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Note 18 - Commitments and Contingencies | 6 Months Ended
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Jul. 02, 2023
Notes to Financial Statements |
Commitments and Contingencies Disclosure [Text Block] |
18. | COMMITMENTS AND CONTINGENCIES
The Company is a party to various lawsuits and claims in the normal course of business. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of such matters will not have a material effect on the consolidated financial position or liquidity of the Company; however, in light of the inherent uncertainties involved in such lawsuits and claims, some of which may be beyond the Company’s control, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale. The following table provides the changes in the Company's accrual for product warranties, which is classified as a component of accrued liabilities in the condensed consolidated balance sheets.
|  | For the thirteen weeks ended |  |  | For the twenty-six weeks ended |
|  | July 2, 2023 |  |  | July 3, 2022 |  |  | July 2, 2023 |  |  | July 3, 2022 |
Beginning balance |  | $ | 3,181 |  |  | $ | 3,816 |  |  | $ | 3,584 |  |  | $ | 3,994 |
Accrued for current year warranty claims |  |  | 3,513 |  |  |  | 446 |  |  |  | 6,467 |  |  |  | 3,034 |
Settlement of warranty claims |  |  | (2,818 | ) |  |  | (1,937 | ) |  |  | (6,175 | ) |  |  | (4,703 | )
Ending balance |  | $ | 3,876 |  |  | $ | 2,325 |  |  | $ | 3,876 |  |  | $ | 2,325 |

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