Haver Industries is a leading consumer products company. The company's adapted comparative balance sheets and income statements (in $ millions) follow. Haver Industries 2013 $43,377 22,141 21,236 1,665 2012 $40,238 20,989 19,249 Comparative Income Statements For the Years Ended December 31 2016 2015 Net sales revenue $68,222 $56,741 Cost of goods sold 33,125 27,872 Gross profit 35,097 28,869 Research & development expenses 2,075 1,940 Selling, general, & administrative expenses 19,773 16,460 Nonoperating income (expense) 283 346 Interest expense 1,119 834 Income before taxes 12,413 9,981 Income taxes 3,729 3,058 Net income $8,684 $6,923 Earnings per share $2.79 $2.70 Dividends per share $1.15 $1.03 2014 $51,407 25,076 26,331 1,802 14,702 152 629 9,350 2,869 $6,481 $2.34 $0.93 12,052 (211) 603 6,383 238 561 7,530 2,344 $5,186 $1.80 $0.82 2,031 $4,352 $1.46 $0.76 2014 $4,232 1,660 4,062 4,400 2,761 17,115 14,108 23,900 1,925 $57,048 2013 $5,912 300 3,038 3,640 2,330 15,220 13,104 13,507 1,875 $43,706 2012 $3,427 196 3,090 3,456 1,997 12,166 13,349 13,430 1,831 $40,776 $0 Haver Industries Comparative Balance Sheets As of December 31 Assets 2016 2015 Cash $6,693 $6,389 Marketable securities 1,133 1,744 Receivables 5,725 4,185 Inventories 6,291 5,006 Other current assets 4,487 3,005 Total current assets 24,329 20,329 Property, plant, & equipment, net 18,770 14,332 Inventories 89,027 24,163 Deposits & other assets 3,569 2,703 Total Assets $135,695 $61,527 Liabilities Notes payable $0 Accounts payable 4,910 3,802 Current long-term debt 2,128 11,441 Accrued expense 4,757 2,957 Income taxes 3,360 2,265 Other current liabilities 4,830 4,574 Total current liabilities 19,985 25,039 Deferred charges 12,354 1,896 Long-term debt 35,344 12,614 Non-current capital leases 632 273 Other long-term liabilities 4,472 3,230 Total liabilities 72,787 43,052 Stockholders' Equity Common stock 3,976 2,977 Capital surplus 57,856 3,030 Retained earnings 35,666 31,004 Treasury stock (34,235) (17,194) Other (355) (1,342) Total stockholders' equity 62,908 18,475 Total Liabilities and Stockholders' Equity $135,695 $61,527 $6,769 3,617 1,518 2,925 2,554 4,764 22,147 2,261 12,302 252 2,808 39,770 $1,079 2,795 1,093 2,606 1,879 2,906 12,358 1,396 11,475 $3,113 2,205 n/a 2,429 1,438 3,519 12,704 1,077 11,201 2,291 27,520 2,088 27,070 2,544 2,425 13,611 0 (1,302) 17,278 $57,048 1,297 2,931 13,692 0 (1,734) 16,186 $43,706 1,301 2,490 11,980 0 (2,065) 13,706 $40,776 Based on the results shown here, did the company meet its targets? How do you know? (Refer to Case Question 12-23) LINK TO TEXT Managing a broad collection of brands is challenging. In its 2012 annual report, Haver Industries stated that acquisitions and divestitures "are part of the Company's strategic focus on developing brands that offer the greatest potential for growth." The report went on, "This requires some difficult decisions, including a restructuring program to reduce overhead and streamline manufacturing processes." In other words, the company strives to use its assets to earn the greatest possible return. How well has the company managed its assets over the five-year period shown here? (Refer to Case Question 12-23) LINK TO TEXT Would you recommend Haver Industries shares to a friend who is interested in investing for growth potential? Why or why not? (Refer to Case Question 