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Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 2023
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):
|  | June 30, 2023 |  |  | December 31, 2022 |
Unbilled receivables |  | $ | 1,293.7 |  |  | $ | 910.9 |
Deferred contract costs |  |  | 107.6 |  |  |  | 144.5 |
Deferred revenue |  |  | 718.5 |  |  |  | 609.3 |
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, 2022 |  | $ | 434.0 |  |  | $ | 175.3 |  |  | $ | 609.3 |
Incremental deferred revenue |  |  | 393.6 |  |  |  | 52.6 |  |  |  | 446.2 |
Revenue recognized during the six-month period ended June 30, 2023 included in deferred revenue at December 31, 2022 |  |  | (325.6 | ) |  |  | (51.3 | ) |  |  | (376.9 | )
Net change in collected billings/deposits received from customers |  |  | 7.0 |  |  |  | (4.0 | ) |  |  | 3.0 |
Impact of change in foreign exchange rates |  |  | 16.9 |  |  |  | — |  |  |  | 16.9 |
Deferred revenue recognized from business acquisitions |  |  | 20.0 |  |  |  | — |  |  |  | 20.0 |
Deferred revenue at June 30, 2023 |  | $ | 545.9 |  |  | $ | 172.6 |  |  | $ | 718.5 |
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 |
2023 (remaining six months) |  | $ | 425.6 |  |  | $ | 86.4 |  |  | $ | 512.0 |
2024 |  |  | 105.4 |  |  |  | 40.3 |  |  |  | 145.7 |
2025 |  |  | 12.4 |  |  |  | 19.9 |  |  |  | 32.3 |
2026 |  |  | 1.2 |  |  |  | 10.8 |  |  |  | 12.0 |
2027 |  |  | 0.7 |  |  |  | 6.4 |  |  |  | 7.1 |
Thereafter |  |  | 0.6 |  |  |  | 8.8 |  |  |  | 9.4 |
Total |  | $ | 545.9 |  |  | $ | 172.6 |  |  | $ | 718.5 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 + Details
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