Expand Your Critical Thinking 5-2 The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. The financial statements of VF Corporation are presented in Appendix C. Click here to view Appendix C. Answer the following questions for each company.

What is the balance in cash and cash equivalents at December 31, 2014? (Enter the amounts in thousands.)

		Cash and cash equivalents
Columbia Sportswear		$
VF Corporation		$

COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2013 2014 2012 $ $ 1.684.996 941.341 743,655 625,656 13,795 131,794 503 1,669,563 953,169 716,394 596,635 13,769 133,528 379 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 expense (Note 11) Net income Net income (loss) attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note 17): Basic Diluted Weighted average shares outstanding (Note 17): Basic Diluted $ 2,100,590 1,145,639 954,951 763,063 6,956 198.844 1,004 (1.053) (274) 198,521 (56,662) 141.859 4,686 S 137,173 (871) 131,426 (37.823) 93,603 (738) 94,341 133,907 (34,048) 99,859 $ $ 99.859 S $ $ 1.48 1.97 1.94 1.37 1.36 1.46 69,807 70,681 68,756 69,434 67.680 68,264 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2014 2013 437,489 91,755 306,878 413,558 $ 27,267 344,390 384,650 57,001 39,175 1,266,041 291.563 143,731 68,594 22.280 1,792,209 $ 329,228 52,041 33.081 1.250,472 279,373 36,288 14,438 25,017 1,605,588 $ ASSETS Current Assets: Cash and cash equivalents Short-term investments Accounts receivable, net (Note 6) Inventories Deferred income taxes (Note 11) Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net (Note 7) Intangible assets, net (Notes 3,8) Goodwill (Notes 3,8) Other non-current assets Total assets LIABILITIES AND EQUITY Current Liabilities: Accounts payable Accrued liabilities (Note 10) Income taxes payable (Note 11) Deferred income taxes (Note 11) Total current liabilities Note payable to related party (Note 22) Other long-term liabilities (Notes 12, 13) Income taxes payable (Note 11) Deferred income taxes (Note 11) Total liabilities Commitments and contingencies (Note 14) Shareholders' Equity: Preferred stock; 10,000 shares authorized: none issued and outstanding Common stock (no par value): 250,000 shares authorized; 69,828 and 69,190 issued and outstanding (Note 15) Retained earnings Accumulated other comprehensive income (Note 18) Total Columbia Sportswear Company shareholders' equity Non-controlling interest (Note 5) Total equity Total liabilities and equity 214.275$ 144.288 14,388 169 373, 120 15.728 35.435 9,388 3,304 436,975 173,557 120,397 7.251 49 301,254 29,527 13.984 7,959 352.724 72.700 1,255,070 15.833 1,343,603 11,631 1,355.234 1,792,209 52.325 1,157,733 35,360 1.245,418 7.446 1.252.864 1.605,588 $ $ COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2013 2014 $ 141.859 $ 93.603 99.859 54.017 481 (6,978) 11.120 (4.927) 40.871 9,344 8.818 8.878 (1.532) 40.892 1.582 7.140 7833 (1,016) (31,478) (62,086) (4.869) 4.291 41.941 35,051 1,166 6,195 185,783 27 442 34.089 5.166 (4.215) 31.711 12.210 5,534 2.356 274.275 18,166 2.951 (2.025) (1.259) (12.330) (5.199) (11.052) 3,126 148.668 Cash flows from operating aetivities: 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 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, 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 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 Proceeds from note payable to related party Capital contribution from non-controlling interest Cash dividends paid 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 (188.467) (48,243) 112.895 (60,283) 71 (184.027) (125 390) 78.636 (69 443) (83.969) 42319 (50,491) 7,099 (85,042) (116,086) 52.356 (52.205) 22.277 (3,141) 4.927 (15.000) 69.136 (69.292) 19.537 (2.291) 1,532 100.654 (100.498) 14.600 (1.486) 1,016 (206) 16,072 8.000 (39.836) (31.298) (29,780) (14.550) (4.676) (15,700) (11.137) (6.805) (23.931) 146,708 437489 290,781 241,034 $ 413.558 $ 437 489 $ 290,781 1821 49,747 S 53.958 S 22,771 $ 43.696 Supplemental disclosures of cash flow information: Cash paid during the year for income taxes Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet paid 7.196 5,195 5313 Non- Controlling Interest Total $ 1.074,545 99 859 (4.745) 4.518 (29.780) 13.114 1,036 7833 (206) 1.166.167 93,603 (738) COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Shareholders Equity Common Stock Shares Accumulated Other Retained Outstanding Amount Comprehensive Earnings Income BALANCE, JANUARY 1, 2012 67.276 3.037 $ 1.024.611 S 46897 Net income 99859 Other comprehensive income (loss): Unrealized holding losses on available-for-sale securities, net Unrealized holding losses on derivative transactions. net (4.745) Foreign currency translation adjustment, net 