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Calculate the Free Cash Flows for Columbia Sportswear for 2013 from the Excel file provided below - show your calculations. Columbia Sportswear Co Consolidated Statements
Calculate the Free Cash Flows for Columbia Sportswear for 2013 from the Excel file provided below - show your calculations.
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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