Property and Equipment, Net |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Property and Equipment, Net |
Note 3 – Property and Equipment, Net The Company’s property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense for fiscal years 2023, 2022 and 2021 was $16,690, $13,607 and $9,895, respectively. The cost and related accumulated depreciation of assets retired or otherwise disposed of are removed from the accounts and the resultant gain or loss is reflected in earnings. Repairs and maintenance are expensed as incurred. Property and equipment consisted of the following as of December 30, 2023 and December 31, 2022:
Construction in process primarily relates to the Company’s internally developed software. Depreciation and amortization of property and equipment is calculated by using the straight-line method for financial reporting purposes, at rates based on the following estimated useful lives:
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