THE COMPANY AND BASIS OF PREPARATION. (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of impact of ASC 606 and other income statement reclassifications on condensed consolidated statements of income

The impact of ASC 606 and other income statement reclassifications, as previously described, on the unaudited condensed consolidated statements of income for each quarter of 2017 follows:



	Three months ended 3/31/2017											Three months ended 6/30/2017
(in millions)	As previously reported			Change in Presentation			Impact of ASC 606		Recast			As previously reported		Change in Presentation			Impact of ASC 606			Recast
Revenues
Investment advisory fees	$	991.1		$	—		$	1.6	$	992.7		$	1,043.9	$	—		$	2.1		$	1,046.0
Administrative, distribution, and servicing fees⁽¹⁾	122.5			—			17.4		139.9			127.7		—			12.3			140.0
Net revenues	1,113.6			—			19.0		1,132.6			1,171.6		—			14.4			1,186.0
Operating expenses
Compensation and related costs	397.4			—			—		397.4			403.8		—			—			403.8
Distribution and servicing	35.2			22.9			1.7		59.8			36.4		26.4			2.0			64.8
Advertising and promotion	25.6			—			.1		25.7			18.6		—			.1			18.7
Product-related costs	—			21.4			17.2		38.6			—		22.4			12.0			34.4
Technology, occupancy, and facility costs⁽²⁾	81.0			1.8			—		82.8			83.1		2.5			—			85.6
General, administrative, and other	102.7			(46.1		)	—		56.6			122.1		(51.3		)	.3			71.1
Nonrecurring insurance recoveries related to Dell appraisal rights matter	(50.0		)	—			—		(50.0		)	—		—			—			—
Total operating expenses	591.9			—			19.0		610.9			664.0		—			14.4			678.4
Net operating income	$	521.7		$	—		$	—	$	521.7		$	507.6	$	—		$	—		$	507.6

	Three months ended 9/30/2017											Three months ended 12/31/2017
(in millions)	As previously reported			Change in Presentation			Impact of ASC 606		As reported herein			As previously reported		Change in Presentation			Impact of ASC 606			Recast
Revenues
Investment advisory fees	$	1,096.7		$	—		$	2.2	$	1,098.9		$	1,156.0	$	—		$	2.2		$	1,158.2
Administrative, distribution, and servicing fees⁽¹⁾	125.0			—			14.8		139.8			130.1		—			9.3			139.4
Net revenues	1,221.7			—			17.0		1,238.7			1,286.1		—			11.5			1,297.6
Operating expenses
Compensation and related costs	417.4			—			—		417.4			446.3		—			—			446.3
Distribution and servicing	37.4			27.9			2.1		67.4			38.0		30.2			2.4			70.6
Advertising and promotion	14.0			—			—		14.0			33.8		—			.2			34.0
Product-related costs	—			23.4			14.5		37.9			—		26.0			9.1			35.1
Technology, occupancy, and facility costs⁽²⁾	84.0			2.2			.1		86.3			90.4		5.5			(.1		)	95.8
General, administrative, and other	120.4			(53.5		)	.3		67.2			146.6		(61.7		)	(.1		)	84.8
Total operating expenses	673.2			—			17.0		690.2			755.1		—			11.5			766.6
Net operating income	$	548.5		$	—		$	—	$	548.5		$	531.0	$	—		$	—		$	531.0

⁽¹⁾The “As previously reported” column aggregates the administrative fees and distribution and servicing fees lines presented in the income statement in prior year.

⁽²⁾The “As previously reported” column aggregates the depreciation and amortization of property and equipment and occupancy and facility costs lines presented in the income statement in prior year.