Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.22.1
Revenue Recognition
 3 Months Ended
Apr. 02, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue RecognitionThe 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 as of April 2, 2022 were as follows:
April 2, 2022
Contract assets, beginning of the period
 $ 23,121 
Contract assets, end of the period
 $ 30,286 
Contract liabilities, beginning of the period
 $ 23,207 
Contract liabilities, end of the period
 $ 28,053 
During the three months ended April 2, 2022, the Company recognized revenue of approximately $12,455 related to contract liabilities at January 1, 2022. There were new billings of approximately $17,301 for product and services for which there were unsatisfied performance obligations to customers and revenue had yet been recognized as of April 2, 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 three months ended April 2, 2022 and March 27, 2021:
Revenue by Timing of Revenue Recognition
Three Months Ended
Reportable Segments by Timing of Revenue Recognition
 April 2, 2022 March 27, 2021
Janus North America
Goods transferred at a point in time $ 200,157  $ 120,893 
Services transferred over time 25,099  25,641 

$ 225,256  $ 146,534 
Janus International
Goods transferred at a point in time 10,798  7,073 
Services transferred over time 7,116  5,487 
$ 17,914  $ 12,560 
Eliminations (13,650) (6,270)
Total Revenue
 $ 229,520  $ 152,824 
Revenue by Sales Channel Revenue Recognition
Three Months Ended
Reportable Segments by Sales Channel Revenue Recognition
 April 2, 2022 March 27, 2021
Janus North America
Self Storage-New Construction $ 75,709  $ 48,701 
Self Storage-R3 61,572  39,331 
Commercial and Others 87,975  58,502 

$ 225,256  $ 146,534 
Janus International
Self Storage-New Construction $ 11,897  $ 8,901 
Self Storage-R3 6,017  3,659 
$ 17,914  $ 12,560 
Eliminations (13,650) (6,270)
Total Revenue
 $ 229,520  $ 152,824