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Operating Revenues
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Operating Revenues Operating Revenues
Operating revenues by solution type consist of the following:
(in thousands)PIRMUWSCorporate and EliminationsConsolidated
For the Three Months Ended September 30, 2020
Property insights$126,325 $— $— $126,325 
Insurance and spatial solutions49,923 — — 49,923 
Flood data solutions— 34,351 — 34,351 
Valuation solutions— 58,434 — 58,434 
Property tax solutions— 166,858 — 166,858 
Other— 3,699 (2,863)836 
Total operating revenue$176,248 $263,342 $(2,863)$436,727 
For the Three Months Ended September 30, 2019
Property insights$120,340 $— $— $120,340 
Insurance and spatial solutions48,739 — — 48,739 
Flood data solutions— 22,983 — 22,983 
Valuation solutions— 77,426 — 77,426 
Property tax solutions— 103,671 — 103,671 
Other— 5,058 (2,646)2,412 
Total operating revenue$169,079 $209,138 $(2,646)$375,571 
For the Nine Months Ended September 30, 2020
Property insights$359,175 $— $— $359,175 
Insurance and spatial solutions145,204 — — 145,204 
Flood data services— 91,931 — 91,931 
Valuation solutions— 182,637 — 182,637 
Property tax solutions— 394,799 — 394,799 
Other— 11,088 (10,101)987 
Total operating revenue$504,379 $680,455 $(10,101)$1,174,733 
For the Nine Months Ended September 30, 2019
Property insights$359,278 $— $— $359,278 
Insurance and spatial solutions142,576 — — 142,576 
Flood data services— 61,572 — 61,572 
Valuation solutions— 230,891 — 230,891 
Property tax solutions— 282,724 — 282,724 
Other— 17,988 (6,997)10,991 
Total operating revenue$501,854 $593,175 $(6,997)$1,088,032 
Property Insights

Our property insights solutions combine our patented predictive analytics with our proprietary and contributed data to enable our clients to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, identify real estate trends and neighborhood characteristics, track market performance, and increase market share. Our data is comprised of real estate information, incorporating crime, site inspection, neighborhood, document images, and other information from proprietary sources. We also offer verification of applicant income, identity and employment services. We typically license data in one of two forms: bulk data licensing and transactional licensing. Operating revenue for bulk data licensing contracts that provide a stand-ready obligation or include substantive updates to the intellectual property is recognized ratably over the contractual term; otherwise, operating revenue is recognized upon delivery. For transactional licensing, we recognize operating revenue based on usage.

Insurance and Spatial Solutions

Our insurance and spatial solutions provide originators and property and casualty insurers the ability to more effectively locate, assess and manage property-level assets and risks through location-based data and analytics. We also provide cloud-based property claims workflow technology for property and casualty insurers. The licensed intellectual property data is generally provided to our clients on a subscription or usage basis. For subscription contracts, operating revenue is recognized ratably over the contractual term once initial delivery has occurred. For contracts to provide a license to data which is delivered via report or data file, operating revenue is recognized when the client obtains control of the products, which is upon delivery.

Property Tax Solutions

Our property tax solutions are built from aggregated property tax information from over 20,000 taxing authorities. We use this information to advise mortgage lenders and servicers of the property tax payment status of loans in their portfolio and to monitor that status over the life of the loans. If a mortgage lender or servicer requires tax payments to be impounded on behalf of its borrowers, we can also facilitate the transfer of these funds to the taxing authorities and provide the lender or servicer with payment confirmation. Property tax processing revenues are primarily comprised of periodic loan fees and life-of-loan fees. For periodic fee arrangements, we generate monthly fees at a contracted rate for as long as we service the loan. For life-of-loan fee arrangements, we charge a one-time fee when the loan is set-up in our tax servicing system. Life-of-loan fees are deferred and recognized ratably over the expected service period of 10 years and adjusted for early loan cancellation. Revenue recognition rates of loan portfolios are regularly analyzed and adjusted monthly to reflect current trends.

Valuation Solutions

Our valuation solutions represent property valuation-related data driven services and analytics combined with collateral valuation workflow technologies which assist our clients in assessing risk of loss using both traditional and alternative forms of property valuation, driving process efficiencies as well as ensuring compliance with lender and governmental regulations. We provide collateral information technology and solutions that automate property appraisal ordering, tracking, documentation and review for lender compliance with government regulations. Revenue for the property appraisal service is recognized when the appraisal service is performed and delivered to the client. In addition, to the extent that we provide continuous access to the hosted software platform, we recognize operating revenue over the term of the arrangement.

Flood Data Solutions

Our flood data solutions provide flood zone determinations primarily to mortgage lenders in accordance with US Federal legislation passed in 1994, which requires that most lenders obtain a determination of the current flood zone status at the time each loan is originated and obtain applicable updates during the life of the loan if contracted to do so. We also provide flood zone determinations to insurance companies. We generally recognize operating revenue upon delivery of the initial determination. If contracted for life of loan monitoring, we recognize operating revenue over the estimated service period, as adjusted for early loan cancellation.
Contract Costs

Incremental costs to obtain or fulfill client contracts are recognized as an asset. As of September 30, 2020, we had $13.0 million of current deferred contract costs which are presented in prepaid expenses and other current assets, as well as $23.4 million of long-term deferred contract costs which are presented in other assets in our condensed consolidated balance sheet. As of December 31, 2019, we had $9.8 million of current deferred contract costs which are presented in prepaid expenses and other current assets as well as $23.1 million of long-term deferred contract costs which are presented in other assets in our
consolidated balance sheet. Our deferred contract costs primarily include certain set-up and acquisition costs related to property tax solutions, which amortize ratably over an expected 10-year life, adjusted for early loan cancellations. For the three months ended September 30, 2020 and 2019, we recorded amortization associated with deferred contract costs of $5.6 million and $3.4 million, respectively, and $13.9 million and $9.8 million, respectively, for the nine months ended September 30, 2020 and 2019.

Contract Liabilities

We record a contract liability when amounts are invoiced, which is generally prior to the satisfaction of the performance obligation. For property tax solutions, we invoice upfront fees to clients for services to be performed over time. For property insights and insurance and spatial solutions we invoice quarterly and annually, commencing upon execution of the contracts or at the beginning of the license term, as applicable.

As of September 30, 2020, we had $986.9 million in contract liabilities compared to $883.8 million as of December 31, 2019. The overall change of $103.1 million in contract liability balances is primarily due to $632.4 million of new deferred billings in the current year, partially offset by $530.2 million of operating revenue recognized, of which $292.8 million related to contracts previously deferred, and other increases of $0.9 million.

Remaining Performance Obligations

The majority of our arrangements are between one and three years with a significant portion being one year or less. For the remaining population of non-cancellable and fixed arrangements greater than one year, as of September 30, 2020 we had $1.2 billion of remaining performance obligations. We expect to recognize approximately 11% percent of this remaining revenue backlog in 2020, 31% in 2021, 21% in 2022 and 37% thereafter. See further discussion of performance obligations in Note 1 - Basis for Condensed Consolidated Financial Statements.