|
|
December
31, |
| Consolidated balance sheets |
|
2012 |
|
2011 |
| [Millions of dollars, except share amounts] |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
1,416 |
|
|
$ |
992 |
|
|
Short-term investments |
|
|
2,549 |
|
|
|
1,943 |
|
| Accounts receivable, net of
allowances of ($31) and ($19) |
|
|
1,230 |
|
|
|
1,545 |
|
| Raw
materials |
|
|
116 |
|
|
|
115 |
|
| Work
in process |
|
|
935 |
|
|
|
1,004 |
|
|
Finished goods |
|
|
706 |
|
|
|
669 |
|
| Inventories |
|
|
1,757 |
|
|
|
1,788 |
|
|
Deferred income taxes |
|
|
1,044 |
|
|
|
1,174 |
|
| Prepaid expenses and other current
assets |
|
|
234 |
|
|
|
386 |
|
| Total
current assets |
|
|
8,230 |
|
|
|
7,828 |
|
| Property, plant
and equipment at cost |
|
|
6,891 |
|
|
|
7,133 |
|
| Less
accumulated depreciation |
|
|
(2,979 |
) |
|
|
(2,705 |
) |
| Property, plant and equipment,
net |
|
|
3,912 |
|
|
|
4,428 |
|
| Long-term investments |
|
|
215 |
|
|
|
265 |
|
| Goodwill |
|
|
4,362 |
|
|
|
4,452 |
|
| Acquisition-related intangibles,
net |
|
|
2,558 |
|
|
|
2,900 |
|
| Deferred income
taxes |
|
|
280 |
|
|
|
321 |
|
| Capitalized software licenses,
net |
|
|
142 |
|
|
|
206 |
|
| Overfunded
retirement plans |
|
|
68 |
|
|
|
40 |
|
| Other assets |
|
|
254 |
|
|
|
57 |
|
| Total
assets |
|
$ |
20,021 |
|
|
$ |
20,497 |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and stockholders’
equity |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Commercial paper
borrowings |
|
$ |
— |
|
|
$ |
999 |
|
| Current
portion of long-term debt |
|
|
1,500 |
|
|
|
382 |
|
| Accounts payable |
|
|
444 |
|
|
|
625 |
|
| Accrued
compensation |
|
|
524 |
|
|
|
597 |
|
| Income taxes payable |
|
|
79 |
|
|
|
101 |
|
|
Deferred income taxes |
|
|
2 |
|
|
|
— |
|
| Accrued expenses and other
liabilities |
|
|
881 |
|
|
|
795 |
|
| Total
current liabilities |
|
|
3,430 |
|
|
|
3,499 |
|
| Long-term
debt |
|
|
4,186 |
|
|
|
4,211 |
|
| Underfunded retirement
plans |
|
|
269 |
|
|
|
701 |
|
| Deferred income
taxes |
|
|
572 |
|
|
|
607 |
|
| Deferred credits and other
liabilities |
|
|
603 |
|
|
|
527 |
|
| Total
liabilities |
|
|
9,060 |
|
|
|
9,545 |
|
| Stockholders’ equity: |
|
|
|
|
|
|
|
|
| Preferred stock, $25 par value.
Authorized – 10,000,000 shares. |
|
|
|
|
|
|
|
|
|
Participating cumulative preferred. None issued |
|
|
— |
|
|
|
— |
|
| Common
stock, $1 par value. Authorized – 2,400,000,000 shares. |
|
|
|
|
|
|
|
|
| Shares
issued: 2012 – 1,740,815,939; 2011 – 1,740,630,391 |
|
|
1,741 |
|
|
|
1,741 |
|
| Paid-in capital |
|
|
1,176 |
|
|
|
1,194 |
|
|
Retained earnings |
|
|
27,205 |
|
|
|
26,278 |
|
| Less treasury common stock at
cost. |
|
|
|
|
|
|
|
|
|
Shares: 2012 – 632,636,970; 2011 – 601,131,631 |
|
|
(18,462 |
) |
|
|
(17,485 |
) |
|
Accumulated other comprehensive income (loss), net of taxes |
|
|
(699 |
) |
|
|
(776 |
) |
| Total stockholders’ equity |
|
|
10,961 |
|
|
|
10,952 |
|
| Total liabilities and
stockholders’ equity |
|
$ |
20,021 |
|
|
$ |
20,497 |
|
| |
|
|
|
|
|
|
|
|
| See accompanying notes. |
|
|
|
|
|
|
|
|
|
