Fifth Third Bank 2004 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2004 Fifth Third Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
54 Fifth Third Bancorp
17. COMMON STOCK AND TREASURY STOCK
The following is a summary of the share activity within common stock issued and treasury stock for the years ended December 31:
Common Stock Treasury Stock
($ and shares in millions) Value Shares Value Shares
Shares at December 31, 2001 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,294 583 $ 4 —
Shares acquired for treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 720 12
Stock options exercised, including treasury shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 — (180) (3)
Shares at December 31, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,295 583 544 9
Shares acquired for treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 655 12
Stock options exercised, including treasury shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (233) (4)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4) —
Shares at December 31, 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,295 583 962 17
Shares acquired for treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 987 19
Stock options exercised, including treasury shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (222) (4)
Restricted stock issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (33) (1)
Stock issued in business combination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (281) (5)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —— 1—
Shares at December 31, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,295 583 $1,414 26
On January 10, 2005, the Bancorp repurchased 35.5 million
shares of its common stock, approximately six percent of the total
outstanding shares, for approximately $1.6 billion in an overnight
accelerated share repurchase transaction. The transaction provides
that the counterparty will purchase shares in the market over a
period of time. Upon completion, the Bancorp will receive or pay
a price adjustment in the form of cash or shares, at its election, that
is largely based on the volume weighted-average price of the shares
purchased by the counterparty.
The Bancorp has elected to present the disclosures required by
SFAS No. 130, “Reporting Comprehensive Income,” in the
Consolidated Statements of Changes in Shareholders’ Equity on
page 38 and in the table below. Disclosure of the reclassifi cation
adjustments, related tax effects allocated to other comprehensive
income and accumulated other comprehensive income as of and for
the years ended December 31:
Current Period Activity Accumulated Balance
($ in millions) Pre-Tax Tax Effect Net Pre-Tax Tax Effect Net
2004
Losses on available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (74) 27 (47) (114) 42 (72)
Reclassifi cation adjustment for losses recognized in net income . . . . . . . . . . . . . . . 37 (13) 24
Losses on cash fl ow hedge derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39) 15 (24) (52) 19 (33)
Reclassifi cation adjustment for gains recognized in net income . . . . . . . . . . . . . . . . (1) — (1)
Change in minimum pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) — (1) (98) 34 (64)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (78) 29 (49) (264) 95 (169)
2003
Losses on available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(667) 234 (433) (77) 28 (49)
Reclassifi cation adjustment for gains recognized in net income . . . . . . . . . . . . . . . . (84) 30 (54)
Gains (losses) on cash fl ow hedge derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 (5) 9 (12) 4 (8)
Change in minimum pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17) 6 (11) (97) 34 (63)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(754) 265 (489) (186) 66 (120)
2002
Gains on available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 793 (277) 516 674 (236) 438
Reclassifi cation adjustment for gains recognized in net income . . . . . . . . . . . . . . . . (147) 51 (96)
Losses on cash fl ow hedge derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) 3 (7) (26) 9 (17)
Change in minimum pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (80) 28 (52) (80) 28 (52)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 556 (195) 361 568 (199) 369
16. OTHER COMPREHENSIVE INCOME