US Bank 2004 Annual Report Download - page 91
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Please find page 91 of the 2004 US 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.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:
Transactions Balances
(Dollars in Millions) Pre-tax Tax-effect Net-of-tax Net-of-tax
2004
Unrealized loss on securities available-for-sale ************************************** $ (123) $ 47 $ (76) $(135)
Unrealized loss on derivatives **************************************************** (43) 16 (27) 9
Foreign currency translation adjustment******************************************** (17) 6 (11) 5
Realized gain on derivatives****************************************************** 16 (6) 10 105
Reclassification adjustment for losses realized in net income************************** 32 (12) 20 —
Total*********************************************************************** $ (135) $ 51 $ (84) $ (16)
2003
Unrealized loss on securities available-for-sale ************************************** $ (716) $ 272 $(444) $(123)
Unrealized loss on derivatives **************************************************** (373) 142 (231) 35
Foreign currency translation adjustment******************************************** 23 (9) 14 16
Realized gain on derivatives****************************************************** 199 (76) 123 140
Reclassification adjustment for gains realized in net income ************************** (288) 110 (178) —
Total*********************************************************************** $(1,155) $ 439 $(716) $ 68
2002
Unrealized gain on securities available-for-sale************************************** $ 1,048 $(398) $ 650 $ 473
Unrealized gain on derivatives **************************************************** 324 (123) 201 266
Foreign currency translation adjustment******************************************** 7(3)42
Realized gain on derivatives****************************************************** 64 (24) 40 43
Reclassification adjustment for gains realized in net income ************************** (332) 126 (206) —
Total*********************************************************************** $ 1,111 $(422) $ 689 $ 784
Regulatory Capital The measures used to assess capital December 31, 2004 and 2003, for the Company and its
include the capital ratios established by bank regulatory bank subsidiaries, see Table 20 included in Management’s
agencies, including the specific ratios for the ‘‘well Discussion and Analysis, which is incorporated by reference
capitalized’’ designation. For a description of the regulatory into these Notes to Consolidated Financial Statements.
capital requirements and the actual ratios as of
Earnings Per Share
The components of earnings per share were:
(Dollars and Shares in Millions, Except Per Share Data) 2004 2003 2002
Income from continuing operations ********************************************************* $4,166.8 $3,710.1 $3,228.0
Income (loss) from discontinued operations (after-tax) ************************************** — 22.5 (22.7)
Cumulative effect of accounting change (after-tax) ***************************************** — — (37.2)
Net income *********************************************************************** $4,166.8 $3,732.6 $3,168.1
Average common shares outstanding ******************************************************* 1,887.1 1,923.7 1,916.0
Net effect of the assumed purchase of stock based on the treasury stock method for options and
stock plans*************************************************************************** 25.8 12.5 8.8
Average diluted common shares outstanding************************************************* 1,912.9 1,936.2 1,924.8
Earnings per share
Income from continuing operations ****************************************************** $ 2.21 $ 1.93 $ 1.68
Discontinued operations ************************************************************ — .01 (.01)
Cumulative effect of accounting change*********************************************** — — (.02)
Net income ******************************************************************** $ 2.21 $ 1.94 $ 1.65
Diluted earnings per share
Income from continuing operations ****************************************************** $ 2.18 $ 1.92 $ 1.68
Discontinued operations ************************************************************ — .01 (.01)
Cumulative effect of accounting change*********************************************** — — (.02)
Net income ******************************************************************** $ 2.18 $ 1.93 $ 1.65
U.S. BANCORP 89
Note 18