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Gift Cards

3 Months Ended

Mar. 30, 2021

Gift Cards

Gift Cards

4.  Gift Cards

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The following tables present information related to gift cards (in thousands):

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​	​	​	​	​	​	​
​	​	Thirteen		​	Thirteen
​	​	Weeks Ended		​	Weeks Ended
​		March 30, 2021			March 31, 2020
Gift card liabilities:	​	​	​	​	​	​
Beginning balance	​	$	184,655		$	187,978
Activations	​		16,465	​		17,340
Redemptions and breakage	​		(34,942)	​		(44,103)
Ending balance	​	$	166,178		$	161,215

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​	​	​	​	​	​	​
​	​	Thirteen		​	Thirteen
​	​	Weeks Ended		​	Weeks Ended
​		March 30, 2021			March 31, 2020
Gift card contract assets:	​	​	​	​	​	​
Beginning balance	​	$	17,955		$	23,172
Deferrals	​		2,295	​		2,203
Amortization	​		(3,995)	​		(4,690)
Ending balance	​	$	16,255		$	20,685

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The significant declines in redemptions and breakage during the first quarter of 2021 compared to 2020 stem from the impact of the COVID-19 pandemic on our business.

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- Definition

The entire disclosure for gift cards liabilities and assets.

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