Occidental Petroleum 2008 Annual Report Download - page 54

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Consolidated Statements of Stockholders’ Equity
In millions
Occidental Petroleum Corporation
and Subsidiaries
Accumulated
Additional Other
Common Treasury Paid-in Retained Comprehensive
Stock Stock Capital Earnings Income (Loss)
Balance, December 31, 2005 $161 $(8)$4,827 $10,484 $(373)
Net income — — — 4,191 —
Pension and postretirement adjustments, net
of tax — — — — (168)
Other comprehensive income, net of tax — — — — 208
Dividends on common stock — — — (688) —
Issuance of common stock, net 11(a) — 2,064(a) — —
Exercises of options and other, net 2 — 14 — —
Purchases of treasury stock — (1,473) — — —
Balance, December 31, 2006 $174 $(1,481)$6,905 $13,987 $(333)
Net income — — — 5,400 —
Uncertain tax positions adjustment — — — 219 —
Other comprehensive loss, net of tax — — — — (299)
Dividends on common stock — — — (787) —
Issuance of common stock, net — — 94 — —
Exercises of options and other, net 1 — 72 — —
Purchases of treasury stock — (1,129) — — —
Balance, December 31, 2007 $175 $(2,610) $ 7,071 $18,819 $(632)
Net income — — — 6,857 —
Other comprehensive income, net of tax — — — — 80
Dividends on common stock — — — (992) —
Issuance of common stock, net — — 36 — —
Exercises of options and other, net 1 — 6 — —
Purchases of treasury stock — (1,511) — — —
Balance, December 31, 2008 $176 $(4,121) $ 7,113 $24,684 $(552)
(a) Amounts reflect stock issued for the Vintage acquisition.
Consolidated Statements of Comprehensive Income
In millions
For the years ended December 31, 2008 2007 2006
Net income $6,857 $5,400 $4,191
Other comprehensive income (loss) items:
Foreign currency translation adjustments (a) (24) 14 5
Unrealized gains (losses) on derivatives (b) 207 (243) 32
Pension and postretirement adjustments (c) (184) (13) (3)
Reclassification of realized losses (gains) on derivatives and securities (d) 68 (156) (3)
Unrealized gains on securities (e) 13 99 177
Other comprehensive income (loss), net of tax 80 (299) 208
Comprehensive income $6,937 $5,101 $4,399
(a) Net of tax of $0 in all three years.
(b) Net of tax of ($118), $139 and ($18) in 2008, 2007 and 2006, respectively.
(c) Net of tax of $110, $8 and $1 in 2008, 2007 and 2006, respectively.
(d) Net of tax of ($39), $159 and $66 in 2008, 2007 and 2006, respectively. Amounts represent the recognition of the 2007 gain on the sale of the remaining Lyondell
Chemical Company (Lyondell) shares and the 2006 gain on the partial sale of Lyondell shares.
(e) Net of tax of ($7), ($56) and ($102) in 2008, 2007 and 2006, respectively.
The accompanying notes are an integral part of these consolidated financial statements.
40
Consolidated Statements of Cash Flows Occidental Petroleum Corporation