The financial statements of Columbia Sportswear Company are presented below.

The Financial statements of VF Corporation are presented below

What conclusions concerning the management of accounts receivable can be drawn from the accounts receivable turnover and average collection period?

Please give a detailed response.

COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2014 2013 2012 $ 2,100,590 $ 1,684,996 $ 1,669,563 953,169 Net sales Cost of sales 1,145,639 941,341 Gross profit 954,951 743,655 716,394 Selling, general and administrative expenses Net licensing income 763,063 625,656 596,635 13,795 13,769 6,956 Income from operations 198,844 131,794 133,528 Interest income, net 1,004 503 379 Interest expense on note payable to related party (Note 22) Other non-operating expense (1,053) (274) (871) 133,907 198,521 131,426 Income before income tax (56,662) (37,823) (34,048) Income tax expense (Note 11) Net income 141,859 93,603 99,859 (738) Net income (loss) attributable to non-controlling interest 4,686 99,859 2$ 137,173 $ 94,341 $ Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note 17): Basic $4 1.97 $ 1.37 $ 1.48 1.36 1.46 Diluted 1.94 Weighted average shares outstanding (Note 17): Basic 69,807 68,756 67,680 69,434 68,264 Diluted 70,681 CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2014 2013 ASSETS Current Assets: Cash and cash equivalents 413,558 2$ 437,489 Short-term investments 27,267 91,755 Accounts receivable, net (Note 6) 344,390 306,878 Inventories 384,650 329,228 Deferred income taxes (Note 11) 57,001 52,041 Prepaid expenses and other current assets 39,175 33,081 1,266,041 1,250,472 Total current assets 279,373 291,563 Property, plant, and equipment, net (Note 7) Intangible assets, net (Notes 3, 8) 143,731 36,288 Goodwill (Notes 3, 8) 68,594 14,438 Other non-current assets 22,280 25,017 1,605,588 2$ 1,792,209 2$ Total assets LIABILITIES AND EQUITY Current Liabilities: 214,275 173,557 Accounts payable 144,288 Accrued liabilities (Note 10) 120,397 Income taxes payable (Note 11) 14,388 7,251 Deferred income taxes (Note 11) 169 49 301,254 Total current liabilities 373,120 Note payable to related party (Note 22) Other long-term liabilities (Notes 12, 13) 15,728 35,435 29,527 Income taxes payable (Note 11) Deferred income taxes (Note 11) 9,388 13,984 3,304 7,959 Total liabilities 436,975 352,724 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 Olata Lf) COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2014 2012 2013 Cash flows from operating activities: $ 141,859 $ 93,603 $ 99,859 Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 40,871 40,892 54,017 9,344 1,582 Loss on disposal or impairment of property, plant, and equipment 481 Deferred income taxes 7,140 (6,978) 8,818 Stock-based compensation 11,120 8,878 7,833 Excess tax benefit from employee stock plans (4,927) (1,532) (1,016) Changes in operating assets and liabilities: Accounts receivable (31,478) 27,442 18,166 Inventories (62,086) 34,089 2,951 (2,025) Prepaid expenses and other current assets (4,869) 5,166 Other assets 4,291 (4,215) (1,259) Accounts payable 41,941 31,711 (12,330) 12,210 Accrued liabilities 35.051 (5,199) Income taxes payable (11,052) 1,166 5,534 2,356 Other liabilities 6,195 3,126 185,783 274,275 Net cash provided by operating activities 148,668 Cash flows from investing activities: Acquisition of business, net of cash acquired (188,467) Purchases of short-term investments (48,243) (125,390) (83,969) Sales of short-term investments 112,895 78,636 42,319 (69,443) Capital expenditures Proceeds from sale of property, plant, and equipment (60,283) 71 (50,491) 7,099 11 Net cash used in investing activities (184,027) (116,086) (85,042) Cash flows from financing activities: 100,654 Proceeds from credit facilities 52,356 69,136 (52,205) (69,292) (100,498) Repayments on credit facilities 19,537 Proceeds from issuance of common stock under employee stock plans 22,277 14,600 (1 486) (3. 