|12 Months Ended|
Dec. 31, 2022
|Revenue from Contract with Customer [Abstract]|
|REVENUE RECOGNITION||REVENUE RECOGNITION
Disaggregation of Revenues
Sales are disaggregated by our segments, which represent our principal lines of business, as well as by our private label products versus distributed brands, or by commercial fixture revenue. See Note 17, Segments, for disaggregated revenue by segment.
Depending on the timing of when title of product transfers to a customer and when a customer makes payments for such product, the Company recognizes a accounts receivable (asset) or a customer deposit (liability).
The opening and closing balances of the Company’s accounts receivables and customer deposits are as follows:
Of the total amount of customer deposit liability as of January 1, 2022, $11.1 million was reported as revenue during the year ended December 31, 2022. Of the total amount of customer deposit liability as of January 1, 2021, $4.4 million was reported as revenue during the year ended December 31, 2021.
The Company also has notes receivables under longer term financing arrangements at interest rates typically ranging from 6% to 12% with repayment terms typically ranging for 12 to 18 months.
Notes receivable at December 31, 2022 and 2021 are as follows:
The following table summarizes changes in notes receivable balances that have been deemed impaired.
No definition available.
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef