v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
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 distribution and manufacturing operations are included in the Other category and are presented net of
intercompany sales in the tables below. The following tables present our net revenues disaggregated by end market and product (in millions):
Three months ended June 30,Six months ended June 30,
2026202520262025
Installation:
Residential new construction$522.6 67 %$548.8 72 %$965.9 67 %$1,043.2 72 %
Repair and remodel47.1 6 %43.2 6 %88.2 6 %85.6 6 %
Commercial141.0 18 %123.6 16 %266.4 19 %234.0 16 %
Net revenue, Installation$710.7 91 %$715.6 94 %$1,320.5 92 %$1,362.8 94 %
Other67.1 9 %44.7 6 %117.8 8 %82.3 6 %
Net revenue, as reported$777.8 100 %$760.3 100 %$1,438.3 100 %$1,445.1 100 %
Three months ended June 30,Six months ended June 30,
2026202520262025
Installation:
Insulation$430.5 56 %$446.5 59 %$807.0 56 %$861.0 60 %
Shower doors, shelving and mirrors55.8 7 %56.9 7 %103.3 7 %108.0 7 %
Waterproofing45.3 6 %40.9 5 %83.6 6 %74.9 5 %
Garage doors43.7 6 %44.2 6 %81.9 6 %86.6 6 %
Fireproofing/firestopping33.4 4 %27.2 4 %62.9 4 %47.7 3 %
Rain gutters32.8 4 %31.9 4 %57.9 4 %58.4 4 %
Window blinds18.9 2 %20.8 3 %35.0 3 %38.1 3 %
Other building products50.3 6 %47.2 6 %88.9 6 %88.1 6 %
Net revenue, Installation$710.7 91 %$715.6 94 %$1,320.5 92 %$1,362.8 94 %
Other67.1 9 %44.7 6 %117.8 8 %82.3 6 %
Net revenue, as reported$777.8 100 %$760.3 100 %$1,438.3 100 %$1,445.1 100 %
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 millions):
June 30, 2026December 31, 2025
Contract assets$32.9 $27.3 
Contract liabilities(24.3)(20.5)
Uncompleted contracts were as follows (in millions):
June 30, 2026December 31, 2025
Costs incurred on uncompleted contracts$236.8 $213.7 
Estimated earnings181.9 158.5 
Total418.7 372.2 
Less: Billings to date400.4 355.5 
Net under billings$18.3 $16.7 
Net under billings were as follows (in millions):
June 30, 2026December 31, 2025
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$32.9 $27.3 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(14.6)(10.6)
Net under billings$18.3 $16.7 
The difference between contract assets and contract liabilities as of June 30, 2026 compared to December 31, 2025 is primarily the result of timing differences between our performance of obligations under contracts and customer payments and billings. During the three and six months ended June 30, 2026, we recognized $1.8 million and $19.1 million of revenue that was included in the contract liability balance at December 31, 2025. We did not recognize any impairment losses on our contract assets during the three and six months ended June 30, 2026 or 2025.
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 June 30, 2026, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $170.8 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.