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NORTEL NETWORKS CORPORATION
Consolidated Balance Sheets as of December 31
* See note 3
The accompanying notes are an integral part of these consolidated financial statements.
F-3
(millions of U.S. dollars) 2003 2002
As restated *
ASSETS
Current assets
Cash and cash equivalents $ 3,997 $ 3,790
Restricted cash and cash equivalents 63 249
Accounts receivable
—
ne
t
2,505 2,228
Inventories — net 1,190 1,506
Income taxes recoverable 90 114
Deferred income taxes — net 369 790
Other current assets 315 650
Total current assets
8,529 9,327
Investments 244 237
Plant and equipment — net 1,656 1,692
Goodwill 2,305 2,199
Intangible assets — net 86 139
Deferred income taxes — net 3,397 2,582
Other assets 374 785
Total assets
$ 16,591 $ 16,961
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes
p
a
y
able $17$ 30
Trade and other accounts payable 861 803
Payroll and benefit-related liabilities 764 485
Contractual liabilities 530 894
Restructuring 206 507
Other accrued liabilities 2,505 3,257
Long-term debt due within one year 119 243
Total current liabilities
5,002 6,219
Long-term debt 3,891 3,960
Deferred income taxes — net 191 337
Other liabilities 2,945 2,761
Total liabilities
12,029 13,277
Minority interests in subsidiary companies 617 631
Commitments and contingencies (notes 14 and 22)
SHAREHOLDERS’ EQUITY
Common shares, without par value — Authorized shares: unlimited;
Issued and outstanding shares: 4,166,714,475 for 2003 and 3,844,171,700 for 2002 33,674 33,234
Additional paid-in capital 3,341 3,753
Deferred stock option compensation –(17)
Accumulated deficit (32,532) (32,966)
Accumulated other comprehensive loss (538) (951)
Total shareholders’ equity
3,945 3,053
Total liabilities and shareholders’ equity
$ 16,591 $ 16,961