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Revenue
 3 Months Ended
Mar. 31, 2023
Revenue From Contract With Customer [Abstract]  
Revenue

3. Revenue

The following table disaggregates our sales by product category:

 

 

 

Three Months Ended
March 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Lumber & lumber sheet goods

 

$

872,072

 

 

$

2,336,505

 

Manufactured products

 

 

1,114,794

 

 

 

1,366,148

 

Windows, doors & millwork

 

 

1,057,994

 

 

 

1,025,767

 

Specialty building products & services

 

 

838,454

 

 

 

952,711

 

Net sales

 

$

3,883,314

 

 

$

5,681,131

 

 

Net sales from installation and construction services were less than 10% of the Company’s net sales for each period presented.

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, 2023 and 2022, we recognized as revenue approximately 71% and 70% of the contract liabilities balances at December 31, 2022 and 2021, respectively.