|
Revenues
|
|
|
$395,400
|
|
Expenses
|
|
|
(251,220)
|
|
Other gains and losses
|
|
|
1,500
|
|
Income from operations before tax
|
|
|
145,680
|
|
Income tax expense
|
|
|
(62,430)
|
|
Net income
|
|
|
83,250
|
|
Earnings per share
|
|
|
|
|
Basic and diluted 0.73
|
|
|
|
|
Other comprehensive income
|
|
|
|
|
Foreign currency translation adjustment, net of $5,100 tax
|
|
|
11,900
|
|
Unrealized gain on securities:
|
|
|
|
|
Unrealized holding gains arising during period, net of $7,500 tax
|
17,500
|
|
|
|
Less: Reclassification adjustment, net of $1,500 tax, for gain included currently in net income
|
|
(3,500)
|
14,000
|
|
Cash flow hedges
|
|
|
|
|
Net derivative losses arising during the period, net of $4,800 tax
|
|
(11,200)
|
|
|
Less: Reclassification adjustment for losses included currently in net income, net of $7,762 tax
|
|
18,113
|
6,913
|
|
Defined benefit pension plans:
|
|
|
|
|
Prior service cost arising during period
|
|
(3,900)
|
|
|
Net loss arising during period
|
|
(2,900)
|
|
|
Less: Amortization of prior service cost included with net period pension cost
|
|
300
|
|
|
Less: Tax effects
|
|
1,950
|
(4,550)
|
|
Other comprehensive income
|
|
|
(28,263)
|
|
Comprehensive income
|
|
|
$111,513
|
Example 5.5: Combined Statement of Income and Comprehensive Income with “Gross of Tax” Presentation
|
Hypothetical Corporation Statement of Comprehensive Income for the Year Ended December 31, 20X1 ($000 omitted)
|
|
Sales
|
|
$395,400
|
|
Expenses
|
|
(251,220)
|
|
Other gains and losses
|
|
1,500
|
|
Income from operations before tax
|
|
145,680
|
|
Income tax expense
|
|
(62,430)
|
|
Net earnings
|
|
83,250
|
|
Earnings per share
|
|
|
|
Basic and diluted 0.73
|
|
|
|
Other comprehensive income
|
|
|
|
Foreign currency translation adjustment
|
|
17,000
|
|
Unrealized gains on debt securities:
|
|
|
|
Unrealized holding gains arising during period
|
25,000
|
|
|
Less: Reclassification adjustment for gain included currently in net income
|
(5,000)
|
20,000
|
|
Cash flow hedges
|
|
|
|
Net derivative losses arising during the period
|
(16,000)
|
|
|
Less: Reclassification adjustment for losses included currently in net income
|
25,875
|
9,875
|
|
Defined benefit plans adjustment9
|
|
|
|
Prior service cost arising during period
|
(3,900) (a)
|
