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RECENTLY ADOPTED ACCOUNTING STANDARDS
9 Months Ended
Nov. 07, 2015
RECENTLY ADOPTED ACCOUNTING STANDARDS  
RECENTLY ADOPTED ACCOUNTING STANDARDS

 

7.RECENTLY  ADOPTED  ACCOUNTING  STANDARDS

 

In 2015, the Financial Accounting Standards Board (“FASB”) amended Accounting Standards Codification 835, “Interest-Imputation of Interest.” The amendment simplifies the presentation of debt issuance costs related to a recognized debt liability by requiring it be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  This amendment became effective for the Company beginning February 1, 2015, and was adopted retrospectively in accordance with the standard. The adoption of this amendment resulted in amounts previously reported in other assets to now be reported within long-term debt including obligations under capital leases and financing obligations in the Consolidated Balance Sheets.  These amounts were not material to the prior year.  The adoption of this amendment did not have an effect on the Company’s Consolidated Statements of Operations.