Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced
first quarter 2006 net income of $221.1 million, or $2.06 per
diluted share. This represents a 19% increase from first quarter
2005 net income of $185.5 million, and a 24% increase in net income
per diluted share from $1.66 in the first quarter of 2005. Net
Income Per Diluted Share Net income and net income per diluted
share are computed in conformity with U.S. generally accepted
accounting principles (GAAP). However, many research analysts and
investors do not limit their analysis of our earnings to a strictly
GAAP basis. In order to assist investors in their understanding of
quarterly results, Ambac provides other information. Earnings
measures reported by research analysts exclude the net income
impact of net gains and losses from sales of investment securities
and mark-to-market gains and losses on credit, total return and
non-trading derivative contracts (collectively "net security gains
and losses") and certain non-recurring and other items. Certain
research analysts and investors further exclude the net income
impact of accelerated premiums earned on guaranteed obligations
that have been refunded and other accelerated earnings
("accelerated earnings"). During the first quarter 2006, net
security gains and losses had the effect of increasing net income
by $8.1 million, $0.08 on a per diluted share basis. Accelerated
earnings had the effect of increasing net income by $12.0 million,
or $0.11 per diluted share for the first quarter 2006. Table I,
below, provides first quarter comparisons of earnings for 2006 and
2005. -0- *T Table I First Quarter % 2006 2005 Change ---- ----
------ Net income per diluted share $2.06 $1.66 +24% Effect of net
security gains ($0.08) ($0.05) n.a. Non-recurring and other(a)
$0.00 ($0.01) n.a. ----- ------- Operating earnings(b)(c) $1.98
$1.60 +24% Effect of accelerated earnings ($0.11) ($0.17) n.a. Core
earnings(c) $1.87 $1.43 +31% (a) 2005 first quarter results have
been adjusted downward by $1.2 million for expenses related to
Ambac's contingent capital facility to be comparable with 2006
reporting. (b) Consensus earnings that are reported by earnings
estimate services, such as First Call, are on this basis, which
excludes net security gains and losses and non-recurring items. (c)
Operating and core earnings are non-GAAP measures. See footnote 2
on page 10. *T Commenting on the overall results, Ambac President
and Chief Executive Officer, Robert J. Genader, noted, "This was
another solid quarter for Ambac in a challenging business
environment. The company's scale, market diversification and
capacity continue to be highly valued by our global clients. These
important attributes enable us to participate across a broad
spectrum of profitable transactions both domestic and
international." Mr. Genader further commented, "Although very large
transactions were generally absent during the first quarter,
several notable international deals have already closed in April."
Revenues Highlights -- Credit enhancement production(1) in the
first quarter of 2006 was $233.5 million, up 17% from the first
quarter of 2005 which came in at $199.0 million. Growth in
international and U.S. structured finance were partially offset by
a decline in U.S. public finance. -0- *T Table II, below, provides
the first quarter comparisons of credit enhancement production by
market sector for 2006 and 2005. Table II Credit Enhancement
Production(1) $-millions First Quarter % 2006 2005 Change ---- ----
------ Public Finance $99.2 $109.0 -9% Structured Finance 90.7 76.9
+18% International 43.6 13.1 +233% ---- ---- Total $233.5 $199.0
+17% *T -- In public finance, Ambac's lower premium production was
primarily driven by fewer transactions coming to market. Strong
writings in the health care sector were offset by decreased
writings in the transportation, tax backed, and municipal lease
sectors. Overall municipal market issuance, as reported by third
party sources, was 29% lower in the first quarter of 2006 than in
the comparable prior period. Market data suggests that reduced
refunding activity in the market caused the decrease. Insured
market penetration was approximately 54%, lower than the first
quarter of 2005 market penetration of approximately 62%. Spreads in
U.S. public finance are generally steady and fairly attractive but
pricing has been impacted by competition. U.S. structured finance
production during the quarter was strong as increased writings in
commercial asset-backed securitizations, auto securitizations,
pooled debt obligations and mortgage-backed and home equity
securitizations was partially offset by lower investor-owned
utilities and student loan writings. Competition from the
senior/subordinated market remains challenging and spreads remain
tight across most asset classes of U.S. structured finance. Current
quarter international production included attractive business in
diverse geographic regions and asset classes including
transportation, utilities, and future flow deals. The international
