the Optionee than that ratio immediately before the event nor (ii) make the aggregate spread, immediately after the event, between the fair market value of shares as to which the Option is exercisable and the Option price of such shares more favorable to the Optionee than that aggregate spread immediately before the event. Unless otherwise determined by the Board of Directors, the converted option shall be exercisable only to the extent that the exercisability requirements relating to the Option have been satisfied.

4.2-3    The Board of Directors shall provide a 30-day period before the consummation of the Transaction during which the Option may be exercised to the extent then exercisable, and, upon the expiration of such 30-day period, the Option shall immediately terminate to the extent not exercised. The Board of Directors may, in it sole discretion, accelerate the exercisability of the Option so that it is exercisable in full during such 30-day period. The Board of Directors may, in its sole discretion, provide that any or all other outstanding awards granted under the Plan shall terminate upon or immediately prior to the consummation of the Transaction and/or accelerate the vesting and/or waive any applicable restrictions upon the expiration of the period provided as described in Section 10.2‑3 of the Plan or upon or immediately prior to the consummation of the Transaction.

4.2-4    The Board of Directors, in its sole discretion, shall provide that the

64071-0003/LEGAL23962000.1    #PageNum#

64071-0003/LEGAL23962000.2

Option shall terminate either upon or immediately prior to consummation of a Transaction and the Optionee shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (x) the value of the per share consideration received by holders of Common Stock in the Transaction, or, in the event the Transaction does not result in direct receipt of consideration by holders of Common Stock, the value of the deemed per share consideration received, in each case as determined by the Board of Directors in its sole discretion, multiplied by the number of shares of Common Stock subject to such outstanding awards (to the extent then vested and/or exercisable or whether or not then vested and/or exercisable, as determined by the Board of Directors in its sole discretion) exceeds (y) the aggregate exercise price or grant price for the Option.

4.3    Dissolution of the Company. Unless otherwise determined by the Board of Directors in its sole discretion, in the event of the dissolution or liquidation of the Company, the Option shall automatically terminate immediately prior to such dissolution or liquidation of the Company. To the extent a vesting condition applicable to the Option has not been waived by the Board of Directors, the Option shall be forfeited immediately prior to the consummation of the dissolution or liquidation.

5.    Conditions and Obligations. The Company shall not be obligated to issue shares of Common Stock upon exercise of the Option if the Company is advised by its legal counsel that such issuance would violate applicable state or federal laws, including securities laws. The Company will use its best efforts to take steps required by state or federal law or applicable regulations in connection with issuance of shares upon exercise of the Option.

6.    Termination of Option on Violation of Code of Business Conduct and Ethics. Optionee acknowledges that compliance with the Company’s Code of Business Conduct and Ethics is a condition to the receipt, vesting and exercise of the Option. If, during the term of the Option, the Board of Directors (or a committee of directors designated by the Board of Directors) determines in good faith that Optionee’s conduct is or has been in violation of the Company’s Code of Business Conduct and Ethics, then the Board of Directors or designated committee may terminate the Option, with the date of termination determined by the Board of Directors or committee. If the Option is terminated in accordance with this paragraph, Optionee will have no further right to acquire shares of Company stock under this Agreement. If the President of the Company reasonably believes that the Optionee has violated the Code of Business Conduct and Ethics and that the Board of Directors or its committee should consider the termination of the Option, the President may temporarily suspend the Optionee’s right to exercise the Option, for a period of up to 45 days, in order for the Board of Directors or its committee to make a determination about Optionee’s conduct and the potential termination of the Option.

7.    Withholding. Upon notification of the amount due, if any, and prior to or concurrently with delivery of the certificates representing the shares for which the Option was exercised, Optionee shall pay to the Company amounts necessary to satisfy any applicable federal, state, and local withholding tax requirements. If additional withholding becomes required beyond any amount deposited before delivery of the certificates, Optionee shall pay such amount to the Company on demand. If Optionee fails to pay any amount demanded, the company shall have the right to withhold that amount from other amounts payable by the Company to Optionee, including salary, subject to applicable law.

8.    Successors of Company. This Agreement shall be binding upon and shall inure to the benefit of any successor of the Company but, except as provided herein, the Option may not be assigned or otherwise transferred by the Optionee.

9.    Notices. Any notices under this Agreement must be in writing and will be effective when actually delivered or, if mailed, three days after deposit into the United States mails by registered or certified mail, postage prepaid. Mail shall be directed to the addresses stated on the face page of this Agreement or to such address as a party may certify by notice to the other party.

10.    No Right to Employment or Service. Nothing in the Plan or this Agreement shall (i) confer upon the Optionee any right to be employed or to continue in the employment of or service to the Company; (ii) interfere in any way with the right of the Company to terminate the Optionee’s employment or service with the Company at any time for any reason, with or without cause, or to decrease the Optionee’s compensation or benefits; or

(iii) confer upon the Optionee any right to continuation, extension, renewal, or modification of any compensation, contract or arrangement with or by the Company.

11.    Interpretation of the Plan and the Agreement. The Board of Directors, or a committee of the Board responsible for administering the Plan, shall have the sole authority to interpret the provisions of this Agreement and the Plan, and all determinations by it shall be final and conclusive.

12.    Governing Law, Venue and Jurisdiction. This Agreement and the Plan will be interpreted under the laws of the state of Oregon, exclusive of choice of law rules. Venue and jurisdiction will be in the state or federal courts in Washington County, Oregon, and nowhere else.

13.    Consent to Transfer Personal Data. By signing this Agreement, the Optionee voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph. The Optionee is not obliged to consent to such collection, use, processing and transfer of personal data. However, failure to provide the consent may affect the Optionee’s ability to participate in the Plan. The Company and its subsidiaries hold certain personal information about the Optionee, including name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, purchased, vested, unvested or outstanding in the Optionee’s favor, for the purpose of managing and administering the Plan (“Data”). The Company and/or its subsidiaries will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of participation in the Plan, and the Company and/or any of its subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States. The Optionee authorizes them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Optionee’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on the Optionee’s behalf to a broker or other third party with whom the Optionee may elect to deposit any shares of stock acquired pursuant to the Plan. The Optionee may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may affect the Optionee’s ability to participate in the Plan.

14.    Acknowledgement of Discretionary Nature of the Plan; No Vested Rights. The Optionee acknowledges and agrees that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of stock options under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of stock options or benefits in lieu of stock options in the future. Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of options, vesting provisions, and the exercise price.

