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 1 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 COLUMBLA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) RR 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) Not income Net income attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note Year Ended December 31. 2016 2015 2014 S 2.377.045 $ 2,326,180 S 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 10.744 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) 198.439 179.851 141.839 6.541 5,514 4.686 121.898|3174,337137.173. 16): 275 $ 2.72 2.48S 2.45 1.97 1.94 Basic Diluted Weighted average shares outstanding (Note 16): Basic Diluted 70.162 69,807 69.683 70.632 71,064 70.681 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) + Year Ended December 31. 2016 2015 2014 Net income 198,439 $179.851 $ 141.859 Other comprehensive lost Unrealized holding gains (losses) on available-for-sale securities (net of tax effects of S. (53), and (55), respectively).. (2) (6) 10 Unrealized gains classes) on derivative transactions (net of tax effects of ($1.922), (5849) and ($1.507), respectively). 843 (2.908) 7.751 Foreign currency translation adjustments (net of tax effects of ($347). ($760) and S1,023, respectively) (4,485) (34,887) (27.789) Other comprehensive loss (3.644) (37.801) (20,028) Comprehensive income 194.795 142.050 121,831 Comprehensive income attributable to non-controlling interest ... 4,678 4.382 4,185 Comprehensive income attributable to Columbia Sportswear Company... SL90,117 S 137.668 117.646 MK COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) December 31. 2016 2015 $ 551,389 S 369.770 472 629 333.678 371,953 487,997 473.637 38,487 33.400 1,412,023 1.249,389 279,650 291.687 133.438 138,584 68,594 68.594 92.494 76,181 27,695 21,718 S 2.013.894 S 1.846,153 ASSETS Current Assets: Cash and cash equivalents.. Short-term investments Accounts receivable, net (Note 5). Inventories. Prepaid expenses and other current assets. Total current assets. Property, plant, and equipment, 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) Tocal current liabilities.. Note payable to related party (Note 22) Other long-term liabilities (Notes 11. 12)... Income taxes payable (Note 10) Deferred income taxes (Note 10) Total liabilities Commitments and contingencies (Note 13) Shareholders' Equity Preferred stock: 10.000 shares authorized: none issued and outstanding Common dock (no par valuek: 250.000 shares authorized: 69.873 and 69.277 issued and outstanding (Note 14) Retained earnings Accumulated other comprehensive loss (Note 17) Tocal Columbia Sportswear Company shareholders' equity Non-controlling interest (Note 4) Tocal equity Total liabilities and equity s 215.048 142,158 5.645 362.851 14.053 42,622 12.710 147 432.383 s 1.940 217.230 141.862 5.038 366,070 15.030 40,172 8.839 229 430.340 53.01 34.776 1.529.636 1.383.860 (22.617) (20.836) 1.560X20 1.399.CO 20.091 16.013 1.581311 1.415 813 $ 2.013.894 S 1846.153 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2016 2014 198,439 S 179.851 S 141.859 60,016 4,805 (19.178) 10.986 56,521 3,098 (11,709) 11.672 (7.873) 54,017 481 (6,978) 11.120 (4927) 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 6.199 185,783 Cash Nows from operating activities: Net Income... Adjustments to reconcile net income to net cash provided by operating activities. Depreciation and amortization Loss or 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 nows 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 15.117) 53,429 (51.479) 17,442 (4.895) 7.873 70,068) (43.347) --- (11) (45.122) 52.356 (52.203) 22.277 0.141) 4.927 (15,000) (39.836) 16,072 (14.550) (1137) (23.931) 437,489 413.558 (42.023) (1.635) 151,619 369,770 551395 191.245) (4.617) (43,788) 413.558 369.770 S $ 5 70.434 5 1.049 87.150 $ LIES 53.938 838 2,710 4.698 7.196 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In the cards) med Ae O ce Centre or Tatil 1905 52.735 51.157.7335 16360 $ 7,446 31.2527364 137,173 4486 141.859 - 10 10 1 III 11 7.751 27.28) (501) 7.751 (27.789) (39,436) 09.036) 1.8089 19.1% 5.119 11.120 (15.000) 72.700 (421) OS IIIB 19.1.36 5,119 11.120 (15.000) 1.155.24 179.831 15. 11.631 1.245.000 1747 51514 - (6) (6) BALANCE, JANUARY 1, 2014.. Net Income Other comprehensive incontou Unrealized holding pind available for alle securities, net Unrealized holding pains en derivative transactions, net Foreign currency translation adjustmel Cach dividends (50.57 per share) Iwance of common sed under employee plans, et Tax adjustment from stock plans Stock-based compensation expense Repurchase of common stock BALANCE, DECEMBER 31, 2014 . Net Income Other comprehensive Unrealined holding kisses available for sale securities, net Unrealized holding houses on derivative transactions, Foreign currency translation adjustment, Cash dividendes (50.62 per share) Isance of common och under employeesack plans, Tax adjustment from deckplan Stock-based compensation expertise Repurchase of contact BALANCE, DECEMBER 31, 2015 Net income Other comprehensive