XML 26 R10.htm IDEA: XBRL DOCUMENT v3.22.4
Revenue
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

2. 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 11 – Segment Information and Geographic Data. Note 11 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 outdoor, aviation, and auto segments and relate to performance obligations that are satisfied over the estimated 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:

 

 

 

Fiscal Year Ended

 

 

 

December 31, 2022

 

 

December 25, 2021

 

 

December 26, 2020

 

Point in time

 

$

4,602,636

 

 

$

4,762,260

 

 

$

3,998,251

 

Over time

 

 

257,650

 

 

 

220,535

 

 

 

188,322

 

Net sales

 

$

4,860,286

 

 

$

4,982,795

 

 

$

4,186,573

 

 

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 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 53-week period ending December 31, 2022 and 52-week period ending December 25, 2021, are presented below:

 

 

 

Fiscal Year Ended

 

 

 

December 31, 2022

 

 

December 25, 2021

 

 

 

Deferred
Revenue (1)

 

 

Deferred
Costs (2)

 

 

Deferred
Revenue (1)

 

 

Deferred
Costs (2)

 

Balance, beginning of period

 

$

129,272

 

 

$

28,322

 

 

$

136,799

 

 

$

36,655

 

Deferrals in period

 

 

255,172

 

 

 

17,169

 

 

 

213,008

 

 

 

16,345

 

Recognition of deferrals in period

 

 

(257,650

)

 

 

(20,798

)

 

 

(220,535

)

 

 

(24,678

)

Balance, end of period

 

$

126,794

 

 

$

24,693

 

 

$

129,272

 

 

$

28,322

 

 

(1) Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the consolidated balance sheets

(2) Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the consolidated balance sheets

 

Of the $257,650 of deferred revenue recognized in the 53-weeks ended December 31, 2022, $84,227 was deferred as of the beginning of the period. Of the $220,535 of deferred revenue recognized in the 52-weeks ended December 25, 2021, $80,786 was deferred as of the beginning of the period.

Of the $126,794 of deferred revenue as of December 31, 2022, the Company expects to recognize approximately seventy-five percent ratably over a total period of three years or less.