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Note 3 - Revenues
 9 Months Ended
Sep. 30, 2020
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

3. Revenues:

 

Disaggregated revenues by type of service and by country are provided below for the three and nine months ended September 30, 2020 and 2019. No individual customer or country outside of the U.S. accounted for 10.0% or more of the Company's consolidated revenues for the three and nine months ended September 30, 2020 or 2019.

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2020

    

2019

    

2020

    

2019

  
                                 

Insurance:

                                
Underwriting & rating   $ 347.9     $ 312.5     $ 1,035.5     $ 933.1  
Claims     150.7       156.5       438.9       460.4  

Total Insurance

     498.6       469.0       1,474.4       1,393.5  
Energy and Specialized Markets     163.8       140.3       478.2       406.1  
Financial Services     40.3       43.4       118.6       130.7  

Total revenues

   $ 702.7     $ 652.7     $ 2,071.2     $ 1,930.3  

 

   

Three Months Ended September 30,

    

Nine Months Ended September 30,

  
   

2020

    

2019

    

2020

    

2019

  

Revenues:

                                
U.S.   $ 537.6     $ 515.9     $ 1,584.2     $ 1,489.8  
U.K.     46.2       42.0       136.0       130.5  
Other countries     118.9       94.8       351.0       310.0  

Total revenues

   $ 702.7     $ 652.7     $ 2,071.2     $ 1,930.3  

 

Contract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of September 30, 2020 and December 31, 2019, the Company had no contract assets. Contract liabilities are defined as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (an amount of consideration is due) from the customer. As of September 30, 2020 and December 31, 2019, the Company had contract liabilities of $533.8 million and $443.2 million, respectively. The $90.6 million increase in contract liabilities from December 31, 2019 to September 30, 2020 was primarily due to billings of $405.6 million that were paid in advance, partially offset by $315.0 million of revenue recognized in the nine months ended September 30, 2020. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other liabilities" in the condensed consolidated balance sheet, respectively, as of September 30, 2020 and December 31, 2019.

 

The Company’s most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Revenues expected to be recognized in the future related to performance obligations, included within deferred revenues and other liabilities, that are unsatisfied were $533.8 million and $443.2 million as of September 30, 2020 and December 31, 2019, respectively. The disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. These performance obligations, which are expected to be satisfied within one year, comprised approximately 98% and 99% of the balance at September 30, 2020 and December 31, 2019, respectively.

 

The Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects the benefits of those costs to be longer than one year. As of September 30, 2020 and December 31, 2019, the Company had deferred commissions of $71.0 million and $63.7 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in the accompanying condensed consolidated balance sheets.