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Receivables, Contract Liabilities and Performance Obligations | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Receivables, Contract Liabilities and Performance Obligations | Receivables, Contract Liabilities and Performance Obligations Contract Balances The following table provides information about receivables and contract liabilities as of March 31, 2024 and December 31, 2023 (in thousands):
| March 31, 2024 |  | December 31, 2023
Current receivables, which are included in “Accounts receivable, net” | $ | 3,573,253 |  |  | $ | 3,568,290 |
Contract assets, net | 100,648 |  |  | 120,518 |
Long-term accounts receivable | 618,672 |  |  | 412,666 |
Long-term contract assets, net | 121,994 |  |  | 132,780 |
Contract liabilities, which are included in “Accrued expenses and other current liabilities” and “Other liabilities” | 105,143 |  |  | 107,217 |
Significant changes in the contract assets balances during the three months ended March 31, 2024 are as follows (in thousands):
|  | Contract Assets
Balances at December 31, 2023 |  | $ | 272,287 |
Reclassification of beginning contract assets to receivables, as a result of rights to consideration becoming unconditional |  | (40,523) |
Contract assets recognized, net of reclassification to receivables |  | 9,429 |
Balances at March 31, 2024 |  | $ | 241,193 |
Contract assets consist of amounts the Company is entitled to for the resale of third-party consumption-based services, prior to payment becoming unconditional. In these transactions, the Company invoices clients for the gross amount of consideration it is responsible to collect, including amounts ultimately passed on to the third-party service providers. As of March 31, 2024, contract assets, net of allowances, were $222,642,000. Gross contract assets by our internal risk ratings as of March 31, 2024 are summarized as follows (in thousands):
| Contract assets
Low risk | $ | 37,309 |
Moderate risk | 60,218 |
High risk | 143,666 |
Total contract assets | $ | 241,193 |
Changes in the contract liabilities balances during the three months ended March 31, 2024 are as follows (in thousands):
| Contract Liabilities
Balances at December 31, 2023 | $ | 107,217 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (37,570) |
Cash received in advance and not recognized as revenue | 35,496 |
Balances at March 31, 2024 | $ | 105,143 |
During the three months ended March 31, 2023, the Company recognized revenue of $26,611,000 related to its contract liabilities. Transaction price allocated to the remaining performance obligations The following table includes estimated net sales related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2024 that are expected to be recognized in the future (in thousands):
| Services
Remainder of 2024 | $ | 93,751 |
2025 | 51,922 |
2026 | 28,630 |
2027 and thereafter | 42,778 |
Total remaining performance obligations | $ | 217,081 |
With the exception of remaining performance obligations associated with our OneCall Support Services contracts which are included in the table above regardless of original duration, the remaining performance obligations that have original expected durations of one year or less are not included in the table above. Amounts not included in the table above have an average original expected duration of nine months. Additionally, for our time and material services contracts, whereby we have the right to consideration from a client in an amount that corresponds directly with the value to the client of our performance completed to date, we recognized revenue in the amount to which we have a right to invoice as of March 31, 2024 and do not disclose information about related remaining performance obligations in the table above. Our time and material contracts have an average expected duration of 21 months. The majority of our backlog historically has been, and continues to be, open cancellable purchase orders. We do not believe that backlog as of any particular date is predictive of future results, therefore we do not include performance obligations under open cancellable purchase orders, which do not qualify for revenue recognition, in the table above.

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