XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.1.u1
REVENUE
 3 Months Ended
Mar. 30, 2024
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 credit losses.

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

During the second quarter of 2023, we began issuing gift cards as remedies in connection with our voluntary recalls. We recognize sales from gift cards as they are redeemed for products. As of March 30, 2024, $4.0 million of our contract liabilities represented unredeemed gift card liabilities.
The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):
March 30,
2024		December 30,
2023
Accounts receivable, net$108,350 $95,774 
Contract liabilities$(11,084)$(22,437)
For the three months ended March 30, 2024, we recognized $19.7 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 (based on end-consumer location) for the periods indicated (in thousands):
Three Months Ended
March 30,
2024		April 1,
2023
Net Sales by Channel
Wholesale$153,568 $135,829 
Direct-to-consumer187,826 166,967 
Total net sales$341,394 $302,796 
Net Sales by Category
Coolers & Equipment$119,906 $104,354 
Drinkware214,580 190,287 
Other6,908 8,155 
Total net sales$341,394 $302,796 
Net Sales by Geographic Region
United States$275,796 $252,986 
International65,598 49,810 
Total net sales$341,394 $302,796 
For the three months ended March 30, 2024 and April 1, 2023, no single customer represented over 10% of gross sales.