2001 ANNUAL REPORT  43 The accompanying notes to the consolidated financial statements are an integral part of these statements. Year ended December 31 (millions of dollars) 2001 2000 1999 Balance at beginning of year 414 119 740 Net income 670 790 18 Preferred securities charges (45) (44) (46) Preferred share dividends (22) (35) (52) Common share dividends (428) (379) (527) Accounting changes – (37) (3) Other – – (11) 589 414 119 CONSOLIDATED RETAINED EARNINGS