Columbia Sportswear 2014 Annual Report Download - page 76

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
72
December 31,
Balance Sheet Classification 2014 2013
Derivative instruments designated as cash
flow hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets $ 9,993 $ 1,936
Currency forward contracts Other non-current assets — 24
Derivative instruments in liability
positions:
Currency forward contracts Accrued liabilities — 872
Currency forward contracts Other long-term liabilities — 95
Derivative instruments not designated as
hedges:
Derivative instruments in asset positions:
Currency forward contracts Prepaid expenses and other current assets 2,754 2,956
Derivative instruments in liability
positions:
Currency forward contracts Accrued liabilities 924 280
The following table presents the effect and classification of derivative instruments for the years ended December 31,
2014, 2013 and 2012 (in thousands):
For the Year Ended
December 31,
Statement Of Operations
Classification 2014 2013 2012
Currency Forward Contracts:
Derivative instruments designated as cash flow
hedges:
Gain recognized in other comprehensive
income, net of tax — $9,462 $2,779 $ 753
Gain reclassified from accumulated other
comprehensive income to income for the
effective portion Cost of sales 2,727 5,721 5,908
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 Net sales (27) — —
Loss recognized in income for amount
excluded from effectiveness testing and
for the ineffective portion Cost of sales (353)(71)(40)
Derivative instruments not designated as hedges:
Gain recognized in income Other non-operating expense 7,111 8,824 —
Loss recognized in income Selling, general and
administrative expense — — (1,841)
NOTE 21—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 that prioritizes the inputs used in measuring
fair value as follows: