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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

3. Revenue

The following table disaggregates our sales by product category:

 

 

 

Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Lumber & lumber sheet goods

 

$

980,567

 

 

$

872,140

 

Manufactured products

 

 

979,124

 

 

 

1,080,617

 

Windows, doors & millwork

 

 

1,030,148

 

 

 

1,038,036

 

Specialty building products & services

 

 

901,513

 

 

 

892,521

 

Net sales

 

$

3,891,352

 

 

$

3,883,314

 

 

We reclassified net sales of $54.0 million into the Specialty building products and services product category for the three months ended March 31, 2023, to conform to the current year presentation.

The timing of revenue recognition, invoicing and cash collection results in accounts receivable, unbilled receivables, contract assets and contract liabilities. Contract assets include unbilled amounts when the revenue recognized exceeds the amount billed to the customer, and amounts representing a right to payment from previous performance that is conditional on something other than passage of time, such as retainage. Contract liabilities consist of customer advances and deposits, and deferred revenue.

Through March 31, 2024, and 2023, we recognized as revenue approximately 75% and 70% of the contract liabilities balances outstanding as of December 31, 2023, and 2022, respectively.