XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 29, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by product category is as follows:
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Systems and storage$290.7 $251.4 $570.3 $433.7 
Seating145.4 123.4 271.4 216.9 
Other44.0 38.3 78.3 62.1 
Total workplace furnishings480.2 413.0 920.0 712.7 
Residential building products143.5 150.4 291.7 329.8 
Net sales$623.7 $563.5 $1,211.7 $1,042.5 

Sales by product category are subject to similar economic factors and market conditions. See "Note 14. Reportable Segment Information" for further information about operating segments.

Contract Assets and Contract Liabilities
In addition to trade receivables, the Corporation has contract assets consisting of funds paid up-front to certain workplace furnishings dealers in exchange for their multi-year commitment to market and sell the Corporation’s products. These contract assets are amortized over the term of the contracts and recognized as a reduction of revenue. The Corporation has contract liabilities consisting of customer deposits and rebate and marketing program liabilities.
Contract assets and contract liabilities were as follows:
June 29,
2024		December 30,
2023
Trade receivables (1)$258.9 $247.1 
Contract assets (current) (2)$3.2 $3.1 
Contract assets (long-term) (3)$26.8 $28.1 
Contract liabilities - Customer deposits (4)$39.7 $35.6 
Contract liabilities - Accrued rebate and marketing programs (4)$29.5 $31.4 

The index below indicates the line item in the Condensed Consolidated Balance Sheets where contract assets and contract liabilities are reported:

(1)     "Receivables"
(2)     "Prepaid expenses and other current assets"
(3)     "Other Assets"
(4)     "Accounts payable and accrued expenses"

Contract liabilities for customer deposits paid to the Corporation prior to the satisfaction of performance obligations are recognized as revenue upon completion of the performance obligations. The contract liability balance related to customer deposits was $35.6 million as of December 30, 2023, of which $33.9 million was recognized as revenue in the first six months of 2024.