12-23) Haver Industries is a leading consumer products company. The company's adapted comparative balance sheets and income statements (in $ millions) follow. Haver Industries 2013 $43,377 22,141 21,236 1,665 2012 $40,238 20,989 19,249 Comparative Income Statements For the Years Ended December 31 2016 2015 Net sales revenue $68,222 $56,741 Cost of goods sold 33,125 27,872 Gross profit 35,097 28,869 Research & development expenses 2,075 1,940 Selling, general, & administrative expenses 19,773 16,460 Nonoperating income (expense) 283 346 Interest expense 1,119 834 Income before taxes 12,413 9,981 Income taxes 3,729 3,058 Net income $8,684 $6,923 Earnings per share $2.79 $2.70 Dividends per share $1.15 $1.03 2014 $51,407 25,076 26,331 1,802 14,702 152 629 9,350 2,869 $6,481 $2.34 $0.93 12,052 (211) 603 6,383 238 561 7,530 2,344 $5,186 $1.80 $0.82 2,031 $4,352 $1.46 $0.76 2014 $4,232 1,660 4,062 4,400 2,761 17,115 14,108 23,900 1,925 $57,048 2013 $5,912 300 3,038 3,640 2,330 15,220 13,104 13,507 1,875 $43,706 2012 $3,427 196 3,090 3,456 1,997 12,166 13,349 13,430 1,831 $40,776 $0 Haver Industries Comparative Balance Sheets As of December 31 Assets 2016 2015 Cash $6,693 $6,389 Marketable securities 1,133 1,744 Receivables 5,725 4,185 Inventories 6,291 5,006 Other current assets 4,487 3,005 Total current assets 24,329 20,329 Property, plant, & equipment, net 18,770 14,332 Inventories 89,027 24,163 Deposits & other assets 3,569 2,703 Total Assets $135,695 $61,527 Liabilities Notes payable $0 Accounts payable 4,910 3,802 Current long-term debt 2,128 11,441 Accrued expense 4,757 2,957 Income taxes 3,360 2,265 Other current liabilities 4,830 4,574 Total current liabilities 19,985 25,039 Deferred charges 12,354 1,896 Long-term debt 35,344 12,614 Non-current capital leases 632 273 Other long-term liabilities 4,472 3,230 Total liabilities 72,787 43,052 Stockholders' Equity Common stock 3,976 2,977 Capital surplus 57,856 3,030 Retained earnings 35,666 31,004 Treasury stock (34,235) (17,194) Other (355) (1,342) Total stockholders' equity 62,908 18,475 Total Liabilities and Stockholders' Equity $135,695 $61,527 $6,769 3,617 1,518 2,925 2,554 4,764 22,147 2,261 12,302 252 2,808 39,770 $1,079 2,795 1,093 2,606 1,879 2,906 12,358 1,396 11,475 $3,113 2,205 n/a 2,429 1,438 3,519 12,704 1,077 11,201 2,291 27,520 2,088 27,070 2,544 2,425 13,611 0 (1,302) 17,278 $57,048 1,297 2,931 13,692 0 (1,734) 16,186 $43,706 1,301 2,490 11,980 0 (2,065) 13,706 $40,776 Based on the results shown here, did the company meet its targets? How do you know? (Refer to Case Question 12-23) LINK TO TEXT Managing a broad collection of brands is challenging. In its 2012 annual report, Haver Industries stated that acquisitions and divestitures "are part of the Company's strategic focus on developing brands that offer the greatest potential for growth." The report went on, "This requires some difficult decisions, including a restructuring program to reduce overhead and streamline manufacturing processes." In other words, the company strives to use its assets to earn the greatest possible return. How well has the company managed its assets over the five-year period shown here? (Refer to Case Question 12-23) LINK TO TEXT Would you recommend Haver Industries shares to a friend who is interested in investing for growth potential? Why or why not? (Refer to Case Question 12-23)