Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions):

	March 31, 2019		December 31, 2018
Unbilled receivables	$	767.7	$	496.2
Deferred contract costs		55.1		91.6
Deferred revenue		480.1		457.7

Summary of Changes in Deferred Revenue Balances

Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions):

	Brokerage			Risk Management			Total
Deferred revenue at December 31, 2018	$	284.7		$	173.0		$	457.7
Incremental deferred revenue		162.8			41.7			204.5
Revenue recognized during the three-month period ended March 31, 2019 included in deferred revenue at December 31, 2018		(137.6	)		(44.1	)		(181.7	)
Deferred revenue recognized from business acquisitions		(0.4	)		—			(0.4	)
Deferred revenue at March 31, 2019	$	309.5		$	170.6		$	480.1

Summary of Expected Revenue Related to Performance Obligations

The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions):

	Brokerage		Risk Management		Total
2019 (remaining nine months)	$	252.0	$	80.7	$	332.7
2020		32.9		36.3		69.2
2021		19.7		18.0		37.7
2022		3.8		10.4		14.2
2023		0.6		6.1		6.7
Thereafter		0.5		19.1		19.6
Total	$	309.5	$	170.6	$	480.1