Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 02, 2019

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to the Company's Consolidated Balance Sheets as of February 4, 2018 for the adoption of ASC 606 were as follows (in thousands):



	Balance at		Adjustments			Balance at
	February 3, 2018		due to ASC 606			February 4, 2018

Assets
Current assets:
Prepaids and other current assets	$	33,614	$	2,275		$	35,889
Inventories	388,410		(4,526		)	383,884
Deferred income taxes	25,077		(1,568		)	23,509

Liabilities and Equity
Current liabilities:
Other accrued liabilities	50,523		(3,332		)	47,191
Current liabilities - discontinued operations	41,242		(4,900		)	36,342
Equity
Retained Earnings	603,902		4,413			608,315

In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on the Company's Consolidated Statements of Operations for the twelve months ended February 2, 2019 and Consolidated Balance Sheets as of February 2, 2019 were as follows (in thousands, except per share data):



	February 2, 2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)

Inventories	$	366,667		$	369,906		$	(3,239	)
Prepaids and other current assets	64,634			64,139			495
Total current assets	731,046			733,790			(2,744		)

Deferred income taxes	21,335			21,785			(450		)
Total Assets	1,181,081			1,184,275			(3,194		)

Other accrued liabilities	45,313			48,798			(3,485		)
Total current liabilities	276,229			279,714			(3,485		)
Total liabilities	443,530			447,015			(3,485		)
Retained earnings	508,555			508,242			313
Accumulated other comprehensive loss	(37,936		)	(37,914		)	(22		)
Total equity	737,551			737,260			291
Total Liabilities and Equity	1,181,081			1,184,275			(3,194		)

Note 1

Summary of Significant Accounting Policies, Continued



	Fiscal 2019
	As Reported			Balances without the adoption of ASC 606			Effect of Change Higher/(Lower)

Net sales	$	2,188,553		$	2,188,398		$	155
Selling and administrative expenses	962,076			961,581			495
Earnings from operations	81,817			82,157			(340		)
Earnings from continuing operations before income taxes	78,259			78,599			(340		)
Income tax expense	27,035			27,127			(92		)
Earnings from continuing operations	51,224			51,472			(248		)
Loss from discontinued operations	(103,154		)	(99,302		)	(3,852		)
Net earnings	(51,930		)	(47,830		)	(4,100		)

Diluted earnings per share from continuing operations	$	2.63		$	2.64		$	(0.01	)

Property and equipment amortized over the estimated useful life of related assets

Depreciation and amortization expense are computed principally by the straight-line method over the following estimated useful lives:



Buildings and building equipment	20-45 years
Computer hardware, software and equipment	3-10 years
Furniture and fixtures	10 years

Carrying amounts and fair values of the Company's financial instruments

The carrying amounts and fair values of the Company’s financial instruments at February 2, 2019 and February 3, 2018 are:



In thousands	February 2, 2019				February 3, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Revolver Borrowings	$	56,773	$	56,861	$	69,372	$	69,421
UK Term Loans	8,970		9,063		11,419		11,602
UK Revolver Borrowings	—		—		7,594		7,671

Schedule of accumulated other comprehensive loss

The following table summarizes the components of accumulated other comprehensive loss for the year ended February 2, 2019:



	Foreign Currency Translation			Unrecognized Pension/Postretirement Benefit Costs			Total Accumulated Other Comprehensive Income (Loss)
(In thousands)
Balance February 3, 2018	$	(20,808	)	$	(8,384	)	$	(29,192	)
Other comprehensive income (loss) before reclassifications:
Foreign currency translation adjustment	(11,481		)	—			(11,481		)
Loss on intra-entity foreign currency transactions
(long-term investment nature)	(1,463		)	—			(1,463		)
Plan amendment	—			3,658			3,658
Net actuarial gain	—			2,688			2,688
Amounts reclassified from AOCI:
Curtailment⁽¹⁾	—			(1,199		)	(1,199		)
Amortization of net actuarial loss and prior service cost - ongoing operations⁽²⁾	—			582			582
Amortization of net actuarial loss and prior service cost - discontinued operations⁽¹⁾	—			(57		)	(57		)
Income tax expense	—			1,472			1,472
Current period other comprehensive income (loss), net of tax	(12,944		)	4,200			(8,744		)
Balance February 2, 2019	$	(33,752	)	$	(4,184	)	$	(37,936	)

⁽¹⁾ Amount is included in (loss) earnings from discontinued operations on the Consolidated Statements of Operations.

⁽²⁾ Amount is included in other components of net periodic benefit cost on the Consolidated Statements of Operations.