Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced
fourth quarter 2006 net income of $202.7 million, or $1.88 per
diluted share. This represents a 1% decrease from fourth quarter
2005 net income of $204.3 million, or $1.90 per diluted share. 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 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
fourth quarter 2006, net security gains and losses had the effect
of increasing net income by $3.6 million, or $0.04 on a per diluted
share basis. Other items during the fourth quarter 2006 had a net
income effect of ($3.9) million, ($0.04) on a per diluted share
basis, and represents the write-off of previously deferred issuance
expenses related to debentures that were redeemed in October 2006.
Accelerated earnings had the effect of increasing net income by
$18.1 million, or $0.17 per diluted share for the fourth quarter
2006. Table I, below, provides fourth quarter and full year
comparisons of earnings for 2006 and 2005. Table I Earnings Per
Diluted Share Fourth Quarter � Full Year � 2006� 2005� %Change�
2006� 2005� %Change� Net income per diluted share $1.88� $1.90� -
1% $8.15� $6.87� + 19% Effect of net security gains ($0.04) ($0.12)
n.a. ($0.48) ($0.40) n.a. Other items $0.04� $0.00� n.a. $0.04�
$0.00� n.a. Operating earnings (a)(b) $1.88� $1.78� + 6% $7.71�
$6.47� + 19% Effect of accelerated earnings ($0.17) ($0.19) n.a.
($0.63) ($0.74) n.a. Core earnings(b) $1.71� $1.59� + 8% $7.08�
$5.73� + 24% � (a) Consensus earnings that are reported by earnings
estimate services, such as First Call, are on this basis.(b)
Operating and core earnings are non-GAAP measures. See footnote 2
preceding financial tables. Commenting on the overall results,
Ambac Chairman and Chief Executive Officer, Robert J. Genader,
noted, �I am satisfied with our overall business results for the
quarter and for the full year. Despite one of the most difficult
business environments the industry has faced in many years, Ambac�s
full-year top line production is very acceptable. Most
gratifyingly, our record-level full-year international production
demonstrates our success in expanding our global reach, as our
triple-A financial strength and reputation for innovative and
efficient execution is now firmly planted across a broad segment of
the international markets.� Revenues Highlights Credit enhancement
production(1) in the fourth quarter of 2006 was $314.5 million,
down 21% from the fourth quarter of 2005 which came in at $395.8
million. Growth in international was more than offset by declines
in U.S. public finance and U.S. structured finance. Credit
enhancement production(1) for the full year of 2006 of $1,295.2
million was 4% higher than credit enhancement production of
$1,249.4 million in 2005, as significant growth in international
business more than offset the decline in the U.S. public finance
business. Table II, below, provides the fourth quarter and full
year comparisons of credit enhancement production by market segment
for 2006 and 2005. Table II Credit Enhancement Production(1) �
$-millions Fourth Quarter Full Year � 2006� 2005� %Change� 2006�
2005� %Change� Public Finance $ 84.0� $ 153.5� - 45% $ 405.0� $
550.8� - 26% Structured Finance 97.1� 143.4� - 32% 479.3� 479.0� 0%
International � 133.4� � 98.9� + 35% � 410.9� � 219.6� + 87% Total
$ 314.5� $ 395.8� - 21% $ 1,295.2� $ 1,249.4� + 4% In public
finance, Ambac�s premium production was lower while overall market
issuance, as reported by third party sources, was up approximately
24% quarter on quarter. The increase in issuance for the quarter
was driven by strong new-money issuance across a broad range of
municipal sectors. Ambac�s market share remained stable at
approximately 23% but the mix of business written in the fourth
quarter 2006 varied significantly from the comparable prior period.
Ambac�s fourth quarter 2005 production included three large,
well-priced transactions and strong business flow in the health
care sector. While fourth quarter 2006 overall market deal flow was
fairly strong, the mix of issuance during the quarter was more
inclined towards smaller, less complex transactions. Additionally,
pricing continues to be negatively affected by competition from
other financial guarantors. U.S. structured finance production
during the quarter was lower as the fourth quarter 2005 included
two very large transactions (an auto rental securitization and a
commercial asset-backed securitization) which combined represented
almost 40% of the total structured finance production from that
period. Otherwise, the current quarter was characterized by
increased business activity in the investor-owned utility, pooled
debt obligations and consumer asset-backed securities sectors.
