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Contracts with Customers (Tables) | 9 Months Ended
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Sep. 30, 2021
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 2021 |  |  | December 31, 2020 |
Unbilled receivables |  | $ | 810.6 |  |  | $ | 603.1 |
Deferred contract costs |  |  | 76.3 |  |  |  | 102.0 |
Deferred revenue |  |  | 588.2 |  |  |  | 541.3 |
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, 2020 |  | $ | 354.7 |  |  | $ | 186.6 |  |  | $ | 541.3 |
Incremental deferred revenue |  |  | 283.3 |  |  |  | 77.4 |  |  |  | 360.7 |
Revenue recognized during the nine-month period ended September 30, 2021 included in deferred revenue at December 31, 2020 |  |  | (256.5 | ) |  |  | (76.8 | ) |  |  | (333.3 | )
Net change in collected billings/deposits received from customers |  |  | 1.5 |  |  |  | 7.3 |  |  |  | 8.8 |
Impact of change in foreign exchange rates |  |  | 1.0 |  |  |  | — |  |  |  | 1.0 |
Deferred revenue recognized from business acquisitions |  |  | 9.7 |  |  |  | — |  |  |  | 9.7 |
Deferred revenue at September 30, 2021 |  | $ | 393.7 |  |  | $ | 194.5 |  |  | $ | 588.2 |
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 |
2021 (remaining three months) |  | $ | 235.6 |  |  | $ | 89.4 |  |  | $ | 325.0 |
2022 |  |  | 135.8 |  |  |  | 54.6 |  |  |  | 190.4 |
2023 |  |  | 19.3 |  |  |  | 23.4 |  |  |  | 42.7 |
2024 |  |  | 1.5 |  |  |  | 10.6 |  |  |  | 12.1 |
2025 |  |  | 0.8 |  |  |  | 5.9 |  |  |  | 6.7 |
Thereafter |  |  | 0.7 |  |  |  | 10.6 |  |  |  | 11.3 |
Total |  | $ | 393.7 |  |  | $ | 194.5 |  |  | $ | 588.2 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 + Details
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