Sysco Corp 10-Q for FY2025 Q1

Sysco Corp (SYY)

10-Q 2024-10-30 For: 2024-09-28

Added on April 08, 2026

About this 10-Q

Sysco Corp filed this 10-Q on October 30, 2024, covering the quarter ended September 28, 2024 (FY2025 Q1).

Headline figures

Quarter ended September 28, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $20.48B; up 4.4% from $19.62B a year earlier
Net income: $490M; down 2.6% from net income of $503M a year earlier
Diluted EPS: $0.99; unchanged from $0.99 a year earlier

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Delaware						74-1648137
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)


Large Accelerated Filer	☑	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
(Do not check if a smaller reporting company)		Emerging growth company	☐



	PART I – FINANCIAL INFORMATION	Page No.
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	39
Item 4.	Controls and Procedures	40
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3.	Defaults Upon Senior Securities	41
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	42

Signatures		44


	Sep. 28, 2024		Jun. 29, 2024
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	733	$	696
Accounts receivable, less allowances of $65 and $54	5,778		5,324
Inventories	4,991		4,678

Prepaid expenses and other current assets	351		323

Income tax receivable	22		22
Total current assets	11,875		11,043
Plant and equipment at cost, less accumulated depreciation	5,558		5,497
Other long-term assets
Goodwill	5,253		5,153
Intangibles, less amortization	1,169		1,188

Deferred income taxes	464		445
Operating lease right-of-use assets, net	1,008		923
Other assets	553		668
Total other long-term assets	8,447		8,377
Total assets	$	25,880	$	24,917

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities

Accounts payable	$	6,374	$	6,290
Accrued expenses	2,141		2,226
Accrued income taxes	271		131
Current operating lease liabilities	126		125
Current maturities of long-term debt	487		469
Total current liabilities	9,399		9,241
Long-term liabilities
Long-term debt	11,869		11,513
Deferred income taxes	333		345
Long-term operating lease liabilities	928		838
Other long-term liabilities	1,115		1,089
Total long-term liabilities	14,245		13,785

Noncontrolling interest	29		31
Shareholders’ equity
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none	—		—
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares	765		765
Paid-in capital	1,925		1,908
Retained earnings	12,498		12,260
Accumulated other comprehensive loss	(1,166)		(1,339)
Treasury stock at cost, 274,104,348 and 273,416,685 shares	(11,815)		(11,734)
Total shareholders’ equity	2,207		1,860
Total liabilities and shareholders’ equity	$	25,880	$	24,917


	13-Week Period Ended
	Sep. 28, 2024		Sep. 30, 2023
Sales	$	20,484	$	19,620
Cost of sales	16,731		15,972
Gross profit	3,753		3,648
Operating expenses	2,945		2,844
Operating income	808		804
Interest expense	160		134
Other expense (income), net	6		7
Earnings before income taxes	642		663
Income taxes	152		160
Net earnings	$	490	$	503

Net earnings:
Basic earnings per share	$	1.00	$	1.00
Diluted earnings per share	0.99		0.99

Average shares outstanding	492,023,827		505,126,492
Diluted shares outstanding	493,785,973		507,069,435


(Mark One)
☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


								Accumulated Other Comprehensive Loss
	Common Stock			Paid-in Capital		Retained Earnings				Treasury Stock
	Shares	Amount								Shares	Amounts		Totals
Balance as of June 29, 2024	765,174,900	$	765	$	1,908	$	12,260	$	(1,339)	273,416,685	$	(11,734)	$	1,860
Net earnings						490							490












Other comprehensive income								173					173
Dividends declared ($0.51 per common share)						(252)							(252)
Treasury stock purchases										1,460,065	(109)		(109)

Share-based compensation awards				17						(772,402)	28		45
Balance as of September 28, 2024	765,174,900	$	765	$	1,925	$	12,498	$	(1,166)	274,104,348	$	(11,815)	$	2,207

