v3.24.2.u1
Revenue From Contracts With Customers
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue From Contracts With Customers

5. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Net Sales

See Note 9 for the presentation of net sales by segment and geographic region.

Allowance for Doubtful Accounts

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Allowance for doubtful accounts, beginning of period

 

$

30.0

 

 

$

49.6

 

 

$

32.2

 

 

$

50.1

 

Provision (benefit)

 

 

(6.4

)

 

 

3.0

 

 

 

(6.1

)

 

 

2.4

 

Write-offs

 

 

—

 

 

 

(21.5

)

 

 

(2.1

)

 

 

(21.7

)

Foreign exchange and other

 

 

(0.2

)

 

 

0.1

 

 

 

(0.6

)

 

 

0.4

 

Allowance for doubtful accounts, end of period

 

$

23.4

 

 

$

31.2

 

 

$

23.4

 

 

$

31.2

 

During the three and six months ended June 30, 2023, the Company wrote off $18.5 million related to an accounts receivable balance that had previously been fully reserved during the year ended December 31, 2022. The balance related to a distributor in the OWN segment.

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:

Contract Balance Type

 

Balance Sheet Location

 

June 30,
2024

 

 

December 31, 2023

 

Unbilled accounts receivable

 

Accounts receivable, net of allowance for doubtful accounts

 

$

16.8

 

 

$

16.8

 

 

 

 

 

 

 

 

 

 

Deferred revenue - current

 

Accrued and other liabilities

 

$

107.0

 

 

$

85.4

 

Deferred revenue - noncurrent

 

Other noncurrent liabilities

 

 

77.9

 

 

 

70.6

 

   Total contract liabilities

 

 

 

$

184.9

 

 

$

156.0

 

 

There were no material changes to contract asset balances for the six months ended June 30, 2024 as a result of changes in estimates or impairments. The change in the contract liability balance from December 31, 2023 to June 30, 2024 was primarily due to upfront support billings to be recognized over the support term. During the three and six months ended June 30, 2024, the Company recognized $21.1 million and $51.3 million, respectively, of revenue related to contract liabilities recorded as of December 31, 2023.