segment production level tends to be dependent on the number of
large transactions closed during the period. During the first
quarter, no such deals closed. -- Net premiums written in the first
quarter of 2006 of $227.8 million were 11% lower than net premiums
written of $255.7 million in the same period of 2005 primarily as a
result of reinsurance cancellations, as discussed below under
"Reinsurance Cancellations". Gross premiums written in the first
quarter of 2006 and 2005 were $219.0 million and $229.1 million,
respectively. The decrease is primarily attributable to lower
public finance business written during the quarter. -0- *T Ceded
premiums written, typically a reduction to gross premiums written,
amounted to additions of $8.8 million and $26.6 million in the
first quarter of 2006 and 2005, respectively. Ceded premiums
written in 2006 and 2005 include the impact of the collection of
$37.0 million and $55.8 million, respectively, in return premiums
from the cancellations of reinsurance contracts. Excluding the
return premiums, ceded premiums in the first quarter of 2006
decreased by 3% to $28.2 million from $29.2 million in the first
quarter of 2005. Ceded premiums (exclusive of return premiums) as a
percentage of gross premiums written were 12.9% and 12.7% for the
first quarter of 2006 and 2005, respectively. A breakdown of gross
premiums written by market sector and ceded premiums for the first
quarter of 2006 and 2005 are included below in Table III. Table III
Premiums Written $-millions First Quarter % 2006 2005 Change ----
---- ------ Public Finance $92.3 $107.2 -14% Structured Finance
78.8 74.1 +6% International 47.9 47.8 0% ---- ---- Total Gross
Premiums Written 219.0 229.1 -4% Ceded Premiums Written 8.8 26.6
-67% --- ---- Net Premiums Written $227.8 $255.7 -11% ------ ------
*T -- Net premiums earned and other credit enhancement fees for the
first quarter of 2006 were $208.4 million, which represented a 2%
decrease from the $211.7 million earned in the first quarter of
2005. Increases in net premiums earned in U.S. public finance and
U.S. structured finance were partially offset by decreased net
premiums earned in international. -0- *T Net premiums earned
include accelerated premiums, which result from refundings, calls
and other accelerations recognized during the quarter. Accelerated
premiums were $25.0 million in the first quarter of 2006 (which had
a net income per diluted share effect of $0.11), down 28% from
$34.5 million ($0.17 per diluted share) in accelerated premiums in
the first quarter of 2005. The majority of the accelerated premiums
relate to the U.S. public finance segment. As long-term interest
rates rise, the level of accelerated premiums from refundings
should decline from prior years' levels. Accelerated premiums in
the first quarter of 2006 and 2005 include $7.7 million and $4.5
million, respectively, related to the impact of reinsurance
cancellations, as discussed below under "Reinsurance
Cancellations." A breakdown of net premiums earned and other credit
enhancement fees by market sector for 2006 and 2005 are included
below in Table IV. Normal net premiums earned exclude accelerated
premiums that result from refundings, calls and other
accelerations. Table IV Net Premiums Earned and Other Credit
Enhancement Fees $-millions First Quarter % 2006 2005 Change ----
---- ------ Public Finance $55.9 $55.2 +1% Structured Finance 77.0
68.6 +12% International 50.5 53.4 -5% ---- ---- Total Normal
Premiums/Fees $183.4 $177.2 +3% Accelerated Premiums 25.0 34.5 -28%
---- ---- Total $208.4 $211.7 -2% Public finance earned premiums,
before accelerations, grew 1% quarter on quarter. Earned premium
growth in this segment has been negatively impacted by the high
level of refunding activity in Ambac's public finance book. Earned
premium growth in this segment has also been negatively impacted by
the mix of issuance in 2005 and thus far in 2006, when the
overwhelming majority of issuance has been concentrated in the more
price-sensitive sectors such as general obligations and
lease-backed transactions. Ambac's focus historically has been in
the high-return structured segments of the municipal market.
Structured finance earned premiums and other credit enhancement
fees grew 12%. The rate of growth in structured finance has
recently improved as the level of writings in asset classes such as
commercial asset-backed securities and auto securitizations has
increased. Additionally, writings in the traditional,
shorter-termed pooled debt obligations have also improved. Premiums
written on short-term asset classes are earned over the life of the
transaction so increased writings in those asset classes can have
an immediate impact on earned premium growth. Narrow credit spreads
and competitive factors continue to hamper production in many of
the sectors in U.S. structured finance, most notably in
mortgage-backed and home equity securitizations. International
earned premiums and other credit enhancement fees decreased by 5%.
