CarMax 2014 Annual Report Download - page 76

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72
CHANGES IN AND RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS

Years Ended February 28 or 29
(In thousands) 2014 2013 2012
Retirement Benefit Plans (Note 10):
Actuarial gain (loss) arising during the year $ 15,465 $ (16,694) $ (35,786)
Tax (expense) benefit (5,752) 6,238 13,195
Actuarial gain (loss) arising during the year,
net of tax 9,713 (10,456) (22,591)
Actuarial loss amortization reclassifications
in net pension expense:
Cost of sales 669 483 182
CarMax Auto Finance income 38 28 12
Selling, general and administrative expenses 967 689 267
Total amortization reclassifications recognized
in net pension expense 1,674 1,200 461
Tax expense (623) (449)
(116)
Amortization reclassifications recognized in net
pension expense, net of tax 1,051 751 345
N
et change in retirement benefit plan unrecognized
actuarial losses, net of tax 10,764 (9,705) (22,246)
Cash Flow Hedges (Note 5):    
Effective portion of changes in fair value (5,286) (6,691) (22,968)
Tax benefit (1) 2,070 11,176 245
Effective portion of changes in fair value, net of tax (3,216) 4,485 (22,723)
Reclassifications to CarMax Auto Finance income 9,872 12,981 7,567
Tax expense (3,883) (5,110)
-
Reclassification of hedge losses, net of tax 5,989 7,871 7,567
N
et change in cash flow hedge unrecognized losses,
net of tax 2,773 12,356 (15,156)
Total other comprehensive income (loss), net of tax $ 13,537 $ 2,651 $ (37,402)
(1) The year ended February 28, 2013, includes a tax benefit adjustment of $8,518 related to prior years.
Changes in the funded status of our retirement plans and the effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive
loss. The cumulative balances are net of deferred taxes of $27.7 million as of February 28, 2014, and $35.9 million
as of February 29, 2013.