15.    Termination Indemnities. Participation in the Plan is voluntary. The value of the Option is an extraordinary item of compensation outside the scope of the Optionee’s employment contract, if any. As such, the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments. Rather, the awarding of a stock option under the Plan represents a mere investment opportunity.

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64071-0003/LEGAL23962000.2

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Timothy P. Boyle, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Columbia Sportswear Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2012

/s/TIMOTHY P. BOYLE

Timothy P. Boyle

President and Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Thomas B. Cusick, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Columbia Sportswear Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2012

/s/ THOMAS B. CUSICK

Thomas B. Cusick

Senior Vice President and Chief Financial Officer

EX-32.1

EXHIBIT 32.1

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Columbia Sportswear Company (the “Company”) on Form 10-Q for the period ended June 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), I, Timothy P. Boyle, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2012

/s/ TIMOTHY P. BOYLE

Timothy P. Boyle

President and Chief Executive Officer

Columbia Sportswear Company

EX-32.2

EXHIBIT 32.2

SECTION 1350 CERTIFICATION

In connection with the Quarterly Report of Columbia Sportswear Company (the “Company”) on Form 10-Q for the period ended June 30, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), I, Thomas B. Cusick, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Form 10-Q fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2012

/s/ THOMAS B. CUSICK

Thomas B. Cusick

Senior Vice President and Chief Financial Officer

Columbia Sportswear Company

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Accumulated Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Unrealized holding gains (losses) on available-for-sale securities	$ (34)	$ (2)	$ 154
Unrealized holding gains (losses) on derivative transactions	6,667	7,250	(6,737)
Foreign currency translation adjustments	35,945	39,649	69,558
Accumulated other comprehensive income	$ 42,578	$ 46,897	$ 62,975

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Fair Value Measures (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012		Dec. 31, 2011		Jun. 30, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 173,513		$ 79,294		$ 252,039
Total liabilities measured at fair value	1,900		3,877		7,681
Investments, remaining maturity, minimum	3 months
Investments, remaining maturity, maximum	2 years
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	98,951		70,941		189,699
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	74,562		8,353		62,340
Total liabilities measured at fair value	1,900		3,877		7,681
Money Market Funds [Member] | Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	85,373		55,542		136,840
Money Market Funds [Member] | Cash Equivalents [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	85,373		55,542		136,840
Time Deposits [Member] | Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	10,012		10,000		21,659
Time Deposits [Member] | Cash Equivalents [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	10,012		10,000		21,659
Time Deposits [Member] | Cash Equivalents [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Time Deposits [Member] | Available-For-Sale Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	2,109	[1]	2,878	[1]	2,856	[1]
Time Deposits [Member] | Available-For-Sale Short-Term Investments [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value			2,878	[1]	2,856	[1]
Time Deposits [Member] | Available-For-Sale Short-Term Investments [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	2,109	[1]			0	[1]
Time Deposits [Member] | Available-For-Sale Short-Term Investments [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]
Variable Rate Demand Obligation [Member] | Available-For-Sale Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	9,870	[1]
Variable Rate Demand Obligation [Member] | Available-For-Sale Short-Term Investments [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	9,870	[1]
Certificates of Deposit [Member] | Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	3,294
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	3,294
Certificates of Deposit [Member] | Cash Equivalents [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Certificates of Deposit [Member] | Available-For-Sale Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,598	[1]
Certificates of Deposit [Member] | Available-For-Sale Short-Term Investments [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,598	[1]
U.S. Government-Backed Municipal Bonds [Member] | Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	28,456
U.S. Government-Backed Municipal Bonds [Member] | Cash Equivalents [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
U.S. Government-Backed Municipal Bonds [Member] | Cash Equivalents [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	28,456
U.S. Government-Backed Municipal Bonds [Member] | Cash Equivalents [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
U.S. Government-Backed Municipal Bonds [Member] | Available-For-Sale Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	18,689	[1]			62,122	[1]
U.S. Government-Backed Municipal Bonds [Member] | Available-For-Sale Short-Term Investments [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	18,689	[1]			62,122	[1]
Mutual Fund Shares [Member] | Non Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	3,566		2,521		2,480
Mutual Fund Shares [Member] | Non Current Assets [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	3,566		2,521		2,480
Derivative Financial Instruments, Assets [Member] | Other Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	7,546		7,236		218
Derivative Financial Instruments, Assets [Member] | Other Current Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	7,546		7,236		218
Derivative Financial Instruments, Assets [Member] | Non Current Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value			1,117
Derivative Financial Instruments, Assets [Member] | Non Current Assets [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value			1,117
Short Term Municipal Bond Fund [Member] | Available-For-Sale Short-Term Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value					25,864	[1]
Short Term Municipal Bond Fund [Member] | Available-For-Sale Short-Term Investments [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value					25,864	[1]
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	1,900		3,786		7,681
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	1,900		3,786		7,681
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			91
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			$ 91

[1] Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.

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Financial Instruments And Risk Management (Effect And Classification Of Derivative Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Derivative Instruments Designated As Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive income or loss	$ 1,763	$ (2,651)	$ 593	$ (5,594)
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	481	(500)	792	(868)
Loss recognized in income or loss for amount excluded from effectiveness testing and for the ineffective portion	(95)	(457)	(4)	(646)
Cost Of Sales [Member] | No Longer Designated As Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from accumulated other comprehensive income or loss as a result of cash flow hedge discontinuance	0	0	441	0
Selling, General And Administrative Expense [Member] | Derivative Instruments Not Designated As Cash Flow Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income or loss	$ (3,480)	$ 97	$ (6,253)	$ 4,759

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Intangible Assets, Net (Summary Of Identifiable Intangible Assets) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets subject to amortization, Gross carrying amount	$ 14,198	$ 14,198	$ 14,198
Intangible assets subject to amortization, Accumulated amortization	(3,300)	(2,599)	(1,898)
Intangible assets subject to amortization, Net carrying amount	10,898	11,599	12,300
Intangible assets not subject to amortization	27,421	27,421	27,421
Intangible assets, net	$ 38,319	$ 39,020	$ 39,721

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2012

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income, Net Of Related Tax Effects

Accumulated other comprehensive income, net of related tax effects, consisted of the following (in thousands):

	June 30, 2012			December 31, 2011			June 30, 2011
Unrealized holding gains (losses) on available-for-sale securities	$	(34	)	$	(2	)	$	154
Unrealized holding gains (losses) on derivative transactions	6,667			7,250			(6,737		)
Foreign currency translation adjustments	35,945			39,649			69,558
Accumulated other comprehensive income	$	42,578		$	46,897		$	62,975

