Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

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Revenue Recognition
 12 Months Ended
Jan. 01, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company accounts for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to which it is entitled. The Company’s customer terms of sale are generally on an open account basis with standard commercial terms of net 30 days. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. The Company recognizes material revenue when the goods are shipped and received by the customer, installation revenue is recognized over time as the services are performed and the benefit is transferred to the customer and services related revenue is recognized when the services are performed or over time if needed based upon the approved contract terms.
Contract Balances
Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets primarily result from contracts that include installation which are billed via payment requests that are submitted in the month following the period during which revenue was recognized. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. Contract assets are disclosed as costs and estimated earnings in excess of billings on uncompleted contracts, and contract liabilities are disclosed as billings in excess of costs and estimated earnings on uncompleted contracts in the consolidated balance sheet. Contract balances as of January 1, 2022 were as follows:
January 1, 2022
Contract assets, beginning of the period
 $ 11,399 
Contract assets, end of the period
 $ 23,121 
Contract liabilities, beginning of the period
 $ 21,525 
Contract liabilities, end of the period
 $ 23,207 
During the year ended January 1, 2022, the Company recognized revenue of approximately $19,338 related to contract liabilities at December 26, 2020. There were new billings of approximately $21,020 for product and services for which there were unsatisfied performance obligations to customers and revenue had yet been recognized as of January 1, 2022.
Disaggregation of Revenue
The principal categories we use to disaggregate revenues are by timing and sales channel of revenue recognition. The following disaggregation of revenues depict the Company’s reportable segment revenues by timing and sales channel of revenue recognition for the years ended January 1, 2022 and December 26, 2020:
Revenue by Timing of Revenue Recognition
Year Ended
Reportable Segments by Sales Channel Revenue Recognition
 January 1, 2022 December 26, 2020
Janus North America
Goods transferred at a point in time $ 615,020  $ 430,585 
Services transferred over time 99,924  89,534 

$ 714,944  $ 520,119 
Janus International
Goods transferred at a point in time 38,490  25,509 
Services transferred over time 30,089  19,981 
$ 68,579  $ 45,490 
Eliminations (33,373) (16,636)
Total Revenue
 $ 750,150  $ 548,973 
Revenue by Sale Channel Revenue Recognition
Year Ended
Reportable Segments by Sales Channel Revenue Recognition
 January 1, 2022 December 26, 2020
Janus North America
Self Storage-New Construction $ 235,361  $ 246,547 
Self Storage-R3 220,949  132,283 
Commercial and Others 258,634  141,289 

$ 714,944  $ 520,119 
Janus International
Self Storage-New Construction $ 51,723  $ 25,509 
Self Storage-R3 16,856  19,981 
Commercial and Others —  — 
$ 68,579  $ 45,490 
Eliminations (33,373) (16,636)
Total Revenue
 $ 750,150  $ 548,973