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Revenue Recognition | 9 Months Ended
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Sep. 30, 2023
Revenue Recognition |
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total
Residential | ​ | $ | 689,232 | ​ | $ | 227,245 | ​ | $ | (54,788) | ​ | $ | 861,689 | ​ | $ | 662,005 | ​ | $ | 245,549 | ​ | $ | (54,533) | ​ | $ | 853,021
Commercial/Industrial | ​ | ​ | 132,441 | ​ | ​ | 343,764 | ​ | ​ | (11,774) | ​ | ​ | 464,431 | ​ | ​ | 121,051 | ​ | ​ | 337,994 | ​ | ​ | (11,068) | ​ | ​ | 447,977
Net sales | ​ | $ | 821,673 | ​ | $ | 571,009 | ​ | $ | (66,562) | ​ | $ | 1,326,120 | ​ | $ | 783,056 | ​ | $ | 583,543 | ​ | $ | (65,601) | ​ | $ | 1,300,998
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total
Residential | ​ | $ | 2,003,107 | ​ | $ | 678,824 | ​ | $ | (162,844) | ​ | $ | 2,519,087 | ​ | $ | 1,859,386 | ​ | $ | 729,787 | ​ | $ | (147,962) | ​ | $ | 2,441,211
Commercial/Industrial | ​ | ​ | 394,711 | ​ | ​ | 1,025,047 | ​ | ​ | (30,225) | ​ | ​ | 1,389,533 | ​ | ​ | 349,331 | ​ | ​ | 985,409 | ​ | ​ | (31,750) | ​ | ​ | 1,302,990
Net sales | ​ | $ | 2,397,818 | ​ | $ | 1,703,871 | ​ | $ | (193,069) | ​ | $ | 3,908,620 | ​ | $ | 2,208,717 | ​ | $ | 1,715,196 | ​ | $ | (179,712) | ​ | $ | 3,744,201
​ The following tables present our revenues disaggregated by product (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total
Insulation and accessories | ​ | $ | 658,765 | ​ | $ | 506,420 | ​ | $ | (58,300) | ​ | $ | 1,106,885 | ​ | $ | 619,613 | ​ | $ | 516,214 | ​ | $ | (56,368) | ​ | $ | 1,079,459
Glass and windows | ​ | ​ | 62,763 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 62,763 | ​ | ​ | 60,375 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 60,375
Gutters | ​ | ​ | 28,215 | ​ | ​ | 46,131 | ​ | ​ | (7,422) | ​ | ​ | 66,924 | ​ | ​ | 28,729 | ​ | ​ | 48,972 | ​ | ​ | (8,110) | ​ | ​ | 69,591
All other | ​ | ​ | 71,930 | ​ | ​ | 18,458 | ​ | ​ | (840) | ​ | ​ | 89,548 | ​ | ​ | 74,339 | ​ | ​ | 18,357 | ​ | ​ | (1,123) | ​ | ​ | 91,573
Net sales | ​ | $ | 821,673 | ​ | $ | 571,009 | ​ | $ | (66,562) | ​ | $ | 1,326,120 | ​ | $ | 783,056 | ​ | $ | 583,543 | ​ | $ | (65,601) | ​ | $ | 1,300,998
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total | ​ | Installation | ​ | Specialty Distribution | ​ | Eliminations | ​ | Total
Insulation and accessories | ​ | $ | 1,893,456 | ​ | $ | 1,522,384 | ​ | $ | (167,872) | ​ | $ | 3,247,968 | ​ | $ | 1,746,054 | ​ | $ | 1,514,481 | ​ | $ | (153,520) | ​ | $ | 3,107,015
Glass and windows | ​ | ​ | 195,046 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 195,046 | ​ | ​ | 168,692 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 168,692
Gutters | ​ | ​ | 85,895 | ​ | ​ | 130,062 | ​ | ​ | (22,158) | ​ | ​ | 193,799 | ​ | ​ | 78,926 | ​ | ​ | 146,481 | ​ | ​ | (23,207) | ​ | ​ | 202,200
All other | ​ | ​ | 223,421 | ​ | ​ | 51,425 | ​ | ​ | (3,039) | ​ | ​ | 271,807 | ​ | ​ | 215,045 | ​ | ​ | 54,234 | ​ | ​ | (2,985) | ​ | ​ | 266,294
Net sales | ​ | $ | 2,397,818 | ​ | $ | 1,703,871 | ​ | $ | (193,069) | ​ | $ | 3,908,620 | ​ | $ | 2,208,717 | ​ | $ | 1,715,196 | ​ | $ | (179,712) | ​ | $ | 3,744,201
​ The following table represents our contract assets and contract liabilities with customers, in thousands: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Included in Line Item on | ​ | As of
​ | Condensed Consolidated | ​ | September 30, | ​ | December 31,
​ | Balance Sheets | ​ | 2023 | ​ | 2022
Contract Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Receivables, unbilled | Receivables, net | ​ | $ | 78,379 | ​ | $ | 75,481
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred revenue | Accrued liabilities | ​ | $ | 16,422 | ​ | $ | 21,940
​ The aggregate amount remaining on uncompleted performance obligations was $413.1 million as of September 30, 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 condensed consolidated balance sheets and were $78.0 million and $63.0 million as of September 30, 2023 and December 31, 2022, respectively.

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