JCPenney 2002 Annual Report Download - page 22

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2002 annual report J. C. Penney Company, Inc. 19
CONSOLIDATED BALANCE SHEETS
($ in millions, except per share data) 2002 2001
Assets
Current assets
Cash and short-term investments $ 2,474 $ 2,840
Receivables (net of bad debt reserves of $14 and $27) 705 698
Merchandise inventory (net of LIFO reserves of $403 and $377) 4,945 4,930
Prepaid expenses 229 209
Total current assets 8,353 8,677
Property and equipment
Land and buildings 2,940 2,987
Furniture and fixtures 3,946 4,105
Leasehold improvements 1,268 1,225
Accumulated depreciation (3,253) (3,328)
Property and equipment, net 4,901 4,989
Goodwill 2,304 2,321
Intangible assets (net of accumulated amortization of $322 and $304) 494 527
Other assets 1,815 1,534
Total Assets $ 17,867 $ 18,048
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and accrued expenses $ 3,791 $ 3,465
Short-term debt 13 15
Current maturities of long-term debt 275 920
Deferred taxes 80 99
Total current liabilities 4,159 4,499
Long-term debt 4,940 5,179
Deferred taxes 1,391 1,231
Other liabilities 1,007 1,010
Total Liabilities 11,497 11,919
Stockholders’ Equity
Preferred stock, no par value and stated value of $600 per share;
authorized, 25 million shares; issued and outstanding, 0.6 million and
0.6 million shares Series B ESOP convertible preferred 333 363
Common stock, par value $0.50 per share; authorized, 1,250 million shares;
issued and outstanding 269 million and 264 million shares 3,423 3,330
Reinvested earnings 2,817 2,573
Accumulated other comprehensive (loss) (203) (137)
Total Stockholders’ Equity 6,370 6,129
Total Liabilities and Stockholders’ Equity $ 17,867 $ 18,048
The accompanying notes are an integral part of these Consolidated Financial Statements.