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CONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings a

    CONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 201120102009Net product sales$528,369$517,149$495,592Rental and royalty revenue4,1364,2993,739Total revenue532,505521,448499,331Product cost of goods sold365,225349,334319,775Rental and royalty cost1,0381,088852Total costs366,263350,422320,627Product gross margin163,144167,815175,817Rental and royalty gross margin3,0983,2112,887Total gross margin166,242171,026178,704Selling, marketing and administrative expenses108,276106,316103,755Impairment charges——14,000Earnings from operations57,96664,71060,949Other income (expense), net2,9468,3582,100Earnings before income taxes60,91273,06863,049Provision for income taxes16,97420,0059,892Net earnings$43,938$53,063$53,157Net earnings$43,938$53,063$53,157Other comprehensive earnings (loss)(8,740)1,1832,845Comprehensive earnings$35,198$54,246$56,002Retained earnings at beginning of year.$135,866$147,687$144,949Net earnings43,93853,06353,157Cash dividends(18,360)(18,078)(17,790)Stock dividends(47,175)(46,806)(32,629)Retained earnings at end of year$114,269$135,866$147,687Earnings per share$0.76$0.90$0.89Average Common and Class B Common shares outstanding57,89258,68559,425(The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) AssetsDecember 31,   2011 2010 CURRENT ASSETS:  Cash and cash equivalents$78,612 $115,976  Investments10,895 7,996  Accounts receivable trade, less allowances of $1,731 and $1,53141,895 37,394  Other receivables3,391 9,961  Inventories:   Finished goods and work-in-process42,676 35,416  Raw materials and supplies29,084 21,236  Prepaid expenses5,070 6,499  Deferred income taxes578 689  Total current assets212,201 235,167 PROPERTY, PLANT AND EQUIPMENT, at cost:   Land21,939 21,696  Buildings107,567 102,934  Machinery and equipment322,993 307,178  Construction in progress2,598 9,243   455,097 440,974  Less—Accumulated depreciation242,935 225,482  Net property, plant and equipment212,162 215,492 OTHER ASSETS:   Goodwill73,237 73,237  Trademarks175,024 175,024  Investments96,161 64,461  Split dollar officer life insurance74,209 74,441  Prepaid expenses3,212 6,680  Equity method investment3,935 4,254  Deferred income taxes7,715 9,203  Total other assets433,493 407,300  Total assets$857,856 $857,959Liabilities and Shareholders’ EquityDecember 31,20112010 CURRENT LIABILITIES:   Accounts payable$10,683 $9,791  Dividends payable4,603 4,529  Accrued liabilities43,069 44,185  Total current liabilities58,355 58,505 NONCURRENT LIABILITES:   Deferred income taxes43,521 47,865  Postretirement health care and life insurance benefits26,108 20,689  Industrial development bonds7,500 7,500  Liability for uncertain tax positions8,345 9,835  Deferred compensation and other liabilities48,092 46,157  Total noncurrent liabilities133,566 132,046 SHAREHOLDERS’ EQUITY:   Common stock, $.69-4/9 par value—120,000 shares authorized—36,479 and 36,057 respectively, issued25,333 25,040  Class B common stock, $.69-4/9 par value—40,000 shares authorized—21,025 and 20,466 respectively, issued14,601 14,212  Capital in excess of par value533,677 505,495  Retained earnings, per accompanying statement114,269 135,866  Accumulated other comprehensive loss(19,953) (11,213)  Treasury stock (at cost)—71 shares and 69 shares, respectively(1,992) (1,992)  Total shareholders’ equity665,935 667,408  Total liabilities and shareholders’ equity$857,856 $857,959TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFCash Flows (in thousands)   For the year ended December 31,    2011 20102009 CASH FLOWS FROM OPERATING ACTIVITIES:    Net earnings$43,938 $53,063$53,157   Adjustments to reconcile net earnings to net cash provided by operating activities:    Depreciation19,229 18,27917,862    Impairment charges— —14,000    Impairment of equity method investment— —4,400    Loss from equity method investment194 342233    Amortization of marketable security premiums1,267 522320    Changes in operating assets and liabilities:     Accounts receivable(5,448) 717(5,899)    Other receivables3,963 (2,373)(2,088)    Inventories(15,631) (1,447)455    Prepaid expenses and other assets5,106 4,9365,203    Accounts payable and accrued liabilities84 2,180(2,755)    Income taxes payable and deferred(5,772) 2,322(12,543)    Postretirement health care and life insurance