Annual report pursuant to Section 13 and 15(d)

Revenue Recognition

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Revenue Recognition
 12 Months Ended
Dec. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contract Balances
Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer. Unbilled receivables result from revenues recognized at a point-in-time and represent an unconditional right to payment subject primarily to the passage of time. Unbilled receivables are recognized as accounts receivable when they are billed. Costs in excess of billings result from revenues recognized over time and represent the net balance of billings that already occurred. Contract liabilities (billings in excess of costs) represent billings to a customer in excess of revenue that has been recognized over time.
Contract balances as of December 30, 2023 and December 31, 2022 were as follows:
(in millions)
Costs in excess of billings at January 1, 2022
 $ 13.7 
Unbilled receivables at January 1, 2022
 9.5 
Contract assets at January 1, 2022
 $ 23.1 
Costs in excess of billings at December 31, 2022
 $ 22.3 
Unbilled receivables at December 31, 2022
 17.0 
Contract assets at December 31, 2022
 $ 39.3 
Costs in excess of billings at December 30, 2023
 $ 17.8 
Unbilled receivables at December 30, 2023
 31.9 
Contract assets at December 30, 2023
 $ 49.7 
Contract liabilities, January 1, 2022
 $ 23.2 
Contract liabilities, December 31, 2022
 $ 21.4 
Contract liabilities, December 30, 2023
 $ 26.7 
During the year ended January 1, 2022, the Company recognized revenue of approximately $19.3 related to contract liabilities at December 26, 2020. During the year ended December 31, 2022, the Company recognized revenue of approximately $21.2 related to contract liabilities at January 1, 2022. During the year ended December 30, 2023, the Company recognized revenue of approximately $18.9 related to contract liabilities at December 31, 2022. All remaining performance obligations are expected to be satisfied within one year.
The Company derives subscription revenue from continued software support and through the Nokē Smart Entry System, a product which provides mobile access for tenants and remote monitoring and tracking for operators. The recurring revenue recognized from the Nokē Smart Entry System, included in service revenues, for the years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $2.7, $1.3 and $0.7, respectively.
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 December 30, 2023 and December 31, 2022 and January 1, 2022:
Revenue by Timing of Revenue Recognition
(in millions) Year Ended
Reportable Segments by Timing of Revenue Recognition
 December 30, 2023 December 31, 2022 January 1, 2022
Janus North America
Product revenues transferred at a point in time(1)
$ 784.0  $ 795.0  $ 544.9 
Product revenues transferred over time(1)
122.4  102.8  86.8 
Service revenues transferred over time(1)
122.0  96.5  83.2 

$ 1,028.4  $ 994.3  $ 714.9 
Janus International
Product revenues transferred at a point in time
 $ 46.3  $ 43.4  $ 38.5 
Service revenues transferred over time
 36.0  32.1  30.1 
$ 82.3  $ 75.5  $ 68.6 
Eliminations $ (44.3) $ (50.3) $ (33.4)
Total Revenue
 $ 1,066.4  $ 1,019.5  $ 750.1 
(1) These numbers have been revised for the year ended December 31, 2022 and January 1, 2022. See Note 2, Summary of Significant Accounting Policies, for additional information.
Revenue by Sales Channel Revenue Recognition
(in millions) Year Ended
Reportable Segments by Revenues Channel Revenue Recognition
 December 30, 2023 December 31, 2022 January 1, 2022
Janus North America
Self Storage-New Construction $ 336.5  $ 289.4  $ 246.7 
Self Storage-R3 326.9  304.1  210.2 
Commercial and Others 365.0  400.8  258.0 

$ 1,028.4  $ 994.3  $ 714.9 
Janus International
Self Storage-New Construction $ 73.2  $ 57.2  $ 51.7 
Self Storage-R3 9.1  18.3  16.9 
$ 82.3  $ 75.5  $ 68.6 
Eliminations $ (44.3) $ (50.3) $ (33.4)
Total Revenues
 $ 1,066.4  $ 1,019.5  $ 750.1