Callaway 2014 Annual Report Download - page 71

F-3
CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents ....................................................................................................... $ 37,635 $ 36,793
Accounts receivable, net .......................................................................................................... 109,848 92,203
Inventories................................................................................................................................ 207,229 263,492
Deferred taxes, net ................................................................................................................... 5,081 6,419
Income taxes receivable........................................................................................................... 928 228
Other current assets.................................................................................................................. 23,312 22,468
Total current assets ........................................................................................................... 384,033 421,603
Property, plant and equipment, net.................................................................................................. 58,093 71,341
Intangible assets, net ....................................................................................................................... 88,833 88,901
Goodwill.......................................................................................................................................... 27,821 29,212
Deferred taxes, net .......................................................................................................................... 2,346 2,299
Investment in golf-related ventures................................................................................................. 50,677 37,605
Other assets ..................................................................................................................................... 13,008 12,902
Total assets........................................................................................................................ $ 624,811 $ 663,863
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses ................................................................................. $ 123,251 $ 157,120
Accrued employee compensation and benefits........................................................................ 37,386 31,585
Asset-based credit facility........................................................................................................ 15,235 25,660
Accrued warranty expense....................................................................................................... 5,607 6,406
Income tax liability .................................................................................................................. 2,623 5,425
Deferred taxes, net ................................................................................................................... 26 —
Total current liabilities...................................................................................................... 184,128 226,196
Long-term liabilities:
Income taxes payable............................................................................................................... 3,867 4,387
Deferred taxes, net ................................................................................................................... 35,043 35,271
Convertible notes, net (Note 4)................................................................................................ 108,574 107,835
Long-term incentive compensation and other.......................................................................... 1,665 5,555
Commitments & contingencies (Note 13)
Shareholders’ equity:
Preferred stock, $.01 par value, 3,000,000 shares authorized, 0 shares issued and
outstanding at both December 31, 2014 and 2013. ............................................................ ——
Common stock, $.01 par value, 240,000,000 shares authorized, 78,373,598 shares and
78,314,902 shares issued at December 31, 2014 and 2013, respectively........................... 784 783
Additional paid-in capital ........................................................................................................ 210,057 205,712
Retained earnings..................................................................................................................... 89,932 77,038
Accumulated other comprehensive income............................................................................. (796) 12,177
Less: Common stock held in treasury, at cost, 779,681 shares and 967,089 shares at
December 31, 2014 and 2013, respectively........................................................................ (8,443)(11,091)
Total Callaway Golf Company shareholders’ equity........................................................ 291,534 284,619
Total liabilities and shareholders’ equity
......................................................................................... $ 624,811 $ 663,863
The accompanying notes are an integral part of these consolidated financial statements.