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Revenue Recognition | 12 Months Ended
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Dec. 31, 2023
Revenue Recognition [Abstract] |
Revenue Recognition | 7. Revenue Recognition Disaggregated revenue disclosures for the fiscal years ended December 31, 2023, January 1, 2023, and January 2, 2022 are included in Note 21, Segments. Revenue from membership fees, legacy one-time registration fees, house introduction credits and build-out contracts are the primary arrangements for which revenue is recognized over time. Revenue from these sources combined accounted for 32%, 30%, and 36% of the Company's revenue for the fiscal years ended December 31, 2023, January 1, 2023, and January 2, 2022, respectively. The following table includes estimated revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) at the end of the reporting period ending December 31, 2023.
(in thousands) | December 31, 2023 |  |  | Future periods |
Membership, registration fees, and House Introduction Credits | $ | 100,006 |  |  | $ | 25,787 |
Total future revenues | $ | 100,006 |  |  | $ | 25,787 |
All consideration from contracts with customers is included in the amounts presented above. The following table provides information about contract receivables, contract assets and contract liabilities from contracts with customers:
|  | As of |
(in thousands) |  | December 31, 2023 |  |  | January 1, 2023 |
Contract receivables |  | $ | 58,158 |  |  | $ | 42,215 |
Contract assets |  |  | 3,778 |  |  |  | 9,344 |
Contract liabilities |  |  | 155,356 |  |  |  | 130,975 |
Contract receivables comprises solely of Accounts receivable, net which comprise amounts due from customers and partners including amounts owed from sites operated under management contracts, amounts billed under build-out contracts and amounts due from Retail wholesale partners. Contract assets consist of accrued unbilled income related to build-out contracts and are recognized in prepaid expenses and other current assets on the consolidated balance sheets. Refer to Note 8, Prepaid Expenses and Other Current Assets. All contract assets recognized as of January 2, 2022 of $6 million were billed to customers and transferred to receivables as of January 1, 2023. All contract assets as of January 1, 2023 of $9 million were billed to customers and transferred to receivables as of December 31, 2023. Contract liabilities include deferred membership revenue, hotel deposits (which are presented in accrued liabilities on the consolidated balance sheets), and gift vouchers. Significant changes in contract liabilities balances during the period are as follows:
|  | For the Fiscal Year Ended |
(in thousands) |  | December 31, 2023 |  |  | January 1, 2023 |  |  | January 2, 2022 |
Opening balance |  | $ | 130,975 |  |  | $ | 113,630 |  |  | $ | 85,723 |
Revenue recognized that was included in the contract liability balance at the beginning of the period |  |  | (85,846 | ) |  |  | (86,111 | ) |  |  | (61,763 | )
Increases due to cash received during the period |  |  | 109,684 |  |  |  | 104,652 |  |  |  | 89,914 |
Foreign currency translation |  |  | 543 |  |  |  | (1,196 | ) |  |  | (244 | )
Closing balance |  | $ | 155,356 |  |  | $ | 130,975 |  |  | $ | 113,630 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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