4.518 Cash dividends ($0.44 per share) (29,780) Issuance of common stock under employee stock plans, net 13.114 Tax adjustment from stock plans 1,036 Stock-based compensation expense 7833 Repurchase of common stock (8) (206) BALANCE, DECEMBER 31, 2012 68,150 24814 1.094.690 46.663 Net income (loss) 94.341 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, nel (1.261) Foreign currency translation adjustment, net (10,045) Cash dividends ($0.46 per share) (31.298) Issuance of common stock under employee stock plans, net 1.040 17.246 Capital contribution from non-controlling interest Tax adjustment from stock plans 1387 Stock-based compensation expense 8878 BALANCE, DECEMBER 31, 2013 69,190 52.325 1.157.733 35360 Net income 137.173 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net 10 Unrealized holding gains on derivative transactions, net 7.751 Foreign currency translation adjustment, net (27288) Cash dividends ($0.57 per share) (39836) Issuance of common stock under employee stock plans, net 1.059 19.136 Tax adjustment from stock plans 5.119 Stock-based compensation expense 11.120 Repurchase of common stock (421) (15,000) BALANCE, DECEMBER 31, 2014 69828 72.700 $ 1.255.070 15833 3 3 1 184 (1.261) (9.861) (31.298) 17.246 8.000 1.387 8.000 7446 4.686 8.878 1.252 864 141.859 10 (501) 7.751 (27,789) (39836) 19.136 5,119 11,120 (15,000) 1.355.234 S 11.631 $ VF CORPORATION Consolidated Balance Sheets December 2014 2013 In thousands except share amounts $ 971,895 1,276,224 1,482,804 154,285 300,646 4,185,854 942,181 2,433,552 1,824,956 593,597 $ 9,980,140 S 776,403 1,360,443 1,399,062 169,321 177,753 3,882,982 932,792 2,960,201 2,021,750 517,718 $ 10,315,443 S ASSETS Current assets Cash and equivalents Accounts receivable, less allowance for doubtful accounts of $26,694 in 2014 and $45,350 in 2013 Inventories Deferred income taxes Other current assets Total current assets Property, plant and equipment Intangible assets Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings Current portion of long-term debt Accounts payable Accrued liabilities Total current liabilities Long-term debt Other liabilities Commitments and contingencies Stockholders' equity Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding in 2014 and 2013 Common Stock, stated value $0.25; shares authorized, 1,200,000,000; 432,859,891 shares outstanding in 2014 and 440,310,370 in 2013 Additional paid-in capital Accumulated other comprehensive income (loss) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 21,822 3,975 690,842 903,602 1,620,241 1,423,581 1,305,436 18,810 5,167 638,732 905,292 1,568,001 1,426,829 1,243,575 108,215 2,993,186 (702,272) 3,231,753 5,630,882 $ 9,980,140 110,078 2,746,590 (211,720) 3,432,090 6,077,038 $ 10,315,443 VF CORPORATION Consolidated Statements of Income Year Ended December 2014 2013 2012 In thousands, except per share amounts $ 12,154,784 S 11,302,350 $ 10,766,020 127,377 117,298 113.835 12,282,161 11,419,648 10.879.855 Net sales Royalty income Total revenues Costs and operating expenses Cost of goods sold Selling, general and administrative expenses Impairment of goodwill and intangible assets 5,931,469 3,841,032 5,817,880 3,596,708 Operating income Interest income Interest expense Other income (expense), net Income before income taxes Income taxes Net income Net income attributable to noncontrolling interests Net income attributable to VF Corporation common stockholders Earnings per common share attributable to VF Corporation common stockholders Basic Diluted Cash dividends per common share 6,288,190 4,159,885 396,362 10,844,437 1,437,724 6,911 (86,725) (5,544) 1,352,366 304,861 1,047,505 9,772,501 1,647,147 4,141 (84,773) (4,025) 1,562,490 352,371 1,210,119 9,414,588 1,465,267 3.353 (93,605) 46,860 1,421,875 335,737 1,086,138 (139) 1,085,999 $ 1,047,505 S 1,210,119 $ $ 2.42 2.38 1.1075 2.76 2.71 0.9150 2.47 2.43 0.7575 $ S $ VF CORPORATION Consolidated Statements of Comprehensive Income 2014 2012 Year Ended December 2013 In thousands $1,210,119 $1,047,505 $1,086,138 (469,663) 109,463 6,075 37,648 9,443 1,252 (203,234) 37,518 5,445 60,588 146,746 85,356 1,270 (90,285) (173,959) 69,744 3,357 37,013 Net income Other comprehensive income (loss) Foreign currency translation Gains (losses) arising during year Less income tax effect Defined benefit pension plans Current year actuarial gains (losses) and plan amendments Amortization of net deferred actuarial losses Amortization of deferred prior service costs Less income tax effect Derivative financial instruments Gains (losses) arising during year Less income tax effect Reclassification to net income for (gains) losses realized Less income tax effect Marketable securities