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IMPACT OF THE COVID-19 PANDEMIC
 3 Months Ended
Mar. 28, 2020
Subsequent Event [Line Items]  
IMPACT OF THE COVID-19 PANDEMIC SUBSEQUENT EVENTS
COVID-19 PANDEMIC  
Subsequent Event [Line Items]  
IMPACT OF THE COVID-19 PANDEMIC IMPACT OF THE COVID-19 PANDEMIC
In March 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures. Since then, extraordinary actions have been taken by international, federal, state, and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world. The pandemic has significantly impacted global economies, resulting in workforce and travel restrictions, supply chain and production disruptions and reduced demand and spending across many industries.

During March and April 2020, in response to the COVID-19 outbreak and business disruption resulting from quarantines, “stay-at-home” orders, and similar mandates, we prioritized the health and safety of our employees and closed our retail stores, innovation center, our domestic customization operations, and offices, and implemented a remote work policy for all of our non-production employees. To date, we have experienced minimal supply-chain disruptions related to the pandemic and have been able to meet our customers’ needs. Our supply chain and logistics operations are functioning, and a significant portion of our customization capacity continues to operate with the remaining local capacity expected to re-open later this month. Our remote work arrangements remain in place and have been designed to allow for continued operation of our business, including financial reporting systems and internal controls. As of May 7, 2020, all of YETI’s retail stores remain closed, and we will continue to monitor each individual location in conjunction with local opening mandates.

Our digital commerce remains open via YETI.com, country and region-specific YETI websites, and YETI Authorized on the Amazon Marketplace, supported by third-party logistics providers and our employees working remotely.

On March 24, 2020, as a precautionary measure to enhance our liquidity position and to increase available cash on hand, we drew down $50.0 million on our $150.0 million revolving credit facility maturing on December 17, 2024 (the “Revolving Credit Facility”), leaving our availability under the Revolving Credit Facility at $100.0 million. The proceeds will be available to be used for working capital, general corporate or other purposes.
In an effort to further enhance our liquidity position and provide additional financial flexibility in response to the impact of COVID-19, we began taking, and plan to continue to take, steps to preserve cash, including reductions in discretionary spending, lowering capital expenditures and investments, including ongoing reductions in forward inventory receipts, and reducing payroll costs.

On May 7, 2020, we announced the withdrawal of our full year 2020 outlook. We also announced the suspension of new hires, employee furloughs, workforce reductions, temporary reductions of our senior leadership team’s base salaries and our Board of Directors’ waiver of annual cash compensation.

Given the novel and dynamic nature of this situation, we cannot reasonably estimate the full impact of the COVID-19 pandemic on YETI, its impact on our customers, retail partners, and suppliers, how quickly normal economic conditions, operations, and demand for our products resume. Despite the uncertainty of the situation, we believe that the pandemic will have a material adverse impact on future revenue growth as well as overall profitability and may result in, but not be limited to, higher than normal inventory levels, revised payment terms with certain wholesale customers, increased risk in collectability of accounts receivable, and increased risk of product returns.
Although the potential magnitude and duration of the business and economic impacts of COVID-19 are uncertain, we believe that the actions taken to date, together with our current operating plan, our strong cash position, inventory on hand and availability under our Revolving Credit Facility, will provide sufficient liquidity to fund our operations for at least the next twelve months.