REVENUE

12 Months Ended

Dec. 31, 2022

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 contract liabilities relate to advance cash deposits received from customers for certain customized product orders. As products are shipped and control transfers, we recognize contract liabilities as revenue.

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

	December 31, 2022		January 1, 2022
Accounts receivable, net	$	79,446	$	109,530
Contract liabilities	(7,702)		(20,761)

During the year ended December 31, 2022, we recognized $20.8 million of revenue that was previously included in the contract liability balance at the beginning of the period.

Disaggregation of Revenue

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

	2022		2021		2020
Net Sales by Channel:
Wholesale	$	677,517	$	626,259	$	510,861
Direct-to-consumer	917,705		784,730		580,860
Total net sales	$	1,595,222	$	1,410,989	$	1,091,721
Net Sales by Category:
Coolers & Equipment	$	612,525	$	551,861	$	446,585
Drinkware	947,221		832,428		628,566
Other	35,476		26,700		16,570
Total net sales	$	1,595,222	$	1,410,989	$	1,091,721
Net Sales by Geographic Region(1):
United States	$	1,394,026	$	1,267,701	$	1,011,440
International	201,196		143,288		80,281
Total net sales	$	1,595,222	$	1,410,989	$	1,091,721

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(1) Prior period net sales by geographic region have been reclassified to align with current year presentation which is based on end-consumer location.

Customers that accounted for 10% or more of gross sales were as follows:

	2022		2021	2020
Customer A	11	%	10%	*

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*Gross sales were less than 10% and no other customer exceeded 10% of gross sales.