NHP » Topics » 16. Comprehensive Income

This excerpt taken from the NHP 10-Q filed May 7, 2009.

17. Comprehensive Income

During January 2008, the unconsolidated joint venture we have with a state pension fund investor entered into an interest rate swap contract (see Note 6). As of March 31, 2009, we had recorded our pro rata share of the unconsolidated joint venture’s accumulated other comprehensive loss related to this contract of $3.5 million.

We recorded the August and September 2007 Treasury lock agreements on our balance sheets at their estimated fair value of $0.1 million at September 30, 2007. In connection with the settlement of the August and September 2007 Treasury lock agreements on October 17, 2007, we recognized a gain of $1.6 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $300 million of notes which mature in 2013 as a yield reduction. During each of the three months ended March 31, 2009 and 2008, we recorded $0.1 million of amortization, and expect to record $0.2 million of amortization during the remainder of 2009.

We recorded the June 2006 Treasury lock agreements on our balance sheets at their estimated fair value of $1.6 million at June 30, 2006. In connection with the settlement of the June 2006 Treasury lock agreements on July 11, 2006, we recognized a gain of $1.2 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350 million of notes which mature in 2011 as a yield reduction. During each of the three months ended March 31, 2009 and 2008, we recorded $0.1 million of amortization, and expect to record $0.2 million of amortization during the remainder of 2009.

SFAS No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans—an amendment of FASB Statements No. 87, 88, 106 and 132(R) requires changes in the funded status of a defined benefit pension plan to be recognized through comprehensive income in the year in which they occur. No changes in the funded status of the plan occurred during the three months ended March 31, 2009 or 2008.

The following table sets forth the computation of comprehensive income for the periods presented:

 

     Three months ended March 31,  
     2009     2008  
     (In thousands)  

Consolidated net income

   $ 50,633     $ 37,446  

Other comprehensive income:

    

Pro rata share of accumulated other comprehensive loss from unconsolidated joint venture

     (3,547 )     —    

Amortization of gains on Treasury lock agreements

     (125 )     (119 )
                

Comprehensive income

     46,961       37,327  

Comprehensive income attributable to noncontrolling interests

     (27 )     9  
                

Comprehensive income attributable to NHP

   $ 46,934     $ 37,336  
                
This excerpt taken from the NHP 10-Q filed Nov 4, 2008.

14. Comprehensive Income

We recorded the August and September 2007 Treasury lock agreements on our balance sheets at their estimated fair value of $0.1 million at September 30, 2007. In connection with the settlement of the August and September 2007 Treasury lock agreements on October 17, 2007, we recognized a gain of $1.6 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $300 million of notes as a yield adjustment. During the three and nine months ended September 30, 2008, we recorded $65,000 and $0.2 million of amortization, respectively, and expect to record $66,000 of amortization during the remainder of 2008.

We recorded the June 2006 Treasury lock agreements on our balance sheets at their estimated fair value of $1.6 million at June 30, 2006. In connection with the settlement of the June 2006 Treasury lock agreements on July 11, 2006, we recognized a gain of $1.2 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350 million of notes as a yield adjustment. During the three and nine months ended September 30, 2008, we recorded $58,000 and $0.2 million of amortization, respectively. During the three and nine months ended September 30, 2007, we recorded $55,000 and $0.2 million of amortization, respectively. We expect to record $59,000 of amortization during the remainder of 2008.

The following table sets forth the computation of comprehensive income for the periods presented:

 

     Three months ended September 30,     Nine months ended September 30,  
     2008     2007     2008     2007  
     (In thousands)     (In thousands)  

Net income

   $ 29,253     $ 57,742     $ 234,722     $ 171,222  

Other comprehensive income:

        

Gain on Treasury lock agreements

     —         114       —         114  

Amortization of gains on Treasury lock agreements

     (123 )     (55 )     (364 )     (162 )
                                

Total comprehensive income

   $ 29,130     $ 57,801     $ 234,358     $ 171,174  
                                

 

20


Table of Contents

SFAS No. 158 requires changes in the funded status of a defined benefit pension plan to be recognized through other comprehensive income in the year in which they occur. Adoption of this provision of SFAS No. 158 as of December 31, 2006 resulted in the recognition of $0.1 million of other comprehensive income related to the change in the funded status of our defined benefit pension plan. No changes in the funded status of the plan occurred during the three or nine months ended September 30, 2008 or 2007.

