us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock

Line Company Text Block
1 ADOBE SYSTEMS INC
                                                 
    Creative     Knowledge                     Print and        
(in thousands)   Solutions     Worker     Enterprise     Platform(*)     Publishing     Total  
 
                                   
Three months ended August 28, 2009
                                               
Revenue
  $ 400,360     $ 154,517     $ 55,488     $ 44,935     $ 42,207     $ 697,507  
Cost of revenue
    34,903       9,870       10,957       4,946       4,371       65,047  
 
                                   
Gross profit
  $ 365,457     $ 144,647     $ 44,531     $ 39,989     $ 37,836     $ 632,460  
 
                                   
Gross profit as a percentage of revenue
    91 %     94 %     80 %     89 %     90 %     91 %
 
                                               
Three months ended August 29, 2008
                                               
Revenue
  $ 493,615     $ 217,988     $ 65,491     $ 59,077     $ 51,086     $ 887,257  
Cost of revenue
    53,716       15,762       20,727       14,137       6,509       110,851  
 
                                   
Gross profit
  $ 439,899     $ 202,226     $ 44,764     $ 44,940     $ 44,577     $ 776,406  
 
                                   
Gross profit as a percentage of revenue
    89 %     93 %     68 %     76 %     87 %     88 %
 
(*)   Platform revenue includes revenue related to our Mobile client products of $8.4 million and $27.5 million for the three months ended August 28, 2009 and August 29, 2008, respectively, or 19% and 47% of Platform revenues, respectively.
2 ASSURANT INC,

13. Segment Information

The Company has five reportable segments, which are defined based on the nature of the products and services offered: Assurant Solutions, Assurant Specialty Property, Assurant Health, Assurant Employee Benefits, and Corporate & Other. Assurant Solutions provides credit-related insurance, including life, disability and unemployment, debt protection administration services, warranties and service contracts, life insurance policies and annuity products that provide benefits to fund pre-arranged funerals. Assurant Specialty Property provides creditor-placed homeowners insurance and manufactured housing homeowners insurance. Assurant Health provides individual, short-term and small group health insurance. Assurant Employee Benefits provides employee and employer paid dental, disability, and life insurance products and related services. Corporate & Other includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments, interest income earned from short-term investments held and additional costs associated with excess of loss reinsurance programs reinsured and ceded to certain subsidiaries in the London market between 1995 and 1997. Corporate & Other also includes the amortization of deferred gains associated with the sales of Fortis Financial Group and Long-Term Care through reinsurance agreements.

The Company evaluates performance of the operating business segments based on after-tax segment income (loss) excluding realized gains (losses) on investments. The Company determines reportable segments in a manner consistent with the way the Company organizes for purposes of making operating decisions and assessing performance.

 


The following tables summarize selected financial information by segment:

 

 

 Three Months Ended September 30, 2009

 

Solutions

 

Specialty
Property

 

Health

 

Employee
Benefits

 

Corporate &
Other

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums and other

    considerations

$   669,344

 

$  478,701

 

$  470,385

 

$   255,968

 

$              -

 

$   1,874,398

Net investment income

97,681

 

26,550

 

11,770

 

33,039

 

3,884

 

172,924

Net realized gains on investments

-

 

-

 

-

 

-

 

19,866

 

19,866

Amortization of deferred gain

    on disposal of businesses

-

 

-

 

-

 

-

 

6,802

 

6,802

Fees and other income

50,093

 

15,100

 

10,140

 

7,467

 

83

 

82,883

            Total revenues

817,118

 

520,351

 

492,295

 

296,474

 

30,635

 

2,156,873

Benefits, losses and expenses

 

 

 

 

 

 

 

 

 

 

 

Policyholder benefits

248,933

 

156,076

 

353,412

 

182,632

 

92

 

941,145

Amortization of deferred

    acquisition costs and value of

    business acquired

290,200

 

88,973

 

1,428

 

9,781

 

-

 

390,382

Underwriting, general and

    administrative expenses

230,017

 

118,019

 

146,047

 

86,748

 

20,289

 

601,120

Interest expense

-

 

-

 

-

 

-

 

15,160

 

15,160

            Total benefits, losses

                and expenses 

769,150

 

363,068

 

500,887

 

279,161

 

35,541

 

1,947,807

Segment income (loss) before

    provision (benefit) for

    income tax 

47,968

 

157,283

 

(8,592)

 

17,313

 

(4,906)

 

209,066

Provision (benefit) for income

    taxes

16,324

 

54,126

 

(3,745)

 

5,863

 

(8,232)

 

64,336

Segment income (loss) after

    tax

$     31,644

 

$  103,157

 

$    (4,847)

 

$   11,450

 

$      3,326

 

 

Net income

 

 

 

 

 

 

 

 

 

 

$    144,730

 

 

 

 

Three Months Ended September 30, 2008

 

Solutions

 

Specialty
Property

 

Health

 

Employee
Benefits

 

Corporate &
Other

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums and other

    considerations

$    707,115

 

$   513,228

 

$  486,700

 

$  277,093

 

$              -

 

$  1,984,136

Net investment income

105,539

 

31,129

 

13,769

 

35,278

 

6,599

 

192,314

Net realized losses on investments

-

 

-

 

-

 

-

 

(299,205)

 

(299,205)

Amortization of deferred gain

    on disposal of businesses

-

 

-

 

-

 

-

 

7,379

 

7,379

Fees and other income

40,623

 

12,501

 

10,100

 

6,475

 

212

 

69,911

            Total revenues

853,277

 

556,858

 

510,569

 

318,846

 

(285,015)

 

1,954,535

Benefits, losses and expenses

 

 

 

 

 

 

 

 

 

 

 

Policyholder benefits

295,190

 

302,105

 

311,790

 

185,951

 

12

 

1,095,048

Amortization of deferred

    acquisition costs and value of

    business acquired

326,468

 

82,731

 

4,263

 

9,305

 

-

 

422,767

Underwriting, general and

    administrative expenses

201,311

 

125,788

 

148,082

 

90,421

 

19,448

 

585,050

Interest expense

-

 

-

 

-

 

-

 

15,190

 

15,190

            Total benefits, losses

                and expenses 

822,969

 

510,624

 

464,135

 

285,677

 

34,650

 

2,118,055

Segment income (loss) before

    provision (benefit) for

    income tax 

30,308

 

46,234

 

46,434

 

33,169

 

(319,665)

 

(163,520)

Provision (benefit) for income

    taxes

9,921

 

15,292

 

16,230

 

11,712

 

(105,246)

 

(52,091)

Segment income (loss) after

     tax

$      20,387

 

$   30,942

 

$    30,204

 

$    21,457

 

$    (214,419)

 

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

$    (111,429)

 

 

 

 

 

 

 

 

 

 

 

 


 


 

Nine Months Ended September 30, 2009

 

Solutions

 

Specialty
Property

 

Health

 

Employe
Benefits

 

Corporat
& Other

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums and other

   considerations

$1,980,891

 

$ 1,450,329

 

$   1,411,626

 

$  781,997

 

$            -

 

$ 5,624,843

Net investment income

292,782

 

84,306

 

36,320

 

100,662

 

12,265

 

526,335

Net realized losses on investments

-

 

-

 

-

 

-

 

(41,965)

 

(41,965)

Amortization of deferred gain

   on disposal of businesses

-

 

-

 

-

 

-

 

20,354

 

20,354

Fees and other income

154,084

 

42,066

 

29,901

 

21,765

 

140,976

 

388,792

            Total revenues

2,427,757

 

1,576,701

 

1,477,847

 

904,424

 

131,630

 

6,518,359

Benefits, losses and expenses

 

 

 

 

 

 

 

 

 

 

 

Policyholder benefits

782,280

 

502,043

 

1,033,016

 

568,130

 

5,420

 

2,890,889

Amortization of deferred

   acquisition costs and value of

   business acquired

864,295

 

276,253

 

7,260

 

28,861

 

-

 

1,176,669

Underwriting, general and

   administrative expenses

640,914

 

344,072

 

439,612

 

260,948

 

71,295

 

1,756,841

Interest expense

-

 

-

 

-

 

-

 

45,509

 

45,509

            Total benefits, losses

                and expenses 

2,287,489

 

1,122,368

 

1,479,888

 

857,939

 

122,224

 

5,869,908

Segment income (loss) before

   provision (benefit) for income tax

140,268

 

454,333

 

(2,041)

 

46,485

 

9,406

 

648,451

Provision (benefit) for income

   Taxes

50,419

 

155,280

 

(1,536)

 

15,885

 

9,770

 

229,818

Segment income (loss) after

   tax

$    89,849

 

$   299,053

 

$       (505)

 

$   30,600

 

$(364)

 

 

Net income

 

 

 

 

 

 

 

 

 

 

$    418,633

 

As of September 30, 2009

Segment assets:

 

Segment assets, excluding goodwill

$11,204,037

 

$3,264,573

 

$1,059,085

 

$2,464,960

 

$6,663,834

 

$   24,656,489

Goodwill

 

1,009,089

            Total assets

 

$   25,665,578


 

 

 Nine Months Ended September 30, 2008

 

Solutions

 

Specialty
Property

 

Health

 

Employee
Benefits

 

Corporat
& Other

 

Consolidated

Revenues

 

 

 

 

 

 

 

 

 

 

 

Net earned premiums and other

    considerations

$2,091,237

 

$  1,528,569

 

$1,470,485

 

$  830,778

 

$            -

 

$   5,921,069

Net investment income

320,694

 

92,501

 

44,719

 

112,566

 

20,819

 

591,299

Net realized losses on investments

-

 

-

 

-

 

-

 

(376,922)

 

(376,922)

Amortization of deferred gain

    on disposal of  businesses

-

 

-

 

-

 

-

 

22,085

 

22,085

Fees and other income

132,572

 

38,090

 

29,143

 

20,238

 

3,046

 

223,089

            Total revenues

2,544,503

 

1,659,160

 

1,544,347

 

963,582

 

(330,972)

 

6,380,620

Benefits, losses and expenses

 

 

 

 

 

 

 

 

 

 

 

Policyholder benefits

888,043

 

618,711

 

943,859

 

578,994

 

1,108

 

3,030,715

Amortization of deferred

    acquisition costs and value of

    business acquired

961,729

 

249,822

 

13,857

 

27,656

 

-

 

1,253,064

Underwriting, general and

    administrative expenses

544,656

 

353,878

 

439,473

 

270,325

 

70,922

 

1,679,254

Interest expense

-

 

-

 

-

 

-

 

45,765

 

45,765

            Total benefits, losses

                and expenses 

2,394,428

 

1,222,411

 

1,397,189

 

876,975

 

117,795

 

6,008,798

Segment income (loss) before

    provision (benefit) for

    income tax 

150,075

 

436,749

 

147,158

 

86,607

 

(448,767)

 

371,822

Provision (benefit) for income

    taxes

49,776

 

150,021

 

51,970

 

30,188

 

(175,488)

 

106,467

Segment income (loss) after

    tax

$       100,299

 

$   286,728

 

$  95,188

 

$   56,419

 

$ (273,279)

 

 

Net income

 

 

 

 

 

 

 

 

 

 

$   265,355

 

As of December 31, 2008

Segment assets:

 

Segment assets, excluding goodwill

$11,151,178

 

$3,335,130

 

$1,040,761

 

$2,559,065

 

$5,426,553

 

$   23,512,687

Goodwill

 

1,001,899

            Total assets

 

$   24,514,586

3 AVALONBAY COMMUNITIES INC
 
 
8.  Segment Reporting

The Company’s reportable operating segments include Established Communities, Other Stabilized Communities, and Development/Redevelopment Communities.  Annually as of January 1st, the Company determines which of its communities fall into each of these categories and maintains that classification, unless disposition plans regarding a community change, throughout the year for the purpose of reporting segment operations.

·  
 Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year.  For the year 2009, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2008, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year.  A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.

·  
Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above.  Other Stabilized Communities does not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year.

·  
Development/Redevelopment Communities consists of communities that are under construction and have not received a final certificate of occupancy, communities where the Company owns a majority interest and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2009.

In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.

The Company’s segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing such segments’ performance.  The Company’s chief operating decision maker is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Established Communities and Other Stabilized Communities.  NOI is defined by the Company as total revenue less direct property operating expenses.  Although the Company considers NOI a useful measure of a community’s or communities’ operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP.  NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.

A reconciliation of NOI to net income for the three and nine months ended September 30, 2009 and 2008 is as follows:

   
For the three months ended
   
For the nine months ended
 
      9-30-09       9-30-08       9-30-09       9-30-08  
                                 
                                 
Net income
  $ 58,101     $ 232,886     $ 121,924     $ 408,880  
Indirect operating expenses, net of corporate income
    6,987       7,821       22,922       25,171  
Investments and investment management expense
    976       1,229       2,799       3,643  
Expensed development and other pursuit costs
    1,721       715       5,096       3,044  
Interest expense, net
    41,208       28,363       107,836       85,620  
General and administrative expense
    5,750       9,318       18,388       26,821  
Equity in income of unconsolidated entities
    (190 )     (495 )     (4,139 )     (4,329 )
Depreciation expense
    54,960       48,698       159,935       140,885  
Impairment loss - land holdings
    --       --       20,302       --  
Gain on sale of real estate assets
    (26,911 )     (183,711 )     (26,911 )     (257,850 )
Income from discontinued operations
    (1,132 )     (3,176 )     (3,998 )     (16,163 )
                                 
        Net operating income
  $ 141,470     $ 141,648     $ 424,154     $ 415,722  

The primary performance measure for communities under development or redevelopment depends on the stage of completion.  While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.

The following table provides details of the Company’s segment information as of the dates specified.  The segments are classified based on the individual community’s status as of the beginning of the given calendar year.  Therefore, each year the composition of communities within each business segment is adjusted.  Accordingly, the amounts between years are not directly comparable. Segment information for the three and nine months ended September 30, 2009 and 2008 have been adjusted for the communities that were sold from January 1, 2008 through September 30, 2009, or otherwise qualify as discontinued operations as of September 30, 2009, as described in Note 7, “Real Estate Disposition Activities.”

   
For the three months ended
   
For the nine months ended
 
   
Total
         
% NOI change
   
Gross
   
Total
         
% NOI change
   
Gross
 
   
revenue
   
NOI
   
from prior year
   
real estate (1)
   
revenue
   
NOI
   
from prior year
   
real estate (1)
 
                                                 
                                                 
For the period ended September 30, 2009