Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Jan. 01, 2022 | Feb. 14, 2022 | Jul. 02, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jan. 1, 2022 | ||
Current Fiscal Year End Date | --01-01 | ||
Document Transition Report | false | ||
Entity File Number | 001-38713 | ||
Entity Registrant Name | YETI Holdings, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-5297111 | ||
Entity Address, Address Line One | 7601 Southwest Parkway | ||
Entity Address, City or Town | Austin | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78735 | ||
City Area Code | 512 | ||
Local Phone Number | 394-9384 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | YETI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,112,173,611 | ||
Entity Common Stock, Shares Outstanding | 87,729,522 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the registrant’s 2022 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission no later than 120 days after January 1, 2022, are incorporated by reference in Part III herein. | ||
Entity Central Index Key | 0001670592 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Audit Information [Abstract] | ||
Auditor Name | PricewaterhouseCoopers LLP | GRANT THORNTON LLP |
Auditor Location | Austin, Texas | Dallas, Texas |
Auditor Firm ID | 238 | 248 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Current assets | ||
Cash | $ 312,189 | $ 253,283 |
Accounts receivable, net | 109,530 | 65,417 |
Inventory | 318,864 | 140,111 |
Prepaid expenses and other current assets | 29,584 | 17,686 |
Total current assets | 770,167 | 476,497 |
Property and equipment, net | 119,044 | 78,075 |
Operating lease right-of-use assets | 54,971 | 34,090 |
Goodwill | 54,293 | 54,293 |
Intangible assets, net | 95,314 | 92,078 |
Other assets | 2,575 | 2,034 |
Total assets | 1,096,364 | 737,067 |
Current liabilities | ||
Accounts payable | 191,319 | 123,621 |
Accrued expenses and other current liabilities | 132,309 | 89,068 |
Taxes payable | 14,514 | 18,316 |
Accrued payroll and related costs | 30,844 | 25,810 |
Operating lease liabilities | 10,167 | 8,247 |
Current maturities of long-term debt | 24,560 | 22,697 |
Total current liabilities | 403,713 | 287,759 |
Total long-term debt, net | 95,741 | 111,017 |
Operating lease liabilities, non-current | 55,940 | 36,546 |
Other liabilities | 23,147 | 13,327 |
Total liabilities | 578,541 | 448,649 |
Commitments and contingencies (Note 13) | ||
Stockholders’ Equity | ||
Common stock, par value $0.01; 600,000 shares authorized; 87,727 and 87,128 shares outstanding at January 1, 2022 and January 2, 2021, respectively | 877 | 871 |
Preferred stock, par value $10; 30,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Additional paid-in capital | 337,735 | 321,678 |
Retained earnings (accumulated deficit) | 178,858 | (33,744) |
Accumulated other comprehensive income (loss) | 353 | (387) |
Total stockholders’ equity | 517,823 | 288,418 |
Total liabilities and stockholders’ equity | $ 1,096,364 | $ 737,067 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 01, 2022 | Jan. 02, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, outstanding (in shares) | 87,727,000 | 87,128,000 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Income Statement [Abstract] | |||
Net sales | $ 1,410,989 | $ 1,091,721 | $ 913,734 |
Cost of goods sold | 594,876 | 462,918 | 438,420 |
Gross profit | 816,113 | 628,803 | 475,314 |
Selling, general, and administrative expenses | 541,175 | 414,570 | 385,543 |
Operating income | 274,938 | 214,233 | 89,771 |
Interest expense | (3,339) | (9,155) | (21,779) |
Other (expense) income | (3,189) | 123 | (734) |
Income before income taxes | 268,410 | 205,201 | 67,258 |
Income tax expense | (55,808) | (49,400) | (16,824) |
Net income | $ 212,602 | $ 155,801 | $ 50,434 |
Net income per share | |||
Basic (in dollars per share) | $ 2.43 | $ 1.79 | $ 0.59 |
Diluted (in dollars per share) | $ 2.40 | $ 1.77 | $ 0.58 |
Weighted-average common shares outstanding | |||
Basic (in shares) | 87,425 | 86,978 | 85,088 |
Diluted (in shares) | 88,666 | 87,847 | 86,347 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net income | $ 212,602 | $ 155,801 | $ 50,434 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments | 740 | (391) | 98 |
Total comprehensive income | $ 213,342 | $ 155,410 | $ 50,532 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) |
Increase (decrease) in stockholders equity | |||||||
Adoption of new accounting standard | $ 28,971 | $ 500 | $ 842 | $ 268,327 | $ (240,104) | $ 500 | $ (94) |
Balance at beginning of the period (in shares) at Dec. 29, 2018 | 84,196 | ||||||
Balance at beginning of the period at Dec. 29, 2018 | 28,971 | $ 500 | $ 842 | 268,327 | (240,104) | $ 500 | (94) |
Increase (decrease) in stockholders equity | |||||||
Stock-based compensation | 52,332 | 52,332 | |||||
Common stock issued under employee benefit plans (in shares) | 3,023 | ||||||
Common stock issued under employee benefit plans | 3,561 | $ 30 | 3,531 | ||||
Common stock withheld related to net share settlement of stock-based compensation (in shares) | (445) | ||||||
Common stock withheld related to net share settlement of stock-based compensation | (13,516) | $ (4) | (13,512) | ||||
Dividends | (375) | (375) | |||||
Other comprehensive income (loss) | 98 | 98 | |||||
Net income | 50,434 | 50,434 | |||||
Balance at end of the period (in shares) at Dec. 28, 2019 | 86,774 | ||||||
Balance at end of the period at Dec. 28, 2019 | 122,005 | $ 868 | 310,678 | (189,545) | 4 | ||
Increase (decrease) in stockholders equity | |||||||
Adoption of new accounting standard | 122,005 | $ 868 | 310,678 | (189,545) | 4 | ||
Stock-based compensation | 9,009 | 9,009 | |||||
Common stock issued under employee benefit plans (in shares) | 383 | ||||||
Common stock issued under employee benefit plans | 3,022 | $ 4 | 3,018 | ||||
Common stock withheld related to net share settlement of stock-based compensation (in shares) | (29) | ||||||
Common stock withheld related to net share settlement of stock-based compensation | (1,028) | $ (1) | (1,027) | ||||
Other comprehensive income (loss) | (391) | (391) | |||||
Net income | 155,801 | 155,801 | |||||
Balance at end of the period (in shares) at Jan. 02, 2021 | 87,128 | ||||||
Balance at end of the period at Jan. 02, 2021 | 288,418 | $ 871 | 321,678 | (33,744) | (387) | ||
Increase (decrease) in stockholders equity | |||||||
Adoption of new accounting standard | 288,418 | $ 871 | 321,678 | (33,744) | (387) | ||
Stock-based compensation | 15,474 | 15,474 | |||||
Common stock issued under employee benefit plans (in shares) | 641 | ||||||
Common stock issued under employee benefit plans | 4,095 | $ 6 | 4,089 | ||||
Common stock withheld related to net share settlement of stock-based compensation (in shares) | (42) | ||||||
Common stock withheld related to net share settlement of stock-based compensation | (3,506) | $ 0 | (3,506) | ||||
Other comprehensive income (loss) | 740 | 740 | |||||
Net income | 212,602 | 212,602 | |||||
Balance at end of the period (in shares) at Jan. 01, 2022 | 87,727 | ||||||
Balance at end of the period at Jan. 01, 2022 | 517,823 | $ 877 | 337,735 | 178,858 | 353 | ||
Increase (decrease) in stockholders equity | |||||||
Adoption of new accounting standard | $ 517,823 | $ 877 | $ 337,735 | $ 178,858 | $ 353 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Cash Flows from Operating Activities: | |||
Net income | $ 212,602 | $ 155,801 | $ 50,434 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 32,070 | 30,535 | 28,959 |
Amortization of deferred financing fees | 679 | 935 | 2,189 |
Stock-based compensation | 15,474 | 9,009 | 52,332 |
Deferred income taxes | 5,147 | (3,827) | 15,615 |
Impairment of long-lived assets | 2,473 | 1,051 | 616 |
Loss on prepayment, modification, or extinguishment of debt | 0 | 1,064 | 643 |
Other | 1,022 | (74) | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (44,681) | 16,353 | (19,940) |
Inventory | (179,803) | 46,052 | (40,541) |
Other current assets | (10,587) | 1,982 | (6,798) |
Accounts payable and accrued expenses | 112,773 | 89,125 | 6,614 |
Taxes payable | (3,781) | 14,943 | (3,101) |
Other | 3,132 | 3,478 | (129) |
Net cash provided by operating activities | 146,520 | 366,427 | 86,893 |
Cash Flows from Investing Activities: | |||
Purchases of property and equipment | (56,121) | (15,566) | (32,077) |
Additions of intangibles, net | (9,635) | (7,378) | (16,614) |
Net cash used in investing activities | (65,756) | (22,944) | (48,691) |
Cash Flows from Financing Activities: | |||
Repayments of long‑term debt | (22,500) | (165,000) | (34,875) |
Proceeds from employee stock transactions | 4,095 | 3,022 | 3,561 |
Taxes paid in connection with employee stock transactions | (3,506) | (1,028) | (13,516) |
Finance lease principal payment | (1,108) | (185) | (74) |
Borrowings under revolving line of credit | 0 | 50,000 | 0 |
Repayments under revolving credit facility | 0 | (50,000) | 0 |
Repayments of Term Loan A in connection with amendment | 0 | 0 | (64,250) |
Proceeds from borrowings in connection with amendment | 0 | 0 | 66,238 |
Payments of deferred financing fees | 0 | 0 | (2,135) |
Dividends | 0 | 0 | (636) |
Net cash used in financing activities | (23,019) | (163,191) | (45,687) |
Effect of exchange rate changes on cash | 1,161 | 476 | (51) |
Net increase (decrease) in cash | 58,906 | 180,768 | (7,536) |
Cash, beginning of period | 253,283 | 72,515 | 80,051 |
Cash, end of period | $ 312,189 | $ 253,283 | $ 72,515 |
ORGANIZATION AND SIGNIFICANT AC
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization and Business Headquartered in Austin, Texas, YETI Holdings, Inc. is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. We sell our products through our wholesale channel, including independent retailers, national, and regional accounts across a wide variety of end user markets, as well as through our direct-to-consumer (“DTC”) channel, primarily on YETI.com, country and region-specific YETI websites, YETI Authorized on the Amazon Marketplace, our corporate sales program, and our retail stores. We operate in the U.S., Canada, Australia, New Zealand, Europe, Hong Kong, China, Singapore, and Japan. The terms “we,” “us,” “our,” and “the Company” as used herein and unless otherwise stated or indicated by context, refer to YETI Holdings, Inc. and its subsidiaries. Basis of Presentation and Principles of Consolidation The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America ( “ GAAP ” ) and the rules of the U.S. Securities and Exchange Commission ( “ SEC ” ). The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty, including the potential impacts and duration of the COVID-19 pandemic. Estimates may change as new events occur, when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates. Fiscal Year End We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Fiscal year 2021 was a 52-week period, fiscal year 2020 was a 53-week period, and fiscal year 2019 was a 52-week period. The consolidated financial results represent the fiscal years ended January 1, 2022 ( “ 2021 ” ), January 2, 2021 ( “ 2020 ” ), and December 28, 2019 ( “ 2019 ” ). Accounts Receivable Accounts receivable are carried at original invoice amount less estimated credit losses. Upon initial recognition of a receivable, we estimate credit losses over the contractual term of the receivable and establish an allowance for credit losses based on historical experience, current available information, and expectations of future economic conditions. We mitigate credit loss risk from accounts receivable by assessing customers for credit worthiness, including ongoing credit evaluations and their payment trends. Credit risk is limited due to ongoing monitoring, high geographic customer distribution, and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, we aggregate receivables on a collective basis when assessing credit losses. Accounts receivable are uncollateralized customer obligations due under normal trade terms typically requiring payment within 30 to 90 days of sale. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded to income when received. As of January 1, 2022 and January 2, 2021, one customer accounted for 36% and 30% of our total accounts receivable, net, respectively. Our allowance for credit losses was $1.6 million as of January 1, 2022 and $1.3 million as of January 2, 2021, respectively. Advertising Advertising costs are expensed in the period in which the advertising occurs and included in selling, general and administrative expenses in our consolidated statements of operations. Advertising costs were $61.9 million, $42.9 million, and $39.0 million for 2021, 2020, and 2019, respectively. At January 1, 2022 and January 2, 2021, prepaid advertising costs were $1.2 million and $0.9 million, respectively. Cash We maintain our cash in bank deposit accounts which, at times, may exceed federally insured limits. We have not historically experienced any losses in such accounts. Comprehensive Income Our comprehensive income is determined based on net income adjusted for gains and losses on foreign currency translation adjustments. Concentration of Risk We are exposed to risk due to our concentration of business activity with certain third-party contract manufacturers of our products. For hard coolers, soft coolers, Drinkware, bags, outdoor living and pet products, our two largest manufacturers comprised approximately 89%, 84%, 75%, 93%, and 92%, respectively, of our production volume during 2021. For cargo, two manufacturers accounted for all of the production in 2021. Deferred Financing Fees Costs incurred upon the issuance of our debt instruments are capitalized and amortized over the life of the associated debt instrument on a straight-line basis, in a manner that approximates the effective interest method. If the debt instrument is retired before its scheduled maturity date, any remaining issuance costs associated with that debt instrument are expensed in the same period. Deferred financing fees related to our $450.0 million senior secured Credit Facility are reported in “ Long-term debt, net of current portion ” as a direct reduction of the carrying amount of our outstanding long-term debt. At January 1, 2022 and January 2, 2021, the amortization of deferred financing fees included in interest expense was $0.7 million and $0.9 million, respectively. Fair Value of Financial Instruments For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Significant inputs to the valuation model are unobservable. Our financial instruments consist principally of cash, accounts receivable, accounts payable, and bank indebtedness. The carrying amount of cash, accounts receivable, and accounts payable, approximates fair value due to the short-term maturity of these instruments. The carrying amount of our long-term bank indebtedness approximates fair value based on Level 2 inputs since the Credit Facility carries a variable interest rate that is based on the London Interbank Offered Rate ( “ LIBOR ” ). Foreign Currency Translation and Foreign Currency Transactions Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive income. For consolidation purposes, the assets and liabilities of our subsidiaries whose functional currency is not the U.S. dollar are translated into U.S. dollars using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income. Goodwill and Intangible Assets Goodwill and intangible assets are recorded at cost, or at their estimated fair values at the date of acquisition. We review goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter of each fiscal year or on an interim basis whenever events or changes in circumstances indicate the fair value of such assets may be below their carrying amount. In conducting our annual impairment test, we first review qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If factors indicate that the fair value of the asset is less than its carrying amount, we perform a quantitative assessment of the asset, analyzing the expected present value of future cash flows to quantify the amount of impairment, if any. We perform our annual impairment tests in the fourth quarter of each fiscal year. For our annual goodwill impairment tests in the fourth quarters of 2021 and 2020, we performed a qualitative assessment to determine whether the fair value of goodwill was more likely than not less than the carrying value. Based on economic conditions and industry