2. BURLINGTON NORTHERN SANTA FE CORPORATION
INVESTORS' REPORT - UNAUDITED
Annual 2002
INDEX
Page(s)
Earnings Press Release 1-4
Consolidated Statement of Income Information 5-6
Consolidated Balance Sheet Information 7
Consolidated Cash Flow Information 8-9
Operating Statistics 10 - 11
Revenue Statistics by Commodity 12 - 13
Capital Expenditures and Track Maintenance 14 -15
Outstanding Debt 16
3. NEWS
Contact: Marsha Morgan FOR IMMEDIATE RELEASE
(817) 352-6452
Burlington Northern Santa Fe Reports
Fourth Quarter/Year-End 2002 Results
• Fourth quarter 2002 earnings of $0.54 per share compared with $0.46 per share
including an adjustment for workforce reduction related costs in 2001, or $0.57 per
share excluding these costs.
• Freight revenues of $2.27 billion for the fourth quarter 2002 were flat compared
with 2001 fourth quarter.
• Operating income was $436 million compared with $401 million a year ago, or
$467 million adjusted.
FORT WORTH, Texas, January 21, 2003 - Burlington Northern Santa Fe Corporation
(BNSF) (NYSE: BNI) today reported fourth quarter 2002 earnings of $0.54 per share compared
with $0.46 per share including an adjustment for workforce reduction related costs in 2001, or
$0.57 per share excluding these costs.
“In spite of the economic challenges BNSF faced throughout 2002, we posted our fifth
consecutive year-over-year quarterly record for on-time performance for our customers,” said
Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “We achieved
fourth quarter and annual record revenues in our international intermodal, truckload and
perishables sectors within Consumer Products as well as several annual revenue records in the
Industrial Products sector. In addition, for the fourth consecutive year BNSF generated
significant positive free cash flow.”
Freight revenues of $2.27 billion for the fourth quarter 2002 were flat compared with
2001 fourth quarter. Consumer Products revenues increased $27 million, or 3 percent, to $846
million, primarily reflecting increased volumes in the international, truckload, and perishables
sectors. Industrial Products revenues were essentially flat at $491 million as general softness in
the building, construction and petroleum products sectors was partially offset by new chemical
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4. traffic. Coal revenues decreased $6 million, or 1 percent, to $540 million, reflecting decreased
shipments compared to the same 2001 period. Agricultural Products revenues declined $22
million, or 5 percent, to $393 million, primarily as a result of reduced soybean exports and
domestic corn demand.
Operating expenses of $1.87 billion were $35 million lower than the same 2001 period,
or $31 million higher excluding the 2001 fourth quarter workforce reduction related costs
included in materials and other expense. Compensation and benefits expense driven by higher
wage and benefit rates, and higher purchased services expense were partially offset by lower
equipment rents.
Operating income was $436 million for the 2002 fourth quarter compared with operating
income in the same 2001 period of $401 million, or $467 million adjusted. BNSF’s operating
ratio was 80.8 percent for the 2002 fourth quarter compared with 82.4 percent in 2001, or 79.4
percent adjusted.
Rose said, “Going forward, we will continue to focus on customer service, revenue
quality, operating efficiencies and technological innovation, building on the excellent foundation
we have laid over the past two years. As the U.S. economic recovery picks up steam in 2003,
BNSF is well-positioned for strong earnings growth.”
Year-End 2002 Results
BNSF’s earnings per share for the year ended December 31, 2002, was $2.00 on a diluted
basis compared with prior period earnings of $1.87 per diluted share.
Freight revenues for the year were $8.87 billion compared with 2001 revenues of $9.09
billion. Operating expenses of $7.32 billion decreased by $135 million. Operating income fell
to $1.66 billion from $1.75 billion as compared with the prior period. 2001 earnings include
unusual items comprised of an automotive contract settlement gain, losses on non-rail
investments, work force reduction related costs and an expense associated with the early
extinguishment of debt.
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5. Common Stock Repurchases
During the 2002 fourth quarter, BNSF repurchased approximately 3 million shares of its
common stock at an average price of $25.76 per share. This brings total repurchases under
BNSF’s 120-million share-repurchase program to approximately 116 million shares as of
December 31, 2002, at an average price of $25.97 per share since the program was announced in
July 1997.
