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Note 13 - Recent Accounting Pronouncements and Developments
 6 Months Ended
Jul. 01, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
13.
     
RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS
 
In
May 2014,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
2014
-
09
(Topic
606
) “Revenue from Contracts with Customers” related to revenue from contracts with customers. Under this standard, revenue is recognized 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 updated standard will replace most existing revenue recognition guidance under GAAP and permits the use of either the retrospective or cumulative effect transition method. Topic
606
is effective for annual reporting periods beginning after
December 15, 2017,
including interim periods within that reporting period. The Company has adopted Topic
606
effective
January 1, 2018.
See Note
2
for further discussion.
 
In
November 2016,
the FASB issued Accounting Standards Update
2016
-
18,
 “Statement of Cash Flows (Topic
230
): Restricted Cash”.  The standard is effective for fiscal years beginning after
December 31, 2017,
and interim periods within those fiscal years, and should be applied using a retrospective transition method for each period presented. The standard requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total cash amounts shown on the statements of cash flows. The Company has adopted this standard effective
January 1, 2018.
As a result, restricted cash has been included in the total cash amounts on the Company’s Consolidated Statement of Cash Flows for all periods presented and the required disclosures have been included in the Notes to Consolidated Financial Statements.
 
In
August 2016,
the FASB issued Accounting Standards Update
2016
-
15,
“Statement of Cash Flows (Topic
230
), Classification of Certain Cash Receipts and Cash Payments”. The standard makes
eight
targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for fiscal years beginning after
December 15, 2017,
and interim periods within those fiscal years. The standard requires adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. The Company has adopted this standard effective
January 1, 2018.
Adoption of this standard did
not
impact our Consolidated Financial Statements for the current or prior periods presented.
 
In
May 2017,
the FASB issued Accounting Standards Update
2017
-
09,
“Compensation – Stock Compensation (Topic
718
) – Scope of Modification Accounting”, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic
718.
The standard is effective for fiscal years beginning after
December 15, 2017
and interim periods within those fiscal years. The standard is to be applied on a prospective basis to an award modified on or after the adoption date. The Company has adopted this standard effective
January 1, 2018.
Adoption of this standard did
not
impact our Consolidated Financial Statements.
 
There have been
no
developments to recently issued accounting standards, including the expected dates of adoption and anticipated effects on the Company’s Consolidated Financial Statements, from those disclosed in the Company’s
2017
Annual Report on Form
10
-K, except for the following:
 
In
March 2018,
the FASB issued Accounting Standards Update
2018
-
05,
“Income Taxes (Topic
740
): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No.
118”.
The standard adds various Securities and Exchange Commission (“SEC”) paragraphs pursuant to the issuance of the
December 2017
SEC Staff Accounting Bulletin
No.
118,
 “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (“SAB
118”
), which was effective immediately. The SEC issued SAB
118
to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Tax Cuts and Jobs Act in the period of enactment. SAB
118
allows disclosure that timely determination of some or all of the income tax effects from the Tax Cuts and Jobs Act are incomplete by the due date of the financial statements and if possible to provide a reasonable estimate. We have accounted for the tax effects of the Tax Cuts and Jobs Act under the guidance of SAB
118.
We have determined reasonable estimates for those effects and have recorded provisional amounts in our Consolidated Financial Statements as of
July 1, 2018
and
December 31, 2017.