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Segment Information (Schedule Of Segment Information) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 GeographicSegments	Jun. 30, 2011
Segment Reporting Information [Line Items]
statement business segments, number of geographic segments			4
Net sales to unrelated entities	$ 290,357	$ 268,030	$ 623,498	$ 601,116
Interest	191	461	438	784
Income (loss) before income tax	(10,557)	(18,179)	(4,955)	64
United States [Member]
Segment Reporting Information [Line Items]
Net sales to unrelated entities	132,075	129,080	325,122	321,537
Income (loss) before income tax	(15,174)	(16,279)	(12,436)	(7,650)
LAAP [Member]
Segment Reporting Information [Line Items]
Net sales to unrelated entities	84,194	76,566	160,946	143,901
Income (loss) before income tax	14,431	6,544	25,391	15,041
EMEA [Member]
Segment Reporting Information [Line Items]
Net sales to unrelated entities	69,941	53,611	108,072	97,967
Income (loss) before income tax	(3,317)	(5,397)	(13,289)	(8,572)
Canada [Member]
Segment Reporting Information [Line Items]
Net sales to unrelated entities	4,147	8,773	29,358	37,711
Income (loss) before income tax	$ (6,688)	$ (3,508)	$ (5,059)	$ 461

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Stock-Based Compensation (Schedule Of Weighted Average Assumptions) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012 Y	Jun. 30, 2011 Y	Jun. 30, 2012 Y	Jun. 30, 2011 Y
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term, years	7.69	7.27	4.79	5.13	[1]
Expected stock price volatility	29.66%	29.08%	32.20%	30.75%	[1]
Risk-free interest rate	1.09%	2.24%	0.89%	1.85%	[1]
Expected dividend yield	1.79%	1.34%	1.80%	1.31%	[1]
Weighted average grant date fair value (in dollars per share)	$ 12.85	$ 19.44	$ 11.57	$ 16.12	[1]
Stock options granted (in shares)			354,934	337,237
Simplified Method [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)				53,720
Vesting period			fifth anniversary of the grant date

[1] For the six months ended June 30, 2011, the Company granted two stock option grants totaling 53,720 shares that vest 100% on the fifth anniversary of the grant date. Because the Company did not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options.

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Commitments And Contingencies (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]
Inventory purchase obligations	$ 271,468

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Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

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, 2011.

Restructuring charges:

In connection with cost containment measures implemented during the first quarter of 2012, the Company accrued and expensed restructuring charges of $4,007,000, primarily consisting of employee termination costs related to headcount reductions. All such costs are included in selling, general and administrative expenses.

Recent Accounting Pronouncements:

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This ASU was issued concurrently with International Financial Reporting Standards (“IFRS”) 13 Fair Value Measurements, to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted under IFRS or U.S. GAAP. This standard is effective prospectively for interim and annual periods beginning after December 15, 2011. The adoption of this standard did not have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. This ASU increases the prominence of other comprehensive income in financial statements while eliminating the option in U.S. GAAP to present other comprehensive income in the statement of changes in equity. Under this ASU, an entity has the option to present the components of net income and comprehensive income in either one or two consecutive financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company adopted this guidance January 1, 2012, and applied it retrospectively. To implement this standard, the Company added a separate financial statement entitled, “Condensed Consolidated Statements of Comprehensive Income.”

In September 2011, the FASB issued ASU No. 2011-08, Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment. This ASU permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. Under these requirements, an entity would not be required to calculate the fair value of a reporting unit unless the entity determines, based on the qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Although the Company has not yet determined whether it will apply the new qualitative assessment for its annual impairment evaluation performed in the fourth quarter, the Company does not expect the adoption of this standard to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.    

In July 2012, the FASB issued ASU No. 2012-02, Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. This ASU permits an entity to make a qualitative assessment of whether it is not more likely than not that indefinite-lived intangible assets are impaired before calculating the fair value of the assets. This ASU is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, although early adoption is permitted. The Company 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.

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Financial Instruments And Risk Management (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Derivative [Line Items]
Deferred net losses on derivatives accumulated in other comprehensive income expected reclassification to net income in next twelve months	$ 7,120
Maximum [Member]
Derivative [Line Items]
Derivatives remaining maturity	1 year
Aggregate unrealized gain of derivative contracts with single counterparty	$ 3,000

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Fair Value Measures (Tables)

6 Months Ended

Jun. 30, 2012

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 at June 30, 2012 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	85,373	$	—	$	—	$	85,373
Time deposits	10,012		—		—		10,012
Certificates of deposit	—		3,294		—		3,294
U.S. Government-backed municipal bonds	—		28,456		—		28,456
Available-for-sale short-term investments (1)
Certificates of deposit	—		4,598		—		4,598
Time deposits	—		2,109		—		2,109
Variable-rate demand notes	—		9,870		—		9,870
U.S. Government-backed municipal bonds	—		18,689		—		18,689
Other current assets
Derivative financial instruments (Note 10)	—		7,546		—		7,546
Other non-current assets
Mutual fund shares	3,566		—		—		3,566
Total assets measured at fair value	$	98,951	$	74,562	$	—	$	173,513
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	1,900	$	—	$	1,900
Total liabilities measured at fair value	$	—	$	1,900	$	—	$	1,900

Assets and liabilities measured at fair value on a recurring basis at December 31, 2011 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	55,542	$	—	$	—	$	55,542
Time deposits	10,000		—		—		10,000
Available-for-sale short-term investments (1)
Time deposits	2,878		—		—		2,878
Other current assets
Derivative financial instruments (Note 10)	—		7,236		—		7,236
Other non-current assets
Derivative financial instruments (Note 10)	—		1,117		—		1,117
Mutual fund shares	2,521		—		—		2,521
Total assets measured at fair value	$	70,941	$	8,353	$	—	$	79,294
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	3,786	$	—	$	3,786
Other long-term liabilities
Derivative financial instruments (Note 10)	—		91		—		91
Total liabilities measured at fair value	$	—	$	3,877	$	—	$	3,877

Assets and liabilities measured at fair value on a recurring basis at June 30, 2011 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	136,840	$	—	$	—	$	136,840
Time deposits	21,659		—		—		21,659
Available-for-sale short-term investments (1)
Short-term municipal bond fund	25,864		—		—		25,864
Time deposits	2,856		—		—		2,856
U.S. Government-backed municipal bonds	—		62,122		—		62,122
Other current assets
Derivative financial instruments (Note 10)	—		218		—		218
Other non-current assets
Mutual fund shares	2,480		—		—		2,480
Total assets measured at fair value	$	189,699	$	62,340	$	—	$	252,039
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	7,681	$	—	$	7,681
Total liabilities measured at fair value	$	—	$	7,681	$	—	$	7,681

⁽¹⁾  Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.

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Financial Instruments And Risk Management (Tables)

6 Months Ended

Jun. 30, 2012

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):

	June 30, 2012		December 31, 2011		June 30, 2011
Derivative instruments designated as cash flow hedges:
Currency forward contracts	$	78,250	$	144,000	$	157,725
Derivative instruments not designated as cash flow hedges:
Currency forward contracts	117,584		138,807		73,625

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	June 30, 2012		December 31, 2011		June 30, 2011
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	3,993	$	6,591	$	108
Currency forward contracts	Other non-current assets	—		1,117		—
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	225		824		5,750
Currency forward contracts	Other long-term liabilities	—		91		—
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	3,553	$	645	$	110
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	1,675		2,962		1,931

Effect And Classification Of Derivative Instruments

The following table presents the effect and classification of derivative instruments (in thousands):

	Statement of Operations Classification	Three Months Ended June 30,						Six Months Ended June 30,
		2012			2011			2012			2011
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income or loss	—	$	1,763		$	(2,651	)	$	593		$	(5,594	)
Gain (loss) reclassified from accumulated other comprehensive income or loss to income or loss for the effective portion	Cost of sales	481			(500		)	792			(868		)
Gain reclassified from accumulated other comprehensive income or loss to income or loss as a result of cash flow hedge discontinuance	Cost of sales	—			—			441			—
Loss recognized in income or loss for amount excluded from effectiveness testing and for the ineffective portion	Cost of sales	(95		)	(457		)	(4		)	(646		)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income or loss	SG&A	(3,480		)	97			(6,253		)	4,759

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Financial Instruments And Risk Management (Gross Notional Amount Of Outstanding Derivative Instruments) (Details) (Currency Forward Contracts [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Derivative Instruments Designated As Cash Flow Hedges [Member]
Derivative instruments designated as cash flow hedges:
Gross notional amount of outstanding derivative instruments designated as cash flow hedges	$ 78,250	$ 144,000	$ 157,725
Derivative Instruments Not Designated As Cash Flow Hedges [Member]
Derivative instruments not designated as cash flow hedges:
Gross notional amount of outstanding derivative instruments not designated as cash flow hedges	$ 117,584	$ 138,807	$ 73,625

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Summary Of Significant Accounting Policies (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012
Accounting Policies [Abstract]
Restructuring charges	$ 4,007

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Inventories, Net (Schedule Of Inventories, Net) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Inventory, Net [Abstract]
Raw materials	$ 1,720	$ 2,044	$ 2,038
Work in process	1,569	1,240	704
Finished goods	519,789	361,915	419,262
Inventory, net	$ 523,078	$ 365,199	$ 422,004

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Basis Of Presentation And Organization

6 Months Ended

Jun. 30, 2012

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 (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 June 30, 2012 and 2011, the results of operations for the three and six months ended June 30, 2012 and 2011 and cash flows for the six months endedJune 30, 2012 and 2011. The December 31, 2011 financial information was derived from the Company’s audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2011. A significant part of the Company’s business is of a seasonal nature; therefore, results of operations for the three and six months ended June 30, 2012 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, 2011.

Estimates and assumptions:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 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 claims from customers, allowance for doubtful accounts, excess, slow-moving and close-out inventories, product warranty, long-lived and intangible assets, income taxes and stock-based compensation.

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Intangible Assets, Net (Narrative) (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated useful life	10 years
Estimated annual amortization expense for intangible assets subject to amortization, 2012	$ 1,402,000
Estimated annual amortization expense for intangible assets subject to amortization, 2013	1,330,000
Estimated annual amortization expense for intangible assets subject to amortization, 2014	1,330,000
Estimated annual amortization expense for intangible assets subject to amortization, 2015	1,330,000
Estimated annual amortization expense for intangible assets subject to amortization, 2016	$ 1,330,000

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Earnings Per Share (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchase plan, authorized amount			500,000,000
Aggregate shares repurchased under stock repurchase plan (in shares)			9,593,278
Stock purchase value			441,443,000
Stock Repurchased During Period, Value			206,000	0
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	2,424,665	2,248,443	2,371,676	2,250,631
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	37,846	35,735	34,356	30,222

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Current Assets:
Cash and cash equivalents	$ 193,245	$ 241,034	$ 207,429
Short-term Investments	35,266	2,878	90,842
Accounts receivable, net of allowance of $6,422, $7,545 and $6,718, respectively	203,157	351,538	174,822
Inventories, net (Note 3)	523,078	365,199	422,004
Deferred income taxes	52,180	52,485	45,069
Prepaid expenses and other current assets	45,446	36,392	60,242
Total current assets	1,052,372	1,049,526	1,000,408
Property, plant and equipment, at cost, net of accumulated depreciation of $293,008, $275,886 and $264,615, respectively	253,009	250,910	230,363
Intangible assets, net (Note 4)	38,319	39,020	39,721
Goodwill	14,438	14,438	14,438
Other non-current assets	27,957	28,648	27,921
Total assets	1,386,095	1,382,542	1,312,851
Current Liabilities:
Accounts payable	196,478	148,973	159,292
Accrued liabilities (Note 5)	84,242	104,496	81,624
Income taxes payable	5,020	12,579	9,541
Deferred income taxes	941	954	2,161
Total current liabilities	286,681	267,002	252,618
Income taxes payable	13,296	15,389	19,187
Deferred income taxes	1,716	1,753	1,714
Other long-term liabilities	25,684	23,853	23,374
Total liabilities	327,377	307,997	296,893
Commitments and contingencies (Note 11)
Shareholders' Equity:
Preferred stock; 10,000 shares authorized; none issued and outstanding	0	0	0
Common stock (no par value); 125,000 shares authorized; 33,796, 33,638 and 34,001 issued and outstanding, respectively (Note 8)	10,381	3,037	17,801
Retained earnings	1,005,759	1,024,611	935,182
Accumulated other comprehensive income (Note 7)	42,578	46,897	62,975
Total shareholders' equity	1,058,718	1,074,545	1,015,958
Total liabilities and shareholders' equity	$ 1,386,095	$ 1,382,542	$ 1,312,851

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Financial Instruments And Risk Management (Balance Sheet Classification And Fair Value Of Derivative Instruments) (Details) (Currency Forward Contracts [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
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	$ 3,993	$ 6,591	$ 108
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	3,553	645	110
Other Non-Current Assets [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative assets	0	1,117	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	91	0
Accrued Liabilities [Member] | Derivative Instruments Designated As Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	225	824	5,750
Accrued Liabilities [Member] | Derivative Instruments Not Designated As Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Fair value of derivative liabilities	$ 1,675	$ 2,962	$ 1,931

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Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Statement of Income and Comprehensive Income [Abstract]
Unrealized holding gains (losses) on available-for-sale securities, tax (expense) benefit	$ 4	$ (35)	$ 4	$ (69)
Unrealized derivative holding losses arising during period, tax (expense) benefit	(47)	613	(275)	1,049
Reclassification to net income of previously deferred (gains) losses on derivative instruments, tax expense (benefit)	28	(155)	27	(330)
Foreign currency translation adjustment, tax (expense) benefit	$ 595	$ (277)	$ 260	$ (1,556)

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Stock-Based Compensation (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012 Y	Jun. 30, 2011
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	$ 12,065
Weighted average period of recognition of unrecognized costs related to stock options, years	2.62
Restricted stock units granted (in shares)	159,097	138,720
Stock Option [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options granted (in shares)	354,934	337,237
Unrecognized costs related to share based compensation	$ 7,667
Weighted average period of recognition of unrecognized costs related to stock options, years	2.68

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Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Summary Of Identifiable Intangible Assets

The following table summarizes the Company’s identifiable intangible assets balance (in thousands):

	June 30, 2012			December 31, 2011			June 30, 2011
Intangible assets subject to amortization
Gross carrying amount	$	14,198		$	14,198		$	14,198
Accumulated amortization	(3,300		)	(2,599		)	(1,898		)
Net carrying amount	10,898			11,599			12,300
Intangible assets not subject to amortization	27,421			27,421			27,421
Intangible assets, net	$	38,319		$	39,020		$	39,721

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Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,191	$ 1,991	$ 4,303	$ 3,804
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	869	885	1,777	1,727
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,322	$ 1,106	$ 2,526	$ 2,077

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Share-based Compensation [Abstract]

Summary Of Stock-Based Compensation Expense

Stock-based compensation expense consisted of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Stock options	$	869	$	885	$	1,777	$	1,727
Restricted stock units	1,322		1,106		2,526		2,077
Total	$	2,191	$	1,991	$	4,303	$	3,804

Schedule Of Weighted Average Assumptions

The following table presents the weighted average assumptions for stock options granted in the period:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011(1)
Expected term	7.69 years	7.27 years	4.79 years	5.13 years
Expected stock price volatility	29.66%	29.08%	32.20%	30.75%
Risk-free interest rate	1.09%	2.24%	0.89%	1.85%
Expected dividend yield	1.79%	1.34%	1.80%	1.31%
Weighted average grant date fair value	$12.85	$19.44	$11.57	$16.12

Schedule Of Weighted Average Assumptions For Restricted Stock Units

The following table presents the weighted average assumptions for restricted stock units granted in the period:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Vesting period	2.90 years	3.33 years	3.84 years	3.96 years
Expected dividend yield	1.78%	1.31%	1.79%	1.30%
Estimated average grant date fair value per restricted stock unit	$46.90	$64.06	$45.96	$59.06

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net loss	$ (4,003)	$ (788)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,044	21,063
Loss on disposal or impairment of property, plant, and equipment	186	149
Deferred income taxes	777	3,961
Stock-based compensation	4,303	3,804
Excess tax benefit from employee stock plans	(270)	(1,780)
Changes in operating assets and liabilities:
Accounts receivable	147,995	129,918
Inventories	(160,057)	(102,427)
Prepaid expenses and other current assets	(9,287)	(31,290)
Other assets	(89)	(926)
Accounts payable	46,156	24,702
Accrued liabilities	(20,207)	(28,895)
Income taxes payable	(9,681)	(7,395)
Other liabilities	1,832	1,873
Net cash provided by operating activities	18,699	11,969
Cash flows from investing activities:
Purchases of short-term investments	(39,273)	(45,816)
Sales of short-term investments	6,960	23,997
Capital expenditures	(21,400)	(22,639)
Proceeds from sale of property, plant, and equipment	0	159
Net cash used in investing activities	(53,713)	(44,299)
Cash flows from financing activities:
Proceeds from credit facilities	8,304	17,142
Repayments on credit facilities	(8,304)	(17,142)
Proceeds from issuance of common stock under employee stock plans	4,199	9,764
Tax payments related to restricted stock unit issuances	(1,197)	(2,851)
Excess tax benefit from employee stock plans	270	1,780
Repurchase of common stock	(206)	0
Cash dividends paid	(14,849)	(14,237)
Net cash used in financing activities	(11,783)	(5,544)
Net efect of exchange rate changes on cash	(992)	11,046
Net decrease in cash and cash equivalents	(47,789)	(26,828)
Cash and cash equivalents, beginning of period	241,034	234,257
Cash and cash equivalents, end of period	193,245	207,429
Supplemental disclosures of cash flow information:
Cash paid during the period for income taxes	13,479	25,274
Supplemental disclosures of non-cash investing activities:
Capital expenditures incurred but not yet paid	$ 1,972	$ 1,802

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011
Allowance for doubtful accounts	$ 6,422	$ 7,545	$ 6,718
Accumulated depreciation for property, plant and equipment	$ 293,008	$ 275,886	$ 264,615
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
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)	125,000,000	125,000,000	125,000,000
Common stock, shares issued (in shares)	33,796,000	33,638,000	34,001,000
Common stock, shares outstanding (in shares)	33,796,000	33,638,000	34,001,000

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Financial Instruments And Risk Management

6 Months Ended

Jun. 30, 2012

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 and results of operations 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 U.S. dollar denominated inventory purchases by subsidiaries that use European euros, Canadian dollars, Japanese yen or Korean won as their functional currency. The Company manages this risk by using currency forward contracts formally designated and effective as cash flow hedges. Hedge effectiveness is 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 are excluded from the determination of hedge effectiveness and included in current cost of sales. Hedge ineffectiveness was not material during the three and six months ended June 30, 2012 and 2011.

The Company also uses currency forward contracts not formally designated as hedges to manage the currency exchange rate risk associated with the remeasurement of non-functional monetary assets and liabilities. Non-functional monetary assets and liabilities consist primarily of cash and cash equivalents, short-term investments, intercompany loans and payables.