Through its subsidiary, The Burlington Northern and Santa Fe Railway Company, BNSF
operates one of the largest railroad networks in North America, with 33,000 route miles covering
28 states and two Canadian provinces. BNSF is an industry leader in Web-enabling a variety of
customer transactions at www.bnsf.com. The railway is among the world’s top transporters of
intermodal traffic, moves more grain than any other American railroad, transports the mineral
components of many of the products we depend on daily, and hauls enough coal to generate
about 10 percent of the electricity produced in the United States.
Consolidated financial statements follow.
Statements made in this release concerning projections or expectations of financial or
operational performance, or concerning other future events or objectives or results, are
quot;forward-looking statementsquot; within the meaning of the federal securities laws. Forward-
looking statements involve a number of risks and uncertainties and actual results may differ
materially from that projected or implied in those statements. Important factors that could cause
such differences include, but are not limited to, economic and industry conditions: material
adverse changes in economic or industry conditions, both within the United States and globally,
customer demand, effects of adverse economic conditions affecting shippers, adverse economic
conditions in the industries and geographic areas that produce and consume freight, competition
and consolidation within the transportation industry, the extent to which BNSF is successful in
gaining new long-term relationships with customers or retaining existing ones, changes in fuel
prices, changes in the securities and capital markets, and changes in labor costs and labor
difficulties, including stoppages affecting either BNSF’s operations or our customers’ abilities to
deliver goods to BNSF for shipment; legal and regulatory factors: developments and changes in
laws and regulations and the ultimate outcome of shipper and rate claims subject to
adjudication, environmental investigations or proceedings and other types of claims and
litigation; and operating factors: technical difficulties, changes in operating conditions and
costs, competition, and commodity concentrations, the Company’s ability to achieve its
3
6. operational and financial initiatives and to contain costs, as well as natural events such as
severe weather, floods and earthquakes or other disruptions of the Company’s operating
systems, structures, or equipment.
The Company cautions against placing undue reliance on forward-looking statements,
which reflect its current beliefs and are based on information currently available to it as of the
date a forward-looking statement is made. The Company undertakes no obligation to revise
forward-looking statements to reflect future events, changes in circumstances, or changes in
beliefs. In the event the Company does update any forward-looking statement, no inference
should be made that the Company will make additional updates with respect to that statement,
related matters, or any other forward-looking statement. Any corrections or revisions may
appear in the Company’s public filings with the Securities and Exchange Commission, which are
accessible at www.sec.gov or on the Company’s website at www.bnsf.com, and which you are
advised to consult.
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7. Burlington Northern Santa Fe Corporation
Consolidated Income Information*
(In millions, except per share data)
Three Months
Ended December 31, Year Ended December 31,
2002 2001 2002 2001 2000
Operating revenues
Freight revenues $ 2,270 $ 2,272 $ 8,873 $ 9,090 $ 9,112
Other revenues 31 29 106 118 95
Total operating revenues 2,301 2,301 8,979 9,208 9,207
Operating expenses
Compensation and benefits 739 713 2,879 2,850 2,729
Purchased services 286 274 1,139 1,088 1,026
Depreciation and amortization 235 229 931 909 895
Equipment rents 164 177 698 736 740
Fuel 227 230 833 973 932
Materials and other 214 277 843 902 772
Total operating expenses 1,865 1,900 7,323 7,458 7,094
Operating income 436 401 1,656 1,750 2,113
Interest expense 107 111 428 463 453
Other expense - net 5 7 12 114 75
Income before income taxes 324 283 1,216 1,173 1,585
Income tax expense 122 106 456 442 605
Net income $ 202 $ 177 $ 760 $ 731 $ 980
Diluted earnings per share $ 0.54 $ 0.46 $ 2.00 $ 1.87 $ 2.36
Diluted average shares outstanding 376.1 386.5 380.8 390.7 415.2
Operating ratio 80.8% 82.4% 81.3% 80.7% 76.8%
* Fourth quarter 2001 earnings include work force reduction related costs. Adjusting for the unusual item, fourth quarter 2001
earnings is $0.57 per diluted share and the operating ratio is 79.4 percent. Full-year 2001 earnings include unusual items comprised
of an automotive contract settlement, non-rail investment losses, workforce reduction related costs and an expense associated with
the early extinguishment of debt. Adjusting for the unusual items, full-year 2001 earnings is $2.08 per diluted share and the
operating ratio is 80.3 percent.
Full-year 2000 earnings include unusual items of $0.09 per diluted share comprised of reduction and redeployment of employees
and costs for the terminated BNSF/CN merger proposal. Excluding the unusual items, full-year earnings per share is $2.45 and
the operating ratio is 76.3 percent.
Certain prior period amounts have been reclassified to conform with the current period presentation.
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8. Burlington Northern Santa Fe Corporation
Consolidated Income Information*
(In millions, except per share data)
2002
1st 2nd 3rd 4th Full
Quarter Quarter Quarter Quarter Year
Operating revenues
Freight revenues $ 2,138 $ 2,183 $ 2,282 $ 2,270 $ 8,873
Other revenues 25 24 26 31 106
Total operating revenues 2,163 2,207 2,308 2,301 8,979
Operating expenses
Compensation and benefits 714 696 730 739 2,879
Purchased services 275 281 297 286 1,139
Depreciation and amortization 230 231 235 235 931
Equipment rents 175 177 182 164 698
Fuel 184 207 215 227 833
Materials and other 205 194 230 214 843
Total operating expenses 1,783 1,786 1,889 1,865 7,323
Operating income 380 421 419 436 1,656
Interest expense 109 105 107 107 428
Other (income) expense - net (4) 6 5 5 12
Income before income taxes 275 310 307 324 1,216
Income tax expense 103 116 115 122 456
Net income $ 172 $ 194 $ 192 $ 202 $ 760
Diluted earnings per share $ 0.45 $ 0.51 $ 0.51 $ 0.54 $ 2.00
Diluted average shares outstanding 385.5 382.3 379.5 376.1 380.8
Operating ratio 82.2% 80.7% 81.6% 80.8% 81.3%
* Certain prior period amounts have been reclassified to conform with the current period presentation.
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9. Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information
(In millions, except per share amounts)
December 31,
2002 2001
Assets
Current assets
Cash and cash equivalents $ 28 $ 26
Accounts receivable, net 141 172
Materials and supplies 226 191
Current portion of deferred income taxes 314 306
Other current assets 82 28
Total current assets 791 723
Property and equipment, net 24,022 23,110
Other assets 954 888
Total assets $ 25,767 $ 24,721
Liabilities and stockholders' equity
Current liabilities
Accounts payable and other current liabilities $ 1,918 $ 1,873
Long-term debt due within one year 173 288
Total current liabilities 2,091 2,161
Long-term debt and commercial paper 6,641 6,363
Deferred income taxes 6,975 6,731
Casualty and environmental liabilities 445 423
Minimum pension liability 368 12
Employee merger and separation costs 170 216
Other liabilities 1,145 966
Total liabilities 17,835 16,872
Stockholders' equity
Common stock and additional paid-in capital 5,669 5,589
Retained earnings 5,625 5,048
Treasury stock (3,114) (2,745)
Unearned compensation (39) (34)
Accumulated other comprehensive income (209) (9)
Total stockholders' equity 7,932 7,849
Total liabilities and stockholders' equity $ 25,767 $ 24,721
Book value per share $ 21.11 $ 20.34
Common shares outstanding 375.8 385.8
Net debt to total capitalization * 46.1% 45.8%
* Net debt is calculated as total debt less cash.
