v3.24.0.1
Revenue From Contracts With Customers
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue From Contracts With Customers

5. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Net Sales

See Note 17 for the presentation of net sales by segment and geographic region.

Allowance for Doubtful Accounts

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Allowance for doubtful accounts, beginning of period

 

$

50.1

 

 

$

29.8

 

 

$

36.9

 

Provision (benefit)

 

 

3.1

 

 

 

22.0

 

 

 

(4.4

)

Write-offs

 

 

(21.9

)

 

 

(0.5

)

 

 

(1.1

)

Foreign exchange and other

 

 

0.9

 

 

 

(1.2

)

 

 

(1.6

)

Allowance for doubtful accounts, end of period

 

$

32.2

 

 

$

50.1

 

 

$

29.8

 

During the year ended December 31, 2022, the Company recorded an allowance for $20.9 million to reserve the balance due from a distributor in the OWN segment based on deterioration in the customer’s risk profile which is included in the provision line in the table above and in selling, general and administrative expense on the Consolidated Statements of Operations. During the year ended December 31, 2023, the Company subsequently wrote off $18.5 million related to the balance.

Customer Contract Balances

The following table provides the balance sheet location and amounts of contract assets, or unbilled accounts receivable, and contract liabilities, or deferred revenue, from contracts with customers as of December 31, 2023 and December 31, 2022.

 

 

 

 

December 31,

 

Contract Balance Type

 

Balance Sheet Location

 

2023

 

 

2022

 

Unbilled accounts receivable

 

Accounts receivable, net of allowance for doubtful accounts

 

$

16.8

 

 

$

26.8

 

 

 

 

 

 

 

 

 

 

Deferred revenue - current

 

Accrued and other liabilities

 

$

85.4

 

 

$

88.9

 

Deferred revenue - noncurrent

 

Other noncurrent liabilities

 

 

70.6

 

 

 

57.1

 

   Total contract liabilities

 

 

 

$

156.0

 

 

$

146.0

 

There were no material changes to contract asset balances for the year ended December 31, 2023 as a result of changes in estimates or impairments. The change in the contract liability balance from December 31, 2022 to December 31, 2023 was primarily due to upfront support billings to be recognized over the support term. During the year ended December 31, 2023, the Company recognized $82.8 million of revenue related to contract liabilities recorded as of December 31, 2022.