National Oilwell Varco 2003 Annual Report Download - page 29

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28
NATIONAL-OILWELL, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, December 31,
2003 2002
ASSET
S
Current assets:
Cash and cash equivalents 74,217$ 118,338$
Receivables, net 460,910 428,116
Inventories 546,690 470,088
Costs in excess of billings 107,625 53,805
Deferred income taxes 15,410 26,783
Prepaid and other current assets 41,548 26,504
Total current assets 1,246,400 1,123,634
Property, plant and equipment, net 252,365 208,420
Deferred income taxes 52,391 36,864
Goodwill 587,341 512,219
Intangibles, net 79,281 69,357
Property held for sale 8,693 7,389
Other assets 16,265 19,345
2,242,73
6
$ 1,977,228$
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt 14,910 -
Accounts payable 228,576 168,548
Customer prepayments 26,424 9,533
Accrued compensation 25,382 17,323
Billings in excess of costs 49,259 61,738
Accrued income taxes 24,673 23,773
Other accrued liabilities 82,991 73,867
Total current liabilities 452,215 354,782
Long-term debt 593,980 594,637
Deferred income taxes 52,368 54,612
Other liabilities 37,996 30,229
Total liabilities 1,136,559 1,034,260
C
omm
i
tments an
d
cont
i
ngenc
i
es
Minority interest 15,748 9,604
Stockholders' equity:
Common stock - par value $.01; 85,124,979 and 81,014,713 shares
issued and outstanding at December 31, 2003 and December 31, 2002 851 810
Additional paid-in capital 674,965 594,849
Accumulated other comprehensive loss (44,374) (44,461)
Retained earnings 458,987 382,166
1,090,429 933,364
2,242,73
6
$ 1,977,228$
T
h
e accompany
i
ng notes are an
i
ntegra
l
part o
f
t
h
ese statements.