Callaway 2002 Annual Report Download - page 40

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CALLAWAY GOLF COMPANY 37
Callaw ay Golf Co m pany
Cons o lid a ted Balan ce Sheet s
De ce mber 31,
(In thousands, except share and per share data) 2002 2001
ASSETS
Current assets:
Cash and cash equivalents $ 108,452 $ 84,263
Marketable securities — 6,422
Accounts receivable, net 63,867 48,653
Inventories, net 151,760 167,760
Deferred taxes 34,519 27,266
Other current assets 10,429 20,327
Total current assets 369,027 354,691
Property, plant and equipment, net 167,340 133,250
Intangible assets, net 103,115 104,467
Goodwill 18,202 16,846
Deferred taxes 5,216 20,282
Other assets 16,945 18,066
$ 679,845 $ 647,602
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 61,720 $ 38,261
Accrued employee compensation and benefits 23,168 25,301
Accrued warranty expense 13,464 34,864
Note payable, current portion 3,160 2,374
Income taxes payable 7,649 1,074
Total current liabilities 109,161 101,874
Long-term liabilities:
Deferred compensation 7,375 8,297
Energy derivative valuation account 19,922 19,922
Note payable, net of current portion — 3,160
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred Stock, $.01 par value, 3,000,000 shares authorized,
none issued and outstanding at December 31, 2002 and 2001 — —
Common Stock, $.01 par value, 240,000,000 shares authorized, 83,577,427 shares
and 82,694,173 shares issued at December 31, 2002 and 2001, respectively 836 827
Additional paid-in capital 371,496 419,541
Unearned compensation (15) (211)
Retained earnings 439,454 388,609
Accumulated other comprehensive loss (3,847) (4,399)
Less: Grantor Stock Trust held at market value, 10,128,723 shares and
10,764,690 shares at December 31, 2002 and 2001, respectively (134,206) (206,144)
673,718 598,223
Less: Common Stock held in treasury, at cost, 7,772,378 shares and
4,939,000 shares at December 31, 2002 and 2001, respectively (130,331) (83,874)
Total shareholders’ equity 543,387 514,349
$ 679,845 $ 647,602
The accompanying notes are an integral part of these financial statements.