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After-tax After-tax After-tax
Earnings Earnings Earnings
Year Effect Year Effect Year Effect
1993 $35,000 2013 $60,796,000 2033 $44,780,000
1994 1,021,000 2014 59,009,000 2034 43,361,000
1995 2,770,000 2015 58,409,000 2035 41,789,000
1996 3,642,000 2016 57,797,000 2036 40,124,000
1997 4,033,000 2017 57,161,000 2037 38,369,000
1998 4,458,000 2018 56,647,000 2038 36,529,000
1999 4,624,000 2019 56,250,000 2039 34,601,000
2000 9,997,000 2020 55,819,000 2040 32,582,000
2001 16,143,000 2021 55,353,000 2041 30,479,000
2002 22,799,000 2022 54,846,000 2042 30,466,000
2003 30,108,000 2023 54,291,000 2043 29,291,000
2004 37,980,000 2024 53,683,000 2044 23,772,000
2005 46,477,000 2025 53,017,000 2045 21,361,000
2006 55,822,000 2026 52,289,000 2046 18,971,000
2007 64,479,000 2027 51,492,000 2047 16,655,000
2008 68,339,000 2028 50,620,000 2048 14,423,000
2009 66,998,000 2029 49,664,000 2049 12,313,000
2010 65,616,000 2030 48,730,000 2050 10,347,000
2011 64,127,000 2031 48,327,000 2051 8,529,000
2012 62,524,000 2032 45,233,000 2052 6,264,000
Total after-tax earnings 2,246,431,000
The projected total after-tax earnings of more than $2.2
billion were the result of total projected income tax savings of
more than $3 billion less projected pretax net losses. The
projected tax savings were attributable to the anticipated tax
deductions for policy loan interest and fees.16 The effect on
Winn-Dixie's after-tax earnings and cash-flow was projected to be
positive in each year only because of tax benefits from interest
and fee deductions. Absent such tax benefits, the effect on
16Projected interest and fees over a 60-year period totaled
$77,476,680,000 and $14,326,000, respectively.
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