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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information |
NOTE 3 — SEGMENT INFORMATION
The Company defines its operating segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker ("CODM") to analyze performance, make decisions, and allocate resources. The Company aggregates its operating segments with similar economic and operating characteristics into four reportable segments: U.S., LAAP, EMEA, and Canada. These reportable segments are organized by geographic location. Each geographic segment operates predominantly in one industry: the design, development, marketing, and distribution of outdoor, active and lifestyle products, including apparel, footwear, accessories, and equipment. The Company’s CODM is the Company’s president and chief executive officer. The Company’s CODM assesses the segments’ performance by using each segment's operating income. The CODM uses each segment's operating income to allocate resources predominantly in the annual budget and forecasting process. The CODM considers plan-to-actual variances on a quarterly basis for the segment operating income profit measure when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses this profit measure to assess the performance of each segment by comparing the results of each segment with one another, and in the overall strategic planning for each segment. Intersegment net sales and intersegment profits, which are recorded at a negotiated mark-up and eliminated in consolidation, are not material. Unallocated corporate expenses consist of expenses incurred by centrally-managed departmental functions, including information technology, certain supply chain functions, finance, human resources, and legal, as well as executive compensation, unallocated benefit program expense, and other miscellaneous costs. The following tables present segment financial information for the Company's reportable segments:
|  |  | Three Months Ended March 31, 2025
(in thousands) |  |  |  |  | U.S. |  | LAAP |  | EMEA |  | Canada |  | Total
Net sales |  |  |  |  | $ | 471,181 |  |  | $ | 152,210 |  |  | $ | 107,480 |  |  | $ | 47,581 |  |  | $ | 778,452 |
Cost of sales |  |  |  |  | 239,908 |  |  | 66,278 |  |  | 52,855 |  |  | 23,354 |  |  | 382,395 |
Segment selling, general and administrative expenses |  |  |  |  | 146,383 |  |  | 53,081 |  |  | 32,138 |  |  | 11,539 |  |  | 243,141 |
Other segment items(a) |  |  |  |  | 18,936 |  |  | 6,521 |  |  | 3,509 |  |  | 3,725 |  |  | 32,691 |
Segment operating income |  |  |  |  | 65,954 |  |  | 26,330 |  |  | 18,978 |  |  | 8,963 |  |  | 120,225 |
Reconciliation to income before income tax: |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  | 73,717 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  | 46,508 |
Interest income, net |  |  |  |  |  |  |  |  |  |  |  |  | 6,817 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  |  | 1,551 |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,876 |
(a) For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments.
|  |  | Three Months Ended March 31, 2024
(in thousands) |  |  |  |  | U.S. |  | LAAP |  | EMEA |  | Canada |  | Total
Net sales |  |  |  |  | $ | 474,406 |  |  | $ | 138,646 |  |  | $ | 104,520 |  |  | $ | 52,410 |  |  | $ | 769,982 |
Cost of sales |  |  |  |  | 241,986 |  |  | 59,045 |  |  | 52,794 |  |  | 26,598 |  |  | 380,423 |
Segment selling, general and administrative expenses |  |  |  |  | 138,917 |  |  | 50,221 |  |  | 28,796 |  |  | 10,363 |  |  | 228,297 |
Other segment items(a) |  |  |  |  | 20,510 |  |  | 7,558 |  |  | 3,784 |  |  | 4,281 |  |  | 36,133 |
Segment operating income |  |  |  |  | 72,993 |  |  | 21,822 |  |  | 19,146 |  |  | 11,168 |  |  | 125,129 |
Reconciliation to income before income tax: |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  | 80,448 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  | 44,681 |
Interest income, net |  |  |  |  |  |  |  |  |  |  |  |  | 9,197 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  |  | 271 |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,149 |
(a) For each reportable segment, other segment items include certain corporate expenses and net licensing income allocated to each of the reportable segments, as well as net licensing income directly attributable to each of the reportable segments. The following table presents segment depreciation and amortization expense information:
|  | Three Months Ended March 31,
(in thousands) |  | 2025 |  | 2024 |  |
Depreciation and amortization expense: |  |  |  |  |  |
U.S. |  | $ | 6,101 |  |  | $ | 5,801 |  |  |
LAAP |  | 1,538 |  |  | 1,389 |  |  |
EMEA |  | 1,054 |  |  | 970 |  |  |
Canada |  | 710 |  |  | 693 |  |  |
Unallocated corporate expense |  | 4,062 |  |  | 6,217 |  |  |
|  | $ | 13,465 |  |  | $ | 15,070 |  |  |
The following table presents segment asset information:
|  | As of
(in thousands) |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2024
Inventories: |  |  |  |  |  |
U.S. |  | $ | 414,998 |  |  | $ | 450,014 |  |  | $ | 401,423 |
LAAP |  | 87,738 |  |  | 108,818 |  |  | 81,483 |
EMEA |  | 73,336 |  |  | 79,710 |  |  | 72,834 |
Canada |  | 47,628 |  |  | 51,973 |  |  | 51,633 |
Total segment assets |  | 623,700 |  |  | 690,515 |  |  | 607,373 |
All other assets |  | 2,083,715 |  |  | 2,284,750 |  |  | 2,154,858 |
Total assets |  | $ | 2,707,415 |  |  | $ | 2,975,265 |  |  | $ | 2,762,231 |
CONCENTRATIONS No single customer accounted for 10% or more of Net sales for the three months ended March 31, 2025 and 2024.

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- Definition The entire disclosure for reporting segments including data and tables. 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