IV. BUSINESS SEGMENT RESULTS
BRANCH-BASED DISTRIBUTION
Three Months Ended
Full Year Ended
($ in millions)
12/31/05
12/31/04
Inc/(Dec)
Net Sales
$1,300
$1,187
10%
$5,150
$4,716
9%
Operating Earnings
$154
$134
14%
$537
$466
15%
Operating Margin
11.8%
11.3%
0.5pp
10.4%
9.9%
ROIC*
28.7%
27.3%
1.4pp