Windstream 2007 Annual Report Download - page 154
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11. Comprehensive Income (Loss):
Comprehensive income (loss) was as follows for the years ended December 31:
(Millions) 2007 2006 2005
Net Income $ 917.1 $ 545.3 $ 374.3
Other comprehensive income (loss):
Change in net actuarial loss for employee benefit plans 88.5 - -
Amortization of transition obligation 0.8 - -
Recognition of net actuarial loss 30.2 - -
Amortization of prior service cost 1.7 - -
Income tax expense (47.8) - -
73.4 - -
Unrealized holding losses on interest rate swaps (40.8) (39.0) -
Income tax benefit 15.2 15.4 -
(25.6) (23.6) -
Foreign currency translation adjustment - (0.5) -
Other comprehensive income (loss) before tax: 80.4 (39.5) -
Income tax benefit (expense) (32.6) 15.4 -
Other comprehensive income (loss): 47.8 (24.1) -
Comprehensive Income $ 964.9 $ 521.2 $ 374.3
12. Income Taxes:
Income tax expense was as follows for the years ended December 31:
(Millions) 2007 2006 2005
Current:
Federal $ 198.5 $ 172.7 $ 215.5
State and other 23.8 10.4 55.9
222.3 183.1 271.4
Deferred:
Federal 46.7 63.0 11.5
State and other (17.0) 30.2 (15.0)
29.7 93.2 (3.5)
Income tax expense $ 252.0 $ 276.3 $ 267.9
Deferred income tax expense for all three years primarily resulted from temporary differences between
depreciation expense for income tax purposes and depreciation expense recorded in the consolidated financial
statements. Deferred income tax expense for all periods also included the effects of amortizing indefinite-lived
intangible assets for income tax purposes. Indefinite-lived intangible assets are not amortized for financial
statement purposes in accordance with SFAS No. 142.
F-68