								Accumulated Other Comprehensive Loss
	Common Stock			Paid-in Capital		Retained Earnings				Treasury Stock
	Shares	Amount								Shares	Amounts		Totals
Balance as of July 1, 2023	765,174,900	$	765	$	1,815	$	11,311	$	(1,253)	260,062,834	$	(10,629)	$	2,009
Net earnings						503							503








Other comprehensive loss								(74)					(74)
Dividends declared ($0.51 per common share)						(253)							(253)

Treasury stock purchases										1,382,947	(100)		(100)
Share-based compensation awards				24						(474,020)	17		41
Balance as of September 30, 2023	765,174,900	$	765	$	1,839	$	11,561	$	(1,327)	260,971,761	$	(10,712)	$	2,126


	Sep. 28, 2024		Jun. 29, 2024
	(In millions)
Financed payment obligations	$	102	$	102


(1)			Restricted cash primarily represents cash and cash equivalents of Sysco’s wholly owned captive insurance subsidiary, restricted for use to secure the insurer’s obligations for workers’ compensation, general liability and auto liability programs. Restricted cash is located within other assets in each consolidated balance sheet.


	13-Week Period Ended Sep. 28, 2024
	US Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Principal Product Categories
Canned and dry products	$	2,678	$	837	$	247	$	—	$	3,762
Fresh and frozen meats	2,607		542		535		—		3,684
Frozen fruits, vegetables, bakery and other	2,037		702		331		—		3,070
Dairy products	1,613		432		124		—		2,169
Poultry	1,512		288		296		—		2,096
Fresh produce	1,345		291		72		—		1,708
Paper and disposables	1,047		139		200		14		1,400
Beverage products	384		187		156		21		748
Seafood	547		113		35		—		695
Equipment and smallwares (1)	310		52		29		122		513


Other (2)	282		211		21		125		639
Total Sales	$	14,362	$	3,794	$	2,046	$	282	$	20,484


(1)			Due to the acquisition of Edward Don & Company (Edward Don), a distributor of foodservice equipment and supplies, “Equipment and smallwares” is now presented as a separate principal product category.
(2)			Other sales relate to certain non-food products, including textiles and amenities for our hotel supply business, other janitorial products, and medical supplies.


	13-Week Period Ended Sep. 30, 2023
	US Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Principal Product Categories
Canned and dry products	$	2,685	$	831	$	233	$	—	$	3,749
Fresh and frozen meats	2,569		520		481		—		3,570
Frozen fruits, vegetables, bakery and other	2,028		674		305		—		3,007
Dairy products	1,454		414		141		—		2,009
Poultry	1,362		291		274		—		1,927

Fresh produce	1,361		275		70		—		1,706
Paper and disposables	994		141		187		16		1,338


Seafood	577		125		44		—		746
Beverage products	363		170		146		24		703

Equipment and smallwares (1)	84		48		6		125		263

Other (2)	247		194		19		142		602
Total Sales	$	13,724	$	3,683	$	1,906	$	307	$	19,620


	Assets Measured at Fair Value as of Sep. 28, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash equivalents
Cash and cash equivalents	$	283	$	—	$	—	$	283

Other assets (1)	101		—		—		101







Total assets at fair value	$	384	$	—	$	—	$	384


(1)			Represents restricted cash balance recorded within other assets in the consolidated balance sheet.


	13-Week Period Ended
	Sep. 28, 2024		Sep. 30, 2023
Cash flows from operating activities:
Net earnings	$	490	$	503
Adjustments to reconcile net earnings to cash provided by operating activities:

Share-based compensation expense	30		24
Depreciation and amortization	235		206
Operating lease asset amortization	34		29
Amortization of debt issuance and other debt-related costs	4		5

