EXHIBIT 99.1
The Company adopted Accounting Standard Update (“ASU” or “Update”) 2015-03 “Simplifying the Presentation of Debt Issuance Costs” in the first quarter of its 2017 fiscal year. This ASU requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct reduction from that debt liability, consistent with the presentation of a debt discount. We adopted this ASU on a retrospective basis, as a result of which our October 30, 2016 and November 1, 2015, consolidated balance sheets and its related long-term borrowings note have been adjusted, as necessary, to reflect this ASU’s adoption. The effect on our consolidated balance sheets is presented below.
Other Assets
October 30, 2016 | November 1, 2015 | |||||||
Prev. reported | $ | 4,071 | $ | 4,612 | ||||
Change due to adoption | (279 | ) | (565 | ) | ||||
Retrospectively adjusted | 3,792 | 4,047 |
Long term borrowings
October 30, 2016 | November 1, 2015 | |||||||
Prev. reported | $ | 62,139 | $ | 67,120 | ||||
Change due to adoption | (279 | ) | (565 | ) | ||||
Retrospectively adjusted | 61,860 | 66,555 |