Crucial 2015 Annual Report Download - page 71

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69
Maturities of Notes Payable and Future Minimum Lease Payments
As of September 3, 2015, maturities of notes payable (including the MMJ Creditor Installment Payments) and future
minimum lease payments under capital lease obligations were as follows:
Notes
Payable Capital Lease
Obligations
2016 $ 291 $ 349
2017 289 173
2018 504 131
2019 508 91
2020 702 32
2021 and thereafter 4,844 76
Unamortized discounts and interest, respectively (589)(60)
$ 6,549 $ 792
Retrospective Application of a New Accounting Standard
Effective in the fourth quarter of 2015, we adopted ASU 2015-03 – Simplifying the Presentation of Debt Issuance Costs.
ASU 2015-03 requires 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, as appropriate, consistent with debt discounts, as opposed to an asset.
The new accounting standard required retrospective application; therefore, our financial statements and notes to these
statements contained herein have been adjusted to reflect the impact of adopting this new accounting standard. The following
table sets forth the financial statement line items affected by retrospective application of this new accounting standard:
As of August 28, 2014 Previously
Reported Effect of
Adoption Retrospectively
Adjusted
Other noncurrent assets $ 497 $ (82) $ 415
Current debt 1,638 (20) 1,618
Long-term debt 4,955 (62) 4,893
Redeemable convertible debt 57 11 68
Additional capital 7,879 (11) 7,868
Commitments
As of September 3, 2015, we had commitments of approximately $1.62 billion for the acquisition of property, plant, and
equipment. We lease certain facilities and equipment under operating leases. Total rental expense was $48 million, $57
million, and $41 million for 2015, 2014, and 2013, respectively. Minimum future operating lease commitments as of
September 3, 2015 were as follows:
2016 $ 218
2017 296
2018 106
2019 15
2020 12
2021 and thereafter 35
$ 682