Contract assets and deferred revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract assets and deferred revenue

Note 11 — Contract assets and deferred revenue

Contract assets represent rights to consideration in exchange for goods or services transferred to a customer when that right is conditional on something other than the passage of time. Deferred revenue represents contract liabilities.

Net contract assets (liabilities) are as follows:

As of December 31,	2021			2020
Contract assets—current	$	42.0		$	44.3
Contract assets—long-term(i)		17.4			20.7
Deferred revenue—current		(253.2	)		(257.1	)
Deferred revenue—long-term		(150.7	)		(137.9	)

(i)  Reported in other long-term assets on the company’s consolidated balance sheets

Significant changes in the above contract liability balances were as follows:

Year ended December 31,	2021		2020
Revenue recognized that was included in deferred revenue at the beginning of the period	$	245.8	$	236.1