Kraft 2005 Annual Report Download - page 53

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MERRILL CORPORATION ABLIJDE// 7-MAR-06 14:42 DISK126:[06CHI5.06CHI1135]DQ1135A.;7
mrll.fmt Free: 15D*/0D Foot: 0D/ 0D VJ RSeq: 1 Clr: 0
DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;51
KRAFT FOODS-FSC CERTIFIED-10K/AR Proj: P1102CHI06 Job: 06CHI1135 File: DQ1135A.;7
Merrill Corporation/Chicago (312) 786-6300 Page Dim: 8.250X 10.750Copy Dim: 38. X 54.3
KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS, at December 31,
(in millions of dollars)
2005 2004
ASSETS
Cash and cash equivalents ............................................... $ 316 $ 282
Receivables (less allowances of $92 in 2005 and $118 in 2004) ........................ 3,385 3,541
Inventories:
Raw materials ...................................................... 1,363 1,367
Finished product .................................................... 1,980 2,080
3,343 3,447
Deferred income taxes .................................................. 879 749
Assets of discontinued operations held for sale .................................. 1,458
Other current assets ................................................... 230 245
Total current assets ................................................... 8,153 9,722
Property, plant and equipment, at cost:
Land and land improvements ............................................ 388 400
Buildings and building equipment ......................................... 3,551 3,545
Machinery and equipment .............................................. 12,008 11,892
Construction in progress ............................................... 651 646
16,598 16,483
Less accumulated depreciation ........................................... 6,781 6,498
9,817 9,985
Goodwill ........................................................... 24,648 25,177
Other intangible assets, net ............................................... 10,516 10,634
Prepaid pension assets ................................................. 3,617 3,569
Other assets ........................................................ 877 841
TOTAL ASSETS ..................................................... $57,628 $59,928
LIABILITIES
Short-term borrowings .................................................. $ 805 $1,818
Current portion of long-term debt ........................................... 1,268 750
Due to Altria Group, Inc. and affiliates ........................................ 652 227
Accounts payable ..................................................... 2,270 2,207
Accrued liabilities:
Marketing ......................................................... 1,529 1,637
Employment costs ................................................... 625 732
Other ........................................................... 1,338 1,537
Income taxes ........................................................ 237 170
Total current liabilities ................................................. 8,724 9,078
Long-term debt ...................................................... 8,475 9,723
Deferred income taxes .................................................. 6,067 6,468
Accrued postretirement health care costs ...................................... 1,931 1,887
Other liabilities ....................................................... 2,838 2,861
Total liabilities ...................................................... 28,035 30,017
Contingencies (Note 18)
SHAREHOLDERS’ EQUITY
Class A common stock, no par value (555,000,000 shares issued in 2005 and 2004)
Class B common stock, no par value (1,180,000,000 shares issued and outstanding in 2005 and
2004)
Additional paid-in capital ................................................. 23,835 23,762
Earnings reinvested in the business .......................................... 9,453 8,304
Accumulated other comprehensive losses (including currency translation of $(1,290) in 2005 and
$(890) in 2004) ..................................................... (1,663) (1,205)
31,625 30,861
Less cost of repurchased stock (65,119,245 Class A shares in 2005 and 29,644,926 Class A shares
in 2004) .......................................................... (2,032) (950)
Total shareholders’ equity ............................................... 29,593 29,911
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY .............................. $57,628 $59,928
See notes to consolidated financial statements.
52
6 C Cs: 63214