Consolidated Balance Sheet

  December 31
  2003 2002
(Thousands of dollars)    
ASSETS    
Current Assets    
Cash and cash equivalents $ 28,626 $ 82,050
Accounts receivable, less allowances: 2003– $23,957; 2002–$14,386 602,262 361,316
Deferred income taxes 50,271 36,003
Inventories:    
Manufacturing supplies 42,052 34,493
Work in process and raw materials 323,439 243,485
Finished products 330,455 210,945
Total Inventories 695,946 488,923
Total Current Assets 1,377,105 968,292
Property, Plant and Equipment    
Land and buildings 601,108 482,878
Machinery and equipment 2,900,443 2,462,198
  3,501,551 2,945,076
Less allowances for depreciation 1,892,957 1,718,832
Property, Plant and Equipment-Net 1,608,594 1,226,244
Other Assets    
Goodwill 173,099 129,943
Other intangible assets 197,993 134,259
Miscellaneous receivables and other assets 130,081 95,356
Deferred income taxes 148,802 169,051
Deferred charges and prepaid expenses 54,115 25,211
Total Other Assets 704,090 553,820
Total Assets $ 3,689,789 $ 2,748,356
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Current Liabilities    
Commercial paper $ - $ 8,999
Short-term debt 114,469 78,354
Accounts payable and other liabilities 425,157 296,543
Salaries, wages and benefits 429,691 222,546
Income taxes 78,514 3,847
Current portion of long-term debt 6,725 23,781
Total Current Liabilities 1,054,556 634,070
Non-Current Liabilities    
Long-term debt 613,446 350,085
Accrued pension cost 424,414 723,188
Accrued post retirement benefits cost 476,966 411,304
Other non-current liabilities 30,780 20,623
Total Current Liabilities 1,545,556 1,505,200
Shareholders’ Equity    
Class I and II Serial Preferred Stock without par value:    
Authorized–10,000,000 shares each class, none issued - -
Common stock without par value:    
Authorized–200,000,000 shares    
Issued (including shares in treasury) (2003 – 89,076,114 shares; 2002 – 63,451,916 shares)    
Stated capital 53,064 53,064
Other paid-in capital 636,272 257,992
Earnings invested in the business 758,849 764,446
Accumulated other comprehensive loss (358,382) (465,677)
Treasury shares at cost (2003 – 10,601 shares; 2002 – 40,074 shares) (176) (739)
Total Shareholders’ Equity 1,089,627 609,086
Total Liabilities and Shareholders’ Equity $ 3,689,789 $ 2,748,356
See accompanying Notes to Consolidated Financial Statements on pages 38 through 57.


Financial Summary • Letter to Shareholders • Soaring with Opportunities • Driving New Opportunities
Beyond Boundaries • Boundless Innovation • Boundless Drive to Excel • Corporate Profile
Financial Information • Directors • Officers and Executives • Shareholder Information

2003 Annual Report in Print Friendly Format (600K - PDF format)