The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. Financial statements of VF Corporation are presented in Appendix C. Click here to view Arpendix (a) Based on the information contained in these financial statements, compute the following 2016 values for each company. (Round answers to 1 decimal place, es. 15.2. Use 365 days for calculation) 1. Accounts receivable turnover. (For VF, use "Net sales. Assume all sales were credit sales.) 2 Average collection period for accounts receivable. Columbia Sportswear VF Corporation Accounts receivable turnover times times Average collection period days days Appendix B Specimen Financial Statements: Columbia Sportswear Company Columbia Sportswear Company des leader in outdoor portwear. The following are Columbia's financial statements es presented in its 2016 annual report. The complete al report, including notes to the financial statements, is available at the company's website COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31 2015 2014 $ 2,377,045 52.326,180 S 2,100,590 1.266,697 1,252,680 1.145.639 1.110,348 1.073.500 954951 864,084 831,971 763,063 10.244 8,192 6,956 256,508 249,721 198,844 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 5,514 4.686 191,898 $ 174,337 S 137.173 Net sales Cost of sales Gross profit Selling, jeneral 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 2,003 6,541 DOLLY 6,541 $ 191,898 $ 5,514 4.686 174,337 $ 137,173 ***** 1.97 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 2.75 2.72 2.48 $ 2.45 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, 2016 2015 2014 $198.439 179,851 $ 141.859 (2) (6) 10 843 (2.908) 7.751 Net income Other comprehensive losse Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of S. (53), and (55), respectively). Unrealized gains (losses) on derivative transactions (net of tax effects of (51.922), ($849) and ($1.507), respectively). Foreign currency translation adjustments (net of tax effects of ($347). (5760) and 51,023. 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 4,183 $ 190,117 S 137.668 $ 117,646 See accompanying notes to consolidated financial statements OLUMBIA SI UACIDWEAR COMPANY CONSOLIDATED BALANCE SHEETS In thousands) December 31, 2016 $ 551,389 S 369.770 472 333,678 371,953 487,997 473,637 38,487 33,400 1.412,023 1,249,389 279.650 291,687 133438 138,584 68.594 68,594 92.494 76,181 27.695 21.718 $2,013,894 $ 1.846.153 ASSETS Current AB Cash and cash equivalents.. Short-term investments Accounts receivable, nel (Note 5). Inventories Prepaid expenses and other current assets. Total current assets Property, plant, and equipment, net (Note 6) Intangible assets, net (Note 7) Goodwill (Note 7)... Deferred income taxes (Note 10) Other non-current assets Total assets. LIABILITIES AND EQUITY Current Liabilities: Short-term borrowings (Note 8) Accounts payable. Accrued liabilities (Note 9) Income taxes payable (Note 10) Total current liabilities Note payable to related party (Note 22) Other long-term liabilities (Notes 11, 12) Income taxes payahle (Note 10) Deferred income taxes (Note 10) Total liabilities Commitments and contingencies (Note 13) Shareholders' Equity Preferred stock: 10,000 shares authorized: none issued and outstanding... Common stock no par value): 250.000 shares authorized: 69,873 and 69.277 issued $ $ 215.048 142,158 5,645 362.851 14,053 42.622 12,710 147 432.383 1.940 217230 141.862 5,038 366,070 15.030 40.172 8.8.39 229 430,340 Cucy.com Retained earnings Acum other comprehensive les (Note 17) Total Columbia Sportswear Company shareholders equity Noo-controlling interest (Note 4) Total quilty Total liabilities and equity 1,529,636 1.385.860 122.617 (20.836 1,560,820 1.199 300 20.691 16,013 1,581,511 1,415,813 $ 2,013,894 $1,846,153 See accompanying notes to consolidated financial statements 2015 2014 141.859 5,098 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2016 Cash flows from operating activities: Net income. 