Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'Invesco Ltd. | ' |
Entity Central Index Key | '0000914208 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 443,280,063 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,174.50 | $835.50 |
Unsettled fund receivables | 1,003.10 | 550.1 |
Accounts receivable | 475.6 | 449.4 |
Investments | 705 | 610.7 |
Assets of consolidated sponsored investment products | 94.3 | 0 |
Assets of consolidated investment products (CIP): | ' | ' |
Cash and cash equivalents of CIP | 445 | 287.8 |
Accounts receivable and other assets of CIP | 62.2 | 84.1 |
Investments of CIP | 4,514.60 | 4,550.60 |
Assets held for policyholders | 1,449 | 1,153.60 |
Prepaid assets | 111.4 | 99.9 |
Assets held for sale | 106.7 | 0 |
Other assets | 107.6 | 146.8 |
Deferred tax asset, net | 10.9 | 38.4 |
Property and equipment, net | 336.4 | 349.6 |
Intangible assets, net | 1,268.60 | 1,287.70 |
Goodwill | 6,898.60 | 7,048.20 |
Total assets | 18,763.50 | 17,492.40 |
LIABILITIES | ' | ' |
Accrued compensation and benefits | 565.5 | 609.8 |
Accounts payable and accrued expenses | 660.3 | 626.4 |
Liabilities of CIP: | ' | ' |
Debt of CIP | 4,003.10 | 3,899.40 |
Other liabilities of CIP | 251 | 104.3 |
Policyholder payables | 1,449 | 1,153.60 |
Unsettled fund payables | 993.8 | 552.5 |
Long-term debt | 1,387.60 | 1,186 |
Deferred tax liabilities, net | 333.8 | 311.4 |
Total liabilities | 9,644.10 | 8,443.40 |
Commitments and Contingencies (See Note11) | ' | ' |
Equity attributable to common shareholders: | ' | ' |
Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of September 30, 2013 and December 31, 2012) | 98.1 | 98.1 |
Additional paid-in-capital | 6,080.10 | 6,141 |
Treasury shares | -1,363.50 | -1,382.90 |
Retained earnings | 3,175 | 2,801.30 |
Retained earnings appropriated for investors in consolidated investment products | 106.3 | 128.8 |
Accumulated other comprehensive income, net of tax | 434.8 | 530.5 |
Total equity attributable to common shareholders | 8,530.80 | 8,316.80 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 588.6 | 732.2 |
Total equity | 9,119.40 | 9,049 |
Total liabilities and equity | $18,763.50 | $17,492.40 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.20 | $0.20 |
Common Stock, Shares Authorized | 1,050 | 1,050 |
Common Stock, Shares, Issued | 490.4 | 490.4 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues: | ' | ' | ' | ' |
Investment management fees | $914.40 | $790.60 | $2,644.50 | $2,309.60 |
Service and distribution fees | 220.7 | 196 | 642.7 | 572.1 |
Performance fees | 5.1 | 3 | 47.2 | 39 |
Other | 31.6 | 24.3 | 85.1 | 83 |
Total operating revenues | 1,171.80 | 1,013.90 | 3,419.50 | 3,003.70 |
Operating expenses: | ' | ' | ' | ' |
Employee compensation | 330.3 | 315.2 | 995.9 | 906 |
Third-party distribution, service and advisory | 380.9 | 326.2 | 1,093 | 958.2 |
Marketing | 22.6 | 26.3 | 68.6 | 79.1 |
Property, office and technology | 71.9 | 66.1 | 207 | 195 |
General and administrative | 80.1 | 66.2 | 224.9 | 222.7 |
Transaction and integration | 0 | 3 | 3.2 | 5.6 |
Total operating expenses | 885.8 | 803 | 2,592.60 | 2,366.60 |
Operating income | 286 | 210.9 | 826.9 | 637.1 |
Other income/(expense): | ' | ' | ' | ' |
Equity in earnings of unconsolidated affiliates | 10.3 | 5.2 | 25.3 | 21.8 |
Interest and dividend income | 2.5 | 2.5 | 6.8 | 7.1 |
Interest expense | -9.7 | -12.6 | -29.4 | -39.6 |
Other gains and losses, net | 2.7 | 18.4 | 20.8 | 29.3 |
Interest and dividend income of CIP | 46.5 | 68.7 | 147.5 | 206.4 |
Interest expense of CIP | -33.5 | -41.9 | -96.8 | -134.4 |
Other gains/(losses) of CIP, net | 38.2 | -25.2 | 15.5 | -69.9 |
Income from continuing operations before income taxes | 343 | 226 | 916.6 | 657.8 |
Income tax provision | -92.9 | -72.3 | -262.7 | -205.8 |
Income from continuing operations, net of taxes | 250.1 | 153.7 | 653.9 | 452 |
Income/(loss) from discontinued operations, net of taxes | -1.4 | 3.2 | -1.9 | 7.3 |
Net income | 248.7 | 156.9 | 652 | 459.3 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -20.6 | 13.7 | 0.9 | 59.1 |
Net income attributable to common shareholders | $228.10 | $170.60 | $652.90 | $518.40 |
Basic: | ' | ' | ' | ' |
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.13 |
Earnings per share from discontinued operations | $0 | $0.01 | $0 | $0.02 |
Basic earnings per share | $0.51 | $0.38 | $1.46 | $1.14 |
Diluted: | ' | ' | ' | ' |
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.12 |
Earnings per share from discontinued operations | $0 | $0.01 | $0 | $0.02 |
Diluted earnings per share | $0.51 | $0.38 | $1.45 | $1.14 |