141) (2.291) Tax navments related to restricted stock unit issuances Net cash used in investing activities (184,027) (116,086) (85,042) Cash flows from financing activities: 52,356 69,136 Proceeds from credit facilities 100,654 (69,292) 19,537 (52,205) Repayments on credit facilities (100,498) 22,277 14,600 Proceeds from issuance of common stock under employee stock plans (3,141) (2,291) (1,486) Tax payments related to restricted stock unit issuances Excess tax benefit from employee stock plans 4,927 1,532 1,016 (15,000) (206) Repurchase of common stock Proceeds from note payable to related party 16,072 Capital contribution from non-controlling interest 8,000 Cash dividends paid (39,836) (31,298) (29,780) (15,700) (4,676) (14,550) Net cash used in financing activities (6,805) 1,821 Net effect of exchange rate changes on cash (11,137) Net increase (decrease) in cash and cash equivalents (23,931) 146,708 49,747 Cash and cash equivalents, beginning of year 290,781 241.034 437,489 413,558 $ 437,489 $ 290,781 2$ Cash and cash equivalents, end of year Supplemental disclosures of cash flow information: 53,958 $ 22,771 Cash paid during the year for income taxes 2$ 43,696 Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet paid 7,196 5,195 5,313 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Sharehokders' Equity Common Stock Accumulated Other Non- Controlling Interest Shares Retained Earnings Comprehensive Income Outstanding Amount Total $ 1,024,611 BALANCE, JANUARY 1, 2012 67.276 3,037 46,897 1,074,545 Net income 99,859 99,859 Other comprehensive income (loss): Unraslizad holdine loecas on ausilahla.for.eala COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Sharcholders' Equity Common Stock Non- Controlling Interest Accumulated Other Comprehensive Income Non- Shares Outstanding Retained Amount Earnings Total $ 1,024,611 BALANCE, JANUARY 1, 2012 67.276 3,037 1,074,545 46,897 Net income 99,859 99.859 Other comprehensive income (loss): Unrealized holding losses on available-for-sale securities, net (7) (7) Unrealized holding losses on derivative transactions, net (4,745) (4,745) Foreign currency translation adjustment, net 4,518 4.518 (29,780) (29,780) Cash dividends (S0.44 per share) Issuance of common stock under employee stock plans, net 882 13,114 13.114 1,036 1.036 Tax adjustment from stock plans Stock-based compensation expense 7,833 7,833 (8) (206) (206) Repurchase of common stock 1.094,690 1.166.167 BALANCE, DECEMBER 31, 2012 68,150 46,663 24,814 Net income (loss) 94,341 (738) 93,603 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized hokling losses on derivative transactions, (1,261) (1,261) net Foreign currency translation adjustment, net (10.045) 184 (9.861) Cash dividends ($0.46 per share) (31.298) (31,298) Issuance of common stock under employee stock plans, net 1.040 17,246 17,246 8,000 al contribution from non-controlling interest 8,000 Tax adjustment from stock plans 1,387 1.387 Stock-based compensation expense 8,878 8.878 BALANCE, DECEMBER 31, 2013 69,190 1,157,733 35,360 52,325 7,446 1,252,864 Net income 137,173 4,686 141,859 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net 10 10 Unrealized holding losses on derivative transactions, (4,745) (4,745) et 4,518 Foreign currency translation adjustment, net 4,518 Cash dividends ($0.44 per share) (29,780) (29,780) Issuance of common stock under employee stock plans, net 882 13,114 13,114 1,036 1,036 Tax adjustment from stock plans Stock-based compensation expense 7,833 7,833 (8) (206) (206) Repurchase of common stock 1.094.690 BALANCE, DECEMBER 31, 2012 68,150 24,814 46,663 1,166,167 Net income (loss) 94,341 (738) 93,603 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, (1,261) (1,261) et Foreign currency translation adjustment, net (10,045) 184 (9,861) Cash dividends ($0.46 per share) (31,298) (31,298) 17,246 Issuance of common stock under employee stock plans, net 1,040 17,246 Capital contribution from non-controlling interest 8,000 8,000 Tax adjustment from stock plans 1.387 1,387 8,878 Stock-based compensation expense 8,878 1,252,864 BALANCE, DECEMBER 31, 2013 69,190 52,325 1,157,733 35,360 7,446 Net income 141,859 137,173 4,686 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net 10 10 Unrealized holding gains on derivative transactions, net 7,751 7,751 Foreign currency translation adjustment, net (27,288) (501) (27,789) (39,836) (39,836) Cash dividends ($0.57 per share) 19,136 Issuance of common stock under employee stock plans, net 1,059 19,136 Tax adjustment from stock plans 5,119 5,119 Stock-based compensation expense I1,120 11,120 (421) (15,000) (15,000) Repurchase of common stock $ 72,700 1,255,070 69,828 15,833 11,631 1.355,234 BALANCE, DECEMBER 31, 2014 VF CORPORATION Consolidated Balance Sheets December 2014 2013 In thousands, except share amounts ASSETS Current assets $ 971,895 $ 776,403 1.360,443 1,399,062 169,321 177,753 Cash and equivalents Accounts receivable, less allowance for doubtful accounts of $26,694 in 2014 and $45,350 in 2013 Inventories 1,276,224 1,482,804 154,285 300,646 References page income taxes Other current assets Total current assets 4,185,854 942,181 2,433,552 1,824,956 593,597 $ 9,980,140 3,882,982 932,792 2,960,201 2,021,750 Property, plant and equipment Intangible assets Goodwill Other assets 517,718 $ 10,315,443 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borowings Current portion of long-term debt Accounts payable Accrued liabilities $ 21,822 3,975 690,842 903,602 18,810 5,167 638,732 905,292 Total current liabilities 1,620,241 1,423,581 1,305,436 1.568.001 Long-term debt Other liabilities 1,426,829 1,243,575 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 S0.25; 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 eamings Total stockholders' equity Total liabilities and stockholders' equity 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 ninl stetemants VF CORPORATION Consolidated Statements of Comprehensive Income Year Ended December 2012 2014 2013 In thousands $1,086,138 Net income $1,047,505 $1,210,119 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 (469,663) 6,075 109,463 1,252 37,648 9,443 (173,959) 69,744 3,357 37,013 (203,234) 37,518 5,445 60,588 146,746 85,356 1,270 (90,285) Derivative financial instruments 88,387 (34,736) 32,111 (12,619) (8,133) 3,196 (12,169) 4,782 Gains (losses) arising during year Less income tax effect (9,555) 3,976 (15,883) 6,199 Reclassification to net income for (gains) losses realized Less income tax effect Marketable securities (401) Gains (losses) arising during year Less income tax effect (698) 274 (490,552) 556,953 1,239 (542) 242,175 1,452,294 Other comprehensive income (loss) Comprehensive income including noncontrolling interests Comprehensive (income) loss attributable to noncontrolling interests Comprehensive income attributable to VF Corporation (32,418) 1,053,720 (139) $1,053,581 $ 556,953 $1,452,294 VF CORPORATION Consolidated Statements of Cash Flows Year Ended December 2013 2014 2012 In thousands Operating activities Net income Adjustments to reconcile net income to cash provided by operating activities: Impairment 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 S 1,047,505 $1,210,119 $1,086,138 396,362 172,443 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) 14,306 4,112 (155,053) (47,240) 75,073 16,628 84,472 (7,939) (111,571) 87,620 (74,294) 26,213 (35,912) 854 (130,540) 69,807 (44,144) 41,989 22,614 73,183 1,275,000 Cash provided by operating activities Investing activities Capital expenditures Business acquisitions, net of cash acquired Proceeds from sale of businesses Software purchases Other, net 1,697,629 1,506,041 (251,940) (1,750) 72,519 (30,890) (8,230) (220,291) (234,077) (271,153) (53,989) (25,131) (350,273) (67,943) (27,235) (329,255) Cash used by investing activities Financing activities Net increase (decrease) in short-tem borrowings Payments on long-tem 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 9,032 (404,872) (282,024) (402,136) 48,029 48,140 4,761 (4,760) (727,795) (478,933) 34,869 64,437 (269,010) (2,776) (307,282) (333,229) 62,770 47,213 (201) (802,515) 4,039 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 (1,107,421) (65,461) 195,492 776,403 (983,831) 7,005 178,942 597,461 $ 776,403 256,233 341,228 $ 597,461 $ 971,895 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Stockholders' Equity VF Corporation Stockholders Accumulated Other Common Additional Non- Stock Retained Earnings controlling Interests Comprehensive Income (Loss) In thousands, except share amounts Paid-in Shares