Table:
|  | June 24, 2018 As Reported | Adjustments | Jun e25, 2018 As Adjusted |
| --- | --- | --- | --- |
|  |  | (in thousands) |  |
| Total assets | $12,479,478 | $12,955 | $12,492,433 |
| Deferred profit | $720,086 | $(160,695) | $559,391 |
| Total liabilities | $5,899,435 | $(126,400) | $5,773,035 |
| Stockholder’s equity | $6,501,851 | $139,355 | $6,641,206 |
Paragraphs:
Note 3: Recent Accounting Pronouncements
Recently Adopted
In May 2014, the FASB released ASU 2014-09, “Revenue from Contracts with Customers,” to supersede nearly all existing revenue recognition guidance under GAAP. The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015–14, ASU 2016–08, ASU 2016–10, ASU 2016–12 and ASU 2016–20, respectively; all of which in combination with ASU 2014-09 were codified as Accounting Standard Codification Topic 606 (“ASC 606”). The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Company adopted ASC 606 on the first day of the current fiscal year, June 25, 2018, under the modified retrospective approach, applying the amendments to prospective reporting periods. Results for reporting periods beginning on or after June 25, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under ASC 605. In connection with the adoption of ASC 606, the Company’s revenue recognition policy has been amended, refer to Note 2—Summary of Significant Accounting Policies for a description of the policy.
The cumulative effect of the changes made to the Company’s Consolidated Balance Sheet as of June 25, 2018 for the adoption of ASC 606 to all contracts with customers that were not completed as of June 24, 2018 was recorded as an adjustment to retained earnings as of the adoption date as follows:
Question:
What is the percentage change in the deferred profit after the adjustment?
Answer: (559391-720086)/720086 = -22.32