Quarterly report pursuant to Section 13 or 15(d)

Accrued Liabilities

v3.23.1
Accrued Liabilities
9 Months Ended
Oct. 01, 2022
Payables and Accruals [Abstract]  
Accrued Liabilities

Note 13: Accrued Liabilities

Accrued liabilities as of October 1, 2022 and January 1, 2022 consist of the following (in $000’s):

 

 

 

October 1,
2022

 

 

January 1,
2022

 

Compensation and benefits

 

$

948

 

 

$

731

 

Contract liability

 

 

678

 

 

 

17

 

Accrued incentive and rebate checks

 

 

1,986

 

 

 

1,427

 

Accrued transportation costs*

 

 

 

 

 

904

 

Accrued guarantees

 

 

130

 

 

 

767

 

Accrued purchase orders

 

 

 

 

 

23

 

Accrued taxes

 

 

507

 

 

 

543

 

Accrued litigation settlement

 

 

680

 

 

 

680

 

Other

 

 

646

 

 

 

140

 

Total accrued expenses

 

$

5,575

 

 

$

5,232

 

 

During the 39 weeks ended October 1, 2022, the Company reversed approximately $637,000 in contingent liabilities relating to guarantees of ApplianceSmart leases that no longer exist as a result of ApplianceSmart’s emergence from bankruptcy (see Note 7). No such transactions occurred during the 39 weeks ended October 2, 2021.

 

*Accrued transportation costs are related to delayed billing from certain vendors.

Contract liabilities rollforward

The following table summarizes the contract liability activity for the 39 weeks ended October 1, 2022 (in $000’s):

 

Beginning balance, January 1, 2022

 

$

17

 

Accrued

 

 

1,906

 

Settled

 

 

(1,245

)

Ending balance, October 1, 2022

 

$

678