Amounts Capital $2,316,107 S (421,477) $2,520,804 1,085,999 (333,229) (297,692) (34,435) $ (816) 139 Balance, December 2011 Net income Dividends on Common Stock 442,227,924 $110,557 Purchase of treasury stock Stock-based compensation, net Disposition of noncontrolling interests Foreign currency translation Defined benefit pension plans Derivative financial instruments Marketable securities (8,072,920) 6,663,932 (2,018) 1,666 211,761 677 47,091 (63,845) (15,263) (401) $ (453,895) $2,941,447 $2.527.868 Balance, December 2012 Net income Dividends on Common Stock 440,818,936 $110,205 1,210,119 (402,136) (280,408) (36,932) Purchase of treasury stock Stock-based compensation, net Foreign currency translation Defined benefit pension plans (1,712) 1,585 (6,849,160) 6,340,594 218,722 110,715 143,087 (12,324) 697 Derivative financial instruments Marketable securities 440,310,370 $110,078 $2,746,590 $ (211,720) $3,432,090 1,047,505 (478,933) (724,786) (44,123) 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 (12,037,000) (3,009) 1,146 4,586,521 246,596 (463,588) (99,683) 73,143 (424) $ (702,272) $3,231,753 $2,993,186 Balance, December 2014 432,859,891 $108,215 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income Year Ended December 2014 2013 2012 In thousands, except per share amounts $ 11,302,350 117,298 11,419,648 $ 12,154,784 127,377 12,282,161 $ 10,766,020 113,835 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 6,288,190 4,159,885 396,362 10,844,437 1,437,724 6,911 (86,725) (5,544) 5,931,469 3,841,032 5,817,880 3,596,708 9,772,501 1,647,147 4,141 (84,773) (4,025) 9,414,588 1,465,267 3,353 (93,605) 46,860 Operating income Interest income Interest expense Other income (expense), net 1,562,490 352,371 Income before income taxes 1,352,366 304,861 1,047,505 1,421,875 335,737 1,086,138 (139) $ 1,085,999 Income taxes Net income Net income attributable to noncontrolling interests Net income attributable to VF Corporation common stockholders 1,210,119 $ 1,210,119 $ 1,047,505 Earnings per common share attributable to VF Corporation common stockholders Basic 2.42 2$ 24 2.76 2.47 2.43 Diluted 2.38 1.1075 2.71 0.9150 Cash dividends per common share 0.7575 See notes to consolidated financial statements. COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31, 2014 2013 2012 $ 2,100,590 $ 1,684,996 $ 1,669,563 953,169 Net sales Cost of sales 1,145,639 941,341 Gross profit 954,951 743,655 716,394 Selling, general and administrative expenses Net licensing income 763,063 625,656 596,635 13,795 13,769 6,956 Income from operations 198,844 131,794 133,528 Interest income, net 1,004 503 379 Interest expense on note payable to related party (Note 22) Other non-operating expense (1,053) (274) (871) 133,907 198,521 131,426 Income before income tax (56,662) (37,823) (34,048) Income tax expense (Note 11) Net income 141,859 93,603 99,859 (738) Net income (loss) attributable to non-controlling interest 4,686 99,859 2$ 137,173 $ 94,341 $ Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note 17): Basic $4 1.97 $ 1.37 $ 1.48 1.36 1.46 Diluted 1.94 Weighted average shares outstanding (Note 17): Basic 69,807 68,756 67,680 69,434 68,264 Diluted 70,681 CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2014 2013 ASSETS Current Assets: Cash and cash equivalents 413,558 2$ 437,489 Short-term investments 27,267 91,755 Accounts receivable, net (Note 6) 344,390 306,878 Inventories 384,650 329,228 Deferred income taxes (Note 11) 57,001 52,041 Prepaid expenses and other current assets 39,175 33,081 1,266,041 1,250,472 Total current assets 279,373 291,563 Property, plant, and equipment, net (Note 7) Intangible assets, net (Notes 3, 8) 143,731 36,288 Goodwill (Notes 3, 8) 68,594 14,438 Other non-current assets 22,280 25,017 1,605,588 2$ 1,792,209 2$ Total assets LIABILITIES AND EQUITY Current Liabilities: 214,275 173,557 Accounts payable 144,288 Accrued liabilities (Note 10) 120,397 Income taxes payable (Note 11) 14,388 7,251 Deferred income taxes (Note 11) 169 49 301,254 Total current liabilities 373,120 Note payable to related party (Note 22) Other long-term liabilities (Notes 12, 13) 15,728 35,435 29,527 Income taxes payable (Note 