Columbia Sportswear Company's financial statements are presented in Appendix B. Click here to view Appendix B. Financial statements of VF Corporation are presented in Appendix C. Click here to view Appendix C. (a) Based on the information in these financial statements, determine the following for each company. (Enter amounts in thousands.) Columbia Sportswear Company $ VF Corporation $ $ $ $ $ Total liabilities at December 31, 2016. Net property, plant and equipment at December 31, 2016. Net cash provided (used) by investing activities for 2016, Net income for 2016 $ $ $ $ $ 2014 141.859 54,017 481 (6,978) 11,120 (4.927) (31,478) (62,086) (4,869) 4,291 41.941 35,051 1,166 6,195 185,783 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2016 2015 Cash flows from operating activities: Net income.. S 198,439 $ 179,851 $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization. 60.016 56,521 Loss on disposal or impairment of property, plant, and equipment. 4,805 5,098 Deferred income taxes (19.178) (11,709) Stock-based compensation 10.986 11,672 Excess tax benefit from employee stock plans, (7.873) Changes in operating assets and liabilities: Accounts receivable 36,710 (40,419) Inventories (18.777) (103,296) Prepaid expenses and other current assets (5.452) Other assets. (5,948) (2,524) Accounts payable 1.483 11,418 Accrued liabilities. 4.847 (2,017) Income taxes payable 4,768 (10,994) Other liabilities.. 2.468 4,966 Net cash provided by operating activities.. 275.167 95,105 Cash flows from investing activities: Acquisition of business, net of cash acquired Purchases of short-term investments, (21.263) (38,208) Sales of short-term investments 21.263 64,980 Capital expenditures... (49.987) (69.917) Proceeds from sale of property, plant, and equipment... 97 144 Net cash used in investing activities (49.890) (43,001) Cash flows from financing activities: Proceeds from credit facilities 62.885 53,429 Repayments on credit facilities. (64.825) (51,479) Proceeds from issuance of common stock under employee stock plans.... 13.167 17,442 Tax payments related to restricted stock unit issuances (5.117) (4,895) Excess tax benefit from employee stock plans 7.873 Repurchase of common stock (70,068) Cash dividends paid... (48,122) (43,547) Proceeds from note payable to related party Net cash used in financing activities. (42,023) (91,245) Net effect of exchange rate changes on cash.. (1.635) (4,647) Net increase (decrease) in cash and cash equivalents. 181.619 (43,788) Cash and cash equivalents, beginning of year... 369,770 413,558 Cash and cash equivalents, end of year... S 551.389 $ 369.770 $ Supplemental disclosures of cash flow information: Cash paid during the year for income taxes.... S 70,424 $ 87,350 $ Cash paid during the year for interest on note payable to related party.... 1.049 1.115 Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet puid 2.710 4,698 (188,467) (48,243) 112,895 (60,283) 71 (184,027) 52,356 (52,205) 22,277 (3,141) 4.927 (15,000) (39,836) 16,072 (14.550) (11,137) (23.931) 437.489 413,558 53,958 838 7.196 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands Theber 31 2015 551,389 S 369, 770 472 333.678 371.951 487.997 473,637 38,487 1,412,023 1.249,389 279,60 291.687 133.438 138.584 68.594 68,591 92,494 76,181 27.695 21,718 $2.013.894 S 1.846,153 ASSETS Current Assets: Cash and cash equivalent Short-term investments Accounts receivable.net (Note 5). Inventories... Prepaid expenses and other current assets. Total current assets.. Property, plant, and equipment, net (Notebi). Intangible assets, net (Note 7) Goodwill (Note 7)... Deferred income taxes (Note 10) Other non-current Total assets LIABILITIES AND EQUITY Current Liabilities: Short-term borrowings (Note 8) Accounts payable Accrued liabilities (Note). Income taxes payable (Note 10) Total current liabilities.. Note payable to related party (Note 22) Other long-term liabilities (Notes 11, 12). Income taxes payable (Note 10) Deferred income taxes (Note 10) Total liabilities... Comments and contingencies (Note 13) Shareholders' Equity: Preferred stock: 10.1X0 shares authorized, none issued and outstanding Common stock (no per valuek 250.000 shares authorized; 69,873 and 69.277 issued and outstanding (Note 14).. Retained earnings Accumulated other comprehensive loss (Note 17). Tocal Columbia Sportswear Company hacholders equity Non-controlling interest (Note 4).. Total equity. Total liabilities and equity 215,048 142.158 5.645 562.851 14.053 42.622 12.710 1.940 217.230 141.862 5.038 366,070 15.130 40,172 8.839 229 430,340 412,383 53.801 34,776 1.529,636 1.385,860 (22.617) (20.8.36) 1.560.820 1.399,800 20.691 16,013 1.581.511 1,415,813 2.013.894 S 1.816.153 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME In thousanda) Year Ended Decibers 2015 2014 198,439 S 179,851 S 141,859 16) 10 843 (2.905) 7.751 Net income Other comprehensive kiss: Unrealized holding sains classes, on available for sale securities fitel of tax effects of $1,($3), and ($3), respectively.. Unrealized gains (lusses) an derivative transactions (net of tax effects of ($1.922).