View Filing Data

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2012	Apr. 17, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Entity Registrant Name	PAIN THERAPEUTICS INC
Entity Central Index Key	0001069530
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		44,732,017

Condensed Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2012

Dec. 31, 2011

^[1]

Current assets

Cash and cash equivalents

$ 73,779

$ 73,144

Marketable securities

22,117

24,987

Other current assets

475

358

Total current assets

96,371

98,489

Property and equipment, net

122

Other assets

352

Total assets

96,810

98,963

Current liabilities

Accounts payable

502

464

Accrued development expense

419

914

Deferred program fee revenue - current portion

10,897

Accrued compensation and benefits

1,086

915

Other accrued liabilities

Total current liabilities

12,938

13,272

Non-current liabilities

Deferred program fee revenue - non-current portion

38,139

40,863

Deferred tax liabilities

435

Total liabilities

51,512

54,570

Commitments and contingencies

Stockholders' equity

Preferred stock

Common stock

Additional paid-in-capital

177,332

176,425

Accumulated other comprehensive income

128

Accumulated deficit

(132,175)

(132,205)

Total stockholders' equity

45,298

44,393

Total liabilities and stockholders' equity

$ 96,810

$ 98,963

[1]	Derived from the Company's audited financial statements as of December 31, 2011, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenue
Program fee revenue	$ 2,724	$ 2,724
Collaboration revenue	249	512
Total revenue	2,973	3,236
Operating expenses
Research and development	1,609	2,178
General and administrative	1,512	1,537
Total operating expenses	3,121	3,715
Operating loss	(148)	(479)
Interest income	178	272
Net income (loss)	$ 30	$ (207)
Net income (loss) per share, basic and diluted	$ 0.00	$ 0.00
Weighted-average shares used in computing net income (loss) per share:
Basic	44,732	43,124
Diluted	44,756	43,124

Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
Statements Of Comprehensive Income - USD ($) $ in Thousands	Mar. 31, 2012	Mar. 31, 2011
Statements Of Comprehensive Income [Abstract]
Net income (loss)	$ 30	$ (207)
Other comprehensive loss
Net unrealized losses on marketable securities	(32)	(57)
Comprehensive loss	$ (2)	$ (264)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax.

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+ Details

Condensed Statements Of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Cash flows provided by (used in) operating activities:

Net income (loss)

$ 30

$ (207)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Deferred program fee revenue

(2,724)

Non-cash stock based compensation

907

1,303

Depreciation and amortization

Non-cash net interest income

133

386

Changes in operating assets and liabilities:

Other current assets

(117)

5,178

Other non-current assets

(11)

Accounts payable

(671)

Accrued development expense

(495)

177

Accrued compensation and benefits

171

(212)

Other accrued liabilities

(48)

(3)

Net cash provided by (used in) operating activities

(2,070)

3,269

Cash flows provided by investing activities:

Purchases of marketable securities

(4,795)

Maturities of marketable securities

7,500

42,402

Net cash provided by investing activities

2,705

42,402

Cash flows provided by financing activities:

Proceeds from issuance of common stock, net

4,425

Net cash provided by financing activities

4,425

Net increase in cash and cash equivalents

635

50,096

Cash and cash equivalents at beginning of the period

73,144

^[1]

4,798

Cash and cash equivalents at end of the period

$ 73,779

$ 54,894

[1]	Derived from the Company's audited financial statements as of December 31, 2011, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

General	3 Months Ended
General	Mar. 31, 2012
General [Abstract]
General	Note 1. General We are a biopharmaceutical company that develops novel drugs. Our lead drug candidate is called REMOXY^® (oxycodone) Extended-Release Capsules CII. REMOXY is a strong painkiller with a unique formulation designed to reduce potential risks of unintended use. REMOXY and three other abuse-resistant painkillers are being developed pursuant to the collaboration agreement and license agreement, or the King Agreements, between us and King Pharmaceuticals, Inc., or King, a wholly-owned subsidiary of Pfizer, Inc., or Pfizer. In the course of our development activities, we have sustained cumulative operating losses. There are no assurances that additional financing will be available on favorable terms, or at all. We have prepared the accompanying unaudited condensed financial statements of Pain Therapeutics, Inc. in accordance with generally accepted accounting principles for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results that may be expected for any other interim period or for the year 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended December 31, 2011. We have evaluated subsequent events through the date of filing this Form 10-Q. No material subsequent events have occurred that require recognition or disclosure in these financial statements.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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-Name Accounting Research Bulletin (ARB)
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+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from those estimates.

Revenue Recognition and Deferred Program Fee Revenue

Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collection is reasonably assured.

We recognize program fee revenue, collaboration revenue and milestone revenue in connection with the King Agreements. Program fee revenue is derived from program fee payments we received under the King Agreements. These payments are recognized from receipt ratably over our estimate of the development period through the fourth of four drug candidates expected to be developed. We currently estimate the development period for all four drug candidates to end by September 30, 2016. We periodically review the estimated development period and change it if appropriate based upon our latest expectations. Deferred program fee revenue represents the amount of the upfront program fee payments that have not yet been recognized as revenue.

Collaboration revenue from reimbursement of development expenses are generally recognized after expenses have been incurred and when King has completed its review of the expenses invoiced to them.

We recognize milestone payments as revenue when we achieve the underlying developmental milestone as the milestone payments are not dependent upon any other future activities or achievement of any other future milestones and the achievement of each of the developmental milestones were substantively at risk and contingent at the effective date of the collaboration. Substantial effort is involved in achieving each of the developmental milestones. These milestones represent the culmination of discrete earnings processes and the amount of each milestone payment is reasonable in relation with the level of effort associated with the achievement of the milestone. Each milestone payment is non-refundable and non-creditable when made. The ongoing research and development services we provide are priced at fair value based upon the reimbursement of expenses we incur.

Cash, Cash Equivalents and Concentration of Credit Risk

We consider all highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist of cash maintained at two financial institutions and in money market funds. We believe the financial risks associated with these instruments are minimal. We have not experienced material losses from our investments in these securities.

Marketable Securities and Fair Value Measurements

We invest in interest bearing marketable securities, generally consisting of corporate and government securities. We may elect to sell these investments before they mature. Therefore, we hold these investments as "available for sale" and include these investments in our balance sheets as current assets, even though the contractual maturity of a particular investment may be beyond one year. We report our marketable securities at fair value, which may include unrealized gains and losses. Our unrealized gains and losses on investments are recorded as a separate component of stockholders' equity as accumulated other comprehensive income or loss. We recognize all realized gains and losses on our marketable securities in interest income in the accompanying statement of operations on a specific identification basis. We report changes in net unrealized gains or losses on marketable securities in our Statements of Consolidated Income. Our marketable securities are maintained at two financial institutions and are governed by our investment policy as approved by our Board of Directors.

To date we have not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. We would recognize an impairment charge when the decline in the estimated fair value of a marketable security below the amortized cost is determined to be other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including materiality, any adverse changes in the investees' financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery.

We measure our cash equivalents and marketable securities at fair value on a recurring basis. We use significant observable inputs where there are identical or comparable assets in the market to use in establishing our fair value measurements, including but not limited to benchmark yields, reported trades, broker/dealer quotes and issuer spreads. We consider these inputs to be Level 2 inputs. Generally, the types of instruments we invest in are not traded on a market such as the NASDAQ Global Market, which we would consider to be Level 1 inputs. We do not have any investments that would require inputs considered to be Level 3. We use the bid price to establish fair value.

Stock-based Compensation

We recognize expense in the statement of operations for the fair value of all share-based payments, including grants of employee stock options and other share based awards. For stock options, we use the Black-Scholes option valuation model and the single-option award approach and straight-line attribution method. Using this approach, the compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally four years. We estimate forfeitures and adjust this estimate periodically based on the extent to which future actual forfeitures differ, or are expected to differ, from such estimates.

