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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Changes to the Presentation of Consolidated Balance Sheet and Statement of Cash Flows

The effect of the changes to the presentation of our consolidated balance sheet as of December 31, 2022 is summarized below:

		December 31,
(In millions)		Reported 2022				Change				Revised 2022
Cash and cash equivalents		$	342.3			$	396.1			$	738.4
Restricted cash			4,621.9				(4,621.9	)			—
Premiums and fees receivable			16,408.9				(16,408.9	)			—
Fiduciary assets			—				18,236.7				18,236.7
Accounts receivable, net			—				2,911.1				2,911.1
Other current assets			1,461.5				(1,062.5	)			399.0
Total current assets			22,834.6				(549.4	)			22,285.2
Total assets			38,907.8				(549.4	)			38,358.4
Premium payable to underwriting enterprises			18,698.2				(18,698.2	)			—
Fiduciary liabilities			—				18,236.7				18,236.7
Accrued compensation and other accrued liabilities			2,091.2				(87.9	)			2,003.3
Total current liabilities			21,888.0				(549.4	)			21,338.6
Total liabilities			29,717.6				(549.4	)			29,168.2
Total liabilities and stockholders' equity			38,907.8				(549.4	)			38,358.4

The effect of the changes to the presentation of our statement of cash flows for the nine-month period ended September 30, 2022 is summarized below:

		Nine-month period ended September 30,
(In millions)		Reported 2022				Change				Revised 2022
Cash flows from operating activities:
Net change in accounts receivable, net		$	—			$	(506.6	)		$	(506.6	)
Net change in premium and fees receivable			(5,776.8	)			5,776.8				—
Net change in premiums payable to underwriting enterprises			6,200.1				(6,200.1	)			—
Net change in other current assets			64.9				(59.1	)			5.8
Net change in accrued compensation and other accrued liabilities			126.4				(153.9	)			(27.5	)
Net cash provided by operating activities			1,925.0				(1,142.9	)			782.1
Cash flows from financing activities:
Net change in fiduciary assets and liabilities			—				1,142.9				1,142.9
Net cash provided by (used) by financing activities			(269.7	)			1,142.9				873.2

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- References

No definition available.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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