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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 28, 2019
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer | Revenue from Contracts with Customers Disaggregation of Revenue Revenue from contracts with customers disaggregated by sales channel and by segment is as follows (in thousands):
| Segment | 2019 |  |  | 2018 |
Supplies-driven channel | Office Furniture | $ | 891,997 |  |  | $ | 904,292 |
Contract channel | Office Furniture | 805,189 |  |  | 801,800 |
Hearth | Hearth Products | 549,761 |  |  | 551,803 |
Net sales |  | $ | 2,246,947 |  |  | $ | 2,257,895 |
Sales by channel type are subject to similar economic factors and market conditions regardless of the channel under which the product is sold. See “Note 17. Reportable Segment Information” in the Notes to Consolidated Financial Statements for further information about operating segments. Contract Assets and Contract Liabilities In addition to trade receivables, the Corporation has contract assets consisting of funds paid to certain office furniture dealers in exchange for their multi-year commitment to market and sell the Corporation’s products. These contract assets are amortized over the term of the contracts and recognized as a reduction of revenue. For contracts less than one year, the Corporation has elected the practical expedient to recognize incremental costs to obtain a contract as an expense when incurred. The Corporation has contract liabilities consisting of customer deposits and rebate and marketing program liabilities. Contract assets and contract liabilities were as follows (in thousands):
| December 28, 2019 |  | December 29, 2018
Trade receivables (1) | $ | 278,124 |  |  | $ | 259,075 |
Contract assets (current) (2) | $ | 857 |  |  | $ | 529 |
Contract assets (long-term) (3) | $ | 2,700 |  |  | $ | 2,188 |
Contract liabilities (4) | $ | 54,972 |  |  | $ | 44,858 |
The index below indicates the line item in the Consolidated Balance Sheets where contract assets and contract liabilities are reported: (1) "Receivables" (2) "Prepaid expenses and other current assets" (3) "Other Assets" (4) "Accounts payable and accrued expenses" Changes in contract asset and contract liability balances during the year ended December 28, 2019 were as follows (in thousands):
| Contract assets increase (decrease) |  | Contract liabilities (increase) decrease
Contract assets recognized | $ | 1,313 |  |  | $ | — |
Reclassification of contract assets to contra-revenue | (473 | ) |  | — |
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied | — |  |  | (147,830 | )
Contract liabilities paid | — |  |  | 138,015 |
Cash received in advance and not recognized as revenue | — |  |  | (67,938 | )
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied | — |  |  | 67,639 |
Net change | $ | 840 |  |  | $ | (10,114 | )
Changes in contract asset and contract liability balances during the year ended December 29, 2018 were as follows (in thousands):
| Contract assets increase (decrease) |  | Contract liabilities (increase) decrease
Contract assets recognized | $ | 2,100 |  |  | $ | — |
Reclassification of contract assets to contra-revenue | (483 | ) |  | — |
Contract asset impairment | (1,550 | ) |  | — |
Contract liabilities recognized and recorded to contra-revenue as a result of performance obligations satisfied | — |  |  | (127,454 | )
Contract liabilities paid | — |  |  | 132,909 |
Cash received in advance and not recognized as revenue | — |  |  | (54,167 | )
Reclassification of cash received in advance to revenue as a result of performance obligations satisfied | — |  |  | 58,304 |
Impact of business combination | — |  |  | 77 |
Net change | $ | 67 |  |  | $ | 9,669 |
Contract liabilities for customer deposits paid to the Corporation prior to the satisfaction of performance obligations are recognized as revenue upon completion of the performance obligations. The amount of revenue recognized during the year ended December 28, 2019 that was included in the December 29, 2018 contract liabilities balance was $8.3 million. The amount of revenue recognized during the year ended December 29, 2018 that was included in the December 30, 2017 contract liabilities balance was $12.5 million, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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