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Contract Liabilities and Performance Obligations
 6 Months Ended
Jun. 30, 2021
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 June 30, 2021 and December 31, 2020, the contract liability balance was $326 million and $244 million, respectively. During the six months ended June 30, 2021 and 2020, the Company recognized revenue of $147 million and $210 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 June 30, 2021 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$36.8 $22.0 $7.7 $1.3