Rockwell Collins' First Quarter Fiscal Year 2007 Earnings Per Share Increase 42% to 84 Cents, Revenues Grow 13% to $993 Million.* FY 2007 projected EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. guidance range increased 15 cents to $3.25 - $3.35 CEDAR RAPIDS Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. , Iowa -- Rockwell Collins Rockwell Collins, Inc. (NYSE: COL) is a large United States-based international company headquartered in Cedar Rapids, Iowa, primarily providing aviation and information technology systems, solutions, and services to governmental agencies and aircraft manufacturers. , Inc. (NYSE NYSE See: New York Stock Exchange :COL) today reported net income of $143 million for the first quarter of fiscal year 2007 ended on December 31, 2006, an increase of $39 million, or 38% over fiscal year 2006 first quarter net income of $104 million. Earnings per share improved 25 cents, or 42%, to 84 cents compared to earnings per share of 59 cents last year. Earnings per share growth exceeded the growth rate in net income due to the favorable effect of the company's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program. First quarter fiscal year 2007 sales increased $112 million, or 13%, to $993 million compared to sales of $881 million a year ago. Organic revenue growth was $88 million, or 10%. Incremental sales from business acquisitions completed in fiscal year 2006, principally the Evans & Sutherland simulator visualization systems business (the E&S business) acquired in May 2006, contributed $24 million, or 3 percentage points of the total revenue growth. First quarter cash provided by operating activities totaled $81 million compared to $57 million last year. "Our first quarter results reflect another great start to a new fiscal year as strong demand for our products, systems and services generated double-digit revenue growth, led by a 21% increase in Commercial Systems sales," said Rockwell Collins Chairman, President and Chief Executive Officer Clay Jones. "Our highly integrated business model continued to act as a strategically important lever in enabling us to deliver productivity gains, demonstrated by a 240 basis point improvement in total segment operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: as well as earnings per share growth that significantly outpaced revenue growth." On December 20, 2006, legislation was enacted that extended the availability of federal research and development (R&D) tax credits through the end of calendar year 2007 with retroactive effect from January 1, 2006. As a result, fiscal year 2007 first quarter earnings per share includes an 8 cent per share income tax benefit related to the recognition of R&D tax credits attributable to the period from January 1, 2006 to September 30, 2006. Commenting on the company's outlook for the full 2007 fiscal year, Jones noted, "Stronger than planned first quarter financial performance from our Commercial Systems business, coupled with expectations for continued overall favorable market conditions for the remainder of the fiscal year, have allowed us to raise our expectations for full year Commercial Systems' sales and operating margins, as well as total company sales and earnings per share." Following is a discussion of fiscal year 2007 first quarter sales and earnings for each business segment. Government Systems Government Systems, which provides aviation electronics, navigation and precision guidance, communications and simulation systems, products and services to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government, foreign militaries and manufacturers of military platforms, achieved first quarter sales of $501 million, an increase of $28 million, or 6%, compared to the $473 million reported for the same period last year. Incremental sales from acquired businesses, primarily the E&S business, contributed $14 million, or 3 percentage points of the revenue growth. Organic revenue growth of 3% was driven by double-digit growth from defense advanced GPS receivers (DAGRs), open systems architecture and transformational defense communications programs, partially offset by anticipated lower simulation and training and legacy defense electronics sales. Defense electronics systems and products sales increased $7 million, or 2%, to $349 million principally due to higher sales from incremental revenues of acquired businesses, DAGRs, and various rotary wing aircraft electronics systems programs, which were almost entirely offset by lower sales from simulation and training programs as well as certain European programs that are nearing completion. Defense communications sales increased $21 million, or 16%, to $152 million primarily due to higher revenues from Joint Tactical Radio System and other advanced communication development programs. Government Systems' first quarter operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before totaled $102 million, resulting in an operating margin of 20.4%, compared to operating earnings of $93 million, or an operating margin of 19.7%, for the same period last year. The improved operating earnings and operating margin were principally due to the combination of net favorable contract profit rate adjustments, productivity improvements and lower retirement benefit costs, partially offset by higher company-funded research and development costs. Commercial Systems Commercial Systems, which provides aviation electronics systems, products and services to air transport, business and regional aircraft manufacturers and airlines worldwide, achieved first quarter sales