Recently Issued Accounting Standards

9 Months Ended

Oct. 01, 2011

Recently Issued Accounting Standards [Abstract]

Recently Issued Accounting Standards

Note 13 – Recently Issued Accounting Standards

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU’s) to the FASB’s Accounting Standards Codification.

The Company considers the applicability and impact of all ASU’s.  ASU’s not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s Condensed Consolidated Financial Statements.

In September 2011, the FASB issued an ASU that amends the accounting guidance on goodwill impairment testing.  The amendments provide an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under that option, an entity no longer would be required to calculate the fair value of a reporting unit unless the entity determines, based on that qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount.  This ASU is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  The adoption of this ASU will not have an impact on the results of operation or financial position of the Company.

In September 2011, the FASB issued an ASU that requires employers that participate in multiemployer pension plans or other postretirement benefit plans to provide additional quantitative and qualitative disclosures.  The amended disclosures provide users with more detailed information about an employer's involvement in multiemployer plans.  This ASU is effective for fiscal years ending after December 15, 2011.  The adoption of this ASU will not have an impact on the results of operation or financial position of the Company.