income Close Unrealized holding ones on available for sale securities, Unrealized holding gains on derivative transactions, nel Foreign currency translation adjustment Cach dividends (30. per share Imance of common stock under employee weck plans, het Stock-based compensation expertise Repurchase of common stack BALANCE, DECEMBER 31, 2016 11 LIG 2.90) 01735) (1.132) (2.908) (34.887) (1.547) (43.347) R15 12.547 7.925 1672 (2006) 14.776 (1.366) 69.277 IIIII 12.347 7.925 11,672 (70.05) 141581 1986-039 2016) 1.15.00 191.898 16.013 6541 1 1 () (2) 11 111 646 465) 157 (2.000) 443 (4,485 (46.123 I 11 SO 109 Xoso TO:96 (11) 2.617) $ 2091 51.581.511 6.373 S 3 ST.S26 S VF CORPORATION Consolidated Balance Sheels De 2005 the 1.227 862 9:44.423 1.197.578 1.569.325 298.233 4.293.098 939,650 1.839,778 1.736.959 929.882 1.289.962 1,555.160 284.215 89,176 4.163.136 945.491 1.948.611 1.788.407 583.866 210,031 9,639,542 9,739,287 s ASSETS Current assets Cash and equivalents $ Accounts receivable, less allowance for doubtful accounts of $21.131 in 2016 and $23.275 in 2015 Inventories Other current assets Current sets of discontinued operations Total current assets Property, plant and equipment Intangible assets Goodwill Other assets Other assets af discontinued operations Total assets $ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings Current portion of long-term debt Accounts payable Acensed 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, pur value Sl; shares authorized, 25.000.000; na shares outstanding in 2016 and 2015 Common Stock stated Value $0,25 ares authorized, 1,200,000,000,414,012.954 shares outstanding in 2016 and 426614.274 shares outstanding in 2015 Additional pud-in capital Accumulated other comprehensive low Retained caming Total stockholders equity Total liabilities and stockholders' equity $ 26.01.29 $ 253.689 664614 841.038 4,49,50 30351 680,606 782.14% 26.018 1.941.713 1.401.820 900.256 10.913 1.785.400 2.039.180 973,786 4.798366 4.254.704 103.503 3333.423 01.041.463) 2.545.455 4.900,921 9.739,357 106.654 3.192.675 1.043.222) 3.128.731 5384 9.639.542 VF CORPORATION Consolidated Statements of Income $ Year Ended December 2016 2015 2014 In thousands except per share amounts 11.902314 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 S 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 s $ 2.78 S (0.24) 2.54 S 1.5300 $ 3.04 $ (0.19) 2.85 S 1.3300 $ 3.02 (0.6) 2.38 L1075 VF CORPORATION Consolidated Statements of Comprehensive Income Year Ended December 2016 2015 In the sands 1,074,1065 1,231,593 5 2014 $ 1,047,503 (52,028) (24,382) (361,814) 586 (469,663) 6,075 (203.2344) 37.518 Net Income Other comprehensive income (less) 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 cffect 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 (5.384) 65.212 2,584 50.922 (43.836) (62,556) 61.966 3,038 4.062 (1.571) 5,445 60.388 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 5 1.759 1.075,865 5 S (490.552) 556,953 See notes to consolidated financial and VT CORPORATION Consolidated Statements of Cash Flows Year Me 2015 2016 2014 $ 1,074,106 $ 1,231,5935 1,017,505 79.644 281.577 67,762 17.283 89,005 (71.625) 104,357 (15.232) 143.562 272,075 73.420 12.006 (208, 709) 7,088 396,362 274.883 104313 (2.198) 09.864) (78,064) (34.784) 4,112 Operating activities Net income Adjustments to reconcile net income to cash provided by operating activities: Impalment 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 sake of businesses Other, net 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, nct 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 froen long-term det Purchases of treasury stock Cash dividends paid Proceeds from issuance of Common Stock, act of shares withheld for taxes 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 The cash flows related to discontido 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 (175,840) 115,983 (44.226) (8.331) (112,414) (63.283) (5.038) (322.822) (67.943) (27,235 (329,255) (421,069) (13.276) (6.807) 951,817 (1.000.468) (635.994) 432.262 (3.975) (1.475) 4.761 (4.760) (732.623) (565,275) (727.795) (478.933) 48.918 (1.076,879) 30.871 (840_215) 34,869 (1.171.858) (6.169) 282.257 945.605 S 1.227,862 (66.683) (26.290) 971.895 945.605 5 (65.461) 195.992 776,40,3 971 395 VT CORPORATION Consolidated Statements of Stockholders' Equity 18 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 Acented Sted Miti Other Paldia Comprehensive Retained Capital Loss Earning Ledepshare 440.310.3705 110.078 $ 2,745.590 S (211,720) $ 3.432.090 1,047.505 (478.933) (12,037,000) (3,009) (724.786) 4.586,521 1.146 246 396 (44,123) (463.588) (99,683) 73.143 (424) 432,859,891 TOR.215 2,993,186 (702,272) 3.231.753 1.231.593 (565.275) (10,036,100) 2.509) (730,114) 3.790,483 9.18 199,489 (39.226) (361,228) 4.939 15.753 (414) 426,614.274 106,654 3.192,675 (1.043.222) 3.128.731 1.074.106 (635.994) (15.932.075) (3.983) (996,485) 3.330,758 832 140.748 (24.900) (76,410) 69.498 8.671 414.012.9543 103 503 333343 S (1.041.463) S 2.545458 ||||||||||