XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Summary of Significant Accounting Policies | 3 Months Ended
--- | ---
Mar. 31, 2024
Summary of Significant Accounting Policies [Abstract] |
Summary of Significant Accounting Policies |
2. | Summary of Significant Accounting Policies
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited consolidated financial statements include the accounts of the Company and its Subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial information as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. The consolidated balance sheet as of December 31, 2023 has been prepared using information from the audited financial statements at that date. For further information, refer to the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in the update and existing segment disclosures in Topic 280. This amendment is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. The Company will adopt this standard with its fiscal 2024 annual filing. The Company is currently evaluating these new disclosure requirements and the impact of adoption. Reclassifications Certain prior period amounts have been reclassified to conform with current presentation. The Company reclassified $4.9 million of interest expense from other income (expense), net to the interest expense line on the consolidated statement of income for the first quarter of 2023. The reclassification had no impact on net income for the first quarter of 2023. Inventory Inventories consist of the following (U.S. dollars in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Raw materials |  | $ | 133,600 |  |  | $ | 140,133 |
Finished goods |  |  | 131,500 |  |  |  | 139,845 |
Total Inventory, net |  | $ | 265,100 |  |  | $ | 279,978 |
Reserves of inventories consist of the following (U.S. dollars in thousands):
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 83,378 |  |  | $ | 37,267 |
Additions |  |  | 2,003 |  |  |  | 3,267 |
Write-offs |  |  | (4,862 | ) |  |  | (4,518 | )
Ending Balance |  | $ | 80,519 |  |  | $ | 36,016 |
Revenue Recognition Contract Liabilities – Customer Loyalty Programs Contract liabilities, recorded as deferred revenue within the accrued expenses line in the consolidated balance sheets, include loyalty point program deferrals with certain customers which are accounted for as a reduction in the transaction price and are generally recognized as points are redeemed for additional products. The balance of deferred revenue related to contract liabilities as of March 31, 2024 and December 31, 2023 was $11.9 million and $12.6 million, respectively. The contract liabilities impact to revenue for the three-month periods ended March 31, 2024, and 2023 was an increase of $0.7 million and an increase of $1.3 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent + Details
Name: | us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration