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Revenue And Contract Liabilities | 6 Months Ended
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Jun. 29, 2019
Revenue And Contract Liabilities [Abstract] |
Revenue And Contract Liabilities | NOTE F – REVENUE AND CONTRACT LIABILITIES Revenue is recognized when, or as, control of a promised product or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those products or services. A majority of the Company’s sales are for products sold at a point in time and shipped to customers, for which control is transferred as goods are delivered to the third party carrier for shipment. The Company receives payment, primarily via credit card, for the sale of products at the time customers place orders and payment is required prior to shipment. Contract liabilities, which are recorded within Other current liabilities in the consolidated balance sheets, primarily relate to deferred revenue for product sales for customer payments received in advance of shipment, for outstanding material rights under the initial order program, and for services where control is transferred over time as services are delivered. Disaggregation of revenue by geographical region and major product line is included in Segment Information in Note K. The following table provides information about contract liabilities from contracts with customers, including significant changes in the contract liabilities balances during the period.
|  | December 29, |  | June 29,
|  | 2018 |  | 2019
Contract liabilities at beginning of period |  | $ | 14,417 |  | $ | 15,055
Increase due to deferral of revenue at period end |  |  | 15,055 |  |  | 13,798
Decrease due to beginning contract liabilities recognized as revenue |  |  | (14,417) |  |  | (14,546)
Contract liabilities at end of period |  | $ | 15,055 |  | $ | 14,307

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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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