This excerpt taken from the NHP 10-Q filed Aug 6, 2008.

15. Comprehensive Income

We recorded the August and September 2007 Treasury lock agreements on our balance sheets at their estimated fair value of $0.1 million at September 30, 2007. In connection with the settlement of the August and September 2007 Treasury lock agreements on October 17, 2007, we recognized a gain of $1.6 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $300 million of notes as a yield reduction. During the three and six months ended June 30, 2008, we recorded $64,000 and $0.1 million of amortization, respectively, and expect to record $0.1 million of amortization during the remainder of 2008.

We recorded the June 2006 Treasury lock agreements on our balance sheets at their estimated fair value of $1.6 million at June 30, 2006. In connection with the settlement of the June 2006 Treasury lock agreements on July 11, 2006, we recognized a gain of $1.2 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350 million of notes as a yield reduction. During the three and six months ended June 30, 2008, we recorded $58,000 and $0.1 million of amortization, respectively. During the three and six months ended June 30, 2007, we recorded $53,000 and $0.1 million of amortization, respectively. We expect to record $0.1 million of amortization during the remainder of 2008.

The following table sets forth the computation of comprehensive income for the periods presented:

 

     Three months ended June 30,     Six months ended June 30,  
     2008     2007     2008     2007  
     (In thousands)     (In thousands)  

Net income

   $ 168,013     $ 87,433     $ 205,469     $ 113,480  

Other comprehensive income:

        

Amortization of gains on Treasury lock agreements

     (122 )     (53 )     (241 )     (107 )
                                

Total comprehensive income

   $ 167,891     $ 87,380     $ 205,228     $ 113,373  
                                

SFAS No. 158 requires changes in the funded status of a defined benefit pension plan to be recognized through other comprehensive income in the year in which they occur. Adoption of this provision of SFAS No. 158 as of December 31, 2006 resulted in the recognition of $0.1 million of other comprehensive income related to the change in the funded status of our defined benefit pension plan. No changes in the funded status of the plan occurred during the three or six months ended June 30, 2008 or 2007.

 

18


Table of Contents

NATIONWIDE HEALTH PROPERTIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

This excerpt taken from the NHP 10-Q filed May 8, 2008.

15. Comprehensive Income

We recorded the August and September 2007 Treasury lock agreements on our balance sheets at their estimated fair value of $0.1 million at September 30, 2007. In connection with the settlement of the August and September 2007 Treasury lock agreements on October 17, 2007, we recognized a gain of $1.6 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $300 million of notes as a yield reduction. During the three months ended March 31, 2008, we recorded $0.1 million of amortization, and expect to record $0.2 million of amortization during the remainder of 2008.

We recorded the June 2006 Treasury lock agreements on our balance sheets at their estimated fair value of $1.6 million at June 30, 2006. In connection with the settlement of the June 2006 Treasury lock agreements on July 11, 2006, we recognized a gain of $1.2 million. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350 million of notes as a yield reduction. During each of the three months ended March 31, 2008 and 2007, we recorded $0.1 million of amortization and expect to record $0.2 million of amortization during the remainder of 2008.

The following table sets forth the computation of comprehensive income for the periods presented:

 

     Three months ended March 31,  
     2008     2007  
     (In thousands)  

Net income

   $ 37,455     $ 26,048  

Other comprehensive income:

    

Amortization of gain on Treasury lock agreements

     (119 )     (54 )
                

Total comprehensive income

   $ 37,336     $ 25,994  
                

SFAS No. 158 requires changes in the funded status of a defined benefit pension plan to be recognized through other comprehensive income in the year in which they occur. Adoption of this provision of SFAS No. 158 as of December 31, 2006 resulted in the recognition of $0.1 million of other comprehensive income related to the change in the funded status of our defined benefit pension plan. No changes in the funded status of the plan occurred during the three months ended March 31, 2008 or 2007.

This excerpt taken from the NHP 10-Q filed Nov 6, 2007.

16. Comprehensive Income

We recorded the August and September 2007 Treasury lock agreements on our balance sheets at their estimated fair value of $114,000 at September 30, 2007. These Treasury lock agreements were settled in cash on October 17, 2007 for an amount equal to the present value of the difference between the locked Treasury rates and the unwind rate. The prevailing Treasury rate exceeded the rates in the Treasury lock agreements and, as a result, the counterparties to those agreements made payments to us of $1,557,000. The settlement amounts will be recognized as a gain through other comprehensive income and will be amortized over the life of the related $300,000,000 of notes as a yield reduction.

