Callaway 2009 Annual Report Download - page 79

CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents ............................................... $ 78,314 $ 38,337
Accounts receivable, net ................................................ 139,776 120,067
Inventories ........................................................... 219,178 257,191
Deferred taxes, net ..................................................... 21,276 27,046
Income taxes receivable ................................................ 19,730 15,549
Other current assets .................................................... 34,713 31,813
Total current assets ................................................ 512,987 490,003
Property, plant and equipment, net ............................................ 143,436 142,145
Intangible assets, net ....................................................... 142,904 146,945
Goodwill ................................................................ 31,113 29,744
Deferred taxes, net (Note 15) ................................................ 10,463 6,299
Other assets .............................................................. 35,027 40,202
$875,930 $855,338
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses .................................... $118,294 $126,167
Accrued employee compensation and benefits ............................... 22,219 25,630
Accrued warranty expense .............................................. 9,449 11,614
Income taxes payable .................................................. 1,492 —
Credit facilities ....................................................... — 90,000
Total current liabilities ............................................. 151,454 253,411
Long-term liabilities:
Income taxes payable .................................................. 11,597 14,993
Deferred taxes, net (Note 15) ............................................ 1,243 —
Deferred compensation and other ......................................... 1,754 6,566
Commitments and contingencies (Note 16)
Shareholders’ equity:
Preferred stock, $.01 par value, 3,000,000 shares authorized, 1,400,000 shares and 0
shares issued and outstanding at December 31, 2009 and 2008, respectively ..... 14 —
Common stock, $.01 par value, 240,000,000 shares authorized, 66,295,961 shares
and 66,276,236 shares issued at December 31, 2009 and 2008, respectively ...... 663 663
Additional paid-in capital ............................................... 257,486 102,329
Unearned compensation ................................................ — (279)
Retained earnings ..................................................... 474,379 518,851
Accumulated other comprehensive income (loss) ............................ 6,240 (6,376)
Less: Grantor Stock Trust held at market value, 983,275 shares and 1,440,570 shares
at December 31, 2009 and 2008, respectively ............................. (7,414) (13,383)
Less: Common stock held in treasury, at cost, 1,823,367 shares and 1,768,695 shares
at December 31, 2009 and 2008, respectively ............................. (24,110) (23,650)
Total Callaway Golf Company shareholders’ equity ...................... 707,258 578,155
Non-controlling interest in consolidated entity (Note 4) ....................... 2,624 2,213
Total shareholders’ equity ................................................... 709,882 580,368
Total liabilities and shareholders’ equity ....................................... $875,930 $855,338
The accompanying notes are an integral part of these consolidated financial statements.
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