-----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, Mjf7gbB19FHtfSvGf/E0bo5Q36MLVcfb3nOHebftXfngY6YMQ27/Gbr0T7AZNtiK Ajc0TNSJNSq0zWD+WK3aOQ== 0001305014-06-000385.txt : 20061213 0001305014-06-000385.hdr.sgml : 20061213 20061213120300 ACCESSION NUMBER: 0001305014-06-000385 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061213 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20061213 DATE AS OF CHANGE: 20061213 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: 061273459 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 5-YR SUPPLEMENTAL INFORMATION 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 13, 2006 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 41011 (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 230.425) [ ] 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 13, 2006, Ashland Inc. 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 2002 - 2006) 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. Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 5-Year Supplemental Financial Information posted to Ashland Inc.'s website SIGNATURES 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 13, 2006 /s/ J. Marvin Quin -------------------------------------------- Name: J. Marvin Quin Title: Senior Vice President and Chief Financial Officer EXHIBIT INDEX 99.1 5-Year Supplemental Financial Information posted to Ashland's website EX-99 2 ex99-1.txt EX 99-1 5 YR. SUPPLEMENTAL INFORMATION Ashland Inc. and Consolidated Subsidiaries STATEMENTS OF CONSOLIDATED INCOME Years Ended September 30
(In millions except per share data) 2006 2005 2004 2003 2002 - -------------------------------------------------------------------------------------------------------------------------------- REVENUES Sales and operating revenues $ 7,233 $ 6,731 $ 5,776 $ 5,165 $ 4,738 Equity income 11 525 412 292 181 Other income 33 39 26 46 35 ----------- ----------- ---------- ---------- ----------- 7,277 7,295 6,214 5,503 4,954 COSTS AND EXPENSES Cost of sales and operating expenses 6,030 5,545 4,721 4,189 3,812 Selling, general and administrative expenses 1,077 1,079 968 1,031 964 ----------- ----------- ---------- ---------- ----------- 7,107 6,624 5,689 5,220 4,776 ----------- ----------- ---------- ---------- ----------- OPERATING INCOME 170 671 525 283 178 (Loss) gain on the MAP Transaction (a) (5) 1,284 - - - Loss on early retirement of debt - (145) - - - Net interest and other financing income (costs) 47 (82) (114) (128) (137) ----------- ----------- ---------- ---------- ----------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 212 1,728 411 155 41 Income tax (expense) benefit (29) 230 (100) (52) (14) ----------- ----------- ---------- ---------- ----------- INCOME FROM CONTINUING OPERATIONS 183 1,958 311 103 27 Income from discontinued operations (net of income taxes) 224 46 67 (23) 101 ----------- ----------- ---------- ---------- ----------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 407 2,004 378 80 128 Cumulative effect of accounting changes (net of income taxes) - - - (5) (11) ----------- ----------- ---------- ---------- ----------- NET INCOME $ 407 $ 2,004 $ 378 $ 75 $ 117 =========== =========== ========== ========== =========== EARNINGS PER SHARE Basic Income from continuing operations $ 2.57 $ 26.85 $ 4.44 $ 1.51 $ 0.39 Income from discontinued operations 3.16 .64 .97 (.33) 1.47 Cumulative effect of accounting changes - - - (.08) (.17) ----------- ----------- ---------- ---------- ----------- Net income $ 5.73 $ 27.49 $ 5.41 $ 1.10 $ 1.69 =========== =========== ========== ========== =========== Diluted Income from continuing operations $ 2.53 $ 26.23 $ 4.36 $ 1.50 $ 0.38 Income from discontinued operations 3.11 .62 .95 (.33) 1.45 Cumulative effect of accounting changes - - - (.07) (.16) ----------- ----------- ---------- ---------- ----------- Net income $ 5.64 $ 26.85 $ 5.31 $ 1.10 $ 1.67 =========== =========== ========== ========== ===========
