v3.24.3
Revenue
 9 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

2. Revenue

 

In order to further depict how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors, we disaggregate revenue (“net sales”) by geographic region, major product category, and pattern of recognition.

Disaggregated revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 11 – Segment Information and Geographic Data. Note 11 also contains disaggregated revenue information of the five major product categories identified by the Company – fitness, outdoor, aviation, marine, and auto OEM.

A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the outdoor, aviation, and auto OEM segments and relate to performance obligations that are satisfied over the contractual service period or estimated life of the product. Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September
28, 2024

 

 

September
30, 2023

 

 

September
28, 2024

 

 

September
30, 2023

 

Point in time

 

$

1,496,940

 

 

$

1,200,676

 

 

$

4,231,561

 

 

$

3,532,960

 

Over time

 

 

89,082

 

 

 

76,855

 

 

 

242,781

 

 

 

212,791

 

Net sales

 

$

1,586,022

 

 

$

1,277,531

 

 

$

4,474,342

 

 

$

3,745,751

 

 

Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s condensed consolidated balance sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 39-week period ended September 28, 2024 are presented below:

 

 

39-Weeks Ended
September 28, 2024

 

 

 

Deferred
 Revenue (1)

 

 

Deferred
Costs (2)

 

Balance, beginning of period

 

$

137,337

 

 

$

27,373

 

Deferrals in period

 

 

248,720

 

 

 

47,371

 

Recognition of deferrals in period

 

 

(242,781

)

 

 

(43,365

)

Balance, end of period

 

$

143,276

 

 

$

31,379

 

(1) Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.

 

(2) Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets.

Of the $242,781 of deferred revenue recognized in the 39-week period ended September 28, 2024, approximately $84,371 was deferred as of the beginning of the period. Of the $143,276 of deferred revenue as of September 28, 2024, the Company expects to recognize approximately 90% ratably over a total period of three years or less.