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Accounting Pronouncements | 6 Months Ended
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Jul. 01, 2017
Accounting Changes and Error Corrections [Abstract] |
Accounting Pronouncements | Accounting Pronouncements The Company has considered the ASUs issued by the Financial Accounting Standards Board ("FASB") summarized below, which could significantly impact its financial statements:
Standards Pending Adoption |  | Description |  | Effective Date |  | Anticipated Impact
ASU 2014-09, Revenue from Contracts with Customers (1) |  | The standard replaces existing revenue recognition guidance and requires additional financial statement disclosures. The provisions of these updates may be applied through either a full retrospective or a modified retrospective approach. |  | January 1, 2018 |  | The Company is finalizing its review of the impact of adopting this standard and is developing and executing a comprehensive implementation plan. Reviews of a significant portion of commercial contracts have been completed and changes to processes and internal controls are being identified to meet the standard’s reporting and disclosure requirements. At this time, the Company does not believe that this standard will have a material effect on its revenues, results of operations or financial position. The Company expects to make additional disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers as required by the new standard. The Company currently plans to adopt the new standard using the modified retrospective approach; however, a final decision regarding the adoption method has not been made at this time.
ASU 2016-02, Leases |  | The standard requires that a lessee recognize on its balance sheet right-of-use assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. Currently, GAAP only requires balance sheet recognition for leases classified as capital leases. The provisions of this update apply to substantially all leased assets, with certain permitted exceptions, and must be adopted using a modified retrospective approach. |  | January 1, 2019 |  | The Company is currently evaluating the impact of this update. For additional information on the Company’s operating lease commitments, see Note 11, "Commitments and Contingencies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |  | The standard was issued to address the net presentation of the components of net benefit cost. It requires the classification of service cost in the same line item as other current employee compensation costs. It also requires the presentation of the remaining components of net benefit cost in a separate line item outside any subtotal for income from operations. |  | January 1, 2018 |  | The update will result in the retrospective reclassification of the non-service cost components of net benefit cost from cost of sales and selling, general and administrative expenses to other expense, net. There will be no impact on consolidated net income.
(1) Along with four subsequent ASUs amending and clarifying ASU 2014-09: ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date" ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" In addition to the adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting," discussed in Note 11, "Income Taxes," the Company adopted the ASUs summarized below in 2017. The effects of adopting the ASUs listed below did not significantly impact the Company's financial statements:
Standard |  | Description |  | Effective Date
ASU 2015-11, Simplifying the Measurement of Inventory |  | The standard requires the measurement of inventory at the lower of cost or net realizable value rather than at the lower of cost or market. |  | January 1, 2017
ASU 2016-05, Effects of Derivative Contract Novations on Existing Hedge Accounting Relationships and ASU 2016-06, Contingent Put and Call Options in Debt Instruments. |  | The standards provide clarification when there is a change in a counterparty to a derivative hedging instrument and the steps required when assessing the economic characteristics of embedded put or call options. |  | January 1, 2017
ASU 2016-07, Simplifying the Transition to Equity Method of Accounting |  | The standard eliminates the requirement to retroactively apply the equity method of accounting as a result of an increase in the level of ownership or degree of influence. |  | January 1, 2017
ASU 2016-17, Interests Held through Related Parties that Are under Common Control |  | The standard changes the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity in certain instances involving entities under common control. |  | January 1, 2017
The Company has considered the recent ASUs summarized below, none of which are expected to significantly impact its financial statements:
Standard |  | Description |  | Effective Date
ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities |  | The standard requires equity investments and other ownership interests in unconsolidated entities (other than those accounted for using the equity method of accounting) to be measured at fair value through earnings. A practicability exception exists for equity investments without readily determinable fair values. |  | January 1, 2018
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments |  | The standard addresses the classification of cash flows related to various transactions, including debt prepayment and extinguishment costs, contingent consideration and proceeds from insurance claims. |  | January 1, 2018
ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory |  | The standard requires the recognition of the income tax effects of intercompany sales and transfers (other than inventory) when the sales and transfers occur. |  | January 1, 2018
ASU 2016-18, Restricted Cash |  | The standard provides guidance on the presentation of restricted cash on the statement of cash flows. |  | January 1, 2018
ASU 2017-01, Clarifying the Definition of a Business |  | The standard provides a new framework to use when determining if a set of assets and activities is a business. |  | January 1, 2018
ASU 2017-05, Gains and Losses from the Derecognition of Nonfinancial Assets |  | The standard provides guidance for recognizing gains and losses on nonfinancial assets (including land, buildings and intangible assets) to noncustomers. Adoption must coincide with ASU 2014-09. |  | January 1, 2018
ASU 2017-09, Stock Compensation - Scope of Modification Accounting |  | The standard provides guidance intended to reduce diversity in practice when accounting for a modification to the terms and conditions of a share-based payment award. |  | January 1, 2018
ASU 2016-13, Measurement of Credit Losses on Financial Instruments |  | The standard changes the impairment model for most financial instruments to an "expected loss" model. The new model will generally result in earlier recognition of credit losses. |  | January 1, 2020
ASU 2017-04, Simplifying the Test for Goodwill Impairment |  | The standard simplifies the accounting for goodwill impairments and allows a goodwill impairment charge to be based on the amount of a reporting unit's carrying value in excess of its fair value. This eliminates the requirement to calculate the implied fair value of goodwill or what is known as "Step 2" under the current guidance. |  | January 1, 2020

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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