Fox Factory Holding (FOXF) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Apr. 01, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 1, 2022
Document Transition Report	false
Entity File Number	001-36040
Entity Registrant Name	Fox Factory Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1647258
Entity Address, Address Line One	2055 Sugarloaf Circle, Suite 300
Entity Address, City or Town	Duluth
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	831
Local Phone Number	274-6500
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	FOXF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,148,734
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001424929
Current Fiscal Year End Date	--12-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 68,773	$ 179,686
Accounts receivable (net of allowances of $512 and $410 at April 1, 2022 and December 31, 2021, respectively)	177,858	142,040
Inventory	314,971	279,837
Prepaids and other current assets	293,927	123,107
Total current assets	855,529	724,670
Property, plant and equipment, net	193,609	192,003
Lease right-of-use assets	44,122	38,752
Deferred tax assets	43,351	34,998
Goodwill	323,283	323,299
Intangibles, net	191,716	197,021
Other assets	12,405	4,986
Total assets	1,664,015	1,515,729
Current liabilities:
Accounts payable	157,015	99,984
Accrued expenses	103,792	112,378
Current portion of long-term debt	20,000	17,500
Total current liabilities	280,807	229,862
Line of credit	42,852	0
Long-term debt, less current portion	356,288	360,953
Other liabilities	34,984	30,832
Total liabilities	714,931	621,647
Commitments and contingencies (Refer to Note 9 - Commitments and Contingencies)
Stockholders’ equity
Preferred stock, $0.001 par value — 10,000 authorized and no shares issued or outstanding as of April 1, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value — 90,000 authorized; 43,039 shares issued and 42,149 outstanding as of April 1, 2022; 43,010 shares issued and 42,120 outstanding as of December 31, 2021	42	42
Additional paid-in capital	346,328	344,119
Treasury stock, at cost; 890 common shares as of April 1, 2022 and December 31, 2021	(13,754)	(13,754)
Accumulated other comprehensive income	9,619	4,876
Retained earnings	606,849	558,799
Total stockholders’ equity	949,084	894,082
Total liabilities and stockholders’ equity	$ 1,664,015	$ 1,515,729

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 512	$ 410
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	43,039,000	43,010,000
Common stock, shares outstanding (in shares)	42,149,000	42,120,000
Treasury stock, shares (in shares)	890,000	890,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Statement [Abstract]
Sales	$ 377,977	$ 281,136
Cost of sales	257,717	183,212
Gross profit	120,260	97,924
Operating expenses:
Sales and marketing	22,589	16,858
Research and development	12,642	9,876
General and administrative	25,567	20,369
Amortization of purchased intangibles	5,307	4,965
Total operating expenses	66,105	52,068
Income from operations	54,155	45,856
Interest and other expense, net:
Interest expense	1,977	2,904
Other expense, net	1,692	959
Interest and other expense, net	3,669	3,863
Income before income taxes	50,486	41,993
Provision for income taxes	2,436	4,007
Net income	$ 48,050	$ 37,986
Earnings per share:
Basic (in dollars per share)	$ 1.14	$ 0.91
Diluted (in dollars per share)	$ 1.13	$ 0.90
Weighted-average shares used to compute earnings per share:
Basic (in shares)	42,144	41,851
Diluted (in shares)	42,381	42,343

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 48,050	$ 37,986
Other comprehensive income
Interest rate swap, net of tax effects	5,811	2,145
Foreign currency translation adjustments, net of tax effects	(1,068)	(524)
Other comprehensive income	4,743	1,621
Comprehensive income	$ 52,793	$ 39,607

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Redeemable Non-controlling Interest - 3 months ended Apr. 01, 2022 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury	Additional paid-in capital	Accumulated other comprehensive income	Retained earnings
Beginning Balance (in shares) at Dec. 31, 2021	42,120	43,010	890
Beginning balance at Dec. 31, 2021	$ 894,082	$ 42	$ (13,754)	$ 344,119	$ 4,876	$ 558,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income	$ 4,743
Ending Balance (in shares) at Apr. 01, 2022	42,149

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
OPERATING ACTIVITIES:
Net income	$ 48,050	$ 37,986
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	11,897	10,069
Stock-based compensation	3,029	2,494
Deferred taxes and uncertain tax positions	(10,083)	(438)
Amortization of loan fees	402	411
Changes in operating assets and liabilities:
Accounts receivable	(37,781)	(16,536)
Inventory	(37,467)	(40,074)
Income taxes	(4,982)	2,288
Prepaids and other assets	(171,307)	33,263
Accounts payable	58,639	33,653
Accrued expenses and other liabilities	(3,521)	2,912
Net cash (used in) provided by operating activities	(143,124)	66,028
INVESTING ACTIVITIES:
Purchases of property and equipment	(8,191)	(16,885)
Net cash used in investing activities	(8,191)	(16,885)
FINANCING ACTIVITIES:
Proceeds from line of credit	109,336	8,480
Payments on line of credit	(66,484)	(8,480)
Repayment of debt	(2,500)	(2,500)
Installment on purchase of non-controlling interest	(900)	(1,850)
(Repurchases) proceeds from stock compensation program, net	(820)	598
Net cash provided by (used in) financing activities	38,632	(3,752)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	1,770	316
CHANGE IN CASH AND CASH EQUIVALENTS	(110,913)	45,707
CASH AND CASH EQUIVALENTS—Beginning of period	179,686	245,764
CASH AND CASH EQUIVALENTS—End of period	68,773	291,471
Interest and Income Taxes Paid [Abstract]
Income taxes	17,441	2,048
Cash paid for interest, net of capitalized interest	1,619	2,422
Cash paid for amounts included in the measurement of lease liabilities	2,713	1,994
Cash Flow, Noncash Operating Activities Disclosure [Abstract]
Right-of-use assets obtained in exchange for lease obligations	7,619	1,160
Capital expenditures included in accounts payable	$ 4,406	$ 3,633