of $492 million, an increase of $84 million, or 21%, compared to sales of $408 million reported for the same period last year. Incremental sales from the E&S business contributed $10 million of the revenue growth, while strong demand for new business and air transport aircraft and aftermarket activities drove an 18% increase in organic revenues. Sales to airlines and aircraft original equipment manufacturers for new aircraft production increased $35 million, or 17%, to $237 million primarily due to higher air transport and business jet avionics product and systems sales, partially offset by lower in-flight entertainment In-flight entertainment (IFE) refers to the entertainment available to aircraft passengers during a flight. After World War II commercial aviation flights became a daily event in which entertainment was requested by passengers to help the time pass. systems sales. Commercial Systems' aftermarket revenues increased $49 million, or 24%, to $255 million. Organic aftermarket revenues grew $39 million, or 19%, as air transport avionics, in-flight entertainment and business and regional aftermarket revenues each achieved a double-digit rate of organic growth, with particular strength in business and regional and in-flight entertainment retrofits and spares. Incremental E&S business revenues accounted for $10 million, or 5 percentage points of the aftermarket growth. Commercial Systems' first quarter operating earnings increased $36 million, or 46%, to $114 million, delivering an operating margin of 23.2%, compared to operating earnings of $78 million, or an operating margin of 19.1%, for the same period a year ago. The increase in operating earnings and operating margin was primarily due to the combination of higher organic revenues, productivity improvements, lower retirement benefit costs, and lower research and development costs as a percent of sales, partially offset by certain unfavorable contract reserve adjustments. Fiscal Year 2007 Outlook The company has adjusted certain elements of its full fiscal year 2007 financial guidance as follows: * Total company sales are projected to be in the range of $4.25 billion to $4.3 billion (previously $4.2 billion to $4.3 billion). * Earnings per share are expected to be in the range of $3.25 to $3.35 (previously $3.10 to $3.20). * Commercial Systems' full year sales are projected to increase by 13% to 15% (previously 12% to 14%) over fiscal year 2006 sales. * Commercial Systems' segment operating margin is expected to be about 22% (previously in the range of 21% to 22%). * The effective income tax rate is expected to be about 31% (previously in the range of 31.5% to 32%). The following table is a complete summary of the company's updated fiscal year 2007 financial guidance:
-- Total sales $4.25 billion to $4.3 billion
-- Segment sales growth:(1)
-- Government Systems(2) 7% to 9%
-- Commercial Systems(3) 13% to 15%
-- Segment operating margins:
-- Government Systems 19% to 20%
-- Commercial Systems about 22%
-- Earnings per share $3.25 to $3.35
-- Cash flow from operating
activities(4) about $600 million
-- Research & development costs about $800 million
-- Capital expenditures about $140 million
(1) Projected growth rate over prior fiscal year actual segment
sales.
(2) Includes approximately 2 percentage points of revenue growth
attributable to fiscal year 2006 business acquisitions,
principally the E&S business.
(3) Includes approximately 1 percentage point of growth from
incremental E&S business revenues.
(4) Assumes $75 million of planned discretionary contributions to the
company's U.S. qualified defined benefit pension plan.
Business Highlights: Rockwell Collins delivered its 100,000(th) Defense Advanced Global Positioning System Global Positioning System: see navigation satellite. Global Positioning System (GPS) Precise satellite-based navigation and location system originally developed for U.S. military use. Receiver (DAGR DAGR Defense Advanced GPS Receiver DAGR Direct Attack Guided Rocket ) for use by U.S. and international warfighters and reached the 225,000 unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. milestone for its Selective Availability A function in the GPS navigation system that deliberately introduced random errors for civilian GPS receivers. It was implemented to prevent enemy troops on foreign soil from using the GPS system to their advantage, while allowing friendly troops to obtain the true signals in GPS Anti-Spoofing Module (SAASM SAASM Selective Availability Anti-Spoofing Module SAASM Selective Availability Anti-Spoofing Module (US DoD GPS system) ). Building upon the company's highly successful Precision Lightweight GPS Receiver The Precision Lightweight GPS Receiver (PLGR) is a handheld, single frequency, military GPS receiver that incorporates the Precise Positioning Service - Security Module (PPS-SM) to access the encrypted P(Y)-code GPS signal. (PLGR PLGR Precision Lightweight GPS Receiver (US DoD) PLGR Plunger ), with more than 200,000 units delivered worldwide, the Rockwell Collins DAGR incorporates five times the capabilities and functions of the PLGR while reducing the overall size, weight and power requirements. Primarily used by the U.S. Army, the DAGR is considered the handheld standard for GPS position, navigation and situational awareness Situation awareness or situational awareness [1] (SA) is the mental representation and understanding of objects, events, people, system states, interactions, environmental conditions, and other situation-specific factors affecting human performance in . The receiver