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Table of Contents


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    

Commission File Number 001-35985
CDW CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware
 
26-0273989
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
75 Tri-State International
 

Lincolnshire
,
Illinois
 
60069
(Address of principal executive offices)
 
(Zip Code)
(847) 465-6000
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
CDW
Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes      No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes      No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:


Table of Contents


 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).       Yes      No
As of July 26, 2019, there were 144,714,566 shares of common stock, $0.01 par value, outstanding.
 


Table of Contents


CDW CORPORATION AND SUBSIDIARIES
FORM 10-Q

TABLE OF CONTENTS

 
 
Page
PART I
FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
 
Item 1.
Item 1A.  
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
SIGNATURES


Table of Contents


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except per-share amounts)
 
June 30, 2019
 
December 31, 2018
Assets
(unaudited)
 

Current assets:
 
 
 
Cash and cash equivalents
$
194.5

 
$
205.8

Accounts receivable, net of allowance for doubtful accounts of $8.9 and $7.0, respectively
2,967.3

 
2,671.2

Merchandise inventory
652.2

 
454.3

Miscellaneous receivables
406.0

 
316.4

Prepaid expenses and other
205.3

 
149.1

Total current assets
4,425.3

 
3,796.8

Operating lease right-of-use assets
117.3

 

Property and equipment, net
163.4

 
156.1

Goodwill
2,524.7

 
2,462.8

Other intangible assets, net
660.5

 
712.2

Other assets
30.7

 
39.8

Total Assets
$
7,921.9

 
$
7,167.7

Liabilities and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable-trade
$
2,055.8

 
$
1,577.1

Accounts payable-inventory financing
465.7

 
429.3

Current maturities of long-term debt
25.5

 
25.3

Contract liabilities
200.8

 
178.3

Accrued expenses and other current liabilities:
 
 

Compensation
161.7

 
186.4

Advertising
140.2

 
119.2

Sales and income taxes
59.8

 
55.5

Other
350.8

 
232.0

Total current liabilities
3,460.3

 
2,803.1

Long-term liabilities:
 
 
 
Debt
3,253.3

 
3,183.3

Deferred income taxes
123.1

 
141.9

Operating lease liabilities
86.6

 

Other liabilities
62.5

 
64.2

Total long-term liabilities
3,525.5

 
3,389.4

Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods

 

Common stock, $0.01 par value, 1,000.0 shares authorized; 145.0 and 147.7 shares outstanding, respectively
1.5

 
1.5

Paid-in capital
3,047.6

 
2,996.9

Accumulated deficit
(1,973.6
)
 
(1,892.6
)
Accumulated other comprehensive loss
(139.4
)
 
(130.6
)
Total stockholders' equity
936.1

 
975.2

Total Liabilities and Stockholders' Equity
$
7,921.9

 
$
7,167.7


The accompanying notes are an integral part of the Consolidated Financial Statements.

3

Table of Contents


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per-share amounts)
(unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
4,629.9

 
$
4,186.1

 
$
8,587.8

 
$
7,792.5

Cost of sales
 
3,856.1

 
3,490.5

 
7,141.9

 
6,493.0

Gross profit
 
773.8

 
695.6

 
1,445.9

 
1,299.5

Selling and administrative expenses
 
420.4

 
381.4

 
824.4

 
744.1

Advertising expense
 
53.1

 
48.7

 
92.3

 
85.8

Operating income
 
300.3

 
265.5

 
529.2

 
469.6

Interest expense, net
 
(40.5
)
 
(37.2
)
 
(78.8
)
 
(74.9
)
Other income, net
 
1.4

 
1.5

 
2.4

 
0.8

Income before income taxes
 
261.2

 
229.8

 
452.8

 
395.5

Income tax expense
 
(64.6
)
 
(56.8
)
 
(103.3
)
 
(95.5
)
Net income
 
$
196.6

 
$
173.0

 
$
349.5

 
$
300.0

 
 
 
 
 
 
 
 
 
Net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
1.35

 
$
1.14

 
$
2.39

 
$
1.98

Diluted
 
$
1.33

 
$
1.12

 
$
2.35

 
$
1.94

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
145.7

 
151.6

 
146.3

 
151.9

Diluted
 
148.3

 
153.9

 
148.7

 
154.4


The accompanying notes are an integral part of the Consolidated Financial Statements.

4

Table of Contents


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
196.6

 
$
173.0

 
$
349.5

 
$
300.0

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Unrealized (loss) gain from hedge accounting, net of tax
 
(4.1
)
 
1.4

 
(12.4
)
 
4.1

Reclassification of hedge accounting gain to net income, net of tax
 
0.2

 
0.9

 
1.7

 
1.4

Foreign currency translation, net of tax
 
(8.0
)
 
(28.9
)
 
1.9

 
(14.7
)
Other comprehensive loss
 
(11.9
)
 
(26.6
)
 
(8.8
)
 
(9.2
)
Comprehensive income
 
$
184.7

 
$
146.4

 
$
340.7

 
$
290.8

The accompanying notes are an integral part of the Consolidated Financial Statements.