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 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 54,017 481 (6,978) 11.120 (4,927) (31,478) (62,086) (4.869) 4.291 41.941 35.051 1.166 6.195 275.167 95,105 185.783 (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) 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 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) Non Columbia Sportswear Company Shareholders' Equity Common Stock Accumulated Other Shares Retained Comprehensive Controlling Outstanding Amount Earnings Income (Loss) Interest Total 69,190 $ 52,325 $1,157.733 $ 35,360 $ 7.446 $ 1.252,864 137.173 4,686 141,859 10 10 7.751 (27,288) (501) 7.751 (27,789) (39.836) (39.836) 1.059 BALANCE, JANUARY 1, 2014 Net income Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Linrealized holding gains on derivative transactions, nel Foreign currency translation adjustment, net Cash dividends (50.57 per share)... Issuance of common stock under employee stock plans, net Tax adjustment from stock plans Stock-based compensation expense Repurchase of common stock BALANCE, DECEMBER 31, 2014 Net income Other comprehensive loss: Unrealized holding losses 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 19.136 5.119 11.120 (15.000) 72,700 (421) 69,828 19.136 5.119 11.120 (15,000) 1,355.234 179.851 1,255,070 174,337 15.833 11.631 5,514 (6) 1 (6) II (2,908) (33.755) (1.132) (2,908) (34.887) (43,547) (43.547) 835 12,547 7.925 12,547 7.925 10.986 10.986 Stock-based compensation expense Repurchase of common stock. BALANCE, DECEMBER 31, 2016 (11) 69.873 $ 53.801 $1.529,636 S (22,617) $ 20,691 $1.581.511 See accompanying notes to consolidated financial statements Find education winy.com Appendix C Specimen Financial Statements: VF Corporation VF Corporation lalalander in outdoor sportowe. The following are VFs financial statements presented in its 2016 annual report. The complete annual report, including notes to the financial statement, in available at the company's website VT CORPORATION Consolidated Sheets 1.227.1625 964,423 1.197.678 ASSETS Current Chandoguivalent Acercable, les allowance for dohms of $21.131 in 2016 and 32075 2005 Ime Our Current disperation Tool Property, plant and equipment Intangiblemet Goodwill Other Others of dised operation 1.289.462 1.555.360 284.215 19,176 4,161,136 945.491 1.041.61 4293,098 999.00 1.1.6 1736059 583 210031 19.50 9,799,275 LIABILITIES AND STOCKHOLDERS' EQUITY Current abilities Shobaigs 3 Cur portional long-term det Accoin pay abile 19.590 26.029 253.689 644 000.000 449,50 3.351 26,020 253.689 664.644 841,038 1.785.400 2,039,180 973,786 782,148 26,018 1.941,713 1.401,820 900,256 10,915 4,798,366 4.254,704 COUCO wiley.com LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Staciet-term bonowing 5 Current portion of long-term debt Accounts payable Accred liabilities Current habilities 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, 1.200,000.0X10:414,012.954 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 $ See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income 103,503 3,333,423 (1.041.463) 2.545.458 4.940,921 9,739,2875 106,654 3,192,675 (1.043.222) 3.128,731 5.384.838 9.639,542 2014 5 Net sales Royalty Income Total revenue Costs and operating expenses Cont of poods sold Year Ended December 2016 2015 In the pershanam 11.902.314 5 11.09.035$ 116.689 123,020 12.019,003 12.082.655 11,757.99 134,331 111,730 6,196,335 6,235,699 112,880 4.009.029 3.970,536 Selling and administre expenses Impairment of goodwill and intangible sota Toal.com and operating experts Operating con Interest Recone Interest expense Other income expensel, net Income from continuing operation before income taxes 4.243.798 79.66 10,519,777 1.499.226 9.094 194.730) 2,001 1,415,591 243,064 1,172,527 (98.421) 1,074.1065 10,244,728 1,787,927 7.152 (88.712) 1,028 1,707,335 392,204 1.315,131 (83,538) 1,231,5935 10,083,416 1,798,314 6.911 (86,104) 15.545) 1,713,576 385827 1,327,749 (280,244) 1.047,505 $ $ 2.82 $ (0.24) Tncome from continuing operation Los from discontinued operations, net of tax Net Income Earning per common share basie Continuing operation Discontinued operations Total earnings per common share-basic Earnings per common share-diluted Continuing operations Discontinued operations Totalarning per common share-diluted Cash dividende per common share 3.09 $ (0.19) 2.90 5 3.07 (0.65) 2.42 5 2.585 5 2.78 5 (0.24) 2.34 $ 1.500 5 3.045 (0.19) 2.85 1.3300 $ 3.02 (0.64) 2.38 1.1075 5 See notes to consolidated financial statements VF CORPORATION Consolidated Statements of Comprehensive Income Year Ended the 2015 2014 