Description of the Business, Ba

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 01, 2022
Accounting Policies [Abstract]
Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies	Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies - Fox Factory Holding Corp. (the "Company") designs, engineers, manufactures, and markets performance-defining products and systems for customers worldwide. Our premium brand, performance-defining products and systems are used primarily for bicycles ("bikes"), side-by-side vehicles ("Side-by-Sides"), on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles ("ATVs"), snowmobiles, specialty vehicles and applications, motorcycles and commercial trucks. Some of our products are specifically designed and marketed to the leading cycling and powered vehicle original equipment manufacturers ("OEMs"), while others are distributed to consumers through a global network of dealers and distributors. Throughout this Form 10-Q, unless stated otherwise or as the context otherwise requires, the "Company," "FOX," "Fox Factory," "we," "us," "our," and "ours" refer to Fox Factory Holding Corp. and its operating subsidiaries on a consolidated basis. Basis of Presentation - The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America ("U.S." or "United States") and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 24, 2022. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. Fiscal Year Calendar - The Company operates on a 52-53 week fiscal year calendar. For 2022 and 2021, the Company's fiscal year will end or has ended on December 30, 2022 and December 31, 2021, respectively. The twelve month periods ended December 30, 2022 and December 31, 2021, will include or have included 52 weeks. The three month periods ended April 1, 2022 and April 2, 2021 each included 13 weeks. Principles of Consolidation - These condensed consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Summary of Significant Accounting Policies - There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC on February 24, 2022 that have had a material impact on our condensed consolidated financial statements and related notes. Revenue Recognition - Revenues are generated from the sale of performance-defining products and systems to customers worldwide. The Company’s performance-defining products and systems are solutions that improve performance of powered vehicles and bikes. Powered vehicles include Side-by-Sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, and motorcycles. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer, generally at the time of shipment. Contracts are generally in the form of purchase orders and are governed by standard terms and conditions. For larger OEMs, the Company may also enter into master agreements. Sales tax and other similar taxes are excluded from revenues. Provisions for discounts, rebates, sales incentives, returns, and other adjustments are generally provided for in the period the related sales are recorded, based on management’s assessment of historical trends and projection of future results. Certain pricing provisions that provide the customer with future discounts are considered a material right. Such material rights result in the deferral of revenues that are recognized when the rights are exercised by the customer. Measuring the material rights requires judgments including forecasts of future sales and product mix. Segments - The Company has determined that it has a single operating and reportable segment: manufacturing, sale and service of performance-defining products. The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Use of Estimates - The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from management’s estimates. Certain Significant Risks and Uncertainties - The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, customer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Additionally, the Company has been impacted by the ongoing coronavirus (“COVID-19”) pandemic. The global outbreak of COVID-19 has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Despite the Company’s efforts to manage and remedy these impacts to the Company, the ultimate impact and the extent to which the COVID-19 pandemic will continue to affect the business, results of operation and financial condition is difficult to predict and depends on numerous evolving factors outside of the Company’s control, including: the duration and scope of the COVID-19 pandemic; government, social, business and other actions that have been and will be taken in response to the COVID-19 pandemic; increases in COVID-19 case counts; any additional waves of the virus, availability and ultimate efficacy of the vaccine on the new variants of the virus, including the Omicron variant; and the effect of the COVID-19 pandemic on short- and long-term general economic conditions. Furthermore, during the first quarter of 2022, Russia commenced a military invasion of Ukraine, and the ensuing conflict has created disruption in the region and around the world. In addition, in response to this invasion, the United States and several European and Asian countries instated sanctions against Russia. The impact of the Russia invasion of Ukraine on the global economy, energy supplies and raw materials is uncertain but may prove to negatively impact the Company’s business and operations. Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board ("FASB") has issued Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, that requires the valuation of assets and liabilities required or permitted to be either recorded or disclosed at fair value based on hierarchy of available inputs as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The carrying amounts of the Company's financial instruments, including cash, receivables, accounts payable, and accrued liabilities approximate their fair values due to their short-term nature. Amounts owed under the Company's Prior Credit Facility (as defined in Note 8 - Debt below) approximate fair value due to the variable interest rate features embedded in both the line of credit and the term debt. Recent Accounting Pronouncements - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which helps simplify how entities account for income taxes by removing various exceptions related to the recognition of deferred tax liabilities and updating other tax computation requirements. This standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted ASU 2019-12 effective in the first quarter of fiscal year 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in ASU 2020-10 contain improvements to the Codification to ensure consistency by including disclosure guidance in the appropriate Disclosure Section. This guidance includes an option for an entity to provide certain information either on the face of the financial statements or in the notes. ASU 2020-10 amends the Codification to include this language in the appropriate disclosure section. The ASU also provides clarification to various codification topics to improve consistency in guidance application. The amendments are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 effective in the first quarter of fiscal year 2021. The adoption of ASU 2020-10 did not have a material impact on the Company's condensed consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance in the first quarter of 2022. This adoption did not have a material impact on our financial statements.

Revenues

Revenues	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following table summarizes total sales by product category: For the three months ended April 1, 2022 April 2, 2021 Powered Vehicles $ 208,107 $ 162,747 Specialty Sports 169,870 118,389 Total sales $ 377,977 $ 281,136 The following table summarizes total sales by sales channel: For the three months ended April 1, 2022 April 2, 2021 OEM $ 201,265 $ 151,480 Aftermarket 176,712 129,656 Total sales $ 377,977 $ 281,136 The following table summarizes total sales generated by geographic location of the customer: For the three months ended April 1, 2022 April 2, 2021 North America $ 233,959 $ 180,483 Asia 60,017 51,856 Europe 78,534 45,739 Rest of the world 5,467 3,058 Total sales $ 377,977 $ 281,136

Inventory

Inventory	3 Months Ended
	Apr. 01, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of the following: April 1, December 31, 2022 2021 Raw materials $ 227,391 $ 200,460 Work-in-process 10,584 7,539 Finished goods 76,996 71,838 Total inventory $ 314,971 $ 279,837

Prepaids and Other Assets

Prepaids and Other Assets	3 Months Ended
	Apr. 01, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaids and Other Current Assets	Prepaids and Other Current Assets Prepaids and other current assets consisted of the following: April 1, December 31, 2022 2021 Prepaid chassis deposits $ 262,029 $ 98,618 Advanced payments and prepaid contracts 18,724 14,024 Other current assets 13,174 10,465 Total $ 293,927 $ 123,107

Property, Plant and Equipment,

Property, Plant and Equipment, net	3 Months Ended
	Apr. 01, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following: April 1, December 31, 2022 2021 Building and building improvements $ 72,639 $ 72,088 Information systems, office equipment and furniture 19,920 20,988 Internal-use computer software 26,817 25,700 Land and land improvements 15,492 15,663 Leasehold improvements 17,564 22,835 Machinery and manufacturing equipment 111,693 106,628 Transportation equipment 8,121 7,372 Total 272,246 271,274 Less: accumulated depreciation and amortization (78,637) (79,271) Property, plant and equipment, net $ 193,609 $ 192,003 The Company’s long-lived assets by geographic location are as follows: April 1, December 31, 2022 2021 United States $ 162,126 $ 161,451 International 31,483 30,552 Total long-lived assets $ 193,609 $ 192,003

Leases

Leases	3 Months Ended
	Apr. 01, 2022
Leases [Abstract]
Leases	Leases The Company has operating lease agreements for administrative, research and development, manufacturing, and sales and marketing facilities. These leases have remaining lease terms ranging from one As most of the Company's leases do not provide an interest rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted-average remaining lease term for the Company's operating leases was 5.16 years and the weighted-average incremental borrowing rate was 2.11% as of April 1, 2022. Operating lease costs consisted of the following: For the three months ended April 1, 2022 April 2, 2021 Operating lease cost $ 2,823 $ 2,070 Other lease costs (1) 718 225 Total $ 3,541 $ 2,295 (1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities. Supplemental balance sheet information related to the Company's operating leases is as follows: Balance Sheet Classification April 1, 2022 Operating lease right-of-use assets Lease right-of-use assets $ 44,122 Current lease liabilities Accrued expenses $ 9,789 Non-current lease liabilities Other liabilities $ 33,071 Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows: For fiscal year Total future payments 2022 (remaining nine months) $ 7,972 2023 10,095 2024 8,888 2025 6,627 2026 4,832 Thereafter 6,760 Total lease payments 45,174 Less: imputed interest (2,314) Present value of lease liabilities 42,860 Less: current portion (9,789) Lease liabilities less current portion $ 33,071

Accrued Expenses

Accrued Expenses	3 Months Ended
	Apr. 01, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consisted of the following: April 1, December 31, 2022 2021 Payroll and related expenses $ 21,659 $ 32,968 Current portion of lease liabilities 9,789 9,095 Warranty 15,993 15,510 Income tax payable 29,403 34,845 Accrued sales rebate 11,307 8,568 Current portion of non-controlling interest buyout liability 1,800 2,700 Other accrued expenses 13,841 8,692 Total $ 103,792 $ 112,378 Activity related to warranties is as follows: For the three months ended April 1, 2022 April 2, 2021 Beginning warranty liability $ 15,510 $ 9,835 Charge to cost of sales 3,127 3,261 Costs incurred (2,644) (1,575) Ending warranty liability $ 15,993 $ 11,521

