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Revenue Recognition
 12 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Disaggregation of Revenue
The Company has presented below its revenue disaggregated by product line and by revenue type within each of its Investor Communication Solutions and Global Technology and Operations reportable segments.
Fee revenues in the Investor Communication Solutions segment are derived from both recurring and event-driven activity. In addition, the level of recurring and event-driven activity the Company processes directly impacts distribution revenues. While event-driven activity is highly repeatable, it may not recur on an annual basis. Event-driven fee revenues are based on the number of special events and corporate transactions the Company processes. Event-driven activity is impacted by financial market conditions and changes in regulatory compliance requirements, resulting in fluctuations in the timing and levels of event-driven fee revenues. Distribution revenues primarily include revenues related to the physical mailing of proxy materials, interim communications, transaction reporting, customer communications and fulfillment services, as well as Matrix administrative services.
Fiscal Year Ended June 30, 2020Fiscal Year Ended June 30, 2019
(in millions)(in millions)
Investor Communication Solutions
Equity proxy$473.3  $437.0  
Mutual fund and exchange traded funds (“ETF”) interims284.6  265.9  
Customer communications and fulfillment735.4  736.4  
Other ICS368.7  324.8  
Total ICS Recurring fee revenues1,862.0  1,764.0  
Equity and other79.5  107.3  
Mutual funds98.5  137.2  
Total ICS Event-driven fee revenues178.0  244.5  
Distribution revenues1,451.2  1,459.8  
Total ICS Revenues$3,491.3  $3,468.3  
Global Technology and Operations
Equities and other$996.2  $831.7  
Fixed income178.0  164.6  
Total GTO Recurring fee revenues1,174.2  996.3  
Foreign currency exchange(136.4) (102.4) 
Total Revenues$4,529.0  $4,362.2  
Revenues by Type
Recurring fee revenues$3,036.3  $2,760.3  
Event-driven fee revenues178.0  244.5  
Distribution revenues1,451.2  1,459.8  
Foreign currency exchange(136.4) (102.4) 
Total Revenues$4,529.0  $4,362.2  
Contract Balances
The following table provides information about contract assets and liabilities:
June 30,
2020		June 30,
2019
(in millions)
Contract assets$81.9  $47.5  
Contract liabilities$286.6  $251.6  
Contract assets result from revenue already recognized but not yet invoiced, including certain future amounts to be collected under software term licenses and certain other client contracts. Contract liabilities represent consideration received or receivable from clients before the transfer of control occurs (deferred revenue). Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.
During the fiscal year ended June 30, 2020, contract assets increased primarily due to an increase in software term license revenues recognized but not yet invoiced, while contract liabilities increased primarily due to recent acquisitions and the timing of client payments. The Company recognized $141.2 million of revenue during the fiscal year ended June 30, 2020 that was
included in the contract liability balance as of June 30, 2019. The Company recognized $96.4 million of revenue during the fiscal year ended June 30, 2019 that was included in the contract liability balance as of July 1, 2018.