Note 2: Receivables |
| (in millions) |
2000 |
|
1999 |
|
| |
|
|
|
|
|
| Trade receivables |
$ |
2,245 |
|
$ |
2,140 |
| Miscellaneous receivables |
|
408 |
|
|
397 |
|
| Total (net of allowances of $89 and $136) |
$ |
2,653 |
|
$ |
2,537 |
|
|
|
The Company sells to customers in a variety of industries, markets and geographies around the world.
Receivables arising from these sales are generally not collateralized.
Adequate provisions have been recorded for uncollectible receivables.
There are no significant concentrations of credit risk.
Note 3: Inventories
|
| (in millions) |
2000 |
|
1999 |
|
| |
|
|
|
|
|
| At FIFO or average cost (approximates current cost) |
|
|
|
|
|
| Finished goods |
$ |
1,155 |
|
$ |
1,026 |
| Work in process |
|
423 |
|
|
487 |
| Raw materials and supplies |
|
589 |
|
|
471 |
|
| |
|
2,167 |
|
|
1,984 |
| LIFO reserve |
|
(449) |
|
|
(465) |
|
| Total |
$ |
1,718 |
|
$ |
1,519 |
|
|
|
Inventories valued on the LIFO method are approximately 47% and 48% of total inventories in 2000 and 1999, respectively.
Note 4: Properties
|
| (in millions) |
2000 |
|
1999 |
|
| |
|
|
|
|
|
| Land |
$ |
141 |
|
$ |
166 |
| Buildings and building equipment |
|
2,285 |
|
|
2,579 |
| Machinery and equipment |
|
9,585 |
|
|
9,669 |
| Construction in progress |
|
952 |
|
|
875 |
|
| |
|
12,963 |
|
|
13,289 |
| Accumulated depreciation |
|
(7,044) |
|
|
(7,342) |
|
| Net properties |
$ |
5,919 |
|
$ |
5,947 |
|
|
|
Note 5: Payables and Short-Term Borrowings
|
| (in millions) |
2000 |
|
1999 |
|
| |
|
|
|
|
|
| Trade creditors |
$ |
817 |
|
$ |
940 |
| Accrued advertising and promotional expenses |
|
578 |
|
|
548 |
| Employment-related liabilities |
|
780 |
|
|
912 |
| Restructuring programs |
|
– |
|
|
362 |
| Other |
|
1,100 |
|
|
1,070 |
|
| Total payables |
$ |
3,275 |
|
$ |
3,832 |
|
|
|
Short-term bank borrowings totaled $2,206 million at year-end 2000 and $1,163 million at year-end 1999.
Borrowings included $1,809 million and $894 million of commercial paper at year-end 2000 and 1999, respectively.
The weighted-average interest rate of borrowings outstanding at year end was 6.4% in 2000 and 5.8% in 1999.
The Company has a $3.5 billion unused revolving credit facility established in 1996 and expiring in November 2001 which is available to support the Company’s commercial paper program and for general corporate purposes.
If unused, it has a commitment fee of $1.9 million per year, at the Company’s current credit rating. Interest on amounts borrowed under this facility is calculated at rates based on spreads above certain reference rates.
|
|
|
|
