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Revenue from Contracts with Customers (Tables) | 6 Months Ended
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Jun. 30, 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):
|  | June 30, 2018 |  |  | December 31, 2017, As Restated |
Unbilled receivables |  | $ | 608.7 |  |  | $ | 415.2 |
Deferred contract costs |  |  | 55.0 |  |  |  | 83.3 |
Deferred revenue |  |  | 471.8 |  |  |  | 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 |  |  | 204.1 |  |  |  | 73.4 |  |  |  | 277.5 |
Revenue recognized during the six-month period ended June 30, 2018 included in deferred revenue at December 31, 2017 |  |  | (181.0 | ) |  |  | (68.2 | ) |  |  | (249.2 | )
Deferred revenue recognized from business acquisitions |  |  | 12.9 |  |  |  | — |  |  |  | 12.9 |
Deferred revenue at June 30, 2018 |  | $ | 294.7 |  |  | $ | 177.1 |  |  | $ | 471.8 |
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 six months) |  | $ | 224.3 |  |  | $ | 69.9 |  |  | $ | 294.2 |
2019 |  |  | 59.6 |  |  |  | 47.5 |  |  |  | 107.1 |
2020 |  |  | 8.2 |  |  |  | 19.9 |  |  |  | 28.1 |
2021 |  |  | 1.7 |  |  |  | 11.0 |  |  |  | 12.7 |
2022 |  |  | 0.4 |  |  |  | 6.8 |  |  |  | 7.2 |
Thereafter |  |  | 0.5 |  |  |  | 22.0 |  |  |  | 22.5 |
Total |  | $ | 294.7 |  |  | $ | 177.1 |  |  | $ | 471.8 |
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 June 30, 2017 |
|  | As Previously Reported |  |  | Impact of Adoption of ASC 606 |  |  | As Restated for Adoption of ASC 606 |
Commissions |  | $ | 690.2 |  |  | $ | (72.0 | ) |  | $ | 618.2 |
Fees |  |  | 410.9 |  |  |  | (24.0 | ) |  |  | 386.9 |
Supplemental revenues |  |  | 41.5 |  |  |  | (5.7 | ) |  |  | 35.8 |
Contingent revenues |  |  | 29.5 |  |  |  | (8.2 | ) |  |  | 21.3 |
Investment income |  |  | 13.6 |  |  |  | 0.8 |  |  |  | 14.4 |
Gains on books of business sales |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |
Revenues from clean coal activities |  |  | 376.4 |  |  |  | — |  |  |  | 376.4 |
Other net revenues |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |
Revenues before reimbursements |  |  | 1,563.4 |  |  |  | (109.1 | ) |  |  | 1,454.3 |
Reimbursements |  |  | — |  |  |  | 35.2 |  |  |  | 35.2 |
Total revenues |  |  | 1,563.4 |  |  |  | (73.9 | ) |  |  | 1,489.5 |
Compensation |  |  | 675.7 |  |  |  | (8.8 | ) |  |  | 666.9 |
Operating |  |  | 211.6 |  |  |  | (7.4 | ) |  |  | 204.2 |
Reimbursements |  |  | — |  |  |  | 35.2 |  |  |  | 35.2 |
Cost of revenues from clean coal activities |  |  | 397.1 |  |  |  | — |  |  |  | 397.1 |
Interest |  |  | 31.6 |  |  |  | — |  |  |  | 31.6 |
Depreciation |  |  | 30.2 |  |  |  | — |  |  |  | 30.2 |
Amortization |  |  | 65.1 |  |  |  | — |  |  |  | 65.1 |
Change in estimated acquisition earnout payables |  |  | 5.1 |  |  |  | — |  |  |  | 5.1 |
Total expenses |  |  | 1,416.4 |  |  |  | 19.0 |  |  |  | 1,435.4 |
Earnings before income taxes |  |  | 147.0 |  |  |  | (92.9 | ) |  |  | 54.1 |
Benefit for income taxes |  |  | (33.4 | ) |  |  | 9.2 |  |  |  | (24.2 | )
Net earnings |  |  | 180.4 |  |  |  | (102.1 | ) |  |  | 78.3 |
Net earnings attributable to noncontrolling interests |  |  | 8.5 |  |  |  | (0.2 | ) |  |  | 8.3 |
Net earnings attributable to controlling interests |  | $ | 171.9 |  |  | $ | (101.9 | ) |  | $ | 70.0 |
Basic net earnings per share |  | $ | 0.96 |  |  | $ | (0.57 | ) |  | $ | 0.39 |
Diluted net earnings per share |  |  | 0.95 |  |  |  | (0.56 | ) |  |  | 0.39 |
Dividends declared per common share |  |  | 0.39 |  |  |  | — |  |  |  | 0.39 |
|  | Six-month period ended June 30, 2017 |
|  | As Previously Reported |  |  | Impact of Adoption of ASC 606 |  |  | As Restated for Adoption of ASC 606 |
Commissions |  | $ | 1,280.7 |  |  | $ | 98.2 |  |  | $ | 1,378.9 |
Fees |  |  | 781.4 |  |  |  | 10.5 |  |  |  | 791.9 |
Supplemental revenues |  |  | 76.0 |  |  |  | 7.1 |  |  |  | 83.1 |
Contingent revenues |  |  | 82.9 |  |  |  | (26.6 | ) |  |  | 56.3 |
Investment income |  |  | 24.4 |  |  |  | 2.3 |  |  |  | 26.7 |
Gains on books of business sales |  |  | 2.5 |  |  |  | — |  |  |  | 2.5 |
Revenues from clean coal activities |  |  | 728.2 |  |  |  | — |  |  |  | 728.2 |
Revenues before reimbursements |  |  | 2,976.1 |  |  |  | 91.5 |  |  |  | 3,067.6 |
Reimbursements |  |  | — |  |  |  | 68.3 |  |  |  | 68.3 |
Total revenues |  |  | 2,976.1 |  |  |  | 159.8 |  |  |  | 3,135.9 |
Compensation |  |  | 1,333.3 |  |  |  | 45.4 |  |  |  | 1,378.7 |
Operating |  |  | 412.0 |  |  |  | (8.3 | ) |  |  | 403.7 |
Reimbursements |  |  | — |  |  |  | 68.3 |  |  |  | 68.3 |
Cost of revenues from clean coal activities |  |  | 764.0 |  |  |  | — |  |  |  | 764.0 |
Interest |  |  | 61.5 |  |  |  | — |  |  |  | 61.5 |
Depreciation |  |  | 59.7 |  |  |  | — |  |  |  | 59.7 |
Amortization |  |  | 129.4 |  |  |  | — |  |  |  | 129.4 |
Change in estimated acquisition earnout payables |  |  | 16.9 |  |  |  | — |  |  |  | 16.9 |
Total expenses |  |  | 2,776.8 |  |  |  | 105.4 |  |  |  | 2,882.2 |
Earnings before income taxes |  |  | 199.3 |  |  |  | 54.4 |  |  |  | 253.7 |
Benefit for income taxes |  |  | (48.9 | ) |  |  | (17.7 | ) |  |  | (66.6 | )
Net earnings |  |  | 248.2 |  |  |  | 72.1 |  |  |  | 320.3 |
Net earnings attributable to noncontrolling interests |  |  | 20.6 |  |  |  | 0.9 |  |  |  | 21.5 |
Net earnings attributable to controlling interests |  | $ | 227.6 |  |  | $ | 71.2 |  |  | $ | 298.8 |
Basic net earnings per share |  | $ | 1.27 |  |  | $ | 0.40 |  |  | $ | 1.67 |
Diluted net earnings per share |  |  | 1.26 |  |  |  | 0.39 |  |  |  | 1.65 |
Dividends declared per common share |  |  | 0.78 |  |  |  | — |  |  |  | 0.78 |
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 June 30, 2017 |
|  | As Previously Reported |  |  | Impact of Adoption of ASC 606 |  |  | As Restated for Adoption of ASC 606 |
Net earnings |  | $ | 180.4 |  |  | $ | (102.1 | ) |  | $ | 78.3 |
Change in pension liability, net of taxes |  |  | 1.4 |  |  |  | — |  |  |  | 1.4 |
Foreign currency translation |  |  | 33.9 |  |  |  | (0.4 | ) |  |  | 33.5 |
Change in fair value of derivative instruments, net of taxes |  |  | 2.3 |  |  |  | — |  |  |  | 2.3 |
Comprehensive earnings |  |  | 218.0 |  |  |  | (102.5 | ) |  |  | 115.5 |
Comprehensive earnings attributable to noncontrolling interests |  |  | 8.9 |  |  |  | (0.2 | ) |  |  | 8.7 |
Comprehensive earnings attributable to controlling interests |  | $ | 209.1 |  |  | $ | (102.3 | ) |  | $ | 106.8 |
|  | Six-month period ended June 30, 2017 |
|  | As Previously Reported |  |  | Impact of Adoption of ASC 606 |  |  | As Restated for Adoption of ASC 606 |
Net earnings |  | $ | 248.2 |  |  | $ | 72.1 |  |  | $ | 320.3 |
Change in pension liability, net of taxes |  |  | 2.6 |  |  |  | — |  |  |  | 2.6 |
Foreign currency translation |  |  | 92.3 |  |  |  | (2.9 | ) |  |  | 89.4 |
Change in fair value of derivative instruments, net of taxes |  |  | 8.8 |  |  |  | — |  |  |  | 8.8 |
Comprehensive earnings |  |  | 351.9 |  |  |  | 69.2 |  |  |  | 421.1 |
Comprehensive earnings attributable to noncontrolling interests |  |  | 22.6 |  |  |  | 0.9 |  |  |  | 23.5 |
Comprehensive earnings attributable to controlling interests |  | $ | 329.3 |  |  | $ | 68.3 |  |  | $ | 397.6 |
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):
|  | Six-month period ended June 30, 2017 |
|  | As Previously Reported |  |  | Impact of Adoption of ASC 606 |  |  | As Restated for Adoption of ASC 606 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 248.2 |  |  | $ | 72.1 |  |  | $ | 320.3 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net change in premiums and fees receivable |  |  | (478.7 | ) |  |  | (1,055.7 | ) |  |  | (1,534.4 | )
Net change in deferred revenue |  |  | — |  |  |  | 29.7 |  |  |  | 29.7 |
Net change in premiums payable to underwriting enterprises |  |  | 445.1 |  |  |  | 934.3 |  |  |  | 1,379.4 |
Net change in other current assets |  |  | (17.4 | ) |  |  | 50.7 |  |  |  | 33.3 |
Net change in accrued compensation and other current liabilities |  |  | (77.0 | ) |  |  | 19.2 |  |  |  | (57.8 | )
Net change in deferred income taxes |  |  | (72.9 | ) |  |  | (17.6 | ) |  |  | (90.5 | )
Net change in other noncurrent assets and liabilities |  |  | (18.4 | ) |  |  | (1.8 | ) |  |  | (20.2 | )
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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