KeyBank 2007 Annual Report Download - page 65

63
KEYCORP AND SUBSIDIARIES
Common Accumulated
Shares Treasury Other
Outstanding Common Capital Retained Stock, Comprehensive Comprehensive
dollars in millions, except per share amounts (000) Shares Surplus Earnings at Cost Income (Loss) Income
BALANCE AT DECEMBER 31, 2004 407,570 $492 $1,491 $7,284 $(2,128) $ (22)
Net income 1,129 $1,129
Other comprehensive income (losses):
Net unrealized losses on securities available
for sale, net of income taxes of ($35)
a
(60) (60)
Net unrealized gains on derivative financial
instruments, net of income taxes of $5 99
Net unrealized gains on common investment
funds held in employee welfare benefits
trust, net of income taxes 11
Foreign currency translation adjustments (33) (33)
Minimum pension liability adjustment,
net of income taxes (1) (1)
Total comprehensive income $1,045
Deferred compensation 30
Cash dividends declared on common shares
($1.30 per share) (531)
Issuance of common shares for stock options
and other employee benefit plans 6,054 13 153
Repurchase of common shares (7,000) (229)
BALANCE AT DECEMBER 31, 2005 406,624 $492 $1,534 $7,882 $(2,204) $(106)
Net income 1,055 $1,055
Other comprehensive income:
Net unrealized gains on securities available
for sale, net of income taxes of $20
a
28 28
Net unrealized gains on derivative financial
instruments, net of income taxes of $6 12 12
Foreign currency translation adjustments 31 31
Minimum pension liability adjustment,
net of income taxes 55
Total comprehensive income $1,131
Adjustment to initially apply SFAS No. 158,
net of income taxes of ($92) (154)
Deferred compensation 20 (3)
Cash dividends declared on common shares
($1.38 per share) (557)
Issuance of common shares for stock options
and other employee benefit plans 10,029 48 264
Repurchase of common shares (17,500) (644)
BALANCE AT DECEMBER 31, 2006 399,153 $492 $1,602 $8,377 $(2,584) $(184)
Cumulative effect of adopting FSP 13-2,
net of income taxes of ($2) (see Note 1) (52)
Cumulative effect of adopting FIN 48,
net of income taxes of ($1) (see Note 1) (1)
BALANCE AT JANUARY 1, 2007 8,324
Net income 919 $ 919
Other comprehensive income:
Net unrealized gains on securities available
for sale, net of income taxes of $30
a
49 49
Net unrealized gains on derivative financial
instruments, net of income taxes of $63 122 122
Foreign currency translation adjustments 34 34
Net pension and postretirement benefit
costs, net of income taxes 109 109
Total comprehensive income $1,233
Deferred compensation 16 (3)
Cash dividends declared on common shares
($1.835 per share) (718)
Issuance of common shares for stock options
and other employee benefit plans 5,640 5 158
Repurchase of common shares (16,000) (595)
BALANCE AT DECEMBER 31, 2007 388,793 $492 $1,623 $8,522 $(3,021) $ 130
a
Net of reclassification adjustments. Reclassification adjustments represent net unrealized gains (losses) as of December 31 of the prior year on securities available for
sale that were sold during the current year. The reclassification adjustments were ($51) million (($32) million after tax) in 2007, ($10) million (($6) million after tax) in 2006
and ($7) million (($4) million after tax) in 2005.
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY