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Note 6 - Revenues
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022, and 2021. No individual country outside of the U.S. accounted for more than 10.0% of our consolidated revenues for the years ended December 31, 2023, 2022, or 2021.

 

  

2023

  

2022

  

2021

 

Insurance:

            

Underwriting

 $1,892.7  $1,734.5  $1,555.1 

Claims

  788.7   702.5   651.8 

Total Insurance

  2,681.4   2,437.0   2,206.9 

Specialized Markets

  —   22.4   112.8 

Financial Services

  —   37.6   142.8 

Total revenues

 $2,681.4  $2,497.0  $2,462.5 

 

  

2023

  

2022

  

2021

 

Revenues:

            

United States

 $2,238.3  $2,120.1  $2,057.7 

United Kingdom

  190.1   169.5   169.0 

Other countries

  253.0   207.4   235.8 

Total revenues

 $2,681.4  $2,497.0  $2,462.5 

 

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, 2023 and 2022, 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, 2023 and 2022, 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 $375.1 million and $321.7 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, 2023 and 2022.

 

The following is a summary of the change in contract liabilities from December 31, 2020 through December 31, 2022:

 

Contract Liabilities at December 31, 2021

 $349.3 

Revenue

  (2,497.0)

Acquisitions

  3.4 

Dispositions

  (61.0)

Billings

  2,527.0 

Contract Liabilities at December 31, 2022

  321.7 

Revenue

  (2,681.4)

Foreign currency translation adjustment

  (3.0)

Billings

  2,737.8 

Contract Liabilities at December 31, 2023

 $375.1 

 

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 99% and 98% of the balance as of December 31, 2023 and 2022, 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, 2023 and 2022, we had deferred commissions of $76.4 million and $69.7 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying consolidated balance sheets.