Staples 2012 Annual Report Download - page 151

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C-39
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
Note O - Accumulated Other Comprehensive Income
Amounts included in accumulated other comprehensive loss related to the Company's cash flow hedges and minimum
pension and other post-retirement liabilities are recorded net of the related income tax effects. The following table details the
changes in accumulated other comprehensive loss for 2012, 2011 and 2010 (in thousands):
Foreign
Currency
Translation
Adjustment Derivative
instruments Deferred Benefit
Costs
Accumulated
Other
Comprehensive
Income
Balance at January 30, 2010 $ 36,825 $ 5,836 $ (131,998)$ (89,337)
Foreign currency translation adjustment 333 — — 333
Changes in fair value of derivatives (net of taxes of $7.5
million) — (10,043)—
(10,043)
Deferred pension and other post-retirement benefit costs
(net of taxes of $6.1 million) — — (501)(501)
Reclassification adjustments:
Amortization of deferred benefit costs (net of taxes of
$1.4 million) — — 2,615 2,615
Balance at January 29, 2011 $ 37,158 $ (4,207)$ (129,884)$ (96,933)
Foreign currency translation adjustment (193,785)— —
(193,785)
Changes in fair value of derivatives (net of taxes of $1.4
million) — (897)—
(897)
Deferred pension and other post-retirement benefit costs
(net of taxes of $2.0 million) — — (29,617)(29,617)
Reclassification adjustments:
Realized gain on derivatives (net of taxes of $40
thousand) — (608)—
(608)
Amortization of deferred benefit costs (net of taxes of
$1.1 million) — — 2,097 2,097
Balance at January 28, 2012 $(156,627)$ (5,712)$ (157,404)$ (319,743)
Foreign currency translation adjustment 35,604 — — 35,604
Changes in fair value of derivatives (net of taxes of $1.0
million) — 2,022 — 2,022
Deferred pension and other post-retirement benefit costs
(net of taxes of $36.4 million) — — (109,464)(109,464)
Reclassification adjustments:
Amortization of deferred benefit costs (net of taxes of
$0.9 million) — — 2,808 2,808
Balance at February 2, 2013 $(121,023)$ (3,690)$ (264,060)$ (388,773)
Note P — Stockholders' Equity
Repurchase Program
In 2007 the Company's Board of Directors approved a share repurchase program which went into effect in the second
quarter of 2007 (the "2007 Repurchase Plan"), allowing for the repurchase of $1.5 billion of Staples' common stock. Under the
2007 Repurchase Plan, a total of $1.28 billion was used to repurchase shares and $218.4 million was remaining when the plan was
terminated and replaced by a new program in September 2011.
On September 13, 2011, the Company announced a new repurchase program that had been approved by the Board of
Directors in September 2011 (the "2011 Repurchase Plan"). Under the 2011 Repurchase Plan, the Company is authorized to
repurchase up to $1.5 billion of common stock in both open market and privately negotiated transactions. The program has no
expiration date and may be suspended or discontinued at any time. Under the 2011 Repurchase Plan, a total of $631.7 million
was used to repurchase 47.4 million shares as of February 2, 2013. As of February 2, 2013, the Company has the authority to
repurchase $868.3 million of additional shares under 2011 Repurchase Plan.