Coca-Cola Enterprises Inc. Reports Second-Quarter 2002 Results.Business Editors Coca-Cola Enterprises Coca-Cola Enterprises NYSE: CCE is the largest bottler by volume in the Coca-Cola System. It is the anchor bottler for North America and parts of Europe. The company is the bottler of Coca-Cola and its other soft drink products, and in some areas a few other soft drink (NYSE NYSE See: New York Stock Exchange : CCE CCE Cornell Cooperative Extension CCE Corporate and Continuing Education CCE Coca-Cola Enterprises Inc. CCE Commission de Coopération Environnementale CCE Centre for Continuing Education CCE College of Continuing Education CCE Certified Computer Examiner ): -- Net income per diluted common share was 47 cents, reflecting continued volume improvement, operating expense control, and favorable cost of sales trends. -- Second-quarter 2002 constant territory physical case volume increased 1 1/2 percent in both North America and Europe. -- Company increases full-year 2002 earnings guidance to a range of 91 to 96 cents per diluted common share, and increases free cash flow projection to more than $400 million. Coca-Cola Enterprises today reported that second-quarter 2002 net income applicable to common shareowners was $214 million, or 47 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share. Second-quarter 2002 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (a) totaled $748 million, up 18 percent versus comparable(b) 2001 results. Second-quarter 2002 results benefited from the settlement of promotion programs and accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. totaling 3 cents per diluted common share or $22 million before taxes. Net income applicable to common shareowners totaled $224 million for the first six months of 2002, or 49 cents per diluted common share, with EBITDA of $1.18 billion. These results compare to 2001 second-quarter EBITDA of $634 million and net income per diluted common share of 29 cents. EBITDA for the first six months of 2001 was $1.02 billion, with net income per diluted common share of 19 cents. "Our positive second-quarter financial results represent another step in returning Coca-Cola Enterprises to a path of consistent financial performance and improved returns," said Lowry Low·ry , (Clarence) Malcolm 1909-1957. British writer. His novel Under the Volcano (1947) is recognized as a masterpiece of modern fiction. Noun 1. Lowry - English painter (1887-1976) L. S. F. Kline, chairman and chief executive officer. "In addition, our year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. volume growth of 3 1/2 percent in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and 4 percent in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). leaves us well positioned to meet our full-year volume
objectives."Though North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. net pricing remains below desired levels, the cost control efforts initiated last year, coupled with a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. cost of goods and interest rate environment, have enabled us to raise our full-year earnings expectations." Operating Results Physical case bottle and can volume increased 1 1/2 percent on a comparable basis for the quarter, with 1 1/2 percent growth in both North America and Europe. Growth in Dasani Dasani (pronounced [dəˈsɑːni]) is a popular brand of bottled water from the Coca-Cola company, launched in 1999, after the success of Aquafina (produced by Coca-Cola-rival PepsiCo). , Minute Maid Minute Maid is a product line of beverages, usually associated with orange juice, but now extends to soft drinks of many kinds, including Hi-C. Minute Maid was the first company to market orange juice concentrate, allowing it to be distributed nationwide and served Lemonade, diet Coke Diet Coke (sometimes known as Diet Coca-Cola, Coca-Cola Light or Coke Light) is a sugar-free soft drink produced and distributed by The Coca-Cola Company. with Lemon lemon, one of the citrus fruits, from a tree (Citrus limon) of the family Rutaceae (orange family), probably native to India. A small tree (to about 15 ft/5 m tall) with thorny branches and purple-edged white blossoms, it requires a mild, equable climate. , and the highly successful mid-May n. 1. the middle part of May. Noun 1. mid-May - the middle part of May period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" introduction of Vanilla vanilla, a plant of the genus Vanilla of the family Orchidaceae (orchid family). Vines of hot, damp climates, most are indigenous to Central and South America, especially Mexico, but are now cultivated in other tropical regions. Coke all contributed to North America's growth. Second-quarter volume results in North America were negatively impacted by the shift of the Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it holiday into the first quarter making year-to-date volume comparisons more representative of 2002 trends. In Europe, unseasonably cool weather held down volume growth below the traditional mid-single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. growth levels of the past two years. Year-to-date 2002 volume growth totaled 3 1/2 percent for the Company with growth in North America of 3 1/2 percent and an increase of 4 percent in Europe. "Our ability to develop and deliver new brands that reflect changing consumer tastes and desires is essential to creating long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , sustainable volume growth," said John R. Alm See application lifecycle management and AppWare. ALM - Assembly Language for Multics , president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Our year-to-date performance, highlighted by the introduction of Vanilla Coke, clearly demonstrates our ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution in the marketplace and successfully introduce new brands. With a full marketing calendar for the remainder of the year, one that includes a new Harry Potter A potter is someone who makes pottery. Potter may also refer to: People
adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to generate improved pricing as marketplace conditions permit. "In Europe, despite cooler than normal weather which slowed second-quarter volume growth, our performance in each of our territories continued to outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, the industry," Mr. Alm said. "We expect to return to growth of more than 4 percent for the remainder of 2002. Our confidence is based on our sustained success over the past 5 years in raising per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. consumption rates substantially in each of our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. territories and driving profitable volume growth." Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: comparable bottle and can net pricing per case advanced 1/2 percent in the second quarter on a currency neutral basis. North American bottle and can net pricing per case was flat, with pricing in Europe up 3 percent. All pricing comparisons exclude the effects of franchisor marketing support as well as the previously described promotion program settlement reflected in this quarter's reported net income. For the first six months, currency neutral bottle and can net pricing per case increased 1/2 percent for the total company and decreased 1/2 percent for North America. Total company bottle and can cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold per case was flat for the quarter and for the first six months, excluding the effects of currency translations. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were flat in the second quarter and up 1 percent for the first six months of 2002 versus comparable 2001 figures. Full-Year 2002 Expectations North American volume growth for full year 2002 is expected to be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3 percent. Management expects 2002 volume growth in Europe to be more than 4 percent, with consolidated volume up approximately 3 percent to 4 percent. The Company expects full-year 2002 EBITDA in a range of $2.35 billion to $2.4 billion, including the promotion program settlement. Full-year 2002 earnings per diluted common share are now forecast in a range of 91 to 96 cents. Free cash flow (defined as EBITDA less capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , interest expense, cash taxes, and dividends) is now expected to exceed $400 million for the full year. The Company will webcast its second quarter conference call with analysts and investors live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the today at 11:00 a.m. ET. The call can be accessed through the Company's website at www.cokecce.com. Coca-Cola Enterprises Inc. (NYSE: CCE) is the world's largest marketer, distributor, and producer of bottle and can liquid nonalcoholic non·al·co·hol·ic adj. A beverage usually containing less than 0.5 percent alcohol by volume. refreshment. Coca-Cola Enterprises sells approximately 80 percent of The Coca-Cola Coca-Cola soft drink found throughout the world. [Trademarks:Crowley Trade, 115] See : Ubiquity Company's bottle and can volume in North America and is the sole licensed bottler for products of The Coca-Cola Company in Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , continental France, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , Luxembourg Luxembourg, province, Belgium Luxembourg, Du. Luxemburg, province (1991 pop. 232,813), 1,706 sq mi (4,419 sq km), SE Belgium, in the Ardennes, bordering on the Grand Duchy of Luxembourg in the east and on France in the south. , Monaco Monaco (mŏn`əkō, mōnä`kō, Fr. mônäkō`), officially Principality of Monaco, independent principality (2005 est. pop. 32,400), c. , and the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. . Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Included in this news release are several forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. management comments and other statements that reflect management's current outlook for future periods. As always, these expectations are based on the currently available competitive, financial, and economic data along with the Company's operating plans and are subject to future events and uncertainties. The forward-looking statements in this news release should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the detailed cautionary statements found on page 48 of the Company's 2001 Annual Report, and on page 25 of the Company's First-Quarter 2002 Form 10-Q Form 10-Q See 10-Q. . (a) EBITDA is defined as earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
(b) All comparable prior-year figures include the Herb acquisition, exclude nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items, and reflect the impact of FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting 142 as if it had been in effect for all of 2001.
Coca-Cola Enterprises Inc.
KEY OPERATING INFORMATION
Currency
Neutral
Second Quarter 2002 Change Change
Reported EBITDA 26 1/2 % 26 1/2 %
Comparable EBITDA 18 % 18 %
Net Pricing Per Case (Bottle and Can) (a) 1/2 % 1/2 %
Cost of Sales Per Case (Bottle and Can) Flat Flat
Physical Case Bottle and Can Volume (b)
Consolidated 1 1/2 %
North America 1 1/2 %
Europe 1 1/2 %
Fountain Gallon Volume 1/2 %
Currency
Neutral
Six Months 2002 Change Change
Reported EBITDA 23 % 23 1/2 %
Comparable EBITDA 15 1/2 % 16 %
Net Pricing Per Case (Bottle and Can) Flat 1/2 %
Cost of Sales Per Case (Bottle and Can) (1/2)% Flat
Physical Case Bottle and Can Volume (b)
Consolidated 3 1/2 %
North America 3 1/2 %
Europe 4 %
Fountain Gallon Volume 1 %
(a) Net pricing per case is calculated as invoice pricing less
allowances.
(b) Volume results have been adjusted to include acquisitions
completed in 2001.
COCA-COLA ENTERPRISES INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; In Millions Except Per Share Data)
Second Quarter
----------------------------
2002 2001(a) Change
------- ------- ------
Net Operating Revenues $ 4,448 $ 4,079 9 %
Cost of Sales 2,720 2,545 7 %
------- -------
Gross Profit 1,728 1,534 13 %
Selling, Delivery, and
Administrative Expenses 1,236 1,280 (3)%
------- -------
Operating Income 492 254 94 %
Interest Expense, Net 166 188 (12)%
Other Nonoperating Income, Net 2 -
------- -------
Income Before Income Taxes 328 66
Income Tax Expense (Benefit) (b) 113 (39)
------- -------
Net Income 215 105
Preferred Stock Dividends 1 1
------- -------
Net Income Applicable to
Common Shareowners $ 214 $ 104
======= =======
Basic Average Common Shares
Outstanding 449 419
======= =======
xBasic Net Income Per Share
N Applicable to Common
Shareowners (c) $ 0.48 $ 0.25
======= =======
Diluted Average Common Shares
Outstanding 458 427
======= =======
Diluted Net Income Per Share
Applicable to Common
Shareowners (c) $ 0.47 $ 0.24
======= =======
EBITDA Data:
Operating Income $ 492 $ 254 94 %
Depreciation 237 224 6 %
Amortization 19 113 (83)%
------- -------
EBITDA $ 748 $ 591 27 %
======= =======
(a) As described on page 28 of the Company's 2001 Annual Report,
approximately $26 million of selling expenses have been
reclassified as deductions from net operating revenue in
accordance with EITF 01-09.
(b) 2001 income tax expense includes a $46 million nonrecurring
reduction in deferred taxes.
(c) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions Except Per Share Data)
Six Months
----------------------------
2002 2001(a) Change
------- ------- ------
Net Operating Revenues $ 8,090 $ 7,411 9 %
Cost of Sales 4,984 4,613 8 %
------- -------
Gross Profit 3,106 2,798 11 %
Selling, Delivery, and
Administrative Expenses 2,434 2,504 (3)%
------- -------
Operating Income 672 294 129 %
Interest Expense, Net 329 379 (13)%
Other Nonoperating Income, Net 2 -
------- -------
Income (Loss) Before Income Taxes and
Cumulative Effect of Accounting Change 345 (85)
Income Tax Expense (Benefit) (b) 119 (91)
------- -------
Net Income Before Cumulative Effect of
Accounting Change 226 6
Cumulative Effect of Accounting Change - (302)
------- -------
Net Income (Loss) 226 (296)
Preferred Stock Dividends 2 2
------- -------
Net Income (Loss) Applicable to
Common Shareowners $ 224 $ (298)
======= =======
Basic Average Common Shares
Outstanding 448 419
======= =======
Basic Net Income Per Share
Applicable to Common Shareowners
Before Cumulative Effect (c) $ 0.50 $ 0.01
======= =======
Basic Net Income (Loss) Per Share
Applicable to Common Shareowners (c) $ 0.50 $ (0.71)
======= =======
Diluted Average Common Shares
Outstanding 456 428
======= =======
Diluted Net Income Per Share
Applicable to Common Shareowners
Before Cumulative Effect (c) $ 0.49 $ 0.01
======= =======
Diluted Net Income (Loss) Per Share
Applicable to Common Shareowners (c) $ 0.49 $ (0.71)
======= =======
EBITDA Data:
Operating Income $ 672 $ 294 129 %
Depreciation 467 437 7 %
Amortization 38 226 (83)%
------- -------
EBITDA $ 1,177 $ 957 23 %
======= =======
(a) As described on page 28 of the Company's 2001 Annual Report,
approximately $46 million of selling expenses have been
reclassified as deductions from net operating revenue in
accordance with EITF 01-09.
