American Eagle Outfitters 2014 Annual Report Download - page 62

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Table of Contents
AMERICAN EAGLE OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
60 days of service and part-time employees must complete 1,000 hours worked to be eligible. Individuals can decline enrollment or can
contribute up to 50% of their salary to the 401(k) plan on a pretax basis, subject to IRS limitations. After one year of service, the Company will
match 100% of the first 3% of pay plus an additional 50% of the next 3% of pay that is contributed to the plan. Contributions to the profit
sharing plan, as determined by the Board, are discretionary. The Company recognized $10.5 million, $9.6 million and $15.8 million in expense
during Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively, in connection with the Retirement Plan. In Fiscal 2014, the Company announced
a change to the Retirement Plan effective January 1, 2015. The Company will match 100% of the first 3% of pay plus an additional 25% of the
next 3% of pay that is contributed to the plan.
The Employee Stock Purchase Plan is a non-qualified plan that covers all full-time employees and part-time employees who are at least
18 years old and have completed 60 days of service. Contributions are determined by the employee, with the Company matching 15% of the
investment up to a maximum investment of $100 per pay period. These contributions are used to purchase shares of Company stock in the open
market.
The components of income before income taxes from continuing operations were:
62
14.
Income Taxes
For the Years Ended
(In thousands)
January 31,
2015
February 1,
2014
February 2,
2013
U.S.
$
193,167
$
157,669
$
381,131
Foreign
(33,665
)
(15,592
)
20,907
Total
$
159,502
$
142,077
$
402,038