Debt

Debt	3 Months Ended
	Apr. 01, 2022
Debt Disclosure [Abstract]
Debt	Debt Prior Credit Facility In June 2019, the Company entered into a credit facility with Bank of America and other named lenders, which was periodically amended and restated and/or amended. The credit facility was amended and restated on March 11, 2020, and further amended on June 19, 2020, and June 11, 2021 (as amended to date, the "Prior Credit Facility"). The Prior Credit Facility (which was terminated on April 5, 2022 and replaced with the 2022 Credit Facility (as discussed below)), would have matured on March 11, 2025, and provided a senior secured revolving line of credit with a borrowing capacity of $250,000 and a term loan of $400,000. The term loan was subject to quarterly amortization payments. The Company paid $7,615 in debt issuance costs, of which $6,458 were allocated to the term debt and $1,157 were allocated to the line of credit. Additionally, the Company had $434 of remaining unamortized debt issuance costs. The Company expensed $277 of the remaining unamortized debt issuance costs. The remaining $157 were allocated to the line of credit. Loan fees allocated to the term debt were amortized using the interest method and loan fees allocated to the line of credit were amortized on a straight-line basis over the term of the Prior Credit Facility. The Prior Credit Facility provided for interest at a rate either based on the London Interbank Offered Rate ("LIBOR"), plus a margin ranging from 1.00% to 2.25%, with a floor rate of 0.00%, or based on the base rate offered by Bank of America plus a margin ranging from 0.00% to 1.25%. At April 1, 2022, the one-month LIBOR and prime rates were 0.44% and 3.50%, respectively. At April 1, 2022, our weighted-average interest rate on outstanding borrowing was 1.68%. The Prior Credit Facility was secured by substantially all of the Company’s assets, restricted the Company's ability to make certain payments and engage in certain transactions, and required that the Company satisfy customary financial ratios. The Company was in compliance with the covenants as of April 1, 2022. The Prior Credit Facility permitted up to $25,000 of the aggregate revolving commitment to be used by the Company for issuance of letters of credit, of which $15,000 was outstanding at April 1, 2022. The following table summarizes the line of credit under the Prior Credit Facility: April 1, December 31, 2022 2021 Amount outstanding $ 42,852 $ — Standby letters of credit 15,000 $ 15,000 Available borrowing capacity 192,148 $ 235,000 Total borrowing capacity $ 250,000 $ 250,000 Maturity date March 11, 2025 In June 2021, the Company entered into a swap agreement (the "2021 Swap Agreement") to obtain a more favorable interest rate and to manage interest rate risk exposure. On April 5, 2022, the Company terminated its 2021 Swap Agreement and entered into a new interest rate swap agreement (the "2022 Swap Agreement"). Through the 2022 Swap Agreement, the Company hedges the variability of cash flows in interest payments associated with $100,000 of its variable rate debt. Refer to Note 16 - Subsequent Events for further details of this agreement. As of April 1, 2022, future principal payments for long-term debt, including the current portion, are summarized as follows: April 1, 2022 For fiscal year 2022 (remaining nine months) $ 15,000 2023 20,000 2024 20,000 2025 325,000 Total 380,000 Debt issuance cost (3,712) Long-term debt, net of issuance cost 376,288 Less: current portion (20,000) Long-term debt less current portion $ 356,288 2022 Credit Facility On April 5, 2022, the Company entered into the a new credit agreement with Wells Fargo Bank, National Association, and other named lenders (the "2022 Credit Facility"), and concurrently repaid in full and terminated the Prior Credit Facility. The 2022 Credit Facility, which matures on April 5, 2027, provides for revolving loans, swingline loans and letters of credit up to an aggregate amount of $650,000. Refer to Note 1 6 - Subsequent Events for further details of the 2022 Credit Facility.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Indemnification Agreements - In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. While the outcome of these matters cannot be predicted with certainty, the Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on the Company’s results of operations, financial position or liquidity. Legal Proceedings - From time to time, the Company is involved in legal proceedings that arise in the ordinary course of business. Although the Company cannot assure the outcome of any such legal proceedings, based on information currently available, management does not believe that the ultimate resolution of any pending matters will have a material adverse effect on the Company's financial condition, results of operations or cash flows. Other Commitments - On November 30, 2017, the Company through FF US Holding Corp., acquired the assets of Flagship, Inc. d/b/a Tuscany and issued a 20% interest in FF US Holding Corp. to Flagship, Inc. A stockholders' agreement with Flagship, Inc. provided the Company with a call option (the "Call Option") to acquire the remaining 20% of FF US Holding Corp. at any time from November 30, 2019 through November 30, 2024 at a value that approximates fair market value. On July 22, 2020, the Company exercised the Call Option and, pursuant to a stock purchase agreement with Flagship, Inc., the Company purchased the remaining 20% interest for $24,975 payable in a combination of stock and cash. The cash portion has been or will be settled in quarterly installment payments beginning in July 2020 through July 2022, which amount to $6,556, $4,550 and $2,700 in 2020, 2021 and 2022, respectively. The Company paid $900 and $1,850 during the three months ended April 1, 2022 and April 2, 2021, respectively. The Company had a remaining liability of $1,800 as of April 1, 2022. The stock portion of 136 shares held in escrow has been or will be released quarterly starting January 2021 through July 2022. The Company released 19 shares of stock during each of the three months ended April 1, 2022 and April 2, 2021. The exercise of the Call Option effectively canceled the put option held by Flagship, Inc. Other Contingencies - On June 21, 2018, the U.S. Supreme Court (the “Court”) decided South Dakota v. Wayfair, Inc., et al., holding that internet retailers do not have to maintain a physical presence in a state in order to be required to collect the state’s sales and use tax. As a result of the Court’s decision, most states enacted legislation to require sellers who meet economic nexus thresholds to register, collect and remit sales and use taxes on transactions with out-of-state customers. The Company believes that it is possible that it will incur a liability for uncollected sales tax on some portion of its e-commerce sales through April 1, 2022. Based on information currently available, any retroactively imposed liability is not expected to be material to the Company’s results of operations or financial position because direct end-user sales in states where the Company is not registered comprise a small portion of total revenues.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Apr. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. The Company utilizes interest rate swaps to limit its exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed-rate basis, thus reducing the impact of interest rate changes on future interest expense. Interest rate swaps involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments based on the one-month LIBOR over the lives of the agreements without an exchange of the underlying principal amounts. As of April 1, 2022 and December 31, 2021, the Company had the following interest rate swap contracts: April 1, 2022 December 31, 2021 Effective Date Termination Date Notional Amount Unrealized Gain in AOCI Unrealized Gain in AOCI September 2, 2020 June 11, 2021 $200,000 $ 254 $ 276 July 2, 2021 March 11, 2025 $200,000 11,068 3,583 Total $ 11,322 $ 3,859 On June 11, 2021, the Company terminated its existing swap agreement and entered into an interest rate swap agreement (the "2021 Swap Agreement") with a notional amount of $200,000. The terminated swap resulted in an unrealized gain of $324 at the termination date that will continue to be accounted for in accumulated other comprehensive income and amortized into earnings over the term of the associated debt instrument. The 2021 Swap Agreement has a maturity date of March 11, 2025 and is indexed to a one-month LIBOR with a fixed leg of 0.50%. The Interest Rate Swap met the criteria for cash flow hedges under ASC 815, Derivatives and Hedging ("ASC 815"), and is recorded in other assets on the Condensed Consolidated Balance Sheet. Refer to Note 11 - Fair Value Measurements and Financial Instruments for additional information on determining the fair value. The unrealized gains or losses, after tax, are recorded in accumulated other comprehensive income, a component of equity, and are expected to be reclassified into interest expense on the Condensed Consolidated Statement of Income when the forecasted transactions affect earnings. As required under ASC 815, the Interest Rate Swap’s effectiveness will be assessed on a quarterly basis using a quantitative regression analysis. The gains and losses, net of tax, related to the effective portion of derivative instruments designated as cash flow hedges recognized in accumulated other comprehensive income for the three months ended April 1, 2022 and April 2, 2021 were a gain of $5,811 and $2,145, respectively. Unrealized gain of $4,203 included in accumulated other comprehensive income related to the Interest Rate Swap are expected to be recognized in interest expense over the next twelve months. 