Revenues

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

Revenues:    

Disaggregated revenues by type of service and by country are provided below for the three months ended March 31, 2020 and 2019. No individual customer or country outside of the U.S. accounted for 10.0% or more of the Company's consolidated revenues for the three months ended March 31, 2020 or 2019.

	Three Months Ended March 31,
	2020		2019
Insurance:
Underwriting & rating	$	344.1	$	305.9
Claims		145.3		147.7
Total Insurance		489.4		453.6
Energy and Specialized Markets		160.1		128.4
Financial Services		40.3		43.0
Total revenues	$	689.8	$	625.0

	Three Months Ended March 31,
	2020		2019
Revenues:
U.S.	$	523.6	$	480.6
U.K.		45.8		44.2
Other countries		120.4		100.2
Total revenues	$	689.8	$	625.0

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, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019, the Company had contract liabilities of $672.2 million and $443.2 million, respectively. The $229.0 million increase in contract liabilities from December 31, 2019 to March 31, 2020 was primarily due to billings of $314.5 million that were paid in advance, partially offset by $85.5 million of revenue recognized in the three months ended March 31, 2020. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other liabilities" in the condensed consolidated balance sheet, respectively, as of March 31, 2020 and December 31, 2019.

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 were $672.2 million and $443.2 million as of March 31, 2020 and December 31, 2019, respectively. The 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 99.0% of the balance at March 31, 2020 and December 31, 2019.

The Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects the benefits of those costs to be longer than one year. As of March 31, 2020 and December 31, 2019, the Company had deferred commissions of $66.7 million and $63.7 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in the accompanying condensed consolidated balance sheets.