| Ashland Inc. and Consolidated Subsidiaries |
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Page 3 |
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| STATEMENTS
OF CONSOLIDATED CASH FLOWS |
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millions - preliminary and unaudited) |
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Nine months
ended |
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June 30 |
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2006 |
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2005 |
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| CASH
FLOWS FROM OPERATING ACTIVITIES FROM CONTINUING OPERATIONS |
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Net Income |
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$ |
207 |
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$ |
1,893 |
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Results from discontinued
operations (net of income taxes) |
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1 |
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-
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Adjustments
to reconcile income from continuing operations |
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to cash flows from operating activities |
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Depreciation,
depletion and amortization |
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159 |
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141 |
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Deferred income taxes |
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7 |
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(515) |
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Equity income from
affiliates |
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(9) |
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(530) |
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Distributions from equity affiliates |
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9 |
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277 |
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Loss (gain) on the MAP Transaction |
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2 |
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(1,295) |
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Loss on early retirement of debt |
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-
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145 |
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Change
in operating assets and liabilities (a) |
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(259) |
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5 |
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Other items |
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(2) |
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(5) |
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115 |
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116 |
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| CASH
FLOWS FROM FINANCING ACTIVITIES FROM CONTINUING OPERATIONS |
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Proceeds from issuance of
common stock |
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17 |
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100 |
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Excess tax benefits
related to share-based payments |
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6 |
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17 |
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Repayment of long-term
debt |
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(7) |
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(1,477) |
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Repurchase of common
stock |
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(138) |
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Decrease in short-term debt |
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-
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(40) |
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Cash dividends paid |
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(59) |
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(60) |
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(181) |
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(1,460) |
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| CASH
FLOWS FROM INVESTMENT ACTIVITIES FROM CONTINUING OPERATIONS |
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Additions to property,
plant and equipment |
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(189) |
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(285) |
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Purchase of operations
- net of cash acquired |
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(177) |
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(152) |
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Proceeds from sale of
operations |
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12 |
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2,397 |
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Purchases of
available-for-sale securities |
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(645) |
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-
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Proceeds from sales and
maturities of available-for-sale securities |
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437 |
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-
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Purchase of accounts
receivable |
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-
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(150) |
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Other - net |
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11 |
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9 |
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(551) |
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1,819 |
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| CASH (USED) PROVIDED
BY CONTINUING OPERATIONS |
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(617) |
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475 |
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Cash used by discontinued
operations |
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Operating cash flows |
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-
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-
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Operating cash flows |
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(5) |
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(26) |
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| (DECREASE) INCREASE
IN CASH AND CASH EQUIVALENTS |
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$ |
(622) |
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$ |
449 |
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| DEPRECIATION,
DEPLETION AND AMORTIZATION |
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APAC |
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$ |
79 |
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$ |
67 |
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Performance Materials (b) |
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22 |
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24 |
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Distribution |
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16 |
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13 |
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Valvoline |
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21 |
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20 |
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Water Technologies (b) |
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10 |
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9 |
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Unallocated and other |
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11 |
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8 |
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$ |
159 |
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$ |
141 |
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| ADDITIONS
TO PROPERTY, PLANT AND EQUIPMENT |
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APAC |
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$ |
75 |
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$ |
155 |
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Performance Materials (b) |
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31 |
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23 |
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Distribution |
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26 |
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16 |
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Valvoline |
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27 |
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52 |
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Water Technologies (b) |
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16 |
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18 |
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Unallocated and other |
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14 |
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21 |
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$ |
189 |
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$ |
285 |
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| (a) |
Excludes changes
resulting from operations acquired or sold. |
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| (b) |
In
June 2006, Ashland redefined its reporting segments in order to provide
stakeholders with a clearer understanding of its businesses as the company
evolves into a diversified chemical company.
Performance Materials and Water Technologies were formerly combined
under Ashland Specialty Chemical.
Prior periods have been conformed to the current period
presentation. |
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