|
 |
 |
|
 |
 |
|
|
|
|
| Consolidated
statement of changes in shareholders’ equity |
 |
|
|
|
|
|
|
| For the year ended October 31 (C$
millions) |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
|
|
|
|
| Preferred shares |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
$ |
1,515 |
|
$ |
1,990 |
|
$ |
2,001 |
|
|
Issued |
|
– |
|
|
– |
|
|
250 |
|
|
Redeemed for cancellation |
|
(634 |
) |
|
(464 |
) |
|
(295 |
) |
|
Issuance costs, net of related income
taxes |
|
– |
|
|
– |
|
|
(3 |
) |
|
Translation adjustment on shares denominated
in foreign currency |
|
(68 |
) |
|
(11 |
) |
|
37 |
|
|
|
|
|
|
|
Balance at end of year |
|
813 |
|
|
1,515 |
|
|
1,990 |
|
|
|
|
|
|
| Common shares |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
6,963 |
|
|
6,926 |
|
|
3,074 |
|
|
Issued |
|
190 |
|
|
190 |
|
|
3,976 |
|
|
Issuance costs, net of related income
taxes |
|
– |
|
|
(1 |
) |
|
(12 |
) |
|
Purchased for cancellation |
|
(154 |
) |
|
(152 |
) |
|
(112 |
) |
|
|
|
|
|
|
Balance at end of year |
|
6,999 |
|
|
6,963 |
|
|
6,926 |
|
|
|
|
|
|
| Additional paid-in capital |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
76 |
|
|
33 |
|
|
– |
|
|
Renounced stock appreciation rights,
net of related income taxes |
|
5 |
|
|
29 |
|
|
– |
|
|
Stock options granted |
|
7 |
|
|
14 |
|
|
33 |
|
|
|
|
|
|
|
Balance at end of year |
|
88 |
|
|
76 |
|
|
33 |
|
|
|
|
|
|
| Retained earnings |
|
|
|
|
|
|
|
|
|
|
Balance at beginning of year |
|
10,473 |
|
|
9,311 |
|
|
8,314 |
|
|
Net income |
|
3,036 |
|
|
2,898 |
|
|
2,435 |
|
|
Preferred share dividends |
|
(68 |
) |
|
(98 |
) |
|
(135 |
) |
|
Common share dividends |
|
(1,137 |
) |
|
(1,022 |
) |
|
(897 |
) |
|
Premium paid on common shares purchased
for cancellation |
|
(698 |
) |
|
(612 |
) |
|
(397 |
) |
|
Issuance costs, net of related income
taxes |
|
(15 |
) |
|
(4 |
) |
|
(9 |
) |
|
|
|
|
|
|
Balance at end of year |
|
11,591 |
|
|
10,473 |
|
|
9,311 |
|
|
|
|
|
|
Accumulated other comprehensive income (loss),
net of related income taxes |
|
|
|
|
|
|
|
|
|
|
Unrealized gains and losses on available
for sale securities |
|
113 |
|
|
202 |
|
|
190 |
|
|
Unrealized foreign currency translation gains
and losses,
net of hedging activities |
|
(893 |
) |
|
(54 |
) |
|
(38 |
) |
|
Gains and losses on derivatives designated
as cash flow hedges |
|
(104 |
) |
|
(127 |
) |
|
(190 |
) |
|
Additional pension obligation |
|
(490 |
) |
|
(293 |
) |
|
(17 |
) |
|
|
|
|
|
|
Balance at end of year |
|
(1,374 |
) |
|
(272 |
) |
|
(55 |
) |
|
|
|
|
|
| Shareholders' equity at end of year |
$ |
18,117 |
|
$ |
18,755 |
|
$ |
18,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income, net of related income taxes |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
3,036 |
|
$ |
2,898 |
|
$ |
2,435 |
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains and losses
on available
for sale securities |
|
(89 |
) |
|
12 |
|
|
246 |
|
|
|
Change in unrealized foreign currency
translation
gains and losses |
|
(2,988 |
) |
|
(59 |
) |
|
473 |
|
|
|
Impact of hedging unrealized foreign
currency translation
gains and losses |
|
2,149 |
|
|
43 |
|
|
(475 |
) |
|
|
Cumulative effect of initial adoption
of FAS 133 |
|
– |
|
|
– |
|
|
60 |
|
|
|
Change in gains and losses on derivatives
designated as
cash flow hedges |
|
(57 |
) |
|
(50 |
) |
|
(250 |
) |
|
|
Reclassification to earnings of gains
and losses on
cash flow hedges |
|
80 |
|
|
113 |
|
|
– |
|
|
|
Additional pension obligation |
|
(197 |
) |
|
(276 |
) |
|
(17 |
) |
|
|
|
|
|
| Total comprehensive income |
$ |
1,934 |
|
$ |
2,681 |
|
$ |
2,472 |
|
|
|
|
|
|
|
|
