Kraft 2006 Annual Report Download - page 59

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KRAFT FOODS INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS, at December 31,
(in millions of dollars)
2006
2005
ASSETS
Cash and cash equivalents $ 239 $ 316
Receivables (less allowances of $84 in 2006 and $92 in 2005) 3,869 3,385
Inventories:
Raw materials 1,389 1,363
Finished product 2,117 1,980
3,506 3,343
Deferred income taxes 387 879
Other current assets 253 230
Total current assets 8,254 8,153
Property, plant and equipment, at cost:
Land and land improvements 389 388
Buildings and building equipment 3,657 3,551
Machinery and equipment 12,164 12,008
Construction in progress 840 651
17,050 16,598
Less accumulated depreciation 7,357 6,781
9,693 9,817
Goodwill 25,553 24,648
Other intangible assets, net 10,177 10,516
Prepaid pension assets 1,168 3,617
Other assets 729 877
TOTAL ASSETS $ 55,574 $ 57,628
LIABILITIES
Short-term borrowings $ 1,715 $ 805
Current portion of long-term debt 1,418 1,268
Due to Altria Group, Inc. and affiliates 607 652
Accounts payable 2,602 2,270
Accrued liabilities:
Marketing 1,626 1,529
Employment costs 750 625
Other 1,604 1,338
Income taxes 151 237
Total current liabilities 10,473 8,724
Long-term debt 7,081 8,475
Deferred income taxes 3,930 6,067
Accrued pension costs 1,022 1,226
Accrued postretirement health care costs 3,014 1,931
Other liabilities 1,499 1,612
Total liabilities 27,019 28,035
Contingencies (Note 18)
SHAREHOLDERS' EQUITY
Class A common stock, no par value (555,000,000 shares issued in 2006 and 2005)
Class B common stock, no par value (1,180,000,000 shares issued and outstanding in 2006 and 2005)
Additional paid-in capital 23,626 23,835
Earnings reinvested in the business 11,128 9,453
Accumulated other comprehensive losses (3,069) (1,663)
31,685 31,625
Less cost of repurchased stock (99,027,355 Class A shares in 2006 and 65,119,245 Class A shares in 2005) (3,130) (2,032)
Total shareholders' equity 28,555 29,593
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 55,574 $ 57,628
See notes to consolidated financial statements.
55
Source: KRAFT FOODS INC, 10-K, March 01, 2007