ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Bermuda | 98-0557567 | ||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
1555 Peachtree Street, N.E., | Suite 1800, | Atlanta, | GA | 30309 | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of | Trading Symbol(s) | Name of | ||||||
Common | IVZ | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
Page | |||||
Money Market | Balanced | Equity | Fixed Income | Alternatives | ||||||||||
●Custom Solutions | ●Custom Solutions | ●Custom Solutions | ●Custom Solutions | ●Custom Solutions | ||||||||||
●Environmental, Social and Governance | ●Environmental, Social and Governance | ●Environmental, Social and Governance | ●Environmental, Social and Governance | ●Environmental, Social and Governance | ||||||||||
●Cash Plus | ●Balanced Risk | ●Economic Sectors | ●Buy and Hold | ●Absolute Return | ||||||||||
●Government/Treasury | ●Global/Regional | ●Emerging Markets | ●Convertibles | ●Commodities | ||||||||||
●Prime | ● Single Country | ●International/Global | ●Core/Core Plus | ●Currencies | ||||||||||
●Taxable | ●Target Date | ●Large Cap Core | ●Emerging Markets | ●Financial Structures | ||||||||||
●Tax-Free | ●Target Risk | ●Large Cap Growth | ●Government Bonds | ●Global Macro | ||||||||||
●Traditional Balanced | ●Large Cap Value | ●High-Yield Bonds | ●Infrastructure and MLPs | |||||||||||
●Low Volatility/Defensive | ●International/Global | ●Long/Short Equity | ||||||||||||
●Mid Cap Core | ●Investment Grade Credit | ●Managed Futures | ||||||||||||
●Mid Cap Growth | ●Multi-Sector | ●Multi-Alternatives | ||||||||||||
●Mid Cap Value | ●Municipal Bonds | ●Private and Distressed Debt | ||||||||||||
●Passive/Enhanced | ●Passive/Enhanced | ●Private Real Estate | ||||||||||||
●Regional/Single Country | ●Regional/Single Country | ●Public Real Estate Securities | ||||||||||||
●Small Cap Core | ●Short/Ultra-Short Duration | ●Senior Secured Loans | ||||||||||||
●Small Cap Growth | ●Stable Value | |||||||||||||
●Small Cap Value | ●Structured Securities | |||||||||||||
●Smart Beta/Factor-based | ●Smart Beta/Factor-based | |||||||||||||
Retail | Institutional | ||||||||||
● Closed-end Mutual Funds | ● Collective Trust Funds | ||||||||||
● Exchange-traded Funds (ETF) | ● Exchange-traded Funds (ETF) | ||||||||||
● Individual Savings Accounts (ISA) | ● Institutional Separate Accounts | ||||||||||
● Investment Companies with Variable Capital (ICVC) | ● Open-end Mutual Funds | ||||||||||
● Investment Trusts | ● Private Capital Funds | ||||||||||
● Open-end Mutual Funds | |||||||||||
● Separately Managed Accounts (SMA) | |||||||||||
● Société d'investissement à Capital Variable (SICAV) | |||||||||||
● Unit Investment Trusts (UIT) | |||||||||||
● Variable Insurance Funds |
By Client Domicile | ||||||||||||||
($ in billions) | Total | 1-Yr Change | ||||||||||||
c Americas | 959.9 | 9.1 | % | |||||||||||
c UK | 66.9 | (10.1) | % | |||||||||||
c EMEA Ex UK | 151.8 | 5.6 | % | |||||||||||
c Asia | 171.3 | 33.2 | % | |||||||||||
Total | 1,349.9 | |||||||||||||
By Distribution Channel | ||||||||||||||
($ in billions) | Total | 1-Yr Change | ||||||||||||
c Retail | 947.1 | 7.8 | % | |||||||||||
c Institutional | 402.8 | 15.7 | % | |||||||||||
Total | 1,349.9 | |||||||||||||
By Asset Class | ||||||||||||||
($ in billions) | Total | 1-Yr Change | ||||||||||||
c Equity | 689.6 | 15.2 | % | |||||||||||
c Fixed Income | 296.4 | 4.6 | % | |||||||||||
c Balanced | 78.9 | 17.2 | % | |||||||||||
c Money Market | 108.5 | 18.7 | % | |||||||||||
c Alternatives | 176.5 | (4.7) | % | |||||||||||
Total | 1,349.9 | |||||||||||||
Active vs. Passive | ||||||||||||||
($ in billions) | Total | 1-Yr Change | ||||||||||||
c Active | 979.3 | 5.4 | % | |||||||||||
c Passive | 370.6 | 24.8 | % | |||||||||||
Total | 1,349.9 | |||||||||||||
By Client Domicile | ||||||
($ in billions) | Total | 1-Yr Change | ||||
c U.S. | 585.4 | 8.5 | % | |||
c Canada | 26.8 | 16.0 | % | |||
c U.K. | 110.9 | 12.9 | % | |||
c Continental Europe | 127.1 | 76.3 | % | |||
c Asia | 87.4 | 9.3 | % | |||
Total | 937.6 | |||||
By Distribution Channel | ||||||
($ in billions) | Total | 1-Yr Change | ||||
c Retail | 637.0 | 21.0 | % | |||
c Institutional | 300.6 | 5.0 | % | |||
Total | 937.6 | |||||
By Asset Class | ||||||
($ in billions) | Total | 1-Yr Change | ||||
c Equity | 431.2 | 18.4 | % | |||
c Fixed Income | 225.8 | 11.9 | % | |||
c Balanced | 57.7 | 23.3 | % | |||
c Money Market | 78.7 | 0.5 | % | |||
c Alternatives | 144.2 | 18.2 | % | |||
Total | 937.6 | |||||
Active vs. Passive | ||||||
($ in billions) | Total | 1-Yr Change | ||||
c Active | 738.6 | 10.5 | % | |||
c Passive | 199.0 | 37.8 | % | |||
Total | 937.6 | |||||
Invesco Ltd. Common Shares | |||||||||
High | Low | Dividends Declared* | |||||||
2017 | |||||||||
Fourth Quarter | $37.85 | $33.95 | $0.2900 | ||||||
Third Quarter | $36.84 | $31.58 | $0.2900 | ||||||
Second Quarter | $35.91 | $30.02 | $0.2900 | ||||||
First Quarter | $33.46 | $28.75 | $0.2800 | ||||||
2016 | |||||||||
Fourth Quarter | $33.34 | $27.46 | $0.2800 | ||||||
Third Quarter | $31.76 | $24.34 | $0.2800 | ||||||
Second Quarter | $32.85 | $23.02 | $0.2800 | ||||||
First Quarter | $33.54 | $24.90 | $0.2700 |
Month | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) (millions) | |||||||||
October 1 - 31, 2017 | 47,975 | $35.71 | — | $1,643.0 | |||||||||
November 1 - 30, 2017 | 32,529 | $35.52 | — | $1,643.0 | |||||||||
December 1 - 31, 2017 | 94,996 | $36.52 | — | $1,643.0 | |||||||||
175,500 | — |
Month | Total Number of Common Shares Purchased (1) | Average Price Paid Per Common Share | Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Common Shares that May Yet Be Purchased Under the Plans or Programs (2) (millions) | |||||||||||||||||||
October 1 - 31, 2020 | 53,598 | $ | 11.82 | — | $ | 732.2 | |||||||||||||||||
November 1 - 30, 2020 | 112,667 | $ | 14.54 | — | $ | 732.2 | |||||||||||||||||
December 1 - 31, 2020 | 231,359 | $ | 16.62 | — | $ | 732.2 | |||||||||||||||||
397,624 | — |
(1) An aggregate of397,624 common shares were surrendered to us by Invesco employees to satisfy tax withholding obligations in connection with the vesting of equity awards during the three months ended December 31, 2020. (2) At December 31, 2020, a balance of $732.2 million remains available under the common share repurchase authorization approved by the Board on July 22, 2016. |
As of and For The Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
As of and For The Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share and other data | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||
Operating Data (1): | |||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per common share and other data | $ in millions, except per common share and other data | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||
Operating Data: | Operating Data: | ||||||||||||||||||||||||||||||||||||||||||
Operating revenues | 5,160.3 | 4,734.4 | 5,122.9 | 5,147.1 | 4,644.6 | Operating revenues | 6,145.6 | 6,117.4 | 5,314.1 | 5,160.3 | 4,734.4 | ||||||||||||||||||||||||||||||||
Net revenues (2) | 3,754.9 | 3,393.2 | 3,643.2 | 3,608.3 | 3,252.0 | ||||||||||||||||||||||||||||||||||||||
Net revenues (1) | Net revenues (1) | 4,501.0 | 4,415.1 | 3,818.1 | 3,754.9 | 3,393.2 | |||||||||||||||||||||||||||||||||||||
Operating income | 1,277.1 | 1,176.4 | 1,358.4 | 1,276.9 | 1,120.2 | Operating income | 920.4 | 808.2 | 1,204.9 | 1,279.1 | 1,152.4 | ||||||||||||||||||||||||||||||||
Adjusted operating income (3) | 1,480.2 | 1,312.8 | 1,493.7 | 1,495.0 | 1,292.1 | ||||||||||||||||||||||||||||||||||||||
Adjusted operating income (2) | Adjusted operating income (2) | 1,664.5 | 1,655.8 | 1,391.7 | 1,482.2 | 1,297.4 | |||||||||||||||||||||||||||||||||||||
Operating margin | 24.7 | % | 24.8 | % | 26.5 | % | 24.8 | % | 24.1 | % | Operating margin | 15.0 | % | 13.2 | % | 22.7 | % | 24.8 | % | 24.3 | % | ||||||||||||||||||||||
Adjusted operating margin (3) | 39.4 | % | 38.7 | % | 41.0 | % | 41.4 | % | 39.7 | % | |||||||||||||||||||||||||||||||||
Adjusted operating margin (2) | Adjusted operating margin (2) | 37.0 | % | 37.5 | % | 36.5 | % | 39.5 | % | 38.2 | % | ||||||||||||||||||||||||||||||||
Net income attributable to Invesco Ltd. | 1,127.3 | 854.2 | 968.1 | 988.1 | 940.3 | Net income attributable to Invesco Ltd. | 524.8 | 564.7 | 882.8 | 1,127.3 | 854.2 | ||||||||||||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd. (4) | 1,105.9 | 924.1 | 1,048.7 | 1,094.8 | 953.3 | ||||||||||||||||||||||||||||||||||||||
Per Share Data: | |||||||||||||||||||||||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd. (3) | Adjusted net income attributable to Invesco Ltd. (3) | 892.9 | 1,124.0 | 1,002.7 | 1,105.9 | 924.1 | |||||||||||||||||||||||||||||||||||||
Per Common Share Data: | Per Common Share Data: | ||||||||||||||||||||||||||||||||||||||||||
Earnings per common share: | Earnings per common share: | ||||||||||||||||||||||||||||||||||||||||||
-basic | 2.75 | 2.06 | 2.26 | 2.27 | 2.10 | -basic | 1.14 | 1.29 | 2.14 | 2.75 | 2.06 | ||||||||||||||||||||||||||||||||
-diluted | 2.75 | 2.06 | 2.26 | 2.27 | 2.10 | -diluted | 1.13 | 1.28 | 2.14 | 2.75 | 2.06 | ||||||||||||||||||||||||||||||||
Adjusted diluted EPS (1,4) | 2.70 | 2.23 | 2.44 | 2.51 | 2.13 | ||||||||||||||||||||||||||||||||||||||
Dividends declared per share | 1.1500 | 1.1100 | 1.0600 | 0.9750 | 0.8475 | ||||||||||||||||||||||||||||||||||||||
Adjusted diluted EPS (3) | Adjusted diluted EPS (3) | 1.93 | 2.55 | 2.43 | 2.70 | 2.23 | |||||||||||||||||||||||||||||||||||||
Dividends declared per common share | Dividends declared per common share | 0.78 | 1.23 | 1.19 | 1.15 | 1.11 | |||||||||||||||||||||||||||||||||||||
Balance Sheet Data: | Balance Sheet Data: | ||||||||||||||||||||||||||||||||||||||||||
Total assets | 31,668.8 | 25,734.3 | 25,073.2 | 20,450.0 | 19,256.8 | Total assets | 36,504.1 | 39,420.3 | 30,978.4 | 31,668.8 | 25,734.3 | ||||||||||||||||||||||||||||||||
Long-term debt | 2,075.8 | 2,102.4 | 2,072.8 | 1,576.8 | 1,574.9 | Long-term debt | 2,082.6 | 2,080.3 | 2,408.8 | 2,075.8 | 2,102.4 | ||||||||||||||||||||||||||||||||
Debt of consolidated investment products (CIP) | 4,799.8 | 4,403.1 | 5,437.0 | 5,149.6 | 4,181.7 | Debt of consolidated investment products (CIP) | 6,714.1 | 6,234.6 | 5,226.0 | 4,799.8 | 4,403.1 | ||||||||||||||||||||||||||||||||
Total equity attributable to Invesco Ltd. | 8,696.1 | 7,503.8 | 7,885.3 | 8,326.0 | 8,392.6 | Total equity attributable to Invesco Ltd. | 14,361.8 | 13,862.5 | 8,578.8 | 8,696.1 | 7,503.8 | ||||||||||||||||||||||||||||||||
Total permanent equity | 8,955.6 | 7,611.8 | 8,695.7 | 9,119.8 | 8,977.3 | Total permanent equity | 14,808.9 | 14,318.3 | 8,936.2 | 8,955.6 | 7,611.8 | ||||||||||||||||||||||||||||||||
Other Data (1): | |||||||||||||||||||||||||||||||||||||||||||
Other Data: | Other Data: | ||||||||||||||||||||||||||||||||||||||||||
Ending AUM (in billions) | 937.6 | 812.9 | 775.6 | 792.4 | 778.7 | Ending AUM (in billions) | 1,349.9 | 1,226.2 | 888.2 | 937.6 | 812.9 | ||||||||||||||||||||||||||||||||
Average AUM (in billions) | 875.0 | 788.8 | 794.7 | 790.3 | 725.6 | Average AUM (in billions) | 1,194.9 | 1,094.4 | 958.7 | 875.0 | 788.8 | ||||||||||||||||||||||||||||||||
Headcount | 7,030 | 6,790 | 6,490 | 6,264 | 5,932 | Headcount | 8,512 | 8,821 | 7,459 | 7,030 | 6,790 |
Year ended December 31, | |||||||||||||||||||||||
Equity Index | Index expressed in currency | 2020 | 2019 | ||||||||||||||||||||
S&P 500 | U.S. Dollar | 16.3% | 28.9% | ||||||||||||||||||||
FTSE 100 | British Pound | (14.3)% | 12.1% | ||||||||||||||||||||
FTSE 100 | U.S. Dollar | (11.8)% | 16.7% | ||||||||||||||||||||
Nikkei 225 | Japanese Yen | 16.0% | 18.2% | ||||||||||||||||||||
Nikkei 225 | U.S. Dollar | 22.4% | 19.9% | ||||||||||||||||||||
MSCI Emerging Markets | U.S. Dollar | 15.8% | 15.4% | ||||||||||||||||||||
Bond Index | |||||||||||||||||||||||
Barclays U.S. Aggregate Bond | U.S. Dollar | 7.5% | 8.7% |
Year ended December 31, | |||||||
Equity Index | Index expressed in currency | 2017 | 2016 | 2015 | |||
S&P 500 | U.S. Dollar | 19.4% | 9.5% | (0.7)% | |||
FTSE 100 | British Pound | 7.6% | 14.4% | (4.9)% | |||
FTSE 100 | U.S. Dollar | 17.9% | (4.1)% | (10.1)% | |||
Nikkei 225 | Japanese Yen | 19.1% | 0.4% | 9.1% | |||
Nikkei 225 | U.S. Dollar | 23.4% | 3.8% | 8.0% | |||
MSCI Emerging Markets | U.S. Dollar | 34.4% | 8.6% | (17.0)% | |||
Bond Index | |||||||
Barclays U.S. Aggregate Bond | U.S. Dollar | 3.5% | 2.7% | 0.6% |
$ in millions, other than per share amounts, operating margins and AUM | Year ended December 31, | ||||||||||||||||||||||||
$ in millions, other than per common share amounts, operating margins and AUM | $ in millions, other than per common share amounts, operating margins and AUM | Year ended December 31, | |||||||||||||||||||||||
U.S. GAAP Financial Measures Summary | 2017 | 2016 | 2015 | U.S. GAAP Financial Measures Summary | 2020 | 2019 | 2018 | ||||||||||||||||||
Operating revenues | 5,160.3 | 4,734.4 | 5,122.9 | Operating revenues | 6,145.6 | 6,117.4 | 5,314.1 | ||||||||||||||||||
Operating income | 1,277.1 | 1,176.4 | 1,358.4 | Operating income | 920.4 | 808.2 | 1,204.9 | ||||||||||||||||||
Operating margin | 24.7 | % | 24.8 | % | 26.5 | % | Operating margin | 15.0 | % | 13.2 | % | 22.7 | % | ||||||||||||
Net income attributable to Invesco Ltd. | 1,127.3 | 854.2 | 968.1 | Net income attributable to Invesco Ltd. | 524.8 | 564.7 | 882.8 | ||||||||||||||||||
Diluted EPS | 2.75 | 2.06 | 2.26 | Diluted EPS | 1.13 | 1.28 | 2.14 | ||||||||||||||||||
Non-GAAP Financial Measures Summary | Non-GAAP Financial Measures Summary | ||||||||||||||||||||||||
Net revenues (1) | 3,754.9 | 3,393.2 | 3,643.2 | Net revenues (1) | 4,501.0 | 4,415.1 | 3,818.1 | ||||||||||||||||||
Adjusted operating income (2) | 1,480.2 | 1,312.8 | 1,493.7 | Adjusted operating income (2) | 1,664.5 | 1,655.8 | 1,391.7 | ||||||||||||||||||
Adjusted operating margin (2) | 39.4 | % | 38.7 | % | 41.0 | % | Adjusted operating margin (2) | 37.0 | % | 37.5 | % | 36.5 | % | ||||||||||||
Adjusted net income attributable to Invesco Ltd. (3) | 1,105.9 | 924.1 | 1,048.7 | Adjusted net income attributable to Invesco Ltd. (3) | 892.9 | 1,124.0 | 1,002.7 | ||||||||||||||||||
Adjusted diluted EPS (3) | 2.70 | 2.23 | 2.44 | Adjusted diluted EPS (3) | 1.93 | 2.55 | 2.43 | ||||||||||||||||||
Assets Under Management | Assets Under Management | ||||||||||||||||||||||||
Ending AUM (billions) | 937.6 | 812.9 | 775.6 | Ending AUM (billions) | 1,349.9 | 1,226.2 | 888.2 | ||||||||||||||||||
Average AUM (billions) | 875.0 | 788.8 | 794.7 | Average AUM (billions) | 1,194.9 | 1,094.4 | 958.7 |
Benchmark Comparison | Peer Group Comparison | ||||||||||||
% of AUM Ahead of Benchmark | % of AUM In Top Half of Peer Group | ||||||||||||
1yr | 3yr | 5yr | 1yr | 3yr | 5yr | ||||||||
Equities | |||||||||||||
U.S. Core | 32 | % | 9 | % | 13 | % | 32 | % | 6 | % | 6 | % | |
U.S. Growth | 40 | % | 27 | % | 36 | % | 40 | % | 36 | % | 36 | % | |
U.S. Value | 53 | % | 91 | % | 52 | % | 36 | % | 55 | % | 94 | % | |
Sector Funds | 42 | % | 41 | % | 17 | % | 16 | % | 17 | % | 20 | % | |
U.K. | 7 | % | 19 | % | 100 | % | 2 | % | 6 | % | 71 | % | |
Canadian | 47 | % | 11 | % | 39 | % | 47 | % | 11 | % | 11 | % | |
Asian | 76 | % | 91 | % | 92 | % | 78 | % | 83 | % | 87 | % | |
Continental European | 46 | % | 98 | % | 99 | % | 45 | % | 75 | % | 98 | % | |
Global | 56 | % | 71 | % | 62 | % | 40 | % | 83 | % | 82 | % | |
Global Ex U.S. and Emerging Markets | 13 | % | 25 | % | 91 | % | 4 | % | 4 | % | 10 | % | |
Fixed Income | |||||||||||||
Money Market | 99 | % | 100 | % | 99 | % | 98 | % | 97 | % | 97 | % | |
U.S. Fixed Income | 88 | % | 88 | % | 86 | % | 85 | % | 87 | % | 85 | % | |
Global Fixed Income | 79 | % | 66 | % | 68 | % | 86 | % | 47 | % | 43 | % | |
Stable Value | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |
Other | |||||||||||||
Alternatives | 81 | % | 79 | % | 71 | % | 50 | % | 42 | % | 49 | % | |
Balanced | 47 | % | 49 | % | 50 | % | 41 | % | 95 | % | 89 | % |
Benchmark Comparison | Peer Group Comparison | ||||||||||||||||||||||||||||
% of AUM Ahead of Benchmark | % of AUM In Top Half of Peer Group | ||||||||||||||||||||||||||||
1yr | 3yr | 5yr | 10yr | 1yr | 3yr | 5yr | 10yr | ||||||||||||||||||||||
Equities (2) | |||||||||||||||||||||||||||||
U.S. Core (5%) | 16 | % | 12 | % | 8 | % | 12 | % | 28 | % | 28 | % | 24 | % | 17 | % | |||||||||||||
U.S. Growth (7%) | 87 | % | 87 | % | 53 | % | 53 | % | 87 | % | 87 | % | 87 | % | 53 | % | |||||||||||||
U.S. Value (7%) | 27 | % | 11 | % | 3 | % | 3 | % | 4 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
Sector (2%) | 99 | % | 97 | % | 76 | % | 96 | % | 62 | % | 59 | % | 79 | % | 60 | % | |||||||||||||
UK (1%) | 13 | % | 25 | % | 18 | % | 40 | % | 16 | % | 6 | % | 9 | % | 26 | % | |||||||||||||
Canadian (<1%) | 0 | % | 0 | % | 0 | % | 12 | % | 11 | % | 0 | % | 0 | % | 11 | % | |||||||||||||
Asian (3%) | 79 | % | 79 | % | 92 | % | 88 | % | 53 | % | 46 | % | 78 | % | 79 | % | |||||||||||||
Continental European (2%) | 14 | % | 5 | % | 9 | % | 90 | % | 13 | % | 5 | % | 9 | % | 68 | % | |||||||||||||
Global (7%) | 71 | % | 71 | % | 72 | % | 87 | % | 78 | % | 29 | % | 32 | % | 47 | % | |||||||||||||
Global Ex U.S. and Emerging Markets (13%) | 89 | % | 89 | % | 89 | % | 98 | % | 29 | % | 87 | % | 71 | % | 88 | % | |||||||||||||
Fixed Income (2) | |||||||||||||||||||||||||||||
Money Market (15%) | 81 | % | 99 | % | 100 | % | 100 | % | 78 | % | 78 | % | 78 | % | 99 | % | |||||||||||||
U.S. Fixed Income (11%) | 67 | % | 82 | % | 84 | % | 95 | % | 65 | % | 63 | % | 88 | % | 92 | % | |||||||||||||
Global Fixed Income (6%) | 84 | % | 84 | % | 87 | % | 96 | % | 53 | % | 54 | % | 60 | % | 70 | % | |||||||||||||
Stable Value (5%) | 100 | % | 100 | % | 100 | % | 100 | % | 97 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Other (2) | |||||||||||||||||||||||||||||
Alternatives (8%) | 26 | % | 34 | % | 73 | % | 37 | % | 35 | % | 33 | % | 40 | % | 56 | % | |||||||||||||
Balanced (8%) | 79 | % | 75 | % | 53 | % | 60 | % | 55 | % | 52 | % | 54 | % | 91 | % |
Spot Foreign Exchange Rates | December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||
Pound Sterling ($ per £) | 1.353 | 1.236 | 1.474 | |||||
Canadian Dollar (CAD per $) | 1.253 | 1.341 | 1.389 | |||||
Japan (¥ per $) | 112.645 | 116.600 | 120.275 | |||||
Euro ($ per Euro) | 1.201 | 1.054 | 1.086 |
Years ended December 31, | ||||||||
Average Foreign Exchange Rates | 2017 | 2016 | 2015 | |||||
Pound Sterling ($ per £) | 1.288 | 1.356 | 1.528 | |||||
Canadian Dollar (CAD per $) | 1.297 | 1.324 | 1.276 | |||||
Japan (¥ per $) | 112.137 | 108.517 | 121.014 | |||||
Euro ($ per Euro) | 1.129 | 1.107 | 1.110 |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ in billions | Total AUM | Active | Passive | Total AUM | Active | Passive | Total AUM | Active | Passive | ||||||||||||||||||||||||||||||||||||||||||||
January 1 | 1,226.2 | 929.2 | 297.0 | 888.2 | 667.2 | 221.0 | 937.6 | 738.8 | 198.8 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 310.9 | 204.3 | 106.6 | 227.5 | 146.8 | 80.7 | 209.8 | 139.4 | 70.4 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (326.6) | (236.1) | (90.5) | (261.9) | (196.5) | (65.4) | (248.8) | (176.4) | (72.4) | ||||||||||||||||||||||||||||||||||||||||||||
Long-term net flows | (15.7) | (31.8) | 16.1 | (34.4) | (49.7) | 15.3 | (39.0) | (37.0) | (2.0) | ||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (5.1) | — | (5.1) | 9.2 | (0.1) | 9.3 | 2.5 | — | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | 14.3 | 14.3 | — | (2.0) | (2.0) | — | 7.6 | 7.6 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total net flows | (6.5) | (17.5) | 11.0 | (27.2) | (51.8) | 24.6 | (28.9) | (29.4) | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | 16.9 | 16.9 | — | 17.9 | 17.9 | — | 11.4 | 11.4 | — | ||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | 103.0 | 40.8 | 62.2 | 120.4 | 73.5 | 46.9 | (67.0) | (52.1) | (14.9) | ||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (1) | — | — | — | 224.4 | 219.9 | 4.5 | 47.6 | 10.5 | 37.1 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 10.3 | 9.9 | 0.4 | 2.5 | 2.5 | — | (12.5) | (12.0) | (0.5) | ||||||||||||||||||||||||||||||||||||||||||||
December 31 | 1,349.9 | 979.3 | 370.6 | 1,226.2 | 929.2 | 297.0 | 888.2 | 667.2 | 221.0 | ||||||||||||||||||||||||||||||||||||||||||||
Average AUM | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Average long-term AUM | 952.0 | 784.6 | 167.4 | 887.1 | 734.7 | 152.4 | 785.5 | 646.5 | 139.0 | ||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 1,194.9 | 893.0 | 301.9 | 1,094.4 | 830.1 | 264.3 | 958.7 | 726.6 | 232.1 | ||||||||||||||||||||||||||||||||||||||||||||
Revenue yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross revenue yield on AUM (2) | 53.7 | 65.4 | 21.0 | 57.8 | 69.1 | 23.9 | 56.3 | 66.2 | 26.3 | ||||||||||||||||||||||||||||||||||||||||||||
Gross revenue yield on AUM before performance fees (2) | 53.1 | 64.6 | 21.0 | 56.8 | 67.8 | 23.9 | 55.7 | 65.4 | 26.3 | ||||||||||||||||||||||||||||||||||||||||||||
Net revenue yield on AUM (3) | 37.7 | 46.4 | 12.0 | 40.3 | 48.6 | 14.6 | 39.8 | 47.5 | 15.9 | ||||||||||||||||||||||||||||||||||||||||||||
Net revenue yield on AUM before performance fees (3) | 36.8 | 45.2 | 12.0 | 39.4 | 47.2 | 14.6 | 39.2 | 46.7 | 15.9 |
2017 | 2016 | 2015 | ||||||||||||||||||||||||
$ in billions | Total AUM | Active | Passive | Total AUM | Active | Passive | Total AUM | Active | Passive | |||||||||||||||||
January 1 | 812.9 | 668.5 | 144.4 | 775.6 | 636.5 | 139.1 | 792.4 | 651.0 | 141.4 | |||||||||||||||||
Long-term inflows (1) | 190.3 | 147.4 | 42.9 | 177.8 | 141.9 | 35.9 | 178.4 | 153.6 | 24.8 | |||||||||||||||||
Long-term outflows | (178.8 | ) | (140.6 | ) | (38.2 | ) | (161.3 | ) | (135.0 | ) | (26.3 | ) | (161.8 | ) | (139.5 | ) | (22.3 | ) | ||||||||
Long-term net flows | 11.5 | 6.8 | 4.7 | 16.5 | 6.9 | 9.6 | 16.6 | 14.1 | 2.5 | |||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | — | 3.0 | (6.4 | ) | — | (6.4 | ) | (2.2 | ) | — | (2.2 | ) | |||||||||||||
Net flows in institutional money market funds | (3.2 | ) | (3.2 | ) | — | 12.8 | 13.1 | (0.3 | ) | (11.9 | ) | (12.3 | ) | 0.4 | ||||||||||||
Total net flows | 11.3 | 3.6 | 7.7 | 22.9 | 20.0 | 2.9 | 2.5 | 1.8 | 0.7 | |||||||||||||||||
Market gains and losses (1) | 66.0 | 45.4 | 20.6 | 37.7 | 32.1 | 5.6 | (2.6 | ) | (0.3 | ) | (2.3 | ) | ||||||||||||||
Acquisitions/dispositions, net | 26.0 | — | 26.0 | (1.2 | ) | 2.0 | (3.2 | ) | (0.7 | ) | — | (0.7 | ) | |||||||||||||
Foreign currency translation | 21.4 | 21.1 | 0.3 | (22.1 | ) | (22.1 | ) | — | (16.0 | ) | (16.0 | ) | — | |||||||||||||
December 31 | 937.6 | 738.6 | 199.0 | 812.9 | 668.5 | 144.4 | 775.6 | 636.5 | 139.1 | |||||||||||||||||
Average AUM | ||||||||||||||||||||||||||
Average long-term AUM | 721.5 | 632.6 | 88.9 | 652.1 | 586.9 | 65.2 | 650.2 | 587.5 | 62.7 | |||||||||||||||||
Average AUM | 875.0 | 705.3 | 169.7 | 788.8 | 653.4 | 135.4 | 794.7 | 653.6 | 141.1 | |||||||||||||||||
Revenue yield | ||||||||||||||||||||||||||
Gross revenue yield on AUM (2) | 59.6 | 70.1 | 16.3 | 60.7 | 70.3 | 15.3 | 65.0 | 75.9 | 14.5 | |||||||||||||||||
Gross revenue yield on AUM before performance fees (2) | 58.2 | 68.5 | 16.3 | 60.2 | 69.6 | 15.3 | 63.9 | 74.6 | 14.5 | |||||||||||||||||
Net revenue yield on AUM (3) | 42.9 | 49.3 | 16.3 | 43.0 | 48.8 | 15.3 | 45.8 | 52.6 | 14.5 | |||||||||||||||||
Net revenue yield on AUM before performance fees (3) | 41.5 | 47.6 | 16.3 | 42.4 | 48.1 | 15.3 | 44.6 | 51.0 | 14.5 |
$ in billions | Total | Retail | Institutional | $ in billions | Total | Retail | Institutional | ||||||||||||||||||
December 31, 2016 | 812.9 | 526.5 | 286.4 | ||||||||||||||||||||||
Long-term inflows (2) | 190.3 | 156.8 | 33.5 | ||||||||||||||||||||||
Long-term outflows | (178.8 | ) | (144.4 | ) | (34.4 | ) | |||||||||||||||||||
Long-term net flows | 11.5 | 12.4 | (0.9 | ) | |||||||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | 0.1 | 2.9 | ||||||||||||||||||||||
Net flows in institutional money market funds (2) | (3.2 | ) | (3.2 | ) | — | ||||||||||||||||||||
Total net flows | 11.3 | 9.3 | 2.0 | ||||||||||||||||||||||
Market gains and losses (2) | 66.0 | 58.5 | 7.5 | ||||||||||||||||||||||
Acquisitions/dispositions, net | 26.0 | 26.0 | — | ||||||||||||||||||||||
Foreign currency translation | 21.4 | 16.7 | 4.7 | ||||||||||||||||||||||
December 31, 2017 | 937.6 | 637.0 | 300.6 | ||||||||||||||||||||||
December 31, 2015 | 775.6 | 514.8 | 260.8 | ||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 1,226.2 | 878.2 | 348.0 | |||||||||||||||||||||
Long-term inflows | 177.8 | 137.0 | 40.8 | Long-term inflows | 310.9 | 221.6 | 89.3 | ||||||||||||||||||
Long-term outflows | (161.3 | ) | (132.6 | ) | (28.7 | ) | Long-term outflows | (326.6) | (267.6) | (59.0) | |||||||||||||||
Long-term net flows | 16.5 | 4.4 | 12.1 | Long-term net flows | (15.7) | (46.0) | 30.3 | ||||||||||||||||||
Net flows in non-management fee earning AUM | (6.4 | ) | (5.3 | ) | (1.1 | ) | Net flows in non-management fee earning AUM | (5.1) | 7.2 | (12.3) | |||||||||||||||
Net flows in institutional money market funds | 12.8 | — | 12.8 | ||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 14.3 | 2.0 | 12.3 | |||||||||||||||||||||
Total net flows | 22.9 | (0.9 | ) | 23.8 | Total net flows | (6.5) | (36.8) | 30.3 | |||||||||||||||||
Market gains and losses (2) | 37.7 | 30.4 | 7.3 | ||||||||||||||||||||||
Acquisitions/dispositions, net | (1.2 | ) | 0.4 | (1.6 | ) | ||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 16.9 | 16.3 | 0.6 | |||||||||||||||||||||
Market gains and losses | Market gains and losses | 103.0 | 85.4 | 17.6 | |||||||||||||||||||||
Foreign currency translation | (22.1 | ) | (18.2 | ) | (3.9 | ) | Foreign currency translation | 10.3 | 4.0 | 6.3 | |||||||||||||||
December 31, 2016 | 812.9 | 526.5 | 286.4 | ||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 1,349.9 | 947.1 | 402.8 | |||||||||||||||||||||
December 31, 2014 | 792.4 | 532.5 | 259.9 | ||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 888.2 | 566.7 | 321.5 | |||||||||||||||||||||
Long-term inflows | 178.4 | 130.0 | 48.4 | Long-term inflows | 227.5 | 175.2 | 52.3 | ||||||||||||||||||
Long-term outflows | (161.8 | ) | (127.5 | ) | (34.3 | ) | Long-term outflows | (261.9) | (210.4) | (51.5) | |||||||||||||||
Long-term net flows | 16.6 | 2.5 | 14.1 | Long-term net flows | (34.4) | (35.2) | 0.8 | ||||||||||||||||||
Net flows in non-management fee earning AUM | (2.2 | ) | (1.5 | ) | (0.7 | ) | Net flows in non-management fee earning AUM | 9.2 | 4.9 | 4.3 | |||||||||||||||
Net flows in institutional money market funds | (11.9 | ) | — | (11.9 | ) | ||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | (2.0) | 4.2 | (6.2) | |||||||||||||||||||||
Total net flows | 2.5 | 1.0 | 1.5 | Total net flows | (27.2) | (26.1) | (1.1) | ||||||||||||||||||
Market gains and losses (2) | (2.6 | ) | (4.7 | ) | 2.1 | ||||||||||||||||||||
Acquisitions/dispositions, net | (0.7 | ) | (0.7 | ) | — | ||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 17.9 | 17.6 | 0.3 | |||||||||||||||||||||
Market gains and losses | Market gains and losses | 120.4 | 102.4 | 18.0 | |||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 224.4 | 215.8 | 8.6 | |||||||||||||||||||||
Foreign currency translation | (16.0 | ) | (13.3 | ) | (2.7 | ) | Foreign currency translation | 2.5 | 1.8 | 0.7 | |||||||||||||||
December 31, 2015 | 775.6 | 514.8 | 260.8 | ||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 1,226.2 | 878.2 | 348.0 | |||||||||||||||||||||
December 31, 2017 | December 31, 2017 | 937.6 | 607.6 | 330.0 | |||||||||||||||||||||
Long-term inflows | Long-term inflows | 209.8 | 158.8 | 51.0 | |||||||||||||||||||||
Long-term outflows | Long-term outflows | (248.8) | (194.1) | (54.7) | |||||||||||||||||||||
Long-term net flows | Long-term net flows | (39.0) | (35.3) | (3.7) | |||||||||||||||||||||
Net flows in non-management fee earning AUM | Net flows in non-management fee earning AUM | 2.5 | 2.7 | (0.2) | |||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 7.6 | 9.0 | (1.4) | |||||||||||||||||||||
Total net flows | Total net flows | (28.9) | (23.6) | (5.3) | |||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 11.4 | 11.4 | — | |||||||||||||||||||||
Market gains and losses | Market gains and losses | (67.0) | (62.4) | (4.6) | |||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 47.6 | 42.6 | 5.0 | |||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (12.5) | (8.9) | (3.6) | |||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 888.2 | 566.7 | 321.5 |
$ in billions | Total | Retail | Institutional | $ in billions | Total | Retail | Institutional | ||||||||||||||||||
December 31, 2016 | 144.4 | 128.8 | 15.6 | ||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 297.0 | 275.8 | 21.2 | |||||||||||||||||||||
Long-term inflows | 42.9 | 42.9 | — | Long-term inflows | 106.6 | 93.6 | 13.0 | ||||||||||||||||||
Long-term outflows | (38.2 | ) | (37.0 | ) | (1.2 | ) | Long-term outflows | (90.5) | (89.0) | (1.5) | |||||||||||||||
Long-term net flows | 4.7 | 5.9 | (1.2 | ) | Long-term net flows | 16.1 | 4.6 | 11.5 | |||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | 0.1 | 2.9 | Net flows in non-management fee earning AUM | (5.1) | 7.3 | (12.4) | ||||||||||||||||||
Net flows in institutional money market funds | — | — | — | ||||||||||||||||||||||
Total net flows | 7.7 | 6.0 | 1.7 | Total net flows | 11.0 | 11.9 | (0.9) | ||||||||||||||||||
Market gains and losses | 20.6 | 21.0 | (0.4 | ) | Market gains and losses | 62.2 | 57.9 | 4.3 | |||||||||||||||||
Acquisitions/dispositions, net | 26.0 | 26.0 | — | ||||||||||||||||||||||
Foreign currency translation | 0.3 | 0.2 | 0.1 | Foreign currency translation | 0.4 | 0.4 | — | ||||||||||||||||||
December 31, 2017 | 199.0 | 182.0 | 17.0 | ||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 370.6 | 346.0 | 24.6 | |||||||||||||||||||||
December 31, 2015 | 139.1 | 118.7 | 20.4 | ||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 221.0 | 204.6 | 16.4 | |||||||||||||||||||||
Long-term inflows | 35.9 | 35.9 | — | Long-term inflows | 80.7 | 80.1 | 0.6 | ||||||||||||||||||
Long-term outflows | (26.3 | ) | (26.2 | ) | (0.1 | ) | Long-term outflows | (65.4) | (65.4) | — | |||||||||||||||
Long-term net flows | 9.6 | 9.7 | (0.1 | ) | Long-term net flows | 15.3 | 14.7 | 0.6 | |||||||||||||||||
Net flows in non-management fee earning AUM | (6.4 | ) | (5.3 | ) | (1.1 | ) | Net flows in non-management fee earning AUM | 9.3 | 5.1 | 4.2 | |||||||||||||||
Net flows in institutional money market funds | (0.3 | ) | — | (0.3 | ) | ||||||||||||||||||||
Total net flows | 2.9 | 4.4 | (1.5 | ) | Total net flows | 24.6 | 19.8 | 4.8 | |||||||||||||||||
Market gains and losses | 5.6 | 5.7 | (0.1 | ) | Market gains and losses | 46.9 | 46.9 | — | |||||||||||||||||
Acquisitions/dispositions, net | (3.2 | ) | — | (3.2 | ) | ||||||||||||||||||||
Foreign currency translation | — | — | — | ||||||||||||||||||||||
December 31, 2016 | 144.4 | 128.8 | 15.6 | ||||||||||||||||||||||
December 31, 2014 | 141.4 | 119.7 | 21.7 | ||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 4.5 | 4.5 | — | |||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 297.0 | 275.8 | 21.2 | |||||||||||||||||||||
December 31, 2017 | December 31, 2017 | 198.8 | 181.9 | 16.9 | |||||||||||||||||||||
Long-term inflows | 24.8 | 23.2 | 1.6 | Long-term inflows | 70.4 | 70.4 | — | ||||||||||||||||||
Long-term outflows | (22.3 | ) | (20.6 | ) | (1.7 | ) | Long-term outflows | (72.4) | (72.4) | — | |||||||||||||||
Long-term net flows | 2.5 | 2.6 | (0.1 | ) | Long-term net flows | (2.0) | (2.0) | — | |||||||||||||||||
Net flows in non-management fee earning AUM | (2.2 | ) | (1.5 | ) | (0.7 | ) | Net flows in non-management fee earning AUM | 2.5 | 2.7 | (0.2) | |||||||||||||||
Net flows in institutional money market funds | 0.4 | — | 0.4 | ||||||||||||||||||||||
Total net flows | 0.7 | 1.1 | (0.4 | ) | Total net flows | 0.5 | 0.7 | (0.2) | |||||||||||||||||
Market gains and losses | (2.3 | ) | (1.4 | ) | (0.9 | ) | Market gains and losses | (14.9) | (14.5) | (0.4) | |||||||||||||||
Acquisitions/dispositions, net | (0.7 | ) | (0.7 | ) | — | ||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 37.1 | 37.1 | — | |||||||||||||||||||||
Foreign currency translation | — | — | — | Foreign currency translation | (0.5) | (0.6) | 0.1 | ||||||||||||||||||
December 31, 2015 | 139.1 | 118.7 | 20.4 | ||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 221.0 | 204.6 | 16.4 |
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market (5) | Alternatives (6) | $ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 812.9 | 364.1 | 201.7 | 46.8 | 78.3 | 122.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows (2) | 190.3 | 87.9 | 47.5 | 13.4 | 4.1 | 37.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (178.8 | ) | (99.2 | ) | (38.9 | ) | (9.8 | ) | (3.9 | ) | (27.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Long-term net flows | 11.5 | (11.3 | ) | 8.6 | 3.6 | 0.2 | 10.4 | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | 0.5 | 2.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (3.2 | ) | — | — | — | (3.2 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 11.3 | (10.8 | ) | 11.1 | 3.6 | (3.0 | ) | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses (2) | 66.0 | 56.0 | 5.0 | 3.7 | 0.1 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Transfers (5) | — | — | (3.0 | ) | — | 3.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | 26.0 | 12.2 | 7.8 | — | — | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 21.4 | 9.7 | 3.2 | 3.6 | 0.3 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 937.6 | 431.2 | 225.8 | 57.7 | 78.7 | 144.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 875.0 | 398.2 | 213.0 | 52.3 | 78.6 | 132.9 | ||||||||||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 45.5 | % | 24.3 | % | 6.0 | % | 9.0 | % | 15.2 | % | ||||||||||||||||||||||||||||||||||||||||
December 31, 2015 | 775.6 | 370.9 | 187.9 | 48.1 | 64.6 | 104.1 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 1,226.2 | 598.8 | 283.5 | 67.3 | 91.4 | 185.2 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 177.8 | 74.6 | 48.0 | 9.8 | 4.0 | 41.4 | Long-term inflows | 310.9 | 134.6 | 102.9 | 30.5 | — | 42.9 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (161.3 | ) | (93.0 | ) | (31.6 | ) | (11.5 | ) | (3.8 | ) | (21.4 | ) | Long-term outflows | (326.6) | (167.4) | (76.8) | (29.7) | — | (52.7) | |||||||||||||||||||||||||||||||||
Long-term net flows | 16.5 | (18.4 | ) | 16.4 | (1.7 | ) | 0.2 | 20.0 | Long-term net flows | (15.7) | (32.8) | 26.1 | 0.8 | — | (9.8) | |||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (6.4 | ) | (5.1 | ) | (1.3 | ) | — | — | — | Net flows in non-management fee earning AUM | (5.1) | 17.2 | (22.3) | — | — | — | ||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | 12.8 | — | — | — | 12.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 14.3 | — | — | — | 14.3 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 22.9 | (23.5 | ) | 15.1 | (1.7 | ) | 13.0 | 20.0 | Total net flows | (6.5) | (15.6) | 3.8 | 0.8 | 14.3 | (9.8) | |||||||||||||||||||||||||||||||||||||
Market gains and losses (2) | 37.7 | 26.6 | 4.3 | 2.5 | 0.5 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (1.2 | ) | 0.4 | (1.1 | ) | — | 0.4 | (0.9 | ) | |||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 16.9 | 11.5 | 2.3 | 1.8 | — | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | 103.0 | 92.2 | 4.7 | 7.1 | 1.2 | (2.2) | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (22.1 | ) | (10.3 | ) | (4.5 | ) | (2.1 | ) | (0.2 | ) | (5.0 | ) | Foreign currency translation | 10.3 | 2.7 | 2.1 | 1.9 | 1.6 | 2.0 | |||||||||||||||||||||||||||||||||
December 31, 2016 | 812.9 | 364.1 | 201.7 | 46.8 | 78.3 | 122.0 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 1,349.9 | 689.6 | 296.4 | 78.9 | 108.5 | 176.5 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 788.8 | 356.3 | 196.6 | 47.3 | 74.3 | 114.3 | Average AUM | 1,194.9 | 573.1 | 275.3 | 65.1 | 108.4 | 173.0 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 45.2 | % | 24.9 | % | 6.0 | % | 9.4 | % | 14.5 | % | % of total average AUM | 100.0 | % | 48.0 | % | 23.0 | % | 5.4 | % | 9.1 | % | 14.5 | % | |||||||||||||||||||||||||||
December 31, 2014 | 792.4 | 384.4 | 181.6 | 50.6 | 76.5 | 99.3 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 888.2 | 369.1 | 208.6 | 55.4 | 89.9 | 165.2 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 178.4 | 80.7 | 43.3 | 16.1 | 3.7 | 34.6 | Long-term inflows | 227.5 | 100.9 | 68.0 | 18.8 | 0.2 | 39.6 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (161.8 | ) | (86.4 | ) | (32.2 | ) | (14.7 | ) | (3.9 | ) | (24.6 | ) | Long-term outflows | (261.9) | (132.4) | (53.9) | (20.4) | (0.1) | (55.1) | |||||||||||||||||||||||||||||||||
Long-term net flows | 16.6 | (5.7 | ) | 11.1 | 1.4 | (0.2 | ) | 10.0 | Long-term net flows | (34.4) | (31.5) | 14.1 | (1.6) | 0.1 | (15.5) | |||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (2.2 | ) | (1.4 | ) | (0.8 | ) | — | — | — | Net flows in non-management fee earning AUM | 9.2 | 2.9 | 6.3 | — | — | — | ||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (11.9 | ) | — | — | — | (11.9 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | (2.0) | — | — | — | (2.0) | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 2.5 | (7.1 | ) | 10.3 | 1.4 | (12.1 | ) | 10.0 | Total net flows | (27.2) | (28.6) | 20.4 | (1.6) | (1.9) | (15.5) | |||||||||||||||||||||||||||||||||||||
Market gains and losses (2) | (2.6 | ) | 2.1 | (1.4 | ) | (0.4 | ) | 0.2 | (3.1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (0.7 | ) | — | — | — | — | (0.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 17.9 | 12.9 | 1.6 | 1.9 | — | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | 120.4 | 94.0 | 9.9 | 7.6 | — | 8.9 | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 224.4 | 149.7 | 42.5 | 3.7 | 3.7 | 24.8 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (16.0 | ) | (8.5 | ) | (2.6 | ) | (3.5 | ) | — | (1.4 | ) | Foreign currency translation | 2.5 | 1.7 | 0.5 | 0.3 | (0.3) | 0.3 | ||||||||||||||||||||||||||||||||||
December 31, 2015 | 775.6 | 370.9 | 187.9 | 48.1 | 64.6 | 104.1 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 1,226.2 | 598.8 | 283.5 | 67.3 | 91.4 | 185.2 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 794.7 | 386.6 | 185.6 | 51.2 | 70.7 | 100.6 | Average AUM | 1,094.4 | 503.9 | 253.8 | 62.1 | 95.4 | 179.2 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 48.6 | % | 23.4 | % | 6.4 | % | 8.9 | % | 12.7 | % | % of total average AUM | 100.0 | % | 46.0 | % | 23.2 | % | 5.7 | % | 8.7 | % | 16.4 | % | |||||||||||||||||||||||||||
December 31, 2017 | December 31, 2017 | 937.6 | 412.6 | 204.3 | 62.3 | 78.6 | 179.8 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | Long-term inflows | 209.8 | 96.8 | 51.4 | 13.1 | 6.9 | 41.6 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | Long-term outflows | (248.8) | (126.0) | (53.6) | (15.1) | (5.4) | (48.7) | |||||||||||||||||||||||||||||||||||||||||||||
Long-term net flows | Long-term net flows | (39.0) | (29.2) | (2.2) | (2.0) | 1.5 | (7.1) | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | Net flows in non-management fee earning AUM | 2.5 | 3.1 | (0.6) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 7.6 | — | — | — | 7.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total net flows | Total net flows | (28.9) | (26.1) | (2.8) | (2.0) | 9.1 | (7.1) | |||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 11.4 | 8.4 | 1.0 | 1.4 | — | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | (67.0) | (49.5) | (3.8) | (7.0) | 0.6 | (7.3) | |||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 47.6 | 29.5 | 11.5 | 3.1 | 2.2 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (12.5) | (5.8) | (1.6) | (2.4) | (0.6) | (2.1) | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 888.2 | 369.1 | 208.6 | 55.4 | 89.9 | 165.2 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | Average AUM | 958.7 | 422.8 | 209.9 | 62.1 | 85.6 | 178.3 | |||||||||||||||||||||||||||||||||||||||||||||
% of total average AUM | % of total average AUM | 100.0 | % | 44.1 | % | 21.9 | % | 6.5 | % | 8.9 | % | 18.6 | % |
$ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives(6) | $ in billions | Total | Equity | Fixed Income | Balanced | Money Market | Alternatives | |||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 144.4 | 93.5 | 41.7 | — | — | 9.2 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 297.0 | 217.1 | 58.9 | 0.9 | — | 20.1 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 42.9 | 26.3 | 12.6 | — | — | 4.0 | Long-term inflows | 106.6 | 73.4 | 12.6 | 0.1 | — | 20.5 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (38.2 | ) | (25.3 | ) | (7.3 | ) | — | — | (5.6 | ) | Long-term outflows | (90.5) | (63.0) | (11.5) | — | — | (16.0) | |||||||||||||||||||||||||||||||||||
Long-term net flows | 4.7 | 1.0 | 5.3 | — | — | (1.6 | ) | Long-term net flows | 16.1 | 10.4 | 1.1 | 0.1 | — | 4.5 | ||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | 0.5 | 2.5 | — | — | — | Net flows in non-management fee earning AUM | (5.1) | 17.2 | (22.3) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 7.7 | 1.5 | 7.8 | — | — | (1.6 | ) | Total net flows | 11.0 | 27.6 | (21.2) | 0.1 | — | 4.5 | ||||||||||||||||||||||||||||||||||||||
Market gains and losses | 20.6 | 21.1 | (0.1 | ) | — | — | (0.4 | ) | Market gains and losses | 62.2 | 61.4 | (0.8) | — | — | 1.6 | |||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | 26.0 | 12.2 | 7.8 | — | — | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 0.3 | 0.1 | 0.1 | — | — | 0.1 | Foreign currency translation | 0.4 | 0.3 | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 199.0 | 128.4 | 57.3 | — | — | 13.3 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 370.6 | 306.4 | 37.0 | 1.0 | — | 26.2 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 169.7 | 109.8 | 50.1 | — | — | 9.8 | Average AUM | 301.9 | 237.5 | 40.8 | 0.8 | — | 22.9 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 64.7 | % | 29.5 | % | — | % | — | % | 5.8 | % | % of total average AUM | 100.0 | % | 78.6 | % | 13.5 | % | 0.3 | % | — | % | 7.6 | % | |||||||||||||||||||||||||||
December 31, 2015 | 139.1 | 91.0 | 38.6 | — | 0.4 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 221.0 | 155.3 | 47.2 | 0.7 | — | 17.8 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 35.9 | 22.0 | 10.3 | — | — | 3.6 | Long-term inflows | 80.7 | 57.9 | 10.9 | 0.1 | — | 11.8 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (26.3 | ) | (20.2 | ) | (2.7 | ) | — | — | (3.4 | ) | Long-term outflows | (65.4) | (48.2) | (6.0) | — | — | (11.2) | |||||||||||||||||||||||||||||||||||
Long-term net flows | 9.6 | 1.8 | 7.6 | — | — | 0.2 | Long-term net flows | 15.3 | 9.7 | 4.9 | 0.1 | — | 0.6 | |||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (6.4 | ) | (5.1 | ) | (1.3 | ) | — | — | — | Net flows in non-management fee earning AUM | 9.3 | 3.0 | 6.3 | — | — | — | ||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (0.3 | ) | — | — | — | (0.3 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 2.9 | (3.3 | ) | 6.3 | — | (0.3 | ) | 0.2 | Total net flows | 24.6 | 12.7 | 11.2 | 0.1 | — | 0.6 | |||||||||||||||||||||||||||||||||||||
Market gains and losses | 5.6 | 5.8 | (0.5 | ) | — | (0.1 | ) | 0.4 | Market gains and losses | 46.9 | 44.7 | 0.4 | 0.1 | — | 1.7 | |||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (3.2 | ) | — | (2.7 | ) | — | — | (0.5 | ) | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 4.5 | 4.5 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | Foreign currency translation | — | (0.1) | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 144.4 | 93.5 | 41.7 | — | — | 9.2 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 297.0 | 217.1 | 58.9 | 0.9 | — | 20.1 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 135.4 | 87.4 | 38.9 | — | 0.1 | 9.0 | Average AUM | 264.3 | 189.2 | 55.7 | 0.8 | — | 18.6 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 64.5 | % | 28.7 | % | — | % | 0.1 | % | 6.6 | % | % of total average AUM | 100.0 | % | 71.6 | % | 21.1 | % | 0.3 | % | — | % | 7.0 | % | |||||||||||||||||||||||||||
December 31, 2014 | 141.4 | 88.2 | 41.1 | — | — | 12.1 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2017 | 198.8 | 134.7 | 42.4 | 0.8 | — | 20.9 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 24.8 | 17.3 | 3.7 | — | — | 3.8 | Long-term inflows | 70.4 | 49.3 | 10.8 | — | — | 10.3 | |||||||||||||||||||||||||||||||||||||||
Long-term outflows | (22.3 | ) | (14.0 | ) | (3.3 | ) | — | — | (5.0 | ) | Long-term outflows | (72.4) | (47.4) | (12.0) | — | — | (13.0) | |||||||||||||||||||||||||||||||||||
Long-term net flows | 2.5 | 3.3 | 0.4 | — | — | (1.2 | ) | Long-term net flows | (2.0) | 1.9 | (1.2) | — | — | (2.7) | ||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (2.2 | ) | (1.4 | ) | (0.8 | ) | — | — | — | Net flows in non-management fee earning AUM | 2.5 | 3.1 | (0.6) | — | — | — | ||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | 0.4 | — | — | — | 0.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 0.7 | 1.9 | (0.4 | ) | — | 0.4 | (1.2 | ) | Total net flows | 0.5 | 5.0 | (1.8) | — | — | (2.7) | |||||||||||||||||||||||||||||||||||||
Market gains and losses | (2.3 | ) | 0.9 | (2.1 | ) | — | — | (1.1 | ) | Market gains and losses | (14.9) | (11.1) | (1.9) | (0.1) | — | (1.8) | ||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (0.7 | ) | — | — | — | — | (0.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 37.1 | 27.1 | 8.7 | — | — | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | Foreign currency translation | (0.5) | (0.4) | (0.2) | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||
December 31, 2015 | 139.1 | 91.0 | 38.6 | — | 0.4 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 221.0 | 155.3 | 47.2 | 0.7 | — | 17.8 | |||||||||||||||||||||||||||||||||||||||||||||
Average AUM | 141.1 | 89.4 | 41.1 | — | 0.1 | 10.5 | Average AUM | 232.1 | 162.2 | 47.4 | 0.8 | — | 21.7 | |||||||||||||||||||||||||||||||||||||||
% of total average AUM | 100.0 | % | 63.4 | % | 29.1 | % | — | % | 0.1 | % | 7.4 | % | % of total average AUM | 100.0 | % | 69.9 | % | 20.4 | % | 0.3 | % | — | % | 9.3 | % |
$ in billions | Total | U.S. | Canada | U.K. | Continental Europe | Asia | $ in billions | Total | Americas | UK | EMEA ex UK | Asia | ||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 812.9 | 539.5 | 23.1 | 98.2 | 72.1 | 80.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows (2) | 190.3 | 95.4 | 4.3 | 16.3 | 51.1 | 23.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (178.8 | ) | (96.4 | ) | (4.6 | ) | (17.6 | ) | (38.3 | ) | (21.9 | ) | ||||||||||||||||||||||||||||||||||||||||
Long-term net flows | 11.5 | (1.0 | ) | (0.3 | ) | (1.3 | ) | 12.8 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | 3.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (3.2 | ) | (0.9 | ) | — | (1.4 | ) | 0.3 | (1.2 | ) | ||||||||||||||||||||||||||||||||||||||||||
Total net flows | 11.3 | 1.1 | (0.3 | ) | (2.7 | ) | 13.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses (2) | 66.0 | 44.7 | 2.2 | 7.0 | 7.9 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | 26.0 | — | — | — | 26.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 21.4 | 0.1 | 1.8 | 8.4 | 8.0 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | 937.6 | 585.4 | 26.8 | 110.9 | 127.1 | 87.4 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2015 | 775.6 | 510.7 | 21.7 | 104.2 | 75.4 | 63.6 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 1,226.2 | 879.5 | 74.4 | 143.7 | 128.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 177.8 | 101.7 | 3.5 | 15.7 | 25.9 | 31.0 | Long-term inflows | 310.9 | 176.2 | 13.0 | 57.6 | 64.1 | ||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (161.3 | ) | (95.8 | ) | (4.6 | ) | (16.2 | ) | (29.2 | ) | (15.5 | ) | Long-term outflows | (326.6) | (206.7) | (19.6) | (55.5) | (44.8) | ||||||||||||||||||||||||||||||||||
Long-term net flows | 16.5 | 5.9 | (1.1 | ) | (0.5 | ) | (3.3 | ) | 15.5 | Long-term net flows | (15.7) | (30.5) | (6.6) | 2.1 | 19.3 | |||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (6.4 | ) | (6.4 | ) | — | — | — | — | Net flows in non-management fee earning AUM | (5.1) | 3.6 | 0.2 | (9.6) | 0.7 | ||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | 12.8 | 7.9 | 0.4 | 3.2 | (0.1 | ) | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 14.3 | 10.9 | 0.1 | 0.2 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 22.9 | 7.4 | (0.7 | ) | 2.7 | (3.4 | ) | 16.9 | Total net flows | (6.5) | (16.0) | (6.3) | (7.3) | 23.1 | ||||||||||||||||||||||||||||||||||||||
Market gains and losses (2) | 37.7 | 25.1 | 1.4 | 7.1 | 2.7 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (1.2 | ) | (3.6 | ) | — | — | — | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 16.9 | 16.6 | 0.2 | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | 103.0 | 79.3 | (2.7) | 12.7 | 13.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (22.1 | ) | (0.1 | ) | 0.7 | (15.8 | ) | (2.6 | ) | (4.3 | ) | Foreign currency translation | 10.3 | 0.5 | 1.3 | 2.7 | 5.8 | |||||||||||||||||||||||||||||||||||
December 31, 2016 | 812.9 | 539.5 | 23.1 | 98.2 | 72.1 | 80.0 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 1,349.9 | 959.9 | 66.9 | 151.8 | 171.3 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 792.4 | 532.1 | 25.8 | 105.1 | 71.1 | 58.3 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 888.2 | 581.6 | 76.6 | 125.5 | 104.5 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 178.4 | 88.4 | 3.7 | 18.8 | 37.5 | 30.0 | Long-term inflows | 227.5 | 124.6 | 9.1 | 51.7 | 42.1 | ||||||||||||||||||||||||||||||||||||||||
Long-term outflows | (161.8 | ) | (86.2 | ) | (4.2 | ) | (17.9 | ) | (29.2 | ) | (24.3 | ) | Long-term outflows | (261.9) | (158.2) | (20.2) | (49.7) | (33.8) | ||||||||||||||||||||||||||||||||||
Long-term net flows | 16.6 | 2.2 | (0.5 | ) | 0.9 | 8.3 | 5.7 | Long-term net flows | (34.4) | (33.6) | (11.1) | 2.0 | 8.3 | |||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (2.2 | ) | (2.2 | ) | — | — | — | — | Net flows in non-management fee earning AUM | 9.2 | 6.3 | 0.2 | 2.4 | 0.3 | ||||||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (11.9 | ) | (13.9 | ) | — | 0.7 | (0.3 | ) | 1.6 | |||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | (2.0) | (3.9) | — | (2.3) | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | 2.5 | (13.9 | ) | (0.5 | ) | 1.6 | 8.0 | 7.3 | Total net flows | (27.2) | (31.2) | (10.9) | 2.1 | 12.8 | ||||||||||||||||||||||||||||||||||||||
Market gains and losses (2) | (2.6 | ) | (6.8 | ) | 0.9 | 3.0 | 1.3 | (1.0 | ) | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (0.7 | ) | (0.7 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 17.9 | 17.5 | 0.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | 120.4 | 88.1 | 5.5 | 15.3 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||
Transfer | Transfer | — | (1.3) | (0.3) | 1.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 224.4 | 223.7 | 0.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | (16.0 | ) | — | (4.5 | ) | (5.5 | ) | (5.0 | ) | (1.0 | ) | Foreign currency translation | 2.5 | 1.1 | 2.4 | (0.8) | (0.2) | |||||||||||||||||||||||||||||||||||
December 31, 2015 | 775.6 | 510.7 | 21.7 | 104.2 | 75.4 | 63.6 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 1,226.2 | 879.5 | 74.4 | 143.7 | 128.6 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2017 | 937.6 | 610.4 | 93.6 | 144.5 | 89.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | Long-term inflows | 209.8 | 108.3 | 13.6 | 58.3 | 29.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | Long-term outflows | (248.8) | (139.3) | (18.6) | (65.7) | (25.2) | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term net flows | Long-term net flows | (39.0) | (31.0) | (5.0) | (7.4) | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | Net flows in non-management fee earning AUM | 2.5 | 2.7 | (0.1) | (0.2) | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Net flows in money market funds | Net flows in money market funds | 7.6 | (2.1) | — | 0.9 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | Total net flows | (28.9) | (30.4) | (5.1) | (6.7) | 13.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Reinvested distributions | Reinvested distributions | 11.4 | 10.8 | 0.6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Market gains and losses | Market gains and losses | (67.0) | (44.7) | (7.3) | (8.6) | (6.4) | ||||||||||||||||||||||||||||||||||||||||||||||
Transfer | Transfer | — | (0.4) | (0.4) | 0.7 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 47.6 | 38.1 | — | — | 9.5 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (12.5) | (2.2) | (4.8) | (4.4) | (1.1) | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 888.2 | 581.6 | 76.6 | 125.5 | 104.5 |
$ in billions | Total | U.S. | Canada | U.K. | Continental Europe | Asia | $ in billions | Total | Americas | UK | EMEA ex UK | Asia | ||||||||||||||||||||||||||||||||||
December 31, 2016 | 144.4 | 139.9 | 0.5 | — | 1.9 | 2.1 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 297.0 | 240.0 | 0.7 | 51.4 | 4.9 | ||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 42.9 | 30.2 | 0.3 | — | 12.4 | — | Long-term inflows | 106.6 | 67.6 | 0.7 | 35.5 | 2.8 | ||||||||||||||||||||||||||||||||||
Long-term outflows | (38.2 | ) | (25.0 | ) | (0.1 | ) | — | (11.9 | ) | (1.2 | ) | Long-term outflows | (90.5) | (59.5) | (0.9) | (27.9) | (2.2) | |||||||||||||||||||||||||||||
Long-term net flows | 4.7 | 5.2 | 0.2 | — | 0.5 | (1.2 | ) | Long-term net flows | 16.1 | 8.1 | (0.2) | 7.6 | 0.6 | |||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | 3.0 | 3.0 | — | — | — | — | Net flows in non-management fee earning AUM | (5.1) | 3.6 | 0.2 | (9.6) | 0.7 | ||||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total net flows | 7.7 | 8.2 | 0.2 | — | 0.5 | (1.2 | ) | Total net flows | 11.0 | 11.7 | — | (2.0) | 1.3 | |||||||||||||||||||||||||||||||||
Market gains and losses | 20.6 | 19.2 | (0.1 | ) | — | 1.4 | 0.1 | Market gains and losses | 62.2 | 51.4 | 0.1 | 9.0 | 1.7 | |||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | 26.0 | — | — | — | 26.0 | — | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | 0.3 | — | — | — | 0.2 | 0.1 | Foreign currency translation | 0.4 | (0.1) | — | 0.5 | — | ||||||||||||||||||||||||||||||||||
December 31, 2017 | 199.0 | 167.3 | 0.6 | — | 30.0 | 1.1 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 370.6 | 303.0 | 0.8 | 58.9 | 7.9 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2015 | 139.1 | 134.4 | 0.4 | — | 1.9 | 2.4 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 221.0 | 184.0 | 0.7 | 32.6 | 3.7 | ||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 35.9 | 35.1 | 0.3 | — | 0.5 | — | Long-term inflows | 80.7 | 48.6 | 0.5 | 29.7 | 1.9 | ||||||||||||||||||||||||||||||||||
Long-term outflows | (26.3 | ) | (25.4 | ) | (0.2 | ) | — | (0.7 | ) | — | Long-term outflows | (65.4) | (42.6) | (0.4) | (20.3) | (2.1) | ||||||||||||||||||||||||||||||
Long-term net flows | 9.6 | 9.7 | 0.1 | — | (0.2 | ) | — | Long-term net flows | 15.3 | 6.0 | 0.1 | 9.4 | (0.2) | |||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (6.4 | ) | (6.4 | ) | — | — | — | — | Net flows in non-management fee earning AUM | 9.3 | 6.4 | 0.2 | 2.4 | 0.3 | ||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | (0.3 | ) | — | — | — | — | (0.3 | ) | ||||||||||||||||||||||||||||||||||||||
Total net flows | 2.9 | 3.3 | 0.1 | — | (0.2 | ) | (0.3 | ) | Total net flows | 24.6 | 12.4 | 0.3 | 11.8 | 0.1 | ||||||||||||||||||||||||||||||||
Market gains and losses | 5.6 | 5.4 | — | — | 0.2 | — | Market gains and losses | 46.9 | 39.1 | (0.3) | 7.0 | 1.1 | ||||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (3.2 | ) | (3.2 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
December 31, 2016 | 144.4 | 139.9 | 0.5 | — | 1.9 | 2.1 | ||||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 4.5 | 4.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | 141.4 | 137.6 | 0.2 | — | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2019 | 297.0 | 240.0 | 0.7 | 51.4 | 4.9 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2017 | December 31, 2017 | 198.8 | 160.1 | 0.8 | 34.7 | 3.2 | ||||||||||||||||||||||||||||||||||||||||
Long-term inflows | 24.8 | 22.6 | 0.1 | — | 0.6 | 1.5 | Long-term inflows | 70.4 | 40.1 | 0.4 | 28.4 | 1.5 | ||||||||||||||||||||||||||||||||||
Long-term outflows | (22.3 | ) | (20.2 | ) | — | — | (0.6 | ) | (1.5 | ) | Long-term outflows | (72.4) | (42.5) | (0.5) | (28.3) | (1.1) | ||||||||||||||||||||||||||||||
Long-term net flows | 2.5 | 2.4 | 0.1 | — | — | — | Long-term net flows | (2.0) | (2.4) | (0.1) | 0.1 | 0.4 | ||||||||||||||||||||||||||||||||||
Net flows in non-management fee earning AUM | (2.2 | ) | (2.2 | ) | — | — | — | — | Net flows in non-management fee earning AUM | 2.5 | 2.7 | (0.1) | (0.2) | 0.1 | ||||||||||||||||||||||||||||||||
Net flows in institutional money market funds | 0.4 | — | — | — | — | 0.4 | ||||||||||||||||||||||||||||||||||||||||
Total net flows | 0.7 | 0.2 | 0.1 | — | — | 0.4 | Total net flows | 0.5 | 0.3 | (0.2) | (0.1) | 0.5 | ||||||||||||||||||||||||||||||||||
Market gains and losses | (2.3 | ) | (2.7 | ) | 0.1 | — | 0.1 | 0.2 | Market gains and losses | (14.9) | (13.3) | 0.1 | (1.6) | (0.1) | ||||||||||||||||||||||||||||||||
Acquisitions/dispositions, net | (0.7 | ) | (0.7 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Acquisitions (4) | Acquisitions (4) | 37.1 | 36.9 | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | — | — | Foreign currency translation | (0.5) | — | — | (0.4) | (0.1) | ||||||||||||||||||||||||||||||||||
December 31, 2015 | 139.1 | 134.4 | 0.4 | — | 1.9 | 2.4 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | December 31, 2018 | 221.0 | 184.0 | 0.7 | 32.6 | 3.7 |
(2) Asset classes are descriptive groupings |
Variance | |||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | 2020 vs 2019 | 2019 vs 2018 | |||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Investment management fees | 4,451.0 | 4,506.3 | 4,082.3 | (55.3) | (1.2) | % | 424.0 | 10.4 | % | ||||||||||||||||||||||||||||||||
Service and distribution fees | 1,419.0 | 1,276.5 | 968.5 | 142.5 | 11.2 | % | 308.0 | 31.8 | % | ||||||||||||||||||||||||||||||||
Performance fees | 65.6 | 102.2 | 56.9 | (36.6) | (35.8) | % | 45.3 | 79.6 | % | ||||||||||||||||||||||||||||||||
Other | 210.0 | 232.4 | 206.4 | (22.4) | (9.6) | % | 26.0 | 12.6 | % | ||||||||||||||||||||||||||||||||
Total operating revenues | 6,145.6 | 6,117.4 | 5,314.1 | 28.2 | 0.5 | % | 803.3 | 15.1 | % | ||||||||||||||||||||||||||||||||
Invesco Great Wall | 263.2 | 157.2 | 83.6 | 106.0 | 67.4 | % | 73.6 | 88.0 | % | ||||||||||||||||||||||||||||||||
Revenue Adjustments: | |||||||||||||||||||||||||||||||||||||||||
Investment management fees | (779.8) | (814.4) | (817.9) | 34.6 | (4.2) | % | 3.5 | (0.4) | % | ||||||||||||||||||||||||||||||||
Service and distribution fees | (986.1) | (886.3) | (629.7) | (99.8) | 11.3 | % | (256.6) | 40.7 | % | ||||||||||||||||||||||||||||||||
Other | (181.7) | (192.3) | (160.6) | 10.6 | (5.5) | % | (31.7) | 19.7 | % | ||||||||||||||||||||||||||||||||
Total Revenue Adjustments (1) | (1,947.6) | (1,893.0) | (1,608.2) | (54.6) | 2.9 | % | (284.8) | 17.7 | % | ||||||||||||||||||||||||||||||||
CIP | 39.8 | 33.5 | 28.6 | 6.3 | 18.8 | % | 4.9 | 17.1 | % | ||||||||||||||||||||||||||||||||
Net revenues (2) | 4,501.0 | 4,415.1 | 3,818.1 | 85.9 | 1.9 | % | 597.0 | 15.6 | % |
Variance | ||||||||||||||||||||
Years ended December 31, | 2017 vs 2016 | 2016 vs 2015 | ||||||||||||||||||
$ in millions | 2017 | 2016 | 2015 | $ Change | % Change | $ Change | % Change | |||||||||||||
Investment management fees | 4,126.6 | 3,773.1 | 4,061.1 | 353.5 | 9.4 | % | (288.0 | ) | (7.1 | )% | ||||||||||
Service and distribution fees | 852.8 | 823.6 | 855.4 | 29.2 | 3.5 | % | (31.8 | ) | (3.7 | )% | ||||||||||
Performance fees | 113.3 | 44.3 | 85.9 | 69.0 | 155.8 | % | (41.6 | ) | (48.4 | )% | ||||||||||
Other | 67.6 | 93.4 | 120.5 | (25.8 | ) | (27.6 | )% | (27.1 | ) | (22.5 | )% | |||||||||
Total operating revenues | 5,160.3 | 4,734.4 | 5,122.9 | 425.9 | 9.0 | % | (388.5 | ) | (7.6 | )% | ||||||||||
Third-party distribution, service and advisory expenses | (1,486.5 | ) | (1,407.2 | ) | (1,579.9 | ) | (79.3 | ) | 5.6 | % | 172.7 | (10.9 | )% | |||||||
Proportional share of revenues, net of third-party distribution expenses, from joint venture investments | 48.7 | 43.7 | 61.0 | 5.0 | 11.4 | % | (17.3 | ) | (28.4 | )% | ||||||||||
CIP | 32.4 | 22.3 | 39.2 | 10.1 | 45.3 | % | (16.9 | ) | (43.1 | )% | ||||||||||
Net revenues* | 3,754.9 | 3,393.2 | 3,643.2 | 361.7 | 10.7 | % | (250.0 | ) | (6.9 | )% |
Variance | |||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | 2020 vs 2019 | 2019 vs 2018 | |||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 1,947.6 | 1,893.0 | 1,608.2 | 54.6 | 2.9 | % | 284.8 | 17.7 | % | ||||||||||||||||||||||||||||||||
Employee compensation | 1,807.9 | 1,709.3 | 1,494.4 | 98.6 | 5.8 | % | 214.9 | 14.4 | % | ||||||||||||||||||||||||||||||||
Marketing | 83.3 | 135.6 | 134.8 | (52.3) | (38.6) | % | 0.8 | 0.6 | % | ||||||||||||||||||||||||||||||||
Property, office and technology | 512.3 | 494.1 | 410.5 | 18.2 | 3.7 | % | 83.6 | 20.4 | % | ||||||||||||||||||||||||||||||||
General and administrative | 480.8 | 404.2 | 324.4 | 76.6 | 19.0 | % | 79.8 | 24.6 | % | ||||||||||||||||||||||||||||||||
Transaction, integration and restructuring | 393.3 | 673.0 | 136.9 | (279.7) | (41.6) | % | 536.1 | 391.6 | % | ||||||||||||||||||||||||||||||||
Total operating expenses | 5,225.2 | 5,309.2 | 4,109.2 | (84.0) | (1.6) | % | 1,200.0 | 29.2 | % |
Variance | ||||||||||||||||||||
Years ended December 31, | 2017 vs 2016 | 2016 vs 2015 | ||||||||||||||||||
$ in millions | 2017 | 2016 | 2015 | $ Change | % Change | $ Change | % Change | |||||||||||||
Third-party distribution, service and advisory | 1,486.5 | 1,407.2 | 1,579.9 | 79.3 | 5.6 | % | (172.7 | ) | (10.9 | )% | ||||||||||
Employee compensation | 1,537.4 | 1,378.8 | 1,395.5 | 158.6 | 11.5 | % | (16.7 | ) | (1.2 | )% | ||||||||||
Marketing | 123.7 | 114.8 | 115.4 | 8.9 | 7.8 | % | (0.6 | ) | (0.5 | )% | ||||||||||
Property, office and technology | 370.1 | 325.7 | 312.0 | 44.4 | 13.6 | % | 13.7 | 4.4 | % | |||||||||||
General and administrative | 365.5 | 331.5 | 361.7 | 34.0 | 10.3 | % | (30.2 | ) | (8.3 | )% | ||||||||||
Total operating expenses | 3,883.2 | 3,558.0 | 3,764.5 | 325.2 | 9.1 | % | (206.5 | ) | (5.5 | )% |
$ in millions | 2017 | % of Total Operating Expenses | % of Operating Revenues | 2016 | % of Total Operating Expenses | % of Operating Revenues | 2015 | % of Total Operating Expenses | % of Operating Revenues | $ in millions | 2020 | % of Total Operating Expenses | % of Operating Revenues | 2019 | % of Total Operating Expenses | % of Operating Revenues | 2018 | % of Total Operating Expenses | % of Operating Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 1,486.5 | 38.3 | % | 28.8 | % | 1,407.2 | 39.6 | % | 29.7 | % | 1,579.9 | 42.0 | % | 30.8 | % | Third-party distribution, service and advisory | 1,947.6 | 37.3 | % | 31.7 | % | 1,893.0 | 35.7 | % | 30.9 | % | 1,608.2 | 39.1 | % | 30.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation | 1,537.4 | 39.6 | % | 29.8 | % | 1,378.8 | 38.8 | % | 29.1 | % | 1,395.5 | 37.1 | % | 27.2 | % | Employee compensation | 1,807.9 | 34.6 | % | 29.4 | % | 1,709.3 | 32.2 | % | 27.9 | % | 1,494.4 | 36.4 | % | 28.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 123.7 | 3.2 | % | 2.4 | % | 114.8 | 3.2 | % | 2.4 | % | 115.4 | 3.1 | % | 2.3 | % | Marketing | 83.3 | 1.6 | % | 1.4 | % | 135.6 | 2.6 | % | 2.2 | % | 134.8 | 3.3 | % | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Property, office and technology | 370.1 | 9.5 | % | 7.2 | % | 325.7 | 9.2 | % | 6.9 | % | 312.0 | 8.3 | % | 6.1 | % | Property, office and technology | 512.3 | 9.8 | % | 8.3 | % | 494.1 | 9.3 | % | 8.1 | % | 410.5 | 10.0 | % | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 365.5 | 9.4 | % | 7.1 | % | 331.5 | 9.2 | % | 7.0 | % | 361.7 | 9.5 | % | 7.1 | % | General and administrative | 480.8 | 9.2 | % | 7.8 | % | 404.2 | 7.6 | % | 6.6 | % | 324.4 | 7.9 | % | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Transaction, integration and restructuring | Transaction, integration and restructuring | 393.3 | 7.5 | % | 6.4 | % | 673.0 | 12.7 | % | 11.0 | % | 136.9 | 3.3 | % | 2.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 3,883.2 | 100.0 | % | 75.3 | % | 3,558.0 | 100.0 | % | 75.2 | % | 3,764.5 | 100.0 | % | 73.5 | % | Total operating expenses | 5,225.2 | 100.0 | % | 85.0 | % | 5,309.2 | 100 | % | 86.8 | % | 4,109.2 | 100.0 | % | 77.3 | % |
Variance | |||||||||||||||||||||||||||||||||||||||||
Years ended December 31, | 2020 vs 2019 | 2019 vs 2018 | |||||||||||||||||||||||||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 72.7 | 56.4 | 33.8 | 16.3 | 28.9 | % | 22.6 | 66.9 | % | ||||||||||||||||||||||||||||||||
Interest and dividend income | 20.5 | 28.5 | 21.3 | (8.0) | (28.1) | % | 7.2 | 33.8 | % | ||||||||||||||||||||||||||||||||
Interest expense | (129.3) | (135.7) | (111.5) | 6.4 | (4.7) | % | (24.2) | 21.7 | % | ||||||||||||||||||||||||||||||||
Other gains and losses, net | 44.9 | 65.7 | (40.0) | (20.8) | (31.7) | % | 105.7 | N/A | |||||||||||||||||||||||||||||||||
Other income/(expense) of CIP, net | 139.9 | 149.8 | 29.6 | (9.9) | (6.6) | % | 120.2 | 406.1 | % | ||||||||||||||||||||||||||||||||
Total other income and expenses | 148.7 | 164.7 | (66.8) | (16.0) | (9.7) | % | 231.5 | (346.6) | % |
Variance | ||||||||||||||||||||
Years ended December 31, | 2017 vs 2016 | 2016 vs 2015 | ||||||||||||||||||
$ in millions | 2017 | 2016 | 2015 | $ Change | % Change | $ Change | % Change | |||||||||||||
Equity in earnings of unconsolidated affiliates | 44.7 | 9.3 | 35.1 | 35.4 | 380.6 | % | (25.8 | ) | (73.5 | )% | ||||||||||
Interest and dividend income | 13.4 | 12.2 | 13.0 | 1.2 | 9.8 | % | (0.8 | ) | (6.2 | )% | ||||||||||
Interest expense | (94.8 | ) | (93.4 | ) | (81.7 | ) | (1.4 | ) | 1.5 | % | (11.7 | ) | 14.3 | % | ||||||
Other gains and losses, net | 51.5 | 22.9 | (1.5 | ) | 28.6 | 124.9 | % | 24.4 | N/A | |||||||||||
Other income/(expense) of CIP, net | 137.3 | 79.2 | 27.1 | 58.1 | 73.4 | % | 52.1 | 192.3 | % | |||||||||||
Other income/(expense) of CSIP, net | — | — | 11.7 | — | — | % | (11.7 | ) | (100.0 | )% | ||||||||||
Total other income and expenses | 152.1 | 30.2 | 3.7 | 121.9 | 403.6 | % | 26.5 | 716.2 | % |
$ in millions | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Operating revenues, U.S. GAAP basis | 6,145.6 | 6,117.4 | 5,314.1 | 5,160.3 | 4,734.4 | ||||||||||||||||||||||||
Invesco Great Wall (1) | 263.2 | 157.2 | 83.6 | 48.7 | 43.7 | ||||||||||||||||||||||||
Revenue Adjustments: (2) | |||||||||||||||||||||||||||||
Investment management fees | (779.8) | (814.4) | (817.9) | (914.2) | (840.1) | ||||||||||||||||||||||||
Service and distribution fees | (986.1) | (886.3) | (629.7) | (551.2) | (547.6) | ||||||||||||||||||||||||
Other | (181.7) | (192.3) | (160.6) | (21.1) | (19.5) | ||||||||||||||||||||||||
Total Revenue Adjustments | (1,947.6) | (1,893.0) | (1,608.2) | (1,486.5) | (1,407.2) | ||||||||||||||||||||||||
CIP (3) | 39.8 | 33.5 | 28.6 | 32.4 | 22.3 | ||||||||||||||||||||||||
Net revenues | 4,501.0 | 4,415.1 | 3,818.1 | 3,754.9 | 3,393.2 |
$ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||
Operating revenues, U.S. GAAP basis | 5,160.3 | 4,734.4 | 5,122.9 | 5,147.1 | 4,644.6 | |||||||||
Proportional share of revenues, net of third-party distribution expenses, from joint venture investments (1) | 48.7 | 43.7 | 61.0 | 56.7 | 51.7 | |||||||||
Third party distribution, service and advisory expenses (2) | (1,486.5 | ) | (1,407.2 | ) | (1,579.9 | ) | (1,630.7 | ) | (1,489.2 | ) | ||||
CIP (3) | 32.4 | 22.3 | 39.2 | 35.2 | 37.9 | |||||||||
Other reconciling items (6) | — | — | — | — | 7.0 | |||||||||
Net revenues | 3,754.9 | 3,393.2 | 3,643.2 | 3,608.3 | 3,252.0 |
$ in millions | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Operating income, U.S. GAAP basis | 920.4 | 808.2 | 1,204.9 | 1,279.1 | 1,152.4 | ||||||||||||||||||||||||
Invesco Great Wall (1) | 143.7 | 76.5 | 31.1 | 18.4 | 15.9 | ||||||||||||||||||||||||
CIP (3) | 62.0 | 61.6 | 44.8 | 42.9 | 51.0 | ||||||||||||||||||||||||
Transaction, integration and restructuring (4) | 393.3 | 673.0 | 136.9 | 101.8 | 69.0 | ||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation plans (5) | 39.8 | 36.5 | (3.2) | 20.3 | 8.1 | ||||||||||||||||||||||||
Other reconciling items (6) | 105.3 | — | (22.8) | 19.7 | 1.0 | ||||||||||||||||||||||||
Adjusted operating income | 1,664.5 | 1,655.8 | 1,391.7 | 1,482.2 | 1,297.4 | ||||||||||||||||||||||||
Operating margin* | 15.0 | % | 13.2 | % | 22.7 | % | 24.8 | % | 24.3 | % | |||||||||||||||||||
Adjusted operating margin** | 37.0 | % | 37.5 | % | 36.5 | % | 39.5 | % | 38.2 | % |
$ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||
Operating income, U.S. GAAP basis | 1,277.1 | 1,176.4 | 1,358.4 | 1,276.9 | 1,120.2 | |||||||||
Proportional share of net operating income from joint venture investments (1) | 18.4 | 15.9 | 27.4 | 25.9 | 21.3 | |||||||||
CIP (3) | 42.9 | 51.0 | 63.2 | 69.8 | 73.0 | |||||||||
Business combinations (4) | 43.8 | 22.3 | 12.8 | 12.6 | 23.0 | |||||||||
Compensation expense related to market valuation changes in deferred compensation plans (5) | 20.3 | 8.1 | 4.3 | 11.5 | 25.1 | |||||||||
Other reconciling items (6) | 77.7 | 39.1 | 27.6 | 98.3 | 29.5 | |||||||||
Adjusted operating income | 1,480.2 | 1,312.8 | 1,493.7 | 1,495.0 | 1,292.1 | |||||||||
Operating margin* | 24.7 | % | 24.8 | % | 26.5 | % | 24.8 | % | 24.1 | % | ||||
Adjusted operating margin** | 39.4 | % | 38.7 | % | 41.0 | % | 41.4 | % | 39.7 | % |
$ in millions, except per share data | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis | 1,127.3 | 854.2 | 968.1 | 988.1 | 940.3 | ||||||||||||||
CIP, eliminated upon consolidation (3) | (2.3 | ) | (3.0 | ) | 40.4 | (7.8 | ) | 8.7 | |||||||||||
Business combinations, net of tax (4) | 39.3 | 59.5 | 14.0 | 36.2 | (23.8 | ) | |||||||||||||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax (5) | (4.6 | ) | (2.5 | ) | 5.9 | (0.3 | ) | (12.6 | ) | ||||||||||
Other reconciling items, net of tax (6) | (53.8 | ) | 15.9 | 20.3 | 78.6 | 40.7 | |||||||||||||
Adjusted net income attributable to Invesco Ltd.*** | 1,105.9 | 924.1 | 1,048.7 | 1,094.8 | 953.3 | ||||||||||||||
Average shares outstanding - diluted | 409.9 | 415.0 | 429.3 | 435.6 | 448.5 | ||||||||||||||
Diluted EPS | $2.75 | $2.06 | $2.26 | $2.27 | $2.10 | ||||||||||||||
Adjusted diluted EPS**** | $2.70 | $2.23 | $2.44 | $2.51 | $2.13 |
$ in millions, except per common share data | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Net income attributable to Invesco Ltd., U.S. GAAP basis | 524.8 | 564.7 | 882.8 | 1,127.3 | 854.2 | ||||||||||||||||||||||||
CIP (3) | (9.4) | 1.6 | (8.8) | (2.3) | (3.0) | ||||||||||||||||||||||||
Transaction, integration and restructuring, net of tax (4) | 339.7 | 558.1 | 138.6 | 91.9 | 68.3 | ||||||||||||||||||||||||
Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax (5) | (20.1) | (7.9) | 15.4 | (4.6) | (2.5) | ||||||||||||||||||||||||
Other reconciling items, net of tax (6) | 57.9 | 7.5 | (25.3) | (106.4) | 7.1 | ||||||||||||||||||||||||
Adjusted net income attributable to Invesco Ltd. | 892.9 | 1,124.0 | 1,002.7 | 1,105.9 | 924.1 | ||||||||||||||||||||||||
Average common shares outstanding - diluted | 462.5 | 440.5 | 412.5 | 409.9 | 415.0 | ||||||||||||||||||||||||
Diluted EPS | $1.13 | $1.28 | $2.14 | $2.75 | $2.06 | ||||||||||||||||||||||||
Adjusted diluted EPS*** | $1.93 | $2.55 | $2.43 | $2.70 | $2.23 |
* Operating margin is equal to operating income divided by operating revenues. ** Adjusted operating margin is equal to adjusted operating income divided by net revenues. *** Adjusted diluted EPS is equal to adjusted net income attributable to Invesco Ltd. divided by the weighted average number of common and restricted common shares outstanding. There is no difference between the calculated earnings per common share amounts presented above and the calculated earnings per common share amounts under the |
Year ended December 31, | |||||||||||||||||||||||||||||
$ in millions, except per common share data | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Management fees earned from CIP, eliminated upon consolidation | 39.8 | 33.5 | 28.6 | 25.5 | 20.8 | ||||||||||||||||||||||||
Performance fees earned from CIP, eliminated upon consolidation | — | — | — | 6.9 | 1.5 | ||||||||||||||||||||||||
CIP related adjustments in arriving at net revenues | 39.8 | 33.5 | 28.6 | 32.4 | 22.3 |
Year ended December 31, | ||||||||||||||
$ in millions, except per share data | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||
Management fees earned from CIP, eliminated upon consolidation | 25.5 | 20.8 | 30.7 | 26.7 | 27.0 | |||||||||
Performance fees earned from CIP, eliminated upon consolidation | 6.9 | 1.5 | 8.5 | 9.1 | 11.3 | |||||||||
Other revenues recorded by CIP | — | — | — | (0.6 | ) | (0.4 | ) | |||||||
CIP related adjustments in arriving at net revenues | 32.4 | 22.3 | 39.2 | 35.2 | 37.9 |
$ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||
Business combination related: | ||||||||||||||
Employee compensation expense (a) | 5.8 | 7.0 | — | — | 2.4 | |||||||||
Transaction and integration expense (b) | 20.6 | 1.4 | 2.2 | — | 5.2 | |||||||||
Intangible amortization expense (c) | 17.4 | 13.9 | 10.6 | 12.6 | 15.4 | |||||||||
Adjustments to operating income | 43.8 | 22.3 | 12.8 | 12.6 | 23.0 | |||||||||
Change in contingent consideration estimates (d) | (7.6 | ) | 7.4 | (27.1 | ) | — | — | |||||||
Foreign exchange gain related to business acquisitions (e) | (12.1 | ) | — | — | — | — | ||||||||
Other-than-temporary impairment (f) | — | 17.8 | — | — | — | |||||||||
Taxation: | ||||||||||||||
Taxation on employee compensation expense (a) | (2.1 | ) | (2.7 | ) | — | — | — | |||||||
Taxation on transaction and integration (b) | (5.9 | ) | (0.5 | ) | (0.6 | ) | — | (2.1 | ) | |||||
Taxation on amortization (c) | (1.6 | ) | (1.3 | ) | (1.5 | ) | (1.6 | ) | (1.5 | ) | ||||
Deferred taxation (g) | 19.6 | 19.3 | 20.1 | 21.8 | 21.3 | |||||||||
Taxation on change in contingent consideration estimates (d) | 2.9 | (2.8 | ) | 10.3 | — | — | ||||||||
Taxation on foreign exchange gain related to business acquisitions (e) | 2.3 | — | — | — | — | |||||||||
(Income)/loss from discontinued operations, net of taxes (h) | — | — | — | 3.4 | (64.5 | ) | ||||||||
Adjustments to net income attributable to Invesco Ltd. | 39.3 | 59.5 | 14.0 | 36.2 | (23.8 | ) |
$ in millions | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Market movement on deferred compensation plan liabilities: | |||||||||||||||||||||||||||||
Compensation expense related to market valuation changes in deferred compensation liability | 39.8 | 36.5 | (3.2) | 20.3 | 8.1 | ||||||||||||||||||||||||
Adjustments to operating income | 39.8 | 36.5 | (3.2) | 20.3 | 8.1 | ||||||||||||||||||||||||
Market valuation changes and dividend income from investments and instruments held related to deferred compensation plans in other income/(expense) | (65.8) | (46.8) | 23.1 | (27.6) | (12.1) | ||||||||||||||||||||||||
Taxation: | |||||||||||||||||||||||||||||
Taxation on deferred compensation plan market valuation changes and dividend income less compensation expense | 5.9 | 2.4 | (4.5) | 2.7 | 1.5 | ||||||||||||||||||||||||
Adjustments to net income attributable to Invesco Ltd. | (20.1) | (7.9) | 15.4 | (4.6) | (2.5) |
$ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||
Market movement on deferred compensation plan liabilities: | ||||||||||||||
Compensation expense related to market valuation changes in deferred compensation liability | 20.3 | 8.1 | 4.3 | 11.5 | 25.1 | |||||||||
Adjustments to operating income | 20.3 | 8.1 | 4.3 | 11.5 | 25.1 | |||||||||
Market valuation changes and dividend income from investments and instruments held related to deferred compensation plans in other income/(expense) | (27.6 | ) | (12.1 | ) | 4.8 | (11.2 | ) | (42.5 | ) | |||||
Taxation: | ||||||||||||||
Taxation on deferred compensation plan market valuation changes and dividend income less compensation expense | 2.7 | 1.5 | (3.2 | ) | (0.6 | ) | 4.8 | |||||||
Adjustments to net income attributable to Invesco Ltd. | (4.6 | ) | (2.5 | ) | 5.9 | (0.3 | ) | (12.6 | ) |
$ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||
Other non-GAAP adjustments: | ||||||||||||||
Investment management fees accrual adjustment (a) | — | — | — | — | 4.3 | |||||||||
Third party distribution, service and advisory expenses - European infrastructure initiative (b) | — | — | — | — | 2.7 | |||||||||
Adjustments to net revenues | — | — | — | — | 7.0 | |||||||||
Business optimization charges: (c) | ||||||||||||||
Employee compensation | 30.0 | 26.4 | 12.2 | 7.2 | — | |||||||||
Consulting and temporary labor | 25.3 | 21.8 | 2.0 | — | — | |||||||||
Property, office and technology | 2.7 | 1.7 | 2.0 | — | — | |||||||||
Vacated property lease charge/(credit) | — | (3.2 | ) | (6.4 | ) | 33.1 | — | |||||||
Employee benefit plan termination (d) | — | (8.6 | ) | — | — | — | ||||||||
Regulatory charge (e) | — | 1.0 | 12.6 | 31.1 | — | |||||||||
Legal fees for regulatory charge (e) | — | — | 0.5 | 0.5 | — | |||||||||
Senior executive retirement and related costs (f) | 19.7 | — | — | — | — | |||||||||
Fund reimbursement expense (g) | — | — | 4.7 | 31.1 | — | |||||||||
U.K. FSCS levy (h) | — | — | — | (4.7 | ) | 3.0 | ||||||||
European infrastructure initiative (b) | — | — | — | — | 7.8 | |||||||||
Capitalized software development write-off (i) | — | — | — | — | 11.7 | |||||||||
Adjustments to operating income | 77.7 | 39.1 | 27.6 | 98.3 | 29.5 | |||||||||
Foreign exchange hedge (j) | 20.6 | (14.2 | ) | 1.0 | (0.2 | ) | (0.6 | ) | ||||||
Payment to an investment trust (k) | — | — | — | — | 31.9 | |||||||||
Taxation: | ||||||||||||||
Taxation on investment management fees accrual adjustment (a) | — | — | — | — | (1.1 | ) | ||||||||
Taxation on European infrastructure initiative (b) | — | — | — | — | (2.1 | ) | ||||||||
Taxation on business optimization charges (c) | (19.9 | ) | (16.2 | ) | (5.1 | ) | (2.3 | ) | — | |||||
Taxation on vacated property lease credit(c) | — | 0.7 | 1.3 | (6.4 | ) | — | ||||||||
Taxation on employee benefit plan termination (d) | — | 3.3 | — | — | — | |||||||||
Taxation on regulatory-related charges (e) | — | (1.8 | ) | (2.7 | ) | (0.1 | ) | — | ||||||
Taxation on senior executive retirement and related costs (f) | (5.9 | ) | — | — | — | — | ||||||||
Taxation on fund reimbursement expense (g) | — | — | (1.8 | ) | (11.7 | ) | — | |||||||
Taxation on U.K. FSCS levy (h) | — | — | — | 1.0 | (0.7 | ) | ||||||||
Taxation on capitalized software development write-off (i) | — | — | — | — | (4.3 | ) | ||||||||
Taxation on foreign exchange hedge (j) | (7.8 | ) | 5.0 | — | — | 0.2 | ||||||||
Taxation on payment to an investment trust (k) | — | — | — | — | (12.1 | ) | ||||||||
Tax impact of regulation changes(l) | (118.5 | ) | — | — | — | — | ||||||||
Adjustments to net income attributable to Invesco Ltd. | (53.8 | ) | 15.9 | 20.3 | 78.6 | 40.7 |
$ in millions | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Other non-GAAP adjustments: | |||||||||||||||||||||||||||||
Fund rebalancing correction (a) | 105.3 | — | — | ||||||||||||||||||||||||||
Prior period impact of multi-year VAT tax recovery (b) | — | — | (22.8) | — | — | ||||||||||||||||||||||||
Senior executive retirement and related costs (c) | — | — | — | 19.7 | — | ||||||||||||||||||||||||
Regulatory charge | — | — | — | — | 1.0 | ||||||||||||||||||||||||
Adjustments to operating income | 105.3 | — | (22.8) | 19.7 | 1.0 | ||||||||||||||||||||||||
Foreign exchange hedge (d) | (1.2) | 0.9 | (8.2) | 20.6 | (14.2) | ||||||||||||||||||||||||
Change in contingent consideration estimates (e) | (15.2) | 7.8 | (0.9) | (7.6) | 7.4 | ||||||||||||||||||||||||
Foreign exchange gain related to business acquisitions (f) | — | — | — | (12.1) | — | ||||||||||||||||||||||||
Other-than-temporary impairment (g) | — | — | — | — | 17.8 | ||||||||||||||||||||||||
Employee benefit plan termination (h) | — | — | — | — | (8.6) | ||||||||||||||||||||||||
Taxation: | |||||||||||||||||||||||||||||
Taxation on fund rebalancing correction (a) | (25.3) | — | — | — | — | ||||||||||||||||||||||||
Taxation on foreign exchange hedge amortization (d) | 0.3 | (0.2) | 2.1 | (7.8) | 5.0 | ||||||||||||||||||||||||
Taxation on change in consideration estimates (e) | 3.7 | (1.0) | 0.2 | 2.9 | (2.8) | ||||||||||||||||||||||||
State tax uncertain tax position (i) | (9.0) | — | — | 12.2 | — | ||||||||||||||||||||||||
Impact of tax rate changes (j) | (0.7) | — | — | (130.7) | — | ||||||||||||||||||||||||
Taxation on prior period impact of multi-year VAT tax recovery (b) | — | — | 4.3 | — | — | ||||||||||||||||||||||||
Taxation on senior executive retirement and related costs (c) | — | — | — | (5.9) | — | ||||||||||||||||||||||||
Taxation on foreign exchange gain related to business acquisitions (f) | — | — | — | 2.3 | — | ||||||||||||||||||||||||
Taxation on employee benefit plan termination (h) | — | — | — | — | 3.3 | ||||||||||||||||||||||||
Taxation on regulatory-related charges | — | — | — | — | (1.8) | ||||||||||||||||||||||||
Adjustments to net income attributable to Invesco Ltd. | 57.9 | 7.5 | (25.3) | (106.4) | 7.1 |
(a)The company recorded a charge of $105.3 million in the second quarter of 2020 due to a previously disclosed S&P 500 equal weight funds rebalancing correction. Due to the unique character and magnitude of this item, it has been adjusted from U.S. GAAP to arrive at the company's non-GAAP financial measures. (b)As a result of an increase in our recoverable VAT from applying additional regulatory guidance, a credit was recorded in the third quarter of 2018. The portion of the cumulative adjustment representing 2015 through 2017 has been removed for non-GAAP purposes. (c)Operating expenses for 2017 reflect the cost of multiple senior executive retirements. The costs incurred in one quarter were unprecedented, and the company deemed it appropriate to adjust these costs from the U.S. GAAP total compensation in an effort to isolate and evaluate our level of compensation going forward. The result of this adjustment was $19.7 million related to accelerated vesting of deferred compensation and other separation costs. (d)Included within other gains and losses, net is the mark-to-market of foreign exchange put option contracts intended to provide protection against the impact of a significant decline in the Pound Sterling/U.S. Dollar and the Euro/U.S. Dollar foreign exchange rates. The Pound Sterling contracts provided coverage through June 30, 2020, and the Euro contracts provided coverage through December 27, 2017. The adjustment from U.S. GAAP to non- |
(h)Employee benefit plan termination: |
As of December 31, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet information $ in millions | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | U.S. GAAP | Impact of CIP | Impact of Policyholders | As Adjusted | |||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,408.4 | — | — | 1,408.4 | 1,049.0 | — | — | 1,049.0 | |||||||||||||||||||||||||||||||||||||||
Unsettled fund receivables | 109.4 | — | — | 109.4 | 162.7 | — | — | 162.7 | |||||||||||||||||||||||||||||||||||||||
Investments | 826.8 | (421.4) | — | 1,248.2 | 829.5 | (640.2) | — | 1,469.7 | |||||||||||||||||||||||||||||||||||||||
Assets of CIP: | |||||||||||||||||||||||||||||||||||||||||||||||
Investments and other assets of CIP | 8,085.5 | 8,085.5 | — | — | 7,980.9 | 7,980.9 | — | — | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 301.7 | 301.7 | — | — | 652.2 | 652.2 | — | — | |||||||||||||||||||||||||||||||||||||||
Assets held for policyholders | 7,582.1 | — | 7,582.1 | — | 10,835.6 | — | 10,835.6 | — | |||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | 16,221.9 | — | — | 16,221.9 | 15,867.7 | — | — | 15,867.7 | |||||||||||||||||||||||||||||||||||||||
Other assets (2) | 1,968.3 | (5.1) | — | 1,973.4 | 2,042.7 | (5.6) | — | 2,048.3 | |||||||||||||||||||||||||||||||||||||||
Total assets | 36,504.1 | 7,960.7 | 7,582.1 | 20,961.3 | 39,420.3 | 7,987.3 | 10,835.6 | 20,597.4 | |||||||||||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities of CIP: | |||||||||||||||||||||||||||||||||||||||||||||||
Debt of CIP | 6,714.1 | 6,714.1 | — | — | 6,234.6 | 6,234.6 | — | — | |||||||||||||||||||||||||||||||||||||||
Other liabilities of CIP | 588.6 | 588.6 | — | — | 949.6 | 949.6 | — | — | |||||||||||||||||||||||||||||||||||||||
Policyholder payables | 7,582.1 | — | 7,582.1 | — | 10,835.6 | — | 10,835.6 | — | |||||||||||||||||||||||||||||||||||||||
Unsettled fund payables | 98.4 | — | — | 98.4 | 154.2 | — | — | 154.2 | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 2,082.6 | — | — | 2,082.6 | 2,080.3 | — | — | 2,080.3 | |||||||||||||||||||||||||||||||||||||||
Other liabilities (3) | 4,417.6 | — | — | 4,417.6 | 4,464.2 | (35.2) | — | 4,499.4 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 21,483.4 | 7,302.7 | 7,582.1 | 6,598.6 | 24,718.5 | 7,149.0 | 10,835.6 | 6,733.9 | |||||||||||||||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity attributable to Invesco Ltd. | 14,361.8 | (0.1) | — | 14,361.9 | 13,862.5 | (0.1) | — | 13,862.6 | |||||||||||||||||||||||||||||||||||||||
Noncontrolling interests (4) | 658.9 | 658.1 | — | 0.8 | 839.3 | 838.4 | — | 0.9 | |||||||||||||||||||||||||||||||||||||||
Total equity | 15,020.7 | 658.0 | — | 14,362.7 | 14,701.8 | 838.3 | — | 13,863.5 | |||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | 36,504.1 | 7,960.7 | 7,582.1 | 20,961.3 | 39,420.3 | 7,987.3 | 10,835.6 | 20,597.4 |
Cash Flow Information (1) | Year ended December 31, 2020 | Year ended December 31, 2019 | Year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | U.S. GAAP | Impact of CIP | Excluding CIP | U.S. GAAP | Impact of CIP | Excluding CIP | U.S. GAAP | Impact of CIP | Excluding CIP | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of the period | 1,701.2 | 652.2 | 1,049.0 | 1,805.4 | 657.7 | 1,147.7 | 2,517.7 | 511.3 | 2,006.4 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities (1) | 1,230.3 | (72.7) | 1,303.0 | 1,116.6 | (158.3) | 1,274.9 | 828.8 | (234.2) | 1,063.0 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | (865.1) | (735.4) | (129.7) | (1,425.4) | (1,507.4) | 82.0 | (2,898.7) | (1,248.0) | (1,650.7) | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | (285.9) | 426.3 | (712.2) | 201.3 | 1,674.6 | (1,473.3) | 1,540.0 | 1,767.2 | (227.2) | ||||||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) in cash and cash equivalents | 79.3 | (381.8) | 461.1 | (107.5) | 8.9 | (116.4) | (529.9) | 285.0 | (814.9) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange movement on cash and cash equivalents | 53.3 | 25.8 | 27.5 | 10.7 | (7.0) | 17.7 | (44.8) | (1.0) | (43.8) | ||||||||||||||||||||||||||||||||||||||||||||
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP | 5.5 | 5.5 | — | (7.4) | (7.4) | — | (137.6) | (137.6) | — | ||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of the period | 1,839.3 | 301.7 | 1,537.6 | 1,701.2 | 652.2 | 1,049.0 | 1,805.4 | 657.7 | 1,147.7 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1,408.4 | — | 1,408.4 | 1,049.0 | — | 1,049.0 | 1,147.7 | — | 1,147.7 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | 129.2 | — | 129.2 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 301.7 | 301.7 | — | 652.2 | 652.2 | — | 657.7 | 657.7 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total cash, cash equivalents and restricted cash per consolidated statement of cash flows | 1,839.3 | 301.7 | 1,537.6 | 1,701.2 | 652.2 | 1,049.0 | 1,805.4 | 657.7 | 1,147.7 |
December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||||||||||||
$ in millions | Impact of CIP | Invesco Ltd. Consolidated | Impact of CIP | Invesco Ltd. Consolidated | Impact of CIP | Invesco Ltd. Consolidated | |||||||||||
Operating activities: | |||||||||||||||||
Net income/(loss) | 36.0 | 1,161.0 | 17.1 | 868.3 | (46.1 | ) | 964.1 | ||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||||||||
Amortization and depreciation | — | 116.8 | — | 101.2 | — | 93.6 | |||||||||||
Share-based compensation expense | — | 175.3 | — | 159.7 | — | 150.3 | |||||||||||
Other gains and losses, net | 38.4 | (39.4 | ) | 1.9 | (22.9 | ) | 3.9 | 1.5 | |||||||||
Other (gains)/losses of CSIP, net | — | — | — | — | — | 0.8 | |||||||||||
Other (gains)/losses of CIP, net | (81.0 | ) | (81.0 | ) | (7.4 | ) | (7.4 | ) | 37.0 | 37.0 | |||||||
Equity in earnings of unconsolidated affiliates | 20.0 | (44.7 | ) | 8.9 | (9.3 | ) | 1.7 | (35.1 | ) | ||||||||
Dividends from unconsolidated affiliates | — | 2.8 | — | 17.6 | — | 18.7 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
(Increase)/decrease in cash held by CIP | 226.2 | 226.2 | (509.4 | ) | (509.4 | ) | 39.9 | 39.9 | |||||||||
(Increase)/decrease in cash held by CSIP | — | — | — | — | — | (10.5 | ) | ||||||||||
(Purchase)/sale of investments by CIP | (342.5 | ) | (342.5 | ) | (487.2 | ) | (487.2 | ) | — | — | |||||||
(Purchase)/sale of trading investments, net | 31.4 | 174.9 | 167.7 | 7.0 | — | (159.0 | ) | ||||||||||
(Increase)/decrease in receivables | (26.0 | ) | (3,419.4 | ) | 116.6 | (3,392.2 | ) | (17.0 | ) | (4,489.9 | ) | ||||||
Increase/(decrease) in payables | 36.3 | 3,440.7 | (22.4 | ) | 3,445.9 | 3.7 | 4,517.0 | ||||||||||
Net cash provided by/(used in) operating activities | (61.2 | ) | 1,370.7 | (714.2 | ) | 171.3 | 23.1 | 1,128.4 | |||||||||
Investing activities: | |||||||||||||||||
Purchase of property, equipment and software | — | (111.7 | ) | — | (147.7 | ) | — | (124.5 | ) | ||||||||
Purchase of available-for-sale investments | 8.7 | (7.9 | ) | 10.1 | (25.9 | ) | 63.3 | (44.9 | ) | ||||||||
Sale of available-for-sale investments | (16.2 | ) | 79.5 | (8.1 | ) | 59.3 | (62.3 | ) | 51.1 | ||||||||
Purchase of investments by CIP | (5,709.1 | ) | (5,709.1 | ) | (3,713.6 | ) | (3,713.6 | ) | (4,080.7 | ) | (4,080.7 | ) | |||||
Sale of investments by CIP | 5,026.5 | 5,026.5 | 2,958.1 | 2,958.1 | 3,543.2 | 3,543.2 | |||||||||||
Purchase of investments by CSIP | — | — | — | — | — | (527.5 | ) | ||||||||||
Sale of investments by CSIP | — | — | — | — | — | 524.2 | |||||||||||
Purchase of other investments | 76.5 | (169.8 | ) | 88.2 | (125.4 | ) | 1.7 | (167.8 | ) | ||||||||
Sale of other investments | — | 97.8 | (65.0 | ) | 87.9 | — | 111.6 | ||||||||||
Returns of capital and distributions from unconsolidated partnership investments | (71.5 | ) | 132.8 | (7.1 | ) | 38.6 | (0.5 | ) | 50.5 | ||||||||
Purchase of business | — | (299.2 | ) | — | (121.9 | ) | — | — | |||||||||
Net cash provided by/(used in) investing activities | (685.1 | ) | (961.1 | ) | (737.4 | ) | (990.6 | ) | (535.3 | ) | (664.8 | ) | |||||
Financing activities: | |||||||||||||||||
Proceeds from exercises of share options | — | — | — | — | — | 3.7 | |||||||||||
Purchases of treasury shares | — | (63.8 | ) | — | (577.0 | ) | — | (623.7 | ) | ||||||||
Dividends paid | — | (471.6 | ) | — | (460.4 | ) | — | (454.5 | ) | ||||||||
Excess tax benefits from share-based compensation | — | — | — | (1.7 | ) | — | 21.2 | ||||||||||
Third-party capital invested into CIP | 449.4 | 449.4 | 386.7 | 386.7 | 113.5 | 113.5 | |||||||||||
Third-party capital distributed by CIP | (105.4 | ) | (105.4 | ) | (91.5 | ) | (91.5 | ) | (120.0 | ) | (120.0 | ) | |||||
Third-party capital invested into CSIP | — | — | — | — | — | 31.2 | |||||||||||
Third-party capital distributed by CSIP | — | — | — | — | — | (25.9 | ) | ||||||||||
Borrowings of debt of CIP | 2,812.4 | 2,812.4 | 1,327.9 | 1,327.9 | 2,091.8 | 2,091.8 | |||||||||||
Repayments of debt of CIP | (2,410.1 | ) | (2,410.1 | ) | (171.5 | ) | (171.5 | ) | (1,573.1 | ) | (1,573.1 | ) | |||||
Net borrowings/(repayments) under credit facility | — | (28.7 | ) | — | 28.7 | — | — | ||||||||||
Proceeds from issuance of senior notes | — | — | — | — | — | 495.5 | |||||||||||
Payment of contingent consideration | — | (13.2 | ) | — | (13.1 | ) | — | (11.3 | ) | ||||||||
Net cash provided by/(used in) financing activities | 746.3 | 169.0 | 1,451.6 | 428.1 | 512.2 | (51.6 | ) | ||||||||||
Increase/(decrease) in cash and cash equivalents | — | 578.6 | — | (391.2 | ) | — | 412.0 | ||||||||||
Foreign exchange movement on cash and cash equivalents | — | 99.8 | — | (132.2 | ) | — | (74.8 | ) | |||||||||
Cash and cash equivalents, beginning of year | — | 1,328.0 | — | 1,851.4 | — | 1,514.2 | |||||||||||
Cash and cash equivalents, end of year | — | 2,006.4 | — | 1,328.0 | — | 1,851.4 |
$ in millions | December 31, 2020 | December 31, 2019 | |||||||||
$1.5 billion floating rate credit facility expiring August 11, 2022 | — | — | |||||||||
Unsecured Senior Notes: | |||||||||||
$600 million 3.125% - due November 30, 2022 | 598.7 | 598.1 | |||||||||
$600 million 4.000% - due January 30, 2024 | 596.8 | 595.8 | |||||||||
$500 million 3.750% - due January 15, 2026 | 496.7 | 496.1 | |||||||||
$400 million 5.375% - due November 30, 2043 | 390.4 | 390.3 | |||||||||
Long-term debt | 2,082.6 | 2,080.3 |
$ in millions | December 31, 2017 | December 31, 2016 | |||
Floating rate credit facility expiring August 11, 2022 | — | 28.7 | |||
Unsecured Senior Notes: | |||||
$600 million 3.125% - due November 30, 2022 | 596.9 | 596.3 | |||
$600 million 4.000% - due January 30, 2024 | 594.0 | 593.2 | |||
$500 million 3.750% -- due January 15, 2026 | 495.1 | 494.5 | |||
$400 million 5.375% - due November 30, 2043 | 389.8 | 389.7 | |||
Long-term debt | 2,075.8 | 2,102.4 |
Last four quarters ended | Last four quarters ended | |||||||||||||||||
$ millions | December 31, 2017 | December 31, 2016 | $ millions | December 31, 2020 | December 31, 2019 | |||||||||||||
Net income attributable to Invesco Ltd. | 1,127.3 | 854.2 | Net income attributable to Invesco Ltd. | 524.8 | 564.7 | |||||||||||||
Dividends on preferred shares | Dividends on preferred shares | 236.8 | 123.6 | |||||||||||||||
Impact of CIP on net income attributable to Invesco Ltd. | (2.3 | ) | (3.0 | ) | Impact of CIP on net income attributable to Invesco Ltd. | (9.4) | 1.6 | |||||||||||
Tax expense | 268.2 | 338.3 | Tax expense | 261.6 | 235.1 | |||||||||||||
Amortization/depreciation | 116.8 | 101.2 | Amortization/depreciation | 203.5 | 177.6 | |||||||||||||
Interest expense | 94.8 | 93.4 | Interest expense | 129.3 | 135.7 | |||||||||||||
Share-based compensation expense | 175.3 | 159.7 | ||||||||||||||||
Unrealized (gains)/losses from investments, net* | (13.4 | ) | 15.1 | |||||||||||||||
EBITDA** | 1,766.7 | 1,558.9 | ||||||||||||||||
Adjusted debt** | $2,086.4 | $2,111.9 | ||||||||||||||||
Leverage ratio (Debt/EBITDA - maximum 3.25:1.00) | 1.18 | 1.35 | ||||||||||||||||
Common share-based compensation expense | Common share-based compensation expense | 188.5 | 207.5 | |||||||||||||||
Unrealized (gains)/losses from investments, net (1) | Unrealized (gains)/losses from investments, net (1) | (5.6) | (37.1) | |||||||||||||||
Pre-acquisition EBITDA of acquired business | Pre-acquisition EBITDA of acquired business | — | 186.6 | |||||||||||||||
EBITDA (2) | EBITDA (2) | 1,529.5 | 1,595.3 | |||||||||||||||
Adjusted debt (2) | Adjusted debt (2) | $2,094.2 | $2,091.5 | |||||||||||||||
Leverage ratio (Adjusted debt/EBITDA - maximum 3.25:1.00) | Leverage ratio (Adjusted debt/EBITDA - maximum 3.25:1.00) | 1.37 | 1.31 | |||||||||||||||
Interest coverage (EBITDA/Interest Expense - minimum 4.00:1.00) | 18.64 | 16.69 | Interest coverage (EBITDA/Interest Expense - minimum 4.00:1.00) | 11.83 | 11.76 |
$ in millions | Total (4,5,6) | Within 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | $ in millions | Total (4,5,6,7) | Within 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | ||||||||||||||||||||||||||||||||
Long-term debt (1) | 2,075.8 | — | — | 596.9 | 1,478.9 | Long-term debt (1) | 2,082.6 | — | 598.7 | 596.8 | 887.1 | ||||||||||||||||||||||||||||||||
Estimated interest payments on long-term debt (1) | 992.3 | 83.0 | 166.0 | 166.0 | 577.3 | Estimated interest payments on long-term debt (1) | 719.1 | 83.0 | 147.2 | 92.5 | 396.4 | ||||||||||||||||||||||||||||||||
Operating leases (2) | 364.5 | 59.7 | 115.2 | 99.2 | 90.4 | Operating leases (2) | 584.1 | 81.2 | 144.1 | 98.8 | 260.0 | ||||||||||||||||||||||||||||||||
Purchase obligations (3) | 333.8 | 134.4 | 99.5 | 49.0 | 50.9 | Purchase obligations (3) | 874.3 | 568.2 | 157.1 | 70.0 | 79.0 | ||||||||||||||||||||||||||||||||
Total | 3,766.4 | 277.1 | 380.7 | 911.1 | 2,197.5 | Total | 4,260.1 | 732.4 | 1,047.1 | 858.1 | 1,622.5 |
December 31, 2017 | ||||||||
$ in millions | Fair Value | Fair Value assuming 10% increase | Fair Value assuming 10% decrease | |||||
Available-for-sale investments (a) | 85.2 | 93.7 | 76.7 | |||||
Trading investments (b) | 277.3 | 305.0 | 249.6 | |||||
Total assets measured at fair value exposed to market risk | 362.5 | 398.7 | 326.3 | |||||
Direct investments in CIP (c) | 500.5 | 550.6 | 450.5 | |||||
Contingent consideration liability (d) | (57.4 | ) | (63.1 | ) | (51.7 | ) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
$ in millions | Fair Value | Fair Value assuming 10% increase | Fair Value assuming 10% decrease | ||||||||||||||||||||||||||||||||
Equity investments (a) | 360.3 | 396.3 | 324.3 | ||||||||||||||||||||||||||||||||
Total assets measured at fair value exposed to market risk | 360.3 | 396.3 | 324.3 | ||||||||||||||||||||||||||||||||
Direct investments in CIP (b) | 426.5 | 469.2 | 383.9 | ||||||||||||||||||||||||||||||||
Contingent consideration liability (c) | (18.6) | (20.5) | (16.7) |
(a)If such |
$ in millions | December 31, 2020 | December 31, 2019 | |||||||||
Long-term debt | |||||||||||
Fixed rate | 2,082.6 | 2,080.3 | |||||||||
Floating rate | — | — | |||||||||
Total | 2,082.6 | 2,080.3 | |||||||||
Weighted average interest rate percentage | 3.8 | % | 3.9 | % | |||||||
Weighted average period for which rate is fixed in years | 6.9 | 7.9 |
$ in millions | December 31, 2017 | December 31, 2016 | |||
Long-term debt | |||||
Fixed rate | 2,075.8 | 2,073.7 | |||
Floating rate | — | 28.7 | |||
Total | 2,075.8 | 2,102.4 | |||
Weighted average interest rate percentage | 3.9 | % | 4.0 | % | |
Weighted average period for which rate is fixed in years | 9.9 | 11.0 |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per common share data | $ in millions, except per common share data | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues: | Operating revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | 1,098.7 | 1,062.3 | 1,010.4 | 955.2 | 946.9 | 965.9 | 946.7 | 913.6 | Investment management fees | 1,148.8 | 1,096.8 | 1,037.1 | 1,168.3 | 1,254.2 | 1,257.1 | 1,071.3 | 923.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service and distribution fees | 217.5 | 217.6 | 211.3 | 206.4 | 209.1 | 213.4 | 203.4 | 197.7 | Service and distribution fees | 367.8 | 352.7 | 332.7 | 365.8 | 378.0 | 385.1 | 294.1 | 219.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance fees | 43.0 | 42.3 | 16.7 | 11.3 | 17.5 | 3.4 | 8.9 | 14.5 | Performance fees | 57.3 | — | 3.5 | 4.8 | 49.8 | 14.9 | 15.7 | 21.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 16.4 | 15.5 | 16.0 | 19.7 | 21.2 | 18.9 | 30.4 | 22.9 | Other | 56.2 | 48.1 | 45.7 | 60.0 | 60.8 | 63.5 | 58.3 | 49.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | 1,375.6 | 1,337.7 | 1,254.4 | 1,192.6 | 1,194.7 | 1,201.6 | 1,189.4 | 1,148.7 | Total operating revenues | 1,630.1 | 1,497.6 | 1,419.0 | 1,598.9 | 1,742.8 | 1,720.6 | 1,439.4 | 1,214.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-party distribution, service and advisory | 390.9 | 380.4 | 365.9 | 349.3 | 349.5 | 362.1 | 348.4 | 347.2 | Third-party distribution, service and advisory | 507.7 | 480.8 | 444.0 | 515.1 | 528.1 | 545.1 | 451.8 | 368.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation | 381.9 | 393.1 | 365.6 | 396.8 | 339.0 | 345.1 | 350.3 | 344.4 | Employee compensation | 486.9 | 444.5 | 454.6 | 421.9 | 460.1 | 446.0 | 421.9 | 381.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 40.7 | 29.5 | 29.1 | 24.4 | 35.2 | 26.4 | 28.3 | 24.9 | Marketing | 20.6 | 15.6 | 14.4 | 32.7 | 41.0 | 33.2 | 33.4 | 28.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, office and technology | 102.8 | 92.8 | 89.0 | 85.5 | 85.3 | 78.2 | 82.3 | 79.9 | Property, office and technology | 126.1 | 127.5 | 128.3 | 130.4 | 140.8 | 131.2 | 114.9 | 107.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 115.0 | 86.6 | 85.9 | 78.0 | 91.5 | 83.5 | 78.6 | 77.9 | General and administrative | 95.9 | 89.7 | 188.9 | 106.3 | 121.7 | 104.5 | 94.2 | 83.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction, integration and restructuring | Transaction, integration and restructuring | 175.1 | 71.0 | 71.7 | 75.5 | 136.5 | 185.5 | 304.9 | 46.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 1,031.3 | 982.4 | 935.5 | 934.0 | 900.5 | 895.3 | 887.9 | 874.3 | Total operating expenses | 1,412.3 | 1,229.1 | 1,301.9 | 1,281.9 | 1,428.2 | 1,445.5 | 1,421.1 | 1,014.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 344.3 | 355.3 | 318.9 | 258.6 | 294.2 | 306.3 | 301.5 | 274.4 | Operating income | 217.8 | 268.5 | 117.1 | 317.0 | 314.6 | 275.1 | 18.3 | 200.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense): | Other income/(expense): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 3.6 | 12.9 | 10.5 | 17.7 | 11.4 | 5.5 | 4.6 | (12.2 | ) | Equity in earnings of unconsolidated affiliates | 26.0 | 18.6 | 11.2 | 16.9 | 9.5 | 19.8 | 12.1 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | 6.4 | 2.5 | 1.6 | 2.9 | 3.5 | 2.6 | 2.5 | 3.6 | Interest and dividend income | 9.1 | 2.6 | 2.4 | 6.4 | 14.0 | 5.9 | 3.9 | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (23.6 | ) | (23.6 | ) | (23.6 | ) | (24.0 | ) | (23.5 | ) | (23.9 | ) | (22.1 | ) | (23.9 | ) | Interest expense | (24.4) | (33.8) | (34.8) | (36.3) | (34.6) | (35.0) | (33.0) | (33.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other gains and losses, net | 23.9 | 18.9 | 2.5 | 6.2 | 15.6 | 16.2 | (4.2 | ) | (4.7 | ) | Other gains and losses, net | 59.9 | 31.5 | 60.0 | (106.5) | (3.3) | 13.8 | 24.1 | 31.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(expense) of CIP, net | 44.8 | 31.7 | 32.3 | 28.5 | 9.8 | 39.0 | 37.9 | (7.5 | ) | Other income/(expense) of CIP, net | 111.3 | 99.2 | (50.5) | (20.1) | 22.8 | 37.0 | 51.1 | 38.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 399.4 | 397.7 | 342.2 | 289.9 | 311.0 | 345.7 | 320.2 | 229.7 | Income before income taxes | 399.7 | 386.6 | 105.4 | 177.4 | 323.0 | 316.6 | 76.5 | 256.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (provision)/benefits | 23.2 | (123.1 | ) | (92.6 | ) | (75.7 | ) | (92.9 | ) | (89.8 | ) | (83.7 | ) | (71.9 | ) | Income tax (provision)/benefits | (68.9) | (91.9) | (43.4) | (57.4) | (80.4) | (74.0) | (14.5) | (66.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 422.6 | 274.6 | 249.6 | 214.2 | 218.1 | 255.9 | 236.5 | 157.8 | Net income | 330.8 | 294.7 | 62.0 | 120.0 | 242.6 | 242.6 | 62.0 | 190.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (14.4 | ) | (7.1 | ) | (10.0 | ) | (2.2 | ) | 8.4 | (14.7 | ) | (11.0 | ) | 3.2 | Net (income)/loss attributable to noncontrolling interests in consolidated entities | (60.5) | (43.8) | 37.7 | 20.7 | (3.6) | (11.1) | (21.9) | (12.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Dividends declared on preferred shares | Less: Dividends declared on preferred shares | (59.2) | (59.2) | (59.2) | (59.2) | (59.2) | (64.4) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Invesco Ltd. | 408.2 | 267.5 | 239.6 | 212.0 | 226.5 | 241.2 | 225.5 | 161.0 | Net income attributable to Invesco Ltd. | 211.1 | 191.7 | 40.5 | 81.5 | 179.8 | 167.1 | 40.1 | 177.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-basic | $1.00 | $0.65 | $0.58 | $0.52 | $0.55 | $0.58 | $0.54 | $0.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-diluted | $0.99 | $0.65 | $0.58 | $0.52 | $0.55 | $0.58 | $0.54 | $0.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average shares outstanding*: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- basic | 410.0 | 410.0 | 409.9 | 407.7 | 408.6 | 412.6 | 418.9 | 418.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- diluted | 410.6 | 410.5 | 410.3 | 408.0 | 409.0 | 412.9 | 419.1 | 418.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per share: | $0.2900 | $0.2900 | $0.2900 | $0.2800 | $0.2800 | $0.2800 | $0.2800 | $0.2700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share (1): | Earnings per common share (1): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $0.46 | $0.42 | $0.09 | $0.18 | $0.40 | $0.36 | $0.09 | $0.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $0.46 | $0.41 | $0.09 | $0.18 | $0.39 | $0.36 | $0.09 | $0.44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average common shares outstanding (1): | Average common shares outstanding (1): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 461.0 | 461.1 | 460.1 | 455.7 | 454.1 | 462.8 | 431.6 | 401.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 463.5 | 463.5 | 463.1 | 458.9 | 457.9 | 466.9 | 433.8 | 401.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share: | Dividends declared per common share: | $0.16 | $0.16 | $0.16 | $0.31 | $0.31 | $0.31 | $0.31 | $0.30 |
As of | |||||||||||
$ in millions, except per share data | December 31, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | 1,408.4 | 1,049.0 | |||||||||
Unsettled fund receivables | 109.4 | 162.7 | |||||||||
Accounts receivable | 741.1 | 855.6 | |||||||||
Investments | 826.8 | 829.5 | |||||||||
Assets of consolidated investment products (CIP): | |||||||||||
Cash and cash equivalents of CIP | 301.7 | 652.2 | |||||||||
Accounts receivable and other assets of CIP | 175.5 | 172.9 | |||||||||
Investments of CIP | 7,910.0 | 7,808.0 | |||||||||
Assets held for policyholders | 7,582.1 | 10,835.6 | |||||||||
Prepaid assets | 149.2 | 144.0 | |||||||||
Other assets | 514.2 | 459.6 | |||||||||
Property, equipment and software, net | 563.8 | 583.5 | |||||||||
Intangible assets, net | 7,305.6 | 7,358.3 | |||||||||
Goodwill | 8,916.3 | 8,509.4 | |||||||||
Total assets | 36,504.1 | 39,420.3 | |||||||||
LIABILITIES | |||||||||||
Accrued compensation and benefits | 973.7 | 1,030.7 | |||||||||
Accounts payable and accrued expenses | 1,920.4 | 1,904.0 | |||||||||
Liabilities of CIP: | |||||||||||
Debt of CIP | 6,714.1 | 6,234.6 | |||||||||
Other liabilities of CIP | 588.6 | 949.6 | |||||||||
Policyholder payables | 7,582.1 | 10,835.6 | |||||||||
Unsettled fund payables | 98.4 | 154.2 | |||||||||
Long-term debt | 2,082.6 | 2,080.3 | |||||||||
Deferred tax liabilities, net | 1,523.5 | 1,529.5 | |||||||||
Total liabilities | 21,483.4 | 24,718.5 | |||||||||
Commitments and contingencies (See Note 20) | 0 | 0 | |||||||||
TEMPORARY EQUITY | |||||||||||
Redeemable noncontrolling interests in consolidated entities | 211.8 | 383.5 | |||||||||
PERMANENT EQUITY | |||||||||||
Equity attributable to Invesco Ltd.: | |||||||||||
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of December 31, 2020 and 2019, respectively) | 4,010.5 | 4,010.5 | |||||||||
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million and 566.1 million shares issued as of December 31, 2020 and 2019, respectively) | 113.2 | 113.2 | |||||||||
Additional paid-in-capital | 7,811.4 | 7,860.8 | |||||||||
Treasury shares | (3,253.8) | (3,452.5) | |||||||||
Retained earnings | 6,085.0 | 5,917.8 | |||||||||
Accumulated other comprehensive income/(loss), net of tax | (404.5) | (587.3) | |||||||||
Total equity attributable to Invesco Ltd. | 14,361.8 | 13,862.5 | |||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 447.1 | 455.8 | |||||||||
Total permanent equity | 14,808.9 | 14,318.3 | |||||||||
Total liabilities, temporary and permanent equity | 36,504.1 | 39,420.3 |
As of | |||||
$ in millions, except per share data | December 31, 2017 | December 31, 2016 | |||
ASSETS | |||||
Cash and cash equivalents | 2,006.4 | 1,328.0 | |||
Unsettled fund receivables | 793.8 | 672.9 | |||
Accounts receivable | 622.5 | 544.2 | |||
Investments | 674.6 | 795.3 | |||
Assets of consolidated investment products (CIP): | |||||
Cash and cash equivalents of CIP | 511.3 | 742.2 | |||
Accounts receivable and other assets of CIP | 131.5 | 106.2 | |||
Investments of CIP | 5,658.0 | 5,116.1 | |||
Assets held for policyholders | 12,444.5 | 8,224.2 | |||
Prepaid assets | 124.4 | 116.9 | |||
Other assets | 61.7 | 95.0 | |||
Property, equipment and software, net | 490.7 | 464.7 | |||
Intangible assets, net | 1,558.7 | 1,399.4 | |||
Goodwill | 6,590.7 | 6,129.2 | |||
Total assets | 31,668.8 | 25,734.3 | |||
LIABILITIES | |||||
Accrued compensation and benefits | 696.1 | 654.3 | |||
Accounts payable and accrued expenses | 895.7 | 812.4 | |||
Liabilities of CIP: | |||||
Debt of CIP | 4,799.8 | 4,403.1 | |||
Other liabilities of CIP | 498.8 | 673.4 | |||
Policyholder payables | 12,444.5 | 8,224.2 | |||
Unsettled fund payables | 783.8 | 659.3 | |||
Long-term debt | 2,075.8 | 2,102.4 | |||
Deferred tax liabilities, net | 275.5 | 309.7 | |||
Total liabilities | 22,470.0 | 17,838.8 | |||
Commitments and contingencies (See Note 18) | |||||
TEMPORARY EQUITY | |||||
Redeemable noncontrolling interests in consolidated entities | 243.2 | 283.7 | |||
PERMANENT EQUITY | |||||
Equity attributable to Invesco Ltd.: | |||||
Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of December 31, 2017 and 2016) | 98.1 | 98.1 | |||
Additional paid-in-capital | 6,282.0 | 6,227.4 | |||
Treasury shares | (2,781.9 | ) | (2,845.8 | ) | |
Retained earnings | 5,489.1 | 4,833.4 | |||
Accumulated other comprehensive income/(loss), net of tax | (391.2 | ) | (809.3 | ) | |
Total equity attributable to Invesco Ltd. | 8,696.1 | 7,503.8 | |||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 259.5 | 108.0 | |||
Total permanent equity | 8,955.6 | 7,611.8 | |||
Total liabilities, temporary and permanent equity | 31,668.8 | 25,734.3 |
Years ended December 31, | |||||||||||||||||
$ in millions, except per common share data | 2020 | 2019 | 2018 | ||||||||||||||
Operating revenues: | |||||||||||||||||
Investment management fees | 4,451.0 | 4,506.3 | 4,082.3 | ||||||||||||||
Service and distribution fees | 1,419.0 | 1,276.5 | 968.5 | ||||||||||||||
Performance fees | 65.6 | 102.2 | 56.9 | ||||||||||||||
Other | 210.0 | 232.4 | 206.4 | ||||||||||||||
Total operating revenues | 6,145.6 | 6,117.4 | 5,314.1 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Third-party distribution, service and advisory | 1,947.6 | 1,893.0 | 1,608.2 | ||||||||||||||
Employee compensation | 1,807.9 | 1,709.3 | 1,494.4 | ||||||||||||||
Marketing | 83.3 | 135.6 | 134.8 | ||||||||||||||
Property, office and technology | 512.3 | 494.1 | 410.5 | ||||||||||||||
General and administrative | 480.8 | 404.2 | 324.4 | ||||||||||||||
Transaction, integration and restructuring | 393.3 | 673.0 | 136.9 | ||||||||||||||
Total operating expenses | 5,225.2 | 5,309.2 | 4,109.2 | ||||||||||||||
Operating income | 920.4 | 808.2 | 1,204.9 | ||||||||||||||
Other income/(expense): | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | 72.7 | 56.4 | 33.8 | ||||||||||||||
Interest and dividend income | 20.5 | 28.5 | 21.3 | ||||||||||||||
Interest expense | (129.3) | (135.7) | (111.5) | ||||||||||||||
Other gains and losses, net | 44.9 | 65.7 | (40.0) | ||||||||||||||
Other income/(expense) of CIP, net | 139.9 | 149.8 | 29.6 | ||||||||||||||
Income before income taxes | 1,069.1 | 972.9 | 1,138.1 | ||||||||||||||
Income tax provision | (261.6) | (235.1) | (255.0) | ||||||||||||||
Net income | 807.5 | 737.8 | 883.1 | ||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (45.9) | (49.5) | (0.3) | ||||||||||||||
Dividends on preferred shares | (236.8) | (123.6) | 0 | ||||||||||||||
Net income attributable to Invesco Ltd. | 524.8 | 564.7 | 882.8 | ||||||||||||||
Earnings per common share: | |||||||||||||||||
-basic | $1.14 | $1.29 | $2.14 | ||||||||||||||
-diluted | $1.13 | $1.28 | $2.14 |
Years ended December 31, | |||||||||||
$ in millions, except per share data | 2017 | 2016 | 2015 | ||||||||
Operating revenues: | |||||||||||
Investment management fees | 4,126.6 | 3,773.1 | 4,061.1 | ||||||||
Service and distribution fees | 852.8 | 823.6 | 855.4 | ||||||||
Performance fees | 113.3 | 44.3 | 85.9 | ||||||||
Other | 67.6 | 93.4 | 120.5 | ||||||||
Total operating revenues | 5,160.3 | 4,734.4 | 5,122.9 | ||||||||
Operating expenses: | |||||||||||
Third-party distribution, service and advisory | 1,486.5 | 1,407.2 | 1,579.9 | ||||||||
Employee compensation | 1,537.4 | 1,378.8 | 1,395.5 | ||||||||
Marketing | 123.7 | 114.8 | 115.4 | ||||||||
Property, office and technology | 370.1 | 325.7 | 312.0 | ||||||||
General and administrative | 365.5 | 331.5 | 361.7 | ||||||||
Total operating expenses | 3,883.2 | 3,558.0 | 3,764.5 | ||||||||
Operating income | 1,277.1 | 1,176.4 | 1,358.4 | ||||||||
Other income/(expense): | |||||||||||
Equity in earnings of unconsolidated affiliates | 44.7 | 9.3 | 35.1 | ||||||||
Interest and dividend income | 13.4 | 12.2 | 13.0 | ||||||||
Interest expense | (94.8 | ) | (93.4 | ) | (81.7 | ) | |||||
Other gains and losses, net | 51.5 | 22.9 | (1.5 | ) | |||||||
Other income/(expense) of CSIP, net | — | — | 11.7 | ||||||||
Other income/(expense) of CIP, net | 137.3 | 79.2 | 27.1 | ||||||||
Income before income taxes | 1,429.2 | 1,206.6 | 1,362.1 | ||||||||
Income tax provision | (268.2 | ) | (338.3 | ) | (398.0 | ) | |||||
Net income | 1,161.0 | 868.3 | 964.1 | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (33.7 | ) | (14.1 | ) | 4.0 | ||||||
Net income attributable to Invesco Ltd. | 1,127.3 | 854.2 | 968.1 | ||||||||
Earnings per share: | |||||||||||
Basic earnings per share | $2.75 | $2.06 | $2.26 | ||||||||
Diluted earnings per share | $2.75 | $2.06 | $2.26 | ||||||||
Dividends declared per share | $1.1500 | $1.1100 | $1.0600 |
Years ended December 31, | |||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
Net income | 807.5 | 737.8 | 883.1 | ||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 182.7 | 155.6 | (327.1) | ||||||||||||||
Actuarial gain/(loss) related to employee benefit plans | (6.3) | (10.8) | (13.0) | ||||||||||||||
Other comprehensive income/(loss), net of tax | 6.4 | 2.9 | (0.5) | ||||||||||||||
Other comprehensive income/(loss) | 182.8 | 147.7 | (340.6) | ||||||||||||||
Total comprehensive income/(loss) | 990.3 | 885.5 | 542.5 | ||||||||||||||
Comprehensive (income)/loss attributable to noncontrolling interests in consolidated entities | (45.9) | (49.5) | (0.3) | ||||||||||||||
Dividends on preferred shares | (236.8) | (123.6) | 0 | ||||||||||||||
Comprehensive (loss)/income attributable to Invesco Ltd. | 707.6 | 712.4 | 542.2 |
Years ended December 31, | ||||||||
$ in millions | 2017 | 2016 | 2015 | |||||
Net income | 1,161.0 | 868.3 | 964.1 | |||||
Other comprehensive income/(loss), net of tax: | ||||||||
Currency translation differences on investments in foreign subsidiaries | 389.4 | (314.1 | ) | (493.9 | ) | |||
Actuarial gain/(loss) related to employee benefit plans | 21.1 | (39.5 | ) | 11.1 | ||||
Prior service credit/(cost) related to employee benefit plans | — | (3.1 | ) | — | ||||
Settlement related to employee benefit plans | 5.9 | (5.5 | ) | — | ||||
Reclassification of prior service (credit)/costs into employee compensation expense | — | (7.0 | ) | (7.2 | ) | |||
Reclassification of actuarial (gains)/losses into employee compensation expense | 2.5 | 1.5 | 2.2 | |||||
Share of other comprehensive income/(loss) of equity method investments | (0.5 | ) | (1.1 | ) | (0.6 | ) | ||
Unrealized gains/(losses) on available-for-sale investments | 5.1 | 5.2 | (6.0 | ) | ||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses | (5.4 | ) | 0.3 | (0.4 | ) | |||
Other comprehensive income/(loss) | 418.1 | (363.3 | ) | (494.8 | ) | |||
Total comprehensive income/(loss) | 1,579.1 | 505.0 | 469.3 | |||||
Comprehensive (income)/loss attributable to noncontrolling interests in consolidated entities | (33.7 | ) | (14.1 | ) | 4.0 | |||
Comprehensive income attributable to Invesco Ltd. | 1,545.4 | 490.9 | 473.3 |
Years ended December 31, | |||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
Operating activities: | |||||||||||||||||
Net income | 807.5 | 737.8 | 883.1 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||||||||
Amortization and depreciation | 203.5 | 177.6 | 142.1 | ||||||||||||||
Common share-based compensation expense | 188.5 | 207.5 | 172.4 | ||||||||||||||
Other gains and losses, net | (44.9) | (65.7) | 40.0 | ||||||||||||||
Other (gains)/losses of CIP, net | (32.1) | (32.9) | 55.1 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | (72.7) | (56.4) | (33.8) | ||||||||||||||
Distributions from equity method investees | 33.9 | 9.7 | 9.2 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
(Purchase)/sale of investments by CIP, net | (48.2) | (213.4) | (340.7) | ||||||||||||||
(Purchase)/sale of investments, net | 263.1 | 167.0 | (45.5) | ||||||||||||||
(Increase)/decrease in receivables | 3,744.4 | 934.3 | 944.4 | ||||||||||||||
Increase/(decrease) in payables | (3,812.7) | (748.9) | (997.5) | ||||||||||||||
Net cash provided by/(used in) operating activities | 1,230.3 | 1,116.6 | 828.8 | ||||||||||||||
Investing activities: | |||||||||||||||||
Purchase of property, equipment and software | (115.0) | (124.3) | (102.5) | ||||||||||||||
Purchase of investments by CIP | (4,548.6) | (5,244.8) | (4,488.3) | ||||||||||||||
Sale of investments by CIP | 3,782.3 | 3,654.9 | 3,210.1 | ||||||||||||||
Purchase of investments | (153.6) | (229.1) | (153.5) | ||||||||||||||
Sale of investments | 143.2 | 123.3 | 123.1 | ||||||||||||||
Capital distribution from equity method investees | 26.6 | 78.1 | 45.5 | ||||||||||||||
Collateral received/(posted), net | 0 | 26.0 | (63.8) | ||||||||||||||
Purchase of business, net of cash acquired | 0 | 290.5 | (1,469.3) | ||||||||||||||
Net cash provided by/(used in) investing activities | (865.1) | (1,425.4) | (2,898.7) | ||||||||||||||
Financing activities: | |||||||||||||||||
Purchases of treasury shares | (47.1) | (469.8) | (51.8) | ||||||||||||||
Dividends paid - preferred | (236.8) | (123.6) | 0 | ||||||||||||||
Dividends paid - common | (357.4) | (529.1) | (490.6) | ||||||||||||||
Third-party capital invested into CIP | 185.8 | 289.5 | 465.8 | ||||||||||||||
Third-party capital distributed by CIP | (236.4) | (144.1) | (117.0) | ||||||||||||||
Borrowings of debt of CIP | 1,268.0 | 3,348.8 | 2,463.8 | ||||||||||||||
Repayments of debt of CIP | (791.1) | (1,819.6) | (1,045.4) | ||||||||||||||
Payment on forward contracts | (190.6) | 0 | 0 | ||||||||||||||
Collateral received/(posted), net | 142.0 | 0 | 0 | ||||||||||||||
Net borrowings/(repayments) under credit facility | 0 | (330.8) | 330.8 | ||||||||||||||
Payment of contingent consideration | (22.3) | (20.0) | (15.6) | ||||||||||||||
Net cash provided by/(used in) financing activities | (285.9) | 201.3 | 1,540.0 | ||||||||||||||
Increase/(decrease) in cash and cash equivalents | 79.3 | (107.5) | (529.9) | ||||||||||||||
Foreign exchange movement on cash and cash equivalents | 27.5 | 17.7 | (43.8) | ||||||||||||||
Foreign exchange movement on cash and cash equivalents of CIP | 25.8 | (7.0) | (1.0) | ||||||||||||||
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP | 5.5 | (7.4) | (137.6) | ||||||||||||||
Cash and cash equivalents, beginning of period | 1,701.2 | 1,805.4 | 2,517.7 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | 1,839.3 | 1,701.2 | 1,805.4 | ||||||||||||||
Cash and cash equivalents | 1,408.4 | 1,049.0 | 1,147.7 | ||||||||||||||
Restricted cash (1) | 129.2 | 0 | 0 | ||||||||||||||
Cash and cash equivalents of CIP | 301.7 | 652.2 | 657.7 | ||||||||||||||
Total cash, cash equivalents and restricted cash per consolidated statement of cash flows | 1,839.3 | 1,701.2 | 1,805.4 | ||||||||||||||
Supplemental Cash Flow Information: | |||||||||||||||||
Interest paid | (93.1) | (99.4) | (100.8) | ||||||||||||||
Interest received | 2.7 | 9.2 | 8.9 | ||||||||||||||
Taxes paid | (223.8) | (193.7) | (322.0) |
Years ended December 31, | ||||||||
$ in millions | 2017 | 2016 | 2015 | |||||
Operating activities: | ||||||||
Net income | 1,161.0 | 868.3 | 964.1 | |||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||||||
Amortization and depreciation | 116.8 | 101.2 | 93.6 | |||||
Share-based compensation expense | 175.3 | 159.7 | 150.3 | |||||
Other gains and losses, net | (39.4 | ) | (22.9 | ) | 1.5 | |||
Other (gains)/losses of CSIP, net | — | — | 0.8 | |||||
Other (gains)/losses of CIP, net | (81.0 | ) | (7.4 | ) | 37.0 | |||
Equity in earnings of unconsolidated affiliates | (44.7 | ) | (9.3 | ) | (35.1 | ) | ||
Dividends from unconsolidated affiliates | 2.8 | 17.6 | 18.7 | |||||
Changes in operating assets and liabilities: | ||||||||
(Increase)/decrease in cash held by CIP | 226.2 | (509.4 | ) | 39.9 | ||||
(Increase)/decrease in cash held by CSIP | — | — | (10.5 | ) | ||||
(Purchase)/sale of investments by CIP, net | (342.5 | ) | (487.2 | ) | — | |||
(Purchase)/sale of trading investments, net | 174.9 | 7.0 | (159.0 | ) | ||||
(Increase)/decrease in receivables | (3,419.4 | ) | (3,392.2 | ) | (4,489.9 | ) | ||
Increase/(decrease) in payables | 3,440.7 | 3,445.9 | 4,517.0 | |||||
Net cash provided by/(used in) operating activities | 1,370.7 | 171.3 | 1,128.4 | |||||
Investing activities: | ||||||||
Purchase of property, equipment and software | (111.7 | ) | (147.7 | ) | (124.5 | ) | ||
Purchase of available-for-sale investments | (7.9 | ) | (25.9 | ) | (44.9 | ) | ||
Sale of available-for-sale investments | 79.5 | 59.3 | 51.1 | |||||
Purchase of investments by CIP | (5,709.1 | ) | (3,713.6 | ) | (4,080.7 | ) | ||
Sale of investments by CIP | 5,026.5 | 2,958.1 | 3,543.2 | |||||
Purchase of investments by CSIP | — | — | (527.5 | ) | ||||
Sale of investments by CSIP | — | — | 524.2 | |||||
Purchase of other investments | (169.8 | ) | (125.4 | ) | (167.8 | ) | ||
Sale of other investments | 97.8 | 87.9 | 111.6 | |||||
Returns of capital and distributions from unconsolidated partnership investments | 132.8 | 38.6 | 50.5 | |||||
Purchase of business | (299.2 | ) | (121.9 | ) | — | |||
Net cash provided by/(used in) investing activities | (961.1 | ) | (990.6 | ) | (664.8 | ) | ||
Financing activities: | ||||||||
Proceeds from exercises of share options | — | — | 3.7 | |||||
Purchases of treasury shares | (63.8 | ) | (577.0 | ) | (623.7 | ) | ||
Dividends paid | (471.6 | ) | (460.4 | ) | (454.5 | ) | ||
Excess tax benefits from share-based compensation | — | (1.7 | ) | 21.2 | ||||
Third-party capital invested into CIP | 449.4 | 386.7 | 113.5 | |||||
Third-party capital distributed by CIP | (105.4 | ) | (91.5 | ) | (120.0 | ) | ||
Third-party capital invested into CSIP | — | — | 31.2 | |||||
Third-party capital distributed by CSIP | — | — | (25.9 | ) | ||||
Borrowings of debt of CIP | 2,812.4 | 1,327.9 | 2,091.8 | |||||
Repayments of debt of CIP | (2,410.1 | ) | (171.5 | ) | (1,573.1 | ) | ||
Net borrowings/(repayments) under credit facility | (28.7 | ) | 28.7 | — | ||||
Proceeds from issuance of senior notes | — | — | 495.5 | |||||
Payment of contingent consideration | (13.2 | ) | (13.1 | ) | (11.3 | ) | ||
Net cash provided by/(used in) financing activities | 169.0 | 428.1 | (51.6 | ) | ||||
Increase/(decrease) in cash and cash equivalents | 578.6 | (391.2 | ) | 412.0 | ||||
Foreign exchange movement on cash and cash equivalents | 99.8 | (132.2 | ) | (74.8 | ) | |||
Cash and cash equivalents, beginning of year | 1,328.0 | 1,851.4 | 1,514.2 | |||||
Cash and cash equivalents, end of year | 2,006.4 | 1,328.0 | 1,851.4 | |||||
Supplemental Cash Flow Information: | ||||||||
Interest paid | (85.4 | ) | (81.2 | ) | (67.5 | ) | ||
Interest received | 3.1 | 5.8 | 8.8 | |||||
Taxes paid | (256.5 | ) | (299.1 | ) | (388.7 | ) |
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2020 | 4,010.5 | 113.2 | 7,860.8 | (3,452.5) | 5,917.8 | (587.3) | 13,862.5 | 455.8 | 14,318.3 | 383.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 761.6 | — | 761.6 | 34.7 | 796.3 | 11.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 182.8 | 182.8 | — | 182.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | (43.4) | (43.4) | (182.9) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares | 0 | 0 | 0 | — | — | — | 0 | — | 0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($59.00 per share) | — | — | — | — | (236.8) | — | (236.8) | — | (236.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($0.78 per share) | — | — | — | — | (357.6) | — | (357.6) | — | (357.6) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | 188.5 | — | — | — | 188.5 | — | 188.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | (227.3) | 227.3 | — | — | — | — | 0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | (10.6) | 18.5 | — | — | 7.9 | — | 7.9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | (47.1) | — | — | (47.1) | — | (47.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 4,010.5 | 113.2 | 7,811.4 | (3,253.8) | 6,085.0 | (404.5) | 14,361.8 | 447.1 | 14,808.9 | 211.8 |
Equity Attributable to Invesco Ltd. | ||||||||||||||||||||||||||
$ in millions | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/Temporary Equity | |||||||||||||||||
January 1, 2017 | 98.1 | 6,227.4 | (2,845.8 | ) | 4,833.4 | (809.3 | ) | 7,503.8 | 108.0 | 7,611.8 | 283.7 | |||||||||||||||
Net income | — | — | — | 1,127.3 | — | 1,127.3 | 4.5 | 1,131.8 | 29.2 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 418.1 | 418.1 | — | 418.1 | — | |||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | 147.0 | 147.0 | (69.7 | ) | ||||||||||||||||
Dividends | — | — | — | (471.6 | ) | — | (471.6 | ) | — | (471.6 | ) | — | ||||||||||||||
Employee share plans: | ||||||||||||||||||||||||||
Share-based compensation | — | 175.3 | — | — | — | 175.3 | — | 175.3 | — | |||||||||||||||||
Vested shares | — | (123.0 | ) | 123.0 | — | — | — | — | — | — | ||||||||||||||||
Other share awards | — | 2.3 | 4.7 | — | — | 7.0 | — | 7.0 | — | |||||||||||||||||
Purchase of shares | — | — | (63.8 | ) | — | — | (63.8 | ) | — | (63.8 | ) | — | ||||||||||||||
December 31, 2017 | 98.1 | 6,282.0 | (2,781.9 | ) | 5,489.1 | (391.2 | ) | 8,696.1 | 259.5 | 8,955.6 | 243.2 |
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Preferred Shares | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/Temporary Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 | 0 | 98.1 | 6,334.8 | (3,003.6) | 5,884.5 | (735.0) | 8,578.8 | 357.4 | 8,936.2 | 396.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 688.3 | — | 688.3 | 9.5 | 697.8 | 40.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 147.7 | 147.7 | — | 147.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | 88.9 | 88.9 | (52.7) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares | 4,010.5 | 15.1 | 1,438.2 | — | — | — | 5,463.8 | — | 5,463.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred ($30.81 per share) | — | — | — | — | (123.6) | — | (123.6) | — | (123.6) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($1.23 per share) | — | — | — | — | (531.4) | — | (531.4) | — | (531.4) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | — | 207.5 | — | — | — | 207.5 | — | 207.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | — | (118.3) | 207.0 | — | — | 88.7 | — | 88.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | — | (1.4) | 8.9 | — | — | 7.5 | — | 7.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | — | (664.8) | — | — | (664.8) | — | (664.8) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | 4,010.5 | 113.2 | 7,860.8 | (3,452.5) | 5,917.8 | (587.3) | 13,862.5 | 455.8 | 14,318.3 | 383.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Attributable to Invesco Ltd. | ||||||||||||||||||||||||||
$ in millions | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/Temporary Equity | |||||||||||||||||
January 1, 2016 | 98.1 | 6,197.7 | (2,404.1 | ) | 4,439.6 | (446.0 | ) | 7,885.3 | 810.4 | 8,695.7 | 167.3 | |||||||||||||||
Adjustment for adoption of ASU 2015-02 | — | (733.5 | ) | (733.5 | ) | 226.6 | ||||||||||||||||||||
January 1, 2016, as adjusted | 98.1 | 6,197.7 | (2,404.1 | ) | 4,439.6 | (446.0 | ) | 7,885.3 | 76.9 | 7,962.2 | 393.9 | |||||||||||||||
Net income | — | — | — | 854.2 | — | 854.2 | (0.9 | ) | 853.3 | 15.0 | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (363.3 | ) | (363.3 | ) | — | (363.3 | ) | — | ||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | 32.0 | 32.0 | (125.2 | ) | ||||||||||||||||
Dividends | — | — | — | (460.4 | ) | — | (460.4 | ) | — | (460.4 | ) | — | ||||||||||||||
Employee share plans: | ||||||||||||||||||||||||||
Share-based compensation | — | 159.7 | — | — | — | 159.7 | — | 159.7 | — | |||||||||||||||||
Vested shares | — | (102.3 | ) | 102.3 | — | — | — | — | — | — | ||||||||||||||||
Other share awards | — | 0.8 | 6.2 | — | — | 7.0 | — | 7.0 | — | |||||||||||||||||
Tax impact of share-based payment | — | (1.7 | ) | — | — | — | (1.7 | ) | — | (1.7 | ) | — | ||||||||||||||
Purchase of shares | — | (26.8 | ) | (550.2 | ) | — | — | (577.0 | ) | — | (577.0 | ) | — | |||||||||||||
December 31, 2016 | 98.1 | 6,227.4 | (2,845.8 | ) | 4,833.4 | (809.3 | ) | 7,503.8 | 108.0 | 7,611.8 | 283.7 |
Equity Attributable to Invesco Ltd. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions, except per share data | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/Temporary Equity | ||||||||||||||||||||||||||||||||||||||||||||
January 1, 2018 | 98.1 | 6,282.0 | (2,781.9) | 5,489.1 | (391.2) | 8,696.1 | 259.5 | 8,955.6 | 243.2 | ||||||||||||||||||||||||||||||||||||||||||||
Adjustment for adoption of ASU 2016-01 | — | — | — | 3.2 | (3.2) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
January 1, 2018, as adjusted | 98.1 | 6,282.0 | (2,781.9) | 5,492.3 | (394.4) | 8,696.1 | 259.5 | 8,955.6 | 243.2 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 882.8 | — | 882.8 | 28.3 | 911.1 | (28.0) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (340.6) | (340.6) | — | (340.6) | — | ||||||||||||||||||||||||||||||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | 69.6 | 69.6 | 181.0 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common ($1.19 per share) | — | — | — | (490.6) | — | (490.6) | — | (490.6) | — | ||||||||||||||||||||||||||||||||||||||||||||
Employee common share plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common share-based compensation | — | 172.4 | — | — | — | 172.4 | — | 172.4 | — | ||||||||||||||||||||||||||||||||||||||||||||
Vested common shares | — | (120.6) | 120.6 | — | — | — | — | 0 | — | ||||||||||||||||||||||||||||||||||||||||||||
Other common share awards | — | 1.0 | 6.6 | — | — | 7.6 | — | 7.6 | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of common shares | — | — | (348.9) | — | — | (348.9) | — | (348.9) | — | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2018 | 98.1 | 6,334.8 | (3,003.6) | 5,884.5 | (735.0) | 8,578.8 | 357.4 | 8,936.2 | 396.2 |
Equity attributable to Invesco Ltd. | ||||||||||||||||||||||||||||||
$ in millions | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Retained Earnings Appropriated for Investors in CIP | Accumulated Other Comprehensive Income | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Total Permanent Equity | Redeemable Noncontrolling Interests in Consolidated Entities/Temporary Equity | ||||||||||||||||||||
January 1, 2015 | 98.1 | 6,133.6 | (1,898.1 | ) | 3,926.0 | 17.6 | 48.8 | 8,326.0 | 793.8 | 9,119.8 | 165.5 | |||||||||||||||||||
Adjustment for adoption of ASU 2014-13 | — | — | — | — | (17.6 | ) | — | (17.6 | ) | — | (17.6 | ) | — | — | ||||||||||||||||
January 1, 2015, as adjusted | 98.1 | 6,133.6 | (1,898.1 | ) | 3,926.0 | — | 48.8 | 8,308.4 | 793.8 | 9,102.2 | 165.5 | |||||||||||||||||||
Net income | — | — | — | 968.1 | — | — | 968.1 | (2.9 | ) | 965.2 | (1.1 | ) | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (494.8 | ) | (494.8 | ) | — | (494.8 | ) | — | |||||||||||||||||
Change in noncontrolling interests in consolidated entities, net | — | — | — | — | — | — | — | 19.5 | 19.5 | 2.9 | ||||||||||||||||||||
Dividends | — | — | — | (454.5 | ) | — | — | (454.5 | ) | — | (454.5 | ) | — | |||||||||||||||||
Employee share plans: | ||||||||||||||||||||||||||||||
Share-based compensation | — | 150.3 | — | — | — | — | 150.3 | — | 150.3 | — | ||||||||||||||||||||
Vested shares | — | (109.2 | ) | 109.2 | — | — | — | — | — | — | — | |||||||||||||||||||
Exercise of options | — | (2.1 | ) | 5.8 | — | — | — | 3.7 | — | 3.7 | — | |||||||||||||||||||
Other share awards | — | 2.7 | 3.9 | — | — | — | 6.6 | — | 6.6 | — | ||||||||||||||||||||
Tax impact of share-based payment | — | 21.2 | — | — | — | — | 21.2 | — | 21.2 | — | ||||||||||||||||||||
Purchase of shares | — | 1.2 | (624.9 | ) | — | — | — | (623.7 | ) | — | (623.7 | ) | — | |||||||||||||||||
December 31, 2015 | 98.1 | 6,197.7 | (2,404.1 | ) | 4,439.6 | — | (446.0 | ) | 7,885.3 | 810.4 | 8,695.7 | 167.3 |
$ in millions | Fair Value | ||||
ASSETS | |||||
Cash and cash equivalents | 360.0 | ||||
Accounts receivable | 133.1 | ||||
Investments | 178.4 | ||||
Prepaid assets | 24.8 | ||||
Other assets | 181.2 | ||||
Property, equipment and software, net | 104.1 | ||||
Intangible assets (1) | 5,189.0 | ||||
Goodwill (2) | 1,505.3 | ||||
Total assets | 7,675.9 | ||||
LIABILITIES | |||||
Accrued compensation and benefits | 263.9 | ||||
Accounts payable and accrued expenses | 728.1 | ||||
Deferred tax liabilities, net | 1,088.0 | ||||
Total liabilities | 2,080.0 | ||||
Total identifiable net assets | 5,595.9 | ||||
Summary of consideration | |||||
Cash consideration | 35.0 | ||||
Common stock consideration (3) | 1,453.6 | ||||
Preferred stock consideration (4) | 4,010.5 | ||||
Other consideration (5) | 96.8 | ||||
Total cash and stock consideration | 5,595.9 |
For the year ended December 31, | |||||
$ in millions | 2019 | ||||
Operating revenues | 6,935.1 | ||||
Net income | 683.4 |
December 31, 2017 | December 31, 2016 | ||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||
Cash and cash equivalents | 2,006.4 | 2,006.4 | 1,328.0 | 1,328.0 | |||||||
Available-for-sale investments | 85.2 | 85.2 | 154.0 | 154.0 | |||||||
Trading investments | 277.3 | 277.3 | 329.6 | 329.6 | |||||||
Foreign time deposits * | 28.6 | 28.6 | 26.9 | 26.9 | |||||||
Assets held for policyholders | 12,444.5 | 12,444.5 | 8,224.2 | 8,224.2 | |||||||
Policyholder payables * | (12,444.5 | ) | (12,444.5 | ) | (8,224.2 | ) | (8,224.2 | ) | |||
Put option contracts | 0.8 | 0.8 | 21.8 | 21.8 | |||||||
UIT-related financial instruments sold, not yet purchased | (1.4 | ) | (1.4 | ) | (6.0 | ) | (6.0 | ) | |||
Contingent consideration liability | (57.4 | ) | (57.4 | ) | (78.2 | ) | (78.2 | ) | |||
Long-term debt * | (2,075.8 | ) | (2,258.1 | ) | (2,102.4 | ) | (2,206.5 | ) |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
$ in millions | Fair Value | Fair Value | |||||||||||||||||||||||||||
Cash and cash equivalents | 1,408.4 | 1,049.0 | |||||||||||||||||||||||||||
Restricted cash (2) | 129.2 | 0 | |||||||||||||||||||||||||||
Equity investments | 360.3 | 432.5 | |||||||||||||||||||||||||||
Foreign time deposits (1) | 29.9 | 32.0 | |||||||||||||||||||||||||||
Assets held for policyholders | 7,582.1 | 10,835.6 | |||||||||||||||||||||||||||
Policyholder payables (1) | (7,582.1) | (10,835.6) | |||||||||||||||||||||||||||
Contingent consideration liability | (18.6) | (60.2) | |||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | 947.3 | 947.3 | 0 | 0 | |||||||||||||||||||
Investments:(1) | |||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Seed money | 153.5 | 153.5 | 0 | 0 | |||||||||||||||||||
Investments related to deferred compensation plans | 202.7 | 202.7 | 0 | 0 | |||||||||||||||||||
Other equity securities | 4.1 | 4.1 | 0 | 0 | |||||||||||||||||||
Assets held for policyholders | 7,582.1 | 7,582.1 | 0 | 0 | |||||||||||||||||||
Total | 8,889.7 | 8,889.7 | 0 | 0 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | (18.6) | 0 | 0 | (18.6) | |||||||||||||||||||
Total | (18.6) | 0 | 0 | (18.6) |
As of December 31, 2019 | |||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | 620.9 | 620.9 | 0 | 0 | |||||||||||||||||||
Investments:(1) | |||||||||||||||||||||||
Equity investments: | |||||||||||||||||||||||
Seed money | 235.5 | 235.5 | 0 | 0 | |||||||||||||||||||
Investments related to deferred compensation plans | 192.4 | 192.4 | 0 | 0 | |||||||||||||||||||
Other equity securities | 4.6 | 4.6 | 0 | 0 | |||||||||||||||||||
Assets held for policyholders | 10,835.6 | 10,835.6 | 0 | 0 | |||||||||||||||||||
Total | 11,889.0 | 11,889.0 | 0 | 0 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent consideration liability | (60.2) | 0 | 0 | (60.2) | |||||||||||||||||||
Total | (60.2) | 0 | 0 | (60.2) |
As of December 31, 2017 | |||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Assets: | |||||||||||
Cash equivalents: | |||||||||||
Money market funds | 875.5 | 875.5 | — | — | |||||||
Investments:* | |||||||||||
Available-for-sale: | |||||||||||
Seed money | 69.3 | 69.3 | — | — | |||||||
CLOs | 6.0 | — | 6.0 | — | |||||||
Other debt securities | 9.9 | — | — | 9.9 | |||||||
Trading investments: | |||||||||||
Investments related to deferred compensation plans | 92.3 | 92.3 | — | — | |||||||
Seed money | 173.7 | 173.7 | — | — | |||||||
Other equity securities | 8.9 | 8.9 | — | — | |||||||
UIT-related equity and debt securities: | |||||||||||
Corporate equities | 2.0 | 2.0 | — | — | |||||||
UITs | 0.4 | 0.4 | — | — | |||||||
Assets held for policyholders | 12,444.5 | 12,444.5 | — | — | |||||||
Put option contracts | 0.8 | — | 0.8 | — | |||||||
Total | 13,683.3 | 13,666.6 | 6.8 | 9.9 | |||||||
Liabilities: | |||||||||||
UIT-related financial instruments sold, not yet purchased: | |||||||||||
Exchange traded funds | (1.4 | ) | (1.4 | ) | — | — | |||||
Contingent consideration liability | (57.4 | ) | — | — | (57.4 | ) | |||||
Total | (58.8 | ) | (1.4 | ) | — | (57.4 | ) |
As of December 31, 2016 | |||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Assets: | |||||||||||
Cash equivalents: | |||||||||||
Money market funds | 476.2 | 476.2 | — | — | |||||||
Investments:* | |||||||||||
Available-for-sale: | |||||||||||
Seed money | 127.9 | 127.9 | — | — | |||||||
CLOs | 12.9 | — | — | 12.9 | |||||||
Other debt securities | 13.2 | — | — | 13.2 | |||||||
Trading investments: | |||||||||||
Investments related to deferred compensation plans | 170.5 | 170.5 | — | — | |||||||
Seed money | 121.9 | 121.9 | — | — | |||||||
Other equity securities | 30.4 | 30.4 | — | — | |||||||
UIT-related equity and debt securities: | |||||||||||
Corporate equities | 1.2 | 1.2 | — | — | |||||||
UITs | 5.6 | 5.6 | — | — | |||||||
Assets held for policyholders | 8,224.2 | 8,224.2 | — | — | |||||||
Put option contracts | 21.8 | — | 21.8 | — | |||||||
Total | 9,205.8 | 9,157.9 | 21.8 | 26.1 | |||||||
Liabilities: | |||||||||||
UIT-related financial instruments sold, not yet purchased: | |||||||||||
Exchange traded funds | (5.2 | ) | (5.2 | ) | — | — | |||||
U.S. treasury securities | (0.8 | ) | (0.8 | ) | — | — | |||||
Contingent consideration liability | (78.2 | ) | — | — | (78.2 | ) | |||||
Total | (84.2 | ) | (6.0 | ) | — | (78.2 | ) |
For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||||||||||||||||||||||||
$ in millions | Contingent Consideration Liability | Contingent Consideration Liability | |||||||||||||||||||||||||||
Beginning balance | (60.2) | (40.9) | |||||||||||||||||||||||||||
Revision to purchase price allocation | 5.5 | (31.5) | |||||||||||||||||||||||||||
Net unrealized gains and losses included in other gains and losses | 13.8 | (7.8) | |||||||||||||||||||||||||||
Disposition/settlements | 22.3 | 20.0 | |||||||||||||||||||||||||||
Ending balance | (18.6) | (60.2) |
For the year ended December 31, 2017 | For the year ended December 31, 2016 | ||||||||||||||||
$ in millions | Contingent Consideration Liability | CLOs | Other Debt Securities | Contingent Consideration Liability | CLOs | Other Debt Securities | |||||||||||
Beginning balance | (78.2 | ) | 12.9 | 13.2 | (83.9 | ) | 1.4 | 5.9 | |||||||||
Adjustment for adoption of ASU 2015-02 | — | — | — | — | 11.5 | — | |||||||||||
Beginning balance, as adjusted | (78.2 | ) | 12.9 | 13.2 | (83.9 | ) | 12.9 | 5.9 | |||||||||
Purchases/acquisitions | — | — | 7.4 | — | — | 21.4 | |||||||||||
Returns of capital | — | — | — | — | (3.0 | ) | — | ||||||||||
Net unrealized gains and losses included in other gains and losses* | 7.6 | — | (3.2 | ) | (7.4 | ) | — | — | |||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | — | — | — | — | 3.0 | — | |||||||||||
Disposition/settlements | 13.2 | — | (7.5 | ) | 13.1 | — | (14.1 | ) | |||||||||
Transfer from level 3 to level 2 | — | (12.9 | ) | — | — | — | — | ||||||||||
Ending balance | (57.4 | ) | — | 9.9 | (78.2 | ) | 12.9 | 13.2 |
$ in millions | December 31, 2020 | December 31, 2019 | |||||||||
Equity investments: | |||||||||||
Seed money | 153.5 | 235.5 | |||||||||
Investments related to deferred compensation plans | 202.7 | 192.4 | |||||||||
Other equity securities | 4.1 | 4.6 | |||||||||
Equity method investments | 426.1 | 350.8 | |||||||||
Foreign time deposits | 29.9 | 32.0 | |||||||||
Other | 10.5 | 14.2 | |||||||||
Total investments | 826.8 | 829.5 |
$ in millions | December 31, 2017 | December 31, 2016 | |||
Available-for-sale investments: | |||||
Seed money | 69.3 | 127.9 | |||
CLOs | 6.0 | 12.9 | |||
Other debt securities | 9.9 | 13.2 | |||
Trading investments: | |||||
Investments related to deferred compensation plans | 92.3 | 170.5 | |||
Seed money | 173.7 | 121.9 | |||
UIT-related equity and debt securities | 2.4 | 6.8 | |||
Other equity securities | 8.9 | 30.4 | |||
Equity method investments | 277.3 | 279.0 | |||
Foreign time deposits | 28.6 | 26.9 | |||
Other | 6.2 | 5.8 | |||
Total investments | 674.6 | 795.3 |
2017 | 2016 | 2015 | ||||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | |||||||||||||||||
Seed money | 62.5 | 4.3 | (1.5 | ) | 42.7 | 1.5 | (1.6 | ) | 48.1 | 2.2 | (0.2 | ) | ||||||||||||||
CLOs | 7.1 | 1.9 | — | 3.0 | — | — | 2.6 | 0.5 | — | |||||||||||||||||
Other debt securities | 9.9 | 2.5 | — | 13.6 | — | (0.5 | ) | 0.4 | — | — | ||||||||||||||||
79.5 | 8.7 | (1.5 | ) | 59.3 | 1.5 | (2.1 | ) | 51.1 | 2.7 | (0.2 | ) |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
$ in millions | Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | Cost | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | |||||||||||||||
Seed money | 65.1 | 5.5 | (1.3 | ) | 69.3 | 127.2 | 6.8 | (6.1 | ) | 127.9 | |||||||||||||
CLOs | 4.9 | 1.1 | — | 6.0 | 9.2 | 3.7 | — | 12.9 | |||||||||||||||
Other debt securities | 9.9 | — | — | 9.9 | 13.2 | — | — | 13.2 | |||||||||||||||
79.9 | 6.6 | (1.3 | ) | 85.2 | 149.6 | 10.5 | (6.1 | ) | 154.0 |
December 31, 2017 | December 31, 2016 | ||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||
Less than 12 months | 9.4 | (0.8 | ) | 1.9 | (0.2 | ) | |||||
12 months or greater | 15.0 | (0.5 | ) | 56.4 | (5.9 | ) | |||||
Total | 24.4 | (1.3 | ) | 58.3 | (6.1 | ) |
Name of Company | Country of Incorporation | % Voting Interest Owned | |||||||||
Huaneng Invesco WLR (Beijing) Investment Fund Management Company Ltd. | China | 50.0% | |||||||||
Invesco Great Wall Fund Management Company Limited | China | 49.0% | |||||||||
Pocztylion - ARKA | Poland | 29.3% |
Name of Company | Country of Incorporation | % Voting Interest Owned | |||||||||
VV Immobilien Verwaltungs und Beteiligungs GmbH | Germany | 70.0% | |||||||||
HVH Immobilien und Beteiligungs GmbH | Germany | 70.0% |
$ in millions | December 31, 2020 | December 31, 2019 | |||||||||
Technology and Other Equipment | 302.4 | 310.5 | |||||||||
Software | 810.7 | 733.4 | |||||||||
Land and Buildings | 119.0 | 110.3 | |||||||||
Leasehold Improvements | 254.7 | 274.1 | |||||||||
Work in Process | 83.1 | 74.4 | |||||||||
Property, Equipment and Software, Gross | 1,569.9 | 1,502.7 | |||||||||
Less: Accumulated Depreciation | (1,001.7) | (919.2) | |||||||||
Less: Impairment Expense (1) | (4.4) | 0 | |||||||||
Property, Equipment and Software, Net | 563.8 | 583.5 |
$ in millions | December 31, 2017 | December 31, 2016 | |||
Technology and Other Equipment | 261.0 | 242.3 | |||
Software | 621.9 | 467.4 | |||
Land and Buildings | 87.5 | 68.2 | |||
Leasehold Improvements | 204.4 | 210.9 | |||
Work in Process | 44.8 | 117.0 | |||
Property, Equipment and Software, Gross | 1,219.6 | 1,105.8 | |||
Less: Accumulated Depreciation | (728.9 | ) | (641.1 | ) | |
Property, Equipment and Software, Net | 490.7 | 464.7 |
$ in millions | Gross Book Value | Accumulated Amortization | Net Book Value | ||||||||||||||
December 31, 2020 | |||||||||||||||||
Management contracts - indefinite-lived | 6,982.7 | N/A | 6,982.7 | ||||||||||||||
Management contracts - finite-lived | 319.9 | (118.7) | 201.2 | ||||||||||||||
Developed technology | 99.2 | (50.9) | 48.3 | ||||||||||||||
Other | 110.8 | (37.4) | 73.4 | ||||||||||||||
Total | 7,512.6 | (207.0) | 7,305.6 | ||||||||||||||
December 31, 2019 | |||||||||||||||||
Management contracts - indefinite-lived | 6,969.1 | N/A | 6,969.1 | ||||||||||||||
Management contracts - finite-lived | 319.3 | (84.5) | 234.8 | ||||||||||||||
Developed technology | 98.6 | (31.7) | 66.9 | ||||||||||||||
Other | 112.2 | (24.7) | 87.5 | ||||||||||||||
Total | 7,499.2 | (140.9) | 7,358.3 |
$ in millions | Gross Book Value | Accumulated Amortization | Net Book Value | |||||
December 31, 2017 | ||||||||
Management contracts - indefinite-lived | 1,523.3 | N/A | 1,523.3 | |||||
Management contracts - finite-lived | 68.8 | (66.3 | ) | 2.5 | ||||
Customer relationships | 40.0 | (25.3 | ) | 14.7 | ||||
Other | 27.6 | (9.4 | ) | 18.2 | ||||
Total | 1,659.7 | (101.0 | ) | 1,558.7 | ||||
December 31, 2016 | ||||||||
Management contracts - indefinite-lived | 1,363.6 | N/A | 1,363.6 | |||||
Management contracts - finite-lived | 67.7 | (56.6 | ) | 11.1 | ||||
Customer relationships | 40.0 | (21.9 | ) | 18.1 | ||||
Other | 9.8 | (3.2 | ) | 6.6 | ||||
Total | 1,481.1 | (81.7 | ) | 1,399.4 |
$ in millions Years Ended December 31, | Estimated Amortization Expense | ||||
2021 | (62.8) | ||||
2022 | (60.3) | ||||
2023 | (52.0) | ||||
2024 | (46.4) | ||||
2025 | (39.2) |
$ in millions Years Ended December 31, | Estimated Amortization Expense | |
2018 | 15.6 | |
2019 | 8.1 | |
2020 | 4.7 | |
2021 | 4.7 | |
2022 | 2.3 |
$ in millions | Net Book Value | ||||||||||||||||
January 1, 2020 | 8,509.4 | ||||||||||||||||
Business combinations (See Note 2) | 285.8 | ||||||||||||||||
Foreign exchange | 121.1 | ||||||||||||||||
December 31, 2020 | 8,916.3 | ||||||||||||||||
January 1, | 7,157.1 | ||||||||||||||||
Business combinations (See Note 2) | 1,229.1 | ||||||||||||||||
Foreign exchange | 123.2 | ||||||||||||||||
December 31, | |||||||||||||||||
As of | |||||||||||
$ in millions | December 31, 2020 | December 31, 2019 | |||||||||
Compensation and benefits | 148.2 | 195.6 | |||||||||
Accrued bonus and deferred compensation | 825.5 | 835.1 | |||||||||
Accrued compensation and benefits | 973.7 | 1,030.7 | |||||||||
Accruals and other liabilities | 307.6 | 403.9 | |||||||||
OppenheimerFunds acquisition-related matter (See Note 20) | 387.8 | 0 | |||||||||
Forward contract collateral (See Note 10) | 104.1 | 0 | |||||||||
Forward contract payable (See Note 10) | 309.0 | 496.5 | |||||||||
Lease liability (See Note 15) | 319.2 | 364.8 | |||||||||
Deferred carried interest (1) | 58.0 | 45.8 | |||||||||
Contingent consideration liability (See Note 3) | 18.6 | 60.2 | |||||||||
Accounts payable | 348.9 | 414.6 | |||||||||
Income taxes payable | 67.2 | 118.2 | |||||||||
Accounts payable and accrued expenses | 1,920.4 | 1,904.0 |
As of | |||||
$ in millions | December 31, 2017 | December 31, 2016 | |||
Compensation and benefits | 101.2 | 92.8 | |||
Accrued bonus and deferred compensation | 594.9 | 561.5 | |||
Accrued compensation and benefits | 696.1 | 654.3 | |||
Accruals and other liabilities | 302.3 | 280.6 | |||
Deferred carried interest | 60.4 | 87.7 | |||
Contingent consideration liability | 57.4 | 78.2 | |||
Accounts payable | 320.1 | 274.3 | |||
Income taxes payable | 155.5 | 91.6 | |||
Accounts payable and accrued expenses | 895.7 | 812.4 |
December 31, 2017 | December 31, 2016 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
$ in millions | Carrying Value** | Fair Value | Carrying Value** | Fair Value | $ in millions | Carrying Value (2) | Fair Value | Carrying Value (2) | Fair Value | |||||||||||||||||||||||||
Floating rate credit facility expiring August 11, 2022 | — | — | 28.7 | 28.7 | ||||||||||||||||||||||||||||||
Unsecured Senior Notes*: | ||||||||||||||||||||||||||||||||||
$1.5 billion floating rate credit facility expiring August 11, 2022 | $1.5 billion floating rate credit facility expiring August 11, 2022 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Unsecured Senior Notes: (1) | Unsecured Senior Notes: (1) | |||||||||||||||||||||||||||||||||
$600 million 3.125% - due November 30, 2022 | 596.9 | 608.8 | 596.3 | 604.7 | $600 million 3.125% - due November 30, 2022 | 598.7 | 632.9 | 598.1 | 617.5 | |||||||||||||||||||||||||
$600 million 4.000% - due January 30, 2024 | 594.0 | 634.7 | 593.2 | 625.3 | $600 million 4.000% - due January 30, 2024 | 596.8 | 660.2 | 595.8 | 639.2 | |||||||||||||||||||||||||
$500 million 3.750% - due January 15, 2026 | 495.1 | 515.0 | 494.5 | 506.4 | $500 million 3.750% - due January 15, 2026 | 496.7 | 564.8 | 496.1 | 533.0 | |||||||||||||||||||||||||
$400 million 5.375% - due November 30, 2043 | 389.8 | 499.6 | 389.7 | 441.4 | $400 million 5.375% - due November 30, 2043 | 390.4 | 517.8 | 390.3 | 491.8 | |||||||||||||||||||||||||
Long-term debt | 2,075.8 | 2,258.1 | 2,102.4 | 2,206.5 | Long-term debt | 2,082.6 | 2,375.7 | 2,080.3 | 2,281.5 |
$ in millions | December 31, 2017 | $ in millions | December 31, 2020 | ||||
2022 | 596.9 | 2022 | 598.7 | ||||
2024 | 594.0 | 2024 | 596.8 | ||||
2026 | 495.1 | 2026 | 496.7 | ||||
2043 | 389.8 | 2043 | 390.4 | ||||
Long-term debt | 2,075.8 | Long-term debt | 2,082.6 |
As of | |||||||||||||||||
in millions | December 31, 2020 | December 31, 2019 | |||||||||||||||
Preferred shares issued (1) | 4.0 | 4.0 | |||||||||||||||
Preferred shares outstanding (1) | 4.0 | 4.0 |
In millions | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||
Common shares issued | 566.1 | 566.1 | 490.4 | ||||||||||||||
Less: Treasury shares for which dividend and voting rights do not apply | (107.0) | (112.8) | (93.3) | ||||||||||||||
Common shares outstanding | 459.1 | 453.3 | 397.1 |
Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||
In millions, except strike price | Common Shares Purchased | Initial Strike Price | Forward price | Hedge Completion Date | Total Treasury Shares Recorded | Settlement Date | Total Liability Recorded | ||||||||||||||||||||||||||||||||||
$200 million - entered on May 13, 2019 | 9.8 | $ | 20.51 | $ 12.00 | 05/30/2019 | $ | 198.7 | 01/04/2021 | $ | 117.0 | |||||||||||||||||||||||||||||||
$200 million - entered on July 2, 2019 | 10.0 | $ | 20.00 | $ 12.00 | 07/30/2019 | $ | 193.7 | 04/01/2021 | $ | 119.4 | |||||||||||||||||||||||||||||||
$100 million - entered on August 27, 2019 | 6.0 | $ | 16.59 | $ 12.00 | 09/27/2019 | $ | 102.6 | 04/01/2021 | $ | 72.6 | |||||||||||||||||||||||||||||||
25.8 | $ | 495.0 | $ | 309.0 |
In millions | December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||
Common shares issued | 490.4 | 490.4 | 490.4 | |||||
Less: Treasury shares for which dividend and voting rights do not apply | (83.3 | ) | (86.6 | ) | (72.9 | ) | ||
Common shares outstanding | 407.1 | 403.8 | 417.5 |
Year ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
In millions, except strike price | Common Shares Purchased | Initial Strike Price | Forward Price | Hedge Completion Date | Total Treasury Shares Recorded | Settlement Date | Total Liability Recorded | ||||||||||||||||||||||||||||||||||
$200 million - entered on May 13, 2019 | 9.8 | $ | 20.51 | $ | 20.51 | 05/30/2019 | $ | 198.7 | 01/04/2021 | $ | 199.1 | ||||||||||||||||||||||||||||||
$200 million - entered on July 2, 2019 | 10.0 | $ | 20.00 | $ | 20.00 | 07/30/2019 | $ | 193.7 | 04/01/2021 | $ | 195.3 | ||||||||||||||||||||||||||||||
$100 million - entered on August 27, 2019 | 6.0 | $ | 16.59 | $ | 16.59 | 09/27/2019 | $ | 102.6 | 04/01/2021 | $ | 102.1 | ||||||||||||||||||||||||||||||
25.8 | $ | 495.0 | $ | 496.5 |
Year ended | |||||||||||||||||
In millions | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||
Beginning balance | 128.2 | 103.0 | 92.4 | ||||||||||||||
Acquisition of common shares | 3.4 | 34.7 | 16.0 | ||||||||||||||
Distribution of common shares | (9.3) | (9.2) | (5.2) | ||||||||||||||
Common shares distributed to meet ESPP obligation | (0.7) | (0.3) | (0.2) | ||||||||||||||
Ending balance | 121.6 | 128.2 | 103.0 |
Year ended | ||||||||
In millions | December 31, 2017 | December 31, 2016 | December 31, 2015 | |||||
Beginning balance | 95.9 | 81.3 | 69.4 | |||||
Acquisition of common shares | 1.9 | 19.6 | 17.4 | |||||
Distribution of common shares | (5.2 | ) | (4.7 | ) | (5.2 | ) | ||
Common shares distributed to meet ESPP obligation | (0.2 | ) | (0.3 | ) | (0.1 | ) | ||
Common shares distributed to meet option exercises | — | — | (0.2 | ) | ||||
Ending balance | 92.4 | 95.9 | 81.3 |
2020 | |||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 182.7 | 0 | 0 | 0 | 182.7 | ||||||||||||||||||||||||
Actuarial gain/(loss) related to employee benefit plans | 0 | (6.3) | 0 | 0 | (6.3) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net | 0 | 6.4 | 0 | 0 | 6.4 | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 182.7 | 0.1 | 0 | 0 | 182.8 | ||||||||||||||||||||||||
Beginning balance | (462.0) | (126.1) | 0.1 | 0.7 | (587.3) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 182.7 | 0.1 | 0 | 0 | 182.8 | ||||||||||||||||||||||||
Ending balance | (279.3) | (126.0) | 0.1 | 0.7 | (404.5) |
2017 | ||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 389.4 | — | — | — | 389.4 | |||||||||
Actuarial gain/(loss) related to employee benefit plans | — | 21.1 | — | — | 21.1 | |||||||||
Settlement related to employee benefit plans | — | 5.9 | — | — | 5.9 | |||||||||
Reclassification of actuarial (gains)/losses into employee compensation expenses | — | 2.5 | — | — | 2.5 | |||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (0.5 | ) | — | (0.5 | ) | |||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 5.1 | 5.1 | |||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (5.4 | ) | (5.4 | ) | |||||||
Other comprehensive income/(loss) | 389.4 | 29.5 | (0.5 | ) | (0.3 | ) | 418.1 | |||||||
Beginning balance | (679.9 | ) | (139.2 | ) | 4.8 | 5.0 | (809.3 | ) | ||||||
Other comprehensive income/(loss) | 389.4 | 29.5 | (0.5 | ) | (0.3 | ) | 418.1 | |||||||
Ending balance | (290.5 | ) | (109.7 | ) | 4.3 | 4.7 | (391.2 | ) |
2019 | |||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||
Other comprehensive income/(loss) net of tax: | |||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | 155.6 | 0 | 0 | 0 | 155.6 | ||||||||||||||||||||||||
Actuarial gain/(loss) related to employee benefit plans | 0 | (10.8) | 0 | 0 | (10.8) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net | 0 | 2.4 | 0.1 | 0.4 | 2.9 | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 155.6 | (8.4) | 0.1 | 0.4 | 147.7 | ||||||||||||||||||||||||
Beginning balance | (617.6) | (117.7) | 0 | 0.3 | (735.0) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 155.6 | (8.4) | 0.1 | 0.4 | 147.7 | ||||||||||||||||||||||||
Ending balance | (462.0) | (126.1) | 0.1 | 0.7 | (587.3) |
2018 | |||||||||||||||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||||||||||||||||
Other comprehensive income/(loss) net of tax: | |||||||||||||||||||||||||||||
Currency translation differences on investments in foreign subsidiaries | (327.1) | 0 | 0 | 0 | (327.1) | ||||||||||||||||||||||||
Actuarial gain/(loss) related to employee benefit plans | 0 | (13.0) | 0 | 0 | (13.0) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net | 0 | 5.0 | (4.3) | (1.2) | (0.5) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (327.1) | (8.0) | (4.3) | (1.2) | (340.6) | ||||||||||||||||||||||||
Beginning balance | (290.5) | (109.7) | 4.3 | 4.7 | (391.2) | ||||||||||||||||||||||||
Adjustment for adoption of ASU 2016-01 | 0 | 0 | 0 | (3.2) | (3.2) | ||||||||||||||||||||||||
January 1, 2018, as adjusted | (290.5) | (109.7) | 4.3 | 1.5 | (394.4) | ||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (327.1) | (8.0) | (4.3) | (1.2) | (340.6) | ||||||||||||||||||||||||
Ending balance | (617.6) | (117.7) | 0 | 0.3 | (735.0) |
2016 | ||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||
Other comprehensive income/(loss) net of tax: | ||||||||||||||
Currency translation differences on investments in foreign subsidiaries | (314.1 | ) | — | — | — | (314.1 | ) | |||||||
Actuarial gain/(loss) related to employee benefit plans | — | (39.5 | ) | — | — | (39.5 | ) | |||||||
Prior service credit related to employee benefit plans | — | (3.1 | ) | — | — | (3.1 | ) | |||||||
Settlement related to employee benefit plans | — | (5.5 | ) | — | — | (5.5 | ) | |||||||
Reclassification of prior service (credit)/cost into employee compensation expense | — | (7.0 | ) | — | — | (7.0 | ) | |||||||
Reclassification of actuarial (gains)/losses into employee compensation expenses | — | 1.5 | — | — | 1.5 | |||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (1.1 | ) | — | (1.1 | ) | |||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 5.2 | 5.2 | |||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | 0.3 | 0.3 | |||||||||
Other comprehensive income/(loss) | (314.1 | ) | (53.6 | ) | (1.1 | ) | 5.5 | (363.3 | ) | |||||
Beginning balance | (365.8 | ) | (85.6 | ) | 5.9 | (0.5 | ) | (446.0 | ) | |||||
Other comprehensive income/(loss) | (314.1 | ) | (53.6 | ) | (1.1 | ) | 5.5 | (363.3 | ) | |||||
Ending balance | (679.9 | ) | (139.2 | ) | 4.8 | 5.0 | (809.3 | ) |
2015 | ||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||
Other comprehensive income/(loss) net of tax: | ||||||||||||||
Currency translation differences on investments in foreign subsidiaries | (493.9 | ) | — | — | — | (493.9 | ) | |||||||
Actuarial gain/(loss) related to employee benefit plans | — | 11.1 | — | — | 11.1 | |||||||||
Reclassification of prior service (credit)/cost into employee compensation expense | — | (7.2 | ) | — | — | (7.2 | ) | |||||||
Reclassification of actuarial (gains)/losses into employee compensation expenses | — | 2.2 | — | — | 2.2 | |||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (0.6 | ) | — | (0.6 | ) | |||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | (6.0 | ) | (6.0 | ) | |||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (0.4 | ) | (0.4 | ) | |||||||
Other comprehensive income/(loss) | (493.9 | ) | 6.1 | (0.6 | ) | (6.4 | ) | (494.8 | ) | |||||
Beginning balance | 128.1 | (91.7 | ) | 6.5 | 5.9 | 48.8 | ||||||||
Other comprehensive income/(loss) | (493.9 | ) | 6.1 | (0.6 | ) | (6.4 | ) | (494.8 | ) | |||||
Ending balance | (365.8 | ) | (85.6 | ) | 5.9 | (0.5 | ) | (446.0 | ) |
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
Millions of common shares, except fair values | Time-Vested | Performance-Vested | Weighted Average Grant Date Fair Value ($) | Time-Vested | Performance-Vested | Time- Vested | Performance-Vested | ||||||||||||||||||||||||||||||||||
Unvested at the beginning of year | 18.7 | 1.1 | 21.94 | 12.5 | 0.9 | 12.0 | 0.9 | ||||||||||||||||||||||||||||||||||
Granted during the year (1) | 8.8 | 0.9 | 14.09 | 15.5 | 0.6 | 5.7 | 0.4 | ||||||||||||||||||||||||||||||||||
Forfeited during the year | (0.5) | 0 | 20.91 | (0.5) | 0 | (0.3) | 0 | ||||||||||||||||||||||||||||||||||
Vested and distributed during the year | (8.9) | (0.4) | 24.17 | (8.8) | (0.4) | (4.9) | (0.4) | ||||||||||||||||||||||||||||||||||
Unvested at the end of the year | 18.1 | 1.6 | 19.11 | 18.7 | 1.1 | 12.5 | 0.9 |
2017 | 2016 | 2015 | ||||||||||||||||||
Millions of shares, except fair values | Time-Vested | Performance-Vested | Weighted Average Grant Date Fair Value ($) | Time-Vested | Performance-Vested | Time- Vested | Performance-Vested | |||||||||||||
Unvested at the beginning of year | 12.1 | 0.8 | 31.22 | 10.4 | 0.6 | 11.5 | 0.5 | |||||||||||||
Granted during the year | 5.3 | 0.3 | 32.23 | 6.5 | 0.4 | 4.1 | 0.3 | |||||||||||||
Forfeited during the year | (0.4 | ) | — | 31.51 | (0.3 | ) | — | (0.2 | ) | — | ||||||||||
Vested and distributed during the year | (5.0 | ) | (0.2 | ) | 31.53 | (4.5 | ) | (0.2 | ) | (5.0 | ) | (0.2 | ) | |||||||
Unvested at the end of the year | 12.0 | 0.9 | 31.52 | 12.1 | 0.8 | 10.4 | 0.6 |
Retirement Plans | |||||||||||
$ in millions | 2020 | 2019 | |||||||||
Benefit obligation | (587.1) | (551.7) | |||||||||
Fair value of plan assets | 585.0 | 524.5 | |||||||||
Funded status | (2.1) | (27.2) | |||||||||
Amounts recognized in the Consolidated Balance Sheets: | |||||||||||
Other assets | 30.4 | 2.5 | |||||||||
Accrued compensation and benefits | (32.5) | (29.7) | |||||||||
Funded status | (2.1) | (27.2) |
Retirement Plans | |||||
$ in millions | 2017 | 2016 | |||
Benefit obligation | (548.6 | ) | (521.2 | ) | |
Fair value of plan assets | 486.9 | 424.1 | |||
Funded status | (61.7 | ) | (97.1 | ) | |
Amounts recognized in the Consolidated Balance Sheets: | |||||
Other assets | 3.6 | 3.4 | |||
Accrued compensation and benefits | (65.3 | ) | (100.5 | ) | |
Funded status | (61.7 | ) | (97.1 | ) |
Retirement Plans | |||||||||||
$ in millions | 2020 | 2019 | |||||||||
January 1 | 551.7 | 475.6 | |||||||||
Service cost | 2.4 | 1.1 | |||||||||
Interest cost | 9.2 | 13.4 | |||||||||
Actuarial (gains)/losses | 40.6 | 64.0 | |||||||||
Exchange difference | 21.4 | 16.4 | |||||||||
Benefits paid | (11.5) | (18.6) | |||||||||
Curtailment | 0 | 0.4 | |||||||||
Settlement | (26.7) | (0.6) | |||||||||
December 31 | 587.1 | 551.7 |
Retirement Plans | |||||
$ in millions | 2017 | 2016 | |||
January 1 | 521.2 | 490.7 | |||
Service cost | 2.3 | 4.6 | |||
Interest cost | 14.1 | 16.5 | |||
Actuarial (gains)/losses | 3.3 | 102.4 | |||
Exchange difference | 51.7 | (73.5 | ) | ||
Benefits paid | (9.0 | ) | (13.8 | ) | |
Plan amendments | — | 4.1 | |||
Curtailment | — | (9.8 | ) | ||
Settlement | (35.0 | ) | — | ||
December 31 | 548.6 | 521.2 |
Retirement Plans | |||||||||||
2020 | 2019 | ||||||||||
Discount rate | 1.83 | % | 1.93 | % | |||||||
Expected rate of salary increases | 2.85 | % | 2.95 | % | |||||||
Future pension trend rate increases | 2.64 | % | 2.74 | % |
Retirement Plans | |||||
2017 | 2016 | ||||
Discount rate | 2.47 | % | 2.64 | % | |
Expected rate of salary increases | 3.26 | % | 3.26 | % | |
Future pension trend rate increases | 2.97 | % | 2.98 | % |
Retirement Plans | |||||||||||
$ in millions | 2020 | 2019 | |||||||||
January 1 | 524.5 | 430.2 | |||||||||
Actual return on plan assets | 55.2 | 73.7 | |||||||||
Foreign currency changes | 20.1 | 16.0 | |||||||||
Contributions from the company | 25.5 | 24.0 | |||||||||
Benefits paid | (11.5) | (18.6) | |||||||||
Settlement and other | (28.8) | (0.8) | |||||||||
December 31 | 585.0 | 524.5 |
Retirement Plans | |||||
$ in millions | 2017 | 2016 | |||
January 1 | 424.1 | 422.7 | |||
Actual return on plan assets | 52.3 | 71.0 | |||
Exchange difference | 41.9 | (69.9 | ) | ||
Contributions from the company | 11.8 | 14.2 | |||
Benefits paid | (9.0 | ) | (13.9 | ) | |
Settlement and other | (34.2 | ) | — | ||
December 31 | 486.9 | 424.1 |
Retirement Plans | |||||||||||
$ in millions | 2020 | 2019 | |||||||||
Prior service cost/(credit) | 7.4 | 6.1 | |||||||||
Net actuarial loss/(gain) | 144.4 | 145.4 | |||||||||
Total | 151.8 | 151.5 |
Retirement Plans | |||||
$ in millions | 2017 | 2016 | |||
Prior service cost/(credit) | 3.9 | 3.7 | |||
Net actuarial loss/(gain) | 128.3 | 164.1 | |||
Total | 132.2 | 167.8 |
$ in millions | Retirement Plans | ||||
Prior service cost/(credit) | |||||
Net actuarial loss/(gain) | |||||
Total |
Retirement Plans | |||||||||||
$ in millions | 2020 | 2019 | |||||||||
Plans with accumulated and projected benefit obligation in excess of plan assets: | |||||||||||
Accumulated and projected benefit obligation | 574.2 | 540.1 | |||||||||
Fair value of plan assets | 572.3 | 512.8 |
Retirement Plans | |||||
$ in millions | 2017 | 2016 | |||
Plans with accumulated benefit obligation in excess of plan assets: | |||||
Accumulated benefit obligation | 539.4 | 512.1 | |||
Fair value of plan assets | 474.1 | 411.6 | |||
Plans with projected benefit obligation in excess of plan assets: | |||||
Projected benefit obligation | 539.4 | 512.1 | |||
Fair value of plan assets | 474.1 | 411.6 |
Retirement Plans | |||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
Service cost | 2.4 | 1.1 | 3.8 | ||||||||||||||
Interest cost | 9.2 | 13.4 | 12.6 | ||||||||||||||
Expected return on plan assets | (23.7) | (22.1) | (22.0) | ||||||||||||||
Amortization of prior service cost/(credit) | 0.2 | 0.3 | 0.2 | ||||||||||||||
Amortization of net actuarial (gain)/loss | 3.6 | 2.9 | 2.1 | ||||||||||||||
Settlement | 8.0 | (0.2) | 3.1 | ||||||||||||||
Curtailment (gain)/loss | 0 | 0.4 | 0 | ||||||||||||||
Net periodic benefit cost/(credit) | (0.3) | (4.2) | (0.2) |
Retirement Plans | Medical Plan | |||||||||||||
$ in millions | 2017 | 2016 | 2015 | 2016 | 2015 | |||||||||
Service cost | 2.3 | 4.6 | 5.4 | — | — | |||||||||
Interest cost | 14.1 | 16.5 | 17.7 | — | — | |||||||||
Expected return on plan assets | (22.6 | ) | (21.7 | ) | (22.9 | ) | — | — | ||||||
Amortization of prior service cost/(credit) | 0.2 | — | 0.1 | (11.3 | ) | (11.3 | ) | |||||||
Amortization of net actuarial (gain)/loss | 3.0 | 1.8 | 3.0 | (0.3 | ) | (0.3 | ) | |||||||
Settlement | 7.3 | — | — | (9.0 | ) | — | ||||||||
Net periodic benefit cost/(credit) | 4.3 | 1.2 | 3.3 | (20.6 | ) | (11.6 | ) |
Retirement Plans | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Discount rate | 1.93 | % | 2.82 | % | 2.47 | % | |||||||||||
Expected return on plan assets | 4.69 | % | 5.00 | % | 4.73 | % | |||||||||||
Expected rate of salary increases | 2.95 | % | 3.24 | % | 3.26 | % | |||||||||||
Future pension rate increases | 2.74 | % | 3.04 | % | 2.97 | % |
Retirement Plans | ||||||||
2017 | 2016 | 2015 | ||||||
Discount rate | 2.64 | % | 3.69 | % | 3.52 | % | ||
Expected return on plan assets | 5.01 | % | 5.53 | % | 5.90 | % | ||
Expected rate of salary increases | 3.26 | % | 3.16 | % | 3.06 | % | ||
Future pension rate increases | 2.98 | % | 2.98 | % | 2.88 | % |
$ in millions | Retirement Plans | % of Plan Assets | |||||||||
Cash and cash equivalents | 22.4 | 3.8 | % | ||||||||
Fund investments | 224.2 | 38.3 | % | ||||||||
Equity securities | 193.6 | 33.1 | % | ||||||||
Government debt securities | 15.0 | 2.6 | % | ||||||||
Guaranteed investments contracts | 22.2 | 3.8 | % | ||||||||
Other assets | 107.6 | 18.4 | % | ||||||||
Total | 585.0 | 100.0 | % |
$ in millions | Retirement Plans | % of Plan Assets | |||
Cash and cash equivalents | 10.7 | 2.2 | % | ||
Fund investments | 227.9 | 46.8 | % | ||
Equity securities | 133.9 | 27.5 | % | ||
Government debt securities | 20.9 | 4.3 | % | ||
Other assets | 13.4 | 2.8 | % | ||
Guaranteed investments contracts | 80.1 | 16.5 | % | ||
Total | 486.9 | 100.0 | % |
$ in millions | Retirement Plans | % of Plan Assets | |||||||||
Cash and cash equivalents | 27.3 | 5.2 | % | ||||||||
Fund investments | 207.3 | 39.5 | % | ||||||||
Equity securities | 181.4 | 34.6 | % | ||||||||
Government debt securities | 22.5 | 4.3 | % | ||||||||
Guaranteed investments contracts | 13.2 | 2.5 | % | ||||||||
Other assets | 72.8 | 13.9 | % | ||||||||
Total | 524.5 | 100.0 | % |
$ in millions | Retirement Plans | % of Plan Assets | |||
Cash and cash equivalents | 3.9 | 0.9 | % | ||
Fund investments | 207.4 | 48.9 | % | ||
Equity securities | 122.1 | 28.8 | % | ||
Government debt securities | 73.0 | 17.2 | % | ||
Other assets | 7.3 | 1.7 | % | ||
Guaranteed investments contracts | 10.4 | 2.5 | % | ||
Total | 424.1 | 100.0 | % |
As of December 31, 2017 | |||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Cash and cash equivalents | 10.7 | 10.7 | — | — | |||||||
Fund investments | 227.9 | 227.9 | — | — | |||||||
Equity securities | 133.9 | 133.9 | — | — | |||||||
Government debt securities | 20.9 | 13.9 | 7.0 | — | |||||||
Other assets | 80.1 | 80.1 | — | — | |||||||
Guaranteed investments contracts | 13.4 | — | — | 13.4 | |||||||
Total | 486.9 | 466.5 | 7.0 | 13.4 |
As of December 31, 2016 | |||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||
Cash and cash equivalents | 3.9 | 3.9 | — | — | |||||||
Fund investments | 207.4 | 207.4 | — | — | |||||||
Equity securities | 122.1 | 122.1 | — | — | |||||||
Government debt securities | 73.0 | 13.7 | 59.3 | — | |||||||
Other assets | 7.3 | 7.3 | — | — | |||||||
Guaranteed investment contracts | 10.4 | — | — | 10.4 | |||||||
Total | 424.1 | 354.4 | 59.3 | 10.4 |
$ in millions | Retirement Plans | ||||
Expected benefit payments: | |||||
2021 | 12.1 | ||||
2022 | 12.4 | ||||
2023 | 12.8 | ||||
2024 | 13.2 | ||||
2025 | 13.6 | ||||
Thereafter in the succeeding five years | 74.8 |
$ in millions | Retirement Plans | |
Expected benefit payments: | ||
2018 | 9.3 | |
2019 | 9.6 | |
2020 | 10.0 | |
2021 | 10.3 | |
2022 | 10.6 | |
Thereafter in the succeeding five years | 59.3 |
$ in millions | Employee Compensation | Other Expenses | Total | ||||||||||||||
Balance as of July 1, 2020 | 0 | 0 | 0 | ||||||||||||||
Accrued charges | 4.9 | 5.2 | 10.1 | ||||||||||||||
Payments | (1.4) | (3.4) | (4.8) | ||||||||||||||
Balance as of October 1, 2020 | 3.5 | 1.8 | 5.3 | ||||||||||||||
Accrued charges | 80.1 | 3.9 | 84.0 | ||||||||||||||
Payments | (39.1) | (5.7) | (44.8) | ||||||||||||||
Balance as of December 31, 2020 | 44.5 | 0 | 44.5 | ||||||||||||||
Non-cash charges (1) | 19.5 | 5.4 | 24.9 | ||||||||||||||
Total charges | 104.5 | 14.5 | 119.0 |
$ in millions | Year ended December 31, 2020 | Year ended December 31, 2019 | |||||||||
Operating lease cost | 91.6 | 70.0 | |||||||||
Variable lease cost | 23.4 | 26.8 | |||||||||
Less: sublease income | (2.1) | (0.6) | |||||||||
Total lease expense | 112.9 | 96.2 |
$ in millions | Year ended December 31, 2020 | Year ended December 31, 2019 | |||||||||
Operating cash flows from operating leases included in the measurement of lease liabilities | 98.3 | 72.8 | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | 36.7 | 167.7 |
$ in millions | |||||
Year Ending December 31,2020 | Lease Liabilities | ||||
2021 | 81.2 | ||||
2022 | 69.9 | ||||
2023 | 56.5 | ||||
2024 | 39.9 | ||||
2025 | 31.4 | ||||
Thereafter | 72.7 | ||||
Total lease payments | 351.6 | ||||
Less: interest | (32.4) | ||||
Present value of lease liabilities | 319.2 |
$ in millions | Total | Buildings | Other | |||||
2018 | 59.7 | 57.6 | 2.1 | |||||
2019 | 61.6 | 59.6 | 2.0 | |||||
2020 | 53.6 | 51.6 | 2.0 | |||||
2021 | 50.7 | 49.8 | 0.9 | |||||
2022 | 48.5 | 48.5 | — | |||||
Thereafter | 90.4 | 90.4 | — | |||||
Gross lease commitments | 364.5 | 357.5 | 7.0 | |||||
Less: future minimum payments expected to be received under non-cancelable subleases | 6.7 | 6.7 | — | |||||
Net lease commitments | 357.8 | 350.8 | 7.0 |
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
Other gains: | |||||||||||||||||
Gain on sale of investments | 0 | 1.5 | 6.9 | ||||||||||||||
Gain on equity investments and total return swap, net | 41.7 | 82.5 | 0 | ||||||||||||||
Gain on contingent consideration liability | 15.3 | 0 | 0.9 | ||||||||||||||
Net foreign exchange gains | 0.1 | 0 | 0 | ||||||||||||||
Other realized gains | 1.0 | 0 | 0.1 | ||||||||||||||
Non-service pensions gains | 2.5 | 5.2 | 4.4 | ||||||||||||||
Total other gains | 60.6 | 89.2 | 12.3 | ||||||||||||||
Other losses: | |||||||||||||||||
Other-than-temporary impairment of available-for-sale investments | (3.6) | (2.0) | (3.9) | ||||||||||||||
Loss on equity investments and total return swap, net | 0 | 0 | (46.5) | ||||||||||||||
Loss on contingent consideration liability | 0 | (7.8) | 0 | ||||||||||||||
Net foreign exchange losses | (2.4) | (8.9) | (1.9) | ||||||||||||||
Foreign exchange hedge loss | 0 | (4.8) | 0 | ||||||||||||||
Other realized losses | (9.7) | 0 | 0 | ||||||||||||||
Total other losses | (15.7) | (23.5) | (52.3) | ||||||||||||||
Other gains and losses, net | 44.9 | 65.7 | (40.0) |
$ in millions | 2017 | 2016 | 2015 | |||||
Other gains: | ||||||||
Gain on sale of investments | 11.3 | 1.5 | 3.8 | |||||
Gain on trading investments, net | 40.4 | 14.2 | — | |||||
Foreign exchange hedge gain | — | 22.0 | — | |||||
Gain on contingent consideration liability | 7.6 | — | 27.1 | |||||
Net foreign exchange gains | 16.2 | — | — | |||||
Other realized gains | 0.2 | 1.4 | 0.9 | |||||
Total other gains | 75.7 | 39.1 | 31.8 | |||||
Other losses: | ||||||||
Other-than-temporary impairment of available-for-sale investments | (3.2 | ) | — | (2.0 | ) | |||
Loss on trading investments, net | — | — | (13.5 | ) | ||||
Loss on contingent consideration liability | — | (7.4 | ) | — | ||||
Net foreign exchange losses | — | (6.0 | ) | (2.4 | ) | |||
Foreign exchange hedge loss | (21.0 | ) | — | (7.7 | ) | |||
Realized loss on sale of partnerships | — | — | (7.3 | ) | ||||
Other realized losses | — | (2.8 | ) | (0.4 | ) | |||
Total other losses | (24.2 | ) | (16.2 | ) | (33.3 | ) | ||
Other gains and losses, net | 51.5 | 22.9 | (1.5 | ) |
$ in millions | 2017 | 2016 | 2015 | |||||
Current: | ||||||||
Federal | (147.5 | ) | (161.0 | ) | (221.0 | ) | ||
State | (30.2 | ) | (18.9 | ) | (23.4 | ) | ||
Foreign | (142.2 | ) | (143.0 | ) | (161.4 | ) | ||
(319.9 | ) | (322.9 | ) | (405.8 | ) | |||
Deferred: | ||||||||
Federal | 63.0 | (21.1 | ) | 11.9 | ||||
State | (11.2 | ) | (0.9 | ) | (5.2 | ) | ||
Foreign | (0.1 | ) | 6.6 | 1.1 | ||||
51.7 | (15.4 | ) | 7.8 | |||||
Total income tax (provision) | (268.2 | ) | (338.3 | ) | (398.0 | ) |
$ in millions | 2017 | 2016 | |||
Deferred tax assets: | |||||
Deferred compensation arrangements | 57.6 | 79.1 | |||
Accrued rent expenses | 7.2 | 12.3 | |||
Tax loss carryforwards | 94.6 | 64.8 | |||
Postretirement medical, pension and other benefits | 16.6 | 24.4 | |||
Investment basis differences | 32.8 | 58.3 | |||
Accrued bonus | 8.8 | 64.8 | |||
Other | 17.2 | 24.5 | |||
Total deferred tax assets | 234.8 | 328.2 | |||
Valuation allowance | (94.7 | ) | (59.0 | ) | |
Deferred tax assets, net of valuation allowance | 140.1 | 269.2 | |||
Deferred tax liabilities: | |||||
Deferred sales commissions | (11.0 | ) | (13.5 | ) | |
Goodwill and intangibles | (377.3 | ) | (509.6 | ) | |
Fixed assets | (19.2 | ) | (27.6 | ) | |
Other | (8.8 | ) | (9.2 | ) | |
Total deferred tax liabilities | (416.3 | ) | (559.9 | ) | |
Net deferred tax assets/(liabilities) | (276.2 | ) | (290.7 | ) |
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
Current: | |||||||||||||||||
Federal | 125.1 | 102.0 | 38.8 | ||||||||||||||
State | 19.7 | 17.0 | 20.5 | ||||||||||||||
Foreign | 35.5 | 94.0 | 158.2 | ||||||||||||||
180.3 | 213.0 | 217.5 | |||||||||||||||
Deferred: | |||||||||||||||||
Federal | 57.6 | 16.6 | 35.5 | ||||||||||||||
State | 5.2 | 4.3 | 10.0 | ||||||||||||||
Foreign | 18.5 | 1.2 | (8.0) | ||||||||||||||
81.3 | 22.1 | 37.5 | |||||||||||||||
Total income tax expense (benefit) | 261.6 | 235.1 | 255.0 |
2020 | 2019 | 2018 | |||||||||||||||
Statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Effect of foreign statutory income tax rates | (0.5) | % | (0.8) | % | 0.9 | % | |||||||||||
State taxes, net of federal tax effect | 1.9 | % | 1.8 | % | 2.1 | % | |||||||||||
U.S. Tax Reform Impact | 0 | % | 0 | % | (1.3) | % | |||||||||||
Change in valuation allowance | 0.3 | % | 0.5 | % | 0.4 | % | |||||||||||
Share-based compensation | 1.3 | % | 0.9 | % | (0.2) | % | |||||||||||
Other | 1.4 | % | 1.9 | % | (0.5) | % | |||||||||||
Effect of (income)/loss attributable to noncontrolling interests | (0.9) | % | (1.1) | % | 0 | % | |||||||||||
Effective tax rate per Consolidated Statements of Income | 24.5 | % | 24.2 | % | 22.4 | % |
2017 | 2016 | 2015 | ||||||
Statutory Rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Foreign jurisdiction statutory income tax rates | (9.6 | )% | (8.1 | )% | (9.2 | )% | ||
State taxes, net of federal tax effect | 2.2 | % | 1.6 | % | 1.6 | % | ||
Impact of the 2017 Tax Act | (9.3 | )% | — | % | — | % | ||
Change in valuation allowance for unrecognized tax losses | 0.4 | % | (0.4 | )% | (0.1 | )% | ||
Share Based Compensation | (0.3 | )% | — | % | — | % | ||
Other | 1.2 | % | 0.3 | % | 1.8 | % | ||
(Gains)/losses attributable to noncontrolling interests | (0.8 | )% | (0.4 | )% | 0.1 | % | ||
Effective tax rate per Consolidated Statements of Income | 18.8 | % | 28.0 | % | 29.2 | % |
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
U.S. | 845.8 | 511.1 | 491.8 | ||||||||||||||
Foreign | 223.3 | 461.8 | 646.3 | ||||||||||||||
Income before income taxes | 1,069.1 | 972.9 | 1,138.1 |
$ in millions (except percentages) | 2017 | 2016 | 2015 | |||||
U.S. | 638.4 | 537.5 | 661.9 | |||||
CIP - U.S. | 0.1 | 2.4 | 26.0 | |||||
Total U.S. income before income taxes | 638.5 | 539.9 | 687.9 | |||||
Foreign | 754.8 | 652.0 | 746.3 | |||||
CIP - Foreign | 35.9 | 14.7 | (72.1 | ) | ||||
Total Foreign income before income taxes | 790.7 | 666.7 | 674.2 | |||||
Income from continuing operations before income taxes | 1,429.2 | 1,206.6 | 1,362.1 |
$ in millions | 2020 | 2019 | |||||||||
Deferred tax assets: | |||||||||||
Compensation and benefits | 125.9 | 179.6 | |||||||||
Lease obligations | 44.5 | 65.9 | |||||||||
Tax loss carryforwards | 99.8 | 124.9 | |||||||||
Investments | 39.0 | 32.7 | |||||||||
Accrued liabilities | 97.7 | 4.1 | |||||||||
Other | 16.4 | 25.5 | |||||||||
Total deferred tax assets | 423.3 | 432.7 | |||||||||
Valuation allowance | (104.5) | (126.4) | |||||||||
Deferred tax assets, net of valuation allowance | 318.8 | 306.3 | |||||||||
Deferred tax liabilities: | |||||||||||
Goodwill and intangibles | (1,745.4) | (1,710.4) | |||||||||
Leased assets | (40.3) | (62.5) | |||||||||
Fixed assets | (27.8) | (40.0) | |||||||||
Other | (22.9) | (20.6) | |||||||||
Total deferred tax liabilities | (1,836.4) | (1,833.5) | |||||||||
Net deferred tax liability | (1,517.6) | (1,527.2) |
$ in millions | Gross Unrecognized Income Tax Benefits | ||||
Balance at January 1, | |||||
Additions for tax positions related to the current year | |||||
Additions for tax positions related to prior years | |||||
Reductions | |||||
Balance at December 31, | |||||
Additions for tax positions related to the current year | |||||
Additions for tax positions related to prior years | |||||
Reductions for | |||||
Reductions related to lapse of statute of limitations | (2.8) | ||||
Balance at December 31, | |||||
Additions for tax positions related to the current year | |||||
Additions for tax positions related to prior years | |||||
Reductions | |||||
Balance at December 31, | |||||
Years ended December 31, | |||||||||||||||||
In millions, except per share data | 2020 | 2019 | 2018 | ||||||||||||||
Net income attributable to Invesco Ltd. | $524.8 | $564.7 | $882.8 | ||||||||||||||
Invesco Ltd: | |||||||||||||||||
Weighted average common shares outstanding - basic | 459.5 | 437.8 | 412.4 | ||||||||||||||
Dilutive effect of non-participating common share-based awards | 3.0 | 2.7 | 0.1 | ||||||||||||||
Weighted average common shares outstanding - diluted | 462.5 | 440.5 | 412.5 | ||||||||||||||
Earnings per common share: | |||||||||||||||||
-basic | $1.14 | $1.29 | $2.14 | ||||||||||||||
-diluted | $1.13 | $1.28 | $2.14 |
Years ended December 31, | |||||||||||
In millions, except per share data | 2017 | 2016 | 2015 | ||||||||
Net income, net of taxes | $1,161.0 | $868.3 | $964.1 | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (33.7 | ) | (14.1 | ) | 4.0 | ||||||
Net income attributable to Invesco Ltd. for basic and diluted EPS calculations | 1,127.3 | 854.2 | 968.1 | ||||||||
Less: Allocation of earnings to restricted shares | (33.7 | ) | (24.8 | ) | (24.6 | ) | |||||
Net income attributable to common shareholders | $1,093.6 | $829.4 | $943.5 | ||||||||
Invesco Ltd: | |||||||||||
Weighted average shares outstanding - basic | 409.4 | 414.7 | 428.9 | ||||||||
Dilutive effect of non-participating share-based awards | 0.5 | 0.3 | 0.4 | ||||||||
Weighted average shares outstanding - diluted | 409.9 | 415.0 | 429.3 | ||||||||
Common shareholders: | |||||||||||
Weighted average shares outstanding - basic | 409.4 | 414.7 | 428.9 | ||||||||
Less: Weighted average restricted shares | (12.2 | ) | (12.1 | ) | (10.9 | ) | |||||
Weighted average common shares outstanding- basic | 397.2 | 402.6 | 418.0 | ||||||||
Dilutive effect of non-participating share-based awards | 0.5 | 0.3 | 0.4 | ||||||||
Weighted average common shares outstanding - diluted | 397.7 | 402.9 | 418.4 | ||||||||
Earnings per share: | |||||||||||
Basic earnings per share | $2.75 | $2.06 | $2.26 | ||||||||
Diluted earnings per share | $2.75 | $2.06 | $2.26 |
$ in millions | Americas | UK | EMEA Ex UK | Asia | Total | ||||||||||||||||||||||||
For the year ended December 31, 2020 | |||||||||||||||||||||||||||||
Total operating revenues (1) | 4,541.6 | 632.8 | 645.1 | 326.1 | 6,145.6 | ||||||||||||||||||||||||
Long-lived assets | 384.0 | 147.6 | 9.1 | 23.1 | 563.8 | ||||||||||||||||||||||||
For the year ended December 31, 2019 | |||||||||||||||||||||||||||||
Total operating revenues (1) | 4,290.2 | 819.7 | 698.3 | 309.2 | 6,117.4 | ||||||||||||||||||||||||
Long-lived assets | 416.0 | 138.5 | 8.2 | 20.8 | 583.5 | ||||||||||||||||||||||||
For the year ended December 31, 2018 | |||||||||||||||||||||||||||||
Total operating revenues (1) | 3,245.0 | 977.2 | 815.9 | 276.0 | 5,314.1 | ||||||||||||||||||||||||
Long-lived assets | 319.4 | 122.8 | 8.1 | 18.4 | 468.7 |
$ in millions | U.S. | U.K. | Continental Europe/Ireland | Canada | Asia | Total | |||||||||||
For the year ended December 31, 2017 | |||||||||||||||||
Revenue from external customers | 2,747.9 | 955.8 | 999.6 | 339.0 | 118.0 | 5,160.3 | |||||||||||
Inter-company revenue | (5.6 | ) | 122.8 | (243.0 | ) | (16.9 | ) | 142.7 | — | ||||||||
Total operating revenues | 2,742.3 | 1,078.6 | 756.6 | 322.1 | 260.7 | 5,160.3 | |||||||||||
Long-lived assets | 332.2 | 118.3 | 10.0 | 8.9 | 21.3 | 490.7 | |||||||||||
For the year ended December 31, 2016 | |||||||||||||||||
Revenue from external customers | 2,544.2 | 930.9 | 826.8 | 325.5 | 107.0 | 4,734.4 | |||||||||||
Inter-company revenue | (27.0 | ) | 99.0 | (188.9 | ) | (10.3 | ) | 127.2 | — | ||||||||
Total operating revenues | 2,517.2 | 1,029.9 | 637.9 | 315.2 | 234.2 | 4,734.4 | |||||||||||
Long-lived assets | 331.6 | 95.9 | 10.7 | 9.4 | 17.1 | 464.7 | |||||||||||
For the year ended December 31, 2015 | |||||||||||||||||
Revenue from external customers | 2,622.1 | 1,153.0 | 891.9 | 353.9 | 102.0 | 5,122.9 | |||||||||||
Inter-company revenue | (8.6 | ) | 114.4 | (216.7 | ) | (7.0 | ) | 117.9 | — | ||||||||
Total operating revenues | 2,613.5 | 1,267.4 | 675.2 | 346.9 | 219.9 | 5,122.9 | |||||||||||
Long-lived assets | 306.7 | 88.3 | 6.8 | 10.0 | 15.1 | 426.9 |
As of | |||||||||||
$ in millions | December 31, 2020 | December 31, 2019 | |||||||||
Cash and cash equivalents of CIP | 301.7 | 652.2 | |||||||||
Accounts receivable and other assets of CIP | 175.5 | 172.9 | |||||||||
Investments of CIP | 7,910.0 | 7,808.0 | |||||||||
Less: Debt of CIP | (6,714.1) | (6,234.6) | |||||||||
Less: Other liabilities of CIP | (588.6) | (949.6) | |||||||||
Less: Retained earnings | 0.1 | 9.5 | |||||||||
Less: Accumulated other comprehensive income, net of tax | 0 | (9.4) | |||||||||
Less: Equity attributable to redeemable noncontrolling interests | (211.8) | (383.5) | |||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (446.3) | (454.9) | |||||||||
Invesco's net interests in CIP | 426.5 | 610.6 | |||||||||
As of | |||||
$ in millions | December 31, 2017 | December 31, 2016 | |||
Cash and cash equivalents of CIP | 511.3 | 742.2 | |||
Accounts receivable and other assets of CIP | 131.5 | 106.2 | |||
Investments of CIP | 5,658.0 | 5,116.1 | |||
Less: Debt of CIP | (4,799.8 | ) | (4,403.1 | ) | |
Less: Other liabilities of CIP | (498.8 | ) | (673.4 | ) | |
Less: Retained earnings | 16.7 | 19.0 | |||
Less: Accumulated other comprehensive income, net of tax | (16.6 | ) | (18.0 | ) | |
Less: Equity attributable to redeemable noncontrolling interests | (243.2 | ) | (283.7 | ) | |
Less: Equity attributable to nonredeemable noncontrolling interests | (258.6 | ) | (107.2 | ) | |
Invesco's net interests in CIP | 500.5 | 498.1 |
Years ended December 31, | ||||||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | |||||||||||||||||
Total operating revenues | (39.8) | (33.5) | (28.6) | |||||||||||||||||
Total operating expenses | 22.2 | 28.1 | 16.2 | |||||||||||||||||
Operating income | (62.0) | (61.6) | (44.8) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | (12.0) | 5.1 | (10.2) | |||||||||||||||||
Interest and dividend income | (0.3) | (4.6) | 0 | |||||||||||||||||
Other gains and losses, net | (10.3) | (40.8) | 34.5 | |||||||||||||||||
Interest and dividend income of CIP | 302.3 | 345.4 | 275.4 | |||||||||||||||||
Interest expense of CIP | (194.5) | (228.5) | (190.7) | |||||||||||||||||
Other gains/(losses) of CIP, net | 32.1 | 32.9 | (55.1) | |||||||||||||||||
Income before income taxes | 55.3 | 47.9 | 9.1 | |||||||||||||||||
Income tax provision | 0 | 0 | 0 | |||||||||||||||||
Net income | 55.3 | 47.9 | 9.1 | |||||||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (45.9) | (49.5) | (0.3) | |||||||||||||||||
Net income attributable to Invesco Ltd. | 9.4 | (1.6) | 8.8 |
Years ended December 31, | |||||||||
$ in millions | 2017 | 2016 | 2015 | ||||||
Total operating revenues | (32.4 | ) | (22.3 | ) | (39.2 | ) | |||
Total operating expenses | 10.5 | 28.7 | 24.0 | ||||||
Operating income | (42.9 | ) | (51.0 | ) | (63.2 | ) | |||
Equity in earnings of unconsolidated affiliates | (20.0 | ) | (8.9 | ) | (1.7 | ) | |||
Interest and dividend income | — | (0.3 | ) | (4.4 | ) | ||||
Other gains and losses, net | (38.4 | ) | (1.9 | ) | (3.9 | ) | |||
Interest and dividend income of CIP | 211.6 | 195.3 | 253.0 | ||||||
Interest expense of CIP | (155.3 | ) | (123.5 | ) | (188.9 | ) | |||
Other gains/(losses) of CIP, net | 81.0 | 7.4 | (37.0 | ) | |||||
Income before income taxes | 36.0 | 17.1 | (46.1 | ) | |||||
Income tax provision | — | — | — | ||||||
Net income | 36.0 | 17.1 | (46.1 | ) | |||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (33.7 | ) | (14.1 | ) | 5.7 | ||||
Net income attributable to Invesco Ltd. | 2.3 | 3.0 | (40.4 | ) |
For the year ended December 31, 2020 | For the year ended December 31, 2019 | |||||||||||||||||||||||||
$ in millions | VIEs | VOEs | VIEs | VOEs | ||||||||||||||||||||||
Cash and cash equivalents of CIP | 9.1 | 0.1 | 9.8 | 0.2 | ||||||||||||||||||||||
Accounts receivable and other assets of CIP | 1.2 | 0.1 | 3.1 | 0.3 | ||||||||||||||||||||||
Investments of CIP | 114.2 | 17.1 | 508.7 | 25.5 | ||||||||||||||||||||||
Total assets | 124.5 | 17.3 | 521.6 | 26.0 | ||||||||||||||||||||||
Debt of CIP | 75.8 | 0 | 188.8 | 0 | ||||||||||||||||||||||
Other liabilities of CIP | 37.8 | 0 | 332.8 | 0 | ||||||||||||||||||||||
Total liabilities | 113.6 | 0 | 521.6 | 0 | ||||||||||||||||||||||
Total equity | 10.9 | 17.3 | 0 | 26.0 | ||||||||||||||||||||||
Total liabilities and equity | 124.5 | 17.3 | 521.6 | 26.0 |
For the year ended December 31, 2017 | For the year ended December 31, 2016 | ||||||||
$ in millions | VIEs | VIEs | VOEs | ||||||
Cash and cash equivalents of CIP | 277.8 | 609.8 | — | ||||||
Accounts receivable and other assets of CIP | 11.5 | 108.5 | 0.2 | ||||||
Investments of CIP | 851.8 | 1,032.8 | 49.8 | ||||||
Total assets | 1,141.1 | 1,751.1 | 50.0 | ||||||
Debt of CIP | 544.2 | 1,013.3 | — | ||||||
Other liabilities of CIP | 331.5 | 472.4 | — | ||||||
Total liabilities | 875.7 | 1,485.7 | — | ||||||
Total equity | 265.4 | 265.4 | 50.0 | ||||||
Total liabilities and equity | 1,141.1 | 1,751.1 | 50.0 |
For the year ended December 31, 2020 | For the year ended December 31, 2019 | |||||||||||||||||||||||||||||||
$ in millions | VIEs | VOEs | VIEs | VOEs | ||||||||||||||||||||||||||||
Cash and cash equivalents of CIP | 4.0 | 0.2 | 7.6 | 0 | ||||||||||||||||||||||||||||
Accounts receivable and other assets of CIP | 5.0 | 1.1 | 22.3 | 0.6 | ||||||||||||||||||||||||||||
Investments of CIP | 373.7 | 134.1 | 626.1 | 94.3 | ||||||||||||||||||||||||||||
Total assets | 382.7 | 135.4 | 656.0 | 94.9 | ||||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||||
Debt of CIP | 0 | 0 | 526.2 | 0 | ||||||||||||||||||||||||||||
Other liabilities of CIP | 2.8 | 0 | 22.2 | 0 | ||||||||||||||||||||||||||||
Total liabilities | 2.8 | 0 | 548.4 | 0 | ||||||||||||||||||||||||||||
Total equity | 379.9 | 135.4 | 107.6 | 94.9 | ||||||||||||||||||||||||||||
Total liabilities and equity | 382.7 | 135.4 | 656.0 | 94.9 |
For the year ended December 31, 2017 | For the year ended December 31, 2016 | |||||||
$ in millions | VIEs | VOEs | VIEs | |||||
Cash and cash equivalents of CIP | 15.8 | — | 40.1 | |||||
Accounts receivable and other assets of CIP | 4.1 | 0.2 | 19.0 | |||||
Investments of CIP | 358.1 | 49.8 | 418.0 | |||||
Total assets | 378.0 | 50.0 | 477.1 | |||||
Debt of CIP | 4.2 | — | — | |||||
Other liabilities of CIP | 3.1 | — | 23.9 | |||||
Total liabilities | 7.3 | — | 23.9 | |||||
Total equity | 370.7 | 50.0 | 453.2 | |||||
Total liabilities and equity | 378.0 | 50.0 | 477.1 |
As of December 31, 2020 | |||||||||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Investments Measured at NAV as a practical expedient | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Bank loans | 6,864.5 | 0 | 6,864.5 | 0 | 0 | ||||||||||||||||||||||||
Bonds | 539.0 | 0.6 | 538.4 | 0 | 0 | ||||||||||||||||||||||||
Equity securities | 137.2 | 61.3 | 75.9 | 0 | 0 | ||||||||||||||||||||||||
Equity and fixed income mutual funds | 103.0 | 91.2 | 11.8 | 0 | 0 | ||||||||||||||||||||||||
Investments in other private equity funds | 266.3 | 0 | 8.1 | 0 | 258.2 | ||||||||||||||||||||||||
Total assets at fair value | 7,910.0 | 153.1 | 7,498.7 | 0 | 258.2 | ||||||||||||||||||||||||
As of December 31, 2017 | ||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Investments Measured at NAV as a practical expedient | |||||||||
Assets: | ||||||||||||||
Bank loans | 4,894.2 | — | 4,894.2 | — | — | |||||||||
Bonds | 302.0 | — | 302.0 | — | — | |||||||||
Equity securities | 203.2 | 198.8 | 4.4 | — | — | |||||||||
Equity and fixed income mutual funds | 19.0 | 19.0 | — | — | — | |||||||||
Investments in other private equity funds | 163.4 | — | — | — | 163.4 | |||||||||
Real estate investments | 76.2 | — | — | 76.2 | — | |||||||||
Total assets at fair value | 5,658.0 | 217.8 | 5,200.6 | 76.2 | 163.4 |
As of December 31, 2019 | |||||||||||||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Investments Measured at NAV as a Practical expedient | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Bank loans | 6,504.4 | 0 | 6,504.4 | 0 | 0 | ||||||||||||||||||||||||
Bonds | 705.9 | 0.5 | 705.4 | 0 | 0 | ||||||||||||||||||||||||
Equity securities | 275.9 | 204.4 | 71.5 | 0 | 0 | ||||||||||||||||||||||||
Equity and fixed income mutual funds | 29.8 | 20.3 | 9.5 | 0 | 0 | ||||||||||||||||||||||||
Investments in other private equity funds | 213.4 | 0 | 0 | 0 | 213.4 | ||||||||||||||||||||||||
Real estate investments | 78.6 | 0 | 0 | 78.6 | 0 | ||||||||||||||||||||||||
Total assets at fair value | 7,808.0 | 225.2 | 7,290.8 | 78.6 | 213.4 | ||||||||||||||||||||||||
As of December 31, 2016 | ||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Investments Measured at NAV as a Practical expedient | |||||||||
Assets: | ||||||||||||||
Bank loans | 4,397.8 | — | 4,397.8 | — | — | |||||||||
Bonds | 370.9 | — | 370.9 | — | — | |||||||||
Equity securities | 167.4 | 166.0 | 1.4 | — | — | |||||||||
Equity and fixed income mutual funds | 13.0 | 13.0 | — | — | — | |||||||||
Investments in other private equity funds | 68.6 | — | — | — | 68.6 | |||||||||
Real estate investments | 40.7 | — | — | 40.7 | — | |||||||||
Investments in fixed income fund of funds | 57.7 | — | — | — | 57.7 | |||||||||
Total assets at fair value | 5,116.1 | 179.0 | 4,770.1 | 40.7 | 126.3 |
Year ended December 31, 2017 | Year ended December 31, 2016 | Year ended December 31, 2020 | Year ended December 31, 2019 | |||||||||||||||||||
$ in millions | Level 3 Assets | Level 3 Assets | $ in millions | Level 3 Assets | Level 3 Assets | |||||||||||||||||
Beginning balance | 40.7 | 388.6 | Beginning balance | 78.6 | 11.8 | |||||||||||||||||
Adjustment for adoption of ASU 2015-02 | — | (388.6 | ) | |||||||||||||||||||
Purchases | 15.1 | 39.4 | Purchases | 0 | 58.9 | |||||||||||||||||
Sales | (4.5 | ) | — | |||||||||||||||||||
Gains and losses included in the Consolidated Statements of Income* | 24.9 | 1.3 | ||||||||||||||||||||
Deconsolidation of CIP | Deconsolidation of CIP | (89.4) | 0 | |||||||||||||||||||
Gains and losses included in the Consolidated Statements of Income(1) | Gains and losses included in the Consolidated Statements of Income(1) | 10.8 | 7.9 | |||||||||||||||||||
Ending balance | 76.2 | 40.7 | Ending balance | 0 | 78.6 |
(1)Included in gains/(losses) of CIP, net |
Assets and Liabilities * | Fair Value at December 31, 2017 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | ||||||
Real Estate Investments | $76.2 | Discounted Cash Flow | Discount rate | 7% - 33% | 17.0 | % | |||||
Terminal capitalization rate | 5.3% | 5.3 | % | ||||||||
Average rent growth rate | 2%-3% | 2.5 | % |
December 31, 2017 | December 31, 2016 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
in millions, except term data | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | in millions, except term data | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | |||||||||||||||||||||||||||||||||||||
Private equity funds (1) | $163.4 | $53.9 | 5.5 years | $68.6 | $41.9 | 7.0 years | Private equity funds (1) | $258.2 | $110.1 | 6.7 years | $213.4 | $78.3 | 6.7 years | |||||||||||||||||||||||||||||||||||||
Investments in fixed income fund of funds (3) | — | — | n/a | 57.7 | — | n/a |
Years ended December 31, | |||||||||||||||||
$ in millions | 2020 | 2019 | 2018 | ||||||||||||||
Affiliated operating revenues: | |||||||||||||||||
Investment management fees | 4,007.8 | 4,039.7 | 3,591.7 | ||||||||||||||
Service and distribution fees | 1,358.8 | 1,219.1 | 945.8 | ||||||||||||||
Performance fees | 39.4 | 58.0 | 17.5 | ||||||||||||||
Other | 200.2 | 219.5 | 192.4 | ||||||||||||||
Total affiliated operating revenues | 5,606.2 | 5,536.3 | 4,747.4 |
Years ended December 31, | ||||||||
$ in millions | 2017 | 2016 | 2015 | |||||
Affiliated operating revenues: | ||||||||
Investment management fees | 3,624.7 | 3,274.3 | 3,565.8 | |||||
Service and distribution fees | 851.2 | 822.3 | 854.0 | |||||
Performance fees | 73.8 | 21.5 | 29.2 | |||||
Other | 59.1 | 79.8 | 108.5 | |||||
Total affiliated operating revenues | 4,608.8 | 4,197.9 | 4,557.5 |
As of December 31, | |||||||||||
$ in millions | 2020 | 2019 | |||||||||
Affiliated asset balances: | |||||||||||
Cash and cash equivalents | 947.3 | 620.9 | |||||||||
Unsettled fund receivables | 62.9 | 113.6 | |||||||||
Accounts receivable | 498.3 | 599.8 | |||||||||
Investments | 654.8 | 633.5 | |||||||||
Assets held for policyholders | 7,581.8 | 10,835.3 | |||||||||
Other assets | 50.8 | 24.5 | |||||||||
Total affiliated asset balances | 9,795.9 | 12,827.6 | |||||||||
Affiliated liability balances: | |||||||||||
Accrued compensation and benefits | 47.4 | 65.7 | |||||||||
Accounts payable and accrued expenses | 60.1 | 53.8 | |||||||||
Unsettled fund payables | 64.1 | 116.6 | |||||||||
Total affiliated liability balances | 171.6 | 236.1 |
As of December 31, | |||||
$ in millions | 2017 | 2016 | |||
Affiliated asset balances: | |||||
Cash and cash equivalents | 875.5 | 476.2 | |||
Unsettled fund receivables | 204.0 | 253.2 | |||
Accounts receivable | 359.9 | 344.4 | |||
Investments | 608.5 | 728.3 | |||
Assets held for policyholders | 12,444.2 | 8,224.2 | |||
Other assets | 9.2 | 2.9 | |||
Total affiliated asset balances | 14,501.3 | 10,029.2 | |||
Affiliated liability balances: | |||||
Accrued compensation and benefits | 90.7 | 76.5 | |||
Accounts payable and accrued expenses | 64.5 | 94.7 | |||
Unsettled fund payables | 288.8 | 318.7 | |||
Total affiliated liability balances | 444.0 | 489.9 |
3.1 | |||||
3.2 | |||||
4.1 | |||||
4.2 |
4.3 | |||||
4.4 | |||||
4.5 | |||||
4.6 | |||||
4.7 | |||||
4.8 | |||||
4.9 | |||||
4.10 | |||||
10.1 | |||||
10.2 | |||||
10.31 | |||||
10.32 | |||||
21.0 | |||||
23.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
The following financial statements from the Company’s Quarterly Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL | |||||
The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, formatted in Inline XBRL | |||||
Invesco Ltd. | |||||
By: | /s/ MARTIN L. FLANAGAN | ||||
Name: | Martin L. Flanagan | ||||
Title: | President and Chief Executive Officer | ||||
Date: | February |
Name | Title | Date | ||||||
/s/ MARTIN L. FLANAGAN | Chief Executive Officer (Principal Executive Officer) and President; Director | February | ||||||
Martin L. Flanagan | ||||||||
/s/ | Senior Managing Director and Chief Financial Officer (Principal Financial Officer) | February | ||||||
/s/ ANNETTE LEGE | Chief Accounting Officer (Principal Accounting Officer) | February | ||||||
Annette Lege | ||||||||
/s/ | Chairman and Director | February | ||||||
/s/ SARAH E. BESHAR | Director | February | ||||||
Sarah E. Beshar | ||||||||
/s/ | Director | February | ||||||
/s/ EDWARD D. GARDEN | Director | February 19, 2021 | ||||||
Edward D. Garden | ||||||||
/s/ WILLIAM F. GLAVIN, JR. | Director | February 19, 2021 | ||||||
William F. Glavin, Jr. | ||||||||
/s/ C. ROBERT HENRIKSON | Director | February | ||||||
C. Robert Henrikson | ||||||||
/s/ DENIS KESSLER | Director | February | ||||||
Denis Kessler | ||||||||
/s/ NELSON PELTZ | Director | February 19, 2021 | ||||||
Nelson Peltz | ||||||||
/s/ SIR NIGEL SHEINWALD | Director | February | ||||||
Sir Nigel Sheinwald | ||||||||
/s/ PHOEBE A. WOOD | Director | February | ||||||
Phoebe A. Wood |