Post-effective amendment to a registration statement that is not immediately effective upon filing

Revenue Recognition

v3.22.1
Revenue Recognition
 3 Months Ended 12 Months Ended
Apr. 02, 2022
Jan. 01, 2022
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 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
 
    
 
 
     
 
 
  
15. 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
 
  
December 26, 2020
 
Contract assets, beginning of the period
    $ 11,399  
 
$
11,324
 
    
 
 
  
 
 
 
 
Contract assets, end of the period
    $ 23,121  
 
$
11,399
 
    
 
 
  
 
 
 
 
Contract liabilities, beginning of the period
    $ 21,525  
 
$
22,444
 
    
 
 
  
 
 
 
 
Contract liabilities, end of the period
    $ 23,207  
 
$
21,525
 
    
 
 
  
 
 
 
 
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, December 26, 2020 and December 28, 2019:​​​​​​​
Revenue by Timing of Revenue Recognition

 
 
  
Year Ended
 
Reportable Segments by Sales Channel Revenue Recognition
  
January 1, 2022
 
 
December 26, 2020
 
 
December 28, 2019
 
Janus North America
  
      
  
      
  
      
Goods transferred at a point in time
   $ 615,020     $ 430,585
 
  
$
442,499
 
Services transferred over time
     99,924       89,534
 
  
 
90,270
 
   
 
 
    
 
 
 
  
 
 
 
    $ 714,944     $ 520,119
 
  
$
532,769
 
   
 
 
    
 
 
 
  
 
 
 
Janus International
                
  
      
Goods transferred at a point in time
     38,490       25,509
 
  
 
28,592
 
Services transferred over time
     30,089       19,981
 
  
 
14,951
 
   
 
 
    
 
 
 
  
 
 
 
    $ 68,579     $ 45,490
 
  
$
43,543
 
   
 
 
    
 
 
 
  
 
 
 
Eliminations
     (33,373 )      (16,636
) 
  
 
(11,020
) 
   
 
 
    
 
 
 
  
 
 
 
Total Revenue
  
$
750,150
 
  
$
548,973
 
  
$
565,292
 
   
 
 
    
 
 
 
  
 
 
 

Revenue by Sale Channel Revenue Recognition

 
 
  
Year Ended
 
Reportable Segments by Sales Channel Revenue Recognition
  
January 1, 2022
 
 
December 26, 2020
 
 
December 28, 2019
 
Janus North America
  
      
  
      
  
      
Self Storage-New Construction
   $ 235,361     $ 246,547  
  
$
279,890
 
Self
Storage-R3
     220,949       132,283  
  
 
126,598
 
Commercial and Others
     258,634       141,289  
  
 
126,281
 
   
 
 
    
 
 
  
  
 
 
 
    $ 714,944     $ 520,119  
  
$
532,769
 
   
 
 
    
 
 
  
  
 
 
 
Janus International
                
  
      
Self
Storage-New
Construction
   $ 51,723     $ 25,509  
  
$
28,723
 
Self
Storage-R3
     16,856       19,981  
  
 
14,820
 
Commercial and Others
     —         —    
  
 
—  
 
   
 
 
    
 
 
  
  
 
 
 
    $ 68,579     $ 45,490  
  
$
43,543
 
   
 
 
    
 
 
  
  
 
 
 
Eliminations
     (33,373 )      (16,636 ) 
  
 
(11,020
) 
   
 
 
    
 
 
  
  
 
 
 
Total Revenue
  
$
750,150
 
  
$
548,973
 
  
$
565,292