Baskin Robbins 2015 Annual Report Download - page 91

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-81-
additional paid-in capital of $140.9 million and $33.2 million, respectively, and an increase in accumulated deficit of $107.8
million.
On February 5, 2015, the Company entered into an accelerated share repurchase agreement (the “February 2015 ASR
Agreement”) with a third-party financial institution. Pursuant to the terms of the February 2015 ASR Agreement, the Company
paid the financial institution $400.0 million in cash and received a delivery of 8,226,297 shares of the Company’s common
stock in fiscal year 2015 based on a weighted average cost per share of $48.62 over the term of the February 2015 ASR
Agreement.
On October 22, 2015, the Company entered into an accelerated share repurchase agreement (the “October ASR Agreement”)
with a third-party financial institution. Pursuant to the terms of the October ASR Agreement, the Company paid the financial
institution $125.0 million from cash on hand and received an initial delivery of 2,527,167 shares of the Company’s common
stock in October 2015, representing an estimate of 80% of the total shares expected to be delivered under the October ASR
Agreement. Upon the final settlement of the October ASR Agreement, subsequent to fiscal year 2015, the Company received an
additional delivery of 483,913 shares of its common stock based on a weighted average cost per share of $41.51 over the term
of the October ASR Agreement.
Additionally, during fiscal year 2015, the Company repurchased a total of 2,106,881 shares of common stock in the open
market at a weighted average cost per share of $47.47 from existing stockholders.
The Company accounts for treasury stock under the cost method, and as such recorded an increase in common treasury stock of
$600.0 million during fiscal year 2015 for the shares repurchased under the accelerated share repurchase agreements and in the
open market, based on the fair market value of the shares on the dates of repurchase and direct costs incurred. Additionally, the
Company recorded a decrease in additional paid-in capital of $25.0 million related to the remaining cash paid under the
October ASR agreement since the final settlement was not completed as of December 26, 2015. During fiscal year 2015, the
Company retired 12,833,178 shares of treasury stock, resulting in decreases in treasury stock and additional paid-in capital of
$599.0 million and $129.4 million, respectively, and an increase in accumulated deficit of $469.5 million.
On February 4, 2016, the Company entered into an accelerated share repurchase agreement (the “February 2016 ASR
Agreement”) with a third-party financial institution. Pursuant to the terms of the February ASR Agreement, the Company paid
the financial institution $30.0 million from cash on hand and received an initial delivery of 553,506 shares of the Company’s
common stock on February 9, 2016, representing an estimate of 80% of the total shares expected to be delivered under the
February 2016 ASR Agreement. At settlement, the financial institution may be required to deliver additional shares of common
stock to the Company or, under certain circumstances, the Company may be required to deliver shares of its common stock or
may elect to make a cash payment to the financial institution. Final settlement of the February 2016 ASR Agreement is
expected to be completed in the first quarter of fiscal year 2016.
(c) Accumulated other comprehensive loss
The components of accumulated other comprehensive loss were as follows (in thousands):
Effect of
foreign
currency
translation
Unrealized
gains (losses)
on interest rate
swaps
Unrealized gain
(loss) on pension
plan (1) Other
Accumulated
other
comprehensive
income
Balances at December 27, 2014 $ (13,738) 3,716 (2,874)(1,081)(13,977)
Other comprehensive income (loss) (6,721) (1,273) 2,874 (949)(6,069)
Balances at December 26, 2015 $ (20,459) 2,443 — (2,030)(20,046)
(1) Upon settlement of the pension plan, unrealized losses were reclassified to general and administrative expenses, net, during the second
quarter of fiscal year 2015 (see note 18).