Audit Information |
12 Months Ended |
|---|---|
Dec. 28, 2024 | |
| Audit Information [Abstract] | |
| Auditor Name | PricewaterhouseCoopers LLP |
| Auditor Location | Austin, Texas |
| Auditor Firm ID | 238 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| 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, shares, issued (in shares) | 89,190,494 | 88,592,761 |
| Common stock, outstanding (in shares) | 82,939,467 | 86,916,210 |
| Treasury stock, shares (in shares) | 6,251,027 | 6,251,027 |
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| 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 OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
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| Income Statement [Abstract] | |||
| Net sales | $ 1,829,873 | $ 1,658,713 | $ 1,595,222 |
| Cost of goods sold | 766,589 | 715,527 | 831,821 |
| Gross profit | 1,063,284 | 943,186 | 763,401 |
| Selling, general, and administrative expenses | 817,908 | 717,728 | 637,040 |
| Operating income | 245,376 | 225,458 | 126,361 |
| Interest income (expense), net | 660 | (942) | (4,466) |
| Other (expense) income, net | (13,188) | 1,430 | (5,718) |
| Income before income taxes | 232,848 | 225,946 | 116,177 |
| Income tax expense | (57,159) | (56,061) | (26,484) |
| Net income | $ 175,689 | $ 169,885 | $ 89,693 |
| Net income per share | |||
| Basic (in dollars per share) | $ 2.07 | $ 1.96 | $ 1.04 |
| Diluted (in dollars per share) | $ 2.05 | $ 1.94 | $ 1.03 |
| Weighted-average common shares outstanding | |||
| Basic (in shares) | 84,935 | 86,717 | 86,521 |
| Diluted (in shares) | 85,755 | 87,403 | 87,195 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 175,689 | $ 169,885 | $ 89,693 |
| Other comprehensive (loss) income | |||
| Foreign currency translation adjustments | 2,820 | (1,644) | (773) |
| Total comprehensive income | $ 178,509 | $ 168,241 | $ 88,920 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| 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, which includes our 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, and Asia. The terms “we,” “us,” “our,” “YETI” 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. Certain prior period amounts have been reclassified to conform to current period presentation. Out-of-Period Adjustment During the first quarter of 2022, we recognized $6.4 million in cost of goods sold for inbound freight expense recorded as an out-of-period adjustment. The adjustment was not considered material to the interim or annual consolidated financial statements for the year ended December 31, 2022 or the financial statements of any previously filed interim or annual periods. 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. 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 years 2024, 2023 and 2022 were 52-week periods. The consolidated financial results presented herein represent the fiscal years ended December 28, 2024 (“2024”), December 30, 2023 (“2023”), and December 31, 2022 (“2022”). 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 60 days of sale. Receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded to income when received. For both December 28, 2024 and December 30, 2023, one customer accounted for 12% of our total accounts receivable, net, respectively. Our allowance for credit losses was $1.4 million as of December 28, 2024 and $0.5 million as of December 30, 2023, respectively. Advertising and Marketing Costs Marketing expenses, including advertising costs, are expensed as incurred and included in selling, general and administrative expenses in our consolidated statements of operations. Marketing expenses were $141.5 million, $126.9 million, and $111.0 million for 2024, 2023, and 2022, respectively. As of December 28, 2024 and December 30, 2023, prepaid advertising costs were $2.5 million and $0.5 million, respectively. Benefit Plan We 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 $2.4 million, $2.0 million, and $1.5 million for 2024, 2023, and 2022, respectively. Business Combinations We account for business combinations using the acquisition method of accounting. We allocate the purchase consideration to the identifiable assets acquired and liabilities assumed in a business combination based on their acquisition-date fair values. We use our best estimates and assumptions to determine the fair value of tangible and intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are initially recorded in connection with a business combination. These estimates are reevaluated and adjusted, if needed, during the measurement period of up to one year from the acquisition date, and are recorded as adjustments to goodwill. Any adjustments to the acquired assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings. 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 coolers & equipment products, our two largest manufacturers comprised approximately 36% of our production volume during 2024. For drinkware products, our two largest manufacturers comprised approximately 74% of our production volume during 2024. 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 Credit Facility (as defined in Note 9) 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 each of December 28, 2024 and December 30, 2023, the amortization of deferred financing fees included in interest expense was $0.6 million. 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 Secured Overnight Financing Rate (“SOFR”). 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 2024 and 2023, 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 2024 and 2023. Our intangible assets consist of indefinite-lived intangible assets, including tradename, trademarks, trade dress, and definite-lived intangible assets such as tradename, 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, other intangibles, such as copyrights and domain name assets, and patent and trademark defense costs. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. See Note 7 for the estimated useful lives of our definite-lived intangible assets. 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. Where the defense of the patent and trademark maintains rather than increases the expected future economic benefits from the asset, the costs are expensed as incurred. The external legal costs incurred and settlements received may not occur in the same period. Capitalized costs incurred during 2024, 2023, and 2022 primarily relate to external legal costs incurred in the defense of our patents and trademarks, net of settlements received. During 2024, we recorded additions to goodwill and intangible assets in connection with the acquisition of Mystery Ranch LLC, and recorded additions to intangible assets in connection with the acquisition of powered cooling technology patents. See Note 2 for additional information. 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. At December 28, 2024 and December 30, 2023, inventory reserves were $6.1 million and $2.2 million, respectively. 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:
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. 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 $21.1 million, $15.5 million, and $15.4 million, for 2024, 2023, and 2022, respectively. Revenue Recognition Revenue transactions associated with the sale of our products 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. From time to time, we 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 operations as a single reportable segment. See Note 15 for further discussion on segment information. Shipping and Handling Costs Shipping and handling fees charged to our customers are included in net sales in our consolidated statements of operations. The cost of shipping products to our customers, costs to operate our third-party logistics and warehousing operations, outbound freight costs, costs of operating on third-party DTC marketplaces, and credit card processing fees, which we refer to collectively as distribution and fulfillment expenses, are included in selling, general and administrative expenses in our consolidated statements of operations. Distribution and fulfillment expenses were $323.0 million, $310.1 million, and $261.8 million for 2024, 2023, and 2022, respectively. Inbound freight charges for product delivery from our third-party contract manufacturers are included in our cost of goods sold. Stock-Based Compensation Stock-based compensation awards granted to employees and non-employee directors are measured at fair value. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period. Stock-based compensation expense equal to the fair value of performance-based awards that are expected to vest is estimated and recognized on a straight-line basis over the performance period of the awards. Compensation expense estimates are updated periodically. The vesting of the performance-based awards 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 awards is estimated on the award date using a Monte Carlo simulation model. For certain of the awards granted, the grant date fair value was calculated using the Finnerty model, as the after-tax portion of these awards is subject to a holding period of one year after the vesting date. 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 model, Finnerty model, and Black-Scholes model require various judgmental assumptions including volatility, forfeiture rates and expected option life. No stock options were granted in 2024, 2023, or 2022. 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. Supplier Finance Program Obligations During 2018, we entered into an agreement with a financial institution to facilitate a supplier finance program (“SFP”) which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from us for early payment. Participating eligible suppliers negotiate the terms directly with the financial institution and we have no involvement in establishing those terms nor are we a party to these agreements. Our payments associated with the invoices from the suppliers participating in the SFP are made to the financial institution according to the original invoice. The outstanding payment obligations under the SFP recorded within accounts payable in our at December 28, 2024 and December 30, 2023 were $63.1 million and $77.3 million, respectively. See Note 12 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 and other current liabilities 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 to five years. Our warranty only applies to the original owner. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect our financial condition and operating results. Warranty reserves were $9.4 million and $9.8 million as of December 28, 2024 and December 30, 2023, respectively. Warranty costs included in costs of goods sold were $5.3 million, $6.3 million, and $5.8 million for 2024, 2023, and 2022, respectively. Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations, which requires disclosures intended to enhance the transparency of supplier finance programs. The ASU requires buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for our Annual Report on Form 10-K for fiscal years beginning after December 15, 2023. We adopted provisions of this ASU in the first quarter of 2023, with the exception of the amendment on rollforward information, which we adopted for our Annual Report for fiscal year 2024. Adoption of the new standard did not have an impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to provide all annual disclosures about segments in interim periods. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 28, 2024, and subsequent interim periods, with early adoption permitted. We adopted this ASU for our Annual Report for fiscal year 2024. For additional information, see “Note 15. Segment Information.” Recent Accounting Guidance Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update are intended to improve disclosures about an entity’s expenses and provide detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions on the face of financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our related disclosures.
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ACQUISITIONS |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITIONS | ACQUISITIONS Mystery Ranch Acquisition On February 2, 2024, we completed the acquisition of all of the equity interests of Mystery Ranch, LLC (“Mystery Ranch”), a designer and manufacturer of durable load-bearing backpacks, bags, and pack accessories. The total purchase price consideration was $36.2 million, net of a preliminary working capital adjustment and cash acquired of $2.1 million. We have integrated Mystery Ranch operations and products into our business to further expand our capabilities in our bags category. The acquisition was funded with cash on hand. We accounted for the acquisition as a business combination using the acquisition method of accounting which requires, among other things, assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. The purchase price allocation is preliminary and based upon valuation information available to determine the fair value of certain assets and liabilities, including goodwill, and is subject to change, primarily for final adjustments to net working capital as additional information is obtained about the facts and circumstances that existed at the valuation date. The following table summarizes the preliminary amounts recorded for acquired assets and assumed liabilities at the acquisition date (in thousands):
_________________________ (1)Includes a $4.8 million step up of inventory to fair value, which will be expensed as the related inventory is sold. The goodwill recognized is attributable to the expansion of our backpack and bag offerings and expected synergies from integrating Mystery Ranch’s products into our product portfolio. The goodwill will be deductible for income tax purposes. The intangible assets recognized consist of a tradename and customer relationships and have useful lives which range from 8 to 15 years. Pro forma results are not presented as the impact of this acquisition is not material to our consolidated financial results. The net sales and earnings impact of this acquisition was not material to our consolidated financial results for the year ended December 28, 2024. Other Acquisitions During the first quarter of 2024, we acquired substantially all of the assets of Butter Pat Industries, LLC (“Butter Pat”), a designer and manufacturer of cast iron cookware. The acquisition of Butter Pat expanded our capabilities in the cookware category, as shown by the launch of our new YETI-branded Cast Iron Skillet during the third quarter of 2024. This transaction was accounted for as an asset acquisition and is not material to our consolidated financial statements. During the fourth quarter of 2024, we acquired powered cooling technology patents for $32.5 million to develop a unique powered cooler platform. This transaction was accounted for as an asset acquisition.
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REVENUE |
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| 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 credit losses. 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 include advance cash deposits received from customers for certain customized product orders and unredeemed gift card liabilities. As products are shipped and control transfers, we recognize contract liabilities as revenue. During the second quarter of 2023, we began issuing gift cards as remedies in connection with our voluntary product recalls. We recognize sales from gift cards as they are redeemed for products. As of December 28, 2024, $2.9 million of our contract liabilities represented unredeemed gift card liabilities. See Note 12 for further discussion of our product recalls. The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):
During the year ended December 28, 2024, we recognized $22.4 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):
_______________________________________ (1)Includes the impact from the recall reserve adjustment. See Note 12 for further discussion of our product recalls. (2)Net sales by geographic region is based upon on end-consumer location. Customers that accounted for 10% or more of gross sales were as follows:
_______________________________________ * Gross sales were less than 10% and no other customer exceeded 10% of gross sales.
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PREPAID EXPENSES AND OTHER CURRENT ASSETS |
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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PROPERTY AND EQUIPMENT |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Property and equipment consisted of the following at the dates indicated (in thousands):
Depreciation expense was $42.8 million, $41.2 million, and $32.8 million for 2024, 2023, and 2022, respectively. Geographic Information Property and equipment, net by geographical region was as follows as of the dates indicated (in thousands):
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LEASES |
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| 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 December 28, 2024, the initial lease terms of the various leases range from to 20 years. ROU lease assets and liabilities associated with leases with an initial term of twelve months or less are not recorded on the balance sheet. 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):
The following table presents the components of lease costs (in thousands):
The following table presents lease terms and discount rates:
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 December 28, 2024 (in thousands):
The following table presents supplemental cash flow information related to our leases (in thousands):
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| 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 December 28, 2024, the initial lease terms of the various leases range from to 20 years. ROU lease assets and liabilities associated with leases with an initial term of twelve months or less are not recorded on the balance sheet. 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):
The following table presents the components of lease costs (in thousands):
The following table presents lease terms and discount rates:
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 December 28, 2024 (in thousands):
The following table presents supplemental cash flow information related to our leases (in thousands):
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INTANGIBLE ASSETS |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS | INTANGIBLE ASSETS Intangible assets consisted of the following at the dates indicated below (dollars in thousands):
_______________________________________ (1)The gross carrying amount includes $32.5 million of powered cooling technology patents acquired in November 2024. The acquired patents have useful lives of 14 years.
Amortization expense was $5.3 million, $5.3 million, and $6.9 million, for 2024, 2023, and 2022, respectively. Amortization expense related to intangible assets is expected to be $7.7 million for 2025, $6.9 million for 2026, $6.3 million for 2027, $6.0 million for 2028, and $5.9 million for 2029.
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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| 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):
_______________________________________ (1)See Note 12 for further discussion of our product recall reserves.
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LONG-TERM DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following at the dates indicated (in thousands):
At December 28, 2024, the future maturities of principal amounts of our debt obligations, excluding finance lease obligations, for the next five years and in total (see Note 6 for future maturities of finance lease obligations), consisted of the following (in thousands):
Credit Facility In May 2016, we entered into a senior secured credit agreement (as amended, the “Credit Agreement”) that provided for: (a) a five-year $100.0 million revolving credit facility (“Revolving Credit Facility”); (b) a five-year $445.0 million term loan A (“Term Loan A”); and (c) a six-year $105.0 million term loan B (“Term Loan B”) (together with amendments described below, the “Credit Facility”). During 2019, we voluntarily repaid in full the principal amount outstanding under Term Loan B. On July 15, 2017, we amended the Credit Facility to reset the net leverage ratio covenant for the period ending June 2017 and thereafter. 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 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. On March 31, 2023, we amended the Credit Facility, leaving the material terms of the Credit Facility substantially unchanged, with the exception of certain changes to implement the replacement of LIBOR with SOFR. On June 22, 2023, we further amended the Credit Facility, which extended the maturity date of both the Term Loan A and the Revolving Credit Facility from December 17, 2024 to June 22, 2028; refinanced and replaced the existing Term Loan A in full with a new $84.4 million Term Loan A; and increased the commitments under the Revolving Credit Facility from $150.0 million to $300.0 million. As a result of the amendment, we recognized a $0.3 million loss on modification and extinguishment of debt and we capitalized $2.8 million of new lender and third-party fees in the second quarter of 2023. On February 26, 2024, we amended the Credit Facility, leaving the material terms of the Credit Facility substantially unchanged, with the exception of a definitional update and to permit a Hedging Agreement (as defined in the Credit Facility) entered into in connection with an accelerated share purchase program under the Credit Facility. Pursuant to the Credit Agreement, we are required to make quarterly principal payments equal to 1.25% of the then-outstanding aggregate principal amount of the Term Loan A. As amended, the scheduled quarterly principal payments began on September 30, 2023 and are due each December 31, March 31, June 30 and September 30 thereafter, with the remaining principal balance due on the maturity date. Borrowings under the Term Loan A and the Revolving Credit Facility bear interest at Term SOFR or the Alternate Base Rate (each as defined in the Credit Agreement) plus an applicable rate ranging from 1.75% to 2.50% for Term SOFR-based loans and from 0.75% to 1.50% for Alternate Base Rate-based loans, depending upon our total Net Leverage Ratio (as defined in the Credit Agreement). Additionally, a commitment fee ranging from 0.200% to 0.300%, determined by reference to a pricing grid based on our net leverage ratio, is payable on the average daily unused amounts under the Revolving Credit Facility. As of December 28, 2024 and December 30, 2023, we had no borrowings outstanding under our Revolving Credit Facility. The Credit Facility also provides us with the ability to issue up to $40.0 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 December 28, 2024, we had no outstanding letters of credit. The weighted average interest rate on borrowings outstanding under the Term Loan A at December 28, 2024 and December 30, 2023 was 7.09% and 6.83%, 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 December 28, 2024, we were in compliance with the covenants under our Credit Facility. Term Loan A The Term Loan A is a $84.4 million term loan facility, maturing on June 22, 2028. Principal payments of $5.6 million were due quarterly during 2021 and through March 2023 and $1.1 million are due from September 2023 through March 2028, with any remaining 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.
