Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The effect of correcting the immaterial error in the Unaudited Condensed Consolidated Financial Statements for the three and nine month periods ended September 30, 2023 is shown in the following table:

As previously reported Correction As adjusted
Condensed Consolidated Statements of Operations and Comprehensive Income
Three Months Ended October 1, 2022
Product Revenues $ 230.8  $ 2.9  $ 233.7 
Service Revenues 31.7  (2.9) 28.8 
$ 262.5  $ —  $ 262.5 
Nine Months Ended October 1, 2022
Product Revenues $ 642.1  $ 12.4  $ 654.5 
Service Revenues 97.7  (12.4) 85.3 
$ 739.8  $ —  $ 739.8 
Footnote 13. Revenue Recognition
Reportable Segments by Timing of Revenue Recognition
Three Months Ended October 1, 2022
Janus North America
Product revenues transferred at a point in time $ 232.2  $ (17.7) $ 214.5 
Product revenues transferred over time —  20.5  20.5 
Services revenues transferred over time 24.5  (2.8) 21.7 
$ 256.7  $ —  $ 256.7 
Nine Months Ended October 1, 2022
Janus North America
Product revenues transferred at a point in time $ 648.2  $ (60.8) $ 587.4 
Product revenues transferred over time —  73.2  73.2 
Services revenues transferred over time 75.3  (12.4) 62.9 
$ 723.5  $ —  $ 723.5 
Schedule of Accounts Receivable, Allowance for Credit Loss
The activity for the allowance for credit losses during the nine month period ended September 30, 2023 and the fiscal year ended December 31, 2022, is as follows:
September 30, 2023 December 31, 2022
Balance at beginning of period $ 4.5  $ 5.4 
CECL Adoption (1)
—  0.4 
Write-offs —  (3.0)
Provision (reversal), net (0.7) 1.7 
Balance at end of period $ 3.8  $ 4.5 

(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 Product Warranty Liability
The activity related to product warranty liabilities recorded in Accrued expenses and other current liabilities, during the nine month period ended September 30, 2023 and the fiscal year ended December 31, 2022, is as follows:
September 30, 2023 December 31, 2022
Balance at beginning of period $ 0.9  $ 0.7 
Aggregate changes in the product warranty liability 1.0  0.2 
Balance at end of period $ 1.9  $ 0.9