IMMATERIAL CORRECTION OF PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

Jun. 28, 2017

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections

IMMATERIAL CORRECTION OF PRIOR PERIOD FINANCIAL STATEMENTS

In connection with the preparation of the consolidated financial statements for the year ended June 28, 2017, we discovered immaterial errors in prior years relating to the accuracy of the deferred income tax liability, primarily related to property and equipment. While we have concluded that the impact of these errors on our previously-issued consolidated financial statements was not material, we have revised our previously-reported consolidated financial statements for the years ended June 29, 2016 and June 24, 2015.

The revisions to our consolidated statements of comprehensive income for the years ended June 29, 2016 and June 24, 2015 are as follows (in thousands, except per share amounts):

	Fifty-Three Week Period Ended June 29, 2016						Fifty-Two Week Period Ended June 24, 2015
	As Reported			As Revised			As Reported			As Revised
Income before provision for income taxes	$	286,387		$	286,387		$	284,277		284,277
Provision for income taxes	85,642			85,767			87,583			89,618
Net income	$	200,745		$	200,620		$	196,694		$	194,659
Basic net income per share	$	3.47		$	3.47		$	3.12		$	3.09
Diluted net income per share	$	3.42		$	3.42		$	3.05		$	3.02
Basic weighted average shares outstanding	57,895			57,895			63,072			63,072
Diluted weighted average shares outstanding	58,684			58,684			64,404			64,404
Other comprehensive loss:
Foreign currency translation adjustment	$	(2,964	)	$	(2,964	)	$	(7,690	)	$	(7,690	)
Other comprehensive loss	(2,964		)	(2,964		)	(7,690		)	(7,690		)
Comprehensive income	$	197,781		$	197,656		$	189,004		$	186,969

The revisions to our consolidated balance sheet as of June 29, 2016 were as follows (in thousands):

	June 29, 2016
	As Reported			As Revised
Accounts receivable, net	$	43,944		$	45,612
Total current assets	176,774			178,442
Deferred income taxes, net	27,003			14,325
Total other assets (a)	249,534			236,856
Total assets (a)	1,469,460			1,458,450
Income taxes payable	18,814			22,022
Total current liabilities	432,443			435,651
Other liabilities	139,423			137,682
Total shareholders’ deficit	(213,099		)	(225,576		)
Total liabilities and shareholders’ deficit	$	1,469,460		$	1,458,450

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(a) During the first quarter of fiscal 2017, we adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, on a retrospective basis. Accordingly, we reclassified the debt issuance cost balances associated with the 2.60% notes and 3.88% notes of $1.0 million and $2.2 million, respectively, from other assets to long-term debt, less current installments on the consolidated balance sheet as of June 29, 2016.

The revisions had no impact on cash flows from operating, investing, or financing activities on the consolidated statements of cash flows for fiscal years 2016 and 2015. The revisions to the consolidated statements of shareholders' deficit include the changes to net income and comprehensive income, as noted above, and a $10.3 million decrease to retained earnings at the beginning of fiscal 2015.