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When you were dead
Paul speaks of unresponsiveness to God as if it were death. AT: "When you Colossian believers were unable to respond to God" (See: rc://en/ta/man/translate/figs-metaphor)
you were dead ... he made you alive
With this metaphor Paul speaks of coming into new spiritual life as if it were coming back to life physically. (See: rc://en/ta/man/translate/figs-metaphor)
dead in your trespasses and in the uncircumcision of your flesh
You were dead on two accounts: 1) you were spiritually dead, living a life of sin against Christ and 2) you were not circumcised according to the law of Moses.
forgave us all of our trespasses
"he forgave us, both us Jews and you Gentiles, of all our trespasses"
He canceled the written record of debts that stood against us
Paul speaks of the way God forgives our sins as if it were the way a person, to whom many people owe money or goods, destroys the record of that debt so they do not have to pay him back. (See: rc://en/ta/man/translate/figs-metaphor)
made a public spectacle of them
In Roman times, it was common practice for the Roman armies to have a victory parade when they returned home, displaying all the prisoners they had captured and goods they had obtained. God was victorious over the evil powers and authorities. (See: rc://en/ta/man/translate/figs-metaphor)
by the cross
Here "the cross" stands for Christ's death on the cross. (See: rc://en/ta/man/translate/figs-metonymy)