Columbia Sportswear 2014 Annual Report Download - page 78

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COLUMBIA SPORTSWEAR COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
74
Level 1 Level 2 Level 3 Total
Assets:
Cash equivalents
Money market funds $ 175,624 $ — $ — $ 175,624
Time deposits 25,111 9,526 — 34,637
Certificates of deposit — 735 — 735
Reverse repurchase agreements — 45,000 — 45,000
U.S. Government-backed municipal bonds — 9,898 — 9,898
Available-for-sale short-term investments
Short-term municipal bond fund 15,004 — — 15,004
Certificates of deposit — 9,546 — 9,546
Variable-rate demand notes — 52,105 — 52,105
U.S. Government-backed municipal bonds — 14,764 — 14,764
Other short-term investments
Mutual fund shares 336 — — 336
Other current assets
Derivative financial instruments (Note 20) — 4,892 — 4,892
Non-current assets
Derivative financial instruments (Note 20) — 24 — 24
Mutual fund shares 4,855 — — 4,855
Total assets measured at fair value $ 220,930 $ 146,490 $ — $ 367,420
Liabilities:
Accrued liabilities
Derivative financial instruments (Note 20) $ — $ 1,152 $ — $ 1,152
Other long-term liabilities
Derivative financial instruments (Note 20) — 95 — 95
Total liabilities measured at fair value $ — $ 1,247 $ — $ 1,247
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.
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, 2014.