Contract Assets and Liabilities
|9 Months Ended|
Sep. 30, 2023
|Revenue from Contract with Customer [Abstract]|
|Contract Assets and Liabilities||
5. Contract Assets and Liabilities
The components of contract assets and contract liabilities consisted of the following:
(1) Total contract assets - long term is included in other assets in the unaudited condensed consolidated balance sheets.
Contract liabilities include payments received and billings made in advance of the satisfaction of performance obligations under the contract and are realized when the associated revenue is recognized under the contract. Contract assets include (i) unbilled revenue, which is the amount of revenue recognized in excess of the amount billed to customers, where the rights to payment are not just subject to the passage of time; and (ii) costs incurred incremental to the contract and to fulfill contract obligations. Other contract assets and other contract liabilities primarily relate to contract commissions on customer contracts.
Changes in short-term and long-term contract assets and contract liabilities for the nine months ended September 30, 2023 were as follows: