Callaway 2015 Annual Report Download - page 73

F-3
CALLAWAY GOLF COMPANY
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
December 31,
2015 2014
ASSETS
Current assets:
Cash and cash equivalents.......................................................................................................... $ 49,801 $ 37,635
Accounts receivable, net ............................................................................................................ 115,607 109,848
Inventories.................................................................................................................................. 208,883 207,229
Deferred taxes, net...................................................................................................................... — 5,081
Income taxes receivable ............................................................................................................. 487 928
Other current assets .................................................................................................................... 16,709 23,312
Total current assets.............................................................................................................. 391,487 384,033
Property, plant and equipment, net.................................................................................................... 55,808 58,093
Intangible assets, net.......................................................................................................................... 88,782 88,833
Goodwill ............................................................................................................................................ 26,500 27,821
Deferred taxes, net............................................................................................................................. 6,962 2,346
Investment in golf-related ventures (Note 7)..................................................................................... 53,315 50,677
Other assets........................................................................................................................................ 8,370 13,008
Total assets.......................................................................................................................... $ 631,224 $ 624,811
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses.................................................................................... $ 122,620 $ 123,251
Accrued employee compensation and benefits .......................................................................... 33,518 37,386
Asset-based credit facility .......................................................................................................... 14,969 15,235
Accrued warranty expense ......................................................................................................... 5,706 5,607
Income taxes payable ................................................................................................................. 1,823 2,623
Deferred taxes, net...................................................................................................................... — 26
Total current liabilities ........................................................................................................ 178,636 184,128
Long-term liabilities:
Income tax liability..................................................................................................................... 3,476 3,867
Deferred taxes, net...................................................................................................................... 35,093 35,043
Convertible notes, net (Note 3) .................................................................................................. — 108,574
Long-term other.......................................................................................................................... 1,074 1,665
Commitments & contingencies (Note 10)
Shareholders’ equity:
Preferred stock, $.01 par value, 3,000,000 shares authorized, 0 shares issued and
outstanding at both December 31, 2015 and 2014................................................................ ——
Common stock, $.01 par value, 240,000,000 shares authorized, 93,769,199 shares and
78,373,598 shares issued at December 31, 2015 and 2014, respectively ............................. 938 784
Additional paid-in capital........................................................................................................... 322,793 210,057
Retained earnings ....................................................................................................................... 101,047 89,932
Accumulated other comprehensive income (loss) ..................................................................... (11,813)(796)
Less: Common stock held in treasury, at cost, 2,075 shares and 779,681 shares at
December 31, 2015 and 2014, respectively.......................................................................... (20)(8,443)
Total Callaway Golf Company shareholders’ equity.......................................................... 412,945 291,534
Total liabilities and shareholders’ equity........................................................................................... $ 631,224 $ 624,811
The accompanying notes are an integral part of these consolidated financial statements.