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Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	133.4	$	156.0	$	441.0	$	278.3
Retirement and Income Solutions – Spread		2.1		2.3		6.2		7.5
Total Retirement and Income Solutions		135.5		158.3		447.2		285.8
Principal Global Investors		377.0		362.8		1,108.1		1,041.3
Principal International		111.1		114.8		322.2		345.9
U.S. Insurance Solutions:
Specialty Benefits insurance		3.9		3.8		11.2		11.1
Individual Life insurance		12.0		12.8		35.8		37.4
Eliminations		—		—		(0.1)		(0.1)
Total U.S. Insurance Solutions		15.9		16.6		46.9		48.4
Corporate		42.4		39.5		111.2		119.0
Total segment revenue from contracts with customers		681.9		692.0		2,035.6		1,840.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		463.3		532.2		1,283.0		1,356.6
Pre-tax other adjustments (2)		(2.2)		5.8		14.0		13.1
Total fees and other revenues per consolidated statements of operations	$	1,143.0	$	1,230.0	$	3,332.6	$	3,210.1

(1)	Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards.

(2)	Pre-tax other adjustments relate to the recognition of deferred front-end fee revenues for sales charges on retirement and life insurance products and certain market value adjustments to fee revenues.


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020			2019

	(in millions)
Administrative service fee revenue (1)	$	132.8	$	155.5	$	439.7	$	277.0
Other fee revenue		0.6		0.5		1.3		1.3
Total revenues from contracts with customers		133.4		156.0		441.0		278.3
Fees and other revenues not within the scope of revenue recognition guidance		293.5		301.2		829.1		854.6
Total fees and other revenues		426.9		457.2		1,270.1		1,132.9
Premiums and other considerations		0.7		1.0		3.4		2.7
Net investment income		104.0		101.2		310.6		305.1
Total operating revenues	$	531.6	$	559.4	$	1,584.1	$	1,440.7

(1)	Includes fee revenue for the Acquired Business beginning in the third quarter of 2019.


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(in millions)
Deposit account fee revenue	$	2.1	$	2.3	$	6.2	$	7.5
Total revenues from contracts with customers		2.1		2.3		6.2		7.5
Fees and other revenues not within the scope of revenue recognition guidance		1.9		2.6		7.8		11.7
Total fees and other revenues		4.0		4.9		14.0		19.2
Premiums and other considerations		517.1		1,499.3		2,497.7		3,628.3
Net investment income		527.2		509.5		1,569.8		1,536.4
Total operating revenues	$	1,048.3	$	2,013.7	$	4,081.5	$	5,183.9


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(in millions)
Management fee revenue	$	330.2	$	315.3	$	954.7	$	912.3
Other fee revenue		46.8		47.5		153.4		129.0
Total revenues from contracts with customers		377.0		362.8		1,108.1		1,041.3
Fees and other revenues not within the scope of revenue recognition guidance		4.8		5.1		14.2		19.8
Total fees and other revenues		381.8		367.9		1,122.3		1,061.1
Net investment income		1.0		2.0		4.2		7.3
Total operating revenues	$	382.8	$	369.9	$	1,126.5	$	1,068.4


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(in millions)
Management fee revenue	$	110.1	$	114.0	$	319.3	$	343.8
Other fee revenue		1.0		0.8		2.9		2.1
Total revenues from contracts with customers		111.1		114.8		322.2		345.9
Fees and other revenues not within the scope of revenue recognition guidance		1.4		1.6		4.2		5.0
Total fees and other revenues		112.5		116.4		326.4		350.9
Premiums and other considerations		16.6		115.8		130.2		342.8
Net investment income		96.2		172.4		345.6		503.0
Total operating revenues	$	225.3	$	404.6	$	802.2	$	1,196.7

Revenues from contracts with customers by region:
Latin America	$	80.7	$	87.0	$	236.5	$	263.7
Asia		30.5		27.8		85.8		82.4
Principal International corporate / regional offices		0.2		0.3		0.7		0.7
Eliminations		(0.3)		(0.3)		(0.8)		(0.9)
Total revenues from contracts with customers	$	111.1	$	114.8	$	322.2	$	345.9


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	3.9	$	3.8	$	11.2	$	11.1
Total revenues from contracts with customers		3.9		3.8		11.2		11.1
Fees and other revenues not within the scope of revenue recognition guidance		4.9		4.8		14.4		14.6
Total fees and other revenues		8.8		8.6		25.6		25.7
Premiums and other considerations		570.9		579.0		1,741.8		1,706.5
Net investment income		38.4		42.2		116.7		125.2
Total operating revenues	$	618.1	$	629.8	$	1,884.1	$	1,857.4


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020		2019

	(in millions)
Individual Life insurance:
Administrative service fees	$	5.4	$	6.1	$	16.1	$	18.2
Commission income		6.6		6.7		19.7		19.2
Total revenues from contracts with customers		12.0		12.8		35.8		37.4
Fees and other revenues not within the scope of revenue recognition guidance		232.6		292.1		634.4		674.6
Total fees and other revenues		244.6		304.9		670.2		712.0
Premiums and other considerations		79.0		79.1		255.3		251.7
Net investment income		179.7		178.8		523.3		527.0
Total operating revenues	$	503.3	$	562.8	$	1,448.8	$	1,490.7


	For the three months ended				For the nine months ended
	September 30,				September 30,
	2020		2019		2020			2019

	(in millions)
Commission income	$	78.0	$	82.0	$	231.0	$	236.5
Other fee revenue		13.6		12.5		38.3		32.5
Eliminations		(49.2)		(55.0)		(158.1)		(150.0)
Total revenues from contracts with customers		42.4		39.5		111.2		119.0
Fees and other revenues not within the scope of revenue recognition guidance		(75.8)		(75.2)		(221.1)		(223.7)
Total fees and other revenues		(33.4)		(35.7)		(109.9)		(104.7)
Net investment income		16.4		19.3		85.9		73.7
Total operating revenues	$	(17.0)	$	(16.4)	$	(24.0)	$	(31.0)