Columbia Sportswear Company's financial statements are presented in Appendix B. Click here to view Appendix B....
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Columbia Sportswear Company's financial statements 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 Appendix C. (a) Based on the information contained in these financial statements, compute free cash flow for each company. (Show a negative free cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000). Enter amounts in thousands.) Columbia Sportswear Company VF Corporation Free cash flow (in thousands) Net sales Cost of sales Gross profit. Selling, general and administrative expenses Net licensing income.. Income from operations Interest income, net.. COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) 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. Net income Other comprehensive lo Unrealized holding pains Dosses) on available for sale secures ( of tax effects of 90, (53), and (55), respectively). ***** Unrealized gains domes) on derivative Iramactions thet of tax effects of ($1,9223, (1849) and ($1.507), respectively). W Foreign currency translation adjustments (net of tax effects of (3347) (5700) and $1,002), spectively) Year Ended December 31, 2015 2016 2014 $2,377,045 $ 2,326,180 $2,100,590 1,266,697 1,252,680 1,145,639 1,073,500 831,971 8,192 249,721 1,531 (1,099) (2,834) 1,110,348 864,084 10,244 256,508 $ 69,683 70,632 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) 256,898 (58,459) 198,439 5,514 6,541 $191,898 $ 174,337 $137,173 2006 198,439 2,003 (1,041) (572) Year Ended Deer. 2013 179.831 5 (2) 843 2.75 $ 2.72 (4,483) (3,644) (2,908) (4887) (7,301) 247,319 142.000 4.382 (67,468) 179,851 2.48 S 1.97 2.45 1.94 70,162 71,064 2014 141,859 10 7,751 954,951 763,063 6,956 198,844 1,004 (1,053) (274) 198,521 (56,662) 141,859 4,686 (27,799) (20.008) 121,831 4,185 Other comprehensive los Comprehensive inco..... 194,795 Comprehensive income attributable to non-controlling interest... 4678 Comprive ince attributable to Columbia Sportswear Company.... $ 190,117 $137.66 $117.646 See accompanying notes to conndidated financial statements 69,807 70,681 CA Cash and chivalents.. Sho-term invest Accounts steble Ne 31. Inventories Prepaid expenses and ober ceme Cemint, Liabilie Tulceats Property, plant, and equipment, nt e Intangible aveti (7) Godwill (No 7) Deferred income ( 100 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS let) Short-bomwings (No) Accounts payable Accred liblines (Note ) Income tases payable (Noe 10) Tonal cuisin LIABILITIES AND EQUITY Nos payable so retsed party (Now 22) Other long-teles (Notes 11, 12). Income taxes payable Note 10 Deferal income taxes (N10) Non-ring ASSETS Accumsand other competene loss (Noto IT). Total Columbia Sportwear Company shareholders equity (4) Tilb Comments and continge 13) Shanty Phled k 10,000 shares aborint, none ised and standing... Comstock ( par valas 250,000 shares od 0,873 and 60,277 andanding (14) Retindenings Taloy Tal liabilities and ty Cash flows from operating activities: Net income... Adjustments to reconcile net income to net cash provided by operating activities: Accounts payable Accrued liabilities. 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 Income taxes payable Other liabilities. nonpano Prepaid expenses and other current assets Other assets. Hallen See acompanying notes to consolidad financial state COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Net cash provided by operating activities. $ 351.39 $ 3.77 629 472 333678 371.953 467997 471.637 31,417 33,400 1,412003 1.349,309 279.450 2017 13143 16344 18,394 66304 92,494 761 27.405 21,718 $2013.94 31.346.153 215,00 142158 5,645 362,851 14,053 42622 2016 12.790 147 402383 MU -4 1940 217230 141,862 1.000 366,000 15,000 40,172 1839 229 33800 34,77 152963 1,385,60 (22617) 20,836) 1560820 1.399,00 20,691 16013 1381311 LAISIS $2013 $1846.53 60,016 4,805 Year Ended December 31, 2015 $198.439 $ 179,851 $ 141.859 (19.178) 10,986 36,710 (18,777) (5,452) (5,948) 1,483 4,847 4,768 2.468 275.167 430340 56,521 54,017 5,098 481 (11,709) (6978) 11,672 11,120 (7.873) (4,927) (40,419) (103,296) 4,411 (2524) 11,418 (2017) (10,994) 4,966 95,405 (331,478) (62,086) (4,809) 4,291 41,941 35,051 1,166 6,195 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) 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 paid 5 2016 S 198,439 S $ Year Ended December 31, 2015 60,016 4,805 (19,178) 10,986 36,710 (18,777) (5,452) (5,948) 1,483 4,847 4,768 2,468 275,167 (21,263) 21,263 (49.987) 97 (49,890) 62,885 (64,825) 13,167 (5,117) - (HI) (48,122) (42,023) (1.635) 181,619 369,770 551,389 $ 70,424 S 1.049 2710 See accompanying notes to consolidated financial statements 179,851 $ 141,859 56,521 5,098 (11,709) 11,672 (40,419) (103,296) 4,411 (2.524) 11,418 (2017) (10,994) 4,966 95,105 (38,208) 64,980 (69.917) 144 (43,001) 53,429 (51,479) 17,442 (4.895) 7,873 (70,068) (43,547) (91,245) (4,647) (43,788) 413.558 369,770 $ 87,350 $ 1.115 2014 4.698 54,017 (6,978) 11.120 (4,927) (31,478) (62,086) 4,291 41,941 35,051 1,166 6,195 185,783 (188,467) (48,243) 112,895 (60,283) 71 (184,027) 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 53,958 838 7,196 A CONSOLIDATED STATEMENTS OF EQUITY (In thousands) BALANCE, JANUARY 1, 2014 Net income...... Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net. Unrealized holding gains on derivative transactions, net Foreign currency translation adjustment, net.. Cash dividends ($0.57 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. Stock-based compensation expense.. Repurchase of common stock. BALANCE, DECEMBER 31, 2015 WIKK Net income... Other comprehensive income (los) Unrealized holding losses on available-for- sale securities, net... Unirealized holding gains on derivative transactions, net Stock-based compensation expense. Repurchase of common stock. BALANCE, DECEMBER 31, 2016 Foreign currency translation adjustment, net... Cash dividends ($0.69 per share)... Issuance of common stock under employee stock plans, not Columbia Sportswear Company Shareholders' Equity Common Stock Accumulated Other Comprehensive Income (Loss) Shares Outstanding Retained Amount Earnings Total 69,190 $52.325 $1.157,733 S 35,360 S 7,446 $1,252,864 137,173 4,686 141,859 T 69,828 1.059 19,136 5,119 11,120 (421) (15,000) 198118 1111 1 11 1111811E 596 835 12.547 7,925 11,672 1 (1,386) (70,068) 69,277 34,776 72,700 1,255,070 174,337 1 19 8,050 10.986 (11) (39,836) 111 1 1 (43.547) 1111 1.385,860 191,898 I 311 (48,122) 10 7,751 (27,288) 111113 15,833 (6) Ser accompanying notes to consolidated financial statements 131111 1 (20,836) 5111 188@ (2,908) (33,755) (1,132) (2) Non- Controlling Interest 686 (2,465) (501) 111 1 11,631 1,355,234 5,514 179,851 181 16,013 6,541 157 (2.000) 111 7,751 (27,789) (39,836) 19,136 5,119 11,120 (15,000) 10 (6) (2,908) (34,887) (43,547) 12,547 7.925 11,672 (70,068) 1,415,813 198,439 (2) 843 (4,485) (48,122) 69,873 $53,801 $1,529,636 $ (22.617) $20.691 $1.581.511 8,050 10,986 (11) Crets of disco operati Total current am Cres Cash and equivalents Accounts receivable, less allowance for dobel som of $21.131 in 2008 and $23.275 in 2015 Inventories Other Property, plant and equipment Intangible ats Goodwill Other s Other sets of discontinood operations Totalt Corrent liabilities She wings Camat portion of long-term deb Accounts payable Acced Table Careliabilities of discontinued operations Total cities Long-term debe Other abilities Other abilities of discontinued operations Commitments and contingenci Total liabilities Totalckholders equity Total abilities and stockholders Stockholders' equity Preferred Stock, par value $1; shares authorid, 