查爾斯河實驗室第二季收益10億美元 淨轉虧並完成多項業務重組

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 27, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO 

Commission File No. 001-15943

CHARLES RIVER LABORATORIES INTERNATIONAL, INC. 
(Exact Name of Registrant as Specified in Its Charter)
Delaware

06-1397316

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

251 Ballardvale Street
Wilmington, Massachusetts 01887
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s telephone number, including area code): (781) 222-6000 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTicker symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueCRLNew York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of July 25, 2026, there were 47,738,872 shares of the Registrant’s common stock outstanding.

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 27, 2026 

TABLE OF CONTENTS
ItemPage
PART I - FINANCIAL INFORMATION
1Financial Statements
Condensed Consolidated Statements of Income (Loss) (Unaudited) for the three and six months ended June 27, 2026 and June 28, 2025
3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and six months ended June 27, 2026 and June 28, 2025
4

Condensed Consolidated Balance Sheets (Unaudited) as of June 27, 2026 and December 27, 2025
5

Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 27, 2026 and June 28, 2025
6

Condensed Consolidated Statements of Changes in Equity and Redeemable Noncontrolling Interests (Unaudited) for
the three and six months ended June 27, 2026 and June 28, 2025
7

Notes to Unaudited Condensed Consolidated Financial Statements
9

2Management’s Discussion and Analysis of Financial Condition and Results of Operations
29

Overview
29

Results of Operations
32

Liquidity and Capital Resources
39

Critical Accounting Policies and Estimates
41

Recent Accounting Pronouncements
41

3Quantitative and Qualitative Disclosure About Market Risk
42

4Controls and Procedures
42

PART II - OTHER INFORMATION
1Legal Proceedings
43

1ARisk Factors
43

2Unregistered Sales of Equity Securities and Use of Proceeds
44

5Other Information
44

6Exhibits
45

Signatures
46

1

Special Note on Factors Affecting Future Results
This Quarterly Report on Form 10-Q contains forward-looking statements regarding future events and the future results of Charles River Laboratories International, Inc. that are based on our current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expect,” “anticipate,” “target,” “goal,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “likely,” “may,” “designed,” “would,” “future,” “can,” “could,” and other similar expressions which are predictions of, indicate future events and trends or which do not relate to historical matters, are intended to identify such forward-looking statements. These statements are based on our current expectations and beliefs and involve a number of risks, uncertainties and assumptions that are difficult to predict.
For example, we may use forward-looking statements when addressing topics such as: our expectations regarding the availability of NHPs and our ability to diversify our non-human primate (NHP) supply chain; the outcome of (1) the putative securities class action lawsuit filed against us and certain current/former officers on May 19, 2023, (2) the derivative lawsuit filed against members of the Board of Directors and certain current/former officers on November 8, 2023, and (3) the derivative lawsuit filed against certain current/former members of the Board of Directors and certain current/former officers on August 2, 2024; the timing and impact of the development and implementation of enhanced procedures to reasonably ensure that non-human primates we source are purpose-bred; changes and uncertainties in the global economy and financial markets; client demand, particularly future demand for drug discovery and development products and services, including the outsourcing of these services; our expectations with respect to our ability to meet financial targets; the Company’s plans or prospects, expectations and long-term goals associated with our business; the Company's expectations concerning future financial and operating performance, including the Company's commitment to, and ability to create long-term value for shareholders and to successfully execute on the Board of Directors’ comprehensive strategic review and evaluation of Charles River’s business and prospects; our expectations regarding stock repurchases, including the number of shares to be repurchased, expected timing and duration, the amount of capital that may be expended and the treatment of repurchased shares; our ability to successfully execute our business strategy; our ability to timely build infrastructure to satisfy capacity needs and support business growth; our ability to fund our operations for the foreseeable future; the impact of unauthorized access into our information systems, including the timing and effectiveness of any enhanced security and monitoring; present spending trends and other cost reduction activities by our clients; future actions by our management; the outcome of contingencies; changes in our business strategy, business practices and methods of generating revenue; the development and performance of our services and products; market and industry conditions, including competitive and pricing trends and the impact of those conditions, including on our allowances for credit losses; our strategic relationships with leading pharmaceutical and biotechnology companies, venture capital investments, and opportunities for future similar arrangements; our cost structure; our expectations regarding our acquisitions and divestitures, including their impact, terms, projected timing, pricing, and planned funding; our expectations with respect to revenue growth and operating synergies (including the impact of specific actions intended to cause related improvements); the nature, timing and impact of specific actions intended to improve overall operating efficiencies and profitability (and our ability to accommodate future demand with our infrastructure), including actions to optimize our global footprint, and gains and losses attributable to businesses we plan to close, consolidate, divest or repurpose and the impact of operations and restructuring actions (including as estimated on an annualized basis); our expectations with respect to study cancellation rates and the impact of such cancellations; our expectations with respect to tax rates and benefits, including the impact of tax legislation on our operations; changes in our expectations regarding future stock option, restricted stock, performance share units and other equity grants to employees and directors; expectations with respect to foreign currency exchange; assessing (or changing our assessment of) our tax positions for financial statement purposes; our liquidity; the impact of newly issued accounting pronouncements on our consolidated financial statements and related disclosures; and the impact of litigation, including our ability to successfully defend litigation against us. In addition, these statements include the impact of economic and market conditions on us and our clients, the effects of our cost-saving actions and the steps to optimize returns to shareholders on an effective and timely basis; and our ability to withstand the current market conditions.
Forward-looking statements are predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document, or in the case of statements incorporated by reference, on the date of the document incorporated by reference. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 27, 2025 (2025 Form 10-K), under the sections entitled “Our Strategy,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in this Quarterly Report on Form 10-Q, under the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors,” in our press releases, and in our other filings with the Securities and Exchange Commission. Except to the extent required by applicable law, we do not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or risks. New information, future events, or risks may cause the forward-looking events we discuss in this report not to occur.