Competition from the senior/subordinated market remains challenging
and spreads remain tight across most asset classes of U.S.
structured finance. International production was stronger as Ambac
closed three large U.K. transactions in the current quarter and the
geographic breadth of transactions closed was once again,
encouraging. During the quarter, Ambac closed deals in five
different countries along with several multi-national pooled debt
obligations transactions. Management continues to believe that the
broad international markets provide an array of opportunities and
will be a driver of short-term and long-term growth for the
industry. Net premiums written (which represent premiums collected
during the period, net of reinsurance) in the fourth quarter of
2006 of $223.6 million were 17% lower than net premiums written of
$268.1 million in the comparable period of 2005. Gross premiums
written in the fourth quarter of 2006 and 2005 were $251.8 million
and $306.1 million, respectively. The decreases in net and gross
premiums written are primarily attributable to less U.S. public
finance business written during the fourth quarter of 2006. Ceded
premiums as a percentage of gross premiums written were 11.2% and
12.4% for the fourth quarter of 2006 and 2005, respectively. Net
premiums written for the full year of 2006 of $893.2 million were
10% lower than net premiums written of $996.3 million in 2005.
Excluding the impact of return premiums from reinsurance
cancellations in each of the years ($37.0 million in the first
quarter of 2006 and $55.8 million in the first quarter of 2005),
net premiums written are down 9% year on year primarily due to less
U.S. public finance business written during 2006. A breakdown of
gross premiums written by market segment and ceded premiums for the
fourth quarter and full year 2006 and 2005 are included below in
Table III. Table III Premiums Written � $-millions Fourth Quarter
Full Year � 2006� 2005� %Change� 2006� 2005� %Change� Public
Finance $ 89.4� $ 159.1� - 44% $ 375.7� $ 552.2� - 32% Structured
Finance 85.9� 83.3� + 3% 333.6� 314.5� + 6% International � 76.5� �
63.7� + 20% � 287.4� � 229.3� + 25% Total Gross Premiums Written
251.8� 306.1� - 18% 996.7� 1,096.0� - 9% Ceded Premiums Written �
(28.2) � (38.0) - 26% � (103.5) � (99.7) + 4% Net Premiums Written
$ 223.6� $ 268.1� - 17% $ 893.2� $ 996.3� - 10% Net premiums earned
and other credit enhancement fees for the fourth quarter of 2006
were $223.4 million, which represented a 3% increase from the
$217.6 million earned in the fourth quarter of 2005. The increase
was driven by higher normal premiums and other credit enhancement
fees across all segments, partially offset by lower accelerated
premiums from refundings and policy termination fees. Net premiums
earned include accelerated premiums, which result from refundings,
calls and other accelerations recognized during the quarter.
Accelerated premiums were $32.1 million in the fourth quarter of
2006, down 9% from $35.4 million in accelerated premiums in the
fourth quarter of 2005. Net premiums earned and other credit
enhancement fees for the full year 2006 were $871.4 million, up 1%
from $866.4 million earned in 2005. Accelerated premiums were
$119.0 million for the full year 2006, down 17% from $143.3 million
in accelerated premiums in 2005. A breakdown of net premiums earned
and other credit enhancement fees by market segment for the fourth
quarter and full year 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 Fourth
Quarter Full Year � 2006� 2005� %Change� 2006� 2005� %Change�
Public Finance $ 58.3� $ 57.0� + 2% $ 231.1� $ 223.6� + 3%
Structured Finance 82.2� 76.8� + 7% 317.3� 288.5� + 10%
International � 50.8� � 48.4� + 5% � 204.0� � 211.0� - 3% Total
Normal Premiums/Fees 191.3� 182.2� + 5% 752.4� 723.1� + 4%
Accelerated Premiums � 32.1� � 35.4� - 9% � 119.0� � 143.3� - 17%
Total $ 223.4� $ 217.6� + 3% $ 871.4� $ 866.4� + 1% Public finance
earned premiums, before accelerations, grew 2% this quarter. Earned
premium growth in this segment has been negatively impacted by the
high level of refunding activity in Ambac�s public finance book
over the past two years, increasingly competitive pricing and the
mix of business underwritten in recent periods. Structured finance
earned premiums and other credit enhancement fees grew 7%. The rate
