v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

3. Revenue

The following table disaggregates our net sales by product category:

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Lumber & lumber sheet goods

 

$

1,069,129

 

 

$

1,157,158

 

 

$

3,244,385

 

 

$

3,092,912

 

Manufactured products

 

 

997,633

 

 

 

1,200,440

 

 

 

3,031,813

 

 

 

3,557,391

 

Windows, doors & millwork

 

 

1,084,692

 

 

 

1,093,278

 

 

 

3,230,525

 

 

 

3,263,358

 

Specialty building products & services

 

 

1,081,040

 

 

 

1,083,388

 

 

 

3,073,463

 

 

 

3,032,807

 

Net sales

 

$

4,232,494

 

 

$

4,534,264

 

 

$

12,580,186

 

 

$

12,946,468

 

Due to ongoing system integrations and conversions, our product alignment continues to be refined. We have reclassified prior periods net sales by product category to conform to current period presentation. The impact to each of the prior periods’ net sales for lumber & lumber sheet goods, manufactured products, windows, doors & millwork, and specialty building products & services was 0.6%, 0.2%, -0.8%, and 0.0%, respectively, for the three months ended September 30, 2023, and 0.4%, -1.0%, 0.6%, and 0.1%, respectively, for the nine months ended September 30, 2023.

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 September 30, 2024 and 2023, we recognized as revenue substantially all of the contract liabilities balances outstanding as of December 31, 2023 and 2022, respectively.