The decline was driven primarily by significant calls over the past
several quarters, a general slow-down in new business generation in
this segment, and the recent business mix which has trended towards
long-dated infrastructure transactions that earn premiums over a
longer period of time than typical structured finance exposures. *T
-- Net investment income for the first quarter of 2006 was $114.0
million, representing an increase of 12% from $102.0 million in the
comparable period of 2005. Net investment income excluding net
investment income from Variable Interest Entities ("VIEs") for the
first quarter of 2006 was $101.8 million, representing an increase
of 12% from $90.7 million in the first quarter of 2005. This
increase was due primarily to the growth in the investment
portfolio driven by ongoing collection of financial guarantee
premiums and fees and a $200 million capital contribution from the
parent company in the fourth quarter of 2005. Net investment income
was also modestly affected by increases in interest rates. Net
investment income from VIEs for the first quarter of 2006 was $12.2
million, up from $11.3 million in the first quarter of 2005.
Investment income from VIEs results from the consolidation of
certain trusts that Ambac has insured and consolidated under
accounting pronouncement FIN 46. Investment income from VIEs is
offset by interest expense on VIEs, shown separately in the
Consolidated Statements of Operations. -- Other income for the
first quarter of 2006 was $29.5 million, significantly higher than
$2.4 million reported in the comparable period of 2005. During the
first quarter of 2006, Ambac sold the remaining three aircraft from
a previously reported defaulted enhanced equipment trust
certificate transaction. The gain on the sale of the aircraft
amounted to $25.0 million and is included in "other income" rather
than as a loss recovery because the aircraft had been classified as
operating assets for the short period of time in which the company
took possession of them after the default. -- Financial services.
The financial services segment is comprised of the investment
agreement business and derivative products business. The investment
agreement business is managed with the goal of approximately
matching the cash flows of the investment agreement liabilities
with the cash flows of the related investment portfolio. The
primary activities in the derivative products business are
intermediation of interest rate and currency swap transactions and
taking total return swap positions on certain fixed income
obligations. Gross interest income less gross interest expense from
investment and payment agreements plus results from the derivative
products business, excluding net realized investment gains and
losses and unrealized gains and losses on total return swaps and
non-trading derivative contracts, was $11.7 million in the first
quarter of 2006, down 22% from $15.0 million in the first quarter
of 2005. The decrease was driven by lower inception revenues on new
business in the derivative products business, partially offset by
spread improvement in the investment agreement business.
Reinsurance Cancellations -- During the first quarter 2006 Ambac
cancelled its remaining reinsurance contracts with two reinsurers -
AXA Re Finance S.A. and American Re-Insurance Company and
recaptured $3.9 billion of par outstanding. Both reinsurers had
exited the financial guarantee reinsurance business in 2003.
Included in ceded premiums in our Consolidated Statement of
Operations is $37.0 million in returned premiums from the
cancellations, of which approximately $29.3 million was deferred.
The difference, $7.7 million, included in accelerated premiums,
results from the difference between the negotiated amount of
returned premiums and the associated unearned premium remaining on
the previously ceded portion of the underlying guarantees. The net
income impact of these cancellations, presented in Table I, above,
as part of accelerated premiums, amounted to approximately $2.0
million, or $0.02 per diluted share. -0- *T During the first
quarter 2005 Ambac cancelled a reinsurance contract with Radian
Reinsurance Inc and recaptured approximately $7.5 billion of par
outstanding. Included in ceded premiums in our Consolidated
Statement of Operations is $55.8 million in returned premiums from
the cancellation, of which approximately $51.3 million was
deferred. The difference, $4.5 million, is included in accelerated
premiums. The net income impact of this cancellation, presented in
Table I, above, as part of accelerated premiums, amounted to
approximately $1.8 million, or $0.02 per diluted share. *T Expenses
Highlights -- Financial guarantee expenses of $50.6 million for the
first quarter of 2006 decreased by 26% from the $68.5 million of
expenses for the same quarter of 2005. Financial guarantee loss and
loss expenses were $0.1 million in the first quarter of 2006 down
from $23.5 million in the first quarter of 2005. The $0.1 million
loss provision in the first quarter of 2006 is a result of an
increase in case reserves amounting to $26.0 million during the
quarter, offset by net positive migration in the active credit
reserve amounting to $25.9 million during the period. See Loss
Reserve Activity, below, for additional information on losses. Net
underwriting and operating expenses of the financial guarantee
segment totaled $37.9 million in the first quarter of 2006, up 13%
from $33.4 in the first quarter of 2005 primarily due to increased
compensation expense. -0- *T Interest expense on VIE notes
amounting to $12.6 million and $11.6 million in the first quarter
of 2006 and 2005, respectively, result from the consolidation of
certain trusts that Ambac has insured and consolidated under
accounting pronouncement FIN 46. *T -- Financial services other
expenses, which represent the operating expenses for the segment,
amounted to $3.6 million for the first quarter of 2006, down 5%
from $3.8 million in the comparable prior period primarily due to
lower compensation expense. Loss Reserve Activity -- Case basis
loss reserves (loss reserves for exposures that have defaulted)
increased $18.2 million during the first quarter of 2006 from
$103.1 million at December 31, 2005 to $121.3 million at March 31,
2006. The increase was primarily related to additional case
reserves for a public finance infrastructure transaction and an MBS
transaction, partially offset by $7.8 million in payments during
the quarter. -- Active credit reserves ("ACR") are established for
probable and estimable losses due to credit deterioration on
adversely classified insured transactions. Ambac continuously
monitors its insured portfolio actively seeking to mitigate claims.
The ACR decreased by $25.9 million during the quarter, primarily as
a result of net improvements in the classified portfolio and a
transfer of ACR reserves to case reserves for the MBS transaction
noted above. At March 31, 2006, the specific Hurricane
Katrina-related provision amounts to $91.1 million, down slightly
from $91.5 million at December 31, 2005. Approximately $1.1 billion
of Katrina-impacted credits remain in Ambac's adversely classified
credit portfolio. Ambac did not pay any Katrina-related claims
during the quarter. Other Items -- Total net securities
gains/(losses) for the first quarter of 2006 were $13.5 million, or
$0.08 per diluted share; consisting of net realized gains on
investment securities of $5.1 million, net mark-to-market gains on
credit and total return derivatives of $7.2 million and net
mark-to-market gains on non-trading derivative contracts of $1.2
million. For the first quarter of 2005, net securities
gains/(losses) were $9.1 million, or $0.05 per diluted share;
consisting of net realized gains on investment securities of $1.9
million, net mark-to-market gains on credit and total return
derivatives of $6.0 million and net mark-to-market gains on
non-trading derivative contracts of $1.2 million. Balance Sheet
Highlights -- Total assets as of March 31, 2006 were $19.74
billion, up 1% from total assets of $19.73 billion at December 31,
2005. The increase was driven by cash generated from operations
during the period, partially offset by the decrease in unrealized
gains in the investment portfolio driven by higher long-term
interest rates and stock repurchases during the period amounting to
approximately $30.0 million. As of March 31, 2006, stockholders'
equity was $5.47 billion, a 2% increase from year-end 2005
stockholders' equity of $5.37 billion. The increase was primarily
the result of net income during the period, offset by stock
repurchases and lower "Accumulated Other Comprehensive Income"
driven by higher long-term interest rates. Annual Meeting of
Stockholders As previously announced, the Board of Directors set
the 2006 Annual Meeting of Stockholders for Tuesday, May 2, 2006,
at 11:30 a.m. in New York City. The record date for determining
stockholders entitled to notice of, and to vote at, the annual
meeting was the close of business, March 6, 2006. Forward-Looking
Statements This release, in particular the President and Chief
Executive Officer's remarks, contains statements about our future
results that may be considered "forward-looking statements" under
the Private Securities Litigation Reform Act of 1995. These
statements are based on current expectations and the current
economic environment. We caution you that these statements are not
guarantees of future performance. They involve a number of risks
and uncertainties that are difficult to predict. Our actual results
could differ materially from those expressed or implied in the
forward-looking statements. Among the factors that could cause
actual results to differ materially are (1) changes in the
economic, credit, or interest rate environment in the United States
and abroad; (2) the level of activity within the national and
worldwide debt markets; (3) competitive conditions and pricing
levels; (4) legislative and regulatory developments; (5) changes in
tax laws; (6) the policies and actions of the United States and
other governments; (7) changes in capital requirement or other
criteria of rating agencies; (8) changes in accounting principles
or practices that may impact the Company's reported financial
results; (9) inadequacy of reserves established for losses and loss
adjustment expenses; (10) default of one or more of the Company's
reinsurers; (11) market spreads and pricing on insured pooled debt
obligations and other derivative products insured or issued by the
Company; (12) prepayment speeds on insured asset-backed securities
and other factors that may influence the amount of installment
premiums paid to the Company; and (13) other risks and
uncertainties that have not been identified at this time. We
undertake no obligation to publicly correct or update any
forward-looking statement if we later become aware that it is not
likely to be achieved, except as required by law. Ambac Financial
Group, Inc., headquartered in New York City, is a holding company
whose affiliates provide financial guarantees and financial
services to clients in both the public and private sectors around
the world. Ambac's principal operating subsidiary, Ambac Assurance
Corporation, a leading guarantor of public finance and structured
finance obligations, has earned triple-A ratings, the highest
ratings available from Moody's Investors Service, Inc., Standard
& Poor's Ratings Services, Fitch, Inc. and Rating and
Investment Information, Inc. Ambac Financial Group, Inc. common
stock is listed on the New York Stock Exchange (ticker symbol ABK).
