EX-99.1 2 exhibit991a.htm FIVE YR. SUPPLEMENTAL FINANCIAL INFORMATION exhibit991a.htm
Exhibit 99.1

 
Ashland Inc. and Consolidated Subsidiaries
                              
Statements of Consolidated Income
                              
Years Ended September 30
                              
                               
(In millions except per share data)
  
2007
    
2006
    
2005
    
2004
    
2003
  
Revenues
                              
Sales and operating revenues
   $
7,785
     $
7,233
     $
6,731
     $
5,776
     $
5,165
  
Equity income
    
15
      
11
      
525
      
412
      
292
  
Other income
    
34
      
33
      
39
      
26
      
46
  
     
7,834
      
7,277
      
7,295
      
6,214
      
5,503
  
Costs and expenses
                                        
Cost of sales and operating expenses
    
6,447
      
6,030
      
5,545
      
4,721
      
4,189
  
Selling, general and administrative expenses
    
1,171
      
1,077
      
1,079
      
968
      
1,031
  
     
7,618
      
7,107
      
6,624
      
5,689
      
5,220
  
Operating income
    
216
      
170
      
671
      
525
      
283
  
(Loss) gain on the MAP Transaction (a)
     (3 )     (5 )    
1,284
      
-
      
-
  
Loss on early retirement of debt
    
-
      
-
       (145 )    
-
      
-
  
Net interest and other financing income (costs)
    
46
      
47
       (82 )     (114 )     (128 )
Income from continuing operations
before income taxes
    
259
      
212
      
1,728
      
411
      
155
  
Income tax (expense) benefit
     (58 )     (29 )    
230
       (100 )     (52 )
Income from continuing operations
    
201
      
183
      
1,958
      
311
      
103
  
Income from discontinued operations (net of income taxes)
    
29
      
224
      
46
      
67
       (23 )
Income before cumulative effect
of accounting changes
    
230
      
407
      
2,004
      
378
      
80
  
Cumulative effect of accounting changes (net of income taxes)
    
-
      
-
      
-
      
-
       (5 )
Net income
   $
230
     $
407
     $
2,004
     $
378
     $
75
  
                                         
Earnings per share
                                        
Basic
                                        
Income from continuing operations
   $
3.20
     $
2.57
     $
26.85
     $
4.44
     $
1.51
  
Income from discontinued operations
    
.46
      
3.16
      
.64
      
.97
       (.33 )
Cumulative effect of accounting changes
    
-
      
-
      
-
      
-
       (.08 )
Net income
   $
3.66
     $
5.73
     $
27.49
     $
5.41
     $
1.10
  
Diluted
                                          
Income from continuing operations
   $
3.15
     $
2.53
     $
26.23
     $
4.36
     $
1.50
  
Income from discontinued operations
    
.45
      
3.11
      
.62
      
.95
       (.33 )
Cumulative effect of accounting changes
    
-
      
-
      
-
      
-
       (.07 )
Net income
   $
3.60
     $
5.64
     $
26.85
     $
5.31
     $
1.10
  
                                         
                                         

(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)
  
2007
    
2006
    
2005
    
2004
    
2003
  
Assets 
                              
Current assets
                              
Cash and cash equivalents
   $
897
     $
1,820
     $
985
     $
243
     $
223
  
Available-for-sale securities
    
155
      
349
      
403
      
-
      
-
  
Accounts receivable
    
1,467
      
1,401
      
1,242
      
953
      
804
  
Inventories
    
610
      
532
      
439
      
383
      
371
  
Deferred income taxes
    
69
      
93
      
104
      
96
      
125
  
Other current assets
    
78
      
55
      
22
      
111
      
49
  
Current assets of discontinued operations
    
-
      
-
      
562
      
516
      
513
  
        
3,276
      
4,250
      
3,757
      
2,302
      
2,085
  
Investments and other assets
                                        
Investment in Marathon Ashland Petroleum LLC (MAP)
    
