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Accounting Pronouncements (Tables)

3 Months Ended

Mar. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Schedule of Accounting Pronouncements

The Company considered the ASUs summarized below, effective after 2019, none of which are expected to significantly impact its financial statements:

Standard		Description		Effective Date
ASU 2016-13 and 2018-19, 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
ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement		The standard eliminates certain fair value disclosures while requiring additional disclosures related to the development of inputs for level 3 of the fair value hierarchy and for entities that use the practical expedient to measure the fair value of certain investments at net asset value.		January 1, 2020
ASU 2018-15. Customer's Accounting for Implementation Cost Incurred in a Cloud Computing Arrangement that is a Service Contract		The standard requires implementation costs in a cloud computing arrangement that is a service contract to be capitalized and amortized over the non-cancellable term of the contract and any renewals that are reasonably certain.		January 1, 2020
ASU 2018-17, Related Party Guidance for Variable Interest Entities		The standard changes how entities evaluate decision making fees under the variable interest guidance.		January 1, 2020
ASU 2018-18, Collaborative Arrangements		The standard requires certain transactions between participants in a collaborative arrangement to be accounted for as revenue under the new revenue standard when the participant is a customer.		January 1, 2020
ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans		The standard requires specific disclosures for defined benefit plans, including the weighted average interest credit rate for cash balance plans and reasons for significant gains and losses affecting the benefit obligation and plan assets. The standard also eliminates certain other disclosures.		January 1, 2021

Company adopted the ASUs summarized below, none of which significantly impacted its financial statements:

Standard		Description		Effective Date
ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income		The standard allows for the reclassification of "stranded" tax effects as a result of the Act from accumulated other comprehensive income to retained earnings. The Company elected not to reclassify such amounts. The Company reclassifies taxes from accumulated other comprehensive loss to earnings as the items to which the tax effects relate are similarly reclassified.		January 1, 2019
ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting		The standard aligns measurement and classification guidance for share-based payments to nonemployees with the guidance applicable to employees. Under the new guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date.		January 1, 2019

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- Definition

Tabular 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

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