Sears 2014 Annual Report Download - page 101

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SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
101
Income Tax Expense Allocated to Each Component of Other Comprehensive Income (Loss)
Income tax expense allocated to each component of other comprehensive income (loss) was as follows:
2014
millions
Before
Tax
Amount Tax
Expense
Net of
Tax
Amount
Other comprehensive loss
Pension and postretirement adjustments
Experience loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,163) $ — $(1,163)
Less: amortization of prior service cost included in net period pension cost .126 (3) 123
Pension and postretirement adjustments, net of tax . . . . . . . . . . . . . . . . . . . . . . . (1,037)(3)(1,040)
Deferred loss on derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) — (2)
Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4(1) 3
Sears Canada de-consolidation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (186) — (186)
Total other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,221) $ (4) $(1,225)
2013
millions
Before
Tax
Amount Tax
Expense
Net of
Tax
Amount
Other comprehensive income
Pension and postretirement adjustments
Experience gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 362 $ (126) $ 236
Less: amortization of prior service cost included in net period pension cost .193 (7) 186
Pension and postretirement adjustments, net of tax . . . . . . . . . . . . . . . . . . . . . . . 555 (133) 422
Deferred gain on derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 — 2
Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (70)(1)(71)
Total other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 487 $ (134) $ 353
2012
millions
Before
Tax
Amount
Tax
(Expense)
Benefit
Net of
Tax
Amount
Other comprehensive income
Pension and postretirement adjustments
Experience loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(564) $ 1 $ (563)
Less: cost of settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454 — 454
Less: amortization of prior service cost included in net period pension cost .189 (6) 183
Pension and postretirement adjustments, net of tax . . . . . . . . . . . . . . . . . . . . . . . 79 (5) 74
Deferred gain on derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 — 5
Currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) 13 5
Total other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 76 $ 8 $ 84
Issuance of Warrants to Purchase Common Stock
On November 21, 2014, the Company issued an aggregate of approximately 22 million warrants pursuant to the
exercise of rights in the rights offering for $625 million in aggregate principal amount of 8% Senior Unsecured
Notes due 2019 and warrants to purchase shares of its common stock. Each warrant, when exercised, will entitle the