Baker Hughes 2004 Annual Report Download - page 90

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CONSOLIDATED฀BALANCE฀SHEETS
฀ December฀31,฀
(In฀millions,฀except฀par฀value)฀ 2004฀ 2003
Assets
Current฀Assets:
฀ Cash฀and฀cash฀equivalents฀฀ $฀ 319.0฀ $฀ 98.4
฀ Accounts฀receivable฀–฀less฀allowance฀for฀doubtful฀accounts:
฀ ฀ December฀31,฀2004,฀$50.5;฀December฀31,฀2003,฀$61.8฀ ฀ 1,356.1฀ ฀ 1,141.8
฀ Inventories฀ ฀ 1,035.2฀ ฀ 1,013.4฀
฀ Deferred฀income฀taxes฀ ฀ 199.7฀ ฀ 172.6
฀ Other฀current฀assets฀ ฀ 56.6฀ ฀ 58.1฀
฀ Assets฀of฀discontinued฀operations฀ ฀ –฀ ฀ 48.7
฀ ฀ Total฀current฀assets฀ ฀ 2,966.6฀ ฀ 2,533.0
Investments฀in฀affiliates฀ ฀ 678.1฀ ฀ 691.3
Property฀–฀less฀accumulated฀depreciation:
฀ December฀31,฀2004,฀$2,382.9;฀December฀31,฀2003,฀$2,215.0฀฀ ฀ 1,334.1฀ ฀ 1,395.1
Goodwill฀ ฀ 1,267.0฀ ฀ 1,239.4฀
Intangible฀assets฀–฀less฀accumulated฀amortization:
฀ December฀31,฀2004,฀$70.2;฀December฀31,฀2003,฀$55.8฀ ฀ 155.1฀ ฀ 163.4
Other฀assets฀ ฀ 420.4฀ ฀ 394.3
Total฀assets฀ $฀ 6,821.3฀ $฀ 6,416.5
Liabilities฀and฀Stockholders’฀Equity
Current฀Liabilities:
฀ Accounts฀payable฀ $฀ 454.3฀ $฀ 386.4
฀ Short-term฀borrowings฀and฀current฀portion฀of฀long-term฀debt฀ ฀ 76.0฀ ฀ 351.4
฀ Accrued฀employee฀compensation฀ ฀ 368.8฀ ฀ 277.8฀
฀ Income฀taxes฀ ฀ 104.8฀ ฀ 41.6฀
฀ Other฀accrued฀liabilities฀ ฀ 231.6฀ ฀ 237.7
฀ Liabilities฀of฀discontinued฀operations฀ ฀ –฀ ฀ 29.5
฀ ฀ Total฀current฀liabilities฀ ฀ 1,235.5฀ ฀ 1,324.4
Long-term฀debt฀ ฀ 1,086.3฀ ฀ 1,133.0
Deferred฀income฀taxes฀and฀other฀tax฀liabilities฀ ฀ 231.9฀ ฀ 218.9
Pensions฀and฀postretirement฀benefit฀obligations฀ ฀ 308.3฀ ฀ 311.1
Other฀liabilities฀ ฀ 63.9฀ ฀ 78.7
Commitments฀and฀contingencies
Stockholders’฀equity:
฀ Common฀stock,฀one฀dollar฀par฀value฀(shares฀authorized฀–฀750.0;
฀ ฀ outstanding฀–฀336.6฀at฀December฀31,฀2004฀and฀332.0฀at฀December฀31,฀2003)฀฀ ฀ 336.6฀ ฀ 332.0
฀ Capital฀in฀excess฀of฀par฀value฀ ฀ 3,127.8฀ ฀ 2,998.6
฀ Retained฀earnings฀฀ ฀ 545.9฀ ฀ 170.9
฀ Accumulated฀other฀comprehensive฀loss฀฀ ฀ (109.8)฀ ฀ (151.1)฀
฀ Unearned฀compensation฀ ฀ (5.1)฀ ฀ –
Total฀stockholders’฀equity฀฀ ฀ 3,895.4฀ ฀ 3,350.4
Total฀liabilities฀and฀stockholders’฀equity฀฀ $฀ 6,821.3฀ $฀ 6,416.5
See฀Notes฀to฀Consolidated฀Financial฀Statements
40฀฀฀฀฀Baker฀Hughes฀Incorporated