JCPenney 2004 Annual Report Download - page 28

J.C. PENNEY COMPANY, INC.2 004 ANNUAL REPORT
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CONSOLIDATED BALANCE SHEETS
($ in millions, except per share data) 2004 2003
Assets
Current assets
Cash and short-term investments $ 4,687 $ 2,994
Receivables (net of bad debt reserves of $7 and $5) 404 233
Merchandise inventory (net of LIFO reserves of $25 and $43) 3,169 3,156
Prepaid expenses 167 207
Total current assets 8,427 6,590
Property and equipment, net 3,638 3,515
Prepaid pension 1,538 1,320
Other assets 524 521
Assets of discontinued operations (net of fair value adjustment of $–– and $450) –– 6,354
Total Assets $ 14,127 $ 18,300
Liabilities and Stockholders’ Equity
Current liabilities
Trade payables $ 1,200 $ 1,167
Accrued expenses and other 1,766 1,384
Short-term debt 22 18
Current maturities of long-term debt 459 242
Deferred taxes –– 943
Total current liabilities 3,447 3,754
Long-term debt 3,464 5,114
Deferred taxes 1,318 1,217
Other liabilities 1,042 804
Liabilities of discontinued operations –– 1,986
Total Liabilities 9,271 12,875
Stockholders’ Equity
Preferred stock(1) –– 304
Common stock and additional paid-in capital(2) 4,176 3,531
Reinvested earnings 812 1,728
Accumulated other comprehensive (loss) (132) (138)
Total Stockholders’ Equity 4,856 5,425
Total Liabilities and Stockholders’ Equity $ 14,127 $ 18,300
(1) Preferred stock has a stated value of $600 per share; 25 million shares are authorized. At January 29, 2005, no shares were issued and outstanding due to the redemption of all preferred shares into com-
mon stock during the year. At January 31, 2004, 0.5 million shares of Series B ESOP convertible preferred stock were issued and outstanding.
(2) Common stock has a par value of $0.50 per share; 1,250 million shares are authorized. At January 29, 2005, 271 million shares were issued and outstanding. At January 31, 2004, 274 million shares were
issued and outstanding.
The accompanying notes are an integral part of these Consolidated Financial Statements.