TD Bank 2001 Annual Report Download - page 73

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71
FINANCIAL RESULTS
Consolidated statement of comprehensive income
(millions of dollars) 2001 2000 1999
Net income based on U.S. GAAP $ 1,531 $ 1,095 $ 2,837
Other comprehensive income, net of income taxes
Net change in unrealized gains and losses on available for sale securities 55 246 (35)
Reclassification to earnings in respect of available for sale securities 48 ––
Change in unrealized foreign currency translation gains and losses1171 2 (149)
Change in gains and losses on derivative instruments designated as
cash flow hedges (328) ––
Reclassification to earnings of gains and losses on cash flow hedges 15 ––
Gains arising from adoption of new accounting standard for
derivative instruments 20 ––
Comprehensive income $ 1,512 $ 1,343 $ 2,653
1Fiscal 2001 includes $278 million of after-tax losses arising from
hedges of the Bank’s investment positions in foreign operations.
Human Real
(millions of dollars) Resources Estate Technology Other Total
Balance at beginning of year $ 139 $ 142 $ 29 $ 17 $ 327
Restructuring costs arising during the year
Newcrest 54 – – 1 55
TD Waterhouse 12 30 – 12 54
TD Securities 125 4 – 1 130
Amount utilized during the year
CT 73 31 15 15 134
Newcrest 54 – – 1 55
TD Waterhouse 10 18 – 11 39
TD Securities 1 – – – 1
Balance at end of year $ 192 $ 127 $ 14 $ 4 $ 337
The consolidated financial statements of the Bank are prepared
in accordance with Canadian generally accepted accounting
principles, including the accounting requirements of the
Superintendent of Financial Institutions Canada (Canadian GAAP).
Differences at October 31 between Canadian GAAP and
United States generally accepted accounting principles (U.S.
GAAP) are described below.
Net income
(millions of dollars) 2001 2000 1999
Net income based on Canadian GAAP $ 1,383 $ 1,025 $ 2,981
Stock-based compensation 64 (89) (130)
Employee future benefits 5(12) (11)
Restructuring costs (50) 216 –
Loan securitizations (3) 26 9
Non-controlling interest in TD Mortgage Investment Corporation (13) (12) (12)
Future income taxes 54 (54) –
Available for sale securities (48) ––
Derivative instruments and hedging activities 142 ––
Other (3) (5) –
Net income based on U.S. GAAP 1,531 1,095 2,837
Preferred dividends 70 44 31
Net income applicable to common shares based on U.S. GAAP $ 1,461 $ 1,051 $ 2,806
Basic and diluted earnings per common share – U.S. GAAP $ 2.32 $ 1.69 $ 4.68
– Canadian GAAP 2.07 1.56 4.90
NOTE 20 Reconciliation of Canadian and United States generally accepted accounting principles