and market considerations, we determined that it was more likely than not that the fair value of goodwill was greater than its carrying value; therefore, the quantitative impairment test was not performed. Therefore, we did not record any goodwill impairment for the years 2021 and 2020. Our intangible assets consist of indefinite-lived intangible assets, including tradename, trademarks, trade dress, and definite-lived intangible assets such as customer relationships, trademarks, patents, and other intangibles assets, such as copyrights and domain name. We also capitalize the costs of acquired trademarks, trade dress, patents and other intangibles, such as copyrights and domain name assets. In addition, external legal costs incurred in the defense of our patents and trademarks are capitalized when we believe that the future economic benefit of the intangible asset will be increased, and a successful defense is probable. In the event of a successful defense, the settlements received are netted against the external legal costs that were capitalized. Capitalized patent and trademark defense costs are amortized over the remaining useful life of the asset. Where the defense of the patent and trademark maintains rather than increases the expected future economic benefits from the asset, the costs would generally be expensed as incurred. The external legal costs incurred and settlements received may not occur in the same period. Capitalized costs incurred during 2019, 2020, and 2021 primarily relate to external legal costs incurred in the defense of our patents and trademarks, net of settlements received. Income Taxes We provide for income taxes at the enacted rate applicable for the appropriate tax jurisdictions. Deferred taxes are provided on an asset and liability method, which requires the recognition of deferred tax assets and liabilities for expected future consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities using enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax filing positions are evaluated, and we recognize the largest amount of tax benefit that is more likely than not to be sustained upon examination by the taxing authorities based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statements of operations. Inventories Inventories, consisting primarily of finished goods and an immaterial level of component parts, are valued at the lower of cost or net realizable value. Cost is determined using weighted-average costs, including all costs incurred to deliver inventory to our distribution facilities, such as inbound freight, import duties and tariffs. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We make ongoing estimates relating to the net realizable value of inventories based upon our assumptions about future demand and market conditions. Property and Equipment We record property and equipment at their original acquisition costs and we depreciate them based on a straight-line method over their estimated useful lives. We capitalize direct internal and external costs related to software used for internal purposes. Expenditures for repairs and maintenance are expensed as incurred, while asset improvements that extend the useful life are capitalized. The useful lives for property and equipment are as follows: Leasehold improvements lesser of 10 years, remaining lease term, or estimated useful life of the asset Molds and tooling 3 - 5 years Furniture and equipment 3 - 7 years Computers and software 3 - 7 years Research and Development Costs Research and development costs are expensed as incurred and consist primarily of employee compensation, including non-cash stock-based compensation expense, and miscellaneous supplies. Research and development costs are recorded in selling, general, and administrative expenses. Research and development expenses were $13.7 million, $11.2 million, and $20.5 million, for 2021, 2020, and 2019, respectively. The research and development costs in 2019 were higher primarily due to a one-time non-cash stock-based compensation expense related to pre-IPO performance-based restricted stock units that vested and were fully recognized in the fourth quarter of 2019. See Note 10 for further discussion. Revenue Recognition We adopted the new revenue recognition standard at the beginning of 2019. Revenue transactions associated with the sale of YETI branded coolers, equipment, drinkware, apparel and accessories comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or DTC channels. Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the customers, based on the terms of sale. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the goods, and physical possession of, legal title to, and the risks and rewards of ownership of the goods has been transferred, and the customer has accepted the goods. Revenue from wholesale transactions is generally recognized at the time products are shipped based on contractual terms with the customer. Revenue from our DTC channel is generally recognized at the point of sale in our retail stores and at the time products are shipped for e-commerce transactions and corporate sales based on contractual terms with the customer. Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowances, sales incentive programs, and miscellaneous claims from customers. We determine these estimates based on contract terms, evaluations of historical experience, anticipated trends, and other factors. The actual amount of customer returns and customer allowances, which is inherently uncertain, may differ from our estimates. The duration of contractual arrangements with our customers is typically less than 1 year. Payment terms with wholesale customers vary depending on creditworthiness and other considerations, with the most common being net 30 days. Payment is due at the time of sale for retail store transactions and at the time of shipment for e-commerce transactions. Certain products that we sell include a limited warranty which does not meet the definition of a performance obligation within the context of the contract. Product warranty costs are estimated based on historical and anticipated trends and are recorded as cost of goods sold at the time revenue is recognized. We elected to account for shipping and handling as fulfillment activities, and not as separate performance obligations. Shipping and handling fees billed to customers are included in net sales. All shipping and handling activity costs are recognized as selling, general and administrative expenses at the time the related revenue is recognized. Sales taxes collected from customers and remitted directly to government authorities are excluded from net sales and cost of goods sold. Our terms of sale provide limited return rights. We may accept, and have at times accepted, returns outside our terms of sale at our sole discretion. We may also, at our sole discretion, provide our retail partners with sales discounts and allowances. We record estimated sales returns, discounts, and miscellaneous customer claims as reductions to net sales at the time revenues are recorded. We base our estimates upon historical experience and trends, and upon approval of specific returns or discounts. Actual returns and discounts in any future period are inherently uncertain and thus may differ from our estimates. If actual or expected future returns and discounts were significantly greater or lower than the reserves we had established, we would record a reduction or increase to net sales in the period in which we made such determination. Segment Information We report our operations as a single reportable segment and manage our business as a single-brand consumer products business. This is supported by our operational structure, which includes sales, research, product design, operations, marketing, and administrative functions focused on the entire product suite rather than individual product categories. Our chief operating decision maker does not regularly review financial information for individual product categories, sales channels, or geographic regions that would allow decisions to be made about allocation of resources or performance. Shipping and Handling Costs Amounts charged to customers for shipping and handling are included in net sales. Our cost of goods sold includes inbound freight charges for product delivery from our third-party contract manufacturers. The cost of product shipment to our customers, which is included in selling, general and administrative expenses in our consolidated statements of operations, was $89.7 million, $62.7 million, and $39.9 million for 2021, 2020, and 2019, respectively. Stock-Based Compensation Stock-based compensation awards granted to employees and directors are measured at fair value and recognized as an expense. Compensation expense equal to the fair value of performance-based awards that are expected to vest is estimated and recorded over the period the grants are earned, which is the vesting period. Compensation expense estimates are updated periodically. The vesting of the performance-based restricted stock units is also contingent upon the attainment of predetermined performance goals. Depending on the estimated probability of attainment of those performance goals, the compensation expense recognized related to the awards could increase or decrease over the remaining vesting period. The grant date fair value of restricted stock units, restricted stock awards, and deferred stock units is based on the closing price of our common stock on the award date, the grant date fair value of performance-based restricted stock awards is estimated on the award date using a Monte Carlo simulation model, and the grant date fair value of each stock option granted is estimated on the award date using the Black-Scholes model. The Monte Carlo simulation and Black-Scholes model require various judgmental assumptions including volatility, forfeiture rates and expected option life. No stock options were granted in 2021 or 2020. Costs relating to stock-based compensation are recognized in selling, general, and administrative expenses in our consolidated statements of operations, and forfeitures are recognized as they occur. See Note 10 for further discussion. Valuation of Long-Lived Assets We assess the recoverability of our long-lived assets, which include property and equipment, operating lease right-of-use-assets, and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. An impairment loss on our long-lived assets exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. If the carrying amount exceeds the sum of the undiscounted cash flows, an impairment charge is recognized based on the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. Warranty Warranty liabilities are recorded at the time of sale for the estimated costs that may be incurred under the terms of our limited warranty. We make and revise these estimates primarily based on the number of units under warranty, historical experience of warranty claims, and an estimated per unit replacement cost. The liability for warranties is included in accrued expenses in our consolidated balance sheets. The specific warranty terms and conditions vary depending upon the product sold, but are generally warranted against defects in material and workmanship ranging from three Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 is intended to simplify various aspects related to the accounting for income taxes and removes certain exceptions to the general principles of Topic 740 and amends existing guidance to improve consistent application. We adopted this standard effective January 3, 2021 using the modified retrospective approach. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recent Accounting Guidance Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides an optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The ASU can be adopted no later than December 1, 2022 (fiscal year 2023) with early adoption permitted. We are evaluating the effect of adopting this new accounting guidance. The impact of this guidance on our financial statements and related disclosures will continue to be evaluated through the application period, and is not expected to be material. |
REVENUE
REVENUE | 12 Months Ended |
Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Contract Balances Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for doubtful accounts. Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our contract liabilities relate to advance cash deposits received from customers for certain customized product orders. As products are shipped and control transfers, we recognize contract liabilities as revenue. The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands): January 1, 2022 January 2, Accounts receivable, net $ 109,530 $ 65,417 Contract liabilities (20,761) (11,074) During the year ended January 1, 2022, we recognized $11.1 million of revenue that was previously included in the contract liability balance at the beginning of the period. Disaggregation of Revenue The following table disaggregates our net sales by channel, product category, and geography for the periods indicated (in thousands): 2021 2020 2019 Net Sales by Channel: Wholesale $ 626,259 $ 510,861 $ 527,634 Direct-to-consumer 784,730 580,860 386,100 Total net sales $ 1,410,989 $ 1,091,721 $ 913,734 Net Sales by Category: Coolers & Equipment $ 551,861 $ 446,585 $ 368,874 Drinkware 832,428 628,566 526,241 Other 26,700 16,570 18,619 Total net sales $ 1,410,989 $ 1,091,721 $ 913,734 Net Sales by Geographic Region: United States $ 1,277,177 $ 1,025,393 $ 873,867 International 133,812 66,328 39,867 Total net sales $ 1,410,989 $ 1,091,721 $ 913,734 Customers that accounted for 10% or more of gross sales were as follows: 2021 2020 2019 Customer A 10 % * 15 % _______________________________________ *Gross sales were less than 10%. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Jan. 01, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets include the following (in thousands): January 1, January 2, Prepaid expenses $ 16,110 $ 12,174 Prepaid taxes 9,417 433 Other 4,057 5,079 Total prepaid expenses and other current assets $ 29,584 $ 17,686 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Jan. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consisted of the following at the dates indicated (in thousands): January 1, January 2, Production molds, tooling, and equipment $ 89,611 $ 60,331 Furniture, fixtures, and equipment 10,055 8,204 Computers and software 84,169 63,343 Leasehold improvements 42,399 37,933 Finance leases 10,725 1,208 Property and equipment, gross 236,959 171,019 Accumulated depreciation (117,915) (92,944) Property and equipment, net $ 119,044 $ 78,075 Depreciation expense was $25.7 million, $24.6 million, and $23.2 million for 2021, 2020, and 2019, respectively. Geographic Information Property and equipment, net by geographical region was as follows as of the dates indicated (in thousands): January 1, January 2, United States $ 84,221 $ 65,509 International 34,823 12,566 Property and equipment, net $ 119,044 $ 78,075 |
LEASES
LEASES | 12 Months Ended |
Jan. 01, 2022 | |
Leases [Abstract] | |
