Callaway 2013 Annual Report Download - page 110

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F-40
Year Ended December 31, 2011
Golf
Clubs
Golf
Balls
Corporate
G&A(2) Total
Reorganization and Reinvestment Initiatives ................................... $ 5,642 $ 1,329 $ 9,358 $ 16,329
GOS Initiatives ................................................................................. 15,558 5,038 4,084 24,680
Total.................................................................................................. $ 21,200 $ 6,367 $ 13,442 $ 41,009
(2) Reconciling items represent the deduction of corporate general and administration expenses and other income
(expenses), which are not utilized by management in determining segment profitability. In addition to the corporate
general and administrative expenses identified above in connection with the Company’s Cost Reduction Initiatives
and Reorganization and Reinvestment Initiatives, the following charges were included in reconciling items:
• Net gains of $5,943,000 and $3,248,000 for 2013 and 2012, respectively, and net losses of $8,153,000 for 2011
related to foreign currency hedging contracts, offset by net foreign currency transaction losses and gains included
in other income (expense);
• A pre-tax gain of $6,602,000 in connection with the sale of the Top-Flite and Ben Hogan brands during the year
ended December 31, 2012 (see Note 8);
• Pre-tax impairment charges of $6,533,000 for 2011 primarily related to certain trademarks and trade names (see
Note 8); and
• A pre-tax gain of $6,170,000 recognized in 2011 in connection with the sale of certain buildings (see Note 7).
(3) Identifiable assets are comprised of net inventory, certain property, plant and equipment, intangible assets and
goodwill. Reconciling items represent unallocated corporate assets not segregated between the two segments.
(4) Includes property classified as available for sale in the amount of $2,396,000 in 2012. Property held for sale in 2012
represents the net book value of the Company’s golf ball manufacturing facility in Chicopee, Massachusetts (see
Note 7).
The Company’s net sales by product category are as follows:
Years Ended December 31,
2013 2012 2011
(In thousands)
Net sales:
Woods............................................................................................................... $256,444 $ 200,588 $ 211,191
Irons.................................................................................................................. 181,842 170,794 206,817
Putters............................................................................................................... 89,559 93,325 88,160
Golf Balls ......................................................................................................... 132,147 139,576 160,359
Accessories and Other...................................................................................... 182,809 229,782 220,001
$842,801 $834,065 $886,528