Old COPPER Company, Inc. - 10-Q filing on 2015-12-09

Stockholders' Equity (Tables)

9 Months Ended

Oct. 31, 2015

The following table shows the change in the components of stockholders’ equity for the nine months ended October 31, 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)	—	—		—		(442		)	—			(442		)
Other comprehensive income/(loss)	—	—		—		—			41			41
Stock-based compensation	0.6	1		33		—			—			34
October 31, 2015	305.5	$	153	$	4,639	$	(2,221	)	$	(1,024	)	$	1,547

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



	Three Months Ended
	October 31, 2015									November 1, 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		$	(6	)	$	10
Reclassification for amortization of prior service (credit)/cost	—			—			—			(1		)	—			(1		)
Cash flow hedges
Net gain/(loss) on interest rate swaps	(10		)	4			(6		)	—			—			—
Total	$	19		$	(7	)	$	12		$	15		$	(6	)	$	9



	Nine Months Ended
	October 31, 2015									November 1, 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	$	87		$	(34	)	$	53		$	49		$	(19	)	$	30
Reclassification for amortization of prior service (credit)/cost	—			—			—			(1		)	—			(1		)
Cash flow hedges
Net gain/(loss) on interest rate swaps	(19		)	7			(12		)	—			—			—
Total	$	68		$	(27	)	$	41		$	48		$	(19	)	$	29

The following table shows the changes in accumulated other comprehensive income/(loss) balances for the nine months ended October 31, 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	—			—			—			(14		)	(14		)
Amounts reclassified from accumulated other comprehensive income	53			—			—			2			55
October 31, 2015	$	(970	)	$	(40	)	$	(2	)	$	(12	)	$	(1,024	)

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						Nine Months Ended
($ in millions)	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
Amortization of retirement benefit plans
Actuarial loss/(gain)⁽¹⁾	$	29		$	16		$	87		$	49		Pension
Prior service cost/(credit)⁽¹⁾	2			1			6			5			Pension
Prior service cost/(credit)⁽¹⁾	(2		)	(2		)	(6		)	(6		)	SG&A
Cash flow hedges
Realized loss/(gain)	—			—			2			—			Net interest expense
Tax (expense)/benefit	(10		)	(6		)	(34		)	(19		)	Income tax expense/(benefit)
Total, net of tax	19			9			55			29
Total reclassifications	$	19		$	9		$	55		$	29


(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.