(in millions of dollars, except per share data)
|
 |
|
| at December 31, |
|
2003 |
|
2002 |
|
|
|
|
|
|
| Assets |
|
|
|
|
| Consumer products |
|
|
|
|
| Cash and equivalents |
|
$ 3,777 |
|
$ 565 |
| Receivables (less allowances of $135 and $142) |
|
5,256 |
|
5,139 |
| Inventories: |
|
|
|
|
| Leaf tobacco |
|
3,591 |
|
3,605 |
| Other raw materials |
|
2,009 |
|
1,935 |
| Finished product |
|
3,940 |
|
3,587 |
|
|
|
9,540 |
|
9,127 |
| Other current assets |
|
2,809 |
|
2,610 |
|
| Total current assets |
|
21,382 |
|
17,441 |
| |
|
|
|
|
| Property, plant and equipment, at cost: |
|
|
|
|
| Land and land improvements |
|
840 |
|
710 |
| Buildings and building equipment |
|
6,917 |
|
6,219 |
| Machinery and equipment |
|
18,230 |
|
16,127 |
| Construction in progress |
|
1,246 |
|
1,497 |
|
|
|
27,233 |
|
24,553 |
| Less accumulated depreciation |
|
11,166 |
|
9,707 |
|
|
|
16,067 |
|
14,846 |
| |
|
|
|
|
| Goodwill |
|
27,742 |
|
26,037 |
| Other intangible assets, net |
|
11,803 |
|
11,834 |
| Other assets |
|
10,641 |
|
8,151 |
|
| Total consumer products assets |
|
87,635 |
|
78,309 |
| |
|
|
|
|
| Financial services |
|
|
|
|
| Finance assets, net |
|
8,393 |
|
9,075 |
| Other assets |
|
147 |
|
156 |
|
| Total financial services assets |
|
8,540 |
|
9,231 |
|
|
|
|
|
|
| Total Assets |
|
$96,175 |
|
$87,540 |
|
| |
| |
|
|
|
| at December 31, |
|
2003 |
|
2002 |
|
| Liabilities |
|
|
|
|
| Consumer products |
|
|
|
|
| Short-term borrowings |
|
$ 1,715 |
|
$ 407 |
| Current portion of long-term debt |
|
1,661 |
|
1,558 |
| Accounts payable |
|
3,198 |
|
3,088 |
| Accrued liabilities: |
|
|
|
|
| Marketing |
|
2,443 |
|
3,192 |
| Taxes, except income taxes |
|
2,325 |
|
1,735 |
| Employment costs |
|
1,363 |
|
1,099 |
| Settlement charges |
|
3,530 |
|
3,027 |
| Other |
|
2,455 |
|
2,563 |
| Income taxes |
|
1,316 |
|
1,103 |
| Dividends payable |
|
1,387 |
|
1,310 |
|
| Total current liabilities |
|
21,393 |
|
19,082 |
|
|
|
|
|
| Long-term debt |
|
18,953 |
|
19,189 |
| Deferred income taxes |
|
7,295 |
|
6,112 |
| Accrued postretirement health care costs |
|
3,216 |
|
3,128 |
| Minority interest |
|
4,760 |
|
4,366 |
| Other liabilities |
|
7,161 |
|
8,004 |
|
| Total consumer products liabilities |
|
62,778 |
|
59,881 |
Financial services |
|
|
|
|
| Long-term debt |
|
2,210 |
|
2,166 |
| Deferred income taxes |
|
5,815 |
|
5,521 |
| Other liabilities |
|
295 |
|
494 |
|
| Total financial services liabilities |
|
8,320 |
|
8,181 |
|
| Total liabilities |
|
71,098 |
|
68,062 |
Contingencies (Note 18) |
|
|
|
|
Stockholders' Equity |
|
|
|
|
| Common stock, par value $0.33 1/3 per share (2,805,961,317 shares issued) |
|
935 |
|
935 |
| Additional paid-in capital |
|
4,813 |
|
4,642 |
| Earnings reinvested in the business |
|
47,008 |
|
43,259 |
Accumulated other comprehensive losses
(including currency translation of $1,578 and $2,951) |
|
(2,125) |
|
(3,956) |
| Cost of repurchased stock (768,697,895 and 766,701,765 shares) |
|
(25,554) |
|
(25,402) |
|
| Total stockholders' equity |
|
25,077 |
|
19,478 |
|
| Total Liabilities and Stockholders' Equity |
|
$96,175 |
|
$87,540 |
|
See notes to consolidated financial statements. |
