SUPERVALU Reports Record Third Quarter Earnings; Company Also Updates Full Year Guidance.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- SUPERVALU SuperValu or Supervalu is a name used by grocery chains in multiple countries:
Antonym: dec. . (NYSE NYSE See: New York Stock Exchange :SVU SVU Special Victims Unit SVU Southern Virginia University (Buena Vista, Virginia) SVU Society for Vascular Ultrasound SVU Sri Venkateswara University (Tirupati, India) SVU Syrian Virtual University ) today reported record results for the third quarter of fiscal 2006, which ended December December: see month. 3, 2005. The company reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $4.7 billion compared to $4.6 billion last year, net earnings of $75.2 million compared to $64.9 million, basic earnings per share of $0.55 compared to $0.48, and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.53 compared to $0.46. Third quarter results include net after tax charges of approximately $6.4 million or $0.04 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. share related to growth initiatives and costs related to terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: acquisition activities. Last year's third quarter results include net after tax restructure and other charges of approximately $12.8 million or $0.09 per diluted share primarily related to increased liabilities associated with employee benefit related costs from previously exited distribution facilities, as well as changes in estimates on exited real estate. Jeff Noddle nod·dle n. The head. [Middle English noddel, back of the head, perhaps from Latin n , SUPERVALU chairman and chief executive officer, said, "We delivered record earnings performance in the quarter on improved sales across both business segments. At the same time, we continue to invest in exciting new initiatives such as produce, supply chain technology, and the launch of a new natural and organic retail format. We are confident that these programs lay the groundwork for long term success." For the first 40 weeks of fiscal 2006, the company reported net sales of $15.2 billion compared to $15.0 billion last year, net earnings of $200.2 million compared to $292.9 million last year, basic earnings per share of $1.47 compared to $2.17 last year, and diluted earnings per share of $1.41 compared to $2.06 last year. Results for the first 40 weeks of fiscal 2006 include after tax charges of $0.37 per diluted share related to the plan to sell 20 Pittsburgh Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. stores, start-up Start-up The earliest stage of a new business venture. costs related to growth initiatives, losses incurred from Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. and costs related to terminated acquisition activities. Results for the
first 40 weeks of fiscal 2005 include a net after tax gain of $68.3
million or $0.47 per diluted share from the sale of the company's
minority interest in WinCo Foods WinCo Foods is an employee-owned supermarket business headquartered in Boise, Idaho. The company's name is short for Washington Idaho Nevada California Oregon, the states WinCo operates in and Winning Company. , Inc. and after tax charges of $16.6
million or $0.12 per diluted share for restructure and other charges
related to increased liabilities associated with employee benefit
related costs from previously exited distribution facilities, as well as
changes in estimates on exited real estate.
Segment Results Retail Food Segment - Third quarter retail net sales were $2.5 billion, a 1.9 percent increase compared to last year's third quarter. Sales performance primarily reflects new store openings partially offset by the impact of higher store closings, primarily at Save-A-Lot Save-A-Lot is a grocery store chain that is the thirteenth-largest retail chain and sixth-largest chain under a single banner with more than one thousand stores in the United States with $4 billion in sales. They are headquartered in Earth City, Missouri. . Comparable store sales growth for the quarter was negative 0.9 percent, with positive comparable store sales at company-operated Save-A-Lot stores. When adjusted for planned in-market store expansion, third quarter comparable store sales were negative 0.5 percent. Absent store closures, sales to Save-A-Lot licensed stores improved from the prior year. Total retail square footage, including licensed stores, increased by approximately 1.5 percent from last year's third quarter, with Save-A-Lot's total square footage essentially flat compared to the prior year. Reported retail 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 for the third quarter were a record $104.5 million compared to $101.3 million in last year's third quarter. Reported operating earnings as a percent of sales were 4.2 percent, essentially flat versus last year's third quarter, reflecting benefits of merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. programs offset by soft sales and higher expenses primarily utilities and bank fees. New store activity since last year's third quarter, including licensed stores, resulted in 54 new stores, opened and acquired, and 47 store closings for a total of 7 net new store openings. During the last 12 months, new store openings include 43 extreme value stores and 11 regional banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. stores. Store closings for the last 12 months include 44 extreme value stores and 3 regional banner stores. As of December 3, 2005, Save-A-Lot, including licensed stores, operated 1,277 stores, of which 500 stores were combination stores compared to 441 combination stores at the end of last year's third