provides precise timing to synchronize tactical radios for the digital battlespace and includes a graphical user interface graphical user interface (GUI) Computer display format that allows the user to select commands, call up files, start programs, and do other routine tasks by using a mouse to point to pictorial symbols (icons) or lists of menu choices on the screen as opposed to having to that greatly enhances the soldier's effectiveness and safety. The Rockwell Collins SAASM is a single, tamper-resistant multi-chip security module that can be combined with other components and software into a complete GPS receiver. The latest version of the Rockwell Collins SAASM is extremely small and consumes very little power. The U.S. Air Force awarded Rockwell Collins a technology development contract for the Minuteman Modernization Program Upgrade (MMP MMP Matrix Metalloproteinase (enzymes related to tissue healing/remodeling and cancer cell metastasis) MMP Mixed Member Proportional (New Zealand electoral system) MMP Multi-man Publishing Upgrade), the first phase of an extensive program with potential revenues of more than $75 million. The MMP Upgrade will enhance the Minuteman Launch Control Center's satellite communications capability to provide connectivity with the Milstar Advanced Extremely High Frequency The Advanced Extremely High Frequency (AEHF) system is a joint service satellite communications system that provides global, secure, protected, and jam resistant communications for high-priority military ground, sea, and air assets. (AEHF AEHF American Environmental Health Foundation AEHF Advanced Extremely High Frequency ) satellites plus improve the terminal operator control to make it more operationally suitable. These new capabilities will also be added to the Minuteman weapon systems trainers to keep them current with the latest configuration of operational equipment. The upgrades will provide all Minuteman units with continued assured Emergency Action Message reception from the National Command Authority. Rockwell Collins' involvement in the Ground Element Minimum Essential Emergency Communications Network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. (MEECN MEECN Minimum Essential Emergency Communications Network ) System (GEMS) program was a key factor in Rockwell Collins receiving the MMP Upgrade award. The Defense Advanced Research Projects Agency Defense Advanced Research Projects Agency (DARPA), U.S. government agency administered by the Department of Defense (see Defense, United States Department of). (DARPA DARPA: see Defense Advanced Research Projects Agency. (Defense Advanced Research Projects Agency) The name given to the U.S. Advanced Research Projects Agency during the 1980s. It was later renamed back to ARPA. ) selected Rockwell Collins to lead an effort under the Analog Spectral Processors (ASP) program, an initiative aimed at revolutionizing the state of the art in radio technology. Under the program, a Rockwell Collins-led team will develop an ultra-wideband, multi-channel receiver and spectral sensor, leveraging innovative RF architecture and novel RF Micro Electro-Mechanical Systems (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ) technologies. Phase One of the program includes development of filters and components which will be followed by a second phase where components will be integrated into filter banks and prototypes. Demonstration of a completed radio front end will take place in the third phase of the program. Employing MEMS technology in the development of the ASPs will significantly impact the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. by offering superior radio filter performance and flexibility for reduced cost, size, and power consumption. While the benefits will be realized in all communications areas, the Joint Tactical Radio System program will be one of the first programs to reap the rewards of this program. Rockwell Collins was awarded a contract from Thai Aviation Industries, Inc. (TAI) to upgrade the Royal Thai Air Force's (RTAF RTAF Royal Thai Air Force RTAF Royal Thai Armed Forces RTAF Radio Transmission Adaption Functionality ) fleet of C-130 aircraft with an integrated Communications, Navigation, Surveillance/Air Traffic Management (CNS/ATM CNS/ATM Communication Navigation Surveillance/Air Traffic Management ) solution. Rockwell Collins will deliver the avionics solution, based on the company's Flight2[TM] avionics system, on six RTAF C-130 aircraft. This upgrade will allow the aircraft to have unrestricted access to civil airspace by providing required navigation performance Required Navigation Performance (RNP) is defined by ICAO as "a statement of the navigation performance necessary for operation within a defined airspace". Part of a broader concept called "Performance-based Navigation," RNP is a method of implementing routes and flight paths that compliance and automatic dependent surveillance-broadcast Automatic dependent surveillance-broadcast (ADS-B) is a function on a properly equipped aircraft or surface vehicle that periodically broadcasts its state vector (horizontal and vertical position, horizontal and vertical velocity) and other information. (ADS-B ADS-B Automatic Dependent Surveillance - Broadcast ) capability. The system supports growth to controller pilot data link communication (CPDLC CPDLC Controller Pilot Data Link Communications (aviation) ). Rockwell Collins Flight2 system augments and enhances aircraft operational capabilities by providing an open systems architecture that integrates flight operations with navigation