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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Sales by Sales Channel Category Sales by sales channel category are as follows for Fiscal 2022, 2021, and 2020 (amounts in thousands):

 

 

 

Fiscal 2022

 

 

Fiscal 2021

 

 

Fiscal 2020

 

Branded retail

 

$

3,139,220

 

 

$

2,874,714

 

 

$

2,914,072

 

Other

 

 

1,666,602

 

 

 

1,456,053

 

 

 

1,473,919

 

Total

 

$

4,805,822

 

 

$

4,330,767

 

 

$

4,387,991

 
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 2022

 

$

15,398

 

 

$

8,518

 

 

$

5,152

 

 

$

18,764

 

Fiscal 2021

 

$

15,162

 

 

$

6,071

 

 

$

5,835

 

 

$

15,398

 

Fiscal 2020

 

$

9,473

 

 

$

11,344

 

 

$

5,655

 

 

$

15,162

 

 
Allowance for Trade Accounts Receivable Credit Losses Activity

Activity in the allowance for trade accounts receivable credit losses for Fiscal 2022 and 2021 was as follows (amounts in thousands):

 

 

 

Beginning
Balance

 

 

Charged to
Expense

 

 

Write-Offs
and Other

 

 

Recoveries and other

 

 

Ending
Balance

 

Fiscal 2022

 

$

2,552

 

 

$

2,270

 

 

$

(2,721

)

 

$

87

 

 

$

2,188

 

Fiscal 2021

 

$

4,901

 

 

$

596

 

 

$

(1,018

)

 

$

(1,927

)

 

$

2,552

 

Fiscal 2020

 

$

2,089

 

 

$

2,875

 

 

$

(2,319

)

 

$

2,256

 

 

$

4,901

 
Weighted Percentage of Sales from Largest Customers Our largest customer’s, Walmart/Sam’s Club, weighted percent of sales for Fiscal 2022, 2021, and 2020 was as follows:

 

 

 

Percent of Sales

 

Fiscal 2022

 

 

21.7

%

Fiscal 2021

 

 

21.2

%

Fiscal 2020

 

 

21.2

%
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

 

15

Furniture, fixtures and transportation equipment

 

3

 

12
Schedule of Depreciation Expense

Depreciation expense, excluding amortization of right-of-use financing leases, for Fiscal 2022, 2021, and 2020 was as follows (amounts in thousands):

 

 

 

Depreciation
expense

 

Fiscal 2022

 

$

108,500

 

Fiscal 2021

 

$

103,949

 

Fiscal 2020

 

$

103,490

 
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) for Fiscal 2020, and the line item to which each item is recorded in our Consolidated Statements of Income, are presented below (amounts in thousands):

Restructuring and related impairment charges line item

 

Fiscal 2020

 

Plant closings

 

$

5,747

 

Line and distribution depot closings

 

 

629

 

Spare parts

 

 

734

 

Lease impairment charges

 

 

9,397

 

Impairment of assets

 

$

16,507

 
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 2022

 

$

284

 

 

$

3,679

 

 

$

2,927

 

 

$

1,036

 

Fiscal 2021

 

$

1,920

 

 

$

16

 

 

$

1,652

 

 

$

284

 

Fiscal 2020

 

$

161

 

 

$

3,601

 

 

$

1,842

 

 

$

1,920

 
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 2022

 

$

1,030

 

 

$

—

 

 

$

—

 

 

$

1,030

 

Fiscal 2021

 

$

1,030

 

 

$

—

 

 

$

—

 

 

$

1,030

 

Fiscal 2020

 

$

703

 

 

$

—

 

 

$

327

 

 

$

1,030