( Consolidated Statement of Changes in Equity | BMO Financial Group – Annual Report 2016

Annual Report 2016

Consolidated Financial Statements

Consolidated Statement of Changes in Equity

For the Year Ended October 31 (Canadian $ in millions) 2016   2015   2014

(1) Net of income tax (provision) recovery of $(64) million, $63 million and $(22) million for the year ended, respectively.

(2) Net of income tax provision of $11 million, $24 million and $37 million for the year ended, respectively.

(3) Net of income tax (provision) of $(4) million, $(188) million and $(79) million for the year ended, respectively.

(4) Net of income tax provision (recovery) of $(6) million, $14 million and $28 million for the year ended, respectively.

(5) Net of income tax (provision) recovery of $(10) million, $167 million and $144 million for the year ended, respectively.

(6) Net of income tax (provision) recovery of $156 million, $(51) million and $63 million for the year ended, respectively.

(7) Net of income tax (provision) recovery of $55 million and $(43) million for the years ended October 31, 2016 and 2015, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

Preferred Shares (Note 16 PDF)

         
Balance at beginning of year $ 3,240 $ 3,040 $ 2,265
Issued during the year   600   950   1,200
Redeemed during the year     (750)   (425)
Balance at End of Year   3,840   3,240   3,040

Common Shares (Note 16 PDF)

           
Balance at beginning of year   12,313   12,357   12,003
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 16 PDF)   90   58   223
Issued under the Stock Option Plan (Note 16 PDF)   136   51   131
Repurchased for cancellation (Note 16 PDF)     (153)  
Balance at End of Year   12,539   12,313   12,357

Contributed Surplus

           
Balance at beginning of year   299   304   315
Stock option expense/exercised (Note 21 PDF)   (14)     (7)
Other   9   (5)   (4)
Balance at End of Year   294   299   304

Retained Earnings

           
Balance at beginning of year   18,930   17,237   15,087
Net income attributable to bank shareholders   4,622   4,370   4,277
Dividends            
– Preferred shares (Note 16 PDF)   (150)   (117)   (120)
– Common shares (Note 16 PDF)   (2,191)   (2,087)   (1,991)
Preferred shares redeemed during the year (Note 16 PDF)     (3)  
Common shares repurchased for cancellation (Note 16 PDF)     (465)  
Share issue expense   (6)   (5)   (16)
Balance at End of Year   21,205   18,930   17,237

Accumulated Other Comprehensive Income on Available-for-Sale Securities

           
Balance at beginning of year   (75)   156   205
Unrealized gains (losses) on available-for-sale securities arising during the year (1)   151   (166)   28
Reclassification to earnings of (gains) in the year (2)   (28)   (65)   (77)
Balance at End of Year   48   (75)   156

Accumulated Other Comprehensive Income on Cash Flow Hedges

           
Balance at beginning of year   612   141   (8)
Gains (losses) on cash flow hedges arising during the year (3)   (26)   528   247
Reclassification to earnings of (gains) losses in the year (4)   10   (57)   (98)
Balance at End of Year   596   612   141

Accumulated Other Comprehensive Income on Translation of Net Foreign Operations

           
Balance at beginning of year   4,073   1,368   405
Unrealized gains on translation of net foreign operations   213   3,187   1,378
Unrealized gains (losses) on hedges of net foreign operations (5)   41   (482)   (415)
Balance at End of Year   4,327   4,073   1,368

Accumulated Other Comprehensive Income on Pension and Other Employee Future Benefit Plans

           
Balance at beginning of year   (90)   (290)   (165)
Gains (losses) on remeasurement of pension and other employee future benefit plans (6)   (422)   200   (125)
Balance at End of Year   (512)   (90)   (290)

Accumulated Other Comprehensive Income on Own Credit Risk on Financial Liabilities Designated at Fair Value

           
Balance at beginning of year   120    
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1 PDF) (7)   (153)   120  
Balance at End of Year   (33)   120  

Total Accumulated Other Comprehensive Income

  4,426   4,640   1,375

Total Shareholders’ Equity

$ 42,304 $ 39,422 $ 34,313

Non-controlling Interest in Subsidiaries

           
Balance at beginning of year   491   1,091   1,072
Net income attributable to non-controlling interest   9   35   56
Dividends to non-controlling interest   (10)   (37)   (52)
Redemption of capital trust securities (Note 16 PDF)   (450)   (600)  
Acquisitions       22
Other   (16)   2   (7)
Balance at End of Year   24   491   1,091

Total Equity

$ 42,328 $ 39,913 $ 35,404
 

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