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10. Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information
(In millions)
Three Months
Ended December 31, Year Ended December 31,
2002 2001 2002 2001 2000
Operating activities
Net income $ 202 $ 177 $ 760 $ 731 $ 980
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 235 229 931 909 895
Deferred income taxes 146 96 432 302 353
Employee merger and separation costs paid (7) (17) (55) (55) (58)
Other - net 23 7 (9) 91 33
Changes in working capital 28 139 47 219 114
Net cash provided by operating activities 627 631 2,106 2,197 2,317
Investing activities and dividends paid
Capital expenditures (342) (398) (1,358) (1,459) (1,399)
Other - net (32) (101) (159) (105) (281)
Dividends paid (45) (47) (183) (190) (206)
Free cash flow after dividends paid 208 85 406 443 431
Financing activities excluding dividends paid
Purchase of BNSF common stock (72) (54) (353) (317) (1,496)
Proceeds from stock options exercised - 7 40 113 13
Other - net 2 (1) (1) (18) 7
Net debt paid (incurred) $ 138 $ 37 $ 92 $ 221 $ (1,045)
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11. Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information*
(In millions)
2002
1st 2nd 3rd 4th Full
Quarter Quarter Quarter Quarter Year
Operating activities
Net income $ 172 $ 194 $ 192 $ 202 $ 760
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 230 231 235 235 931
Deferred income taxes 68 122 96 146 432
Employee merger and separation costs paid (20) (11) (17) (7) (55)
Other - net (3) (30) 1 23 (9)
Changes in working capital (91) 20 90 28 47
Net cash provided by operating activities 356 526 597 627 2,106
Investing activities and dividends paid
Capital expenditures (260) (381) (375) (342) (1,358)
Other - net (108) 10 (29) (32) (159)
Dividends paid (46) (46) (46) (45) (183)
Free cash flow after dividends paid (58) 109 147 208 406
Financing activities excluding dividends paid
Purchase of BNSF common stock (80) (119) (82) (72) (353)
Proceeds from stock options exercised 27 8 5 - 40
Other - net - (2) (1) 2 (1)
Net debt paid (incurred) $ (111) $ (4) $ 69 $ 138 $ 92
* Certain prior period amounts have been reclassified to conform with the current period presentation.
9
12. Burlington Northern Santa Fe Corporation
Operating Statistics*
Three Months
Ended December 31, Year Ended December 31,
2002 2001 2002 2001 2000
Cars/units (thousands) 2,081 2,065 8,186 8,155 8,167
Average revenue per car/unit (a) $ 1,091 $ 1,100 $ 1,084 $ 1,111 $ 1,116
Revenue ton miles (millions) 125,442 127,972 490,234 501,829 491,959
Gross ton miles (millions) 223,573 227,183 873,335 896,566 875,249
RTM/GTM 0.56 0.56 0.56 0.56 0.56
Freight revenue/thousand RTM (a) $ 18.10 $ 17.75 $ 18.10 $ 18.05 $ 18.52
Operating expense/thousand RTM (b) $ 14.87 $ 14.85 $ 14.94 $ 14.86 $ 14.42
Freight revenue/thousand GTM (a) $ 10.15 $ 10.00 $ 10.16 $ 10.10 $ 10.41
Operating expense/thousand GTM (b) $ 8.34 $ 8.36 $ 8.39 $ 8.32 $ 8.11
Compensation and benefits/thousand GTM $ 3.30 $ 3.14 $ 3.30 $ 3.18 $ 3.12
Average employees 36,882 39,253 37,373 39,217 39,860
Period end employees 36,303 38,539 36,303 38,539 39,566
Thousand RTM/average employee 3,401 3,260 13,117 12,796 12,342
Thousand GTM/average employee 6,062 5,788 23,368 22,862 21,958
Gallons of fuel used (millions) 292 296 1,149 1,177 1,173
Average price per gallon of fuel (cents) (c) 77.7 77.7 72.5 82.7 79.5
GTM/gallon of fuel 766 768 760 762 746
Freight train miles (millions) 37 37 145 146 145
GTM/freight train hours (thousands) 143 143 144 142 147
Route miles operated 32,513 33,063 32,513 33,063 33,386
(a) Excludes effects of a third quarter 2001 automotive contract settlement of $32 million.
(b) Excluding unusual items, fourth quarter 2001 and full-year 2001 and 2000 (i) operating expense/thousand RTM is $14.33,
$14.73 and $14.34, respectively and (ii) operating expense/thousand GTM is $8.07, $8.24 and $8.06, respectively.
(c) Includes handling, taxes and hedge effect.
* Certain prior period amounts have been reclassified to conform with the current period presentation.
