The following selected consolidated financial data for each of the five years in the period ended December 31, 2019 have been derived from our consolidated financial statements. Such data should be read in conjunction with our consolidated financial statements and notes thereto in Item 8 of this annual report.
Year Ended December 31,
2019
2018
2017
2016
2015*
(In millions, except per share and employee data)
Consolidated Statement of Earnings Data:
Commissions
$
3,320.6
$
2,920.7
$
2,641.0
$
2,409.9
$
2,338.7
Fees
1,911.1
1,756.3
1,591.9
1,491.7
1,432.3
Supplemental revenues
210.5
189.9
158.0
139.9
125.5
Contingent revenues
135.6
98.0
99.5
97.9
93.7
Investment income and other
1,478.6
1,827.5
1,622.6
1,409.0
1,402.2
Revenue before reimbursements
7,056.4
6,792.4
6,113.0
5,548.4
5,392.4
Reimbursements
138.6
141.6
136.0
132.1
—
Total revenues
7,195.0
6,934.0
6,249.0
5,680.5
5,392.4
Total expenses
6,568.9
6,454.6
5,889.2
5,346.9
5,098.9
Earnings before income taxes
626.1
479.4
359.8
333.6
293.5
Benefit for income taxes
(89.7
)
(196.5
)
(157.1
)
(96.7
)
(95.6
)
Net earnings
715.8
675.9
516.9
430.3
389.1
Net earnings attributable to noncontrolling interests
47.0
42.4
35.6
33.5
32.3
Net earnings attributable to controlling interests
$
668.8
$
633.5
$
481.3
$
396.8
$
356.8
Per Share Data:
Diluted net earnings per share (1)
3.52
3.40
2.64
2.22
2.06
Dividends declared per common share (2)
1.72
1.64
1.56
1.52
1.48
Share Data:
Shares outstanding at year end
188.1
184.0
181.0
178.3
176.9
Weighted average number of common shares outstanding
186.0
182.7
180.1
177.6
172.2
Weighted average number of common and common equivalent shares outstanding
190.1
186.2
182.1
178.4
173.2
Consolidated Balance Sheet Data:
Total assets
$
19,634.8
$
16,334.0
$
14,909.7
$
13,528.2
$
10,910.5
Long-term debt less current portion
3,823.0
3,098.0
2,698.0
2,150.0
2,075.0
Total stockholders’ equity
5,215.5
4,569.7
4,299.7
3,775.5
3,688.2
Return on beginning stockholders’ equity (3)
15
%
15
%
13
%
11
%
11
%
Employee Data:
Number of employees - at year end
33,247
30,362
26,783
24,790
23,857
(1)
Based on the weighted average number of common and common equivalent shares outstanding during the year.
(2)
Based on the total dividends declared on a share of common stock outstanding during the entire year.
(3)
Represents net earnings divided by total stockholders’ equity, as of the beginning of the year.
*
As of January 1, 2018, we adopted ASC 606, Revenues from Contracts with Customers related to Topic 606 using the full retrospective method to restate 2017 and 2016. The cumulative effect of the adoption was recognized as an increase to retained earnings of $125.3 million on January 1, 2016. As permitted under the guidelines issued by the SEC related to the adoption of Topic 606, we did not restate the 2015 information in the table above.
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