For each company, calculate the following values for 2016. Assume Columbia's weighted- average common shares outstanding was 69,683,000, and VF's was 416,103,000. (Hint: When calculating free cash flow, do not consider business acquisitions to be part of capital expenditures.) (Round all ratios to 1 decimal places, e.g. 15.2:1 or 15.2% and all other answers to thousands. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) (1) Working capital. Working capital Columbia Sportswear Company $ $ VF Corporation $ $ (2) Current ratio. Current ratio Columbia Sportswear Company :1 VF Corporation :1 (3) Debt to assets ratio. J (2) Current ratio. Current ratio Columbia Sportswear Company :1 VF Corporation :1 (3) Debt to assets ratio. Debt to assets ratio Columbia Sportswear Company % VF Corporation % (4) Free cash flow. Free cash flow Columbia Sportswear Company $ VF Corporation $ 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, nel 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 S 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 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME In thousands) Year Ended December 31 2015 2014 198,439 S 179.851 S 141.859 (2) 16) 10 (2.908) 7.751 Net income Other comprehensive kes: Unrealized holding gains classes on available-for-sale securities intel of tax effects of I. (53), and (55), respectively... Unrealized gains (losses) en derivative transactices (net of tax effects of ($1.922).(5849) and (S1,507respectively)... Foreign currency translation adjustments into tax effects of $347). ($700) and S1.023, respectively).... Other comprehensive los Comprehensive income Car chensive income attributable to non-controlling interes....... Comprehensive income attributable to Columbia Sportswear Company... (34,887) (27,789) (3.644) (37,801) (20,028) 194.795 1424050 121,831 4.67% 4,185 190,117 S 137,668 $ 117,646 See accompanying notes in consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) Theenberg, 2015 333678 $ 551.39 $ 369.770 472 371,953 487.997 473,637 38,487 33,00 1,412,023 1.249,389 279,650 291,667 133.438 138.584 68.594 68,594 92,494 76,181 27.695 21,718 $2.013.894 $1.846,153 ASSETS Current Assets: Cash and cash equivalents Short-term investments Accounts receivable, net (Note 5). Inventories... Prepaid expenses and other current assets. Total current assets... Property, plant, and equipment, het (Nos 6). Intangible assets, net (Note 7) ... Goodwill (Note 7).. Deferred income taxes (Note 10) Other non-currentiels Totalt LIABILITIES AND EQUITY Current Liabilities: Short-term borrowings (Note) Accounts payable. Accrued liabilities (Note 9. Income taxes payable (Note 10) Total current liabilities... Note payable to related party (No. 22) Other long-term liabilities (Notes 11.12). Income taxes payable (Note 10) Deferred income taxes (Note 10) Total liabilities... Commitments and contingencies (Note 13) Shareholders' Equity Preferred stock: 10.00 shares authorized, none issued and outstanding Common stock (no par 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 scholders' equity Non-controlling interest (Note 4).. Total equity Total liabilities and equity 215,048 142.158 5.645 362.851 14.053 42.622 12.710 1.940 217.230 141.862 5,038 166,070 15.030 40,172 8,839 229 430,340 432.383 53.801 1.529,636 (22.617) 1.560.820 20.691 1.581.511 2,013,894 34,776 1.385,860 (20.836) 1.399,800 16,013 1,415,813 1.846,153 See accompanying notes to consolidated financial statements 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) 4,411 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 stack 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, 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 S 53.958 838 7.196 See accompanying notes to consolidated financial statements CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Shareholders' Equity Common Stock Accumulated Other Nos Retained Comprehensive Controlling Outstanding Amount Earnings Income (Loss) Interest Total 69,190 $52.325 S1,157,733 S 35,360 S 7.446 S 1.252,864 137.173 4,686 141.859 10 - 10 TI 7.751 (27.288) (501) 7.751 (27,789) (39,836) (39.836) 1.09 19.136 5.119 11.120 (421) 15.000 69,828 72,700 11 111 III 19,136 5,119 11,120 (15,000) 1.355,234 179,851 15.833 1.255.000 174,337 11,631 5,514 - - - (6) (6) - BALANCE, JANUARY 1, 2014 Net income.. Other comprehensive income (less: Unrealized holding gains an available for sale securities, nel Unrealized holding gains an derivative transactions, net Foreign currency translation adjustment, net. Cash dividends (80.57 per share).... Issuance of common stock under employee stock plans, met 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 on available for sale securities, net.. Unrealized holding losses on derivative transactions, nei 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 guins on derivative transactions, net Foreign currency translation adjustment, bet.. Cash dividends (50.69 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) - 835 12.542 7.925 11,672 170,068) 34.776 (1.386) 12,547 7.925 11,672 (70,068) 1.415,813 198,439 (20.836) 1.385.860 191,898 16,013 6,541 - - (2) (2) 11 157 2,020) (2.465) 843 (4.485) (48,122) (48,122) 596 8.050 10.986 