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Note 6 - Revenues
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

6. Revenues:

 

Disaggregated revenues by type of service and by country are provided below for the years ended December 31, 2021, 2020, and 2019. No individual country outside of the U.S. accounted for more than 10.0% of our consolidated revenues for the years ended December 31, 2021, 2020, or 2019.

 

  

2021

  

2020

  

2019

 

Insurance:

            

Underwriting & rating

 $1,555.1  $1,413.0  $1,274.5 

Claims

  651.8   595.7   610.9 

Total Insurance

  2,206.9   2,008.7   1,885.4 

Energy and Specialized Markets

  648.9   619.2   543.7 

Financial Services

  142.8   156.7   178.0 

Total revenues

 $2,998.6  $2,784.6  $2,607.1 

 

  

2021

  

2020

  

2019

 

Revenues:

            

United States

 $2,285.5  $2,133.6  $2,005.6 

United Kingdom

  204.4   181.6   177.3 

Other countries

  508.7   469.4   424.2 

Total revenues

 $2,998.6  $2,784.6  $2,607.1 

 

 

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 December 31, 2021 and 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 (or an amount of consideration is due) from the customer. As of December 31, 2021 and 2020, we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online content over the remaining contract term of $504.8 million and $468.2 million, respectively. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our consolidated balance sheets, respectively, as of December 31, 2021 and 2020.

 

The following is a summary of the change in contract liabilities from December 31, 2019 through December 31, 2021:

 

Contract Liabilities at December 31, 2019

 $443.2 

Revenue

  (2,784.6)

Billings

  2,809.6 

Contract Liabilities at December 31, 2020

  468.2 

Revenue

  (2,998.6)

Billings

  3,035.2 

Contract Liabilities at December 31, 2021

 $504.8 

 

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. Our 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 97% and 99% of the balance as of December 31, 2021 and 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 December 31, 2021 and 2020, we had deferred commissions of $86.8 million and $73.8 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying consolidated balance sheets.