need help with the following. blue is Columbia and grey is VF

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. Based on the information contained in these financial statements, compute the current ratio for 2016 for each company. (Round answers to 2 decimal places, eg. 2.75.) Current ratio Columbia Sportswear :1 VF Corporation :1 e Textbook and Media Based on the information contained in these financial statements, compute the following 2016 ratios for each company. (Round answers to 1 decimal place, e.g. 52.7.) Columbia Sportswear VF Corporation (1) Debt to assets ratio. % % (2) Times interest earned. times times e Textbook and Media COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2015 2016 2014 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 $ 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 $ 2.48 $ 1.97 1.94 2.72 2.45 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, 2016 2015 2014 $ 198,439 $ 179,851 $ 141,859 (2) (6) 10 843 (2,908) 7,751 Net income .... Other comprehensive loss: Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of $0,($3), and ($5), respectively)..... Unrealized gains (losses) on derivative transactions (net of tax effects of ($1,923), ($849) and ($1,507), respectively).... Foreign currency translation adjustments (net of tax effects of ($347), ($760) and $1,023, respectively)..... Other comprehensive loss... Comprehensive income. Comprehensive income attributable to non-controlling interest.. Comprehensive income attributable to Columbia Sportswear Company. (4,485) (34,887) (27,789) (3,644) (37,801) (20,028) 194,795 142,050 121,831 4,678 4,382 4,185 $ 190,117 $ 137,668 $ 117,646 See accompanying notes to consolidated financial statements CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2015 2016 2014 S 198,439 $ 179,851 $ 141.859 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) 36,710 (18,777) (5,452) (5.948) 1,483 4.847 4,768 2,468 275,167 (40,419) (103,296) 4,411 (2,524) 11,418 (2,017) (10,994) 4,966 95,105 (31,478) (62,086) (4,869) 4,291 41.941 35,051 1,166 6,195 185,783 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 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 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 (21,263) 21,263 (49,987) 97 (49,890) (38,208) 64,980 (69,917) 144 (43,001) (188,467) (48,243) 112,895 (60,283) 71 (184,027) 62.885 (64,825) 13,167 (5,117) 53,429 (51,479) 17,442 (4,895) 7,873 (70,068) (43,547) (11) (48,122) 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 (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 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2015 2016 2014 S 198,439 $ 179,851 $ 141.859 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) 36,710 (18,777) (5,452) (5.948) 1,483 4.847 4,768 2,468 275,167 (40,419) (103,296) 4,411 (2,524) 11,418 (2,017) (10,994) 4,966 95,105 (31,478) (62,086) (4,869) 4,291 41.941 35,051 1,166 6,195 185,783 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 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 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 (21,263) 21,263 (49,987) 97 (49,890) (38,208) 64,980 (69,917) 144 (43,001) (188,467) (48,243) 112,895 (60,283) 71 (184,027) 62.885 (64,825) 13,167 (5,117) 53,429 (51,479) 17,442 (4,895) 7,873 (70,068) (43,547) (11) (48,122) 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 (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 Non- Shares Retained Comprehensive Controlling Outstanding Amount Earnings Income (Loss) Interest Total 69,190 $ 52,325 $1,157,733 S 35,360 $ 7,446 $ 1.252,864 137,173 4.686 141,859 10 10 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 ($0.57 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 7,751 (27,288) (501) 7,751 (27,789) (39,836) (39.836) 1.059 19,136 5,119 11,120 (15,000) 72,700 11111 19,136 5,119 11,120 (15,000) 1,355.234 179.851 (421) 69,828 15,833 1,255,070 174,337 11,631 5,514 Net income... - (6) - (6) (2.908) (33,755) (1,132) (2.908) (34,887) (43,547) (43.547) 835 12,547 7,925 11,672 (70,068) 11 12.547 7.925 11,672 (70,068) 1,415,813 198,439 (1,386) 69,277 34,776 Other comprehensive loss: Unrealized holding losses on available-for- sale securities, net......... Unrealized holding losses on derivative transactions, net .. Foreign currency translation adjustment, net.. Cash dividends ($0.62 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 (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) 11 11 8,050 10.986 (11) 1.581.511 69,873 $ 53,801 $1,529,636 S (22.617) $ 20,691 olidated fancial statemente VF CORPORATION Consolidated Balance Sheets December 2016 2015 In thousands, except share amounts 1.227,862 $ 944,423 1,197,678 1,569,325 298,233 4,293,098 939,650 1,839,698 1,736,959 929,882 1,289,962 1,555,360 284.215 89,176 4,163,136 945,491 1,948,611 1,788,407 583,866 210,031 9,639,542 9,739,287 $ ASSETS Current assets Cash and equivalents S Accounts receivable, less allowance for doubtful accounts of $21,131 in 2016 and $23,275 in 2015 Inventories Other current assets Current assets of discontinued operations Total current assets Property, plant and equipment Intangible assets Goodwill Other assets Other assets of discontinued operations Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ Current portion of long-term debt Accounts payable Accrued liabilities Current liabilities of discontinued operations Total current liabilities Long-term debt Other liabilities Other liabilities of discontinued operations Commitments and contingencies Total liabilities Stockholders' equity Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding in 2016 and 2015 Common Stock, stated value $0.25; shares authorized, 1,200,000,000; 414,012,954 shares outstanding in 2016 and 426,614,274 shares outstanding in 2015 Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 26.029 $ 253,689 664.644 841,038 449.590 3,351 680.606 782,148 26.018 1,941,713 1,401.820 900,256 10,915 1,785,400 2,039,180 973,786 4,798,366 4.254,704 103,503 3,333,423 (1,041,463) 2,545,458 4,940,921 9,739,287 $ 106,654 3,192,675 (1,043.222) 3,128,731 5,384.838 9,639,542 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income $ Year Ended December 2016 2015 2014 In thousands, except per share amounts 11,902,314 $ 11,909,635 $ 11,757,399 116,689 123,020 124,331 12,019,003 12,032,655 11,881,730 6,235,699 4,009,029 6,112.880 3,970,536 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 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 operations Loss from discontinued operations, net of tax Net income Earnings per common share - basic Continuing operations Discontinued operations Total earnings per common share - basic Earnings per common share - diluted Continuing operations Discontinued operations Total earnings per common share - diluted Cash dividends per common share 6,196,335 4,243,798 79,644 10.519,777 1,499,226 9,094 (94,730) 2.001 1,415,591 243,064 1,172,527 (98,421) 1,074,106 $ 10,244,728 1,787,927 7,152 (88.772) 1,028 1,707,335 392,204 1,315,131 (83.538) 1,231,593 $ 10,083,416 1,798,314 6,911 (86,104) (5,545) 1,713,576 385.827 1,327,749 (280,244) 1,047,505 $ 2.82 $ (0.24) 2.58 $ 3.09 $ (0.19) 2.90 $ 3.07 (0.65) 2.42 $ 2.78 $ (0.24) 2.54 $ 1.5300 $ 3.04 $ (0.19) 2.85 $ 1.3300 $ 3.02 (0.64) 2.38 1.1075 $ $ See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Comprehensive Income 2014 Year Ended December 2016 2015 In thousands 1,074,106 $ 1,231,593 $ $ 1,047,505 (52,028) (24,382) (361,814) 586 (469,663) 6,075 (5.384) 65,212 2,584 50,922 (43,836) (62,556) 61.966 3,038 4,062 (1,571) (203,234) 37,518 5,445 60,588 Net income Other comprehensive income (loss) Foreign currency translation and other 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 Reclassification of net actuarial loss from settlement charge 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 Reclassification to net income for (gains) losses realized Less income tax effect Other comprehensive income (loss) Comprehensive income 90,708 (9,672) (107,457) 35,092 89.993 (34.668) (64.976) 25,404 88,387 (34,736) 32,111 (12.619) (698) 274 495 (195) (1,177) 463 (340,950) 890,643 $ 1,759 1,075,865 $ (490,552) 556,953 $ See notes to consolidated financial statements. 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 (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 $ 971.895 (a) 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 Accumulated Additional Common Stock Other Paid-in Comprehensive Shares Amounts Capital Loss 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 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 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 (414) (1,043,222) 426,614,274 106,654 3,192,675 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 (1,041,463) $ 414,012,954 $ 103,503 $ 3,333,423 2,545,458 See notes to consolidated financial statements. 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. Based on the information contained in these financial statements, compute the current ratio for 2016 for each company. (Round answers to 2 decimal places, eg. 2.75.) Current ratio Columbia Sportswear :1 VF Corporation :1 e Textbook and Media Based on the information contained in these financial statements, compute the following 2016 ratios for each company. (Round answers to 1 decimal place, e.g. 52.7.) Columbia Sportswear VF Corporation (1) Debt to assets ratio. % % (2) Times interest earned. times times e Textbook and Media COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2015 2016 2014 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 $ 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 $ 2.48 $ 1.97 1.94 2.72 2.45 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, 2016 2015 2014 $ 198,439 $ 179,851 $ 141,859 (2) (6) 10 843 (2,908) 7,751 Net income .... Other comprehensive loss: Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of $0,($3), and ($5), respectively)..... Unrealized gains (losses) on derivative transactions (net of tax effects of ($1,923), ($849) and ($1,507), respectively).... Foreign currency translation adjustments (net of tax effects of ($347), ($760) and $1,023, respectively)..... Other comprehensive loss... Comprehensive income. Comprehensive income attributable to non-controlling interest.. Comprehensive income attributable to Columbia Sportswear Company. (4,485) (34,887) (27,789) (3,644) (37,801) (20,028) 194,795 142,050 121,831 4,678 4,382 4,185 $ 190,117 $ 137,668 $ 117,646 See accompanying notes to consolidated financial statements CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2015 2016 2014 S 198,439 $ 179,851 $ 141.859 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) 36,710 (18,777) (5,452) (5.948) 1,483 4.847 4,768 2,468 275,167 (40,419) (103,296) 4,411 (2,524) 11,418 (2,017) (10,994) 4,966 95,105 (31,478) (62,086) (4,869) 4,291 41.941 35,051 1,166 6,195 185,783 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 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 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 (21,263) 21,263 (49,987) 97 (49,890) (38,208) 64,980 (69,917) 144 (43,001) (188,467) (48,243) 112,895 (60,283) 71 (184,027) 62.885 (64,825) 13,167 (5,117) 53,429 (51,479) 17,442 (4,895) 7,873 (70,068) (43,547) (11) (48,122) 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 (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 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2015 2016 2014 S 198,439 $ 179,851 $ 141.859 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) 36,710 (18,777) (5,452) (5.948) 1,483 4.847 4,768 2,468 275,167 (40,419) (103,296) 4,411 (2,524) 11,418 (2,017) (10,994) 4,966 95,105 (31,478) (62,086) (4,869) 4,291 41.941 35,051 1,166 6,195 185,783 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 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 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 (21,263) 21,263 (49,987) 97 (49,890) (38,208) 64,980 (69,917) 144 (43,001) (188,467) (48,243) 112,895 (60,283) 71 (184,027) 62.885 (64,825) 13,167 (5,117) 53,429 (51,479) 17,442 (4,895) 7,873 (70,068) (43,547) (11) (48,122) 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 (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 Non- Shares Retained Comprehensive Controlling Outstanding Amount Earnings Income (Loss) Interest Total 69,190 $ 52,325 $1,157,733 S 35,360 $ 7,446 $ 1.252,864 137,173 4.686 141,859 10 10 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 ($0.57 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 7,751 (27,288) (501) 7,751 (27,789) (39,836) (39.836) 1.059 19,136 5,119 11,120 (15,000) 72,700 11111 19,136 5,119 11,120 (15,000) 1,355.234 179.851 (421) 69,828 15,833 1,255,070 174,337 11,631 5,514 Net income... - (6) - (6) (2.908) (33,755) (1,132) (2.908) (34,887) (43,547) (43.547) 835 12,547 7,925 11,672 (70,068) 11 12.547 7.925 11,672 (70,068) 1,415,813 198,439 (1,386) 69,277 34,776 Other comprehensive loss: Unrealized holding losses on available-for- sale securities, net......... Unrealized holding losses on derivative transactions, net .. Foreign currency translation adjustment, net.. Cash dividends ($0.62 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 (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) 11 11 8,050 