)9 an COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS * (1n thousands, except per share amounts) Year Ended December 31, 1016 2015 2014 Net sales ..................................................... $ 2,377,045 $ 2,326,180 $ 2,100,590 Cost of sales .................. ' ................................ 1,266,697 1,252,680 W Gross prot ................................................... 1,1 10,348 1,073,500 954,951 Selling, general and administrative expenses ......................... 864.084 831,971 7635063 Net licensing income ............................................ 10,244 8,192 6955 Income from operations ......................................... 256,508 249.721 193.344 Interest income. net ...... _ ..... ................................ 2.003 1,531 1.004 Interest expense on note payable to related party (Note 22) .............. (1,041) (1,099) (1,053) Other non-operating expense ..................................... (572) (2,834) ' (274) Income before income tax ........................................ 256,898 247,319 198,521 Income tax expense (Note 10) .................................... (58,459) (67,468) (56,662) Net income ................................................... 198,439 179,851 141,859 Net income attributable to non-controlling interest .................... 6,541 5,514 4,686 Net income attributable to Columbia Sportswear Company ............. m m m Earnings per share attributable to Columbia Sportswear Company (Note _ Basic .......... . .......................................... $ 2.75 $ 2.48 $ 1.97 Diluted ................................................... 2.72 2.45 1.94 Weighted average shares outstanding (Note 16): Basic ..................................................... 69,683 70,162 69,807 Diluted ................................................... 70,632 71,064 70,681 See accompanying notes to consolidated nancial statements COLUMBIA SPORTSWEAR COMPANY P E" x at: n w Lt (a) For each company, calculate the following values for 2016. Assume Columbia's weighted-average common shares outstanding was $9,683,000, and VF's was 416,103,000. (Hint: When calculating free cash flow, do not consider business acquisitions to be part of capital expenditures.) (Round all ratios to 1 decimal places, e.g. 15.2:1 or 15.2% and all other answers to thousands. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (1) Working capital. Working capital Columbia Sportswear Company $ VF Corporation (2) Current ratio. Current ratio Columbia Sportswear Company VF Corporation (3) Debt to assets ratio. Debt to assets ratio Columbia Sportswear Company % VF Corporation (4) Free cash flow. Free cash flow Columbia Sportswear Company LA VF Corporation W P X MacBook Air 988 F4 DD F5 F6 DII F7 DD F8 F9 $ o 4 5 8 9 OTotal stockholders' equity 4,940.921 5,384.838 Total liabilities and stockholders' equity .739.287 9.639,542 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income Year Ended December 2016 2015 2014 In thousands, except per share amounts Net sales 11,902,314 $ 11.909.635 $ 1 1.757.399 Royalty income 1 16.689 123.020 124,331 Total revenues 12,019,003 2.032.655 11,881.730 Costs and operating expenses Cost of goods sold 6,196,335 6,235,699 6,1 12.880 Selling, general and administrative expenses 4,243.798 4.009.029 3.970,536 Impairment of goodwill and intangible assets 79.644 Total costs and operating expenses 10.519.777 10.244.728 10,083,416 Operating income 1,499,226 1,787,927 1,798.314 Interest income 9.094 7.152 6.911 Interest expense 94.730) (88,772) (86.104) Other income (expense), net 2,001 1.028 (5,545) Income from continuing operations before income taxes 1.415.591 ,707.335 1,713.576 Income taxes 243,064 392.204 385,827 Income from continuing operations 1.172.527 .315,131 .327.749 Loss from discontinued operations, net of tax (98,421) (83,538) (280,244) Net income 1,074.106 1.231.593 1,047,505 Earnings per common share - basic Continuing operations S 2.82 $ 3.09 $ 3.07 Discontinued operations (0.24) 0.19) (0.65) Total earnings per common share - basic 2.58 2.90 2.42 Earnings per common share - diluted Continuing operations $ 2.78 $ 3.04 S 3.02 Discontinued operations (0.24) (0.19) (0.64) Total earnings per common share - diluted 2.54 2.85 2.38 Cash dividends per common share 1.5300 1.3300 1.1075 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Comprehensive Income Year Ended December 2016 2015 2014 P X 4 MacBook Air 988 F5 DO DII F4 F6 F7 DD F8 F9 F10Consolidated Statements of Stockholders' Equity Accumulated Common Stock Additional Other Paid-in Comprehensive Retained Shares Amounts Capital Loss Earnings In thousands, except share amounts Balance, December 2013 440,310,370 $ 110,078 $ 2,746,590 $ (211,720) $ 3,432,090 Net income 1,047,505 Dividends on Common Stock (478,933) Purchase of treasury stock (12,037,000) (3,009) (724,786) Stock-based compensation, net 4,586,521 1,146 246,596 (44, 123) Foreign currency translation and other (463,588) Defined benefit pension plans (99,683) Derivative financial instruments 73, 143 Marketable securities 424) Balance, December 2014 432,859,891 108,215 2,993,186 (702,272) 3,231,753 Net income 1,231,593 Dividends on Common Stock (565,275) Purchase of treasury stock (10,036,100) (2,509) (730,114) Stock-based compensation, net 3,790,483 948 199,489 (39,226) Foreign currency translation and other (361,228) Defined benefit pension plans 1,939 Derivative financial instruments 15,753 Marketable securities 414) Balance, December 2015 426,614,274 106,654 3,192,675 (1,043,222) 3,128,731 Net income 1,074, 106 Dividends on Common Stock (635,994) Purchase of treasury stock (15,932,075) (3,983) (996,485) Stock-based compensation, net 3,330,755 832 140,748 (24,900) Foreign currency translation and other (76,410) Defined benefit pension plans 69,498 Derivative financial instruments 8,671 Balance, December 2016 414,012,954 103,503 $ 3,333,423 (1,041,463) $ 2,545,458 See notes to consolidated financial statements. N A MacBook Air 20 F3 868 F4 F6 DO F7 FB F9 F10 F11 % & 4 5 6 7 8 9 O R T Y U O P F G H KConsolidated Balance Sheets December 2016 2015 In thousands, except share amounts ASSETS Current assets Cash and equivalents $ 1,227,862 $ 944.423 Accounts receivable, less allowance for doubtful accounts of $21,131 in 2016 and $23,275 in 2015 1,197,678 1,289.962 Inventories 1,569,325 1,555,360 Other current assets 298.233 284,215 Current assets of discontinued operations 89,176 Total current assets 4,293,098 4,163,136 Property, plant and equipment 939,650 945.491 Intangible assets 1,839.698 1.948,611 Goodwill 1,736,959 1,788,407 Other assets 929,882 583,866 Other assets of discontinued operations 210,031 Total assets 9,739,287 $ 9.639.542 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 26,029 $ 449,590 Current portion of long-term debt 253,689 3,351 Accounts payable 664,644 680,606 Accrued liabilities 841,038 782,148 Current liabilities of discontinued operations 26,018 Total current liabilities 1,785,400 1,941,713 Long-term debt 2,039,180 1.401,820 Other liabilities 973,786 900,256 Other liabilities of discontinued operations 10.915 Commitments and contingencies Total liabilities 4,798,366 4,254,704 Stockholders' equity Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding in 2016 and 2015 Common Stock, stated value $0.25; shares authorized, 1.200,000.000; 414.012,954 shares outstanding in 2016 and 426,614,274 shares outstanding in 2015 103,503 Additional paid-in capital 106.654 3,333,423 Accumulated other comprehensive loss 3,192,675 Retained earnings (1,041,463) (1,043.222) 2,545,458 3,128,731 P X 4 MacBook Air