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Revenue Recognition
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
We disaggregate our revenue from contracts with customers for our Installation segment by end market and product, as we believe it best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenues for the Other category are presented net of intercompany sales in the tables below. The following tables present our net revenues disaggregated by end market and product (in thousands):
Three months ended September 30,Nine months ended September 30,
2023202220232022
Installation:
Residential new construction$518,080 73 %$532,299 74 %$1,488,875 72 %$1,480,214 75 %
Repair and remodel37,839 6 %39,139 6 %114,452 6 %109,745 5 %
Commercial105,272 15 %101,478 14 %332,472 16 %282,585 14 %
Net revenue, Installation$661,191 94 %$672,916 94 %$1,935,799 94 %$1,872,544 94 %
Other
45,274 6 %46,198 6 %122,075 6 %110,811 6 %
Net revenue, as reported$706,465 100 %$719,114 100 %$2,057,874 100 %$1,983,355 100 %
 Three months ended September 30,Nine months ended September 30,
2023202220232022
Installation:
Insulation$424,166 60 %$429,091 60 %$1,235,056 60 %$1,203,635 61 %
Shower doors, shelving and mirrors48,223 7 %46,735 7 %141,576 7 %124,339 6 %
Garage doors40,597 6 %45,224 6 %124,771 6 %123,715 6 %
Waterproofing36,186 5 %31,088 4 %99,113 5 %95,306 5 %
Rain gutters31,227 4 %31,065 4 %88,593 4 %83,334 4 %
Fireproofing/firestopping18,889 3 %17,159 3 %53,929 3 %49,247 3 %
Window blinds16,147 2 %16,585 2 %48,347 2 %45,058 2 %
Other building products45,756 7 %55,969 8 %144,414 7 %147,910 7 %
Net revenue, Installation$661,191 94 %$672,916 94 %$1,935,799 94 %$1,872,544 94 %
Other 45,274 6 %46,198 6 %122,075 6 %110,811 6 %
Net revenue, as reported$706,465 100 %$719,114 100 %$2,057,874 100 %$1,983,355 100 %
Contract Assets and Liabilities
Our contract assets consist of unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized, based on costs incurred, exceeds the amount billed to the customer. Our contract assets are recorded in other current assets in our Condensed Consolidated Balance Sheets. Our contract liabilities consist of customer deposits and billings in excess of revenue recognized, based on costs incurred and are included in other current liabilities in our Condensed Consolidated Balance Sheets.
Contract assets and liabilities related to our uncompleted contracts and customer deposits were as follows (in thousands):
 September 30, 2023December 31, 2022
Contract assets$34,069 $29,431 
Contract liabilities(17,247)(18,884)
Uncompleted contracts were as follows (in thousands):
 September 30, 2023December 31, 2022
Costs incurred on uncompleted contracts$245,069 $273,788 
Estimated earnings111,047 114,781 
Total356,116 388,569 
Less: Billings to date330,417 368,009 
Net under billings$25,699 $20,560 
Net under billings were as follows (in thousands):
 September 30, 2023December 31, 2022
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$34,069 $29,431 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(8,370)(8,871)
Net under billings$25,699 $20,560 
The difference between contract assets and contract liabilities as of September 30, 2023 compared to December 31, 2022 is primarily the result of timing differences between our performance of obligations under contracts and customer payments and billings. During the three and nine months ended September 30, 2023, we recognized $0.4 million and $17.8 million of revenue that was included in the contract liability balance at December 31, 2022. We did not recognize any impairment losses on our receivables and contract assets during the three and nine months ended September 30, 2023 or 2022.
Remaining performance obligations represent the transaction price of contracts for which work has not been performed and excludes unexercised contract options and potential modifications. As of September 30, 2023, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $124.0 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.