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F-36
Consolidated balance sheets
A
ccounts receivable — net:
I
nventories — net:
Other current assets:
P
lant and equipment — net:
2003 2002
Trade receivables $ 2,117 $ 1,863
Contracts in process 582 867
2,699 2,730
Less: provision for doubtful accounts (194) (502)
Accounts receivable — net $ 2,505 $ 2,228
2003 2002
Raw materials $ 249 $ 339
Work in process 172 256
Finished goods 769 911
Inventories
—
ne
t
(a)
$ 1,190 $ 1,506
(a) Net of inventory provisions of $1,226 and $1,180 as of December 31, 2003 and 2002, respectively. Other reserves for claims related to contract manufacturers and
suppliers of $120 and $171 as of December 31, 2003 and 2002, respectively, were included in other accrued liabilities. These accruals were related to cancellation
charges, contracted-for inventory in excess of future demand and the settlement of certain other claims.
2003 2002
Prepaid expenses $ 176 $ 162
Current assets of discontinued operations
(a)
28 209
Other 111 279
Other current assets $315 $650
(a) See note 20 for additional information.
2003 2002
Cost:
Land $62 $63
Buildings 1,483 1,433
Machinery and equipment 2,749 3,492
4,294 4,988
Less accumulated depreciation:
Buildings (457) (532)
Machinery and equipment (2,181) (2,764)
(2,638) (3,296)
Plant and equipment — net
(a)(b)(c)
$ 1,656 $ 1,692
(a) Included assets held for sale with a carrying value of $30 and $73 as of December 31, 2003 and 2002, respectively, related to owned facilities that were being
actively marketed. These assets were written down in previous periods to their estimated fair values less costs to sell. The write downs were included in special
charges. Nortel Networks expects to dispose of all of these facilities by mid-2005.
(b) Included VIE assets consolidated prospectively, as required by FIN 46R, of $183 as of December 31, 2003 (see note 4(d)).
(c) Included embedded leases recorded prospectively, as required by EITF 01-8, of $2 as of December 31, 2003 (see note 4(h)).