Exhibit 99.18
(Text of graph posted to Ashland Inc.'s website concerning
Ashland Inc. operating segment trade working capital)
% of Annualized Sales# | ||||||||||
Monthly Actual % | ||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||
January | 17.0 | * | 16.9 | 14.0 | 14.3 | |||||
February | 16.7 | * | 16.9 | 13.7 | ||||||
March | 15.6 | * | 16.3 | 12.3 | ||||||
April | 15.5 | * | 15.9 | 12.2 | ||||||
May | 15.1 | * | 16.0 | 11.9 | ||||||
June | 15.2 | * | 14.9 | 12.6 | ||||||
July | 14.6 | * | 14.4 | 12.5 | ||||||
August | 14.5 | * | 13.9 | 12.4 | ||||||
September | 13.7 | * | 12.7 | 12.2 | ||||||
October | 16.3 | * | 13.3 | * | 13.2 | 12.6 | ||||
November | 16.6 | * | 14.1 | 13.6 | 12.8 | |||||
December | 17.1 | * | 16.2 | 14.1 | 14.4 |
NOTE: Ashland's fiscal 2011 operating segment trade working capital target is a 13 month average of 13.4%.
* Data has been adjusted to include the historical Hercules businesses, preceding its purchase in November 2008.
# Selected Working Capital Components - January 31, 2011 | ||||||||||||||||
Unaudited Data | ||||||||||||||||
($ in millions) | Operating | Other | ||||||||||||||
segments | (a) | components | (b) | Total | ||||||||||||
Accounts receivable (c) | 934 | 74 | 1,008 | |||||||||||||
Inventories (d) | 578 | (50 | ) | 528 | ||||||||||||
(Less) Trade and other payables | (665 | ) | (400 | ) | (1,065 | ) | ||||||||||
Net | 847 | (376 | ) | 471 | ||||||||||||
(a) Represents amounts considered in internal performance metrics applicable to most employees and includes Ashland Distribution. | ||||||||||||||||
(b) Amount relates primarily to items within Corporate reporting segments and assets/liabilities held for sale, including Ashland Distribution. | ||||||||||||||||
(c) Accounts receivable is shown net of allowances for doubtful accounts. | ||||||||||||||||
(d) Operating segment amount excludes LIFO reserve, which is presented under other components. |