For the years ended December 31, | 2009 | 2008 | 2007 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings |
||||||||||||
Balance, Beginning of year | $ | 2,697.8 | $ | 2,927.7 | $ | 4,646.9 | ||||||
Cumulative effect of change in accounting principle | 189.6 | — | — | |||||||||
Net income (loss) | 1,057.5 | $ | 1,057.5 | (70.0) | $ | (70.0) | 1,182.5 | $ | 1,182.5 | |||
Cash dividends declared on common shares ($.1613, $0, and $2.1450 per share) | (108.5) | — | (1,507.6) | |||||||||
Treasury shares purchased | (154.5) | (157.1) | (1,388.4) | |||||||||
Other, net | 1.2 | (2.8) | (5.7) | |||||||||
Balance, End of year | $ | 3,683.1 | $ | 2,697.8 | $ | 2,927.7 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax |
||||||||||||
Balance, Beginning of year | $ | (51.9) | $ | 492.8 | $ | 604.3 | ||||||
Cumulative effect of change in accounting principle | (189.6) | — | — | |||||||||
Changes in: | ||||||||||||
Net unrealized gains (losses) on securities | 722.7 | |||||||||||
Portion of OTTI losses recognized in other comprehensive income (loss) | (26.1) | |||||||||||
Total net unrealized gains (losses) on securities | 696.6 | (541.8) | (131.8) | |||||||||
Net unrealized gains on forecasted transactions | (3.3) | (2.9) | 20.3 | |||||||||
Foreign currency translation adjustment | 1.4 | — | — | |||||||||
Other comprehensive income (loss) | 694.7 | 694.7 | (544.7) | (544.7) | (111.5) | (111.5) | ||||||
Balance, End of year | $ | 453.2 | $ | (51.9) | $ | 492.8 | ||||||
Comprehensive Income (Loss) | $ | 1,752.2 | $ | (614.7) | $ | 1,071.0 | ||||||
Common Shares, $1.00 Par Value |
||||||||||||
Balance, Beginning of year | $ | 676.5 | $ | 680.2 | $ | 748.0 | ||||||
Stock options exercised | 3.5 | 3.5 | 3.4 | |||||||||
Treasury shares purchased | (11.1) | (9.9) | (72.9) | |||||||||
Restricted stock issued, net of forfeitures | 3.7 | 2.7 | 1.7 | |||||||||
Balance, End of year | $ | 672.6 | $ | 676.5 | $ | 680.2 | ||||||
Paid-In Capital |
||||||||||||
Balance, Beginning of year | $ | 892.9 | $ | 834.8 | $ | 847.4 | ||||||
Stock options exercised | 15.3 | 23.5 | 27.4 | |||||||||
Tax benefits from exercise/vesting of stock-based compensation | 9.7 | 11.1 | 15.5 | |||||||||
Treasury shares purchased | (15.0) | (12.4) | (87.1) | |||||||||
Restricted stock issued, net of forfeitures | (3.7) | (2.7) | (1.7) | |||||||||
Amortization of stock-based compensation | 39.2 | 35.1 | 28.0 | |||||||||
Other | 1.3 | 3.5 | 5.3 | |||||||||
Balance, End of year | $ | 939.7 | $ | 892.9 | $ | 834.8 | ||||||
Total Shareholders' Equity | $ | 5,748.6 | $ | 4,215.3 | $ | 4,935.5 |
There are 20.0 million Serial Preferred Shares authorized; no such shares are issued or outstanding.
There are 5.0 million Voting Preference Shares authorized; no such shares have been issued.
See notes to consolidated financial statements.