1,074,1065 1.231.593 $ 1.047.505 Netice Other comprehensive Income class) Facency translation and other Guins Closes arising during year Less income tax effect Defined benefit pension plans Current your actuarial gains (los) and plan amendments Amortization of not defined actuariales (52.02) (24.382) (361.814) 586 (467,667) 6,025 (5,384) 65.212 (62.556) 61.966 (203.234) 37.518 $ 3 Finance education wiley.com 5445 2.564 50,922 (43,836) 4,062 (1371) 60,588 90708 (9.572) (107.457) 35,092 89.993 034.668) (64,976) 25.404 Amintion of defensorence costs Recification of our loss from element charge Les income tax effect Derivative fins al instruments Gain Closes) arising during your Less income tax effect Reclassification to set income for (gains) losses malised Less income tax effect Marketable securities Gains (los) arising during year Less income tax effect Reclassification to set income for (gains) losses realised Less income tax effect Other comprehensive income dow) Comprehensive income 88387 (34,736) 32.111 (12.6199 (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 VF CORPORATION Consolidated Statements of Cash Flows 2016 Year Ended December 2015 In thousands 2014 1,074,106 $ 1.231,593 $ 1,047,505 Operating activities Net income Adjustments to reconcile net income to cash provided by operating activities: Impairment of goodwill and intangible assets Depreciation and amortization Stock-based compensation Provision for doubtful accounts Pension expense in excess of (less than contributions Deferred income taxes Loss on sale of businesses 79,644 281.577 67.762 17,283 89.005 (71.625) 104,357 143,562 272.075 73,420 12,006 (208.709) 7,088 396,362 274,883 104,313 (2.1987 9.864) (78,064) Ranch oducation wiley.com (15.232) (34,784) 4,112 47,102 (37.210) (9.553) (129,574) 28,904 (48,627) 1,477,919 (124,248) (175,098) 14,225 4,206 (14,505) 2,599 1,203,430 854 (130,540) 69,807 20,293 41,989 22,614 1,762,066 (254,501) (234,077) Othernet Changes in operating assets and liabilities: Accounts receivable Inventories Accounts payable Income taxes Accrued liabilities Other assets and liabilities Cash provided by operating activities Investing activities Capital expenditures Proceeds from sale of businesses, net of cash sold Software purchases Other, net Cash used by investing activities Financing activities Net (decrease) increase in short-term borrowings Payments on long-term debe Payment of debt issuance costs Proceeds from long-term debt Purchases of treasury stock Cash dividends paid Proceeds from issuance of Common Stock, net of shares withheld for taxes Cash used by financing activities Erfect of foreign currency rate changes on cash and equivalents Net change in cash and equivalents Cash and equivalents -- beginning of year (175.840) 115,983 (44,226) (8,331) (112,414) (63,283) (5,038) (322,822) (67,943) (27,235) (329,255) 432,262 (3.975) (1.475) 4.761 (4,760) (421,069) (13,276) (6.807) 951.817 (1.000.468) (635,994) (732.623) (565,275) (727.795) (478,933) 48,918 (1.076,879) 30,871 (840,215) 34,869 (1.171,858) (65.461) (6,369) 282.257 945,605 (66,683) (26.290) 971,895 195.492 776,403 education.wiley.com Cash and equivalents - end of year $ 1.227,862 $ 945.605 $ 971,895 The cash flows related to discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows. The cash and equivalents amount presented at December 2015 differs from cash and equivalents in the Consolidated Balance Sheet due to cash included in "Current assets of discontinued operations." See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Stockholders' Equity Accumulated Common Stock Additional 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 Balance, December 2013 Ner 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 TL (463,588) (99,683) 73.143 (424) (702,272) 432,859.891 108,215 2.993.186 3.231.753 1.231,593 (565,275) (730,114) (39.226) (10,036,100) 3.790,483 (2,509) 948 199,489 TI 4,939 15,753 426,614,274 106,654 3,192,675 (1.043.222) Defined benefit pension plans Derivative financial instruments Marketable securities Balance, December 2015 Not 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 3,128.731 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 S 103,5035 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. Financial statements of VF Corporation are presented in Appendix C. Click here to view Arpendix (a) Based on the information contained in these financial statements, compute the following 2016 values for each company. (Round answers to 1 decimal place, es. 15.2. Use 365 days for calculation) 1. Accounts receivable turnover. (For VF, use "Net sales. Assume all sales were credit sales.) 