quarter. For the first 40 weeks of fiscal 2006, SUPERVALU's retail segment reported net sales of $8.1 billion compared to $8.0 billion last year and operating earnings of $271.0 million, compared to $335.3 million last year. Fiscal 2006 operating earnings include pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges of approximately $62 million related to the plan to sell 20 Pittsburgh stores and losses incurred from the impact of Hurricane Katrina. Supply Chain Services Segment - Third quarter net sales for supply chain services were $2.2 billion, an increase of 4.4 percent from last year's third quarter. The sales increase primarily reflects the third-party logistics A third-party logistics provider (abbreviated 3PL) is a firm that provides outsourced or "third party" logistics services to companies for part, or sometimes all of their supply chain management function. service business acquired in February February: see month. of 2005 and new business growth that offset customer attrition Customer attrition, also known as customer churn, customer turnover, or customer defection, is a business term used to describe loss of clients or customers. . Reported supply chain services operating earnings for the third quarter were $53.9 million compared to $59.5 million in last year's third quarter. Reported operating earnings as a percent of sales were 2.4 percent compared to 2.8 percent in last year's third quarter, primarily reflecting the approximately $5.5 million pretax of start-up costs associated with technology investments and new produce initiatives. For the first 40 weeks of fiscal 2006, SUPERVALU's supply chain services segment reported net sales of $7.1 billion, compared to $7.0 billion last year. Reported operating earnings were $173.0 million, compared to $175.2 million last year. Fiscal 2006 includes the acquisition of the third party logistics business in February of 2005 and pretax start up costs of approximately $21 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc growth initiatives. Outlook SUPERVALU's fiscal 2006 outlook includes the following business assumptions: --Consumer spending will continue to be pressured by higher fuel prices and modest food inflation; --Comparable store sales, when adjusted for planned in-market store expansion, are projected to be approximately flat for the remainder of the year; --Store development plans for the year, including licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. stores, are projected to be approximately 55 to 60 extreme value stores and approximately 12 new regional banner stores. Regional banner major and minor remodels are estimated at approximately 25 stores. Total store closings for the year are projected to be approximately 65 stores, primarily Save-A-Lot stores as well as the stores associated with the plan to sell its Pittsburgh stores; --Sales attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: in the traditional food distribution business will approximate four percent for the remainder of the year; --Total 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. for the year is projected to be approximately $350 to $375 million, including approximately $45 million in capital leases; --The fiscal 2006 effective tax rate is estimated to be 37 percent; --Zero Zone, a refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. case and system manufacturer, will be divested in fiscal 2006 as it is non-core to the company's food retail and supply chain service businesses. Zero Zone was acquired February 7, 2005, in conjunction with the company's acquisition of Total Logistics, Inc.; and --Additional costs associated with the plan to sell its Pittsburgh stores in the fourth quarter of fiscal 2006 will be approximately $0.05 per diluted share. SUPERVALU's fiscal 2006 outlook for basic earnings per share is a range of $1.98 to $2.03 and a diluted earnings per share range of $1.89 to $1.94. Both the basic and diluted earnings per share ranges include after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of $0.43 per share primarily related to the plan to sell 20 Pittsburgh stores, start-up costs related to growth initiatives, losses incurred from Hurricane Katrina, and costs related to terminated acquisition activities. Fiscal 2005 diluted earnings per share was $2.71 which includes a net after tax gain of $68.3 million or $0.47 per diluted share gain on the sale of WinCo. and a net after tax cost of $16.6 million or $0.12 per diluted share for restructure and other charges related to increased liabilities associated with employee benefit related costs from previously exited distribution facilities, as well as changes in estimates on exited real estate. Noddle added, "SUPERVALU will continue to transform itself with exciting and bold programs such as our new small box, natural and organic retail format, Sunflower Market Sunflower Market is a grocery store chain with four stores in the Midwestern United States. The company is a wholly owned subsidiary of Eden Prairie, Minnesota-based Supervalu. Sunflower Market which operates four stores plans to open fifty stores in the next five years. , - as well as the systemwide rollout of the Nature's Best private label, the application of innovative technologies for supply chain efficiency, and the ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of our new W. Newell Newell may refer to: In places:
