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Revenue
 3 Months Ended
Mar. 26, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

10. Revenue

 

In order to further depict how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors, revenue (or “net sales”) is disaggregated 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 and Geographic Data. Note 4 also contains disaggregated revenue information of the six major product categories identified by the Company – fitness, outdoor, aviation, marine, consumer auto, and auto OEM.

 

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 and outdoor segments 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 26, 2022

 

 

March 27, 2021

 

Point in time

 

$

1,114,200

 

 

$

1,022,777

 

Over time

 

 

58,462

 

 

 

49,550

 

Net sales

 

$

1,172,662

 

 

$

1,072,327

 

 

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 26, 2022 are presented below:

 

 

 

13-Weeks Ended
March 26, 2022

 

 

 

Deferred
 Revenue (1)

 

 

Deferred
Costs (2)

 

Balance, beginning of period

 

$

129,272

 

 

$

28,322

 

Deferrals in period

 

 

54,695

 

 

 

3,527

 

Recognition of deferrals in period

 

 

(58,462

)

 

 

(5,450

)

Balance, end of period

 

$

125,505

 

 

$

26,399

 

 

(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 $58,462 of deferred revenue recognized in the 13-week period ended March 26, 2022, $28,412 was deferred as of the beginning of the period. Approximately seventy-five percent of the $125,505 of deferred revenue at the end of the period, March 26, 2022, is recognized ratably over a period of three years or less.