Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Note 13—Revenue

Deferred revenues primarily represents unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of December 31, 2023 and 2022, approximately $72.0 million and $68.0 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $393.8 million, $262.9 million and $273.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, revenue of approximately $1,013.8 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $498.0 million is expected to be recognized over the next twelve months. As of December 31, 2022, revenue of approximately $1,000.3 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $484.8 million is expected to be recognized over the next twelve months.

Revenue Disaggregation

The following table disaggregates our revenues by geography (in millions):

	Year Ended December 31,
	2023		2022		2021
United States	$	3,804.3	$	3,731.8	$	3,628.2
United Kingdom		638.6		573.1		596.0
Europe (excluding United Kingdom), Middle East and Africa		457.6		402.1		327.9
Asia-Pacific and Japan		279.8		258.2		228.0
Canada		221.3		228.0		190.5
Americas, excluding United States and Canada		101.2		89.8		80.4
Total	$	5,502.8	$	5,283.0	$	5,051.0

The following table disaggregates our revenues by source (in millions):

	Year Ended December 31,
	2023		2022		2021
Software-enabled services	$	4,488.3	$	4,273.9	$	4,256.1
Maintenance and term licenses		873.7		874.7		671.2
Professional services		110.2		110.1		101.4
Perpetual licenses		30.6		24.3		22.3
Total	$	5,502.8	$	5,283.0	$	5,051.0