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CONTRACT ASSETS AND DEFERRED REVENUE
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
CONTRACT ASSETS AND DEFERRED REVENUE CONTRACT ASSETS AND DEFERRED REVENUE
Contract assets exist when the Company has satisfied a performance obligation but does not have an unconditional right to consideration (e.g., because the entity first must satisfy another performance obligation in the contract before it is entitled to invoice the customer). Deferred revenue represents the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer.
Contract assets and deferred revenue consisted of the following:
As of
(in thousands)March 31, 2023December 31, 2022
Contract assets$5,033 $5,580 
Deferred revenue$82,245 $80,471 
Contract assets and the non-current portion of deferred revenue are reported as components of “Prepaid expenses and other current assets” and “Other non-current liabilities,” respectively, on the condensed consolidated balance sheets.
Revenue recognized during the three months ended March 31, 2023 that was included within the deferred revenue balance at January 1, 2023 was $21.2 million. Revenue recognized during the three months ended April 1, 2022, that was included within the deferred revenue balance at January 1, 2022 was $23.5 million.
Remaining performance obligations represent contracted revenues that have not yet been recognized and include deferred revenue and unbilled amounts that will be recognized as revenue in the future. The aggregate balance of the Company’s remaining performance obligations as of March 31, 2023 was $631.6 million, majority of which is expected to be recognized as revenue over the next 12 months and the remainder thereafter.
Refer to Note 10, “Segment Information” for disaggregated revenue information.