True Value 2010 Annual Report Download - page 33

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12 True Value Company
CONSOLIDATED BALANCE SHEET
January 1, January 2,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 13,079 $ 25,694
Accounts and notes receivable, net of allowance for doubtful accounts
of $6,111 and $6,143 209,849 191,972
Inventories, net of valuation reserves of $12,903 and $18,040 282,585 271,460
Prepaid expenses 10,404 10,434
Total current assets 515,917 499,560
Long-term assets:
Properties, net 68,317 63,390
Goodwill 91,474 91,474
Retail growth program notes 13,078 6,971
Other assets 4,559 5,450
Total assets $ 693,345 $ 666,845
LIABILITIES AND MEMBERS’ EQUITY
Current liabilities:
Accounts payable $ 194,369 $ 185,326
Drafts payable 24,215 31,960
Accrued expenses 61,074 53,621
Current maturities of long-term debt, notes and capital lease obligations 41,751 30,421
Patronage dividend payable in cash 23,391 23,520
Total current liabilities 344,800 324,848
Long-term liabilities and deferred credits:
Long-term debt including notes and capital lease obligations, less current maturities 95,635 91,064
Deferred gain on sale leaseback 30,560 33,338
Pension 12,120 18,402
Other long-term liabilities 29,439 24,814
Redeemable nonqualified Class B nonvoting common stock, $100 par value;
162,413 and 170,621 shares issued and fully paid 16,241 17,062
Total long-term liabilities and deferred credits 183,995 184,680
Total liabilities and deferred credits 528,795 509,528
Members’ equity:
Redeemable Class A voting common stock, $100 par value; 750,000 shares authorized;
259,740 and 271,260 shares issued and fully paid 25,974 27,126
Redeemable qualified Class B nonvoting common stock and paid-in capital, $100 par
value; 4,000,000 shares authorized; 1,861,465 and 1,855,963 shares issued and fully paid 187,445 186,895
Loss allocation (2,197) (3,088)
Deferred patronage (19,812) (20,560)
Accumulated deficit (4,738) (7,932)
Accumulated other comprehensive loss (22,122) (25,124)
Total members’ equity 164,550 157,317
Total liabilities and members’ equity $ 693,345 $ 666,845
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands, except share information)