2 Average collection period for accounts receivable. Columbia Sportswear VF Corporation Accounts receivable turnover times times Average collection period days days Appendix B Specimen Financial Statements: Columbia Sportswear Company Columbia Sportswear Company des leader in outdoor portwear. The following are Columbia's financial statements es presented in its 2016 annual report. The complete al report, including notes to the financial statements, is available at the company's website COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year Ended December 31 2015 2014 $ 2,377,045 52.326,180 S 2,100,590 1.266,697 1,252,680 1.145.639 1.110,348 1.073.500 954951 864,084 831,971 763,063 10.244 8,192 6,956 256,508 249,721 198,844 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 5,514 4.686 191,898 $ 174,337 S 137.173 Net sales Cost of sales Gross profit Selling, jeneral 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 2,003 6,541 DOLLY 6,541 $ 191,898 $ 5,514 4.686 174,337 $ 137,173 ***** 1.97 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 2.75 2.72 2.48 $ 2.45 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, 2016 2015 2014 $198.439 179,851 $ 141.859 (2) (6) 10 843 (2.908) 7.751 Net income Other comprehensive losse Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of S. (53), and (55), respectively). Unrealized gains (losses) on derivative transactions (net of tax effects of (51.922), ($849) and ($1.507), respectively). Foreign currency translation adjustments (net of tax effects of ($347). (5760) and 51,023. 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 4,183 $ 190,117 S 137.668 $ 117,646 See accompanying notes to consolidated financial statements OLUMBIA SI UACIDWEAR COMPANY CONSOLIDATED BALANCE SHEETS In thousands) December 31, 2016 $ 551,389 S 369.770 472 333,678 371,953 487,997 473,637 38,487 33,400 1.412,023 1,249,389 279.650 291,687 133438 138,584 68.594 68,594 92.494 76,181 27.695 21.718 $2,013,894 $ 1.846.153 ASSETS Current AB Cash and cash equivalents.. Short-term investments Accounts receivable, nel (Note 5). Inventories Prepaid expenses and other current assets. Total current assets Property, plant, and equipment, net (Note 6) Intangible assets, net (Note 7) Goodwill (Note 7)... Deferred income taxes (Note 10) Other non-current assets Total assets. LIABILITIES AND EQUITY Current Liabilities: Short-term borrowings (Note 8) Accounts payable. Accrued liabilities (Note 9) Income taxes payable (Note 10) Total current liabilities Note payable to related party (Note 22) Other long-term liabilities (Notes 11, 12) Income taxes payahle (Note 10) Deferred income taxes (Note 10) Total liabilities Commitments and contingencies (Note 13) Shareholders' Equity Preferred stock: 10,000 shares authorized: none issued and outstanding... Common stock no par value): 250.000 shares authorized: 69,873 and 69.277 issued $ $ 215.048 142,158 5,645 362.851 14,053 42.622 12,710 147 432.383 1.940 217230 141.862 5,038 366,070 15.030 40.172 8.8.39 229 430,340 Cucy.com Retained earnings Acum other comprehensive les (Note 17) Total Columbia Sportswear Company shareholders equity Noo-controlling interest (Note 4) Total quilty Total liabilities and equity 1,529,636 1.385.860 122.617 (20.836 1,560,820 1.199 300 20.691 16,013 1,581,511 1,415,813 $ 2,013,894 $1,846,153 See accompanying notes to consolidated financial statements 2015 2014 141.859 5,098 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2016 Cash flows from operating activities: Net income. 