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STOCK-BASED COMPENSATION |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We award stock-based compensation to employees and directors under the 2024 Equity and Incentive Compensation Plan (“2024 Plan”). The 2024 Plan was approved by the Company’s stockholders in May 2024 and replaced the 2018 Equity and Incentive Compensation Plan (the “2018 Plan”). No new awards will be granted under the 2018 Plan. The 2018 Plan replaced the 2012 Equity and Performance Incentive Plan, as amended and restated on June 20, 2018 (the “2012 Plan”). Awards outstanding under the 2018 Plan or the 2012 Plan will continue to remain outstanding according to their terms. Shares subject to stock awards granted under the 2018 Plan or the 2012 Plan (a) that expire or terminate without being exercised or (b) that are forfeited under an award, return to the 2024 Plan. Subject to certain equitable adjustments and share counting rules, the 2024 Plan provides for up to 3.5 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 2018 Plan provided for up to 4.8 million shares of authorized stock to be awarded as stock options, appreciation right, RSAs, RSUs, 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 to employees 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”) and performance-based restricted stock unit awards (“PBRSUs”) 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 and RSUs granted to non-employee directors generally vest one year from the grant date. We recognized non-cash stock-based compensation expense of $40.7 million, $29.8 million, and $17.8 million for 2024, 2023, and 2022, respectively. The related income tax benefits were $5.9 million, $5.1 million, and $3.8 million for 2024, 2023, and 2022, respectively. As of December 28, 2024, total unrecognized stock-based compensation expense of $52.0 million for all stock-based compensation plans is expected to be recognized over a weighted-average period of 1.8 years. Restricted Stock Units, Restricted Stock Awards, and Deferred Stock Units Stock-based activity, excluding options, for the year ended December 28, 2024 is summarized below (in thousands, except per share data):
_________________________ (1)Represents additional performance-based awards issued as a result of the achievement of actual performance results above the performance targets at grant date. As of December 28, 2024, the weighted average remaining contractual term of PBRSs and PBRSUs was 1.5 years and the aggregate intrinsic value of PBRSs and PBRSUs expected to vest was $19.9 million. The weighted average remaining contractual term of RSUs, RSAs, and DSUs was 1.8 years and the aggregate intrinsic value of RSUs, RSAs, and DSUs was $56.8 million as of December 28, 2024. The following table summarizes additional information about PBRSs PBRSUs, RSUs, RSAs, and DSUs (in thousands, except per share data):
Stock Options There have been no new grants of options since 2019 and all options outstanding as of December 30, 2023 and December 28, 2024 were exercisable. We had no unrecognized compensation cost related to stock options and no non-vested stock options as of December 28, 2024 or December 30, 2023. A summary of the stock options is as follows for the periods indicated (in thousands, except per share data):
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STOCKHOLDERS' EQUITY |
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Dec. 28, 2024 | |
| Equity [Abstract] | |
| STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY On February 27, 2022, the Board of Directors authorized a common stock repurchase program of up to $100.0 million. During the three months ended April 2, 2022, we repurchased 1,676,551 shares for an aggregate purchase price of $100.0 million, including fees and commissions, at an average repurchase price of $59.66 per share. Following the repurchases, no shares remained available for future repurchases under the program. All of the common stock repurchased is held as treasury stock. On February 1, 2024, our Board of Directors authorized the repurchase of up to $300.0 million of YETI’s common stock (the “Share Repurchase Program”), excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. As of December 28, 2024, $100.0 million remained available under the Share Repurchase Program. As part of the Share Repurchase Program, on February 27, 2024, we entered into an accelerated share repurchase agreement (the “February ASR Agreement”) with Goldman Sachs & Co. LLC (“Goldman Sachs”) to repurchase $100.0 million of YETI’s common stock. Pursuant to the February ASR Agreement, we made a payment of $100.00 million to Goldman Sachs and received an initial delivery of 1,998,501 shares of YETI’s common stock (the “February Initial Shares”), representing 80% of the total shares that we expected to receive under the February ASR Agreement based on the market price of $40.03 per share at the time of delivery of the February Initial Shares. The February ASR Agreement was accounted for as an equity transaction. On April 25, 2024, we settled the transactions contemplated by the February ASR Agreement, resulting in a final delivery of 642,674 shares (the “February Final Shares”). The total number of shares repurchased under the February ASR Agreement was 2,641,175 at an average cost per share of $37.86, based on the volume-weighted average share price of YETI’s common stock during the calculation period under the February ASR Agreement. As part of the Share Repurchase Program, on November 12, 2024, we entered into a second accelerated share repurchase agreement (the “November ASR Agreement”) with Goldman Sachs to repurchase an additional $100.0 million of YETI’s common stock. Pursuant to the November ASR Agreement, we made a payment of $100.0 million to Goldman Sachs and received an initial delivery of 1,933,301 shares of YETI’s common stock (the “November Initial Shares”), representing 80% of the total shares that we expected to receive under the November ASR Agreement based on the market price of $41.38 per share at the time of delivery of the November Initial Shares. The November ASR Agreement was accounted for as an equity transaction. The fair value of the November Initial Shares of $80.0 million was recorded as a treasury stock transaction. The remaining $20.0 million was recorded as a reduction to additional paid-in capital. On January 6, 2025, we settled the transactions contemplated by the November ASR Agreement, resulting in a final delivery of 551,955 shares (the “November Final Shares”). The total number of shares repurchased under the November ASR Agreement was 2,485,256 at an average cost per share of $40.24, based on the volume-weighted average share price of YETI’s common stock during the calculation period under the November ASR Agreement. At the time they each were received, the February Initial Shares, the February Final Shares, the November Initial Shares, and the November Final Shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares calculation for basic and diluted earnings per share for the year ended December 28, 2024. During the first quarter of 2025, our Board of Directors approved a $350.0 million increase to the Share Repurchase Program authorization, excluding fees, commissions, and excise tax due under the Inflation Reduction Act of 2022. As of February 24, 2025, $450.0 million remained available under the Share Repurchase Program.
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Future commitments under non-cancelable agreements at December 28, 2024 were as follows (in thousands):
_________________________ (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 $21.2 million, net, of such liabilities that are on our consolidated balance sheet as of December 28, 2024. 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. Supplier Finance Program Obligations We have a supplier finance program (“SFP”) with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from us for early payment. The following table summarizes the activity of the SFP for the year ended December 28, 2024 (in thousands):
Product Recall Reserves In January 2023, we notified the U.S. Consumer Product Safety Commission (“CPSC”) of a potential safety concern regarding the magnet-lined closures of our Hopper M30 Soft Cooler, Hopper M20 Soft Backpack Cooler, and SideKick Dry gear case (the “affected products”) and initiated a global stop sale of the affected products. In February 2023, we proposed a voluntary recall of the affected products to the CPSC, and other relevant global regulatory authorities, which we refer to as the “voluntary recalls” herein unless otherwise indicated. In conjunction with the stop sale, we determined that the affected products inventory held by us, our suppliers and our wholesale customers is unsalable, and notified our wholesale customers to return the affected products. In March 2023, we announced separate, voluntary recalls of the affected products in collaboration with the CPSC and subsequently began processing recall claims and returns. We establish reserves for the estimated costs of a product recall when circumstances giving rise to the recall become known and when such costs are probable and estimable. As a result of the voluntary recalls, we established a reserve as of December 31, 2022, for expected future returns and the estimated cost of recall remedies for consumers with affected products. The reserve for the estimated product recall expenses is included within accrued expenses and other current liabilities on our consolidated balance sheets. Estimating the cost of recall remedies required significant judgment and is primarily based on (i) expected consumer participation rates; and (ii) the estimated costs of the consumer’s elected remedy in the recalls, including the estimated cost of either product replacements or gift card elections, logistics costs, and other recall-related costs. We reevaluate these assumptions each period, and the related reserves are adjusted when factors indicate that the reserve is either not sufficient to cover or exceeds the estimated product recall costs. The ultimate impact from the approved voluntary recalls could differ materially from these estimates. The reserve for the estimated product recall expenses was $12.1 million and $13.1 million as of December 28, 2024 and December 30, 2023, respectively. During the second quarter of 2023, we began processing recall-related claims and returns. Based on such experience and observed trends during 2023, we reevaluated our prior assumptions and adjusted our estimated product recall reserve. These trends included higher than anticipated elections by consumers to receive gift cards in lieu of product replacement remedies, lower than anticipated consumer recall participation rates, variations in individual product participation rates, and lower logistics costs than previously estimated. As a result, we updated our recall reserve assumptions throughout 2023, which increased the estimated recall expense reserve by $3.6 million during the year ended December 30, 2023. During 2024, we experienced higher than anticipated consumer recall participation rates. Based on such experience and trends, we reevaluated our prior assumptions and adjusted our estimated product recall reserve. As a result, we increased the estimated recall expense reserve by $9.9 million during the year ended December 28, 2024. The following table summarizes the activity in the reserve for the estimated product recall expenses (in thousands):
_________________________ (1)For the year ended December 28, 2024, we recognized net sales of $8.8 million from redeemed recall-related gift cards. As of December 28, 2024, we had $2.9 million in unredeemed recall-related gift card liabilities, which are included in contract liabilities within accrued expenses and other current liabilities on our consolidated balance sheet. The product recalls, which include recall reserve adjustments and other incurred costs, had the following effect on our income before income taxes (in thousands):
(1)For the year ended December 28, 2024, reflects the impact of an unfavorable recall reserve adjustment related to higher estimated consumer recall-related participation rates. For the year ended December 30, 2023, primarily reflects the unfavorable impact of a recall reserve adjustment mainly related to higher estimated future recall remedies (i.e., estimated gift card elections). Of the total net sales impact, $8.3 million and $0.6 million was allocated to our DTC and wholesale channels for the year ended December 28, 2024, and $7.3 million and $14.4 million was allocated to our DTC and wholesale channels for the year ended December 30, 2023. These amounts were allocated based on the historical channel sell-in basis of the affected products. (2)For the year ended December 28, 2024, reflects the impact of favorable recall reserve adjustments related to lower recall-related costs. For the year ended December 30, 2023, reflects the impact of favorable recall reserve adjustments primarily related to lower estimated costs of future product replacement remedy elections and logistics costs and lower recall-related costs. (3)For the year ended December 28, 2024, reflects the impact of unfavorable recall reserve adjustments primarily related to higher estimated other recall-related costs as a result of higher estimated consumer recall-related participation rates. For the year ended December 30, 2023, reflects the impact of favorable recall reserve adjustments primarily related to lower estimated other recall-related costs. The ultimate impact from the recalls may differ materially from our estimates, and may harm our business, financial condition, and results of operations. See Part I, Item 1A “Risk Factors - Risks Related to Our Business, Operations and Industry.”
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES The components of income before income taxes were as follows for the periods indicated (in thousands):
The components of income tax expense were as follows for the periods indicated (in thousands):
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):
Deferred tax assets and liabilities consisted of the following for the periods indicated (in thousands):
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 December 28, 2024, we had unremitted earnings of foreign subsidiaries of $51.0 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 December 28, 2024, we had Texas research and development tax credit carryforwards of approximately $2.3 million, which if not utilized will expire beginning in 2039. The following table summarizes the activity related to our unrecognized tax benefits for the periods indicated (excluding interest and penalties) (in thousands):
If our positions are sustained by the relevant taxing authorities, approximately $16.9 million (excluding interest and penalties) of uncertain tax position liabilities as of December 28, 2024 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 December 28, 2024, we had recognized a liability of $4.3 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 2021 through 2024 remain open to examination in the United States, and the tax years 2016 through 2024 remain open to examination in Texas. The tax years 2020 through 2024 remain open to examination in most other state and foreign jurisdictions. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation to address Pillar Two. As of December 28, 2024, the impact of Pillar Two on our consolidated financial statements was not material.
