|
|
x
|
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
o
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Large Accelerated Filer þ | Accelerated Filer o |
Non-Accelerated Filer o | Smaller Reporting Company o |
(Do not check if a smaller reporting company.) |
ASHLAND
INC. AND CONSOLIDATED SUBSIDIARIES
|
||||||||||||||||
STATEMENTS
OF CONSOLIDATED INCOME
|
||||||||||||||||
Three
months ended
|
Six
months ended
|
|||||||||||||||
March
31
|
March
31
|
|||||||||||||||
(In
millions except per share data - unaudited)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
SALES
AND OPERATING REVENUES
|
$ | 2,059 | $ | 1,915 | $ | 3,964 | $ | 3,717 | ||||||||
COSTS
AND EXPENSES
|
||||||||||||||||
Cost
of sales and operating expenses
|
1,725 | 1,575 | 3,314 | 3,064 | ||||||||||||
Selling,
general and administrative expenses
(a)
|
292 | 309 | 573 | 574 | ||||||||||||
2,017 | 1,884 | 3,887 | 3,638 | |||||||||||||
EQUITY
AND OTHER INCOME
|
10 | 10 | 21 | 20 | ||||||||||||
OPERATING
INCOME
|
52 | 41 | 98 | 99 | ||||||||||||
Gain
(loss) on the MAP Transaction (b)
|
22 | (4 | ) | 22 | (4 | ) | ||||||||||
Net
interest and other financing income
|
8 | 9 | 21 | 25 | ||||||||||||
INCOME
FROM CONTINUING OPERATIONS
|
||||||||||||||||
BEFORE
INCOME TAXES
|
82 | 46 | 141 | 120 | ||||||||||||
Income
tax expense - Note I
|
10 | 15 | 31 | 36 | ||||||||||||
INCOME
FROM CONTINUING OPERATIONS
|
72 | 31 | 110 | 84 | ||||||||||||
Income
(loss) from discontinued operations (net of income taxes) - Note D
(c)
|
- | 18 | (5 | ) | 14 | |||||||||||
NET
INCOME
|
$ | 72 | $ | 49 | $ | 105 | $ | 98 | ||||||||
BASIC
EARNINGS PER SHARE - Note J
|
||||||||||||||||
Income
from continuing operations
|
$ | 1.14 | $ | .49 | $ | 1.76 | $ | 1.32 | ||||||||
Income
(loss) from discontinued operations
|
- | .29 | (.09 | ) | .23 | |||||||||||
Net
income
|
$ | 1.14 | $ | .78 | $ | 1.67 | $ | 1.55 | ||||||||
DILUTED
EARNINGS PER SHARE - Note J
|
||||||||||||||||
Income
from continuing operations
|
$ | 1.13 | $ | .49 | $ | 1.74 | $ | 1.30 | ||||||||
Income
(loss) from discontinued operations
|
- | .28 | (.09 | ) | .22 | |||||||||||
Net
income
|
$ | 1.13 | $ | .77 | $ | 1.65 | $ | 1.52 | ||||||||
DIVIDENDS
PAID PER COMMON SHARE
|
$ | .275 | $ | .275 | $ | .55 | $ | .55 | ||||||||
(a)
|
The
three and six months ended March 31, 2007 includes a $25 million charge
for costs associated with Ashland’s voluntary severance
offer. See Note E of the Notes to Condensed Consolidated
Financial Statements for further
information.
|
(b)
|
“MAP
Transaction” refers to the June 30, 2005 transfer of Ashland’s 38%
interest in Marathon Ashland Petroleum LLC (MAP) and two other businesses
to Marathon Oil Corporation. The income for the current periods
presented is primarily due to a $23 million gain associated with a tax
settlement agreement entered into with Marathon Oil Corporation, relating
to four specific tax areas, that supplement the original Tax Matters
Agreement from the initial MAP Transaction. For further
information on this tax settlement agreement see Note E of the Notes to
Condensed Consolidated Financial Statements. The loss in the
prior periods presented reflects adjustments in the recorded receivable
for future estimated tax deductions related primarily to environmental and
other postretirement reserves.
