Costco 2004 Annual Report Download - page 29

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED BALANCE SHEETS
(dollars in thousands except par value)
August 29,
2004
August 31,
2003
ASSETS
CURRENT ASSETS
Cash and cash equivalents .......................................... $ 2,823,135 $ 1,545,439
Short-term investments ............................................ 306,747 —
Receivables, net .................................................. 335,175 556,090
Merchandise inventories ........................................... 3,643,585 3,339,428
Other current assets ............................................... 160,457 270,581
Total current assets ........................................... 7,269,099 5,711,538
PROPERTY AND EQUIPMENT
Land........................................................... 2,284,574 2,173,685
Buildings, leaseholds and land improvements .......................... 5,212,295 4,831,236
Equipment and fixtures ............................................ 1,974,995 1,846,324
Construction in progress ........................................... 132,180 154,181
9,604,044 9,005,426
Less accumulated depreciation and amortization ........................ (2,340,347) (2,045,418)
Net property and equipment .................................... 7,263,697 6,960,008
OTHER ASSETS .................................................... 559,752 520,142
$15,092,548 $13,191,688
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term borrowings ............................................ $ 21,595 $ 47,421
Accounts payable ................................................ 3,600,200 3,131,320
Accrued salaries and benefits ....................................... 904,209 734,261
Accrued sales and other taxes ....................................... 223,009 207,392
Deferred membership income ....................................... 453,881 401,357
Current portion long-term debt ...................................... 305,594 7,051
Other current liabilities ............................................ 662,062 482,305
Total current liabilities ........................................ 6,170,550 5,011,107
LONG-TERM DEBT, excluding current portion ......................... 993,746 1,289,649
DEFERRED INCOME TAXES AND OTHER LIABILITIES .............. 244,176 209,835
Total liabilities .............................................. 7,408,472 6,510,591
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST ............................................. 59,266 126,117
STOCKHOLDERS’ EQUITY
Preferred stock $.005 par value; 100,000,000 shares authorized; no shares
issued and outstanding .......................................... — —
Common stock $.005 par value; 900,000,000 shares authorized; 462,637,000
and 457,479,000 shares issued and outstanding ....................... 2,313 2,287
Additional paid-in capital .......................................... 1,466,366 1,280,942
Other accumulated comprehensive income/(loss) ....................... 16,144 (77,980)
Retained earnings ................................................ 6,139,987 5,349,731
Total stockholders’ equity ...................................... 7,624,810 6,554,980
$15,092,548 $13,191,688
The accompanying notes are an integral part of these consolidated financial statements.
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