1. to distinguish, on the basis of differences. 2. to develop specialized form, character, or function differing from that surrounding it or from the original. SUPERVALU in the grocery food channel and position us for continued success." Other Items General corporate expense for the third quarter was $13.8 million including approximately $4.5 million of costs related to terminated acquisition activities. Net interest expense during the third quarter was $23.1 million compared to $23.9 million last year. Cash on hand at the end of the third quarter was approximately $569 million, up from $464 million at fiscal year end, reflecting cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses and timing of capital spending projects. The effective tax rate for the third quarter was 37 percent. Capital spending during the quarter was $78.7 million, primarily funding retail store expansion, store remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and supply chain initiatives. Total debt to capital was 37.9 percent at the end of the third quarter compared to 40.1 percent at fiscal 2005 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . The total debt to capital ratio is calculated as total debt, which includes notes payable, current debt and obligations under capital leases, long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and obligations under capital leases, divided by the sum of total debt and total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . Diluted weighted average shares outstanding in the quarter were 145.5 million shares reflecting the 7.8 million shares under the company's outstanding contingently convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . As of December 3, 2005, SUPERVALU had 136.2 million shares outstanding. A conference call to review the third quarter results is scheduled for today at 9:00 a.m. (CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ). A live Web cast of the call will be available at www.supervalu.com. An archive of the call is accessible via telephone by dialing (630) 652-3041 with passcode 13419604 and through the company's Web site at www.supervalu.com. The conference call archive will be available through January January: see month. 24, 2006. As of December 3, 2005 SUPERVALU's retail store network consists of 1,546 stores in 40 states, including 1,277 extreme value stores, (287 corporate-owned Save-A-Lot stores, 852 licensed Save-A-Lot stores, and 138 Deals stores); and 269 regional banner stores (Cub Foods Cub Foods is a grocery store chain with eighty-four stores in Minnesota, Iowa, Northern and Central Illinois, Wisconsin, and the Miami Valley in Ohio. The company is a wholly owned subsidiary of Eden Prairie, Minnesota-based Supervalu. , Shop 'n Save, Shoppers Food & Pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. , bigg's bigg's is a chain of hypermarkets that has thirteen stores in the Cincinnati, Ohio and Northern Kentucky. In 2006, the company closed its Clarksville, Indiana location, which was also the company's only Indiana location. , Farm Fresh, Scott's
Scott's can refer to several companies;
Celebrating its 135th year of fresh thinking, SUPERVALU INC., a Fortune 500 company, is one of the largest companies in 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. grocery channel. With annual revenues of approximately $20 billion, SUPERVALU holds leading market share positions across the U.S. with its 1,546 retail grocery locations, including licensed Save-A-Lot locations. With its Save-A-Lot format, the company holds the number one market position in the extreme value grocery retail sector. Through SUPERVALU's geographically diverse supply chain network, the company provides distribution and related logistics support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to grocery retailers across the nation. In addition, SUPERVALU's third-party logistics business provides end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. supply chain management solutions that deliver value for manufacturers, consumer products retailers and food service customers. SUPERVALU currently has approximately 57,000 employees. For more information about SUPERVALU visit www.supervalu.com. The statements contained in this news release that are not historical fact are 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. and are made under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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. Certain important factors could cause results to differ materially from those anticipated by such forward-looking statements, including the company's ability to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose its Pittsburgh stores as planned, the impact of natural disasters on local and regional markets, transportation systems and the company's customers, the impact of competition, the nature and extent of the consolidation of the retail food and food distribution industries, the ability to attract and retain customers for the company's supply chain services operations and to control food distribution costs distribution costs distribute npl → Vertriebskosten pl , the ability of the company to grow through acquisitions and assimilate as·sim·i·late v. 1. To consume and incorporate nutrients into the body after digestion. 2. To transform food into living tissue by the process of anabolism. the acquired entities, increases in employee benefit costs, potential work disruptions from labor disputes or national emergencies, the availability of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. credit and trade terms, food and fuel price changes, general economic or political conditions that affect consumer buying habits generally or war-time activities, threats or general acts of terror directed at the food industry that affect consumer behavior, other risk factors inherent in the supply chain services business and retail businesses, and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.
