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The CompanyGLYPH<213>s debt agreements have several covenants which, among other restrictions, require maintenance of a certain level of net worth, place restrictions on the amount of additional debt the Company may incur and require mainte- nance of minimum leverage ratios. 

In December 2000, the Company paid down certain borrowings with the proceeds from the sale of receivables in a securitization program. 

At December 31, 2000 and 1999, loans payable included $139 million and $100 million, respectively, of notes payable to banks and $17 million and $13 million, respectively, of bank overdrafts. 

The Company has guaranteed the outstanding borrowings of its ESOP Trust. Cash contributions to the Trust, together with the dividends accumulated on the common stock held by the Trust, are used to pay interest and principal. Cash contributions and dividends to the Trust approximated $9 million in each year. The unearned compensation, which is reflected as a reduction to shareholdersGLYPH<213> investment, represents the historical cost of the shares of common stock that have not yet been allocated by the Trust to participants. 

## Note 8. Other Liabilities: 

Other liabilities at December 31 included the following: 

<img src='content_image/7716.jpg'>

## Note 9. Income Taxes: 

The provision (benefit) for income taxes was as follows: 

<img src='content_image/7717.jpg'>

Significant components of net deferred tax assets related to the following tax effects of differences between financial and tax reporting at December 31: 

<img src='content_image/7718.jpg'>

