Post-effective amendment to a registration statement that is not immediately effective upon filing

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended 12 Months Ended
Apr. 02, 2022
Jan. 01, 2022
Accounting Policies [Abstract]    
Schedule of Property and Equipment
The estimated useful lives for each major depreciable classification of property and equipment are as follows
 
Manufacturing machinery and equipment
     
3-7 years
  
Office furniture and equipment
     
3-
7
years		  
Vehicles
     
3-10 years
  
Leasehold improvements
     
3-
20
years		  
The estimated useful lives for each major depreciable classification of property and equipment are as follows
 
Manufacturing machinery and equipment
     
3-7 years
  
Office furniture and equipment
     
3-7
years		  
Vehicles
     
3-10 years
  
Leasehold improvements
     
3-20 years
  
Schedule of Valuation Techniques   The following assumptions were used for the valuation of the private warrants:
 
Warrant term (yrs.)
      4.7  
Volatility
      30.4 % 
Risk-free rate
      0.91 % 
Dividend yield
      —   % 
Schedule of Change in Fair Value  
The change in the fair value of warrant liabilities is as follows:
 
Balance assumed in the Business Combination at June 7, 2021
    $ 37,149  
Conversion of Private warrants to Public warrants
      (11,091 ) 
Redeemed/exercised warrants
      (31,976 ) 
Change in fair value of warrants
      5,918  
    
 
 
  
Balance at January 1, 2022
    $ —    
    
 
 
  
Schedule of Allowance for Credit Loss
The summary of activity in the allowance for credit losses for the three months ended April 2, 2022 and March 27, 2021 are as follows:
 
    
Three Months Ended April 2, 2022
  
    
Beginning Balance
     
ASC 326 Impact
     
Write-offs
    
Provision
(Reversal)
    
Ending Balance
  
Allowance for credit losses
      5,449        366        (1,017 )      975       5,773  
   
    
Three Months Ended March 27, 2021
  
    
Beginning Balance
     
Recoveries
     
Write-offs
    
Provision
(Reversal)
    
Ending Balance
  
Allowance for credit losses
      4,485        —          —         (597 )      3,888  
(1) On January 2, 2022, the Company adopted the provisions of ASU
2016-13,
Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which introduced a new model known as CECL.
 
Accounting Standards Update and Change in Accounting Principle The Company adopted this standard effective January 2, 2022 using the modified retrospective method and recognized a cumulative-effect adjustment increasing accumulated deficit and increasing the allowance for credit losses by $366.
 
 
  
January 2, 2022
 
 
  
Pre-ASC 326

Adoption
 
 
Impact of ASC
326 Adoption
 
 
As Reported
Under ASC 326
 
Accounts Receivable, net
      107,372        (366 )       107,006  
Cost in Excess of Billings
      23,121        —          23,121  
Accumulated Deficit
      (8,578 )       (366 )       (8,944 )