The Gap 2014 Annual Report Download - page 68

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56
Share Repurchases
Share repurchase activity is as follows:
Fiscal Year
($ and shares in millions except average per share cost) 2014 2013 2012
Number of shares repurchased 30 26 34
Total cost $ 1,164 $ 1,009 $ 1,026
Average per share cost including commissions $ 39.28 $ 38.42 $ 29.89
Between November 2011 and November 2013, the Board of Directors authorized a total of $3.5 billion for share
repurchases, all of which was completed by the end of October 2014. In October 2014, we announced that the
Board of Directors approved a $500 million share repurchase authorization, of which $302 million was remaining
as of January 31, 2015.
All except $15 million and $30 million of the share repurchases were paid for as of January 31, 2015 and
February 1, 2014, respectively. In February 2015, the Board of Directors approved a new $1 billion share
repurchase authorization.
Note 10. Accumulated Other Comprehensive Income
Changes in accumulated OCI by component, net of tax, are as follows:
($ in millions)
Foreign
Currency
Translation Cash Flow
Hedges Total
Balance at February 1, 2014 $ 107 $ 28 $ 135
Foreign currency translation (47) — (47)
Change in fair value of derivative financial instruments — 118 118
Amounts reclassified from accumulated OCI — (41) (41)
Other comprehensive income (loss), net (47) 77 30
Balance at January 31, 2015 $ 60 $ 105 $ 165
($ in millions)
Foreign
Currency
Translation Cash Flow
Hedges Total
Balance at February 2, 2013 $ 158 $ 23 $ 181
Foreign currency translation (51) — (51)
Change in fair value of derivative financial instruments — 48 48
Amounts reclassified from accumulated OCI — (43) (43)
Other comprehensive income (loss), net (51) 5 (46)
Balance at February 1, 2014 $ 107 $ 28 $ 135
See Note 8 of Notes to Consolidated Financial Statements for additional disclosures about reclassifications out of
accumulated other comprehensive income and their corresponding effects on the respective line items in the
Consolidated Statements of Income.