Contract Balances

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract Balances

Contract Balances

Contract balances at December 31 are set forth in the following table:

Balance Sheet Account	2020		2019		Change
Unbilled receivables	$	241.7	$	183.5	$	58.2
Contract liabilities - current (1)	(1,012.0)		(840.8)		(171.2)
Deferred revenue - non-current	(43.1)		(33.2)		(9.9)
Net contract assets/(liabilities)	$	(813.4)	$	(690.5)	$	(122.9)

(1) Consists of “Deferred revenue,” and billings in-excess of revenues (“BIE”). BIE are reported in “Other accrued liabilities” in our Consolidated Balance Sheets.

The change in our net contract assets/(liabilities) from December 31, 2019 to December 31, 2020 was due primarily to the increase in our contract liabilities associated with the timing of payments and invoicing relating to SaaS and PCS renewals and the net contract liabilities associated with the acquisitions completed during the year ended December 31, 2020, of $78.2, partially offset by the increase in unbilled receivables associated with timing of invoicing in our project-based businesses, most notably our Transcore business.

Revenue recognized during the year ended December 31, 2020 and 2019 that was included in the contract liability balance on December 31, 2019 and 2018 was $804.4 and $674.2, 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 year ended December 31, 2020.