(b) 2001 income tax expense includes a $46 million nonrecurring
reduction in deferred taxes.
(c) Per share data calculated prior to rounding to millions.
Coca-Cola Enterprises Inc.
Pro Forma Consolidated Statements of Income Excluding Nonrecurring Items
(Adjusted to Include the Herb Acquisition as of January 1, 2001)
Unaudited
(In millions, except per share data)
Second Quarter
----------------------------
2002 2001(a)(b) Change
------- ------- ------
Net Operating Revenues $ 4,448 $ 4,319 3 %
Cost of Sales 2,720 2,699 1 %
------- -------
Gross Profit 1,728 1,620 7 %
Selling, Delivery, and
Administrative Expenses 1,236 1,237 -
------- -------
Operating Income 492 383 28 %
Interest Expense, Net 166 203 (18)%
Other Nonoperating Income, Net 2 -
------- -------
Income Before Income Taxes 328 180
Income Tax Expense 113 49
------- -------
Net Income 215 131
Preferred Stock Dividends 1 1
------- -------
Net Income Applicable to
Common Shareowners $ 214 $ 130
======= =======
Basic Average Common Shares
Outstanding 449 445
======= =======
Basic Net Income Per Share
Applicable to Common Shareowners (c) $ 0.48 $ 0.29
======= =======
Diluted Average Common Shares
Outstanding 458 452
======= =======
Diluted Net Income Per Share
Applicable to Common Shareowners (c) $ 0.47 $ 0.29
======= =======
EBITDA Data:
Operating Income $ 492 $ 383 28 %
Depreciation 237 236 -
Amortization 19 15 27 %
------- -------
EBITDA $ 748 $ 634 18 %
======= =======
Note: This comparable information is provided solely for the
purpose of additional analysis of the results of the Company including
the results of the Herb acquisition as if acquired on January 1, 2001,
excluding nonrecurring items, including the effects of the change in
accounting method adopted as of January 1, 2001, excluding franchise
amortization as if FASB Statement 142 was adopted as of January 1,
2001, and reflecting the current business arrangement with The
Coca-Cola Company regarding local media expenses, described on page 21
of the Company's 2001 Annual Report, as of January 1, 2001. The
presentation is not intended to be in conformity with the rules
governing the preparation of pro forma financial information, nor is
it intended to be a forecast of future operating results.
(a) Second-quarter 2001 results exclude a nonrecurring reduction
in income taxes of $46 million, exclude franchise amortization
of $98 million and the related income tax effect, reclassify
approximately $11 million of local media expenses to
reductions in net operating revenues and include the results
of the Herb acquisition. The addition of the Herb acquisition
resulted in an increase in EBITDA of $43 million, an increase
in operating income of $31 million, and a decrease to net
income of $10 million.
(b) As described on page 28 of the Company's 2001 Annual Report,
approximately $26 million of selling expenses have been
reclassified as deductions from net operating revenue in
accordance with EITF 01-09.
(c) Basic and diluted shares outstanding have been adjusted to
reflect the balances that would have been outstanding had the
shares issued in connection with the Herb acquisition been
outstanding as of January 1, 2001. Per share data calculated
prior to rounding in millions.
Coca-Cola Enterprises Inc.
Pro Forma Consolidated Statements of Income Excluding Nonrecurring Items
(Adjusted to Include the Herb Acquisition as of January 1, 2001)
Unaudited
(In millions, except per share data)
Six Months
----------------------------
2002 2001(a)(b) Change
------- ------- ------
Net Operating Revenues $ 8,090 $ 7,842 3 %
Cost of Sales 4,984 4,894 2 %
------- -------
Gross Profit 3,106 2,948 5 %
Selling, Delivery, and
Administrative Expenses 2,434 2,420 1 %
------- -------
Operating Income 672 528 27 %
Interest Expense, Net 329 409 (20)%
Other Nonoperating Income, Net 2 -
------- -------
Income Before Income Taxes 345 119
Income Tax Expense 119 29
------- -------
Net Income 226 90
Preferred Stock Dividends 2 2
------- -------
Net Income Applicable to
Common Shareowners $ 224 $ 88
======= =======
Basic Average Common Shares
Outstanding 448 443
======= =======
Basic Net Income Per Share
Applicable to Common Shareowners (c) $ 0.50 $ 0.20
======= =======
Diluted Average Common Shares
Outstanding 456 452
======= =======
Diluted Net Income Per Share
Applicable to Common Shareowners (c) $ 0.49 $ 0.19
======= =======
EBITDA Data:
Operating Income $ 672 $ 528 27 %
Depreciation 467 460 2 %
Amortization 38 32 19 %
------- -------
EBITDA $ 1,177 $ 1,020 15 %
======= =======
Note: This comparable information is provided solely for the
purpose of additional analysis of the results of the Company including
the results of the Herb acquisition as if acquired on January 1, 2001,
excluding nonrecurring items, including the effects of the change in
accounting method adopted as of January 1, 2001, excluding franchise
amortization as if FASB Statement 142 was adopted as of January 1,
2001, and reflecting the current business arrangement with The
Coca-Cola Company regarding local media expenses, described on page 21
of the Company's 2001 Annual Report, as of January 1, 2001. The
presentation is not intended to be in conformity with the rules
governing the preparation of pro forma financial information, nor is
it intended to be a forecast of future operating results.
(a) The first six months results of 2001 exclude the cumulative
effect of a change in accounting principle of $302 million,
exclude a nonrecurring reduction in income taxes of
$46 million, exclude franchise amortization of $195 million
and the related income tax effect, reclassify approximately
$25 million of local media expenses to reductions in net
operating revenues and include the results of the Herb
acquisition. The addition of the Herb acquisition resulted in
an increase in EBITDA of $63 million, an increase in operating
income of $39 million, and an increase to net income of
$14 million.
(b) As described on page 28 of the Company's 2001 Annual Report,
approximately $46 million of selling expenses have been
reclassified as deductions from net operating revenue in
accordance with EITF 01-09.
(c) Basic and diluted shares outstanding have been adjusted to
reflect the balances that would have been outstanding had the
shares issued in connection with the Herb acquisition been
outstanding as of January 1, 2001. Per share data calculated
prior to rounding in millions.
COCA-COLA ENTERPRISES INC.
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS
(In Millions)
June 28, December 31,
2002 2001
----------- ------------
(Unaudited)
ASSETS
Current
Cash and cash investments $ 353 $ 284
Trade accounts receivable, net 1,750 1,540
Inventories 808 690
Prepaid expenses and other
current assets 404 362
---------- ----------
Total Current Assets 3,315 2,876
Net Property, Plant, and Equipment 6,145 6,206
Goodwill, Franchise Licenses and
Other Noncurrent Assets, Net 14,716 14,637
---------- ----------
$ 24,176 $ 23,719
========== ==========
LIABILITIES AND SHAREOWNERS' EQUITY
Current
Accounts payable and accrued
expenses $ 2,956 $ 2,718
Current portion of long-term debt 1,637 1,804
---------- ----------
Total Current Liabilities 4,593 4,522
Long-Term Debt, Less Current Maturities 10,442 10,365
Retirement and Insurance Programs
And Other Long-Term Obligations 1,663 1,676
Long-Term Deferred Income Tax
Liabilities 4,414 4,336
Shareowners' Equity 3,064 2,820
---------- ----------
$ 24,176 $ 23,719
========== ==========
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