2022 Swap Agreement On April 5, 2022, the Company terminated its 2021 Swap Agreement and entered into a new 2022 Swap Agreement with a notional amount of $100,000. Refer to Note 16 - Subsequent Events for further details of the 2022 Swap Agreement.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Apr. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods: April 1, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest Rate Swap $ — $ 11,068 $ — $ 11,068 $ — $ 3,583 $ — $ 3,583 Total assets measured at fair value $ — $ 11,068 $ — $ 11,068 $ — $ 3,583 $ — $ 3,583 Liabilities: Prior Credit Facility $ — $ 419,140 $ — $ 419,140 $ — $ 378,453 $ — $ 378,453 Total liabilities measured at fair value $ — $ 419,140 $ — $ 419,140 $ — $ 378,453 $ — $ 378,453 There were no transfers of assets or liabilities between Level 1, Level 2, and Level 3 categories of the fair value hierarchy during the three month period ended April 1, 2022. The Company used Level 2 inputs to determine the fair value of the Prior Credit Facility. The Company believes the carrying amount of the Prior Credit Facility approximates the fair value at April 1, 2022 because, while subject to a minimum LIBOR floor rate, the interest rate approximates current market rates of debt with similar terms and comparable credit risk. On June 11, 2021, the Company entered into the 2021 Swap Agreement to mitigate the cash flow risk associated with changes in interest rates on its variable rate debt. Refer to N ote 10 - Derivatives and Hedging for additional details of the agreement. In accordance with ASC 815, an interest rate swap contract is recognized as an asset or liability on the Condensed Consolidated Balance Sheets and is measured at fair value. The fair value was calculated utilizing Level 2 inputs.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 01, 2022
Share-based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders' Equity Equity Incentive Plans The following table summarizes the allocation of stock-based compensation in the accompanying Condensed Consolidated Statements of Income: For the three months ended April 1, 2022 April 2, 2021 Cost of sales $ 178 $ 121 Sales and marketing 226 152 Research and development 228 187 General and administrative 2,397 2,034 Total $ 3,029 $ 2,494 As of January 1, 2021, $421 of stock-based compensation expense related to our executive bonus plan is included in Accrued Expenses on the Condensed Consolidated Balance Sheets. This amount was recognized as additional paid in capital during the three months ended April 2, 2021 upon the issuance of the underlying restricted stock units ("RSUs"). The following table summarizes the activity for the Company's unvested RSUs for the three months ended April 1, 2022: Unvested RSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 338 $ 76.30 Granted 41 $ 120.90 Canceled (4) $ 83.07 Vested (35) $ 96.49 Unvested at April 1, 2022 340 $ 79.57 As of April 1, 2022, the Company had approximately $19,408 of unrecognized stock-based compensation expense related to RSUs, which will be recognized over the remaining weighted-average vesting period of approximately 2.15 years. During the three months ended April 1, 2022, the Company issued performance share units (“PSUs”) to certain executives that represent shares potentially issuable in the future. Issuance is based upon the Company's performance, over a 2-3 year performance period, on certain measures including return on invested capital and free cash flow. The PSUs vest only upon the achievement of the applicable performance goals for the performance period, and, depending on the actual achievement on the performance goals, the grantee may earn between 0% and 200% of the target PSUs. The fair value of PSUs is calculated based on the stock price on the date of grant. The following table summarizes the activity for the Company's unvested PSUs for the three months ended April 1, 2022: Unvested PSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 29 $ 141.46 Granted 37 $ 120.90 Unvested at April 1, 2022 66 $ 129.94 The stock-based compensation expense recognized each period is dependent upon our estimate of the number of shares that will ultimately vest based on the achievement of certain performance conditions. Future stock-based compensation expense for unvested performance-based awards could reach a maximum of $14,741 assuming achievement at the maximum level. The unrecognized stock-based compensation expense is expected to be recognized over a weighted average period of 2.21 years. For the three months ended April 1, 2022, the Company had 3 unvested RSUs and PSUs outstanding which were excluded from the calculation of dilutive earnings per share because the effect would be anti-dilutive. During the three months ended April 1, 2022, no shares of common stock were issued due to the exercise of stock options and no options to purchase common stock expired or were forfeited. As of April 1, 2022, stock-based compensation expense related to stock options has been fully recognized.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended April 1, 2022 April 2, 2021 Provision for income taxes $ 2,436 $ 4,007 Effective tax rates 4.8 % 9.5 % For the three months ended April 1, 2022, the difference between the Company's effective tax rate of 4.8% and the 21% federal statutory rate resulted primarily from the impact of the recently finalized U.S. tax regulations published by the U.S Treasury and Internal Revenue Service on January 4, 2022. These regulations limit the amount of newly generated foreign taxes that are creditable against U.S income taxes which resulted in a release of the Company’s valuation allowance against foreign tax credits due to the Company's ability to use foreign tax credit carryforwards that had previously been reserved against. This benefit was partially offset by state taxes and other nondeductible expenses. For the three months ended April 2, 2021, the difference between the Company's effective tax rate of 9.5% and the 21% federal statutory rate resulted primarily from windfall on stock-based compensation, the recognition of uncertain tax positions due to the conclusion of an audit and a lower tax rate on foreign-derived intangible income. These benefits were partially offset by an increase in the valuation allowance for foreign tax credits, state taxes and nondeductible expenses. We do not expect the results from any ongoing income tax audits to have a material impact on our consolidated financial condition, results of operations, or cash flows.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 01, 2022
Related Party Transactions [Abstract]
Related Party Agreements	Related Party Transactions On March 11, 2020, the Company acquired 100% of the issued and outstanding stock of SCA Performance Holdings, Inc. ("SCA"). The Company has transactions with an automotive dealership owned by a former owner of SCA, who is now an employee of the Company. The Company purchased approximately $281 and $202 of parts and vehicles and sold approximately $457 and $120 of upfit packages to the dealership during the three months ended April 1, 2022 and April 2, 2021, respectively. As of April 1, 2022, the Company had $17 and $85 in accounts payable and accounts receivable, respectively, related to this dealership. As of April 2, 2021, the Company had $27 and $88 in accounts payable and accounts receivable, respectively, related to this dealership. On July 22, 2020 the Company, pursuant to a stock purchase agreement with Flagship, Inc., purchased the remaining 20% interest of FF US Holding Corp. for $24,975 payable in a combination of stock and cash. The cash portion will be settled in quarterly installment payments through July 2022. Refer to Note 9 - Commitments and Contingencies for additional details of this agreement.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On May 21, 2021, the Company, through its wholly owned subsidiary, Fox Factory Australia Pty Ltd., acquired substantially all the assets of Sola Sport Pty Ltd. for $486. The acquisition was not material to the Company's financial statements. On May 25, 2021, the Company, through its wholly owned subsidiary, SCA Performance, Inc., acquired 100% of the issued and outstanding stock of Manifest Joy LLC, d/b/a Outside Van ("Outside Van") a custom van conversion company. The total purchase price of $15,275, net of cash acquired, was allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of May 25, 2021, with the excess purchase price allocated to goodwill. The purchase price was allocated to the net liabilities assumed of $1,057, $5,560 in identifiable intangible assets and goodwill acquired of $10,772. The Company will amortize the acquired customer relationship and trade name assets over their expected useful lives of one and ten years, respectively. This purchase was accounted for as a business combination and was not material to the Company's financial statements. On December 30, 2021, the Company, through its wholly owned subsidiary, Shock Therapy Suspension, Inc., acquired substantially all the assets of Shock Therapy LLC ("STS"), for $36,120, net of cash acquired. STS is a premier suspension tuning company in the off-road industry, with headquarters in Phoenix, Arizona. This purchase was accounted for as a business combination. The purchase price of STS is allocated to the assets acquired and liabilities assumed based on their estimated respective fair values as of December 30, 2021, with the excess purchase price allocated to goodwill. The allocation of the purchase price to the net assets assumed of $5,244, $7,086 in identifiable intangible assets and goodwill acquired of $23,790, is preliminary and subject to the completion of the Company's validation of working capital, valuation of intangible assets and deferred taxes, with the assistance of specialists. The Company will amortize the acquired non-compete and trade name assets over their expected useful lives of one

