Use financial information to answer questions 9-12
Posted: Sun Jul 03, 2022 1:22 pm
Use financial information to answer questions 9-12
(in thousands) Current Assets Cash and cash equivalents Current Liabilities: Accounts payable Accrued liabilities Operating lease liabilities Income taxes payable Short-term investments Accounts receivable, net of allowance of 8,893 and 21,810, respectively Inventories, net Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Operating lease right-of-use assets Intangible assets, net Goodwill Deferred income taxes Other non-current assets Total assets Total current liabilities Non-current operating lease liabilities Income taxes payable Deferred income taxes Other long-term liabilities Total labies CONSOLIDATED BALANCE SHEETS ASSETS Total shareholders' equity Total liabilities and shareholders' equity LIABILITIES AND EQUITY Commitments and contingencies (Note 12) Shareholders' Equity Preferred stock; 10,000 shares authorized: none issued and outstanding Common stock (no par value); 250,000 shares authorized; 65,164 and 66.252 issued and outstanding. respectively Retained earnings Accumulated other comprehensive income (loss) $ $ $ $ 2021 December 31, 763,404 $ 131,145 487,803 645,379 86,306 2,114,037 291,088 330,928 101,908 68,594 92,121 68,452 3,067.128 $ 283,349 $ 316,485 67,429 13.127 680,390 317,666 44,541 35.279 1,077,876 1,993,628 (4.376) 1.989,252 3,067,128 $ 2020 790,725 1,224 452,945 556,530 54.197 1,855,621 309,792 339,244 103,558 68,594 96,126 63.636 2,836,571 206,697 257,278 65,466 23,181 552,622 353.181 49,922 5,205 42,870 1,003,800 20,165 1,811,800 806 1,832,771 2,836,571
CONSOLIDATED STATEMENTS (in thousands, except per share amounts) Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Operating income Interest income, net Other non-operating income (expense), net Income before income tax Income tax expense Net income Earings per share: Basic Diluted Weighted average shares outstanding: Basic Diluted $ 2021 Year Ended December 31, 2020 3,126,402 $ 1,513,947 1,612,455 1,180,323 18,372 450,504 1,380 (373) 451,511 (97 403) 354,108 5.37 $ 5.33 S 65,942 66,415 See accompanying notes to consolidated financial statements. 2,501,554 $ 1,277,665 1,223,889 1,098,948 12,108 137,049 435 2,039 139,523 (31,510) 108,013 1.63 $ 1.62 $ 66,376 66,772 2019 3,042,478 1,526,808 1,515,670 1,136,186 15,487 394,971 8,302 2,156 405,429 (74,940) 330,489 4.87 4.83 67,837 68,493 COLUMBIA SPORTSWEAR COMPANY 12021 FORM 10-K 140
sands) ome CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2020 comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized holding gains (losses) on derivative transactions (net of tax effects of $(7,138), $6,271, and $830, respectively) Foreign currency translation adjustments (net of tax effects of $( 40), $(388), and $2,188, respectively) comprehensive income (loss) ehensive income 2021 354$108 19,283 (24,465) (5.182) 348,926 See accompanying notes to consolidated financial statements. 1085013 (18,851) 24,078 5,231 113,244 2019 330,489 56 (2,383) 2,064 (263) 330,226 COLUMBIA SPORTSWEAR COMPANY | 2021 FORM 10-K141
sands, except per share amounts) e, January 1, 2019 ome ise of non-controlling interest comprehensive Income (loss) Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, net ign currency translation adjustment, net vidends ($0.96 per share) Issuance of common stock related to stock- based compensation, net based compensation expense hase of common stock , December 31, 2019 ome comprehensive income (loss) Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, nel sign currency translation adjustment, net lividends ($0.26 per share) Issuance of common stock related to stock- based compensation, net based compensation expense hase of common stock e, December 31, 2020 ome comprehensive income (loss) Unrealized holding gains on derivative transactions, net ign currency translation adjustment, net lividends ($1.04 per share) Issuance of common stock related to stock- based compensation, net based compensation expense hase of common stock e, December 31, 2021 CARMEL Common Stock Shares Outstanding Amount Ratained Earnings 68,245 11 558 (1,243) 67,561 248 (1,567) 66,252 2815 111 567 THE COMPANY S (1,655) 65,164 111111 13,987 17,832 (26,882) 4,937 2,386 17,778 (4.936) 20,165 11 22,971 19,126 (62.262) 1,6775920 330,489 211 (65,127) (94.347) 1,848,935 108,013 (17,195) (127,953) 1,811,800 354,108 (68,623) (103,657) 1,993628 Accumulated Other Comprehensive Income (Lesson-Controlling Interest Total 16,456 (4,069) (99) 56 (2.383) 2,064 (4,425) (18,851) 24,078 18111 199 19,283 (24,465) 8111 (4.376) (16,456) THEHE E THE ITE I THE THE & 1,690,313 330,489 (16,555) 56 (2,383) 2,064 (65,127) 13,987 17,832 (121,229) 1,849,447 108,013 (18,851) 24,078 (17,195) 2,386 17,778 (132,889) 1,832,771 354,108 19,283 (24,465) (68,623) 22,971 19,126 (165,919) 1,989,252