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13. Burlington Northern Santa Fe Corporation
Operating Statistics*
2002
1st 2nd 3rd 4th Full
Quarter Quarter Quarter Quarter Year
Cars/units (thousands) 1,927 2,036 2,142 2,081 8,186
Average revenue per car/unit $ 1,109 $ 1,072 $ 1,065 $ 1,091 $ 1,084
Revenue ton miles (millions) 120,122 120,123 124,547 125,442 490,234
Gross ton miles (millions) 212,461 214,334 222,967 223,573 873,335
RTM/GTM 0.57 0.56 0.56 0.56 0.56
Freight revenue/thousand RTM $ 17.80 $ 18.17 $ 18.32 $ 18.10 $ 18.10
Operating expense/thousand RTM $ 14.84 $ 14.87 $ 15.17 $ 14.87 $ 14.94
Freight revenue/thousand GTM $ 10.06 $ 10.19 $ 10.23 $ 10.15 $ 10.16
Operating expense/thousand GTM $ 8.39 $ 8.33 $ 8.47 $ 8.34 $ 8.39
Compensation and benefits/thousand GTM $ 3.36 $ 3.25 $ 3.27 $ 3.30 $ 3.30
Average employees 37,026 37,838 37,745 36,882 37,373
Period end employees 37,470 37,577 37,243 36,303 36,303
Thousand RTM/average employee 3,244 3,175 3,300 3,401 13,117
Thousand GTM/average employee 5,738 5,665 5,907 6,062 23,368
Gallons of fuel used (millions) 283 283 291 292 1,149
Average price per gallon of fuel (cents) (a) 65.0 73.1 73.9 77.7 72.5
GTM/gallon of fuel 751 757 766 766 760
Freight train miles (millions) 35 36 37 37 145
GTM/freight train hours (thousands) 148 146 139 143 144
Route miles operated 32,908 32,900 32,232 32,513 32,513
(a) Includes handling, taxes and hedge effect.
* Certain prior period amounts have been reclassified to conform with the current period presentation.
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15. Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity*
2002
1st 2nd 3rd 4th Full
Revenues (in millions) Quarter Quarter Quarter Quarter Year
Intermodal $ 633 $ 693 $ 734 $ 698 $ 2,758
Automotive 81 86 76 79 322
Other Consumer Products 64 69 71 69 273
Total Consumer Products 778 848 881 846 3,353
Industrial Products 491 535 524 491 2,041
Coal 508 488 535 540 2,071
Agricultural Products 361 312 342 393 1,408
Total freight revenue 2,138 2,183 2,282 2,270 8,873
Other revenue 25 24 26 31 106
Total revenues $ 2,163 $ 2,207 $ 2,308 $ 2,301 $ 8,979
Cars/units (in thousands)
Intermodal 804 905 956 898 3,563
Automotive 37 40 38 39 154
Other Consumer Products 39 41 43 40 163
Total Consumer Products 880 986 1,037 977 3,880
Industrial Products 332 373 370 340 1,415
Coal 511 500 540 546 2,097
Agricultural Products 204 177 195 218 794
Total cars/units 1,927 2,036 2,142 2,081 8,186
Average revenue per car/unit
Intermodal $ 787 $ 766 $ 768 $ 777 $ 774
Automotive 2,189 2,150 2,000 2,026 2,091
Other Consumer Products 1,641 1,683 1,651 1,725 1,675
Total Consumer Products 884 860 850 866 864
Industrial Products 1,479 1,434 1,416 1,444 1,442
Coal 994 976 991 989 988
Agricultural Products 1,770 1,763 1,754 1,803 1,773
Average revenue per car/unit $ 1,109 $ 1,072 $ 1,065 $ 1,091 $ 1,084
Revenue ton miles (in millions)
Intermodal 20,847 23,246 23,114 22,915 90,122
Automotive 1,232 1,267 1,143 1,195 4,837
Other Consumer Products 2,978 3,030 3,116 2,974 12,098
Total Consumer Products 25,057 27,543 27,373 27,084 107,057
Industrial Products 22,188 24,312 24,083 21,906 92,489
Coal 50,573 50,294 54,275 54,211 209,353
Agricultural Products 22,304 17,974 18,816 22,241 81,335
Total revenue ton miles 120,122 120,123 124,547 125,442 490,234
Freight revenue per thousand ton miles
Intermodal $ 30.36 $ 29.81 $ 31.76 $ 30.46 $ 30.60
Automotive 65.75 67.88 66.49 66.11 66.57
Other Consumer Products 21.49 22.77 22.79 23.20 22.57
Total Consumer Products 31.05 30.79 32.18 31.24 31.32
Industrial Products 22.13 22.01 21.76 22.41 22.07
Coal 10.04 9.70 9.86 9.96 9.89
Agricultural Products 16.19 17.36 18.18 17.67 17.31
Freight revenue per thousand ton miles $ 17.80 $ 18.17 $ 18.32 $ 18.10 $ 18.10
* Excludes effects of a third quarter 2001 automotive contract settlement of $32 million.
