-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NOAYW3i3yOzd5uAZSmVpwKeJjg5yTSV1BvZgfbB5hY3jhMGbj2Ji3kfP2OyZrgft xHE0ypGnKJCxIv0jhkPsMQ== 0001305014-05-000187.txt : 20051219 0001305014-05-000187.hdr.sgml : 20051219 20051219152849 ACCESSION NUMBER: 0001305014-05-000187 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051219 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051219 DATE AS OF CHANGE: 20051219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASHLAND INC. CENTRAL INDEX KEY: 0001305014 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 200865835 STATE OF INCORPORATION: KY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32532 FILM NUMBER: 051272417 BUSINESS ADDRESS: STREET 1: 50 EAST RIVERCENTER BLVD., 16TH FLOOR CITY: COVINGTON STATE: KY ZIP: 41012 BUSINESS PHONE: 859-815-3483 MAIL ADDRESS: STREET 1: 50 EAST RIVERCENTER BLVD., 16TH FLOOR CITY: COVINGTON STATE: KY ZIP: 41012 FORMER COMPANY: FORMER CONFORMED NAME: New EXM Inc. DATE OF NAME CHANGE: 20041004 8-K 1 form8k.txt FORM 8-K PERIOD ENDING 12-19-2005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): December 19, 2005 ASHLAND INC. (Exact name of registrant as specified in its charter) Kentucky (State or other jurisdiction of incorporation) 1-32532 20-0865835 (Commission File Number) (I.R.S. Employer Identification No.) 50 E. RiverCenter Boulevard, Covington, Kentucky 41012-0391 (Address of principal executive offices) (Zip Code) P.O. Box 391, Covington, Kentucky 41012-0391 (Mailing Address) (Zip Code) Registrant's telephone number, including area code (859) 815-3333 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 2230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 7.01. Regulation FD Disclosure On December 19, 2005, Ashland Inc. ("Ashland") will include the information contained in Exhibit 99.1 on the "Investor Relations" section of its website located at www.ashland.com. Ashland is furnishing the information pursuant to the Securities and Exchange Commission's ("SEC") Regulation FD. The information contained in Exhibit 99.1 includes five years (fiscal years 2001 - 2005) of supplemental financial information concerning Ashland and its consolidated subsidiaries. The information is intended to be considered in the context of Ashland's SEC filings and other public announcements that Ashland may make from time to time. By filing this report on Form 8-K, Ashland makes no admission as to the materiality of any information in this report. Ashland reserves the right to discontinue the availability of the data in the attached exhibit from its website at any time. -2- Item 9.01. Financial Statements and Exhibits (c) Exhibits 99.1 5-Year Supplemental Financial Information posted to Ashland Inc.'s website -3- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ASHLAND INC. ------------------------------------------- (Registrant) Date: December 19, 2005 /s/ J. Marvin Quin -------------------------------------------- Name: J. Marvin Quin Title: Senior Vice President, and Chief Financial Officer -4- EXHIBIT INDEX 99.1 5-Year Supplemental Financial Information posted to Ashland's website EX-99 2 fiveyr.txt EXHIBIT 99.1 FIVE YEAR SUPPLEMENTAL FINANCIALS EXHIBIT 99.1
Ashland Inc. and Consolidated Subsidiaries STATEMENTS OF CONSOLIDATED INCOME Years Ended September 30 (In millions except per share data) 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------- Revenues Sales and operating revenues $ 9,270 $ 8,301 $ 7,566 $ 7,390 $ 7,544 Equity income 531 432 301 181 755 Other income 59 48 45 46 53 ---------- ---------- ----------- ---------- ---------- 9,860 8,781 7,912 7,617 8,352 Costs and expenses Cost of sales and operating expenses 7,823 6,948 6,390 6,115 6,358 Selling, general and administrative expenses 1,291 1,171 1,256 1,181 1,163 ---------- ---------- ----------- ---------- ---------- 9,114 8,119 7,646 7,296 7,521 ---------- ---------- ----------- ---------- ---------- Operating income 746 662 266 321 831 Gain on the MAP Transaction 1,284 - - - - Loss on early retirement of debt (145) - - - - Net interest and other financial costs (82) (114) (128) (138) (175) ---------- ---------- ----------- ---------- ---------- Income from continuing operations before income taxes 1,803 548 138 183 656 Income taxes 202 (150) (44) (68) (266) ---------- ---------- ----------- ---------- ---------- Income from continuing operations 2,005 398 94 115 390 Results from discontinued operations (1) (20) (14) 13 32 ---------- ---------- ----------- ---------- ---------- Income before cumulative effect of accounting changes 2,004 378 80 128 422 Cumulative effect of accounting changes - - (5) (11) (5) ---------- ---------- ----------- ---------- ---------- Net income $ 2,004 $ 378 $ 75 $ 117 $ 417 ========== ========== =========== ========== ========== Earnings per share Basic Income from continuing operations $ 27.50 $ 5.69 $ 1.37 $ 1.67 $ 5.60 Results from discontinued operations (.01) (.28) (.19) .19 .46 Cumulative effect of accounting changes - - (.08) (.17) (.07) ---------- ---------- ----------- ---------- ---------- Net income $ 27.49 $ 5.41 $ 1.10 $ 1.69 $ 5.99 ========== ========== =========== ========== ========== Diluted Income from continuing operations $ 26.86 $ 5.59 $ 1.37 $ 1.64 $ 5.54 Results from discontinued operations (.01) (.28) (.19) .19 .45 Cumulative effect of accounting changes - - (.08) (.16) (.06) ---------- ---------- ----------- ---------- ---------- Net income $ 26.85 $ 5.31 $ 1.10 $ 1.67 $ 5.93 ========== ========== =========== ========== ==========
Ashland Inc. and Consolidated Subsidiaries CONSOLIDATED BALANCE SHEETS September 30 (In millions) 2005 2004 2003 2002 2001 - ---------------------------------------------------------------------------------------------------------------------------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 985 $ 243 $ 223 $ 90 $ 236 Available-for-sale securities 403 - - - - Accounts receivable 1,599 1,290 1,135 1,056 1,165 Inventories 527 458 441 456 468 Deferred income taxes 122 103 142 119 131 Current assets of discontinued operations held for sale - - - 211 64 Other current assets 121 208 144 139 169 ---------- ---------- ---------- ----------- ----------- 3,757 2,302 2,085 2,071 2,233 INVESTMENTS AND OTHER ASSETS Investment in Marathon Ashland Petroleum LLC (MAP) - 2,713 2,448 2,350 2,387 Goodwill and other intangibles 650 529 538 531 538 Asbestos insurance receivable (noncurrent portion) 370 399 399 171 162 Deferred income taxes 175 - - - - Noncurrent assets of discontinued operations held for sale - - - - 145 Other noncurrent assets 441 303 264 240 278 ---------- ---------- ---------- ----------- ----------- 1,636 3,944 3,649 3,292 3,510 PROPERTY, PLANT AND EQUIPMENT Cost APAC 1,444 1,302 1,337 1,372 1,304 Ashland Distribution 378 356 357 383 382 Ashland Specialty Chemical 757 780 723 710 701 Valvoline 488 466 452 406 395 Corporate 207 200 178 135 143 ---------- ---------- ---------- ----------- ----------- 3,274 3,104 3,047 3,006 2,925 Accumulated depreciation, depletion and amortization (1,852) (1,848) (1,775) (1,647) (1,540) ---------- ---------- ---------- ----------- ----------- 1,422 1,256 1,272 1,359 1,385 ---------- ---------- ---------- ----------- ----------- $ 6,815 $ 7,502 $ 7,006 $ 6,722 $ 7,128 ========== ========== ========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Debt due within one year Short-term debt $ - $ 40 $ - $ 10 $ - Current portion of long-term debt 12 399 102 191 85 Trade and other payables 1,520 1,362 1,371 1,256 1,399 Current liabilities of discontinued operations held for sale - - - 39 26 Income taxes 13 14 11 24 20 ---------- ---------- ---------- ----------- ----------- 1,545 1,815 1,484 1,520 1,530 NONCURRENT LIABILITIES Long-term debt (less current portion) 82 1,109 1,512 1,606 1,786 Employee benefit obligations 358 428 385 509 412 Deferred income taxes - 367 291 246 439 Reserves of captive insurance companies 182 179 168 166 173 Asbestos litigation reserve (noncurrent portion) 521 568 560 152 162 Noncurrent liabilities of discontinued operations held for sale - - - - 13 Other long-term liabilities and deferred credits 388 330 353 350 387 ---------- ---------- ---------- ----------- ----------- 1,531 2,981 3,269 3,029 3,372 STOCKHOLDERS' EQUITY Common stock 1 72 68 68 69 Paid-in capital 605 478 350 338 363 Retained earnings 3,251 2,262 1,961 1,961 1,920 Accumulated other comprehensive loss (118) (106) (126) (194) (126) ---------- ---------- ---------- ----------- ----------- 3,739 2,706 2,253 2,173 2,226 ---------- ---------- ---------- ----------- ----------- $ 6,815 $ 7,502 $ 7,006 $ 6,722 $ 7,128 ========== ========== ========== =========== ===========
Ashland Inc. and Consolidated Subsidiaries STATEMENTS OF CONSOLIDATED CASH FLOWS Years Ended September 30 (In millions) 2005 2004 2003 2002 2001 - ---------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATIONS Income from continuing operations $ 2,005 $ 398 $ 94 $ 115 $ 390 Adjustments to reconcile to cash flows from operations Depreciation, depletion and amortization 193 193 204 208 240 Deferred income taxes (532) 125 49 (121) 151 Equity income from affiliates (531) (432) (301) (181) (755) Distributions from equity affiliates 281 169 203 201 664 Gain on the MAP transaction (1,284) - - - - Loss on early retirement of debt 145 - - - - Change in operating assets and liabilities (a) (235) (246) (8) (54) 119 Other items (5) 2 1 - 5 ---------- ---------- ----------- ---------- ---------- 37 209 242 168 814 CASH FLOWS FROM FINANCING Proceeds from issuance of long-term debt - - - 55 52 Proceeds from issuance of common stock 115 108 2 11 15 Repayment of long-term debt (1,552) (100) (216) (140) (169) Repurchase of common stock (100) - - (42) (49) Increase (decrease) in short-term debt (40) 40 (10) 10 (245) Cash dividends paid (79) (77) (75) (76) (76) ---------- ---------- ----------- ---------- ---------- (1,656) (29) (299) (182) (472) CASH FLOWS FROM INVESTMENT Additions to property, plant and equipment (380) (210) (112) (178) (214) Purchase of operations - net of cash acquired (156) (5) (5) (15) (91) Proceeds from sale of operations 3,306 48 7 - 9 Purchases of available-for-sale securities (402) - - - - Proceeds from sales and maturities of available-for-sale securities 1 - - - - Other - net 19 26 13 26 37 ---------- ---------- ----------- ---------- ---------- 2,388 (141) (97) (167) (259) ---------- ---------- ----------- ---------- ---------- CASH PROVIDED (USED) BY CONTINUING OPERATIONS 769 39 (154) (181) 83 Cash provided (used) by discontinued operations (27) (19) 287 35 86 ---------- ---------- ----------- ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 742 20 133 (146) 169 Cash and cash equivalents - beginning of year 243 223 90 236 67 ---------- ---------- ----------- ---------- ---------- CASH AND CASH EQUIVALENTS - END OF YEAR $ 985 $ 243 $ 223 $ 90 $ 236 ========== ========== =========== ========== ========== DECREASE (INCREASE) IN OPERATING ASSETS (a) Accounts receivable $ (312) $ (157) $ (79) $ 110 $ 70 Inventories (82) (14) 15 12 5 Deferred income taxes (3) 2 22 17 - Other current assets 94 (64) (5) 30 31 Investments and other assets (245) (15) 7 41 (168) Increase (decrease) in operating liabilities (a) Trade and other payables 150 (15) 115 (132) 71 Income taxes (3) (19) (50) (18) 4 Noncurrent liabilities 166 36 (33) (114) 106 ---------- ---------- ----------- ---------- ---------- Change in operating assets and liabilities $ (235) $ (246) $ (8) $ (54) $ 119 ========== ========== =========== ========== ========== (a) Excludes changes resulting from operations acquired or sold.
