Based on the information contained in these financial statements, compute free cash flow for each company ( Columbia and VF ) And what conclusions concerning the management of cash can be drawn from free cash flow for each company?

mal9781119494350202-sec.0001&titomid-nopolice are Columbia's financial statements is presented in its 2016 anal report. The complete annual report, including notes to the found COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) 6.956 Year Ended deres 2016 2015 2014 Net sales .. ........ ......................... 5 2.377,045 S 2.126,180 S 2.100.590 Cost of sales. .. .. . . ......... ..266.697 1.252,680 1.145.639 Gross profit... . ......................................... 1.110.348 1.073,500 954.951 Selling general and administrative expenses......................... 164.084 831.971 763069 Net licensing income........ ...... ............... 10.244 8,192 Income from operations ..... ............................... 256 58 249,721 98844 Interest income, net.......................................... 2.003 Imerest expense on note payable to related party (Note 22).............. (1.041) (1.099) 1.053) Other non-operating expense........ . . (5721 (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 6 Net income tributable to non-controlling interest 514 .541 4.686 Net income attributable to Columbia Sportswear Company ........... 191.198 $ 174,337 5 137.173 Earnings per share attributable to Columbia Sportswear Company (Note .... 5 . 2.75 $ .. 1.97 2.485 Hasie.... 1.94 Diluted .. .. Weighted average shares outstanding (Note 16): 70.162 6 9.807 Basic... 70612 71.064 TOST Diluted .......... 16) See accompanying ones to consolidated financial sens I NST 5 141.59 Net income Other comprehensive los Unrealized toy guns on available for sale curities inel of tax elles of SIX S S S respectively, Unrealized gains toestandentie trans net of tax effects of 15102 CS $1.507), respectively . Finca cury translah adjustments et of tax effects of 5347 Sk) and 51,023, tively Other hensive los Comprehensive in Comprehensive in blo c uintalline in Comprehensive come i le Sportswear many 121 R $ 19,117 117.1 117.6.16 See companying consolidalinancial statemen COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS In this ASSETS 1.30 S 1692 Cuines Cash and wash Shotumi investiment Scuo lenti Note 51 371,953 s Prepaid expenses and other cur Tal curs Prigenty, plant, and equipment Incangible (Not ) Codwill No Dedemedi e s Nite 10 LIABILITIES AND EQUITY Scorinis perable tollal (N ) claves de Nice ) Niteyen Note 221 Chuyo hates N112) locu p yalik (Nine 109 N 103 39 I 94850202-sec-0001&litemid=nopolice RICH $2.013.8941.46.155 2150 1940 217.20 141.862 14215 5645 10,192 LIABILITIES AND EQUITY Current abilities: Short-term wings Note 8 Achable Accred liabilities Note Income taxes payable (Note : Totalcument liabilities Note payable to related party Note 22 Other long-term liabilities Nites ll. 12 Income taxes payable (Ne 10.. Deferred income taxes Note CH... Total liabilities Commitnients and sincsics NS 13 Shareholders' Equity Preferred stock: 10 shares authorized: none issued and Common stock (no par value) 2500 share withoz. 69.73 and standing Note 14) . Reascaming cumulated the comprehensive aniNote 175 Total Columbia Sportswear Company S oldersity rolling in Nine 43 "Tal city Tistal liabilities and uity 404 9.277 issued SED 34.776 1.59.636 185. . 120x836 15,2019, 20 16.013 5 ST1513 2013.04 .153 See accompanying notes to conso PORTSWEAR COMPANY takimmel9781119494850202-sec-0001&item danopolice COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands Tere Desher, Cashews from operating activities: income .......... Adjustments to reconcile net income to net cash provided by operating 108.49 $ 179.5 5 141.859 56521 54,017 60,016 4.805 (19,178) (11.709) (6.978) 20 (4.927) (7.873) 36.710 18,777) (5,452) ( 1948) (40.419) (103,296) 1411 (31.4753 162.685) 14.8.19 1.43 1418 (2,017) (10,994) 41.941 15.051 487 6.708 275.167 95,105 185,783 Depreciation and amortization Lass on disposal or impairment of property, plant and equipment Deemed income taxes.. Stock-based compensation............ Excess tax benefit from employee stock plates..... ............ Changes in operating assets and liabilities Accounts receivable..... . ................ Inventories ........ .. Prepaid exp a nd other current assets Other assets... Accounts payable ...... .... ....... .. Accrued liabilities... Income taxes payable .......... . . .. .. Other liabilities Net cash provided by operating activities.. .......... Cash flows from investing activities Acquisition of business, het of cash acquired ... ..... Purchases of short-term investment.... Sales of short terminamens Capital expenditure... Proceeds from sale of property, plant and equip Nets investing activities.... . .. .. Cash flows from financing activities! Proceeds front credit facilis Repayments on credit facilities Proceeds from i nce of commock under employee plan Tas payments related to restricted unit isance.... ......... Excess tax it from employee stock plus Hepise of contact Ch dividends and Proceeds from a payah borelated LIST 482431 (121 21.263 (49,97 ( 171 (0.2831 49.8901 16425) 152 253 51479) 17,442 ( 7,065) 13.00 amme 19781119494850202- sec 00018 itemidropolice 62005 161825) 13167 (5.117) (11) (48,122) Cash flows from financing activities: Proceeds from credit facilities Repayments on credit facilities Proceeds from issuance of common stock under employee stock plans... Tax payments related to restricted stock unit issuances. Excess tax benefit from employee stock plans... Repurchase of common stock ... Cash dividends pas . Proceeds from note payable to related party..... Net cash used in financing activities... Net effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents............... Cash and cash equivalents, beginning of year ....... Cash and cash equivalents, end of year...... Supplemental disclosures of cash flow information: Cash paid during the year for income taxes .............. . Cash paid during the year for interest on note payable to related party... Supplemental disclosures of mon cash investing activities Capital expenditures incurred but not yet paid 31.429 $2.356 (S1479) (12.205) 17:142 2 2.177 (4,895) 1140 7,873 4,917 70,068) (15.000 47.417 39316 16,072 191.245) 4.647) (11.137) 43.78) 11,9311 413.558 369.7705 411558 (2 ) 1.615) 181.619 162.770 551. 39 $ 704345 1,049 871505 1.113 8 78 2710 4 .698 7.19 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY In thousands) BALANCE JANUARY 1, 2014 Netcome kimme1978111949485002-tec. c atemid=nopolice Other comprehensive income assi: Linnealized holding on available for sale (501) 7,751 (27.789) (39.836) Card holding tains on derivative transactions et Foreign currency translatio adjustment, Cash dividends S0.57 pershanel Issuance of common stock under employee xck Tas net Tas adestment from stock plans... Sicctlused commission expense......... Repurchase of common stock BALANCE. DECEMBER 31, 2014. ....... 19,136 1.09 - 19.136 5.119 11.120 (SAXON 72.700 15 1421 6082 1.255.070 15.233 11.631 5.514 1.355.234 179.851 Other comprehensive loss inceled holding losses on available for (2008) Unrealized holding losses on derivative T- Foreign currency traslation adjustment. Det Cash drvidends (50.62 px share Issuance of c on stock wder employee stock (2.9051 14887 143547) 295 7925 12.547 7.925 11,672 (0,06) 4,776 11.632 (1.386 19.277 208) 16. 03 Tax adjustment from stock plans........... Stock-toed compassione pense.. ... Repurchase of common stock BALANCE. DECEMBER 31, 2015 ........ Net incont. . Other competence loss Uncalized holding o n available for le sectes.net analized ho ang gains on derivative 1.385,860 191.898 1.415813 (248) (2.020) (4.85 (43,123 Foreign currency translation adjustment, act Cash dividends 10.09 per shore). Int of c on stock under employee stock plans net 06 8,00 10:08 BALANCE, DECEMBER 31, 2016 ........ 9,673 . 51.529.636 5 2 2. 5 2003 1.581,561 See companying notes to consolidated financial statements 9781119494850805-sec UJUT U DUL VF CORPORATION Candidated Balance Sheets ANNETS 23 1.197. 63 15.25 1. 22 1.555. 4215 176 4.161116 420 91 1.819.Mas 1.736999 NE . 1.345.611 it 9,739.2575 0.639.542 200295 Current els Cash and A unts occia, ale dosiful counts of 21.131 2016 and 52.25 in 2015 Investock Chercure Current bordiscud operations Toucures Property, plant and equipment Intangibles Goodwill Other Otherwis of discontinued ratin Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-icorrowings Current portion of bongo Account yahia Accred liabilities Current liabilities of distin t os Totalcumenttiahilities Langende Our liabilities Other liabilities of hunted operations Comments and contingencies Total liabilities Stockhok uty Prefed Sack par valsts in 25. no shows outstanding in 2016 and 2015 Common Stock and value $0.25; shares authod. 1.200 UK 11-1012.954 hores opstanding is and 426 14.274 sous u ding in 2015 Additional in capital Acued omhloss Kuined camias Tral sthalan' Totallin d ersity 119.95 3.351 680.806 72.18 66 1.947 256 10015 SI 3.192.03 33,423 51X4,R7X See notes and an al t s #9494850a03-sec-0001&itemid=nopolice VE CORPORATION Consolidated Statements of income S 112 314 116 11.909.635 123 12.12.15 11.757.3 124.11 TIES C 6,196,335 4.243.798 20. 6235 BERDAS 1,112 35 H1,519,777 and operating expenses Casa Selling general and d istrative expenses maintent of you will and intangible assets Total a nd perating pe Operating income Interest income Interest espeise Other income expense net Income from continuing operaties before income taxes SIN 91,700 6911 TH) 15 5451 HTI 3.576 5827 127.74 .772 1028 1.707.335 302 15.131 151 1,281.591 1.415.591 13051 L.172321 11 1065 S 1147.5116 HEIN Income from continuing operations Las from discontinued operations, net of tax Net income Earnings per cummon share-hasie Continuing operat Discontinue operam Tutal earnings per common share basic Earnings per common share diluted Continuing operation Tiscontinued practions Total earnings per common share-diluted Cash dividends per comme Share 190 BAS 24 5 TROTS See to consolidated financial aments VE CORPORATION Condidated Statements of Comprehensive Income 119494850203 sec 0001&itemid=nopolice Son o solidated financial statement VF CORPORATION Consolidated Statement of Comprehensive Income Nelince 141741 1 .231.592 Other comprehensive income Foreign current station her Caits arising dung year 50 6 3 1. las elect 24.1823 Definden plan Cumentycar actuarial gains and pla n ts $384) 62.5563 ization of net datered wanakeses 63.212 61.956 Ametization of defend priori 3.00 Reclassificate of metalunials from settlement charge S922 Te income tax effect 46 11.571 Derivative financial instans Clains (losses arising chanting your 9993 since tax effect 19 13 134736 Recladfication one in for gains Bosses realized 07:57) 6476 I ntelect 15. 25.4014 etahs securities Gain e s during yes Las incantato Reclaication entine for gainst realized Les tax effet her expre ss Comprehensive in me SSSSS Se consolidad inmultes. VE CORPORATION Consolidated Statements of Cash Flows Consolidated Statements of Sukheders' Equity 216 590 S (211.320 S 3.432.090 724,761 1462 25 72014) Balance, December 2013 440,310,370 Net income Dividends on Comma Stock Purchase of brewery stock 112.03700 Stock-bal pensation, et 4.56.521 Fonc curvey translation and other Defined ben s ion plans Derivative financial instruments Marketable securities Rallar, December 2014 Net income Dividends on Common Stock Purchase of treasury stock CM 1000 Stock-based compensation, het Forcon currency translation and other Defined hen s ion plans Derivative financial instruments Marketable critics Balance, December 2015 Net income Dividends on Como Stock Purchase of treasury stock 1592075 Stock-band o pensation, net Fories conocy translation and other Defined benefit pension plans Derivative financial instruments Balance, December 2016 070002.051 Se d 49.99 15.153 3.128.731 1041.46 2.545.658 .00 3 40 financial statements 1.074.106 $ 1231,993 5 1 ,047.505 141,562 272.075 79.544 281.577 67.762 17.183 89.005 1716253 104 157 396,352 22443 104.13 02.1981 12.00 0709) (78.064) (1522) (34.784) 4.112 47.100 (124.248) (175.09) (120.5403 9,807 27,293 4,206 (1405) Operating activities Net we Adjustments to re nt income to cash vided by operating activities Impairment of goodwill and intangible asset Depreciation and amortization Stock-based comparation Provision for doubtful accounts Pension experiences of less than contribution Deferred income taxes Loss on sale of business Othernet Changes in operating sets and abilities Accounts receivable Inventaries Accountable Income taxe Accred Rishilities Other assets and liabilites Cash provided by operating activities Investing activities Capital expenditures Proceeds from sale of businesses, net of cash sold Sadware purchases Othernet Cash used by investing activities Financing activities Net (decrease increase in the borrowings Payments on long-term det Paytient of debtie s Proceeds from long-lerin diet Purchases of treasury slock Cash dividend paid Proceeds from bace or Common Skick.net of shares withheld for taxes Cash used by financing activities Effect of foreign currency rate changes on chand equivalents 119.5941 28,904 8.627) 1.477919 12.614 1,762.66 1,203430 (254301) (234,077 (1754 1150R (44.226) (33) (11224143 1623) N1553 (4.700 (1975 (1475) (421.116 (26) (6807) 95112 (1. 0 68) 1635,994) 1727,795) 1732.6231 1565,275) 30.871 L215) (1.01.2012 1.121858 16,160 165.683) (5.461)