The following table presents the gross notional amount of outstanding derivative instruments (in thousands):

	June 30, 2012		December 31, 2011		June 30, 2011
Derivative instruments designated as cash flow hedges:
Currency forward contracts	$	78,250	$	144,000	$	157,725
Derivative instruments not designated as cash flow hedges:
Currency forward contracts	117,584		138,807		73,625

At June 30, 2012, approximately $7,120,000 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 June 30, 2012, the Company’s derivative contracts had a remaining maturity of approximately one year or less. All the counterparties to these transactions had both long-term and short-term investment grade credit ratings and as a result, the Company does not require collateral to facilitate transactions. 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 $3,000,000 at June 30, 2012. The Company does not hold derivatives featuring credit-related contingent terms. In addition, the Company is not a party to any derivative master agreement featuring credit-related contingent terms. 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	June 30, 2012		December 31, 2011		June 30, 2011
Derivative instruments designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	3,993	$	6,591	$	108
Currency forward contracts	Other non-current assets	—		1,117		—
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	225		824		5,750
Currency forward contracts	Other long-term liabilities	—		91		—
Derivative instruments not designated as cash flow hedges:
Derivative instruments in asset positions:
Currency forward contracts	Prepaid expenses and other current assets	$	3,553	$	645	$	110
Derivative instruments in liability positions:
Currency forward contracts	Accrued liabilities	1,675		2,962		1,931

The following table presents the effect and classification of derivative instruments (in thousands):

	Statement of Operations Classification	Three Months Ended June 30,						Six Months Ended June 30,
		2012			2011			2012			2011
Currency Forward Contracts:
Derivative instruments designated as cash flow hedges:
Gain (loss) recognized in other comprehensive income or loss	—	$	1,763		$	(2,651	)	$	593		$	(5,594	)
Gain (loss) reclassified from accumulated other comprehensive income or loss to income or loss for the effective portion	Cost of sales	481			(500		)	792			(868		)
Gain reclassified from accumulated other comprehensive income or loss to income or loss as a result of cash flow hedge discontinuance	Cost of sales	—			—			441			—
Loss recognized in income or loss for amount excluded from effectiveness testing and for the ineffective portion	Cost of sales	(95		)	(457		)	(4		)	(646		)
Derivative instruments not designated as cash flow hedges:
Gain (loss) recognized in income or loss	SG&A	(3,480		)	97			(6,253		)	4,759

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Document And Entity Information	6 Months Ended
	Jun. 30, 2012	Jul. 27, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Entity Registrant Name	COLUMBIA SPORTSWEAR CO
Entity Central Index Key	0001050797
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,798,537

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Commitments And Contingencies

6 Months Ended

Jun. 30, 2012

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 June 30, 2012, inventory purchase obligations were $271,468,000.

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Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net sales	$ 290,357	$ 268,030	$ 623,498	$ 601,116
Cost of sales	172,489	155,617	357,694	339,167
Gross profit	117,868	112,413	265,804	261,949
Selling, general and administrative expenses	133,171	134,512	277,727	268,659
Net licensing income	4,555	3,459	6,530	5,990
Loss from operations	(10,748)	(18,640)	(5,393)	(720)
Interest income, net	191	461	438	784
Income (loss) before income tax	(10,557)	(18,179)	(4,955)	64
Income tax benefit (expense)	2,656	4,621	952	(852)
Net loss	$ (7,901)	$ (13,558)	$ (4,003)	$ (788)
Loss per share (Note 8):
Basic (in dollars per share)	$ (0.23)	$ (0.40)	$ (0.12)	$ (0.02)
Diluted (in dollars per share)	$ (0.23)	$ (0.40)	$ (0.12)	$ (0.02)
Cash dividends per share (in dollars per share)	$ 0.22	$ 0.22	$ 0.44	$ 0.42
Weighted average shares outstanding (Note 8):
Basic (in shares)	33,780	33,956	33,743	33,878
Diluted (in shares)	33,780	33,956	33,743	33,878

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Product Warranty

6 Months Ended

Jun. 30, 2012

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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Balance at beginning of period	$	9,833		$	9,982		$	10,452		$	10,256
Charged to costs and expenses	786			814			1,965			2,685
Claims settled	(1,068		)	(1,080		)	(2,957		)	(3,370		)
Other	(98		)	61			(7		)	206
Balance at end of period	$	9,453		$	9,777		$	9,453		$	9,777

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Intangible Assets, Net

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

INTANGIBLE ASSETS, NET

Intangible assets that are determined to have finite lives include patents and purchased technology and are amortized over their estimated useful lives, which is approximately 10 years. Intangible assets with indefinite useful lives include trademarks and tradenames and are not amortized but are periodically evaluated for impairment.

The following table summarizes the Company’s identifiable intangible assets balance (in thousands):

	June 30, 2012			December 31, 2011			June 30, 2011
Intangible assets subject to amortization
Gross carrying amount	$	14,198		$	14,198		$	14,198
Accumulated amortization	(3,300		)	(2,599		)	(1,898		)
Net carrying amount	10,898			11,599			12,300
Intangible assets not subject to amortization	27,421			27,421			27,421
Intangible assets, net	$	38,319		$	39,020		$	39,721

Annual amortization expense for intangible assets subject to amortization is estimated to be $1,402,000 in 2012, and $1,330,000 in 2013 through 2016.

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Product Warranty (Tables)

6 Months Ended

Jun. 30, 2012

Product Warranties Disclosures [Abstract]

Reconciliation Of Product Warranties

A reconciliation of product warranties is as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Balance at beginning of period	$	9,833		$	9,982		$	10,452		$	10,256
Charged to costs and expenses	786			814			1,965			2,685
Claims settled	(1,068		)	(1,080		)	(2,957		)	(3,370		)
Other	(98		)	61			(7		)	206
Balance at end of period	$	9,453		$	9,777		$	9,453		$	9,777

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Fair Value Measures

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

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 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 at June 30, 2012 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	85,373	$	—	$	—	$	85,373
Time deposits	10,012		—		—		10,012
Certificates of deposit	—		3,294		—		3,294
U.S. Government-backed municipal bonds	—		28,456		—		28,456
Available-for-sale short-term investments (1)
Certificates of deposit	—		4,598		—		4,598
Time deposits	—		2,109		—		2,109
Variable-rate demand notes	—		9,870		—		9,870
U.S. Government-backed municipal bonds	—		18,689		—		18,689
Other current assets
Derivative financial instruments (Note 10)	—		7,546		—		7,546
Other non-current assets
Mutual fund shares	3,566		—		—		3,566
Total assets measured at fair value	$	98,951	$	74,562	$	—	$	173,513
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	1,900	$	—	$	1,900
Total liabilities measured at fair value	$	—	$	1,900	$	—	$	1,900