(5849) and (S1,507).rospectively).. Foreign currency translation adjustments inet oftas effects of ($347). ($761) and $1.023, respectively). Other comprehensive kw... Comprehensive income..... Comprehensive income attributable to non-controlling interes Comprehensive income attributable to Columbia Sportswear Company (34,867) (27,789) (3.644) (37.801) (20,028) 194.795 142,050 121,831 4.678 4,382 4,185 190,117 S 137,668 $ 117,646 See accompanying notes in consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Net sales Cost of sales Gross profit. Selling, general and administrative expenses... Net licensing income. Income from operations Interest income, net Interest expense on note payable to related party (Note 22). Other non-operating expense Income before income tax.. Income tax expense (Note 10) Net income.. Net income attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note 16): Basic. Diluted Weighted average shares outstanding (Note 16): Basic.. Diluted Year Ended December 31, 2016 2015 2014 $ 2,377,045 $2.326,180 $2,100.590 1.266,697 1,252,680 1.145,639 1.110.348 1,073,500 954.951 864.084 831.971 763,063 10,244 8,192 6,956 256,508 249,721 198,844 2,003 1,531 1,004 (1,041) (1,099) (1,053) (572) (2,834) (274) 256,898 247,319 198,521 (58.459) (67,468) (56,662) 198,439 179,851 141,859 6,541 5,514 4,686 $ 191,898 $ 174,337 $ 137.173 $ 2.75$ 2.72 2.48 $ 2.45 1.97 1.94 69,683 70,632 70,162 71.064 69,807 70,681 See accompanying notes to consolidated financial statements VF CORPORATION Consolidated Statements of Stockholders' Equity Accumulated Common Stock Additional Other Comprehensive Shares Amounts Capital Lass In thousands, except share amounts 440,310,370 $ 110,078 $ 2,746,590 (211.720) Retained Earnings 3,432,090 1.047.505 (478.933) (724,786) (44.123) (12,037,000) 4.586,521 (3,009) 1.146 246.596 (463,588) (99,683) 73.143 (424) (702,272) 432,859,891 108.215 2,993,186 Balance, December 2013 Net income Dividends on Common Stock Purchase of treasury stock Stock-based compensation, net Foreign currency translation and other Defined benefit pension plans Derivative financial instruments Murketable securities Balance, December 2014 Net income Dividends on Common Stock Purchase of treasury stock Stock-based compensation, net Foreign currency translation and other Defined benefit pension plans Derivative financial instruments Marketable securities Balance, December 2015 Net income Dividends on Common Stock Purchase of treasury stock Stock-based compensation, net Foreign currency translation and other Defined benefit pension plans Derivative financial instruments Balance, December 2016 3,231,753 1.231.593 (565,275) (730,114) (39.226) (10,036,100) 3.790.483 (2.509) 948 199.489 (361,228) 4.939 15,753 426,614.274 106,654 3,192.675 (1.043.222) 3,128.731 1,074,106 (635,994) (996,485) (24,900) (15.932.075) 3,330,755 (3.983) 832 140,748 (76,410) 69.498 8.671 3,333,423 S (1,041,463) S 414,012.954 S 103,503 S 2,545,458 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Cash Flows Year Ended December 2016 2015 2014 In thousands Operating activities Net income 1,074,106 $ 1.231,593 S 1,047,505 Adjustments to reconcile net income to cash provided by operating activities: Impairment of goodwill and intangible assets 79,644 143,562 396,362 Depreciation and amortization 281.577 272.075 274.883 Stock-based compensation 67,762 73,420 104.313 Provision for doubtful accounts 17.283 12,006 (2.198) Pension expense in excess of (less than contributions 89.005 (208.709) (9.864) Deferred income taxes (71.625) 7,088 (78.064) Loss on sale of businesses 104.357 Other, net (15.232) (34,784) 4.112 Changes in operating assets and liabilities: Accounts receivable 47.102 (124.248) 854 Inventories (37.210) (175,098) (130.540) Accounts payable (9.553) 14,225 69.807 Income taxes (129,574) 4,206 20.293 Accrued liabilities 28.904 (14,505) 41.989 Other assets and liabilities (48.627) 2.599 22.614 Cash provided by operating activities 1.477919 1,203.430 1.762,066 Investing activities Capital expenditures (175.840) (254,501) (234,077) Proceeds from sale of businesses, nct of cash sold 115.983 Software purchases (44.226) (63,283) (67.943) Other, net (8.331) (5,038) (27.235) Cash used by investing activities (112,414) (322.822) (329,255) Financing activities Net (decrease) increase in short-term borrowings (421.069) 432,262 4,761 Payments on long-term debt (13.276) (3.975) (4,760) Payment of debt issuance costs (6.807) (1.475) Proceeds from long-term debt 951,817 Purchases of treasury stock (1.000,468) (732,623) (727,795) Cash dividends paid (635.994) (565,275) (478.933) Proceeds from issuance of Common Stock, net of shares withheld for taxes 48,918 30,871 34.869 Cash used by financing activities (1.076,879) (840,215) (1.171.858) Effect of foreign currency rate changes on cash and equivalents (6.369) (66,683) (65.461 Net change in cash and equivalents 282,257 (26.290) 195,492 Cash and equivalents beginning of year 945.605 971.895 776,403 Cash and equivalents -- end of year *** 1.227,862 $ 945,605 S 971.895 The cash flows related to discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows. The cash and equivalents amount presented at December 2015 differs from cash and equivalents in the Consolidated Balance Sheet due to cash included in Current assets of discontinued operations." See notes to consolidated financial statements. VF CORPORATION Calidated States Comprehensive Income 308 1074.1065 1.231.993 1,047.505 (361,814 6075 2012) 37.518 (1.571) Net income Other comprehensive income less Foreign currency translation and other Gaimses) arising during year Less income tax effect Defined benefit peplum Current year acrilicon plan mendimet Amortization of net deformed actuariales Amortization of defend prince Reclassification of net actual loss from element charge Les income tax effect Derivative financial instruments Gaimariing during your Less income tax effect Reclassification to set income for more Less income tax effect Marketable curities Gaines) ising during year Less income tax effect Reclasification to set income for gains) escaled Less income tax effect Other comprehensive income Comprehensive Income 90705 29.993 (107457) 164.976 88.387 (34.736) 32,111 (12.619) 274 (195) (1.177) 1.759 1,075.8655 340950) 890,6435 (490.352) 556,953 VF CORPORATION Cuisited States of income Yard December the operare 11.902314 5 11.9096358 123.000 12.019.00 12.05 11.757.399 124.331 11.881.730 6.196.335 6.235,0.99 6,112.50 3.970536 10.519.777 10.344.725 1.787,927 7.152 (68,772) (94.730) Net sales Royalty income Total revenues Casts and operating experime Cot of goods sold Selling general and administrative expenses Impairment will and intangibles Total costs and operating expenses Operating income Interest income Interestespense Other inte (expense.net Income from continuing operations before income taxes Income taxes Income from continuing operations Less from discontinued operations, tetas Net income Earnings per common share-basic Continuing operation Discontinued operations Totalcaring percuma share-ble Earnings per commons share-diluted Continuing operations Discontinued operations Totalarnings per common share-diluted Cash dividends per common share 10.083,416 1,798,314 6911 186,104) 5.545) 1,713.576 385.827 1.327.749 (280.244) 1.047.505 1,415.99 23064 1.172.527 1.707,335 392,204 1315.131 (3.538) 1.231.5013 LOLIGES 2.85 10.65) (0.19) 2905 2585 3.045 2.78 5 0:34) 2545 1.500 5 2855 1.500 5 10.64) 2.38 1.1073 Stocolated facilement VF CORPORATION Consolidated Balance Sheets 2015 pharent 1.227.862 944.423 1.197.678 1.569,23 298 233 1,290.62 1,335,300 89.176 4,167, 136 945.491 939.000 1.8.39.098 1.7%950 1.918.611 1.788.407 21OLOGI 9.639,542 9.739.287 ASSETS Current assets Cash and equivalents 3 Accounts receivable, less allowance for debail accounts of S21.131 in 2016 and $23.275 in 2015 Inventories Other current assets Current assets of discontinued operations Total currences Property, plant and equipment Intangible assets Goodwill (Wher assets Other assets of discontinued operations Total assets S LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short term borowings 5 Current portion of long-term debi Acox payalle Accrued as Current liabilities of discontinued operations Total current liabilities Long-term debet Other liabilities Other liabilities of discontinued operations Commitments and contingencies Total liabilities Stockholders' equity Preferred Stock, por value 51: shares suicl 25 ... stars in in 2016 and 21115 Common Stock, stated value $1.25, shares authorized. 1.200.000,00 414012954 shares outstanding in 2016 and 26,614.294 shares outsanding in 2015 Additional paid-in capital Accumulated other comprehensive loss Retained camnings Total stockholders' equity Total liabilities and stockholders' equity 26.019 s 25370 B41.008 4-19.590 1351 AAN 782.148 36.018 1.941.713 1,401.421) 900.256 10.915 1,785 400 2,4139,180 973.786 4,798,366 4.254,704 108503 3,333,423 (1,041.463) 2.545.458 43-10.921 9,739,227 106.654 3.192.675 (1.043.222) 3.128.731 5.384.838 9.639.542