Windstream 2009 Annual Report Download - page 179
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Comprehensive Income:
Comprehensive income was as follows for the years ended December 31:
(Millions) 2009 2008 2007
Net income $ 334.5 $ 412.7 $ 917.1
Other comprehensive income (loss):
Defined benefit pension plans:
Prior service cost arising during the period - (0.2) (0.1)
Net actuarial gain (loss) arising during the period 44.5 (394.9) 36.0
Amounts included in net periodic benefit cost:
Amortization of net actuarial loss 71.1 6.1 24.1
Amortization of prior service credit (0.2) (0.1) (0.2)
Income tax benefit (expense) (44.3) 148.0 (23.5)
Change in pension plan 71.1 (241.1) 36.3
Postretirement plan:
Transition asset arising during the period - 3.5 -
Prior service credit (cost) arising during the period 54.8 48.6 (1.0)
Net actuarial gain arising during the period 11.0 8.8 53.6
Amounts included in net periodic benefit cost:
Amortization of transition obligation - 0.5 0.8
Amortization of net actuarial loss - 1.1 6.1
Amortization of prior service cost (3.2) 0.2 1.9
Income tax expense (25.8) (16.1) (24.3)
Change in postretirement plan 36.8 46.6 37.1
Change in employee benefit plans 107.9 (194.5) 73.4
Interest rate swaps:
Unrealized holding gain (loss) on interest rate swaps 33.6 (63.8) (40.8)
Income tax benefit (13.2) 24.7 15.2
Unrealized holding gain (losses) on interest rate swaps 20.4 (39.1) (25.6)
Comprehensive income $ 462.8 $ 179.1 $ 964.9
Accumulated other comprehensive loss balances, net of tax, were as follows for the years ended December 31:
(Millions) 2009 2008 2007
Pension and postretirement plans $ (140.4) $ (248.3) $ (53.8)
Unrealized holding losses on interest rate swaps (67.9) (88.3) (49.2)
Accumulated other comprehensive loss $ (208.3) $ (336.6) $ (103.0)
12. Income Taxes:
Income tax expense was as follows for the years ended December 31:
(Millions) 2009 2008 2007
Current:
Federal $ 120.2 $ 136.8 $ 198.1
State and other 10.8 30.4 23.7
131.0 167.2 221.8
Deferred:
Federal 57.4 98.9 46.7
State and other 22.7 17.1 (17.0)
80.1 116.0 29.7
Income tax expense $ 211.1 $ 283.2 $ 251.5
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