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)
(in thousands, except per share amounts)
Three Months EndedSix Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Service revenue$808,287 $840,836 $1,606,439 $1,638,759 
Product revenue195,791 191,299 393,469 377,544 
Total revenue1,004,078 1,032,135 1,999,908 2,016,303 
Costs and expenses
Cost of services provided (excluding amortization of intangible assets) 552,007 584,876 1,160,914 1,162,304 
Cost of products sold (excluding amortization of intangible assets)88,697 90,192 180,956 179,200 
Selling, general and administrative228,897 191,549 388,319 369,348 
Amortization of intangible assets14,589 65,384 29,934 130,648 
Operating income119,888 100,134 239,785 174,803 
Other income (expense)
Interest income1,032 1,097 2,065 2,501 
Interest expense(30,340)(29,967)(57,082)(57,851)
Other (expense) income, net(37,410)154 (161,540)(12,057)
Income before income taxes53,170 71,418 23,228 107,396 
Provision for income taxes53,930 18,725 38,790 28,825 
Net income (loss)(760)52,693 (15,562)78,571 
Less: Net income attributable to noncontrolling interests722 367 763 776 
Net income (loss) attributable to common shareholders$(1,482)$52,326 $(16,325)$77,795 

Earnings (loss) per common share
Basic$(0.03)$1.06 $(0.34)$1.56 
Diluted$(0.03)$1.06 $(0.34)$1.55 

Weighted-average number of common shares outstanding
Basic48,021 49,149 48,486 49,913 
Diluted48,021 49,316 48,486 50,089 

See Notes to Unaudited Condensed Consolidated Financial Statements.

3

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(in thousands)

Three Months EndedSix Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Net income (loss)$(760)$52,693 $(15,562)$78,571 
Other comprehensive income (loss):

Foreign currency translation adjustment(9,516)121,220 (34,696)181,601 
Amortization of net loss, settlement losses, and prior service benefit included in total cost for pension and other post-retirement benefit plans893 457 1,787 865 

Other comprehensive income (loss), before income taxes
(8,623)121,677 (32,909)182,466 
Less: Income tax expense (benefit) related to items of other comprehensive income
(3,122)20,371 (7,715)29,919 
Comprehensive income (loss), net of income taxes(6,261)153,999 (40,756)231,118 
Less: Comprehensive income (loss) related to noncontrolling interests, net of income taxes168 2,894 (225)2,445 
Comprehensive income (loss) attributable to Charles River Laboratories International, Inc., net of income taxes$(6,429)$151,105 $(40,531)$228,673 

See Notes to Unaudited Condensed Consolidated Financial Statements.

4

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share amounts)
June 27, 2026December 27, 2025
Assets
Current assets:

Cash and cash equivalents
$
192,025 

$
213,770 

Trade receivables and contract assets, net of allowances for credit losses of $8,715 and $10,463, respectively
711,755 

708,856 

Inventories
346,260 

299,103 

Prepaid assets
100,409 

96,108 

Other current assets
178,657 

129,212 

Total current assets
1,529,106 

1,447,049 

Property, plant and equipment, net
1,494,914 

1,655,219 

Venture capital and strategic equity investments206,470 206,972 
Operating lease right-of-use assets, net330,247 361,415 
Goodwill
3,076,851 

2,764,253 

Intangible assets, net
253,174 

339,995 

Deferred tax assets
53,827 

67,334 

Other assets
587,556 

293,185 

Total assets
$
7,532,145 

$
7,135,422 

Liabilities, Redeemable Noncontrolling Interests and Equity

Current liabilities:

Accounts payable
$
140,983 

$
148,800 

Accrued compensation
187,835 

268,854 

Deferred revenue
203,035 

210,418 

Accrued liabilities
380,101 

270,085 

Other current liabilities
222,792 

222,158 

Total current liabilities
1,134,746 

1,120,315 

Long-term debt, net and finance leases
2,619,985 

2,136,360 

Operating lease right-of-use liabilities407,708 434,048 
Deferred tax liabilities
78,668 

95,203 

Other long-term liabilities
402,511 

138,302 

Total liabilities
4,643,618 

3,924,228 

Commitments and contingencies (Notes 2, 12, 14, and 16)

Redeemable noncontrolling interests
42,537 

41,263 

Equity:

Preferred stock, $0.01 par value; 20,000 shares authorized; no shares issued and outstanding
— 

— 

Common stock, $0.01 par value; 120,000 shares authorized; 49,550 shares issued and 47,728 shares outstanding as of June 27, 2026, and 49,217 shares issued and outstanding as of December 27, 2025
496 

492 

Additional paid-in capital
1,986,023 

1,947,301 

Retained earnings
1,372,295 

1,388,620 

Treasury stock, at cost, 1,822 and zero shares, as of June 27, 2026 and December 27, 2025, respectively
(323,189)

— 

Accumulated other comprehensive loss
(195,989)

(171,783)

Total Charles River Laboratories International, Inc. equity
2,839,636 

3,164,630 

Nonredeemable noncontrolling interest
6,354 

5,301 

Total equity
2,845,990 

3,169,931 

Total liabilities, redeemable noncontrolling interests and equity
$
7,532,145 

$
7,135,422 

See Notes to Unaudited Condensed Consolidated Financial Statements.

5

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 
(in thousands)
Six Months Ended
June 27, 2026June 28, 2025
Cash flows relating to operating activities
Net income (loss)$(15,562)$78,571 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization134,441 239,871 
Long-lived asset impairments26,279 31,203 
Stock-based compensation42,162 30,184 
Deferred income taxes12,077 (41,030)
Write down of inventories3,165 11,067 
(Gains) losses and impairments on venture capital and strategic equity investments, net(6,936)12,899 
Gain on sale of assets(38,484)— 
Provision for credit losses1,124 2,191 
(Gain) loss on divestitures, net181,386 (3,376)