LEASES | LEASES We determine if an arrangement is or contains a lease at contract inception and determine its classification as an operating or finance lease at lease commencement. We lease certain retail locations, office space, distribution facilities, manufacturing space, and machinery and equipment. While the substantial majority of these leases are operating leases, certain machinery and equipment agreements are finance leases. As of January 1, 2022, the initial lease terms of the various leases range from one Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments over the lease term at commencement date. We use our collateralized incremental borrowing rate based on the information available at commencement date, including lease term, in determining the present value of future payments. Our operating leases also typically require payment of real estate taxes, common area maintenance and insurance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components, with the exception of our distribution facilities. Operating lease assets include prepaid lease payments and initial direct costs and are reduced by lease incentives. Our lease terms generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Fixed payments may contain predetermined fixed rent escalations. We recognize the related rent expense on a straight-line basis from the commencement date to the end of the lease term. The following table presents the assets and liabilities related to operating and finance leases (in thousands): Balance Sheet Location January 1, 2022 January 2, 2021 Assets: Operating lease assets Operating lease right-of-use assets $ 54,971 $ 34,090 Finance lease assets Property, plant and equipment 9,380 909 Total lease assets $ 64,351 $ 34,999 Liabilities: Current Operating lease liabilities Operating lease liabilities $ 10,167 $ 8,247 Finance lease liabilities Current maturities of long-term debt 2,060 197 Non-current Operating lease liabilities Operating lease liabilities, non-current 55,940 36,546 Finance lease liabilities Long-term debt, net of current portion 7,299 753 Total lease liabilities $ 75,466 $ 45,743 The following table presents the components of lease costs (in thousands): Fiscal Year Ended January 1, 2022 January 2, 2021 December 28, 2019 Operating lease costs $ 12,312 $ 9,599 $ 8,002 Finance lease cost - amortization of right-of-use assets 1,046 211 88 Finance lease cost - interest on lease liabilities 139 64 30 Short-term lease cost 366 185 249 Variable lease cost 3,822 3,349 2,806 Sublease income (743) (757) (743) Total lease cost $ 16,942 $ 12,651 $ 10,432 The following table presents lease terms and discount rates: January 1, 2022 January 2, 2021 Weighted average remaining lease term: Operating leases 6.06 years 6.15 years Finance leases 4.35 years 3.66 years Weighted average discount rate: Operating leases 4.75 % 6.42 % Finance leases 2.24 % 6.24 % Minimum lease payments have not been reduced by minimum sublease rentals of $2.3 million due in the future under non-cancelable subleases. We received $0.7 million, $0.8 million, and $0.7 million in sublease income for 2021, 2020, and 2019, respectively. The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of January 1, 2022 (in thousands): Operating Leases Finance Leases Total 2022 $ 12,991 $ 2,245 $ 15,236 2023 13,156 2,078 15,234 2024 13,224 2,325 15,549 2025 12,470 1,995 14,465 2026 11,177 1,164 12,341 Thereafter 13,166 — 13,166 Total lease payments 76,184 9,807 85,991 Less: Effect of discounting to net present value 10,077 448 10,525 Present value of lease liabilities $ 66,107 $ 9,359 $ 75,466 The following table presents supplemental cash flow information related to our leases (in thousands): January 1, 2022 January 2, 2021 December 28, 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows used in operating leases $ 13,146 $ 11,097 $ 8,649 Operating cash flows used in finance leases 139 64 30 Financing cash flows used in finance leases 1,108 185 74 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 30,234 2,831 1,208 Finance leases 9,517 — 10,015 To support the continued growth of our business, we entered into a service agreement with a third-party logistics provider to operate a new distribution facility in Memphis, Tennessee with approximately 970,000 square feet. The service agreement commenced at the end of the second quarter of 2021. The initial term of the agreement is 5 years. We began distributing from this facility in the third quarter of 2021, and we exited our distribution facility in Dallas, Texas in the fourth quarter of 2021. |
LEASES | LEASES We determine if an arrangement is or contains a lease at contract inception and determine its classification as an operating or finance lease at lease commencement. We lease certain retail locations, office space, distribution facilities, manufacturing space, and machinery and equipment. While the substantial majority of these leases are operating leases, certain machinery and equipment agreements are finance leases. As of January 1, 2022, the initial lease terms of the various leases range from one Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments over the lease term at commencement date. We use our collateralized incremental borrowing rate based on the information available at commencement date, including lease term, in determining the present value of future payments. Our operating leases also typically require payment of real estate taxes, common area maintenance and insurance. These components comprise the majority of our variable lease cost and are excluded from the present value of our lease obligations. In instances where they are fixed, they are included due to our election to combine lease and non-lease components, with the exception of our distribution facilities. Operating lease assets include prepaid lease payments and initial direct costs and are reduced by lease incentives. Our lease terms generally do not include options to extend or terminate the lease unless it is reasonably certain that the option will be exercised. Fixed payments may contain predetermined fixed rent escalations. We recognize the related rent expense on a straight-line basis from the commencement date to the end of the lease term. The following table presents the assets and liabilities related to operating and finance leases (in thousands): Balance Sheet Location January 1, 2022 January 2, 2021 Assets: Operating lease assets Operating lease right-of-use assets $ 54,971 $ 34,090 Finance lease assets Property, plant and equipment 9,380 909 Total lease assets $ 64,351 $ 34,999 Liabilities: Current Operating lease liabilities Operating lease liabilities $ 10,167 $ 8,247 Finance lease liabilities Current maturities of long-term debt 2,060 197 Non-current Operating lease liabilities Operating lease liabilities, non-current 55,940 36,546 Finance lease liabilities Long-term debt, net of current portion 7,299 753 Total lease liabilities $ 75,466 $ 45,743 The following table presents the components of lease costs (in thousands): Fiscal Year Ended January 1, 2022 January 2, 2021 December 28, 2019 Operating lease costs $ 12,312 $ 9,599 $ 8,002 Finance lease cost - amortization of right-of-use assets 1,046 211 88 Finance lease cost - interest on lease liabilities 139 64 30 Short-term lease cost 366 185 249 Variable lease cost 3,822 3,349 2,806 Sublease income (743) (757) (743) Total lease cost $ 16,942 $ 12,651 $ 10,432 The following table presents lease terms and discount rates: January 1, 2022 January 2, 2021 Weighted average remaining lease term: Operating leases 6.06 years 6.15 years Finance leases 4.35 years 3.66 years Weighted average discount rate: Operating leases 4.75 % 6.42 % Finance leases 2.24 % 6.24 % Minimum lease payments have not been reduced by minimum sublease rentals of $2.3 million due in the future under non-cancelable subleases. We received $0.7 million, $0.8 million, and $0.7 million in sublease income for 2021, 2020, and 2019, respectively. The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of January 1, 2022 (in thousands): Operating Leases Finance Leases Total 2022 $ 12,991 $ 2,245 $ 15,236 2023 13,156 2,078 15,234 2024 13,224 2,325 15,549 2025 12,470 1,995 14,465 2026 11,177 1,164 12,341 Thereafter 13,166 — 13,166 Total lease payments 76,184 9,807 85,991 Less: Effect of discounting to net present value 10,077 448 10,525 Present value of lease liabilities $ 66,107 $ 9,359 $ 75,466 The following table presents supplemental cash flow information related to our leases (in thousands): January 1, 2022 January 2, 2021 December 28, 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows used in operating leases $ 13,146 $ 11,097 $ 8,649 Operating cash flows used in finance leases 139 64 30 Financing cash flows used in finance leases 1,108 185 74 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 30,234 2,831 1,208 Finance leases 9,517 — 10,015 To support the continued growth of our business, we entered into a service agreement with a third-party logistics provider to operate a new distribution facility in Memphis, Tennessee with approximately 970,000 square feet. The service agreement commenced at the end of the second quarter of 2021. The initial term of the agreement is 5 years. We began distributing from this facility in the third quarter of 2021, and we exited our distribution facility in Dallas, Texas in the fourth quarter of 2021. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Jan. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Intangible assets consisted of the following at the dates indicated below (dollars in thousands): January 1, 2022 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradename Indefinite $ 31,363 $ — $ 31,363 Trade dress Indefinite 14,145 — 14,145 Trademarks Indefinite 17,419 — 17,419 Customer relationships 11 years 42,205 (36,620) 5,585 Trademarks 6 - 30 years 20,702 (7,839) 12,863 Patents 4 - 25 years 14,960 (1,712) 13,248 Other intangibles 15 years 1,047 (356) 691 Total intangible assets $ 141,841 $ (46,527) $ 95,314 January 2, 2021 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradename Indefinite $ 31,363 $ — $ 31,363 Trade dress Indefinite 14,197 — 14,197 Trademarks Indefinite 13,514 — 13,514 Customer relationships 11 years 42,205 (32,783) 9,422 Trademarks 6 - 30 years 19,514 (5,982) 13,532 Patents 4 - 25 years 10,369 (1,072) 9,297 Other intangibles 15 years 1,045 (292) 753 Total intangible assets $ 132,207 $ (40,129) $ 92,078 Amortization expense was $6.4 million, $5.9 million, and $5.8 million, for 2021, 2020, and 2019, respectively. Amortization expense related to intangible assets is expected to be $6.4 million for 2022, $4.6 million and 2023, $2.7 million for 2024 and 2025, and $1.8 million for 2026. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Jan. 01, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at the dates indicated (in thousands): January 1, January 2, Accrued freight and distribution costs $ 54,723 $ 22,047 Contract liabilities 20,761 11,074 Customer discounts, allowances, and returns 11,954 10,920 Advertising and marketing 14,688 12,675 Warranty reserve 10,276 8,936 Accrued capital expenditures 1,616 4,967 Interest payable 88 89 Other 18,203 18,360 Total accrued expenses and other current liabilities $ 132,309 $ 89,068 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Jan. 01, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following at the dates indicated (in thousands): January 1, January 2, Term Loan A, due 2024 $ 112,500 $ 135,000 Finance lease debt 9,359 950 Total debt 121,859 135,950 Current maturities of long-term debt (22,500) (22,500) Current maturities of finance lease debt (2,060) (197) Total long-term debt 97,299 113,253 Unamortized deferred financing fees (1,558) (2,236) Total long-term debt, net $ 95,741 $ 111,017 At January 1, 2022, the future maturities of principal amounts of our debt obligations, excluding finance lease obligations, for the next four years and in total (see Note 5 for future maturities of finance lease obligations), consisted of the following (in thousands): Amount 2022 22,500 2023 22,500 2024 67,500 Total $ 112,500 Credit Facility In May 2016, we entered into a senior secured credit agreement that provided for: (a) a $100.0 million Revolving Credit Facility maturing on May 19, 2021 (“Revolving Credit Facility”); (b) a $445.0 million term loan A maturing on May 19, 2021 (“Term Loan A”); and (c) a $105.0 million term loan B maturing on May 19, 2022 (“Term Loan B”) (together with the amendments described below, the “Credit Facility”). A commitment fee of between 0.175% and 0.375% is determined by reference to a pricing grid based our net leverage ratio and is payable on the average daily unused amounts under the Revolving Credit Facility. Borrowings made under the Credit Facility bear interest at a variable rate based on the LIBOR plus an applicable margin. The applicable margin for LIBOR rate borrowings is also determined by reference to the pricing grid, and ranges from 1.75% to 2.75%. The Credit Facility additionally provides for the replacement of LIBOR with one or more rates based on SOFR or another alternate benchmark rate promptly after a determination by the Administrative Agent, Borrower or Required Lenders (each as defined therein) that: (i) adequate and reasonable means do not exist for ascertaining LIBOR for any requested interest period, including because LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary; (ii) the administrator of LIBOR has made a public statement identifying a specific date after which LIBOR shall no longer be made available or used for determining the interest rate of loans; provided that at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent that will continue to provide LIBOR after such specific date; or (iii) syndicated loans made under the Credit Agreement are executed or amended to incorporate or adopt a new benchmark interest rate to replace LIBOR. On July 15, 2017, we amended the Credit Facility to reset the net leverage ratio covenant for the period ending June 2017 and thereafter, and we incurred $2.0 million in additional deferred financing fees. On December 17, 2019, we further amended our Credit Facility which increased the remaining principal amount of Term Loan A from approximately $298.0 million to $300.0 million; increased the commitments under the revolving credit facility from $100.0 million to $150.0 million; extended the maturity date of both Term Loan A and the revolving credit facility from May 19, 2021 to December 17, 2024; revised the leverage ratios and reduced the interest rates spreads and commitment fee payable on the average daily unused amount of the revolving commitment; and revised the scheduled quarterly principal payments of Term Loan A to 1.25% of the remaining aggregate principal amount of Term Loan A for the first year, and 1.875% for the second year and thereafter until the maturity date. As a result of the amendment, we recognized a $0.6 million loss on modification and extinguishment of debt and we capitalized $2.1 million of new lender and third-party fees in the fourth quarter of 2019. In March 2020, we drew down $50.0 million from our $150.0 million Revolving Credit Facility. This action was a precautionary measure to enhance our liquidity position and to increase available cash on hand in response to the COVID-19 pandemic. During the second quarter of 2020, we repaid in full the $50.0 million borrowed under the Revolving Credit Facility. The weighted average interest rate was 2.92% for borrowings under the Revolving Credit Facility at January 2, 2021. As of January 1, 2022, we had no borrowings outstanding under our Revolving Credit Facility. The Credit Facility also provides us with the ability to issue up to $20.0 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our Revolving Credit Facility, it does reduce the amount available. As of January 1, 2022, we had no outstanding letters of credit. The weighted average interest rate on borrowings outstanding under the Term Loan A at January 1, 2022 and January 2, 2021 was 1.85% and 2.72%, respectively. The Credit Facility includes customary financial and non-financial covenants limiting, among other things, mergers and acquisitions; investments, loans, and advances; affiliate transactions; changes to capital structure and the business; additional indebtedness; additional liens; the payment of dividends; and the sale of assets, in each case, subject to certain customary exceptions. The Credit Facility contains customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, defaults under other material debt, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the Credit Facility to be in full force and effect, and a change of control of our business. At January 1, 2022, we were in compliance with the covenants under our Credit Facility. Term Loan A The Term Loan A is a $300.0 million term loan facility, maturing on December 17, 2024. Principal payments of $22.5 million were due quarterly during 2021 and through 2024 with the entire unpaid balance due at maturity. In 2020, we made $150.0 million in voluntary payments on our Term Loan A from excess cash on hand, and as a result we recorded a $1.1 million loss on prepayments of debt. |
BENEFIT PLAN
BENEFIT PLAN | 12 Months Ended |
Jan. 01, 2022 | |
Retirement Benefits [Abstract] | |
