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RECENT ACCOUNTING PRONOUNCEMENTS AND INCOME TAX LEGISLATION | 6 Months Ended
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Jun. 27, 2025
Accounting Changes and Error Corrections [Abstract] |
RECENT ACCOUNTING PRONOUNCEMENTS AND INCOME TAX LEGISLATION | RECENT ACCOUNTING PRONOUNCEMENTS AND INCOME TAX LEGISLATION New Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024 and early adoption is permitted. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted in the fourth quarter of fiscal 2025. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). The ASU aims to improve financial reporting by requiring additional disclosure about specific expense categories in the notes to the financial statements at interim and annual reporting periods. ASU 2024-03 is effective on a prospective basis for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently assessing the impact of this ASU on its consolidated financial statements and related disclosures. Income Tax Legislation On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA adjusted a number of provisions affecting businesses including the immediate expensing of domestic research and development costs, limitations on deductions for interest expense, and accelerated fixed asset depreciation. The Company is still in the process of evaluating the OBBBA and an estimate of the financial impact cannot be made at this time. From time to time, new accounting pronouncements are issued by the FASB, or other standards setting bodies, which are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position, results of operations and cash flows upon adoption.

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