Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.0.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The effect of correcting the immaterial error in the fiscal years 2022 consolidated financial statements is shown in the following table:
(in millions)
As previously reported Correction As adjusted
Consolidated Statements of Operations and Comprehensive Income
Year Ended December 31, 2022
Product Revenues $ 873.1  $ 17.8  $ 890.9 
Service Revenues 146.4  (17.8) 128.6 
$ 1,019.5  $   $ 1,019.5 
Year Ended January 1, 2022
Product Revenues $ 619.9  $ 16.9  $ 636.8 
Service Revenues 130.2  (16.9) 113.3 
$ 750.1  $   $ 750.1 
Footnote 15. Revenue Recognition
Reportable Segments by Timing of Revenue Recognition
Year Ended December 31, 2022
Janus North America
Product revenues transferred at a point in time $ 880.0  $ (85.0) $ 795.0 
Product revenues transferred over time —  102.8  102.8 
Service revenues transferred over time
114.3  (17.8) 96.5 
$ 994.3  $   $ 994.3 
Reportable Segments by Timing of Revenue Recognition
Year Ended January 1, 2022
Janus North America
Product revenues transferred at a point in time $ 614.8  $ (69.9) $ 544.9 
Product revenues transferred over time —  86.8  86.8 
Service revenues transferred over time
100.1  (16.9) 83.2 
$ 714.9  $   $ 714.9 
Schedule of Accounts Receivable, Allowance for Credit Loss
The summary of activity in the allowance for credit losses for the years ended December 30, 2023, and December 31, 2022 are as follows:
(in millions)
Beginning Balance
CECL Adoption1
Write-offs
Provision (Reversal), net
Ending Balance
2023
$ 4.6  $ —  $ (0.3) $ (0.7) $ 3.6 
2022 $ 5.4  $ 0.4  $ (2.9) $ 1.7  $ 4.6 
(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 Current Expected Credit Losses (“CECL”).
Schedule of Product Warranty Liability
The following activity related to product warranty liabilities was recorded in Other accrued expenses during the years ended December 30, 2023 and December 31, 2022, respectively:
(in millions)
December 30, 2023 December 31, 2022
Balance at beginning of period $ 0.9  $ 0.7 
Aggregate changes in the product warranty liability 1.4  0.2 
Balance at end of period $ 2.3  $ 0.9 
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 $ 37.2 
Conversion of Private warrants to Public warrants (11.1)
Redeemed/exercised warrants (32.0)
Change in fair value of warrants
5.9 
Balance at January 1, 2022
$