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Revenue Recognition
 12 Months Ended
Jun. 30, 2021
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.
In the second quarter of fiscal year 2021, the Company changed its presentation of disaggregated revenue by product line disclosures to reflect internal realignment of the Company’s revenue reporting, specifically as it relates to recurring fee revenues. Presentation of disaggregated revenue by product line disclosures in prior periods have been changed to conform to the current period presentation.
Years ended June 30,
202120202019
(in millions)
Investor Communication Solutions
Regulatory$953.6 $792.5 $750.4 
Data-driven fund solutions358.0 339.4 303.9 
Issuer189.0 156.7 137.1 
Customer communications574.2 573.4 572.6 
Total ICS Recurring fee revenues2,074.8 1,862.0 1,764.0 
Equity and other124.6 79.5 107.3 
Mutual funds112.8 98.5 137.2 
Total ICS Event-driven fee revenues237.3 178.0 244.5 
Distribution revenues1,555.3 1,451.2 1,459.8 
Total ICS Revenues$3,867.5 $3,491.3 $3,468.3 
Global Technology and Operations
Capital markets$700.5 $650.2 $590.6 
Wealth and investment management557.6 524.0 405.7 
Total GTO Recurring fee revenues1,258.1 1,174.2 996.3 
Foreign currency exchange(131.9)(136.4)(102.4)
Total Revenues$4,993.7 $4,529.0 $4,362.2 
Revenues by Type
Recurring fee revenues$3,332.9 $3,036.3 $2,760.3 
Event-driven fee revenues237.3 178.0 244.5 
Distribution revenues1,555.3 1,451.2 1,459.8 
Foreign currency exchange(131.9)(136.4)(102.4)
Total Revenues$4,993.7 $4,529.0 $4,362.2 


Contract Balances
The following table provides information about contract assets and liabilities:
June 30,
2021		June 30,
2020		June 30,
2019
(in millions)
Contract assets$89.8 $81.9 $47.5 
Contract liabilities$382.5 $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, 2021, contract liabilities increased primarily due to a combination of recent acquisitions, growth in revenues and the timing of client payments. The Company recognized $158.7 million of revenue during the fiscal year ended June 30, 2021 that was included in the contract liability balance as of June 30, 2020. 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 fiscal year ended June 30, 2019 that was included in the contract liability balance as of July 1, 2018.