Deferred income taxes	(17)		(22)
Provision for losses on receivables	21		18


Other non-cash items	(40)		(2)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
Increase in receivables	(427)		(285)
Increase in inventories	(287)		(185)
Increase in prepaid expenses and other current assets	(16)		(39)
Increase (decrease) in accounts payable	27		(188)
Decrease in accrued expenses	(128)		(40)
Decrease in operating lease liabilities	(42)		(27)
Increase in accrued income taxes	140		80
Decrease in other assets	2		20
Increase (decrease) in other long-term liabilities	27		(10)

Net cash provided by operating activities	53		87
Cash flows from investing activities:
Additions to plant and equipment	(122)		(171)
Proceeds from sales of plant and equipment	77		11
Acquisition of businesses, net of cash acquired	—		(219)
Purchase of marketable securities	(12)		(1)
Proceeds from sales of marketable securities	10		—
Other investing activities	1		—

Net cash used for investing activities	(46)		(380)
Cash flows from financing activities:
Bank and commercial paper borrowings, net	240		300


	Sep. 28, 2024
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
	(In millions)
Fixed income securities:
Corporate bonds	$	99	$	1	$	(2)	$	98	$	17	$	81
Government bonds	34		—		(1)		33		—		33
Total marketable securities	$	133	$	1	$	(3)	$	131	$	17	$	114

	Jun. 29, 2024
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
	(In millions)
Fixed income securities:
Corporate bonds	$	98	$	—	$	(4)	$	94	$	24	$	70
Government bonds	34		—		(2)		32		—		32
Total marketable securities	$	132	$	—	$	(6)	$	126	$	24	$	102


	13-Week Period Ended
	Sep. 28, 2024		Sep. 30, 2023
	(In millions)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value hedges are recorded	$	166	$	7
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	(33)	$	—
Derivatives designated as hedging instruments	25		—
Cross currency swaps:
Hedged items	$	(4)	$	3
Derivatives designated as hedging instruments	4		(3)


		13-Week Period Ended Sep. 28, 2024
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:

Foreign currency translation adjustment	N/A	$	168	$	—	$	168
Hedging instruments:
Other comprehensive income (loss) before reclassification adjustments:

Change in cash flow hedges	Operating expenses (1)	(20)		(6)		(14)
Change in net investment hedges	N/A	(18)		(5)		(13)

Total other comprehensive (loss) before reclassification adjustments		(38)		(11)		(27)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2		1		1
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain and other adjustments arising in the current year	Other expense, net	31		8		23

Total other comprehensive income before reclassification adjustments		31		8		23
Reclassification adjustments:

Amortization of actuarial loss, net	Other expense, net	7		2		5
Total reclassification adjustments		7		2		5
Marketable securities:
Change in marketable securities (2)	N/A	4		1		3
Total other comprehensive income (loss)		$	174	$	1	$	173


	Assets Measured at Fair Value as of Jun. 29, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash equivalents
Cash and cash equivalents	$	269	$	—	$	—	$	269



Other assets (1)	249		—		—		249

Total assets at fair value	$	518	$	—	$	—	$	518


	Sep. 28, 2024
	(In millions)
Due in one year or less	$	17
Due after one year through five years	78
Due after five years	36

Total	$	131


		Derivative Fair Value
	Balance Sheet location	Sep. 28, 2024		Jun. 29, 2024
		(In millions)
Fair Value Hedges:
Interest rate swaps	Other current assets	$	1	$	—

Interest rate swaps	Other assets	29		6
Interest rate swaps	Other current liabilities	—		1

Cross currency swaps	Other current assets	4		2
Cross currency swaps	Other current liabilities	1		3

Cash Flow Hedges:
Fuel swaps	Other current assets	$	—	$	1


Foreign currency forwards	Other current liabilities	1		—

Fuel swaps	Other current liabilities	18		2
Fuel swaps	Other assets	—		1
Fuel swaps	Other long-term liabilities	1		—

Net Investment Hedges:
Cross currency swaps	Other current assets	$	5	$	4
Cross currency swaps	Other long-term liabilities	28		10


