Contract Liabilities and Remaining Performance Obligations

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract Liabilities and Remaining Performance Obligations

Contract Liabilities and Remaining 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 December 31, 2020 and December 31, 2019, the contract liability balance was $244 million and $252 million, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company recognized revenue of $203 million, $136 million, and $123 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. For additional information regarding the Company's performance obligations, see Note 1 (Description of Business and Summary of Significant Accounting Policies). The following table represents the total transaction price for the remaining performance obligations as of December 31, 2020 related to non-cancelable contracts longer than 12 months in duration that is expected to be recognized over future periods.

	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	38.2	$	24.9	$	8.5	$	0.3