New Accounting Pronouncements

9 Months Ended

Sep. 27, 2013

New Accounting Pronouncements

2. New Accounting Pronouncements

In July 2013, the Financial Accounting Standards Board (FASB) issued an update to its accounting guidance which requires unrecognized tax benefits to be netted with net operating loss or tax credit carryforwards in the consolidated balance sheet if specific criteria are met. The standard is effective for the interim and annual periods beginning after December 15, 2013. Early adoption is permitted. We will adopt this standard for the interim period ending March 28, 2014. Adoption of this standard is not expected to have a material effect on our consolidated financial statements.