10.986 (11) 1.581.511 69,873 $ 53,801 $1,529,636 S (22.617) $ 20,691 olidated fancial statemente VF CORPORATION Consolidated Balance Sheets December 2016 2015 In thousands, except share amounts 1.227,862 $ 944,423 1,197,678 1,569,325 298,233 4,293,098 939,650 1,839,698 1,736,959 929,882 1,289,962 1,555,360 284.215 89,176 4,163,136 945,491 1,948,611 1,788,407 583,866 210,031 9,639,542 9,739,287 $ ASSETS Current assets Cash and equivalents S Accounts receivable, less allowance for doubtful accounts of $21,131 in 2016 and $23,275 in 2015 Inventories Other current assets Current assets of discontinued operations Total current assets Property, plant and equipment Intangible assets Goodwill Other assets Other assets of discontinued operations Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ Current portion of long-term debt Accounts payable Accrued liabilities Current liabilities of discontinued operations Total current liabilities Long-term debt Other liabilities Other liabilities of discontinued operations Commitments and contingencies Total liabilities Stockholders' equity Preferred Stock, par value $1; shares authorized, 25,000,000; no shares outstanding in 2016 and 2015 Common Stock, stated value $0.25; shares authorized, 1,200,000,000; 414,012,954 shares outstanding in 2016 and 426,614,274 shares outstanding in 2015 Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 26.029 $ 253,689 664.644 841,038 449.590 3,351 680.606 782,148 26.018 1,941,713 1,401.820 900,256 10,915 1,785,400 2,039,180 973,786 4,798,366 4.254,704 103,503 3,333,423 (1,041,463) 2,545,458 4,940,921 9,739,287 $ 106,654 3,192,675 (1,043.222) 3,128,731 5,384.838 9,639,542 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income $ Year Ended December 2016 2015 2014 In thousands, except per share amounts 11,902,314 $ 11,909,635 $ 11,757,399 116,689 123,020 124,331 12,019,003 12,032,655 11,881,730 6,235,699 4,009,029 6,112.880 3,970,536 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 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 operations Loss from discontinued operations, net of tax Net income Earnings per common share - basic Continuing operations Discontinued operations Total earnings per common share - basic Earnings per common share - diluted Continuing operations Discontinued operations Total earnings per common share - diluted Cash dividends per common share 6,196,335 4,243,798 79,644 10.519,777 1,499,226 9,094 (94,730) 2.001 1,415,591 243,064 1,172,527 (98,421) 1,074,106 $ 10,244,728 1,787,927 7,152 (88.772) 1,028 1,707,335 392,204 1,315,131 (83.538) 1,231,593 $ 10,083,416 1,798,314 6,911 (86,104) (5,545) 1,713,576 385.827 1,327,749 (280,244) 1,047,505 $ 2.82 $ (0.24) 2.58 $ 3.09 $ (0.19) 2.90 $ 3.07 (0.65) 2.42 $ 2.78 $ (0.24) 2.54 $ 1.5300 $ 3.04 $ (0.19) 2.85 $ 1.3300 $ 3.02 (0.64) 2.38 1.1075 $ $ See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Comprehensive Income 2014 Year Ended December 2016 2015 In thousands 1,074,106 $ 1,231,593 $ $ 1,047,505 (52,028) (24,382) (361,814) 586 (469,663) 6,075 (5.384) 65,212 2,584 50,922 (43,836) (62,556) 61.966 3,038 4,062 (1,571) (203,234) 37,518 5,445 60,588 Net income Other comprehensive income (loss) Foreign currency translation and other 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 Reclassification of net actuarial loss from settlement charge 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 Reclassification to net income for (gains) losses realized Less income tax effect Other comprehensive income (loss) Comprehensive income 90,708 (9,672) (107,457) 35,092 89.993 (34.668) (64.976) 25,404 88,387 (34,736) 32,111 (12.619) (698) 274 495 (195) (1,177) 463 (340,950) 890,643 $ 1,759 1,075,865 $ (490,552) 556,953 $ See notes to consolidated financial statements. 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 (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 $ 971.895 (a) 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 Accumulated Additional Common Stock Other Paid-in Comprehensive Shares Amounts Capital Loss 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 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 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 (414) (1,043,222) 426,614,274 106,654 3,192,675 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 (1,041,463) $ 414,012,954 $ 103,503 $ 3,333,423 2,545,458 See notes to consolidated financial statements