Columbia Sportswear 2012 Annual Report Download - page 70

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
66
December 31,
Balance Sheet Classification 2012 2011
Derivative instruments designated as cash
flow hedges:
Derivative instruments in asset positions:
Currency forward contracts . . . . . . . . Prepaid expenses and other current assets $ 2,147 $ 6,591
Currency forward contracts . . . . . . . . Other non-current assets 489 1,117
Derivative instruments in liability
positions:
Currency forward contracts . . . . . . . . Accrued liabilities 579 824
Currency forward contracts . . . . . . . . Other long-term liabilities — 91
Derivative instruments not designated as
hedges:
Derivative instruments in asset positions:
Currency forward contracts . . . . . . . . Prepaid expenses and other current assets 4,072 645
Derivative instruments in liability
positions:
Currency forward contracts . . . . . . . . Accrued liabilities 743 2,962
The following table presents the effect and classification of derivative instruments for the years ended December 31,
2012, 2011 and 2010 (in thousands):
For the Year Ended
December 31,
Statement Of Operations Classification 2012 2011 2010
Currency Forward Contracts:
Derivative instruments designated as cash flow
hedges:
Gain recognized in other comprehensive
income, net of tax . . . . . . . . . . . . . . . . . . . . — $ 753 $ 3,489 $1,167
Gain (Loss) reclassified from accumulated
other comprehensive income to income for
the effective portion . . . . . . . . . . . . . . . . . . Cost of sales 5,908 (6,862) 1,789
Gain reclassified from accumulated other
comprehensive income to income as a
result of cash flow hedge discontinuance . . Cost of sales 441 — —
Loss recognized in income for amount
excluded from effectiveness testing and
for the ineffective portion . . . . . . . . . . . . . . Cost of sales (40)(1,889)(230)
Derivative instruments not designated as hedges:
Loss recognized in income. . . . . . . . . . . . . . . Cost of sales — — (130)
Gain (Loss) recognized in income . . . . . . . . .
Selling, general and
administrative expense (1,841) 1,216 (54)
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;