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Revenue Recognition and Contracts with Customers
 6 Months Ended
Jul. 01, 2023
Revenue Recognition and Contracts with Customers [Abstract]  
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS

NOTE 3 - REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS

 

The impact of ASC 606 on revenue recognized during the three and six months ended July 1, 2023 and July 2, 2022 is as follows:

 

   Three Months Ended   Six Months Ended 
   July 1, 2023   July 2, 2022   July 1, 2023   July 2, 2022 
                     
Contract liabilities with customers at beginning of period  $1,113   $
—
   $1,031   $
—
 
                     
Revenue deferred   11    
—
    212    
—
 
                     
Revenue recognized   (1,024)   
—
    (1,143)   
—
 
                     
Contract liabilities with customers at end of period  $100   $
—
   $100   $
—
 

 

As more fully described in the Revenue Recognition section of Note 2, the deferral of revenue and subsequent recognition thereof relates to certain of the Company’s sales promotion programs that include the future shipment of free products. The Company expects the remaining deferred revenue from this contract liability with customers to be recognized in the third quarter of 2023.

 

Practical Expedients and Exemptions

 

The Company has elected to account for shipping and handling activities that occur after control of the related product transfers to the customer as fulfillment activities that are recognized upon shipment of the goods.