91Ã«Æ¬ Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Ìı

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):

Ìı

As reported in prior year

Ìı

Retrospective Adjustment

Ìı

As reported in current year

Consolidated Statements of Income:

Ìı

For the three months ended March 31, 2017

Ìı

Revenue

Ìı

24,229

Ìı

6,178

Ìı

30,407

Ìı

Taxes, other than income taxes

Ìı

660

Ìı

(605

)

Ìı

Income taxes

Ìı

7,228

Ìı

2,410

Ìı

9,638

Ìı

Net income

Ìı

14,886

Ìı

4,373

Ìı

19,259

Ìı

Net income per Sub-share Certificate

Ìı

1.88

Ìı

0.55

Ìı

2.43

Ìı

Consolidated Balance Sheets:

Ìı

As of December 31, 2017

Ìı

Assets:

Ìı

Accrued receivables

Ìı

18,206

Ìı

(433

)

Ìı

17,773

Ìı

Deferred tax asset (liability)

Ìı

6,992

Ìı

(7,106

)

Ìı

(114

)

Ìı

Liabilities and Capital:

Ìı

Unearned revenue

Ìı

41,375

Ìı

(33,011

)

Ìı

8,364

Ìı

Other taxes payable

Ìı

433

Ìı

(433

)

Ìı

â€”

Ìı

Net proceeds from all sources

Ìı

79,997

Ìı

25,905

Ìı

105,902

Ìı

Adoption of the standard related to presentation of net periodic pension cost and the standard related to revenue recognition impacted our previously reported results for operating income and other income as follows (in thousands):

Ìı

As reported in prior year

Ìı

Retrospective Adjustment

Ìı

As reported in current year

Consolidated Statements of Income:

Ìı

For the three months ended March 31, 2017

Ìı

Operating income ⁽¹⁾

Ìı

22,104

Ìı

6,786

Ìı

28,890

Ìı

Other income

Ìı

)

Ìı


(1)	The retrospective adjustment amount includes approximately $6.8 million 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.