Gains (losses) arising during year Less income tax effect Other comprehensive income (loss) Comprehensive income including noncontrolling interests Comprehensive (income) loss attributable to noncontrolling interests Comprehensive income attributable to VF Corporation 88,387 (34,736) 32,111 (12,619) (8,133) 3,196 (12,169) 4,782 (9,555) 3,976 (15,883) 6,199 (401) (698) 274 (490,552 556,953 1,239 (542) 242,175 1,452.294 (32,418 1,053,720 (139) $1,053,581 $ 556,953 $1,452,294 VF CORPORATION Consolidated Statements of Cash Flows 2014 Year Ended December 2013 In thousands 2012 $1,210,119 $1,086,138 $ 1,047,505 396,362 172,443 42,061 60,379 104,313 (2,198) (9,864) (78,064) 157.810 45,787 49,676 87.118 15,756 (28,102) (12,370) 148,969 47,929 41,058 92,814 19.264 (20,198) (20,797) (44.485) (40.931) 4,112 Operating activities Net income Adjustments to reconcile net income to cash provided by operating activities: Impaiment of goodwill and intangible assets Depreciation Amortization of intangible assets Other amortization Stock-based compensation Provision for doubtful accounts Pension expense less than contributions Deferred income taxes Gain on sale of businesses Other, net Changes in operating assets and liabilities, net of purchases and sales of businesses: Accounts receivable Inventories Accounts payable Income taxes Accrued liabilities Other assets and liabilities Cash provided by operating activities Investing activities Capital expenditures Business acquisitions, net of cash acquired Proceeds from sale of businesses Software purchases Other, net Cash used by investing activities Financing activities Net increase (decrease) in short-term borrowings Payments on long-term debt Purchases of treasury stock Cash dividends paid Proceeds from issuance of Common Stock, net of shares withheld for taxes Tax benefits of stock-based compensation Other, net Cash used by financing activities Effect of foreign currency rate changes on cash and equivalents Net change in cash and equivalents Cash and equivalents - beginning of year Cash and equivalents -- end of year 854 (130,540) 69,807 (44,144) 41,989 22,614 1,697,629 14,306 (155,053) (47.240) 75,073 16.628 84,472 (7,939) 1,506,041 (271,153) (234,077) (67,943) (27,235) (329,255) (53,989) (25,131) (350,273) (111,571) 87.620 (74,294) 26,213 (35,912) 73,183 1,275,000 (251,940) (1,750) 72,519 (30,890) (8,230 (220,291) (269,010) (2,776) (307,282) (333.229) 62,770 47,213 (201) (802,515) 4,039 256,233 341,228 S 597,461 4,761 (4,760) (727,795) (478,933) 34,869 64,437 9,032 (404,872) (282,024) (402,136) 48,029 48,140 (1,107,421) (65,461) 195.492 776,403 $971.895 (983,831) 7,005 178,942 597.461 $ 776,403 VF CORPORATION Consolidated Statements of Stockholders' Equity VF Corporation Stockholders Accumulated Common Additional Other Stock Paid-in Comprehensive Amounts Capital Income (Loss) In thousands, except share amounts 442,227,924 $110,557 $2,316,107 $ (421,477) Non- controlling Interests Retained Earnings Shares $ (816) 139 $2,520,804 1,085,999 (333,229) (297,692) (34,435) (8,072,920) 6,663,932 (2,018) 1,666 211,761 677 47,091 (63,845) (15,263) (401) $ (453,895) 440,818,936 $110,205 $2,527,868 Balance, December 2011 Net income Dividends on Common Stock Purchase of treasury stock Stock-based compensation, net Disposition of noncontrolling interests Foreign currency translation Defined benefit pension plans Derivative financial instruments Marketable securities Balance, December 2012 Net income Dividends on Common Stock Purchase of treasury stock Stock-based compensation, net Foreign currency translation Defined benefit pension plans Derivative financial instruments Marketable securities Balance, December 2013 Net income Dividends on Common Stock Purchase of treasury stock Stock-based compensation, net Foreign currency translation Defined benefit pension plans Derivative financial instruments Marketable securities Balance, December 2014 $2,941,447 1,210,119 (402,136) (280,408) (36,932) (6,849,160) 6,340,594 (1,712) 1,585 218,722 110,715 143,087 (12,324) 697 $ (211,720) 440,310,370 $110,078 $2,746,590 - $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 $3,231,753 What percentage of total assets does cash represent for each company over the last 2 years? (Round answers to 1 decimal place, e.g. 15.2%.) Cash as percentage of total assets 2014 2013 Columbia Sportswear % % VF Corporation % % Has it changed significantly for either company? Cash as a percentage of total assets by % for Columbia Sportswear and by % for VF Corporation. How much cash was provided by operating activities during 2014? (Enter the amounts in thousands.) Cash was provided by operating activities Columbia Sportswear $ VF Corporation $