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Net revenues
 9 Months Ended
Sep. 30, 2021
Revenues [Abstract]  
Net revenues Net revenues
Disaggregation of revenue
 
In the following table, the Company’s revenue is disaggregated by customer classification:
 
Three months ended September 30,Nine months ended September 30,
2020202120202021
Global clients$824,175 $920,628 $2,409,047 $2,667,036 
GE111,34895,109349,762282,898
Total net revenues$935,523 $1,015,737 $2,758,809 $2,949,934 
All revenue from GE is included in revenue from the HMS segment, and the remainder of revenue from the HMS segment consists of revenue from Global Clients. All of the segment revenue from both the BCMI and CGRLH segments consists of revenue from Global Clients. Refer to Note 19 for details on net revenues attributable to each of the Company’s segments.
The Company has evaluated the impact of the COVID-19 pandemic on the Company’s net revenues for the three and nine months ended September 30, 2020 and 2021, respectively, to ensure that revenue is recognized after considering all impacts to the extent currently known. Impacts observed include constraints on the Company’s ability to render services, whether due to full or partial shutdowns of the Company’s facilities or significant travel restrictions, penalties relating to breaches of service level agreements, and contract terminations or contract performance delays initiated by clients. The Company’s net revenues for the three and nine months ended September 30, 2020 were lower than expected before the onset of the pandemic, primarily due to delays in obtaining client approvals to shift to a virtual, work-from-home operating environment, whether as a result of regulatory constraints or due to privacy or security concerns. The COVID-19 pandemic did not have a significant impact on the Company’s net revenues for the three and nine months ended September 30, 2021. Due to the nature of the pandemic, the Company will continue to monitor developments to identify significant uncertainties relating to revenue in future periods.

Contract balances

Accounts receivable include amounts for services that the Company has performed but for which payment has not been received. The Company typically follows a 30-day billing cycle and, as such, at any point in time may have accrued up to 30 days of revenues that have not been billed. The Company has determined that in instances where the timing of revenue recognition differs from the timing of invoicing, the related contracts generally do not include a significant financing component. Refer to Note 5 for details on the Company’s accounts receivable and allowance for credit losses.

The following table shows the details of the Company’s contract balances:
 
As of December 31, 2020As of September 30, 2021
Contract assets (Note a)$15,805 $15,973 
Contract liabilities (Note b)
Deferred transition revenue$130,804 $156,308 
Advance from customers$92,673 $78,184 

(a)Included in "prepaid expenses and other current assets" and "other assets" in the consolidated balance sheet.

(b)Included in "accrued expenses and other current liabilities" and "other liabilities" in the consolidated balance sheet.
20. Net revenues (Continued)

Contract assets represent the contract acquisition fees or other upfront fees paid to a customer. Such costs are amortized over the expected period of benefit and recorded as an adjustment to the transaction price and deducted from revenue. The Company’s assessment did not indicate any significant impairment losses on its contract assets for the periods presented.
 
Contract liabilities include that portion of revenue for which payments have been received in advance from customers. The Company also defers revenues attributable to certain process transition activities for which costs have been capitalized by the Company as contract fulfillment costs. Consideration received from customers, if any, relating to such transition activities is also included as part of contract liabilities. The contract liabilities are included within “Accrued expenses and other current liabilities” and “Other liabilities” in the unaudited consolidated balance sheets. The revenues are recognized as (or when) the performance obligation is fulfilled under the contract with the customer.
 
Changes in the Company’s contract asset and liability balances during the three and nine months ended September 30, 2020 and 2021 were a result of normal business activity and not materially impacted by any other factors.
 
Revenue recognized during the three months ended September 30, 2020 and 2021 that was included in the Company's contract liabilities balance at the beginning of the period was $51,201 and $60,756, respectively.

Revenue recognized during the nine months ended September 30, 2020 and 2021 that was included in the Company's contract liabilities balance at the beginning of the period was $83,189 and $128,628, respectively.

The following table includes estimated revenue expected to be recognized in the future related to remaining performance obligations as of September 30, 2021:

ParticularsTotalLess than 1 year1-3 years3-5 yearsAfter 5 years
Transaction price allocated to remaining performance obligations$234,492 $150,322 $67,690 $13,997 $2,483 

The following table provides details of the Company’s contract cost assets:
Three months ended September 30,Nine months ended September 30,
2020202120202021
ParticularsSales incentive programsTransition activitiesSales incentive programsTransition activitiesSales incentive programsTransition activitiesSales incentive programsTransition activities
Opening balance$32,182 $178,570 $31,559 $210,747 $35,366 $170,132 $33,390 $192,507 
Closing balance30,047181,74731,058209,32030,047181,74731,058209,320
Amortization6,09417,9355,04123,02814,32950,39714,57658,644