what is the free cashflow for columbia and VF?

what conculsions concerning the management of cash can be drawn from the free cash flow data?

See notes to consolide financial statement VE CORPORATION Consolidated Statements of Cash Flows 854 Year Eaded December 2016 2015 2014 In thousands Operating activities Net income 1,074,106 S 1,231,5935 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 doubtrol accounts 17.283 12,006 (2,198) Pension expense in excess of dess than contributions 89.005 (208,709) 19.864) Deferred income taxes (71.625) 7,088 (78,054) Loss on sale of businesses 104.357 Othernet (15,232) (34,784) 4,112 Changes in operating assets and liabilities: Accounts receivable 47,102 (124,248) Inventories (37,210) (175,098) (130.540) Accounts payable 19.553) 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, niet of cash sold 115.983 Software purchases (44,226) (63,283) Othernet (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 16,807) (1.475) Proceeds from long-term del 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 1.227.8625 945.6055 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 (67.943) COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2015 2016 2014 198,439 $ 179.8515141.859 60,016 4,805 (19.178) 10.986 56,521 5,098 (11,709) 11,672 (7.873) 54,017 481 (6,978) 11,120 (4.927) 36,710 (18,777) (5,452) (5.948) 1.483 4.847 4.768 2.468 275.167 (40,419) (103.296) 4,411 (2.524) 11.418 (2.017) (10.994) 4.966 95.105 (31478) (62,086) (4.869) 4.291 41.941 35,051 1.166 6,193 185,783 Cash Nows from operating activities: Net income Adjustments to reconcile met income to net cash provided by operating activities: Depreciation and amortization Loss on disposal or impairment of property, plant, and equipment Deferred income taxes. Stock-based compensation Excess tax benefit from employee stock plans. Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Other assets. Accounts payable Accrued liabilities Income taxes payable Other liabilities Net cash provided by operating activities Cash flows from investing activities: Acquisition of business, net of cash acquired Purchases of short-term investments Sales of short-term investments Capital expenditures Proceeds from sale of property, plant, and equipment, Net cash used in investing activities Cash flows from financing activities: Proceeds from credit facilities. Repayments on credit facilities Proceeds from issuance of common stock under employee stock plans Tax payments related to restricted stock unit issuances Excess tax benefit from employee stock plans Repurchase of common stock Cash dividends paid Proceeds from note payable to related party Net cash used in financing activities.. Net effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental disclosures of cash flow Information: Cash paid during the year for income taxes Cash paid during the year for interest on note payable to related party Supplemental disclosures of non-cash investing activities: Capital expenditures incurred but not yet paid (21,263) 21.263 (49.987) 97 (49,890) (38,208) 64.980 (69.917) 144 (43,001) (188,467) (48,243) 112,895 (60,283) 71 (184,027) 62.885 (64,825) 13.167 (5.117) 53.429 (51479) 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) (91.245) (1.635) (4,647) 181,619 (43,788) 369,770 413.558 551,389 $ 369,7705 $ 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