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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY – (Continued)
Years Ended December 31,
2010 2009 2008
($ in millions, except per share data)
RETAINED EARNINGS (DEFICIT):
Balance, beginning of period ................................ $ (1,261) $ 4,569 $ 4,144
Net income (loss) attributable to Chesapeake ..................
Cumulative effect of accounting change, net of income taxes of
1,774 (5,830) 604
$89 million ............................................. (142) — —
Dividends on common stock ................................ (95) — (158)
Dividends on preferred stock ................................ (86) — (21)
Balance, end of period ..................................... 190 (1,261) 4,569
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):
Balance, beginning of period ................................ 102 267 (11)
Hedging activity ........................................... (265) (231) 297
Investment activity ........................................ (5) 66 (19)
Balance, end of period ..................................... (168) 102 267
TREASURY STOCK – COMMON:
Balance, beginning of period ................................ (15) (10) (6)
Purchase of 351,163, 227,827 and 159,430 shares for company
benefit plans ........................................... (9) (5) (4)
Release of 7,069, 7,898 and 2,975 shares for company benefit
plans .................................................. — — —
Balance, end of period ..................................... (24) (15) (10)
TOTAL CHESAPEAKE STOCKHOLDERS’ EQUITY .............. 15,264 11,444 17,017
NONCONTROLLING INTEREST:
Balance, beginning of period ................................ 897 — —
Sale of noncontrolling interest in midstream joint venture ......... — 588 —
Allocation of joint venture capital to Global Infrastructure
Partners ............................................... — 294 —
Distribution to partner ...................................... — (10) —
Chesapeake Midstream Partners net income attributable to Global
Infrastructure Partners ................................... — 25 —
Deconsolidation of investment in Chesapeake Midstream
Partners ............................................... (897) — —
Balance, end of period ..................................... — 897 —
TOTAL EQUITY ............................................ $ 15,264 $ 12,341 $ 17,017
The accompanying notes are an integral part of these consolidated financial statements.
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