loom s comparative statements of income and retained earnings for 2010 and 2009 are 626151

Dec-31

(1)

(2)

2010

2009

Net sales

$2,403,100

$2,297,800

Cost of sales

18,85,700

16,51,300

Gross earnings

$ 517,400

$ 646,500

Selling, general and administrative expenses

4,29,700

3,76,300

Goodwill amortization

37,300

35,200

Impairment write down of goodwill

1,58,500

0

Operating earnings (loss)

$(108,100)

$235,000

Interest expense

-1,16,900

-95,400

Other expense-net

-21,700

-6,100

Earnings (loss) before income tax (benefit)

$ (246,700)

$133,500

expense, extraordinary item and cumulative

effect of change in accounting principles

Income tax (benefit) expense

(19,400)

73,200

Earnings (loss) before cumulative effect

$ (227,300)

$60,300

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

6,80,600

6,20,300

$ 448,100

$680,600

Dividends

0

0

Retained earnings, December 31

$ 448,100

$680,600

Dec-31

(1)

(2)

Assets

2010

2009

Current assets

Cash and cash equivalents

$ 26,500

$ 49,400

Notes and accounts receivable (less allowance

2,61,000

2,95,600

for possible losses of $26,600,000 and

$20,700,000, respectively)

Inventories

Finished goods

5,22,300

4,96,200

Work in process

1,32,400

1,41,500

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

4,86,400

4,35,600

Machinery and equipment

10,76,600

10,41,300

Construction in progress

24,200

35,200

Total property, plant and equipment

$ 1,607,300

$ 1,531,400

Less accumulated depreciation

5,78,900

4,73,200

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

1,13,300

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

1,23,900

77,200

Total current liabilities

$ 303,800

$ 331,800

Noncurrent liabilities

Long-term debt

14,27,200

14,40,200

Net deferred income taxes

0

43,400

Other

2,92,900

2,22,300

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

4,48,100

6,80,600

Currency translation and minimum pension

-22,500

-22,900

liability adjustments

Total common stockholders” equity

$ 895,600

$ 1,125,800

Total liabilities and stockholders” equity

$ 2,919,500

$ 3,163,500