Contract Liabilities and Remaining Performance Obligations

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Contract Liabilities and Remaining Performance Obligations

Contract Liabilities and Performance Obligations

The Company's contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. The Company's contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. As of March 31, 2019 and December 31, 2018, the contract liability balance was $192 million and $178 million, respectively. During the three months ended March 31, 2019 and 2018, the Company recognized revenue of $74 million and $58 million, respectively, related to its contract liabilities.

A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of March 31, 2019 related to non-cancelable contracts longer than 12 months in duration that is expected to be recognized over future periods.

(in millions)	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	39.0	$	21.8	$	5.1	$	0.3