Stockholders' Equity

3 Months Ended

May 03, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stock Repurchase Program

We have the ability to repurchase our common stock under a stock repurchase program, which was announced on December 9, 2003. The repurchase program may be modified or terminated by the Board of Directors at any time and there is no expiration date for the program. The extent and timing of repurchases will depend upon general business and market conditions, stock prices, opening and closing of the stock trading window, and liquidity and capital resource requirements going forward.

We did not repurchase shares of our common stock during the first quarter of 2014 or during the first quarter of 2013 under the stock repurchase program.  We have repurchased 60.1 million shares of our common stock for $1.0 billion under the program to date.  As of May 3, 2014, we have approximately $104.4 million of repurchase authorization remaining under our $1.15 billion share repurchase program.

In addition to the above program, we withheld 46,000 shares for minimum statutory withholding taxes of $0.2 million related to the vesting of stock awards during the first quarter of 2014.

Accumulated Other Comprehensive (Loss) Income

The following table sets forth the components of accumulated other comprehensive (loss) income:

	May 3, 2014			February 1, 2014			May 4, 2013
	(In thousands)
Pension liability, net of tax	$	(1,976	)	$	(2,007	)	$	(2,478	)
Cumulative foreign currency translation adjustment 1	882			824			2,490
Total accumulated other comprehensive (loss) income	$	(1,094	)	$	(1,183	)	$	12

¹ Foreign currency translation adjustments are not adjusted for income taxes as they relate to a permanent investment in our subsidiary in Canada.

The changes in components in accumulated other comprehensive (loss) income are as follows:

	May 3, 2014
	Pension Liability			Foreign Currency Translation		Total
	(In thousands)
Beginning balance at February 2, 2014	$	(2,007	)	$	824	$	(1,183	)
Other comprehensive income before reclassifications	—			58		58
Reclassified from accumulated other comprehensive income	50			—		50
Tax effect on pension liability	(19		)	—		(19		)
Net current-period other comprehensive income	$	31		$	58	$	89
Ending balance at May 3, 2014	$	(1,976	)	$	882	$	(1,094	)

	May 4, 2013
	Pension Liability			Foreign Currency Translation			Total
	(In thousands)
Beginning balance at February 3, 2013	$	(2,541	)	$	2,731		$	190
Other comprehensive loss before reclassifications	—			(241		)	(241		)
Reclassified from accumulated other comprehensive income	105			—			105
Tax effect on pension liability	(42		)	—			(42		)
Net current-period other comprehensive income (loss)	$	63		$	(241	)	$	(178	)
Ending balance at May 4, 2013	$	(2,478	)	$	2,490		$	12

The details related to the reclassifications out of accumulated comprehensive loss are as follows:

	May 3, 2014				May 4, 2013
	(In thousands)
Amortization of defined benefit plan items:
Amortization of loss	$	31		1	$	86		1
Amortization of prior service cost	19			1	19			1
Total before tax	$	50			$	105
Tax expense	(19		)		(42		)
Net of tax	$	31			$	63

¹ These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (see Note 10 for additional details).