of growth in structured finance improved in 2006 driven by strong
recent premium production in asset classes such as commercial
asset-backed securities, auto securitizations and pooled debt
obligations. Narrow credit spreads and accelerated prepayment
speeds in the mortgage-backed and home equity book of business
persist, continuing to partially offset the positive effects of new
business writings in other asset classes. International earned
premiums and other credit enhancement fees increased 5%. This
represents the first increase in this segment since the third
quarter 2005 and was driven primarily by strong business writings
across many geographies and asset classes during 2006. The paydowns
and calls that had beset the international business in 2005 and the
first half of 2006, slowed in the latter half of this year. Net
investment income for the fourth quarter of 2006 was $110.5
million, representing an increase of 14% from $96.7 million in the
comparable period of 2005. This increase was due primarily to
growth in the investment portfolio driven by the ongoing collection
of financial guarantee premiums and fees and a $200 million capital
contribution from the parent company that occurred in late December
2005. Note that Ambac has deconsolidated its previously reported
Variable Interest Entities (�VIEs�) due to new interpretive
guidance recently issued by the Financial Accounting Standards
Board. Affected balances in all accounts, primarily investment
income and interest expense, have been adjusted accordingly for all
periods presented. Net investment income for the full year of 2006
was $423.9 million, representing an increase of 12% from $378.1
million in the comparable period of 2005, primarily as a result of
the reasons provided above. Financial services revenues. The
financial services segment is comprised of the investment agreement
business and the derivative products business. 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 $12.7 million in the fourth quarter of 2006, up 11%
from $11.4 million in the fourth quarter of 2005. The increase was
primarily due to higher mark-to-market gains included within
derivative products revenues in the fourth quarter 2006. Financial
services revenues were $48.5 million in the full year 2006, up 4%
from the $46.8 million of revenues in 2005. Expenses Highlights
Financial guarantee expenses of $43.4 million for the fourth
quarter of 2006 were flat compared to $43.5 million of expenses for
the fourth quarter of 2005. Financial guarantee loss and loss
expenses were $9.6 million in the fourth quarter of 2006, down from
$15.6 million in the fourth quarter of 2005. See �Loss Reserve
Activity,� below, for additional information on losses. Net
underwriting and operating expenses of the financial guarantee
segment totaled $33.8 million in the fourth quarter of 2006, up 21%
from $27.9 million in the fourth quarter of 2005 primarily due to
increased compensation expense. Financial guarantee expenses of
$153.7 million for the full year 2006 decreased 43% from $267.6
million in 2005. The decrease results primarily from lower loss
expenses partially offset by higher compensation expenses in 2006.
Loss Reserve Activity Case basis loss reserves (loss reserves for
exposures that have defaulted) decreased $84.2 million during the
fourth quarter of 2006 from $126.7 million at September 30, 2006 to
$42.5 million at December 31, 2006. The decrease was driven by the
settlement of several impaired transactions during the quarter
including a health care transaction that had been fully-reserved.
Total claim payments during the quarter amounted to $68.8 million.
Active credit reserves (�ACR�) are established for probable and
estimable losses due to credit deterioration on certain adversely
classified insured transactions. Ambac continuously monitors its
insured portfolio actively seeking to mitigate claims. The ACR
increased by $25.0 million during the quarter, from $147.6 million
at September 30, 2006 to $172.6 million at December 31, 2006. The
increase was driven primarily by net increases in reserves on
certain credits within the U.S. public finance portfolio, most
notably within the transportation sector. At December 31, 2006, the
specific Hurricane Katrina-related provision amounts to $50.1
million, down slightly from $50.5 million at September 30, 2006.
Ambac did not pay any Katrina-related claims during the year. Other
Items Total net securities gains/(losses) for the fourth quarter of
2006 were $5.8 million, or $0.04 per diluted share; consisting of
net realized gains on investment securities of $9.6 million, net
mark-to-market losses on credit and total return derivatives of
($4.8) million and net mark-to-market gains on non-trading
derivative contracts of $1.0 million. For the fourth quarter of
2005, net securities gains/(losses) were $20.0 million, or $0.12
per diluted share; consisting of net realized losses on investment
securities of ($2.2) million, net mark-to-market gains on credit
and total return derivatives of $22.0 million and net
mark-to-market gains on non-trading derivative contracts of $0.2
million. Total net securities gains/(losses) for the full year of
2006 were $80.2 million, or $0.48 per diluted share; consisting of
net realized gains on investment securities of $67.1 million, net
mark-to-market gains on credit and total return derivatives of
$11.6 million and net mark-to-market gains on non-trading
derivative contracts of $1.5 million. Approximately $56 million of
the net realized gains on investment securities in 2006 relate to
cash recoveries received during the year related to a security in
the investment agreement portfolio that had been written down in
2002 and 2003. For the full year of 2005, net securities gains were
$73.1 million, or $0.40 per diluted share; consisting of net
realized gains on investment securities of $8.6 million,
mark-to-market gains on credit derivatives and total return swaps
of $15.0 million and net mark-to-market gains on non-trading
derivative contracts of $49.5 million. The mark-to-market gains on
non-trading derivative contracts relate almost entirely to interest
rate hedge contracts in Ambac�s investment agreement business that
were redesignated to meet the technical requirements of FAS 133 as
of July 1, 2005. Balance Sheet Highlights Total assets as of
December 31, 2006 were $20.27 billion, up 9% from total assets of
$18.55 billion at December 31, 2005. The increase was driven
primarily by cash generated from operations during the period. As
of December 31, 2006, stockholders� equity was $6.18 billion, a 15%
increase from year-end 2005 stockholders� equity of $5.38 billion.
The increase was primarily the result of net income during the
period. Cash Dividend Declared At its January 2007 Board meeting,
the Board of Directors approved the regular quarterly cash dividend
of $0.18 per share of common stock. The dividend is payable on
March 7, 2007 to stockholders of record on February 12, 2007.
Forward-Looking Statements This release, in particular the Chairman
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 and
Fitch, 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 5.4% and 7.0% during
the fourth quarter of 2006 and 2005, respectively. The definition
of credit enhancement production used by Ambac may differ from
definitions of credit enhancement production (or similar terms)
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: $-millions
Fourth Quarter Full Year � 2006� 2005� 2006� 2005� Credit
enhancement production $ 314� $ 396� $ 1,295� $ 1,249� Present
value of estimated installment premiums written on insurance
policies and structured credit derivatives issued in the period �
(192) � (229) � (836) � (674) Gross up-front premiums written $
122� $ 167� $ 459� $ 575� Gross installment premiums written on
insurance policies � � 130� � � 139� � � 538� � � 521� Gross
premiums written $ 252� $ 306� $ 997� $ 1,096� (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-trading derivative
instruments and certain other 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.
Ambac Financial Group, Inc. and Subsidiaries Consolidated
Statements of Operations (Unaudited) For the Three Months and Years
Ended December 31, 2006 and 2005 (Dollars in Thousands Except Share
Data) � � Three Months Ended Years Ended December 31, December 31,
2006� 2005� 2006� 2005� Revenues: Financial Guarantee: Gross
premiums written $ 251,776� $ 306,079� $ 996,669� $ 1,096,023�
Ceded premiums written � (28,155) � (37,966) � (103,496) � (99,673)
Net premiums written $ 223,621� $ 268,113� $ 893,173� $ 996,350� �
Net premiums earned $ 208,029� $ 205,103� $ 811,623� $ 816,324�
Other credit enhancement fees � 15,360� � 12,474� � 59,760� �
50,091� Net premiums earned and other credit enhancement fees
223,389� 217,577� 871,383� 866,415� Net investment income 110,540�
96,700� 423,885� 378,096� Net realized investment gains 4,243� 303�
7,085� 6,307� Net mark-to-market (losses) gains on credit
derivative contracts (838) 18,403� 9,068� 13,618� Other income
