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NDAQ » Topics » 11. Comprehensive Income

This excerpt taken from the NDAQ 10-Q filed Nov 7, 2008.

14. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the after-tax change in unrealized gains and losses on available-for-sale securities, the change in unrealized gains and losses on derivative financial instruments that qualify as cash flow hedges, foreign currency translation adjustments and employee benefit adjustments. The changes in the components of comprehensive income are as follows:

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2008     2007     2008     2007  
     (in thousands)  

Net income

    $ 60,116     $ 364,993     $ 283,116     $ 439,438  

Other comprehensive income:

         

Change in unrealized gains and losses on available-for-sale investments, net of tax(1)

     (17,968 )     (201,200 )     (25,192 )     (146,743 )

Change in unrealized gains and losses on derivative financial instruments that qualify as cash flow hedges(2)

      (856 )     —         (856 )     —    

Change in foreign currency translation adjustments(3)

      (13,183 )     2       (5,957 )     (153 )
                                

Total

    $ 28,109     $ 163,795     $ 251,111     $ 292,542  
                                

 

(1)

The 2008 amounts represent unrealized losses on our long-term available-for-sale investments, which includes foreign currency losses and is included in other assets in the Condensed Consolidated Balance Sheets. The 2007 amount includes the unrealized gain related to our investment in the LSE, net of tax, which includes foreign currency gains. See Note 6, “Financial Investments, at Fair Value,” for further discussion.

(2)

The 2008 amounts represent the change in fair value of our cash flow hedge which we entered into in the third quarter of 2008 to effectively convert a portion of our floating rate debt to a fixed rate basis. See Note 8, “Debt Obligations” and Note 13, “Derivative Financial Instruments and Hedging Activities,” for further discussion.

(3)

Amounts includes after-tax gains and losses on foreign currency translation from operations for which the functional currency is other than the U.S. dollar.

This excerpt taken from the NDAQ 10-Q filed Aug 8, 2008.

14. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the after-tax change in unrealized gains and losses on available-for-sale securities, foreign currency translation adjustments and employee benefit adjustments. The changes in the components of comprehensive income are as follows:

 

     Three Months Ended
June 30,		    Six Months Ended
June 30,		  
     2008     2007    2008     2007  
     (in thousands)  

Net income

    $ 101,637     $ 56,128    $ 223,000     $ 74,445  

Other comprehensive income:

          

Change in unrealized gains and losses on available-for-sale investments, net of tax(1)

     (5,809 )     94,884      (9,769 )     54,457  

Change in foreign currency translation adjustments(2)

      (1,774 )     21      9,771       (154 )
                               

Total

    $ 94,054     $ 151,033    $ 223,002     $ 128,748  
                               

 

(1)

The 2008 amount represents an unrealized loss on our long-term available-for-sale investments included in other assets in the Condensed Consolidated Balance Sheets. The 2007 amount includes the unrealized gain related to our investment in the LSE, net of tax, which includes foreign currency gains. See Note 6, “Financial Investments, at Fair Value,” for further discussion.

(2)

This amount includes after-tax gains and losses on foreign currency translation from operations for which the functional currency is other than the U.S. dollar.

This excerpt taken from the NDAQ 8-K filed Aug 1, 2008.

17. Comprehensive Income

The Exchange follows the provisions of Statement of Financial Accounting Standards (SFAS) No. 130, Reporting Comprehensive Income. SFAS No. 130 establishes standards to provide prominent disclosure of comprehensive income items. Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-operating sources. Other comprehensive loss consists of net unrealized gains on investment securities available for sale and pension and postretirement plan adjustments. The components of other comprehensive income (loss) are as follows:

 

     Quarter ended March 31, 2008  
     Before
tax
amount		     Tax
expense
(benefit)		     Net of
tax
amount		  
     (Dollars in thousands)  

Unrealized gains on securities

       

Unrealized holding losses arising during period

    $ 683     $ 312     $ 371  

Less reclassification adjustment for losses realized in net income

      30       14       16  
                        

Unrealized losses on securities

      713       326       387  

Pension liability adjustments

      —         —         —    
                        

Other comprehensive loss, net

    $ 713     $ 326     $ 387  
                        
     Quarter ended March 31, 2007  
     Before
tax
amount		     Tax
expense
(benefit)		     Net of
tax
amount		  
     (Dollars in thousands)  

Unrealized gains on securities

       

Unrealized holding gains arising during period

    $ (437 )   $ (200 )   $ (237 )

Less reclassification adjustment for gains realized in net income

      87       40       47  
                        

Unrealized gains on securities

      (350 )     (160 )     (190 )
                        

Other comprehensive income, net

    $ (350 )   $ (160 )   $ (190 )
                        

(Continued)

 

10

NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued

 

This excerpt taken from the NDAQ 10-Q filed May 9, 2008.

14. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the after-tax change in unrealized gains and losses on available-for-sale securities, foreign currency translation adjustments and employee benefit adjustments. The changes in the components of comprehensive income are as follows:

 

     Three Months Ended
March 31,		  
     2008     2007  
     (in thousands)  

Net income

    $ 121,363     $ 18,316  

Other comprehensive income:

     

Change in unrealized gains and losses on available-for-sale investments, net of tax(1)

     (3,960 )     (40,427 )

Change in foreign currency translation adjustments(2)

      11,545       (174 )
                

Total

    $ 128,948     $ (22,285 )
                

 

(1)

The 2008 amount represents an unrealized loss on our long-term available-for-sale investments included in other assets in the Condensed Consolidated Balance Sheets. The 2007 amount includes the unrealized gain related to our investment in the LSE, net of tax, which includes foreign currency gains. See Note 6, “Financial Investments, at Fair Value,” for further discussion.

(2)

This amount includes after-tax gains and losses on foreign currency translation from operations for which the functional currency is other than the U.S. dollar.

This excerpt taken from the NDAQ 8-K filed Feb 20, 2008.

17. Comprehensive income

PHLX follows the provisions of SFAS No. 130, Reporting Comprehensive Income. SFAS No. 130 establishes standards to provide prominent disclosure of comprehensive income items. Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-operating sources. Other comprehensive loss consists of net unrealized gains on investment securities available for sale and minimum pension and postretirement plan adjustments.

This excerpt taken from the NDAQ 10-Q filed Nov 9, 2007.

11. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the after-tax change in unrealized gains and losses on available-for-sale investments, foreign currency translation adjustments and employee benefit adjustments. The changes in the components of comprehensive income are as follows:

 

17

Table of Contents
     Three Months Ended
September 30,		    Nine Months Ended
September 30,
   2007     2006    2007     2006
   (in thousands)

Net income

    $ 364,993     $ 30,226    $ 439,438     $ 64,858

Other comprehensive income:

          

Change in unrealized gains and losses on available-for-sale investments, net of tax(1)

      (201,200 )     103,052      (146,743 )     72,437

Change in foreign currency translation adjustments(2)

      2       4      (153 )     21
                             

Total

    $ 163,795     $ 133,282    $ 292,542     $ 137,316
                             

(1)

The 2007 amounts include the reversal of the unrealized gain related to our investment in the LSE, net of tax, as we sold this investment in September 2007. The 2006 amounts include the unrealized gain related to our investment in the LSE, net of tax, which includes foreign currency gains. See Note 4, “Investments,” for further discussion.

(2)

The nine months ended September 30, 2007 amount includes a $0.2 million foreign currency gain realized upon the liquidation of Brut Europe Limited. Both the 2007 and 2006 amounts include after-tax gains and losses on foreign currency translation from operations for which the functional currency is other than the U.S. dollar.

This excerpt taken from the NDAQ 10-Q filed Aug 1, 2007.

11. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the after-tax change in unrealized gains and losses on available-for-sale securities, foreign currency translation adjustments and employee benefit adjustments. The components of comprehensive income are as follows:

 

14

Table of Contents
    

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  
     2007    2006     2007     2006  
     (in thousands)  

Net income

    $ 56,128    $ 16,644     $ 74,445     $ 34,632  

Other comprehensive income:

          

Change in unrealized gains and losses on available-for-sale investments, net of tax(1)

      94,884      (30,664 )     54,457       (30,610 )

Change in foreign currency translation adjustments(2)

      21      23       (154 )     12  
                               

Total

    $ 151,033    $ (13,997 )   $ 128,748     $ 4,034  
                               

(1)

The 2007 amounts include the unrealized gain related to our investment in the LSE, net of tax, which includes foreign currency gains. The 2006 amounts include an unrealized loss related to an investment in the LSE, net of tax, which includes foreign currency gains. See Note 4, “Investments,” for further discussion.

(2)

The six months ended June 30, 2007 amount includes a $0.2 million foreign currency gain realized upon the liquidation of Brut Europe Limited. Both the 2007 and 2006 amounts include after-tax gains and losses on foreign currency translation from operations for which the functional currency is other than the U.S. dollar.

This excerpt taken from the NDAQ 10-Q filed May 9, 2007.

11. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the after-tax change in unrealized gains and losses on available-for-sale securities, foreign currency translation adjustments and employee benefit adjustments. The components of comprehensive income are as follows:

 

13

Table of Contents
     Three Months Ended
March 31,		  
     2007     2006  
     (in thousands)  

Net income

    $ 18,316     $ 17,988  

Other comprehensive income:

     

Change in unrealized gains and losses on available-for-sale investments, net of tax(1)

      (40,427 )     55  

Change in foreign currency translation adjustments(2)

      (174 )     (11 )
                

Total

    $ (22,285 )   $ 18,032  
                

(1)

The 2007 amount includes the unrealized gain related to our investment in the LSE, net of tax, which includes foreign currency gains. See Note 4, “Investments,” for further discussion.

(2)

The 2007 amount includes a $0.2 million foreign currency gain realized upon the liquidation of Brut Europe Limited. Both the 2007 and 2006 amounts include after-tax gains and losses on foreign currency translation from operations for which the functional currency is other than the U.S. dollar.

This excerpt taken from the NDAQ 10-Q filed Nov 8, 2006.

13. Comprehensive Income

Comprehensive income is composed of net income and other comprehensive income, which includes the change in unrealized gains and losses on available-for-sale investments, including foreign currency, foreign currency translation adjustments and a minimum pension liability adjustment.

The following table outlines the changes in other comprehensive income for the three and nine months ended September 30, 2006 and 2005:

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2006     2005     2006     2005  
     (in thousands)  

Net income

    $ 30,226     $ 17,802     $ 64,858     $ 44,544  

Unrealized gains (losses) on available-for-sale investments, net of tax

      103,052 (1)     (59 )     72,437 (1)     369  

Foreign currency translation adjustments

      4       (13 )     21       (128 )
                                

Total change in other comprehensive income

    $ 133,282     $ 17,730     $ 137,316     $ 44,785  
                                
(1) The three and nine months ended September 30, 2006 amounts include unrealized gains related to our investment in the LSE, net of tax, which includes foreign currency gains. See Note 6, “Investments,” for further discussion. Tax liabilities associated with the unrealized capital gains related to our investment in the LSE have been reduced by the utilization of prior year realized excess capital loss carryforwards.

EXCERPTS ON THIS PAGE:

10-Q
Nov 7, 2008
10-Q
Aug 8, 2008
8-K
Aug 1, 2008
10-Q
May 9, 2008
8-K
Feb 20, 2008
10-Q
Nov 9, 2007
10-Q
Aug 1, 2007
10-Q
May 9, 2007
10-Q
Nov 8, 2006

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