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Note 3 - Revenues
 9 Months Ended
Sep. 30, 2021
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, 2021 and 2020. No individual customer or country outside of the U.S. accounted for 10.0% or more of our consolidated revenues for the three and nine months ended September 30, 2021 or 2020.

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 
                 

Insurance:

                

Underwriting & rating

 $390.5  $353.6  $1,156.0  $1,052.9 

Claims

  167.4   150.7   487.5   438.9 

Total Insurance

  557.9   504.3   1,643.5   1,491.8 

Energy and Specialized Markets

  165.9   158.1   484.4   460.8 

Financial Services

  35.2   40.3   104.7   118.6 

Total revenues

 $759.0  $702.7  $2,232.6  $2,071.2 

 

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Revenues:

                

United States ("U.S.")

 $568.4  $537.6  $1,698.3  $1,584.2 

United Kingdom ("U.K.")

  53.4   46.2   152.1   136.0 

Other countries

  137.2   118.9   382.2   351.0 

Total revenues

 $759.0  $702.7  $2,232.6  $2,071.2 

 

 

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, 2021 and December 31, 2020, we 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, 2021 and December 31, 2020, we had contract liabilities of $587.0 million and $468.2 million, respectively, which relate to future performance obligations that have not been satisfied. The $118.8 million increase in contract liabilities from December 31, 2020 to September 30, 2021 was primarily due to billings of $449.1 million that were paid in advance, partially offset by $330.3 million of revenue recognized in the nine months ended September 30, 2021. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our condensed consolidated balance sheets, respectively, as of September 30, 2021 and December 31, 2020.

 

Our most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. 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, 2021 and December 31, 2020, respectively.

 

We recognize an asset for incremental costs of obtaining a contract with a customer if we expect the benefits of those costs to be longer than one year. As of September 30, 2021 and December 31, 2020, we had deferred commissions of $84.0 million and $73.8 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying condensed consolidated balance sheets.