2. Accounting Policies

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The significant accounting policies used in preparation of these consolidated financial statements for the six months ended June 29, 2025, are consistent with those discussed in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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Shipping and Handling

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Shipping and handling costs included in selling, general and administrative expenses amounted to $23.5 million and $22.0 million for the second quarters of 2025 and 2024, respectively, and were $45.0 million and $43.8 million for the first six months of 2025 and 2024, respectively.

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Research and Development

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Research and development costs included in selling, general and administrative expenses amounted to $17.4 million and $17.9 million for the second quarters of 2025 and 2024, respectively, and were $34.1 million and $36.4 million for the first six months of 2025 and 2024, respectively.

Accounting Standard Updates

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In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s financial statement disclosures.

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In November 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures" to expand the disclosure requirements of certain expense categories included in the income statement. ASU 2024-03 is effective for our annual periods beginning January 1, 2027, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s consolidated financial statement disclosures.