Table of Contents Genesco Inc. and Subsidiaries Notes to Consolidated Financial Statements Note 1 Summary of Significant Accounting Policies, Continued 61 February 2, 2019 As Reported Balances without the adoption of ASC 606 Effect of Change Higher/(Lower) Inventories $ 366,667 $ 369,906 $ (3,239) Prepaids and other current assets 64,634 64,139 495 Total current assets 731,046 733,790 (2,744) Deferred income taxes 21,335 21,785 (450) Total Assets 1,181,081 1,184,275 (3,194) Other accrued liabilities 45,313 48,798 (3,485) Total current liabilities 276,229 279,714 (3,485) Total liabilities 443,530 447,015 (3,485) Retained earnings 508,555 508,242 313 Accumulated other comprehensive loss (37,936) (37,914) (22) Total equity 737,551 737,260 291 Total Liabilities and Equity 1,181,081 1,184,275 (3,194) Balance at Adjustments Balance at February 3, 2018 due to ASC 606 February 4, 2018 Assets Current assets: Prepaids and other current assets $ 33,614 $ 2,275 $ 35,889 Inventories 388,410 (4,526) 383,884 Deferred income taxes 25,077 (1,568) 23,509 Liabilities and Equity Current liabilities: Other accrued liabilities 50,523 (3,332) 47,191 Current liabilities - discontinued operations 41,242 (4,900) 36,342 Equity Retained Earnings 603,902 4,413 608,315 The cumulative effect of the changes made to the Company's Consolidated Balance Sheets as of February 4, 2018 for the adoption of ASC 606 were as follows (in thousands): In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on the Company's Consolidated Statements of Operations for the twelve months ended February 2, 2019 and Consolidated Balance Sheets as of February 2, 2019 were as follows (in thousands, except per share data):