Dominion Power 2003 Annual Report Download - page 60

58.Dominion 2003
Accumulated
Other Other
Common Stock Paid-In Retained Comprehensive
Shares Amount Capital Earnings Income (Loss) Total
(millions)
Balance at December 31, 2000 246 $ 5,979 $ 16 $1,028 $ (23) $ 7,000
Comprehensive income:
Net income 544 544
Net deferred derivative gains— hedging activities,
net of $263 tax expense 465 465
Unrealized gains on investment securities, net of $10 tax expense 11 11
Foreign currency translation adjustments (9) (9)
Minimum pension liability adjustment, net of $3 tax expense 44
Cumulative effect of a change in accounting principle,
net of $106 tax benefit (183) (183)
Amounts reclassified to net income:
Net realized gains on investment securities,
net of $6 tax expense (8) (8)
Net derivative losses — hedging activities,
net of $19 tax benefit 32 32
Total comprehensive income 544 312 856
Issuance of stock and stock options — Louis Dreyfus acquisition 14 894 894
Issuance of stock — employee and direct stock purchase plans 3185 185
Stock awards and stock options exercised (net of change in
unearned compensation) 279 79
Tax benefit from stock options exercised 12 12
Dividends and other adjustments (8) (650) (658)
Balance at December 31, 2001 265 7,129 28 922 289 8,368
Comprehensive income:
Net income 1,362 1,362
Net deferred losses on derivatives — hedging activities,
net of $345 tax benefit (663) (663)
Unrealized losses on investment securities, net of $41 tax benefit (68) (68)
Foreign currency translation adjustments 66
Minimum pension liability adjustment, net of $1 tax benefit (2) (2)
Amounts reclassified to net income:
Net derivative gains — hedging activities, net of $4 tax expense (8) (8)
Total comprehensive income 1,362 (735) 627
Issuance of stock — public offering 38 1,712 1,712
Issuance of stock — employee and direct stock purchase plans 3199 199
Stock awards and stock options exercised (net of change in
unearned compensation) 3113 113
Stock repurchase and retirement (1) (66) (66)
Accrued contract payments — equity-linked securities (36) (36)
Tax benefit from stock options exercised 21 21
Dividends and other adjustments (2) (723) (725)
Balance at December 31, 2002 308 9,051 47 1,561 (446) 10,213
Comprehensive income:
Net income 318 318
Net deferred derivative losses — hedging activities,
net of $479 tax benefit (791) (791)
Unrealized gains on investment securities,
net of $78 tax expense 112 112
Foreign currency translation adjustments 68 68
Amounts reclassified to net income:
Net realized losses on investment securities,
net of $29 tax benefit 49 49
Net losses on derivatives — hedging activities,
net of $225 tax benefit 379 379
Total comprehensive income 318 (183) 135
Issuance of stock — public offering 11 683 683
Issuance of stock — employee and direct stock purchase plans 3206 206
Stock awards and stock options exercised (net of change in
unearned compensation) 3112 112
Tax benefit from stock options exercised 14 14
Dividends and other adjustments (825) (825)
Balance at December 31, 2003 325 $10,052 $ 61 $1,054 $(629) $10,538
The accompanying notes are an integral part of the Consolidated Financial Statements.
Consolidated Statements of Common Shareholders’ Equity and
Comprehensive Income