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| Revenue Recognition | 12.Revenue Recognition Contract Balances Our valuation and qualifying accounts as of June 30, 2024 were as follows:
Contract assets arise when we recognize revenue for providing a service in advance of billing our customers. Our contract assets typically relate to our long-term contracts where we recognize revenue using the cost-based input method and the revenue recognized exceeds the amount billed to the customer. Our contract assets also include receivables related to sales-type leases recognized over the lease term as the customer is billed. Contract assets are amortized as the customer is billed for services. Contract assets are recorded in “Trade accounts receivable, net” on our Condensed Consolidated Balance Sheets. The following table summarizes our contract asset balances:
Contract liabilities arise when we bill our customers and receive consideration in advance of providing the service. Contract liabilities are recognized as revenue when the service has been provided to the customer. Contract liabilities are recorded in “Deferred revenue and other” and “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets. The following table summarizes our contract liability balances:
Our beginning of period contract liability recorded as customer contract revenue during 2024 was $651 million. Performance Obligations Pay-TV and Retail Wireless Segments We apply a practical expedient and do not disclose the value of the remaining performance obligations for contracts that are less than one year in duration, which represent a substantial majority of our revenue. As such, the amount of revenue related to unsatisfied performance obligations is not necessarily indicative of our future revenue. Broadband and Satellite Services Segment As of June 30, 2024, the remaining performance obligations for our customer contracts was approximately $1.424 billion, compared to $1.740 billion as of December 31, 2023, a decrease of $316 million. This decrease primarily resulted from the evaluation of the credit worthiness of the portfolio. Performance obligations expected to be satisfied within one year and greater than one year are 30% and 70%, respectively. This amount and percentages exclude leasing arrangements and agreements with consumer customers. Contract Acquisition Costs The following table presents the activity in our contract acquisition costs, net:
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