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Revenue Recognition and Contracts with Customers
 6 Months Ended
Jun. 29, 2024
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 June 29, 2024 and July 1, 2023 is as follows:

 

   Three Months Ended   Six Months Ended 
    June 29, 2024    July 1, 2023   June 29, 2024   July 1, 2023 
                 
Contract liabilities with customers at beginning of period  $30   $1,113   $149   $1,031 
                     
Revenue deferred   
—
    11    
—
    212 
                     
Revenue recognized   (30)   (1,024)   (149)   (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.

 

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.