Note 3 - Recent Accounting Pronouncements	3 Months Ended
Apr. 01, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 3 – Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017 - 04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 of the goodwill impairment test and simplifies how the amount of an impairment loss is determined. The update is effective for public companies in the beginning of fiscal year 2020 and shall be applied on a prospective basis. Early adoption is permitted for goodwill impairment tests performed on testing dates after January 1, 2017. The Company is evaluating the provisions of ASU 2017 - 04 and its impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016 - 15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. This ASU clarifies guidance for cash flow classification to reduce current and potential future diversity in practice. The update is effective for public companies in the beginning of fiscal 2018. The amendments should be applied using a retrospective transition method to each period presented. For items that are impractical to apply the amendments retrospectively, they shall be applied prospectively as of the earliest date practicable. Early adoption is permitted. The Company is evaluating the provisions of ASU 2016 - 15 and its impact on the Company's consolidated cash flows. In March 2016, FASB issued Accounting Standards Update 2016 - 09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting. ASU 2016 - 09 simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted the requirements of ASU 2016 - 09 on January 1, 2017, on a prospective basis, which resulted in a decrease in income tax expense of approximately $722 for the three months ended April 1, 2017. ASU 2016 - 09 requires excess tax benefits be presented within the statement of cash flows as an operating activity rather than as a financing activity and excess tax benefits to be excluded from the assumed future proceeds in the calculation of diluted shares. In February 2016, FASB issued ASU 2016 - 02, Leases . ASU 2016 - 02 requires lessees to recognize, in the balance sheet, a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset over the lease term. The amendments in this accounting standard update are to be applied using a modified retrospective approach and are effective for fiscal years beginning after December 15, 2018. We are currently evaluating the requirements of ASU 2016 - 02 and its impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014 - 09, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU was originally effective for annual reporting periods beginning after December 15, 2016 and early adoption is permitted as of the original effective date. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. In July 2015, FASB voted to approve a one -year deferral of the effective date to December 31, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. As a result, ASU 2014 - 09 will become effective for us in the first quarter of our fiscal year ending December 31, 2018. The Company has begun its preliminary assessment and is identifying specific areas of impact on its Consolidated Financial Statements. The Company has tentatively decided to adopt this standard under the modified retrospective approach and is still evaluating the impact of adopting ASU 2014 - 09 on the Company's consolidated net income, financial position, cash flows, disclosures, information technology systems and internal controls.

Note

– Recent Accounting Pronouncements

January

2017,

the FASB issued ASU

2017

04,

Intangibles-Goodwill and Other (Topic

350)

Simplifying the Test for Goodwill Impairment.

This ASU eliminates Step

of the goodwill impairment test and simplifies how the amount of an impairment loss is determined. The update is effective for public companies in the beginning of fiscal year

2020

and shall be applied on a prospective basis. Early adoption is permitted for goodwill impairment tests performed on testing dates after

January

2017.

The Company is evaluating the provisions of ASU

2017

and its impact on the consolidated financial statements.

August

2016,

the FASB issued ASU

2016

15,

Statement of Cash Flows (Topic

230),

Classification of Certain Cash Receipts and Cash Payments.

This ASU clarifies guidance for cash flow classification to reduce current and potential future diversity in practice. The update is effective for public companies in the beginning of fiscal

2018.

The amendments should be applied using a retrospective transition method to each period presented. For items that are impractical to apply the amendments retrospectively, they shall be applied prospectively as of the earliest date practicable. Early adoption is permitted. The Company is evaluating the provisions of ASU

2016

and its impact on the Company's consolidated cash flows.

March

2016,

FASB issued Accounting Standards Update

2016

09,

Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.

ASU

2016

simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted the requirements of ASU

2016

January

2017,

on a prospective basis, which resulted in a decrease in income tax expense of approximately

$722

for the

three

months ended

April

2017.

ASU

2016

requires excess tax benefits be presented within the statement of cash flows as an operating activity rather than as a financing activity and excess tax benefits to be excluded from the assumed future proceeds in the calculation of diluted shares.

February

2016,

FASB issued ASU

2016

02,

Leases

. ASU

2016

requires lessees to recognize, in the balance sheet, a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset over the lease term. The amendments in this accounting standard update are to be applied using a modified retrospective approach and are effective for fiscal years beginning after

December

15,

2018.

We are currently evaluating the requirements of ASU

2016

and its impact on the consolidated financial statements.

May

2014,

the FASB issued ASU

2014

09,

Revenue from Contracts with Customers.

This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a

customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU was originally effective for annual reporting periods beginning after

December

15,

2016

and early adoption is permitted as of the original effective date. Companies

may

use either a full retrospective or a modified retrospective approach to adopt this ASU. In

July

2015,

FASB voted to approve a

one

-year deferral of the effective date to

December

31,

2017

for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of

December

15,

2016.

As a result, ASU

2014

will become effective for us in the

first

quarter of our fiscal year ending

December

31,

2018.

The Company has begun its preliminary assessment and is identifying specific areas of impact on its Consolidated Financial Statements. The Company has

tentatively

decided to adopt this standard under the modified retrospective approach and is still evaluating

the impact of adopting ASU

2014

on the Company's consolidated net income, financial position, cash flows, disclosures, information technology systems and internal controls.