XML 39 R29.htm IDEA: XBRL DOCUMENT

Contracts with Customers (Tables)

6 Months Ended

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