and guidance functions while providing growth for future requirements. As the prime avionics systems integrator for the program, Rockwell Collins provides technology that prepares the aircraft for changing CNS/ATM requirements as the airspace transitions to Free Flight operations. This award represents the latest in a number of successful CNS/ATM upgrade programs for Rockwell Collins, including the U.S. Air Force C/KC-135 GATM GATM Global Air Traffic Management GATM L-Arginine:glycine Amidinotransferase aircraft fleet upgrade and several other international C-130 programs. Rockwell Collins visualization systems were selected by Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. for Joint Strike Fighter A strike fighter is a fighter aircraft which is also capable of attacking surface targets, including ships. It differs from an attack aircraft in that the aircraft remains a capable fighter. (JSF (JavaServerFaces) A standard framework of components for building rich user interfaces for Java applications. JavaServer Faces run on the server, but are displayed on the client. JSF - JavaServer Faces ) pilot training devices and by the UK Ministry of Defence for the UK Army's Aviation Command and Tactics Trainer (ACTT ACTT n abbr (BRIT) (= Association of Cinematographic, Television and Allied Technicians) → sindicato de técnicos de cine y televisión ). Rockwell Collins will provide image generator configurations to be installed in a Full-Mission Simulator and a Deployable Mission Rehearsal Trainer, as well as EXP(TM) technology-based database generation tools and a database preview station, for the JSF program. For the UK Aviation and Tactics Trainer, Rockwell Collins was awarded the fifth phase of the Mission Command Trainer (MCT See Microsoft certification. )(TM) upgrade program which calls for the delivery of 62 channels of the EXP-50 Image Generator, visual databases, avionics, SAF SAF Safety SAF Society of American Foresters SAF Society of American Florists SAF Secretary of the Air Force SAF Second Amendment Foundation SAF Singapore Armed Forces SAF Students for Academic Freedom SAF Store And Forward , weapons and AAR Aar, river: see Aare. upgrades. EXP technology is designed to deliver flexibility, responsiveness, and performance for the most demanding military training requirements and is capable of running on hardware with varying capabilities. Bombardier Flexjet, Cessna Aircraft Company, Gulfstream Aerospace Gulfstream Aerospace Corporation is a producer of several models of private jet aircraft. Gulfstream Aerospace Corporation has been a unit of General Dynamics since 2001. Gulfstream's main facility is located in Savannah, Georgia, United States. and Raytheon Aircraft Company each announced the selection of Rockwell Collins business aircraft products and systems at the National Business Aircraft Association conference in Orlando, Fla. The selections made were as follows: * Bombardier Flexjet selected Rockwell Collins Tailwind 300 satellite television system and the SAT-6100 High Speed Data Satellite Communications System In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. for its fleet of new Bombardier Challenger 604 and 605 aircraft with installations over the next five years. * Cessna Aircraft Company selected Rockwell Collins Pro Line 21 avionics as standard equipment for its new XLS (filename extension) xls - Excel spreadsheet. + aircraft scheduled to go into service in 2008, and its new CJ4, scheduled to enter service in 2010. * Rockwell Collins' pedestal assembly system was selected by Gulfstream Aerospace for its G350, G450, G500 and G550 aircraft with deliveries expected to begin in February 2007. * Rockwell Collins Pro Line 21 avionics and Airshow 21 Cabin Management System was selected by Raytheon Aircraft Company for its Hawker 750 and Hawker 900 aircraft. Rockwell Collins avionics, cabin systems and eFlight solutions were selected by Cathay Pacific Airlines, Sichuan Airlines, and SkyBus Airlines to outfit their respective fleets of air transport aircraft. Product, systems and solution selections included: * Rockwell Collins Airshow 4200D moving map and in-flight information system was selected for installation by Cathay Pacific Airlines on five Airbus A330 and 18 Boeing 777 aircraft, with an option for an additional 20 line fit aircraft as well as upgrading current Airshow 420 equipped aircraft. Installations are scheduled to begin in July 2007. * Sichuan Airlines expanded its relationship with Rockwell Collins by selecting an avionics package and the Programmable Audio Video Entertainment System (PAVES) for 12 Airbus A319, 320 and 321 aircraft, with an option for 10 additional aircraft. Deliveries are scheduled to begin in June 2007. * SkyBus Airlines has selected Rockwell Collins avionics and eFlight information management solution for its fleet of 65 Airbus A319 aircraft with deliveries slated to begin in 2007. Conference Call and Webcast Details Rockwell Collins Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Clay Jones and Senior Vice President and CFO See Chief Financial Officer. Patrick Allen will conduct an earnings conference call at 10:00 a.m. Eastern Time on January 25, 2007. Individuals may listen to the call and view management's supporting slide presentation on the Internet at www.rockwellcollins.com. Listeners are encouraged to go to the Investor Relations Investor relations The process by which the corporation communicates with its investors. portion of the web site at least 15 minutes prior to the call to download and install any necessary software. The call will