Other, net(12,595)2,266 
Changes in assets and liabilities:
Trade receivables and contract assets, net(87,135)(18,490)
Inventories43,747 (13,953)
Accounts payable21,276 16,241 
Accrued compensation(64,858)38,990 
Deferred revenue5,593 11,306 
Customer contract deposits(4,543)568 
Other assets and liabilities, net(20,335)(22,208)
Net cash provided by operating activities220,802 376,300 
Cash flows relating to investing activities
Acquisition of businesses and assets, net of cash acquired(467,254)— 
Capital expenditures(87,013)(94,622)
Purchases of investments and contributions to venture capital investments(11,805)(8,090)
Proceeds from sale of investments11,059 2,106 
Proceeds from sale of businesses and assets, net176,563 17,441 
Other, net(1,298)347 
Net cash used in investing activities(379,748)(82,818)
Cash flows relating to financing activities
Proceeds from long-term debt and revolving credit facility1,265,258 963,363 
Payments on long-term debt, revolving credit facility, and finance lease obligations(745,927)(887,706)
Proceeds from exercises of stock options1,620 1 
Purchase of treasury stock(323,881)(360,484)
Payments of contingent consideration(11,400)(21,822)
Purchase of remaining equity interests of other redeemable noncontrolling interest— (19,140)
Other, net(2,607)(6,458)
Net cash provided by (used in) financing activities183,063 (332,246)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash467 17,934 
Net change in cash, cash equivalents, and restricted cash24,584 (20,830)
Cash, cash equivalents, and restricted cash, beginning of period215,997 205,570 
Cash, cash equivalents, and restricted cash, end of period$240,581 $184,740 

See Notes to Unaudited Condensed Consolidated Financial Statements.

6

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (UNAUDITED)
(in thousands)

Redeemable Noncontrolling Interests
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total Charles River Laboratories, Inc. Equity
Noncontrolling Interest
Total Equity
Shares
Amount
Shares
Amount

December 27, 2025$
41,263 

49,217 

$
492 

$
1,947,301 

$
1,388,620 

$
(171,783)

— 

$
— 

$
3,164,630 

$
5,301 

$
3,169,931 

Net income (loss)
(477)

— 

— 

— 

(14,843)

— 

— 

— 

(14,843)

518 

(14,325)

Other comprehensive income (loss), net of tax
(434)

— 

— 

— 

— 

(19,259)

— 

— 

(19,259)

— 

(19,259)

Dividends declared to noncontrolling interests(2,000)— — — — — — — — 

— — 

Adjustment of redeemable noncontrolling interests to redemption value3,548 — — (3,548)— — — — (3,548)— (3,548)
Issuance of stock under employee compensation plans— 125 1 1,222 — — — — 1,223 

— 1,223 

Purchase of treasury shares— — — — — — 1,175 (208,285)(208,285)

— (208,285)

Share repurchase excise tax
— 

— 

— 

— 

— 

— 

— 

(1,705)

(1,705)

— 

(1,705)

Stock-based compensation
— 

— 

— 

22,381 

— 

— 

— 

— 

22,381 

— 

22,381 

March 28, 2026$
41,900 

49,342 

$
493 

$
1,967,356 

$
1,373,777 

$
(191,042)

1,175 

$
(209,990)

$
2,940,594 

$
5,819 

$
2,946,413 

Net income (loss)187 — — — (1,482)— — — (1,482)535 (947)
Other comprehensive loss, net of tax(554)— — — — (4,947)— — (4,947)— (4,947)
Dividends declared to noncontrolling interests(606)— — — — — — — — — — 
Adjustment of redeemable noncontrolling interest to redemption value1,610 — — (1,610)— — — — (1,610)— (1,610)

Issuance of stock under employee compensation plans— 208 3 496 — — — — 499 — 499 
Purchase of treasury shares— — — — — — 647 (112,437)(112,437)— (112,437)
Share repurchase excise tax— — — — — — — (762)(762)— (762)
Stock-based compensation— — — 19,781 — — — — 19,781 — 19,781 
June 27, 202642,537 

49,550 

496 

1,986,023 

1,372,295 

(195,989)

1,822 

(323,189)

2,839,636 

6,354 

2,845,990 

See Notes to Unaudited Condensed Consolidated Financial Statements.

