Contract Balances

12 Months Ended

Dec. 31, 2023

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	2023		2022		Change
Unbilled receivables	$	106.4	$	91.5	$	14.9
Deferred revenue – current	(1,583.8)		(1,370.7)		(213.1)
Deferred revenue – non-current	(130.7)		(111.5)		(19.2)
Net contract assets/(liabilities)	$	(1,608.1)	$	(1,390.7)	$	(217.4)

The change in our net contract assets/(liabilities) from December 31, 2022 to December 31, 2023 was due primarily to net contract liabilities of approximately $125 associated with the acquisitions completed during the year ended December 31, 2023, and the timing of payments and invoicing relating to SaaS and post-contract support (PCS) renewals.

Revenue recognized during the years ended December 31, 2023 and 2022 that was included in the deferred revenue balance on December 31, 2022 and 2021 was $1,322.0 and $1,053.1, 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 each of the years ended December 31, 2023, 2022, and 2021, respectively.