(a) "MAP Transaction" refers to the June 30, 2005 transfer of Ashland's 38% interest in Marathon Ashland Petroleum LLC (MAP), Ashland's maleic anhydride business and 60 Valvoline Instant Oil Change centers in Michigan and northwest Ohio to Marathon Oil Corporation in a transaction valued at approximately $3.7 billion. Ashland Inc. and Consolidated Subsidiaries CONSOLIDATED BALANCE SHEETS September 30
(In millions) 2006 2005 2004 2003 2002 - --------------------------------------------------------------------------------------------------------------------------------- ASSETS - ------ CURRENT ASSETS Cash and cash equivalents $ 1,820 $ 985 $ 243 $ 223 $ 90 Available-for-sale securities 349 403 - - - Accounts receivable 1,401 1,242 953 804 752 Inventories 532 439 383 371 384 Deferred income taxes 93 104 96 125 109 Other current assets 55 22 111 49 59 Current assets of discontinued operations - 562 516 513 528 ---------- ---------- ---------- ---------- ---------- 4,250 3,757 2,302 2,085 1,922 INVESTMENTS AND OTHER ASSETS Investment in Marathon Ashland Petroleum LLC (MAP) - - 2,713 2,448 2,350 Goodwill and other intangibles 310 235 116 109 107 Asbestos insurance receivable (noncurrent portion) 444 370 399 399 171 Deferred income taxes 186 228 - - - Other noncurrent assets 450 419 286 252 238 Noncurrent assets of discontinued operations - 976 909 966 1,178 ---------- ---------- ---------- ---------- ---------- 1,390 2,228 4,423 4,174 4,044 PROPERTY, PLANT AND EQUIPMENT Cost Performance Materials 637 573 613 567 561 Distribution 407 378 355 357 383 Valvoline 489 488 466 452 406 Water Technologies 255 184 167 156 149 Unallocated and other 219 207 201 178 135 ---------- ---------- ---------- ---------- ---------- 2,007 1,830 1,802 1,710 1,634 Accumulated depreciation and amortization (1,057) (1,000) (1,025) (963) (878) ---------- ---------- ---------- ---------- ---------- 950 830 777 747 756 ---------- ---------- ---------- ---------- ---------- $ 6,590 $ 6,815 $ 7,502 $ 7,006 $ 6,722 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ CURRENT LIABILITIES Debt due within one year Short-term debt $ - $ - $ 40 $ - $ 10 Current portion of long-term debt 12 12 399 102 191 Dividends payable 674 - - - - Trade and other payables 1,302 1,239 1,106 1,111 991 Income taxes 53 13 14 11 24 Current liabilities of discontinued operations - 281 256 260 292 ---------- ---------- ---------- ---------- ---------- 2,041 1,545 1,815 1,484 1,508 NONCURRENT LIABILITIES Long-term debt (less current portion) 70 82 1,109 1,512 1,606 Employee benefit obligations 313 358 428 385 509 Deferred income taxes - - 286 215 177 Asbestos litigation reserve (noncurrent portion) 585 521 568 560 152 Other long-term liabilities and deferred credits 485 482 429 449 451 Noncurrent liabilities of discontinued operations - 88 161 148 146 ---------- ---------- ---------- ---------- ---------- 1,453 1,531 2,981 3,269 3,041 STOCKHOLDERS' EQUITY Common stock 1 1 72 68 68 Paid-in capital 240 605 478 350 338 Retained earnings 2,899 3,251 2,262 1,961 1,961 Accumulated other comprehensive loss (44) (118) (106) (126) (194) ---------- ---------- ---------- ---------- ---------- 3,096 3,739 2,706 2,253 2,173 ---------- ---------- ---------- ---------- ---------- $ 6,590 $ 6,815 $ 7,502 $ 7,006 $ 6,722 ========== ========== ========== ========== ==========
Ashland Inc. and Consolidated Subsidiaries STATEMENTS OF CONSOLIDATED CASH FLOWS Years Ended September 30
