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PART II
Consolidated Balance Sheets
May 31,
(In millions) 2012 2011
ASSETS
Current assets:
Cash and equivalents $ 2,317 $ 1,955
Short-term investments (Note 6) 1,440 2,583
Accounts receivable, net (Note 1) 3,280 3,138
Inventories (Notes 1 and 2) 3,350 2,715
Deferred income taxes (Note 9) 274 312
Prepaid expenses and other current assets (Notes 6 and 16) 870 594
Total current assets 11,531 11,297
Property, plant and equipment, net (Note 3) 2,279 2,115
Identifiable intangible assets, net (Note 4) 535 487
Goodwill (Note 4) 201 205
Deferred income taxes and other assets (Notes 6, 9 and 16) 919 894
TOTAL ASSETS $ 15,465 $ 14,998
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt (Note 8) $ 49 $ 200
Notes payable (Note 7) 108 187
Accounts payable (Note 7) 1,588 1,469
Accrued liabilities (Notes 5, 6 and 16) 2,053 1,985
Income taxes payable (Note 9) 67 117
Total current liabilities 3,865 3,958
Long-term debt (Note 8) 228 276
Deferred income taxes and other liabilities (Notes 6, 9 and 16) 991 921
Commitments and contingencies (Note 15) ——
Redeemable Preferred Stock (Note 10) ——
Shareholders’ equity:
Common stock at stated value (Note 11):
Class A convertible — 90 and 90 shares outstanding — —
Class B — 368 and 378 shares outstanding 33
Capital in excess of stated value 4,641 3,944
Accumulated other comprehensive income (Note 14) 149 95
Retained earnings 5,588 5,801
Total shareholders’ equity 10,381 9,843
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 15,465 $ 14,998
The accompanying notes to consolidated financial statements are an integral part of this statement.
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