Columbia Sportswear 2014 Annual Report Download - page 63

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
59
Euro Overnight Index Average plus 75 basis points, respectively. There was no balance outstanding under either line at
December 31, 2014 or 2013.
The Company’s Japanese subsidiary has two separate unsecured and uncommitted lines of credit guaranteed by the
parent company providing for borrowing up to a maximum of US$7,000,000 and ¥300,000,000, respectively (combined
US$9,505,000), at December 31, 2014. These lines accrue interest at JPY LIBOR plus 100 basis points and the Bank of
Tokyo Prime Rate, respectively. There was no balance outstanding under either line at December 31, 2014 or 2013.
The Company’s Korean subsidiary has available an unsecured and uncommitted line of credit agreement providing
for borrowing up to a maximum of US$20,000,000. The revolving line accrues interest at the Korean three-month CD rate
plus 220 basis points. There was no balance outstanding under this line at December 31, 2014 or 2013.
NOTE 10—ACCRUED LIABILITIES
Accrued liabilities consisted of the following (in thousands):
December 31,
2014 2013
Accrued salaries, bonus, vacation and other benefits $ 74,068 $ 68,046
Accrued import duties 10,318 10,594
Product warranties 11,148 10,768
Other 48,754 30,989
$ 144,288 $ 120,397
A reconciliation of product warranties is as follows (in thousands):
Year Ended December 31,
2014 2013 2012
Balance at beginning of period $ 10,768 $ 10,209 $ 10,452
Provision for warranty claims 4,675 5,644 4,905
Warranty claims (3,906) (5,054) (5,272)
Other (389) (31) 124
Balance at end of period $ 11,148 $ 10,768 $ 10,209
NOTE 11—INCOME TAXES
Consolidated income from continuing operations before income taxes consisted of the following (in thousands):
Year Ended December 31,
2014 2013 2012
U.S. operations $ 118,743 $ 88,561 $ 73,625
Foreign operations 79,778 42,865 60,282
Income before income tax $ 198,521 $ 131,426 $ 133,907
The components of the provision (benefit) for income taxes consisted of the following (in thousands):