Recently Issued Accounting Pronouncements (Policies) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Apr. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Accounting | The Condensed Consolidated Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | The Company makes certain estimates and assumptions in preparing its Condensed Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.In the normal course of business, the Company incurs research and development costs related to new product development which are expensed as incurred and included in Selling, general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations. Research and development costs were $19.9 million during the three months ended April 2, 2021, and $18.5 million during the three months ended April 3, 2020. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements | Accounting Guidance Implemented in 2021
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