Notes to Consolidated Financial Statements
Geographic Areas
We have net sales and long-lived assets in the following
geographic areas:
| (millions) |
United States
|
Europe
|
Other countries
|
Total
|
| 2005 |
|
|
|
|
|
|
|
|
| Net sales |
$ |
1,581.4 |
$ |
638.1 |
$ |
372.5 |
$ |
2,592.0 |
| Long-lived assets(1) |
|
553.5 |
|
645.9 |
|
92.5 |
|
1,291.9 |
| 2004 |
|
|
|
|
|
|
|
|
| Net sales |
$ |
1,558.9 |
$ |
610.5 |
$ |
356.8 |
$ |
2,526.2 |
| Long-lived assets (1) |
|
511.5 |
|
709.1 |
|
94.1 |
|
1,314.7 |
| 2003 |
|
|
|
|
|
|
|
|
| Net sales |
$ |
1,401.4 |
$ |
538.2 |
$ |
330.0 |
$ |
2,269.6 |
| Long-lived assets (1) |
|
519.7 |
|
569.3 |
|
86.2 |
|
1,175.2 |
(1) Long-lived assets include property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization.
17. SUPPLEMENTAL FINANCIAL STATEMENT DATA
Supplemental income statement, balance sheet and cash flow
information follows:
| (millions) |
2005
|
|
2004
|
|
| Inventories |
|
|
|
|
|
|
| Finished products and work-in-process |
$ |
187.0 |
|
$ |
196.7 |
|
| Raw materials |
|
157.0 |
|
|
153.5 |
|
| |
$ |
344.0 |
|
$ |
350.2 |
|
| Property, plant and equipment |
|
|
|
|
|
|
| Land and improvements |
$ |
28.4 |
|
$ |
28.0 |
|
| Buildings |
|
263.9 |
|
|
258.1 |
|
| Machinery and equipment |
|
592.6 |
|
|
631.2 |
|
| Construction in progress |
|
78.9 |
|
|
71.7 |
|
| Accumulated depreciation |
|
(494.1 |
) |
|
(502.4 |
) |
| |
$ |
469.7 |
|
$ |
486.6 |
|
| Investments and other assets |
|
|
|
|
|
|
| Investments in affiliates |
$ |
71.9 |
|
$ |
76.2 |
|
| Other investments |
|
36.1 |
|
|
27.2 |
|
| Other assets |
|
30.3 |
|
|
30.7 |
|
| |
$ |
138.3 |
|
$ |
134.1 |
|
| Other accrued liabilities |
|
|
|
|
|
|
| Payroll and employee benefits |
$ |
63.1 |
|
$ |
86.5 |
|
| Sales allowances |
|
126.5 |
|
|
121.3 |
|
| Income taxes |
|
25.4 |
|
|
21.0 |
|
| Other |
|
179.7 |
|
|
175.6 |
|
| |
$ |
394.7 |
|
$ |
404.4 |
|
| Other long-term liabilities |
|
|
|
|
|
|
| Pension |
$ |
97.8 |
|
$ |
99.1 |
|
| Postretirement benefits |
|
86.9 |
|
|
85.5 |
|
| Deferred taxes |
|
79.2 |
|
|
7.2 |
|
| Other |
|
16.8 |
|
|
19.4 |
|
| |
$ |
280.7 |
|
$ |
211.2 |
|
| (millions) |
2005 |
2004 |
2003 |
| Depreciation |
$ 74.1 |
$ 71.5 |
$ 64.8 |
| Interest paid |
49.1 |
41.0 |
39.0 |
| Income taxes paid |
78.9 |
77.6 |
80.7 |
| Interest capitalized |
2.1 |
2.7 |
2.7 |
| (millions) |
2005 |
|
2004 |
|
| Accumulated other comprehensive income, |
|
|
|
|
| net of tax where applicable |
|
|
|
|
| Foreign currency translation adjustment |
$113.4 |
|
$210.8 |
|
| Unrealized loss on foreign currency |
|
|
|
|
| exchange contracts |
(.5 |
) |
(2.8 |
) |
| Fair value of open interest rate swaps |
(3.7 |
) |
(6.0 |
) |
| Unamortized value of settled interest rate swaps |
(1.7 |
) |
(3.3 |
) |
| Minimum pension liability adjustment |
(79.9 |
) |
(79.1 |
) |
|
|
$ 27.6 |
|
$119.6 |
|
Dividends paid per share were $0.64 in 2005, $0.56 in 2004 and $0.46 in 2003.
18. SELECTED QUARTERLY DATA (UNAUDITED)
| (millions except per share data) |
First |
Second |
Third |
Fourth |
| 2005 |
|
|
|
|
| Net sales |
$ 603.6 |
$ 628.6 |
$ 622.7 |
$ 737.1 |
| Gross profit |
228.2 |
241.3 |
243.3 |
323.8 |
| Operating income |
58.0 |
71.2 |
78.9 |
135.4 |
| Net income |
36.1 |
42.8 |
48.0 |
88.0 |
| Basic earnings per share |
.27 |
.32 |
.36 |
.66 |
| Diluted earnings per share |
.26 |
.31 |
.35 |
.65 |
| Dividends paid per share - |
|
|
|
|
| Common Stock and |
|
|
|
|
| Common Stock Non-Voting |
.16 |
.16 |
.16 |
.16 |
| Market price - Common Stock |
|
|
|
|
| High |
39.00 |
38.05 |
34.68 |
33.50 |
| Low |
36.60 |
33.58 |
31.70 |
29.00 |
| Market price - Common Stock |
|
|
|
|
| Non-Voting |
|
|
|
|
| High |
39.06 |
38.25 |
34.81 |
33.53 |
| Low |
36.00 |
33.56 |
31.66 |
29.24 |
| 2004 |
|
|
|
|
| Net sales |
$ 572.4 |
$596.2 |
$ 613.5 |
$ 744.1 |
| Gross profit |
221.7 |
231.9 |
239.2 |
315.1 |
| Operating income |
61.4 |
69.7 |
74.0 |
127.6 |
| Net income |
38.1 |
42.9 |
46.2 |
87.3 |
| Basic earnings per share |
.28 |
.31 |
.34 |
.64 |
| Diluted earnings per share |
.27 |
.30 |
.33 |
.62 |
| Dividends paid per share - |
|
|
|
|
| Common Stock and |
|
|
|
|
| Common Stock Non-Voting |
.14 |
.14 |
.14 |
.14 |
| Market price - Common Stock |
|
|
|
|
| High |
31.25 |
35.45 |
35.97 |
37.50 |
| Low |
28.86 |
31.22 |
32.40 |
33.10 |
| Market price - Common Stock |
|
|
|
|
| Non-Voting |
|
|
|
|
| High |
31.27 |
35.56 |
36.07 |
37.41 |
| Low |
28.84 |
31.00 |
32.25 |
33.14 |
|