11) Deferred income taxes (Note 11) 9,388 13,984 3,304 7,959 Total liabilities 436,975 352,724 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 Olata Lf) COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2014 2012 2013 Cash flows from operating activities: $ 141,859 $ 93,603 $ 99,859 Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 40,871 40,892 54,017 9,344 1,582 Loss on disposal or impairment of property, plant, and equipment 481 Deferred income taxes 7,140 (6,978) 8,818 Stock-based compensation 11,120 8,878 7,833 Excess tax benefit from employee stock plans (4,927) (1,532) (1,016) Changes in operating assets and liabilities: Accounts receivable (31,478) 27,442 18,166 Inventories (62,086) 34,089 2,951 (2,025) Prepaid expenses and other current assets (4,869) 5,166 Other assets 4,291 (4,215) (1,259) Accounts payable 41,941 31,711 (12,330) 12,210 Accrued liabilities 35.051 (5,199) Income taxes payable (11,052) 1,166 5,534 2,356 Other liabilities 6,195 3,126 185,783 274,275 Net cash provided by operating activities 148,668 Cash flows from investing activities: Acquisition of business, net of cash acquired (188,467) Purchases of short-term investments (48,243) (125,390) (83,969) Sales of short-term investments 112,895 78,636 42,319 (69,443) Capital expenditures Proceeds from sale of property, plant, and equipment (60,283) 71 (50,491) 7,099 11 Net cash used in investing activities (184,027) (116,086) (85,042) Cash flows from financing activities: 100,654 Proceeds from credit facilities 52,356 69,136 (52,205) (69,292) (100,498) Repayments on credit facilities 19,537 Proceeds from issuance of common stock under employee stock plans 22,277 14,600 (1 486) (3. 141) (2.291) Tax navments related to restricted stock unit issuances Net cash used in investing activities (184,027) (116,086) (85,042) Cash flows from financing activities: 52,356 69,136 Proceeds from credit facilities 100,654 (69,292) 19,537 (52,205) Repayments on credit facilities (100,498) 22,277 14,600 Proceeds from issuance of common stock under employee stock plans (3,141) (2,291) (1,486) Tax payments related to restricted stock unit issuances Excess tax benefit from employee stock plans 4,927 1,532 1,016 (15,000) (206) Repurchase of common stock Proceeds from note payable to related party 16,072 Capital contribution from non-controlling interest 8,000 Cash dividends paid (39,836) (31,298) (29,780) (15,700) (4,676) (14,550) Net cash used in financing activities (6,805) 1,821 Net effect of exchange rate changes on cash (11,137) Net increase (decrease) in cash and cash equivalents (23,931) 146,708 49,747 Cash and cash equivalents, beginning of year 290,781 241.034 437,489 413,558 $ 437,489 $ 290,781 2$ Cash and cash equivalents, end of year Supplemental disclosures of cash flow information: 53,958 $ 22,771 Cash paid during the year for income taxes 2$ 43,696 Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet paid 7,196 5,195 5,313 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Sharehokders' Equity Common Stock Accumulated Other Non- Controlling Interest Shares Retained Earnings Comprehensive Income Outstanding Amount Total $ 1,024,611 BALANCE, JANUARY 1, 2012 67.276 3,037 46,897 1,074,545 Net income 99,859 99,859 Other comprehensive income (loss): Unraslizad holdine loecas on ausilahla.for.eala COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) Columbia Sportswear Company Sharcholders' Equity Common Stock Non- Controlling Interest Accumulated Other Comprehensive Income Non- Shares Outstanding Retained Amount Earnings Total $ 1,024,611 BALANCE, JANUARY 1, 2012 67.276 3,037 1,074,545 46,897 Net income 99,859 99.859 Other comprehensive income (loss): Unrealized holding losses on available-for-sale securities, net (7) (7) Unrealized holding losses on derivative transactions, net (4,745) (4,745) Foreign currency translation adjustment, net 4,518 4.518 (29,780) (29,780) Cash dividends (S0.44 per share) Issuance of common stock under employee stock plans, net 882 13,114 13.114 1,036 1.036 Tax adjustment from stock plans Stock-based compensation expense 7,833 7,833 (8) (206) (206) Repurchase of common stock 1.094,690 1.166.167 BALANCE, DECEMBER 