(In millions) 2006 2005 2004 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS Net income $ 407 $ 2,004 $ 378 $ 75 $ 117 Results from discontinued operations (net of income taxes) (224) (46) (67) 23 (101) Cumulative effect of accounting changes - - - 5 11 Adjustments to reconcile income from continuing operations to cash flows from operating activities Depreciation and amortization 111 100 98 96 94 Deferred income taxes (1) (500) 104 66 (146) Equity income from affiliates (11) (525) (412) (292) (181) Distributions from equity affiliates 5 279 152 203 201 Loss (gain) on the MAP transaction 5 (1,284) - - - Loss on early retirement of debt - 145 - - - Change in operating assets and liabilities (a) (141) (232) (210) 25 (36) Other items (3) (5) - - - ---------- ---------- ---------- ---------- ---------- 148 (64) 43 201 (41) CASH FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS Proceeds from issuance of long-term debt - - - - 55 Proceeds from issuance of common stock 18 115 108 2 11 Excess tax benefits related to share-based payments 6 20 3 - - Repayment of long-term debt (13) (1,552) (100) (216) (140) Repurchase of common stock (405) (100) - - (42) (Decrease) increase in short-term debt - (40) 40 (10) 10 Cash dividends paid (78) (79) (77) (75) (76) ---------- ---------- ---------- ---------- ---------- (472) (1,636) (26) (299) (182) CASH FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS Additions to property, plant and equipment (175) (180) (137) (65) (71) Purchase of operations - net of cash acquired (183) (135) (5) - (7) Proceeds from sale of operations - 3,303 - - - Purchases of available-for-sale securities (824) (402) - - - Proceeds from sales and maturities of available-for-sale securities 876 1 - - - Purchase of accounts receivable - (150) - - - Collections of accounts receivable purchased - 150 - - - Other - net 20 9 23 (5) 21 ---------- ---------- ---------- ---------- ---------- (286) 2,596 (119) (70) (57) ---------- ---------- ---------- ---------- ---------- CASH (USED) PROVIDED BY CONTINUING OPERATIONS (610) 896 (102) (168) (280) Cash provided (used) by discontinued operations Operating cash flows 197 53 143 41 256 Investing cash flows 1,248 (207) (21) 260 (122) ---------- ---------- ---------- ---------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 835 742 20 133 (146) Cash and cash equivalents - beginning of year 985 243 223 90 236 ---------- ---------- ---------- ---------- ---------- CASH AND CASH EQUIVALENTS - END OF YEAR $ 1,820 $ 985 $ 243 $ 223 $ 90 ========== ========== ========== ========== ========== (INCREASE) DECREASE IN OPERATING ASSETS (a) Accounts receivable $ (76) $ (291) $ (149) $ (51) $ 64 Inventories (56) (72) (9) 13 6 Other current assets 21 94 (60) 31 39 Investments and other assets (32) (247) (15) 17 36 INCREASE (DECREASE) IN OPERATING LIABILITIES (a) Trade and other payables 42 106 (3) 102 (58) Other current liabilities (90) (27) (11) (45) (18) Noncurrent liabilities 50 205 37 (42) (105) ---------- ---------- ---------- ---------- ---------- CHANGE IN OPERATING ASSETS AND LIABILITIES $ (141) $ (232) $ (210) $ 25 $ (36) ========== ========== ========== ========== ========== (a) Excludes changes resulting from operations acquired or sold.
Ashland Inc. and Consolidated Subsidiaries INFORMATION BY INDUSTRY SEGMENT Years Ended September 30
(In millions) 2006 2005 2004 2003 2002 - ----------------------------------------------------------------------------------------------------------------------- REVENUES Sales and operating revenues Performance Materials $ 1,425 $ 1,369 $ 1,026 $ 875 $ 814 Distribution 4,070 3,810 3,199 2,810 2,541 Valvoline 1,409 1,326 1,297 1,235 1,152 Water Technologies 502 394 360 337 316 Intersegment sales (a) Performance Materials (145) (143) (85) (68) (62) Distribution (23) (22) (19) (21) (20) Valvoline (3) (2) (1) (2) (2) Water Technologies (2) (1) (1) (1) (1) ---------- ---------- ---------- ---------- ---------- 7,233 6,731 5,776 5,165 4,738 Equity income Performance Materials 10 7 7 7 4 Valvoline 1 1 - - 1 Refining and Marketing - 517 405 285 176 ---------- ---------- ---------- ---------- ---------- 11 525 412 292 181 Other income Performance Materials 4 17 8 4 2 Distribution 4 7 9 19 17 Valvoline 7 6 4 5 7 Water Technologies 4 4 8 6 2 Refining and Marketing - 3 (6) 2 2 Unallocated and other 14 2 3 10 5 ---------- ---------- ---------- ---------- ---------- 33 39 26 46 35 ---------- ---------- ---------- ---------- ---------- $ 