MCCORMICK & COMPANY 2004 ANNUAL REPORT notes to consolidated financial statements Geographic Areas 17. SUPPLEMENTAL FINANCIAL STATEMENT DATA Dividends paid per share were $0.56 in 2004, $0.46 in 2003 and $0.42 in 2002. In 2003, the Company sold its interest in non-strategic royalty agreements for $5.2 million in cash. This sale resulted in a one- time gain of $5.2 million which is included in “Other income, net” in the consolidated statement of income for 2003. Supplemental income statement, balance sheet and cash flow information is as follows: (1) Long-lived assets include property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization.  The Company has net sales and long-lived assets in the following geographic areas: (millions) 2004 2003 Inventories Finished products and work-in-process $196.7 $ 190.6 Raw materials 153.5 172.2 $350.2 $ 362.8 Property, plant and equipment Land and improvements $ 28.0 $ 22.1 Buildings 258.1 227.8 Machinery and equipment 631.2 569.7 Construction in progress 71.7 92.8 Accumulated depreciation (502.4) (454.1) $486.6 $ 458.3 Investments and other assets Investments in affiliates $ 76.2 $ 70.8 Other investments 27.2 21.3 Other assets 30.7 35.0 $134.1 $ 127.1 Other accrued liabilities Payroll and employee benefits $ 86.5 $ 83.2 Sales allowances 121.3 98.4 Income taxes 21.0 26.4 Other 175.6 152.2 $404.4 $ 360.2 Other long-term liabilities Pension  $ 99.1 $ 105.5 Postretirement benefits 85.5 82.2 Other 26.6 21.8 $211.2 $ 209.5 54 United Other (millions) States Europe countries Total 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 2002 Net sales $ 1,312.2 $ 434.2  $ 298.5  $2,044.9 Long-lived assets (1) 312.1 510.5 72.7 895.3 (millions) 2004 2003 2002 Depreciation $ 71.5 $ 64.8 $ 53.0 Interest paid 41.0 39.0 43.1 Income taxes paid 77.6 80.7 57.9 Interest capitalized 2.7 2.7 3.3 (millions) 2004 2003 Accumulated other comprehensive income,  net of tax where applicable Foreign currency translation adjustment $210.8 $117.9 Unrealized loss on foreign currency exchange contracts (2.8) (1.8) Fair value of open interest rate swaps (6.0) (6.9) Unamortized value of settled interest rate swaps (3.3) (4.9) Net unrealized loss on pension assets – (.8) Minimum pension liability adjustment (79.1) (83.5) $119.6 $ 20.0