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16. Burlington Northern Santa Fe Corporation
Capital Expenditures and Track Maintenance*
Three Months
Ended December 31, Year Ended December 31,
2002 2001 2002 2001 2000
Capital expenditures (in millions)
Maintenance of way
Rail $ 25 $ 50 $ 193 $ 233 $ 210
Ties 24 50 222 254 206
Surfacing 39 41 161 146 134
Other 88 98 325 335 285
Total maintenance of way 176 239 901 968 835
Mechanical 70 62 168 183 221
Information services 17 19 79 69 66
Other 44 42 95 101 144
Total maintenance of business 307 362 1,243 1,321 1,266
Terminal and line expansion 30 36 103 126 99
Other 5 - 12 12 34
Total capital expenditures $ 342 $ 398 $ 1,358 $ 1,459 $ 1,399
Operating lease commitments $ - $ - $ 147 $ 149 $ 363
Total capital commitments $ 342 $ 398 $ 1,505 $ 1,608 $ 1,762
Track maintenance
Track miles of rail laid
Maintenance of business 69 211 648 837 680
Expansion projects - 3 4 18 21
Total 69 214 652 855 701
Cross ties inserted (thousands)
Maintenance of business 256 654 2,228 2,646 2,450
Expansion projects 3 8 20 58 77
Total 259 662 2,248 2,704 2,527
Track resurfaced (miles) 2,499 1,252 12,499 11,011 11,228
* Certain prior period amounts have been reclassified to conform with the current period presentation.
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17. Burlington Northern Santa Fe Corporation
Capital Expenditures and Track Maintenance*
2002
1st 2nd 3rd 4th Full
Quarter Quarter Quarter Quarter Year
Capital expenditures (in millions)
Maintenance of way
Rail $ 43 $ 63 $ 62 $ 25 $ 193
Ties 55 81 62 24 222
Surfacing 23 46 53 39 161
Other 61 83 93 88 325
Total maintenance of way 182 273 270 176 901
Mechanical 28 34 36 70 168
Information services 18 23 21 17 79
Other 6 21 24 44 95
Total maintenance of business 234 351 351 307 1,243
Terminal and line expansion 22 27 24 30 103
Other 4 3 - 5 12
Total capital expenditures $ 260 $ 381 $ 375 $ 342 $ 1,358
Operating lease commitments $ 6 $ 100 $ 41 $ - $ 147
Total capital commitments $ 266 $ 481 $ 416 $ 342 $ 1,505
Track maintenance
Track miles of rail laid
Maintenance of business 90 229 260 69 648
Expansion projects - 2 2 - 4
Total 90 231 262 69 652
Cross ties inserted (thousands)
Maintenance of business 478 971 523 256 2,228
Expansion projects 1 6 10 3 20
Total 479 977 533 259 2,248
Track resurfaced (miles) 1,548 4,179 4,273 2,499 12,499
* Certain prior period amounts have been reclassified to conform with the current period presentation.
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18. Burlington Northern Santa Fe Corporation
Outstanding Debt
December 31,
2002 2001
Notes and debentures, weighted average rate of 6.4 percent, due 2003 to 2097* $ 4,719 $ 4,500
Equipment obligations, weighted average rate of 7.2 percent, due 2003 to 2016 611 677
Capitalized lease obligations, weighted average rate of 6.5 percent, due 2003 to 2023 646 672
Mortgage bonds, weighted average rate of 7.9 percent, due 2003 to 2047 422 425
Financing obligations, weighted average rate of 7.0 percent, due 2012 to 2022 138 -
Commercial paper, 2.0 percent, variable 320 416
Unamortized discount and other, net (42) (39)
Total outstanding debt 6,814 6,651
Less: current portion of long-term debt (173) (288)
Long-term debt $ 6,641 $ 6,363
* Notes and debentures include fair value adjustments for hedges of $77 million and $2 million in 2002 and
2001, respectively.
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