| Accumulated Other Comprehensive Loss |
Note J – Accumulated Other Comprehensive
Loss
Accumulated other comprehensive loss includes
certain adjustments to pension liabilities, foreign currency
translation adjustments, certain activity for interest rate swaps
and treasury rate locks that qualify as cash flow hedges and
unrealized gains (losses) on available-for-sale securities. Changes
in Accumulated other comprehensive loss for the twelve week periods
ended May 7, 2016 and May 9, 2015 consisted of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
Pension
Liability |
|
|
Foreign
Currency (3) |
|
|
Net
Unrealized
Gain on
Securities |
|
|
Derivatives |
|
|
Total |
|
|
Balance at February 13, 2016
|
|
$ |
(68,082 |
) |
|
$ |
(231,424 |
) |
|
$ |
60 |
|
|
$ |
(8,403 |
) |
|
$ |
(307,849 |
) |
|
Other comprehensive income (loss) before
reclassifications (1)
|
|
|
— |
|
|
|
36,000 |
|
|
|
187 |
|
|
|
(1,047 |
) |
|
|
35,140 |
|
|
Amounts reclassified from Accumulated other comprehensive
loss (1)
|
|
|
1,479 |
(2) |
|
|
— |
|
|
|
(28 |
)(4) |
|
|
1,281 |
(5) |
|
|
2,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at May 7, 2016
|
|
$ |
(66,603 |
) |
|
$ |
(195,424 |
) |
|
$ |
219 |
|
|
$ |
(8,169 |
) |
|
$ |
(269,977 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
Pension
Liability |
|
|
Foreign
Currency (3) |
|
|
Net
Unrealized
Gain on
Securities |
|
|
Derivatives |
|
|
Total |
|
|
Balance at February 14, 2015
|
|
$ |
(61,335 |
) |
|
$ |
(116,689 |
) |
|
$ |
(12 |
) |
|
$ |
(7,550 |
) |
|
$ |
(185,586 |
) |
|
Other comprehensive (loss) income before
reclassifications (1)
|
|
|
— |
|
|
|
(13,285 |
) |
|
|
121 |
|
|
|
277 |
|
|
|
(12,887 |
) |
|
Amounts reclassified from Accumulated other comprehensive
loss (1)
|
|
|
1,256 |
(2) |
|
|
— |
|
|
|
8 |
(4) |
|
|
27 |
(5) |
|
|
1,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at May 9, 2015
|
|
$ |
(60,079 |
) |
|
$ |
(129,974 |
) |
|
$ |
117 |
|
|
$ |
(7,246 |
) |
|
$ |
(197,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Amounts in parentheses indicate
debits to Accumulated other comprehensive loss. |
| (2) |
Represents amortization of pension
liability adjustments, net of taxes of $945 for the twelve weeks
ended May 7, 2016 and $807 for the twelve weeks ended
May 9, 2015, which is recorded in Operating, selling, general
and administrative expenses on the Condensed Consolidated
Statements of Income. See “Note G – Pension and Savings
Plans” for further discussion. |
| (3) |
Foreign currency is not shown net
of additional U.S. tax as earnings of non-U.S. subsidiaries are
intended to be permanently reinvested. |
| (4) |
Represents realized losses on
marketable securities, net of taxes of $15 for the twelve weeks
ended May 7, 2016 and $4 for the twelve weeks ended
May 9, 2015, which is recorded in Operating, selling, general,
and administrative expenses on the Condensed Consolidated
Statements of Income. See “Note D – Marketable
Securities” for further discussion. |
| (5) |
Represents gains and losses on
derivatives, net of taxes of $822 for the twelve weeks ended
May 7, 2016 and $15 for the twelve weeks ended May 9,
2015, which is recorded in Interest expense, net, on the Condensed
Consolidated Statements of Income. See “Note E –
Derivative Financial Instruments” for further
discussion. |
Changes in Accumulated other comprehensive loss for
the thirty-six week periods ended May 7, 2016 and May 9,
2015 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
Pension
Liability |
|
|
Foreign
Currency (3) |
|
|
Net
Unrealized
Gain on
Securities |
|
|
Derivatives |
|
|
Total |
|
|
Balance at August 29, 2015
|
|
$ |
(70,795 |
) |
|
$ |
(171,488 |
) |
|
$ |
(26 |
) |
|
$ |
(7,209 |
) |
|
$ |
(249,518 |
) |
|
Other comprehensive (loss) income before
reclassifications (1)
|
|
|
— |
|
|
|
(23,936 |
) |
|
|
280 |
|
|
|
(2,687 |
) |
|
|
(26,343 |
) |
|
Amounts reclassified from Accumulated other comprehensive
loss (1)
|
|
|
4,192 |
(2) |
|
|
— |
|
|
|
(35 |
)(4) |
|
|
1,727 |
(5) |
|
|
5,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at May 7, 2016
|
|
$ |
(66,603 |
) |
|
$ |
(195,424 |
) |
|
$ |
219 |
|
|
$ |
(8,169 |
) |
|
$ |
(269,977 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
Pension
Liability |
|
|
Foreign
Currency (3) |
|
|
Net
Unrealized
Gain on
Securities |
|
|
Derivatives |
|
|
Total |
|
|
Balance at August 30, 2014
|
|
$ |
(63,820 |
) |
|
$ |
(57,836 |
) |
|
$ |
76 |
|
|
$ |
(7,323 |
) |
|
$ |
(128,903 |
) |
|
Other comprehensive (loss) income before
reclassifications (1)
|
|
|
— |
|
|
|
(72,138 |
) |
|
|
61 |
|
|
|
— |
|
|
|
(72,077 |
) |
|
Amounts reclassified from Accumulated other comprehensive
loss (1)
|
|
|
3,741 |
(2) |
|
|
— |
|
|
|
(20 |
)(4) |
|
|
77 |
(5) |
|
|
3,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at May 9, 2015
|
|
$ |
(60,079 |
) |
|
$ |
(129,974 |
) |
|
$ |
117 |
|
|
$ |
(7,246 |
) |
|
$ |
(197,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Amounts in parentheses indicate
debits to Accumulated other comprehensive loss. |
| (2) |
Represents amortization of pension
liability adjustments, net of taxes of $3,081 in fiscal 2016 and
$2,449 in fiscal 2015, which is recorded in Operating, selling,
general and administrative expenses on the Condensed Consolidated
Statements of Income. See “Note G – Pension and Savings
Plans” for further discussion. |
| (3) |
Foreign currency is not shown net
of additional U.S. tax as earnings of non-U.S. subsidiaries are
intended to be permanently reinvested. |
| (4) |
Represents realized losses on
marketable securities, net of taxes of $19 in fiscal 2016 and $11
in fiscal 2015, which is recorded in Operating, selling, general,
and administrative expenses on the Condensed Consolidated
Statements of Income. See “Note D – Marketable
Securities” for further discussion. |
| (5) |
Represents gains and losses on
derivatives, net of taxes of $572 in fiscal 2016 and $49 is fiscal
2015, which is recorded in Interest expense, net, on the Condensed
Consolidated Statements of Income. See “Note E –
Derivative Financial Instruments” for further
discussion. |
|