DSW 2015 Annual Report Download - page 51

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Table of Contents


operations for the prior periods presented. The change to historical periods was limited to classifications within the consolidated statements of operations and
has no effect on net income or earnings per share.
Three months ended
Fiscal year ended
January 31, 2015
January 31, 2015
As previously
reported
Effect of change
As adjusted
As previously
reported
Effect of change
As adjusted
(in thousands)
Operating expenses
$ (128,681)
$ 201
$ (128,480)
$ (512,889)
$ 353
$ (512,536)
Interest income, net
602
132
734
2,795
326
3,121
Income tax provision
(19,527)
(333)
(19,860)
(95,713)
(679)
(96,392)
Three months ended
Fiscal year ended
February 1, 2014
February 1, 2014
As previously
reported
Effect of change
As adjusted
As previously
reported
Effect of change
As adjusted
(in thousands)
Operating expenses
$ (115,113)
$ —
$ (115,113)
$ (497,899)
$ 36
$ (497,863)
Interest income, net
762
42
804
2,619
(182)
2,437
Income tax provision
(17,521)
(42)
(17,563)
(92,705)
146
(92,559)
In November 2015, the FASB released Accounting Standards Update ("ASU") 2015-17, which requires entities to present deferred tax assets and deferred tax
liabilities as non-current on the classified balance sheet. The ASU will be effective for annual reporting periods beginning after December 15, 2016,
including interim reporting periods. In addition, entities are permitted to apply the amendments either prospectively or retrospectively.
The Company elected to early adopt the standard in the fourth quarter of 2015 and applied the amendments retrospectively to maintain comparability of its
balance sheet and related ratios. The change in accounting standard has been applied retrospectively by adjusting the balance sheet for the prior period
presented.
As of January 31, 2015
As previously reported
Effect of change
As adjusted
(in thousands)
Current deferred income taxes
$ 19,747
$ (19,747)
$ —
Total current assets
768,470
(19,747)
748,723
Non-current deferred income taxes
11,332
19,747
31,079
 As a result of RVI’s disposition of Filene’s Basement during fiscal 2009, any changes to the gain on disposal of Filene’s Basement
operations are included in discontinued operations. Any changes in the carrying value of assets with residual interest in the discontinued business are
classified within continuing operations. See Note 16 for a discussion of discontinued operations.
Basic earnings per share is based on net income and a simple weighted average of common shares outstanding. Diluted earnings per
share reflects the potential dilution of common shares adjusted for outstanding stock options, restricted stock units and performance-based restricted stock
units. See Note 6 for a detailed discussion of earnings per share.
 The following assumptions were used to estimate the fair value of each class of financial instruments:
F- 12
Source: DSW Inc., 10-K, March 24, 2016 Powered by Morningstar® Document Research℠
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