COLUMBIA SPORTSWEAR COMPANY Special Note Regarding Forward Looking Statements This quarterly report contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements often use words such as "will", "anticipate", "estimate", "expect", "should", "may" and other words and terms of similar meaning or reference future dates. Forward-looking statements include any statements related to our expectations regarding future performance or market position, including any statements regarding the impacts of the COVID-19 pandemic, store traffic, supply chain disruptions, inventory receipts, net sales and gross margin, profitability, return on investments, performance obligations, unrecognized costs, derivatives, inventory purchase obligations, income tax rates, our ability to meet our liquidity needs, amortization expenses and maturities of liabilities. These forward-looking statements, and others we make from time to time expressed in good faith, are believed to have a reasonable basis; however, each forward-looking statement involves risks and uncertainties. Many factors may cause actual results to differ materially from projected results in forward-looking statements, including the risks described in Item 1A of this quarterly report. Forward-looking statements are inherently less reliable than historical information. Except as required by law, 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 to reflect changes in events, circumstances or expectations. New factors emerge from time to time and it is not possible for us to predict or assess the effects of all such factors or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Our Business We connect active people with their passions through our four well-known brands, Columbia, SOREL,Mountain Hardwear , and prAna, by designing, developing, marketing, and distributing our outdoor, active and everyday lifestyle apparel, footwear, accessories and equipment products to meet the diverse needs of our customers and consumers. Our products are sold through a mix of wholesale distribution channels, our own direct-to-consumer ("DTC") businesses and independent international distributors. In addition, we license some of our trademarks across a range of apparel, footwear, accessories, equipment and home products. The popularity of outdoor activities, active and everyday lifestyles, changing design trends, consumer adoption of innovative performance technologies, variations in seasonal weather, and the availability and desirability of competitor alternatives affect consumer desire for our products. Therefore, we seek to drive, anticipate and respond to trends and shifts in consumer preferences by developing new products and innovative performance features and designs, creating persuasive and memorable marketing communications to generate consumer awareness, demand and retention, and adjusting the mix, price points and selling channels of available product offerings. Our production cycle from the design to the delivery of our products requires significant inventory commitment. We generally solicit orders from wholesale customers and independent international distributors for the fall and spring seasons based on seasonal ordering deadlines that we establish to aid our efforts to plan manufacturing volumes to meet demand. We typically ship the majority of our advance spring season orders to customers beginning in January and continuing through June. Similarly, we typically ship the majority of our advance fall season orders to customers beginning in July and continuing through December. Subsequent to advance order placements, wholesale customers may request replenishment orders for various products as consumer demand increases. Generally, orders are subject to cancellation prior to the date of shipment. Our business is affected by the general seasonal trends common to the industry, including seasonal weather and discretionary consumer shopping and spending patterns. Our products are marketed on a seasonal basis, and our sales are weighted substantially toward the third and fourth quarters, while our operating costs are more equally distributed throughout the year. In 2020, approximately 65% of our net sales and the majority of our operating income were realized in the second half of the year. Although impacts from the ongoing COVID-19 pandemic exacerbated seasonal net sales and profitability patterns, this still illustrates our dependence upon sales results in the second half of the year, as well as the less seasonal nature of our operating costs. Results of operations in any period should not be considered indicative of the results to be expected for any future period. COVID-19 Update The COVID-19 pandemic continues to impact the global