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 01, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events 2022 Credit Facility On April 5, 2022, the Company entered into a new credit agreement with Wells Fargo Bank, National Association, and other named lenders (the "2022 Credit Facility"), and concurrently repaid in full and terminated the Prior Credit Facility. The 2022 Credit Facility, which matures on April 5, 2027, provides for revolving loans, swingline loans and letters of credit up to an aggregate amount of $650,000. On April 5, 2022, the Company borrowed $475,000 under the 2022 Credit Facility, which was used to repay all outstanding amounts owed under the Prior Credit Facility and for general corporate purposes. Future advances under the 2022 Credit Facility will be used to finance working capital, capital expenditures and other general corporate purposes of the Company. To the extent not previously paid, all then-outstanding amounts under the 2022 Credit Facility are due and payable on the maturity date. The Company paid $1,980 in debt issuance costs in connection with the 2022 Credit Facility, which will be allocated to the line of credit and amortized on a straight-line basis over the term of the facility. Additionally, the Company had $4,473 of remaining unamortized debt issuance costs related to the Prior Credit Facility. The Company expects to expense a portion of the remaining unamortized debt issuance costs and allocate a portion to the 2022 Credit Facility. The Company may borrow, prepay and re-borrow principal under the 2022 Credit Facility during its term. Advances under the 2022 Credit Facility can be either Adjusted Term Secured Overnight Financing Rate ("SOFR") loans or base rate loans. SOFR rate revolving loans bear interest on the outstanding principal amount thereof for each interest period at a rate per annum equal to Term SOFR for such calculation plus 0.10% plus a margin ranging from 1.00% to 2.00%. Base rate revolving loans bear interest on the outstanding principal amount thereof at a rate per annum equal to the highest of (i) Federal Funds Rate plus 0.50%, (ii) the rate of interest in effect for such day as publicly announced from time to time by the lender as its “prime rate”, and (iii) Adjusted Term SOFR rate for a one-month tenor plus 1.00%, subject to the interest rate floors set forth therein, plus a margin ranging from 0.00% to 1.00%. The 2022 Credit Facility is secured by substantially all of the Company’s assets, restricts the Company's ability to make certain payments and engage in certain transactions, and requires that the Company satisfy customary financial ratios. 2022 Swap Agreement On April 5, 2022, the Company terminated its 2021 Swap Agreement and entered into a new interest rate swap agreement (the "2022 Swap Agreement") with a notional amount of $100,000. The 2022 Swap Agreement has a maturity date of April 5, 2027 and is indexed to a three-month Term SOFR. The 2022 Swap Agreement met the criteria for cash flow hedges under ASC 815, and will be recorded to other assets or other liabilities on the Condensed Consolidated Balance Sheet. The unrealized gains or losses, after tax, will be recorded in accumulated other comprehensive income, a component of equity, and are expected to be reclassified into interest expense on the Condensed Consolidated Statement of Income when the forecasted transactions affect earnings. As required under ASC 815, the Interest Rate Swap’s effectiveness will be assessed on a quarterly basis using a quantitative regression analysis.

Description of the Business, _2

Description of the Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 01, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation - The accompanying condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America ("U.S." or "United States") and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 24, 2022. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year.
Fiscal Year	Fiscal Year Calendar - The Company operates on a 52-53 week fiscal year calendar. For 2022 and 2021, the Company's fiscal year will end or has ended on December 30, 2022 and December 31, 2021, respectively. The twelve month periods ended December 30, 2022 and December 31, 2021, will include or have included 52 weeks. The three month periods ended April 1, 2022 and April 2, 2021 each included 13 weeks.
Principles of Consolidation	Principles of Consolidation - These condensed consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Revenue Recognition	Revenue Recognition - Revenues are generated from the sale of performance-defining products and systems to customers worldwide. The Company’s performance-defining products and systems are solutions that improve performance of powered vehicles and bikes. Powered vehicles include Side-by-Sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, and motorcycles. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product to a customer, generally at the time of shipment. Contracts are generally in the form of purchase orders and are governed by standard terms and conditions. For larger OEMs, the Company may also enter into master agreements. Sales tax and other similar taxes are excluded from revenues. Provisions for discounts, rebates, sales incentives, returns, and other adjustments are generally provided for in the period the related sales are recorded, based on management’s assessment of historical trends and projection of future results. Certain pricing provisions that provide the customer with future discounts are considered a material right. Such material rights result in the deferral of revenues that are recognized when the rights are exercised by the customer. Measuring the material rights requires judgments including forecasts of future sales and product mix.
Segments	Segments - The Company has determined that it has a single operating and reportable segment: manufacturing, sale and service of performance-defining products. The Company considers operating segments to be components of the Company in which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Use of Estimates	Use of Estimates - The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from management’s estimates.
Certain Significant Risks and Uncertainties	Certain Significant Risks and Uncertainties - The Company is subject to those risks common in manufacturing-driven markets, including, but not limited to, competitive forces, dependence on key personnel, customer demand for its products, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed. Additionally, the Company has been impacted by the ongoing coronavirus (“COVID-19”) pandemic. The global outbreak of COVID-19 has negatively affected the U.S. and global economy, disrupted global supply chains, resulted in significant travel and transport restrictions, including mandated closures and orders to “shelter-in-place,” and created significant disruption of the financial markets. Despite the Company’s efforts to manage and remedy these impacts to the Company, the ultimate impact and the extent to which the COVID-19 pandemic will continue to affect the business, results of operation and financial condition is difficult to predict and depends on numerous evolving factors outside of the Company’s control, including: the duration and scope of the COVID-19 pandemic; government, social, business and other actions that have been and will be taken in response to the COVID-19 pandemic; increases in COVID-19 case counts; any additional waves of the virus, availability and ultimate efficacy of the vaccine on the new variants of the virus, including the Omicron variant; and the effect of the COVID-19 pandemic on short- and long-term general economic conditions. Furthermore, during the first quarter of 2022, Russia commenced a military invasion of Ukraine, and the ensuing conflict has created disruption in the region and around the world. In addition, in response to this invasion, the United States and several European and Asian countries instated sanctions against Russia. The impact of the Russia invasion of Ukraine on the global economy, energy supplies and raw materials is uncertain but may prove to negatively impact the Company’s business and operations.
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments - The Financial Accounting Standards Board ("FASB") has issued Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, that requires the valuation of assets and liabilities required or permitted to be either recorded or disclosed at fair value based on hierarchy of available inputs as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Recent Accounting Pronouncements	Recent Accounting Pronouncements - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which helps simplify how entities account for income taxes by removing various exceptions related to the recognition of deferred tax liabilities and updating other tax computation requirements. This standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted ASU 2019-12 effective in the first quarter of fiscal year 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The amendments in ASU 2020-10 contain improvements to the Codification to ensure consistency by including disclosure guidance in the appropriate Disclosure Section. This guidance includes an option for an entity to provide certain information either on the face of the financial statements or in the notes. ASU 2020-10 amends the Codification to include this language in the appropriate disclosure section. The ASU also provides clarification to various codification topics to improve consistency in guidance application. The amendments are effective for interim and annual reporting periods in fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2020-10 effective in the first quarter of fiscal year 2021. The adoption of ASU 2020-10 did not have a material impact on the Company's condensed consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance in the first quarter of 2022. This adoption did not have a material impact on our financial statements.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenues	The following table summarizes total sales by product category: For the three months ended April 1, 2022 April 2, 2021 Powered Vehicles $ 208,107 $ 162,747 Specialty Sports 169,870 118,389 Total sales $ 377,977 $ 281,136 The following table summarizes total sales by sales channel: For the three months ended April 1, 2022 April 2, 2021 OEM $ 201,265 $ 151,480 Aftermarket 176,712 129,656 Total sales $ 377,977 $ 281,136 The following table summarizes total sales generated by geographic location of the customer: For the three months ended April 1, 2022 April 2, 2021 North America $ 233,959 $ 180,483 Asia 60,017 51,856 Europe 78,534 45,739 Rest of the world 5,467 3,058 Total sales $ 377,977 $ 281,136

