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Revenues from Contracts
 9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts Revenues from Contracts

Disaggregated Revenue - We disaggregate our revenues into two categories: (i) software and related services; and (ii) engineered products and related services. Software and related services revenues are primarily derived from our Application Software and Network Software & Systems reportable segments. Engineered products and related services revenues are derived from all of our reportable segments except Application Software and comprise substantially all of the revenues generated in our Measurement & Analytical Solutions and Process Technologies reportable segments. See details in the table below.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Software and related services
 
$
637.3

 
$
561.1

 
$
1,808.8

 
$
1,586.8

Engineered products and related services
 
717.2

 
757.6

 
2,163.2

 
2,228.1

Net revenues
 
$
1,354.5

 
$
1,318.7

 
$
3,972.0

 
$
3,814.9



Remaining performance obligations - Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes unexercised contract options. As of September 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,133.3. We expect to recognize revenue on approximately 60% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter.


Contract balances
Balance Sheet Account
September 30, 2019
 
December 31, 2018
 
Change
Unbilled receivables
$
197.8

 
$
169.4

 
$
28.4

Contract liabilities - current (1)
(771.6
)
 
(714.1
)
 
(57.5
)
Deferred revenue - non-current (2)
(28.9
)
 
(29.8
)
 
0.9

Net contract assets/(liabilities)
$
(602.7
)
 
$
(574.5
)
 
$
(28.2
)
(1) Consists of “Deferred revenue,” billings in-excess of revenues (“BIE”) and customer deposits. BIE and customer deposits are reported in “Other accrued liabilities” in our Condensed Consolidated Balance Sheets.
(2) The non-current portion of deferred revenue is included in “Other liabilities” in our Condensed Consolidated Balance Sheets.

The change in our net contract assets/(liabilities) from December 31, 2018, to September 30, 2019 was due primarily to the acquisitions completed in 2019, which increased net contract liabilities by $56.5 as of September 30, 2019, and the timing of payments and invoicing relating to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals, partially offset by revenues recognized in the three and nine months ended September 30, 2019 of $76.5 and $620.2, respectively, related to our contract liability balances at December 31, 2018.

In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue, BIE or customer deposit balance outstanding at the beginning of the year until the revenue exceeds that balance.

Impairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the three and nine months ended September 30, 2019.