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U.S.
GAAP Management’s
responsibility for financial reporting | ||||||
| Consolidated statement of changes in shareholders’ equity | ||||||
| For the year ended October 31 (C$ millions) | 2002 | 2001 | 2000 | |||
| Preferred shares | ||||||
| Balance at beginning of year | $ | 1,990 | $ | 2,001 | $ | 1,973 |
| Issued | – | 250 | – | |||
| Redeemed for cancellation | (464) | (295) | – | |||
| Issuance costs, net of related income taxes | – | (3) | – | |||
| Translation adjustment on shares denominated in foreign currency | (11) | 37 | 28 | |||
| Balance at end of year | 1,515 | 1,990 | 2,001 | |||
| Common shares | ||||||
| Balance at beginning of year | 6,959 | 3,074 | 3,063 | |||
| Issued | 233 | 4,009 | 109 | |||
| Issuance costs, net of related income taxes | (1) | (12) | – | |||
| Purchased for cancellation | (152) | (112) | (98) | |||
| Balance at end of year | 7,039 | 6,959 | 3,074 | |||
| Retained earnings | ||||||
| Balance at beginning of year | 9,311 | 8,314 | 7,495 | |||
| Net income | 2,898 | 2,435 | 2,208 | |||
| Preferred share dividends | (98) | (135) | (134) | |||
| Common share dividends | (1,022) | (897) | (689) | |||
| Premium paid on common shares purchased for cancellation | (612) | (397) | (562) | |||
| Issuance costs, net of related income taxes | (4) | (9) | (4) | |||
| Balance at end of year | 10,473 | 9,311 | 8,314 | |||
| Accumulated other comprehensive income (loss), net of related income taxes | ||||||
| Unrealized gains and losses on available for sale securities | 202 | 190 | (56) | |||
| Unrealized foreign currency translation gains and losses, net of hedging activities | (54) | (38) | (36) | |||
| Gains and losses on derivatives designated as cash flow hedges | (127) | (190) | – | |||
| Additional pension obligation | (293) | (17) | – | |||
| Balance at end of year | (272) | (55) | (92) | |||
| Shareholders’ equity at end of year | $ | 18,755 | $ | 18,205 | $ | 13,297 |
| Comprehensive income, net of related income taxes | ||||||
| Net income | $ | 2,898 | $ | 2,435 | $ | 2,208 |
| Other comprehensive income | ||||||
| Change in unrealized gains and losses on available for sale securities | 12 | 246 | 29 | |||
| Change in unrealized foreign currency translation gains and losses | (59) | 473 | (2) | |||
| Impact of hedging unrealized foreign currency translation gains and losses | 43 | (475) | 4 | |||
| Cumulative effect of initial adoption of FAS 133 | – | 60 | – | |||
| Change in gains and losses on derivatives designated as cash flow hedges | (50) | (250) | – | |||
| Reclassification to earnings of gains and losses on cash flow hedges | 113 | – | – | |||
| Additional pension obligation | (276) | (17) | – | |||
| Total comprehensive income | $ | 2,681 | $ | 2,472 | $ | 2,239 |
 | ||||||
Consolidated statement of changes in shareholders’ equity