BENEFIT PLAN | BENEFIT PLANWe provide a 401(k)-defined contribution plan covering substantially all our employees, which allows for employee contributions and provides for an employer match. Our contributions totaled approximately $1.2 million, $1.1 million, and $1.1 million for 2021, 2020, and 2019, respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jan. 01, 2022 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We award stock-based compensation to employees and directors under the 2018 Equity and Incentive Compensation Plan (“2018 Plan”), which was adopted by our Board of Directors and became effective upon the completion of our initial public offering in October 2018. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the “2012 Plan”). Any remaining shares available for issuance under the 2012 Plan as the date of our initial public offering in October 2018 are not available for future issuance. However, shares subject to stock awards granted under the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award, return to the 2018 Plan. Subject to adjustments as described above, the 2018 Plan provides for up to 4.8 million shares of authorized stock to be awarded as stock options, appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”), performance shares, performance units, cash incentive awards, and certain other awards based on or related to shares of our common stock. The 2012 Plan provided for up to 8.8 million shares of authorized stock to be awarded as either stock options or RSUs. Stock options, RSUs, and RSAs granted generally have a three-year vesting period and vest one-third on the first anniversary of the grant date, and an additional one-sixth vest on each of the first four six-month anniversaries of the initial vesting date. Stock options have a ten year term. Performance-based restricted stock awards (“PBRSs”) cliff vest based on the attainment of certain predetermined three-year cumulative performance goals over a three-year performance period subject to continued employment. Depending on the estimated probability of attainment of those performance goals, the compensation expense recognized related to the awards could increase or decrease over the remaining vesting period. Deferred stock units (“DSUs”) are issued to non-employee directors in lieu of RSUs or certain cash compensation at the election of the grantee. DSUs generally vest one year from the grant date. We recognized non-cash stock-based compensation expense of $15.5 million, $9.0 million, and $52.3 million for 2021, 2020, and 2019, respectively. The related income tax benefits were $12.9 million, $2.9 million, and $21.3 million for 2021, 2020, and 2019, respectively. As of January 1, 2022, total unrecognized stock-based compensation expense of $23.6 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 1.9 years. Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units Stock-based activity, excluding options, for the year ended January 1, 2022 is summarized below (in thousands, except per share data): Performance-Based Restricted Stock Awards Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units Number of PBRSs Weighted Average Grant Date Fair Value Number of RSUs, RSAs, and DSUs Weighted Average Grant Date Fair Value Nonvested, January 2, 2021 146 $ 32.84 473 $ 30.99 Granted 81 79.66 244 78.65 Vested/released — — (233) 30.71 Forfeited/expired (17) 60.71 (51) 51.81 Nonvested, January 1, 2022 210 $ 48.64 433 $ 55.54 As of January 1, 2022, the weighted average remaining contractual term of PBRSs was 1.8 years and the aggregate intrinsic value of PBRSs expected to vest was $17.4 million. The weighted average remaining contractual term of RSUs, RSAs, and DSUs was 2.0 years and the aggregate intrinsic value of RSUs, RSAs, and DSUs was $35.9 million as of January 1, 2022. The following table summarizes additional information about PBRSs, RSUs, RSAs, and DSUs (in thousands, except per share data): Fiscal Year Ended (1) January 1, January 2, December 28, Weighted average grant date fair value per share of awards granted $ 79.06 $ 33.58 $ 23.72 Total grant date fair value of awards vested (2) $ 7,145 $ 3,215 $ 168 Intrinsic value of awards vested (2) $ 19,346 $ 5,271 $ 345 _________________________________________ (1) Excludes performance-based RSUs activity. See below for further discussion. (2) Excludes approximately 14,000, 10,500, and 13,000 DSUs that vested but were not released in 2021, 2020, and 2019, respectively. Performance-Based Restricted Stock Units During 2018, our Board of Directors approved the grant of performance-based RSUs (“PRSUs”) to various employees under the 2012 Plan. During 2018, 385,241 of those PRSUs were granted as replacement awards in exchange for 104,411 out-of-the-money stock options, which were cancelled. On November 12, 2019, we completed an underwritten secondary offering. Following the closing of this offering, Cortec Group Fund V, L.P. and its affiliates (collectively, “Cortec”), our largest stockholder at the time, ceased to own more than 35% of the voting power of our outstanding common stock and as a result, the PRSUs granted to various employees during 2018 fully vested pursuant to their terms. In connection with the vesting of the PRSUs, we recognized non-cash stock-based compensation expense of $40.7 million for 2019. The grant date fair value of PRSUs was $31.74 per unit, and the intrinsic value of PRSUs that vested was $38.1 million. Stock Options Fair Value The exercise price of options granted under the 2012 Plan and 2018 Plan is equal to the estimated fair market value of our common stock at the date of grant. Before our IPO in October 2018, we estimated the fair value of our common stock based on the appraisals performed by an independent valuation specialist. Subsequent to our IPO, we began using the market closing price for our common stock as reported on the New York Stock Exchange. We estimate the fair value of stock options on the date of grant using a Black-Scholes option-pricing valuation model, which uses the expected option term, stock price volatility, and the risk-free interest rate. The expected option term assumption reflects the period for which we believe the option will remain outstanding. We elected to use the simplified method to determine the expected option term, which is the average of the option’s vesting and contractual term. Our computation of expected volatility is based on the historical volatility of selected comparable publicly-traded companies over a period equal to the expected term of the option. The risk-free interest rate reflects the U.S. Treasury yield curve for a similar instrument with the same expected term in effect at the time of the grant. The following assumptions were utilized to calculate the fair value of stock options granted during the periods indicated below: 2019 Expected option term 6 years Expected stock price volatility 27% - 35% Risk-free interest rate 1.64% - 2.53% Expected dividend yield –% Weighted average fair value at date of grant $7.67 No stock options were granted in 2021 or 2020. A summary of the stock options is as follows for the periods indicated (in thousands, except per share data): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, December 29, 2018 2,889 $ 6.56 6.48 Granted 601 23.59 Exercised (1,730) 2.06 Forfeited/cancelled (142) 20.88 Balance, December 28, 2019 1,618 $ 16.44 8.12 Exercised (247) 12.23 Forfeited/cancelled (117) 21.56 Balance, January 2, 2021 1,254 $ 16.79 7.22 Exercised (408) 10.03 Balance, January 1, 2022 846 $ 20.05 6.93 $ 53,062 Exercisable, January 1, 2022 609 $ 20.06 6.92 $ 38,223 The total intrinsic value of stock options exercised was $33.1 million, $6.7 million, and $46.7 million for 2021, 2020, and 2019, respectively. The income tax benefits related to stock options exercised were $8.1 million, $1.7 million, and $11.5 million for 2021, 2020, and 2019, respectively.The total grant date fair value of stock options vested was $2.2 million, $2.9 million, and $12.2 million for 2021, 2020, and 2019, respectively. The following is a summary of our non-vested stock options for the periods indicated (in thousands, except per share data): Shares Under Outstanding Options Weighted Average Grant Date Fair Value Non-vested options at January 2, 2021 539 $ 7.44 Granted — — Forfeited — — Vested (302) 7.41 Non-vested options at January 1, 2022 237 $ 7.48 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jan. 01, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stockholders’ Equity Special Dividend On May 17, 2016, we declared and paid a cash dividend of $5.54 per common share, as a partial return of capital to our stockholders, which totaled $451.3 million ( “ Special Dividend ” ). In connection with the Special Dividend, pursuant to anti-dilution provisions in the 2012 Plan, the option strike price on outstanding options as of May 17, 2016, was reduced by the lesser of 70% of the original strike price and the per share amount of the Special Dividend. Any difference between the reduction in strike price and the per share amount of the Special Dividend was paid in cash immediately for vested options. For holders of unvested options as of May 17, 2016, we were required to pay a $7.9 million dividend which accrues over the requisite service period as the options vest ( “ Options Dividend ” ). We paid $0.6 million related to the Options Dividend to vested option holders in 2019. The Options Dividend was paid in full on September 28, 2019. |
RELATED PARTY AGREEMENTS
RELATED PARTY AGREEMENTS | 12 Months Ended |
Jan. 01, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY AGREEMENTS | RELATED-PARTY AGREEMENTS We lease warehouse and office facilities under various operating leases. One warehouse facility is leased from an entity owned by our founders, brothers Roy and Ryan Seiders. The warehouse facility lease, which is month-to-month and can be cancelled upon 30 days’ written notice, requires monthly payments of $8,700 that are reflected in our consolidated statements of operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Future commitments under non-cancelable agreements at January 1, 2022 were as follows (in thousands): Fiscal Year Total 2022 2023 2024 2025 2026 Thereafter Noncancelable agreements (1) $ 68,621 $ 23,637 $ 18,313 $ 8,577 $ 7,571 $ 1,716 $ 8,807 _________________________ (1) We have entered into commitments for service and maintenance agreements related to our management information systems, distribution contracts, advertising, sponsorships, and licensing agreements. As we are unable to reasonably predict the timing of settlement of liabilities related to unrecognized tax benefits and other noncurrent tax liabilities, the table above does not include $12.9 million, net, of such liabilities that are on our consolidated balance sheet as of January 1, 2022. We are involved in various claims and legal proceedings, some of which are covered by insurance. We believe that the existing claims and proceedings, and potential losses relating to such contingencies, will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of income before income taxes were as follows for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, December 28, Domestic $ 262,182 $ 201,919 $ 65,469 Foreign 6,228 3,282 1,789 Income before income taxes $ 268,410 $ 205,201 $ 67,258 The components of income tax expense were as follows for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, December 28, Current tax expense: U.S. federal $ 37,963 $ 41,884 $ 627 State 11,018 10,619 1,505 Foreign 1,726 829 526 Total current tax expense 50,707 53,332 2,658 Deferred tax expense (benefit): U.S. federal 4,770 (3,332) 12,911 State 540 (538) 1,304 Foreign (209) (62) (49) Total deferred tax expense 5,101 (3,932) 14,166 Total income tax expense $ 55,808 $ 49,400 $ 16,824 A reconciliation of income taxes computed at the federal statutory income tax rate of 21% to the effective income tax rate is as follows for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, December 28, Income taxes at the statutory rate $ 56,366 $ 43,092 $ 14,124 Increase (decrease) resulting from: State income taxes, net of federal tax effect 8,562 7,816 2,989 Foreign-derived intangible income (3,056) (1,046) (159) Research and development tax credits (630) (580) (2,157) Tax expense (benefit) related to stock-based compensation (7,259) (611) 950 Other 1,825 729 1,077 Income tax expense $ 55,808 $ 49,400 $ 16,824 Deferred tax assets and liabilities consisted of the following for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, Deferred tax assets: Accrued liabilities $ 7,188 $ 6,857 Allowances and other reserves 3,350 2,979 Inventory 4,990 5,012 Stock-based compensation 4,298 4,796 Operating lease liabilities 16,201 10,714 Other 3,225 2,360 Total deferred tax assets $ 39,252 $ 32,718 Deferred tax liabilities: Operating lease assets $ (13,516) $ (8,222) Prepaid expenses (1,602) (644) Property and equipment (15,180) (11,425) Intangible assets (18,180) (15,843) Other (92) (745) Total deferred tax liabilities (48,570) (36,879) Net deferred tax liabilities $ (9,318) $ (4,161) Amounts included in the Consolidated Balance Sheets: Deferred income taxes $ 1,602 $ 1,062 Other liabilities (10,920) (5,223) Net deferred income tax liabilities $ (9,318) $ (4,161) We consider the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes have been recognized on such earnings except for the transition tax recognized as part of the Tax Cuts and Jobs Act (“the Tax Act”) during 2017. We continue to evaluate our plans for reinvestment or repatriation of unremitted foreign earnings. If we determine that all or a portion of our foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. We believe it is not practicable to estimate the amount of additional taxes, which may be payable upon distribution of these earnings. At January 1, 2022, we had unremitted earnings of foreign subsidiaries of $17.0 million. The Tax Act introduced new provisions for U.S. taxation of certain global intangible low-taxed income (“GILTI”). We elected to account for the tax on GILTI as a period cost and therefore have not recorded deferred taxes related to GILTI on our foreign subsidiaries. As of January 1, 2022, we had Texas research and development tax credit carryforwards of approximately $1.9 million, which if not utilized, will expire beginning in 2037. The following table summarizes the activity related to our unrecognized tax benefits for the periods indicated (excluding interest and penalties) (in thousands): Fiscal Year Ended January 1, January 2, Balance, beginning of year $ 7,250 $ 3,358 Gross increases related to current year tax positions 4,070 4,522 Gross decreases related to prior year tax positions (100) (65) Lapse of statute of limitations (107) (565) Balance, end of year $ 11,113 $ 7,250 If our positions are sustained by the relevant taxing authorities, approximately $11.1 million (excluding interest and penalties) of uncertain tax position liabilities as of January 1, 2022 would favorably impact our effective tax rate in future periods. We do not anticipate that the balance of gross unrecognized tax benefits will change significantly during the next twelve months. We include interest and penalties related to unrecognized tax benefits in our current provision for income taxes in the accompanying consolidated statements of operations. As of January 1, 2022, we had recognized a liability of $1.3 million for interest and penalties related to unrecognized tax benefits. We file income tax returns in the United States and various state and foreign jurisdictions. The tax years 2018 through 2021 remain open to examination in the United States, and the tax years 2016 through 2021 remain open to examination in Texas. The tax years 2017 through 2021 remain open to examination in most other state and foreign jurisdictions. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted income per share includes the effect of all potentially dilutive securities, which include dilutive stock options and awards. The following table sets forth the calculation of earnings per share and weighted-average common shares outstanding at the dates indicated (in thousands, except per share data): Fiscal Year Ended January 1, January 2, December 28, Net income $ 212,602 $ 155,801 $ 50,434 Weighted average common shares outstanding — basic 87,425 86,978 85,088 Effect of dilutive securities 1,241 869 1,259 Weighted average common shares outstanding — diluted 88,666 87,847 86,347 Earnings per share Basic $ 2.43 $ 1.79 $ 0.59 Diluted $ 2.40 $ 1.77 $ 0.58 Outstanding stock-based awards representing less than 0.1 million, 0.2 million, and 0.8 million shares of common stock were excluded from the calculations of diluted earnings per share in 2021, 2020, and 2019, respectively, because the effect of their inclusion would have been antidilutive to those years. |