Assets and liabilities measured at fair value on a recurring basis at December 31, 2011 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	55,542	$	—	$	—	$	55,542
Time deposits	10,000		—		—		10,000
Available-for-sale short-term investments (1)
Time deposits	2,878		—		—		2,878
Other current assets
Derivative financial instruments (Note 10)	—		7,236		—		7,236
Other non-current assets
Derivative financial instruments (Note 10)	—		1,117		—		1,117
Mutual fund shares	2,521		—		—		2,521
Total assets measured at fair value	$	70,941	$	8,353	$	—	$	79,294
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	3,786	$	—	$	3,786
Other long-term liabilities
Derivative financial instruments (Note 10)	—		91		—		91
Total liabilities measured at fair value	$	—	$	3,877	$	—	$	3,877

Assets and liabilities measured at fair value on a recurring basis at June 30, 2011 are as follows (in thousands):

	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	136,840	$	—	$	—	$	136,840
Time deposits	21,659		—		—		21,659
Available-for-sale short-term investments (1)
Short-term municipal bond fund	25,864		—		—		25,864
Time deposits	2,856		—		—		2,856
U.S. Government-backed municipal bonds	—		62,122		—		62,122
Other current assets
Derivative financial instruments (Note 10)	—		218		—		218
Other non-current assets
Mutual fund shares	2,480		—		—		2,480
Total assets measured at fair value	$	189,699	$	62,340	$	—	$	252,039
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 10)	$	—	$	7,681	$	—	$	7,681
Total liabilities measured at fair value	$	—	$	7,681	$	—	$	7,681

⁽¹⁾  Investments have remaining maturities greater than three months but less than two years and are available for use in current operations.

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, that are directly or indirectly observable in the marketplace and quoted prices in markets with limited volume or infrequent transactions.

There were no material assets and liabilities measured at fair value on a nonrecurring basis as of June 30, 2012, December 31, 2011, or June 30, 2011.

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Earnings Per Share

6 Months Ended

Jun. 30, 2012

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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Weighted average shares of common stock outstanding, used in computing basic loss per share	33,780			33,956			33,743			33,878
Effect of dilutive stock options and restricted stock units	—			—			—			—
Weighted-average shares of common stock outstanding, used in computing diluted loss per share	33,780			33,956			33,743			33,878
Loss per share of common stock:
Basic	$	(0.23	)	$	(0.40	)	$	(0.12	)	$	(0.02	)
Diluted	(0.23		)	(0.40		)	(0.12		)	(0.02		)

Stock options and service-based restricted stock units representing 2,424,665 and 2,248,443 shares of common stock outstanding for the three months endedJune 30, 2012 and 2011, respectively, and 2,371,676 and 2,250,631 shares of common stock for the six months endedJune 30, 2012 and 2011, respectively, were excluded from the computation of diluted EPS because their effect would be anti-dilutive due to a net loss in the period. In addition, performance-based restricted stock units representing 37,846 and 35,735 shares of common stock for the three months endedJune 30, 2012 and 2011, respectively, and 34,356 and 30,222 shares of common stock for the six months endedJune 30, 2012 and 2011, respectively, were excluded from the computation of diluted EPS because these shares were subject to performance conditions that had not been met.

Since the inception of the Company’s stock repurchase plan in 2004 through June 30, 2012, the Company’s Board of Directors has authorized the repurchase of $500,000,000 of the Company’s common stock. As of June 30, 2012, the Company had repurchased 9,593,278 shares under this program at an aggregate purchase price of approximately $441,443,000. During the six months endedJune 30, 2012, the Company repurchased an aggregate of $206,000 of the Company's common stock. During the six months endedJune 30, 2011, the Company did not repurchase any shares 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.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2012

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 awards. The majority of all stock option 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 June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Stock options	$	869	$	885	$	1,777	$	1,727
Restricted stock units	1,322		1,106		2,526		2,077
Total	$	2,191	$	1,991	$	4,303	$	3,804

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 volatility of the Company’s stock over the option’s expected term, the risk-free interest rate applicable to the option’s expected term, and the Company’s estimated annual dividend yield.

The following table presents the weighted average assumptions for stock options granted in the period:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011(1)
Expected term	7.69 years	7.27 years	4.79 years	5.13 years
Expected stock price volatility	29.66%	29.08%	32.20%	30.75%
Risk-free interest rate	1.09%	2.24%	0.89%	1.85%
Expected dividend yield	1.79%	1.34%	1.80%	1.31%
Weighted average grant date fair value	$12.85	$19.44	$11.57	$16.12

⁽¹⁾  For the six months ended June 30, 2011, the Company granted two stock option grants totaling 53,720 shares that vest 100% on the fifth anniversary of the grant date. Because the Company did not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options.

During the six months endedJune 30, 2012 and 2011, the Company granted a total of 354,934 and 337,237 stock options, respectively. At June 30, 2012, unrecognized costs related to outstanding stock options totaled approximately $7,667,000, 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 June 30, 2012 are expected to be recognized over a weighted average period of 2.68 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, 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 period:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Vesting period	2.90 years	3.33 years	3.84 years	3.96 years
Expected dividend yield	1.78%	1.31%	1.79%	1.30%
Estimated average grant date fair value per restricted stock unit	$46.90	$64.06	$45.96	$59.06

During the six months endedJune 30, 2012 and 2011, the Company granted 159,097 and 138,720 restricted stock units, respectively. At June 30, 2012, unrecognized costs related to outstanding restricted stock units totaled approximately $12,065,000, 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 June 30, 2012 are expected to be recognized over a weighted average period of 2.62 years.

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Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2012

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. Accumulated other comprehensive income, net of related tax effects, consisted of the following (in thousands):

	June 30, 2012			December 31, 2011			June 30, 2011
Unrealized holding gains (losses) on available-for-sale securities	$	(34	)	$	(2	)	$	154
Unrealized holding gains (losses) on derivative transactions	6,667			7,250			(6,737		)
Foreign currency translation adjustments	35,945			39,649			69,558
Accumulated other comprehensive income	$	42,578		$	46,897		$	62,975

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Segment Information

6 Months Ended

Jun. 30, 2012

Segment Reporting, Measurement Disclosures [Abstract]

Segment Information

SEGMENT INFORMATION

The Company operates in 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 active outdoor apparel, footwear, accessories and equipment.