We have granted share-based awards that vest upon achievement of certain performance criteria, or Performance Awards. The value of these awards is the product of the number of shares of our common stock to be issued under the award multiplied by the fair market value of a share of our common stock on the date of grant. These awards include future performance criteria. We estimate an implicit service period for achieving these performance criteria. Performance Awards vest and common stock is issued on achieving performance criteria. We recognize stock-based compensation expense for Performance Awards when we conclude that achieving performance criteria is probable. We periodically review and update as appropriate our estimates of the implicit service periods and the likelihood of achieving the performance criteria.

Net Loss per Share

Basic net loss per share is computed on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options, restricted stock units and warrants.

The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands except per share data):


	Three months ended March 31,
	2012		2011
Numerator
Net loss	$	30	$	(207	)
Denominator
Weighted-average shares used in computing net income (loss) per share:
Basic		44,732		43,124

Diluted		44,756		43,124

Net loss per share, basic and diluted	$	0.00	$	(0.00	)

We excluded weighted options outstanding to purchase common stock of 12.1 million for the first quarter of 2012 and 3.7 million for the first quarter of 2011 from the calculation of diluted net loss per share because the effect of including these shares in this calculation would be anti-dilutive.

Income Taxes

We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year. We have accumulated significant deferred tax assets. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these net deferred tax assets with a valuation allowance. We may in the future determine that more of our deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the quarter in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our statement of operations in that period. We classify interest recognized pursuant to our deferred tax assets as interest expense, when appropriate.

Cash, Cash Equivalents And Marketable Securities

3 Months Ended

Mar. 31, 2012

Cash, Cash Equivalents And Marketable Securities [Abstract]

Cash, Cash Equivalents And Marketable Securities

Note 3. Cash, Cash Equivalents and Marketable Securities

The following table summarizes our cash, cash equivalents and marketable securities (in thousands):


	Cash, Cash Equivalents and Marketable Securities
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Accrued Interest		Total Value
March 31, 2012
Cash and cash equivalents	$	73,776	$	3	$	—	$	73,779	$	—	$	73,779
Commercial Paper		4,798		1		—		4,798		—		4,798
Corporate securities		17,013		92		—		17,106		213		17,319

	$	95,587	$	96	$	—	$	95,683	$	213	$	95,896

Reported as:
Cash and cash equivalents	$	73,776	$	3	$	—	$	73,779	$	—	$	73,779
Marketable securities		21,811		93		—		21,904		213		22,117

	$	95,587	$	96	$	—	$	95,683	$	213	$	95,896

Maturities:
Matures in one year or less	$	95,587	$	96	$	—	$	95,683	$	213	$	95,896
Matures one to three years		—		—		—		—		—		—

	$	95,587	$	96	$	—	$	95,683	$	213	$	95,896

December 31, 2011
Cash and cash equivalents	$	73,144	$	—	$	—	$	73,144	$	—	$	73,144
Corporate securities		24,583		128		—		24,711		276		24,987

	$	97,727	$	128	$	—	$	97,855	$	276	$	98,131

Reported as:
Cash and cash equivalents	$	73,144	$	—	$	—	$	73,144	$	—	$	73,144
Marketable securities		24,583		128		—		24,711		276		24,987

	$	97,727	$	128	$	—	$	97,855	$	276	$	98,131

Maturities:
Matures in one year or less	$	97,727	$	128	$	—	$	97,855	$	276	$	98,131
Matures one to three years		—		—		—		—		—		—

	$	97,727	$	128	$	—	$	97,855	$	276	$	98,131

We did not realize any gains or losses on our investments in marketable securities during the first quarter of 2012 or 2011. To date we have not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.

The following table presents our assets measured at fair value on a recurring basis (in thousands):


	Level 1		Level 2		Level 3		Total
March 31, 2012
Cash and money market fund	$	38,438	$	—	$	—	$	38,438
Commercial paper		—		40,139		—		40,139
Corporate securities		—		17,319		—		17,319

	$	38,438	$	57,458	$	—	$	95,896


December 31, 2011
Cash and money market fund	$	62,446	$	—	$	—	$	62,446
Commercial paper		—		10,698		—		10,698
Corporate securities		—		24,987		—		24,987

	$	62,446	$	35,685	$	—	$	98,131

Stock-Based Compensation

3 Months Ended

Mar. 31, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 4. Stock-Based Compensation

Our non-cash stock-based compensation expense is as follows (in thousands):


	Three months ended March 31,
	2012		2011
Research and development	$	465	$	732
General and Administrative		442		571

	$	907	$	1,303

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

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-Name Accounting Standards Codification
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-Section 50
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-Name Accounting Standards Codification
-Topic 718
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2012
Income Taxes [Abstract]
Income Taxes	Note 5. Income Taxes We did not provide for income taxes in 2012 because we have projected a tax loss for the full year 2012. Interest expense and penalties related to unrecognized tax benefits were immaterial for 2012 and 2011.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Commitments

3 Months Ended

Mar. 31, 2012

Commitments [Abstract]

Commitments

Note 6. Commitments

We conduct our product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations that are cancelable. Our obligations under these contracts are largely based on services performed.

We currently lease approximately 36,400 square feet of office space pursuant to non-cancelable operating leases. Our lease in Austin, TX expires in 2014. Our lease in San Mateo, CA expires in 2012. Future minimum lease payments are as follows for the years ended December 31, (in thousands):


	2012		2013		2014		Total
Future minimum lease payments	$	450	$	115	$	81	$	646

In December 2011, we entered into a sublease for our facility in San Mateo. This sublease is coterminous with our lease in San Mateo.

Legal Proceedings	3 Months Ended
Legal Proceedings	Mar. 31, 2012
Legal Proceedings [Abstract]
Legal Proceedings	Note 7. Legal proceedings Charles Southey, Individually and On Behalf of All Others Similarly Situated v. Pain Therapeutics, Inc., Remi Barbier, Nadav Friedmann, Grant L. Schoenhard and Peter S. Roddy. On December 2, 2011, Charles Southey filed a purported class action against us and our executive officers listed above in the U.S. District Court for the Western District of Texas. This complaint alleges, among other things, violations of Section 10(b), Rule 10b-5, and Section 20(a) of the Exchange Act arising out of allegedly untrue or misleading statements of material facts made by us regarding REMOXY's development and regulatory status during the purported class period, February 3, 2011 through June 23, 2011. The complaint states that monetary damages are being sought, but no amounts are specified. Anders Goldfarb, derivatively on behalf of Pain Therapeutics, Inc. v. Remi Barbier, Nadav Friedmann, Michael J. O'Donnell, Patrick J. Scannon, Robert Z. Gussin, and Sanford R. Robertson. On December 22, 2011, Anders Goldfarb filed a derivative action on behalf of Pain Therapeutics, Inc. against us and our directors listed above in the U.S. District Court for the Western District of Texas. This action alleges, among other things, breach of fiduciary duties, waste of corporate assets and unjust enrichment by our directors in connection with allegedly untrue or misleading statements of material facts made by us regarding REMOXY's development and regulatory status from February 3, 2011 through June 23, 2011. The complaint states that monetary damages are being sought, but no amounts are specified. The complaint also seeks equitable relief on behalf of us against our directors as well as alterations to our corporate governance and internal procedures. We have not accrued any loss related to these legal proceedings because at this time the amount of a loss, if any, cannot be reasonably determined.

Recently Issued Accounting Pronouncements	3 Months Ended
Recently Issued Accounting Pronouncements	Mar. 31, 2012
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	Note 8. *Recently Issued Accounting Pronouncements* We reviewed recently issued accounting pronouncements and have adopted or plan to adopt those that are applicable to us. In particular, as a result of adopting Account Standards Update 2011-05 – Consolidated Income (Topic 220), we now include the Statements of Consolidated Income in our financial statements. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows.