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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 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):


		September 30, 2019				December 31, 2018
Unbilled receivables		$	675.5			$	496.2
Deferred contract costs			64.3				91.6
Deferred revenue			493.9				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			239.2				109.3				348.5
Revenue recognized during the nine-month period ended September 30, 2019 included in deferred revenue at December 31, 2018			(221.0	)			(115.6	)			(336.6	)
Deferred revenue recognized from business acquisitions			24.3				—				24.3

Deferred revenue at September 30, 2019		$	327.2			$	166.7			$	493.9

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 three months)		$	193.3			$	50.6			$	243.9
2020			111.4				53.7				165.1
2021			17.0				24.3				41.3
2022			3.8				13.6				17.4
2023			0.9				7.8				8.7
Thereafter			0.8				16.7				17.5

Total		$	327.2			$	166.7			$	493.9