Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
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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:
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As previously reported |
Correction |
As adjusted |
Footnote 15. Revenue Recognition |
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Reportable Segments by Sales Channel Revenue Recognition Year Ended December 26, 2020 |
Janus International |
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Self Storage-New Construction |
$ |
25,509 |
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$ |
1,192 |
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$ |
26,701 |
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Self Storage-R3 |
19,981 |
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(1,246) |
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18,735 |
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Commercial and Others |
— |
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54 |
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54 |
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$ |
45,490 |
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$ |
— |
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$ |
45,490 |
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Reportable Segments by Timing of Revenue Recognition Year Ended January 1, 2022 |
Janus North America |
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Goods transferred at a point in time |
$ |
615,020 |
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$ |
(169) |
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$ |
614,851 |
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Services transferred over time |
99,924 |
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169 |
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100,093 |
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$ |
714,944 |
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$ |
— |
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$ |
714,944 |
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Reportable Segments by Sales Channel Revenue Recognition Year Ended January 1, 2022 |
Janus North America |
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Self Storage-New Construction |
$ |
235,361 |
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$ |
11,309 |
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$ |
246,670 |
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Self Storage-R3 |
220,949 |
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(10,769) |
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210,180 |
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Commercial and Others |
258,634 |
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(541) |
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258,094 |
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$ |
714,944 |
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$ |
— |
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$ |
714,944 |
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Footnote 20. Segments Information |
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Reportable Segments Year Ended January 1, 2022 |
Income from Operations |
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Janus North America |
$ |
70,697 |
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$ |
25,233 |
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$ |
95,930 |
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Janus International |
21,663 |
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(25,233) |
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(3,570) |
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Eliminations |
40 |
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— |
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40 |
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$ |
92,400 |
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$ |
— |
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$ |
92,400 |
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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:
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Beginning Balance |
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CECL Adoption1
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Write-offs |
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Provision (Reversal), net |
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Ending Balance |
2022 |
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$ |
5,449 |
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$ |
366 |
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$ |
(2,949) |
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$ |
1,683 |
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$ |
4,549 |
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2021 |
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4,485 |
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— |
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(385) |
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1,349 |
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5,449 |
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(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.
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Schedule of Valuation Techniques |
The following assumptions were used for the valuation of the private warrants:
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Warrant term (yrs.) |
4.7 |
Volatility |
30.4 |
% |
Risk-free rate |
0.91 |
% |
Dividend yield |
— |
% |
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Schedule of Change in Fair Value |
The change in the fair value of warrant liabilities is as follows:
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Balance assumed in the Business Combination at June 7, 2021 |
$ |
37,149 |
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Conversion of Private warrants to Public warrants |
(11,091) |
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Redeemed/exercised warrants |
(31,976) |
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Change in fair value of warrants |
5,918 |
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Balance at January 1, 2022 |
$ |
—
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Accounting Standards Update and Change in Accounting Principle |
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January 2, 2022 |
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Pre-ASC 326 Adoption |
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Impact of ASC 326 Adoption |
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As Reported Under ASC 326 |
Accounts Receivable, net |
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107,372 |
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(366) |
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107,006 |
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Cost in Excess of Billings |
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23,121 |
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— |
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23,121 |
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Accumulated Deficit |
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(8,578) |
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(366) |
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(8,944) |
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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:
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December 31, 2022 |
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January 1, 2022 |
Balance at beginning of period |
$ |
736 |
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$ |
611 |
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Aggregate changes in the product warranty liability |
140 |
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125 |
Balance at end of period |
$ |
876 |
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$ |
736 |
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