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Accounting Policies | 9 Months Ended
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Sep. 29, 2024
Accounting Policies |
Accounting Policies | 2. Accounting Policies ​ The significant accounting policies used in preparation of these consolidated financial statements for the first nine months ended September 29, 2024, are consistent with those discussed in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. ​ Shipping and Handling ​ Shipping and handling costs included in selling, general and administrative expenses amounted to $20.5 million and $16.8 million for the third quarters of 2024 and 2023, respectively, and were $64.3 million and $50.7 million for the first nine months of 2024 and 2023, respectively. ​ Research and Development ​ Research and development costs included in selling, general and administrative expenses amounted to $17.6 million and $15.2 million for the third quarters of 2024 and 2023, respectively, and were $54.0 million and $47.3 million for the first nine months of 2024 and 2023, respectively. ​ Accounting Standard Updates ​ In March 2024, the Securities and Exchange Commission (“SEC”) adopted climate-related reporting rules, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “SEC Climate Reporting Rules”), which require the disclosure of material Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports and registration statements. For large accelerated filers, disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. The Company is currently evaluating the impact these rules will have on the Company’s consolidated financial statements and related disclosures. In April 2024, the SEC voluntarily stayed the implementation of the final rules in response to legal challenges. In the stay order, the SEC noted it intends to vigorously defend the validity of the final rules. The Company is monitoring the outcome of the voluntary stay. ​ In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s financial statement disclosures. ​ In November 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, and are to be applied retrospectively to all prior periods presented in the financial statements. The Company has evaluated the new guidance and will include the required additional disclosures in the Segment Information footnote of the consolidated financial statements for the year ending December 31, 2024.

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