| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
Adoption of the standard related to revenue recognition impacted our previously reported results as follows (in thousands, except per share amounts):
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|
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As reported in prior year |
|
Retrospective Adjustment |
|
As reported in current year |
Condensed Consolidated Statements of Income: |
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|
|
|
|
For the three months ended June 30, 2017 |
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|
|
|
|
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Revenue |
|
$ |
27,349 |
|
|
$ |
4,944 |
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|
$ |
32,293 |
|
|
Taxes, other than income taxes |
|
762 |
|
|
(700 |
) |
|
62 |
|
|
Income taxes |
|
8,030 |
|
|
2,005 |
|
|
10,035 |
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|
Net income |
|
16,711 |
|
|
3,639 |
|
|
20,350 |
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|
Net income per Sub-share Certificate |
|
$ |
2.12 |
|
|
$ |
0.46 |
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|
$ |
2.58 |
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|
|
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|
|
|
|
For the six months ended June 30, 2017 |
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|
|
|
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Revenue |
|
$ |
51,577 |
|
|
$ |
11,123 |
|
|
$ |
62,700 |
|
|
Taxes, other than income taxes |
|
1,422 |
|
|
(1,305 |
) |
|
117 |
|
|
Income taxes |
|
15,258 |
|
|
4,415 |
|
|
19,673 |
|
|
Net income |
|
31,597 |
|
|
8,012 |
|
|
39,609 |
|
|
Net income per Sub-share Certificate |
|
$ |
4.00 |
|
|
$ |
1.02 |
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|
$ |
5.02 |
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Condensed Consolidated Balance Sheets: |
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As of December 31, 2017 |
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|
|
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Assets: |
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|
|
|
|
|
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Accrued receivables |
|
$ |
18,206 |
|
|
$ |
(433 |
) |
|
$ |
17,773 |
|
|
Deferred tax asset (liability) |
|
6,992 |
|
|
(7,106 |
) |
|
(114 |
) |
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|
|
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|
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Liabilities and Capital: |
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|
|
|
|
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Unearned revenue |
|
$ |
41,375 |
|
|
$ |
(33,011 |
) |
|
$ |
8,364 |
|
|
Other taxes payable |
|
433 |
|
|
(433 |
) |
|
— |
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|
Net proceeds from all sources |
|
79,997 |
|
|
25,905 |
|
|
105,902 |
|
|
|
|
|
|
|
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|
Adoption of the standards related to revenue recognition and presentation of net periodic pension cost impacted our previously reported results for operating income and other income as follows (in thousands):
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|
|
|
|
As reported in prior year |
|
Retrospective Adjustment |
|
As reported in current year |
Condensed Consolidated Statements of Income: |
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|
|
|
|
|
For the three months ended June 30, 2017 |
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|
|
|
|
|
|
Operating income (1)
|
|
$ |
24,732 |
|
|
$ |
5,647 |
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|
$ |
30,379 |
|
|
Other income |
|
10 |
|
|
(4 |
) |
|
6 |
|
|
|
|
|
|
|
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For the six months ended June 30, 2017 |
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|
|
|
|
|
|
Operating income (1)
|
|
$ |
46,836 |
|
|
$ |
12,433 |
|
|
$ |
59,269 |
|
|
Other income |
|
19 |
|
|
(6 |
) |
|
13 |
|
|
|
|
|
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|
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(1) |
The retrospective adjustment amount includes approximately $5.6 million and $12.4 million for the three and six months ended June 30, 2017, respectively, related to the adoption of the new revenue recognition guidance as discussed above. The retrospective adjustment amount related to the adoption of the presentation of net periodic pension cost had a minimal impact.
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