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Summary of Significant Accounting Policies | 12 Months Ended
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Feb. 01, 2020
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Destination XL Group, Inc. (collectively with its subsidiaries referred to as the “Company”) is the largest specialty retailer in the United States of big & tall men’s clothing and shoes. The Company operates under the trade names of Destination XL®, DXL®, DXL Men’s Apparel, DXL Outlets®, Casual Male XL® and Casual Male XL Outlets. At February 1, 2020, the Company operated 228 DXL stores, 50 Casual Male XL, 28 Casual Male XL outlets and 17 DXL outlets located throughout the United States, including two stores in Canada and an e-commerce site at www.dxl.com. In fiscal 2018, the Company launched a wholesale segment focused on product development and distribution relationships with key retailers. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts, transactions and profits are eliminated. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from estimates. Subsequent Events All appropriate subsequent event disclosures, if any, have been made in these Notes to the Consolidated Financial Statements. Segment Reporting The Company has historically had two principal operating segments: its stores and direct businesses. The Company considers these two operating segments to be similar in terms of economic characteristics, production processes and operations, and has therefore aggregated them into one reportable segment, retail segment, consistent with its omni-channel business approach. In fiscal 2018, the Company launched a wholesale segment, which the Company considers a third operating segment. However, due to the immateriality of the wholesale segment’s revenues, profits and assets its operating results are aggregated with the retail segment for all periods. Reclassification In fiscal 2018, the Company reported its total costs associated with its Corporate restructuring and CEO transition costs of $4.3 million, on a combined basis on the Consolidated Statement of Operations. For comparability with fiscal 2019 presentation, Corporate restructuring and CEO transition costs for fiscal 2018 have been reported separately on the Consolidated Statement of Operations. Fiscal Year The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to January 31. Fiscal 2019 and Fiscal 2018 were 52-week periods, which ended on February 1, 2020 and February 2, 2019, respectively. Fiscal 2017 was a 53-week period, which ended on February 3, 2018. Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and short-term investments, which have a maturity of ninety days or less when acquired. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. Accounts Receivable Accounts receivable primarily includes amounts due for rebates from certain vendors and amounts due from wholesale customers. For fiscal 2019, fiscal 2018 and fiscal 2017, the Company did not incur any losses on its accounts receivable. Fair Value of Financial Instruments ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and short-term borrowings approximate fair value because of the short maturity of these instruments. ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. The valuation techniques utilized are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. These two types of inputs create the following fair value hierarchy: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related asset or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The Company utilizes observable market inputs (quoted market prices) when measuring fair value whenever possible. The fair value of long-term debt is classified with Level 2 of the valuation hierarchy. At February 1, 2020, long-term debt approximated the carrying amount based upon terms available to the Company for borrowings with similar arrangements and remaining maturities. See Note D, “Debt Obligations,” for more discussion. The fair value of the “dxl.com” domain name, an indefinite-lived intangible asset, is measured on a non-recurring basis in connection with the Company’s annual impairment test and is classified within Level 3 of the valuation hierarchy. At February 1, 2020, the fair value of the Company’s “dxl.com” domain name was determined to approximate carrying value. See Intangibles below. Stores that have indicators of impairment and fail the recoverability test (based on undiscounted cash flows) are measured for impairment by comparing the fair value of the assets against their carrying value. Fair value of the assets is estimated using a projected discounted cash flow analysis and is classified within Level 3 of the valuation hierarchy. See Impairment of Long-Lived Assets below. Inventories All inventories are valued at the lower of cost or market, using a weighted-average cost method. Property and Equipment Property and equipment are stated at cost. Major additions and improvements are capitalized while repairs and maintenance are charged to expense as incurred. Upon retirement or other disposition, the cost and related accumulated depreciation of the assets are removed from the accounts and the resulting gain or loss, if any, is reflected in the results of operations. Depreciation is computed on the straight-line method over the assets’ estimated useful lives as follows:
Furniture and fixtures |  | Five to ten years
Equipment |  | Five to ten years
Leasehold improvements |  | Lesser of useful lives or related lease term
Hardware and software |  | Three to seven years
