REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS

3 Months Ended

Apr. 03, 2021

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS

NOTE 3 — REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS

The impact of ASC 606 on revenue recognized during the three months ended April 3, 2021 and March 28, 2020 is as follows:

	Three Months Ended
	April 3, 2021	March 28, 2020
Contract liabilities with customers at beginning of period	$84	$9,623
Revenue deferred	—	3,484
Revenue recognized	(84)	(4,544)
Contract liabilities with customers at end of period	$—	$8,563

As more fully described in the Revenue Recognition section of Note 2, the deferral of revenue and subsequent recognition thereof relates to certain of the Company’s sales promotion programs that include the future shipment of free products. The Company was not responsible for the shipment of any free products arising from such sales promotion programs as of April 3, 2021.

Practical Expedients and Exemptions

The Company has elected to account for shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment activities that are recognized upon shipment of the goods.