Recent Accounting Pronouncements and Other Developments |
3 Months Ended |
|---|---|
Apr. 04, 2025 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Recent Accounting Pronouncements and Other Developments | Note 3: Recent Accounting Pronouncements and Other Developments Pending Adoption Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03") In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, which requires public business entities to expand disclosures about specific expense categories. The amendments in this ASU require a public entity to disclose, in tabular format, in the notes to the financial statements, specific information about certain costs and expenses. Although the ASU does not change the expense captions an entity presents on the face of the statement of operations, it requires disaggregation of certain expense captions into specified categories. For public business entities, the provisions of ASU 2024-03 are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. Management is currently evaluating the requirements under this new standard. Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") In December 2023, the FASB issued ASU 2023-09 to enhance disclosures about income taxes. The amendments in this ASU require a public entity to disclose in tabular format, using both percentages and reporting currency amounts, specific categories in the rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold. The amendments in this ASU also require taxes paid (net of refunds received) to be disaggregated by federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. For public business entities, the provisions of ASU 2023-09, which are required on an annual basis, are effective for fiscal years beginning after December 15, 2024. This standard will impact the Company's disclosures but is not expected to have a material impact on the Company's results of operations or financial condition. Early adoption is permitted. Management is currently evaluating the requirements under this new standard.
|