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| (Millions of dollars) | ||
| DECEMBER 31, |
2003
|
2002
|
 |
|
|
| ACCOUNTS RECEIVABLE | ||
| Trade |
$ 975
|
$ 889
|
| Other |
44
|
29
|
|
|
|
|
1,019
|
918
|
|
| Less: allowance for doubtful accounts(a) |
(57)
|
(58)
|
|
|
|
|
$ 962
|
$ 860
|
|
 |
|
|
| INVENTORIES(b) | ||
| Raw materials and supplies |
$ 83
|
$ 78
|
| Work in process |
33
|
31
|
| Finished goods |
186
|
168
|
|
|
|
|
$ 302
|
$ 277
|
|
|
|
|
| PREPAID AND OTHER CURRENT ASSETS | ||
| Deferred income taxes (Note 11) |
$ 66
|
$ 63
|
| Pension assets (Note 19) |
7
|
4
|
| Other |
62
|
43
|
|
|
|
|
$ 135
|
$ 110
|
|
|
|
|
| OTHER LONG-TERM ASSETS | ||
| Deposits |
$ 27
|
$ 21
|
| Insurance contracts(c) |
73
|
69
|
| Pension assets (Note 19) |
60
|
—
|
| Other |
131
|
140
|
|
|
|
|
$ 291
|
$ 230
|
|
|
|
|
| OTHER CURRENT LIABILITIES | ||
| Accrued expenses |
$ 130
|
$ 128
|
| Payrolls |
76
|
68
|
| Pension and postretirement costs (Note 19) |
87
|
37
|
| Other |
152
|
177
|
|
|
|
|
$ 445
|
$ 410
|
|
|
|
|
| OTHER LONG-TERM LIABILITIES | ||
| Pension and postretirement costs (Note 19) |
$ 491
|
$ 516
|
| Other |
425
|
310
|
|
|
|
|
$ 916
|
$ 826
|
|
|
|
|
| DEFERRED CREDITS | ||
| Deferred income taxes (Note 11) |
$ 299
|
$ 293
|
| Deferred gain on sale leaseback (Note 5) |
—
|
152
|
| Other |
29
|
16
|
|
|
|
|
$ 328
|
$ 461
|
|
|
|
|
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||
| Cumulative translation adjustment | ||
| North
America |
$ (165)
|
$ (190)
|
| South
America(d) |
(1,041)
|
(1,189)
|
| Europe |
7
|
(106)
|
| Asia |
(61)
|
(69)
|
| Surface
Technologies |
8
|
(11)
|
|
|
|
|
(1,252)
|
(1,565)
|
|
| Derivatives net of taxes(e)- |
(1)
|
(1)
|
| Minimum pension liability (net of $53 million
and $58 million taxes in 2003 and 2002,
respectively) |
(99)
|
(107)
|
|
|
|
|
$(1,352)
|
$(1,673)
|
|
|
|
|
| (a) Provisions to the allowance for doubtful accounts were $26 million, $40 million and $35 million in 2003, 2002, and 2001, respectively. | ||
| (b) Approximately 19% and 26% of total inventories were valued using the LIFO method at December 31, 2003 and 2002, respectively. If inventories had been valued at current costs, they would have been approximately $25 million and $26 million higher than reported at December 31, 2003 and 2002, respectively. | ||
| (c) Consists primarily of insurance contracts to be utilized for a non-qualified pension and OPEB obligations (see Note 19). | ||
| (d) Consists primarily of currency translation adjustments in Brazil and Argentina. | ||
| (e) The derivatives component of accumulated other comprehensive income (loss) relates to the adoption of SFAS 133 (see Notes 2 and 15). The table below summarizes the 2002 and 2003 activity: | ||
| (Millions of dollars) | ||
|
|
|
| Balance, December 31, 2001 |
$(4)
|
|
| Change in fair value |
(4)
|
|
| Reclassified to earnings — interest expense |
5
|
|
| Reclassified to earnings — operating profit |
2
|
|
|
|
|
| Balance, December 31, 2002 |
(1)
|
|
| Change in fair value |
—
|
|
|
|
|
| Balance, December 31, 2003 |
$(1)
|
|
|
|
|