	13-Week Period Ended Sep. 28, 2024
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	(In millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	(19)	Operating expense	$	—
Foreign currency contracts	(1)		Cost of sales / Other income	—

Total	$	(20)		$	—

Derivatives in net investment hedging relationships:
Cross currency contracts	$	(18)	N/A	$	—







	13-Week Period Ended Sep. 30, 2023
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	(In millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	34	Operating expense	$	2
Foreign currency contracts	—		Cost of sales / Other income	—

Total	$	34		$	2


	Sep. 28, 2024
	Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
	(In millions)
Balance sheet location:

Long-term debt	$	(523)	$	(31)


(1)			Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
(2)			Realized gains or losses on marketable securities are presented within other (income) expense, net in the consolidated results of operations; however, there were no significant gains or losses realized in the first quarter of fiscal 2025.


	13-Week Period Ended Sep. 28, 2024
	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities, net of tax		Total
	(In millions)
Balance as of June 29, 2024	$	(407)	$	(10)	$	(917)	$	(5)	$	(1,339)
Equity adjustment from foreign currency translation	168		—		—		—		168
Amortization of cash flow hedges	—		1		—		—		1
Change in net investment hedges	—		(13)		—		—		(13)
Change in cash flow hedges	—		(14)		—		—		(14)


Amortization of unrecognized net actuarial losses	—		—		5		—		5


Net actuarial gain and other adjustments arising in the current year	—		—		23		—		23


Change in marketable securities	—		—		—		3		3
Balance as of Sep. 28, 2024	$	(239)	$	(36)	$	(889)	$	(2)	$	(1,166)


(1)			Other expense (income), net was expense of $6 million and $7 million in the first quarter of fiscal 2025 and fiscal 2024, respectively.


	13-Week Period Ended Sep. 28, 2024
	U.S. Foodservice Operations			International Foodservice Operations			SYGMA			Other			Global Support Center			Consolidated Totals
	(In millions)
Sales	$	14,362		$	3,794		$	2,046		$	282		$	—		$	20,484
Sales increase (decrease)	4.6		%	3.0		%	7.3		%	(8.1)		%				4.4		%
Percentage of total	70.1		%	18.5		%	10.0		%	1.4		%				100.0		%

Operating income (loss)	$	908		$	101		$	18		$	9		$	(228)		$	808
Operating income (loss) increase (decrease)	(3.5)		%	8.6		%	38.5		%	(25.0)		%	(10.6)		%	0.5		%
Percentage of total segments	87.7		%	9.7		%	1.7		%	0.9		%				100.0		%
Operating income as a percentage of sales	6.3		%	2.7		%	0.9		%	3.2		%				3.9		%


	13-Week Period Ended Sep. 28, 2024		13-Week Period Ended Sep. 30, 2023		Change in Dollars		% Change
	(Dollars in millions)
Sales	$	14,362	$	13,724	$	638	4.6	%
Gross profit	2,747		2,685		62		2.3
Operating expenses	1,839		1,744		95		5.4
Operating income	$	908	$	941	$	(33)	(3.5)	%

Gross profit	$	2,747	$	2,685	$	62	2.3	%
Adjusted operating expenses (Non-GAAP)	1,822		1,731		91		5.3
Adjusted operating income (Non-GAAP)	$	925	$	954	$	(29)	(3.0)	%


	Increase (Decrease)
	13-Week Period
	(Dollars in millions)
Cause of change	Percentage		Dollars
Case volume (1)	2.5	%	$	353
Inflation	2.4		333

Other (2)	(0.3)		(48)
Total change in sales	4.6	%	$	638




(1)			Case volumes increased 2.7% compared to the first quarter of fiscal 2024. This volume increase resulted in a 2.5% increase in the dollar value of sales compared to the first quarter of fiscal 2024.
(2)			Case volume reflects our broadline and specialty businesses, with the exception of our specialty meats business, which measures its volume in pounds. Any impact in volumes from these operations are included within “Other.”


