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


	December 31,			December 31,
	2022			2021
Billed and unbilled receivables	$	687		$	520
Allowance for expected credit losses		(9	)		(5	)
Balance at end of period	$	678		$	515

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

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


	December 31,		December 31,
	2022		2021
Deferred project costs	$	43	$	39
Prepaid expenses		68		66
Commissions receivable		149		148
Other		119		49
Total	$	379	$	302

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


	December 31,		December 31,
	2022		2021
Deferred project costs	$	342	$	274
Operating lease right of use asset		86		120
Commissions receivable		28		34
Other		86		44
Total	$	542	$	472

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 year ended December 31, 2022, the six months ended December 31, 2021, the Predecessor six months ended June 30, 2021 and year ended December 31, 2020, total amortization expense of $50 million, $31 million, $33 million and $74 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, 2022 and December 31, 2021 was $72 million and $1 million, respectively. The balance in Other assets as of December 31, 2022 was $62 million and $16 million , respectively, (see Note 13 “Derivative Financial Instruments” for further information).

See Note 19 "Lease Obligations" for further information regarding the Operating lease right of use assets recorded as of December 31, 2022 and 2021.

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


	December 31,		December 31,
	2022		2021
Capitalized software	$	183	$	55
Leasehold improvements		42		40
Computer equipment		116		102
Furniture, fixtures and equipment		12		12
Construction in progress		73		58
Total Fixed assets, gross		426		267
Less: Accumulated depreciation		106		31
Fixed assets, net	$	320	$	236

As a result of the prior year 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 1 “Basis of Presentation and Nature of Business”). 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 fair value of the Technology related intangible assets acquired.

Included in Computer equipment are assets under finance leases. The balances as of December 31, 2022 and 2021, net of accumulated depreciation related to these assets, were $46 million and $62 million, respectively.

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


	December 31,		December 31,
	2022		2021
Deferred revenue	$	141	$	148
Operating lease liabilities		34		44
Finance lease liabilities		25		27
Other		100		182
Total	$	300	$	401

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


	December 31,		December 31,
	2022		2021
Deferred revenue	$	93	$	55
Operating lease liabilities		103		139
Finance lease liabilities		18		34
Unrecognized tax positions		13		44
Other		54		81
Total	$	281	$	353

The current and non-current portions of deferred revenue relates to consideration received in advance of performance under client contracts. During the Successor year ended December 31, 2022, the six months ended December 31, 2021, the Predecessor six months ended June 30, 2021 and year ended December 31, 2020, revenue of approximately $123 million, $44 million, $101 million, and $175 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, 2022 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 19 “Lease Obligations” for further information). Operating leases for the Company’s office facilities expire at various dates through 2031.

Other current liabilities and Other liabilities include the fair value of outstanding derivative instruments related to interest rate swaps. There were no interest rate swaps recorded in Other current liabilities or Other liabilities as of December 31, 2022. The balances in Other current liabilities and Other liabilities as of December 31, 2021 were $8 million and $1 million, respectively (see Note 13 “Derivative Financial Instruments” for further information).