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Basis of Presentation (Policies)
9 Months Ended
Nov. 02, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Description of Issued, But Not Yet Effective, Accounting Standards

The following table provides a brief description of issued, but not yet effective, accounting standards:

 

Standard

Description

Effect on our Financial Statements

Cloud Computing

(ASU 2018-15)

 

Issued August 2018

 

Effective Q1 2020

Under the new standard, implementation costs related to a cloud computing arrangement will be deferred or expensed as incurred, in accordance with the existing internal-use software guidance for similar costs.

 

The new standard also prescribes the balance sheet, income statement and cash flow classification of the capitalized implementation costs and related amortization expense.

We are evaluating the impact of the new standard, but believe it is generally consistent with our current accounting for cloud computing arrangements and will not have a material impact on our financials.

 

Current Expected Credit Losses

(ASU 2016-13)

 

Issued June 2016

 

Effective Q1 2020

 

 

Under the new standard, credit losses for financial assets measured at amortized cost should be determined based on the total current expected credit losses over the life of the financial asset or group of financial assets.

 

The amendments are effective on February 2, 2020 and must be applied using a modified retrospective approach with a cumulative-effect adjustment through retained earnings as of the beginning of the fiscal year upon adoption as required.

We are evaluating the impact of the new standard, but believe it will not have a material impact on our financial statements.