American Eagle Outfitters 2004 Annual Report Download - page 50

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36
Part II
Consolidated Balance Sheets
(In thousands, except per share amounts) As Previously
Reported
Adjustments
As Restated
As of January 31, 2004
Accounts and note receivable, including related party $22,820 $1,309 $24,129
Deferred income taxes 16,816 3,768 20,584
Total current assets 525,623 5,077 530,700
Property and equipment, at cost, net of accumulated depreciation
and amortization 278,689 62,266 340,955
Total assets 865,071 67,343 932,414
Accrued rent 30,985 9,683 40,668
Current portion of deferred lease credits - 10,261 10,261
Total current liabilities 189,035 19,944 208,979
Deferred lease credits - 53,936 53,936
Other non-current liabilities 18,492 (244) 18,248
Total non-current liabilities 32,366 53,692 86,058
Stockholders’ equity 643,670 (6,293) 637,377
Total liabilities and stockholders’ equity 865,071 67,343 932,414
Recent Financial Accounting Standards Board Pronouncements
FIN No. 46, Consolidation of Variable Interest Entities
The FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities, an interpretation of Accounting
Research Bulletin No. 51, Consolidated Financial Instruments, in January 2003 and subsequently issued a revision
of the Interpretation in December 2003 ("FIN 46R"). FIN 46R requires certain variable interest entities to be
consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the
characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its
activities without additional financial support from other parties. All provisions of FIN 46R were effective for the
first reporting period ended after March 15, 2004. The Company fully adopted the provisions of FIN 46R during the
three months ended May 1, 2004, which did not have an impact on the Company's consolidated financial position,
results of operations or liquidity because the Company has no interest in any variable interest entities.
FSP No. FAS 109-2, Accounting and Disclosure Guidance for the Foreign Earnings Repatriation Provision within
the American Jobs Creation Act of 2004
In December 2004, the FASB issued Staff Position No. FAS 109-2, Accounting and Disclosure Guidance for the
Foreign Earnings Repatriation Provision within the American Jobs Creation Act of 2004 (“FSP No. 109-2”). FSP
No. 109-2 allows additional time for companies to determine how the American Jobs Creation Act of 2004 (the
“Act”) affects a company’s accounting for the deferred tax liabilities on un-remitted foreign earnings. The Act
provides for a special one-time deduction of 85% of certain foreign earnings that are repatriated and which meet
certain requirements. The Company is currently evaluating whether any of the earnings of our non-U.S. operations
will be repatriated in accordance with the terms of the Act. At this time, the Company has not yet identified qualified
earnings that would be beneficial to repatriate. The Company will continue to monitor its foreign earnings during
Fiscal 2005 to determine whether it is beneficial to repatriate earnings under the Act.