Old COPPER Company, Inc. - 10-Q filing on 2015-09-08

Stockholders' Equity (Tables)

6 Months Ended

Aug. 01, 2015

The following table shows the change in the components of stockholders’ equity for the six months ended August 1, 2015:



(in millions)	Number of Common Shares	Common Stock		Additional Paid-in Capital		Reinvested Earnings/ (Accumulated Deficit)			Accumulated Other Comprehensive Income/(Loss)			Total Stockholders’ Equity
January 31, 2015	304.9	$	152	$	4,606	$	(1,779	)	$	(1,065	)	$	1,914
Net income/(loss)	—	—		—		(305		)	—			(305		)
Other comprehensive income/(loss)	—	—		—		—			29			29
Stock-based compensation	0.6	1		21		—			—			22
August 1, 2015	305.5	$	153	$	4,627	$	(2,084	)	$	(1,036	)	$	1,660

The tax effects allocated to each component of other comprehensive income/(loss) are as follows:



	Three Months Ended
	August 1, 2015									August 2, 2014
($ in millions)	Gross Amount			Income Tax (Expense)/ Benefit			Net Amount			Gross Amount		Income Tax (Expense)/ Benefit			Net Amount
Retirement benefit plans
Reclassification for amortization of net actuarial (gain)/loss	$	29		$	(11	)	$	18		$	16	$	(7	)	$	9
Reclassification for amortization of prior service (credit)/cost	—			—			—			1		—			1
Cash flow hedges
Net gain/(loss) on interest rate swaps	(9		)	3			(6		)	—		—			—
Total	$	20		$	(8	)	$	12		$	17	$	(7	)	$	10



	Six Months Ended
	August 1, 2015									August 2, 2014
($ in millions)	Gross Amount			Income Tax (Expense)/ Benefit			Net Amount			Gross Amount		Income Tax (Expense)/ Benefit			Net Amount
Retirement benefit plans
Reclassification for amortization of net actuarial (gain)/loss	$	58		$	(23	)	$	35		$	33	$	(13	)	$	20
Cash flow hedges
Net gain/(loss) on interest rate swaps	(9		)	3			(6		)	—		—			—
Total	$	49		$	(20	)	$	29		$	33	$	(13	)	$	20

The following table shows the changes in accumulated other comprehensive income/(loss) balances for the six months ended August 1, 2015:



($ in millions)	Net Actuarial Gain/(Loss)			Prior Service Credit/(Cost)			Foreign Currency Translation			Gain/(Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Income/(Loss)
January 31, 2015	$	(1,023	)	$	(40	)	$	(2	)	$	—		$	(1,065	)
Other comprehensive income/(loss) before reclassifications	—			—			—			(7		)	(7		)
Amounts reclassified from accumulated other comprehensive income	35			—			—			1			36
August 1, 2015	$	(988	)	$	(40	)	$	(2	)	$	(6	)	$	(1,036	)

Reclassifications out of accumulated other comprehensive income/(loss) are as follows:



	Amount Reclassified from Accumulated Other Comprehensive Income/(Loss)												Line Item in the Unaudited Interim Consolidated Statements of Operations
	Three Months Ended						Six Months Ended
($ in millions)	August 1, 2015			August 2, 2014			August 1, 2015			August 2, 2014
Amortization of retirement benefit plans
Actuarial loss/(gain)⁽¹⁾	$	29		$	16		$	58		$	33		Pension
Prior service cost/(credit)⁽¹⁾	2			3			4			4			Pension
Prior service cost/(credit)⁽¹⁾	(2		)	(2		)	(4		)	(4		)	SG&A
Cash flow hedges
Realized loss/(gain)	2			—			2			—			Net interest expense
Tax (expense)/benefit	(12		)	(7		)	(24		)	(13		)	Income tax expense/(benefit)
Total, net of tax	19			10			36			20
Total reclassifications	$	19		$	10		$	36		$	20


(1)	These accumulated other comprehensive income/(loss) components are included in the computation of net periodic benefit expense/(income). See Note 10 for additional details.