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Contract Liabilities and Performance Obligations
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Contract Liabilities and Performance Obligations Contract Liabilities and Performance Obligations
The Company's contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. The Company's contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. As of September 30, 2020 and December 31, 2019, the contract liability balance was $247 million and $252 million, respectively. During the nine months ended September 30, 2020 and 2019, the Company recognized revenue of $157 million and $117 million, respectively, related to its contract liabilities.
A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of September 30, 2020 related to noncancelable contracts longer than 12 months in duration that is expected to be recognized over future periods.
Within 1 YearYears 1-2Years 2-3Thereafter
Remaining performance obligations$32.2 $20.6 $6.9 $0.3