Callaway 2012 Annual Report Download - page 99
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the controlling influence the Company has in the Suntech operations, the Company is required to consolidate the
financial results of Suntech in its consolidated financial statements in accordance with ASC Topic 810,
“Consolidations.” For the years ended December 31, 2012, 2011 and 2010, non-controlling interest related to
Suntech in the consolidated statements of shareholders’ equity included net profits of $259,000, $587,000 and
$346,000, respectively.
Suntech is a wholly-owned subsidiary of Suntech Mauritius Limited Company (“Mauritius”). The Company
has entered into a loan agreement with Mauritius in order to provide working capital for Suntech. In connection
with this loan agreement, the Company loaned Mauritius a total of $3,200,000 of which of which $1,788,000 and
$1,988,000 was outstanding as of December 31, 2012 and 2011, respectively. The Company recorded the loan in
other long-term assets in the accompanying consolidated balance sheets.
Note 11. Selected Financial Statement Information
December 31,
2012 2011
(In thousands)
Accounts receivable, net:
Trade accounts receivable ............................................. $103,999 $ 129,457
Allowance for sales returns ............................................ (6,383) (6,521)
Allowance for doubtful accounts ........................................ (6,544) (7,263)
$ 91,072 $ 115,673
Inventories:
Raw materials ....................................................... $ 43,469 $ 46,976
Work-in-process ..................................................... 619 1,286
Finished goods ...................................................... 167,646 184,808
$ 211,734 $ 233,070
Property, plant and equipment, net:
Land .............................................................. $ 8,892 $ 8,871
Buildings and improvements ........................................... 79,707 81,349
Machinery and equipment ............................................. 153,303 154,339
Furniture, computers and equipment ..................................... 126,733 126,592
Production molds .................................................... 37,539 39,761
Construction-in-process ............................................... 1,155 6,591
407,329 417,503
Accumulated depreciation ............................................. (318,236) (300,356)
$ 89,093 $ 117,147
Accounts payable and accrued expenses:
Accounts payable .................................................... $ 45,376 $ 39,012
Accrued expenses .................................................... 67,254 72,465
Accrued goods in-transit ............................................... 15,345 13,970
Accrued hedging contracts payable ...................................... 1,046 3,746
$ 129,021 $ 129,193
Accrued employee compensation and benefits:
Accrued payroll and taxes ............................................. $ 12,256 $ 13,550
Accrued vacation and sick pay .......................................... 7,549 8,947
Accrued commissions ................................................. 844 1,288
$ 20,649 $ 23,785
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