7,277 $ 7,295 $ 6,214 $ 5,503 $ 4,954 ========== ========== ========== ========== ========== OPERATING INCOME Performance Materials $ 112 $ 88 $ 42 $ (1) $ 34 Distribution 120 99 56 12 (15) Valvoline (21) 59 77 61 56 Water Technologies 14 11 14 3 12 Refining and Marketing (b) - 486 383 263 143 Unallocated and other (55) (72) (47) (55) (52) ---------- ---------- ---------- ---------- ---------- $ 170 $ 671 $ 525 $ 283 $ 178 ========== ========== ========== ========== ========== DEPRECIATION AND AMORTIZATION Performance Materials $ 31 $ 31 $ 30 $ 30 $ 29 Distribution 21 18 18 19 21 Valvoline 28 27 27 26 24 Water Technologies 17 13 11 10 9 Unallocated and other 14 11 12 11 11 ---------- ---------- ---------- ---------- ---------- $ 111 $ 100 $ 98 $ 96 $ 94 ========== ========== ========== ========== ========== (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) 2006 2005 2004 2003 2002 - ------------------------------------------------------------------------------------------------------------------------ ASSETS Performance Materials $ 841 $ 764 $ 640 $ 563 $ 551 Distribution 1,148 1,057 922 856 884 Valvoline 742 723 658 667 611 Water Technologies 468 233 202 186 179 Refining and Marketing - - 2,742 2,484 2,409 Discontinued operations - 1,569 1,428 1,481 1,709 Unallocated and other (a) 3,391 2,469 910 769 379 ---------- ---------- ---------- ---------- ---------- $ 6,590 $ 6,815 $ 7,502 $ 7,006 $ 6,722 ========== ========== ========== ========== ========== CAPITAL EMPLOYED Performance Materials $ 505 $ 466 $ 373 $ 335 $ 339 Distribution 564 513 449 418 459 Valvoline 489 483 388 399 343 Water Technologies 322 146 116 103 99 RETURN ON INVESTMENT (b) Performance Materials 15.9% 10.8 (c) 8.0% (0.1)% 6.1% Distribution 13.5% 12.0% 7.7% 1.4% (2.6)% Valvoline (2.6)% 9.0% (c) 11.5% 9.9% 9.2% Water Technologies 6.4% 7.6% 9.0% 3.5% 8.2% ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT Performance Materials $ 58 $ 45 $ 45 $ 23 $ 20 Distribution 36 26 10 5 15 Valvoline 38 66 26 18 22 Water Technologies 23 19 17 11 7 Unallocated and other 20 24 39 8 7 ---------- ---------- ---------- ---------- ---------- $ 175 $ 180 $ 137 $ 65 $ 71 ========== ========== ========== ========== ==========
(a) Includes cash, cash equivalents and other unallocated assets. (b) Calculated as income from continuing operations divided by average quarterly capital employed. (c) On June 30, 2005, Ashland transferred its 38-percent interest in Marathon Ashland Petroleum LLC and two other businesses to Marathon Oil Corporation (the "MAP Transaction"). Amounts for 2005 exclude the respective portions of the net gain on the MAP transaction of $43 million for Performance Materials and $24 million for Valvoline. For further information, see Note E of Notes to Consolidated Financial Statements in Ashland's annual report of Form 10-K for the year ended September 30, 2006. Including these amounts, the return on investment would have been 20.3% for Performance Materials and 14.4% for Valvoline. Ashland Inc. and Consolidated Subsidiaries INFORMATION BY INDUSTRY SEGMENT Years Ended September 30
(In millions) 2006 2005 2004 2003 2002 - ----------------------------------------------------------------------------------------------------------------------------- OPERATING INFORMATION Performance Materials (a) Sales per shipping day $ 5.7 $ 5.4 $ 4.0 $ 3.5 $ 3.2 Pounds sold per shipping day 4.9 5.4 5.1 4.7 4.7 Gross profit as a percent of sales 22.5% 20.4% 20.4% 22.1% 25.8% Distribution (a) Sales per shipping day $ 16.2 $ 15.1 $ 12.6 $ 11.2 $ 10.1 Pounds sold per shipping day 18.9 19.2 19.4 18.2 17.3 Gross profit as a percent of sales 9.5% 9.7% 9.6% 9.9% 9.7% Valvoline (a) Lubricant sales (gallons) 168.7 175.4 191.6 193.5 199.0 Premium lubricants (percent of U.S. branded volumes) 23.1% 23.4% 21.5% 18.5% 16.1% Gross profit as a percent of sales 19.9% 26.6% 28.2% 27.8% 27.3% Water Technologies (a) Sales per shipping day $ 2.0 $ 1.6 $ 1.4 $ 1.3 $ 1.3 Gross profit as a percent of sales 43.7% 47.8% 49.3% 50.4% 51.2% - -----------------------------------------------------------------------------------------------------------------------------
(a) 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) 2006 2005 2004 2003 2002 - ------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL ASSETS Performance Materials $ 463 $ 396 $ 333 $ 269 $ 245 Distribution 264 216 184 152 125 Valvoline 158 146 132 121 101 Water Technologies 268 88 83 83 74 ---------- ---------- ---------- ---------- ----------- 1,153 846 732 625 545 INTERNATIONAL LIABILITIES Performance Materials 130 102 94 71 66 Distribution 127 94 88 59 49 Valvoline 44 42 54 45 37 Water Technologies 89 31 34 33 33 ---------- ---------- ---------- ---------- ----------- 390 269 270 208 185 NET INTERNATIONAL INVESTMENT Performance Materials 333 294 239 198 179 Distribution 137 122 96 93 76 Valvoline 114 104 78 76 64 Water Technologies 179 57 49 50 41 ---------- ---------- ---------- ---------- ----------- $ 763 $ 577 $ 462 $ 417 $ 360 ========== ========== ========== ========== =========== INTERNATIONAL INCOME BEFORE INCOME TAXES (a) Performance Materials $ 68 $ 64 $ 43 $ 30 $ 27 Distribution 12 17 14 8 6 Valvoline 19 26 20 16 9 Water Technologies 41 37 30 24 27 ---------- ---------- ---------- ---------- ----------- $ 140 $ 144 $ 107 $ 78 $ 69 ========== ========== ========== ========== =========== INTERNATIONAL REVENUES (b) Performance Materials $ 608 $ 601 $ 387 $ 307 $ 257 Distribution 729 663 537 432 360 Valvoline 310 287 249 208 177 Water Technologies 309 229 202 178 161 ---------- ---------- ---------- ---------- ----------- $ 1,956 $ 1,780 $ 1,375 $ 1,125 $ 955 ========== ========== ========== ========== ===========
(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 intercompany items eliminated in consolidation (e.g. interest) or any allocation of unallocated 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. (b) Includes sales and operating revenues, equity income and other income. Ashland Inc. and Consolidated Subsidiaries INTERNATIONAL OPERATIONS Years Ended September 30
(In millions) 2006 2005 2004 2003 2002 - ------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL ASSETS Europe $ 715 $ 499 $ 432 $ 372 $ 329 Canada 193 189 164 142 124 Asia 131 72 58 43 36 Australia and New Zealand 55 46 48 42 34 Other 59 40 30 26 22 ---------- ---------- ---------- ---------- ----------- 1,153 846 732 625 545 INTERNATIONAL LIABILITIES Europe 287 181 180 138 129 Canada 48 48 52 40 32 Asia 22 9 11 10 8 Australia and New Zealand 19 17 17 11 10 Other 14 14 10 9 6 ---------- ---------- ---------- ---------- ----------- 390 269 270 208 185 NET INTERNATIONAL INVESTMENT Europe 428 318 252 234 200 Canada 145 141 112 102 92 Asia 109 63 47 33 28 Australia and New Zealand 36 29 31 31 24 Other 45 26 20 17 16 ---------- ---------- ---------- ---------- ----------- $ 763 $ 577 $ 462 $ 417 $ 360 ========== ========== ========== ========== =========== INTERNATIONAL INCOME BEFORE INCOME TAXES (a) Europe $ 67 $ 61 $ 41 $ 24 $ 31 Canada 29 40 32 25 25 Asia 18 14 14 13 10 Australia and New Zealand 6 10 11 8 3 Other 20 19 9 8 - ---------- ---------- ---------- ---------- ----------- $ 140 $ 144 $ 107 $ 78 $ 69 ========== ========== ========== ========== =========== INTERNATIONAL REVENUES (b) Europe $ 1,118 $ 999 $ 757 $ 626 $ 516 Canada 421 422 344 292 265 Asia 143 114 87 70 57 Australia and New Zealand 107 105 95 75 61 Other 167 140 92 62 56 ---------- ---------- ---------- ---------- ----------- $ 1,956 $ 1,780 $ 1,375 $ 1,125 $ 955 ========== ========== ========== ========== ===========
(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 intercompany items eliminated in consolidation (e.g. interest) or any allocation of unallocated 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. (b) Includes sales and operating revenues, equity income and other income. -----END PRIVACY-ENHANCED MESSAGE-----