Sara Lee 2013 Annual Report Download - page 34

32 The Hillshire Brands Company
CONSOLIDATED BALANCE SHEETS
In millions June 29, 2013 June 30, 2012
ASSETS
Cash and equivalents $÷«400 $÷«235
Trade accounts receivable, less allowances of $2 in 2013 and $11 in 2012 219 248
Inventories
Finished goods 207 196
Work in process 15 17
Materials and supplies 91 75
313 288
Current deferred income taxes 71 114
Income tax receivable 18 52
Other current assets 85 65
Total current assets 1,106 1,002
Property
Land 25 25
Buildings and improvements 790 756
Machinery and equipment 1,095 1,137
Construction in progress 93 174
2,003 2,092
Accumulated depreciation 1,185 1,245
Property, net 818 847
Trademarks and other identifiable intangibles, net 121 132
Goodwill 348 348
Deferred income taxes 20 36
Other noncurrent assets 21 80
Noncurrent assets held for disposal –5
$2,434 $2,450
LIABILITIES AND EQUITY
Accounts payable $÷«295 $÷«359
Accrued liabilities
Payroll and employee benefits 110 127
Advertising and promotion 124 116
Other accrued liabilities 123 226
Current maturities of long-term debt 19 5
Total current liabilities 671 833
Long-term debt 932 939
Pension obligation 119 166
Other liabilities 228 277
Contingencies and commitments (Note 14)
Equity
Hillshire Brands common stockholders’ equity:
Common stock: (authorized 1,200,000,000 shares; $0.01 par value)
Issued and outstanding – 123,247,815 shares in 2013 and 120,644,345 shares in 2012 11
Capital surplus 200 144
Retained earnings 477 295
Unearned stock of ESOP (53) (61)
Accumulated other comprehensive (loss) (141) (144)
Total equity 484 235
$2,434 $2,450
The accompanying Notes to Financial Statements are an integral part of these statements.