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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative effect adoption adjustment
Common Stock
Preferred Stock
Surplus
Retained earnings
Retained earnings
Cumulative effect adoption adjustment
Treasury stock
Accumulated other comprehensive (loss) income
Beginning balance at Dec. 31, 2021 $ 5,969,397   $ 1,046 $ 22,143 $ 4,650,182 $ 2,973,745   $ (1,352,650) $ (325,069)
Increase Decrease In Stockholders Equity                  
Net income 1,102,641         1,102,641      
Issuance of stock 5,837   1   5,836        
Dividends declared:                  
Common stock [1] (163,693)         (163,693)      
Preferred stock (1,412)         (1,412)      
Common stock purchases [2] (637,664)       53,592     (691,256)  
Stock based compensation 18,178       4,450     13,728  
Other comprehensive income, net of tax (2,199,859)               (2,199,859)
Transfer to statutory reserve 0       76,933 (76,933)      
Ending balance at Dec. 31, 2022 4,093,425 $ 28,752 1,047 22,143 4,790,993 3,834,348 $ 28,752 (2,030,178) (2,524,928)
Increase Decrease In Stockholders Equity                  
Net income 541,342         541,342      
Issuance of stock [1] 6,311   1   6,310        
Dividends declared:                  
Common stock (163,664)         (163,664) [1]      
Preferred stock (1,412)         (1,412)      
Common stock purchases (4,550)             (4,550)  
Stock based compensation 17,352       1,581     15,771  
Other comprehensive income, net of tax 629,397               629,397
Transfer to statutory reserve 0       44,515 (44,515)      
Ending balance at Dec. 31, 2023 5,146,953   1,048 22,143 4,843,399 4,194,851   (2,018,957) (1,895,531)
Increase Decrease In Stockholders Equity                  
Net income 614,212         614,212      
Issuance of stock 6,860       6,860        
Dividends declared:                  
Common stock [3] (183,854)         (183,854)      
Preferred stock (1,412)         (1,412)      
Common stock purchases (224,626)             (224,626)  
Stock based compensation 20,642       5,594     15,048  
Other comprehensive income, net of tax 234,291               234,291
Transfer to statutory reserve 0       52,840 (52,840)      
Ending balance at Dec. 31, 2024 $ 5,613,066   $ 1,048 $ 22,143 $ 4,908,693 $ 4,570,957   $ (2,228,535) $ (1,661,240)
[1]
Dividends declared per common share during the year ended
 
December 31, 2024 - $
2.56
 
(2023 - $
2.27
; 2022 - $
2.20
).
[2]
During the year ended
 
December 31, 2022,
 
the Corporation completed
 
two accelerated share
 
repurchase transactions with
 
respect to its common
stock, which were
 
accounted for
 
as a treasury
 
stock transactions.
 
The aggregate
 
amount of both
 
transactions was
 
$
631
 
million. Refer
 
to Note 19
for additional information.
[3]
Includes common
 
stock repurchases
 
of $
217.3
 
million
 
as part
 
of a
 
repurchase
 
authorization
 
up to
 
$
500
 
million.
 
Refer to
 
Note
 
19 for
 
additional
information.