|
(c)
|
The
three and six months ended March 31, 2007 includes income of $18 million,
net of income taxes, from an increase in Ashland’s asbestos insurance
receivable. For further information on discontinued operations
see Note D of the Notes to Condensed Consolidated Financial
Statements.
|
ASHLAND
INC. AND CONSOLIDATED SUBSIDIARIES
|
||||||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
March
31
|
September
30
|
March
31
|
||||||||||
(In
millions - unaudited)
|
2008
|
2007
|
2007
|
|||||||||
ASSETS
|
||||||||||||
CURRENT
ASSETS
|
||||||||||||
Cash
and cash equivalents
|
$ | 847 | $ | 897 | $ | 584 | ||||||
Available-for-sale
securities - Note C
|
74 | 155 | 371 | |||||||||
Accounts
receivable
|
1,544 | 1,508 | 1,490 | |||||||||
Allowance
for doubtful accounts
|
(46 | ) | (41 | ) | (42 | ) | ||||||
Inventories
- Note G
|
545 | 610 | 576 | |||||||||
Deferred
income taxes
|
68 | 69 | 86 | |||||||||
Other
current assets
|
83 | 78 | 79 | |||||||||
3,115 | 3,276 | 3,144 | ||||||||||
INVESTMENTS
AND OTHER ASSETS
|
||||||||||||
Auction
rate securities - Note C
|
254 | - | - | |||||||||
Goodwill
and other intangibles - Note H
|
385 | 377 | 375 | |||||||||
Asbestos
insurance receivable (noncurrent portion) - Note N
|
443 | 458 | 449 | |||||||||
Deferred
income taxes
|
145 | 157 | 194 | |||||||||
Other
noncurrent assets
|
421 | 435 | 438 | |||||||||
1,648 | 1,427 | 1,456 | ||||||||||
PROPERTY,
PLANT AND EQUIPMENT
|
||||||||||||
Cost
|
2,178 | 2,125 | 2,045 | |||||||||
Accumulated
depreciation and amortization
|
(1,163 | ) | (1,142 | ) | (1,088 | ) | ||||||
1,015 | 983 | 957 | ||||||||||
$ | 5,778 | $ | 5,686 | $ | 5,557 | |||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||||
CURRENT
LIABILITIES
|
||||||||||||
Current
portion of long-term debt
|
$ | 3 | $ | 5 | $ | 10 | ||||||
Trade
and other payables
|
1,129 | 1,141 | 1,143 | |||||||||
Income
taxes
|
4 | 6 | 22 | |||||||||
1,136 | 1,152 | 1,175 | ||||||||||
NONCURRENT
LIABILITIES
|
||||||||||||
Long-term
debt (less current portion)
|
64 | 64 | 67 | |||||||||
Employee
benefit obligations - Note K
|
259 | 255 | 318 | |||||||||
Asbestos
litigation reserve (noncurrent portion) - Note N
|
539 | 560 | 569 | |||||||||
Other
noncurrent liabilities and deferred credits
|
484 | 501 | 507 | |||||||||
1,346 | 1,380 | 1,461 | ||||||||||
STOCKHOLDERS’
EQUITY
|
3,296 | 3,154 | 2,921 | |||||||||
$ | 5,778 | $ | 5,686 | $ | 5,557 | |||||||
ASHLAND
INC. AND CONSOLIDATED SUBSIDIARIES
|
||||||||||||||||||||||
STATEMENTS
OF CONSOLIDATED STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||
(In
millions - unaudited)
|
Common
stock |
Paid-in
capital |
Retained
earnings |
Accumulated
other comprehensive income (loss) |
(a)
|
Total
|
||||||||||||||||
BALANCE
AT SEPTEMBER 30, 2006
|
$ | 1 | $ | 240 | $ | 2,899 | $ | (44 | ) | $ | 3,096 | |||||||||||
Total
comprehensive income (b)
|
98 | 15 | 113 | |||||||||||||||||||
Cash
dividends, $.55 per common share
|
(1 | ) | (34 | ) | (35 | ) | ||||||||||||||||
Issued
629,375 common shares under
|
||||||||||||||||||||||
stock
incentive and other plans (c)
|
35 | 35 | ||||||||||||||||||||
Repurchase
of 4,712,000 common shares
