American Express 2011 Annual Report Download - page 60

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AMERICAN EXPRESS COMPANY
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Years Ended December 31, 2011
(Millions, except per share amounts) Total Preferred Shares
Common
Shares
Additional
Paid-in Capital
Accumulated
Other
Comprehensive
(Loss) Income
Retained
Earnings
Balances as of December 31, 2008 $ 11,841 $ – $ 232 $ 10,496 $ (1,606) $ 2,719
Comprehensive income:
Net income 2,130 2,130
Change in net unrealized securities gains 1,206 1,206
Change in net unrealized derivatives
(losses) gains 52 52
Foreign currency translation adjustments (354) (354)
Change in net unrealized pension and
other postretirement benefit losses (10) (10)
Total comprehensive income 3,024
Issuance of preferred shares and common stock
warrants 3,389 3,157 232
Preferred share accretion – 232 (232)
Repurchase of preferred shares (3,389) (3,389)
Repurchase of warrants (340) (232) (108)
Issuance of common shares 531 4 527
Other changes, primarily employee plans 279 1 121 157
Cash dividends declared:
Preferred shares (74) (74)
Common, $0.72 per share (855) (855)
Balances as of December 31, 2009 14,406 – 237 11,144 (712) 3,737
Impact of Adoption of GAAP effective January 1, 2010(a) (1,769) – – – (315) (1,454)
Balances as of January 1, 2010 (Adjusted) 12,637 – 237 11,144 (1,027) 2,283
Comprehensive income:
Net income 4,057 4,057
Change in net unrealized securities gains (135) (135)
Change in net unrealized derivatives
(losses) gains 21 21
Foreign currency translation adjustments 219 219
Change in net unrealized pension and
other postretirement benefit losses 5 5
Total comprehensive income 4,167
Repurchase of common shares (590) (3) (132) (455)
Other changes, primarily employee plans 883 4 925 (46)
Cash dividends declared common,
$0.72 per share (867) (867)
Balances as of December 31, 2010 16,230 – 238 11,937 (917) 4,972
Comprehensive income:
Net income 4,935 4,935
Change in net unrealized securities gains 231 231
Change in net unrealized derivatives
(losses) gains 66
Foreign currency translation adjustments (179) (179)
Change in net unrealized pension and
other postretirement benefit losses (17) (17)
Total comprehensive income 4,976
Repurchase of common shares (2,300) (10) (494) (1,796)
Other changes, primarily employee plans 744 4 774 (34)
Cash dividends declared common, $0.72 per share (856) (856)
Balances as of December 31, 2011 $ 18,794 $ – $ 232 $ 12,217 $ (876) $ 7,221
(a) As a result of the adoption of new GAAP governing consolidations and VIEs, shareholders’ equity was reduced, primarily for the after-tax effect of establishing the
additional reserve for losses on cardmember loans and for reversing the unrealized gains on the retained subordinated securities.
See Notes to Consolidated Financial Statements.
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