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EARNINGS PER SHARE |
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| 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):
Outstanding stock-based awards representing 0.1 million, 0.2 million, and 0.5 million shares of common stock were excluded from the calculations of diluted earnings per share in 2024, 2023, and 2022, respectively, because the effect of their inclusion would have been antidilutive to those years.
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SEGMENT INFORMATION |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | SEGMENT INFORMATION Our Chief Operating Decision Maker (“CODM”), who is our Chief Executive Officer, reviews financial information, makes operating decisions, evaluates operating performance, and allocates resources based on consolidated net income. We manage our business as one reportable operating segment that constitutes consolidated results. Our operational structure, which includes sales, research, product design, operations, marketing, and administrative functions, is focused on the entire product suite rather than individual product categories, channels, and geographies. The following table presents segment information for net sales, segment profit, and significant expenses (in thousands):
(1)Includes depreciation expense of $19.0 million,, $16.6 million, and $10.8 million for the years ended December 28, 2024, December 30, 2023 and December 31, 2022. (2)Represents employee compensation and benefits, including non-cash stock-based compensation expense. (3)Includes information technology, corporate infrastructure costs, contract labor, professional fees and services, asset impairments, and organizational realignment costs. (4)Represents adjustments and charges associated with product recalls. Refer to Note 12 for further information. For net sales by geographic region, refer to Note 3. For long-lived asset by geographic region, refer to Note 5.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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| Pay vs Performance Disclosure | |||
| Net income | $ 175,689 | $ 169,885 | $ 89,693 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 28, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 28, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 28, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | We operate a risk-based cybersecurity program dedicated to protecting the confidentiality, integrity and availability of our information systems and the information residing therein. YETI’s cybersecurity program has been integrated into our enterprise risk framework, which identifies, aggregates, and evaluates risks across the enterprise. The enterprise risk framework is integrated with our annual planning, internal audit scoping, and management process. Our internal audit team annually facilitates an enterprise risk assessment with senior management and, through this process, we identify and assess material risks impacting our company and our operations and strategic objectives, which includes information technology and security risks. Management and the Board rank YETI’s risks based on their potential impact to YETI’s ability to meet our strategic priorities. Management determines appropriate risk responses for each identified enterprise risk. Outside of this annual process, management is responsible for our day-to-day risk management activities. Our Chief Information Officer (“CIO”), Director, Cyber Security (who reports to the CIO) and our Director, Technology Compliance (who ultimately reports to the Chief Legal Officer) have primary responsibility for the implementation of our cybersecurity program and the management of our responses to information technology and security risks, including risks related to cybersecurity threats. Our cybersecurity program has been developed based on industry standards, including those published by the International Organization for Standardization and the National Institute of Standards Technology. We utilize a layered approach in managing and protecting against cybersecurity threats and in detecting and responding to cybersecurity incidents. Although we have numerous practices and processes to protect against common cybersecurity incidents, some attacks or other breaches may still be effective. Such practices and processes are designed to detect, triage and contain these cybersecurity incidents. These controls include: •Identification: In addition to technology-based detection capabilities, there are numerous ways employees can report suspected or actual events, including through our internal information technology ticketing system, by emailing the cybersecurity or privacy team emails, or by submitting a report through the compliance hotline. External parties can also report a vulnerability through the link in the footer of our website. •Technical Safeguards: We leverage outside partnerships to gain intelligence on threats and continue to adjust our protection mechanisms (including firewalls, anti-malware functionality and access controls) to be effective. We have systems in place that are designed to securely receive and store information and to detect, contain, and respond to data security incidents. •Incident Response: We maintain a comprehensive incident response plan to guide our response to a cybersecurity incident. Events are analyzed and categorized into one of four severity tiers and an incident response team is formed (whose membership depends on the nature of the incident). In addition to taking actions to respond to and remediate the incident, the incident response team also considers external notification and disclosure obligations. The incident response plan provides for prompt escalation of certain cybersecurity incidents to a multi-disciplinary committee so that decisions regarding the public disclosure of such incidents can be made in a timely manner. •Testing: We engage in periodic assessment and testing of our policies, processes, and practices that are designed to address cybersecurity threats and incidents. For example, we hire a third party to perform an annual penetration test on our website, internal network, and cloud environments. Our other efforts vary from year to year, but have in the past included an information security maturity assessment, risk assessment, tabletop exercises, and threat modeling. The results of such efforts are reported to the Audit Committee of the Board (the “Audit Committee”) and the Board, and we adjust our cybersecurity policies, standards, processes and practices as necessary based on the information provided by the assessment, exercise or review. •Education and Awareness: We have a cybersecurity and information security training and compliance program in place to support our employees and directors. As part of this program YETI employees are subject to reoccurring phishing exercises. The results of these exercises are used to inform the subject matter and frequency of additional training modules that employees are required to complete. In addition, employees annually receive either reminders or training on data privacy and information security, including cybersecurity. YETI also maintains a number of policies that apply to employees and contractors, including a Global Internal Data Protection and Privacy Policy, an Acceptable Use Policy, and a Password Policy. •Insurance: YETI also maintains a cybersecurity and information security risk insurance policy. •Third Parties: YETI has processes in place to oversee and identify risks from cybersecurity threats associated with third-party vendors. Such processes vary based on factors such as the type of vendor, whether the relationship will implicate our technology, and the type of data involved, if any. To date, we do not believe that known risks from cybersecurity threats, including as a result of any previous cybersecurity incidents that we are aware of, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, we can give no assurance that we have detected all cybersecurity incidents or cybersecurity threats. Please refer to the risk factor titled “We rely significantly on information technology, and any compromise or interruption of that technology resulting from cybersecurity incidents, data security breaches, design defects or system failures could have a material negative impact on our business” in Part I, Item 1A of this Report for additional information about the risks associated with cybersecurity threats.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | YETI’s cybersecurity program has been integrated into our enterprise risk framework, which identifies, aggregates, and evaluates risks across the enterprise. The enterprise risk framework is integrated with our annual planning, internal audit scoping, and management process. Our internal audit team annually facilitates an enterprise risk assessment with senior management and, through this process, we identify and assess material risks impacting our company and our operations and strategic objectives, which includes information technology and security risks. Management and the Board rank YETI’s risks based on their potential impact to YETI’s ability to meet our strategic priorities. Management determines appropriate risk responses for each identified enterprise risk. Outside of this annual process, management is responsible for our day-to-day risk management activities. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | As part of its oversight function, the Board plays an active role, both as a whole and at the committee level, in overseeing management of YETI’s cybersecurity risks. The Audit Committee has primary oversight responsibility for our overall enterprise risk assessment and risk management policies and systems, which includes risks related to our information technology and security systems, processes, and procedures, including risks related to cybersecurity threats. The Audit Committee receives quarterly presentations regarding our enterprise risk management program, including reports from our CIO and Director, Cyber Security, on information security matters (such as cybersecurity risk and developments), as well as the steps management takes to monitor and control such exposures. These presentations address, among other things, the results of the most recent assessment or testing of our security information systems and our cybersecurity measures; the current threat environment; and cybersecurity trends and best practices. As applicable, these quarterly presentations also include reports of cybersecurity incidents affecting our information systems along with updates on the status of prior cybersecurity incidents and applicable remediation efforts. Such quarterly presentations given to the Audit Committee are summarized and shared with the Board at its next meeting by the Audit Committee Chair. Outside of such quarterly presentations, senior leadership would be expected to update the Audit Committee and the Board in real time of incidents deemed material and requiring disclosure in a Securities and Exchange Commission filing or of other “critical” or “high” severity incidents (the highest severity tiers under our incident response plan) that in senior leadership’s discretion require more immediate Audit Committee attention. In addition, the internal audit team provides quarterly cybersecurity updates to either the Audit Committee or the full Board regarding our risk analyses, assessments, risk mitigation strategies, and activities. As described above, management is responsible for our day-to-day risk management activities and identifies and manages areas of material risk, which includes information technology and security. Our CIO, who reports to our Chief Financial Officer, oversees our Information Technology and Cybersecurity teams, including the Director, Cyber Security. Our Chief Legal Officer oversees our Compliance team, which includes our Director, Technology Compliance. We believe that such cross-departmental involvement promotes a collaborative approach to protecting the Company’s information systems from cybersecurity threats, detecting cybersecurity incidents and responding to cybersecurity incidents in accordance with our incident response plan. Through the practices and policies described above, including our incident response plan, our CIO, Director, Cyber Security and Director, Technology Compliance are informed about cybersecurity threats and incidents affecting our information systems and lead the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real time. Incidents deemed “critical” or “high” are immediately escalated to the Chief Financial Officer, Chief Legal Officer, other senior leadership, and the Audit Committee. Our CIO has served in various executive leadership roles for over 10 years and has over 30 years of experience in technology. Prior to joining YETI, he was the Senior Vice President of Consumer Technologies at a large publicly traded cosmetics company. The CIO holds a Masters of Business Administration. Our Director, Cyber Security has served in various roles in information technology and information security for over 25 years. Prior to joining YETI, he was a principal information security engineer for a global information technology consulting company. Our Director, Cyber Security holds an undergraduate degree in information technology, a master’s degree in information systems and technology management and has attained the professional certifications of Certified Information Systems Security Professional and Certified Information Systems Auditor. Our Director, Technology Compliance has served in various roles in information technology for 12 years, including as a compliance manager for a large software company and information technology consultant for a major consulting firm. Our Director, Technology Compliance holds an undergraduate degree in accounting and a master’s degree in management information systems and has attained the professional certifications of Certified Information Systems Auditor. Our Chief Legal Officer has over 14 years of experience managing risks, including risks arising from cybersecurity threats, in an officer capacity. Our Chief Financial Officer has 20 years of experience managing risks at large companies.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee has primary oversight responsibility for our overall enterprise risk assessment and risk management policies and systems, which includes risks related to our information technology and security systems, processes, and procedures, including risks related to cybersecurity threats. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee receives quarterly presentations regarding our enterprise risk management program, including reports from our CIO and Director, Cyber Security, on information security matters (such as cybersecurity risk and developments), as well as the steps management takes to monitor and control such exposures. |
