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Accounts Receivable and Contract Balances
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Accounts Receivable and Contract Balances Accounts Receivable and Contract Balances
Accounts Receivable
The timing of revenue recognition may differ from the time of billing to customers. Accounts receivable presented on the Consolidated Balance Sheets represent an unconditional right to consideration, which includes unbilled receivables. Unbilled receivables represent revenues that are not currently billable where payment is unconditional and solely subject to the passage of time. These items are expected to be billed and collected in the normal course of business. The balance of the Company’s accounts receivable is classified as current for amounts expected to be collected within twelve months and noncurrent for amounts to be collected beyond twelve months. The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
December 31,
20212020
Accounts receivable, current$4,499.4 $3,212.6 
Accounts receivable, noncurrent197.4 — 
Total accounts receivable$4,696.8 $3,212.6 
(1)Accounts receivable, current are presented within Accounts receivable, net of allowance for credit losses on the Consolidated Balance Sheets.
(2)Accounts receivable, noncurrent are presented within Other assets on the Consolidated Balance Sheets.
Accounts receivable increased during the year ended December 31, 2021 primarily due to the acquisition of Sirius. For additional information on the acquisition of Sirius, refer to Note 3 (Acquisitions).
The Company recognizes an allowance for credit losses at inception and reassesses quarterly on a pool basis based on expected collectability. The following table details the changes in the allowance for credit losses related to accounts receivable:
Balance as of December 31, 2019
$7.9 
Increase to provision for credit losses30.9 
Write-offs charged against the allowance for credit losses(10.8)
Other1.6 
Balance as of December 31, 2020
29.6 
Decrease to provision for credit losses(5.4)
Write-offs charged against the allowance for credit losses(5.0)
Other1.2 
Balance as of December 31, 2021
$20.4 
During the year ended December 31, 2021, the Company recognized a $5 million decrease to the provision within the Corporate and Public segments. While the overall impact and duration of the COVID-19 pandemic remains uncertain, the Company has observed improved collections for certain pools throughout the year 2021 and loss rates across certain pools are approaching pre-pandemic levels. The Company’s estimates and assumptions may continue to evolve as conditions change.
Contract Balances
Contract assets and liabilities represent the difference in the timing of revenue recognition from receipt of cash from customers. Contract assets represent revenue recognized on performance obligations satisfied or partially satisfied for which the Company has no unconditional right to consideration. 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 following table details information about the Company’s contract balances recognized on the Consolidated Balance Sheets:
December 31,
20212020
Contract assets(1)
$134.7 $39.1 
Contract liabilities(2)(3)
$423.3 $255.3 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $20 million and $12 million of long-term contract liabilities that are presented within Other liabilities on the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively.
(3)For the years ended December 31, 2021 and 2020, the Company recognized revenue of $171 million and $203 million, respectively, related to its contract liabilities that were included in the beginning balance of the respective periods.
Contract assets and contract liabilities increased $96 million and $168 million, respectively, primarily due to the acquisition of Sirius.
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For additional information regarding the Company’s performance obligations, see Note 1 (Description of Business and Summary of Significant Accounting Policies). The following table represents the total transaction price for the remaining performance obligations as of December 31, 2021 related to non-cancelable 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$57.2 $26.3 $7.5 $2.8