Footnotes (1) Credit enhancement production, which is not
promulgated under GAAP, is used by management, equity analysts and
investors as an indication of new business production in the
period. Credit enhancement production, which Ambac reports as
analytical data, is defined as gross (direct and assumed) up-front
premiums plus the present value of estimated installment premiums
on insurance policies and structured credit derivatives issued in
the period. The discount rate used to measure the present value of
estimated installment premiums was 5.1% and 7% during the first
quarter of 2006 and 2005, respectively. The definition of credit
enhancement production used by Ambac may differ from definitions of
credit enhancement production used by other public holding
companies of financial guarantors. The following table reconciles
credit enhancement production to gross premiums written calculated
in accordance with GAAP: -0- *T $-millions First Quarter 2006 2005
---- ---- Credit enhancement production $233 $199 Present value of
estimated installment premiums written on insurance policies and
structured credit derivatives issued in the period (136) (94) -----
---- Gross up-front premiums written $ 97 $ 105 Gross installment
premiums written on insurance policies 122 124 --- --- Gross
premiums written $219 $229 ==== ==== *T (2) Operating earnings and
core earnings are not substitutes for net income computed in
accordance with GAAP, but are useful measures of performance used
by management, equity analysts and investors. Operating earnings
measures income from operations excluding the impact of investment
portfolio realized gains and losses, mark-to-market gains and
losses from certain non-operational derivative instruments and
non-recurring items. Core earnings further exclude the impact of
refundings, calls and other accelerations. The definitions of
operating earnings and core earnings used by Ambac may differ from
definitions of operating earnings and core earnings used by other
public holding companies of financial guarantors. -0- *T Ambac
Financial Group, Inc. and Subsidiaries Consolidated Statements of
Operations (Unaudited) For the Three Months Ended March 31, 2006
and 2005 (Dollars in Thousands Except Share Data) Three Months
Ended March 31, ------------------------- 2006 2005
------------------------- Revenues: Financial Guarantee: Gross
premiums written $219,007 $229,126 Ceded premiums written 8,757
26,627 ------------ ------------ Net premiums written $227,764
$255,753 ============ ============ Net premiums earned $194,180
$199,634 Other credit enhancement fees 14,188 12,067 ------------
------------ Net premiums earned and other credit enhancement fees
208,368 211,701 Net investment income 113,955 102,008 Net realized
investment (losses) gains (379) 2,021 Net mark-to-market gains on
credit derivative contracts 1,953 5,266 Other income 29,454 2,385
Financial Services: Interest from investment and payment agreements
81,935 57,681 Derivative products 4,686 8,065 Net realized
investment gains (losses) 5,503 (155) Net mark-to-market gains on
total return swap contracts 5,223 748 Net mark-to-market gains on
non-trading derivatives 244 691 Corporate: Net investment income
3,000 409 Net realized investment losses - - ------------
------------ Total revenues 453,942 390,820 ------------
------------ Expenses: Financial Guarantee: Loss and loss expenses
127 23,472 Underwriting and operating expenses 37,896 33,403
Interest expense on variable interest entity notes 12,623 11,579
Financial Services: Interest from investment and payment agreements
74,965 50,780 Other expenses 3,572 3,819 Interest 19,475 13,513
Corporate 3,643 2,282 ------------ ------------ Total expenses
152,301 138,848 ------------ ------------ Income before income
taxes 301,641 251,972 Provision for income taxes 80,501 66,429
------------ ------------ Net income 221,140 185,543 ============
============ Net income per share $2.08 $1.68 ============