Intangibles Domain Name In fiscal 2018, the Company purchased the rights to the domain “dxl.com”, at a purchase price of $1.0 million, plus transaction costs of $150,000. The Company determined that this domain has an indefinite useful life and, therefore, is not being amortized. At each reporting period, management analyzes current events and circumstances to determine whether the indefinite life classification continues to be valid. In the fourth quarter of fiscal 2019, the domain name was tested for potential impairment and the Company concluded that the domain name was not impaired. Trademarks and Customer Lists The Company’s “Casual Male” trademark and customer lists were classified as finite-lived assets and were fully amortized at the end of fiscal 2018. Amortization expense for fiscal 2018 and fiscal 2017 was $0.3 million and $0.4 million, respectively. In the fourth quarter of fiscal 2018, the Company decided to close its five Rochester Clothing stores in fiscal 2019 and, as a result, determined that its “Rochester” trademark was impaired because the projected future cash flows were insufficient to support the carrying value of the “Rochester” trademark. As a result, the Company recorded an impairment charge of $1.5 million in the fourth quarter of fiscal 2018 to fully write-off the “Rochester” trademark. Pre-opening Costs The Company expenses all pre-opening costs for its stores as incurred. Advertising Costs The Company expenses in-store advertising costs as incurred. Television advertising costs are expensed in the period in which the advertising is first aired. Direct response advertising costs, if any, are deferred and amortized over the period of expected direct marketing revenues, which is less than one year. There were no deferred direct response costs at February 1, 2020 and February 2, 2019. Advertising expense, which is included in selling, general and administrative expenses, was $22.9 million, $24.4 million and $29.5 million for fiscal 2019, 2018 and 2017, respectively. Revenue Recognition The Company’s accounting policies with respect to revenue recognition are discussed in Note B, “Revenue Recognition.” Foreign Currency Translation At February 1, 2020, the Company had two stores located in Toronto, Canada. Assets and liabilities for these stores are translated into U.S. dollars at the exchange rates in effect at each balance sheet date. Stockholders’ equity is translated at applicable historical exchange rates. Income, expense and cash flow items are translated at average exchange rates during the period. Resulting translation adjustments are reported as a separate component of stockholders’ equity. During the third quarter of fiscal 2019, the Company closed its Rochester Clothing store in London, England. In connection with exiting its operations in England, the Company recognized the associated accumulated foreign currency translation adjustment of $0.8 million as an expense in fiscal 2019. See “Accumulated Other Comprehensive Income (Loss) – (“AOCI”)” below. Accumulated Other Comprehensive Income (Loss) – (“AOCI”) Other comprehensive income (loss) includes amounts related to foreign currency and pension plans and is reported in the Consolidated Statements of Comprehensive Income (Loss). Other comprehensive income (loss) and reclassifications from AOCI for fiscal 2019, fiscal 2018 and fiscal 2017 are as follows:
| Fiscal 2019 |  |  | Fiscal 2018 |  |  | Fiscal 2017 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Pension Plans |  |  | Foreign Currency |  |  | Total |  |  | Pension Plans |  |  | Foreign Currency |  |  | Total |  |  | Pension Plans |  |  | Foreign Currency |  |  | Total |
Balance at beginning of fiscal year | $ | (5,521 | ) |  | $ | (662 | ) |  | $ | (6,183 | ) |  | $ | (5,840 | ) |  | $ | (403 | ) |  | $ | (6,243 | ) |  | $ | (5,237 | ) |  | $ | (781 | ) |  | $ | (6,018 | )
Other comprehensive income (loss) before reclassifications, net of taxes |  | (1,597 | ) |  |  | (83 | ) |  |  | (1,680 | ) |  |  | (746 | ) |  |  | (264 | ) |  |  | (1,010 | ) |  |  | 820 |  |  |  | 393 |  |  |  | 1,213 |
Recognition of accumulated foreign currency translation adjustment (1) |  |  |  |  |  | 792 |  |  |  | 792 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amounts reclassified from accumulated other comprehensive income (loss), net of taxes (2) |  | 640 |  |  |  | — |  |  |  | 640 |  |  |  | 352 |  |  |  | — |  |  |  | 352 |  |  |  | 670 |  |  |  | — |  |  |  | 670 |
Other comprehensive income (loss) for the period |  | (957 | ) |  |  | 709 |  |  |  | (248 | ) |  |  | (394 | ) |  |  | (264 | ) |  |  | (658 | ) |  |  | 1,490 |  |  |  | 393 |  |  |  | 1,883 |
Remeasurement and reclassification of stranded tax effect (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | 713 |  |  |  | 5 |  |  |  | 718 |  |  |  | — |  |  |  | — |  |  |  | — |
Adjustment to reclassify intraperiod tax allocation to accumulated deficit (Note F) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,093 | ) |  |  | (15 | ) |  |  | (2,108 | )
Balance at end of fiscal year | $ | (6,478 | ) |  | $ | 47 |  |  | $ | (6,431 | ) |  | $ | (5,521 | ) |  | $ | (662 | ) |  | $ | (6,183 | ) |  | $ | (5,840 | ) |  | $ | (403 | ) |  | $ | (6,243 | )
(1) | In connection with the Company’s closing of its Rochester Clothing store in London, England and exiting its London operations, the Company recognized the accumulated foreign currency translation adjustment as an expense and it has been included in “Exit costs associated with London operations” on the Consolidated Statement of Operations for fiscal 2019.
