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Wiki Wiki Summary
Arithmetic Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Operation Mincemeat Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Operations research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Bitwise operation In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Profitability analysis In cost accounting, profitability analysis is an analysis of the profitability of an organisation's output. Output of an organisation can be grouped into products, customers, locations, channels and/or transactions.
Customer profitability Customer Profitability Analysis (in short CPA) is a management accounting and a credit underwriting method, allowing businesses and lenders to determine the profitability of each customer or segments of customers, by attributing profits and costs to each customer separately. CPA can be applied at the individual customer level (more time consuming, but providing a better understanding of business situation) or at the level of customer aggregates / groups (e.g.
SAP ERP SAP ERP is an enterprise resource planning software developed by the German company SAP SE. SAP ERP incorporates the key business functions of an organization. The latest version of SAP ERP (V.6.0) was made available in 2006.
Porter's five forces analysis Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
Net income In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.It is computed as the residual of all revenues and gains less all expenses and losses for the period, and has also been defined as the net increase in shareholders' equity that results from a company's operations. It is different from gross income, which only deducts the cost of goods sold from revenue.
Shareholder A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal owner of shares of the share capital of a public or private corporation. Shareholders may be referred to as members of a corporation.
Equity (finance) In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets.
Activist shareholder An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign.
Shareholder oppression Shareholder oppression occurs when the majority shareholders in a corporation take action that unfairly prejudices the minority. It most commonly occurs in non-publicly traded companies, because the lack of a public market for shares leaves minority shareholders particularly vulnerable, since minority shareholders cannot escape mistreatment by selling their stock and exiting the corporation.
Public company A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company).
Ashland, Virginia Ashland is a town in Hanover County, Virginia, United States, located 16 miles (26 km) north of Richmond along Interstate 95 and U.S. Route 1. As of the 2010 census it had a population of 7,225, up from 6,619 at the 2000 census.
Ashland University Ashland University is a private Christian university in Ashland, Ohio. The university consists of a 135-acre (55 ha) main campus and several off-campus centers throughout central and northern Ohio.
Trace Cyrus Trace Dempsey Cyrus (born Neil Timothy Helson; February 24, 1989) is an American musician. The son of country singer Billy Ray Cyrus and brother of recording artists Miley Cyrus and Noah Cyrus, he is the backing vocalist and guitarist of the band Metro Station, with time out between 2010 and 2014.
Ashland County, Ohio Ashland County is a county located in the northeastern portion of the U.S. state of Ohio. As of the 2020 census, the population was 52,447.
Regulation Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Regulation A In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Radio regulation Radio regulation refers to the regulation and licensing of radio in international law, by individual governments, and by municipalities.\n\n\n== International regulation ==\nThe International Telecommunication Union (ITU) is a specialized agency of the United Nations (UN) that is responsible for issues that concern information and communication technologies.
New York Codes, Rules and Regulations The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules.
Certificate of incorporation A certificate of incorporation is a legal document/license relating to the formation of a company or corporation. It is a license to form a corporation issued by state government or, in some jurisdictions, by non-governmental entity/corporation.
Incorporation of the Bill of Rights Incorporation, in United States law, is the doctrine by which portions of the Bill of Rights have been made applicable to the states. When the Bill of Rights was ratified, the courts held that its protections extended only to the actions of the federal government and that the Bill of Rights did not place limitations on the authority of the state and local governments.
Municipal corporation A municipal corporation is the legal term for a local governing body, including (but not necessarily limited to) cities, counties, towns, townships, charter townships, villages, and boroughs. The term can also be used to describe municipally owned corporations.
Incorporation of international law The incorporation of international law is the process by which international agreements become part of the municipal law of a sovereign state. A country incorporates a treaty by passing domestic legislation that gives effect to the treaty in the national legal system.Whether incorporation is necessary depends on a country's domestic law.
Obliteration by incorporation In sociology of science, obliteration by incorporation (OBI) occurs when at some stage in the development of a science, certain ideas become so universally accepted and commonly used that their contributors are no longer cited. Eventually, its source and creator are forgotten ("obliterated") as the concept enters common knowledge (is "incorporated").
The Vampire Sound Incorporation The Vampire Sound Incorporation was a psychedelic rock band best known for providing the soundtrack to the 1971 erotic horror film Vampyros Lesbos. The film's score became popular in the mid-1990s when it was included on the compilation Vampyros Lesbos: Sexadelic Dance Party, an album that became a top ten hit on the British Alternative charts.
Common stock dividend A common stock dividend is the dividend paid to common stock owners from the profits of the company. Like other dividends, the payout is in the form of either cash or stock.
Preferred stock Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation.
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018.
Convertible bond In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value. It is a hybrid security with debt- and equity-like features.
Risk Factors
ASHLAND INC Item 1A Risk Factors
6 ITEM 1A RISK FACTORS The following discussion of &quote risk factors &quote identifies the most significant factors that may adversely affect our business, operations, financial position or future financial performance
This information should be read in conjunction with Managementapstas Discussion and Analysis (MD&A) and the consolidated financial statements and related notes incorporated by reference into this report
The following discussion of risks is not all-inclusive, but is designed to highlight what we believe are important factors to consider when evaluating our expectations
These factors could cause our future results to differ from those in forward-looking statements and from historical trends
SEVERAL OF ASHLAND &apos S BUSINESSES ARE CYCLICAL IN NATURE, AND ECONOMIC DOWNTURNS OR DECLINES IN DEMAND, PARTICULARLY FOR CERTAIN DURABLE GOODS, MAY NEGATIVELY IMPACT ITS REVENUES AND PROFITABILITY The profitability of Ashland is susceptible to downturns in the economy, particularly in those segments related to durable goods, including the housing, construction, automotive and marine industries
Both overall demand for Ashlandapstas products and services and its profitability will likely change as a direct result of an economic recession, inflation, changes in hydrocarbon (and its derivatives) and other raw materials prices, or changes in governmental monetary or fiscal policies
ASHLAND MAY NOT BE ABLE TO SUCCESSFULLY REDEPLOY THE PROCEEDS OF THE MAP TRANSACTION IN A VALUE-CREATING MANNER Ashland may not be able to successfully redeploy the MAP Transaction proceeds in a manner that will generate value for its shareholders
To the extent that the proceeds of the MAP Transaction are used for business acquisitions, there is a risk that the acquisition will fail to provide expected returns to Ashlandapstas shareholders
In addition, the process of integrating acquired operations into Ashlandapstas existing operations may result in unforeseen difficulties
Those difficulties might reduce Ashlandapstas profitability and delay the expected benefits of integrating any acquisition
ASHLAND &apos S IMPLEMENTATION OF ITS SAP(TM) ENTERPRISE RESOURCE PLANNING ( &quote ERP &quote ) PROJECT HAS THE POTENTIAL FOR BUSINESS INTERRUPTION AND ASSOCIATED ADVERSE IMPACT ON OPERATING RESULTS In 2004, Ashland initiated a multi-year ERP project that is expected to be implemented domestically and in most international locations to achieve increased efficiency and effectiveness in supply chain, financial and environmental, health and safety processes
In October 2005, Ashland successfully completed the implementation of the ERP system in Canada
In October 2006, this ERP system was successfully implemented for Valvolineapstas US operations and certain corporate functions
While extensive planning is underway to support a smooth implementation of the ERP system, such implementations carry substantial risk, including the potential for business interruption and associated adverse impacts on operating results
By integrating the supply chain function and creating more efficient, customer responsive processes including source-to-pay, plan-to-deliver and order-to-cash, Ashland can lower costs, while increasing service levels and customer satisfaction
The Supply Chain Optimization Project is, in part, dependent upon the successful execution of the ERP project discussed in the preceding risk factor
The implementation of the Supply Chain Optimization Project also carries substantial risk, including the potential for business interruption and associated adverse impacts on operating results
ASHLAND MAY NOT BE ABLE TO PASS THROUGH INCREASES IN RAW MATERIAL COSTS, WHICH MAY IMPAIR ITS COMPETITIVE POSITION AND REDUCE ITS PROFITABILITY Rising and volatile raw material prices, especially those of hydrocarbon derivatives, may negatively impact Ashlandapstas costs
Ashland is not always able to raise prices in response to such increased costs, and its ability to pass on the costs of such price increases is dependent upon market conditions
Therefore, such increases in costs could impair Ashlandapstas competitive position in certain markets and reduce its profitability
ASHLAND IS RESPONSIBLE FOR, AND HAS FINANCIAL EXPOSURE TO, LIABILITIES FROM PENDING AND THREATENED CLAIMS, INCLUDING THOSE ALLEGING PERSONAL INJURY CAUSED BY EXPOSURE TO ASBESTOS, WHICH COULD REDUCE ASHLAND &apos S CASH FLOWS AND PROFITABILITY AND COULD IMPAIR ITS FINANCIAL CONDITION There are various claims, lawsuits and administrative proceedings pending or threatened against Ashland and its current and former subsidiaries
Such actions are with respect to commercial matters, product liability, toxic tort liability and other environmental matters which seek remedies or damages, some of which are for substantial amounts
In addition, Ashland is subject to liabilities from claims alleging personal injury caused by exposure to asbestos
Such claims result primarily from indemnification obligations undertaken in 1990 in connection with the sale of Riley Stoker Corporation ( &quote Riley &quote ), a former subsidiary of Ashland
Although Riley was neither a producer nor a manufacturer of asbestos, its industrial boilers contained some asbestos-containing components provided by other companies
As a result of the transactions, Ashland is responsible for, and has financial exposure to, these liabilities, which could reduce Ashlandapstas cash flows and profitability and impair its financial condition
ASHLAND HAS INCURRED AND MAY INCUR SUBSTANTIAL OPERATING COSTS AND CAPITAL EXPENDITURES AS A RESULT OF ENVIRONMENTAL AND HEALTH AND SAFETY LIABILITIES AND REQUIREMENTS, WHICH COULD REDUCE ASHLAND &apos S PROFITABILITY Ashland is subject to various US and foreign laws and regulations relating to environmental protection and worker health and safety
These laws and regulations regulate discharges of pollutants into the air and water, the management and disposal of hazardous substances and the cleanup of contaminated properties
The costs of complying with these laws and regulations can be substantial and may increase as applicable requirements become more stringent and new rules are implemented
If Ashland violates the requirements of these laws and regulations, it may be forced to pay substantial fines, to complete additional costly projects, or to modify or curtail its operations to limit contaminant emissions
Ashland is responsible for, and has financial exposure to, substantially all of the environmental liabilities and other liabilities of Ashland and its subsidiaries
Ashland has investigated and remediated a number of its current and former properties
Engineering studies, historical experience and other factors are used to identify and evaluate remediation alternatives and their related costs in determining the estimated reserves for environmental remediation
Environmental remediation reserves are subject to numerous inherent uncertainties that affect Ashlandapstas ability to estimate its share of the costs
Such uncertainties involve the nature and extent of contamination at each site, the extent of required cleanup efforts under existing environmental regulations, widely varying costs of alternate cleanup methods, changes in environmental regulations, the potential effect of continuing improvements in remediation technology, and the number and financial strength of other potentially responsible parties at multiparty sites
PROVISIONS OF ASHLAND &apos S ARTICLES OF INCORPORATION AND BY-LAWS AND KENTUCKY LAW COULD DETER TAKEOVER ATTEMPTS THAT SOME SHAREHOLDERS MAY CONSIDER DESIRABLE, WHICH COULD ADVERSELY AFFECT ASHLAND &apos S STOCK PRICE Provisions of Ashlandapstas articles of incorporation and by-laws could make acquiring control of Ashland without the support of its Board of Directors difficult for a third party, even if the change of control might be beneficial to Ashland shareholders
Ashlandapstas articles of incorporation and by-laws contain: - provisions relating to the classification, nomination and removal of its directors; 7 - provisions limiting the right of shareholders to call special meetings of its Board of Directors and shareholders; - provisions regulating the ability of its shareholders to bring matters for action at annual meetings of its shareholders; and - the authorization given to its Board of Directors to issue and set the terms of preferred stock
Ashlandapstas articles of incorporation and the laws of Kentucky impose some restrictions on mergers and other business combinations between Ashland and any beneficial owner of 10prca or more of the voting power of its outstanding common stock
The existence of these provisions may deprive shareholders of any opportunity to sell their shares at a premium over the prevailing market price for Ashland common stock
The potential inability of Ashland shareholders to obtain a control premium could adversely affect the market price for its common stock
ASHLAND MAY ISSUE PREFERRED STOCK WHOSE TERMS COULD ADVERSELY AFFECT THE VOTING POWER OR VALUE OF ITS COMMON STOCK Ashlandapstas articles of incorporation authorizes it to issue, without the approval of its shareholders, one or more classes or series of preferred stock having such preferences, powers and relative, participating, optional and other rights, including preferences over its common stock respecting dividends and distributions, as its Board of Directors generally may determine
The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of Ashlandapstas common stock
For example, Ashland could grant holders of preferred stock the right to elect some number of its directors in all events or on the happening of specified events or the right to veto specified transactions
Similarly, the repurchase or redemption rights or liquidation preferences Ashland could assign to holders of preferred stock could affect the residual value of its common stock