Callaway 2010 Annual Report Download - page 81

CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2010 2009
ASSETS
Current assets:
Cash and cash equivalents ............................................... $ 55,043 $ 78,314
Accounts receivable, net ................................................ 144,643 139,776
Inventories ........................................................... 268,591 219,178
Deferred taxes, net ..................................................... 24,393 21,276
Income taxes receivable ................................................ 10,235 19,730
Other current assets .................................................... 41,703 34,713
Total current assets ................................................ 544,608 512,987
Property, plant and equipment, net ............................................ 129,601 143,436
Intangible assets, net ....................................................... 131,327 142,904
Goodwill ................................................................ 30,630 31,113
Deferred taxes, net (Note 16) ................................................ 11,874 10,463
Other assets .............................................................. 36,939 35,027
$884,979 $875,930
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses .................................... $139,312 $118,294
Accrued employee compensation and benefits ............................... 26,456 22,219
Accrued warranty expense .............................................. 8,427 9,449
Other current liabilities ................................................. 971 1,492
Total current liabilities ............................................. 175,166 151,454
Long-term liabilities:
Income taxes payable .................................................. 8,554 11,597
Deferred taxes, net ..................................................... 1,376 1,243
Long-term compensation and other ....................................... 4,037 1,754
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, $.01 par value, 3,000,000 shares authorized, 1,400,000 shares issued
and outstanding at December 31, 2010 and 2009, respectively ................ 14 14
Common stock, $.01 par value, 240,000,000 shares authorized, 66,317,049 shares
and 66,295,961 shares issued at December 31, 2010 and 2009, respectively ...... 663 663
Additional paid-in capital ............................................... 263,774 257,486
Retained earnings ..................................................... 442,405 474,379
Accumulated other comprehensive income ................................. 13,564 6,240
Less: Grantor Stock Trust held at market value, 291,341 shares and 983,275 shares
at December 31, 2010 and 2009, respectively ............................. (2,351) (7,414)
Less: Common stock held in treasury, at cost, 1,910,646 shares and 1,823,367 shares
at December 31, 2010 and 2009, respectively ............................. (24,835) (24,110)
Total Callaway Golf Company shareholders’ equity ...................... 693,234 707,258
Non-controlling interest in consolidated entity (Note 6) ....................... 2,612 2,624
Total shareholders’ equity ................................................... 695,846 709,882
Total liabilities and shareholders’ equity ....................................... $884,979 $875,930
The accompanying notes are an integral part of these consolidated financial statements.
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