|
(267 | ) | (21 | ) | (288 | ) | ||||||||||||||||
BALANCE
AT MARCH 31, 2007
|
$ | 1 | $ | 7 | $ | 2,942 | $ | (29 | ) | $ | 2,921 | |||||||||||
BALANCE
AT SEPTEMBER 30, 2007
|
$ | 1 | $ | 16 | $ | 3,040 | $ | 97 | $ | 3,154 | ||||||||||||
Total
comprehensive income (b)
|
105 | 67 | 172 | |||||||||||||||||||
Cash
dividends, $.55 per common share
|
(35 | ) | (35 | ) | ||||||||||||||||||
Issued
58,964 common shares under
|
||||||||||||||||||||||
stock
incentive and other plans (c)
|
5 | 5 | ||||||||||||||||||||
BALANCE
AT MARCH 31, 2008
|
$ | 1 | $ | 21 | $ | 3,110 | $ | 164 | $ | 3,296 | ||||||||||||
(a)
|
At
March 31, 2008 and 2007, the accumulated other comprehensive income
(after-tax) of $164 million for 2008 and loss (after-tax) of
$29 million for 2007 was comprised of pension and postretirement
obligations of $55 million for 2008 and a minimum pension liability of
$113 million for 2007, net unrealized translation gains of $223 million
for 2008 and $85 million for 2007, net unrealized losses on
available-for-sale securities of $4 million for 2008, and net unrealized
losses on cash flow hedges of $1 million for
2007.
|
(b)
|
Reconciliations
of net income to total comprehensive income
follow.
|
Three
months ended March 31
|
Six
months ended March 31
|
|||||||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Net
income
|
$ | 72 | $ | 49 | $ | 105 | $ | 98 | ||||||||
Unrealized
translation gains
|
35 | 4 | 71 | 13 | ||||||||||||
Related
tax benefit
|
- | - | - | 1 | ||||||||||||
Net
unrealized gains on cash flow hedges
|
- | - | - | 1 | ||||||||||||
Net
unrealized losses on available-for-sale securities
|
(6 | ) | - | (6 | ) | - | ||||||||||
Related
tax benefit
|
2 | - | 2 | - | ||||||||||||
Total
comprehensive income
|
$ | 103 | $ | 53 | $ | 172 | $ | 113 | ||||||||
(c)
|
Includes
income tax benefits resulting from the exercise of stock options of $2
million and $11 million for the six months ended March 31, 2008 and 2007,
respectively.
|
ASHLAND
INC. AND CONSOLIDATED SUBSIDIARIES
|
||||||||
STATEMENTS
OF CONDENSED CONSOLIDATED CASH FLOWS
|
||||||||
Six
months ended
|
||||||||
March
31
|
||||||||
(In
millions - unaudited)
|
2008
|
2007
|
||||||
CASH
FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
|
||||||||
Net
income
|
$ | 105 | $ | 98 | ||||
Loss
(income) from discontinued operations (net of income
taxes)
|
5 | (14 | ) | |||||
Adjustments to reconcile income from continuing operations to cash flows
from operating activities
|
||||||||
Depreciation
and amortization
|
71 | 57 | ||||||
Deferred
income taxes
|
13 | (1 | ) | |||||
Equity
income from affiliates
|
(11 | ) | (6 | ) | ||||
Distributions
from equity affiliates
|
5 | 3 | ||||||
(Gain)
loss on the MAP Transaction
|
(22 | ) | 4 | |||||
Change
in operating assets and liabilities
(a)
|
60 | (223 | ) | |||||
Other
items
|
- | (1 | ) | |||||
226 | (83 | ) | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
|
||||||||
Proceeds
from issuance of common stock
|
2 | 17 | ||||||
Excess
tax benefits related to share-based payments
|
1 | 8 | ||||||
Repayment
of long-term debt
|
(3 | ) | (5 | ) | ||||
Repurchase
of common stock
|
- | (288 | ) | |||||
Cash
dividends paid
|
(35 | ) | (709 | ) | ||||
(35 | ) | (977 | ) | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
|
||||||||
Additions
to property, plant and equipment
|
(85 | ) | (66 | ) | ||||
Purchase
of operations - net of cash acquired
|
(4 | ) | (73 | ) | ||||
Proceeds
from sale of operations
|
26 | 1 | ||||||
Purchases
of available-for-sale securities
|
(435 | ) | (306 | ) | ||||
Proceeds
from sales and maturities of available-for-sale securities
|
255 | 286 | ||||||
Other
items
|
7 | 12 | ||||||
(236 | ) | (146 | ) | |||||
CASH
USED BY CONTINUING OPERATIONS
|
(45 | ) | (1,206 | ) | ||||
Cash
used by discontinued operations
|
||||||||
Operating
cash flows
|
(5 | ) | (2 | ) | ||||
Investing
cash flows
|
- | (28 | ) | |||||
DECREASE
IN CASH AND CASH EQUIVALENTS
|
(50 | ) | (1,236 | ) | ||||
CASH
AND CASH EQUIVALENTS - BEGINNING OF PERIOD
|
897 | 1,820 | ||||||
CASH
AND CASH EQUIVALENTS - END OF PERIOD
|
$ | 847 | $ | 584 | ||||
Three
months ended
March 31 |
Six
months ended
March 31 |
|||||||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Income
from discontinued operations (net of income taxes)
|
||||||||||||||||
Asbestos-related
litigation reserves and expenses
|
$ | - | $ | 18 | $ | - | $ | 18 | ||||||||
Loss
on disposal of discontinued operations (net of income
taxes)
|
||||||||||||||||
APAC
|
- | - | (5 | ) | (4 | ) |
March
31
|
September
30
|
March
31
|
||||||||||
(In
millions)
|
2008
|
2007
|
2007
|
|||||||||
Chemicals
and plastics
|
$ | 573 | $ | 625 | $ | 568 | ||||||
Lubricants
|
93 | 86 | 89 | |||||||||
Other
products and supplies
|
50 | 54 | 60 | |||||||||
Excess
of replacement costs over LIFO carrying values
|
(171 | ) | (155 | ) | (141 | ) | ||||||
$ | 545 | $ | 610 | $ | 576 |
Performance
|
Water
|
|||||||||||||||||||
(In
millions)
|
Materials
|
Distribution
|
Valvoline
|
Technologies
|
Total
|
|||||||||||||||
Balance
at September 30, 2007
|
$ | 166 | $ | 1 | $ | 30 | $ | 71 | $ | 268 | ||||||||||
Currency
translation adjustment
|
8 | - | - | 3 | 11 | |||||||||||||||
Balance
at March 31, 2008
|
$ | 174 | $ | 1 | $ | 30 | $ | 74 | $ | 279 | ||||||||||
Performance
|
Water
|
|||||||||||||||||||
(In
millions)
|
Materials
|
Distribution
|
Valvoline
|
Technologies
|
Total
|
|||||||||||||||
Balance
at September 30, 2006
|
$ | 110 | $ | 1 | $ | 29 | $ | 70 | $ | 210 | ||||||||||
Acquisitions
|
49 | - | 1 | (1 | ) | 49 | ||||||||||||||
Currency
translation adjustment
|
- | - | - | 1 | 1 | |||||||||||||||
Balance
at March 31, 2007
|
$ | 159 | $ | 1 | $ | 30 | $ | 70 | $ | 260 |
Intangible
assets consist of trademarks and trade names, patents and licenses,
non-compete agreements, sale contracts, customer lists and intellectual
property. Intangibles are amortized on a straight-line basis
over their estimated useful lives. The cost of trademarks and
trade names is amortized principally over 10 to 25 years, intellectual
property over 5 to 17 years and other intangibles over 3 to 30
years. Ashland reviews intangible assets for possible
impairment whenever events or changes in circumstances indicate that
carrying amounts may not be recoverable.