(2) | Includes the amortization of the unrecognized (gain)/loss on pension plans, which was charged to “Selling, General and Administrative” expense on the Consolidated Statements of Operations for all periods presented. The amortization of the unrecognized loss, before tax, was $640,000, $352,000 and $670,000 for fiscal 2019, fiscal 2018 and fiscal 2017, respectively. There was no corresponding tax benefit.
(3) | Represents the reclassification to retained earnings of the tax benefit associated with comprehensive income earned, adjusted for the effects of ASU 2018-02 which allowed for the reclassification to retained earnings of stranded tax effect as a result of the 2017 Tax Act.
Income Taxes Deferred income taxes are provided to recognize the effect of temporary differences between tax and financial statement reporting. Such taxes are provided for using enacted tax rates expected to be in place when such temporary differences are realized. A valuation allowance is recorded to reduce deferred tax assets if it is determined that it is more likely than not that the full deferred tax asset would not be realized. If it is subsequently determined that a deferred tax asset will more likely than not be realized, a credit to earnings is recorded to reduce the allowance. ASC Topic 740, Income Taxes (“ASC 740”) clarifies a company’s accounting for uncertain income tax positions that are recognized in its financial statements and also provides guidance on a company’s de-recognition of uncertain positions, financial statement classification, accounting for interest and penalties, accounting for interim periods, and disclosure requirements. In accordance with ASC 740, the Company will recognize the benefit from a tax position only if it is more likely than not that the position would be sustained upon audit based solely on the technical merits of the tax position. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense in its Consolidated Statement of Operations. The Company has not accrued or paid interest or penalties in amounts that were material to its results of operations for fiscal 2019, fiscal 2018 and fiscal 2017. The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has concluded all U.S. federal income tax matters for years through fiscal 2001, with remaining fiscal years subject to income tax examination by federal tax authorities. Net Loss Per Share Basic earnings per share are computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective period. Diluted earnings per share is determined by giving effect to unvested shares of restricted stock and the exercise of stock options using the treasury stock method. The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:
|  | FISCAL YEARS ENDED |
|  | February 1, 2020 |  |  | February 2, 2019 |  |  | February 3, 2018 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Common stock outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding |  |  | 49,992 |  |  |  | 49,163 |  |  |  | 48,888 |
Common stock equivalents – stock options, restricted stock and restricted stock units (RSUs) (1) |  |  | — |  |  |  | — |  |  |  | — |
Diluted weighted average common shares outstanding |  |  | 49,992 |  |  |  | 49,163 |  |  |  | 48,888 |
| (1) | Common stock equivalents, in thousands, of 408 shares, 497 shares and 134 shares for February 1, 2020, February 2, 2019 and February 3, 2018, respectively, were excluded due to the net loss.
The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each year because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because the unearned compensation associated with either stock options, RSUs, restricted or deferred stock had an anti-dilutive effect.
