Case Question D12-23 Haver Industries is a leading consumer products company. The company's adapted comparative balance sheets and income statements (in $ millions) follow Haver Industries Comparative Income Statements For the Years Ended December 31 2014 $68,222 $56,741 $51,407 $43,377 $40,238 33,125 27,872 25,076 22,141 20,989 35,097 28,869 26,331 21,236 19,249 2016 2015 2013 2012 Net sales revenue Cost of goods sold Gross profit Research & development expenses Selling, general, & administrative expenses Nonoperating income (expense) Interest expense Income before taxes Income taxes Net income Income before taxes Income before taxes 2,075 1,940 1,802 1,665 11,718 19,773 16,460 14,702 283 1,119 12,052 238 (211) 603 152 346 834 981 9,350 7,530 6,3 629 561 12,413 9, 3,729 3,058 2,869 2,344 2,031 $8,684 $6,923 $6,481 $5,186 $4,352 $2.79$2.70 $2.34 $1.80 $1.46 $1.15 $1.03 $0.93 $0.82 $0.76 Haver Industries Comparative Balance Sheets As of December 31 2012 $6,693 $6,389 $4,232 $5,912 $3,427 196 4,1854,062 3,0383,090 5,0064,4003,6403,456 3,005 2,761 2,330 1,997 24,329 20,329 17,11515,22012,166 18,77014,332 14,10813,10413,349 89,027 24,163 23,900 13,507 13,430 1,9251,8751,831 $135,695 $61,527 $57,048 $43,706 $40,776 Assets 2016 2015 2014 2013 Cash Marketable securities Receivables Inventories Other current assets 1,133 5,725 6,291 4,487 1,744 1,660 300 Total current assets Property, plant, & equipment, net Inventories Deposits & other assets 3,569 2,703 Total Assets Liabilities Notes payable Accounts payable Current long-term debt Accrued expense Income taxes Other current liabilities $0 $6,769$1,079 $3,113 3,802 3,6172,7952,205 n/a 2,429 2,265 2,5541,8791,438 4,5744,764 2,906 3,519 19,98525,039 22,14712,358 12,704 1,3961,077 35,344 12,61412,302 11,475 11,201 $0 4,910 2,12811,441 4,757 3,360 4,830 1,5181,093 2,925 2,957 2,606 Total current liabilities Deferred charges Long-term debt Non-current capital leases Other long-term liabilities 12,354 1,896 2,261 632 273 252 3,2302,8082,2912,088 72,787 43,052 39,770 27,520 27,070 4,472 Total liabilities Stockholders' Equity 2,9772,544 1,297 1,301 3,030 2,425 2,931 2,490 35,666 31,004 13,61113,692 11,980 0 (355) (1,342) (1,302) (1,734) 2,065) 62,908 18,475 17,278 16,18613,706 Total Liabilities and Stockholders' Equity $135,695 $61,527 $57,048 $43,706 $40,776 Common stock Capital surplus Retained earnings Treasury stock Other 3,976 57,856 (34,235) (17,194) 0 0 Total stockholders' equity 10.4 7.8 Sales growth EPS growth Click if you would like to Show Work for this question: Open Show Work 20.2 18.5 3.3 15.4 30.0 23.3 SHOW SOLUTION LINK TO TEXT (b1) xYour answer is incorrect. Try again Managing a broad collection of brands is challenging. In its 2012 annual report, Haver Industries stated that acquisitions that offer the greatest potential for growth." The report went on, "This requires some difficult decisions, including a rest other words, the company strives to use its assets to earn the greatest possible return Compute the return on assets? (Round answers to 1 decimal places, e.g. 52.7.) 2016 2015 2014 2013 Return on assets 8.8 11.7 12.9 12.3 Click if you would like to Show Work for this question: Open blank Show Work Copy Show Work from Previous attempt SHOW SOLUTION LINK TO TEXT (c1) Compute the dividend payout ratio? (Round answers to 2 decimal places, e.g. 52.75.) 2016 2015 2014 2013 2012 Dividend payout ratio Click if you would like to Show Work for this question: Open Show Work