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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
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. The complete annual reports, including the notes to the financial statements are available at each company's respective website la) Based on the information in these financial statements and the accompanying notes and schedules, compute the following values for each company in 2016. (Round all percentages to 1 decimal places.es 15.1% and asset turnover ratio to 2 decimal places, eg 15.21.) (1) Return on assets. Return on assets Columbia Sportswear VF Corporation % (2) Profit margin (use Total Revenue). Profit margin Columbia Sportswear % VF Corporation % (3) Asset turnover. Asset turnover times Columbia Sportswear VF Corporation times VE 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 S (211.720) S 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) S 414,012,954 S 103,503 S 3,333,423 S 2,545,458 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 S 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 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 S (490,552) 556.953 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 - basie 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 S 3.09 $ (0.19) 2.90 3.07 (0.65) 2.42 S 2.78 5 (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 Balance Sheets 16 2015 1.227.862 S 944.423 1.197.678 1,500 939,660 1.839.698 1.736.959 929.2 1,555.100) 284.215 89.176 4,163,136 945.491 1.918.611 1.788.407 SK. 2100 9,639,542 9.739.287 26.0195 ASSETS Current assets Cash and equivalents 3 Accounts receivable, less allowance for doubtful counts of $21.131 in 2016 and 523.275 in 2015 Inventories Other current assets Current assets of discontinued operations Total current 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 dobu Acolyable Acenied liabilities Current liabilities of discontinued operations Total current liabilities Long-term debit Other liabilities Other liabilities of discontinued operations Commitments and contingencies Total liabilities Stockholders' equity Preferred Stock par value 51: shares audio, 25.01. osasining in 2016 and 2015 Common Stock, stated value $1.25, shares authorized. 1.200.000,00 414012954 shares outstanding in 2016 and 26.614.234 shares outstanding in 2015 Additional parid-in capital Accumulated other comprehensive loss Retained earings Total stockholders' equity Total liabilities and stockholders' equity 4-19.590 3351 341.008 1,785 400 2,4139,180 973.786 782,148 26.018 1.941.713 1,401.820 900256 10.915 4.254.714 103 503 106.654 3.192.675 (1,043.222) 3.128.731 5.384.838 2.545.458 4.80.921 9.739.287 S See also come statements 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 Shares Retained Comprehensive Controlling Outstanding Earnings Income (Low) Interest Total 69,190 552 325 S1.157,733 S 35.360 S 7.446 S 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 19.136 5.119 11.120 (15.0001 22,700 (421) 69.828 19,136 5,119 11,120 (15,000) 1.355,234 179,851 15.833 1.255.000 174337 11.631 5.514 - - - (6) - (6) BALANCE, JANUARY 1, 2014. Net income. Other comprehensive income (less): Unrealized holding gains on available for sale securities, net Unrealized holding gains an derivative transactions, nel Foreign currency translation adjustment, net. Cash dividends (S0.57 per share) Issuance of common stock under employee stock plans, met Tax adjustment from stock plans Stock-based compensation expense.. Repurchase of common stock BALANCE, DECEMBER 31, 2014 Net income.. Other comprehensive loss: Unrealized holding losses on available for sale securities, net.... Unrealized holding losses on derivative transactions, net.. Foreign currency translation adjustment, nel Cash dividends (50.62 per share)... Issuance of common stock under employee stock plans, met Tax adjustment from stock plans Stock-based compensation expense. Repurchase of common stock. BALANCE, DECEMBER 31, 2015 Net income.. Other comprehensive income (loss): Unrealized holding losses on available for sale securities, net Unrealized holding gains on derivative transactions, nel Foreign currency translation adjustment, bet. Cash dividends (S0.69 per share)... Issuance of common stock under