4,192� 5,967� 39,559� 12,467� Financial Services: Investment income
104,248� 77,348� 391,732� 270,299� Derivative products 5,689�
2,555� 16,638� 15,757� Net realized investment gains (losses)
5,388� (2,494) 59,255� 2,314� Net mark-to-market (losses) gains on
total return swap contracts (4,032) 3,585� 2,508� 1,330� Net
mark-to-market (losses) gains on non-trading derivatives (177)
(4,668) (1,414) 44,201� Corporate: Net investment income 1,673�
2,025� 11,614� 3,345� Net realized investment gains � -� � -� �
791� � -� � Total revenues � 454,315� � 417,301� � 1,832,104� �
1,614,149� � Expenses: Financial Guarantee: Loss and loss expenses
9,598� 15,601� 20,004� 149,856� Underwriting and operating expenses
33,831� 27,855� 133,740� 117,701� Financial Services: Interest on
investment and payment agreements 97,280� 68,474� 359,904� 239,255�
Operating expenses 2,395� 3,521� 12,389� 13,683� Interest 16,870�
15,243� 75,294� 55,896� Corporate � 9,881� � 3,703� � 20,560� �
14,994� � Total expenses � 169,855� � 134,397� � 621,891� �
591,385� � Income before income taxes 284,460� 282,904� 1,210,213�
1,022,764� Provision for income taxes � 81,782� � 78,652� �
334,302� � 271,754� � Net income $ 202,678� $ 204,252� $ 875,911� $
751,010� � � � Net income per share $ 1.90� $ 1.92� $ 8.22� $ 6.94�
� Net income per diluted share $ 1.88� $ 1.90� $ 8.15� $ 6.87� � �
Weighted average number of common shares outstanding: � Basic �
106,724,069� � 106,445,909� � 106,593,409� � 108,280,281� � Diluted
� 107,813,332� � 107,534,753� � 107,536,339� � 109,394,985� Ambac
Financial Group, Inc. and Subsidiaries Consolidated Balance Sheets
December 31, 2006 and December 31, 2005 (Dollars in Thousands
Except Share Data) � � December 31, 2006 December 31, 2005
(unaudited) Assets � Investments: Fixed income securities, at fair
value (amortized cost of $16,484,257 in 2006 and $14,391,506 in
2005) $ 16,800,338� $ 14,734,494� Fixed income securities pledged
as collateral, at fair value (amortized cost of $311,546 in 2006
and $378,480 in 2005) 307,101� 371,160� Short-term investments, at
cost (approximates fair value) 311,759� 472,034� Other (cost of
$13,427 in 2006 and $13,537 in 2005) � 14,391� � 14,173� Total
investments 17,433,589� 15,591,861� � Cash 31,868� 27,619�
Securities purchased under agreements to resell 273,000� 419,000�
Receivable for securities sold 12,857� 2,161� Investment income due
and accrued 193,199� 171,331� Reinsurance recoverable on paid and
unpaid losses 3,921� 3,730� Prepaid reinsurance 315,498� 303,383�
Deferred acquisition costs 252,115� 201,518� Loans 625,422�
684,762� Derivative assets 1,019,339� 981,068� Other assets �
107,005� � 159,425� Total assets $ 20,267,813� $ 18,545,858� �
Liabilities and Stockholders' Equity � Liabilities: Unearned
premiums $ 3,037,544� $ 2,940,988� Loss and loss expense reserve
220,074� 304,139� Ceded reinsurance balances payable 20,084�
23,746� Obligations under investment and payment agreements
8,202,590� 7,056,222� Obligations under investment repurchase
agreements 154,287� 196,568� Deferred income taxes 278,622�
263,671� Current income taxes 34,781� 16,726� Long-term debt
991,804� 1,191,735� Accrued interest payable 105,129� 99,892�
Derivative liabilities 667,066� 807,527� Other liabilities 275,670�
250,241� Payable for securities purchased � 95,973� � 11,641� Total
liabilities � 14,083,624� � 13,163,096� � Stockholders' equity:
Preferred stock -� -� Common stock 1,092� 1,092� Additional paid-in
capital 790,168� 723,680� Accumulated other comprehensive income
197,576� 202,312� Retained earnings 5,454,575� 4,703,256� Common
stock held in treasury at cost � (259,222) � (247,578) Total
stockholders' equity � 6,184,189� � 5,382,762� Total liabilities
and stockholders' equity $ 20,267,813� $ 18,545,858� � Number of
shares outstanding (net of treasury shares) � 105,730,553� �
105,639,446� Book value per share $ 58.49� $ 50.95� Ambac Assurance
Corporation and Subsidiaries Capitalization Table - GAAP December
31, 2006 and December 31, 2005 (Dollars in Millions) � The
following table sets forth Ambac Assurance's consolidated
capitalization as of December 31, 2006 and December 31, 2005,
respectively, on the basis of accounting principles generally
accepted in the United States of America. � December 31, December
31, 2006� 2005� (unaudited) � Unearned premiums $ 3,048� $ 2,953�
Other liabilities � 2,021� � 1,933� Total liabilities � 5,069� �
4,886� � Stockholder's equity: Common stock 82� 82� Additional
paid-in capital 1,509� 1,453� Accumulated other comprehensive
income 142� 137� Retained earnings � 5,259� � 4,510� Total
stockholder's equity � 6,992� � 6,182� Total liabilities and
stockholder's equity $ 12,061� $ 11,068�
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