Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The effect of correcting the immaterial error in the fiscal year 2022 consolidated financial statements is shown in the following table:

As previously reported Correction As adjusted
Footnote 15. Revenue Recognition
Reportable Segments by Sales Channel Revenue Recognition
Year Ended December 26, 2020
Janus International
Self Storage-New Construction $ 25,509  $ 1,192  $ 26,701 
Self Storage-R3 19,981  (1,246) 18,735 
Commercial and Others —  54  54 
$ 45,490  $ —  $ 45,490 
Reportable Segments by Timing of Revenue Recognition
Year Ended January 1, 2022
Janus North America
Goods transferred at a point in time $ 615,020  $ (169) $ 614,851 
Services transferred over time 99,924  169  100,093 
$ 714,944  $ —  $ 714,944 
Reportable Segments by Sales Channel Revenue Recognition
Year Ended January 1, 2022
Janus North America
Self Storage-New Construction $ 235,361  $ 11,309  $ 246,670 
Self Storage-R3 220,949  (10,769) 210,180 
Commercial and Others 258,634  (541) 258,094 
$ 714,944  $ —  $ 714,944 
Footnote 20. Segments Information
Reportable Segments
Year Ended January 1, 2022
Income from Operations
Janus North America $ 70,697  $ 25,233  $ 95,930 
Janus International 21,663  (25,233) (3,570)
Eliminations 40  —  40 
$ 92,400  $ —  $ 92,400 
Accounts Receivable, Allowance for Credit Loss
The summary of activity in the allowance for credit losses for the twelve months ended December 31, 2022 and the allowance for doubtful accounts for the twelve months ended January 1, 2022 are as follows:

Beginning Balance
CECL Adoption1
Write-offs
Provision (Reversal), net
Ending Balance
2022
$ 5,449  $ 366  $ (2,949) $ 1,683  $ 4,549 
2021 4,485  —  (385) 1,349  5,449 
(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 CECL.
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 $ 37,149 
Conversion of Private warrants to Public warrants (11,091)
Redeemed/exercised warrants (31,976)
Change in fair value of warrants
5,918 
Balance at January 1, 2022
$  
Accounting Standards Update and Change in Accounting Principle
January 2, 2022
Pre-ASC 326
Adoption
 Impact of ASC
326 Adoption
As Reported
Under ASC 326
Accounts Receivable, net 107,372  (366) 107,006 
Cost in Excess of Billings 23,121  —  23,121 
Accumulated Deficit (8,578) (366) (8,944)
Schedule of Product Warranty Liability
The following activity related to product warranty liabilities was recorded in Other accrued expenses during the years ended December 31, 2022 and January 1, 2022, respectively:

December 31, 2022 January 1, 2022
Balance at beginning of period $ 736  $ 611 
Aggregate changes in the product warranty liability 140 125
Balance at end of period $ 876  $ 736