and w from operating activities Adjustments to reconcile net income to net cash provided by operating activites ciation, amortization, and non-cashless expense ision for uncollectible accounts receivable Loss on disposal or impairment of intangible assets, property, plant and equipment, and right-of-use a ed income taxe based compensation in operating assets and tables unts receivable ories, net ad expenses and other current assets res unts payable udables he taves payable wing lease esses and lab labe provided by operating activi ws from investing activities: hases of short-term investments s and matures of short-term investments tal expenditures provided by (used in investing activities ws from financing activite eeds from credit fac syments on credit fac nent of line of credit issuance fees eeds from lesuance of common stock related to stock-based compensation payments related to stock-based compensation chase of common stock hase of non-controlling in dividend paid used in financing activite et of exchange rate changes on cash wase (decrease) in cash and cash equivalents d cash equivalents, beginning of period sd cash equivalents, and of period mental disclosures of cash flow information paid during the year for income tax mental disclosures of non-cash investing and financing activities: erty, plant and equipment acquired through increase in labilities S $ S 2021 Year Ended December 31, 2020 1,108 115,571 (10.758) 1.233 (9.79) 19,126 (31,622) (100,251) (24,858) 1.231 75.513 60457 (15,248) (85.176) (1,112) 354,406 (130,191) 1,184 (34,744) (163.751) 38.334 (3,156) - 28,783 (5812) (165,415) (68623) (210) (7.087) (27,321) 790,725 710,404 139,483 5.853 108.013 146,601 10,156 31,342 (11,263) 17,778 22.885 64,854 33,712 (21,224) (49,275) (52.115) 0.082 (52,112) 8,613 776.077 (35,044) 36,631 (28.754) (27.171) 402,422 (403,146) (3,278) 6,919 (4,533) (132,809) (17,195) (151,700) 7.510 104,716 600.000 708.725 16.687 3,831 2019 330,489 121,725 (108) 5,442 (1800) 17.432 (37 429) (64,058) (15.068) (1547) (10.419) 18,063 (9,402) (54.197) 7-137 205,452 (136,257) 400,501 (123.514) 140,728 78,166 (78,186) 19,793 (5.806) (121,702) (17,880) (65,127) (190,722) (1244) 234,214 451,795 600.009 99062 9.543
10. 11. 12. Columbia's Fiscal Year 2021 balance sheet shows Accounts Receivable of $487,803, which represents the amount the company actually expects to collect from its customers. What is the company's estimate of the amount of receivables that will NOT be collected? (That is, what is the allowance for uncollectible accounts?) Columbia's Fiscal Year 2021 balance sheet shows Inventories of $ 645,379. According to Note 2, what inventory cost flow method does Columbia use to report inventory cost? What depreciation method does Columbia use for financial reporting for its Property, plant, and equipment? (See Note 2) Columbia's Fiscal Year 2021 balance sheet reports Property, plant, and equipment, net- $291,088. According to Note 5, what is the largest component of PP&E?
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CONSOLIDATED STATEMENTS (in thousands, except per share amounts) Net sales Cost of sales Gross profit Selling, general and administrative expenses Net licensing income Operating income Interest income, net Other non-operating income (expense), net Income before income tax Income tax expense Net income Earings per share: Basic Diluted Weighted average shares outstanding: Basic Diluted $ 2021 Year Ended December 31, 2020 3,126,402 $ 1,513,947 1,612,455 1,180,323 18,372 450,504 1,380 (373) 451,511 (97 403) 354,108 5.37 $ 5.33 S 65,942 66,415 See accompanying notes to consolidated financial statements. 2,501,554 $ 1,277,665 1,223,889 1,098,948 12,108 137,049 435 2,039 139,523 (31,510) 108,013 1.63 $ 1.62 $ 66,376 66,772 2019 3,042,478 1,526,808 1,515,670 1,136,186 15,487 394,971 8,302 2,156 405,429 (74,940) 330,489 4.87 4.83 67,837 68,493 COLUMBIA SPORTSWEAR COMPANY 12021 FORM 10-K 140
sands) ome CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2020 comprehensive income (loss): Unrealized holding gains on available-for-sale securities, net Unrealized holding gains (losses) on derivative transactions (net of tax effects of $(7,138), $6,271, and $830, respectively) Foreign currency translation adjustments (net of tax effects of $( 40), $(388), and $2,188, respectively) comprehensive income (loss) ehensive income 2021 354$108 19,283 (24,465) (5.182) 348,926 See accompanying notes to consolidated financial statements. 1085013 (18,851) 24,078 5,231 113,244 2019 330,489 56 (2,383) 2,064 (263) 330,226 COLUMBIA SPORTSWEAR COMPANY | 2021 FORM 10-K141
