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| Annual Report 1996 | ||
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| Annual Report 1996 | ||
| Consolidated Balance Sheet |
| Polaroid Corporation and Subsidiary Companies |
December 31, |
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| (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.