economy. In response to this pandemic, many regional and local governments worldwide continue to implement travel restrictions, business shutdowns or slowdowns, and shelter-in-place or stay-at-home orders. In the first quarter of 2021, consumer demand increased year-over-year, but remained below pre-pandemic levels. Throughout the first quarter of 2021, the majority of our stores remained open, however government mandated lockdowns impacted our stores in 18 -------------------------------------------------------------------------------- Table of ContentsEurope ,Canada andJapan for most of the first quarter of 2021. Overall, our store retail traffic trends remain below pre-pandemic levels. Stores in destination locations and tourist-dependent markets remain some of the most impacted stores within our fleet. We anticipate gradual fundamental improvement in store traffic over the course of the year. In addition, certain of our wholesale customers and international distributors experienced closed stores or reduced operating hours. Despite these impacts, consumer demand accelerated in the first quarter of 2021 and we did not realize significant wholesale order cancellations or customer accommodations. The COVID-19 pandemic continues to impact our distribution centers, third-party manufacturing partners and logistics partners. We expect these supply chain disruptions to continue through our fourth quarter of 2021. As a result of these impacts, we anticipate later than expected spring and fall season inventory receipts and deliveries to our wholesale customers and inventory availability for our DTC businesses, resulting in impacts to our future net sales and gross margin. Business Outlook The ongoing business disruption and uncertainty surrounding the COVID-19 pandemic make it difficult to predict our future results. Consistent with the seasonality and variability of our business, we anticipate 2021 profitability to be heavily concentrated in the second half of the year. Business uncertainties and risks surrounding the ongoing pandemic may further exacerbate this seasonality. Factors that could significantly affect our full year 2021 financial results include: •lower consumer demand as a result of ongoing effects from the COVID-19 pandemic and/or related governmental actions and regulations; •growth, performance and profitability of our global DTC operations, including depressed consumer traffic in our retail stores and elevated DTC e-commerce growth trends; •our ability to staff and operate our distribution centers to fulfill DTC e-commerce demand while providing a safe working environment with adequate social distancing and other safety precautions; •port congestion and equipment and labor capacity of third-party logistics providers to service the demands of our business and the retail industry generally; •increasing operating costs associated with a constrained supply chain, including incremental ocean freight surcharges and other logistics related costs; •increasing consumer expectations and competitive pressure related to various aspects of our e-commerce business, including speed of product delivery, shipping charges, return privileges and other evolving expectations; •our ability to secure production capacity with our contract manufacturers; •impairment of long-lived assets, operating lease right-of-use assets, intangible assets and/or goodwill; •unseasonable weather conditions or other unforeseen factors affecting consumer demand and the resulting effect on cancellations of advance wholesale and distributor orders, sales returns, customer accommodations, replenishment orders and reorders, DTC sales, changes in mix and volume of full price sales in relation to promotional and close-out product sales, and suppressed customer and end-consumer demand in subsequent seasons; •our ability to effectively manage our inventory, including liquidating excess inventory timely and profitably through close-out sales in our wholesale and DTC businesses; •difficult economic, geopolitical and competitive environments in certain key markets globally, coupled with global economic uncertainty; and •economic and industry trends affecting consumer traffic and spending in brick and mortar retail channels, which have created uncertainty regarding the long-term financial health of certain of our wholesale customers, and, in certain cases, may require cancellation of customer shipments and/or increased credit exposure associated with any such shipments. Strategic Priorities We are committed to driving sustainable and profitable long-term growth and investing in our strategic priorities to: •drive brand awareness and sales growth through increased, focused demand creation investments; •enhance consumer experience and digital capabilities in all of our channels and geographies; •expand and improve global DTC operations with supporting processes and systems; and •invest in our people and optimize our organization across our portfolio of brands. Ultimately, we expect our investments to enable market share capture across our brand portfolio, expand gross margin, improve selling, general and administrative expense efficiency, and drive improved operating margin over the long-term. 19 -------------------------------------------------------------------------------- Table of Contents 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 in Part 1, Item 1, Financial Statements in this quarterly report. All references to quarters relate to the quarter endedMarch 31 of the particular year. To supplement financial information reported in accordance with accounting principles generally accepted inthe United States ("GAAP"), we disclose constant-currency net sales information, which is a non-GAAP financial measure, to provide a framework to assess how the business performed excluding the effects of changes in the exchange rates used to translate net sales generated in foreign currencies intoUnited States dollars. Management believes that this non-GAAP financial measure reflects an additional and useful way of viewing an aspect of our operations that, when viewed in conjunction with our GAAP results, provides a more comprehensive understanding of our business and operations. In particular, investors may find the non-GAAP measure useful by reviewing our net sales results without the volatility in foreign currency exchange rates. This non-GAAP financial measure also facilitates management's internal comparisons to our historical net sales results and comparisons to competitors' net sales results. Constant-currency financial measures should be viewed in addition to, and not in lieu of or superior to, our financial measures calculated in accordance with GAAP. The following discussion includes references to constant-currency net sales, and we provide a reconciliation of this non-GAAP measure to the most directly comparable financial measure calculated in accordance with GAAP below. Highlights of the First Quarter of 2021 •Net sales increased$57.4 million , or 10%, to$625.6 million , from$568.2 million in the first quarter of 2020. •Gross profit as a percentage of net sales expanded to 51.4% from 47.8% in the first quarter of 2020. •Income from operations increased$72.5 million to$70.5 million from a loss from operations of$2.0 million in the first quarter of 2020. •Income tax expense increased to$14.6 million from$1.4 million in the first quarter of 2020. •Net income increased$55.7 million to$55.9 million , or$0.84 per diluted share from net income of$0.2 million , or$0.00 per diluted share in the first quarter of 2020. •Operating cash flow increased$98.1 million to$110.9 million , compared to$12.8 million in 2020. •We paid cash dividends to shareholders totaling$17.3 million , or$0.26 per share. The following table presents the items in our Condensed Consolidated Statements of Operations as a percentage of net sales: Three Months Ended March 31, 2021 2020 Net sales 100.0 % 100.0 % Cost of sales 48.6 52.2 Gross profit 51.4 47.8 Selling, general and administrative expenses 40.7 48.7 Net licensing income 0.6 0.6 Income (loss) from operations 11.3 (0.3) Interest income, net - 0.3 Other non-operating income (expense), net - 0.3 Income before income tax 11.3 0.3 Income tax expense (2.4) (0.3) Net income 8.9 % - % 20
-------------------------------------------------------------------------------- Table of Contents Results of Operations - Consolidated Quarter EndedMarch 31, 2021 Compared to Quarter EndedMarch 31, 2020 Net Sales : Consolidated net sales increased$57.4 million , or 10%, to$625.6 million for the first quarter 2021 from$568.2 million for the comparable period in 2020. The increase primarily reflects higher consumer demand and economic recovery from the ongoing COVID-19 pandemic, which during the comparable period in 2020 resulted in wholesale order cancellations, temporary store closures and lower consumer demand. Net sales increased across all regions and product categories, and primarily for the Columbia brand in theU.S. DTC andChina businesses. In addition, our DTC e-commerce business grew 35% and represented 20% of our global net sales for the first quarter 2021, compared to 16% of our global net sales for the same period in 2020. Net sales by brand, product category and channel are summarized in the following table: Three Months Ended March 31, Reported Adjust for Foreign Constant-currency Reported Reported Constant-currency (in millions, except for Net Sales Currency Net Sales Net Sales Net Sales Net Sales percentage changes) 2021 Translation 2021(1) 2020 % Change % Change(1) BrandNet Sales : Columbia$ 527.4 $ (11.9) $ 515.5$ 471.7 12% 9% SOREL 46.3 (0.6) 45.7 38.7 20% 18% prAna 31.5 - 31.5 36.5 (14)% (14)% Mountain Hardwear 20.4 (0.3) 20.1 21.3 (4)% (6)% Total$ 625.6 $ (12.8) $ 612.8$ 568.2 10% 8% Product CategoryNet Sales : Apparel, Accessories and Equipment$ 468.9 $ (8.7) $ 460.2$ 452.2 4% 2% Footwear 156.7 (4.1) 152.6 116.0 35% 32% Total$ 625.6 $ (12.8) $ 612.8$ 568.2 10% 8% Channel Net Sales: Wholesale$ 335.4 $ (7.8) $ 327.6$ 325.9 3% 1% DTC 290.2 (5.0) 285.2 242.3 20% 18% Total$ 625.6 $ (12.8) $ 612.8$ 568.2 10% 8% (1) Constant-currency net sales information is a non-GAAP financial measure, which excludes the effect of changes in foreign currency exchange rates againstthe United States dollar between comparable reporting periods. We calculate constant-currency net sales by translating net sales in foreign currencies for the current period intoUnited States dollars at the exchange rates that were in effect during the comparable period of the prior year. Gross Profit: Gross profit as a percentage of net sales expanded to 51.4% for the first quarter 2021 from 47.8% for the comparable period in 2020, primarily reflecting: •an approximate 250 basis points increase primarily resulting from decreased reserve provisions related to less excess inventory; •an increase in product margin, primarily driven by lower promotional activity and lower wholesale customer accommodations, partially offset by a higher proportion of wholesale closeout product sales mix; and •an increase driven by a favorable sales mix impact due to a lower proportion of lower margin international distributor sales and a higher proportion of DTC sales which generally carries higher gross margin. Selling, General and Administrative Expense: SG&A expense decreased$22.4 million , or 8%, to$254.4 million , or 40.7% of net sales, for the first quarter of 2021, from$276.8 million , or 48.7% of net sales, for the comparable period in 2020. The SG&A expense decrease was primarily due to: •lower bad debt expenses of$27.1 million ; partially offset by •higher incentive compensation; and •higher personnel expenses to support business growth. 21 -------------------------------------------------------------------------------- Table of Contents The decrease in bad debt expenses was driven by incremental COVID-19 pandemic related bad debt reserve provisions in the first quarter of 2020, compared to a reduction in bad debt reserves in the first quarter of 2021 reflecting the continued recovery of the market and a healthier wholesale customer base. Income (Loss) from Operations: Income from operations increased$72.5 million to$70.5 million , or 11.3% of net sales, for the first quarter of 2021, from a loss from operations of$2.0 million , or (0.3)% of net sales, for the comparable period in 2020. Income Tax Expense: Income tax expense increased to$14.6 million for the first quarter of 2021 from$1.4 million for the comparable period in 2020. Our effective income tax rate was 20.7% compared to 86.4% for the first quarter of 2020. Our effective income tax rate for the first quarter of 2021 decreased compared to the first quarter of 2020 primarily due to the change in mix of book income or loss among jurisdictions, as well as the recording of a foreign jurisdiction valuation allowance during the prior period. Net Income: Net income increased$55.7 million to$55.9 million , or$0.84 per diluted share, for the first quarter of 2021, from$0.2 million , or$0.00 per diluted share, for the comparable period in 2020. Results of Operations - Segment Quarter EndedMarch 31, 2021 Compared to Quarter EndedMarch 31, 2020 Net sales by geographic segment are summarized in the following table: Three Months Ended March 31, Reported Adjust for Foreign Constant-currency Reported Reported Constant-currency (in millions, except for percentage Net Sales Currency Net Sales Net Sales Net Sales Net Sales changes) 2021 Translation 2021(1) 2020 % Change % Change(1) U.S.$ 408.6 $ - $ 408.6$ 375.9 9% 9% LAAP 112.0 (6.3) 105.7 102.6 9% 3% EMEA 70.8 (5.1) 65.7 55.8 27% 18% Canada 34.2 (1.4) 32.8 33.9 1% (3)%$ 625.6 $ (12.8) $ 612.8$ 568.2 10% 8% (1) Constant-currency net sales information is a non-GAAP financial measure, which excludes the effect of changes in foreign currency exchange rates againstthe United States dollar between comparable reporting periods. We calculate constant-currency net sales by translating net sales in foreign currencies for the current period intoUnited States dollars at the exchange rates that were in effect during the comparable period of the prior year.
