Stockholders' Equity

9 Months Ended

Nov. 01, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Stockholders Rights Plan

On November 26, 2013, we entered into a Rights Agreement with American Stock Transfer & Trust Company, LLC (the “Rights Agreement”), pursuant to which the Company, among other things, issued one right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, of the Company (the “Rights Plan”). By its terms, the Rights Plan provided that, among other things, the Rights would expire upon the close of business on the earliest to occur of: (i) November 26, 2014, (ii) the date on which the rights are redeemed or exchanged by the Company in accordance with the Rights Agreement and (iii) the date of the Company’s 2014 annual meeting of stockholders if requisite stockholder approval of the Rights Agreement is not obtained at such meeting. The Board determined not to seek stockholder approval of the Rights Plan at the 2014 Annual Meeting which occurred on June 30, 2014. Consequently, pursuant to the terms of the Rights Plan, and without any further action, as of the date of the Annual Meeting, the right to exercise the Rights terminated, each Right is null and void and the Rights Plan expired.

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 thirty-nine weeks of 2014 or 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 November 1, 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 354,000 shares for minimum statutory withholding taxes of $1.5 million related to the vesting of stock awards during the first thirty-nine weeks of 2014.

Accumulated Other Comprehensive Loss

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

	November 1, 2014		February 1, 2014			November 2, 2013
	(In thousands)
Pension liability, net of tax	$	1,751	$	(2,007	)	$	(1,573	)
Cumulative foreign currency translation adjustment 1	889		824			1,593
Total accumulated other comprehensive loss	$	2,640	$	(1,183	)	$	20

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:

	39 weeks ended
	November 1, 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	—			65		65
Reclassified from accumulated other comprehensive income	3,758			—		3,758
Tax effect on pension liability	—			—		—
Net current-period other comprehensive income	$	3,758		$	65	$	3,823
Ending balance at November 1, 2014	$	1,751		$	889	$	2,640

	39 weeks ended
	November 2, 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	—			(1,138		)	(1,138		)
Reclassified from accumulated other comprehensive income	1,613			—			1,613
Tax effect on pension liability	(645		)	—			(645		)
Net current-period other comprehensive income (loss)	$	968		$	(1,138	)	$	(170	)
Ending balance at November 2, 2013	$	(1,573	)	$	1,593		$	20

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

	13 weeks ended
	November 1, 2014			November 2, 2013
	(In thousands)
Amortization of defined benefit plan items:
Net gain	$	3,633	1	$	739		1
Amortization of loss	$	6	1	68			1
Amortization of prior service cost	18		1	18			1
Settlement loss	—		1	577			1
Total before tax	$	3,657		$	1,402
Tax expense	—			(561		)
Net of tax	$	3,657		$	841

	39 weeks ended
	November 1, 2014			November 2, 2013
	(In thousands)
Amortization of defined benefit plan items:
Net gain	$	3,633	1	$	739		1
Amortization of loss	69		1	241			1
Amortization of prior service cost	56		1	56			1
Settlement loss	—		1	577			1
Total before tax	$	3,758		$	1,613
Tax expense	—			(645		)
Net of tax	$	3,758		$	968

¹ These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit cost (see Note 11).