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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
71
Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents
Money market funds . . . . . . . . . . . . . . . . . . . . . . . . . $ 70,857 $ — $ — $ 70,857
Time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,035 — — 25,035
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . — 2,450 — 2,450
U.S. Government-backed repurchase agreements . . — 25,000 — 25,000
U.S. Government-backed municipal bonds . . . . . . . — 5,348 — 5,348
Available-for-sale short-term investments
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . — 7,596 — 7,596
Variable-rate demand notes. . . . . . . . . . . . . . . . . . . . — 22,640 — 22,640
U.S. Government-backed municipal bonds . . . . . . . — 14,425 — 14,425
Other current assets
Derivative financial instruments (Note 20). . . . . . . . — 6,219 — 6,219
Non-current assets
Derivative financial instruments (Note 20). . . . . . . . — 489 — 489
Mutual fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . 4,080 — — 4,080
Total assets measured at fair value . . . . . . . . . $ 99,972 $ 84,167 $ — $ 184,139
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 20). . . . . . . . $ — $ 1,322 $ — $ 1,322
Total liabilities measured at fair value. . . . . . . $ — $ 1,322 $ — $ 1,322
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.
Non-recurring fair value measurements:
During the fourth quarter of 2013, the Company recorded an impairment in its EMEA segment of $8,995,000 for its
European distribution center in Cambrai, France, writing the assets down to their estimated fair value of $19,300,000. This
impairment charge is included in selling, general and administrative expense on the Consolidated Statement of Operations.
The Company determined that events and circumstances, including the ongoing weak macro-economic environment in
Europe and history of declining sales and profitability in the EMEA direct business, indicated that the carrying value may
be impaired. Significant factors and estimates used in the evaluation and fair value determination include management's
plans for future operations, recent operating results, projected cash flows and third-party valuation estimates. This
nonrecurring fair value measurement was developed using significant unobservable inputs (Level 3). Third-party valuation
estimates were developed using local market data for sales transactions of similar facilities.
There were no material assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2012.