-
      
-
      
-
      
2,713
      
2,448
  
Goodwill and other intangibles
    
377
      
310
      
235
      
116
      
109
  
Asbestos insurance receivable (noncurrent portion)
    
458
      
444
      
370
      
399
      
399
  
Deferred income taxes
    
157
      
186
      
228
      
-
      
-
  
Other noncurrent assets
    
435
      
450
      
419
      
286
      
252
  
Noncurrent assets of discontinued operations
    
-
      
-
  
 
  
976
      
909
      
966
  
        
1,427
      
1,390
      
2,228
      
4,423
      
4,174
  
Property, plant and equipment
                                        
Cost  
                                        
Performance Materials
    
701
      
637
      
573
      
613
      
567
  
Distribution
    
434
      
407
      
378
      
355
      
357
  
Valvoline
    
488
      
489
      
488
      
466
      
452
  
Water Technologies
    
272
      
255
      
184
      
167
      
156
  
Unallocated and other
    
230
      
219
      
207
      
201
      
178
  
        
2,125
      
2,007
      
1,830
      
1,802
      
1,710
  
Accumulated depreciation and amortization
     (1,142 )     (1,057 )     (1,000 )     (1,025 )     (963 )
        
983
      
950
      
830
      
777
      
747
  
       $
5,686
     $
6,590
     $
6,815
     $
7,502
     $
7,006
  
Liabilities and Stockholders’ Equity
                                        
Current liabilities
                                        
Debt due within one year
                                        
Short-term debt
   $
-
     $
-
     $
-
     $
40
     $
-
  
Current portion of long-term debt
    
5
      
12
      
12
      
399
      
102
  
Dividends payable
    
-
      
674
      
-
      
-
      
-
  
Trade and other payables
    
1,141
      
1,302
      
1,239
      
1,106
      
1,111
  
Income taxes
    
6
      
53
      
13
      
14
      
11
  
Current liabilities of discontinued operations
    
-
      
-
      
281
      
256
      
260
  
        
1,152
      
2,041
      
1,545
      
1,815
      
1,484
  
Noncurrent liabilities
                                        
Long-term debt (less current portion)
    
64
      
70
      
82
      
1,109
      
1,512
  
Employee benefit obligations
    
255
      
313
      
358
      
428
      
385
  
Deferred income taxes
    
-
      
-
      
-
      
286
      
215
  
Asbestos litigation reserve (noncurrent portion)
    
560
      
585
      
521
      
568
      
560
  
Other noncurrent liabilities and deferred credits
    
501
      
485
      
482
      
429
      
449
  
Noncurrent liabilities of discontinued operations
    
-
      
-
      
88
      
161
      
148
  
        
1,380
      
1,453
      
1,531
      
2,981
      
3,269
  
Stockholders’ equity
                                        
Common stock
    
1
      
1
      
1
      
72
      
68
  
Paid-in capital
    
16
      
240
      
605
      
478
      
350
  
Retained earnings
    
3,040
      
2,899
      
3,251
      
2,262
      
1,961
  
Accumulated other comprehensive income (loss)
    
97
       (44 )     (118 )     (106 )     (126 )
        
3,154
      
3,096
      
3,739
      
2,706
      
2,253
  
       $
5,686
     $
6,590
     $
6,815
     $
7,502
     $
7,006
  



                             
Statements of Consolidated Cash Flows
                              
Years Ended September 30
                              
                               
(In millions)
  
2007
    
2006
    
2005
    
2004
    
2003
  
Cash flows from operating activities from continuing operations
                              
Net income
   $
230
     $
407
     $
2,004
     $
378
     $
75
  
Results from discontinued operations (net of income taxes)
     (29 )     (224 )     (46 )     (67 )    
23
  
Cumulative effect of accounting changes
    
-
      
-
      
-
      
-
      
5
  
Adjustments to reconcile income from continuing operations
to cash flows from operating activities
                                        
 
Depreciation and amortization
    
133
      
111
      
100
      
98
      
96
  
 
Deferred income taxes
    
22
       (1 )     (500 )    
104
      
66
  
 
Equity income from affiliates
     (15 )     (11 )     (525 )     (412 )     (292 )
 
