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This excerpt taken from the ITT 10-Q filed Apr 27, 2009. Interest
Expense and Interest Income
Interest expense during the first quarter of 2009 decreased
35.0% to $26.4 from the same prior year period. The decrease was
attributable to lower year-over-year levels of commercial paper
debt.
We recorded interest income of $4.3 and $8.4 for the quarters
ended March 31, 2009 and 2008, respectively. The decrease
was driven by a lower average cash and cash equivalents balance
during the first quarter of 2009.
This excerpt taken from the ITT 10-K filed Feb 25, 2009. INTEREST EXPENSE
AND INTEREST INCOME
During 2008, 2007
and 2006, we recognized interest expense of $140.8, $114.9, and
$86.2, respectively.
Interest expense
increased 22.5% during 2008 due to higher levels of debt,
primarily reflecting our funding for acquisitions and capital
expenditures during the periods, tax-related charges, and higher
interest rates during the fourth quarter of 2008, partially
offset by lower interest rates during the first nine months of
2008.
Interest expense
increased 33.3% during 2007 primarily due to higher average debt
levels during the year, reflecting funding for acquisitions,
stock repurchases, capital expenditures and pension plan
contributions. Partially offsetting the 2007 year-over-year
increase was a decrease of $7.0 in interest expense related to
income taxes as a result of the settlement of a tax examination
during the second quarter of 2007.
We recorded interest
income of $31.3, $49.6, and $25.4 for the years ended
December 31, 2008, 2007 and 2006. The year-over-year 2008
decrease and 2007 increase in interest income was driven by the
average balance of cash and cash equivalents held over each
respective period.
This excerpt taken from the ITT 10-Q filed Oct 27, 2008. Interest
Expense and Interest Income
Interest expense during the third quarter and first nine months
of 2008 increased $3.5 and $32.6, respectively, compared to the
same prior year periods. These increases were primarily
attributable to higher levels of debt, reflecting our funding
for acquisitions and capital expenditures during the periods,
and tax related charges partially offset by lower interest rates
during the current year. In addition, partially offsetting the
nine month year-over-year variance is a decrease in accrued
interest of $7.0 as a result of the settlement of a tax
examination during the second quarter of 2007.
We recorded interest income of $8.3 and $24.6 for the third
quarter and nine month period ended September 30, 2008,
respectively. This represents year-over-year decreases of $4.3
and $6.4, respectively, which were primarily attributable to a
lower average balance of cash and cash equivalents during the
second and third quarters of 2008.
This excerpt taken from the ITT 10-Q filed Jul 25, 2008. Interest
Expense and Interest Income
Interest expense during the second quarter and first six months
of 2008 increased $12.3 and $29.1, respectively, compared to the
same prior year periods. These increases were primarily
attributable to higher levels of debt, reflecting our funding
for acquisitions and capital expenditures during the periods,
partially offset by lower interest rates during the current
year. In addition, during the second quarter of 2007 we
recognized a $7.0 decrease in accrued interest as a result of
the settlement of a tax examination.
We recorded interest income of $7.9 and $16.3 for the second
quarter and six month period ended June 30, 2008,
respectively. This represents year-over-year decreases of $2.3
and $2.1, respectively, which were primarily attributable to a
lower average balance of cash and cash equivalents during the
second quarter of 2008.
This excerpt taken from the ITT 10-Q filed Apr 25, 2008. Interest
Expense and Interest Income
Interest expense during the first quarter of 2008 increased by
$16.8 to $40.6 compared to the same prior year period. This
increase was primarily attributable to higher debt levels during
the period, reflecting our funding for acquisitions and capital
expenditures.
We recorded interest income of $8.4 and $8.2 for the first
quarter of 2008 and 2007, respectively. The
year-over-year
increase was primarily attributable to a higher average balance
of cash and cash equivalents during the first quarter of 2008.
This excerpt taken from the ITT 10-K filed Feb 28, 2008. Interest
Expense and Interest Income
During 2007, 2006 and 2005, we recognized interest expense of
$114.9, $86.2 and $75.0, respectively. Interest expense
increased 33.3% during 2007 primarily due to higher debt levels
during the year, reflecting funding for acquisitions, common
stock repurchases, capital expenditures and pension plan
contributions. Partially offsetting the 2007 year-over-year
increase was a decrease of $7.0 in interest expense related to
income taxes as a result of the settlement of a tax examination
during the second quarter of 2007. Interest expense increased
$11.2 during 2006 to $86.2, or 14.9% higher than the prior year.
The increase primarily reflects higher interest rates during the
year.
We recorded interest income of $49.6, $25.4 and $42.7 for the
years ended December 31, 2007, 2006 and 2005. The
2007 year-over-year increase of $24.2 was primarily
attributable to a higher balance of cash and cash equivalents
over each period. The 2006 year-over-year decrease of $17.3
reflects the recognition of interest income during 2005
associated with settlements of tax issues related to the 1998
through 2000 audit cycle.
This excerpt taken from the ITT 10-Q filed Oct 26, 2007. Interest
Expense and Interest Income
Interest expense during the third quarter and first nine months
of 2007 increased 33.0% and 13.0%, respectively, compared to the
same prior year periods. This increase was primarily
attributable to higher debt levels during the periods,
reflecting the Company’s funding for acquisitions, common
stock repurchases, capital expenditures and pension plan
contributions. Partially offsetting the nine month
year-over-year variance was a decrease of $7.0 in the amount of
accrued interest as a result of the settlement of a tax
examination during the second quarter of 2007.
The Company recorded interest income of $12.6 and $31.0 for the
third quarter and first nine months of 2007, an increase of $6.3
and $16.2, respectively, from the prior year periods. These
increases are primarily attributable to a higher balance of cash
and cash equivalents over the comparable 2006 periods.
This excerpt taken from the ITT 10-Q filed Jul 30, 2007. Interest
Expense and Interest Income
Interest expense during the second quarter of 2007 decreased
11.2% as compared to the same prior year period. This
year-over-year variance was primarily attributable to a decrease
of $7.0 in the amount of accrued interest as a result of the
settlement of a tax examination. Higher debt levels during the
first half of 2007 reflecting the Company’s funding for
common stock repurchases, capital expenditures and pension plan
contributions, partially offset this decrease, and drove the
overall first six month increase of 3.6% over 2006.
The Company recorded interest income of $10.2 and $18.4 for the
second quarter and first six months of 2007, an increase of $5.4
and $9.9, respectively, from the prior year periods. These
increases are primarily attributable to a higher balance of cash
and cash equivalents over the comparable 2006 periods.
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