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Revenues from Contracts
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts Revenues from Contracts
Disaggregated Revenue – We disaggregate our revenues by reportable segment into four categories: (i) recurring revenue comprised of Software-as-a-Service (“SaaS”) licenses and software maintenance; (ii) reoccurring revenue comprised of transactional and volume-based fees related to software licenses; (iii) non-recurring revenue comprised of term and perpetual software licenses, professional services associated with software products and hardware sold with our software licenses; and (iv) product revenue. See details in the table below:

Three months ended June 30, 2023Three months ended June 30, 2022
Application SoftwareNetwork SoftwareTechnology Enabled ProductsTotalApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Revenue stream
Software related
Recurring$587.2 $258.3 $4.2 $849.7 $457.9 $244.5 $2.8 $705.2 
Reoccurring34.3 65.7 — 100.0 28.6 62.0 — 90.6 
Non-recurring148.8 34.1 0.4 183.3 141.0 36.4 0.3 177.7 
Total Software Revenues770.3 358.1 4.6 1,133.0 627.5 342.9 3.1 973.5 
Product Revenue— — 398.2 398.2 — — 337.3 337.3 
Total Revenue$770.3 $358.1 $402.8 $1,531.2 $627.5 $342.9 $340.4 $1,310.8 

Six months ended June 30, 2023Six months ended June 30, 2022
Application SoftwareNetwork SoftwareTechnology Enabled ProductsTotalApplication SoftwareNetwork SoftwareTechnology Enabled ProductsTotal
Revenue stream
Software related
Recurring$1,167.8 $514.2 $8.0 $1,690.0 $919.4 $481.7 $5.4 $1,406.5 
Reoccurring69.7 129.9 — 199.6 60.3 122.5 — 182.8 
Non-recurring294.2 68.5 0.8 363.5 276.0 77.2 0.6 353.8 
Total Software Revenues1,531.7 712.6 8.8 2,253.1 1,255.7 681.4 6.0 1,943.1 
Product Revenue— — 747.8 747.8 — — 647.5 647.5 
Total Revenue$1,531.7 $712.6 $756.6 $3,000.9 $1,255.7 $681.4 $653.5 $2,590.6 

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, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,201.3. We expect to recognize revenue of $2,746.8, or approximately 65% of our remaining performance obligations over the next 12 months (“Backlog”), with the remainder to be recognized thereafter.

Contract balances
Balance sheet accountJune 30, 2023December 31, 2022Change
Unbilled receivables $108.1 $91.5 $16.6 
Deferred revenue – current
(1,279.8)(1,370.7)90.9 
Deferred revenue – non-current (1)
(116.9)(111.5)(5.4)
Net contract assets/(liabilities)$(1,288.6)$(1,390.7)$102.1 
(1) 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, 2022 to June 30, 2023 was due primarily to the timing of payments and invoicing relating to SaaS and post contract support (“PCS”) contracts, driven predominantly by the renewal cycle of our Frontline business which primarily occurs in the third quarter.

The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance relating primarily to SaaS and PCS renewals. Revenue recognized from the deferred revenue balance on December 31, 2022 and 2021 was $396.7 and $287.4 for the three months ended June 30, 2023 and 2022, respectively, and $986.6 and $776.7 for the six months ended June 30, 2023 and 2022, respectively. In order to determine revenues recognized in the period, we allocate revenue to the individual deferred revenue balance outstanding at the beginning of the year until the revenue exceeds that balance.

The current and non-current portions of deferred commissions are included in “Other current assets” and “Other assets,” respectively, in our Condensed Consolidated Balance Sheets. At June 30, 2023 and December 31, 2022, we had $65.2 and $64.8 of total deferred commissions, respectively.