Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

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, 2020		December 31, 2019
Unbilled receivables	$	739.7	$	556.4
Deferred contract costs		69.6		98.3
Deferred revenue		531.4		503.8

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):

				Risk
	Brokerage			Management			Total
Deferred revenue at December 31, 2019	$	337.2		$	166.6		$	503.8
Incremental deferred revenue		244.5			68.0			312.5
Revenue recognized during the nine-month period ended September 30, 2020 included in deferred revenue at December 31, 2019		(237.1	)		(76.6	)		(313.7	)
Net change in collected billings/deposits received from customers		(1.9	)		28.2			26.3
Impact of change in foreign exchange rates		(1.7	)		(0.2	)		(1.9	)
Deferred revenue recognized from business acquisitions		4.4			—			4.4
Deferred revenue at September 30, 2020	$	345.4		$	186.0		$	531.4

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
2020 (remaining three months)	$	230.8	$	79.7	$	310.5
2021		95.6		51.5		147.1
2022		16.9		26.5		43.4
2023		1.1		11.9		13.0
2024		0.5		5.8		6.3
Thereafter		0.5		10.6		11.1
Total	$	345.4	$	186.0	$	531.4