Annual Report 1996 |
Consolidated Balance Sheet |
Polaroid Corporation and Subsidiary Companies |
December 31, |
||
(In millions) | 1996 |
1995 |
Assets | ||
Current assets | ||
Cash and cash equivalents | $72.8 |
$73.3 |
Short-term investments | 5.5 |
9.8 |
Receivables, less allowances of $24.1 in 1996 and $28.0 in 1995 | 535.2 |
550.4 |
Inventories (Note 5) | 548.8 |
615.5 |
Prepaid expenses and other assets (Note 4) | 224.1 |
200.3 |
Total current assets | 1,386.4 |
1,449.3 |
Property, plant and equipment | ||
Land | 35.0 |
35.9 |
Buildings | 352.3 |
355.1 |
Machinery and equipment | 1,663.5 |
1,649.3 |
Construction in process | 112.8 |
124.1 |
Total property, plant and equipment | 2,163.6 |
2,164.4 |
Less accumulated depreciation | 1,497.4 |
1,473.4 |
Net property, plant and equipment | 666.2 |
691.0 |
Prepaid taxes - non-current (Note 4) | 98.8 |
113.3 |
Other assets | 50.2 |
8.2 |
Total assets | $2,201.6 |
$2,261.8 |
Liabilities and stockholders' equity | ||
Current liabilities | ||
Short-term debt (Note 6) | $124.9 |
$160.4 |
Current portion of long-term debt (Note 8) | 37.7 |
39.7 |
Payables and accruals (Note 7) | 310.5 |
274.9 |
Compensation and benefits (Notes 10 and 11) | 238.4 |
197.4 |
Federal, state and foreign income taxes (Note 4) | 51.6 |
46.6 |
Total current liabilities | 763.1 |
719.0 |
Long-term debt (Note 8) | 489.9 |
526.7 |
Accrued postretirement benefits (Note 11) | 248.5 |
257.2 |
Accrued postemployment benefits | 41.9 |
41.2 |
Total liabilities | 1,543.4 |
1,544.1 |
Preferred stock, Series A and Series D, $1 par value,authorized 20,000,000 shares; all shares unissued | - |
- |
Common stockholders' equity (Note 9) | ||
Common stock, $1 par value, authorized 150,000,000 shares | 75.4 |
75.4 |
Additional paid - in capital | 409.4 |
401.9 |
Retained earnings | 1,457.8 |
1,525.8 |
Less: Treasury stock, at cost | 1,244.8 |
1,205.4 |
Deferred compensation | 39.6 |
80.0 |
Total common stockholders' equity | 658.2 |
717.7 |
Total liabilities and stockholders' equity | $2,201.6 |
$2,261.8 |
See accompanying notes to consolidated financial statements.