Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

v3.22.2.2
Revenue Recognition
 6 Months Ended
Jul. 02, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Recognition 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 Unaudited Condensed Consolidated Balance Sheet. Contract balances for the six months ended July 2, 2022 and January 1, 2022 were as follows:
July 2, 2022 January 1, 2022
Contract assets, beginning of the period
 $ 23,121  $ 11,399 
Contract assets, end of the period
 21,715  23,121 
Contract liabilities, beginning of the period
 23,207  21,525 
Contract liabilities, end of the period
 $ 26,084  $ 23,207 
During the three and six months ended July 2, 2022, the Company recognized revenue of approximately $2,738 and $15,193, respectively, related to contract liabilities at January 1, 2022. This reduction was offset by new billings of approximately $5,616 and $18,071 for product and services for which there were unsatisfied performance obligations to customers and revenue had not yet been recognized for the three and six month periods ended July 2, 2022, respectively.
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 July 2, 2022 and June 26, 2021:
Revenue by Timing of Revenue Recognition
Three Months Ended Six Months Ended
Reportable Segments by Timing of Revenue Recognition
 July 2, 2022 June 26, 2021 July 2, 2022 June 26, 2021
Janus North America
Goods transferred at a point in time $ 215,865  $ 139,189  $ 416,023  $ 260,082 
Services transferred over time 25,597  25,056  50,696  50,698 

$ 241,462  $ 164,245  $ 466,719  $ 310,780 
Janus International
Goods transferred at a point in time $ 12,176  $ 9,775  $ 22,975  $ 16,848 
Services transferred over time 8,148  8,570  15,263  14,057 
$ 20,324  $ 18,345  $ 38,238  $ 30,905 
Eliminations $ (14,072) $ (8,408) $ (27,723) $ (14,678)
Total Revenue
 $ 247,714  $ 174,182  $ 477,234  $ 327,007 
Revenue by Sales Channel Revenue Recognition
Three Months Ended Six Months Ended
Reportable Segments by Sales Channel Revenue Recognition
 July 2, 2022 June 26, 2021 July 2, 2022 June 26, 2021
Janus North America
Self Storage-New Construction $ 70,650  $ 55,601  $ 146,359  $ 104,301 
Self Storage-R3 69,431  52,182  131,003  91,514 
Commercial and Others 101,381  56,462  189,357  114,965 

$ 241,462  $ 164,245  $ 466,719  $ 310,780 
Janus International
Self Storage-New Construction $ 14,884  $ 14,878  $ 26,782  $ 23,779 
Self Storage-R3 5,440  3,467  11,456  7,126 
$ 20,324  $ 18,345  $ 38,238  $ 30,905 
Eliminations $ (14,072) $ (8,408) $ (27,723) $ (14,678)
Total Revenue
 $ 247,714  $ 174,182  $ 477,234  $ 327,007