We have not yet completed our accounting for changes to deferred taxes, including those balances associated with fixed assets and executive compensation, and have recorded provisional estimates in our financial statements that will be subject to further revisions as a result of TCJA. Additionally, under the new guidance, we will record allowances for estimated sales returns on a gross basis rather than on a net basis on the Consolidated Balance Sheets.
We also use foreign exchange forward contracts to hedge the net assets of international subsidiaries to offset the foreign currency translation and economic exposures related to our investment in the subsidiaries. 1-7562. Our business employs systems and websites that allow for the secure storage and transmission of this information.
As of February 3, 2018, we have not finalized our accounting for the tax effects of the TCJA.
We will adopt the presentation and disclosure provisions of this ASU in the first quarter of fiscal 2018. During the fourth quarter of fiscal 2017, the company recognized a net provisional tax impact of approximately $34 million , which represents the provisional tax impact of federal tax reform of $57 million , net of a related $23 million benefit related to legal entity structuring that was also impacted by tax reform. Interest of $9 million , $9 million , and $8 million related to assets under construction was capitalized in fiscal 2017 , 2016 , and 2015 , respectively.
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The majority of our contractual obligations relate to operating leases for our stores. These forward-looking statements are based on information as of March 12, 2020. Trade restrictions, including increased tariffs or quotas, embargoes, safeguards, and customs restrictions against apparel items, as well as U.S. or foreign labor strikes, work stoppages, or boycotts, could increase the cost or reduce the supply of apparel available to us and adversely affect our business, financial condition, and results of operations. During the fourth quarter of fiscal 2016, the Company recorded a non-tax deductible goodwill impairment charge of $71 million , or $0.18 impact to diluted EPS, related to Intermix. For further information on our debt and credit facilities, see Item 8, Financial Statements and Supplementary Data, Notes 4 and 5 of Notes to Consolidated Financial Statements of this Form 10-K. Natural disasters, such as hurricanes, tornadoes, floods, earthquakes, and other adverse weather conditions; unforeseen public health crises, such as pandemics and epidemics; political crises, such as terrorist attacks, war, labor unrest, and other political instability; negative global climate patterns, especially in water stressed regions; or other catastrophic events, such as fires or other disasters occurring at our distribution centers or our vendors' manufacturing facilities, whether occurring in the United States or internationally, could disrupt our operations, including the operations of our franchisees, or the operations of one or more of our vendors. The Facility is available for general corporate purposes including working capital, trade letters of credit, and standby letters of credit. Finally, we will continue to invest in strengthening brand awareness, customer acquisition, and digital capabilities. We value these investments at their original purchase prices plus interest that has accrued at the stated rate. Form of Non-Qualified Stock Option Agreement under the 2011 Long-Term Incentive Plan, filed as Exhibit 10.1 to Registrant's Form 8-K on March 6, 2015, Commission File No. We early adopted ASU No. FISHER … Our vendors have factories in about 50 countries. The data set forth below should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 and the Company's Consolidated Financial Statements and related notes in Item 8 of this Form 10-K. Cash used for purchases of property and equipment Percentage increase (decrease) in comparable sales Number of Company-operated store locations open at year-end Number of franchise store locations open at year-end Square footage of Company-operated store space at year-end Percentage increase (decrease) in square footage of Company-operated store space at year-end In fiscal year 2015, we adopted the Financial Accounting Standards Board, Accounting Standard Update No. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of leases with a term of 12 months or less) at the commencement date. 333-129986. 1 to the Amended and Restated Revolving Credit Agreement dated August 31, 2016, filed as Exhibit 10.2 to Registrant's Form 10-Q for the quarter ended July 30, 2016, Commission File No.
We have served as the Company's auditor since at least 1976, in connection with its initial public offering. Income related to these securities is recorded in interest income in the Consolidated Statements of Income. Agreement for Post-Termination Benefits with Jeff Kirwan dated June 2, 2017, filed as Exhibit 10.7 to Registrant's Form 10-Q for the quarter ended April 29, 2017, Commission File No. We make available on our website, www.gapinc.com, under “Investors,” free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we … A reporting unit is an operating segment or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We believe the judgments and estimates discussed above are reasonable.
The ASU is effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. The fair value of the Company's DCP assets is determined based on quoted market prices. Annual Reports & Proxy.
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