benefits2,022 1,4291,384    Deferred compensation and other liabilities2,146 2,5252,960    Others(708) 310305   Net cash provided by operating activities50,390 82,80576,994 CASH FLOWS FROM INVESTING ACTIVITIES:     Capital expenditures(16,351) (12,813)(20,831)    Net purchase of trading securities(3,234) (2,902)(1,713)    Purchase of available for sale securities(39,252) (9,301)(11,331)    Sale and maturity of available for sale securities7,680 8,20817,511    Net cash used in investing activities(51,157) (16,808)(16,364)  CASH FLOWS FROM FINANCING ACTIVITIES:     Shares repurchased and retired(18,190) (22,881)(20,723)    Dividends paid in cash(18,407) (18,130)(17,825)    Net cash used in financing activities(36,597) (41,011)(38,548) Increase (decrease) in cash and cash equivalents(37,364) 24,98622,082 Cash and cash equivalents at beginning of year115,976 90,99068,908 Cash and cash equivalents at end of year$78,612 $115,976$90,990 Supplemental cash flow information     Income taxes paid$16,906 $20,586$22,364    Interest paid$38 $49$182    Stock dividend issued$47,053 $46,683$32,538(The accompanying notes are an integral part of these statements.)Notes to Consolidated Financial Statements ($ in thousands)PROPERTY, PLANT AND EQUIPMENT:Depreciation is computed for financial reporting purposes by use of the straight-line method based on the useful lives of 20 to 35 years for building and 5 to 25 years for machinery and equipment. Depreciation expenses was $19,229, $18,279 and $17,862 in 2011, 2010 and 2009, respectively.Goodwill and intangible assets:In accordance with authoritative guidance, goodwill and intangible assets with indefinite lives are not amortized, but rather tested for impairment at least annually unless certain interim triggering events or circumstances require more frequent testing. All trademarks have been assessed by management to have indefinite lives because they are expected to generate cash flows indefinitely. The Company has completed its annual impairment testing of its goodwill and trademarks at December 31 of each of the years presented. As of December 31, 2009, management ascertained that certain trademarks were impaired, and recorded a pre-tax charge of $14,000. No impairments of intangibles were recorded in 2011 and 2010. This determination is made by comparing the carrying value of the asset with its estimated fair value, which is calculated using estimates including discounted projected future cash flows. If the carrying value of goodwill exceeds the fair value, a second step would measure the carrying value and implied fair value of goodwill. Management believes that all assumptions used for the impairment tests are consistent with those utilized by market participants performing similar valuations.Answer the following questions.Warning Don’t show me this message again for the assignmentOk  Cancel   What were the total cost and book value of property, plant, and equipment at December 31, 2011? (Enter the amounts in thousands.)Total cost$[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_1′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>Book value$[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_003′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>Warning Don’t show me this message again for the assignmentOk  Cancel   What was the amount of depreciation expense for each of the 3 years 2009–2011? (Hint: Use the statement of cash flows.) (Enter the amounts in thousands.) Depreciation2009$[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_005′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>2010$[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_007′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>2011$[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_009′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>Warning Don’t show me this message again for the assignmentOk  Cancel   Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased (capital expenditures) in 2011 and 2010? (Enter the amounts in thousands.) 20112010Property, plant, and equipment purchased[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_011′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>[img class=’answerMarker’ id=’amarker_res_EAT_1350490965690_0_7033342486784817_013′ alt=” src=’http://edugen.wiley.com/edugen/art2/common/pixel.gif’>

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