SUPPLEMENTAL STATEMENT OF CASH
SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION | 12 Months Ended |
Jan. 01, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION | SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION Supplemental cash flow information was as follows for the periods indication (in thousands): Fiscal Year Ended January 1, January 2, December 28, Interest paid $ 2,365 $ 8,358 $ 19,396 Income taxes paid 58,819 36,306 3,524 Liabilities related to property and equipment outstanding at 2021, 2020, and 2019 of $3.4 million, $5.3 million, $1.0 million, respectively, are not included in “ Purchases of property and equipment ” within the consolidated statement of cash flows. Non-cash financing activities during 2019 consisted of accrued dividends payable on unvested options, which were $0.4 million. No dividends were accrued in 2021 or 2020. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jan. 01, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT Share Repurchase Plan On February 27, 2022, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock over the next year. The common stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing, manner, price, and actual amount of share repurchases will be determined, at management’s discretion, based on various factors, including, but not limited to, stock price, economic and market conditions, other capital management needs and opportunities, and corporate and regulatory considerations. YETI has no obligation to repurchase any amount of its common stock, and such repurchases, if any, may be suspended or discontinued at any time. |
ORGANIZATION AND SIGNIFICANT _2
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America ( “ GAAP ” ) and the rules of the U.S. Securities and Exchange Commission ( “ SEC ” |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates and assumptions about future events and their effects cannot be made with certainty, including the potential impacts and duration of the COVID-19 pandemic. Estimates may change as new events occur, when additional information becomes available and if our operating environment changes. Actual results could differ from our estimates. |
Fiscal Year End | Fiscal Year End We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Fiscal year 2021 was a 52-week period, fiscal year 2020 was a 53-week period, and fiscal year 2019 was a 52-week period. The consolidated financial results represent the fiscal years ended January 1, 2022 ( “ 2021 ” ), January 2, 2021 ( “ 2020 ” ), and December 28, 2019 ( “ 2019 ” ). |
Accounts Receivable | Accounts ReceivableAccounts receivable are carried at original invoice amount less estimated credit losses. Upon initial recognition of a receivable, we estimate credit losses over the contractual term of the receivable and establish an allowance for credit losses based on historical experience, current available information, and expectations of future economic conditions. We mitigate credit loss risk from accounts receivable by assessing customers for credit worthiness, including ongoing credit evaluations and their payment trends. Credit risk is limited due to ongoing monitoring, high geographic customer distribution, and low concentration of risk. As the risk of loss is determined to be similar based on the credit risk factors, we aggregate receivables on a collective basis when assessing credit losses. Accounts receivable are uncollateralized customer obligations due under normal trade terms typically requiring payment within 30 to 90 days of sale. Receivables are written off when deemed uncollectible. |
Advertising | AdvertisingAdvertising costs are expensed in the period in which the advertising occurs and included in selling, general and administrative expenses in our consolidated statements of operations. |
Cash | Cash We maintain our cash in bank deposit accounts which, at times, may exceed federally insured limits. We have not historically experienced any losses in such accounts. |
Comprehensive Income | Comprehensive Income Our comprehensive income is determined based on net income adjusted for gains and losses on foreign currency translation adjustments. |
Concentration of Risk | Concentration of RiskWe are exposed to risk due to our concentration of business activity with certain third-party contract manufacturers of our products. |
Deferred Financing Fees | Deferred Financing Fees Costs incurred upon the issuance of our debt instruments are capitalized and amortized over the life of the associated debt instrument on a straight-line basis, in a manner that approximates the effective interest method. If the debt instrument is retired before its scheduled maturity date, any remaining issuance costs associated with that debt instrument are expensed in the same period. Deferred financing fees related to our $450.0 million senior secured Credit Facility are reported in “ Long-term debt, net of current portion ” |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price we would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Significant inputs to the valuation model are unobservable. Our financial instruments consist principally of cash, accounts receivable, accounts payable, and bank indebtedness. The carrying amount of cash, accounts receivable, and accounts payable, approximates fair value due to the short-term maturity of these instruments. The carrying amount of our long-term bank indebtedness approximates fair value based on Level 2 inputs since the Credit Facility carries a variable interest rate that is based on the London Interbank Offered Rate ( “ LIBOR ” ). |
Foreign Currency Translation and Foreign Currency Transactions | Foreign Currency Translation and Foreign Currency Transactions Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive income. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and intangible assets are recorded at cost, or at their estimated fair values at the date of acquisition. We review goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter of each fiscal year or on an interim basis whenever events or changes in circumstances indicate the fair value of such assets may be below their carrying amount. In conducting our annual impairment test, we first review qualitative factors to determine whether it is more likely than not that the fair value of the asset is less than its carrying amount. If factors indicate that the fair value of the asset is less than its carrying amount, we perform a quantitative assessment of the asset, analyzing the expected present value of future cash flows to quantify the amount of impairment, if any. We perform our annual impairment tests in the fourth quarter of each fiscal year. For our annual goodwill impairment tests in the fourth quarters of 2021 and 2020, we performed a qualitative assessment to determine whether the fair value of goodwill was more likely than not less than the carrying value. Based on economic conditions and industry and market considerations, we determined that it was more likely than not that the fair value of goodwill was greater than its carrying value; therefore, the quantitative impairment test was not performed. Therefore, we did not record any goodwill impairment for the years 2021 and 2020. Our intangible assets consist of indefinite-lived intangible assets, including tradename, trademarks, trade dress, and definite-lived intangible assets such as customer relationships, trademarks, patents, and other intangibles assets, such as copyrights and domain name. We also capitalize the costs of acquired trademarks, trade dress, patents and other intangibles, such as copyrights and domain name assets. In addition, external legal costs incurred in the defense of our patents and trademarks are capitalized when we believe that the future economic benefit of the intangible asset will be increased, and a successful defense is probable. In the event of a successful defense, the settlements received are netted against the external legal costs that were capitalized. Capitalized patent and trademark defense costs are amortized over the remaining useful life of the asset. Where the defense of the patent and trademark maintains rather than increases the expected future economic benefits from the asset, the costs would generally be expensed as incurred. The external legal costs incurred and settlements received may not occur in the same period. Capitalized costs incurred during 2019, 2020, and 2021 primarily relate to external legal costs incurred in the defense of our patents and trademarks, net of settlements received. |
Income Taxes | Income Taxes We provide for income taxes at the enacted rate applicable for the appropriate tax jurisdictions. Deferred taxes are provided on an asset and liability method, which requires the recognition of deferred tax assets and liabilities for expected future consequences of temporary differences between the financial reporting and income tax bases of assets and liabilities using enacted tax rates. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax filing positions are evaluated, and we recognize the largest amount of tax benefit that is more likely than not to be sustained upon examination by the taxing authorities based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions, or obtaining new information on particular tax positions may cause a change to the effective tax rate. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes in the consolidated statements of operations. |
Inventories | InventoriesInventories, consisting primarily of finished goods and an immaterial level of component parts, are valued at the lower of cost or net realizable value. Cost is determined using weighted-average costs, including all costs incurred to deliver inventory to our distribution facilities, such as inbound freight, import duties and tariffs. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We make ongoing estimates relating to the net realizable value of inventories based upon our assumptions about future demand and market conditions. |
Property and Equipment | Property and Equipment We record property and equipment at their original acquisition costs and we depreciate them based on a straight-line method over their estimated useful lives. We capitalize direct internal and external costs related to software used for internal purposes. Expenditures for repairs and maintenance are expensed as incurred, while asset improvements that extend the useful life are capitalized. The useful lives for property and equipment are as follows: Leasehold improvements lesser of 10 years, remaining lease term, or estimated useful life of the asset Molds and tooling 3 - 5 years Furniture and equipment 3 - 7 years Computers and software 3 - 7 years |
Research and Development Costs | Research and Development CostsResearch and development costs are expensed as incurred and consist primarily of employee compensation, including non-cash stock-based compensation expense, and miscellaneous supplies. Research and development costs are recorded in selling, general, and administrative expenses. |
Revenue Recognition | Revenue Recognition We adopted the new revenue recognition standard at the beginning of 2019. Revenue transactions associated with the sale of YETI branded coolers, equipment, drinkware, apparel and accessories comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or DTC channels. Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the customers, based on the terms of sale. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the goods, and physical possession of, legal title to, and the risks and rewards of ownership of the goods has been transferred, and the customer has accepted the goods. Revenue from wholesale transactions is generally recognized at the time products are shipped based on contractual terms with the customer. Revenue from our DTC channel is generally recognized at the point of sale in our retail stores and at the time products are shipped for e-commerce transactions and corporate sales based on contractual terms with the customer. Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowances, sales incentive programs, and miscellaneous claims from customers. We determine these estimates based on contract terms, evaluations of historical experience, anticipated trends, and other factors. The actual amount of customer returns and customer allowances, which is inherently uncertain, may differ from our estimates. The duration of contractual arrangements with our customers is typically less than 1 year. Payment terms with wholesale customers vary depending on creditworthiness and other considerations, with the most common being net 30 days. Payment is due at the time of sale for retail store transactions and at the time of shipment for e-commerce transactions. Certain products that we sell include a limited warranty which does not meet the definition of a performance obligation within the context of the contract. Product warranty costs are estimated based on historical and anticipated trends and are recorded as cost of goods sold at the time revenue is recognized. We elected to account for shipping and handling as fulfillment activities, and not as separate performance obligations. Shipping and handling fees billed to customers are included in net sales. All shipping and handling activity costs are recognized as selling, general and administrative expenses at the time the related revenue is recognized. Sales taxes collected from customers and remitted directly to government authorities are excluded from net sales and cost of goods sold. |
Segment Information | Segment Information We report our operations as a single reportable segment and manage our business as a single-brand consumer products business. This is supported by our operational structure, which includes sales, research, product design, operations, marketing, and administrative functions focused on the entire product suite rather than individual product categories. Our chief operating decision maker does not regularly review financial information for individual product categories, sales channels, or geographic regions that would allow decisions to be made about allocation of resources or performance. |
Shipping and Handling Costs | Shipping and Handling CostsAmounts charged to customers for shipping and handling are included in net sales. Our cost of goods sold includes inbound freight charges for product delivery from our third-party contract manufacturers. |
Stock‑Based Compensation | Stock-Based Compensation Stock-based compensation awards granted to employees and directors are measured at fair value and recognized as an expense. Compensation expense equal to the fair value of performance-based awards that are expected to vest is estimated and recorded over the period the grants are earned, which is the vesting period. Compensation expense estimates are updated periodically. The vesting of the performance-based restricted stock units is also contingent upon the attainment of predetermined performance goals. Depending on the estimated probability of attainment of those performance goals, the compensation expense recognized related to the awards could increase or decrease over the remaining vesting period. The grant date fair value of restricted stock units, restricted stock awards, and deferred stock units is based on the closing price of our common stock on the award date, the grant date fair value of performance-based restricted stock awards is estimated on the award date using a Monte Carlo simulation model, and the grant date fair value of each stock option granted is estimated on the award date using the Black-Scholes model. The Monte Carlo simulation and Black-Scholes model require various judgmental assumptions including volatility, forfeiture rates and expected option life. No stock options were granted in 2021 or 2020. Costs relating to stock-based compensation are recognized in selling, general, and administrative expenses in our consolidated statements of operations, and forfeitures are recognized as they occur. See Note 10 for further discussion. |
