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


	December 31,			December 31,
	2023			2022
Billed and unbilled receivables	$	710		$	687
Allowance for expected credit losses		(12	)		(9	)
Balance at end of period	$	698		$	678

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,
	2023		2022
Deferred project costs	$	50	$	43
Prepaid expenses		63		68
Commissions receivable		107		149
Other		99		119
Total	$	319	$	379

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


	December 31,		December 31,
	2023		2022
Deferred project costs	$	371	$	342
Operating lease right of use asset		68		86
Commissions receivable		22		28
Other		36		86
Total	$	497	$	542

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”). Total amortization expense related to deferred project costs for the Successor years ended December 31, 2023 and 2022, Successor six months ended December 31, 2021 and Predecessor six months ended June 30, 2021 were $56 million, $50 million, $31 million and $33 million, respectively, and are recorded in Cost of services, exclusive of depreciation and amortization in the accompanying Consolidated Statements of Comprehensive Income (Loss).

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, 2023 and December 31, 2022 was $60 million and $72 million, respectively. The balance in Other assets as of December 31, 2023 and December 31, 2022 was $17 million and $62 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, 2023 and 2022.

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


	December 31,		December 31,
	2023		2022
Capitalized software	$	340	$	183
Leasehold improvements		47		42
Computer equipment		122		116
Furniture, fixtures and equipment		14		12
Construction in progress		59		73
Total Fixed assets, gross		582		426
Less: Accumulated depreciation		211		106
Fixed assets, net	$	371	$	320

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 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, 2023 and 2022, net of accumulated depreciation related to these assets, were $21 million and $46 million, respectively.

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


	December 31,		December 31,
	2023		2022
Deferred revenue	$	148	$	141
Operating lease liabilities		35		34
Finance lease liabilities		11		25
Other		123		100
Total	$	317	$	300

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


	December 31,		December 31,
	2023		2022
Deferred revenue	$	82	$	93
Operating lease liabilities		71		103
Finance lease liabilities		7		18
Unrecognized tax positions		13		13
Other		37		54
Total	$	210	$	281

The current and non-current portions of deferred revenue relate to consideration received in advance of performance under client contracts. During the Successor year ended December 31, 2023 and 2022, Successor six months ended December 31, 2021 and Predecessor six months ended June 30, 2021, revenue of approximately, $163 million, $123 million, $44 million, and $101 million was recognized that was recorded as deferred revenue at the beginning of each period, respectively.

Other current liabilities as of December 31, 2023 and December 31, 2022, included the current portion of tax receivable agreement liability of $62 million and $7 million, respectively (see Note 15 "Tax Receivable Agreement" for additional information).

As of December 31, 2023 and 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 as of December 31, 2023. The balance in Other liabilities as of December 31, 2023 was $3 million (see Note 13 “Derivative Financial Instruments” for additional information). There were no interest rate swaps recorded in Other current liabilities or Other liabilities as of December 31, 2022.