5


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in millions)
(unaudited)
 
Three Months Ended June 30, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of March 31, 2019
 
146.3

 
$
1.5

 
$
3,025.3

 
$
(1,972.0
)
 
$
(127.5
)
 
$
927.3

Net income
 

 

 

 
196.6

 

 
196.6

Equity-based compensation expense
 

 

 
11.8

 

 

 
11.8

Stock option exercises
 
0.2

 

 
6.0

 

 

 
6.0

Coworker stock purchase plan
 

 

 
4.3

 

 

 
4.3

Repurchases of common stock
 
(1.5
)
 

 

 
(155.1
)
 

 
(155.1
)
Dividends paid ($0.295 per share)
 

 

 
0.2

 
(43.1
)
 

 
(42.9
)
Foreign currency translation
 

 

 

 

 
(8.0
)
 
(8.0
)
Unrealized loss from hedge accounting
 

 

 

 

 
(4.1
)
 
(4.1
)
Realized gain from hedge accounting
 

 

 

 

 
0.2

 
0.2

Balance as of June 30, 2019
 
145.0

 
$
1.5

 
$
3,047.6

 
$
(1,973.6
)
 
$
(139.4
)
 
$
936.1

 
 
Three Months Ended June 30, 2018
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of March 31, 2018
 
151.9

 
$
1.5

 
$
2,928.5

 
$
(1,854.6
)
 
$
(78.5
)
 
$
996.9

Net income
 

 

 

 
173.0

 

 
173.0

Equity-based compensation expense
 

 

 
9.0

 

 

 
9.0

Stock option exercises
 
0.4

 

 
12.6

 

 

 
12.6

Coworker stock purchase plan
 
0.1

 

 
3.0

 

 

 
3.0

Repurchases of common stock
 
(0.9
)
 

 

 
(67.2
)
 

 
(67.2
)
Dividends paid ($0.210 per share)
 

 

 
0.2

 
(32.0
)
 

 
(31.8
)
Foreign currency translation
 

 

 

 

 
(28.9
)
 
(28.9
)
Unrealized gain from hedge accounting
 

 

 

 

 
1.4

 
1.4

Realized gain from hedge accounting
 

 

 

 

 
0.9

 
0.9

Balance as of June 30, 2018
 
151.5

 
$
1.5

 
$
2,953.3

 
$
(1,780.8
)
 
$
(105.1
)
 
$
1,068.9


6


 
Six Months Ended June 30, 2019
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of December 31, 2018
 
147.7

 
$
1.5

 
$
2,996.9

 
$
(1,892.6
)
 
$
(130.6
)
 
$
975.2

Net income
 

 

 

 
349.5

 

 
349.5

Equity-based compensation expense
 

 

 
24.0

 

 

 
24.0

Stock options exercised
 
0.7

 

 
19.0

 

 

 
19.0

Coworker stock purchase plan
 

 

 
7.3

 

 

 
7.3

Repurchases of common stock
 
(3.4
)
 

 

 
(332.2
)
 

 
(332.2
)
Dividends paid ($0.590 per share)
 

 

 
0.4

 
(86.7
)
 

 
(86.3
)
Incentive compensation plan units withheld for taxes
 

 

 

 
(11.6
)
 

 
(11.6
)
Foreign currency translation
 

 

 

 

 
1.9

 
1.9

Unrealized loss from hedge accounting
 

 

 

 

 
(12.4
)
 
(12.4
)
Realized gain from hedge accounting
 

 

 

 

 
1.7

 
1.7

Balance as of June 30, 2019
 
145.0

 
$
1.5

 
$
3,047.6

 
$
(1,973.6
)
 
$
(139.4
)
 
$
936.1

 
Six Months Ended June 30, 2018
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
Shares
 
Amount
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive Loss
 
Total
Stockholders' Equity
Balance as of December 31, 2017
 
153.1

 
$
1.5

 
$
2,911.6

 
$
(1,831.6
)
 
$
(95.9
)
 
$
985.6

Net income
 

 

 

 
300.0

 

 
300.0

Equity-based compensation expense
 

 

 
16.1

 

 

 
16.1

Stock options exercised
 
0.7

 

 
19.9

 

 

 
19.9

Coworker stock purchase plan
 
0.1

 

 
5.4

 

 

 
5.4

Repurchases of common stock
 
(2.4
)
 

 

 
(176.4
)
 

 
(176.4
)
Dividends paid ($0.420 per share)
 

 

 
0.3

 
(64.1
)
 

 
(63.8
)
Incentive compensation plan units withheld for taxes
 

 

 

 
(8.7
)
 

 
(8.7
)
Foreign currency translation
 

 

 

 

 
(14.7
)
 
(14.7
)
Unrealized gain from hedge accounting
 

 

 

 

 
4.1

 
4.1

Realized gain from hedge accounting
 

 

 

 

 
1.4

 
1.4

Balance as of June 30, 2018
 
151.5

 
$
1.5

 
$
2,953.3

 
$
(1,780.8
)
 
$
(105.1
)
 
$
1,068.9

The accompanying notes are an integral part of the Consolidated Financial Statements.


