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New Accounting Standards (Notes)
 3 Months Ended
Apr. 01, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block] NEW ACCOUNTING STANDARDS
The Financial Accounting Standards Board (“FASB”) has issued the following Accounting Standards Update (“ASU”) that the Company has not yet adopted. The following is a summary of the new standard.
StandardDescriptionEffect on the Financial Statements
ASU 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting (as amended by ASU 2021-01 and ASU 2022-06).
Provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable for the Company’s borrowing instruments under the amended senior credit facility, which use LIBOR as a reference rate, and is available for adoption effective immediately. In December 2022, in ASU 2022-06, the FASB deferred the expiration date and extended the relief in Topic 848 beyond the cessation date of LIBOR. The new accounting rules must be adopted by December 31, 2024.
The Company is evaluating the impact of the new standard on its Consolidated Financial Statements.