SUPERVALU INC. and Subsidiaries
Consolidated Composition of Net Sales and Operating Earnings
The following table sets forth the composition of the company's net
sales and earnings.
(In thousands)
Third Quarter (12 weeks ended)
Dec. 3, 2005 Dec. 4, 2004
------------------------------------ ------------------------------
Net sales (unaudited)
------------------------------------ ------------------------------
Retail Food $2,476,474 $2,430,240
% of total 52.7 % 53.4 %
Supply Chain Services 2,218,513 2,124,882
% of total 47.3 % 46.6 %
Total net sales $4,694,987 $4,555,122
100.0 % 100.0 %
------------------------------------ ------------------------------
Earnings
------------------------------------ ------------------------------
Retail Food operating earnings $104,474 $101,260
% of sales 4.2 % 4.2 %
Supply Chain Services operating
earnings 53,959 59,546
% of sales 2.4 % 2.8 %
------------------------------
Subtotal 158,433 160,806
% of sales 3.4 % 3.5 %
General corporate expense (13,793) (13,557)
Restructure and other charges (2,199) (20,276)
------------------------------
Total operating earnings 142,441 126,973
% of sales 3.1 % 2.8 %
Interest expense, net (23,089) (23,889)
Earnings before income taxes 119,352 103,084
Income tax expense (44,160) (38,141)
------------------------------
Net earnings $75,192 $64,943
==================================== ==============================
NOTE 1:
Pretax LIFO expense $2,605 $1,389
NOTE 2:
Pretax depreciation and amortization
Retail Food Segment $49,786 $47,657
Supply Chain Services Segment 21,933 21,978
General Corporate 28 50
--------------- --------------
Total Company $71,747 $69,685
=============== ==============
SUPERVALU INC. and Subsidiaries
Consolidated Composition of Net Sales and Operating Earnings
The following table sets forth the composition of the company's net
sales and earnings.
(In thousands)
Year-to-date (40 weeks) ended
Dec. 3, 2005 Dec. 4, 2004
------------------------------------ -----------------------------
Net sales (unaudited)
------------------------------------ -----------------------------
Retail Food $8,107,060 $7,995,610
% of total 53.3 % 53.5 %
Supply Chain Services 7,116,435 6,957,124
% of total 46.7 % 46.5 %
Total net sales $15,223,495 $14,952,734
100.0 % 100.0 %
------------------------------------ -----------------------------
Earnings
------------------------------------ -----------------------------
Retail Food operating earnings $271,015 $335,321
% of sales 3.3 % 4.2 %
Supply Chain Services operating
earnings 173,005 175,194
% of sales 2.4 % 2.5 %
-----------------------------
Subtotal 444,020 510,515
% of sales 2.9 % 3.4 %
General corporate expense (38,927) (36,421)
Gain on sale of WinCo Foods, Inc. - 109,238
Restructure and other charges (3,369) (26,416)
-----------------------------
Total operating earnings 401,724 556,916
% of sales 2.7 % 3.7 %
Interest expense, net (83,999) (91,144)
Earnings before income taxes 317,725 465,772
Income tax expense (117,558) (172,882)
-----------------------------
Net earnings $200,167 $292,890
==================================== =============================
NOTE 1:
Pretax LIFO expense $6,859 $7,033
NOTE 2:
Pretax depreciation and amortization
Retail Food Segment $164,542 $156,605
Supply Chain Services Segment 73,871 75,531
General Corporate 483 521
--------------- -------------
Total Company $238,896 $232,657
=============== =============
CONSOLIDATED STATEMENTS OF EARNINGS
----------------------------------------------------------------------
SUPERVALU INC. and Subsidiaries
----------------------------------------------------------------------
(In thousands, except
per share data)
Third Quarter (12 weeks ended)
Dec. 3, 2005 % of sales Dec. 4, 2004 % of sales
--------------------- ------------------------------------------------
(unaudited)
