Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.21.2
Revenue Recognition
 6 Months Ended
Jun. 26, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
13. 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. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer.
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 for the six months ended June 26, 2021 were as follows:
 
    
June 26, 2021
  
Contract assets, beginning of the period
    $ 11,398,934  
    
 
 
  
Contract assets, end of the period
    $ 16,614,552  
    
 
 
  
Contract liabilities, beginning of the period
    $ 21,525,319  
    
 
 
  
Contract liabilities, end of the period
    $ 21,612,809  
    
 
 
  
 
During the three and six months ended June 26, 2021, the Company recognized revenue of approximately $2,816,000 and $16,932,000
, respectively, related
 
to contract liabilities at December 26, 2020. This reduction was offset by new billings of approximately $17,019,000 for product and services for which there were unsatisfied performance obligations to customers and revenue had not yet been recognized as of June 26, 2021.
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 three and six months ended June 26, 2021 and June 27, 2020:
Revenue by Timing of Revenue Recognition
 
    
Three Months Ended
     
Six Months Ended
  
Reportable Segments by Sales Channel Revenue Recognition
   
June 26, 2021
     
June 27, 2020
     
June 26, 2021
     
June 27, 2020
  
Janus North America
                                    
Goods transferred at a point in time
    $ 139,188,949      $ 95,751,111      $ 260,082,109      $ 200,276,584  
Services transferred over time
      25,056,299        23,167,477        50,697,555        47,073,167  
    
 
 
     
 
 
     
 
 
     
 
 
  
       164,245,248        118,918,588        310,779,664        247,349,751  
    
 
 
     
 
 
     
 
 
     
 
 
  
Janus International
                                    
Goods transferred at a point in time
      9,775,323        3,618,698        16,848,388        10,110,767  
Services transferred over time
      8,569,784        3,636,331        14,056,570        9,433,526  
    
 
 
     
 
 
     
 
 
     
 
 
  
       18,345,107        7,255,029        30,904,958        19,544,293  
    
 
 
     
 
 
     
 
 
     
 
 
  
Eliminations
      (8,407,966 )       (3,943,994 )       (14,677,965 )       (6,850,626 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
   
$
174,182,389
     
$
122,229,623
     
$
327,006,657
     
$
260,043,418
  
    
 
 
     
 
 
     
 
 
     
 
 
  
Revenue by Sale Channel Revenue Recognition
 
    
Six Months Ended
     
Six Months Ended
  
Reportable Segments by Sales Channel Revenue Recognition
   
June 26, 2021
     
June 27, 2020
     
June 26, 2021
     
June 27, 2020
  
Janus North America
                                    
Self
Storage-New
Construction
    $ 55,600,871      $ 55,763,077      $ 104,301,403      $ 117,223,246  
Self
Storage-R3
      52,182,213        30,411,543        91,513,670        67,981,662  
Commercial and Others
      56,462,164        32,743,968        114,964,591        62,144,843  
    
 
 
     
 
 
     
 
 
     
 
 
  
       164,245,248        118,918,588        310,779,664        247,349,751  
    
 
 
     
 
 
     
 
 
     
 
 
  
Janus International
                                    
Self
Storage-New
Construction
    $ 9,775,323      $ 3,618,698        23,778,978        11,771,203  
Self
Storage-R3
      8,569,784        3,636,331        7,125,980        7,773,090  
    
 
 
     
 
 
     
 
 
     
 
 
  
       18,345,107        7,255,029        30,904,958        19,544,293  
    
 
 
     
 
 
     
 
 
     
 
 
  
Eliminations
      (8,407,966 )       (3,943,994 )       (14,677,965 )       (6,850,626 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Revenue
   
$
174,182,389
     
$
122,229,623
     
$
327,006,657
     
$
260,043,418