15,000.000 shading in 2016 and 2013 Nota Royalty Total Commen Stock, stated value $0.25, has authorized 1.200.000.000 41402.954 shares outstanding in 2016 and 426614.274 handing in 2013 Additional pidin capital Accumulated other comp Retained angs Ces and operating p Cof Total Opering pod and opening exp Orig I LIABILITIES AND STOCKHOLDERS' EQUITY VF CORPORATION Colidated Balate She ASSETS from sing speration Lass from dimentioned prof Pet poems Exp Total k Earnings per m VF CORPORATION Code Stats of Income HUMENNA S 116.68 4303,78 JUNKT LAND UN LAWY 140M 3414 KARTAIS PLADE URLIN, S 834 1.227.2 119778 136325 296.213 4291,00 939800 LKW 1.736,959 929302 9790287 26.029 F 251 MASH 141018 1,785,400 2,039,180 973,796 4,798,366 103,305 1333,423 (1046) 2545,458 4983921 9,799.287 15 125,000 1231241 Azidan 14,346725 1387920 3112 (7) LACK ANTAR 333M KREIR KUING 1004 300 4.163.136 945.4 1461 178,407 58166 210.001 9610542 944,425 121962 1.315360 284,215 #5176 UNA 1,941,713 1,401.20 900.256 10,915 4,254,204 106414 3192679 (1,043.222) 3.128.731 538488 9639,542 449,500 3,351 680.606 782,148 26,018 1135139 124331 1170 A11200 3706 KHE PUNG OLUN MLADE 003440 LIHT NIET mah 141 Net sales Reyalty Income Total re Costs and operating expenses Cost of goods sold Selling, general and administrative expense Impairment of goodwill and intangible as Total costs and operating expenses Operating income Interest income Interest expense Other income (expense), net Income from continuing operations before income tax Income taxes Income from continuing operations, Los from discontinued operations, net of tax Net Income Earnings per common share-basic Continuing operations Discontinued operations Total earnings per common share-base Earnings per common share-diluted Continuing operations Discontinued operations Total earnings per common share-diluted Cash dividends per common share Net income Other comprehensive income (lo) Foreign currency translation and other Gains (louses) arising during year Les income tax effect Defined benefit pension plans Current year actuarial gains (loses) and plan amendmen Amortization of net deferred acterial los Amortization of defemd prior service cours Reclassification of net actuarial loss from settlement charge Less income tax effect Derivative financial instruments Gains doses) arising during year Less income tax effec Reclassification to net income for (gains) losses realized Less income tax effect Marketable securities Gaim doses) arising during year Less income tax effect S Reclassification to net income for (gain) losses realized Less income tax effect Oder comprehemive income (los) Comprehensive income 11,900314 5 116 12,014,000 6.196.333 4343,796 79,644 10.319,777 1,499.236 3,004 (4730) 1,001 1.415.591 243,064 1,372,527 (8,4211 1074.106 $ See notes to consolidated financial stannons VF CORPORATION Consolidated Statements of Comprehensive Income 282 5 (024) 200 15300 2.58 S 278 (24) 254 5 Your Faded by 201 mange 1.074.106 (2008) (24382) See notes to consolidated financial sta (5354) 65.212 2584 50922 90,0 (ATD (107457) 35092 1.399 1875MS "1" B Mart 11.309635 1 121.000 12.002455 6.231/199 4.001,0029 10.344,728 1,787927 7,152 (772) 1028 1.701,335 392304 1313131 2015 (3330) 1231393 S 3.09 S 10.19) 190 $ 304 5 (19) 285 S 13300 5 1.231.593 S 061314) 316 (62556) 61,966 3,008 4062 (1571) www (34,608) (549) 25,404 as (195) (1177) 403 (340950 80.60 2014 11,757,399 124,331 6.312.880 3.970.336 10.083,416 1,798,314 6911 (M6,104) (5345) 1,713,576 385.827 1,327,349 (280344) 1047505 3.07 (165) 242 3.00 (064) 2.38 1.1075 1047505 (469563) 6,075 (203,234) 37318 5,445 60388 88,387 (34,736) 32,111 (12619) (698) 274 (490552) 356.953 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 Consolidated Statements of Cash Flows Provision for doubtful accounts Pension expense in excess of (less than) contributions