Distributions from equity affiliates
    
10
      
5
      
279
      
152
      
203
  
 
Loss (gain) on the MAP Transaction
    
3
      
5
       (1,284 )    
-
      
-
  
 
Loss on early retirement of debt
    
-
      
-
      
145
      
-
      
-
  
 
Change in operating assets and liabilities (a)
     (156 )     (141 )     (232 )     (210 )    
25
  
 
Other items
    
-
       (3 )     (5 )    
-
      
-
  
       
198
      
148
       (64 )    
43
      
201
  
Cash flows from financing activities from continuing operations
                                        
Proceeds from issuance of common stock
    
19
      
18
      
115
      
108
      
2
  
Excess tax benefits related to share-based payments
    
9
      
6
      
20
      
3
      
-
  
Repayment of long-term debt
     (13 )     (13 )     (1,552 )     (100 )     (216 )
Repurchase of common stock
     (288 )     (405 )     (100 )    
-
      
-
  
(Decrease) increase in revolving credit facility
    
-
      
-
       (40 )    
40
       (10 )
Cash dividends paid
     (743 )     (78 )     (79 )     (77 )     (75 )
        (1,016 )     (472 )     (1,636 )     (26 )     (299 )
Cash flows from investing activities from continuing operations
                                        
Additions to property, plant and equipment
     (154 )     (175 )     (180 )     (137 )     (65 )
Purchase of operations - net of cash acquired
     (75 )     (183 )     (135 )     (5 )    
-
  
Proceeds from sale of operations
    
-
      
-
      
3,303
      
-
      
-
  
Purchases of available-for-sale securities
     (484 )     (824 )     (402 )    
-
      
-
  
Proceeds from sales and maturities of
available-for-sale securities
    
680
      
876
      
1
      
-
      
-
  
Purchase of accounts receivable
    
-
      
-
       (150 )    
-
      
-
  
Collections of accounts receivable purchased
    
-
      
-
      
150
      
-
      
-
  
Other items
    
23
      
20
      
9
      
23
       (5 )
        (10 )     (286 )    
2,596
       (119 )     (70 )
Cash (used) provided by continuing operations
     (828 )     (610 )    
896
       (102 )     (168 )
Cash (used) provided by discontinued operations
                                        
 
Operating cash flows
     (3 )    
197
      
53
      
143
      
41
  
 
Investing cash flows
     (92 )    
1,248
       (207 )     (21 )    
260
  
(Decrease) increase in cash and cash equivalents
     (923 )    
835
      
742
      
20
      
133
  
Cash and cash equivalents - beginning of year
    
1,820
      
985
      
243
      
223
      
90
  
Cash and cash equivalents - end of year
   $
897
     $
1,820
     $
985
     $
243
     $
223
  
                                           
(Increase) decrease in operating assets (a)
                                        
Accounts receivable
   $ (54 )   $ (76 )   $ (291 )   $ (149 )   $ (51 )
Inventories
     (74 )     (56 )     (72 )     (9 )    
13
  
Other current assets
     (22 )    
21
      
94
       (60 )    
31
  
Investments and other assets
    
90
       (2 )     (247 )     (15 )    
17
  
Increase (decrease) in operating liabilities (a)
                                        
Trade and other payables
     (101 )    
42
      
106
       (3 )    
102
  
Other current liabilities
     (20 )     (90 )     (27 )     (11 )     (45 )
Noncurrent liabilities
    
25
      
20
      
205
      
37
       (42 )
Change in operating assets and liabilities
   $ (156 )   $ (141 )   $ (232 )   $ (210 )   $
25
  
                                           

(a)
Excludes changes resulting from operations acquired or sold.
                                    
 
 



Ashland Inc. and Consolidated Subsidiaries
                              
Information by Industry Segment
                              
Years Ended September 30
                              
                               
(In millions)
  
2007
    
2006
    
2005
    
2004
    
2003
  
Revenues
                              
Sales and operating revenues
                              
 
Performance Materials
   $
1,580
     $
1,425
     $
1,369
     $
1,026
     $
875
  
 
Distribution
    
4,031
      
4,070
      
3,810
      
3,199
      
2,810
  
 
Valvoline
    
1,525
      
1,409
      
1,326
      
1,297
      
1,235
  
 
Water Technologies
    
818
      
502
      
394
      
360
      
337
  
 
Intersegment sales (a)
                                        
 
Performance Materials
     (154 )     (145 )     (143 )     (85 )     (68 )
 
Distribution
     (12 )     (23 )     (22 )     (19 )     (21 )
 
Valvoline
     (1 )     (3 )     (2 )     (1 )     (2 )
 
Water Technologies
     (2 )     (2 )     (1 )     (1 )     (1 )
       
7,785
      
7,233
      
6,731
      
5,776
      
5,165
  
Equity income
                                        
 
Performance Materials
    
10
      
10
      
7
      
7
      
7
  
 
Valvoline
    
4
      
1
      
1
      
-
      
-
  
 
Water Technologies
    
1
      
-
      
-
      
-
      
-
  
 
Refining and Marketing
 
  
-
  
 
  
-
      
517
      
405
      
285
  
       
15
      
11
      
525
      
412
      
292
  
Other income
                                        
 
Performance Materials
    
4
      
4
      
17
      
8
      
4
  
 
Distribution
    
3
      
4
      
7
      
9
      
19
  
 
Valvoline
    
8
      
7
      
6
      
4
      
5
  
 
Water Technologies
    
3
      
4
      
4
      
8
      
6
  
 
Refining and Marketing
    
-
      
-
      
3
       (6 )    
2
  
 
Unallocated and other
    
16
      
14
      
2
      
3
      
10
  
 
  
 
  
34
      
33
      
39
      
26
      
46
  
      $
7,834
     $
7,277
     $
7,295
     $
6,214
     $
5,503
  
Operating income
                                        
Performance Materials
   $
89
     $
112
     $
88
     $
42
     $ (1 )
Distribution
    
41
      
120
      
99
      
56
      
12
  
Valvoline
    
86
       (21 )    
59
      
77
      
61
  
Water Technologies
    
16
      
14
      
11
      
14
      
3
  
Refining and Marketing (b)
    
-
      
-
      
486
      
383
      
263
  
Unallocated and other
     (16 )     (55 )     (72 )     (47 )     (55 )
      $
216
     $
170
     $
671
     $
525
     $
283
  
Depreciation and amortization
                                        
Performance Materials
   $
36
     $
31
     $
31
     $
30
     $
30
  
Distribution
    
22
      
21
      
18
      
18
      
19
  
Valvoline
    
31
      
28
      
27
      
27
      
26
  
Water Technologies
    
27
      
17
      
13
      
11
      
10
  
Unallocated and other
    
17
      
14
      
11
      
12
      
11
  
      $
133
     $
111
     $
100
     $
98
     $
96
  
 
 (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)
  
2007
    
2006
    
2005
  
 
  
2004
      
2003
  
Assets
                                  
Performance Materials
   $
997
     $
841
     $
764
       $
640
       $
563
  
Distribution
    
1,218
      
1,148
      
1,057
        
922
        
856
  
Valvoline
    
751
      
742
      
723
        
658
        
667
  
Water Technologies
    
514
      
468
      
233
        
202
        
186
  
Refining and Marketing
    
-
      
-
      
-
        
2,742
        
2,484
  
Discontinued operations
    
-
      
-
      
1,569
        
1,428
        
1,481
  
Unallocated and other (a)
    
2,206
  
 
  
3,391
      
2,469
        
910
        
769
  
 
   $
5,686
     $
6,590
     $
6,815
       $
7,502
       $
7,006
  
Capital employed
                                            
Performance Materials
   $
682
     $
505
     $
466
       $
373
       $
335
  
Distribution
    
672
      
564
      
513
        
449
        
418
  
Valvoline
    
501
      
489
      
483
        
388
        
399
  
Water Technologies
    
359
      
322
      
146
        
116
        
103
  
                                             
Return on investment (b)
                                            
Performance Materials
     9.2 %     15.9 %     10.8 %
 (c)
     8.0 %       (0.1 )%
Distribution
     4.1 %     13.5 %     12.0 %       7.7 %       1.4 %
Valvoline
     10.2 %     (2.6 )%     9.0 %
 (c)
     11.5 %       9.9 %
Water Technologies
     4.9 %     6.4 %     7.6 %       9.0 %       3.5 %
                                             
Additions to property, plant and equipment
                                            
Performance Materials
   $
56
     $
58
     $
45
       $
45
       $
23
  
Distribution
    
29
      
36
      
26
        
10
        
5
  
Valvoline
    
28
      
38
      
66
        
26
        
18
  
Water Technologies
    
24
      
23
      
19
        
17
        
11
  
Unallocated and other
    
17
      
20
      
24
        
39
        
8
  
 
 
 $
154
     $
175
     $
180
       $
137
       $
65
  
                                             
 
 
(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% 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 C of Notes to Consolidated Financial Statements in Ashland's annual report of Form 10-K for the year ended September 30, 2007.  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)
  
2007
    
2006
    
2005
    
2004
    
2003
  
Operating information
                              
Performance Materials (a) (b)
                              
Sales per shipping day
   $
6.1
     $
5.7
     $
5.4
     $
4.0
     $
3.5
  
Pounds sold per shipping day
    
4.9
      
4.9
      
5.4
      
5.1
      
4.7
  
Gross profit as a percent of sales
     20.5 %     22.5 %     20.4 %     20.4 %     22.1 %
Distribution (a) (b)
                                        
Sales per shipping day
   $
15.9
     $
16.2
     $
15.1
     $
12.6
     $
11.2
  
Pounds sold per shipping day
    
19.6
      
20.3
      
21.0
      
21.0
      
19.6
  
Gross profit as a percent of sales
     7.9 %     9.5 %     9.7 %     9.6 %     9.9 %
Valvoline (a) (b)
                                        
Lubricant sales (gallons)
    
167.1
      
168.7
      
175.4
      
191.6
      
193.5
  
Premium lubricants (percent of U.S. branded volumes)
     23.3 %     23.1 %     23.4 %     21.5 %     18.5 %
Gross profit as a percent of sales
     24.8 %     19.9 %     26.6 %     28.2 %     27.8 %
Water Technologies (a) (b)
                                        
Sales per shipping day
   $
3.1
     $
2.0
     $
1.6
     $
1.4
     $
1.3
  
Gross profit as a percent of sales
     39.2 %     43.7 %     47.8 %     49.3 %     50.4 %
                                         
                                         
                                         

(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.
(b)
Excludes amounts resulting from the elimination of the previous one month financial reporting lag for wholly owned entities outside North America, which was recorded during fiscal 2007.
                                       


Ashland Inc. and Consolidated Subsidiaries
                              
International Operations
                              
Years Ended September 30
                              
                               
(In millions)
  
2007
    
2006
    
2005
    
2004
    
2003
  
International assets (a)
                              
Performance Materials
   $
535
     $
463
     $
396
     $
333
     $
269
  
Distribution
    
319
      
264
      
216
      
184
      
152
  
Valvoline
    
186
      
158
      
146
      
132
      
121
  
Water Technologies
    
312
      
268
      
88
      
83
      
83
  
     
1,352
      
1,153
      
846
      
732
      
625
  
International liabilities (a)
                                        
Performance Materials
    
148
      
130
      
102
      
94
      
71
  
Distribution
    
103
      
127
      
94
      
88
      
59
  
Valvoline
    
51
      
44
      
42
      
54
      
45
  
Water Technologies
    
109
      
89
      
31
      
34
      
33
  
     
411
      
390
      
269
      
270
      
208
  
Net international investment (a)
                                        
Performance Materials
    
387
      
333
      
294
      
239
      
198
  
Distribution
    
216
      
137
      
122
      
96
      
93
  
Valvoline
    
135
      
114
      
104
      
78
      
76
  
Water Technologies
    
203
      
179
      
57
      
49
      
50
  
    $
941
     $
763
     $
577
     $
462
     $
417
  
International income before income taxes (a) (b)
                                        
Performance Materials
   $
64
     $
68
     $
64
     $
43
     $
30
  
Distribution
    
6
      
12
      
17
      
14
      
8
  
Valvoline
    
29
      
19
      
26
      
20
      
16
  
Water Technologies
    
62
      
41
      
37
      
30
      
24
  
    $
161
     $
140
     $
144
     $
107
     $
78
  
International revenues (a) (c)
                                        
Performance Materials
   $
732
     $
608
     $
601
     $
387
     $
307
  
Distribution
    
846
      
729
      
663
      
537
      
432
  
Valvoline
    
392
      
310
      
287
      
249
      
208
  
Water Technologies
    
545
      
309
      
229
      
202
      
178
  
    $
2,515
     $
1,956
     $
1,780
     $
1,375
     $
1,125
  
 
 
(a)
Excludes amounts resulting from the elimination of the previous one month financial reporting lag for wholly owned entities outside North America, which was recorded during fiscal 2007.
(b)
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.
(c)
Includes sales and operating revenues, equity income and other income.


Ashland Inc. and Consolidated Subsidiaries
                              
International Operations
                              
Years Ended September 30
                              
                               
(In millions)
  
2007
    
2006
    
2005
    
2004
    
2003
  
International assets (a)
                              
Europe
   $
842
     $
715
     $
499
     $
432
     $
372
  
Canada
    
205
      
193
      
189
      
164
      
142
  
Asia
    
168
      
131
      
72
      
58
      
43
  
Australia and New Zealand
    
64
      
55
      
46
      
48
      
42
  
Other
    
73
      
59
      
40
      
30
      
26
  
     
1,352
      
1,153
      
846
      
732
      
625
  
International liabilities (a)
                                        
Europe
    
283
      
287
      
181
      
180
      
138
  
Canada
    
63
      
48
      
48
      
52
      
40
  
Asia
    
27
      
22
      
9
      
11
      
10
  
Australia and New Zealand
    
21
      
19
      
17
      
17
      
11
  
Other
    
17
      
14
      
14
      
10
      
9
  
     
411
      
390
      
269
      
270
      
208
  
Net international investment (a)
                                        
Europe
    
559
      
428
      
318
      
252
      
234
  
Canada
    
142
      
145
      
141
      
112
      
102
  
Asia
    
141
      
109
      
63
      
47
      
33
  
Australia and New Zealand
    
43
      
36
      
29
      
31
      
31
  
Other
    
56
      
45
      
26
      
20
      
17
  
    $
941
     $
763
     $
577
     $
462
     $
417
  
International income before income taxes (a) (b)
                                        
Europe
   $
82
     $
67
     $
61
     $
41
     $
24
  
Canada
    
13
      
29
      
40
      
32
      
25
  
Asia
    
29
      
18
      
14
      
14
      
13
  
Australia and New Zealand
    
11
      
6
      
10
      
11
      
8
  
Other
    
26
      
20
      
19
      
9
      
8
  
    $
161
     $
140
     $
144
     $
107
     $
78
  
International revenues (a) (c)
                                        
Europe
   $
1,530
     $
1,118
     $
999
     $
757
     $
626
  
Canada
    
405
      
421
      
422
      
344
      
292
  
Asia
    
231
      
143
      
114
      
87
      
70
  
Australia and New Zealand
    
142
      
107
      
105
      
95
      
75
  
Other
    
207
      
167
      
140
      
92
      
62
  
    $
2,515
     $
1,956
     $
1,780
     $
1,375
     $
1,125
  

(a)
Excludes amounts resulting from the elimination of the previous one month financial reporting lag for wholly owned entities outside North America, which was recorded during fiscal 2007.
(b)
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.
(c)
Includes sales and operating revenues, equity income and other income.