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Summary of Significant Accounting Policies
 9 Months Ended
Sep. 27, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Revenue Recognition
 
The following table presents the Company’s net sales disaggregated by principal product category:
Thirteen Weeks EndedThirty-Nine Weeks Ended
September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Center-of-the-Plate$349,263 37.5 %$333,809 37.9 %$1,057,586 38.3 %$980,120 39.5 %
Specialty:
Dry Goods148,345 15.9 %134,398 15.2 %441,730 16.0 %395,723 15.9 %
Produce137,898 14.8 %137,760 15.6 %400,318 14.5 %310,313 12.5 %
Pastry111,059 11.9 %102,562 11.6 %327,151 11.9 %300,814 12.1 %
Cheese and Charcuterie69,124 7.4 %64,639 7.3 %197,243 7.1 %185,303 7.5 %
Dairy and Eggs63,626 6.8 %56,849 6.4 %184,426 6.7 %163,600 6.6 %
Oils and Vinegars33,144 3.6 %34,097 3.9 %96,761 3.5 %96,607 3.9 %
Kitchen Supplies18,993 2.1 %17,711 2.1 %55,429 2.0 %50,810 2.0 %
Total Specialty$582,189 62.5 %$548,016 62.1 %$1,703,058 61.7 %$1,503,170 60.5 %
Total net sales$931,452 100 %$881,825 100 %$2,760,644 100 %$2,483,290 100 %

The Company determines its product category classification based on how the Company currently markets its products to its customers. The Company’s definition of its principal product categories may differ from the way in which other companies present similar information. Net sales by product category includes estimates of product mix for certain locations that are not yet fully integrated into the Company’s information technology systems as of the reporting date.

Food Processing Costs

Food processing costs include, but are not limited to, direct labor and benefits, applicable overhead and depreciation of equipment and facilities used in food processing activities. Food processing costs included in cost of sales were $18,315 and $19,081 for the thirteen weeks ended September 27, 2024 and September 29, 2023, respectively, and $55,662 and $47,370 for the thirty-nine weeks ended September 27, 2024 and September 29, 2023, respectively.

Share Repurchases

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or through private market transactions. Prior to June 29, 2024, shares purchased under the program were recorded at cost and held as treasury stock. During the thirteen weeks ended September 27, 2024, all shares repurchased under the share repurchase program have been retired. These shares were returned to the status of authorized and unissued shares. When treasury shares are retired, the Company allocates the excess of the repurchase price over the par value of shares acquired between additional paid-in capital and retained earnings. The portion allocated to additional paid-in capital is limited to the pro rata portion of additional paid-in capital for the retired treasury shares. Any further excess of the repurchase price is allocated to retained earnings.

Guidance Not Yet Adopted

Improvements to Income Tax Disclosures: In December 2023, the Financial Accounting Standards Board (“FASB”) issued guidance designed to improve the transparency and usefulness of income tax disclosures. The amendments include provisions to address the consistency of the income tax rate reconciliation and requirement to disaggregate income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.

Improvements to Reportable Segment Disclosures: In November 2023, the FASB issued guidance which requires entities, including those with one reportable segment, to enhance reportable segment disclosures requirements particularly with respect to significant expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. Early adoption is permitted. The Company
expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.