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Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2025

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):


		March 31, 2025				December 31, 2024
Unbilled receivables		$	1,948.6			$	1,273.9
Deferred contract costs			127.8				206.8
Deferred revenue			695.6				604.3

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, 2024		$	430.9			$	173.4			$	604.3
Incremental deferred revenue			279.4				26.2				305.6
Revenue recognized during the three-month period ended March 31, 2025 included in deferred revenue at December 31, 2024			(226.8	)			(20.9	)			(247.7	)
Net change in collected billings/deposits received from customers			20.9				(6.9	)			14.0
Impact of change in foreign exchange rates			13.1				—				13.1
Deferred revenue recognized from business acquisitions			6.3				—				6.3
Deferred revenue at March 31, 2025		$	523.8			$	171.8			$	695.6

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
2025 (remaining nine months)		$	441.1			$	95.0			$	536.1
2026			75.7				31.9				107.6
2027			5.1				19.5				24.6
2028			0.9				9.5				10.4
2029			0.5				5.0				5.5
Thereafter			0.5				10.9				11.4
Total		$	523.8			$	171.8			$	695.6