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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 03, 2019

Schedule of Estimated Useful Lives of Property, Plant And Equipment

Depreciation is computed using the straight-line method over the following estimated useful lives of the assets:

Leasehold improvements		Shorter of estimated useful life or lease term (generally 5 – 22 years)
Fixtures and equipment		2 – 20 years
Buildings and building improvements		10 – 40 years
Capitalized software		2 – 10 years

Accounting Standards Update 2014-09

Summarize Impact of Adopting ASU 2014-09 to Consolidated Financial Statements

• the reclassification from selling, general and administrative expenses into net revenues for certain incentives received from credit card issuers,

• the reclassification of breakage income related to our unredeemed stored-value cards from selling, general and administrative expenses into net revenues, as well as the acceleration in the timing of recognizing breakage income,

• the acceleration in the timing of revenue recognition for certain merchandise shipped to our customers, and

• the recording of a right of return asset for merchandise we expect to receive back from customers.

In addition, prepaid catalog advertising costs, which were capitalized and amortized over their expected period of future benefit prior to adoption, and are now expensed as incurred. Prior period balances were not retrospectively adjusted as a result of adopting the ASU.

The following summarizes the impact of adopting ASU 2014-09 on our Consolidated Statement of Earnings for the fiscal year ended February 3, 2019:

In thousands		As Reported				ASU 2014-09 Adjustment				As Adjusted
Net revenue		$	5,671,593			$	(61,106	)		$	5,610,487
Cost of goods sold			3,570,580				(6,059	)			3,564,521
Gross profit			2,101,013				(55,047	)			2,045,966
Selling, general and administrative expenses			1,665,060				(48,766	)			1,616,294
Operating income		$	435,953			$	(6,281	)		$	429,672

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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

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