be available for replay on the Internet at www.rockwellcollins.com through February 23, 2007. Rockwell Collins is a pioneer in the development and deployment of innovative communication and aviation electronics solutions for both commercial and government applications. Our expertise in flight deck avionics, cabin electronics, mission communications, information management and simulation and training is strengthened by 18,000 employees, and a global service and support network that crosses 27 countries. To find out more, please visit www.rockwellcollins.com. This press release contains statements, including certain projections and business trends, that are forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the potential impacts of geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. events, the financial condition of our customers (including major U.S. airlines), the health of the global economy, the continued support for military transformation and modernization programs; the potential adverse impact of oil prices on the commercial aerospace industry; the cost of the global war on terrorism Terrorist acts and the threat of Terrorism have occupied the various law enforcement agencies in the U.S. government for many years. The Anti-Terrorism and Effective Death Penalty Act of 1996, as amended by the usa patriot act on U.S. government military procurement expenditures and program budgets; changes in domestic and foreign government spending, budgetary and trade policies adverse to our businesses; market acceptance of our new and existing technologies, products and services; reliability of and customer satisfaction with our products and services; favorable outcomes on or potential cancellation or restructuring of contracts, orders or program priorities by our customers; customer bankruptcies and profitability; recruitment and retention of qualified personnel; effective negotiation of collective bargaining agreements The contractual agreement between an employer and a Labor Union that governs wages, hours, and working conditions for employees and which can be enforced against both the employer and the union for failure to comply with its terms. by us and our customers; performance of our suppliers and subcontractors; risks inherent in fixed price contracts, particularly the risk of cost overruns; risk of significant disruption to air travel; our ability to execute to our internal performance plans such as our productivity improvement and cost reduction initiatives; achievement of our acquisition and related integration plans; continuing to maintain our planned effective tax rates; our ability to develop contract compliant systems and products and satisfy our contractual commitments; risk of fines and penalties related to noncompliance noncompliance failure of the owner to follow instructions, particularly in administering medication as prescribed; a cause of a less than expected response to treatment. noncompliance with export control regulations; risk of asset impairments and government claims related to our pension plan freeze; our ability to win new business and convert those orders to sales within the fiscal year in accordance with our annual operating plan; and the uncertainties of the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , as well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof and the company assumes no obligation to update any forward-looking statement. [TABLE OMITTED] (1) The company's effective income tax rate for the first quarter of fiscal year 2007 was 26.7% compared to 32.0% for the first quarter of fiscal year 2006. The lower effective tax rate in the first quarter of fiscal year 2007 was principally due to the recognition of R&D tax credits that were attributable to the period from January 1, 2006 to September 30, 2006 as a result of legislation enacted on December 20, 2006 extending the availability of federal research and development tax credits through the end of calendar year 2007 with retroactive effect from January 1, 2006. The following tables summarize total sales by product category and Commercial Systems' sales by type of product or service for the three months ended December 31, 2006 and 2005 (unaudited, in millions):
> > Thr-
> > Dec.
> > 2006
2005
> >
Defense electronics > > $349
$342
Defense communications > > 152
131
Air transport aviation electronics > > 261
222
Business and regional aviation electronics > > 231
186
Total > > $993
$881
> >
> >
Aftermarket > > $255
$206
Original equipment > > 237
202
Total Commercial Systems sales > > $492
$408
ROCKWELL COLLINS, INC. > >
SUMMARY BALANCE SHEET > >
(Unaudited) > >
(in millions) > >
> >
> > Dec. 31,
Sept. 30,
> > 2006
2006
Assets > >
Cash and cash equivalents > > $ 207
$ 144
Receivables > > 780
821
Inventories > > 788
727
Current deferred income taxes > > 170
168
Other current assets > > 70
67
Total current assets > > 2,015
1,927
> >
Property > > 554
552
Goodwill and intangible assets > > 642
654
Other assets > > 178
145
Total assets > > $3,389
$3,278
> >
Liabilities and shareowners' equity > >
Accounts payable > > $ 299
$ 324
Compensation and benefits > > 215
268
Advance payments from customers > > 275
246
Product warranty costs > > 203
189
Income taxes payable > > 50
54
Other current liabilities > > 229
243
Total current liabilities > > 1,271
1,324
> >
Long-term debt > > 236
245
Retirement benefits > > 495
421
Other liabilities > > 83
82
> >
Shareowners' equity > > 1,304
1,206
Total liabilities and shareowners' equity > > $3,389
$3,278
[TABLE OMITTED]
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