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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 02, 2021

Sales by Sales Channel Category

Sales by sales channel category are as follows for Fiscal 2020, 2019, and 2018 (amounts in thousands):

		Fiscal 2020				Fiscal 2019				Fiscal 2018
Branded retail		$	2,912,096			$	2,478,669			$	2,346,944
Store branded retail			609,887				647,056				586,661
Non-retail and other			866,008				998,249				1,018,247
Total		$	4,387,991			$	4,123,974			$	3,951,852

Allowance for Doubtful Accounts Activity

Activity in the allowance for doubtful accounts is as follows (amounts in thousands):

		Beginning Balance				Charged to Expense				Write-Offs and Other				Ending Balance
Fiscal 2020		$	9,473			$	11,344			$	5,655			$	15,162
Fiscal 2019		$	5,751			$	11,034			$	7,312			$	9,473
Fiscal 2018		$	3,154			$	6,963			$	4,366			$	5,751

Allowance for Trade Accounts Receivable Credit Losses Activity

Activity in the allowance for trade accounts receivable credit losses for Fiscal 2020 was as follows (amounts in thousands):

Balances at December 28, 2019		$	2,089
Amounts charged to expense			2,875
Write-offs			(2,319	)
Recoveries and other			2,256
Balances at January 2, 2021		$	4,901

Weighted Percentage of Sales from Largest Customers

Our largest customer’s, Walmart/Sam’s Club, weighted percent of sales for Fiscal 2020, 2019, and 2018 was as follows:

		Percent of Sales
Fiscal 2020			21.2	%
Fiscal 2019			21.1	%
Fiscal 2018			20.3	%

Estimated Useful Lives by Property Plant and Equipment Class

The table below presents the range of estimated useful lives by property, plant and equipment class.

		Useful life term (years)
Asset Class		Low		High
Buildings		10		40
Machinery and equipment		3		25
Furniture, fixtures and transportation equipment		3		15

Schedule of Depreciation Expense

Depreciation expense, excluding amortization of right-of-use financing leases, for Fiscal 2020, 2019, and 2018 was as follows (amounts in thousands):

		Depreciation expense
Fiscal 2020		$	103,490
Fiscal 2019		$	107,891
Fiscal 2018		$	118,232

Schedule of Total Impairments (Inclusive of Property, Plant and Equipment, Notes Receivable, Spare Parts, and ROU Assets) and Line Item Recorded in Our Consolidated Statements of Income

Total impairments (inclusive of property, plant and equipment, notes receivable, spare parts, and ROU assets), and the line item to which each item is recorded in our Consolidated Statements of Income, are presented below (amounts in thousands):

Impairment of assets line item		Fiscal 2020				Fiscal 2019				Fiscal 2018
Property, plant and equipment		$	—			$	—			$	3,516
Notes receivable			—				—				2,483
Impairment of assets		$	—			$	—			$	5,999
Restructuring and related impairment charges line item		Fiscal 2020				Fiscal 2019				Fiscal 2018
Plant closings		$	5,747			$	5,133			$	3,156
Line and distribution depot closings			629				356				661
Spare parts			734				174				238
Lease impairment charges			9,397				—				—
Impairment of assets		$	16,507			$	5,663			$	4,055

Inventory Valuation Reserve

Summary of Valuation Allowance

Activity in the inventory reserve allowance is as follows (amounts in thousands):

		Beginning Balance				Charged to Expense				Write-Offs and Other				Ending Balance
Fiscal 2020		$	161			$	3,601			$	1,842			$	1,920
Fiscal 2019		$	143			$	337			$	319			$	161
Fiscal 2018		$	673			$	740			$	1,270			$	143

Valuation Allowance of Deferred Tax Assets

Summary of Valuation Allowance

The deductions column in the table below presents the amounts reduced in the deferred tax asset valuation allowance that were recorded to, and included as part of, deferred tax expense. The additions column represents amounts that increased the allowance.

Activity in the deferred tax asset valuation allowance is as follows (amounts in thousands):

		Beginning Balance				Deductions				Additions				Ending Balance
Fiscal 2020		$	703			$	—			$	327			$	1,030
Fiscal 2019		$	364			$	—			$	339			$	703
Fiscal 2018		$	111			$	—			$	253			$	364

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