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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Aug. 04, 2018
Accounting Policies [Abstract]  
Impact of Adoption of Accounting Standards Update 606
The cumulative effect of the changes made to the Company's Condensed 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
$
67,234

$
2,537

$
69,771

  Inventories
542,625

(4,788
)
537,837

Deferred income taxes
25,077

(1,568
)
23,509

 
 
 
 
Liabilities and Equity
 
 
 
Current liabilities:
 
 
 
  Other accrued liabilities
72,220

(8,232
)
63,988

Equity
 
 
 
  Retained Earnings
603,902

4,413

608,315


Note 1
Summary of Significant Accounting Policies, Continued

In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on the Company's Condensed Consolidated Statements of Operations for the three and six months ended August 4, 2018 and Condensed Consolidated Balance Sheets as of August 4, 2018 was as follows (in thousands, except per share data):

 
August 4, 2018
 
As Reported
Balances without the adoption of ASC 606
Effect of Change Higher/(Lower)
 
 
 
 
Inventories
$
606,748

$
610,454

$
(3,706
)
Prepaids and other current assets
79,338

79,467

(129
)
Total current assets
774,355

778,190

(3,835
)
 
 
 
 
Deferred income taxes
23,126

24,313

(1,187
)
Total Assets
1,367,796

1,372,818

(5,022
)
 
 
 
 
Other accrued liabilities
53,307

61,564

(8,257
)
Total current liabilities
318,119

326,376

(8,257
)
Total liabilities
543,638

551,895

(8,257
)
Retained earnings
603,536

600,279

3,257

Accumulated other comprehensive loss
(42,744
)
(42,722
)
(22
)
Total equity
824,158

820,923

3,235

Total Liabilities and Equity
1,367,796

1,372,818

(5,022
)



 
Three Months Ended August 4, 2018
 
As Reported
Balances without the adoption of ASC 606
Effect of Change Higher/(Lower)
 
 
 
 
Net sales
$
653,892

$
653,811

$
81

Selling and administrative expenses
319,042

316,564

2,478

Earnings from operations
1,361

3,758

(2,397
)
Earnings from continuing operations before income taxes
259

2,656

(2,397
)
Income tax expense
92

648

(556
)
Earnings from continuing operations
167

2,008

(1,841
)
Net earnings (loss)
(15
)
1,826

(1,841
)
 
 
 
 
Diluted earnings per share from continuing operations
$
0.01

$
0.09

$
(0.08
)






Note 1
Summary of Significant Accounting Policies, Continued

 
Six Months Ended August 4, 2018
 
As Reported
Balances without the adoption of ASC 606
Effect of Change Higher/(Lower)
 
 
 
 
Net sales
$
1,298,851

$
1,298,802

$
49

Selling and administrative expenses
641,166

639,580

1,586

Earnings (loss) from operations
(487
)
1,050

(1,537
)
Loss from continuing operations before income taxes
(2,637
)
(1,100
)
(1,537
)
Income tax benefit
(496
)
(115
)
(381
)
Loss from continuing operations
(2,141
)
(985
)
(1,156
)
Net loss
(2,346
)
(1,190
)
(1,156
)
 
 
 
 
Diluted loss per share from continuing operations
$
(0.11
)
$
(0.06
)
$
(0.05
)
Carrying amounts and fair values of the Company's financial instruments
The carrying amounts and fair values of the Company’s financial instruments at August 4, 2018 and February 3, 2018 are as follows:

Fair Values
 
 
 
 
 
 
 
In thousands
August 4, 2018
 
February 3, 2018
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
U.S. Credit Facility Borrowings
$
60,717

 
$
60,847

 
$
69,372

 
$
69,421

UK Term Loans
9,712

 
9,802

 
11,419

 
11,602

UK Revolver Borrowings
12,908

 
12,986

 
7,594

 
7,671
Components of accumulated other comprehensive loss
The following table summarizes the components of accumulated other comprehensive loss ("AOIC") for the six months ended August 4, 2018:

 
 
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
 
(12,604
)
—

(12,604
)
  Loss on intra-entity foreign currency transactions
 
 
 
 
    (long-term investment nature)
 
(1,270
)
—

(1,270
)
Amounts reclassified from AOCI:
 
 
 
 
  Amortization of net actuarial loss (1)
 
—

434

434

Income tax expense
 
—

112

112

Current period other comprehensive income (loss), net of tax
 
(13,874
)
322

(13,552
)
Balance August 4, 2018
 
$
(34,682
)
$
(8,062
)
$
(42,744
)

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