Kraft 2003 Annual Report Download - page 42

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40
Kraft Foods Inc. Consolidated Balance Sheets
(in millions of dollars)
At December 31, 2003 2002
Assets
Cash and cash equivalents $514 $215
Receivables (less allowances of $114 and $119) 3,369 3,116
Inventories:
Raw materials 1,375 1,372
Finished product 1,968 2,010
3,343 3,382
Deferred income taxes 681 511
Other current assets 217 232
Total current assets 8,124 7,456
Property, plant and equipment, at cost:
Land and land improvements 407 387
Buildings and building equipment 3,422 3,153
Machinery and equipment 11,293 10,108
Construction in progress 683 802
15,805 14,450
Less accumulated depreciation 5,650 4,891
10,155 9,559
Goodwill 25,402 24,911
Other intangible assets, net 11,477 11,509
Prepaid pension assets 3,243 2,814
Other assets 884 851
Total Assets $59,285 $57,100
Liabilities
Short-term borrowings $553 $220
Current portion of long-term debt 775 352
Due to Altria Group, Inc. and affiliates 543 895
Accounts payable 2,005 1,939
Accrued liabilities:
Marketing 1,500 1,474
Employment costs 699 610
Other 1,335 1,316
Income taxes 451 363
To tal current liabilities 7,861 7,169
Long-term debt 11,591 10,416
Deferred income taxes 5,856 5,428
Accrued postretirement health care costs 1,894 1,889
Notes payable to Altria Group, Inc. and affiliates 2,560
Other liabilities 3,553 3,806
Total liabilities 30,755 31,268
Contingencies (Note 17)
Shareholders’ Equity
Class A common stock, no par value (555,000,000 shares issued in 2003 and 2002)
Class B common stock, no par value (1,180,000,000 shares issued and outstanding)
Additional paid-in capital 23,704 23,655
Earnings reinvested in the business 7,020 4,814
Accumulated other comprehensive losses (primarily currency translation adjustments) (1,792) (2,467)
28,932 26,002
Less cost of repurchased stock (13,062,876 and 4,381,150 Class A shares) (402) (170)
Total shareholders’ equity 28,530 25,832
Total Liabilities and Shareholders’ Equity $59,285 $57,100
See notes to consolidated financial statements.