Recently Issued Accounting Pronouncements

3 Months Ended

May 01, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recently Issued Accounting Pronouncements

Note 3 – Recently Issued Accounting Pronouncements

The Financial Accounting Standards Board issued guidance related to reference rate reform, which addresses contract modifications that may be necessary due to the expected discontinuance of LIBOR as a broadly used reference rate.  The guidance was effective immediately but is only available for contract modifications made through December 31, 2022.   Our credit facility currently allows for LIBOR-based borrowings and, as amended in 2020, contains provisions providing for a benchmark replacement in the event LIBOR is discontinued.  We will adopt this guidance when LIBOR is discontinued and do not expect the adoption will have a material impact on our consolidated financial statements or related disclosures.