| Revenue Recognition |
3. REVENUE RECOGNITION Revenue is disaggregated between our Installation and Specialty Distribution segments and further based on market and product, as we believe this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following tables present our revenues disaggregated by market (in thousands): | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | | Installation | | | Specialty Distribution | | | Eliminations | | | Total | Residential | | $ | 2,672,152 | | $ | 897,783 | | $ | (219,932) | | $ | 3,350,003 | Commercial/Industrial | | | 516,080 | | | 1,370,556 | | | (41,945) | | | 1,844,691 | Net sales | | $ | 3,188,232 | | $ | 2,268,339 | | $ | (261,877) | | $ | 5,194,694 |
| | | | | | | | | | | | | | | Year Ended December 31, 2022 | | | | Installation | | | Specialty Distribution | | | Eliminations | | | Total | Residential | | $ | 2,503,123 | | $ | 967,687 | | $ | (198,809) | | $ | 3,272,001 | Commercial/Industrial | | | 466,855 | | | 1,310,574 | | | (40,686) | | | 1,736,743 | Net sales | | $ | 2,969,978 | | $ | 2,278,261 | | $ | (239,495) | | $ | 5,008,744 |
| | | | | | | | | | | | | | | Year Ended December 31, 2021 | | | | Installation | | | Specialty Distribution | | | Eliminations | | | Total | Residential | | $ | 1,919,336 | | $ | 825,233 | | $ | (147,276) | | $ | 2,597,293 | Commercial/Industrial | | | 459,065 | | | 461,943 | | | (32,094) | | | 888,914 | Net sales | | $ | 2,378,401 | | $ | 1,287,176 | | $ | (179,370) | | $ | 3,486,207 |
The following tables present our revenues disaggregated by product (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | | Installation | | | Specialty Distribution | | | Eliminations | | | Total | Insulation and accessories | | $ | 2,529,186 | | $ | 2,028,467 | | $ | (228,100) | | $ | 4,329,553 | Glass and windows | | | 251,001 | | | - | | | - | | | 251,001 | Gutters | | | 114,293 | | | 175,765 | | | (29,806) | | | 260,252 | All other | | | 293,752 | | | 64,107 | | | (3,971) | | | 353,888 | Net sales | | $ | 3,188,232 | | $ | 2,268,339 | | $ | (261,877) | | $ | 5,194,694 |
| | | | | | | | | | | | | | | Year Ended December 31, 2022 | | | | Installation | | | Specialty Distribution | | | Eliminations | | | Total | Insulation and accessories | | $ | 2,344,807 | | $ | 2,019,108 | | $ | (204,849) | | $ | 4,159,066 | Glass and windows | | | 227,318 | | | - | | | - | | | 227,318 | Gutters | | | 106,969 | | | 189,800 | | | (30,412) | | | 266,357 | All other | | | 290,884 | | | 69,353 | | | (4,234) | | | 356,003 | Net sales | | $ | 2,969,978 | | $ | 2,278,261 | | $ | (239,495) | | $ | 5,008,744 |
| | | | | | | | | | | | | | | Year Ended December 31, 2021 | | | | Installation | | | Specialty Distribution | | | Eliminations | | | Total | Insulation and accessories | | $ | 1,880,309 | | $ | 1,074,377 | | $ | (149,556) | | $ | 2,805,130 | Glass and windows | | | 183,808 | | | - | | | - | | | 183,808 | Gutters | | | 88,856 | | | 149,730 | | | (25,097) | | | 213,489 | All other | | | 225,428 | | | 63,069 | | | (4,717) | | | 283,780 | Net sales | | $ | 2,378,401 | | $ | 1,287,176 | | $ | (179,370) | | $ | 3,486,207 |
The following table represents our contract assets and contract liabilities with customers, in thousands: | | | | | | | | | Included in Line Item on | | As of December 31, | | Consolidated Balance Sheets | | 2023 | | 2022 | Contract Assets: | | | | | | | | Receivables, unbilled | Receivables, net | | $ | 64,882 | | $ | 75,481 | | | | | | | | | Contract Liabilities: | | | | | | | | Deferred revenue | Accrued liabilities | | $ | 18,365 | | $ | 21,940 |
The aggregate amount remaining on uncompleted performance obligations was $409.4 million as of December 31, 2023. We expect to satisfy the performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months. On certain of our long-term contracts, a percentage of the total project cost is withheld and not invoiced to the customer and collected until satisfactory completion of the customer’s project, typically within a year. This amount is referred to as retainage and is common practice in the construction industry. Retainage receivables are classified as a component of Receivables, net on our Consolidated Balance Sheets and were $81.9 million and $63.0 million as of December 31, 2023 and 2022, respectively.
|