Progress Energy 2008 Annual Report Download - page 61

Progress Energy Annual Report 2008
59
(in millions)
Years ended December 31 2008 2007 2006
Net income $830 $504 $571
Other comprehensive income (loss)
Reclassification adjustments included in net income
Change in cash flow hedges (net of tax (expense) benefit of $(2), $(3) and $28, respectively) 34(46)
Change in unrecognized items for pension and other postretirement benefits (net of tax expense of $1 and
$1, respectively) 12 –
Net unrealized losses on cash flow hedges (net of tax benefit of $24, $8 and $16, respectively) (37) (13) (23)
Net unrecognized items on pension and other postretirement benefits (net of tax benefit (expense) of $29 and
$(16), respectively) (49) 23 –
Minimum pension liability adjustment (net of tax expense of $30) ––48
Other (net of tax benefit of $1, $3 and $-, respectively) – (1) 3
Other comprehensive (loss) income (82) 15 (18)
Comprehensive income $748 $519 $553
See Notes to Consolidated Financial Statements.
Common Stock Outstanding Unearned
ESOP
Shares
Accumulated Other
Comprehensive
(Loss) Income Retained Earnings Total Common Stock Equity
(in millions except per share data) Shares Amount
Balance, December 31, 2005, as restated
(See Note 1B) 252 $5,571 $(63) $(104) $2,607 $8,011
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 ($2.425 per share) – – – (611) (611)
Balance, December 31, 2006, as restated
(See Note 1B) 256 5,791 (50) (49) 2,567 8,259
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 ($2.445 per share) – – – (631) (631)
Balance, December 31, 2007, as restated
(See Note 1B) 260 6,028 (37) (34) 2,438 8,395
Net income – – – 830 830
Other comprehensive loss – – (82) –(82)
Comprehensive income 748
Issuance of shares 4131 – – – 131
Stock options exercised 1 – – – 1
Allocation of ESOP shares 13 12 – – 25
Stock-based compensation expense 33 – – – 33
Dividends ($2.465 per share) – – – (646) (646)
Balance, December 31, 2008 264 $6,206 $(25) $(116) $2,622 $8,687
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCK EQUITY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME