JCPenney 2003 Annual Report Download - page 25

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J. C. Penney Company, Inc. 23
CONSOLIDATED BALANCE SHEETS
($ in millions, except per share data) 2003 2002
Assets
Current assets
Cash and short-term investments $2,994 $2,474
Receivables (net of bad debt reserves of $5 and $4) 233 224
Merchandise inventory (net of LIFO reserves of $43 and $49) 3,156 2,970
Prepaid expenses 130 90
Tot al current assets 6,513 5,758
Property and equipment, net 3,515 3,604
Prepaid pension 1,320 1,150
Goodwill 42 35
Other assets 556 491
Assets of discontinued operations (net of fair value adjustment of $450 and $0) 6,354 6,749
Tot a l Assets $18,300 $17,787
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and accrued expenses $2,551 $2,274
Short-term debt 18 13
Current maturities of long-term debt 242 276
Deferred taxes 943 —
Tot al current liabilities 3,754 2,563
Long-term debt 5,114 4,897
Deferred taxes 1,217 1,159
Other liabilities 804 782
Liabilities of discontinued operations 1,986 2,016
To t a l Liabilities 12,875 11,417
Stockholders’ Equity
Preferred stock, no par value and stated value of $600 per share;
authorized, 25 million shares; issued and outstanding, 0.5 million and
0.6 million shares Series B ESOP convertible preferred 304 333
Common stock, par value $0.50 per share; authorized, 1,250 million shares;
issued and outstanding 274 million and 269 million shares 3,531 3,423
Reinvested earnings 1,728 2,817
Accumulated other comprehensive (loss) (138) (203)
To t a l Sto ckholders’ Equity 5,425 6,370
To t a l Lia bilities and Stockholders’ Equity $18,300 $17,787
The accompanying notes are an integral part of these Consolidated Financial Statements.