v3.26.1
Significant Accounting Policies, Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements
 6 Months Ended
Jun. 27, 2026
Significant Accounting Policies, Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements [Abstract]  
Significant Accounting Policies, Accounting Pronouncements Recently Adopted and Recently Issued Accounting Pronouncements
Note 2 – Significant Accounting Policies,
Accounting Pronouncements Recently Adopted and Recently
Issued
Accounting Pronouncements
Significant Accounting Policies
There have been no material changes in our significant accounting policies during
the three and six months ended
June 27, 2026, as compared to the significant accounting policies described
in Item 8 of our Annual Report on
Form 10-K for the year ended December 27, 2025.
Accounting Pronouncements Recently Adopted
In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2025-05, “
Financial Instruments - Credit Losses (Subtopic 326): Measurement of Credit Losses for Accounts
Receivable and Contract Assets,
” which introduces a practical expedient permitting an entity
to assume that
conditions at the balance sheet date remain unchanged throughout the
remaining life of the asset when estimating
expected credit losses on current accounts receivable and current contract
assets under Topic 606 -
Revenue from
Contracts with Customers
.
We adopted this ASU during fiscal year 2026 and elected to apply the practical
expedient.
The adoption did not have a material impact on our consolidated financial
statements.
Recently Issued Accounting Pronouncements
In May 2026, the FASB issued ASU 2026-02, “
Environmental Credits and Environmental Credit Obligations
(Topic 818)
,” which establishes recognition, measurement, presentation, and disclosure
requirements for
environmental credits and related environmental credit obligations.
This ASU is effective for annual reporting
periods beginning after December 15, 2027, and interim reporting periods
within those annual reporting periods,
with early adoption permitted.
Upon adoption, the guidance will be applied retrospectively.
We do not expect the
adoption of this ASU to have a material impact on our consolidated
financial statements.
In December 2025, the FASB issued ASU 2025-11, “
Interim Reporting (Topic 270): Narrow-Scope
Improvements
,” which is intended to improve navigability of the guidance in Topic 270, Interim Reporting, and
clarify when it applies.
The ASU also addresses the form and content of such financial
statements and interim
disclosure requirements, and establishes a principle under which an entity
must disclose events since the end of the
last annual reporting period that have a material impact on the entity.
This ASU is effective for annual reporting
periods beginning after December 15, 2027, and interim reporting periods
within those annual reporting periods,
with early adoption permitted.
We are currently evaluating the impact that ASU 2025-11 will have on our
consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, “
Government Grants (Topic 832) - Accounting for Government
Grants Received by Business Entities,
” which establishes guidance on the recognition, measurement, and
presentation of government grants received by business entities.
This ASU is effective for annual reporting periods
beginning after December 15, 2028, and interim reporting periods within
those annual reporting periods, with early
adoption permitted.
We do not believe that ASU 2025-10 will have a material impact on our consolidated financial
statements and related disclosures.
In November 2025, the FASB issued ASU 2025-09, “
Derivatives and Hedging (Topic 815): Hedge Accounting
Improvements,
” which is intended to more closely align financial reporting with
the economics of entities’ risk
management activities, including expanded eligibility of forecasted
transactions, additional flexibility in measuring
hedge effectiveness, and clarifications related to hedging non-financial items.
This ASU is effective for annual
reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting
periods, with early adoption permitted, and should be applied prospectively.
We are currently evaluating the
impact that ASU 2025-09 will have on our consolidated financial statements
and related disclosures.
In September 2025, the FASB issued ASU 2025-06, “
Intangibles - Goodwill and Other - Internal-Use Software
(Subtopic 350-40): Targeted Improvements
to the Accounting for Internal-Use Software
,” which removes all
references to software development project stages.
The ASU requires entities to begin capitalizing software costs
when management authorizes and commits to funding the software project,
and it is probable that the project will
be completed and the software will be used for its intended purpose.
This ASU is effective for annual reporting
periods beginning after December 15, 2027, and interim reporting periods
within those annual reporting periods,
with early adoption permitted.
Upon adoption, the guidance can be applied prospectively, retrospectively, or with a
modified transition approach.
We are currently evaluating the impact that ASU 2025-06 will have on our
consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “
Income Statement - Reporting Comprehensive Income -
Expense Disaggregation Disclosure (Subtopic 220-40)
:
Disaggregation of Income Statement Expenses
,” which
requires additional disclosure about the specific expense categories in
the notes to financial statements at interim
and annual reporting periods.
The amendments in this ASU do not change or remove current
expense disclosure
requirements, but affect where this information appears in the notes to financial statements.
This ASU is effective
for annual reporting periods beginning after December 15, 2026, and
interim reporting periods beginning after
December 15, 2027, with early adoption permitted.
Upon adoption, the guidance can be applied prospectively
or
retrospectively.
We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial
statements.