Intangible
assets were comprised of the following as of March 31, 2008 and
2007.
|
2008
|
|
2007 | |||||||||||||||||||||||
Gross
|
Net
|
Gross
|
Net
|
||||||||||||||||||||||
carrying
|
Accumulated
|
carrying
|
carrying
|
Accumulated
|
carrying
|
||||||||||||||||||||
(In
millions)
|
amount
|
amortization
|
amount
|
amount
|
amortization
|
amount
|
|||||||||||||||||||
Trademarks
and trade names
|
$ | 63 | $ | (20 | ) | $ | 43 | $ | 65 | $ | (20 | ) | $ | 45 | |||||||||||
Intellectual
property
|
49 | (19 | ) | 30 | 40 | (7 | ) | 33 | |||||||||||||||||
Other
intangibles
|
49 | (16 | ) | 33 | 49 | (12 | ) | 37 | |||||||||||||||||
Total
intangible assets
|
$ | 161 | $ | (55 | ) | $ | 106 | $ | 154 | $ | (39 | ) | $ | 115 |
Three
months ended
|
Six
months ended
|
|||||||||||||||
March
31
|
March
31
|
|||||||||||||||
(In
millions except per share data)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Numerator
|
||||||||||||||||
Numerator
for basic and diluted EPS – Income
|
||||||||||||||||
from
continuing operations
|
$ | 72 | $ | 31 | $ | 110 | $ | 84 | ||||||||
Denominator
|
||||||||||||||||
Denominator
for basic EPS – Weighted average
|
||||||||||||||||
common
shares outstanding
|
63 | 63 | 63 | 63 | ||||||||||||
Common
shares issuable upon exercise of stock options
|
||||||||||||||||
and
stock appreciation rights
|
- | 1 | - | 1 | ||||||||||||
Denominator
for diluted EPS – Adjusted weighted
|
||||||||||||||||
average
shares and assumed conversions
|
63 | 64 | 63 | 64 | ||||||||||||
EPS
from continuing operations
|
||||||||||||||||
Basic
|
$ | 1.14 | $ | .49 | $ | 1.76 | $ | 1.32 | ||||||||
Diluted
|
$ | 1.13 | $ | .49 | $ | 1.74 | $ | 1.30 |
|
Other
postretirement
|
|||||||||||||||
Pension
benefits
|
benefits
|
|||||||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Three
months ended March 31
|
||||||||||||||||
Service
cost
|
$ | 9 | $ | 10 | $ | 1 | $ | 1 | ||||||||
Interest
cost
|
24 | 24 | 2 | 3 | ||||||||||||
Expected
return on plan assets
|
(28 | ) | (27 | ) | - | - | ||||||||||
Amortization
of prior service credit
|
- | - | (1 | ) | (1 | ) | ||||||||||
Amortization
of net actuarial loss (gain)
|
1 | 7 | - | - | ||||||||||||
$ | 6 | $ | 14 | $ | 2 | $ | 3 | |||||||||
Six
months ended March 31
|
||||||||||||||||
Service
cost
|
$ | 18 | $ | 19 | $ | 3 | $ | 2 | ||||||||
Interest
cost
|
46 | 43 | 6 | 6 | ||||||||||||
Expected
return on plan assets
|
(54 | ) | (48 | ) | - | - | ||||||||||
Amortization
of prior service credit
|
- | - | (2 | ) | (2 | ) | ||||||||||
Amortization
of net actuarial loss (gain)
|
2 | 12 | (3 | ) | - | |||||||||||
$ | 12 | $ | 26 | $ | 4 | $ | 6 |
|
Six
months ended
|
|||||||||||||||||||
March
31
|
Years
ended September 30
|
|||||||||||||||||||
(In
thousands)
|
2008
|
2007
|
2007
|
2006
|
2005
|
|||||||||||||||
Open
claims - beginning of period
|
134 | 162 | 162 | 184 | 196 | |||||||||||||||
New
claims filed
|
2 | 3 | 4 | 6 | 12 | |||||||||||||||
Claims
settled
|
(1 | ) | (1 | ) | (2 | ) | (3 | ) | (6 | ) | ||||||||||
Claims
dismissed
|
