New and Recently Adopted Accounting Pronouncements (Policies)

3 Months Ended

Mar. 28, 2015

Accounting Changes and Error Corrections [Abstract]

New and Recently Adopted Accounting Pronouncements

In May 2014, the Financial Accounting Standards board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised good or services to customers. The ASU will replace most existing revenue recognition guidance In U.S. GAAP when it becomes effective. The new standard will be effective for annual periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.