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Significant Accounting Policies and Recently Issued Accounting Standards
 6 Months Ended
Jun. 28, 2025
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract]  
Significant Accounting Policies and Recently Issued Accounting Standards
Note 2 – Significant Accounting Policies and Recently Issued Accounting
 
Standards
Significant Accounting Policies
 
There have been no material changes in our significant accounting policies during
 
the three and six months ended
June 28, 2025, as compared to the significant accounting policies described
 
in Item 8 of our Annual Report on
Form 10-K for the year ended December 28, 2024.
Recently Issued Accounting Standards
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
(“ASU”) 2024-03, “
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure
(Subtopic 220-40)
:
Disaggregation of Income Statement Expenses
,” which requires additional disclosure about the
specific expense categories in the notes to financial statements at interim and
 
annual reporting periods.
 
The
amendments in this ASU do not change or remove current expense
 
disclosure requirements,
 
but affect where this
information appears in the notes to financial statements.
 
This ASU is effective for annual reporting periods
beginning after December 15, 2026, and interim reporting periods beginning
 
after December 15, 2027, with early
adoption permitted.
 
Upon adoption, the guidance can be applied prospectively or
 
retrospectively.
 
We are currently
evaluating the impact that ASU 2024-03 will have on our condensed consolidated
 
financial statements.
In December 2023, the FASB issued ASU 2023-09, “
Income Taxes (Topic
 
740): Improvements to Income Tax
Disclosures
,” which requires public business entities to disclose additional
 
information in specified categories with
respect to the reconciliation of the effective tax rate to the statutory rate for federal, state and
 
foreign income taxes.
 
It also requires greater detail about individual reconciling items in
 
the rate reconciliation to the extent the impact of
those items exceeds a specified threshold.
 
In addition to new disclosures associated with the rate reconciliation,
 
the
ASU requires information pertaining to taxes paid (net of refunds received)
 
to be disaggregated for federal, state
and foreign taxes and further disaggregated for specific jurisdictions
 
to the extent the related amounts exceed a
quantitative threshold.
 
The ASU also describes items that need to be disaggregated
 
based on their nature, which is
determined by reference to the item’s fundamental or essential characteristics, such as the transaction or event
 
that
triggered the establishment of the reconciling item and the activity with which
 
the reconciling item is associated.
 
The ASU eliminates the historic requirement that entities disclose information
 
concerning unrecognized tax
benefits having a reasonable possibility of significantly increasing
 
or decreasing in the 12 months following the
reporting date.
 
This ASU is effective for annual periods beginning after December 15, 2024.
 
We are currently
evaluating the impact that ASU 2023-09 will have on our consolidated
 
financial statements.