Callaway 2011 Annual Report Download - page 77

CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents ............................................... $ 43,023 $ 55,043
Accounts receivable, net ................................................ 115,673 144,643
Inventories ........................................................... 233,070 268,591
Deferred taxes, net .................................................... 4,029 23,514
Income taxes receivable ................................................ 3,654 10,235
Other current assets .................................................... 19,880 41,703
Total current assets ................................................ 419,329 543,729
Property, plant and equipment, net ............................................ 117,147 129,601
Intangible assets, net ....................................................... 121,935 131,327
Goodwill ................................................................ 29,203 30,630
Deferred taxes, net ........................................................ 1,386 3,786
Other assets .............................................................. 38,112 36,939
$727,112 $876,012
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses .................................... $129,193 $139,312
Accrued employee compensation and benefits ............................... 23,785 26,456
Accrued warranty expense .............................................. 8,140 8,427
Deferred taxes ........................................................ 4,108 27
Income tax liability .................................................... 2,558 944
Total current liabilities ............................................. 167,784 175,166
Long-term liabilities:
Income taxes payable .................................................. 8,115 8,554
Deferred taxes, net ..................................................... 31,429 1,376
Long-term incentive compensation and other ................................ 6,970 4,037
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, 2011 and 2010, respectively ................ 14 14
Common stock, $.01 par value, 240,000,000 shares authorized, 66,340,695 shares
and 66,317,049 shares issued at December 31, 2011 and 2010, respectively ...... 663 663
Additional paid-in capital ............................................... 265,067 264,235
Retained earnings ..................................................... 247,941 432,977
Accumulated other comprehensive income ................................. 14,071 13,564
Less: Grantor Stock Trust held at market value, 0 shares and 291,341 shares at
December 31, 2011 and 2010, respectively ............................... — (2,351)
Less: Common stock held in treasury, at cost, 1,453,819 shares and 1,910,646 shares
at December 31, 2011 and 2010, respectively ............................. (17,800) (24,835)
Total Callaway Golf Company shareholders’ equity ...................... 509,956 684,267
Non-controlling interest in consolidated entity (Note 6) ....................... 2,858 2,612
Total shareholders’ equity ................................................... 512,814 686,879
Total liabilities and shareholders’ equity ....................................... $727,112 $876,012
The accompanying notes are an integral part of these consolidated financial statements.
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