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Restructuring Charges | 9 Months Ended
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Nov. 03, 2018
Restructuring And Related Activities [Abstract] |
Restructuring Charges | 12. Restructuring Charges During the 39 weeks ended November 3, 2018, the Company recorded pre-tax restructuring charges of $1.6 million. This amount consists primarily of charges for corporate severance costs. The Company may incur additional charges for corporate and international restructuring in Fiscal 2018. The magnitude is dependent on a number of factors, including negotiating third-party agreements, adherence to notification requirements and local laws. During the 13 and 39 weeks ended October 28, 2017, the Company recorded pre-tax restructuring related charges of $3.7 million and $29.9 million, respectively. These amounts consist of costs related to the planned exit of a joint business venture; charges for home office restructuring; and the previously announced initiative to explore the closure or conversion of Company owned and operated stores in Hong Kong, China, and the United Kingdom to licensed partnerships. The closure of the Company owned and operated United Kingdom stores was completed in the 39 weeks ended October 28, 2017.
|  | 39 Weeks Ended |  |  | 13 Weeks Ended |  |  | 39 Weeks Ended |
|  | November 3, |  |  | October 28, |  |  | October 28, |
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2017 |
Severance and related employee costs |  | $ | 1,568 |  |  | $ | 2,431 |  |  | $ | 9,592 |
Lease termination and store closure costs |  |  | — |  |  |  | 1,264 |  |  |  | 9,296 |
Total cash restructuring charges (1) |  |  | 1,568 |  |  |  | 3,695 |  |  |  | 18,888 |
Joint business venture charges (2) |  |  | — |  |  |  | — |  |  |  | 9,311 |
Inventory charges (3) |  |  | — |  |  |  | — |  |  |  | 1,669 |
Total restructuring and related charges |  | $ | 1,568 |  |  | $ | 3,695 |  |  | $ | 29,868 |
(1) | Cash charges of $1.6 million for the 39 weeks ended November 3, 2018 consisted primarily of charges for corporate severance costs; and $3.7 million and $18.9 million for the 13 and 39 weeks ended October 28, 2017, respectively, for lease termination, store closures and severance were recorded within Restructuring Charges on the Consolidated Statements of Operations and Retained Earnings.
(2) | $9.3 million ($5.1 million cash and $4.2 million non-cash) of charges related to the planned exit of a joint business venture were recorded within Other (Expense) Income, Net on the Consolidated Statements of Operations and Retained Earnings.
(3) | Non-cash inventory charges of $1.7 million related to restructuring activities for our United Kingdom and Asia markets recorded as a reduction in Gross Profit on the Consolidated Statements of Operations and Retained Earnings.
A roll forward of the liabilities recognized in the Consolidated Balance Sheet is as follows. The accrued liability as of February 3, 2018 relates to previous restructuring activities disclosed in the Company’s Fiscal 2017 Form 10-K, which remained unpaid at the beginning of Fiscal 2018.
|  | 39 Weeks Ended |
|  | November 3, |
(In thousands) |  | 2018 |
Accrued liability as of February 3, 2018 |  | $ | 7,650 |
Add: Costs incurred, excluding non-cash charges |  |  | 1,568 |
Less: Cash payments and adjustments |  |  | (5,284 | )
Accrued liability as of November 3, 2018 |  | $ | 3,934 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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