Accounts Receivable and Contract Balances

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Accounts Receivable and Contract Balances

Accounts Receivable and Contract Balances

Accounts Receivable

The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:

	March 31, 2025		December 31, 2024
Accounts receivable, current(1)	$	4,454.2	$	4,386.4
Unbilled accounts receivable, current(1)	880.2		749.4
Unbilled accounts receivable, noncurrent(2)	1,002.9		923.0
Total accounts receivable	$	6,337.3	$	6,058.8

(1)Accounts receivable, current and Unbilled accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.

(2)Unbilled accounts receivable, noncurrent is presented net of allowance for credit losses herein and is presented within Accounts receivable and other assets, noncurrent on the Consolidated Balance Sheets.

From time to time, the Company transfers certain accounts receivable, without recourse, to third-party financial companies as a method to reduce the Company’s credit exposure and accelerate cash collections. Such transfers are recognized as a sale and the related accounts receivable are derecognized from the Consolidated Balance Sheet upon receipt of payment from the third-party financing company. During the three months ended March 31, 2025 and 2024, the Company sold approximately $191 million and $93 million of accounts receivable, respectively.

Contract Balances

Contract assets and liabilities represent the difference in the timing of revenue recognition from receipt of cash from customers. Contract assets represent revenue recognized on performance obligations satisfied or partially satisfied for which the Company has no unconditional right to consideration. 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 following table details information about the Company’s contract balances recognized on the Consolidated Balance Sheets:

	March 31, 2025		December 31, 2024
Contract assets(1)	$	114.3	$	97.1
Contract liabilities(2)(3)	$	548.3	$	522.3

(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.

(2)Includes $28 million and $31 million of long-term contract liabilities that are presented within Long-term liabilities - Accounts payable and other liabilities on the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively.

(3)For the three months ended March 31, 2025 and 2024, the Company recognized revenue of $201 million and $175 million related to its contract liabilities that were included in the beginning balance of the respective periods.

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, 2025 related to non-cancelable services contracts whereby the Company is acting as the principal and the duration is longer than 12 months, which is expected to be recognized over future periods.

	Within 1 Year		Years 1-2		Years 2-3		Thereafter
Remaining performance obligations	$	123.8	$	77.5	$	31.1	$	12.3