employee stock plans, net Stock-based compensation expense. Repurchase of common stock BALANCE, DECEMBER 31, 2016 (2.908) (33,755) (1,132) (2.908) (34.887) (43,547) | 835 12.542 7.925 11,672 170.063) 34,776 11 12,547 7.925 11,672 (70,068) 1,415,813 198,439 (1.386) 69.273 (20,836) 1.385.860 191.898 16.013 6.541 - - - - (2) - (2) 11 157 (2,020) (2.465) 843 (4.485) (48,122) (48,122) 8.250 10.986 II 8,050 10,986 (11) 69.873 $53.801 S1.529,636 S (22.617) S 20,691 S 1.581,511 See accompanying notes to consolidated financial statements CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2015 2016 2014 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) (40,419) (103,296) 36,710 (18,777) (5.452) (5.948) 1.483 4.847 4,768 2.468 275.167 (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 puid (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) (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 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 BALANCE SHEETS (In thousands) Ther, 2016 2015 $ 551,389 S 369.770 472 333678 371.953 487997 473,637 38.487 33,400 1,412,023 1.249,389 279.650 291,087 133.438 138,584 68.594 68,594 92,494 76,181 27.695 21,718 $2.013.894 $1.8.16,153 $ ASSETS Current Assets Cash and cash equivalents... Short-term investments Accounts receivable.net (Note 5). Inventories.... Prepaid expenses and other current assets. Tocal current assets Property, plant, and equipment, met (Note 6) Intangible assets, net (Note 7) Goodwill (Note 7)....... Deferred income taxes (Note 10) Other current is Total acts. LIABILITIES AND EQUITY Current Liabilities: Short-term borrings (No. 8) Accounts payable Accrued liabilities (Note %).. Income taxes payable (Note 10)..... Total current liabilities Note payable to related party (Noce 22) Other long-term liabilities (Notes 11, 12) Income taxes payable (Note 10) Deferred income taxes (Note 10) Total liabilities.... Commitments and contingencies (Note 13) Shareholders' Equity: Preferred stock 10X shares authorized one issued and outstanding Common stock (no per valluk 250.000 shares authorized; 69.873 and 69.277 issued and outstanding (Note 14)... Retained earnings Accumulated other comprehensive loss (Note 17) Tocal Columbia Sportswear Company hacholders equity Non-controlling interest Note 4). Total equity Total liabilities and equity 215,048 142.158 5.645 362.851 14.053 42.622 12.710 147 1.940 217.230 141 M2 5.038 106,070 15.030 40,172 8,839 229 430,340 33,801 34,776 1.529,636 1.385.160 (22.617) (20.836 1.560,820 1.399,800 20.691 16,013 1.561.511 1,415,813 S 2.013.894 S 1.816.153 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME In thousands) Year Ended Deer. 2016 2015 2014 Net income 198,439 S 179,851 S 141.859 Other comprehensive oss: Unrealized holing pains classes, on available-for-sale securities (intel of tax effects of I(53), and (58), respectively... (2) 16) 10 Unrealized gains classes) en derivative transactices (net of tax effects of ($1.922).(5849) and (S1,507).respectively)... 843 (2.908) 7.751 Foreign currency translation ljustments into las elfects of ($347). ($760) and $1,023, respectively) (34,887) (27,789) Other comprehensive kas. (3.644) (37,801) (20,028) Comprehensive income 194.795 142.050 121,831 Comprehensive income attributable to non-controlling interes... 4.67% 4,185 Comprehensive income attributable to Columbia Sportswear Company... $ 190,117 S 137,668 S 117,646 See accompanying notes in consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Net sales Cost of sales Gross profit. Selling, general and administrative expenses... Net licensing income. Income from operations Interest income, 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 Year Ended December 31, 2016 2015 2014 $ 2,377,045 $ 2,326,180 $2,100,590 1.266,697 1,252,680 1.145,639 1.110,348 1,073,500 954.951 864,084 831.971 763,063 10,244 8,192 6,956 256,508 249,721 198,844 2,003 1,531 1,004 (1,041) (1,099) (1,053) (572) (2,834) (274) 256,898 247,319 198,521 (58,459) (67,468) (56,662) 198,439 179,851 141.859 6,541 5,514 4,686 $ 191,898 $ 174,337 $137.173 $ 2.75 S 2.72 2.48 $ 2.45 1.97 1.94 69,683 70,632 70,162 71.064 69,807 70,681 See accompanying notes to consolidated financial statements
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