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Apr. 01, 2022
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of the following: April 1, December 31, 2022 2021 Raw materials $ 227,391 $ 200,460 Work-in-process 10,584 7,539 Finished goods 76,996 71,838 Total inventory $ 314,971 $ 279,837

Prepaids and Other Current Asse

Prepaids and Other Current Assets (Tables)	3 Months Ended
	Apr. 01, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Prepaids and other current assets consisted of the following: April 1, December 31, 2022 2021 Prepaid chassis deposits $ 262,029 $ 98,618 Advanced payments and prepaid contracts 18,724 14,024 Other current assets 13,174 10,465 Total $ 293,927 $ 123,107

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	3 Months Ended
	Apr. 01, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, plant and equipment, net consisted of the following: April 1, December 31, 2022 2021 Building and building improvements $ 72,639 $ 72,088 Information systems, office equipment and furniture 19,920 20,988 Internal-use computer software 26,817 25,700 Land and land improvements 15,492 15,663 Leasehold improvements 17,564 22,835 Machinery and manufacturing equipment 111,693 106,628 Transportation equipment 8,121 7,372 Total 272,246 271,274 Less: accumulated depreciation and amortization (78,637) (79,271) Property, plant and equipment, net $ 193,609 $ 192,003
Long-lived Assets by Geographic Location	The Company’s long-lived assets by geographic location are as follows: April 1, December 31, 2022 2021 United States $ 162,126 $ 161,451 International 31,483 30,552 Total long-lived assets $ 193,609 $ 192,003

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 01, 2022
Leases [Abstract]
Lease Costs	Operating lease costs consisted of the following: For the three months ended April 1, 2022 April 2, 2021 Operating lease cost $ 2,823 $ 2,070 Other lease costs (1) 718 225 Total $ 3,541 $ 2,295 (1) Includes short-term leases and variable lease costs. The Company elected a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the right-of-use assets and lease liabilities.
Supplemental Balance Sheet Disclosure	Supplemental balance sheet information related to the Company's operating leases is as follows: Balance Sheet Classification April 1, 2022 Operating lease right-of-use assets Lease right-of-use assets $ 44,122 Current lease liabilities Accrued expenses $ 9,789 Non-current lease liabilities Other liabilities $ 33,071
Maturity of Lease Liabilities	Maturities of lease liabilities by fiscal year for the Company's operating leases are as follows: For fiscal year Total future payments 2022 (remaining nine months) $ 7,972 2023 10,095 2024 8,888 2025 6,627 2026 4,832 Thereafter 6,760 Total lease payments 45,174 Less: imputed interest (2,314) Present value of lease liabilities 42,860 Less: current portion (9,789) Lease liabilities less current portion $ 33,071

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Apr. 01, 2022
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following: April 1, December 31, 2022 2021 Payroll and related expenses $ 21,659 $ 32,968 Current portion of lease liabilities 9,789 9,095 Warranty 15,993 15,510 Income tax payable 29,403 34,845 Accrued sales rebate 11,307 8,568 Current portion of non-controlling interest buyout liability 1,800 2,700 Other accrued expenses 13,841 8,692 Total $ 103,792 $ 112,378
Activity Related to Warranties	Activity related to warranties is as follows: For the three months ended April 1, 2022 April 2, 2021 Beginning warranty liability $ 15,510 $ 9,835 Charge to cost of sales 3,127 3,261 Costs incurred (2,644) (1,575) Ending warranty liability $ 15,993 $ 11,521

Debt (Tables)

Debt (Tables)	3 Months Ended
	Apr. 01, 2022
Debt Disclosure [Abstract]
Summary of Second Amended and Restated Credit Facility	The following table summarizes the line of credit under the Prior Credit Facility: April 1, December 31, 2022 2021 Amount outstanding $ 42,852 $ — Standby letters of credit 15,000 $ 15,000 Available borrowing capacity 192,148 $ 235,000 Total borrowing capacity $ 250,000 $ 250,000 Maturity date March 11, 2025
Schedule of Future Principal Payments	As of April 1, 2022, future principal payments for long-term debt, including the current portion, are summarized as follows: April 1, 2022 For fiscal year 2022 (remaining nine months) $ 15,000 2023 20,000 2024 20,000 2025 325,000 Total 380,000 Debt issuance cost (3,712) Long-term debt, net of issuance cost 376,288 Less: current portion (20,000) Long-term debt less current portion $ 356,288

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Apr. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	As of April 1, 2022 and December 31, 2021, the Company had the following interest rate swap contracts: April 1, 2022 December 31, 2021 Effective Date Termination Date Notional Amount Unrealized Gain in AOCI Unrealized Gain in AOCI September 2, 2020 June 11, 2021 $200,000 $ 254 $ 276 July 2, 2021 March 11, 2025 $200,000 11,068 3,583 Total $ 11,322 $ 3,859

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Apr. 01, 2022
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods: April 1, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Interest Rate Swap $ — $ 11,068 $ — $ 11,068 $ — $ 3,583 $ — $ 3,583 Total assets measured at fair value $ — $ 11,068 $ — $ 11,068 $ — $ 3,583 $ — $ 3,583 Liabilities: Prior Credit Facility $ — $ 419,140 $ — $ 419,140 $ — $ 378,453 $ — $ 378,453 Total liabilities measured at fair value $ — $ 419,140 $ — $ 419,140 $ — $ 378,453 $ — $ 378,453

