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Accounts Receivable and Contract Balances
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Accounts Receivable and Contract Balances Accounts Receivable and Contract Balances
Accounts Receivable
The following table details the total accounts receivable recognized and the related classification on the Consolidated Balance Sheets:
December 31,
20222021
Accounts receivable, current(1)
$4,461.3 $4,499.4 
Accounts receivable, noncurrent(2)
203.0 197.4 
Total accounts receivable$4,664.3 $4,696.8 
(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.
From time to time, the Company transfers certain accounts receivable, without recourse, to third-party financial companies as a method to reduce the Company’s credit exposure and accelerate cash collections. Such transfers are recognized as a sale and the related accounts receivable is derecognized from the Consolidated Balance Sheets upon receipt of payment from the third-party financing company. During the years ended December 31, 2022 and 2021, the Company sold approximately $539 million and $139 million of accounts receivable, respectively.
The Company recognizes an allowance for credit losses at inception and reassesses quarterly on a pool basis based on expected collectability and forecasted macroeconomic conditions. The following table details the changes in the allowance for credit losses related to accounts receivable:
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 
Increase to provision for credit losses8.3 
Write-offs charged against the allowance for credit losses(6.0)
Other3.0 
Balance as of December 31, 2022
$25.7 
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,
20222021
Contract assets(1)
$242.1 $134.7 
Contract liabilities(2)(3)
$525.3 $423.3 
(1)Contract assets are presented within Prepaid expenses and other on the Consolidated Balance Sheets.
(2)Includes $40 million and $20 million of long-term contract liabilities that are presented within Other liabilities on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively.
(3)For the years ended December 31, 2022 and 2021, the Company recognized revenue of $238 million and $171 million, respectively, related to its contract liabilities that were included in the beginning balance of the respective periods.
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, 2022 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$56.3 $23.2 $11.3 $1.0