(1)			The impact of volumes as a component of sales growth from international operations are included within “Other.”


The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures will be denoted as adjusted measures to remove (1) restructuring charges; (2) expenses associated with our various transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of: (a) intangible amortization expense and (b) acquisition costs and due diligence costs related to our acquisitions.

The results of our operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.

Management believes that adjusting its operating expenses, operating income, operating margin, net earnings and diluted earnings per share to remove these Certain Items and presenting its results on a constant currency basis provides an important perspective with respect to our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.

Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2025 and fiscal year 2024.

Set forth on the following page is a reconciliation of sales, operating expenses, operating income, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.



(1)			Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on the current year results.


(2)			Fiscal 2025 includes $4 million related to restructuring and severance charges and $23 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal 2024 includes $6 million related to restructuring and severance charges and $13 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.
(3)			Fiscal 2025 includes $32 million of intangible amortization expense and $6 million in acquisition and due diligence costs. Fiscal 2024 includes $28 million of intangible amortization expense and $3 million in acquisition and due diligence costs.



(4)			The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
(5)			Individual components of diluted earnings per share may not equal the total presented when added due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.


NM			Represents that the percentage change is not meaningful.


(1)			Primarily represents severance and transformation initiative costs.
(2)			Fiscal 2025 and fiscal 2024 include intangible amortization expense and acquisition costs.


(3)			Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
(4)			Includes restructuring and transformation costs primarily in Europe.
(5)			Represents intangible amortization expense.



(6)			Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
(7)			Represents due diligence costs.


NM			Represents that the percentage change is not meaningful.



(1)			Fiscal 2025 and fiscal 2024 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation.
(2)			Fiscal 2025 and fiscal 2024 include acquisition and due diligence costs.



(3)			In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $7 million and $12 million or non-cash stock compensation expense of $30 million and $24 million in fiscal 2025 and fiscal 2024, respectively.
(4)			Fiscal 2025 represents $6 million in GAAP other expense (income), net. Fiscal 2024 represents $7 million in GAAP other expense (income), net.
(5)			Fiscal 2025 includes $235 million in GAAP depreciation and amortization expense, less $33 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal 2024 includes $206 million in GAAP depreciation and amortization expense, less $29 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.
NM			Represents that the percentage change is not meaningful.


	13-Week Period Ended Sep. 28, 2024		13-Week Period Ended Sep. 30, 2023
Source of cash (use of cash)	(In millions)
Net cash provided by operating activities (GAAP)	$	53	$	87
Additions to plant and equipment	(122)		(171)
Proceeds from sales of plant and equipment	77		11
Free Cash Flow (Non-GAAP) (1)	$	8	$	(73)

Acquisition of businesses, net of cash acquired	$	—	$	(219)

Debt borrowings (repayments), net	199		407

Stock repurchases	(108)		(100)
Dividends paid	(251)		(253)


(1)			Free cash flow should not be used as a substitute for the most comparable GAAP measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” contained in our fiscal 2024 Form 10-K for discussions regarding this non-GAAP performance metric.


Combined Parent and Guarantor Subsidiaries Summarized Balance Sheet	Sep. 28, 2024		Jun. 29, 2024
	(In millions)
ASSETS
Receivables due from non-obligor subsidiaries	$	369	$	428
Current assets	5,929		5,417
Total current assets	$	6,298	$	5,845
Notes receivable from non-obligor subsidiaries	$	77	$	78
Other noncurrent assets	4,827		4,714
Total noncurrent assets	$	4,904	$	4,792

LIABILITIES
Payables due to non-obligor subsidiaries	$	216	$	215
Other current liabilities	2,581		2,396
Total current liabilities	$	2,797	$	2,611
Notes payable to non-obligor subsidiaries	$	402	$	250
Long-term debt	11,505		11,276
Other noncurrent liabilities	1,413		1,334
Total noncurrent liabilities	$	13,320	$	12,860