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88 SunTrust Banks, Inc. Annual Report 2003
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
NOTE 23
COMPREHENSIVE INCOME
The Company’s comprehensive income, which includes certain transactions and other economic events that bypass the income state-
ment, consists of net income and unrealized gains and losses on securities available for sale, and derivatives net of income taxes and
other comprehensive income related to retirement plans.
Comprehensive income for the years ended December 31, 2003, 2002, and 2001 is calculated as follows:
(Dollars in thousands) 2003 2002 2001
Unrealized gain (loss) on available for sale securities, net,
recognized in other comprehensive income:
Before income tax $177,314 $(195,217) $ (356,603)
Income tax (62,060) (68,326) (124,811)
Net of income tax 115,254 (126,891) (231,792)
Amounts reported in net income:
Gain on sale of securities 123,876 204,547 153,080
Net amortization (accretion) 172,434 47,654 (11,633)
Reclassification adjustment 296,310 252,201 141,447
Income tax (103,709) (88,270) (49,506)
Reclassification adjustment, net of tax 192,601 163,931 91,941
Unrealized gain (loss) on available for sale securities
arising during period, net of tax 307,855 37,040 (139,851)
Reclassification adjustment, net of tax (192,601) (163,931) (91,941)
Net unrealized gain (loss) on available for sale securities
recognized in other comprehensive income 115,254 (126,891) (231,792)
Unrealized gain (loss) on derivative financial instruments, net,
recognized in other comprehensive income:
Before income tax 45,366 13,822 (85,737)
Income tax (15,878) (4,838) 30,008
Net of income tax 29,488 8,984 (55,729)
Cumulative effect of change in accounting principle ——(16,246)
Income tax benefit ——5,686
Cumulative effect of change in accounting principle, net of tax ——(10,560)
Reclassification of losses from other comprehensive
income to earnings —4,786 11,460
Income tax expense —(1,675) (4,011)
Reclassification adjustment, net of tax —3,111 7,449
Unrealized gain (loss) on derivative financial instruments
arising during period, net of tax 29,488 5,873 (52,618)
Reclassification adjustment, net of tax —3,111 7,449
Net unrealized gain (loss) on derivative instruments
recognized in other comprehensive income 29,488 8,984 (45,169)
Accumulated other comprehensive income related to
retirement plans 9,881 (27,876) —
Total unrealized gains (losses) recognized in
other comprehensive income 154,623 (145,783) (287,521)
Net income 1,332,297 1,331,809 1,375,537
Total comprehensive income $1,486,920 $1,186,026 $1,088,016
The components of accumulated other comprehensive income at December 31 was as follows:
(Dollars in thousands) 2003 2002 2001
Unrealized gain on available for sale securities $1,699,344 $1,584,091 $1,710,982
Unrealized loss on derivative financial instruments (17,257) (46,745) (55,729)
Accumulated other comprehensive income related to retirement plans (17,995) (27,876) —
Total accumulated other comprehensive income $1,644,092 $1,509,470 $1,655,253