We recorded the June 2006 Treasury lock agreements on our balance sheets at their estimated fair value of $1,576,000 at June 30, 2006. In connection with the settlement of these Treasury lock agreements on July 11, 2006, we recognized a gain of $1,204,000. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350,000,000 of notes as a yield reduction. During the three months and nine months ended September 30, 2007, we recorded $55,000 and $162,000 of amortization, respectively and expect to record $56,000 of amortization during the remainder of 2007.

The following table sets forth the computation of comprehensive income for the periods presented:

 

     Three months ended
September 30,
    Nine months ended
September 30,
 
     2007     2006     2007     2006  
     (In thousands)     (In thousands)  

Net income

   $ 57,742     $ 31,719     $ 171,222     $ 82,821  

Other comprehensive income:

        

Gain (reduction of gain) on Treasury lock agreements

     114       (372 )     114       1,204  

Amortization of gain on Treasury lock agreements

     (55 )     (51 )     (162 )     (51 )
                                

Total comprehensive income

   $ 57,801     $ 31,296     $ 171,174     $ 83,974  
                                

SFAS No. 158 requires changes in the funded status of a defined benefit pension plan to be recognized through other comprehensive income in the year in which they occur. Adoption of this provision of SFAS No. 158 as of December 31, 2006 resulted in the recognition of $130,000 of other comprehensive income related to the change in the funded status of our defined benefit pension plan. No changes in the funded status of the plan occurred during the three months or nine months ended September 30, 2007.

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

15. Comprehensive Income

We recorded the Treasury lock agreements on our balance sheets at their estimated fair value of $1,576,000 at June 30, 2006. In connection with the settlement of the Treasury lock agreements on July 11, 2006, we recognized a gain of $1,204,000. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350,000,000 of notes as a yield reduction. During the three months and six months ended June 30, 2007, we recorded $53,000 and $107,000 of amortization, respectively and expect to record $110,000 of amortization during the remainder of 2007.

The following table sets forth the computation of comprehensive income for the periods presented:

 

    

Three months ended

June 30,

  

Six months ended

June 30,

     2007     2006    2007     2006
     (In thousands)    (In thousands)

Net income

   $ 87,433     $ 23,029    $ 113,480     $ 51,102

Other comprehensive income:

         

Gain on Treasury lock agreements

     —         1,576      —         1,576

Amortization of gain on Treasury lock agreements

     (53 )     —        (107 )     —  
                             

Total comprehensive income

   $ 87,380     $ 24,605    $ 113,373     $ 52,678
                             

SFAS No. 158 requires changes in the funded status of a defined benefit pension plan to be recognized through other comprehensive income in the year in which they occur. Adoption of this provision of SFAS No. 158 as of December 31, 2006 resulted in the recognition of $130,000 of other comprehensive income related to the change in the funded status of our defined benefit pension plan. No changes in the funded status of the plan occurred during the three months or six months ended June 30, 2007.

This excerpt taken from the NHP 10-Q filed May 2, 2007.

14. Comprehensive Income

 

In connection with the settlement of the Treasury lock agreements on July 11, 2006, we recognized a gain of $1,204,000. The gain was recognized through other comprehensive income and is being amortized over the life of the related $350,000,000 of notes as a yield reduction. During the three months ended March 31, 2007, we recorded $54,000 of amortization and expect to record $164,000 of amortization during the remainder of 2007.

 

The following table sets forth the computation of comprehensive income for the periods presented:

 

     Three months ended
March 31,


     2007

    2006

     (In thousands)

Net income

   $ 26,048     $ 28,073

Other comprehensive income:

              

Amortization of gain on Treasury lock agreements

     (54 )     —  
    


 

Total comprehensive income

   $ 25,994     $ 28,073
    


 

 

15


Table of Contents

NATIONWIDE HEALTH PROPERTIES, INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

SFAS No. 158 requires changes in the funded status of a defined benefit pension plan to be recognized through comprehensive income in the year in which they occur. Adoption of this provision of SFAS No. 158 in 2006 resulted in the recognition of $130,000 of other comprehensive income related to the change in the funded status of our defined benefit pension plan. No changes in the funded status of the plan occurred during the three months ended March 31, 2007.

 

RELATED TOPICS for NHP:

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki