Consolidated Balance Sheets
(in millions of dollars, except share and per share data)
|
 |
|
|
|
| at December 31, |
|
2004 |
|
2003 |
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Consumer products |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ 5,744 |
|
$ 3,777 |
|
|
| Receivables (less allowances of $139 in 2004 and $135 in 2003) |
|
5,754 |
|
5,256 |
|
|
| Inventories: |
|
|
|
|
|
|
| Leaf tobacco |
|
3,643 |
|
3,591 |
|
|
| Other raw materials |
|
2,170 |
|
2,009 |
|
|
| Finished product |
|
4,228 |
|
3,940 |
|
|
|
|
Assets of discontinued operations held for sale |
|
10,041
1,458 |
|
9,540
|
|
|
| Other current assets |
|
2,904 |
|
2,809 |
|
|
|
|
| Total current assets |
|
25,901 |
|
21,382 |
|
|
| |
|
|
|
|
|
|
| Property, plant and equipment, at cost: |
|
|
|
|
|
|
| Land and land improvements |
|
889 |
|
840 |
|
|
| Buildings and building equipment |
|
7,366 |
|
6,917 |
|
|
| Machinery and equipment |
|
19,566 |
|
18,230 |
|
|
| Construction in progress |
|
1,266 |
|
1,246 |
|
|
|
|
|
|
29,087 |
|
27,233 |
|
|
| Less accumulated depreciation |
|
12,782 |
|
11,166 |
|
|
|
|
|
|
16,305 |
|
16,067 |
|
|
| |
|
|
|
|
|
|
| Goodwill |
|
28, 056
|
|
27,742 |
|
|
| Other intangible assets, net |
|
11,056 |
|
11,803 |
|
|
| Other assets |
|
12,485 |
|
10,641 |
|
|
|
|
| Total consumer products assets |
|
93,803 |
|
87,635 |
|
|
| |
|
|
|
|
|
|
| Financial services |
|
|
|
|
|
|
| Finance assets, net |
|
7,827 |
|
8,393 |
|
|
| Other assets |
|
18 |
|
147 |
|
|
|
|
| Total financial services assets |
|
7,845 |
|
8,540 |
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
$101,648 |
|
$96,175 |
|
|
|
|
| |
|
|
| |
|
|
|
|
|
|
|
| at December 31, |
|
2004 |
|
2003 |
|
|
|
|
| Liabilities |
|
|
|
|
|
|
| Consumer products |
|
|
|
|
|
|
| Short-term borrowings |
|
$ 2,546 |
|
$ 1,715 |
|
|
| Current portion of long-term debt |
|
1,751 |
|
1,661 |
|
|
| Accounts payable |
|
3,466 |
|
3,198 |
|
|
| Accrued liabilities: |
|
|
|
|
|
|
| Marketing |
|
2,516 |
|
2,443 |
|
|
| Taxes, except income taxes |
|
2,909 |
|
2,325 |
|
|
| Employment costs |
|
1,325 |
|
1,363 |
|
|
| Settlement charges |
|
3,501 |
|
3,530 |
|
|
| Other |
|
3,072 |
|
2,455 |
|
|
| Income taxes |
|
983 |
|
1,316 |
|
|
| Dividends payable |
|
1,505 |
|
1,387 |
|
|
|
|
| Total current liabilities |
|
23,574 |
|
21,393 |
|
|
|
|
|
|
|
|
|
| Long-term debt |
|
16,462 |
|
18,953 |
|
|
| Deferred income taxes |
|
7,677 |
|
7,295 |
|
|
| Accrued postretirement health care costs |
|
3,285 |
|
3,216 |
|
|
| Minority interest |
|
4,764 |
|
4,760 |
|
|
| Other liabilities |
|
6,856 |
|
7,161 |
|
|
|
|
| Total consumer products liabilities |
|
62,618 |
|
62,778 |
|
|
Financial services |
|
|
|
|
|
|
| Long-term debt |
|
2,221 |
|
2,210 |
|
|
| Deferred income taxes |
|
5,876 |
|
5,815 |
|
|
| Other liabilities |
|
219 |
|
295 |
|
|
|
|
| Total financial services liabilities |
|
8,316 |
|
8,320 |
|
|
|
|
| Total liabilities |
|
70,934 |
|
71,098 |
|
|
Contingencies (Note 19) |
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
| Common stock, par value $0.33 1/3 per share (2,805,961,317 shares issued) |
|
935 |
|
935 |
|
|
| Additional paid-in capital |
|
5,176 |
|
4,813 |
|
|
| Earnings reinvested in the business |
|
50,595 |
|
47,008 |
|
|
Accumulated other comprehensive losses (including currency translation
of $610 in 2004 and $1,578 in 2003) |
|
(1,141) |
|
(2,125) |
|
|
| Cost of repurchased stock (746,433,841 shares in 2004 and 768,697,895 shares in 2003) |
|
(24,851) |
|
(25,554) |
|
|
|
|
| Total stockholders' equity |
|
30,714 |
|
25,077 |
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$101,648 |
|
$96,175 |
|
|
|
See notes to consolidated financial statements.
|
|