Callaway 2012 Annual Report Download - page 79

CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents ............................................... $ 52,003 $ 43,023
Accounts receivable, net ................................................ 91,072 115,673
Inventories ........................................................... 211,734 233,070
Deferred taxes, net ..................................................... 4,170 4,029
Income taxes receivable ................................................ 1,810 3,654
Other current assets .................................................... 23,811 19,880
Assets held for sale .................................................... 2,396 —
Total current assets ................................................ 386,996 419,329
Property, plant and equipment, net ............................................ 89,093 117,147
Intangible assets, net ....................................................... 89,189 121,935
Goodwill ................................................................ 29,034 29,203
Deferred taxes, net ......................................................... 1,910 1,386
Other assets .............................................................. 41,414 38,112
$637,636 $727,112
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses .................................... $129,021 $129,193
Accrued employee compensation and benefits ............................... 20,649 23,785
Accrued warranty expense .............................................. 7,539 8,140
Deferred taxes, net ..................................................... 927 4,108
Income tax liability .................................................... 3,430 2,558
Total current liabilities ............................................. 161,566 167,784
Long-term liabilities:
Income taxes payable .................................................. 6,565 8,115
Deferred taxes, net ..................................................... 33,533 31,429
Convertible notes, net (Note 4) ........................................... 107,133 —
Long-term incentive compensation and other ................................ 7,131 6,970
Commitments and contingencies (Note 13)
Shareholders’ equity:
Preferred stock, $.01 par value, 3,000,000 shares authorized, 417,639 and 1,400,000
shares issued and outstanding at December 31, 2012 and 2011, respectively ..... 4 14
Common stock, $.01 par value, 240,000,000 shares authorized, 72,264,020 shares
and 66,340,695 shares issued at December 31, 2012 and 2011, respectively ...... 723 663
Additional paid-in capital ............................................... 204,510 265,067
Retained earnings ..................................................... 113,831 247,941
Accumulated other comprehensive income ................................. 14,770 14,071
Less: Common stock held in treasury, at cost, 1,267,436 shares and 1,453,819 shares
at December 31, 2012 and 2011, respectively ............................. (14,848) (17,800)
Total Callaway Golf Company shareholders’ equity ...................... 318,990 509,956
Non-controlling interest in consolidated entity (Note 10) ...................... 2,718 2,858
Total shareholders’ equity ................................................... 321,708 512,814
Total liabilities and shareholders’ equity ....................................... $637,636 $727,112
The accompanying notes are an integral part of these consolidated financial statements.
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