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (UNAUDITED)
(in thousands)
7

Redeemable Noncontrolling InterestsCommon Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Total Charles River Laboratories, Inc. Equity
Noncontrolling Interest
Total Equity
Shares
Amount
Shares
Amount

December 28, 2024$
41,126 

51,141 

$
511 

$
1,966,237 

$
1,812,100 

$
(317,345)

— 

$
— 

$
3,461,503 

$
5,449 

$
3,466,952 

Net income
75 

— 

— 

— 

25,469 

— 

— 

— 

25,469 

334 

25,803 

Other comprehensive income (loss), net of tax
(858)

— 

— 

— 

— 

52,099 

— 

— 

52,099 

— 

52,099 

Adjustment of redeemable noncontrolling interests to redemption value1,320 — — (1,320)— — — — (1,320)— (1,320)
Issuance of stock under employee compensation plans— 60 1 — — — — — 1 

— 1 

Purchase of treasury shares— — — — — — 2,086 (353,132)(353,132)

— (353,132)

Share repurchase excise tax
— 

— 

— 

— 

— 

— 

— 

(3,419)

(3,419)

— 

(3,419)

Stock-based compensation
— 

— 

— 

13,135 

— 

— 

— 

— 

13,135 

— 

13,135 

March 29, 2025$
41,663 

51,201 

$
512 

$
1,978,052 

$
1,837,569 

$
(265,246)

2,086 

$
(356,551)

$
3,194,336 

$
5,783 

$
3,200,119 

Net income (loss)(159)— — — 52,326 — — — 52,326 526 52,852 
Other comprehensive income, net of tax
2,527 — — — — 98,779 — — 98,779 — 98,779 
Adjustment of redeemable noncontrolling interest to redemption value2,383 — — (2,383)— — — — (2,383)— (2,383)
Dividends declared to noncontrolling interests(6,458)— — — — — — — — — — 

Issuance of stock under employee compensation plans— 143 1 — — — — — 1 — 1 
Purchase of treasury shares— — — — — — 50 (6,787)(6,787)— (6,787)
Stock-based compensation— — — 17,049 — — — — 17,049 — 17,049 
June 28, 202539,956 

51,344 

513 

1,992,718 

1,889,895 

(166,467)

2,136 

(363,338)

3,353,321 

6,309 

3,359,630 

See Notes to Unaudited Condensed Consolidated Financial Statements.

8

CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION
The accompanying condensed consolidated financial statements are unaudited and have been prepared by Charles River Laboratories International, Inc. (the Company) in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The year-end condensed consolidated balance sheet data was derived from the Company’s audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for fiscal year 2025 as filed with the SEC on February 18, 2026. The unaudited condensed consolidated financial statements, in the opinion of management, reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position and results of operations. 
Use of Estimates
The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires that the Company make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, judgments, and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known. 
Newly Adopted Accounting Pronouncements
In July 2025, the FASB issued Accounting Standards Update (ASU) 2025-05, “Financial Instruments – Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivables and Contract Assets.” ASU 2025-05 provides a practical expedient to assume that the current conditions as of the balance sheet date do not change for the remaining life of the asset if the expected credit losses were estimated under the reasonable and supportable approach. The ASU was effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption was permitted, and if practical expedient is elected, the amendments in this update should be applied on a prospective basis. The Company’s adoption of this standard on a prospective basis in the three and six month periods ended June 27, 2026 did not have a significant impact on the unaudited condensed consolidated financial statements and the related disclosures.
Newly Issued Accounting Pronouncements 
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.” ASU 2025-06 improves the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including the methods that entities may use to develop software in the future. The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this ASU may be adopted using either a prospective transition approach, a modified transition approach or a retrospective transition approach. The Company is currently evaluating the impact this new standard will have on the condensed consolidated financial statements and the related disclosures.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is currently evaluating the impact this new standard will have on the related disclosures in the condensed consolidated financial statements.
Summary of Significant Accounting Policies
The Company’s significant accounting policies are described in Note 1, “Description of Business and Summary of Significant Accounting Policies” in the Company’s Annual Report on F