Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Transaction Price Allocated to Future Performance Obligations

As of March 31, 2024, other than contracts for which the Company has applied the practical expedients, the aggregate amount of transaction price allocated to future performance obligations was not material to our consolidated revenues.

Contract Balances from Contracts with Customers

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers.

(In thousands)	March 31, 2024		December 31, 2023
Balances from contracts with customers:
Accounts receivable (including long-term receivables within Other assets)	$	719,746	$	750,390
Contract assets, short-term (included in Prepaid expenses and other current assets)	2,364		2,364
Contract liabilities, short-term (Deferred revenue)	61,252		65,736

Revenue recognized for the three months ended March 31, 2024 and 2023 relating to the contract liabilities at December 31, 2023 and 2022 was $24.7 million and $82.6 million, respectively.

In October 2023, the Company entered into an agreement enabling it to sell certain customer receivables to a financial institution on a recurring basis for cash. The transferred receivables will be fully guaranteed by a bankruptcy-remote entity and the financial institution that purchases the receivables will have no recourse to the Company's other assets in the event of non-payment by the customers. The Company can sell an indefinite amount of customer receivables under the agreement on a revolving basis, but the outstanding balance of unpaid customer receivables to the financial institution cannot exceed the initial program limit of $125.0 million at any given time. As of March 31, 2024, the Company had not yet sold any customer receivables under this agreement.