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Contracts with Customers (Tables)
9 Months Ended
Sep. 30, 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):
September 30,
2025
December 31,
2024
Unbilled receivables$2,095.4 $1,273.9 
Deferred contract costs205.4 206.8 
Deferred revenue891.1 604.3 
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):
BrokerageRisk
Management
Total
Deferred revenue at December 31, 2024$430.9 $173.4 $604.3 
Incremental deferred revenue351.9 82.9 434.8 
Revenue recognized during the nine-month period ended September 30, 2025 included in deferred revenue at December 31, 2024(328.8)(74.3)(403.1)
Net change in collected billings/deposits received from customers9.1 (1.7)7.4 
Impact of change in foreign exchange rates26.4 0.9 27.3 
Deferred revenue recognized from business acquisitions220.4 — 220.4 
Deferred revenue at September 30, 2025$709.9 $181.2 $891.1 
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):
BrokerageRisk
Management
Total
2025 (remaining three months)$461.5 $70.9 $532.4 
2026241.6 51.3 292.9 
20273.6 26.8 30.4 
20281.6 12.9 14.5 
20290.8 6.5 7.3 
Thereafter0.8 12.8 13.6 
Total$709.9 $181.2 $891.1