Valuation of Long Lived Assets | Valuation of Long-Lived AssetsWe assess the recoverability of our long-lived assets, which include property and equipment, operating lease right-of-use-assets, and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. An impairment loss on our long-lived assets exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. If the carrying amount exceeds the sum of the undiscounted cash flows, an impairment charge is recognized based on the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. |
Warranty | WarrantyWarranty liabilities are recorded at the time of sale for the estimated costs that may be incurred under the terms of our limited warranty. We make and revise these estimates primarily based on the number of units under warranty, historical experience of warranty claims, and an estimated per unit replacement cost. The liability for warranties is included in accrued expenses in our consolidated balance sheets. The specific warranty terms and conditions vary depending upon the product sold, but are generally warranted against defects in material and workmanship ranging from three |
Recently Adopted Accounting Pronouncements and Recent Accounting Guidance Not Yet Adopted | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 is intended to simplify various aspects related to the accounting for income taxes and removes certain exceptions to the general principles of Topic 740 and amends existing guidance to improve consistent application. We adopted this standard effective January 3, 2021 using the modified retrospective approach. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. Recent Accounting Guidance Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides an optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The ASU provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The ASU can be adopted no later than December 1, 2022 (fiscal year 2023) with early adoption permitted. We are evaluating the effect of adopting this new accounting guidance. The impact of this guidance on our financial statements and related disclosures will continue to be evaluated through the application period, and is not expected to be material. |
ORGANIZATION AND SIGNIFICANT _3
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Property and Equipment | The useful lives for property and equipment are as follows: Leasehold improvements lesser of 10 years, remaining lease term, or estimated useful life of the asset Molds and tooling 3 - 5 years Furniture and equipment 3 - 7 years Computers and software 3 - 7 years Property and equipment consisted of the following at the dates indicated (in thousands): January 1, January 2, Production molds, tooling, and equipment $ 89,611 $ 60,331 Furniture, fixtures, and equipment 10,055 8,204 Computers and software 84,169 63,343 Leasehold improvements 42,399 37,933 Finance leases 10,725 1,208 Property and equipment, gross 236,959 171,019 Accumulated depreciation (117,915) (92,944) Property and equipment, net $ 119,044 $ 78,075 Property and equipment, net by geographical region was as follows as of the dates indicated (in thousands): January 1, January 2, United States $ 84,221 $ 65,509 International 34,823 12,566 Property and equipment, net $ 119,044 $ 78,075 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Accounts Receivable and Contract Liabilities | The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands): January 1, 2022 January 2, Accounts receivable, net $ 109,530 $ 65,417 Contract liabilities (20,761) (11,074) |
Schedule of Disaggregation of Revenue | The following table disaggregates our net sales by channel, product category, and geography for the periods indicated (in thousands): 2021 2020 2019 Net Sales by Channel: Wholesale $ 626,259 $ 510,861 $ 527,634 Direct-to-consumer 784,730 580,860 386,100 Total net sales $ 1,410,989 $ 1,091,721 $ 913,734 Net Sales by Category: Coolers & Equipment $ 551,861 $ 446,585 $ 368,874 Drinkware 832,428 628,566 526,241 Other 26,700 16,570 18,619 Total net sales $ 1,410,989 $ 1,091,721 $ 913,734 Net Sales by Geographic Region: United States $ 1,277,177 $ 1,025,393 $ 873,867 International 133,812 66,328 39,867 Total net sales $ 1,410,989 $ 1,091,721 $ 913,734 |
Schedules of Concentration of Risk, by Risk Factor | Customers that accounted for 10% or more of gross sales were as follows: 2021 2020 2019 Customer A 10 % * 15 % _______________________________________ *Gross sales were less than 10%. |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets include the following (in thousands): January 1, January 2, Prepaid expenses $ 16,110 $ 12,174 Prepaid taxes 9,417 433 Other 4,057 5,079 Total prepaid expenses and other current assets $ 29,584 $ 17,686 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | The useful lives for property and equipment are as follows: Leasehold improvements lesser of 10 years, remaining lease term, or estimated useful life of the asset Molds and tooling 3 - 5 years Furniture and equipment 3 - 7 years Computers and software 3 - 7 years Property and equipment consisted of the following at the dates indicated (in thousands): January 1, January 2, Production molds, tooling, and equipment $ 89,611 $ 60,331 Furniture, fixtures, and equipment 10,055 8,204 Computers and software 84,169 63,343 Leasehold improvements 42,399 37,933 Finance leases 10,725 1,208 Property and equipment, gross 236,959 171,019 Accumulated depreciation (117,915) (92,944) Property and equipment, net $ 119,044 $ 78,075 Property and equipment, net by geographical region was as follows as of the dates indicated (in thousands): January 1, January 2, United States $ 84,221 $ 65,509 International 34,823 12,566 Property and equipment, net $ 119,044 $ 78,075 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Leases [Abstract] | |
Summary of Balance Sheet | The following table presents the assets and liabilities related to operating and finance leases (in thousands): Balance Sheet Location January 1, 2022 January 2, 2021 Assets: Operating lease assets Operating lease right-of-use assets $ 54,971 $ 34,090 Finance lease assets Property, plant and equipment 9,380 909 Total lease assets $ 64,351 $ 34,999 Liabilities: Current Operating lease liabilities Operating lease liabilities $ 10,167 $ 8,247 Finance lease liabilities Current maturities of long-term debt 2,060 197 Non-current Operating lease liabilities Operating lease liabilities, non-current 55,940 36,546 Finance lease liabilities Long-term debt, net of current portion 7,299 753 Total lease liabilities $ 75,466 $ 45,743 |
Summary of Lease Cost | The following table presents the components of lease costs (in thousands): Fiscal Year Ended January 1, 2022 January 2, 2021 December 28, 2019 Operating lease costs $ 12,312 $ 9,599 $ 8,002 Finance lease cost - amortization of right-of-use assets 1,046 211 88 Finance lease cost - interest on lease liabilities 139 64 30 Short-term lease cost 366 185 249 Variable lease cost 3,822 3,349 2,806 Sublease income (743) (757) (743) Total lease cost $ 16,942 $ 12,651 $ 10,432 The following table presents lease terms and discount rates: January 1, 2022 January 2, 2021 Weighted average remaining lease term: Operating leases 6.06 years 6.15 years Finance leases 4.35 years 3.66 years Weighted average discount rate: Operating leases 4.75 % 6.42 % Finance leases 2.24 % 6.24 % The following table presents supplemental cash flow information related to our leases (in thousands): January 1, 2022 January 2, 2021 December 28, 2019 Cash paid for amounts included in measurement of liabilities: Operating cash flows used in operating leases $ 13,146 $ 11,097 $ 8,649 Operating cash flows used in finance leases 139 64 30 Financing cash flows used in finance leases 1,108 185 74 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 30,234 2,831 1,208 Finance leases 9,517 — 10,015 |
Schedule of Operating Lease Liability, Maturity | The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of January 1, 2022 (in thousands): Operating Leases Finance Leases Total 2022 $ 12,991 $ 2,245 $ 15,236 2023 13,156 2,078 15,234 2024 13,224 2,325 15,549 2025 12,470 1,995 14,465 2026 11,177 1,164 12,341 Thereafter 13,166 — 13,166 Total lease payments 76,184 9,807 85,991 Less: Effect of discounting to net present value 10,077 448 10,525 Present value of lease liabilities $ 66,107 $ 9,359 $ 75,466 |
Schedule of Finance Lease Liability, Maturity | The following table presents the minimum lease payment obligations of operating and finance lease liabilities (leases with terms in excess of one year) for the next five years and thereafter as of January 1, 2022 (in thousands): Operating Leases Finance Leases Total 2022 $ 12,991 $ 2,245 $ 15,236 2023 13,156 2,078 15,234 2024 13,224 2,325 15,549 2025 12,470 1,995 14,465 2026 11,177 1,164 12,341 Thereafter 13,166 — 13,166 Total lease payments 76,184 9,807 85,991 Less: Effect of discounting to net present value 10,077 448 10,525 Present value of lease liabilities $ 66,107 $ 9,359 $ 75,466 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following at the dates indicated below (dollars in thousands): January 1, 2022 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradename Indefinite $ 31,363 $ — $ 31,363 Trade dress Indefinite 14,145 — 14,145 Trademarks Indefinite 17,419 — 17,419 Customer relationships 11 years 42,205 (36,620) 5,585 Trademarks 6 - 30 years 20,702 (7,839) 12,863 Patents 4 - 25 years 14,960 (1,712) 13,248 Other intangibles 15 years 1,047 (356) 691 Total intangible assets $ 141,841 $ (46,527) $ 95,314 January 2, 2021 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradename Indefinite $ 31,363 $ — $ 31,363 Trade dress Indefinite 14,197 — 14,197 Trademarks Indefinite 13,514 — 13,514 Customer relationships 11 years 42,205 (32,783) 9,422 Trademarks 6 - 30 years 19,514 (5,982) 13,532 Patents 4 - 25 years 10,369 (1,072) 9,297 Other intangibles 15 years 1,045 (292) 753 Total intangible assets $ 132,207 $ (40,129) $ 92,078 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following at the dates indicated below (dollars in thousands): January 1, 2022 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradename Indefinite $ 31,363 $ — $ 31,363 Trade dress Indefinite 14,145 — 14,145 Trademarks Indefinite 17,419 — 17,419 Customer relationships 11 years 42,205 (36,620) 5,585 Trademarks 6 - 30 years 20,702 (7,839) 12,863 Patents 4 - 25 years 14,960 (1,712) 13,248 Other intangibles 15 years 1,047 (356) 691 Total intangible assets $ 141,841 $ (46,527) $ 95,314 January 2, 2021 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Tradename Indefinite $ 31,363 $ — $ 31,363 Trade dress Indefinite 14,197 — 14,197 Trademarks Indefinite 13,514 — 13,514 Customer relationships 11 years 42,205 (32,783) 9,422 Trademarks 6 - 30 years 19,514 (5,982) 13,532 Patents 4 - 25 years 10,369 (1,072) 9,297 Other intangibles 15 years 1,045 (292) 753 Total intangible assets $ 132,207 $ (40,129) $ 92,078 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at the dates indicated (in thousands): January 1, January 2, Accrued freight and distribution costs $ 54,723 $ 22,047 Contract liabilities 20,761 11,074 Customer discounts, allowances, and returns 11,954 10,920 Advertising and marketing 14,688 12,675 Warranty reserve 10,276 8,936 Accrued capital expenditures 1,616 4,967 Interest payable 88 89 Other 18,203 18,360 Total accrued expenses and other current liabilities $ 132,309 $ 89,068 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following at the dates indicated (in thousands): January 1, January 2, Term Loan A, due 2024 $ 112,500 $ 135,000 Finance lease debt 9,359 950 Total debt 121,859 135,950 Current maturities of long-term debt (22,500) (22,500) Current maturities of finance lease debt (2,060) (197) Total long-term debt 97,299 113,253 Unamortized deferred financing fees (1,558) (2,236) Total long-term debt, net $ 95,741 $ 111,017 At January 1, 2022, the future maturities of principal amounts of our debt obligations, excluding finance lease obligations, for the next four years and in total (see Note 5 for future maturities of finance lease obligations), consisted of the following (in thousands): Amount 2022 22,500 2023 22,500 2024 67,500 Total $ 112,500 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of PBRSs, RSUs, RSAs, and DSUs | Stock-based activity, excluding options, for the year ended January 1, 2022 is summarized below (in thousands, except per share data): Performance-Based Restricted Stock Awards Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units Number of PBRSs Weighted Average Grant Date Fair Value Number of RSUs, RSAs, and DSUs Weighted Average Grant Date Fair Value Nonvested, January 2, 2021 146 $ 32.84 473 $ 30.99 Granted 81 79.66 244 78.65 Vested/released — — (233) 30.71 Forfeited/expired (17) 60.71 (51) 51.81 Nonvested, January 1, 2022 210 $ 48.64 433 $ 55.54 The following table summarizes additional information about PBRSs, RSUs, RSAs, and DSUs (in thousands, except per share data): Fiscal Year Ended (1) January 1, January 2, December 28, Weighted average grant date fair value per share of awards granted $ 79.06 $ 33.58 $ 23.72 Total grant date fair value of awards vested (2) $ 7,145 $ 3,215 $ 168 Intrinsic value of awards vested (2) $ 19,346 $ 5,271 $ 345 _________________________________________ (1) Excludes performance-based RSUs activity. See below for further discussion. (2) Excludes approximately 14,000, 10,500, and 13,000 DSUs that vested but were not released in 2021, 2020, and 2019, respectively. |
Summary of Assumptions Utilized to Calculate Fair Value of Stock Options Granted | The following assumptions were utilized to calculate the fair value of stock options granted during the periods indicated below: 2019 Expected option term 6 years Expected stock price volatility 27% - 35% Risk-free interest rate 1.64% - 2.53% Expected dividend yield –% Weighted average fair value at date of grant $7.67 |
Summary of Stock Options | A summary of the stock options is as follows for the periods indicated (in thousands, except per share data): Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, December 29, 2018 2,889 $ 6.56 6.48 Granted 601 23.59 Exercised (1,730) 2.06 Forfeited/cancelled (142) 20.88 Balance, December 28, 2019 1,618 $ 16.44 8.12 Exercised (247) 12.23 Forfeited/cancelled (117) 21.56 Balance, January 2, 2021 1,254 $ 16.79 7.22 Exercised (408) 10.03 Balance, January 1, 2022 846 $ 20.05 6.93 $ 53,062 Exercisable, January 1, 2022 609 $ 20.06 6.92 $ 38,223 |
Summary of Non-Vested Stock Options | The following is a summary of our non-vested stock options for the periods indicated (in thousands, except per share data): Shares Under Outstanding Options Weighted Average Grant Date Fair Value Non-vested options at January 2, 2021 539 $ 7.44 Granted — — Forfeited — — Vested (302) 7.41 Non-vested options at January 1, 2022 237 $ 7.48 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Commitments | Future commitments under non-cancelable agreements at January 1, 2022 were as follows (in thousands): Fiscal Year Total 2022 2023 2024 2025 2026 Thereafter Noncancelable agreements (1) $ 68,621 $ 23,637 $ 18,313 $ 8,577 $ 7,571 $ 1,716 $ 8,807 _________________________ (1) We have entered into commitments for service and maintenance agreements related to our management information systems, distribution contracts, advertising, sponsorships, and licensing agreements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes were as follows for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, December 28, Domestic $ 262,182 $ 201,919 $ 65,469 Foreign 6,228 3,282 1,789 Income before income taxes $ 268,410 $ 205,201 $ 67,258 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were as follows for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, December 28, Current tax expense: U.S. federal $ 37,963 $ 41,884 $ 627 State 11,018 10,619 1,505 Foreign 1,726 829 526 Total current tax expense 50,707 53,332 2,658 Deferred tax expense (benefit): U.S. federal 4,770 (3,332) 12,911 State 540 (538) 1,304 Foreign (209) (62) (49) Total deferred tax expense 5,101 (3,932) 14,166 Total income tax expense $ 55,808 $ 49,400 $ 16,824 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed at the federal statutory income tax rate of 21% to the effective income tax rate is as follows for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, December 28, Income taxes at the statutory rate $ 56,366 $ 43,092 $ 14,124 Increase (decrease) resulting from: State income taxes, net of federal tax effect 8,562 7,816 2,989 Foreign-derived intangible income (3,056) (1,046) (159) Research and development tax credits (630) (580) (2,157) Tax expense (benefit) related to stock-based compensation (7,259) (611) 950 Other 1,825 729 1,077 Income tax expense $ 55,808 $ 49,400 $ 16,824 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following for the periods indicated (in thousands): Fiscal Year Ended January 1, January 2, Deferred tax assets: Accrued liabilities $ 7,188 $ 6,857 Allowances and other reserves 3,350 2,979 Inventory 4,990 5,012 Stock-based compensation 4,298 4,796 Operating lease liabilities 16,201 10,714 Other 3,225 2,360 Total deferred tax assets $ 39,252 $ 32,718 Deferred tax liabilities: Operating lease assets $ (13,516) $ (8,222) Prepaid expenses (1,602) (644) Property and equipment (15,180) (11,425) Intangible assets (18,180) (15,843) Other (92) (745) Total deferred tax liabilities (48,570) (36,879) Net deferred tax liabilities $ (9,318) $ (4,161) Amounts included in the Consolidated Balance Sheets: Deferred income taxes $ 1,602 $ 1,062 Other liabilities (10,920) (5,223) Net deferred income tax liabilities $ (9,318) $ (4,161) |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits for the periods indicated (excluding interest and penalties) (in thousands): Fiscal Year Ended January 1, January 2, Balance, beginning of year $ 7,250 $ 3,358 Gross increases related to current year tax positions 4,070 4,522 Gross decreases related to prior year tax positions (100) (65) Lapse of statute of limitations (107) (565) Balance, end of year $ 11,113 $ 7,250 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the calculation of earnings per share and weighted-average common shares outstanding at the dates indicated (in thousands, except per share data): Fiscal Year Ended January 1, January 2, December 28, Net income $ 212,602 $ 155,801 $ 50,434 Weighted average common shares outstanding — basic 87,425 86,978 85,088 Effect of dilutive securities 1,241 869 1,259 Weighted average common shares outstanding — diluted 88,666 87,847 86,347 Earnings per share Basic $ 2.43 $ 1.79 $ 0.59 Diluted $ 2.40 $ 1.77 $ 0.58 |
SUPPLEMENTAL STATEMENT OF CAS_2
SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION (Tables) | 12 Months Ended |
Jan. 01, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information was as follows for the periods indication (in thousands): Fiscal Year Ended January 1, January 2, December 28, Interest paid $ 2,365 $ 8,358 $ 19,396 Income taxes paid 58,819 36,306 3,524 |
ORGANIZATION AND SIGNIFICANT _4
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable and Advertising (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts receivable | $ 1.6 | $ 1.3 | |
Advertising expense | 61.9 | 42.9 | $ 39 |
Prepaid advertising | $ 1.2 | $ 0.9 | |
Accounts Receivable | Customer Concentration Risk | One Customer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Customer concentration | 36.00% | 30.00% | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable uncollateralized customer obligations trading days | 30 days | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable uncollateralized customer obligations trading days | 90 days |
ORGANIZATION AND SIGNIFICANT _5
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk and Deferred Financing Fees (Details) | 12 Months Ended | |
Jan. 01, 2022USD ($)manufacturer | Jan. 02, 2021USD ($) | |
Line of Credit Facility [Line Items] | ||
Amortization of deferred financing fees | $ | $ 700,000 | $ 900,000 |
Senior Secured Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Amount outstanding | $ | $ 450,000,000 | |
Hard coolers | Sales Revenue | Product Concentration Risk | ||
Line of Credit Facility [Line Items] | ||
Number of manufacturers | manufacturer | 2 | |
Production volume (as percentage) | 89.00% | |
Soft coolers | Sales Revenue | Product Concentration Risk | ||
Line of Credit Facility [Line Items] | ||
Production volume (as percentage) | 84.00% | |
Drinkware | Sales Revenue | Product Concentration Risk | ||
Line of Credit Facility [Line Items] | ||
Production volume (as percentage) | 75.00% | |
Bags | Sales Revenue | Product Concentration Risk | ||
Line of Credit Facility [Line Items] | ||
Production volume (as percentage) | 93.00% | |
Outdoor living and pet products | Sales Revenue | Product Concentration Risk | ||
Line of Credit Facility [Line Items] | ||
Production volume (as percentage) | 92.00% | |
Cargo | Sales Revenue | Product Concentration Risk | ||
Line of Credit Facility [Line Items] | ||
Number of manufacturers | manufacturer | 2 |
ORGANIZATION AND SIGNIFICANT _6
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) | 12 Months Ended |
Jan. 01, 2022 | |
Leasehold improvements | |
Property and Equipment | |
Property, plant and equipment, useful life | lesser of 10 years, remaining lease term, or estimated useful life of the asset |
Leasehold improvements | Maximum | |
Property and Equipment | |
Property, plant and equipment, useful life | 10 years |
Production molds and tooling | Minimum | |
Property and Equipment | |
Property, plant and equipment, useful life | 3 years |
Production molds and tooling | Maximum | |
Property and Equipment | |
Property, plant and equipment, useful life | 5 years |
Furniture, fixtures, and equipment | Minimum | |
Property and Equipment | |
Property, plant and equipment, useful life | 3 years |
Furniture, fixtures, and equipment | Maximum | |
Property and Equipment | |
Property, plant and equipment, useful life | 7 years |
Computers and software | Minimum | |
Property and Equipment | |
Property, plant and equipment, useful life | 3 years |
Computers and software | Maximum | |
Property and Equipment | |
Property, plant and equipment, useful life | 7 years |
ORGANIZATION AND SIGNIFICANT _7
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Research and Development Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Research and development expense | $ 13.7 | $ 11.2 | $ 20.5 |
ORGANIZATION AND SIGNIFICANT _8
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Segment Information (Details) | 12 Months Ended |
Jan. 01, 2022segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 1 |
ORGANIZATION AND SIGNIFICANT _9
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Shipping and Handling Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cost of product shipment to customers | $ 89.7 | $ 62.7 | $ 39.9 |
ORGANIZATION AND SIGNIFICANT_10
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Warranty (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Warranty reserve | $ 10,276 | $ 8,936 | |
Warranty costs | $ 6,900 | $ 5,100 | $ 3,800 |
Minimum | |||
Warranty term | 3 years | ||
Maximum | |||
Warranty term | 5 years |
REVENUE - Contract Balances (De
REVENUE - Contract Balances (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, net | $ 109,530 | $ 65,417 |
Contract liabilities | $ (20,761) | $ (11,074) |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) $ in Millions | 12 Months Ended |
Jan. 01, 2022USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer liability, revenue recognized | $ (11.1) |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 1,410,989 | $ 1,091,721 | $ 913,734 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 1,277,177 | 1,025,393 | 873,867 |
International | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 133,812 | 66,328 | 39,867 |
Coolers & Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 551,861 | 446,585 | 368,874 |
Drinkware | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 832,428 | 628,566 | 526,241 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 26,700 | 16,570 | 18,619 |
Wholesale | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 626,259 | 510,861 | 527,634 |
Direct-to-consumer | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 784,730 | $ 580,860 | $ 386,100 |
REVENUE - Concentration (Detail
REVENUE - Concentration (Details) | 12 Months Ended | |
Jan. 01, 2022 | Dec. 28, 2019 | |
Sales Revenue | Customer Concentration Risk | Customer A | ||
Disaggregation of Revenue [Line Items] | ||
Customer concentration | 10.00% | 15.00% |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 16,110 | $ 12,174 |
Prepaid taxes | 9,417 | 433 |
Other | 4,057 | 5,079 |
Total prepaid expenses and other current assets | $ 29,584 | $ 17,686 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Property and Equipment | ||
Finance leases | $ 10,725 | $ 1,208 |
Property and equipment, gross | 236,959 | 171,019 |
Accumulated depreciation | (117,915) | (92,944) |
Property and equipment, net | 119,044 | 78,075 |
Property and equipment - geographic | 119,044 | 78,075 |
United States | ||
Property and Equipment | ||
Property and equipment, net | 84,221 | 65,509 |
Property and equipment - geographic | 84,221 | 65,509 |
International | ||
Property and Equipment | ||
Property and equipment, net | 34,823 | 12,566 |
Property and equipment - geographic | 34,823 | 12,566 |
Production molds, tooling, and equipment | ||
Property and Equipment | ||
Property and equipment, gross | 89,611 | 60,331 |
Furniture, fixtures, and equipment | ||
Property and Equipment | ||
Property and equipment, gross | 10,055 | 8,204 |
Computers and software | ||
Property and Equipment | ||
Property and equipment, gross | 84,169 | 63,343 |
Leasehold improvements | ||
Property and Equipment | ||
Property and equipment, gross | $ 42,399 | $ 37,933 |
PROPERTY AND EQUIPMENT - Narrat
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 25.7 | $ 24.6 | $ 23.2 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2022USD ($) | Jan. 02, 2021USD ($) | Dec. 28, 2019USD ($) | Jul. 03, 2021ft² | |
Lessee, Lease, Description [Line Items] | ||||
Lease term | 5 years | |||
Minimum lease payments sublease rentals | $ 2,300 | |||
Sublease income | 743 | $ 757 | $ 743 | |
Area of facility | ft² | 970 | |||
Operating lease obligations that have not yet commenced | $ 4,100 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 1 year | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 20 years |
LEASES - Balance Sheet (Details
LEASES - Balance Sheet (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Assets: | ||
Operating lease assets | $ 54,971 | $ 34,090 |
Finance lease assets | 9,380 | 909 |
Total lease assets | 64,351 | 34,999 |
Current | ||
Operating lease liabilities | 10,167 | 8,247 |
Finance lease liabilities | 2,060 | 197 |
Non-current | ||
Operating lease liabilities, non-current | 55,940 | 36,546 |
Finance lease liabilities | 7,299 | 753 |
Total lease liabilities | $ 75,466 | $ 45,743 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment - geographic | Property and equipment - geographic |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current maturities of long-term debt | Current maturities of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total long-term debt, net | Total long-term debt, net |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Leases [Abstract] | |||
Operating lease costs | $ 12,312 | $ 9,599 | $ 8,002 |
Finance lease cost - amortization of right-of-use assets | 1,046 | 211 | 88 |
Finance lease cost - interest on lease liabilities | 139 | 64 | 30 |
Short-term lease cost | 366 | 185 | 249 |
Variable lease cost | 3,822 | 3,349 | 2,806 |
Sublease Income | (743) | (757) | (743) |
Total lease cost | $ 16,942 | $ 12,651 | $ 10,432 |
Weighted average remaining lease term: | |||
Operating leases (in years) | 6 years 21 days | 6 years 1 month 24 days | |
Finance leases (in years) | 4 years 4 months 6 days | 3 years 7 months 28 days | |
Weighted average discount rate: | |||
Operating leases (as a percent) | 4.75% | 6.42% | |
Finance leases (as a percent) | 2.24% | 6.24% |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Operating Leases | ||
2022 | $ 12,991 | |
2023 | 13,156 | |
2024 | 13,224 | |
2025 | 12,470 | |
2026 | 11,177 | |
Thereafter | 13,166 | |
Total lease payments | 76,184 | |
Less: Effect of discounting to net present value | 10,077 | |
Present value of lease liabilities | 66,107 | |
Finance Leases | ||
2022 | 2,245 | |
2023 | 2,078 | |
2024 | 2,325 | |
2025 | 1,995 | |
2026 | 1,164 | |
Thereafter | 0 | |
Total lease payments | 9,807 | |
Less: Effect of discounting to net present value | 448 | |
Present value of lease liabilities | 9,359 | $ 950 |
Total | ||
2022 | 15,236 | |
2023 | 15,234 | |
2024 | 15,549 | |
2025 | 14,465 | |
2026 | 12,341 | |
Thereafter | 13,166 | |
Total lease payments | 85,991 | |
Less: Effect of discounting to net present value | 10,525 | |
Present value of lease liabilities | $ 75,466 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Leases [Abstract] | |||
Operating cash flows used in operating leases | $ 13,146 | $ 11,097 | $ 8,649 |
Operating cash flows used in finance leases | 139 | 64 | 30 |
Financing cash flows used in finance leases | 1,108 | 185 | 74 |
Operating leases | 30,234 | 2,831 | 1,208 |
Finance leases | $ 9,517 | $ 0 | $ 10,015 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Gross carrying amount | $ 141,841 | $ 132,207 |
Accumulated Amortization | (46,527) | (40,129) |
Net carrying amount, indefinite-lived | 95,314 | 92,078 |
Net carrying amount, finite-lived | 95,314 | 92,078 |
Trademarks | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Gross carrying amount, finite-lived | 20,702 | 19,514 |
Accumulated Amortization | (7,839) | (5,982) |
Net carrying amount, finite-lived | $ 12,863 | $ 13,532 |
Customer relationships | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Useful Life | 11 years | 11 years |
Gross carrying amount, finite-lived | $ 42,205 | $ 42,205 |
Accumulated Amortization | (36,620) | (32,783) |
Net carrying amount, finite-lived | 5,585 | 9,422 |
Patents | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Gross carrying amount, finite-lived | 14,960 | 10,369 |
Accumulated Amortization | (1,712) | (1,072) |
Net carrying amount, finite-lived | $ 13,248 | $ 9,297 |
Other intangibles | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Useful Life | 15 years | 15 years |
Gross carrying amount, finite-lived | $ 1,047 | $ 1,045 |
Accumulated Amortization | (356) | (292) |
Net carrying amount, finite-lived | 691 | 753 |
Tradename | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Gross carrying amount, indefinite-lived | 31,363 | 31,363 |
Net carrying amount, indefinite-lived | 31,363 | 31,363 |
Trade dress | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Gross carrying amount, indefinite-lived | 14,145 | 14,197 |
Net carrying amount, indefinite-lived | 14,145 | 14,197 |
Trademarks | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Gross carrying amount, indefinite-lived | 17,419 | 13,514 |
Net carrying amount, indefinite-lived | $ 17,419 | $ 13,514 |
Minimum | Trademarks | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Useful Life | 6 years | 6 years |
Minimum | Patents | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Useful Life | 4 years | 4 years |
Maximum | Trademarks | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Useful Life | 30 years | 30 years |
Maximum | Patents | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class Line Items | ||
Useful Life | 25 years | 25 years |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 6.4 | $ 5.9 | $ 5.8 |
2022 | 6.4 | ||
2023 | 4.6 | ||
2024 | 2.7 | ||
2025 | 2.7 | ||
2026 | $ 1.8 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Payables and Accruals [Abstract] | ||
Accrued freight and distribution costs | $ 54,723 | $ 22,047 |
Contract liabilities | 20,761 | 11,074 |
Customer discounts, allowances, and returns | 11,954 | 10,920 |
Advertising and marketing | 14,688 | 12,675 |
Warranty reserve | 10,276 | 8,936 |
Accrued capital expenditures | 1,616 | 4,967 |
Interest payable | 88 | 89 |
Other | 18,203 | 18,360 |
Total accrued expenses and other current liabilities | $ 132,309 | $ 89,068 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Long Term Debt | ||
Term Loan A, due 2024 | $ 112,500 | |
Finance lease debt | 9,359 | $ 950 |
Total debt | 121,859 | 135,950 |
Current maturities of long-term debt | (22,500) | (22,500) |
Current maturities of finance lease debt | (2,060) | (197) |
Total long-term debt | 97,299 | 113,253 |
Unamortized deferred financing fees | (1,558) | (2,236) |
Total long-term debt, net | 95,741 | 111,017 |
Future maturity requirements on long term debt | ||
2022 | 22,500 | |
2023 | 22,500 | |
2024 | 67,500 | |
Total debt | 112,500 | |
Term Loan A, due 2024 | Term Loan | ||
Long Term Debt | ||
Term Loan A, due 2024 | 112,500 | 135,000 |
Future maturity requirements on long term debt | ||
