| Comprehensive Income |
12.Accumulated Other Comprehensive Loss
Changes in Accumulated Other Comprehensive Loss by Component
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Total
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Net
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Accumulated
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Unrecognized
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Net
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Other
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Actuarial
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Unrecognized
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Comprehensive
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(In thousands, net of income taxes)
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Losses
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Hedge Losses
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Loss
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Balance as of February 28, 2013
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$
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(49,479)
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$
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(10,329)
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$
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(59,808)
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Other comprehensive income before reclassifications
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―
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2,032
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2,032
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Amounts reclassified from accumulated other comprehensive loss
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526
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3,341
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3,867
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Other comprehensive income
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526
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5,373
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5,899
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Balance as of August 31, 2013
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$
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(48,953)
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$
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(4,956)
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$
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(53,909)
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Changes In and Reclassifications Out of Accumulated Other Comprehensive Loss
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Three Months Ended August 31
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Six Months Ended August 31
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(In thousands)
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2013
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2012
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2013
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2012
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Retirement Benefit Plans (Note 8):
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Actuarial loss amortization reclassifications recognized
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in net pension expense:
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Cost of sales
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$
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172
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$
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119
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334
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237
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CarMax Auto Finance income
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10
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8
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19
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15
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Selling, general and administrative expenses
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247
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173
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484
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348
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Total amortization reclassifications recognized
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in net pension expense
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429
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300
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837
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600
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Tax expense
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(159)
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(111)
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(311)
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(151)
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Amortization reclassifications recognized in net
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pension expense, net of tax
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270
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189
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526
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449
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Net change in retirement benefit plan unrecognized
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actuarial losses, net of tax
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270
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189
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526
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449
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Cash Flow Hedges (Note 5):
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Effective portion of changes in fair value
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2,890
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(3,380)
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3,352
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(6,392)
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Tax (expense) benefit
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(1,139)
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9,845
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(1,320)
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11,026
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Effective portion of changes in fair value, net of tax
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1,751
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6,465
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2,032
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4,634
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Reclassifications to CarMax Auto Finance income
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2,605
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3,293
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5,510
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6,528
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Tax expense (1)
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(1,025)
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(2,563)
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(2,169)
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(2,563)
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Reclassification of hedge losses, net of tax
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1,580
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730
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3,341
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3,965
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Net change in cash flow hedge unrecognized losses,
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net of tax
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3,331
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7,195
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5,373
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8,599
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Total other comprehensive income, net of tax
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$
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3,601
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$
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7,384
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$
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5,899
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$
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9,048
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(1)As disclosed in our second quarter filing on Form 10-Q for fiscal 2013, the three months and six months ended August 31, 2012, included a tax provision adjustment of $1,270 related to the first quarter of fiscal 2013.
Changes in the funded status of our retirement plans and the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive loss. The cumulative balances are net of deferred taxes of $32.1 million as of August 31, 2013, and $35.9 million as of February 28, 2013.
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