============ Net income per diluted share $2.06 $1.66 ============
============ Weighted average number of common shares outstanding:
Basic 106,438,758 110,191,422 ============ ============ Diluted
107,430,787 111,772,811 ============ ============ Ambac Financial
Group, Inc. and Subsidiaries Consolidated Balance Sheets March 31,
2006 and December 31, 2005 (Dollars in Thousands Except Share Data)
March 31, 2006 December 31, 2005 -----------------
----------------- (unaudited) Assets ------ Investments: Fixed
income securities, at fair value (amortized cost of $15,612,105 in
2006 and $14,781,028 in 2005) $15,811,299 $15,124,016 Fixed income
securities pledged as collateral, at fair value (amortized cost of
$421,915 in 2006 and $378,480 in 2005) 412,659 371,160 Short-term
investments, at cost (approximates fair value) 203,891 472,034
Other (cost of $13,561 in 2006 and $13,537 in 2005) 14,442 14,173
----------------- ----------------- Total investments 16,442,291
15,981,383 Cash 26,497 28,295 Securities purchased under agreements
to resell 306,000 419,000 Receivable for securities sold 23,295
2,161 Investment income due and accrued 150,362 178,779 Reinsurance
recoverable on paid and unpaid losses 5,327 3,730 Prepaid
reinsurance 281,835 303,383 Deferred acquisition costs 215,436
202,195 Loans 1,321,016 1,344,140 Derivative assets 862,674
1,102,649 Other assets 101,649 159,425 -----------------
----------------- Total assets $19,736,382 $19,725,140
================= ================= Liabilities and Stockholders'
Equity ------------------------------------ Liabilities: Unearned
premiums $2,966,959 $2,954,718 Loss and loss expense reserve
298,160 304,139 Ceded reinsurance balances payable 15,737 23,746
Obligations under investment and payment agreements 7,026,570
7,056,222 Obligations under investment repurchase agreements
173,800 196,568 Securities sold under agreement to repurchase
39,000 - Deferred income taxes 206,659 257,987 Current income taxes
82,704 16,726 Long-term debt 2,282,187 2,233,582 Accrued interest
payable 88,550 108,195 Derivative liabilities 699,974 935,440 Other
liabilities 211,199 253,969 Payable for securities purchased
169,996 11,641 ----------------- ----------------- Total
liabilities 14,261,495 14,352,933 -----------------
----------------- Stockholders' equity: Preferred stock - - Common
stock 1,092 1,092 Additional paid-in capital 739,664 723,680
Accumulated other comprehensive income 117,205 202,312 Retained
earnings 4,864,748 4,692,701 Common stock held in treasury at cost
(247,822) (247,578) ----------------- ----------------- Total
stockholders' equity 5,474,887 5,372,207 -----------------
----------------- Total liabilities and stockholders' equity
$19,736,382 $19,725,140 ================= ================= Number
of shares outstanding (net of treasury shares) 105,705,774
105,639,446 ================= ================= Book value per
share $51.79 $50.85 ================= ================= Ambac
Assurance Corporation and Subsidiaries Capitalization Table - GAAP
March 31, 2006 and December 31, 2005 (Dollars in Millions) The
following table sets forth Ambac Assurance's consolidated
capitalization as of March 31, 2006 and December 31, 2005,
respectively, on the basis of accounting principles generally
accepted in the United States of America. March 31, December 31,
2006 2005 ------------ ------------ (unaudited) Unearned premiums
$2,978 $2,966 Long-term debt 1,090 1,042 Other liabilities 1,855
1,996 ------------ ------------ Total liabilities 5,923 6,004
------------ ------------ Stockholder's equity: Common stock 82 82
Additional paid-in capital 1,463 1,453 Accumulated other
comprehensive income 71 137 Retained earnings 4,690 4,499
------------ ------------ Total stockholder's equity 6,306 6,171
------------ ------------ Total liabilities and stockholder's
equity $12,229 $12,175 ============ ============ *T
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