XML 74 R59.htm IDEA: XBRL DOCUMENT v3.8.0.1
New Accounting Guidance (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 03, 2018
 [2]
Oct. 28, 2017
 [2]
Jul. 29, 2017
 [2]
Apr. 29, 2017
Jan. 28, 2017
 [2]
Oct. 29, 2016
 [2]
Jul. 30, 2016
 [2]
Apr. 30, 2016
 [2]
Feb. 03, 2018
Jan. 28, 2017
Jan. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Income tax expense [1]                 $ 74,172 $ 28,212 $ 42,464
Negative impact on net loss attributable to Guess, Inc. from tax shortfalls $ (1,040) $ 2,860 $ (15,219) $ 21,293 [2] $ (6,567) $ (9,103) $ (32,269) $ 25,178 $ 7,894 $ (22,761) $ (81,851)
Unfavorable impact on basic loss per share $ 0.01 [3],[4],[5],[6] $ (0.04) [3],[4],[5],[6] $ 0.18 [3],[4],[5],[6] $ (0.26) [2],[3],[4],[5],[6] $ 0.08 [3],[5],[6],[7],[8],[9] $ 0.11 [3],[5],[6],[7],[8],[9] $ 0.38 [3],[5],[6],[7],[8],[9] $ (0.30) [3],[5],[6],[7],[8],[9] $ (0.11) $ 0.27 $ 0.97
Unfavorable impact on diluted loss per share from tax shortfalls $ 0.01 [3],[4],[5],[6] $ (0.04) [3],[4],[5],[6] $ 0.18 [3],[4],[5],[6] $ (0.26) [2],[3],[4],[5],[6] $ 0.08 [3],[5],[6],[7],[8],[9] $ 0.11 [3],[5],[6],[7],[8],[9] $ 0.38 [3],[5],[6],[7],[8],[9] $ (0.30) [3],[5],[6],[7],[8],[9] $ (0.11) $ 0.27 $ 0.96
Increase in operating cash flows from reclass of excess tax benefits                 $ 148,370 $ 71,740 $ 179,668
Decrease in financing cash flow from reclass of excess tax benefits                 (128,737) (69,034) (127,979)
Cumulative adjustment reclassified to retained earnings from adoption of ASU 2018-02 [10]                 (1,210)    
Accounting Standards Update 2016-09                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Income tax expense                 1,309    
Negative impact on net loss attributable to Guess, Inc. from tax shortfalls                 $ 1,309    
Unfavorable impact on basic loss per share                 $ (0.02)    
Unfavorable impact on diluted loss per share from tax shortfalls                 $ (0.02)    
Increase in operating cash flows from reclass of excess tax benefits                   300 200
Decrease in financing cash flow from reclass of excess tax benefits                   $ (300) $ (200)
Retained Earnings | Accounting Standards Update 2016-09                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Cumulative adjustment reclassified to retained earnings from adoption of new accounting guidance       $ (268)         $ (268)    
Retained Earnings | Accounting Standards Update 2018-02                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Cumulative adjustment reclassified to retained earnings from adoption of ASU 2018-02                 $ 1,210    
[1] During fiscal 2018, the Company adopted authoritative guidance which requires all income tax effects of stock awards (resulting from an increase or decrease in the fair value of an award from grant date to the vesting date) to be recognized in the income statement when the awards vest or are settled. This is a change from previous guidance that required such activity to be recorded in paid-in capital within stockholders’ equity. As a result, the Company recorded tax shortfalls of approximately $1.3 million in the Company’s income tax expense during fiscal 2018.
[2] All fiscal quarters presented consisted of 13 weeks with the exception of the quarter ended February 3, 2018 which consisted of 14 weeks.
[3] During each of the periods presented, the Company recognized asset impairment charges for certain retail locations resulting from under-performance and expected store closures. The Company recorded asset impairment charges of $2.8 million, $1.2 million, $2.0 million and $2.5 million, respectively, during the first, second, third and fourth quarters of fiscal 2018. The Company also recorded asset impairment charges of $0.2 million, $0.5 million, $0.8 million and $32.9 million, respectively, during the first, second, third and fourth quarters of fiscal 2017. Refer to Note 5 for further detail regarding asset impairment charges.
[4] During fiscal 2018, the Company recognized additional tax expense of $47.9 million related to the enactment of the Tax Reform. This is comprised of a $24.9 million charge for the provisional re-measurement of certain deferred taxes and related amounts and a provisional charge of $23.0 million to income tax expense for the estimated effects of the transitional tax on the deemed repatriation of foreign earnings. These charges were recorded during the fourth quarter of fiscal 2018. Refer to Note 11 for further detail.
[5] Per common share amounts for the quarters and full years have been calculated separately. Accordingly, quarterly amounts may not add to the annual amount because of differences in the average common shares outstanding during each period.
[6] The Company recorded net gains (losses) on lease terminations of $(11.5) million and $0.1 million during the third and fourth quarters of fiscal 2018, respectively. There were no net gains (losses) on lease terminations recognized during the first or second quarters of fiscal 2018. During the first and second quarters of fiscal 2017, the Company recorded net gains on lease terminations of $0.1 million and $0.6 million, respectively. There were no net gains (losses) on lease terminations recognized during the third or fourth quarters of fiscal 2017. Refer to Note 1 for further information regarding net gains (losses) on lease terminations.
[7] During fiscal 2017, the Company recorded restructuring charges of $6.1 million and a related estimated exit tax charge of approximately $1.9 million. The restructuring charges and related estimated exit tax charge were recorded during the three months ended April 30, 2016. Refer to Note 9 for further detail regarding these charges.
[8] During fiscal 2017, the Company recorded valuation reserves of $6.8 million resulting from jurisdictions where there have been cumulative net operating losses, limiting the Company’s ability to consider other subjective evidence to continue to recognize the existing deferred tax assets. The Company recorded the valuation reserve during the three months ended January 28, 2017. Refer to Note 11 for further detail.
[9] During fiscal 2017, the Company sold its minority interest equity holding in a privately-held boutique apparel company for net proceeds of approximately $34.8 million, which resulted in a gain of approximately $22.3 million which was recorded in other income. The gain was recorded during the three months ended July 30, 2016.
[10] During the fourth quarter of fiscal 2018, the Company early adopted authoritative guidance which addresses certain stranded income tax effects in accumulated other comprehensive income (loss) resulting from the Tax Reform enacted in December 2017. As a result, the Company recorded a cumulative adjustment to increase retained earnings by $1.2 million with a corresponding reduction to accumulated other comprehensive income (loss) related to the Company’s Supplemental Executive Retirement Plan and its interest rate swap designated as a cash flow hedge based in the U.S.