8,050 10,986 (11) S 1.581.511 69.873 $53.801 S1.529,636 S (22.617) S 20,691 See accompanying notes to consolidated financial statements RPORATION Consolidated Balance Sheets December 2015 1.227.862 944.423 1.197.678 1,500 4.293.0 939,660 1.839.698 1.736.959 1,335,300 284.215 89.176 4,163,136 945.491 1.918.611 1.788.407 9.739.2875 21000GI 9.639,512 ASSETS Current as Cash and equivalent 3 Accounts receivable, less allowance for doubtfal accounts of S21.131 in 2016 and $23.273 in 2015 Inventories Other current sets Current assets of discontinued operations Total current Property, plant and equipment Intangible assets Goodwill Other assets Other assets of diseantinued operations Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short term borrowings Current portion of long-term debt Acox yable Accred liabilities Current liabilities of discontinued operations Total current liabilities Long-term debit Other liabilities Other liabilities of discontinued operatiem Commitments and contingencies Total liabilities Stockholders' equity Penel Stock par value 51; shares autorial, 25.02....so stars outstanding in 2016 and its Common Stock, stated value $1.25, shares authorized. 1.200.000,00 414012954 shares outstanding in 2016 and 25.634.274 shares outsanding in 2015 Additional prid-in capital Accumulated other comprehensive loss Retained camings Total stockholders' equity Total liabilities and stockholders' equity 26.0195 253680 841.008 419.590 3351 ADGAN 782,148 26.018 1.941.713 1,401.420 900256 10.915 1,785 400 2,4139, 140 973.786 4.798.16 4.254,704 103 503 3.333.423 (1.041.463) 2.545.458 40.921 9,739,287 106.654 3.192.675 (1,043.222) 3.128.731 5.184.838 9,639,542 VF CORPORATION Cated States of Income 11.902314 5 11.09,6355 11.7570 124.331 11.881.710 12.019.00 12.02.2005 6.235.699 4.000.000 6,112.850 3.970516 6.196.335 4349 79544 T7 19470 Net sales Royally income Total revenues Casts and operating experime Cost of good old Selling general and administrative expenses Impairment of goodwill and intangible acts Total costs and operating expenses Operating income Interest income Interest expense Other income expense), net Income from continuing operations before income taxes Income taxes Income from continuing operation Less from discontinued operations, et olla Net income Earnings per common share-basic Comming perom Discontinued operations Totalcarning promovare.se Earnings per common share-diluted Continuing operations Discontinued operations Totalarnings per common share-diluted Cash dividends per common share 10.344.728 1.787,927 7.152 (88.7723 LOCS 1.707,335 392,204 1.315,131 (2.533) 1.231.593 S 1008416 1.79.314 6911 186.104) (5.545) 1,712576 385.827 1.327.749 C202244) 1.04.08 1,415.SI 24364 1065 5 INS 019 3.07 10.65) 2.58 2905 2785 0:34) 2545 1.500 5 3045 00:19 285 1.5300 3.00 10.64) 238 1.1075 VF CORPORATION Consolidated Statement of Comprehensive Income 1.04.1065 1.231.593 5 1,047.05 (361.814) 6075 5) 203.24) 37.518 5.445 GOLSEN Net income Other comprehensive income less Foreign currency translation and other Gains Close) arising during year Less income tax effect Defined benefit pension plans Current year actuarial gains (losses) and plun amendments Amortization of net deformed actuariales Amortization of defemel price services Reclassification of net actuarial loss from settlement charge Les income an effect Derivative financial instruments Gaims lower arising during year Less income tax effort Rectification to set income for sale Less income tax effort Marketable wcurities Gains lossessing during year Less income tax effect Reclassification to set income for (i) se realized Less income tax effect Other comprehensive income Comprehensive income 29.99 (107457) 88.387 (34.736) 32.111 (12.619) (64.976) (98) 274 (195) (1.177) 463 (340950) 890663 (4901532) 556,953 1.05.265 VE CORPORATION Consolidated Statements of Cash Flows Year Ended December 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 281,573 272.075 274.883 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 (37210) (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, 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 (421.0691 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 "Cument assets of discontinued operations." See notes to consolidated financial statements VF CORPORATION Consolidated Statements of Stockholders' Equity 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 Marketable 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 Detined benefit pension plans Derivative financial instruments Balance, December 2016 Accumulated Additional Other Common Stock Comprehensive Retained Shares Amounts Capital LASS Earnings In thousands, except share amounts 440,310,370 $ 110,078 $ 2,746,590 S (211,720) S 3,432,090 1.047,505 (478.933) (12,037,000) (3,009) (724,786) 4.586,521 1.146 246,596 (44,123) (463,588) (99,683) 73.143 (424) 432,859,891 108,215 2,993,186 (702,272) 3,231,753 1.231,593 (565,275) (10,036,100) (2.509) (730.114) 3,790,483 948 199.489 (39.226) (361,228) 4,939 15.753 IIIIIIIIIIIIIIII 426,614.274 106,654 (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 $ 103,503 S 2,545,458 See notes to consolidated financial statements