SunTrust 2004 Annual Report Download - page 105

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
SUNTRUST 2004 ANNUAL REPORT 103
Note 23 / COMPREHENSIVE INCOME
The Company’s comprehensive income, which includes certain
transactions and other economic events that bypass the income
statement, 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, 2004,
2003, and 2002 is calculated as follows:
(Dollars in thousands) 2004 2003 2002
Unrealized (loss) gain on available for sale securities, net,
recognized in other comprehensive income:
Before income tax $ (604,347) $ 177,314 $ (195,217)
Income tax (209,004) 62,060 (68,326)
Net of income tax (395,343) 115,254 (126,891)
Amounts reported in net income:
(Loss) gain on sale of securities (41,691) 123,876 204,547
Net amortization 62,034 172,434 47,654
Reclassification adjustment 20,343 296,310 252,201
Income tax (7,120) (103,709) (88,270)
Reclassification adjustment, net of tax 13,223 192,601 163,931
Unrealized (loss) gain on available for sale securities
arising during period, net of tax (382,120) 307,855 37,040
Reclassification adjustment, net of tax (13,223) (192,601) (163,931)
Net unrealized (loss) gain on available for sale securities
recognized in other comprehensive income (395,343) 115,254 (126,891)
Unrealized gain on derivative financial instruments, net,
recognized in other comprehensive income:
Before income tax 16,402 45,366 13,822
Income tax (5,741) (15,878) (4,838)
Net of income tax 10,661 29,488 8,984
Reclassification of losses from other comprehensive
income to earnings —— 4,786
Income tax expense —— (1,675)
Reclassification adjustment, net of tax —— 3,111
Unrealized gain on derivative financial instruments
arising during period, net of tax 10,661 29,488 5,873
Reclassification adjustment, net of tax —— 3,111
Net unrealized gain on derivative instruments
recognized in other comprehensive income 10,661 29,488 8,984
Change in accumulated other comprehensive income
related to retirement plans: (2,460) 9,881 (27,876)
Total unrealized (losses) gains recognized in
other comprehensive income (387,142) 154,623 (145,783)
Net income 1,572,901 1,332,297 1,331,809
Total comprehensive income $1,185,759 $1,486,920 $1,186,026
The components of accumulated other comprehensive income at December 31 were as follows:
(Dollars in thousands) 2004 2003 2002
Net unrealized gain on available for sale securities $1,304,000 $1,699,344 $1,584,091
Net unrealized loss on derivative financial instruments (6,595) (17,257) (46,745)
Accumulated other comprehensive income related to retirement plans (20,455) (17,995) (27,876)
Total accumulated other comprehensive income $1,276,950 $1,664,092 $1,509,470