eguntess xpuaddy See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31 2015 2016 2014 198,439 $ 179,851 $ 141.859 Cash flows from operating activities: Net income............... Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization .... Loss on disposal or impairment of property, plant, and equipment.... Deferred income taxes Stock-based compensation. Excess tax benefit from employee stock plans Changes in operating assets and liabilities: Accounts receivable Inventories .... Prepaid expenses and other current assets 60,016 4,805 (19,178) 10.986 56,521 5,098 (11.709) 11,672 (7.873) 54,017 481 (6,978) 11,120 (4,927) (40,419) (103,296) 36,710 (18.777) (5,452) (5.948) 1,483 Other assets.. (31,478) (62.086) (4.869) 4.291 41.941 35,051 1,166 6,195 185,783 (2.524) 11.418 (2,017) (10,994) 4.966 95.105 4,847 4,768 2.468 275,167 (38,208) (21.263) 21.263 (49.987) 97 (49,890) 64.980 (69.917) 144 (43,001) (188,467) (48,243) 112,895 (60,283) 71 (184,027) Accounts payable Accrued liabilities. Income taxes payable Other liabilities Net cash provided by operating activities. Cash flows from investing activities: Acquisition of business, net of cash acquired. Purchases of short-term investments Sales of short-term investments. Capital expenditures. Proceeds from sale of property, plant, and equipment. Net cash used in investing activities Cash flows from financing activities: Proceeds from credit facilities Repayments on credit facilities .......... Proceeds from issuance 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 paid..... 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 non-cash investing activities: Capital expenditures incurred but not yet paid 62.885 (64.825) 13,167 (5.117) 53,429 (51,479) 17.442 (4.895) 7.873 (70,068) (11) (48,122) (43,547) 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 (42,023) (1.635) 181.619 369,770 551.389 S (91,245) (4.647) (43,788) 413.558 369,770 S 70,424 $ 1,049 87,350 $ 1.115 53.958 838 2.710 4,698 7,196 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Shareholders' Equity Common Stock Accumulated Other Shares Retained Comprehensive Outstanding Amount Earnings Income (Loss) 69.190 52,325 $1,157,733 35,360 Non- Controlling Interest Total 7.446 $ 1.252.864 4.686 141,859 137.173 10 10 7,751 (27,288) (501) 7.751 (27,789) (39.836) (39,836) 1.059 19,136 19.136 5.119 11.120 (15,000) 72,700 (421) 5,119 11.120 (15,000) 1,355,234 179.851 69.828 15,833 11,631 1.255.070 174,337 5,514 (6) (6) BALANCE, JANUARY 1, 2014 .......... Net income... Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net ............ Unrealized holding gains on derivative transactions, net .................. Foreign currency translation adjustment, net.. Cash dividends (80.57 per share)...... Issuance of common stock under employee stock plans, net ...... Tax adjustment from stock plans......... Stock-based compensation expense. Repurchase of common stock BALANCE, DECEMBER 31, 2014 Net income....*** Other comprehensive loss: Unrealized holding losses available for sale securities, Unrealized holding losses on derivative transactions, net ..................... Foreign currency translation adjustment, net.. Cash dividends (50.62 per share)... Issuance of common stock under employee stock plans, net .... Tax adjustment from stock plans.... Stock-based compensation expense. Repurchase of common stock. BALANCE, DECEMBER 31, 2015 Net income... Other comprehensive income (loss): Unrealized holding losses on available-for- sale securities, net.............. Unrealized holding gains on derivative transactions, net ........... Foreign currency translation adjustment, net.. Cash dividends ($0.69 per share).... Issuance of common stock under employee stock plans, net ............................. Stock-based compensation expense........ Repurchase of common stock BALANCE, DECEMBER 31, 2016 (2.908) (33,755) (1.132) (2.908) (34.887) (43,547) (43.547) 835 12.547 7.925 11,672 12,547 7.925 11,672 (70,068) 1,415,813 198,439 (1.386) 69,277 (70,068) 34,776 (20,836) 1,385,860 191,898 16.013 6,541 (2) (2) 686 (2.465) 157 (2.020) 843 (4.485) (48,122) (48,122) 596 8,050 10.986 (11) 8,050 10.986 (11) 69,873 $ 53,801 $1,529,636 (22,617) $ 20,691 $ 1.581,511 See accompanying notes to consolidated financial statements Appendix Spain Finde en VF Copa ********* 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 $ 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 1,477.919 1,203,430 1,762,066 Investing activities Capital expenditures (175.840) (254,501) (234,077) Proceeds from sale of businesses, net 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 282,257 195,492 Cash and equivalents beginning of year * 945,605 971,895 776,403 Cash and equivalents - end of year 1,227,862 S 945,605 $ 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 Consolidated Statements of Stockholders' Equity (26,290) S Retained Earnings 3,432.090 1,047,505 (478,933) (724,786) (44,123) (424) 11 Accumulated Additional Other Common Stock Paid-in Comprehensive Shares Amounts Capital Loss In thousands, except share amounts Balance, December 2013 440,310,370 $ 110,078 $ 2,746,590 $ (211.720) S Net income Dividends on Common Stock Purchase of treasury stock (12,037,000) (3,009) Stock-based compensation, net 4,586,521 1.146 246,596 Foreign currency translation and other (463.588) Defined benefit pension plans (99,683) Derivative financial instruments 73.143 Marketable securities Balance, December 2014 432.859.891 108.215 2,993.186 (702,272) Net income Dividends on Common Stock Purchase of treasury stock (10,036,100) (2,509) Stock-based compensation, net 3,790,483 948 199,489 Foreign currency translation and other (361.228) Defined benefit pension plans 4,939 Derivative financial instruments 15,753 Marketable securities (414) Balance, December 2015 426,614,274 106,654 3,192,675 (1,043,222) Net income Dividends on Common Stock Purchase of treasury stock (15.932,075) (3.983) Stock-based compensation, net 3,330,755 832 140.748 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 S (1,041,463) S See notes to consolidated financial statements. 3.231.753 1,231,593 (565,275) (730.114) (39,226) 3,128,731 1,074,106 (635,994) (996,485) (24,900) 2,545,458 The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. Financial statements for VF Corporation are presented in Appendix C. Click here to view Appendix C. (a) Based on the information in the financial statements, compute these 2016 values for each company. (Round answers to 1 decimal place, e.g. 15.2.) (1) Inventory turnover. (Use cost of goods sold or cost of sales and inventories.) (2) Days in inventory. Columbia sports wear VF Corporation Inventory turnover ratio times times Days in inventory days days