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Apr. 01, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Allocation	The following table summarizes the allocation of stock-based compensation in the accompanying Condensed Consolidated Statements of Income: For the three months ended April 1, 2022 April 2, 2021 Cost of sales $ 178 $ 121 Sales and marketing 226 152 Research and development 228 187 General and administrative 2,397 2,034 Total $ 3,029 $ 2,494
Summary of Unvested Restricted Stock Units (RSU) Activity	The following table summarizes the activity for the Company's unvested RSUs for the three months ended April 1, 2022: Unvested RSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 338 $ 76.30 Granted 41 $ 120.90 Canceled (4) $ 83.07 Vested (35) $ 96.49 Unvested at April 1, 2022 340 $ 79.57
Summary of Unvested PSUs Activity	The following table summarizes the activity for the Company's unvested PSUs for the three months ended April 1, 2022: Unvested PSUs Number of shares outstanding Weighted-average grant date fair value Unvested at December 31, 2021 29 $ 141.46 Granted 37 $ 120.90 Unvested at April 1, 2022 66 $ 129.94

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Apr. 01, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	For the three months ended April 1, 2022 April 2, 2021 Provision for income taxes $ 2,436 $ 4,007 Effective tax rates 4.8 % 9.5 %

Revenues - Sales by Product Cat

Revenues - Sales by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Disaggregation of Revenue [Line Items]
Total sales	$ 377,977	$ 281,136
Powered Vehicles
Disaggregation of Revenue [Line Items]
Total sales	208,107	162,747
Specialty Sports
Disaggregation of Revenue [Line Items]
Total sales	$ 169,870	$ 118,389

Revenues - Sales by Sales Chann

Revenues - Sales by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Disaggregation of Revenue [Line Items]
Total sales	$ 377,977	$ 281,136
OEM
Disaggregation of Revenue [Line Items]
Total sales	201,265	151,480
Aftermarket
Disaggregation of Revenue [Line Items]
Total sales	$ 176,712	$ 129,656

Revenues - Sales by Geographic

Revenues - Sales by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Disaggregation of Revenue [Line Items]
Total sales	$ 377,977	$ 281,136
North America
Disaggregation of Revenue [Line Items]
Total sales	233,959	180,483
Asia
Disaggregation of Revenue [Line Items]
Total sales	60,017	51,856
Europe
Disaggregation of Revenue [Line Items]
Total sales	78,534	45,739
Rest of the world
Disaggregation of Revenue [Line Items]
Total sales	$ 5,467	$ 3,058

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 227,391	$ 200,460
Work-in-process	10,584	7,539
Finished goods	76,996	71,838
Total inventory	$ 314,971	$ 279,837

Prepaids and Other Current As_2

Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid chassis deposits	$ 262,029	$ 98,618
Advanced payments and prepaid contracts	18,724	14,024
Other current assets	13,174	10,465
Total	$ 293,927	$ 123,107

Property, Plant and Equipment_3

Property, Plant and Equipment, net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 272,246	$ 271,274
Less: accumulated depreciation and amortization	(78,637)	(79,271)
Property, plant and equipment, net	193,609	192,003
Building and building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	72,639	72,088
Information systems, office equipment and furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	19,920	20,988
Internal-use computer software
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	26,817	25,700
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	15,492	15,663
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	17,564	22,835
Machinery and manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	111,693	106,628
Transportation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 8,121	$ 7,372

Property, Plant and Equipment_4

Property, Plant and Equipment, net - Long-lived Assets by Geographic Location (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 193,609	$ 192,003
United States
Property, Plant and Equipment [Line Items]
Total long-lived assets	162,126	161,451
International
Property, Plant and Equipment [Line Items]
Total long-lived assets	$ 31,483	$ 30,552

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Apr. 01, 2022
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Option to terminate, term	1 year
Weighted-average remaining lease term	5 years 1 month 28 days
Weighted-average incremental borrowing rate	2.11%
Minimum
Lessee, Lease, Description [Line Items]
Contract term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Contract term	9 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Leases [Abstract]
Operating lease cost	$ 2,823	$ 2,070
Other lease costs	718	225
Total	$ 3,541	$ 2,295

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 44,122	$ 38,752
Current lease liabilities	9,789	$ 9,095
Non-current lease liabilities	$ 33,071

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remaining nine months)	$ 7,972
2023	10,095
2024	8,888
2025	6,627
2026	4,832
Thereafter	6,760
Total lease payments	45,174
Less: imputed interest	(2,314)
Present value of lease liabilities	42,860
Less: current portion	(9,789)	$ (9,095)
Lease liabilities less current portion	$ 33,071

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expense Components (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021	Apr. 02, 2021	Jan. 01, 2021
Payables and Accruals [Abstract]
Payroll and related expenses	$ 21,659	$ 32,968
Current portion of lease liabilities	9,789	9,095
Warranty	15,993	15,510	$ 11,521	$ 9,835
Income tax payable	29,403	34,845
Accrued sales rebate	11,307	8,568
Current portion of non-controlling interest buyout liability	1,800	2,700
Other accrued expenses	13,841	8,692
Accrued expenses	$ 103,792	$ 112,378

Accrued Expenses - Activity Rel

Accrued Expenses - Activity Related to Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning warranty liability	$ 15,510	$ 9,835
Charge to cost of sales	3,127	3,261
Costs incurred	(2,644)	(1,575)
Ending warranty liability	$ 15,993	$ 11,521

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	May 11, 2016	Apr. 01, 2022	Apr. 05, 2022	Dec. 31, 2021	Jun. 30, 2019
Debt Instrument [Line Items]
Debt issuance costs		$ 7,615
Unamortized debt issuance costs		$ 434
Weighted average interest rate on outstanding borrowings		1.68%
Subsequent Event
Debt Instrument [Line Items]
Debt issuance costs			$ 1,980
Unamortized debt issuance costs			4,473
Interest rate swap | Subsequent Event
Debt Instrument [Line Items]
Amount of interest rate swap			100,000
Other Expense
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ 277
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.44%
LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		3.50%
Prime Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Prime Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Term Loan
Debt Instrument [Line Items]
Term loan amount					$ 400,000
Debt issuance costs		$ 6,458
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		250,000		$ 250,000
Debt issuance costs		1,157
Unamortized debt issuance costs		157
Standby letters of credit		15,000		$ 15,000
Letter of Credit
Debt Instrument [Line Items]
Credit facility		$ 25,000
Letter of Credit | Subsequent Event
Debt Instrument [Line Items]
Credit facility			$ 650,000

Debt - Summary of Amended and R

Debt - Summary of Amended and Restated Credit Facility (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount outstanding	$ 42,852	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Amount outstanding	42,852	0
Standby letters of credit	15,000	15,000
Available borrowing capacity	192,148	235,000
Total borrowing capacity	$ 250,000	$ 250,000

Debt - Future Payments for Long

Debt - Future Payments for Long-term Debt (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining nine months)	$ 15,000
2023	20,000
2024	20,000
2025	325,000
Total	380,000
Debt issuance cost	(3,712)
Long-term debt, net of issuance cost	376,288
Less: current portion	(20,000)	$ (17,500)
Long-term debt less current portion	$ 356,288	$ 360,953

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021	Jul. 22, 2020	Nov. 30, 2017
Loss Contingencies [Line Items]
Installment payment, 2020	$ 6,556
Installment payment, 2021	4,550
Installment payment, 2022	2,700
Payments for Repurchase of Redeemable Noncontrolling Interest	$ 900	$ 1,850
Shares held in escrow (in shares)	136,000
Remaining liability	$ 1,800
Shares released (in shares)	19,000
SCA
Loss Contingencies [Line Items]
Call option to acquire remaining interest			20.00%	20.00%

Derivatives and Hedging - Sched

Derivatives and Hedging - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain in AOCI	$ 11,322	$ 3,859
Interest Rate Swap September 2020 To June 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	200,000
Unrealized Gain in AOCI	254	276
Interest Rate Swap July 2021 To March 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	200,000
Unrealized Gain in AOCI	$ 11,068	$ 3,583