| Cybersecurity Risk Role of Management [Text Block] | management is responsible for our day-to-day risk management activities and identifies and manages areas of material risk, which includes information technology and security. Our CIO, who reports to our Chief Financial Officer, oversees our Information Technology and Cybersecurity teams, including the Director, Cyber Security. Our Chief Legal Officer oversees our Compliance team, which includes our Director, Technology Compliance. We believe that such cross-departmental involvement promotes a collaborative approach to protecting the Company’s information systems from cybersecurity threats, detecting cybersecurity incidents and responding to cybersecurity incidents in accordance with our incident response plan. Through the practices and policies described above, including our incident response plan, our CIO, Director, Cyber Security and Director, Technology Compliance are informed about cybersecurity threats and incidents affecting our information systems and lead the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real time. Incidents deemed “critical” or “high” are immediately escalated to the Chief Financial Officer, Chief Legal Officer, other senior leadership, and the Audit Committee. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | As described above, management is responsible for our day-to-day risk management activities and identifies and manages areas of material risk, which includes information technology and security. Our CIO, who reports to our Chief Financial Officer, oversees our Information Technology and Cybersecurity teams, including the Director, Cyber Security. Our Chief Legal Officer oversees our Compliance team, which includes our Director, Technology Compliance. We believe that such cross-departmental involvement promotes a collaborative approach to protecting the Company’s information systems from cybersecurity threats, detecting cybersecurity incidents and responding to cybersecurity incidents in accordance with our incident response plan. Through the practices and policies described above, including our incident response plan, our CIO, Director, Cyber Security and Director, Technology Compliance are informed about cybersecurity threats and incidents affecting our information systems and lead the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real time. Incidents deemed “critical” or “high” are immediately escalated to the Chief Financial Officer, Chief Legal Officer, other senior leadership, and the Audit Committee. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CIO has served in various executive leadership roles for over 10 years and has over 30 years of experience in technology. Prior to joining YETI, he was the Senior Vice President of Consumer Technologies at a large publicly traded cosmetics company. The CIO holds a Masters of Business Administration. Our Director, Cyber Security has served in various roles in information technology and information security for over 25 years. Prior to joining YETI, he was a principal information security engineer for a global information technology consulting company. Our Director, Cyber Security holds an undergraduate degree in information technology, a master’s degree in information systems and technology management and has attained the professional certifications of Certified Information Systems Security Professional and Certified Information Systems Auditor. Our Director, Technology Compliance has served in various roles in information technology for 12 years, including as a compliance manager for a large software company and information technology consultant for a major consulting firm. Our Director, Technology Compliance holds an undergraduate degree in accounting and a master’s degree in management information systems and has attained the professional certifications of Certified Information Systems Auditor. Our Chief Legal Officer has over 14 years of experience managing risks, including risks arising from cybersecurity threats, in an officer capacity. Our Chief Financial Officer has 20 years of experience managing risks at large companies. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Through the practices and policies described above, including our incident response plan, our CIO, Director, Cyber Security and Director, Technology Compliance are informed about cybersecurity threats and incidents affecting our information systems and lead the prevention, detection, mitigation, and remediation of cybersecurity threats and incidents in real time. Incidents deemed “critical” or “high” are immediately escalated to the Chief Financial Officer, Chief Legal Officer, other senior leadership, and the Audit Committee. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| 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”). The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries. Intercompany balances and transactions are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to current period presentation.
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| 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. 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.
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| 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 years 2024, 2023 and 2022 were 52-week periods. The consolidated financial results presented herein represent the fiscal years ended December 28, 2024 (“2024”), December 30, 2023 (“2023”), and December 31, 2022 (“2022”).
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| Accounts Receivable | 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 60 days of sale. Receivables are written off when deemed uncollectible.
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| Advertising and Marketing Costs | Advertising and Marketing Costs Marketing expenses, including advertising costs, are expensed as incurred and included in selling, general and administrative expenses in our consolidated statements of operations.
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| Benefit Plan | Benefit Plan We provide a 401(k)-defined contribution plan covering substantially all our employees, which allows for employee contributions and provides for an employer match.
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| Business Combinations | Business Combinations We account for business combinations using the acquisition method of accounting. We allocate the purchase consideration to the identifiable assets acquired and liabilities assumed in a business combination based on their acquisition-date fair values. We use our best estimates and assumptions to determine the fair value of tangible and intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are initially recorded in connection with a business combination. These estimates are reevaluated and adjusted, if needed, during the measurement period of up to one year from the acquisition date, and are recorded as adjustments to goodwill. Any adjustments to the acquired assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings.
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| 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.
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| Comprehensive Income | Comprehensive Income Our comprehensive income is determined based on net income adjusted for gains and losses on foreign currency translation adjustments.
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| Concentration of Risk | Concentration of Risk We are exposed to risk due to our concentration of business activity with certain third-party contract manufacturers of our products.
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| 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 Credit Facility (as defined in Note 9) are reported in “Long-term debt, net of current portion” as a direct reduction of the carrying amount of our outstanding long-term debt.
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| 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 Secured Overnight Financing Rate (“SOFR”).
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| 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. 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.
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| 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 2024 and 2023, 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 2024 and 2023. Our intangible assets consist of indefinite-lived intangible assets, including tradename, trademarks, trade dress, and definite-lived intangible assets such as tradename, 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, other intangibles, such as copyrights and domain name assets, and patent and trademark defense costs. Definite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. See Note 7 for the estimated useful lives of our definite-lived intangible assets. 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. Where the defense of the patent and trademark maintains rather than increases the expected future economic benefits from the asset, the costs are expensed as incurred. The external legal costs incurred and settlements received may not occur in the same period. Capitalized costs incurred during 2024, 2023, and 2022 primarily relate to external legal costs incurred in the defense of our patents and trademarks, net of settlements received. During 2024, we recorded additions to goodwill and intangible assets in connection with the acquisition of Mystery Ranch LLC, and recorded additions to intangible assets in connection with the acquisition of powered cooling technology patents. See Note 2 for additional information.
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| 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.
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| Inventories | 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.
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| 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:
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| Research and Development Costs | 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.
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| Revenue Recognition | Revenue Recognition Revenue transactions associated with the sale of our products 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. From time to time, we 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.
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| Segment Information | Segment Information We report operations as a single reportable segment. See Note 15 for further discussion on segment information.
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| Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling fees charged to our customers are included in net sales in our consolidated statements of operations. The cost of shipping products to our customers, costs to operate our third-party logistics and warehousing operations, outbound freight costs, costs of operating on third-party DTC marketplaces, and credit card processing fees, which we refer to collectively as distribution and fulfillment expenses, are included in selling, general and administrative expenses in our consolidated statements of operations.
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| Stock‑Based Compensation | Stock-Based Compensation Stock-based compensation awards granted to employees and non-employee directors are measured at fair value. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period. Stock-based compensation expense equal to the fair value of performance-based awards that are expected to vest is estimated and recognized on a straight-line basis over the performance period of the awards. Compensation expense estimates are updated periodically. The vesting of the performance-based awards 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 awards is estimated on the award date using a Monte Carlo simulation model. For certain of the awards granted, the grant date fair value was calculated using the Finnerty model, as the after-tax portion of these awards is subject to a holding period of one year after the vesting date. 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 model, Finnerty model, and Black-Scholes model require various judgmental assumptions including volatility, forfeiture rates and expected option life. No stock options were granted in 2024, 2023, or 2022. 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.
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| Valuation of Long Lived Assets | 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.
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| Warranty | 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 and other current liabilities 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 to five years. Our warranty only applies to the original owner. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect our financial condition and operating results.
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| Recently Adopted Accounting Pronouncements and Recent Accounting Guidance Not Yet Adopted | Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04, Liabilities-Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations, which requires disclosures intended to enhance the transparency of supplier finance programs. The ASU requires buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for our Annual Report on Form 10-K for fiscal years beginning after December 15, 2023. We adopted provisions of this ASU in the first quarter of 2023, with the exception of the amendment on rollforward information, which we adopted for our Annual Report for fiscal year 2024. Adoption of the new standard did not have an impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to provide all annual disclosures about segments in interim periods. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 28, 2024, and subsequent interim periods, with early adoption permitted. We adopted this ASU for our Annual Report for fiscal year 2024. For additional information, see “Note 15. Segment Information.” Recent Accounting Guidance Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update are intended to improve disclosures about an entity’s expenses and provide detailed information about the types of expenses, including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions on the face of financial statements. This update is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the ASU to determine its impact on our related disclosures.
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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property and Equipment | The useful lives for property and equipment are as follows:
Property and equipment consisted of the following at the dates indicated (in thousands):
Property and equipment, net by geographical region was as follows as of the dates indicated (in thousands):
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ACQUISITIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Business Acquisitions, by Acquisition | The following table summarizes the preliminary amounts recorded for acquired assets and assumed liabilities at the acquisition date (in thousands):
_________________________ (1)Includes a $4.8 million step up of inventory to fair value, which will be expensed as the related inventory is sold.
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REVENUE (Tables) |
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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| Schedule of Disaggregation of Revenue | The following table disaggregates our net sales by channel, product category, and geography for the periods indicated (in thousands):
_______________________________________ (1)Includes the impact from the recall reserve adjustment. See Note 12 for further discussion of our product recalls. (2)Net sales by geographic region is based upon on end-consumer location.
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| Schedules of Concentration of Risk, by Risk Factor | Customers that accounted for 10% or more of gross sales were as follows:
_______________________________________ * Gross sales were less than 10% and no other customer exceeded 10% of gross sales.
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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) |
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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PROPERTY AND EQUIPMENT (Tables) |
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Dec. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Property and Equipment | The useful lives for property and equipment are as follows:
Property and equipment consisted of the following at the dates indicated (in thousands):
Property and equipment, net by geographical region was as follows as of the dates indicated (in thousands):
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LEASES (Tables) |
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Balance Sheet | The following table presents the assets and liabilities related to operating and finance leases (in thousands):
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| Summary of Lease Cost | The following table presents the components of lease costs (in thousands):
The following table presents lease terms and discount rates:
The following table presents supplemental cash flow information related to our leases (in thousands):
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| 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 December 28, 2024 (in thousands):
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| 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 December 28, 2024 (in thousands):
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INTANGIBLE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
_______________________________________ (1)The gross carrying amount includes $32.5 million of powered cooling technology patents acquired in November 2024. The acquired patents have useful lives of 14 years.
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| Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following at the dates indicated below (dollars in thousands):
_______________________________________ (1)The gross carrying amount includes $32.5 million of powered cooling technology patents acquired in November 2024. The acquired patents have useful lives of 14 years.
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
_______________________________________ (1)See Note 12 for further discussion of our product recall reserves.
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LONG-TERM DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt Instruments | Long-term debt consisted of the following at the dates indicated (in thousands):
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| Schedule of Maturities of Long-Term Debt | At December 28, 2024, the future maturities of principal amounts of our debt obligations, excluding finance lease obligations, for the next five years and in total (see Note 6 for future maturities of finance lease obligations), consisted of the following (in thousands):
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STOCK BASED COMPENSATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of PBRSs, RSUs, RSAs, and DSUs | Stock-based activity, excluding options, for the year ended December 28, 2024 is summarized below (in thousands, except per share data):
_________________________ (1)Represents additional performance-based awards issued as a result of the achievement of actual performance results above the performance targets at grant date. The following table summarizes additional information about PBRSs PBRSUs, RSUs, RSAs, and DSUs (in thousands, except per share data):
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| Summary of Stock Options | A summary of the stock options is as follows for the periods indicated (in thousands, except per share data):
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Commitments | Future commitments under non-cancelable agreements at December 28, 2024 were as follows (in thousands):
_________________________ (1)We have entered into commitments for service and maintenance agreements related to our management information systems, distribution contracts, advertising, sponsorships, and licensing agreements.
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| Schedule of Reserve for the Estimated Product Recall Expenses | The following table summarizes the activity in the reserve for the estimated product recall expenses (in thousands):
_________________________ (1)For the year ended December 28, 2024, we recognized net sales of $8.8 million from redeemed recall-related gift cards. As of December 28, 2024, we had $2.9 million in unredeemed recall-related gift card liabilities, which are included in contract liabilities within accrued expenses and other current liabilities on our consolidated balance sheet.
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| Schedule of Recall Reserve Adjustment of Estimated Product Recall Expenses | The product recalls, which include recall reserve adjustments and other incurred costs, had the following effect on our income before income taxes (in thousands):
(1)For the year ended December 28, 2024, reflects the impact of an unfavorable recall reserve adjustment related to higher estimated consumer recall-related participation rates. For the year ended December 30, 2023, primarily reflects the unfavorable impact of a recall reserve adjustment mainly related to higher estimated future recall remedies (i.e., estimated gift card elections). Of the total net sales impact, $8.3 million and $0.6 million was allocated to our DTC and wholesale channels for the year ended December 28, 2024, and $7.3 million and $14.4 million was allocated to our DTC and wholesale channels for the year ended December 30, 2023. These amounts were allocated based on the historical channel sell-in basis of the affected products. (2)For the year ended December 28, 2024, reflects the impact of favorable recall reserve adjustments related to lower recall-related costs. For the year ended December 30, 2023, reflects the impact of favorable recall reserve adjustments primarily related to lower estimated costs of future product replacement remedy elections and logistics costs and lower recall-related costs. (3)For the year ended December 28, 2024, reflects the impact of unfavorable recall reserve adjustments primarily related to higher estimated other recall-related costs as a result of higher estimated consumer recall-related participation rates. For the year ended December 30, 2023, reflects the impact of favorable recall reserve adjustments primarily related to lower estimated other recall-related costs.
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| Schedule of Supplier Finance Program | The following table summarizes the activity of the SFP for the year ended December 28, 2024 (in thousands):
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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| Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were as follows for the periods indicated (in thousands):
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| 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):
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| Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consisted of the following for the periods indicated (in thousands):
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| 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):
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EARNINGS PER SHARE (Tables) |
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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):
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SEGMENT INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following table presents segment information for net sales, segment profit, and significant expenses (in thousands):
(1)Includes depreciation expense of $19.0 million,, $16.6 million, and $10.8 million for the years ended December 28, 2024, December 30, 2023 and December 31, 2022. (2)Represents employee compensation and benefits, including non-cash stock-based compensation expense. (3)Includes information technology, corporate infrastructure costs, contract labor, professional fees and services, asset impairments, and organizational realignment costs. (4)Represents adjustments and charges associated with product recalls. Refer to Note 12 for further information.
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ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Out-of-Period Adjustment (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Apr. 02, 2022 |
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Cost of goods sold | $ 766,589 | $ 715,527 | $ 831,821 | |
| Revision of Prior Period, Adjustment | ||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
| Cost of goods sold | $ 6,400 | |||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable and Advertising (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Allowance for doubtful accounts receivable | $ 1.4 | $ 0.5 | |