Deferred income taxes Loss on sale 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, net Cash used by investing activities Financing activities Net (decrease) increase in short-term borrowings Payments on long-term debt 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 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 $ 2016 1,074,106 $ 79,644 281,577 67.762 17.283 89,005 (71,625) 104,357 (15,232) 47,102 (37,210) (9.553) (129,574) 28,904 (48,627) 1.477,919 (175,840) 115,983 (44,226) (8.331) (112,414) (421,069) (13,276) (6,807) 951,817 (1,000,468) (635,994) 48,918 (1.076,879) Year Ended December 2015 In thousands (6,369) 1,231,593 $ 143,562 272,075 73,420 12,006 (208,709) 7,088 (34,784) (124,248) (175,098) 14,225 4,206 (14,505) 2,599 1,203,430 (254,501) (63,283) (5,038) (322,822) 432,262 (3,975) (1,475) (732,623) (565,275) 30,871 (840,215) 2014 1,047,505 396,362 274,883 104,313 (2,198) (9,864) (78,064) 4,112 854 (130,540) 69,807 20,293 41,989 22,614 1.762,066 (234,077) (67,943) (27,235) (329,255) 4,761 (4,760) (727,795) (478,933) 34,869 (1.171,858) (66,683) (65,461) 282,257 (26,290) 195,492 971,895 776,403 945.605 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. 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 Shares 440,310,370 (12,037,000) 4,586,521 432,859,891 (10,036,100) 3,790,483 426,614,274 (15,932,075) 3,330,755 414,012.954 S Capital In thousands, except share amounts 110,078 $ 2,746,590 $ (211,720) $ Amounts (3,009) 1,146 111121183 108,215 (2.509) 948 121 106,654 (3,983) 832 111112111131111111111 246,596 2,993,186 199,489 3,192,675 140,748 Los - (463,588) (99,683) 73,143 (424) (702,272) (361,228) 4,939 15,753 (414) (1.043,222) (76,410) 69,498 8,671 103,503 $ 3.333,423 $ (1,041,463) S Earnings 3,432,090 1,047,505 (478,933) (724,786) (44,123) 3,231,753 1,231,593 (565,275) (730,114) (39,226) 3,128,731 1,074,106 (635,994) (996,485) (24,900) 2.545.458 Columbia Sportswear Company's financial statements 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 Appendix C. (a) Based on the information contained in these financial statements, compute free cash flow for each company. (Show a negative free cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000). Enter amounts in thousands.) Columbia Sportswear Company VF Corporation Free cash flow (in thousands) Net sales Cost of sales Gross profit. Selling, general and administrative expenses Net licensing income.. Income from operations Interest income, net.. COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) 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. Net income Other comprehensive lo Unrealized holding pains Dosses) on available for sale secures ( of tax effects of 90, (53), and (55), respectively). ***** Unrealized gains domes) on derivative Iramactions thet of tax effects of ($1,9223, (1849) and ($1.507), respectively). W Foreign currency translation adjustments (net of tax effects of (3347) (5700) and $1,002), spectively) Year Ended December 31, 2015 2016 2014 $2,377,045 $ 2,326,180 $2,100,590 1,266,697 1,252,680 1,145,639 1,073,500 831,971 8,192 249,721 1,531 (1,099) (2,834) 1,110,348 864,084 10,244 256,508 $ 69,683 70,632 See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) 256,898 (58,459) 198,439 5,514 6,541 $191,898 $ 174,337 $137,173 2006 198,439 2,003 (1,041) (572) Year Ended Deer. 2013 179.831 5 (2) 843 2.75 $ 2.72 (4,483) (3,644) (2,908) (4887) (7,301) 247,319 142.000 4.382 (67,468) 179,851 2.48 S 1.97 2.45 1.94 70,162 71,064 2014 141,859 10 7,751 954,951 763,063 6,956 198,844 1,004 (1,053) (274) 198,521 (56,662) 141,859 4,686 (27,799) (20.008) 121,831 4,185 Other comprehensive los Comprehensive inco..... 194,795 Comprehensive income attributable to non-controlling interest... 