Property and Equipment, Net
|12 Months Ended|
Jan. 01, 2022
|Property and Equipment, Net|
|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 2021, 2020 and 2019 was $9,895, $7,657 and $6,252, 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 January 1, 2022 and January 2, 2021:
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:
Refer to “Note 8 - Commitments and Contingencies” for additional lease information.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef