America Online 2009 Annual Report Download - page 70
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Table of Contents
AOL Inc.
Consolidated Statements of Equity
(In millions)
Common Stock
Divisional
Equity
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
(Accumulated
Deficit)
Non-
Controlling
Interest
Total
Equity
Shares Amount
Balance at December 31, 2006 $ 4,755.2 $ (252.4) $ 3.0 $ 4,505.8
Net income (loss) 1,396.1 (0.7) 1,395.4
Unrealized losses on derivatives and investments, net of tax (0.2) (0.2)
Foreign currency translation adjustments 45.7 45.7
Comprehensive income (loss) — 1,396.1 — 45.5 — (0.7) 1,440.9
Impact of adopting new accounting guidance (see Note 6) 379.3 379.3
Net transactions with Time Warner (1,056.5) (1,056.5)
Balance at December 31, 2007 $ — $ 5,474.1 $ — $ (206.9) $ — $ 2.3 $ 5,269.5
Net loss (1,525.8) (0.8) (1,526.6)
Foreign currency translation adjustments (95.5) (95.5)
Comprehensive loss — (1,525.8) — (95.5) — (0.8) (1,622.1)
Net transactions with Time Warner 90.3 90.3
Balance at December 31, 2008 $ — $ 4,038.6 $ — $ (302.4) $ — $ 1.5 $ 3,737.7
Net income (loss) 269.2 (20.4) (0.3) 248.5
Unrealized losses on derivatives and investments, net of tax (0.7) (0.7)
Foreign currency translation adjustments 28.0 0.6 28.6
Comprehensive income (loss) — 269.2 — 27.3 (20.4) 0.3 276.4
Net transactions with Time Warner (915.6) (915.6)
Distribution to Time Warner (a) (36.2) (36.2)
Issuance of common stock (b) 105.8 1.1 (1.1) —
Reclassification of divisional equity to additional paid-in capital (b) (3,356.0) 3,356.0 —
Amounts related to equity-based compensation 0.6 0.6
Balance at December 31, 2009 105.8 $ 1.1 $ — $ 3,355.5 $ (275.1) $ (20.4) $ 1.8 $ 3,062.9
(a) AOL completed a number of transactions with Time Warner in connection with the spin-off. The reduction to AOL's equity included the reversal of
AOL's liability to Time Warner for certain tax positions, which resulted in an increase to equity of $368.1 million and the reversal of AOL's equity-based
compensation deferred tax assets, which resulted in a decrease to equity of $436.1 million. These amounts were retained by Time Warner following the
spin-off.
(b) Upon the effective date of the spin-off, AOL's divisional equity was reclassified and allocated between common stock and additional paid-in capital
based on the number of shares of AOL common stock issued and outstanding.
See accompanying notes.
66