7

Table of Contents


CDW CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
 
Six Months Ended June 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
349.5

 
$
300.0

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
129.3

 
132.9

Equity-based compensation expense
 
24.9

 
19.1

Deferred income taxes
 
(22.5
)
 
(28.1
)
Other
 
6.4

 
5.1

Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
(230.1
)
 
(295.2
)
Merchandise inventory
 
(197.3
)
 
(167.7
)
Other assets
 
(109.6
)
 
(62.2
)
Accounts payable-trade
 
414.9

 
386.8

Other liabilities
 
49.0

 
41.6

Net cash provided by operating activities
 
414.5

 
332.3

Cash flows used in investing activities:
 
 
 
 
Capital expenditures
 
(43.9
)
 
(33.6
)
Acquisition of business, net of cash acquired
 
(75.0
)
 

Net cash used in investing activities
 
(118.9
)
 
(33.6
)
Cash flows used in financing activities:
 
 
 
 
Proceeds from borrowings under revolving credit facility
 
891.0

 
488.1

Repayments of borrowings under revolving credit facility
 
(815.0
)
 
(474.4
)
Repayments of long-term debt
 
(9.6
)
 
(7.5
)
Net change in accounts payable-inventory financing
 
36.3

 
(110.4
)
Repurchases of common stock
 
(332.2
)
 
(176.4
)
Payment of incentive compensation plan withholding taxes

 
(11.6
)
 
(8.7
)
Dividend payments
 
(86.3
)
 
(63.8
)
Other
 
22.2

 
14.9

Net cash used in financing activities
 
(305.2
)
 
(338.2
)
Effect of exchange rate changes on cash and cash equivalents
 
(1.7
)
 
(4.0
)
Net decrease in cash and cash equivalents
 
(11.3
)
 
(43.5
)
Cash and cash equivalents—beginning of period
 
205.8

 
144.2

Cash and cash equivalents—end of period
 
$
194.5

 
$
100.7

Supplementary disclosure of cash flow information:
 
 
 
 
Interest paid
 
$
(76.0
)
 
$
(74.5
)
Taxes paid, net
 
$
(115.2
)
 
$
(118.4
)

The accompanying notes are an integral part of the Consolidated Financial Statements.

8



1.
Description of Business and Summary of Significant Accounting Policies
Description of Business
CDW Corporation ("Parent") is a Fortune 500 company with multi-national capabilities and a leading provider of integrated information technology ("IT") solutions to small, medium and large business, government, education and healthcare customers in the United States ("US"), the United Kingdom ("UK") and Canada. The Company's offerings range from discrete hardware and software products to integrated IT solutions such as mobility, security, data center optimization, cloud computing, virtualization and collaboration.
Throughout this report, the terms the "Company" and "CDW" refer to Parent and its 100% owned subsidiaries.
Parent has two 100% owned subsidiaries, CDW LLC and CDW Finance Corporation. CDW LLC is an Illinois limited liability company that, together with its 100% owned subsidiaries, holds all material assets and conducts all business activities and operations of the Company. CDW Finance Corporation is a Delaware corporation formed for the sole purpose of acting as co-issuer of certain debt obligations as described in Note 13 (Supplemental Guarantor Information) and does not hold any material assets or engage in any business activities or operations.
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements as of June 30, 2019 and for the three and six months ended June 30, 2019 and 2018 (the "Consolidated Financial Statements") have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the US Securities and Exchange Commission (the "SEC") for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "December 31, 2018 Consolidated Financial Statements"). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2018 Consolidated Financial Statements. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, comprehensive income, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for such interim periods reported are not necessarily indicative of results for the full year.
Principles of Consolidation
The accompanying Consolidated Financial Statements include the accounts of Parent and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates
The preparation of the Consolidated Financial Statements in accordance with GAAP requires management to make use of certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenue and expenses during the reported periods. The Company bases its estimates on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
The notes to the Consolidated Financial Statements contained in the December 31, 2018 Consolidated Financial Statements include a discussion of the significant accounting policies and estimates used in the preparation of the Company's Consolidated Financial Statements. Except as noted below for the adoption of Accounting Standards Update ("ASU") 2016-02, Leases ("Topic 842"), there have been no material changes to the Company's significant accounting policies and estimates during the six months ended June 30, 2019.

9


Leases
The Company enters into operating lease contracts, as assessed at contract inception, primarily for real estate, data centers and equipment. On the Company's Consolidated Balance Sheets, Operating lease assets are included in Operating lease right-of-use assets and Operating lease liabilities are included in Other current liabilities and Long-term operating lease liabilities. At the lease commencement date, the Company records Operating lease liabilities based on the present value of the future lease payments. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the commencement date. For real estate and data center contracts, the Company accounts for the lease and non-lease components as a single lease component. For certain equipment leases, the Company applies a portfolio approach to account for the right-of-use asset and operating lease liability. In assessing the lease term, the Company includes options to renew only when it is reasonably certain that it will be exercised; a determination which is at the sole discretion of the Company. Generally, for leases with an initial term of 12 months or less, the Company has elected to not record a right-of-use asset and lease liability. For equipment leases used in revenue generating activities, the Company will record a right-of-use asset and lease liability for leases with a term of 12 months or less. The Company records lease expense on a straight-line basis over the lease term beginning on the commencement date.
2.
Recent Accounting Pronouncements
Measurement of Credit Losses on Financial Instruments
In June 2016, the Financial Accounting Standards Board (the "FASB") issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU introduces a new forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require considerations of historical information, current information and reasonable and supportable forecasts. The ASU also expands the disclosure requirements to enable users of financial statements to understand the assumptions, models and methods for estimating expected credit losses. The ASU is effective for the Company beginning in the first quarter of 2020 and allows for early adoption. The Company is currently evaluating the impact the ASU will have on its Consolidated Financial Statements.
Accounting for Leases
On January 1, 2019, the Company adopted and applied Topic 842. The adoption of the standard resulted in the recognition of right-of-use assets and additional lease liabilities of $81 million as of January 1, 2019, mainly related to operating leases for the Company's real estate portfolio. For additional details regarding the impact to the Company's Consolidated Balance Sheets from adopting this standard, see Note 9 (Leases).
3.
Acquisition
On February 1, 2019, the Company completed the acquisition of all issued and outstanding shares of Scalar Decisions Inc. ("Scalar"), a leading technology solutions provider in Canada, for a total final purchase price of $88 million of which $13 million is deferred to satisfy potential indemnity obligations and is expected to be paid in the first quarter of 2021. The financial results of Scalar have been included in the Company's Consolidated Financial Statements since the date of the acquisition. The financial results are included in the Canada operating segment which is shown in an all other category ("Other") along with CDW UK. The purchase price allocation is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available.
The preliminary purchase price allocation is as follows:
(in millions)
 
Acquisition-Date Fair Value
Net assets acquired
 
$
5.9

Identified intangible assets(1)
 
20.3

Goodwill(2)
 
61.8

Total purchase price
 
$
88.0

(1)
Net of a related deferred tax liability of $7 million.

10


(2)
Goodwill in the amount of $62 million was recognized in connection with the acquisition of Scalar, primarily attributed to cross selling opportunities and overall corporate synergies. The full amount of goodwill recognized is not deductible for income tax purposes in Canada.
4.
Inventory Financing Agreements
The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions, as described below. These amounts are classified separately as Accounts payable-inventory financing on the Consolidated Balance Sheets. The Company does not incur any interest expense associated with these agreements as balances are paid when they are due.
Amounts included in Accounts payable-inventory financing are as follows:
(in millions)
 
June 30, 2019
 
December 31, 2018
Revolving Loan inventory financing agreement(1)
 
$
451.7

 
$
406.3

Other inventory financing agreements
 
14.0

 
23.0

Accounts payable-inventory financing
 
$
465.7

 
$
429.3


(1)
The Senior Secured Asset-Based Revolving Credit Facility includes an inventory floorplan sub-facility that enables the Company to maintain an inventory financing agreement with a financial intermediary to facilitate the purchase of inventory from certain vendors on more favorable terms than offered directly by the vendors.
5.
Contract Liabilities and Performance Obligations
The Company's contract liabilities consist of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. The Company's contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. As of June 30, 2019 and December 31, 2018, the contract liability balance was $201 million and $178 million, respectively. During the six months ended June 30, 2019 and 2018, the Company recognized revenue of $113 million and $116 million, respectively, related to its contract liabilities.
A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following table represents the total transaction price for the remaining performance obligations as of June 30, 2019 related to non-cancelable contracts longer than 12 months in duration that is expected to be recognized over future periods.
(in millions)
 
Within 1 Year
 
Years 1-2
 
Years 2-3
 
Thereafter
Remaining performance obligations