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Summary of Significant Accounting Policies and Other Information
6 Months Ended
Jul. 30, 2011
Summary of Significant Accounting Policies and Other Information
2. Summary of Significant Accounting Policies and Other Information
There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2011.
Recent Accounting Pronouncements
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-05, Presentation of Comprehensive Income. ASU 2011-05 amends Accounting Standards Codification (“ASC”) 220, Comprehensive Income, by requiring entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements, removing the option to present the components of other comprehensive income as part of the statement of stockholders’ equity. The items that must be reported in other comprehensive income were not changed. ASU 2011-05 will be effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2011 and must be applied retrospectively. The Company is evaluating its presentation options under this ASU; however these changes are not expected to impact the consolidated financial statements other than the change in presentation.
In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 amends ASC 820, Fair Value Measurement, by expanding existing disclosure requirements for fair value measurements and modifying certain definitions in the guidance, which may change how the fair value measurement guidance of ASC 820 is applied. ASU 2011-04 will be effective for the Company for interim and annual periods beginning after December 15, 2011 and must be applied prospectively. The Company is evaluating the impact that this ASU may have on its consolidated financial statements, if any.
Supplemental Cash Flow Information
Interest paid for the twenty-six weeks ended July 30, 2011 and July 31, 2010 was $5.3 million and $15.3 million, respectively. Income taxes paid for the twenty-six weeks ended July 30, 2011 and July 31, 2010 were $3.1 million and $4.1 million respectively.