31, 2012 68,150 46,663 24,814 Net income (loss) 94,341 (738) 93,603 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized hokling losses on derivative transactions, (1,261) (1,261) net Foreign currency translation adjustment, net (10.045) 184 (9.861) Cash dividends ($0.46 per share) (31.298) (31,298) Issuance of common stock under employee stock plans, net 1.040 17,246 17,246 8,000 al contribution from non-controlling interest 8,000 Tax adjustment from stock plans 1,387 1.387 Stock-based compensation expense 8,878 8.878 BALANCE, DECEMBER 31, 2013 69,190 1,157,733 35,360 52,325 7,446 1,252,864 Net income 137,173 4,686 141,859 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net 10 10 Unrealized holding losses on derivative transactions, (4,745) (4,745) et 4,518 Foreign currency translation adjustment, net 4,518 Cash dividends ($0.44 per share) (29,780) (29,780) Issuance of common stock under employee stock plans, net 882 13,114 13,114 1,036 1,036 Tax adjustment from stock plans Stock-based compensation expense 7,833 7,833 (8) (206) (206) Repurchase of common stock 1.094.690 BALANCE, DECEMBER 31, 2012 68,150 24,814 46,663 1,166,167 Net income (loss) 94,341 (738) 93,603 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, (1,261) (1,261) et Foreign currency translation adjustment, net (10,045) 184 (9,861) Cash dividends ($0.46 per share) (31,298) (31,298) 17,246 Issuance of common stock under employee stock plans, net 1,040 17,246 Capital contribution from non-controlling interest 8,000 8,000 Tax adjustment from stock plans 1.387 1,387 8,878 Stock-based compensation expense 8,878 1,252,864 BALANCE, DECEMBER 31, 2013 69,190 52,325 1,157,733 35,360 7,446 Net income 141,859 137,173 4,686 Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net 10 10 Unrealized holding gains on derivative transactions, net 7,751 7,751 Foreign currency translation adjustment, net (27,288) (501) (27,789) (39,836) (39,836) Cash dividends ($0.57 per share) 19,136 Issuance of common stock under employee stock plans, net 1,059 19,136 Tax adjustment from stock plans 5,119 5,119 Stock-based compensation expense I1,120 11,120 (421) (15,000) (15,000) Repurchase of common stock $ 72,700 1,255,070 69,828 15,833 11,631 1.355,234 BALANCE, DECEMBER 31, 2014 VF CORPORATION Consolidated Balance Sheets December 2014 2013 In thousands, except share amounts ASSETS Current assets $ 971,895 $ 776,403 1.360,443 1,399,062 169,321 177,753 Cash and equivalents Accounts receivable, less allowance for doubtful accounts of $26,694 in 2014 and $45,350 in 2013 Inventories 1,276,224 1,482,804 154,285 300,646 References page income taxes Other current assets Total current assets 4,185,854 942,181 2,433,552 1,824,956 593,597 $ 9,980,140 3,882,982 932,792 2,960,201 2,021,750 Property, plant and equipment Intangible assets Goodwill Other assets 517,718 $ 10,315,443 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borowings Current portion of long-term debt Accounts payable Accrued liabilities $ 21,822 3,975 690,842 903,602 18,810 5,167 638,732 905,292 Total current liabilities 1,620,241 1,423,581 1,305,436 1.568.001 Long-term debt Other liabilities 1,426,829 1,243,575 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 S0.25; 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 eamings Total stockholders' equity Total liabilities and stockholders' equity 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 ninl stetemants VF CORPORATION Consolidated Statements of Comprehensive Income Year Ended December 2012 2014 2013 In thousands $1,086,138 Net income $1,047,505 $1,210,119 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 (469,663) 6,075 109,463 1,252 37,648 9,443 (173,959) 69,744 3,357 37,013 (203,234) 37,518 5,445 60,588 146,746 85,356 1,270 (90,285) Derivative financial instruments 88,387 (34,736) 32,111 (12,619) (8,133) 3,196 (12,169) 4,782 Gains (losses) arising during year Less income tax effect (9,555) 3,976 (15,883) 6,199 Reclassification to net income for (gains) losses realized Less income tax effect Marketable securities (401) Gains (losses) arising during year Less income tax effect (698) 274 (490,552) 556,953 1,239 (542) 242,175 