Revenue Recognition

12 Months Ended

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Deferred contract assets and deferred contract liabilities are included in the consolidated balance sheets as follows (in thousands):

	December 30, 2023		December 31, 2022
Deferred contract assets included in:
Other current assets	$	28,567	$	28,121
Other non-current assets	54,795		55,564
	$	83,362	$	83,685

	December 30, 2023		December 31, 2022
Deferred contract liabilities included in:
Other current liabilities	$	36,421	$	36,335
Other non-current liabilities	69,098		70,999
	$	105,519	$	107,334

During the years ended December 30, 2023, December 31, 2022 and January 1, 2022 the Company recognized revenue of $36 million, $34 million and $29 million, respectively, that was included in the deferred contract liability balance at the beginning of the year.

Revenue from goods and services transferred to customers at a point in time accounted for approximately 98% of the Company’s revenues for 2023, 2022 and 2021.

Net sales consisted of the following (in thousands):

	2023		2022		2021
Retail stores	$	1,639,073	$	1,823,617	$	1,904,037
Online, phone, chat and other	248,409		290,680		280,912
Total Company	$	1,887,482	$	2,114,297	$	2,184,949

Obligation for Sales Returns

The activity in the sales returns liability account for 2023 and 2022 was as follows (in thousands):

	2023		2022
Balance at beginning of year	$	25,594	$	22,368
Additions that reduce net sales	109,153		103,477
Deduction from reserves	(112,345)		(100,251)
Balance at end of period	$	22,402	$	25,594