2004 Annual Report: Financial Review: Statements and Notes: Note 21 Performance by Geographic Area

Note 21

Performance by Geographic Area

Since the Corporation’s operations are highly integrated, certain asset, liability, income and expense amounts must be allocated to arrive at Total Assets, Total Revenue, Income (Loss) Before Income Taxes and Net Income (Loss) by geographic area. The Corporation identifies its geographic performance based upon the business unit structure used to manage the capital or expense deployed in the region, as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related expense or capital deployed in the region.

	At December 31: Year	At December 31: Total Assets(1)		Year Ended December 31: Total Revenue(2)	Year Ended December 31: Income (Loss) Before Income Taxes	Year Ended December 31: Net Income (Loss)
		At December 31		Year Ended December 31
(Dollars in millions)	Year	Total Assets (1)		Total Revenue (2)	Income (Loss) Before Income Taxes	Net Income (Loss)
Domestic (3)	2004	$1,046,639		$46,156	$20,072	$13,384
Domestic	2003	672,834		36,541	15,955	10,843
Domestic	2002			32,884	13,537	9,548
Asia	2004	21,658		708	330	237
Asia	2003	20,016		414	82	71
Asia	2002			639	218	157
Europe, Middle East and Africa	2004	27,536		1,136	353	234
Europe, Middle East and Africa	2003	23,858		847	(14)	(1)
Europe, Middle East and Africa	2002			838	(367)	(210)
Latin America and the Caribbean	2004	14,624		894	466	288
Latin America and the Caribbean	2003	2,775		112	(162)	(103)
Latin America and the Caribbean	2002			142	(397)	(246)
Total Foreign	2004	63,818		2,738	1,149	759
Total Foreign	2003	46,649		1,373	(94)	(33)
Total Foreign	2002			1,619	(546)	(299)
Total Consolidated	2004	$1,110,457		$48,894	$21,221	$14,143
Total Consolidated	2003	719,483		37,914	15,861	10,810
Total Consolidated	2002			34,503	12,991	9,249
(1) Total Assets includes long-lived assets, which are primarily located in the U.S. (2) There were no material intercompany revenues between geographic regions for any of the periods presented. (3) Includes the Corporation's Canadian operations, which had Total Assets of $4,849 and $2,799 at December 31, 2004 and 2003, respectively; Total Revenue of $88, $96 and $96; Income before Income Taxes of $49, $60 and $111; and Net Income of $41, $12 and $83 for the years ended December 31, 2004, 2003 and 2002 respectively.