4678 Comprive ince attributable to Columbia Sportswear Company.... $ 190,117 $137.66 $117.646 See accompanying notes to conndidated financial statements 69,807 70,681 CA Cash and chivalents.. Sho-term invest Accounts steble Ne 31. Inventories Prepaid expenses and ober ceme Cemint, Liabilie Tulceats Property, plant, and equipment, nt e Intangible aveti (7) Godwill (No 7) Deferred income ( 100 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED BALANCE SHEETS let) Short-bomwings (No) Accounts payable Accred liblines (Note ) Income tases payable (Noe 10) Tonal cuisin LIABILITIES AND EQUITY Nos payable so retsed party (Now 22) Other long-teles (Notes 11, 12). Income taxes payable Note 10 Deferal income taxes (N10) Non-ring ASSETS Accumsand other competene loss (Noto IT). Total Columbia Sportwear Company shareholders equity (4) Tilb Comments and continge 13) Shanty Phled k 10,000 shares aborint, none ised and standing... Comstock ( par valas 250,000 shares od 0,873 and 60,277 andanding (14) Retindenings Taloy Tal liabilities and ty Cash flows from operating activities: Net income... Adjustments to reconcile net income to net cash provided by operating activities: Accounts payable Accrued liabilities. 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 Income taxes payable Other liabilities. nonpano Prepaid expenses and other current assets Other assets. Hallen See acompanying notes to consolidad financial state COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Net cash provided by operating activities. $ 351.39 $ 3.77 629 472 333678 371.953 467997 471.637 31,417 33,400 1,412003 1.349,309 279.450 2017 13143 16344 18,394 66304 92,494 761 27.405 21,718 $2013.94 31.346.153 215,00 142158 5,645 362,851 14,053 42622 2016 12.790 147 402383 MU -4 1940 217230 141,862 1.000 366,000 15,000 40,172 1839 229 33800 34,77 152963 1,385,60 (22617) 20,836) 1560820 1.399,00 20,691 16013 1381311 LAISIS $2013 $1846.53 60,016 4,805 Year Ended December 31, 2015 $198.439 $ 179,851 $ 141.859 (19.178) 10,986 36,710 (18,777) (5,452) (5,948) 1,483 4,847 4,768 2.468 275.167 430340 56,521 54,017 5,098 481 (11,709) (6978) 11,672 11,120 (7.873) (4,927) (40,419) (103,296) 4,411 (2524) 11,418 (2017) (10,994) 4,966 95,405 (331,478) (62,086) (4,809) 4,291 41,941 35,051 1,166 6,195 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) 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 paid 5 2016 S 198,439 S $ Year Ended December 31, 2015 60,016 4,805 (19,178) 10,986 36,710 (18,777) (5,452) (5,948) 1,483 4,847 4,768 2,468 275,167 (21,263) 21,263 (49.987) 97 (49,890) 62,885 (64,825) 13,167 (5,117) - (HI) (48,122) (42,023) (1.635) 181,619 369,770 551,389 $ 70,424 S 1.049 2710 See accompanying notes to consolidated financial statements 179,851 $ 141,859 56,521 5,098 (11,709) 11,672 (40,419) (103,296) 4,411 (2.524) 11,418 (2017) (10,994) 4,966 95,105 (38,208) 64,980 (69.917) 144 (43,001) 53,429 (51,479) 17,442 (4.895) 7,873 (70,068) (43,547) (91,245) (4,647) (43,788) 413.558 369,770 $ 87,350 $ 1.115 2014 4.698 54,017 (6,978) 11.120 (4,927) (31,478) (62,086) 4,291 41,941 35,051 1,166 6,195 185,783 (188,467) (48,243) 112,895 (60,283) 71 (184,027) 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 53,958 838 7,196 A CONSOLIDATED STATEMENTS OF EQUITY (In thousands) BALANCE, JANUARY 1, 2014 Net income...... Other comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net. Unrealized holding gains on derivative transactions, net Foreign currency translation adjustment, net.. Cash dividends ($0.57 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. Stock-based compensation expense.. Repurchase of common stock. BALANCE, DECEMBER 31, 2015 WIKK Net income... Other comprehensive income (los) Unrealized holding losses on available-for- sale securities, net... Unirealized holding gains on derivative transactions, net Stock-based compensation expense. Repurchase of common stock. BALANCE, DECEMBER 31, 2016 Foreign currency translation adjustment, net... Cash dividends ($0.69 per share)... Issuance of common stock under employee stock plans, not Columbia Sportswear Company Shareholders' Equity Common Stock Accumulated Other Comprehensive Income (Loss) Shares Outstanding Retained Amount Earnings Total 69,190 $52.325 $1.157,733 S 35,360 S 7,446 $1,252,864 137,173 4,686 141,859 T 69,828 1.059 19,136 5,119 11,120 (421) (15,000) 198118 1111 1 11 1111811E 596 835 12.547 7,925 11,672 1 (1,386) (70,068) 69,277 34,776 72,700 1,255,070 174,337 1 19 8,050 10.986 (11) (39,836) 111 1 1 (43.547) 1111 1.385,860 191,898 I 311 (48,122) 10 7,751 (27,288) 111113 15,833 (6) Ser accompanying notes to consolidated financial statements 131111 1 (20,836) 5111 188@ (2,908) (33,755) (1,132) (2) Non- Controlling Interest 686 (2,465) (501) 111 1 11,631 1,355,234 5,514 179,851 181 16,013 6,541 157 (2.000) 111 7,751 (27,789) (39,836) 19,136 5,119 11,120 (15,000) 10 (6) (2,908) (34,887) (43,547) 12,547 7.925 11,672 (70,068) 1,415,813 198,439 (2) 843 (4,485) (48,122) 69,873 $53,801 $1,529,636 $ (22.617) $20.691 $1.581.511 8,050 10,986 (11) Crets of disco operati Total current am Cres Cash and equivalents Accounts receivable, less allowance for dobel som of $21.131 in 2008 and $23.275 in 2015 Inventories Other Property, plant and equipment Intangible ats Goodwill Other s Other sets of discontinood operations Totalt Corrent liabilities She wings Camat portion of long-term deb Accounts payable Acced Table Careliabilities of discontinued operations Total cities Long-term debe Other abilities Other abilities of discontinued operations Commitments and contingenci Total liabilities Totalckholders equity Total abilities and stockholders Stockholders' equity Preferred Stock, par value $1; shares authorid, 15,000.000 shading in 2016 and 2013 Nota Royalty Total Commen Stock, stated value $0.25, has authorized 1.200.000.000 41402.954 shares outstanding in 2016 and 426614.274 handing in 2013 Additional pidin capital Accumulated other comp Retained angs Ces and operating p Cof Total Opering pod and opening exp Orig I LIABILITIES AND STOCKHOLDERS' EQUITY VF CORPORATION Colidated Balate She ASSETS from sing speration Lass from dimentioned prof Pet poems Exp Total k Earnings per m VF CORPORATION Code Stats of Income HUMENNA S 116.68 4303,78 JUNKT LAND UN LAWY 140M 3414 KARTAIS PLADE URLIN, S 834 1.227.2 119778 136325 296.213 4291,00 939800 LKW 1.736,959 929302 9790287 26.029 F 251 MASH 141018 1,785,400 2,039,180 973,796 4,798,366 103,305 1333,423 (1046) 2545,458 4983921 9,799.287 15 125,000 1231241 Azidan 14,346725 1387920 3112 (7) LACK ANTAR 333M KREIR KUING 1004 300 4.163.136 945.4 1461 178,407 58166 210.001 9610542 944,425 121962 1.315360 284,215 #5176 UNA 1,941,713 1,401.20 900.256 10,915 4,254,204 106414 3192679 (1,043.222) 3.128.731 538488 9639,542 449,500 3,351 680.606 782,148 26,018 1135139 124331 1170 A11200 3706 KHE PUNG OLUN MLADE 003440 LIHT NIET mah 141 Net sales Reyalty Income Total re Costs and operating expenses Cost of goods sold Selling, general and administrative expense Impairment of goodwill and intangible as Total costs and operating expenses Operating income Interest income Interest expense Other income (expense), net Income from continuing operations before income tax Income taxes Income from continuing operations, Los from discontinued operations, net of tax Net Income Earnings per common share-basic Continuing operations Discontinued operations Total earnings per common share-base Earnings per common share-diluted Continuing operations Discontinued operations Total earnings per common share-diluted Cash dividends per common share Net income Other comprehensive income (lo) Foreign currency translation and other Gains (louses) arising during year Les income tax effect Defined benefit pension plans Current year actuarial gains (loses) and plan amendmen Amortization of net deferred acterial los Amortization of defemd prior service cours Reclassification of net actuarial loss from settlement charge Less income tax effect Derivative financial instruments Gains doses) arising during year Less income tax effec Reclassification to net income for (gains) losses realized Less income tax effect Marketable securities Gaim doses) arising during year Less income tax effect S Reclassification to net income for (gain) losses realized Less income tax effect Oder comprehemive income (los) Comprehensive income 11,900314 5 116 12,014,000 6.196.333 4343,796 79,644 10.319,777 1,499.236 3,004 (4730) 1,001 1.415.591 243,064 1,372,527 (8,4211 1074.106 $ See notes to consolidated financial stannons VF CORPORATION Consolidated Statements of Comprehensive Income 282 5 (024) 200 15300 2.58 S 278 (24) 254 5 Your Faded by 201 mange 1.074.106 (2008) (24382) See notes to consolidated financial sta (5354) 65.212 2584 50922 90,0 (ATD (107457) 35092 1.399 1875MS "1" B Mart 11.309635 1 121.000 12.002455 6.231/199 4.001,0029 10.344,728 1,787927 7,152 (772) 1028 1.701,335 392304 1313131 2015 (3330) 1231393 S 3.09 S 10.19) 190 $ 304 5 (19) 285 S 13300 5 1.231.593 S 061314) 316 (62556) 61,966 3,008 4062 (1571) www (34,608) (549) 25,404 as (195) (1177) 403 (340950 80.60 2014 11,757,399 124,331 6.312.880 3.970.336 10.083,416 1,798,314 6911 (M6,104) (5345) 1,713,576 385.827 1,327,349 (280344) 1047505 3.07 (165) 242 3.00 (064) 2.38 1.1075 1047505 (469563) 6,075 (203,234) 37318 5,445 60388 88,387 (34,736) 32,111 (12619) (698) 274 (490552) 356.953 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 Consolidated Statements of Cash Flows Provision for doubtful accounts Pension expense in excess of (less than) contributions Deferred income taxes Loss on sale 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, net Cash used by investing activities Financing activities Net (decrease) increase in short-term borrowings Payments on long-term debt 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 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 $ 2016 1,074,106 $ 79,644 281,577 67.762 17.283 89,005 (71,625) 104,357 (15,232) 47,102 (37,210) (9.553) (129,574) 28,904 (48,627) 1.477,919 (175,840) 115,983 (44,226) (8.331) (112,414) (421,069) (13,276) (6,807) 951,817 (1,000,468) (635,994) 48,918 (1.076,879) Year Ended December 2015 In thousands (6,369) 1,231,593 $ 143,562 272,075 73,420 12,006 (208,709) 7,088 (34,784) (124,248) (175,098) 14,225 4,206 (14,505) 2,599 1,203,430 (254,501) (63,283) (5,038) (322,822) 432,262 (3,975) (1,475) (732,623) (565,275) 30,871 (840,215) 2014 1,047,505 396,362 274,883 104,313 (2,198) (9,864) (78,064) 4,112 854 (130,540) 69,807 20,293 41,989 22,614 1.762,066 (234,077) (67,943) (27,235) (329,255) 4,761 (4,760) (727,795) (478,933) 34,869 (1.171,858) (66,683) (65,461) 282,257 (26,290) 195,492 971,895 776,403 945.605 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. 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 Shares 440,310,370 (12,037,000) 4,586,521 432,859,891 (10,036,100) 3,790,483 426,614,274 (15,932,075) 3,330,755 414,012.954 S Capital In thousands, except share amounts 110,078 $ 2,746,590 $ (211,720) $ Amounts (3,009) 1,146 111121183 108,215 (2.509) 948 121 106,654 (3,983) 832 111112111131111111111 246,596 2,993,186 199,489 3,192,675 140,748 Los - (463,588) (99,683) 73,143 (424) (702,272) (361,228) 4,939 15,753 (414) (1.043,222) (76,410) 69,498 8,671 103,503 $ 3.333,423 $ (1,041,463) S Earnings 3,432,090 1,047,505 (478,933) (724,786) (44,123) 3,231,753 1,231,593 (565,275) (730,114) (39,226) 3,128,731 1,074,106 (635,994) (996,485) (24,900) 2.545.458
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Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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