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Significant Accounting Policies and Recently Issued Accounting Standards
 9 Months Ended
Sep. 27, 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 nine months ended
September 27, 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 September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
(“ASU”) 2025-06, “
Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted
Improvements to the Accounting for Internal-Use Software
,” which removes all references to software development
project stages.
 
The ASU requires entities to begin capitalizing software costs when
 
management authorizes and
commits to funding the software project, and it is probable
 
that the project will be completed and the software will
be used for its intended purpose.
 
This ASU is effective for annual reporting periods beginning after December
 
15,
2027, and interim reporting periods within those annual reporting
 
periods, with early adoption permitted.
 
Upon
adoption, the guidance can be applied prospectively, retrospectively, or with a modified transition approach.
 
We
are currently evaluating the impact that ASU 2025-06 will have
 
on our consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, “
Financial Instruments - Credit Losses (Subtopic 326): Measurement
of Credit Losses for Accounts Receivable and Contract Assets,
” which introduces a practical expedient permitting
an entity to assume that conditions at the balance sheet date remain unchanged
 
throughout the remaining life of the
asset when estimating expected credit losses on current accounts
 
receivable and current contract asset under Topic
606 on revenue from contracts with customers. This ASU is effective for annual
 
reporting periods beginning after
December 15, 2025, with early adoption permitted.
 
We do not expect ASU 2025-05 to have a material impact on
our consolidated financial statements.
In November 2024, the FASB issued 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 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.
 
The adoption of this
 
ASU will expand our income tax disclosures and will not have a
 
material impact on our consolidated balance sheet
or consolidated statement of income.