|  | FISCAL YEARS ENDED |
|  | February 1, 2020 |  |  | February 2, 2019 |  |  | February 3, 2018 |
(in thousands, except exercise prices) |  |  |  |  |  |  |  |  |  |  |  |
Stock options (time-vested) |  |  | 755 |  |  |  | 942 |  |  |  | 1,196 |
RSUs (time-vested) |  |  | 560 |  |  |  | 754 |  |  |  | 732 |
Restricted and deferred stock |  |  | 114 |  |  |  | 75 |  |  |  | 63 |
Range of exercise prices of such options |  | $1.85 - $7.02 |  |  | $2.25 - $7.02 |  |  | $1.85-$7.52 |
Excluded from the computation of basic and diluted earnings per share for fiscal 2019 were 720,000 shares of unvested performance stock units. These performance-based awards will be included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 295,604 shares and 204,040 shares of deferred stock for fiscal 2019 and fiscal 2018, respectively, were excluded from basic earnings per share and 30,000 shares of unvested time-based restricted shares in fiscal 2018. Unvested shares of deferred stock and unvested restricted shares are excluded until such shares vest. Shares of unvested restricted stock are not considered outstanding for basic earnings per share purposes until vested, but are considered issued and outstanding. A share of unvested restricted stock has all of the rights of a holder of the Company’s common stock, including, but not limited to, the right to vote and the right to receive dividends, which rights are forfeited if the restricted stock is forfeited. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period. Stock-based Compensation ASC Topic 718, Compensation – Stock Compensation, requires measurement of compensation cost for all stock awards at fair value on date of grant and recognition of compensation over the service period for awards expected to vest. The fair value of stock options is determined using the Black-Scholes valuation model and requires the input of subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (the “expected term”), the estimated volatility of the Company’s common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements (“forfeitures”). As required under the accounting rules, the Company reviews its valuation assumptions at each grant date and, as a result, is likely to change its valuation assumptions used to value employee stock-based awards granted in future periods. The values derived from using the Black-Scholes model are recognized as expense over the vesting period, net of estimated forfeitures. The estimation of stock awards that will ultimately vest requires judgment. Actual results, and future changes in estimates, may differ from the Company’s current estimates. The Company recognized total stock-based compensation expense, with no tax effect, of $1.9 million, $2.0 million and $1.6 million for fiscal 2019, fiscal 2018 and fiscal 2017, respectively. The total stock-based compensation cost related to time-vested awards not yet recognized as of February 1, 2020 was approximately $2.6 million and will be expensed over a weighted average remaining life of approximately 29 months. The total grant-date fair value of awards vested was $3.0 million, $2.0 million and $1.8 million for fiscal 2019, 2018 and 2017, respectively. Any excess tax benefits resulting from the exercise of stock options or the release of restricted shares are recognized as a component of income tax expense. Valuation Assumptions for Stock Options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for grants in fiscal 2018 and 2017 set forth below. There were no grants of stock options in fiscal 2019.
Fiscal years ended: |  | February 2, 2019 |  |  | February 3, 2018 |
Expected volatility |  | 48.9% - 57.1% |  |  | 49.9% |
Risk-free interest rate |  | 2.55% -2.63% |  |  | 1.44% |
Expected life (in years) |  | 3.0 - 4.5 |  |  | 3.0 |
Dividend rate |  |  | — |  |  |  | — |
Weighted average fair value of options granted |  | $ | 1.06 |  |  | $ | 0.65 |
Expected volatilities are based on historical volatilities of the Company’s common stock; the expected life represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and historical exercise patterns; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. Impairment of Long-Lived Assets The Company reviews its long-lived assets for events or changes in circumstances that might indicate the carrying amount of the assets may not be recoverable. The Company assesses the recoverability of the assets by determining whether the carrying value of such assets over their respective remaining lives can be recovered through projected undiscounted future cash flows. The amount of impairment, if any, is measured based on projected discounted future cash flows using a discount rate reflecting the Company’s average cost of funds. The Company recorded impairment charges of $0.9 million, $4.6 million and $4.1 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively. Impairment charges primarily relate to the write-down of property and equipment for stores where the carrying value exceeded fair value. However, the impairment charge for fiscal 2019 also included approximately $0.7 million for the write-down of certain right-of-use assets, fiscal 2018 included the write-off of its “Rochester” trademark of $1.5 million and the impairment charge for fiscal 2017 included the write-off of approximately $1.9 million associated with technology projects that were abandoned. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU is a comprehensive new standard that amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It requires lessees to recognize lease assets and lease liabilities for most leases, including those leases previously classified as operating leases under GAAP. The ASU retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. ASU 2016-02 requires a modified retrospective transition for financing or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11 “Leases (Topic 842): Targeted Improvements” that allows entities to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption without adjustment to the financial statements for periods prior to adoption. The Company adopted ASU 2016-02 on February 3, 2019 on a modified retrospective basis and applied the new standard to all leases through a cumulative-effect adjustment to beginning accumulated deficit. As a result, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for the respective periods. On February 3, 2019, the Company recognized leases, primarily related to its stores and corporate headquarters, on its Consolidated Balance Sheet, as right-of use assets of $214.1 million with corresponding lease liabilities of $254.5 million and eliminated certain existing lease-related asset and liabilities as a net adjustment to the right-of-use assets. In connection with this adoption, the Company recorded a transition adjustment, which was a net credit of $5.3 million to opening accumulated deficit. This adjustment reflected the net of (i) the recognition of the Company’s deferred gain from a sale-leaseback of $10.3 million, (ii) the write-off of initial direct costs of $1.2 million and (iii) the recognition of impairments, upon adoption, on certain right-of-use assets totaling $3.8 million. The new standard had a material impact on the Consolidated Balance Sheet as a result of the recognition of the right-of-use assets, the corresponding lease obligations and the net credit to accumulated deficit of $5.3 million. Because the Company recognized the outstanding deferred gain from a sale-leaseback of $10.3 million, with the adoption of the new standard, results of operations will not have the future benefit of approximately $1.5 million, which was the annual amortization being recognized over the initial 20-year term of the sale-leaseback of the Company’s corporate office. The adoption of the new standard had no material impact on Consolidated Statement of Cash Flows. The following is a discussion of the Company’s lease policy under the new lease accounting standard: The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments, initial direct costs and any lease incentives are included in the value of those right-of use assets. As the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes its incremental borrowing rate, based on information available at the lease measurement date to determine the present value of future payments. The Company’s store leases typically contain options that permit renewals for additional periods of up to five years each. In general, for store leases with an initial term of 10 years or more, the options to extend are not considered reasonably certain at lease commencement. For stores leases with an initial term of 5 years, the Company evaluates each lease independently and, only when the Company considers it reasonably certain that it will exercise an option to extend, will the associated payment of that option be included in the measurement of the right-of-use asset and lease liability. Renewal options are not included in the lease term for automobile and equipment leases because they are not considered reasonably certain of being exercised at lease commencement. Renewal options were not considered for the Company’s corporate headquarters and distribution center lease, which was entered into in 2006 and was for an initial 20-year term. At the end of the initial term, the Company will have the opportunity to extend this lease for six additional successive periods of five years. The Company elected the lessee non-lease component separation practical expedient, which permits the Company to not separate non-lease components from the lease components to which they relate. The Company also made an accounting policy election that the recognition requirement of ASC 842 will not be applied to certain, if any, non-store leases, with a term of 12 months or less, recognizing those lease payments on a straight-line basis over the lease term. For store leases, the Company accounts for lease components and non-lease components as a single lease component. Certain store leases may require additional payments based on sales volume, as well as reimbursement for real estate taxes, common area maintenance and insurance, and are expensed as incurred as variable lease costs. Other store leases contain one periodic fixed lease payment that includes real estate taxes, common area maintenance and insurance. These fixed payments are considered part of the lease payment and included in the right-of-use assets and lease liabilities. Tenant allowances are included as an offset to the right-of-use asset and amortized as reductions to rent expense over the associated lease term. See Note E ‘‘Leases’’ for additional information. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments.” This guidance amends several aspects of the measurement of credit losses on financial instruments, including trade receivables. Topic 326 replaces the existing incurred credit loss model with an impairment model (known as the current expected credit loss ("CECL") model), which is based on expected losses rather than incurred losses. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will adopt ASU 2016-13 in the first quarter of fiscal 2020 and it is not expected to have a material effect on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” This guidance modifies the disclosure requirements on fair value measurements in Topic 820 by removing disclosures regarding transfers between Level 1 and Level 2 of the fair value hierarchy, by modifying the measurement uncertainty disclosure, and by requiring additional disclosures for Level 3 fair value measurements, among others. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company will adopt ASU 2018-13 in the first quarter of fiscal 2020 and it is not expected to have a material effect on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes.” This standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes, while also clarifying and amending existing guidance, including interim-period accounting for enacted changes in tax law. This standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is considering early adoption of ASU No. 2019-12 and it is not expected to have a material effect on the Company’s Consolidated Financial Statements. No other new accounting pronouncements, issued or effective during fiscal 2019, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements.

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