These income statement items relate to transactions or events that are unusual and infrequent. Enter amounts as after-tax and add them to income after taxes. Enter an extraordinary loss as a negative number.
The company's environment is key to deeming a loss extraordinary. For example, damage sustained by forest products companies after Mount St. Helens erupted is an Extraordinary Item (v1730.00), because the volcano had not erupted since logging began in Washington State. But frost damage to Florida citrus crops is not extraordinary, because freezing temperatures are anticipated every few years.
Exceptional items that do qualify for classification as extraordinary:
Material gains and losses from early extinguishment of debt
Tax benefits of loss carryforwards recognized in periods after the loss