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Revenues from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2020


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Revenue from contracts with customers by segment:
Retirement and Income Solutions:
Retirement and Income Solutions – Fee	$	591.2	$	455.5	$	252.4
Retirement and Income Solutions – Spread		8.6		9.3		10.5
Total Retirement and Income Solutions		599.8		464.8		262.9
Principal Global Investors		1,511.2		1,456.7		1,700.5
Principal International		439.2		462.2		477.1
U.S. Insurance Solutions:
Specialty Benefits insurance		14.8		14.9		14.8
Individual Life insurance		48.6		51.2		42.4
Eliminations		(0.2)		(0.2)		(0.2)
Total U.S. Insurance Solutions		63.2		65.9		57.0
Corporate		154.9		160.4		161.4
Total segment revenue from contracts with customers		2,768.3		2,610.0		2,658.9
Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1)		1,733.0		1,791.4		1,614.4
Pre-tax other adjustments (2)		9.8		8.5		0.5
Total fees and other revenues per consolidated statements of operations	$	4,511.1	$	4,409.9	$	4,273.8

(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 year ended December 31,
	2020		2019		2018

	(in millions)
Administrative service fee revenue (1)	$	589.2	$	453.7	$	250.7
Other fee revenue		2.0		1.8		1.7
Total revenues from contracts with customers		591.2		455.5		252.4
Fees and other revenues not within the scope of revenue recognition guidance		1,130.4		1,139.0		1,132.9
Total fees and other revenues		1,721.6		1,594.5		1,385.3
Premiums and other considerations		5.0		3.5		4.0
Net investment income		423.2		405.0		394.4
Total operating revenues	$	2,149.8	$	2,003.0	$	1,783.7

(1)	Includes fee revenue for the Acquired Business in 2020 and 2019.


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Deposit account fee revenue	$	8.4	$	9.3	$	10.5
Commission income		0.2		—		—
Total revenues from contracts with customers		8.6		9.3		10.5
Fees and other revenues not within the scope of revenue recognition guidance		9.5		13.9		12.5
Total fees and other revenues		18.1		23.2		23.0
Premiums and other considerations		3,216.0		4,859.2		3,631.9
Net investment income		2,119.6		2,069.0		1,838.4
Total operating revenues	$	5,353.7	$	6,951.4	$	5,493.3


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Management fee revenue	$	1,298.4	$	1,239.1	$	1,244.5
Other fee revenue (1)		212.8		217.6		456.0
Total revenues from contracts with customers		1,511.2		1,456.7		1,700.5
Fees and other revenues not within the scope of revenue recognition guidance		22.3		38.5		30.4
Total fees and other revenues		1,533.5		1,495.2		1,730.9
Net investment income		5.6		10.6		5.4
Total operating revenues	$	1,539.1	$	1,505.8	$	1,736.3

(1)	During the third quarter of 2018, we recognized a $253.1 million accelerated performance fee resulting from the realignment of a real estate investment team.


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Management fee revenue	$	435.3	$	459.3	$	472.1
Other fee revenue		3.9		2.9		5.0
Total revenues from contracts with customers		439.2		462.2		477.1
Fees and other revenues not within the scope of revenue recognition guidance		5.6		6.3		7.3
Total fees and other revenues		444.8		468.5		484.4
Premiums and other considerations		156.6		393.3		317.2
Net investment income		495.4		661.4		571.3
Total operating revenues	$	1,096.8	$	1,523.2	$	1,372.9

Revenues from contracts with customers by region:
Latin America	$	323.5	$	351.5	$	370.8
Asia		115.9		111.0		106.3
Principal International corporate / regional offices		0.9		0.9		0.9
Eliminations		(1.1)		(1.2)		(0.9)
Total revenues from contracts with customers	$	439.2	$	462.2	$	477.1


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Specialty Benefits insurance:
Administrative service fees	$	14.8	$	14.9	$	14.8
Total revenues from contracts with customers		14.8		14.9		14.8
Fees and other revenues not within the scope of revenue recognition guidance		19.3		19.6		20.6
Total fees and other revenues		34.1		34.5		35.4
Premiums and other considerations		2,330.7		2,292.7		2,134.1
Net investment income		160.6		166.4		156.9
Total operating revenues	$	2,525.4	$	2,493.6	$	2,326.4

Individual Life insurance:
Administrative service fees	$	21.8	$	24.3	$	22.8
Commission income		26.8		26.9		19.6
Total revenues from contracts with customers		48.6		51.2		42.4
Fees and other revenues not within the scope of revenue recognition guidance		849.8		875.9		727.0
Total fees and other revenues		898.4		927.1		769.4
Premiums and other considerations		329.1		317.9		322.4
Net investment income		727.5		710.6		671.8
Total operating revenues	$	1,955.0	$	1,955.6	$	1,763.6


	For the year ended December 31,
	2020		2019		2018

	(in millions)
Commission income	$	316.6	$	320.2	$	316.1
Other fee revenue		59.1		46.1		35.4
Eliminations		(220.8)		(205.9)		(190.1)
Total revenues from contracts with customers		154.9		160.4		161.4
Fees and other revenues not within the scope of revenue recognition guidance		(303.9)		(301.8)		(316.3)
Total fees and other revenues		(149.0)		(141.4)		(154.9)
Net investment income		109.3		102.1		103.7
Total operating revenues	$	(39.7)	$	(39.3)	$	(51.2)