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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 30, 2023
Accounting Policies [Abstract] |
Schedule of Useful Lives of Assets | Property, plant and equipment is stated at cost less accumulated depreciation. Expenditures for repairs and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method generally over the following useful lives:
|  | Years
Machinery and equipment |  | 3 - 12
Office furniture and equipment |  | 2 - 10
Buildings |  | 10 - 40
Building and land improvements |  | 5 - 20
Leasehold improvements |  | 2 - 10
Computation of basic and diluted earnings per common share | The following table presents the computation of basic and diluted earnings per common share (in millions except per share data):
|  | December 30, 2023 |  |  | December 31, 2022 |  |  | January 1, 2022 |
Net income |  | $ | 37.5 |  |  | $ | 98.4 |  |  | $ | 104.6 |
Weighted average shares outstanding - Basic |  |  | 32.9 |  |  |  | 32.5 |  |  |  | 32.3 |
Net effect of dilutive securities - Stock based compensation |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.2 |
Weighted average shares outstanding - Diluted |  |  | 33.0 |  |  |  | 32.6 |  |  |  | 32.5 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.14 |  |  | $ | 3.03 |  |  | $ | 3.24 |
Diluted |  | $ | 1.14 |  |  | $ | 3.02 |  |  | $ | 3.22 |
Diluted EPS was computed using the treasury stock method for options. As of December 30, 2023, there were 45,334 unvested stock options at $50.60 per share that were excluded from the computation of diluted EPS because the stock prices did not meet the required achievements. There were no vested stock options that were not exercisable included in the diluted EPS calculation. These options were granted in 2022 and have a 10-year expiration. Recently Adopted Accounting Standards In March 2020, and clarified through December 2022, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The guidance was effective immediately upon issuance in March 2020 and cannot be applied subsequent to December 31, 2024, except for certain optional expedients. The Company adopted the standard for the fiscal year beginning January 1, 2023. In March 2023, the Company executed an amendment to the term loan and revolving credit facility to modify and replace reference to the London Interbank Offered Rate ("LIBOR"). Additionally in March 2023, the Company executed an amendment to the interest rate swap agreements to modify and replace reference to LIBOR. The Company applied the accounting relief in accordance with ASC 848 as the relevant contract and hedge accounting relationship modifications were executed. The adoption of this standard did not have a material impact on our accounting policies or consolidated financial statements. Recently Issued Accounting Standards The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-07 Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures in November 2023. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis, primarily related to significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the additional segment disclosures to have a material impact on the consolidated financial statements and does not plan to early adopt the standard. The Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09 Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update focus on improving the transparency, effectiveness and comparability of income tax disclosures primarily related to the pretax income (or loss), income tax expense (or benefit), rate reconciliation and income taxes paid for public business entities. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company does not expect the additional income tax disclosures to have a material impact on the consolidated financial statements and does not plan to early adopt the standard.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
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