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Revenues and Contract Costs (Tables) | 6 Months Ended
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Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Asset and Liability | The following table presents information about receivables from contracts with customers:
| At June 30, |  | At January 1, |  | At June 30, |  | At January 1,
(dollars in millions) | 2023 |  | 2023 |  | 2022 |  | 2022
Receivables(1) | $ | 10,573 |  |  | $ | 11,274 |  |  | $ | 10,620 |  |  | $ | 10,758 |
Device payment plan agreement receivables(2) | 16,878 |  |  | 16,648 |  |  | 14,439 |  |  | 12,888 |
(1)Balances do not include receivables related to the following contracts: leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest when equipment is sold to the customer by an authorized agent under a device payment plan agreement. (2)Included in device payment plan agreement receivables presented in Note 6. Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded. The following table presents information about contract balances:
| At June 30, |  | At January 1, |  | At June 30, |  | At January 1,
(dollars in millions) | 2023 |  | 2023 |  | 2022 |  | 2022
Contract asset | $ | 774 |  |  | $ | 863 |  |  | $ | 880 |  |  | $ | 934 |
Contract liability(1) | 8,468 |  |  | 8,234 |  |  | 7,706 |  |  | 7,229 |
(1) Revenue recognized related to contract liabilities existing at January 1, 2023 were $258 million and $4.6 billion for the three and six months ended June 30, 2023, respectively. Revenue recognized related to contract liabilities existing at January 1, 2022 were $365 million and $4.7 billion for the three and six months ended June 30, 2022, respectively. The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows:
| At June 30, |  | At December 31,
(dollars in millions) | 2023 |  | 2022
Assets |  |  |
Prepaid expenses and other | $ | 542 |  |  | $ | 656 |
Other assets | 232 |  |  | 207 |
Total | $ | 774 |  |  | $ | 863 |
Liabilities |  |  |
Other current liabilities | $ | 6,699 |  |  | $ | 6,583 |
Other liabilities | 1,769 |  |  | 1,651 |
Total | $ | 8,468 |  |  | $ | 8,234 |
Capitalized Contract Cost | The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows:
| At June 30, |  | At December 31,
(dollars in millions) | 2023 |  | 2022
Assets |  |  |
Prepaid expenses and other | $ | 2,629 |  |  | $ | 2,629 |
Other assets | 2,436 |  |  | 2,475 |
Total | $ | 5,065 |  |  | $ | 5,104 |

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- Definition Tabular disclosure of cost capitalized in obtaining or fulfilling contract with customer. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 340 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479483/340-40-50-3 + Details
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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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