| Revenue Recognition |
3. REVENUE RECOGNTION
Revenue is disaggregated between our Installation and 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, 2020 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Residential |
|
$ |
1,542,515 |
|
$ |
705,554 |
|
$ |
(120,186) |
|
$ |
2,127,883 |
Commercial |
|
|
400,946 |
|
|
220,653 |
|
|
(31,444) |
|
|
590,155 |
Net sales |
|
$ |
1,943,461 |
|
$ |
926,207 |
|
$ |
(151,630) |
|
$ |
2,718,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Residential |
|
$ |
1,483,218 |
|
$ |
648,230 |
|
$ |
(115,432) |
|
$ |
2,016,016 |
Commercial |
|
|
423,512 |
|
|
213,913 |
|
|
(29,320) |
|
|
608,105 |
Net sales |
|
$ |
1,906,730 |
|
$ |
862,143 |
|
$ |
(144,752) |
|
$ |
2,624,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Residential |
|
$ |
1,352,022 |
|
$ |
637,399 |
|
$ |
(89,056) |
|
$ |
1,900,365 |
Commercial |
|
|
328,945 |
|
|
182,910 |
|
|
(27,971) |
|
|
483,884 |
Net sales |
|
$ |
1,680,967 |
|
$ |
820,309 |
|
$ |
(117,027) |
|
$ |
2,384,249 |
The following tables present our revenues disaggregated by product (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2020 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Insulation and accessories |
|
$ |
1,505,839 |
|
$ |
766,139 |
|
$ |
(123,234) |
|
$ |
2,148,744 |
Glass and windows |
|
|
164,229 |
|
|
— |
|
|
— |
|
|
164,229 |
Gutters |
|
|
82,846 |
|
|
102,094 |
|
|
(22,088) |
|
|
162,852 |
All other |
|
|
190,547 |
|
|
57,974 |
|
|
(6,308) |
|
|
242,213 |
Net sales |
|
$ |
1,943,461 |
|
$ |
926,207 |
|
$ |
(151,630) |
|
$ |
2,718,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Insulation and accessories |
|
$ |
1,485,356 |
|
$ |
712,959 |
|
$ |
(114,679) |
|
$ |
2,083,636 |
Glass and windows |
|
|
152,071 |
|
|
— |
|
|
— |
|
|
152,071 |
Gutters |
|
|
85,056 |
|
|
88,003 |
|
|
(24,261) |
|
|
148,798 |
All other |
|
|
184,247 |
|
|
61,181 |
|
|
(5,812) |
|
|
239,616 |
Net sales |
|
$ |
1,906,730 |
|
$ |
862,143 |
|
$ |
(144,752) |
|
$ |
2,624,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
|
|
Installation |
|
|
Distribution |
|
|
Elims |
|
|
Total |
Insulation and accessories |
|
$ |
1,297,931 |
|
$ |
665,387 |
|
$ |
(90,323) |
|
$ |
1,872,995 |
Glass and windows |
|
|
124,115 |
|
|
— |
|
|
— |
|
|
124,115 |
Gutters |
|
|
85,950 |
|
|
82,080 |
|
|
(25,062) |
|
|
142,968 |
All other |
|
|
172,971 |
|
|
72,842 |
|
|
(1,642) |
|
|
244,171 |
Net sales |
|
$ |
1,680,967 |
|
$ |
820,309 |
|
$ |
(117,027) |
|
$ |
2,384,249 |
The following table represents our contract assets and contract liabilities with customers, in thousands:
|
|
|
|
|
|
|
|
|
Included in Line Item on |
|
As of |
|
Consolidated |
|
December 31, |
|
December 31, |
|
Balance Sheets |
|
2020 |
|
2019 |
Contract Assets: |
|
|
|
|
|
|
|
Receivables, unbilled |
Receivables, net |
|
$ |
48,839 |
|
$ |
57,153 |
|
|
|
|
|
|
|
|
Contract Liabilities: |
|
|
|
|
|
|
|
Deferred revenue |
Accrued liabilities |
|
$ |
6,542 |
|
$ |
16,139 |
The aggregate amount remaining on uncompleted performance obligations was $262.3 million as of December 31, 2020. We expect to satisfy the performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.
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