BB&T 2008 Annual Report Download - page 115
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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Share Repurchase Activity
No shares of common stock were repurchased during 2008. During the years ended December 31, 2007 and
2006, BB&T repurchased 7 million and 22 million shares of common stock, respectively. At December 31, 2008,
BB&T was authorized to repurchase an additional 44 million shares under the June 27, 2006, Board of Directors’
authorization.
NOTE 12. Accumulated Other Comprehensive Income (Loss)
The balances in accumulated other comprehensive loss as of December 31, 2008 and 2007 are shown in the
following tables:
As of December 31, 2008
Pre-Tax
Amount
Deferred
Tax Expense
(Benefit) After-Tax
Amount
(Dollars in millions)
Unrealized net losses on securities available for sale $ (517) $(193) $(324)
Unrealized net gains on cash flow hedges 76 28 48
Foreign currency translation adjustment (9) — (9)
Unrecognized net pension and postretirement costs (720) (273) (447)
Total $(1,170) $(438) $(732)
As of December 31, 2007
Pre-Tax
Amount Deferred
Tax Benefit After-Tax
Amount
(Dollars in millions)
Unrealized net losses on securities available for sale $ (45) $ (17) $ (28)
Unrecognized net pension and postretirement costs (127) (48) (79)
Foreign currency translation adjustment 3 — 3
Total $ (169) $ (65) $(104)
NOTE 13. Income Taxes
The provision for income taxes comprised the following:
Years Ended December 31,
2008 2007 2006
(Dollars in millions)
Current expense:
Federal $ 899 $765 $668
State 89 54 42
Foreign — 25 115
Total current expense 988 844 825
Deferred expense (benefit):
Federal (406) (5) 115
State (32) (3) 5
Total deferred expense (benefit) (438) (8) 120
Provision for income taxes $ 550 $836 $945
The foreign income tax expense is related to income generated on assets controlled by a foreign subsidiary of
Branch Bank.
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