1,452,294 Other comprehensive income (loss) Comprehensive income including noncontrolling interests Comprehensive (income) loss attributable to noncontrolling interests Comprehensive income attributable to VF Corporation (32,418) 1,053,720 (139) $1,053,581 $ 556,953 $1,452,294 VF CORPORATION Consolidated Statements of Cash Flows Year Ended December 2013 2014 2012 In thousands Operating activities Net income Adjustments to reconcile net income to cash provided by operating activities: Impairment 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 S 1,047,505 $1,210,119 $1,086,138 396,362 172,443 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) 14,306 4,112 (155,053) (47,240) 75,073 16,628 84,472 (7,939) (111,571) 87,620 (74,294) 26,213 (35,912) 854 (130,540) 69,807 (44,144) 41,989 22,614 73,183 1,275,000 Cash provided by operating activities Investing activities Capital expenditures Business acquisitions, net of cash acquired Proceeds from sale of businesses Software purchases Other, net 1,697,629 1,506,041 (251,940) (1,750) 72,519 (30,890) (8,230) (220,291) (234,077) (271,153) (53,989) (25,131) (350,273) (67,943) (27,235) (329,255) Cash used by investing activities Financing activities Net increase (decrease) in short-tem borrowings Payments on long-tem 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 9,032 (404,872) (282,024) (402,136) 48,029 48,140 4,761 (4,760) (727,795) (478,933) 34,869 64,437 (269,010) (2,776) (307,282) (333,229) 62,770 47,213 (201) (802,515) 4,039 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 (1,107,421) (65,461) 195,492 776,403 (983,831) 7,005 178,942 597,461 $ 776,403 256,233 341,228 $ 597,461 $ 971,895 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Stockholders' Equity VF Corporation Stockholders Accumulated Other Common Additional Non- Stock Retained Earnings controlling Interests Comprehensive Income (Loss) In thousands, except share amounts Paid-in Shares Amounts Capital $2,316,107 S (421,477) $2,520,804 1,085,999 (333,229) (297,692) (34,435) $ (816) 139 Balance, December 2011 Net income Dividends on Common Stock 442,227,924 $110,557 Purchase of treasury stock Stock-based compensation, net Disposition of noncontrolling interests Foreign currency translation Defined benefit pension plans Derivative financial instruments Marketable securities (8,072,920) 6,663,932 (2,018) 1,666 211,761 677 47,091 (63,845) (15,263) (401) $ (453,895) $2,941,447 $2.527.868 Balance, December 2012 Net income Dividends on Common Stock 440,818,936 $110,205 1,210,119 (402,136) (280,408) (36,932) Purchase of treasury stock Stock-based compensation, net Foreign currency translation Defined benefit pension plans (1,712) 1,585 (6,849,160) 6,340,594 218,722 110,715 143,087 (12,324) 697 Derivative financial instruments Marketable securities 440,310,370 $110,078 $2,746,590 $ (211,720) $3,432,090 1,047,505 (478,933) (724,786) (44,123) 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 (12,037,000) (3,009) 1,146 4,586,521 246,596 (463,588) (99,683) 73,143 (424) $ (702,272) $3,231,753 $2,993,186 Balance, December 2014 432,859,891 $108,215 See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income Year Ended December 2014 2013 2012 In thousands, except per share amounts $ 11,302,350 117,298 11,419,648 $ 12,154,784 127,377 12,282,161 $ 10,766,020 113,835 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 6,288,190 4,159,885 396,362 10,844,437 1,437,724 6,911 (86,725) (5,544) 5,931,469 3,841,032 5,817,880 3,596,708 9,772,501 1,647,147 4,141 (84,773) (4,025) 9,414,588 1,465,267 3,353 (93,605) 46,860 Operating income Interest income Interest expense Other income (expense), net 1,562,490 352,371 Income before income taxes 1,352,366 304,861 1,047,505 1,421,875 335,737 1,086,138 (139) $ 1,085,999 Income taxes Net income Net income attributable to noncontrolling interests Net income attributable to VF Corporation common stockholders 1,210,119 $ 1,210,119 $ 1,047,505 Earnings per common share attributable to VF Corporation common stockholders Basic 2.42 2$ 24 2.76 2.47 2.43 Diluted 2.38 1.1075 2.71 0.9150 Cash dividends per common share 0.7575 See notes to consolidated financial statements