Callaway 2010 Annual Report Download - page 98
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Note 8. Selected Financial Statement Information
December 31,
2010 2009
(In thousands)
Accounts receivable, net:
Trade accounts receivable ............................................. $154,054 $ 149,246
Allowance for doubtful accounts ........................................ (9,411) (9,470)
$ 144,643 $ 139,776
Inventories:
Raw materials ....................................................... $ 48,804 $ 53,688
Work-in-process ..................................................... 1,585 451
Finished goods ...................................................... 218,202 165,039
$ 268,591 $ 219,178
Property, plant and equipment, net:
Land .............................................................. $ 11,784 $ 11,636
Buildings and improvements(1) .......................................... 109,217 112,120
Machinery and equipment ............................................. 172,051 169,810
Furniture, computers and equipment ..................................... 111,280 111,150
Production molds .................................................... 44,096 39,547
Construction-in-process ............................................... 10,155 7,922
458,583 452,185
Accumulated depreciation ............................................. (328,982) (308,749)
$ 129,601 $ 143,436
Accounts payable and accrued expenses:
Accounts payable .................................................... $ 42,518 $ 31,778
Accrued expenses .................................................... 85,019 86,516
Accrued hedging contracts payable ...................................... 11,775 —
$ 139,312 $ 118,294
Accrued employee compensation and benefits:
Accrued payroll and taxes ............................................. $ 15,436 $ 11,653
Accrued vacation and sick pay .......................................... 9,527 9,621
Accrued commissions ................................................. 1,493 945
$ 26,456 $ 22,219
(1) Buildings and improvements include property classified as available for sale in the amount of $1,500,000 in
2010, and $1,890,000 in 2009, respectively. Property held for sale represents the net book value of the golf
ball manufacturing facility in Gloversville, New York as the result of the Company’s announcement in May
2008 to close this facility (see Note 3).
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