Total debt | $ 112,500 | $ 135,000 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) - USD ($) | Dec. 17, 2019 | Jul. 15, 2017 | Mar. 31, 2020 | Jun. 27, 2020 | Dec. 28, 2019 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 16, 2019 | May 31, 2016 |
Long Term Debt | ||||||||||
Additional deferred financing fees incurred | $ 0 | $ 50,000,000 | $ 0 | |||||||
Loss on prepayment, modification, or extinguishment of debt | 0 | 1,064,000 | 643,000 | |||||||
Borrowings under revolving line of credit | 0 | $ 50,000,000 | $ 0 | |||||||
Revolving credit facility | ||||||||||
Long Term Debt | ||||||||||
Additional deferred financing fees incurred | $ 2,000,000 | |||||||||
Revolving credit facility | Line of Credit | ||||||||||
Long Term Debt | ||||||||||
Available borrowing capacity | $ 150,000,000 | $ 100,000,000 | $ 100,000,000 | |||||||
Borrowings under revolving line of credit | $ 50,000,000 | |||||||||
Extinguishment of debt, amount | $ 50,000,000 | |||||||||
Weighted average interest rate | 2.92% | |||||||||
Outstanding balance | $ 0 | |||||||||
Revolving credit facility | Line of Credit | Minimum | ||||||||||
Long Term Debt | ||||||||||
Commitment fee percentage | 0.175% | |||||||||
Revolving credit facility | Line of Credit | Minimum | London Interbank Offered Rate (LIBOR) | ||||||||||
Long Term Debt | ||||||||||
Basis spread on variable rate (as a percentage) | 1.75% | |||||||||
Revolving credit facility | Line of Credit | Maximum | ||||||||||
Long Term Debt | ||||||||||
Commitment fee percentage | 0.375% | |||||||||
Revolving credit facility | Line of Credit | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||||
Long Term Debt | ||||||||||
Basis spread on variable rate (as a percentage) | 2.75% | |||||||||
Term loan A | ||||||||||
Long Term Debt | ||||||||||
Available borrowing capacity | $ 300,000,000 | |||||||||
Loss on prepayment, modification, or extinguishment of debt | $ 600,000 | $ 1,100,000 | ||||||||
Capitalized costs of new lender and third-party fees | $ 2,100,000 | |||||||||
Weighted average interest rate | 1.85% | 2.72% | ||||||||
Principal payments due quarterly | $ 22,500,000 | |||||||||
Voluntary debt repayments on principal | $ 150,000,000 | |||||||||
Term loan A | Maturity Period, Period One | ||||||||||
Long Term Debt | ||||||||||
Periodic payment interest | 1.25% | |||||||||
Term loan A | Maturity Period, Period Two | ||||||||||
Long Term Debt | ||||||||||
Periodic payment interest | 1.875% | |||||||||
Term loan A | Line of Credit | ||||||||||
Long Term Debt | ||||||||||
Available borrowing capacity | $ 300,000,000 | $ 298,000,000 | ||||||||
Term loan A | Original Credit Facility | ||||||||||
Long Term Debt | ||||||||||
Available borrowing capacity | 445,000,000 | |||||||||
Term loan B | ||||||||||
Long Term Debt | ||||||||||
Available borrowing capacity | $ 105,000,000 | |||||||||
Letters of credit | ||||||||||
Long Term Debt | ||||||||||
Available borrowing capacity | $ 20,000,000 |
BENEFIT PLAN (Details)
BENEFIT PLAN (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Retirement Benefits [Abstract] | |||
Employer contributions | $ 1.2 | $ 1.1 | $ 1.1 |
STOCK BASED COMPENSATION - Narr
STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | Nov. 12, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-cash stock-based compensation expense | $ 15,474 | $ 9,009 | $ 52,332 | ||
Related income tax benefits | 12,900 | 2,900 | 21,300 | ||
Compensation expense | $ 23,600 | 40,700 | |||
Unrecognized compensation expense for unvested options, recognition period | 1 year 10 months 24 days | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term of award | 10 years | ||||
Vesting period (in years) | 3 years | ||||
Related income tax benefits | $ 8,100 | 1,700 | 11,500 | ||
Total intrinsic value of stock options exercised | 33,100 | 6,700 | 46,700 | ||
Total fair value of stock options vested | $ 2,200 | $ 2,900 | $ 12,200 | ||
Stock Options | Share-based Payment Arrangement, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 33.33% | ||||
Stock Options | Share-based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 16.67% | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 3 years | ||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 33.33% | ||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 16.67% | ||||
Restricted Stock Awards (RSAs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 3 years | ||||
Restricted Stock Awards (RSAs) | Share-based Payment Arrangement, Tranche One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 33.33% | ||||
Restricted Stock Awards (RSAs) | Share-based Payment Arrangement, Tranche Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting rights, percentage | 16.67% | ||||
Performance-Based Restricted Stock Units (PRSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 3 years | ||||
Award performance period | 3 years | ||||
Threshold percentage of outstanding common stock | 35.00% | ||||
Weighted average grant date fair value (in dollars per share) | $ 31.74 | ||||
Fair value of equity instruments other than options vested | $ 38,100 | ||||
Deferred Stock Units (DSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period (in years) | 1 year | ||||
2018 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized to be awarded (in shares) | 4,800,000 | ||||
2012 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized to be awarded (in shares) | 8,800,000 | ||||
2012 Plan | Performance-Based Restricted Stock Units (PRSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs granted (in shares) | 385,241 | ||||
RSUs granted as replacement awards (in shares) | 104,411 |
STOCK BASED COMPENSATION - PBRS
STOCK BASED COMPENSATION - PBRSs, RSUs, RSAs, and DSUs (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Performance-Based Restricted Stock Units | |||
Number of Stock Units | |||
Balance at the beginning (in shares) | 146,000 | ||
Granted (in shares) | 81,000 | ||
Vested (in shares) | 0 | ||
Forfeited/expired (in shares) | (17,000) | ||
Balance at the end (in shares) | 210,000 | 146,000 | |
Weighted Average Grant Date Fair Value | |||
Balance at the beginning (in dollars per share) | $ 32.84 | ||
Granted (in dollars per share) | 79.66 | ||
Vested (in dollars per share) | 0 | ||
Forfeited/expired (in dollars per share) | 60.71 | ||
Balance at the end (in dollars per share) | $ 48.64 | $ 32.84 | |
Weighted average remaining contractual terms | 1 year 9 months 18 days | ||
Weighted average grant date fair value (in dollars per share) | $ 79.66 | ||
Aggregate intrinsic value | $ 17,400 | ||
Vested (in shares) | 0 | ||
Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units | |||
Number of Stock Units | |||
Balance at the beginning (in shares) | 473,000 | ||
Granted (in shares) | 244,000 | ||
Vested (in shares) | (233,000) | ||
Forfeited/expired (in shares) | (51,000) | ||
Balance at the end (in shares) | 433,000 | 473,000 | |
Weighted Average Grant Date Fair Value | |||
Balance at the beginning (in dollars per share) | $ 30.99 | ||
Granted (in dollars per share) | 78.65 | ||
Vested (in dollars per share) | 30.71 | ||
Forfeited/expired (in dollars per share) | 51.81 | ||
Balance at the end (in dollars per share) | $ 55.54 | $ 30.99 | |
Weighted average remaining contractual terms | 2 years | ||
Weighted average grant date fair value (in dollars per share) | $ 78.65 | ||
Aggregate intrinsic value | $ 35,900 | ||
Vested (in shares) | 233,000 | ||
PBRSs, RSUs, RSAs, and DSUs | |||
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 79.06 | 33.58 | $ 23.72 |
Weighted average grant date fair value (in dollars per share) | $ 79.06 | $ 33.58 | $ 23.72 |
Fair value of equity instruments other than options vested | $ 7,145 | $ 3,215 | $ 168 |
Aggregate intrinsic value | $ 19,346 | $ 5,271 | $ 345 |
Deferred Stock Units (DSUs) | |||
Number of Stock Units | |||
Vested (in shares) | (14,000) | (10,500) | (13,000) |
Weighted Average Grant Date Fair Value | |||
Vested (in shares) | 14,000 | 10,500 | 13,000 |
STOCK BASED COMPENSATION - Summ
STOCK BASED COMPENSATION - Summary of Assumptions Utilized to Calculate Fair Value of Stock Options Granted (Details) - $ / shares | 12 Months Ended | |
Jan. 01, 2022 | Dec. 28, 2019 | |
Assumptions utilized to calculate fair value of stock options granted | ||
Expected option term | 6 years | |
Expected stock price volatility, minimum | 27.00% | |
Expected stock price volatility, maximum | 35.00% | |
Risk-free interest rate, minimum | 1.64% | |
Risk-free interest rate, maximum | 2.53% | |
Expected dividend yield | 0.00% | |
Weighted average grant date fair value per option granted (in dollars per share) | $ 0 | $ 7.67 |
STOCK BASED COMPENSATION - Su_2
STOCK BASED COMPENSATION - Summary of Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Number of Options | ||||
Options granted (in shares) | 0 | |||
Stock Options | ||||
Number of Options | ||||
Options outstanding at beginning (in shares) | 1,254 | 1,618 | 2,889 | |
Options granted (in shares) | 0 | 0 | 601 | |
Options exercised (in shares) | (408) | (247) | (1,730) | |
Options forfeited, cancelled (in shares) | (117) | (142) | ||
Options outstanding at ending (in shares) | 846 | 1,254 | 1,618 | 2,889 |
Options exercisable (in shares) | 609 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price at beginning (in dollars per share) | $ 16.79 | $ 16.44 | $ 6.56 | |
Options granted (in dollars per share) | 23.59 | |||
Options exercised (in dollars per share) | 10.03 | 12.23 | 2.06 | |
Options forfeited, cancelled (in dollars per share) | 21.56 | 20.88 | ||
Weighted average exercise price at ending (in dollars per share) | 20.05 | $ 16.79 | $ 16.44 | $ 6.56 |
Options exercisable (in dollars per share) | $ 20.06 | |||
Weighted average remaining contractual term (Years) | 6 years 11 months 4 days | 7 years 2 months 19 days | 8 years 1 month 13 days | 6 years 5 months 23 days |
Weighted average remaining contractual term of options exercisable (years) | 6 years 11 months 1 day | |||
Aggregate intrinsic value of options outstanding options | $ 53,062 | |||
Aggregate intrinsic value of options exercisable options | $ 38,223 |
STOCK BASED COMPENSATION - Su_3
STOCK BASED COMPENSATION - Summary of Non-Vested Stock Options (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Dec. 28, 2019 | |
Shares Under Outstanding Options | ||
Non-Vested Options at beginning (in shares) | 539 | |
Granted (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Vested (in shares) | (302) | |
Non-Vested Options at ending (in shares) | 237 | |
Weighted Average Grant Date Fair Value | ||
Non-Vested Options at beginning (in dollars per share) | $ 7.44 | |
Granted (in dollars per share) | 0 | $ 7.67 |
Forfeited (in dollars per share) | 0 | |
Vested (in dollars per share) | 7.41 | |
Non-Vested Options at ending (in dollars per share) | $ 7.48 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions | May 17, 2016USD ($)$ / shares | Dec. 28, 2019USD ($) |
Equity [Abstract] | ||
Cash dividend paid (in dollars per share) | $ / shares | $ 5.54 | |
Dividend paid | $ 451.3 | $ 0.6 |
Percentage used to calculate the difference in strike price and dividend | 0.70 | |
Total dividends | $ 7.9 |
RELATED PARTY AGREEMENTS (Detai
RELATED PARTY AGREEMENTS (Details) | 12 Months Ended |
Jan. 01, 2022USD ($)facility | |
Related Party Transactions [Abstract] | |
Number of warehouse facility leased | facility | 1 |
Lease notice period | 30 days |
Lease rental expense | $ | $ 8,700 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 |
Total future minimum lease payments and commitments under non-cancelable agreements | |||
Total | $ 68,621 | ||
2022 | 23,637 | ||
2023 | 18,313 | ||
2024 | 8,577 | ||
2025 | 7,571 | ||
2026 | 1,716 | ||
Thereafter | 8,807 | ||
Unrecognized tax benefits | 11,113 | $ 7,250 | $ 3,358 |
Other liabilities | |||
Total future minimum lease payments and commitments under non-cancelable agreements | |||
Unrecognized tax benefits | $ 12,900 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Components of income before income taxes | |||
Domestic | $ 262,182 | $ 201,919 | $ 65,469 |
Foreign | 6,228 | 3,282 | 1,789 |
Income before income taxes | $ 268,410 | $ 205,201 | $ 67,258 |
INCOME TAXES - Schedule of Co_2
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Current tax expense: | |||
U.S. federal | $ 37,963 | $ 41,884 | $ 627 |
State | 11,018 | 10,619 | 1,505 |
Foreign | 1,726 | 829 | 526 |
Total current tax expense | 50,707 | 53,332 | 2,658 |
Deferred tax expense (benefit): | |||
U.S. federal | 4,770 | (3,332) | 12,911 |
State | 540 | (538) | 1,304 |
Foreign | (209) | (62) | (49) |
Total deferred tax expense | 5,101 | (3,932) | 14,166 |
Total income tax expense | $ 55,808 | $ 49,400 | $ 16,824 |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income taxes at the statutory rate | $ 56,366 | $ 43,092 | $ 14,124 |
Increase (decrease) resulting from: | |||
State income taxes, net of federal tax effect | 8,562 | 7,816 | 2,989 |
Foreign-derived intangible income | (3,056) | (1,046) | (159) |
Research and development tax credits | (630) | (580) | (2,157) |
Tax expense (benefit) related to stock-based compensation | (7,259) | (611) | 950 |
Other | 1,825 | 729 | 1,077 |
Total income tax expense | $ 55,808 | $ 49,400 | $ 16,824 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Jan. 02, 2021 |
Deferred tax assets: | ||
Accrued liabilities | $ 7,188 | $ 6,857 |
Allowances and other reserves | 3,350 | 2,979 |
Inventory | 4,990 | 5,012 |
Stock-based compensation | 4,298 | 4,796 |
Operating lease liabilities | 16,201 | 10,714 |
Other | 3,225 | 2,360 |
Total deferred tax assets | 39,252 | 32,718 |
Deferred tax liabilities: | ||
Operating lease assets | (13,516) | (8,222) |
Prepaid expenses | (1,602) | (644) |
Property and equipment | (15,180) | (11,425) |
Intangible assets | (18,180) | (15,843) |
Other | (92) | (745) |
Total deferred tax liabilities | (48,570) | (36,879) |
Net deferred tax liabilities | (9,318) | (4,161) |
Deferred income taxes | 1,602 | 1,062 |
Other liabilities | $ (10,920) | $ (5,223) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||
Corporate income tax rate | 21.00% | 21.00% | 21.00% |
Unremitted earnings of foreign subsidiaries | $ 17,000 | ||
Texas research and development tax credit carryforwards | 1,900 | ||
Unrecognized tax benefits | 11,113 | $ 7,250 | $ 3,358 |
Liability of interest and penalties related to unrecognized tax benefits | $ 1,300 |
INCOME TAXES - Schedule of Unre
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
Unrecognized tax benefits (excluding interest and penalties) | ||
Balance, beginning of year | $ 7,250 | $ 3,358 |
Gross increases related to current year tax positions | 4,070 | 4,522 |
Gross decreases related to prior year tax positions | (100) | (65) |
Lapse of statute of limitations | (107) | (565) |
Balance, end of year | $ 11,113 | $ 7,250 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Reconciliation of shares for basic and diluted net income per share | |||
Net income | $ 212,602 | $ 155,801 | $ 50,434 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted average common shares outstanding - basic (in shares) | 87,425 | 86,978 | 85,088 |
Effective of dilutive securities (in shares) | 1,241 | 869 | 1,259 |
Weighted average common shares outstanding - diluted (in shares) | 88,666 | 87,847 | 86,347 |
Earnings per share | |||
Basic (in dollars per share) | $ 2.43 | $ 1.79 | $ 0.59 |
Diluted (in dollars per share) | $ 2.40 | $ 1.77 | $ 0.58 |
EARNINGS PER SHARE - Anti-dilut
EARNINGS PER SHARE - Anti-dilutive (Details) - shares shares in Millions | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Stock Options | |||
Antidilutive Securities | |||
Shares excluded from computation of diluted earnings per share (less than) (in shares) | 0.1 | 0.2 | 0.8 |
SUPPLEMENTAL STATEMENT OF CAS_3
SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 2,365 | $ 8,358 | $ 19,396 |
Income taxes paid | $ 58,819 | $ 36,306 | $ 3,524 |
SUPPLEMENTAL STATEMENT OF CAS_4
SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION - Narrative (Details) - USD ($) | 12 Months Ended | ||
Jan. 01, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Liabilities related to property and equipment outstanding | $ 3,400,000 | $ 5,300,000 | $ 1,000,000 |
Accrued dividends payable on unvested options | $ 0 | $ 0 | $ 400,000 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) | Feb. 27, 2022USD ($) |
Subsequent Event | |
Subsequent Events | |
Amount of Common Stock authorized for repurchase | $ 100,000,000 |