| Marketing | 141.5 | 126.9 | $ 111.0 |
| Prepaid advertising | $ 2.5 | $ 0.5 | |
| Accounts Receivable | Customer Concentration Risk | One Customer | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Customer concentration | 12.00% | 12.00% | |
| 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 | 60 days | ||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Benefit Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Employer contributions | $ 2.4 | $ 2.0 | $ 1.5 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk, Deferred Financing Fees and Supplier Finance Program Obligations (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Line of Credit Facility [Line Items] | ||
| Amortization of deferred financing fees | $ 600 | $ 600 |
| Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable |
| SFP obligations | $ 63,127 | $ 77,254 |
| Coolers & Equipment | Sales Revenue | Product Concentration Risk | Two Largest Manufacturers | ||
| Line of Credit Facility [Line Items] | ||
| Production volume (as a percent) | 36.00% | |
| Drinkware | Sales Revenue | Product Concentration Risk | Two Largest Manufacturers | ||
| Line of Credit Facility [Line Items] | ||
| Production volume (as a percent) | 74.00% |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) - USD ($) $ in Millions |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Inventory reserves | $ 6.1 | $ 2.2 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) |
Dec. 28, 2024 |
|---|---|
| Molds and tooling | Minimum | |
| Property and Equipment | |
| Property, plant and equipment, useful life | 3 years |
| Molds and tooling | Maximum | |
| Property and Equipment | |
| Property, plant and equipment, useful life | 5 years |
| Furniture and equipment | Minimum | |
| Property and Equipment | |
| Property, plant and equipment, useful life | 3 years |
| Furniture and equipment | Maximum | |
| Property and Equipment | |
| Property, plant and equipment, useful life | 7 years |
| Computers and software | |
| Property and Equipment | |
| Property, plant and equipment, useful life | 10 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 ACCOUNTING POLICIES - Related-Party Agreements (Details) |
12 Months Ended |
|---|---|
|
Dec. 28, 2024
USD ($)
facility
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of warehouse facility leased | facility | 1 |
| Lease notice period | 30 days |
| Lease rental expense | $ | $ 8,700 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Research and Development Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Research and development expense | $ 21.1 | $ 15.5 | $ 15.4 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Segment Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 28, 2024
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of reportable segments | 1 |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Shipping and Handling Costs and Stock-Based Compensation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Distribution and fulfillment | $ 323.0 | $ 310.1 | $ 261.8 |
| Vesting period (in years) | 1 year | ||
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES - Warranty (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Warranty reserve | $ 9,416 | $ 9,808 | |
| Warranty costs | $ 5,300 | $ 6,300 | $ 5,800 |
| Minimum | |||
| Warranty term | 3 years | ||
| Maximum | |||
| Warranty term | 5 years | ||
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Feb. 02, 2024 |
Dec. 28, 2024 |
|
| Powered Cooling Technology Patents | ||
| Business Acquisition [Line Items] | ||
| Acquired cooling technology patents | $ 32.5 | |
| Mystery Ranch, LLC | ||
| Business Acquisition [Line Items] | ||
| Total purchase consideration | $ 36.2 | |
| Cash acquired | $ 2.1 | |
| Mystery Ranch, LLC | Minimum | Trade Name and Customer Relationships | ||
| Business Acquisition [Line Items] | ||
| Useful life | 8 years | |
| Mystery Ranch, LLC | Maximum | Trade Name and Customer Relationships | ||
| Business Acquisition [Line Items] | ||
| Useful life | 15 years |
ACQUISITIONS - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Feb. 02, 2024 |
Dec. 30, 2023 |
|---|---|---|---|
| Business Acquisition [Line Items] | |||
| Goodwill | $ 72,557 | $ 54,293 | |
| Inventory | $ 310,058 | $ 337,208 | |
| Mystery Ranch, LLC | |||
| Business Acquisition [Line Items] | |||
| Cash | $ 2,051 | ||
| Accounts receivable, net | 4,332 | ||
| Inventory | 17,164 | ||
| Prepaid expenses and other current assets | 3,322 | ||
| Property and equipment | 512 | ||
| Operating lease right-of-use assets | 1,087 | ||
| Goodwill | 18,264 | ||
| Intangible assets | 5,500 | ||
| Total assets acquired | 52,232 | ||
| Current liabilities | (13,263) | ||
| Non-current liabilities | (753) | ||
| Total liabilities assumed | (14,016) | ||
| Net assets acquired | 38,216 | ||
| Inventory | $ 4,800 |
REVENUE - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Disaggregation of Revenue [Line Items] | ||
| Contract liabilities | $ 10,462 | $ 22,437 |
| Contract with customer liability, revenue recognized | 22,400 | |
| Unredeemed Gift Cards | ||
| Disaggregation of Revenue [Line Items] | ||
| Contract liabilities | $ 2,900 |
REVENUE - Contract Balances (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Accounts receivable, net | $ 120,190 | $ 95,774 |
| Contract liabilities | $ (10,462) | $ (22,437) |
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Net sales | $ 1,829,873 | $ 1,658,713 | $ 1,595,222 |
| United States | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 1,490,468 | 1,398,925 | 1,394,026 |
| International | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 339,405 | 259,788 | 201,196 |
| Coolers & Equipment | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 698,606 | 597,511 | 612,525 |
| Drinkware | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 1,094,165 | 1,022,982 | 947,221 |
| Other | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 37,102 | 38,220 | 35,476 |
| Wholesale | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 742,278 | 661,000 | 677,517 |
| Direct-to-consumer | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | $ 1,087,595 | $ 997,713 | $ 917,705 |
REVENUE - Concentration (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Sales Revenue | Customer Concentration Risk | Customer A | |
| Disaggregation of Revenue [Line Items] | |
| Customer concentration | 11.00% |
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Prepaid expenses | $ 18,115 | $ 21,165 |
| Prepaid taxes | 14,278 | 15,089 |
| Other | 5,330 | 6,209 |
| Total prepaid expenses and other current assets | $ 37,723 | $ 42,463 |
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Property and Equipment | ||
| Finance leases | $ 12,722 | $ 11,361 |
| Property and equipment, gross | 335,724 | 296,803 |
| Accumulated depreciation | (209,454) | (166,089) |
| Property and equipment, net | 126,270 | 130,714 |
| Property and equipment - geographic | 126,270 | 130,714 |
| United States | ||
| Property and Equipment | ||
| Property and equipment, net | 82,780 | 84,564 |
| Property and equipment - geographic | 82,780 | 84,564 |
| International | ||
| Property and Equipment | ||
| Property and equipment, net | 43,490 | 46,150 |
| Property and equipment - geographic | 43,490 | 46,150 |
| Production molds, tooling, and equipment | ||
| Property and Equipment | ||
| Property and equipment, gross | 125,444 | 112,478 |
| Furniture, fixtures, and equipment | ||
| Property and Equipment | ||
| Property and equipment, gross | 22,303 | 16,605 |
| Computers and software | ||
| Property and Equipment | ||
| Property and equipment, gross | 111,814 | 100,803 |
| Leasehold improvements | ||
| Property and Equipment | ||
| Property and equipment, gross | $ 63,441 | $ 55,556 |
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation expense | $ 42.8 | $ 41.2 | $ 32.8 |
LEASES - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Lessee, Lease, Description [Line Items] | |||
| Sublease income | $ 827 | $ 747 | $ 743 |
| Minimum | |||
| Lessee, Lease, Description [Line Items] | |||
| Lease term | 1 year | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Lease term | 20 years | ||
LEASES - Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Assets: | ||
| Operating lease assets | $ 78,279 | $ 77,556 |
| Finance lease assets | 5,625 | 6,295 |
| Total lease assets | 83,904 | 83,851 |
| Current | ||
| Operating lease liabilities | 19,621 | 14,726 |
| Finance lease liabilities | 2,256 | 2,360 |
| Non-current | ||
| Operating lease liabilities | 73,586 | 76,163 |
| Finance lease liabilities | 1,190 | 3,445 |
| Total lease liabilities | $ 96,653 | $ 96,694 |
| 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] | Long-term debt, net of current portion | Long-term debt, net of current portion |
LEASES - Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating lease costs | $ 19,623 | $ 14,889 | $ 12,943 |
| Finance lease cost - amortization of right-of-use assets | 2,014 | 1,862 | 1,860 |
| Finance lease cost - interest on lease liabilities | 109 | 138 | 182 |
| Short-term lease cost | 356 | 246 | 67 |
| Variable lease cost | 4,897 | 5,537 | 4,645 |
| Sublease Income | (827) | (747) | (743) |
| Total lease cost | $ 26,172 | $ 21,925 | $ 18,954 |
| Weighted average remaining lease term: | |||
| Operating leases (in years) | 6 years 4 months 28 days | 6 years 4 months 17 days | |
| Finance leases (in years) | 2 years 11 months 23 days | 4 years 3 days | |
| Weighted average discount rate: | |||
| Operating leases (as a percent) | 5.24% | 4.87% | |
| Finance leases (as a percent) | 2.39% | 2.50% | |
LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Operating Leases | ||
| 2025 | $ 24,034 | |
| 2026 | 20,582 | |
| 2027 | 15,767 | |
| 2028 | 11,718 | |
| 2029 | 8,940 | |
| Thereafter | 29,449 | |
| Total lease payments | 110,490 | |
| Less: Effect of discounting to net present value | 17,283 | |
| Present value of lease liabilities | 93,207 | |
| Finance Leases | ||
| 2025 | 2,315 | |
| 2026 | 973 | |
| 2027 | 142 | |
| 2028 | 106 | |
| 2029 | 0 | |
| Thereafter | 0 | |
| Total lease payments | 3,536 | |
| Less: Effect of discounting to net present value | 90 | |
| Present value of lease liabilities | 3,446 | $ 5,805 |
| Total | ||
| 2025 | 26,349 | |
| 2026 | 21,555 | |
| 2027 | 15,909 | |
| 2028 | 11,824 | |
| 2029 | 8,940 | |
| Thereafter | 29,449 | |
| Total lease payments | 114,026 | |
| Less: Effect of discounting to net present value | 17,373 | |
| Present value of lease liabilities | $ 96,653 |
LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating cash flows used in operating leases | $ 20,038 | $ 15,047 | $ 13,387 |
| Operating cash flows used in finance leases | 109 | 137 | 182 |
