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| Notes to Consolidated Financial
Statements |
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| Note 17 – Accounts
Payable and Other Liabilities |
| Accounts payable and other liabilities at
December 31 consisted of the following: |
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 |
2001 |
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2000 |
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|
| Accounts payable |
| Accrued compensation and employee benefit
costs |
| Lease and other deposits |
| Dividends payable |
| Other |
|
|
| $ 4,793 |
| 3,890 |
| 354 |
| 143 |
| 4,692 |
|
|
| $ 5,040 |
| 2,938 |
| 731 |
| 149 |
| 3,454 |
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|
 |
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| |
|
$13,872 |
|
$12,312 |
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|
Accounts payable includes $351 and $441
as of December 31, 2001 and 2000, attributable
to checks written but not yet cleared by the
bank. Other liabilities as of December 31,
2001, include $542 attributable to the special
charges due to the events of September 11,
2001, described in Note
4.
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| Note 18 – Deferred
Lease Income |
The Company entered into an agreement with
the United Kingdom Royal Air Force (UKRAF)
to lease four C-17 transport aircraft, delivered
during the second and third quarters of 2001.
The lease term is seven years, at the end
of which the UKRAF has the right to purchase
the aircraft for a stipulated value, continue
the lease for two additional years, or return
the aircraft. Concurrent with the negotiation
of this lease, the Company and the UKRAF arranged
to assign the contractual lease payments to
an independent financial institution. The
Company received proceeds from the financial
institution in consideration of the assignment
of the future lease receivables from the UKRAF.
The assignment of lease receivables is non-recourse
to the Company. The proceeds represent the
present value of the assigned total lease
receivables discounted at a rate of 6.6%.
The C-17 deliveries are accounted for as operating
leases.
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| Note 19 – Debt |
| Debt at December 31 consisted of the following: |
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2001 |
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2000 |
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| Non-recourse debt and notes |
| Enhanced equipment trust
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| 6.1% notes due through
2003 |
| Unsecured debentures and notes |
| 174, 8 3/8% due Feb. 15,
2001 |
| 49, 7.565% due Mar. 30,
2002 |
| 120, 9.25% due Apr. 1,
2002 |
| 300, 6 3/4% due Sep. 15,
2002 |
| 300, 6.35% due Jun. 15,
2003 |
| 200, 7 7/8% due Feb. 15,
2005 |
| 300, 6 5/8% due Jun. 1,
2005 |
| 250, 6.875%
due Nov. 1, 2006 |
| 175, 8 1/10% due Nov.
15, 2006 |
| 350, 9.75% due Apr. 1,
2012 |
| 400, 8 3/4% due Aug. 15,
2021 |
| 300, 7.95% due Aug. 15,
2024 |
| 250, 7 1/4% due Jun. 15,
2025 |
| 250, 8 3/4% due Sep. 15,
2031 |
| 175, 8 5/8% due Nov. 15,
2031 |
| 300, 6 5/8% due Feb. 15,
2038 |
| 100, 7.50% due Aug. 15,
2042 |
| 175, 7 7/8% due Apr. 15,
2043 |
| 125, 6 7/8% due Oct. 15,
2043 |
| Senior debt securities |
| 2.0% – 7.4% due through
2012 |
| Senior medium-term notes |
| 1.9% – 7.6% due through
2017 |
| Subordinated notes |
| 4.7% – 8.3% due through
2004 |
| Capital lease obligations due through 2021 |
| Commercial paper |
| Other notes |
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| $ 593
|
| 14 |
| |
| |
| 46 |
| 120 |
| 300 |
| 300 |
| 204 |
| 295 |
| 249 |
| 175 |
| 348 |
| 398 |
| 300 |
| 247 |
| 248 |
| 173 |
| 300 |
| 100 |
| 173 |
| 125 |
| |
| 4,782 |
| |
| 2,109
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| |
| 24 |
| 460 |
| 43 |
| 139 |
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| $ – |
| 74 |
| |
| 174 |
| 49 |
| 120 |
| 299 |
| 300 |
| 206 |
| 294 |
| 248 |
| 175 |
| 348 |
| 398 |
| 300 |
| 247 |
| 248 |
| 173 |
| 300 |
| 100 |
| 173 |
| 125 |
| |
| 1,547 |
| |
| 1,775 |
| |
| 25 |
| 315 |
| 651 |
| 135 |
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$12,265 |
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$ 8,799 |
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