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Accounting Standards Adopted in Current Year
 12 Months Ended
Dec. 31, 2016
Accounting Standards Adopted in Current Year
3. Accounting Standards Adopted in Current Year

In April 2015, the Financial Accounting Standards Board (the “FASB”) issued updated guidance to simplify the presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued updated guidance which clarifies the treatment of debt issuance costs from line-of-credit arrangements. In particular, this guidance clarifies that the Securities and Exchange Commission Staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. As further reflected in Note 8, the Company adopted this guidance during the first quarter of fiscal 2016 on a retrospective basis to simplify the presentation of debt issuance costs during the first quarter of fiscal 2016. As shown in the table below, pursuant to the guidance and a change in accounting principle applied on a retrospective basis, the Company has reclassified unamortized debt issuance costs associated with Term Facilities (defined hereafter) in the Company’s Consolidated Balance Sheet for fiscal 2015 shown herein.

In November 2015, the FASB issued updated guidance on the classification of deferred tax assets. This accounting standard requires deferred tax assets and liabilities, along with related valuation allowances, to be classified as noncurrent on the balance sheet. As a result, each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The Company adopted this guidance during the first quarter of fiscal 2016 on a retrospective basis. As shown in the table below, pursuant to the guidance and a change in accounting principle applied on a retrospective basis, the Company has reclassified current deferred tax assets in the Company’s Consolidated Balance Sheet for fiscal 2015 shown herein.

 

     January 2, 2016  
     As Filed      Deferred
Financing		      Deferred Tax
Asset		      As Adjusted  

Deferred income taxes

    $ 7,516      $ 0      $ (7,516 )     $ 0  

Total current assets

    $ 358,973      $ 0      $ (7,516 )     $ 351,457  

Deferred financing costs, net

    $ 25,209      $ (25,209 )     $ 0      $ 0  

Other noncurrent assets

    $ 6,720      $ 255      $ 4,602      $ 11,577  

Total assets

    $ 1,422,084      $ (24,954 )     $ (2,914 )     $ 1,394,216  

Long-term debt

    $ 2,021,250      $ (24,954 )     $ 0      $ 1,996,296  

Deferred income taxes

    $ 159,539      $ 0      $ (2,914 )     $ 156,625  

Total liabilities

    $ 2,707,792      $ (24,954 )     $ (2,914 )     $ 2,679,924  

 

In August 2014, the FASB issued guidance on going concern, which requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable). The guidance is effective for annual periods ending after December 15, 2016 and for interim periods thereafter. The adoption of this guidance did not have an effect on our consolidated financial statements during the fiscal year ended December 31, 2016.