Dividends declared per share | $0.23 | $0.17 | $0.62 | $0.47 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $248.70 | $156.90 | $652 | $459.30 |
Other comprehensive income/(loss), before tax: | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 202.7 | 171.3 | -94.2 | 155.2 |
Actuarial (loss)/gain related to employee benefit plans | -5.5 | -2.7 | 1.3 | -1.6 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | -0.5 | -0.5 | -1.5 | -1.5 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 0.5 | 0.4 | 1.9 | 1.2 |
Share of other comprehensive income/(loss) of equity method investments | -3.5 | 1.6 | -5.1 | 4.6 |
Unrealized (losses)/gains on available-for-sale investments | 4.5 | 6.2 | 8.5 | 10 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -1 | -1.3 | -2.4 | -1.7 |
Other comprehensive income/(loss), before tax | 197.2 | 175 | -91.5 | 166.2 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | 0.7 | 0.1 | -0.4 | 0.9 |
Tax on actuarial (loss)/gain related to employee benefit plans | -1.7 | -1.8 | -3.2 | -1.9 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0.1 | 0.2 | 0.3 | 0.3 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | -0.1 | -0.1 | -0.4 | -0.3 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 0.2 | 2.5 | -0.4 | 2.7 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | -0.3 | -2.9 | -0.6 | -2.9 |
Total income tax benefit (expense) related to items of other comprehensive income | -1.1 | -2 | -4.7 | -1.2 |
Other comprehensive income/(loss), net of tax | 196.1 | 173 | -96.2 | 165 |
Total comprehensive income/(loss) | 444.8 | 329.9 | 555.8 | 624.3 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | -25.8 | -11 | 1.4 | 59 |
Comprehensive income attributable to common shareholders | $419 | $318.90 | $557.20 | $683.30 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $652 | $459.30 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ' | ' |
Amortization and depreciation | 66 | 72.5 |
Share-based compensation expense | 103 | 102.9 |
(Gains)/losses on disposal of property and equipment, net | 0.5 | -0.5 |
Purchase of trading investments | -10,952.40 | -7,573.20 |
Sale of trading investments | 10,954.70 | 7,564.60 |
Other gains and losses, net | -20.8 | -29.3 |
Other (gains)/losses of CIP, net | -15.5 | 69.9 |
Tax benefit from share-based compensation | 62.8 | 47.7 |
Excess tax benefits from share-based compensation | -19.4 | -13.7 |
Equity in earnings of unconsolidated affiliates | -25.3 | -21.8 |
Dividends from unconsolidated affiliates | 15.6 | 14.7 |
Changes in operating assets and liabilities: | ' | ' |
(Increase)/decrease in cash held by consolidated investment products | -165.1 | -296 |
(Increase)/decrease in receivables | -710.4 | 151.9 |
Increase/(decrease) in payables | 644.2 | -231.3 |
Net cash provided by/(used in) operating activities | 589.9 | 317.7 |
Investing activities: | ' | ' |
Purchase of property and equipment | -67 | -68.4 |
Disposal of property and equipment | 0 | 0.6 |
Purchase of available-for-sale investments | -30 | -73.9 |
Sale of available-for-sale investments | 23.3 | 32.9 |
Purchase of investments by CIP | -3,496.40 | -2,338.90 |
Sale of investments by CIP | 3,705.90 | 2,484.50 |
Purchase of investments by CSIP | -51.4 | 0 |
Sale of investments by CSIP | 3.5 | 0 |
Purchase of other investments | -205.2 | -87.7 |
Sale of other investments | 74.3 | 63.4 |
Returns of capital and distributions from unconsolidated partnership investments | 25.3 | 12.2 |
Acquisition earn-out payments | -1.2 | -5.6 |
Sale of management contracts | 0 | 16.4 |
Net cash provided by/(used in) investing activities | -18.9 | 35.5 |
Financing activities: | ' | ' |
Proceeds from exercises of share options | 13 | 17.2 |
Purchases of treasury shares | -120.5 | -190 |
Dividends paid | -279.2 | -211.5 |
Excess tax benefits from share-based compensation | 19.4 | 13.7 |
Capital invested into consolidated investment products | 13.4 | 19.4 |
Capital distributed by consolidated investment products | -146.6 | -122 |
Net borrowings/(repayments) of debt of consolidated investment products | 63.5 | 255.4 |
Net borrowings/(repayments) under credit facility | 201.5 | 215.5 |
Repayments of Notes Payable | 0 | -215.1 |
Net cash provided by/(used in) financing activities | -235.5 | -217.4 |
Increase/(decrease) in cash and cash equivalents | 335.5 | 135.8 |
Foreign exchange movement on cash and cash equivalents | 3.5 | 16.9 |
Cash and cash equivalents, beginning of period | 835.5 | 835.5 |
Cash and cash equivalents, end of period | 1,174.50 | 880.1 |
Supplemental Cash Flow Information: | ' | ' |
Interest paid | -20.5 | -39 |
Interest received | 3.6 | 3.5 |
Taxes paid | ($183) | ($154.40) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Changes In Equity (USD $) | Total | Common Shares [Member] | Additional Paid-in-Capital [Member] | Treasury Shares [Member] | Retained Earnings [Member] | Retained Earnings Appropriated for Investors in Consolidated Investment Products [Member] | Accumulated Other Comprehensive Income [Member] | Total Equity Attributable To Common Shareholders [Member] | Nonredeemable Noncontrolling Interests in Consolidated Entities [Member] |
In Millions, unless otherwise specified | |||||||||
Beginning balance, value at Dec. 31, 2011 | $9,137.60 | $98.10 | $6,180.60 | ($1,280.40) | $2,413.20 | $334.30 | $373.30 | $8,119.10 | $1,018.50 |
Net income | 459.3 | ' | ' | ' | 518.4 | ' | ' | 518.4 | -59.1 |
Other comprehensive income/(loss), net of tax | 165 | ' | ' | ' | ' | ' | 164.9 | 164.9 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 155.2 | ' | ' | ' | ' | ' | ' | ' | 0.1 |
Total comprehensive income | 624.3 | ' | ' | ' | ' | ' | ' | 683.3 | -59 |
Net income (loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -51.3 | ' | -51.3 | 51.3 |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -7 | ' | -7 | 7 |
Deconsolidation of consolidated investment products | -116.9 | ' | ' | ' | ' | -116.9 | ' | -116.9 | ' |
Change in noncontrolling interests in consolidated entities, net | -135.5 | ' | ' | ' | ' | ' | ' | ' | -135.5 |
Dividends | -211.5 | ' | ' | ' | -211.5 | ' | ' | -211.5 | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 102.9 | ' | 102.9 | ' | ' | ' | ' | 102.9 | ' |
Vested shares | 0 | ' | -156.9 | 156.9 | ' | ' | ' | ' | ' |
Exercise of options | 17.2 | ' | -17.7 | 34.9 | ' | ' | ' | 17.2 | ' |
Tax impact of share-based payment | 13.7 | ' | 13.7 | ' | ' | ' | ' | 13.7 | ' |
Purchase of shares | -234.4 | ' | ' | -234.4 | ' | ' | ' | -234.4 | ' |
Ending Balance, value at Sep. 30, 2012 | 9,197.40 | 98.1 | 6,122.60 | -1,323 | 2,720.10 | 159.1 | 538.2 | 8,315.10 | 882.3 |
Beginning balance, value at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 156.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income/(loss), net of tax | 173 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 171.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 329.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | ' | ' | ' | ' | ' | 1.5 | ' | ' | ' |
Ending Balance, value at Sep. 30, 2012 | 9,197.40 | ' | ' | ' | ' | 159.1 | ' | ' | ' |
Beginning balance, value at Dec. 31, 2012 | 9,049 | 98.1 | 6,141 | -1,382.90 | 2,801.30 | 128.8 | 530.5 | 8,316.80 | 732.2 |
Net income | 652 | ' | ' | ' | 652.9 | ' | ' | 652.9 | -0.9 |
Other comprehensive income/(loss), net of tax | -96.2 | ' | ' | ' | ' | ' | -95.7 | -95.7 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | -94.2 | ' | ' | ' | ' | ' | ' | ' | -0.5 |
Total comprehensive income | 555.8 | ' | ' | ' | ' | ' | ' | 557.2 | -1.4 |
Net income (loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -19.4 | ' | -19.4 | 19.4 |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | 0.5 | ' | 0.5 | -0.5 |
Deconsolidation of consolidated investment products | -31.3 | ' | ' | ' | ' | -3.6 | ' | -3.6 | -27.7 |
Change in noncontrolling interests in consolidated entities, net | -133.4 | ' | ' | ' | ' | ' | ' | ' | -133.4 |
Dividends | -279.2 | ' | ' | ' | -279.2 | ' | ' | -279.2 | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 103 | ' | 103 | ' | ' | ' | ' | 103 | ' |
Vested shares | 0 | ' | -170.2 | 170.2 | ' | ' | ' | ' | ' |
Exercise of options | 13 | ' | -14.2 | 27.2 | ' | ' | ' | 13 | ' |
Settlement of ESPP purchases | 5.1 | ' | 1.1 | 4 | ' | ' | ' | 5.1 | ' |
Tax impact of share-based payment | 19.4 | ' | 19.4 | ' | ' | ' | ' | 19.4 | ' |
Purchase of shares | -182 | ' | ' | -182 | ' | ' | ' | -182 | ' |
Ending Balance, value at Sep. 30, 2013 | 9,119.40 | 98.1 | 6,080.10 | -1,363.50 | 3,175 | 106.3 | 434.8 | 8,530.80 | 588.6 |
Beginning balance, value at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 248.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income/(loss), net of tax | 196.1 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 202.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Total comprehensive income | 444.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' |
Ending Balance, value at Sep. 30, 2013 | $9,119.40 | ' | ' | ' | ' | $106.30 | ' | ' | ' |
Accounting_Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Accounting Policies | ' |
ACCOUNTING POLICIES | |
Corporate Information | |
Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide clients with an array of global investment management capabilities. The company’s sole business is investment management. | |
In the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated in consolidation. | |