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 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 54,017 481 (6,978) 11.120 (4,927) (31,478) (62,086) (4.869) 4.291 41.941 35.051 1.166 6.195 275.167 95,105 185.783 (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) 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 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) Non Columbia Sportswear Company Shareholders' Equity Common Stock Accumulated Other Shares Retained Comprehensive Controlling Outstanding Amount Earnings Income (Loss) Interest Total 69,190 $ 52,325 $1,157.733 $ 35,360 $ 7.446 $ 1.252,864 137.173 4,686 141,859 10 10 7.751 (27,288) (501) 7.751 (27,789) (39.836) (39.836) 1.059 BALANCE, JANUARY 1, 2014 Net income Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Linrealized holding gains on derivative transactions, nel Foreign currency translation adjustment, net Cash dividends (50.57 per share)... Issuance of common stock under employee stock plans, net Tax adjustment from stock plans Stock-based compensation expense Repurchase of common stock BALANCE, DECEMBER 31, 2014 Net income Other comprehensive loss: Unrealized holding losses 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 19.136 5.119 11.120 (15.000) 72,700 (421) 69,828 19.136 5.119 11.120 (15,000) 1,355.234 179.851 1,255,070 174,337 15.833 11.631 5,514 (6) 1 (6) II (2,908) (33.755) (1.132) (2,908) (34.887) (43,547) (43.547) 835 12,547 7.925 12,547 7.925 10.986 10.986 Stock-based compensation expense Repurchase of common stock. BALANCE, DECEMBER 31, 2016 (11) 69.873 $ 53.801 $1.529,636 S (22,617) $ 20,691 $1.581.511 See accompanying notes to consolidated financial statements Find education winy.com Appendix C Specimen Financial Statements: VF Corporation VF Corporation lalalander in outdoor sportowe. The following are VFs financial statements presented in its 2016 annual report. The complete annual report, including notes to the financial statement, in available at the company's website VT CORPORATION Consolidated Sheets 1.227.1625 964,423 1.197.678 ASSETS Current Chandoguivalent Acercable, les allowance for dohms of $21.131 in 2016 and 32075 2005 Ime Our Current disperation Tool Property, plant and equipment Intangiblemet Goodwill Other Others of dised operation 1.289.462 1.555.360 284.215 19,176 4,161,136 945.491 1.041.61 4293,098 999.00 1.1.6 1736059 583 210031 19.50 9,799,275 LIABILITIES AND STOCKHOLDERS' EQUITY Current abilities Shobaigs 3 Cur portional long-term det Accoin pay abile 19.590 26.029 253.689 644 000.000 449,50 3.351 26,020 253.689 664.644 841,038 1.785.400 2,039,180 973,786 782,148 26,018 1.941,713 1.401,820 900,256 10,915 4,798,366 4.254,704 COUCO wiley.com LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Staciet-term bonowing 5 Current portion of long-term debt Accounts payable Accred liabilities Current habilities 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, 1.200,000.0X10:414,012.954 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 $ See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Income 103,503 3,333,423 (1.041.463) 2.545.458 4.940,921 9,739,2875 106,654 3,192,675 (1.043.222) 3.128,731 5.384.838 9.639,542 2014 5 Net sales Royalty Income Total revenue Costs and operating expenses Cont of poods sold Year Ended December 2016 2015 In the pershanam 11.902.314 5 11.09.035$ 116.689 123,020 12.019,003 12.082.655 11,757.99 134,331 111,730 6,196,335 6,235,699 112,880 4.009.029 3.970,536 Selling and administre expenses Impairment of goodwill and intangible sota Toal.com and operating experts Operating con Interest Recone Interest expense Other income expensel, net Income from continuing operation before income taxes 4.243.798 79.66 10,519,777 1.499.226 9.094 194.730) 2,001 1,415,591 243,064 1,172,527 (98.421) 1,074.1065 10,244,728 1,787,927 7.152 (88.712) 1,028 1,707,335 392,204 1.315,131 (83,538) 1,231,5935 10,083,416 1,798,314 6.911 (86,104) 15.545) 1,713,576 385827 1,327,749 (280,244) 1.047,505 $ $ 2.82 $ (0.24) Tncome from continuing operation Los from discontinued operations, net of tax Net Income Earning per common share basie Continuing operation Discontinued operations Total earnings per common share-basic Earnings per common share-diluted Continuing operations Discontinued operations Totalarning per common share-diluted Cash dividende per common share 3.09 $ (0.19) 2.90 5 3.07 (0.65) 2.42 5 2.585 5 2.78 5 (0.24) 2.34 $ 1.500 5 3.045 (0.19) 2.85 1.3300 $ 3.02 (0.64) 2.38 1.1075 5 See notes to consolidated financial statements VF CORPORATION Consolidated Statements of Comprehensive Income Year Ended the 2015 2014 1,074,1065 1.231.593 $ 1.047.505 Netice Other comprehensive Income