Income (loss) from operations for each reportable segments and unallocated corporate expenses are summarized in the following table:
Three Months Ended March 31,
(in millions) 2021 2020 Change ($)
U.S. $ 99.7 $ 40.0 $ 59.7
LAAP 9.7 6.1 3.6
EMEA 10.1 (0.1) 10.2
Canada 6.2 4.2 2.0
Total segment income from operations $ 125.7 $ 50.2 75.5
Unallocated corporate expenses (55.2) (52.2) (3.0)
Income (loss) from operations $ 70.5 $ (2.0) U.S. income from operations increased$59.7 million to$99.7 million , or 24.4% of net sales, for the first quarter of 2021 from$40.0 million , or 10.7% of net sales, for the comparable period in 2020. The increase was driven primarily by increased net sales at improved gross margin, as well as a reduction in bad debt expense.U.S. net sales increased$32.7 million , or 9%, for the first quarter of 2021 compared to same period in 2020, driven by increased net sales in ourU.S. DTC businesses, partially offset by decreased net sales in ourU.S. wholesale business. The net sales increase in ourU.S. DTC businesses was led by increased e-commerce net sales as consumers continued to shift to online shopping, followed by increased retail store net sales as we lapped prior year temporary store closures and heightened COVID-19 pandemic related disruptions.U.S. wholesale net sales declined due to a shift in the timing of Spring 2021 inventory receipts and deliveries from the first quarter into the second quarter of 2021. The reduction in bad 22 -------------------------------------------------------------------------------- Table of Contents debt reserves in the first quarter of 2021 reflected the continued recovery of the market and a healthier wholesale customer base. SG&A expenses decreased as a percentage of net sales to 27.7% for the three months endedMarch 31, 2021 compared to 37.8% for the comparable period in 2020. LAAP LAAP income from operations increased$3.6 million to$9.7 million , or 8.7% of net sales, for the first quarter of 2021 from$6.1 million , or 6.0% of net sales, for the comparable period in 2020. The increase was driven primarily by increased net sales combined with increased gross margin. LAAP net sales increased$9.4 million , or 9% (3% constant-currency) for the first quarter of 2021 compared to the same period in 2020, primarily driven by increased net sales in ourChina andKorea businesses, partially offset by decreased net sales in our LAAP distributor andJapan businesses. LAAP SG&A expense increased as a percentage of net sales to 47.7% for the first quarter of 2021 compared to 44.1% for the comparable period in 2020, driven by fixed expenses in our LAAP distributor andJapan businesses coupled with decreased net sales. EMEA EMEA income from operations increased$10.2 million to$10.1 million , or 14.2% of net sales, for the first quarter of 2021 from a loss from operations of$0.1 million , or (0.1)% of net sales, for the comparable period in 2020. The increase was driven primarily by increased net sales combined with increased gross margin. EMEA net sales increased$15.0 million , or 27% (18% constant-currency), for the first quarter of 2021 compared to the same period in 2020. EMEA net sales increased primarily in ourEurope -direct business, followed by our EMEA distributor business. EMEA SG&A expense decreased as a percentage of net sales to 31.1% for the first quarter of 2021 compared to 45.3% for the same period in 2020 driven by leveraging of fixed operating expenses and lower reserve provisions for bad debt.Canada Canada income from operations increased$2.0 million to$6.2 million , or 18.2% of net sales, for the first quarter of 2021 from$4.2 million , or 12.3% of net sales, for the comparable period in 2020. The increase primarily resulted from increased net sales combined with increased gross margin.Canada net sales increased$0.3 million , or 1% (a decrease of 3% constant-currency), for the first quarter of 2021 compared to the same period in 2020. Canada SG&A expense decreased as a percentage of net sales to 30.6% for the first quarter of 2021 compared to 35.3% for the comparable period in 2020 driven by lower reserve provisions for bad debt. Unallocated corporate expenses increased by$3.0 million to$55.2 million for the first quarter of 2021, from$52.2 million for the comparable period in 2020. Liquidity and Capital Resources AtMarch 31, 2021 , we had total cash and cash equivalents of$873.6 million , compared to$790.7 million atDecember 31, 2020 and$671.1 million atMarch 31, 2020 . AtMarch 31, 2021 , we had approximately$505.2 million in committed borrowing availability. Our primary ongoing cash needs are for working capital and capital expenditures, including investment in our DTC operations, including new stores, investment in digital and supply chain capabilities to support our strategic priorities, and facilities remodels at our corporate headquarters. We have planned 2021 capital expenditures of approximately$60 to$80 million . We expect to meet our cash needs for the next twelve months with cash and cash equivalents, short-term investments, borrowings under our committed and uncommitted lines of credit and facilities, additional borrowing capacity, access to capital markets, and cash flows from operations. Our business is affected by the general seasonal trends common to the industry. Our products are marketed on a seasonal basis and our sales are weighted substantially toward the third and fourth quarters, while our operating costs are more equally distributed throughout the year. Our cash and cash equivalents and short-term investments balances generally are at their lowest level at the end of the third quarter and increase during the fourth quarter from collection of wholesale business receivables and fourth quarter DTC sales. Short-term borrowings and credit lines Refer to Note 4 in Item 1 of this quarterly report for additional information regarding our lines of credit and overdraft facilities in place. AtMarch 31, 2021 , we had a$500.0 million committed revolving line of credit available domestically under our credit agreement and, internationally, our subsidiaries had approximately$145.4 million in committed and uncommitted lines of credit and overdraft facilities in place, some of which were guaranteed byColumbia Sportswear Company . AtMarch 31, 2021 , there was no balance outstanding under these lines of credit and overdraft facilities. At the time of this filing, we are in compliance with all financial covenants necessary as a condition for borrowing under the domestic credit agreement. 23 -------------------------------------------------------------------------------- Table of Contents Cash flow activities Net cash provided by operating activities was$110.9 million for the three months endedMarch 31, 2021 compared to net cash provided by operating activities of$12.8 million for the comparable period in 2020. The change in operating cash flow was driven by a$26.0 million increase in operating cash flow provided by net income and non-cash adjustments, and a$72.1 million increase in cash provided by changes in assets and liabilities. The most significant comparative changes included Accounts payable, Accrued liabilities, and Accounts receivable. The decrease in cash used in Accounts payable primarily reflects the effects of higher receipts of Spring 2021 inventory in the first quarter of 2021 compared to Spring 2020 inventory due to the timing of shipments. The decrease in cash used in Accrued liabilities was primarily driven by changes in accruals for incentive compensation, wholesale refund liabilities and demand creation. The decrease in cash provided by Accounts receivable was driven by lower collections of accounts receivable and higher wholesale net sales in the first quarter of 2021. Net cash used in investing activities was$2.8 million for the three months endedMarch 31, 2021 compared to net cash used in investing activities of$42.9 million for the comparable period in 2020. For the 2021 period, net cash used in investing activities primarily consisted of$3.9 million for capital expenditures, partially offset by$1.1 million in sales and maturities of short-term investments. For the same period in 2020, net cash used in investing activities primarily consisted of$33.4 million in net purchases of short-term investments and$9.5 million for capital expenditures. Net cash used in financing activities was$19.9 million for the three months endedMarch 31, 2021 compared to net cash provided by financing activities of$21.5 million for the comparable period in 2020. For the 2021 period, net cash used in financing activities primarily consisted of dividend payments to our shareholders of$17.3 million and the repurchase of common stock of$11.2 million , partially offset by proceeds from the issuance of common stock related to stock-based compensation of$13.8 million . For the 2020 period, net cash provided by financing activities primarily consisted of net proceeds from credit facilities of$174.7 million , partially offset by repurchases of common stock of$132.9 million and dividend payments to our shareholders of$17.2 million . Contractual obligations Our inventory purchase obligations increased to$635.8 million atMarch 31, 2021 compared to$305.7 million atDecember 31, 2020 . There have been no other material changes to the estimated contractual commitments contained in Item 7 of our Annual Report on Form 10-K for the year endedDecember 31, 2020 . Critical Accounting Policies and Estimates Management's discussion and analysis of our financial condition and results of operations are based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. 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 Part II, Item 7 in our Annual Report on Form 10-K for the year endedDecember 31, 2020 have the greatest potential effect 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 may differ from the estimates we use in applying these critical accounting policies. We base our ongoing estimates on historical experience and other assumptions that we believe to be reasonable in the circumstances. Our critical accounting policies relate to revenue recognition; allowance for uncollectible accounts receivable; obsolescence reserves for excess, close-out and slow-moving inventory; impairment of long-lived assets, intangible assets and goodwill; and income taxes. 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 this quarterly report. 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. Except as disclosed in Note 1 in Item 1 of this quarterly report, pertaining to our adoption of new accounting pronouncements, 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 endedDecember 31, 2020 . Recent Accounting Pronouncements None. 24
--------------------------------------------------------------------------------
Table of Contents
© Edgar Online, source
