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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: February 2, 2001
THE LUBRIZOL CORPORATION
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(Exact name of registrant as specified in its charter)
Ohio 1-5263 34-0367600
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(State or other (Commission File Number) (IRS Employer
jurisdiction of incorporation) Identification No.)
29400 Lakeland Boulevard
Wickliffe, Ohio 44092-2298
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(Address of principal executive offices) (Zip Code)
(440) 943-4200
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(Registrant's telephone number, including area code)
N/A
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On February 1, 2001, The Lubrizol Corporation released its earnings for
the year ended December 31, 2000. The earnings release contained the
Consolidated Statements of Income for the fourth quarter and twelve months ended
December 31, 2000 and 1999. These statements were prepared in accordance with a
recently issued accounting rule that was effective for Lubrizol in the fourth
quarter of 2000, which provides that shipping fee revenues and shipping costs
are to be reported in net sales and cost of sales, respectively. Prior to the
fourth quarter of 2000, Lubrizol netted shipping fee revenues and costs within
cost of sales. Below is shown for each quarter of 2000 and 1999 and for the
respective years, the net sales and cost of sales before and after the
reclassification for the effect of the recently issued accounting rule, with
detail by operating segment (in thousands of dollars).
2000
1ST QTR. 2ND QTR. 3RD QTR. 4TH QTR. YEAR 2000
Net sales - before reclassification $ 435,034 $ 439,347 $424,032 $ 436,497 $ 1,734,910
Shipping revenues:
Chemicals for Transportation 8,238 8,786 7,618 8,590 33,232
Chemicals for Industry 736 846 792 801 3,175
--------- --------- -------- --------- -----------
Total shipping revenues 8,974 9,632 8,410 9,391 36,407
--------- --------- -------- --------- -----------
NET SALES - AS RECLASSIFIED $ 444,008 $ 448,979 $432,442 $ 445,888 $1,771,317
========= ========= ======== ========= ===========
Cost of sales - before reclassification 307,708 309,499 302,408 322,165 1,241,780
Shipping 8,974 9,632 8,410 9,391 36,407
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COST OF SALES - AS RECLASSIFIED $ 316,682 $ 319,131 $310,818 $ 331,556 $1,278,187
========= ========= ======== ========= ===========
1999
1ST QTR. 2ND QTR. 3RD QTR. 4TH QTR. YEAR 1999
Net sales - before reclassification $ 446,627 $ 433,129 $431,978 $ 431,807 $1,743,541
Shipping revenues:
Chemicals for Transportation 7,443 7,085 7,736 7,432 29,696
Chemicals for Industry 640 625 669 696 2,630
--------- --------- -------- --------- -----------
Total shipping revenues 8,083 7,710 8,405 8,128 32,326
--------- --------- -------- --------- -----------
NET SALES - AS RECLASSIFIED $ 454,710 $ 440,839 $440,383 $ 439,935 $1,775,867
========= ========= ======== ========= ===========
Cost of sales - before reclassification 303,174 296,985 295,366 299,420 1,194,945
Shipping 8,083 7,710 8,405 8,128 32,326
--------- --------- -------- --------- -----------
COST OF SALES - AS RECLASSIFIED $ 311,257 $ 304,695 $303,771 $ 307,548 $1,227,271
========= ========= ======== ========= ===========
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE LUBRIZOL CORPORATION
Date: February 2, 2001 By: /s/ Kenneth H. Hopping
Name: Kenneth H. Hopping
Title: Vice President and Secretary