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021	Apr. 05, 2022	Dec. 31, 2021	Jun. 11, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain in AOCI on terminated swap	$ 11,322			$ 3,859
Other comprehensive income (loss), derivatives gain (loss)	5,811	$ 2,145
Interest rate swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount terminated					$ 200,000
Unrealized gain in AOCI on terminated swap					$ 324
Base fixed rate, payment					0.50%
Other comprehensive income (loss), derivatives gain (loss)	5,811	$ 2,145
Losses to be reclassified over the next twelve months	$ 4,203
Interest rate swap | Subsequent Event
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of interest rate swap			$ 100,000

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	$ 11,068	$ 3,583
Prior Credit Facility	419,140	378,453
Total liabilities measured at fair value	419,140	378,453
Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	11,068	3,583
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Prior Credit Facility	0	0
Total liabilities measured at fair value	0	0
Level 1 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	11,068	3,583
Prior Credit Facility	419,140	378,453
Total liabilities measured at fair value	419,140	378,453
Level 2 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	11,068	3,583
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets measured at fair value	0	0
Prior Credit Facility	0	0
Total liabilities measured at fair value	0	0
Level 3 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Swap, asset	$ 0	$ 0

Stockholders' Equity - Narrtive

Stockholders' Equity - Narrtive (Details) - USD ($) $ in Thousands	Jan. 01, 2021	Apr. 01, 2022	Apr. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 421	$ 3,029	$ 2,494
Number of stock options exercised (in shares)		0
Anti-dilutive shares excluded from calculation of diluted earnings per share		3,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs		$ 19,408
Period for recognition of unrecognized stock-based compensation expense		2 years 1 month 24 days
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs		$ 14,741
Period for recognition of unrecognized stock-based compensation expense		2 years 2 months 15 days
PSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		2
Performance goal, percentage		0.00%
PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		3
Performance goal, percentage		200.00%

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) $ in Thousands	Jan. 01, 2021	Apr. 01, 2022	Apr. 02, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense	$ 421	$ 3,029	$ 2,494
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		178	121
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		226	152
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		228	187
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share-based compensation expense		$ 2,397	$ 2,034

Stockholders' Equity - Unvested

Stockholders' Equity - Unvested RSU Activity (Details)	3 Months Ended
	Apr. 01, 2022$ / sharesshares
Number of shares outstanding
Granted (in shares) | shares	41,000
Canceled (in shares) | shares	(4,000)
Vested (in shares) | shares	(35,000)
Unvested at end of period (in shares) | shares	340,000
Weighted-average grant date fair value
Granted (in usd per share) | $ / shares	$ 120.90
Forfeited (in usd per share) | $ / shares	83.07
Vested (in usd per share) | $ / shares	96.49
Unvested at end of period (in usd per share) | $ / shares	$ 79.57
RSUs
Number of shares outstanding
Unvested at beginning of period (in shares) | shares	338,000
Weighted-average grant date fair value
Unvested at beginning of period (in usd per share) | $ / shares	$ 76.30

Stockholders' Equity - Unvest_2

Stockholders' Equity - Unvested PSU Activity (Details)	3 Months Ended
	Apr. 01, 2022$ / sharesshares
Number of shares outstanding
Granted (in shares) | shares	41,000
Unvested at end of period (in shares) | shares	340,000
Weighted-average grant date fair value
Granted (in usd per share) | $ / shares	$ 120.90
Unvested at end of period (in usd per share) | $ / shares	$ 79.57
PSU
Number of shares outstanding
Unvested at beginning of period (in shares) | shares	29,000
Granted (in shares) | shares	37,000
Unvested at end of period (in shares) | shares	66,000
Weighted-average grant date fair value
Unvested at beginning of period (in usd per share) | $ / shares	$ 141.46
Granted (in usd per share) | $ / shares	120.90
Unvested at end of period (in usd per share) | $ / shares	$ 129.94

Income Taxes - Components (Deta

Income Taxes - Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 2,436	$ 4,007
Effective tax rates	4.80%	9.50%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Effective tax rates	4.80%	9.50%
Federal statutory rate	21.00%

Related Party Transactions (Det

Related Party Transactions (Details) - SCA - USD ($) $ in Thousands	Jul. 22, 2020	Apr. 01, 2022	Apr. 02, 2021
Related Party Transaction [Line Items]
Purchase of vehicle parts		$ 281	$ 202
Sale of unfit packages		457	120
Related parties, accounts payable		17	27
Related parties, accounts receivable		$ 85	$ 88
Call option to acquire remaining interest	20.00%
Business combination, consideration transferred	$ 24,975

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Dec. 30, 2021	May 25, 2021	May 21, 2021	Apr. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 323,283	$ 323,299
Manifest Joy LLC
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 15,275
Liabilities assumed		1,057
Intangible assets		5,560
Goodwill		$ 10,772
Sola Sport Pty Ltd.
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 486
Shock Therapy LLC
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 36,120
Liabilities assumed	5,244
Intangible assets	7,086
Goodwill	$ 23,790
Shock Therapy LLC | Minimum
Business Acquisition [Line Items]
Useful life	1 year
Shock Therapy LLC | Maximum
Business Acquisition [Line Items]
Useful life	10 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 05, 2022	Apr. 01, 2022	Apr. 02, 2021	Dec. 31, 2021
Subsequent Event [Line Items]
Proceeds from line of credit		$ 109,336	$ 8,480
Debt issuance costs		7,615
Unamortized debt issuance costs		434
Revolving Credit Facility
Subsequent Event [Line Items]
Credit facility		250,000		$ 250,000
Debt issuance costs		1,157
Unamortized debt issuance costs		157
Letter of Credit
Subsequent Event [Line Items]
Credit facility		25,000
Other Expense
Subsequent Event [Line Items]
Unamortized debt issuance costs		$ 277
Subsequent Event
Subsequent Event [Line Items]
Debt issuance costs	$ 1,980
Unamortized debt issuance costs	4,473
Subsequent Event | Interest rate swap
Subsequent Event [Line Items]
Amount of interest rate swap	$ 100,000
Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	0.10%
Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Subsequent Event | Fed Funds Effective Rate Overnight Index Swap Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Subsequent Event | Letter of Credit
Subsequent Event [Line Items]
Credit facility	$ 650,000
Subsequent Event | Line of Credit
Subsequent Event [Line Items]
Proceeds from line of credit	$ 475,000
Subsequent Event | Line of Credit | Revolving Credit Facility | Base Rate
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Subsequent Event | Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	0.00%
Subsequent Event | Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Subsequent Event [Line Items]
Basis spread on variable rate (as a percent)	1.00%

Uncategorized Items - foxf-2022

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 719,171,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	949,084,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	762,291,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	48,050,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	37,986,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	3,029,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,915,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	598,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	(820,000)
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	340,347,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	336,834,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	346,328,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	2,915,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	3,029,000
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	(820,000)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	598,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	2,689,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	1,068,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	9,619,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	1,621,000
Other Comprehensive Income (Loss), Net of Tax	us-gaap_OtherComprehensiveIncomeLossNetOfTax	4,743,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	394,981,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	606,849,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	432,967,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	48,050,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	37,986,000
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	(13,754,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	(13,754,000)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ (13,754,000)
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	890,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	890,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	890,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 42,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	42,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	$ 42,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	42,692,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	43,039,000
Common Stock, Shares, Outstanding	us-gaap_CommonStockSharesOutstanding	42,854,000
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	29,000
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	162,000