Ashland Inc. and Consolidated Subsidiaries INFORMATION BY INDUSTRY SEGMENT Years Ended September 30 (In millions) 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------ REVENUES Sales and operating revenues APAC $ 2,539 $ 2,525 $ 2,400 $ 2,652 $ 2,624 Ashland Distribution 3,810 3,199 2,811 2,541 2,858 Ashland Specialty Chemical 1,763 1,386 1,212 1,130 1,091 Valvoline 1,326 1,297 1,235 1,152 1,064 Intersegment sales (a) Ashland Distribution (22) (19) (21) (20) (27) Ashland Specialty Chemical (144) (86) (69) (63) (64) Valvoline (2) (1) (2) (2) (2) ---------- ---------- ---------- ---------- ----------- 9,270 8,301 7,566 7,390 7,544 Equity income APAC 6 19 9 - - Ashland Specialty Chemical 8 8 7 4 5 Valvoline - - - 1 1 Refining and Marketing 517 405 285 176 749 ---------- ---------- ---------- ---------- ----------- 531 432 301 181 755 Other income APAC 20 22 - 12 13 Ashland Distribution 7 9 18 17 15 Ashland Specialty Chemical 21 16 10 4 6 Valvoline 6 4 5 6 6 Refining and Marketing 3 (6) 2 2 7 Corporate 2 3 10 5 6 ---------- ---------- ---------- ---------- ----------- 59 48 45 46 53 ---------- ---------- ---------- ---------- ----------- $ 9,860 $ 8,781 $ 7,912 $ 7,617 $ 8,352 ========== ========== ========== ========== =========== OPERATING INCOME APAC $ 48 $ 111 $ (42) $ 122 $ 55 Ashland Distribution 123 78 32 1 35 Ashland Specialty Chemical 134 87 31 70 38 Valvoline 90 105 87 77 81 Refining and Marketing (b) 486 383 263 143 707 Corporate (135) (102) (105) (92) (85) ---------- ---------- ---------- ---------- ----------- $ 746 $ 662 $ 266 $ 321 $ 831 ========== ========== ========== ========== =========== DEPRECIATION, DEPLETION AND AMORTIZATION APAC $ 93 $ 95 $ 108 $ 114 $ 133 Ashland Distribution 18 18 19 21 27 Ashland Specialty Chemical 44 41 40 38 46 Valvoline 27 27 26 24 23 Corporate 11 12 11 11 11 ---------- ---------- ---------- ---------- ----------- $ 193 $ 193 $ 204 $ 208 $ 240 ========== ========== ========== ========== ===========
(a) Intersegment sales are accounted for at prices that approximate market value. (b) Includes Ashland's equity income from MAP through June 30, 2005, amortization related to Ashland's excess investment in MAP, and other activities associated with refining and marketing.
