Burger King 2013 Annual Report Download - page 100

Table of Contents
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We have a bonus program under which eligible employees may elect to use a portion of their annual bonus compensation to purchase BKW common
shares. During 2013, we issued approximately 0.2 million shares to participants in this program, for aggregate consideration of $3.5 million. During 2012, we
issued approximately 1.5 million shares to participants in this program, for aggregate consideration of $5.4 million.

On April 10, 2013, our Board of Directors authorized the repurchase of up to $200 million of our common stock. The repurchase authorization will
remain in effect until May 31, 2016 or when the limit is reached. The amount and timing of the repurchases will be determined by management. The share
repurchases may be suspended or discontinued at any time. During 2013, we repurchased 342,843 shares of common stock under this program at an
aggregate cost of $7.3 million, which we will retain in treasury for future use.
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The following table displays the change in the components of accumulated other comprehensive income (loss) (in millions):
 







Balances at December 31, 2010 $ 21.9 $ 8.8 $ (48.5) $ (17.8)
Foreign currency translation adjustment — — (44.3) (44.3)
Net change in fair value of derivatives, net of tax (40.9) — — (40.9)
Amounts reclassified to earnings of cash flow hedges, net of tax (0.6) — — (0.6)
Pension and post-retirement benefit plans, net of tax — (9.7) — (9.7)
Balances at December 31, 2011 $(19.6) $(0.9) $ (92.8) $(113.3)
Foreign currency translation adjustment — — 15.5 15.5
Net change in fair value of derivatives, net of tax (16.6) — — (16.6)
Amounts reclassified to earnings of cash flow hedges, net of tax 7.0 — — 7.0
Pension and post-retirement benefit plans, net of tax — (1.3) — (1.3)
Amortization of prior service costs, net of tax — (1.6) — (1.6)
Balances at December 31, 2012 $ (29.2) $(3.8) $(77.3) $(110.3)
Foreign currency translation adjustment — — 50.1 50.1
Reclassification of foreign currency translation adjustment into net
income — — (3.0) (3.0)
Net change in fair value of derivatives, net of tax 94.2 — — 94.2
Amounts reclassified to earnings of cash flow hedges, net of tax 3.8 — — 3.8
Pension and post-retirement benefit plans, net of tax — 20.8 — 20.8
Amortization of prior service costs, net of tax — (1.8) — (1.8)
Amortization of actuarial losses, net of tax — 0.8 — 0.8
Balances at December 31, 2013 $68.8 $ 16.0 $(30.2) $54.6
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Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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