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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows (in millions):

		March 31, 2018				December 31, 2017, As Restated
Unbilled receivables		$	682.1			$	415.2
Deferred contract costs			48.9				83.3
Deferred revenue			465.2				430.6

Summary of Changes in Deferred Revenue Balances

Significant changes in the deferred revenue balances during the period are as follows (in millions):

		Brokerage				Risk Management				Total
Deferred revenue at December 31, 2017		$	258.7			$	171.9			$	430.6
Incremental deferred revenue			144.6				37.9				182.5
Revenue recognized during the three-month period ended March 31, 2018 included in deferred revenue at December 31, 2017			(115.9	)			(32.7	)			(148.6	)
Deferred revenue recognized from business acquisitions			0.7				—				0.7
Deferred revenue at March 31, 2018		$	288.1			$	177.1			$	465.2

Summary of Expected Revenue Related to Performance Obligations

The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions):

		Brokerage				Risk Management				Total
2018 (remaining nine months)		$	244.0			$	85.3			$	329.3
2019			31.7				49.1				80.8
2020			9.0				21.3				30.3
2021			2.8				8.9				11.7
2022			0.4				4.7				5.1
Thereafter			0.2				7.8				8.0
Total		$	288.1			$	177.1			$	465.2

Accounting Standards Update 2014-09 [Member]

Summary of Consolidated Statement Line Items, which Reflect Adoption of New Revenue Recognition Guidance

The consolidated statement of earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions, except per share data):

		Three-month period ended March 31, 2017
		As Previously Reported				Impact of Adoption of ASC 606				As Restated for Adoption of ASC 606
Commissions		$	590.5			$	170.2			$	760.7
Fees			370.5				34.5				405.0
Supplemental revenues			34.5				12.8				47.3
Contingent revenues			53.4				(18.4	)			35.0
Investment income			10.8				1.5				12.3
Gains on books of business sales			1.4				—				1.4
Revenues from clean coal activities			351.8				—				351.8
Other net losses			(0.2	)			—				(0.2	)
Revenues before reimbursements			1,412.7				200.6				1,613.3
Reimbursements			—				33.1				33.1
Total revenues			1,412.7				233.7				1,646.4
Compensation			657.6				54.2				711.8
Operating			200.4				(0.9	)			199.5
Reimbursements			—				33.1				33.1
Cost of revenues from clean coal activities			366.9				—				366.9
Interest			29.9				—				29.9
Depreciation			29.5				—				29.5
Amortization			64.3				—				64.3
Change in estimated acquisition earnout payables			11.8				—				11.8
Total expenses			1,360.4				86.4				1,446.8
Earnings before income taxes			52.3				147.3				199.6
Benefit for income taxes			(15.5	)			(26.9	)			(42.4	)
Net earnings			67.8				174.2				242.0
Net earnings attributable to noncontrolling interests			12.1				1.1				13.2
Net earnings attributable to controlling interests		$	55.7			$	173.1			$	228.8
Basic net earnings per share		$	0.31			$	0.97			$	1.28
Diluted net earnings per share			0.31				0.96				1.27
Dividends declared per common share			0.39				—				0.39

Select consolidated statement of comprehensive earnings line items, which reflect the adoption of the new revenue recognition guidance, are as follows (in millions):

		Three-month period ended March 31, 2017
		As Previously Reported				Impact of Adoption of ASC 606				As Restated for Adoption of ASC 606
Net earnings		$	67.8			$	174.2			$	242.0
Change in pension liability, net of taxes			1.2				—				1.2
Foreign currency translation			58.4				(2.5	)			55.9
Change in fair value of derivative instruments, net of taxes			6.5				—				6.5
Comprehensive earnings			133.9				171.7				305.6
Comprehensive earnings attributable to noncontrolling interests			13.7				1.1				14.8
Comprehensive earnings attributable to controlling interests		$	120.2			$	170.6			$	290.8

Select balance sheet line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions):

		December 31, 2017
		As Previously Reported				Impact of Adoption of ASC 606				As Restated for Adoption of ASC 606
Assets
Premium and fees receivables		$	2,157.2			$	1,925.6			$	4,082.8
Other current assets			708.4				173.2				881.6
Deferred income taxes			905.1				(53.5	)			851.6
Other noncurrent assets			567.0				0.1				567.1
Goodwill			4,197.9				(33.1	)			4,164.8
Liabilities
Premiums payable to underwriting enterprises			3,475.9				1,510.1				4,986.0
Accrued compensation and other current liabilities			864.1				83.7				947.8
Deferred revenue - current/unearned fees			74.8				280.5				355.3
Other current liabilities			56.4				(56.4	)			—
Deferred revenue - noncurrent			—				75.3				75.3
Other noncurrent liabilities			1,128.3				(15.7	)			1,112.6
Stockholders’ equity
Retained earnings			1,095.9				125.9				1,221.8
Accumulated other comprehensive loss			(559.9	)			4.5				(555.4	)
Stockholders’ equity attributable to controlling interests			4,105.2				130.4				4,235.6
Stockholders’ equity attributable to noncontrolling interests			59.7				4.4				64.1

Select consolidated statement of cash flows line items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions):

		Three-month period ended March 31, 2017
		As Previously Reported				Impact of Adoption of ASC 606				As Restated for Adoption of ASC 606
Cash flows from operating activities
Net earnings		$	67.8			$	174.2			$	242.0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net change in premiums receivable			(206.3	)			(1,353.1	)			(1,559.4	)
Net change in deferred revenue			—				22.3				22.3
Net change in premiums payable to underwriting enterprises			(30.1	)			1,149.1				1,119.0
Net change in other current assets			56.2				42.0				98.2
Net change in accrued compensation and other current liabilities			43.1				22.3				65.4
Net change in deferred income taxes			(17.2	)			(26.8	)			(44.0	)
Net change in other noncurrent assets and liabilities			(28.0	)			(1.0	)			(29.0	)

Select statement of stockholders’ equity items, which reflect the adoption of the new revenue recognition guidance are as follows (in millions):

		Retained Earnings				Accumulated Other Comprehensive Earnings (Loss)				Stockholders’ Equity Attributable to Noncontrolling Interests				Total Stockholders’ Equity
Balance at December 31, 2017, as reported		$	1,095.9			$	(559.9	)		$	59.7			$	4,164.9
Cumulative-effect adjustment due to ASC
Topic 606 as of December 31, 2017			125.9				4.5				4.4				134.8
Balance at December 31, 2017, as restated		$	1,221.8			$	(555.4	)		$	64.1			$	4,299.7

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