Avon 2007 Annual Report Download - page 58

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CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY
Common Stock Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury Stock
(In millions, except per share data) Shares Amount Shares Amount Total
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
Comprehensive income:
Net income 530.7 530.7
Foreign currency translation
adjustments 185.7 185.7
Changes in available-for-sale securities .1 .1
Amortization of unrecognized actuarial
losses, prior service credit, and
transition obligation, net of taxes of
$14.2 27.6 27.6
Net derivative losses on cash flow
hedges, net of taxes of $9.5 (17.4) (17.4)
Total comprehensive income 726.7
Net actuarial gains and prior service cost
arising during 2007, net of taxes of
$22.3 43.3 43.3
Adoption of FIN 48 (Note 6) (18.3) (18.3)
Dividends – $.74 per share (322.7) (322.7)
Exercise / vesting and expense of share-
based compensation 3.52 1.2 143.4 (.10) 1.2 145.8
Repurchase of common stock 11.8 17.31 (685.0) (673.2)
Income tax benefits – stock transactions 19.6 19.6
Balances at December 31, 2007 736.26 $184.7 $1,724.6 $3,586.5 $(417.0) 308.56 $(4,367.2) $ 711.6
The accompanying notes are an integral part of these statements.