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Accounting Standards
 12 Months Ended
Jan. 03, 2025
Accounting Changes and Error Corrections [Abstract]  
Accounting Standards
Note 2—Accounting Standards
ACCOUNTING STANDARDS UPDATES ADOPTED
ASU 2023-07 Segment Reporting
In November 2023, the FASB issued ASU 2023-07 to improve reportable segment disclosure requirements. This update requires companies to disclose significant segment expense categories that are regularly provided to the chief operating decision maker (“CODM”) on an interim and annual basis and requires disclosures about a reportable segment’s profit or loss and assets that are currently required annually to be made on an interim basis. Companies must also disclose how segment measures of profit or loss are used by the CODM.
The amendments in this update are effective for public entities on a retrospective basis for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Effective fiscal 2024, we adopted the requirements of ASU 2023-07 using the retrospective method (See "Note 20 Business Segments"). The adoption did not have an impact to our financial position, results of operations and earnings per share.
ACCOUNTING STANDARDS UPDATES ISSUED BUT NOT YET ADOPTED
ASU 2023-09 Income Taxes
In December 2023, the FASB issued ASU 2023-09, to enhance the transparency and usefulness of income tax disclosures. The update requires enhancements to the annual rate reconciliation, including disclosure of specific categories and additional information for reconciling items meeting a quantitative threshold. The update also requires disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and individual jurisdictions meeting a quantitative threshold.
The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024, and may be adopted on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impacts of this update and plan to adopt these amendments using the prospective approach for annual disclosures in fiscal 2025.
ASU 2024-03 Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, to enhance the transparency of certain expense disclosures. The update requires disclosure of specific expense categories in the notes to the financial statements at interim and annual reporting periods. The update requires disaggregated information about certain prescribed expense categories underlying any relevant income statement expense caption.
The amendments in this update are effective for public entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments may be adopted either prospectively or retrospectively. Early adoption is permitted. We are currently evaluating the impacts of this update and plan to adopt these amendments for annual disclosures in fiscal 2027 and interim disclosures in fiscal 2028.