Progress Energy 2007 Annual Report Download - page 73

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Progress Energy Annual Report 2007
71
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY
(in millions)
Years ended December 31 2007 2006 2005
Net income $504 $571 $697
Other comprehensive income (loss)
Reclassification adjustments included in net income
Change in cash flow hedges (net of tax (expense) benefit of $(3), $28 and $(26), respectively) 4(46) 46
Foreign currency translation adjustments included in discontinued operations ––(6)
Minimum pension liability adjustment included in discontinued operations (net of tax expense of $1) –– 1
Change in unrecognized items for pension and other postretirement benefits (net of tax expense of $1) 2– –
Net unrealized (losses) gains on cash flow hedges (net of tax benefit (expense) of $8, $16 and $(26), respectively) (13) (23) 37
Net unrecognized items on pension and other postretirement benefits (net of tax expense of $16) 23 – –
Minimum pension liability adjustment (net of tax (expense) benefit of $(30) and $22, respectively) –48 (19)
Other (net of tax benefit (expense) of $3, $- and $(1), respectively) (1) 3 1
Other comprehensive income (loss) 15 (18) 60
Comprehensive income $519 $553 $757
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Common Stock Outstanding
Unearned
Restricted
Shares
Unearned
ESOP
Shares
Accumulated Other
Comprehensive
(Loss) Income
Retained
Earnings
Total Common
Stock Equity
(in millions) Shares Amount
Balance, December 31, 2004 247 $5,360 $(13) $(76) $(164) $2,526 $7,633
Net income – – – – 697 697
Other comprehensive income – – – 60 –60
Comprehensive income 757
Issuance of shares 5199 – – – – 199
Presentation reclassification –
SFAS No. 123R adoption (13) 13 – – – –
Stock options exercised 8 – – – – 8
Purchase of restricted stock (8) – – – – (8)
Allocation of ESOP shares 12 –13 – – 25
Stock-based compensation expense 13 – – – – 13
Dividends ($2.38 per share) – – – – (589) (589)
Balance, December 31, 2005 252 5,571 –(63) (104) 2,634 8,038
Net income – – – – 571 571
Other comprehensive loss – – – (18) –(18)
Comprehensive income 553
Adjustment to initially apply
SFAS No. 158, net of tax – – – 73 –73
Issuance of shares 470 – – – – 70
Stock options exercised 115 – – – – 115
Purchase of restricted stock (8) – – – – (8)
Allocation of ESOP shares 13 –13 – – 26
Stock-based compensation expense 30 – – – – 30
Dividends ($2.43 per share) – – – – (611) (611)
Balance, December 31, 2006 256 5,791 –(50) (49) 2,594 8,286
Net income – – – – 504 504
Other comprehensive income – – – 15 –15
Comprehensive income 519
Adjustment to initially apply FASB
Interpretation No. 48 – – – – (2) (2)
Issuance of shares 446 – – – – 46
Stock options exercised 105 – – – – 105
Allocation of ESOP shares 15 –13 – – 28
Stock-based compensation expense 71 – – – – 71
Dividends ($2.45 per share) – – – – (631) (631)
Balance, December 31, 2007 260 $6,028 $– $(37) $(34) $2,465 $8,422