Conservative Accounting

• Fast Depreciation Rates

• No Significant Post-Retirement Benefits

• High Correlation Between Hedging Strategy and Underlying Assets

• No Speculation or Position Taking

• No Esoteric Financial Instruments

• Very Cautionary Bad Debt Reserves / Use of Credit Insurance

• LIFO Inventory Valuation

• Investment Grade Long-Term Debt and Commercial Paper

Previous slide

Next slide

Back to first slide

View graphic version