Ashland Inc. and Consolidated Subsidiaries INFORMATION BY INDUSTRY SEGMENT Years Ended September 30 (In millions) 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------ ASSETS APAC $ 1,569 $ 1,428 $ 1,481 $ 1,498 $ 1,574 Ashland Distribution 1,057 922 856 884 961 Ashland Specialty Chemical 997 842 749 941 941 Valvoline 723 658 667 611 642 Refining and Marketing 85 2,742 2,484 2,409 2,452 Corporate (a) 2,384 910 769 379 558 ---------- ---------- ---------- ---------- ---------- $ 6,815 $ 7,502 $ 7,006 $ 6,722 $ 7,128 ========== ========== ========== ========== ========== CAPITAL EMPLOYED APAC $ 1,133 $ 959 $ 1,014 $ 1,039 $ 1,047 Ashland Distribution 513 449 418 459 470 Ashland Specialty Chemical 612 490 438 610 612 Valvoline 483 388 399 343 389 Refining and Marketing (107) 2,053 1,866 1,818 1,654 Corporate 1,199 (85) (268) (289) (75) ---------- ---------- ---------- ---------- ---------- $ 3,833 $ 4,254 $ 3,867 $ 3,980 $ 4,097 ========== ========== ========== ========== ========== RETURN ON INVESTMENT (b) APAC 3.0% 7.3% (2.4)% 7.3 % 2.5% Ashland Distribution 15.0% 10.8% 4.3 % (0.5)% 2.8% Ashland Specialty Chemical 13.6% (c) 12.3% 4.8 % 9.8 % 5.4% Valvoline 13.2% (c) 15.7% 14.1 % 12.5 % 12.5% Refining and Marketing 23.2% (c) 12.4% 8.7 % 4.9 % 25.3% Ashland Inc. consolidated 12.4% (c) 11.7% 4.4 % 5.0 % 12.3% ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT APAC $ 200 $ 73 $ 47 $ 107 $ 92 Ashland Distribution 26 10 5 15 25 Ashland Specialty Chemical 64 62 34 27 39 Valvoline 66 26 18 22 37 Corporate 24 39 8 7 21 ---------- ---------- ---------- ---------- ---------- $ 380 $ 210 $ 112 $ 178 $ 214 ========== ========== ========== ========== ==========
(a) Includes cash, cash equivalents and other unallocated assets. (b) Calculated as income from continuing operations before interest expense on debt (net of related tax benefits) divided by average quarterly capital employed (excluding capital employed in discontinued operations). (c) On June 30, 2005, Ashland transferred its 38-percent interest in Marathon Ashland Petroleum LLC and two other businesses to Marathon Oil Corp. (the "MAP Transaction"). Amounts for 2005 exclude the net gain on the MAP transaction and the loss on the early retirement of debt of $1,531 million. For further information, see Note D of Notes to Consolidated Financial Statements in Ashland's annual report of Form 10-K for the year ended September 30, 2005. Including these amounts, the return on investment would have been the following: Ashland Specialty Chemical 20.8%, Valvoline 18.6%, Refining and Marketing 148.8% and Ashland Inc. consolidated 48.5%.
Ashland Inc. and Consolidated Subsidiaries INFORMATION BY INDUSTRY SEGMENT Years Ended September 30 (In millions) 2005 2004 2003 2002 2001 - ----------------------------------------------------------------------------------------------------------------------------- OPERATING INFORMATION APAC Construction backlog at September 30 (a) $ 2,038 $ 1,746 $ 1,745 $ 1,691 $ 1,629 Net construction job revenues (b) $ 1,458 $ 1,433 $ 1,361 $ 1,527 $ 1,547 Hot-mix asphalt production (tons) 31.3 33.4 32.5 36.7 36.7 Aggregate production (tons) 31.4 29.6 28.7 31.0 28.7 Ashland Distribution (c) Sales per shipping day $ 15.1 $ 12.6 $ 11.2 $ 10.1 $ 11.2 Gross profit as a percent of sales 9.7% 9.6% 9.9% 9.7% 8.9% Ashland Specialty Chemical (c) Sales per shipping day $ 7.0 $ 5.4 $ 4.8 $ 4.5 $ 4.3 Gross profit as a percent of sales 26.6% 27.9% 29.9% 32.9% 29.7% Valvoline Lubricant sales (gallons) 175.4 191.6 193.5 199.0 187.4 Premium lubricants (percent of U.S. branded volumes) 23.4% 21.5% 18.5% 16.1% 11.7% - -----------------------------------------------------------------------------------------------------------------------------
(a) Includes APAC's proportionate share of the backlog of unconsolidated joint ventures. (b) Total construction job revenues, less subcontract costs. (c) Sales are defined as sales and operating revenues. Gross profit is defined as sales and operating revenues, less cost of sales and operating expenses.
