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Revenue
 6 Months Ended
Jun. 25, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

11. 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

 

 

26-Weeks Ended

 

 

 

June 25, 2022

 

 

June 26, 2021

 

 

June 25, 2022

 

 

June 26, 2021

 

Point in time

 

$

1,179,123

 

 

$

1,274,569

 

 

$

2,293,324

 

 

$

2,297,346

 

Over time

 

 

61,710

 

 

 

52,336

 

 

 

120,172

 

 

 

101,886

 

Net sales

 

$

1,240,833

 

 

$

1,326,905

 

 

$

2,413,496

 

 

$

2,399,232

 

 

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 26-week period ended June 25, 2022 are presented below:

 

 

 

26-Weeks Ended
June 25, 2022

 

 

 

Deferred
 Revenue (1)

 

 

Deferred
Costs (2)

 

Balance, beginning of period

 

$

129,272

 

 

$

28,322

 

Deferrals in period

 

 

115,750

 

 

 

7,731

 

Recognition of deferrals in period

 

 

(120,172

)

 

 

(10,694

)

Balance, end of period

 

$

124,850

 

 

$

25,359

 

 

(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 $120,172 of deferred revenue recognized in the 26-week period ended June 25, 2022, $55,945 was deferred as of the beginning of the period. Approximately seventy-five percent of the $124,850 of deferred revenue at the end of the period, June 25, 2022, is recognized ratably over a period of three years or less.