The geographic distribution of the Company’s net sales and income (loss) before income tax are summarized in the following tables (in thousands). Inter-segment net sales, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net sales to unrelated entities:
United States	$	132,075		$	129,080		$	325,122		$	321,537
LAAP	84,194			76,566			160,946			143,901
EMEA	69,941			53,611			108,072			97,967
Canada	4,147			8,773			29,358			37,711
	$	290,357		$	268,030		$	623,498		$	601,116
Income (loss) before income tax:
United States	$	(15,174	)	$	(16,279	)	$	(12,436	)	$	(7,650	)
LAAP	14,431			6,544			25,391			15,041
EMEA	(3,317		)	(5,397		)	(13,289		)	(8,572		)
Canada	(6,688		)	(3,508		)	(5,059		)	461
Interest	191			461			438			784
	$	(10,557	)	$	(18,179	)	$	(4,955	)	$	64

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Product Warranty (Reconciliation Of Product Warranties) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 9,833	$ 9,982	$ 10,452	$ 10,256
Charged to costs and expenses	786	814	1,965	2,685
Claims settled	(1,068)	(1,080)	(2,957)	(3,370)
Other	(98)	61	(7)	206
Balance at end of period	$ 9,453	$ 9,777	$ 9,453	$ 9,777

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Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2012

Inventory, Net [Abstract]

Schedule Of Inventories, Net

Inventories, net, consisted of the following (in thousands):

	June 30, 2012		December 31, 2011		June 30, 2011
Raw materials	$	1,720	$	2,044	$	2,038
Work in process	1,569		1,240		704
Finished goods	519,789		361,915		419,262
	$	523,078	$	365,199	$	422,004

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2012

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 June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Weighted average shares of common stock outstanding, used in computing basic loss per share	33,780			33,956			33,743			33,878
Effect of dilutive stock options and restricted stock units	—			—			—			—
Weighted-average shares of common stock outstanding, used in computing diluted loss per share	33,780			33,956			33,743			33,878
Loss per share of common stock:
Basic	$	(0.23	)	$	(0.40	)	$	(0.12	)	$	(0.02	)
Diluted	(0.23		)	(0.40		)	(0.12		)	(0.02		)

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Subsequent Event (Details)	Jun. 30, 2012
Subsequent Events [Abstract]
Equity Method Investment, Ownership Percentage	60.00%

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Earnings Per Share (Reconciliation Of Common Shares Used In Denominator For Computing Basic And Diluted EPS) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Earnings Per Share [Abstract]
Weighted average shares of common stock outstanding, used in computing basic loss per share (in shares)	33,780	33,956	33,743	33,878
Effect of dilutive stock options and restricted stock units	0	0	0	0
Weighted-average shares of common stock outstanding, used in computing diluted loss per share (in shares)	33,780	33,956	33,743	33,878
Loss per share of common stock:
Earnings per share of common stock, Basic (in dollars per share)	$ (0.23)	$ (0.40)	$ (0.12)	$ (0.02)
Earnings per share of common stock, Diluted (in dollars per share)	$ (0.23)	$ (0.40)	$ (0.12)	$ (0.02)

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Condensed Consolidated Statements Of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net loss	$ (7,901)	$ (13,558)	$ (4,003)	$ (788)
Other comprehensive income (loss):
Unrealized holding gains (losses) on available-for-sale securities (net of tax (expense) benefit of $4, ($35), $4, and ($69) respectively)	(31)	60	(32)	118
Unrealized derivative holding gains (losses) arising during period (net of tax (expense) benefit of ($47), $613, ($275) and $1,049, respectively)	1,763	(2,651)	593	(5,594)
Reclassification to net loss of previously deferred (gains) losses on derivative instruments (net of tax expense (benefit) of $28, ($155), $27 and ($330), respectively)	(469)	328	(1,176)	528
Foreign currency translation adjustments (net of tax (expense) benefit of $595, ($277), $260 and ($1,556), respectively)	(8,311)	8,114	(3,704)	21,208
Other comprehensive income (loss)	(7,048)	5,851	(4,319)	16,260
Comprehensive income (loss)	$ (14,949)	$ (7,707)	$ (8,322)	$ 15,472

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Inventories, Net

6 Months Ended

Jun. 30, 2012

Inventory, Net [Abstract]

Inventories, Net

INVENTORIES, NET

Inventories are carried at the lower of cost or market. Cost is determined using the first-in, first-out method. The Company periodically reviews its inventory for excess, close-out and slow moving items and makes provisions as necessary to properly reflect inventory value.

Inventories, net, consisted of the following (in thousands):

	June 30, 2012		December 31, 2011		June 30, 2011
Raw materials	$	1,720	$	2,044	$	2,038
Work in process	1,569		1,240		704
Finished goods	519,789		361,915		419,262
	$	523,078	$	365,199	$	422,004

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting, Measurement Disclosures [Abstract]

Schedule Of Segment Information

Inter-segment net sales, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Net sales to unrelated entities:
United States	$	132,075		$	129,080		$	325,122		$	321,537
LAAP	84,194			76,566			160,946			143,901
EMEA	69,941			53,611			108,072			97,967
Canada	4,147			8,773			29,358			37,711
	$	290,357		$	268,030		$	623,498		$	601,116
Income (loss) before income tax:
United States	$	(15,174	)	$	(16,279	)	$	(12,436	)	$	(7,650	)
LAAP	14,431			6,544			25,391			15,041
EMEA	(3,317		)	(5,397		)	(13,289		)	(8,572		)
Canada	(6,688		)	(3,508		)	(5,059		)	461
Interest	191			461			438			784
	$	(10,557	)	$	(18,179	)	$	(4,955	)	$	64

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Stock-Based Compensation (Schedule Of Weighted Average Assumptions For Restricted Stock Units) (Details) (Restricted Stock Units [Member], USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012 Y	Jun. 30, 2011 Y	Jun. 30, 2012 Y	Jun. 30, 2011 Y
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, years	2.90	3.33	3.84	3.96
Expected dividend yield	1.78%	1.31%	1.79%	1.30%
Estimated average grant date fair value per restricted stock unit (in dollars per share)	$ 46.90	$ 64.06	$ 45.96	$ 59.06

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Subsequent Event

6 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENT

On August 6, 2012, the Company entered into an agreement with Swire Resources Ltd. to form a joint venture with the purpose of supporting the development of the Company's business in the People's Republic of China, excluding the administrative territories of Hong Kong and Macau. The joint venture is expected to begin operations January 1, 2014, subject to regulatory approval in the People's Republic of China and other conditions customary in transactions of this size and type. The Company will hold a 60 percent ownership interest in the joint venture. The joint venture will replace distributor agreements with Swire Resources Ltd.