Recent Accounting Standards Update |
9 Months Ended |
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Oct. 01, 2021 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Recent Accounting Standards Update | RECENT ACCOUNTING STANDARDS UPDATE Accounting Standards Issued but Not Yet Effective There were no accounting standards issued during the first nine months of 2021 that are expected to have a material impact on the Company's financial statements. Accounting Standards That Were Adopted In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (ASU 2019-12). The objectives of ASU 2019-12 are (i) to simplify the accounting for income taxes by removing certain exceptions, (ii) to update certain requirements to simplify the accounting for income taxes, and (iii) to make minor codification improvements for income taxes. The Company adopted the standard as of January 1, 2021 and it did not have a material impact on the Company’s financial statements.
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