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Revenue Recognition
 9 Months Ended
Sep. 30, 2024
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 millions):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Installation:
Residential new construction$548.8 72 %$518.1 73 %$1,594.0 73 %$1,488.9 72 %
Repair and remodel44.9 6 %37.8 6 %127.5 6 %114.4 6 %
Commercial120.0 16 %105.3 15 %345.4 15 %332.5 16 %
Net revenue, Installation$713.7 94 %$661.2 94 %$2,066.9 94 %$1,935.8 94 %
Other
46.9 6 %45.3 6 %124.2 6 %122.1 6 %
Net revenue, as reported$760.6 100 %$706.5 100 %$2,191.1 100 %$2,057.9 100 %
 Three months ended September 30,Nine months ended September 30,
2024202320242023
Installation:
Insulation$450.2 59 %$424.2 60 %$1,325.9 60 %$1,235.1 60 %
Shower doors, shelving and mirrors55.0 7 %48.2 7 %157.3 7 %141.6 7 %
Garage doors45.3 6 %40.6 6 %131.2 6 %124.8 6 %
Waterproofing39.2 5 %36.2 5 %104.4 5 %99.1 5 %
Rain gutters34.6 5 %31.2 4 %94.1 4 %88.6 4 %
Fireproofing/firestopping21.3 3 %18.9 3 %64.4 3 %53.9 3 %
Window blinds19.5 3 %16.1 2 %56.7 3 %48.3 2 %
Other building products48.6 6 %45.8 7 %132.9 6 %144.4 7 %
Net revenue, Installation$713.7 94 %$661.2 94 %$2,066.9 94 %$1,935.8 94 %
Other 46.9 6 %45.3 6 %124.2 6 %122.1 6 %
Net revenue, as reported$760.6 100 %$706.5 100 %$2,191.1 100 %$2,057.9 100 %
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):
 September 30, 2024December 31, 2023
Contract assets$38.1 $31.7 
Contract liabilities(20.7)(19.0)
Uncompleted contracts were as follows (in millions):
 September 30, 2024December 31, 2023
Costs incurred on uncompleted contracts$273.0 $268.9 
Estimated earnings138.9 124.4 
Total411.9 393.3 
Less: Billings to date384.6 371.7 
Net under billings$27.3 $21.6 
Net under billings were as follows (in millions):
 September 30, 2024December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts (contract assets)$38.1 $31.7 
Billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities)(10.8)(10.1)
Net under billings$27.3 $21.6 
The difference between contract assets and contract liabilities as of September 30, 2024 compared to December 31, 2023 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, 2024, we recognized $0.5 million and $17.6 million of revenue that was included in the contract liability balance at December 31, 2023. We did not recognize any impairment losses on our contract assets during the three and nine months ended September 30, 2024 or 2023.
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, 2024, the aggregate amount of the transaction price allocated to remaining uncompleted contracts was $126.2 million. We expect to satisfy remaining performance obligations and recognize revenue on substantially all of these uncompleted contracts over the next 18 months.