Ashland Inc. and Consolidated Subsidiaries INTERNATIONAL OPERATIONS Years Ended September 30 (In millions) 2005 2004 2003 2002 2001 - ------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL ASSETS Ashland Distribution $ 216 $ 184 $ 152 $ 125 $ 126 Ashland Specialty Chemical 484 416 352 319 295 Valvoline 146 132 121 101 92 ---------- ---------- ---------- ---------- ----------- 846 732 625 545 513 INTERNATIONAL LIABILITIES Ashland Distribution 94 88 59 49 50 Ashland Specialty Chemical 133 128 104 99 99 Valvoline 42 54 45 37 36 ---------- ---------- ---------- ---------- ----------- 269 270 208 185 185 NET INTERNATIONAL INVESTMENT Ashland Distribution 122 96 93 76 76 Ashland Specialty Chemical 351 288 248 220 196 Valvoline 104 78 76 64 56 ---------- -------- -------- -------- -------- $ 577 $ 462 $ 417 $ 360 $ 328 ========== ========== ========== ========== =========== INTERNATIONAL INCOME BEFORE INCOME TAXES (a) Ashland Distribution $ 17 $ 14 $ 8 $ 6 $ 12 Ashland Specialty Chemical 101 73 54 54 48 Valvoline 26 20 16 9 2 ---------- ---------- ---------- ---------- ----------- $ 144 $ 107 $ 78 $ 69 $ 62 ========== ========== ========== ========== =========== INTERNATIONAL REVENUES Ashland Distribution $ 663 $ 537 $ 432 $ 360 $ 417 Ashland Specialty Chemical 830 589 485 418 371 Valvoline 287 249 208 177 168 ---------- ---------- ---------- ---------- ----------- $ 1,780 $ 1,375 $ 1,125 $ 955 $ 956 ========== ========== ========== ========== ===========
(a) Amounts represent income recorded by international subsidiaries, equity and dividend income from international affiliates, and international source royalty and other income recorded by U.S. subsidiaries. Amounts do not reflect any allocation of expenses incurred in the U.S. (e.g., research and development, advertising or administrative expenses) for the benefit of both U.S. and international operations.
Ashland Inc. and Consolidated Subsidiaries INTERNATIONAL OPERATIONS Years Ended September 30 (In millions) 2005 2004 2003 2002 2001 - --------------------------------------------------------------------------------------------------------------------- INTERNATIONAL ASSETS Europe $ 496 $ 432 $ 368 $ 325 $ 295 Canada 189 164 141 124 126 Asia 72 58 47 40 38 Australia and New Zealand 49 48 43 34 27 Other 40 30 26 22 27 ----------- ---------- ---------- ----------- ---------- 846 732 625 545 513 INTERNATIONAL LIABILITIES Europe 180 180 137 129 119 Canada 48 52 40 32 42 Asia 10 11 11 8 8 Australia and New Zealand 17 17 11 10 9 Other 14 10 9 6 7 ----------- ---------- ---------- ----------- ---------- 269 270 208 185 185 NET INTERNATIONAL INVESTMENT Europe 316 252 231 196 176 Canada 141 112 101 92 84 Asia 62 47 36 32 30 Australia and New Zealand 32 31 32 24 18 Other 26 20 17 16 20 ----------- ---------- ---------- ----------- ---------- $ 577 $ 462 $ 417 $ 360 $ 328 =========== ========== ========== =========== ========== INTERNATIONAL INCOME BEFORE INCOME TAXES (a) Europe $ 61 $ 41 $ 23 $ 30 $ 25 Canada 40 32 25 25 26 Asia 14 14 14 11 10 Australia and New Zealand 11 11 8 3 1 Other 18 9 8 - - ----------- ---------- ---------- ----------- ---------- $ 144 $ 107 $ 78 $ 69 $ 62 =========== ========== ========== =========== ========== INTERNATIONAL REVENUES Europe $ 994 $ 757 $ 618 $ 510 $ 475 Canada 422 344 292 265 288 Asia 114 87 76 63 55 Australia and New Zealand 110 95 75 61 61 Other 140 92 64 56 77 ----------- ---------- ---------- ----------- ---------- $ 1,780 $ 1,375 $ 1,125 $ 955 $ 956 =========== ========== ========== =========== ==========
(a) Amounts represent income recorded by international subsidiaries, equity and dividend income from international affiliates, and international source royalty and other income recorded by U.S. subsidiaries. Amounts do not reflect any allocation of expenses incurred in the U.S. (e.g., research and development, advertising or administrative expenses) for the benefit of both U.S. and international operations. -----END PRIVACY-ENHANCED MESSAGE-----