Big Lots 2014 Annual Report Download - page 151

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73
On December 11, 2008, KB-II filed for bankruptcy protection pursuant to Chapter 11 of title 11 of the United States Code.
Based on information provided to us by KB-II, we believe that we continue to have KB Lease Obligations with respect to
certain KB Toys stores (“KB-II Bankruptcy Lease Obligations”). In the fourth fiscal quarter of 2008, we recorded a charge in
the amount of $5.0 million, pretax, in income (loss) from discontinued operations to reflect the estimated amount that we
expect to pay for KB-II Bankruptcy Lease Obligations. In the fourth quarter of 2013, we recorded approximately $3.1 million
in income for the KB-II Bankruptcy Lease Obligations to reduce the amount on our consolidated balance sheet to zero as of
February 1, 2014. We based this reversal on the following factors: (1) we had not received any new demand letters from
landlords during the past two years; (2) all prior demands against us by landlords had been settled or paid or the landlords had
stopped pursuing their demands; (3) the KB-II bankruptcy occurred more than five years prior to the end of 2008 and most of
the lease rejections occurred more than two years prior to the end of 2013; and (4) we believed that the likelihood of new
claims against us was remote, and, if incurred, the amount would be immaterial.
NOTE 14 – COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during 2012, 2013, and
2014:
(In thousands) Foreign currency
translation Pension Plan
Total accumulated
other comprehensive
loss
Balance at January 28, 2012 $ (1,050) $ (14,469) $ (15,519)
Other comprehensive income (loss) before
reclassifications (383) 989 606
Amounts reclassified from accumulated other
comprehensive loss — 1,583 1,583
Period change (383) 2,572 2,189
Balance at February 2, 2013 (1,433)(11,897)(13,330)
Other comprehensive income (loss) before
reclassifications (3,589) 2,352 (1,237)
Amounts reclassified from accumulated other
comprehensive loss — 1,056 1,056
Period change (3,589) 3,408 (181)
Balance at February 1, 2014 (5,022)(8,489)(13,511)
Other comprehensive income (loss) before
reclassifications (39)(8,180)(8,219)
Amounts reclassified from accumulated other
comprehensive loss 5,061 2,013 7,074
Period change 5,022 (6,167)(1,145)
Balance at January 31, 2015 $ — $ (14,656) $ (14,656)
The amounts reclassified from accumulated other comprehensive income (loss) associated with our pension plans have been
reclassified to selling and administrative expenses in our statement of operations. Please see note 8 to the consolidated financial
statements for further information on our pension plans.
The amounts reclassified from accumulated other comprehensive income (loss) associated with foreign currency translation
have been reclassified to loss from discontinued operations in our statements of operations, as the amounts related to our
Canadian operations. Please see note 13 to the consolidated financial statements for further information on our discontinued
operations.