XML 40 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Recent Accounting Pronouncements (Details)
6 Months Ended
Jul. 29, 2017
Accounting Standards Update 2014-09 [Member]  
Recent Accounting Pronouncements (Details) [Line Items]  
New Accounting Pronouncement or Change in Accounting Principle, Description In June 2014, the Financial Accounting Standards Board (“FASB”)issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entityto recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effectivefor the Company’s fiscal year beginning February 4, 2018. This ASU will most likely change the way the Company accountsfor sales returns, our customer loyalty program, gift card breakage and certain other promotional programs. The Company is continuingto evaluate which transition approach it will utilize and the impact this standard will have on the Company’s consolidatedfinancial statements upon adoption.
Accounting Standards Update 2016-02 [Member]  
Recent Accounting Pronouncements (Details) [Line Items]  
New Accounting Pronouncement or Change in Accounting Principle, Description In February 2016, the FASB issued ASU No. 2016-02, Leases,which will replace most existing lease accounting guidance in U.S. GAAP. The core principle of this ASU is that an entity shouldrecognize the rights and obligations resulting from leases as assets and liabilities. The new standard requires qualitative andspecific quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understandmore about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. The newstandard will be effective for the Company’s fiscal year beginning February 3, 2019, and requires the modified retrospectivemethod of adoption. Early adoption is permitted. The Company is in the process of determining the method and timing of adoptionand assessing the impact of ASU 2016-02 on its consolidated financial statements. Given the nature of the operating leases forthe Company’s home office, distribution center, and stores, the Company expects an increase to the carrying value of itsassets and liabilities.
Accounting Standards Update 2017-04 [Member]  
Recent Accounting Pronouncements (Details) [Line Items]  
New Accounting Pronouncement or Change in Accounting Principle, Description In January 2017, the FASB issued ASU 2017-04, “Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies how an entity is requiredto test goodwill for impairment by eliminating step two from the goodwill impairment test whereby a goodwill impairment loss isdetermined by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.Rather, an entity will perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unitwith its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reportingunit’s fair value. ASU 2017-04 is effective for the Company in fiscal 2020, applied on a prospective basis, and early adoptionis allowed for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.
Accounting Standards Update 2017-07 [Member]  
Recent Accounting Pronouncements (Details) [Line Items]  
New Accounting Pronouncement or Change in Accounting Principle, Description In March 2017, the FASB issued ASU 2017-07, “Compensation- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement BenefitCost,” which is intended to improve the presentation of net periodic pension cost andnet periodic post-retirement benefit cost in an entity’s financial statements by requiring the service cost component bedisaggregated from other components of net benefit costs and presented in the same line item or items as other compensation costsfor the employees. Additionally, only the service cost component of net benefit cost is eligible for capitalization when applicable.ASU 2017-07 is effective for the Company’s fiscal year beginning February 3, 2019, and must be applied retrospectively.ASU 2017-07 is permitted for early adoption, but only at the beginning of an annual period for which financial statements havenot been issued or made available for issuance. The Company is currently evaluating the impact that this ASU will have on itsreporting and asset recognition.
Accounting Standards Update 2017-09 [Member]  
Recent Accounting Pronouncements (Details) [Line Items]  
New Accounting Pronouncement or Change in Accounting Principle, Description In May 2017, the FASB issued ASU 2017-09, “Compensation- Stock Compensation (Topic 718): Scope of Modification Accounting,” which provided clarity as to what changes to the termsor conditions of share-based payment awards require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effectivefor the Company for interim and annual periods in fiscal year beginning February 3, 2019, with early adoption permitted and isapplied prospectively to changes in terms or conditions of awards occurring on or after the adoption date. The Company will considerthe impact that this standard may have on future stock-based payment award modifications should they occur.