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Revenues from Contracts
 6 Months Ended
Jun. 30, 2020
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 June 30,Six Months Ended June 30,
2020201920202019
Software and related services$655.5  $594.7  $1,324.0  $1,171.5  
Engineered products and related services649.5  735.6  1,331.7  1,446.0  
Net revenues$1,305.0  $1,330.3  $2,655.7  $2,617.5  

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 June 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $3,528.6. We expect to recognize revenue on
approximately 58% of our remaining performance obligations over the next 12 months, with the remainder to be recognized thereafter.

Contract balances
Balance Sheet AccountJune 30, 2020December 31, 2019Change
Unbilled receivables $225.1  $183.5  $41.6  
Contract liabilities - current (1)
(837.8) (840.8) 3.0  
Deferred revenue - non-current (2)
(31.7) (33.2) 1.5  
Net contract assets/(liabilities)$(644.4) $(690.5) $46.1  
(1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE is 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, 2019 to June 30, 2020 was due primarily to the increase in unbilled receivables associated with timing of invoicing in our project-based businesses, most notably our Transcore business, and to a lesser extent the foreign exchange impact on our contract liability balances.

Most of the Company’s project-based contracts where the input method of revenue recognition is utilized are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Often this results in billing occurring after revenue recognition resulting in contract assets. The Company records contract liabilities when cash payments are received or due in advance of the Company’s performance relating primarily to Software-as-a-Service (“SaaS”) and post contract support (“PCS”) renewals. Revenue recognized during the three and six months ended June 30, 2020 that was included in the contract liability balance on December 31, 2019 was $211.5 and $535.0, respectively .

In order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue or BIE 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 six months ended June 30, 2020.