XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Recent Accounting Pronouncements (Tables)
 3 Months Ended
Jun. 02, 2018
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The below tables set forth the adjustments to the Company’s consolidated statement of earnings and consolidated balance sheet as a result of the newly adopted revenue recognition standard.
 
Three months ended June 2, 2018
(In thousands)
As Reported
 
Balances Without Adoption of ASU 2014-09
 
Impact of Adoption Increase/(Decrease)
 
 
 
 
 
 
Net sales
$
2,753,667

 
$
2,755,312

 
$
(1,645
)
Cost of sales
1,788,819

 
1,795,164

 
(6,345
)
    Gross profit
964,848

 
960,148

 
4,700

Selling, general and administrative expenses
883,619

 
888,154

 
(4,535
)
    Operating profit
81,229

 
71,994

 
9,235

Interest expense, net
16,732

 
16,732

 
—

    Earnings before provision for income taxes
64,497

 
55,262

 
9,235

Provision for income taxes
20,921

 
18,590

 
2,331

    Net earnings
$
43,576

 
$
36,672

 
$
6,904

Net earnings per share - Diluted
$
0.32

 
$
0.27

 
$
0.05

 
June 2, 2018
(In thousands)
As Reported
 
Balances Without Adoption of ASU 2014-09
 
Impact of Adoption Increase/(Decrease)
 
 
 
 
 
 
Assets
 
 
 
 
 
Merchandise inventories
$
2,646,263

 
$
2,648,181

 
$
(1,918
)
Prepaid expenses and other current assets
483,159

 
378,516

 
104,643

 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
Accrued expenses and other current liabilities
716,069

 
605,137

 
110,932

Merchandise credit and gift card liabilities
329,055

 
339,945

 
(10,890
)
Retained earnings
11,360,572

 
11,357,889

 
2,683