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IMMATERIAL CORRECTION OF PRIOR PERIOD FINANCIAL STATEMENTS | 12 Months Ended
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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 |
____________________________________________________________________
(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.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 6.G.2.b(b)(1)) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e31034-122693 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22595-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 + Details
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