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Results of Operations - Other Impacts on Earnings Available for Common Stockholders |
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In 1997, interest expense decreased $27.4 million, or 5%, as compared to 1996 as a result of lower interest rates. Interest expense in 1996 decreased 2% compared with 1995 as a result of lower average interest rates and lower average debt balances outstanding. Minority interests in 1997 and 1996 relate primarily to the joint venture with Mobil formed in August 1996. On October 1, 1996, a subsidiary of the Corporation redeemed its $150 million, 10% debentures and its $100 million, 101/8% debentures both due 2011. The Corporation recorded a non-cash extraordinary item of $16.7 million (net of income tax of $10.3 million) related to the unamortized discount on this early retirement of debt. In December 1997, the Corporation redeemed four issues of preferred stock and commenced a tender offer to purchase a portion of an additional six issues of preferred stock. Premiums related to these redemptions were included in Dividends and Premiums on Redemptions of Preferred and Preference Stock in the Consolidated Statements of Income. |
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