Avon 2006 Annual Report Download - page 56

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CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY
Common Stock Additional
Paid-In Retained
Accumulated
Other
Comprehensive Treasury Stock
(In millions, except per share data) Shares Amount Capital Earnings Loss Shares Amount Total
Balances at December 31, 2003 361.12 $ 90.3 $1,188.4 $2,202.4 $(729.4) 125.82 $(2,380.4) $ 371.3
Comprehensive income:
Net income 846.1 846.1
Foreign currency translation
adjustments 116.5 116.5
Changes in available-for-sale securities,
net of taxes of $5.7 10.5 10.5
Minimum pension liability adjustment,
net of taxes of $58.1 (74.0) (74.0)
Net derivative losses on cash flow
hedges, net of taxes of $2.0 (3.1) (3.1)
Total comprehensive income 896.0
Dividends – $.56 per share (264.3) (264.3)
Two-for-one stock split effected in the
form of a dividend (Note 9) 362.82 90.7 (90.7) 126.86
Exercise / vesting and expense of share-
based compensation 4.67 1.2 128.1 (.16) 1.8 131.1
Repurchase of common stock 4.56 (224.2) (224.2)
Income tax benefits-stock transactions 40.3 40.3
Balances at December 31, 2004 728.61 182.2 1,356.8 2,693.5 (679.5) 257.08 (2,602.8) 950.2
Comprehensive income:
Net income 847.6 847.6
Foreign currency translation
adjustments (42.9) (42.9)
Changes in available-for-sale securities,
net of taxes of $.9 (1.8) (1.8)
Minimum pension liability adjustment,
net of taxes of $19.7 (20.1) (20.1)
Net derivative losses on cash flow
hedges, net of taxes of $2.4 3.4 3.4
Total comprehensive income 786.2
Dividends – $.66 per share (308.0) (308.0)
Exercise / vesting and expense of share-
based compensation 2.76 .7 69.5 (.12) 1.2 71.4
Repurchase of common stock 22.93 (728.0) (728.0)
Income tax benefits-stock transactions 22.4 22.4
Balances at December 31, 2005 731.37 182.9 1,448.7 3,233.1 (740.9) 279.89 (3,329.6) 794.2
Comprehensive income:
Net income 477.6 477.6
Foreign currency translation
adjustments 103.6 103.6
Changes in available-for-sale securities .1 .1
Minimum pension liability adjustment,
net of taxes of $156.8 234.6 234.6
Net derivative losses on cash flow
hedges, net of taxes of $.2 1.0 1.0
Total comprehensive income 816.9
Adoption of SFAS 158, net of taxes of
$147.3 (Note 10) (254.7) (254.7)
Dividends – $.70 per share (313.9) (313.9)
Exercise / vesting and expense of share-
based compensation 1.37 .6 93.0 (.10) 1.3 94.9
Repurchase of common stock 11.56 (355.1) (355.1)
Income tax benefits – stock transactions 8.1 8.1
Balances at December 31, 2006 732.74 $183.5 $1,549.8 $3,396.8 $(656.3) 291.35 $(3,683.4) $ 790.4
The accompanying notes are an integral part of these statements.