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Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregated Revenues
We disaggregate our revenues by segment (see Note 18 - Segment Information) and by transaction type based on revenue recognition pattern as follows:
•Subscription-based revenues are recurring revenues that are earned under annual, evergreen or multi-year contracts pursuant to which we license the right to use our products to our customers or provide maintenance services over a contractual term. Revenues from the sale of subscription data, maintenance services, and analytics solutions are recognized ratably over the contractual period as revenues are earned.
•Re-occurring revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set or project basis and often derived from repeat customers. These contracts include either evergreen clauses, in which at least six month advance notice is required prior to cancellation, or the contract is for multiple years. Deliverables are usually received by the customer instantly or in a short period of time, at which time the revenues are recognized. The most significant component of our re-occurring revenues is our 'renewal' business within CPA Global.
•Transactional and other revenues. Transactional revenues are earned under contracts for specific deliverables that are typically quoted on a product, data set or project basis and often derived from repeat customers, including customers that also generate subscription-based revenues. Transactional revenues may involve sales to the same customer on multiple occasions but with different products or services comprising the order. Other revenues relate to professional services including implementation for software and software as a service ("SaaS") subscriptions. These contracts vary in length from several months to years for multi-year projects. Revenue is recognized over time utilizing a reasonable measure of progress depicting the satisfaction of the related performance obligation. Other revenues also includes one-time perpetual archive license revenues.
The following table presents the Company’s revenues by transaction type based on revenue recognition pattern for the periods presented:
Three Months Ended March 31,
2022
2021(1)
Subscription revenues$403.8 $239.0 
Re-occurring revenues114.5 109.5 
Transactional and other revenues143.7 82.9 
Total revenues, gross662.0 431.4 
Deferred revenues adjustment(2)
0.2 (3.0)
Total revenues, net$662.2 $428.4 
(1) Certain prior period amounts have been reclassified to conform to current period presentation.
(2) Reflects the deferred revenues adjustment made as a result of purchase accounting prior to the adoption of ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. In the fourth quarter of 2021, Clarivate adopted ASU No. 2021-08 which allows an acquirer to account for the related revenue contracts in accordance with ASC 606 Revenue from Contracts with Customers, as if it had originated the contracts. This guidance was applied retrospectively to all business combinations for which the acquisition date occurs during or subsequent to 2021.
Contract Balances
Accounts receivable, netCurrent portion of deferred revenuesNon-current portion of deferred revenues
Opening (January 1, 2022)$906.4 $1,030.4 $54.2 
Closing (March 31, 2022)859.8 1,080.6 54.7 
(Increase)/decrease$46.6 $(50.2)$(0.5)
Opening (January 1, 2021)$737.7 $707.3 $41.4 
Closing (March 31, 2021)706.9 769.0 45.4 
(Increase)/decrease$30.8 $(61.7)$(4.0)
The amount of revenue recognized in the period that was included in the opening deferred revenues balances was $354.0 and $231.3 for the three months ended March 31, 2022 and 2021, respectively. This revenue consists primarily of subscription revenues.
Transaction Price Allocated to the Remaining Performance Obligation
As of March 31, 2022, approximately $124.6 of revenue is expected to be recognized in the future from remaining performance obligations, excluding contracts with a duration of one year or less. The Company expects to recognize revenue on approximately 57.1% of these performance obligations over the next 12 months. Of the remaining 42.9%, 24.1% is expected to be recognized within the following year, 11.6% is expected to be recognized within three to five years, with the final 7.2% expected to be recognized within six to ten years.