Contract Balances

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Contract Balances

Contract Balances

Contract balances at December 31 are set forth in the following table:

Balance Sheet Account	2022		2021		Change
Unbilled receivables	$	91.5	$	81.9	$	9.6
Contract liabilities - current	(1,370.7)		(1,106.3)		(264.4)
Deferred revenue - non-current	(111.5)		(69.9)		(41.6)
Net contract assets/(liabilities)	$	(1,390.7)	$	(1,094.3)	$	(296.4)

The change in our net contract assets/(liabilities) from December 31, 2021 to December 31, 2022 was due primarily to net contract liabilities associated with the acquisitions completed during the year ended December 31, 2022, the timing of payments and invoicing relating to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals, partially offset by the increase in unbilled receivables due to the timing of invoicing related to software milestone billings associated with multi-year term license renewals and software implementations.

Revenue recognized during the year ended December 31, 2022 and 2021 that was included in the contract liability balance on December 31, 2021 and 2020 was $1,053.1 and $937.2, respectively. In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the each of years ended December 31, 2022, 2021 and 2020, respectively.