Kraft 2004 Annual Report Download - page 49

KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS, at December 31,
(in millions of dollars)
2004 2003
ASSETS
Cash and cash equivalents ............................................... $ 282 $ 514
Receivables (less allowances of $118 in 2004 and $114 in 2003) ....................... 3,541 3,369
Inventories:
Raw materials ...................................................... 1,367 1,375
Finished product .................................................... 2,080 1,968
3,447 3,343
Deferred income taxes .................................................. 749 681
Assets of discontinued operations held for sale .................................. 1,458
Other current assets ................................................... 245 217
Total current assets ................................................... 9,722 8,124
Property, plant and equipment, at cost:
Land and land improvements ............................................ 400 407
Buildings and building equipment ......................................... 3,545 3,422
Machinery and equipment .............................................. 11,892 11,293
Construction in progress ............................................... 646 683
16,483 15,805
Less accumulated depreciation ........................................... 6,498 5,650
9,985 10,155
Goodwill ........................................................... 25,177 25,402
Other intangible assets, net ............................................... 10,634 11,477
Prepaid pension assets ................................................. 3,569 3,243
Other assets ........................................................ 841 884
TOTAL ASSETS ..................................................... $59,928 $59,285
LIABILITIES
Short-term borrowings .................................................. $ 1,818 $ 553
Current portion of long-term debt ........................................... 750 775
Due to Altria Group, Inc. and affiliates ........................................ 227 543
Accounts payable ..................................................... 2,207 2,005
Accrued liabilities:
Marketing ......................................................... 1,637 1,500
Employment costs ................................................... 732 699
Other ........................................................... 1,537 1,335
Income taxes ........................................................ 170 451
Total current liabilities ................................................. 9,078 7,861
Long-term debt ...................................................... 9,723 11,591
Deferred income taxes .................................................. 5,850 5,856
Accrued postretirement health care costs ...................................... 1,887 1,894
Other liabilities ....................................................... 3,479 3,553
Total liabilities ...................................................... 30,017 30,755
Contingencies (Note 18)
SHAREHOLDERS’ EQUITY
Class A common stock, no par value (555,000,000 shares issued in 2004 and 2003)
Class B common stock, no par value (1,180,000,000 shares issued and outstanding in 2004 and
2003)
Additional paid-in capital ................................................. 23,762 23,704
Earnings reinvested in the business .......................................... 8,304 7,020
Accumulated other comprehensive losses (including currency translation of $(890) in 2004 and
$(1,494) in 2003) .................................................... (1,205) (1,792)
30,861 28,932
Less cost of repurchased stock (29,644,926 Class A shares in 2004 and 13,062,876 Class A shares
in 2003) .......................................................... (950) (402)
Total shareholders’ equity ............................................... 29,911 28,530
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY .............................. $59,928 $59,285
See notes to consolidated financial statements.
48