|
 |
 |
|
 |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY |
|
 |
|
For the year ended
October 31 (C$ millions) |
|
2004 |
|
|
2003 |
|
|
2002 |
|
 |
|
|
|
|
|
|
|
|
Preferred shares |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
$ |
813 |
|
$ |
1,515 |
|
$ |
1,990 |
|
|
|
Redeemed for cancellation |
|
– |
|
|
(634 |
) |
|
(464 |
) |
|
|
Translation adjustment on shares
denominated in foreign currency |
|
– |
|
|
(68 |
) |
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at end
of year |
|
813 |
|
|
813 |
|
|
1,515 |
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
6,999 |
|
|
6,963 |
|
|
6,926 |
|
|
|
Issued |
|
124 |
|
|
190 |
|
|
190 |
|
|
|
Issuance costs, net of related
income taxes |
|
– |
|
|
– |
|
|
(1 |
) |
|
|
Purchased for cancellation |
|
(157 |
) |
|
(154 |
) |
|
(152 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at end
of year |
|
6,966 |
|
|
6,999 |
|
|
6,963 |
|
|
|
|
|
|
|
|
|
|
Additional paid-in
capital |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
88 |
|
|
76 |
|
|
33 |
|
|
|
Renounced stock appreciation rights,
net of related income taxes |
|
3 |
|
|
5 |
|
|
29 |
|
|
|
Stock-based compensation awards |
|
68 |
|
|
7 |
|
|
14 |
|
|
|
Reclassified amounts |
|
34 |
|
|
– |
|
|
– |
|
|
|
Initial adoption of FIN 46R, Consolidation
of Variable Interest Entities |
|
42 |
|
|
– |
|
|
– |
|
|
|
Other |
|
(6 |
) |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
Balance at end
of year |
|
229 |
|
|
88 |
|
|
76 |
|
|
|
|
|
|
|
|
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
11,591 |
|
|
10,473 |
|
|
9,311 |
|
|
|
Net income |
|
2,839 |
|
|
3,036 |
|
|
2,898 |
|
|
|
Preferred share dividends |
|
(45 |
) |
|
(68 |
) |
|
(98 |
) |
|
|
Common share dividends |
|
(1,303 |
) |
|
(1,137 |
) |
|
(1,022 |
) |
|
|
Premium paid on common shares
purchased for cancellation |
|
(735 |
) |
|
(698 |
) |
|
(612 |
) |
|
|
Issuance costs, net of related
income taxes |
|
– |
|
|
(15 |
) |
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at end
of year |
|
12,347 |
|
|
11,591 |
|
|
10,473 |
|
|
|
|
|
|
|
|
|
|
Treasury stock |
|
|
|
|
|
|
|
|
|
|
|
Reclassified amounts |
|
(304 |
) |
|
– |
|
|
– |
|
|
|
Net purchases |
|
(2 |
) |
|
– |
|
|
– |
|
|
|
Initial adoption of FIN 46R, Consolidation
of Variable Interest Entities |
|
(42 |
) |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
Balance at end
of year |
|
(348 |
) |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive
income (loss),
net of related income taxes |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains and losses on
available for sale securities |
|
178 |
|
|
113 |
|
|
202 |
|
|
|
Unrealized foreign currency translation
gains and losses,
net of hedging activities |
|
(1,551 |
) |
|
(893 |
) |
|
(54 |
) |
|
|
Gains and losses on derivatives
designated as cash flow hedges |
|
(192 |
) |
|
(104 |
) |
|
(127 |
) |
|
|
Additional pension obligation |
|
(67 |
) |
|
(490 |
) |
|
(293 |
) |
|
|
|
|
|
|
|
|
|
|
Balance at end
of year |
|
(1,632 |
) |
|
(1,374 |
) |
|
(272 |
) |
|
|
|
|
|
|
|
|
|
Shareholders'
equity at end of year |
$ |
18,375 |
|
$ |
18,117 |
|
$ |
18,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income, net of
related income taxes |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,839 |
|
$ |
3,036 |
|
$ |
2,898 |
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains and losses on available
for sale securities |
|
65 |
|
|
(89 |
) |
|
12 |
|
|
|
|
Change in unrealized foreign currency translation
gains and losses |
|
(1,336 |
) |
|
(2,988 |
) |
|
(59 |
) |
|
|
|
Impact of hedging unrealized foreign currency
translation gains
and losses |
|
678 |
|
|
2,149 |
|
|
43 |
|
|
|
|
Change in gains and losses on derivatives
designated as
cash flow hedges |
|
(147 |
) |
|
(57 |
) |
|
(50 |
) |
|
|
|
Reclassification to earnings of gains and
losses on cash flow hedges |
|
59 |
|
|
80 |
|
|
113 |
|
|
|
|
Additional pension obligation |
|
423 |
|
|
(197 |
) |
|
(276 |
) |
|
|
|
|
|
|
|
|
|
Total comprehensive
income |
$ |
2,581 |
|
$ |
1,934 |
|
$ |
2,681 |
|
|
|
|
|
|
|
|
|
|
|
