Page 714 - Accounting Principles (A Business Perspective)

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change in account principles
Cumulative effect of change in accounting
principles:
Pre-operating costs (5,200) 0
Net earnings (loss) $ (232,500) $60,300
Retained earnings, January 1 680,600 620,300
$ 448,100 $680,600
Dividends 0 0
Retained earnings, December 31 $ 448,100 $680,600
Loom
consolidated balance sheet
As of 2010 December 31, and 2009
(USD thousands)
December 31
(1) (2)
2010 2009
Assets
Current assets
Cash and cash equivalents $ 26,500 $ 49,400
Notes and accounts receivable (less allowance 261,000 295,600
for possible losses of $26,600,000 and
$20,700,000, respectively)
Inventories
Finished goods 522,300 496,200
Work in process 132,400 141,500
Materials and supplies 44,800 39,100
Other 72,800 54,800
Total current assets $ 1,059,800 $ 1,076,600
Property, plant, and equipment
Land $ 20,100 $ 19,300
Buildings, structures and improvements 486,400 435,600
Machinery and equipment 1,076,600 1,041,300
Construction in progress 24,200 35,200
Total property, plant and equipment $ 1,607,300 $ 1,531,400
Less accumulated depreciation 578,900 473,200
Net property, plant and equipment $ 1,028,400 $ 1,058,200
Other assets
Goodwill (less accumulated amortization of $ 771,100 $ 965,800
$257,800,000 and $242,400,000,
respectively).
Other 60,200 62,900
Total other assets $831,300 $ 1,028,700
Total assets $ 2,919,500 $ 3,163,500
Liabilities and stockholders' equity
Current liabilities
Current maturities of long-term debt $ 14,600 $ 23,100
Trade accounts payable 60,100 113,300
Accrued insurance obligations 38,800 23,600
Accrued advertising and promotion 23,800 23,400
Interest payable 16,000 18,300
Accrued payroll and vacation pay 15,300 33,100
Accrued pension 11,300 19,800
Other accounts payable and accrued expenses 123,900 77,200
Total current liabilities $ 303,800 $ 331,800
Noncurrent liabilities
Long-term debt 1,427,200 1,440,200
Net deferred income taxes 0 43,400
Other 292,900 222,300
Total noncurrent liabilities $ 1,720,000 $ 1,705,900
Total liabilities $ 2,023,900 $ 2,037,700
Common stockholders' equity
Common stock and capital in excess of par
value, $.01 par value; authorized, Class A,
200,000,000 shares, Class B, 30,000,000
shares; issued and outstanding:
Class A Common Stock, 69,268,701 and $ 465,600 $ 463,700
69,160,349 shares, respectively
Class B Common Stock, 6,690,976 shares 4,400 4,400
Retained earnings 448,100 680,600

Accounting Principles: A Business Perspective 715 A Global Text