| Stockholders' Equity |
6. Stockholders’ Equity
The following table shows the change in the components of stockholders’ equity for the six months ended August 3, 2013:
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Number
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Reinvested
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Accumulated
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of
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Additional
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Earnings/
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Other
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Total
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(in millions)
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Common
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Common
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Paid-in
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(Accumulated
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Comprehensive
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Stockholders’
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Shares
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Stock
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Capital
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Deficit)
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Income/(Loss)
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Equity
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February 2, 2013
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219.3
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$
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110
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$
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3,799
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$
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380
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$
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(1,118)
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$
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3,171
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Net income/(loss)
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-
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-
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-
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(934)
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-
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(934)
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Other comprehensive income/(loss)
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-
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-
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-
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-
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54
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54
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Stock-based compensation
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1.1
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-
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29
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-
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-
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29
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August 3, 2013
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220.4
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$
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110
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$
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3,828
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$
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(554)
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$
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(1,064)
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$
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2,320
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The tax effects allocated to each component of other comprehensive income/(loss) are as follows:
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Three Months Ended
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August 3, 2013
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July 28, 2012
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Income
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Income
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Tax
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Tax
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($ in millions)
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Gross
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(Expense)/
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Net
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Gross
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(Expense)/
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Net
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Amount
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Benefit
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Amount
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Amount
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Benefit
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Amount
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REITs
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Unrealized gain/(loss)
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$
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(4)
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$
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1
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$
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(3)
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$
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8
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$
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(2)
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$
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6
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Reclassification adjustment for realized (gain)/loss
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-
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-
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-
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(270)
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(1)
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96
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(174)
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Retirement benefit plans
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Reclassification for amortization of net actuarial loss/(gain)
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44
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(17)
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27
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63
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(26)
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37
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Reclassification for amortization of prior service cost/(credit)
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-
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-
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-
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(3)
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1
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(2)
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Total
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$
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40
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$
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(16)
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$
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24
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$
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(202)
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$
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69
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$
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(133)
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Six Months Ended
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August 3, 2013
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July 28, 2012
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Income
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Income
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Tax
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Tax
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($ in millions)
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Gross
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(Expense)/
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Net
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Gross
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(Expense)/
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Net
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Amount
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Benefit
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Amount
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Amount
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Benefit
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Amount
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REITs
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Unrealized gain/(loss)
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$
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-
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$
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-
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$
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-
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$
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51
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$
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(18)
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$
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33
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Reclassification adjustment for realized (gain)/loss
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-
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-
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-
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(270)
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(1)
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96
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(174)
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Retirement benefit plans
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Reclassification for amortization of net actuarial loss/(gain)
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88
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(33)
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55
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127
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(50)
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77
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Reclassification for amortization of prior service cost/(credit)
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(1)
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-
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(1)
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(7)
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3
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(4)
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Total
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$
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87
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$
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(33)
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$
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54
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$
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(99)
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$
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31
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$
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(68)
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(1) The reclassification adjustment for the Simon Property Group, L.P. (SPG) units was calculated by using the closing fair market value per SPG unit of $158.13 on July 19, 2012 for the two million REIT units that were redeemed on July 20, 2012. The REIT units were redeemed at a price of $124.00 per unit (see Note 10).
The following table shows the changes in accumulated other comprehensive income/(loss) balances for the six months ended August 3, 2013:
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Unrealized
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Accumulated Other
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($ in millions)
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Gain/(Loss)
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Net Actuarial
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Prior Service
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Comprehensive
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on REITs
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Gain/(Loss)
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Credit/(Cost)
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Income/(Loss)
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February 2, 2013
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$
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17
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$
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(1,121)
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$
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(14)
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$
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(1,118)
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Amounts reclassified from accumulated other comprehensive income
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-
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55
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(1)
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54
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Net current-period other comprehensive income
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-
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55
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(1)
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54
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August 3, 2013
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$
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17
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$
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(1,066)
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$
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(15)
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$
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(1,064)
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Reclassifications out of accumulated other comprehensive income/(loss) are as follows:
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Amount Reclassified from Accumulated Other Comprehensive Income/(Loss)
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Three Months Ended
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Six Months Ended
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Line Item in the
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($ in millions)
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August 3,
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July 28,
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August 3,
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July 28,
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Unaudited Consolidated
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2013
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2012
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2013
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2012
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Statements of Operations
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Realized (gain)/loss on REITs
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Redemption of SPG REIT units
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$
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-
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$
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(270)
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$
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-
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$
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(270)
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Real estate and other, net
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Tax (expense)/benefit
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-
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96
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-
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96
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Income tax expense/(benefit)
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Total, net of tax
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-
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(174)
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-
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(174)
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Amortization of retirement benefit plans
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Actuarial loss/(gain)(1)
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44
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63
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88
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127
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Pension
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Prior service cost/(credit)(1)
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2
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-
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3
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-
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Pension
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Prior service cost/(credit)(1)
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(2)
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(3)
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(4)
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(7)
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SG&A
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Tax (expense)/benefit
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(17)
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(25)
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(33)
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(47)
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Income tax expense/(benefit)
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Total, net of tax
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27
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35
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54
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73
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Total reclassifications
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$
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27
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$
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(139)
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$
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54
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$
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(101)
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(1) These accumulated other comprehensive components are included in the computation of net periodic benefits expense/(income). See Note 8 for additional details.
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