US Bank 2002 Annual Report Download - page 90

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Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to
Accumulated Other Comprehensive Income. The reconciliation of the transactions affecting Accumulated Other
Comprehensive Income included in shareholders’ equity for the years ended December 31, is as follows:
(Dollars in Millions) Pre-tax Tax-effect Net-of-tax
2002
Unrealized gain on securities available-for-sale ******************************************** $1,048.0 $(398.0) $ 650.0
Unrealized gain on derivatives *********************************************************** 323.5 (122.9) 200.6
Realized gain on derivatives ************************************************************* 63.4 (24.1) 39.3
Reclassification adjustment for gains
realized in net income *************************************************************** (331.6) 126.0 (205.6)
Foreign currency translation adjustments************************************************** 6.9 (2.6) 4.3
Total******************************************************************************* $1,110.2 $(421.6) $ 688.6
2001
Unrealized gain on securities available-for-sale ******************************************** $ 194.5 $ (77.6) $ 116.9
Unrealized gain on derivatives *********************************************************** 106.0 (40.3) 65.7
Realized gain on derivatives ************************************************************* 42.4 (16.1) 26.3
Reclassification adjustment for gains
realized in net income *************************************************************** (333.1) 126.6 (206.5)
Foreign currency translation adjustments************************************************** (4.0) 1.5 (2.5)
Total******************************************************************************* $ 5.8 $ (5.9) $ (.1)
2000
Unrealized loss on securities available-for-sale********************************************* $ 436.0 $(157.8) $ 278.2
Reclassification adjustment for gains
realized in net income *************************************************************** (41.6) 15.8 (25.8)
Foreign currency translation adjustments************************************************** (.5) .2 (.3)
Total******************************************************************************* $ 393.9 $(141.8) $ 252.1
Earnings Per Share
The components of earnings per share were:
(Dollars and Shares in Millions, Except Per Share Data) 2002 2001 2000
Income before cumulative effect of change in accounting principles ************************** $3,326.4 $1,706.5 $2,875.6
Cumulative effect of change in accounting principles *************************************** (37.2) — —
Net income************************************************************************* $3,289.2 $1,706.5 $2,875.6
Weighted-average common shares outstanding ******************************************** 1,916.0 1,927.9 1,906.0
Net effect of the assumed purchase of stock based on the treasury stock method for options
and stock plans ********************************************************************** 10.1 11.6 12.5
Weighted-average diluted common shares outstanding ************************************* 1,926.1 1,939.5 1,918.5
Earnings per share
Income before cumulative effect of change in accounting principles ************************ $ 1.74 $ .89 $ 1.51
Cumulative effect of change in accounting principles ************************************* (.02) — —
Net income ************************************************************************** $ 1.72 $ .89 $ 1.51
Diluted earnings per share
Income before cumulative effect of change in accounting principles ************************ $ 1.73 $ .88 $ 1.50
Cumulative effect of change in accounting principles ************************************* (.02) — —
Net income ************************************************************************** $ 1.71 $ .88 $ 1.50
For the years ended December 31, 2002, 2001 and 2000, options to purchase 140 million, 111 million and 107 million
shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they
were antidilutive.
88 U.S. Bancorp
Note 17