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REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenue
The Company provides information, analytics and online marketplaces to the commercial real estate industry, hospitality industry, residential industry and related professionals. Revenues by operating segment and type of service consist of the following (in millions):
Year Ended December 31,
202320222021
North AmericaInternationalTotalNorth AmericaInternationalTotalNorth AmericaInternationalTotal
CoStar$886.0 $39.2 $925.2 $800.2 $36.8 $837.0 $686.9 $35.9 $722.8 
Information services132.4 38.5 170.9 125.0 32.4 157.4 113.8 27.9 141.7 
Multifamily914.2 — 914.2 745.4 — 745.4 678.7 — 678.7 
LoopNet
255.4 9.4 264.8223.77.2230.9204.8 2.7 207.5 
Residential
43.9 2.2 46.173.7—73.774.6 — 74.6 
Other Marketplaces
133.8 — 133.8 138.0 — 138.0 118.8 — 118.8 
Total revenues$2,365.7 $89.3 $2,455.0 $2,106.0 $76.4 $2,182.4 $1,877.6 $66.5 $1,944.1 
Deferred Revenue
Deferred revenue as of December 31, 2023 and 2022 was as follows (in millions):
December 31,
BalanceBalance Sheet Caption20232022
Current portionDeferred revenue$104.2 $103.6 
Non-current portionLease and other long-term liabilities0.1 0.2 
Total deferred revenue$104.3 $103.8 
Changes in deferred revenue for the period were as follows (in millions):
Balance at December 31, 2022(1)
$103.8 
Revenue recognized in the current period from the amounts in the beginning balance(103.8)
New deferrals, net of amounts recognized in the current period103.4 
Effects of foreign currency0.9 
Balance at December 31, 2023(2)
$104.3 
__________________________
(1) This balance includes $1.8 million of net new deferrals recognized in connection with business acquisitions made in 2022. See Note 5 for further discussion of acquisitions.
(2) This balance includes $1.0 million of net new deferrals recognized in connection with business acquisitions made in 2023. See Note 5 for further discussion of acquisitions.
Contract Assets
Contract assets are generated when contractual billing schedules differ from revenue recognition timing and represent a conditional right to consideration for satisfied performance obligations that becomes a receivable when the conditions are satisfied. Contract assets as of December 31, 2023 and 2022 were as follows (in millions):
December 31,
BalanceBalance Sheet Caption20232022
Current portionPrepaid expenses and other current assets$5.8 $4.0 
Non-current portionDeposits and other assets8.0 8.4 
Total contract assets
$13.8 $12.4 
Revenue recognized from contract assets for the years ended December 31, 2023 and 2022 were $1.4 million and $3.2 million, respectively.
Commissions
Commissions expense is included in selling and marketing expense in the Company's consolidated statements of operations. The Company determined that no deferred commissions were impaired as of both December 31, 2023 and 2022. Commissions expense activity for the years ended December 31, 2023, 2022 and 2021, was as follows (in millions):
Year Ended December 31,
202320222021
Commissions incurred$173.5 $162.1 $117.3 
Commissions capitalized in the current period(120.2)(116.8)(72.0)
Amortization of deferred commissions costs95.2 76.1 63.4 
Total commissions expense$148.5 $121.4 $108.7 
See Note 2 for the Company's policy on accounting for commissions.
Unsatisfied Performance Obligations
Remaining contract consideration for which revenue had not been recognized due to unsatisfied performance obligations was $409.6 million as of December 31, 2023, which the Company expects to recognize over the next five years. This amount does not include contract consideration for contracts with a duration of one year or less.