Callaway 2003 Annual Report Download - page 42

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CALLAWAY GOLF COMPANY 39
(In thousands, except share and per share data) 2003 2002
ASSETS
Current assets:
Cash and cash equivalents $ 47,340 $ 108,452
Accounts receivable, net 100,664 63,867
Inventories, net 185,389 151,760
Deferred taxes 36,707 34,519
Other current assets 13,362 10,429
Total current assets 383,462 369,027
Property, plant and equipment, net 164,763 167,340
Intangible assets, net 149,635 103,115
Goodwill 20,216 18,202
Deferred taxes 12,289 5,216
Other assets 18,201 16,945
$ 748,566 $ 679,845
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 79,787 $ 61,720
Accrued employee compensation and benefits 25,544 23,168
Accrued warranty expense 12,627 13,464
Note payable, current portion — 3,160
Capital leases, current portion 240 —
Income taxes payable 11,962 7,649
Total current liabilities 130,160 109,161
Long-term liabilities:
Deferred compensation 8,947 7,375
Energy derivative valuation account 19,922 19,922
Capital leases, net of current portion 154 —
Commitments and contingencies (Note 13)
Shareholders’ equity:
Preferred Stock, $.01 par value, 3,000,000 shares authorized, none issued and
outstanding at December 31, 2003 and 2002 — —
Common Stock, $.01 par value, 240,000,000 shares authorized, 83,710,094
shares and 83,577,427 shares issued at December 31, 2003 and 2002, respectively 837 836
Additional paid-in capital 400,939 371,496
Unearned compensation — (15)
Retained earnings 466,441 439,454
Accumulated other comprehensive loss 2,890 (3,847)
Less: Grantor Stock Trust held at market value, 8,702,577 shares and
10,128,723 shares at December 31, 2003 and 2002, respectively (146,638) (134,206)
724,469 673,718
Less: Common Stock held in treasury, at cost, 8,144,667 shares and
7,772,378 shares at December 31, 2003 and 2002, respectively (135,086) (130,331)
Total shareholders’ equity 589,383 543,387
$ 748,566 $ 679,845
The accompanying notes are an integral part of these financial statements.
CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,