| Financing cash flows used in finance leases | 3,719 | 2,131 | 2,063 |
| Operating leases | 16,670 | 35,497 | 12,083 |
| Finance leases | $ 1,362 | $ 625 | $ 17 |
INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization expense | $ 5.3 | $ 5.3 | $ 6.9 |
| 2024 | 7.7 | ||
| 2025 | 6.9 | ||
| 2026 | 6.3 | ||
| 2027 | 6.0 | ||
| 2028 | $ 5.9 | ||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Accrued freight and distribution costs | $ 44,953 | $ 45,228 |
| Product recall reserves | 12,059 | 13,090 |
| Contract liabilities | 10,462 | 22,437 |
| Customer discounts, allowances, and returns | 11,989 | 11,515 |
| Advertising and marketing | 9,218 | 9,945 |
| Warranty reserve | 9,416 | 9,808 |
| Accrued capital expenditures | 1,194 | 590 |
| Interest payable | 142 | 159 |
| Other | 28,777 | 17,254 |
| Total accrued expenses and other current liabilities | $ 128,210 | $ 130,026 |
LONG-TERM DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Long Term Debt | ||
| Term Loan A, due 2028 | $ 78,047 | |
| Finance lease debt | 3,446 | $ 5,805 |
| Total debt | 81,493 | 88,071 |
| Current maturities of long-term debt | (4,219) | (4,219) |
| Current maturities of finance lease debt | (2,256) | (2,360) |
| Total long-term debt | 75,018 | 81,492 |
| Unamortized deferred financing fees | (2,197) | (2,847) |
| Total long-term debt, net | 72,821 | 78,645 |
| Term Loan A, due 2028 | Term Loan | ||
| Long Term Debt | ||
| Term Loan A, due 2028 | $ 78,047 | $ 82,266 |
LONG-TERM DEBT - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands |
Dec. 28, 2024
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2024 | $ 4,219 |
| 2025 | 4,219 |
| 2026 | 4,219 |
| 2027 | 65,390 |
| 2028 | 0 |
| Total | $ 78,047 |
STOCK BASED COMPENSATION - Summary of Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Number of Options | ||
| Options outstanding at beginning (in shares) | 578 | |
| Options exercised (in shares) | (19) | |
| Options outstanding at ending (in shares) | 559 | 578 |
| Options exercisable (in shares) | 559 | |
| Weighted Average Exercise Price | ||
| Weighted average exercise price at beginning (in dollars per share) | $ 19.62 | |
| Options exercised (in dollars per share) | 16.63 | |
| Weighted average exercise price at ending (in dollars per share) | 19.72 | $ 19.62 |
| Options exercisable (in dollars per share) | $ 19.72 | |
| Weighted average remaining contractual term (Years) | 3 years 11 months 4 days | 4 years 10 months 20 days |
| Weighted average remaining contractual term of options exercisable (years) | 3 years 11 months 4 days | |
| Aggregate intrinsic value of options outstanding options | $ 10,975 | |
| Aggregate intrinsic value of options exercisable options | $ 10,975 | |
COMMITMENTS AND CONTINGENCIES - Future Commitments under Non-Cancelable Agreements (Details) $ in Thousands |
Dec. 28, 2024
USD ($)
|
|---|---|
| Total future minimum lease payments and commitments under non-cancelable agreements | |
| Total | $ 166,765 |
| 2025 | 64,707 |
| 2026 | 53,305 |
| 2027 | 21,046 |
| 2028 | 14,957 |
| 2029 | 11,498 |
| Thereafter | $ 1,252 |
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Commitments and Contingencies | |||
| Unrecognized tax benefits | $ 16,857 | $ 14,336 | $ 12,591 |
| Reserve for product recall | 12,059 | 13,090 | |
| Reserve adjustment | 9,938 | $ 3,600 | |
| Other liabilities | |||
| Commitments and Contingencies | |||
| Unrecognized tax benefits | $ 21,200 | ||
COMMITMENTS AND CONTINGENCIES - Schedule of Activity of SFP (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 28, 2024
USD ($)
| |
| Supplier Finance Program, Obligation [Roll Forward] | |
| Outstanding payment obligations as of December 30, 2023 | $ 77,254 |
| Invoices confirmed during the period | 415,238 |
| Confirmed invoices paid during the period | (429,365) |
| Outstanding payment obligations as of December 28, 2024 | $ 63,127 |
COMMITMENTS AND CONTINGENCIES - Schedule of Reserve for the Estimated Product Recall Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Reserve For Product Returns [Roll Forward] | ||
| Beginning Balance | $ 13,090 | |
| Actual product refunds, replacements and recall-related costs | (3,803) | |
| Gift card issuances | (7,166) | |
| Reserve adjustment | 9,938 | $ 3,600 |
| Ending Balance | 12,059 | 13,090 |
| Other Commitments [Line Items] | ||
| Contract with customer liability, revenue recognized | 22,400 | |
| Contract liabilities | 10,462 | $ 22,437 |
| Redeemed Gift Cards | ||
| Other Commitments [Line Items] | ||
| Contract with customer liability, revenue recognized | (8,800) | |
| Unredeemed Gift Cards | ||
| Other Commitments [Line Items] | ||
| Contract liabilities | $ 2,900 | |
INCOME TAXES - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Components of income before income taxes | |||
| Domestic | $ 219,941 | $ 215,490 | $ 107,578 |
| Foreign | 12,907 | 10,456 | 8,599 |
| Income before income taxes | $ 232,848 | $ 225,946 | $ 116,177 |
INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Current tax expense: | |||
| U.S. federal | $ 51,532 | $ 21,139 | $ 43,967 |
| State | 12,976 | 7,659 | 11,761 |
| Foreign | 3,844 | 1,936 | 3,372 |
| Total current tax expense | 68,352 | 30,734 | 59,100 |
| Deferred tax expense (benefit): | |||
| U.S. federal | (9,700) | 20,136 | (26,783) |
| State | (1,333) | 4,230 | (4,499) |
| Foreign | (160) | 961 | (1,334) |
| Total deferred tax expense (benefit) | (11,193) | 25,327 | (32,616) |
| Total income tax expense | $ 57,159 | $ 56,061 | $ 26,484 |
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Income taxes at the statutory rate | $ 48,898 | $ 47,449 | $ 24,397 |
| Increase (decrease) resulting from: | |||
| State income taxes, net of federal tax effect | 10,170 | 8,532 | 4,454 |
| Foreign-derived intangible income | (4,166) | (3,192) | (2,878) |
| Research and development tax credits | (1,751) | (681) | (742) |
| Tax expense (benefit) related to stock-based compensation | 1,054 | 713 | (472) |
| Other | 2,954 | 3,240 | 1,725 |
| Total income tax expense | $ 57,159 | $ 56,061 | $ 26,484 |
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Corporate income tax rate | 21.00% | 21.00% | 21.00% |
| Unremitted earnings of foreign subsidiaries | $ 51,000 | ||
| Texas research and development tax credit carryforwards | 2,300 | ||
| Unrecognized tax benefits | 16,857 | $ 14,336 | $ 12,591 |
| Liability of interest and penalties related to unrecognized tax benefits | $ 4,300 | ||
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Accrued liabilities | $ 8,986 | $ 7,688 |
| Allowances and other reserves | 3,819 | 3,450 |
| Inventory | 3,563 | 2,974 |
| Stock-based compensation | 6,929 | 5,857 |
| Operating lease liabilities | 22,704 | 22,280 |
| Capitalized research and development expenditures | 13,407 | 9,276 |
| Other | 4,916 | 2,647 |
| Total deferred tax assets | 64,324 | 54,172 |
| Deferred tax liabilities: | ||
| Operating lease assets | (19,022) | (19,047) |
| Prepaid expenses | (32) | (1,279) |
| Property and equipment | (8,227) | (11,469) |
| Intangible assets | (28,249) | (24,645) |
| Other | (40) | (60) |
| Total deferred tax liabilities | (55,570) | (56,500) |
| Net deferred tax liabilities | (2,328) | |
| Net deferred tax liabilities | 8,754 | |
| Deferred income taxes | 9,060 | 1,692 |
| Other liabilities | $ (306) | $ (4,020) |
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Unrecognized tax benefits (excluding interest and penalties) | ||
| Balance, beginning of year | $ 14,336 | $ 12,591 |
| Gross increases related to current year tax positions | 2,924 | 1,318 |
| Gross increases related to prior year tax positions | 896 | 1,060 |
| Gross decreases related to prior year tax positions | (17) | (141) |
| Decreases as a result of settlements during the current period | (9) | 0 |
| Lapse of statute of limitations | (1,273) | (492) |
| Balance, end of year | $ 16,857 | $ 14,336 |
EARNINGS PER SHARE - Schedule of Reconciliation of Shares for Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of shares for basic and diluted net income per share | |||
| Net income | $ 175,689 | $ 169,885 | $ 89,693 |
| Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
| Weighted average common shares outstanding - basic (in shares) | 84,935 | 86,717 | 86,521 |
| Effective of dilutive securities (in shares) | 820 | 686 | 674 |
| Weighted average common shares outstanding - diluted (in shares) | 85,755 | 87,403 | 87,195 |
| Earnings per share | |||
| Basic (in dollars per share) | $ 2.07 | $ 1.96 | $ 1.04 |
| Diluted (in dollars per share) | $ 2.05 | $ 1.94 | $ 1.03 |
EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Stock Options | |||
| Antidilutive Securities | |||
| Shares excluded from computation of diluted earnings per share (less than for 2021) (in shares) | 0.1 | 0.2 | 0.5 |
SEGMENT INFORMATION - Schedule of Segment Information for Net Sales, Segment Profit (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Net sales | $ 1,829,873 | $ 1,658,713 | $ 1,595,222 |
| Cost of goods sold | 766,589 | 715,527 | 831,821 |
| Gross profit | 1,063,284 | 943,186 | 763,401 |
| Distribution and fulfillment | 323,000 | 310,100 | 261,800 |
| Marketing | 141,500 | 126,900 | 111,000 |
| Depreciation and amortization | 48,132 | 46,434 | 39,847 |
| Product recalls | 9,939 | 1,895 | 97,176 |
| Total selling, general and administrative expenses | 817,908 | 717,728 | 637,040 |
| Operating income | 245,376 | 225,458 | 126,361 |
| Interest income (expense), net | 660 | (942) | (4,466) |
| Other (expense) income, net | (13,188) | 1,430 | (5,718) |
| Income before income taxes | 232,848 | 225,946 | 116,177 |
| Income tax expense | (57,159) | (56,061) | (26,484) |
| Net income | 175,689 | 169,885 | 89,693 |
| Depreciation expense | 19,000 | 16,600 | 10,800 |
| Reportable Segment | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 1,829,873 | 1,658,713 | 1,595,222 |
| Cost of goods sold | 766,589 | 715,527 | 831,821 |
| Gross profit | 1,063,284 | 943,186 | 763,401 |
| Distribution and fulfillment | 322,957 | 310,148 | 261,803 |
| Compensation and benefits | 193,366 | 153,511 | 109,954 |
| Marketing | 141,490 | 126,894 | 110,981 |
| General and administration | 129,099 | 108,710 | 93,316 |
| Depreciation and amortization | 29,155 | 29,847 | 29,076 |
| Product recalls | 1,841 | (11,382) | 31,910 |
| Total selling, general and administrative expenses | 817,908 | 717,728 | 637,040 |
| Operating income | 245,376 | 225,458 | 126,361 |
| Interest income (expense), net | 660 | (942) | (4,466) |
| Other (expense) income, net | (13,188) | 1,430 | (5,718) |
| Income before income taxes | 232,848 | 225,946 | 116,177 |
| Income tax expense | (57,159) | (56,061) | (26,484) |
| Net income | $ 175,689 | $ 169,885 | $ 89,693 |