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Calculate the Free Cash Flows for Columbia Sportswear for 2013 based on the information below. Please show step by step calculations, including formula substitutions. Thank
Calculate the Free Cash Flows for Columbia Sportswear for 2013 based on the information below.
Please show step by step calculations, including formula substitutions. Thank you!
Columbia Sportswear Co | ||||
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net sales | $1,684,996 | $1,669,563 | $1,693,985 | |
Cost of sales | 941,341 | 953,169 | 958,677 | |
Gross profit | 743,655 | 716,394 | 735,308 | |
Selling, general and administrative expenses | 625,656 | 596,635 | 614,658 | |
Net licensing income | 13,795 | 13,769 | 15,756 | |
Income from operations | 131,794 | 133,528 | 136,406 | |
Interest income, net | 503 | 379 | 1,274 | |
Other non-operating income (expense) | -871 | 0 | 0 | |
Income before income tax | 131,426 | 133,907 | 137,680 | |
Income tax expense (Note 11) | -37,823 | -34,048 | -34,201 | |
Net income | 93,603 | 99,859 | 103,479 | |
Net loss attributable to non-controlling interest | -738 | 0 | 0 | |
Net income attributable to Columbia Sportswear Company | $94,341 | $99,859 | $103,479 | |
Earnings per share (Note 17): | ' | ' | ' | |
Basic | $2.74 | $2.95 | $3.06 | |
Diluted | $2.72 | $2.93 | $3.03 | |
Weighted average shares outstanding (Note 17): | ' | ' | ' | |
Basic | 34,378 | 33,840 | 33,808 | |
Diluted | 34,717 | 34,132 | 34,204 | |
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $437,489 | $290,781 | ||
Short-term investments | 91,755 | 44,661 | ||
Accounts receivable, net (Note 5) | 306,878 | 334,324 | ||
Inventories, net (Note 6) | 329,228 | 363,325 | ||
Deferred income taxes (Note 11) | 52,041 | 50,929 | ||
Prepaid expenses and other current assets | 33,081 | 38,583 | ||
Total current assets | 1,250,472 | 1,122,603 | ||
Property, plant, and equipment, net (Note 7) | 279,373 | 260,524 | ||
Intangible assets, net (Note 8) | 36,288 | 37,618 | ||
Goodwill (Note 8) | 14,438 | 14,438 | ||
Other non-current assets | 25,017 | 23,659 | ||
Total assets | 1,605,588 | 1,458,842 | ||
LIABILITIES AND EQUITY | ' | ' | ||
Notes payable (Note 9) | 0 | 156 | ||
Accounts payable | 173,557 | 142,240 | ||
Accrued liabilities (Note 10) | 120,397 | 105,190 | ||
Income taxes payable (Note 11) | 7,251 | 4,406 | ||
Deferred income taxes (Note 11) | 49 | 67 | ||
Total current liabilties | 301,254 | 252,059 | ||
Other long-term liabilities (Notes 12, 13) | 29,527 | 27,171 | ||
Income taxes payable (Note 11) | 13,984 | 11,638 | ||
Deferred income taxes (Note 11) | 7,959 | 1,807 | ||
Total liabilities | 352,724 | 292,675 | ||
Commitments and contingencies (Note 14) | ' | ' | ||
Columbia Sportswear Company Shareholders' Equity: | ' | ' | ||
Preferred stock; 10,000 shares authorized; none issued and outstanding | 0 | 0 | ||
Common stock (no par value); 125,000 shares authorized; 34,595 and 34,075 issued and outstanding (Note 15) | 52,325 | 24,814 | ||
Retained earnings | 1,157,733 | 1,094,690 | ||
Accumulated other comprehensive income (Note 18) | 35,360 | 46,663 | ||
Total Columbia Sportswear Company shareholders' equity | 1,245,418 | 1,166,167 | ||
Non-controlling interest (Note 4) | 7,446 | 0 | ||
Total equity | 1,252,864 | 1,166,167 | ||
Total liabilities and equity | $1,605,588 | $1,458,842 | ||
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' | |
Net income | $93,603 | $99,859 | $103,479 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | |
Depreciation and amortization | 40,871 | 40,892 | 43,560 | |
Loss on disposal or impairment of property, plant, and equipment | 9,344 | 1,582 | 6,485 | |
Deferred income taxes | 8,818 | 7,140 | -3,582 | |
Stock-based compensation | 8,878 | 7,833 | 7,870 | |
Excess tax benefit from employee stock plans | -1,532 | -1,016 | -1,828 | |
Changes in operating assets and liabilities: | ' | ' | ' | |
Accounts receivable | 27,442 | 18,166 | -54,334 | |
Inventories | 34,089 | 2,951 | -55,223 | |
Prepaid expenses and other current assets | 5,166 | -2,025 | -10,186 | |
Other assets | -4,215 | -1,259 | -4,520 | |
Accounts payable | 31,711 | -12,330 | 19,081 | |
Accrued liabilities | 12,210 | -5,199 | 17,630 | |
Income taxes payable | 5,534 | -11,052 | -7,010 | |
Other liabilities | 2,356 | 3,126 | 2,374 | |
Net cash provided by operating activities | 274,275 | 148,668 | 63,796 | |
Cash flows from investing activities: | ' | ' | ' | |
Purchases of short-term investments | -125,390 | -83,969 | -46,349 | |
Sales of short-term investments | 78,636 | 42,319 | 112,070 | |
Capital expenditures | -69,443 | -50,491 | -78,404 | |
Proceeds from sale of property, plant, and equipment | 111 | 7,099 | 168 | |
Net cash used in investing activities | -116,086 | -85,042 | -12,515 | |
Cash flows from financing activities: | ' | ' | ' | |
Proceeds from credit facilities | 69,136 | 100,654 | 119,384 | |
Repayments on credit facilities | -69,292 | -100,498 | -119,384 | |
Proceeds from issuance of common stock under employee stock plans | 19,537 | 14,600 | 10,991 | |
Tax payments related to restricted stock unit issuances | -2,291 | -1,486 | -2,974 | |
Excess tax benefit from employee stock plans | 1,532 | 1,016 | 1,828 | |
Repurchase of common stock | 0 | -206 | -20,000 | |
Capital contribution from non-controlling interest | 8,000 | 0 | 0 | |
Cash dividends paid | -31,298 | -29,780 | -29,075 | |
Net cash used in financing activities | -4,676 | -15,700 | -39,230 | |
Net effect of exchange rate changes on cash | -6,805 | 1,821 | -5,274 | |
Net increase (decrease) in cash and cash equivalents | 146,708 | 49,747 | 6,777 | |
Cash and cash equivalents, beginning of year | 290,781 | 241,034 | 234,257 | |
Cash and cash equivalents, end of year | 437,489 | 290,781 | 241,034 | |
Supplemental disclosures of cash flow information: | ' | ' | ' | |
Cash paid during the year for income taxes | 22,771 | 43,696 | 42,405 | |
Supplemental disclosures of non-cash investing activities: | ' | ' | ' | |
Capital expenditures incurred but not yet paid | $5,195 | $5,313 | $952 |
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