Other current assets increased $39.2 million from June 30, 2011 to June 30, 2012. The majority of this increase relates to a net current income tax receivable balance of $25.2 million. Included in this balance is $36.7 million gross income tax receivable which is related to U.S. federal and state income taxes. This is due to a significant true up related to a change in accounting method for tax from the prior year and a current year U.S. pension contribution expected to be made prior to filing our U.S. federal income tax return.

The change in the fiduciary liabilities from June 30, 2011 to June 30, 2012 was primarily due to the timing of significant cash receipts related to our reinsurance brokerage business at month end as compared to the prior year. This factor combined with the timing of month end occurring over a weekend, did not allow the business sufficient time to remit the cash to our clients or reinsurers.

Accounts payable, accrued liabilities and deferred income increased $47.7 million from June 30, 2011 to June 30, 2012, primarily related to an increase in deferred income from EMB property and casualty software products.

Other current liabilities decreased from $71.9 million at June 30, 2011 to $39.9 million at June 30, 2012 due to the payment of a third-party claim by PCIC, our majority-owned subsidiary.


		June 30,
		2012		2011
Accrued payroll and bonuses		$	447,866	$	473,863
Current pension liability			96,139		87,405
Other employee-related liabilities			14,217		11,946
	Total employee-related liabilities	$	558,222	$	573,214