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Revenue
 3 Months Ended
Mar. 27, 2021
Revenue From Contract With Customer [Abstract]  
Revenue

10. Revenue

 

 In order to further depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors, we disaggregate revenue (or “net sales”) by geographic region, major product category, and pattern of recognition.

 

Disaggregated revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 4 – Segment Information. Note 4 also contains disaggregated revenue information of the six major product categories identified by the Company – auto OEM, aviation, consumer auto, fitness, marine, and outdoor.

 

A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the auto segment and relate to performance obligations that are satisfied over the life of the product or contractual service period. Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:

 

 

 

13-Weeks Ended

 

 

 

March 27, 2021

 

 

March 28, 2020

 

Point in time

 

$

1,022,777

 

 

$

810,296

 

Over time

 

 

49,550

 

 

 

45,812

 

Net sales

 

$

1,072,327

 

 

$

856,108

 

 

Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s Condensed Consolidated Balance Sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 13-week period ended March 27, 2021 are presented below:

 

 

 

13-Weeks Ended

 

 

 

March 27, 2021

 

 

 

Deferred
 Revenue (1)

 

 

Deferred
Costs (2)

 

Balance, beginning of period

 

$

136,799

 

 

$

36,655

 

Deferrals in period

 

 

41,498

 

 

 

2,727

 

Recognition of deferrals in period

 

 

(49,550

)

 

 

(6,687

)

Balance, end of period

 

$

128,747

 

 

$

32,695

 

 

(1) Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets

 

(2) Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Condensed Consolidated Balance Sheets

 

Of the $49,550 of deferred revenue recognized in the 13-week period ended March 27, 2021, $27,793 was deferred as of the beginning of the period.

 

Approximately two-thirds of the $128,747 of deferred revenue at the end of the period, March 27, 2021, is recognized ratably over a period of three years or less.