The components of Receivables, net are as follows (in millions):


	Successor			Predecessor
	December 31,			December 31,
	2021			2020
Billed and unbilled receivables	$	520		$	547
Allowance for expected credit losses		(5	)		(15	)
Balance at end of period	$	515		$	532

As a result of the Business Combination, all receivables acquired were recorded at fair value and allowance for expected credit losses previously recorded by the Predecessor was reduced to zero as of July 1, 2021 (see Note 4 “Acquisitions”). The Company has not experienced significant write-downs in its receivable balances.

The components of Other current assets are as follows (in millions):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Deferred project costs	$	39	$	53
Prepaid expenses		66		57
Commissions receivable		148		32
Other		49		21
Total	$	302	$	163

The components of Other assets are as follows (in millions):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Deferred project costs	$	274	$	228
Operating lease right of use asset		120		129
Commissions receivable		34		25
Other		44		26
Total	$	472	$	408

The current and non-current portions of deferred project costs relate to costs to obtain and fulfill contracts (see Note 3 “Revenue from Contracts with Customers”). During the Successor six months ended December 31, 2021 and the Predecessor six months ended June 30, 2021, and years ended December 31, 2020 and 2019, total amortization expense of $31 million, $33 million, $74 million, and $66 million was recorded in Cost of services, exclusive of depreciation and amortization in the Consolidated Statements of Comprehensive Income (Loss), respectively.

The current portion of the commissions receivable balance as of December 31, 2021 includes commission receivables related to the Retiree Health acquisition completed during the fourth quarter of 2021.

Other current assets and Other assets include the fair value of outstanding derivative instruments related to interest rate swaps. The balance in Other current assets as of December 31, 2021 was $1 million. The balance in Other assets as of December 31, 2021 was $16 million (see Note 13 “Derivative Financial Instruments” for further information).

See Note 18 "Lease Obligations" for further information regarding the Operating lease right of use assets recorded as of December 31, 2021 and 2020.

The components of Fixed assets, net are as follows (in millions):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Capitalized software	$	55	$	242
Leasehold improvements		40		63
Computer equipment		102		192
Furniture, fixtures and equipment		12		21
Construction in progress		58		28
Total Fixed assets, gross		267		546
Less: Accumulated depreciation		31		212
Fixed assets, net	$	236	$	334

As a result of the Business Combination, all fixed assets acquired were recorded at fair value and accumulated depreciation previously recorded by the Predecessor was reduced to zero as of July 1, 2021 (see Note 4 “Acquisitions”). In addition, as part of the purchase price accounting for the Business Combination, Capitalized software related to internally developed software in-service as of the Closing Date was reclassified and included in the preliminary fair value of the Technology related intangible assets acquired.

Included in Computer equipment are assets under finance leases. The balances as of December 31, 2021 and 2020, net of accumulated depreciation related to these assets, were $62 million and $83 million, respectively.

The components of Other current liabilities are as follows (in millions):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Deferred revenue	$	148	$	148
Operating lease liabilities		44		41
Finance lease liabilities		27		28
Other		182		107
Total	$	401	$	324

The components of Other liabilities are as follows (in millions):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Deferred revenue	$	55	$	60
Operating lease liabilities		139		155
Finance lease liabilities		34		59
Unrecognized tax positions		44		48
Other		81		125
Total	$	353	$	447

The current and non-current portions of deferred revenue relates to consideration received in advance of performance under client contracts. During the Successor six months ended December 31, 2021 and the Predecessor six months ended June 30, 2021 and years ended December 31, 2020 and 2019, revenue of approximately $44 million, $101 million, $175 million and $155 million was recognized that was recorded as deferred revenue at the beginning of each period, respectively.

Other current liabilities as of December 31, 2021 includes a deferred consideration payment of $83 million related to an acquisition completed in the fourth quarter of 2021.

As of December 31, 2021 the current and non-current portions of operating lease liabilities represent the Company’s obligation to make lease payments arising from a lease (see Note 18 “Lease Obligations” for further information). Operating leases for the Company’s office facilities expire at various dates through 2030.

Other current liabilities and Other liabilities include the fair value of outstanding derivative instruments related to interest rate swaps. The balances in Other current liabilities as of December 31, 2021 and December 31, 2020 were $8 million and $28 million, respectively. The balances in Other liabilities as of December 31, 2021 and December 31, 2020 were $1 million and $19 million, respectively (see Note 13 “Derivative Financial Instruments” for further information).