Bank of Montreal 2015 Annual Report Download - page 125

Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Changes in Equity
For the Year Ended October 31 (Canadian $ in millions) 2015 2014 2013
Preferred Shares (Note 17)
Balance at beginning of year $ 3,040 $ 2,265 $ 2,465
Issued during the year 950 1,200 –
Redeemed during the year (750) (425) (200)
Balance at End of Year 3,240 3,040 2,265
Common Shares (Note 17)
Balance at beginning of year 12,357 12,003 11,957
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 17) 58 223 130
Issued under the Stock Option Plan (Note 22) 51 131 116
Repurchased for cancellation (Note 17) (153) – (200)
Balance at End of Year 12,313 12,357 12,003
Contributed Surplus
Balance at beginning of year 304 315 213
Stock option expense/exercised (Note 22) –(7) (5)
Foreign exchange on redemption of preferred shares –– 107
Other (5) (4) –
Balance at End of Year 299 304 315
Retained Earnings
Balance at beginning of year 17,237 15,087 13,456
Net income attributable to bank shareholders 4,370 4,277 4,130
Dividends – Preferred shares (Note 17) (117) (120) (120)
– Common shares (Note 17) (2,087) (1,991) (1,904)
Preferred shares redeemed during the year (Note 17) (3) ––
Common shares repurchased for cancellation (Note 17) (465) – (475)
Share issue expense (5) (16) –
Balance at End of Year 18,930 17,237 15,087
Accumulated Other Comprehensive Income on Available-for-Sale Securities
Balance at beginning of year 156 205 265
Unrealized gains (losses) on available-for-sale securities arising during the year (1) (166) 28 (10)
Reclassification to earnings of (gains) in the year (2) (65) (77) (50)
Balance at End of Year (75) 156 205
Accumulated Other Comprehensive Income on Cash Flow Hedges
Balance at beginning of year 141 (8) 142
Gains (losses) on cash flow hedges arising during the year (3) 528 247 (25)
Reclassification to earnings of (gains) in the year (4) (57) (98) (125)
Balance at End of Year 612 141 (8)
Accumulated Other Comprehensive Income on Translation of Net Foreign Operations
Balance at beginning of year 1,368 405 73
Unrealized gains on translation of net foreign operations 3,187 1,378 741
Unrealized (losses) on hedges of net foreign operations (5) (482) (415) (409)
Balance at End of Year 4,073 1,368 405
Accumulated Other Comprehensive Income on Pension and Other Post-Employment Plans
Balance at beginning of year (290) (165) (463)
Gains (losses) on remeasurement of pension and other employee future benefit plans (6) 200 (125) 298
Balance at End of Year (90) (290) (165)
Accumulated Other Comprehensive Income on Own Credit Risk on Financial Liabilities
Designated at Fair Value
Balance at beginning of year –––
Gains on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1) (7) 120 ––
Balance at End of Year 120 ––
Total Accumulated Other Comprehensive Income 4,640 1,375 437
Total Shareholders‘ Equity $ 39,422 $ 34,313 $ 30,107
Non-controlling Interest in Subsidiaries
Balance at beginning of year 1,091 1,072 1,435
Net income attributable to non-controlling interest 35 56 65
Dividends to non-controlling interest (37) (52) (73)
Redemption of securities of a subsidiary (Note 17) –– (359)
Redemption of capital trust securities (Note 16) (600) ––
Acquisitions (Note 10) –22 –
Other 2(7) 4
Balance at End of Year 491 1,091 1,072
Total Equity $ 39,913 $ 35,404 $ 31,179
(1) Net of income tax (provision) recovery of $63 million, $(22) million and $9 million for the year ended, respectively.
(2) Net of income tax provision of $24 million, $37 million and $22 million for the year ended, respectively.
(3) Net of income tax (provision) recovery of $(188) million, $(79) million and $12 million for the year ended, respectively.
(4) Net of income tax provision of $14 million, $28 million and $45 million for the year ended, respectively.
(5) Net of income tax recovery of $167 million, $144 million and $146 million for the year ended, respectively.
(6) Net of income tax (provision) recovery of $(51) million, $63 million and $(126) million for the year ended, respectively.
(7) Net of income tax provision of $43 million for the year ended October 31, 2015.
The accompanying notes are an integral part of these consolidated financial statements.
138 BMO Financial Group 198th Annual Report 2015