(18 | ) | (19 | ) | (30 | ) | (25 | ) | (18 | ) | ||||||||||
Open
claims - end of period
|
117 | 145 | 134 | 162 | 184 |
Six
months ended
|
||||||||||||||||||||
March
31
|
Years
ended September 30
|
|||||||||||||||||||
(In
millions)
|
2008
|
2007
|
2007
|
2006
|
2005
|
|||||||||||||||
Asbestos
reserve - beginning of period
|
$ | 610 | $ | 635 | $ | 635 | $ | 571 | $ | 618 | ||||||||||
Expense
incurred
|
- | - | 5 | 104 | - | |||||||||||||||
Amounts
paid
|
(21 | ) | (16 | ) | (30 | ) | (40 | ) | (47 | ) | ||||||||||
Asbestos
reserve - end of period
|
$ | 589 | $ | 619 | $ | 610 | $ | 635 | $ | 571 |
Three
months ended
|
Six
months ended
|
|||||||||||||||
March
31
|
March
31
|
|||||||||||||||
(In
millions - unaudited)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
SALES
AND OPERATING REVENUES
|
||||||||||||||||
Performance
Materials
|
$ | 398 | $ | 376 | $ | 769 | $ | 742 | ||||||||
Distribution
|
1,082 | 1,008 | 2,072 | 1,956 | ||||||||||||
Valvoline
|
401 | 382 | 781 | 734 | ||||||||||||
Water
Technologies
|
217 | 190 | 423 | 368 | ||||||||||||
Intersegment
sales (a)
|
||||||||||||||||
Performance
Materials
|
(35 | ) | (39 | ) | (72 | ) | (75 | ) | ||||||||
Distribution
|
(2 | ) | (2 | ) | (5 | ) | (6 | ) | ||||||||
Valvoline
|
- | - | (1 | ) | (1 | ) | ||||||||||
Water
Technologies
|
(2 | ) | - | (3 | ) | (1 | ) | |||||||||
$ | 2,059 | $ | 1,915 | $ | 3,964 | $ | 3,717 | |||||||||
OPERATING
INCOME
|
||||||||||||||||
Performance
Materials
|
$ | 20 | $ | 23 | $ | 31 | $ | 48 | ||||||||
Distribution
|
13 | 20 | 19 | 34 | ||||||||||||
Valvoline
|
24 | 22 | 44 | 40 | ||||||||||||
Water
Technologies
|
(2 | ) | 6 | 3 | 12 | |||||||||||
Unallocated
and other
|
(3 | ) | (30 | ) | 1 | (35 | ) | |||||||||
$ | 52 | $ | 41 | $ | 98 | $ | 99 | |||||||||
Three
months ended
|
Six
months ended
|
|||||||||||||||
March
31
|
March
31
|
|||||||||||||||
(In
millions - unaudited)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
PERFORMANCE
MATERIALS (a)
|
||||||||||||||||
Sales
per shipping day
|
$ | 6.3 | $ | 5.9 | $ | 6.2 | $ | 5.9 | ||||||||
Pounds
sold per shipping day
|
4.8 | 4.7 | 4.7 | 4.8 | ||||||||||||
Gross
profit as a percent of sales
|
18.1 | % | 20.5 | % | 18.1 | % | 20.8 | % | ||||||||
DISTRIBUTION (a)
|
||||||||||||||||
Sales
per shipping day
|
$ | 17.2 | $ | 15.7 | $ | 16.6 | $ | 15.6 | ||||||||
Pounds
sold per shipping day
|
18.9 | 19.8 | 18.8 | 19.4 | ||||||||||||
Gross
profit as a percent of sales
|
7.7 | % | 9.0 | % | 7.6 | % | 8.8 | % | ||||||||
VALVOLINE (a)
|
||||||||||||||||
Lubricant
sales (gallons)
|
42.1 | 41.8 | 81.9 | 80.4 | ||||||||||||
Premium
lubricants (percent of U.S. branded volumes)
|
25.7 | % | 23.3 | % | 24.4 | % | 22.5 | % | ||||||||
Gross
profit as a percent of sales
|
24.4 | % | 25.6 | % | 24.6 | % | 24.7 | % | ||||||||
WATER
TECHNOLOGIES (a)
|
||||||||||||||||
Sales
per shipping day
|
$ | 3.5 | $ | 3.0 | $ | 3.4 | $ | 3.0 | ||||||||
Gross
profit as a percent of sales
|
37.3 | % | 38.8 | % | 38.3 | % | 39.5 | % | ||||||||
|
(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.
|