class) Facency translation and other Guins Closes arising during year Less income tax effect Defined benefit pension plans Current your actuarial gains (los) and plan amendments Amortization of not defined actuariales (52.02) (24.382) (361.814) 586 (467,667) 6,025 (5,384) 65.212 (62.556) 61.966 (203.234) 37.518 $ 3 Finance education wiley.com 5445 2.564 50,922 (43,836) 4,062 (1371) 60,588 90708 (9.572) (107.457) 35,092 89.993 034.668) (64,976) 25.404 Amintion of defensorence costs Recification of our loss from element charge Les income tax effect Derivative fins al instruments Gain Closes) arising during your Less income tax effect Reclassification to set income for (gains) losses malised Less income tax effect Marketable securities Gains (los) arising during year Less income tax effect Reclassification to set income for (gains) losses realised Less income tax effect Other comprehensive income dow) Comprehensive income 88387 (34,736) 32.111 (12.6199 (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 VF CORPORATION Consolidated Statements of Cash Flows 2016 Year Ended December 2015 In thousands 2014 1,074,106 $ 1.231,593 $ 1,047,505 Operating activities Net income Adjustments to reconcile net income to cash provided by operating activities: Impairment of goodwill and intangible assets Depreciation and amortization Stock-based compensation Provision for doubtful accounts Pension expense in excess of (less than contributions Deferred income taxes Loss on sale of businesses 79,644 281.577 67.762 17,283 89.005 (71.625) 104,357 143,562 272.075 73,420 12,006 (208.709) 7,088 396,362 274,883 104,313 (2.1987 9.864) (78,064) Ranch oducation wiley.com (15.232) (34,784) 4,112 47,102 (37.210) (9.553) (129,574) 28,904 (48,627) 1,477,919 (124,248) (175,098) 14,225 4,206 (14,505) 2,599 1,203,430 854 (130,540) 69,807 20,293 41,989 22,614 1,762,066 (254,501) (234,077) Othernet Changes in operating assets and liabilities: Accounts receivable Inventories Accounts payable Income taxes Accrued liabilities Other assets and liabilities Cash provided by operating activities Investing activities Capital expenditures Proceeds from sale of businesses, net of cash sold Software purchases Other, net Cash used by investing activities Financing activities Net (decrease) increase in short-term borrowings Payments on long-term debe Payment of debt issuance costs Proceeds from long-term debt Purchases of treasury stock Cash dividends paid Proceeds from issuance of Common Stock, net of shares withheld for taxes Cash used by financing activities Erfect of foreign currency rate changes on cash and equivalents Net change in cash and equivalents Cash and equivalents -- beginning of year (175.840) 115,983 (44,226) (8,331) (112,414) (63,283) (5,038) (322,822) (67,943) (27,235) (329,255) 432,262 (3.975) (1.475) 4.761 (4,760) (421,069) (13,276) (6.807) 951.817 (1.000.468) (635,994) (732.623) (565,275) (727.795) (478,933) 48,918 (1.076,879) 30,871 (840,215) 34,869 (1.171,858) (65.461) (6,369) 282.257 945,605 (66,683) (26.290) 971,895 195.492 776,403 education.wiley.com Cash and equivalents - end of year $ 1.227,862 $ 945.605 $ 971,895 The cash flows related to discontinued operations have not been segregated and are included in the Consolidated Statements of Cash Flows. The cash and equivalents amount presented at December 2015 differs from cash and equivalents in the Consolidated Balance Sheet due to cash included in "Current assets of discontinued operations." See notes to consolidated financial statements. VF CORPORATION Consolidated Statements of Stockholders' Equity Accumulated Common Stock Additional 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 Balance, December 2013 Ner 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 TL (463,588) (99,683) 73.143 (424) (702,272) 432,859.891 108,215 2.993.186 3.231.753 1.231,593 (565,275) (730,114) (39.226) (10,036,100) 3.790,483 (2,509) 948 199,489 TI 4,939 15,753 426,614,274 106,654 3,192,675 (1.043.222) Defined benefit pension plans Derivative financial instruments Marketable securities Balance, December 2015 Not 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 3,128.731 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 S 103,5035 3,333,423 $ 2.545,458 See notes to consolidated financial statements