Wiley GAAP: Financial Statement Disclosure Manual. Joanne M. Flood

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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

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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)