The Thomson Corporation (Thomson), incorporated on December 28, 1977, provides integrated information solutions to business and professional customers. It operates through four groups. Thomson Legal & Regulatory is a provider of information and software-based solutions for legal, tax, accounting, intellectual property, compliance and other business professionals, as well as government agencies around the world. Thomson Learning provides products and services for both traditional classrooms and for online learning. Thomson Financial is an information provider for the worldwide financial services industry. Its products are focused on financial professionals, such as portfolio managers, research analysts, investment bankers, institutional and retail traders, investment advisors and corporate investor relation's executives. Thomson Scientific & Healthcare is a provider of integrated information solutions to researchers, physicians and other professionals in the healthcare, academic, scientific, corporate and government marketplaces. During the year ended December 31, 2004, the Company sold the Thomson Media group, a provider of largely print-based information products focused on the banking, financial services and related technology markets, and Sheshunoff Information Services Inc., a provider of critical data, compliance and management tools to financial institutions. During 2005, the Company derived approximately 65% of its revenues from sales of subscription-based products, and North American operations contributed 83% of its revenues. During 2004, the Company acquired Information Holdings Inc., a provider of intellectual property and regulatory information. Thomson Legal & Regulatory Thomson Legal & Regulatory, led by West, is a provider of integrated information solutions to legal, tax, accounting, intellectual property, compliance and other business professionals, as well as government agencies. The segment offers a broad range of products and services that utilize its electronic databases of legal, regulatory and business information and news. The offerings also include software to assist lawyers and accountants with practice management functions, including document management, case management and other back-office functions and software that assists tax professionals with preparing and filing tax returns. It also offer Internet-accessible legal directories, Website creation and hosting services and law firm marketing solutions to assist the customers in their client development initiatives and continuing legal educational programs. During 2005, North American Legal, Thomson Tax and Accounting, and TLR International accounted for 68%, 15% and 17%, respectively, of the segment's revenue. Major businesses and brands include West, Westlaw, Aranzadi, Brooker's, Carswell, Thomson Elite, ELLIS, FindLaw, IOB, La Ley, RIA, Sweet & Maxwell, Thomson & Thomson, and Lawbook Co. The Company competes with Reed Elsevier and Wolters Kluwer. Thomson Learning Thomson Learning delivers tailored learning solutions for individuals, businesses and institutions around the world. In the academic marketplace, it serves secondary, post-secondary and graduate-level students, teachers and learning institutions in both traditional and distance-learning environments. In the professional and corporate e-learning marketplaces, the segment offers adult education and certification materials for corporations, training centers and individuals. The products and services are sold throughout the world, through direct channels and through a worldwide network of distributors. During 2005, the Academic Publishing and Reference, and Lifelong Learning accounted for 56% and 44%, respectively, of the segment's revenue. In 2005, Thomson Learning moved its international businesses from its academic publishing and reference group to its lifelong learning group. In addition, Thomson Learning moved its Delmar and Course Technology businesses from its lifelong learning group to its academic publishing and reference group. Majo