Recently Adopted Accounting Standard

3 Months Ended

Mar. 29, 2014

Accounting Changes and Error Corrections [Abstract]

Recently Adopted Accounting Standard

Recently Adopted Accounting Standard

In January 2014, the Financial Accounting Standards Board issued an Accounting Standards Update (ASU) permitting companies to make an accounting policy election to account for qualified affordable housing investments using the proportional amortization method if certain criteria are met. Under this method, the investment is amortized in proportion to the tax credits received and the net investment performance is recognized in the statements of earnings as a component of income tax expense. This ASU is effective for reporting periods beginning after December 15, 2014 with early adoption permitted. The Company elected to adopt the ASU early. The cumulative effect of the change from adopting the ASU was recorded during the quarter ended March 29, 2014 as the effect on the current period and prior periods was not material to the Company’s financial condition or results of operations.