Note 3 - Revenues

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Disaggregated revenues by type of service and by country are provided below for the three months ended March 31, 2022 and 2021. No individual customer or country outside of the U.S. accounted for 10.0% or more of our consolidated revenues for the three months ended March 31, 2022 or 2021.

	Three Months Ended March 31,
	2022		2021
Insurance:
Underwriting & rating	$	416.0	$	377.1
Claims		170.4		158.5
Total Insurance		586.4		535.6
Energy and Specialized Markets		154.3		156.2
Financial Services		34.8		34.3
Total revenues	$	775.5	$	726.1

	Three Months Ended March 31,
	2022		2021
Revenues:
United States	$	594.4	$	561.1
United Kingdom		53.0		48.4
Other countries		128.1		116.6
Total revenues	$	775.5	$	726.1

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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, 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 $708.7 million and $504.8 million, respectively. 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 March 31, 2022 and December 31, 2021.

The following is a summary of the change in contract liabilities from December 31, 2021 through March 31, 2022:

Contract Liabilities at December 31, 2021	$	504.8
Revenue		(775.5	)
Billings		979.4
Contract Liabilities at March 31, 2022	$	708.7

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 98% and 97% of the balance at March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021, we had deferred commissions of $91.3 million and $86.8 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying condensed consolidated balance sheets.