eTrade 2003 Annual Report Download - page 55

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Table of Contents
Index to Financial Statements
E*TRADE FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
See accompanying notes to consolidated financial statements.
46
Year Ended December 31,
2003
2002
2001
Net income (loss)
$
203,027
$
(186,405
)
$
(241,532
)
Other comprehensive income (loss):
Available
-
for
-
sale securities:
Unrealized gains (losses)
187,503
48,672
(76,587
)
Less impact of realized gains (transferred out of AOCI) and included in net income
(loss)
(223,086
)
(54,340
)
(39,974
)
Tax effect
80,579
2,918
47,523
Net change from available
-
for
-
sale securities
44,996
(2,750
)
(69,038
)
Cash flow hedging instruments:
Unrealized losses
(15,375
)
(137,143
)
(128,313
)
Amortization of losses deferred in AOCI into interest expense related to de-
designated cash flow hedges
121,414
67,937
11,269
Tax effect
(41,513
)
29,266
49,279
Net change from cash flow hedging instruments
64,526
(39,940
)
(67,765
)
Foreign currency translation gains (losses)
31,958
8,610
(2,672
)
Other comprehensive income (loss)
141,480
(34,080
)
(139,475
)
Comprehensive income (loss)
$
344,507
$
(220,485
)
$
(381,007
)