REVENUE

12 Months Ended

Jan. 02, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

Contract Balances

Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for doubtful accounts.

Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our primary contract liabilities relate to payment advances for certain customized product transactions and gift cards. We recognize contract liabilities as revenue once all performance obligations have been satisfied.

The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):

	January 2, 2021		December 28, 2019
Accounts receivable, net	$	65,417	$	82,688
Contract liabilities	(11,074)		(4,499)

During the year ended January 2, 2021, we recognized $4.2 million of revenue that was previously included in the contract liability balance at the beginning of the period. The change in the contract liability balance primarily results from timing differences between the customer’s payment and our satisfaction of performance obligations.

Disaggregation of Revenue

The following table disaggregates our net sales by channel, product category, and geography for the periods indicated (in thousands):

	2020		2019		2018(1)
Net Sales by Channel:
Wholesale	$	510,861	$	527,634	$	491,431
Direct-to-consumer	580,860		386,100		287,402
Total net sales	$	1,091,721	$	913,734	$	778,833
Net Sales by Category:
Coolers & Equipment	$	446,585	$	368,874	$	331,224
Drinkware	628,566		526,241		424,164
Other	16,570		18,619		23,445
Total net sales	$	1,091,721	$	913,734	$	778,833
Net Sales by Geographic Region:
United States	$	1,025,393	$	873,867	$	761,880
International	66,328		39,867		16,953
Total net sales	$	1,091,721	$	913,734	$	778,833

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(1)Prior year information is presented in accordance with accounting guidance in effect during that period and has not been updated to reflect the impact of ASC 606. See Note 1 for additional information.

For 2019, and 2018, our largest single customer represented approximately 15%, and 16% of gross sales, respectively. In 2020, 2019, and 2018 Amazon Marketplace accounted for 14%, 13%, and 10% of gross sales, respectively. No other customer accounted for more than 10% of gross sales in 2020, 2019 or 2018.