sands, except per share amounts) e, January 1, 2019 ome ise of non-controlling interest comprehensive Income (loss) Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, net ign currency translation adjustment, net vidends ($0.96 per share) Issuance of common stock related to stock- based compensation, net based compensation expense hase of common stock , December 31, 2019 ome comprehensive income (loss) Unrealized holding gains on available-for-sale securities, net Unrealized holding losses on derivative transactions, nel sign currency translation adjustment, net lividends ($0.26 per share) Issuance of common stock related to stock- based compensation, net based compensation expense hase of common stock e, December 31, 2020 ome comprehensive income (loss) Unrealized holding gains on derivative transactions, net ign currency translation adjustment, net lividends ($1.04 per share) Issuance of common stock related to stock- based compensation, net based compensation expense hase of common stock e, December 31, 2021 CARMEL Common Stock Shares Outstanding Amount Ratained Earnings 68,245 11 558 (1,243) 67,561 248 (1,567) 66,252 2815 111 567 THE COMPANY S (1,655) 65,164 111111 13,987 17,832 (26,882) 4,937 2,386 17,778 (4.936) 20,165 11 22,971 19,126 (62.262) 1,6775920 330,489 211 (65,127) (94.347) 1,848,935 108,013 (17,195) (127,953) 1,811,800 354,108 (68,623) (103,657) 1,993628 Accumulated Other Comprehensive Income (Lesson-Controlling Interest Total 16,456 (4,069) (99) 56 (2.383) 2,064 (4,425) (18,851) 24,078 18111 199 19,283 (24,465) 8111 (4.376) (16,456) THEHE E THE ITE I THE THE & 1,690,313 330,489 (16,555) 56 (2,383) 2,064 (65,127) 13,987 17,832 (121,229) 1,849,447 108,013 (18,851) 24,078 (17,195) 2,386 17,778 (132,889) 1,832,771 354,108 19,283 (24,465) (68,623) 22,971 19,126 (165,919) 1,989,252
and w from operating activities Adjustments to reconcile net income to net cash provided by operating activites ciation, amortization, and non-cashless expense ision for uncollectible accounts receivable Loss on disposal or impairment of intangible assets, property, plant and equipment, and right-of-use a ed income taxe based compensation in operating assets and tables unts receivable ories, net ad expenses and other current assets res unts payable udables he taves payable wing lease esses and lab labe provided by operating activi ws from investing activities: hases of short-term investments s and matures of short-term investments tal expenditures provided by (used in investing activities ws from financing activite eeds from credit fac syments on credit fac nent of line of credit issuance fees eeds from lesuance of common stock related to stock-based compensation payments related to stock-based compensation chase of common stock hase of non-controlling in dividend paid used in financing activite et of exchange rate changes on cash wase (decrease) in cash and cash equivalents d cash equivalents, beginning of period sd cash equivalents, and of period mental disclosures of cash flow information paid during the year for income tax mental disclosures of non-cash investing and financing activities: erty, plant and equipment acquired through increase in labilities S $ S 2021 Year Ended December 31, 2020 1,108 115,571 (10.758) 1.233 (9.79) 19,126 (31,622) (100,251) (24,858) 1.231 75.513 60457 (15,248) (85.176) (1,112) 354,406 (130,191) 1,184 (34,744) (163.751) 38.334 (3,156) - 28,783 (5812) (165,415) (68623) (210) (7.087) (27,321) 790,725 710,404 139,483 5.853 108.013 146,601 10,156 31,342 (11,263) 17,778 22.885 64,854 33,712 (21,224) (49,275) (52.115) 0.082 (52,112) 8,613 776.077 (35,044) 36,631 (28.754) (27.171) 402,422 (403,146) (3,278) 6,919 (4,533) (132,809) (17,195) (151,700) 7.510 104,716 600.000 708.725 16.687 3,831 2019 330,489 121,725 (108) 5,442 (1800) 17.432 (37 429) (64,058) (15.068) (1547) (10.419) 18,063 (9,402) (54.197) 7-137 205,452 (136,257) 400,501 (123.514) 140,728 78,166 (78,186) 19,793 (5.806) (121,702) (17,880) (65,127) (190,722) (1244) 234,214 451,795 600.009 99062 9.543
10. 11. 12. Columbia's Fiscal Year 2021 balance sheet shows Accounts Receivable of $487,803, which represents the amount the company actually expects to collect from its customers. What is the company's estimate of the amount of receivables that will NOT be collected? (That is, what is the allowance for uncollectible accounts?) Columbia's Fiscal Year 2021 balance sheet shows Inventories of $ 645,379. According to Note 2, what inventory cost flow method does Columbia use to report inventory cost? What depreciation method does Columbia use for financial reporting for its Property, plant, and equipment? (See Note 2) Columbia's Fiscal Year 2021 balance sheet reports Property, plant, and equipment, net- $291,088. According to Note 5, what is the largest component of PP&E?