------------------------------------------------
Net sales $4,694,987 100.0% $4,555,122 100.0%
Costs and expenses:
Cost of sales 4,022,788 85.7% 3,894,925 85.5%
Selling and
administrative
expenses 527,559 11.2% 512,948 11.3%
Restructure and other
charges 2,199 0.0% 20,276 0.4%
------------------------------------------------
Operating earnings 142,441 3.1% 126,973 2.8%
Interest expense, net 23,089 0.5% 23,889 0.5%
------------------------------------------------
Earnings before
income taxes 119,352 2.6% 103,084 2.3%
Provision for Income
taxes 44,160 1.0% 38,141 0.9%
------------------------------------------------
Net earnings $75,192 1.6% $64,943 1.4%
================================================
Weighted average
number of common
shares outstanding
Basic 136,199 134,343
Diluted 145,549 144,058
Net earnings per
common share - basic $0.55 $0.48
Net earnings per
common share -
diluted $0.53 $0.46
Dividends declared
per common share $0.1625 $0.1525
CONSOLIDATED STATEMENTS OF EARNINGS
----------------------------------------------------------------------
SUPERVALU INC. and Subsidiaries
----------------------------------------------------------------------
(In thousands, except
per share data)
Year-to-date (40 weeks) ended
Dec. 3, 2005 % of sales Dec. 4, 2004 % of sales
--------------------- ------------------------------------------------
(unaudited)
------------------------------------------------
Net sales $15,223,495 100.0% $14,952,734 100.0%
Costs and expenses:
Cost of sales 13,020,757 85.5% 12,792,362 85.5%
Selling and
administrative
expenses 1,797,645 11.8% 1,686,278 11.3%
Gain on sale WinCo
Foods, Inc. - 0.0% (109,238) -0.7%
Restructure and other
charges 3,369 0.0% 26,416 0.2%
------------------------------------------------
Operating earnings 401,724 2.7% 556,916 3.7%
Interest expense, net 83,999 0.6% 91,144 0.6%
------------------------------------------------
Earnings before
income taxes 317,725 2.1% 465,772 3.1%
Income tax expense 117,558 0.8% 172,882 1.2%
------------------------------------------------
Net earnings $200,167 1.3% $292,890 1.9%
================================================
Weighted average
number of common
shares outstanding
Basic 136,007 134,970
Diluted 145,684 144,833
Net earnings per
common share - basic $1.47 $2.17
Net earnings per
common share -
diluted $1.41 $2.06
Dividends declared
per common share $0.4775 $0.4500
CONDENSED CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
SUPERVALU INC. and Subsidiaries
----------------------------------------------------------------------
(In thousands)
Third Quarter Fiscal
(unaudited) Year End
--------------------------
Dec. 3, February 26,
2005 2005
----------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $569,238 $463,915
Receivables, net 460,660 464,249
Inventories, net 1,236,398 1,032,034
Other current assets 129,441 161,922
Total current assets 2,395,737 2,122,120
Long-term receivables, net 80,898 88,551
Property, plant and equipment, net 2,118,429 2,190,888
Goodwill & Other Long Term Assets 1,881,054 1,872,403
--------------------------
Total assets $6,476,118 $6,273,962
======================================================================
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $1,236,013 $1,106,860
Current debt and obligations under
capital leases 124,557 99,463
Other current liabilities 444,996 420,888
--------------------------
Total current liabilities 1,805,566 1,627,211
Long-term debt and obligations under
capital leases 1,495,889 1,578,867
Other liabilities and deferred income taxes 518,244 557,323
Total stockholders' equity 2,656,419 2,510,561
--------------------------
Total liabilities and stockholders' equity $6,476,118 $6,273,962
======================================================================
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