MCCORMICK & COMPANY 2004 ANNUAL REPORT consolidated balance sheet See Notes to Consolidated Financial Statements, pages 41-55. 38 at November 30 (millions) 2004 2003 Current assets Cash and cash equivalents $ 70.3  $ 25.1 Receivables, less allowances of $6.7 for 2004 and $6.3 for 2003 407.6 344.7 Inventories 350.2 362.8 Prepaid expenses and other current assets 35.9 26.8 Total current assets 864.0 759.4 Property, plant and equipment, net 486.6 458.3 Goodwill, net 712.9 708.7 Intangible assets, net 115.2 8.2 Prepaid allowances 56.8 83.8 Investments and other assets 134.1 127.1 Total assets $2,369.6 $2,145.5 Current liabilities Short-term borrowings $ 140.2 $ 154.3 Current portion of long-term debt 33.0 16.7 Trade accounts payable 195.1 178.8 Other accrued liabilities 404.4 360.2 Total current liabilities 772.7 710.0 Long-term debt 465.0 448.6 Other long-term liabilities 211.2 209.5 Total liabilities 1,448.9 1,368.1 Minority interest 31.0 22.2 Shareholders’ equity Common stock, no par value; authorized 320.0 shares; issued and  outstanding: 2004 – 14.6 shares, 2003 – 15.3 shares 130.0 91.1 Common stock non-voting, no par value; authorized 320.0 shares;  issued and outstanding: 2004 – 120.9 shares, 2003 – 121.9 shares 206.0 171.5 Retained earnings 434.1 472.6 Accumulated other comprehensive income 119.6 20.0 Total shareholders’ equity 889.7 755.2 Total liabilities and shareholders’ equity $2,369.6 $2,145.5