Quarterly report pursuant to Section 13 or 15(d)

Contract Assets and Liabilities

v3.21.2
Contract Assets and Liabilities
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities
6. Contract Assets and Liabilities
The components of contract assets and contract liabilities consisted of the following:
September 30, December 31,
2021 2020
(in thousands)
Contract assets - current
Unbilled revenue $ 649  $ 749 
Other contract assets 1,664  3,047 
Total contract assets - current $ 2,313  $ 3,796 
Contract liabilities - current
Deferred revenue - short-term $ 14,199  $ 14,030 
Other contract liabilities 254  507 
Total contract liabilities - current $ 14,453  $ 14,537 
Contract liabilities - long-term $ —  $ — 
Deferred revenue - long-term 683  2,559 
Total contract liabilities - long-term $ 683  $ 2,559 
Deferred revenue and other contract liabilities are reported as contract liabilities in the accompanying 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 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 reported as of January 1, 2021 were as follows:
Contract Assets Contract Liabilities
(in thousands)
Balance as of January 1, 2021 $ 3,796  $ 17,096 
Reclassification of the beginning contract liabilities to revenue —  (8,375)
Cash payments in advance of revenue recognition —  8,268 
Reclassification of the beginning contract assets to receivables (740) — 
Cumulative catch-up adjustment arising from changes in estimates of transaction price —  (1,663)
Changes of contract costs (743) (190)
Balance as of September 30, 2021 $ 2,313  $ 15,136