Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues:

In May 2014, the FASB issued Topic 606, which replaces numerous requirements under Topic 605, Revenue Recognition ("Topic 605"), in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Revenue is recognized in a five-step model: 1) identify the contract with a customer; 2) identify the performance obligations in the

contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when or as the company satisfies a performance obligation.

Disaggregated revenues by type of service and by country are provided below for the three and six months ended June 30, 2019 and 2018. No individual country outside of the U.S. accounted for 10.0% or more of the Company's consolidated revenues for the three and six months ended June 30, 2019 or 2018.



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Insurance:
Underwriting & rating	$	312.3	$	288.9	$	615.8	$	569.6
Claims		156.2		140.5		303.9		272.5
Total Insurance		468.5		429.4		919.7		842.1
Energy and Specialized Markets		139.8		129.9		270.6		255.4
Financial Services		44.3		42.0		87.3		85.0
Total revenues	$	652.6	$	601.3	$	1,277.6	$	1,182.5



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues:
U.S.	$	493.3	$	460.4	$	973.9	$	909.9
U.K.		44.3		36.0		88.5		71.0
Other countries		115.0		104.9		215.2		201.6
Total revenues	$	652.6	$	601.3	$	1,277.6	$	1,182.5

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 June 30, 2019 and December 31, 2018, the Company 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 (an amount of consideration is due) from the customer. As of June 30, 2019 and December 31, 2018, the Company had contract liabilities of $564.5 million and $385.1 million, respectively. The $179.4 million increase in contract liabilities from December 31, 2018 to June 30, 2019 was primarily due to billings of $376.9 million that were paid in advance, partially offset by $197.5 million of revenue recognized in the six months ended June 30, 2019. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other liabilities" in the condensed consolidated balance sheet, respectively, as of June 30, 2019 and December 31, 2018.

The Company’s most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Revenues expected to be recognized in the future related to performance obligations, included within our deferred revenue and other liabilities, that are unsatisfied at June 30, 2019 are $564.5 million. 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% of the balance at June 30, 2019.