Columbia Sportswear 2011 Annual Report Download - page 76

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 20—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 which
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, which 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, which require the
reporting entity to develop its own assumptions.
Assets and liabilities measured at fair value on a recurring basis as of 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
Time deposits ........................................ 2,878 — — 2,878
Other current assets
Derivative financial instruments (Note 19) ................. — 7,236 — 7,236
Non-current assets
Derivative financial instruments (Note 19) ................. — 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 19) ................. $ — $3,786 $— $ 3,786
Other long-term liabilities
Derivative financial instruments (Note 19) ................. — 91 — 91
Total liabilities measured at fair value ................. $ — $3,877 $— $ 3,877
71