Certain disclosures included in the company’s annual report are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q. The company has condensed or omitted these disclosures. Therefore, this Form 10-Q (Report) should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2012. The company has, however, provided enhanced disclosures of its accounting policies for investments and consolidation in this Report. | |
Use of Estimates | |
In preparing the financial statements, company management is required to make estimates and assumptions that affect reported revenues, expenses, assets, liabilities and disclosure of contingent liabilities. The primary estimates relate to investment valuation, goodwill and intangible impairment, and taxes. Use of available information and application of judgment are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the financial statements. | |
Basis of Presentation | |
Effective September 30, 2013, the company changed the presentation of its Condensed Consolidated Balance Sheets from a classified basis to a non-classified basis. Under the non-classified basis, balances are not separately presented as current or noncurrent. Management believes that this presentation is more meaningful to readers because it aggregates assets and liabilities of the same nature, which is consistent with the manner in which management monitors its financial position. The company's previously classified balance sheets were not utilized to derive any ratios or metrics by which the company is measured. Additionally, the presentation of a non-classified balance sheet reduces the presentation complexities resulting from the classification of consolidated managed funds, which do not present classified balance sheet information in their underlying financial statements. Certain previously reported amounts in the Condensed Consolidated Balance Sheets and notes have been reclassified to conform to the new presentation. | |
As discussed in Note 15, "Discontinued Operations," the results of Atlantic Trust Private Wealth Management (Atlantic Trust) have been presented as a discontinued operation in the Condensed Consolidated Statements of Income for all periods presented. As a result of this change, certain previously reported amounts in the Condensed Consolidated Financial Statements and notes have been reclassified to conform to the current period presentation. | |
Investments | |
The majority of the company’s investment balances relate to balances held in affiliated funds. In the normal course of business, the company invests in various types of affiliated investment products, either as “seed money” or as longer-term investments alongside third-party investors, typically referred to as “co-investments.” Seed money investments are investments held in open-ended Invesco managed funds with the purpose of providing capital to the funds during their development periods to allow the funds to achieve critical mass, establish their track records, and obtain third-party investments. Seed money may also be held for regulatory purposes in certain jurisdictions. Co-investments are often required of the asset manager by third-party investors in closed-ended funds to demonstrate an alignment of the asset manager’s interests with those of the third-party investors. The company also invests in affiliated funds in connection with its deferred compensation plans, whereby certain employees defer portions of their annual bonus into funds. | |
Investments are categorized in this Report as available-for-sale, trading, equity method, foreign time deposits, and other investments. See Note 3, “Investments” for additional details. | |
Available-for-sale investments include seed money, co-investments in affiliated collateralized loan obligations (CLOs), and investments in other debt securities. Available-for-sale investments are measured at fair value. Gains or losses arising from changes in the fair value of available-for-sale investments are recognized in accumulated other comprehensive income, net of tax, until the investment is sold or otherwise disposed of, or until the investment is determined to be other-than-temporarily impaired, at which time the cumulative gain or loss previously reported in equity is included in income. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed. | |
Trading investments include investments held to settle the company’s deferred compensation plan liabilities, sponsored UIT product-related equity and debt securities, and other equity securities. Trading investments are securities bought and held principally for the purpose of selling them in the near term. Trading investments are measured at fair value. Gains or losses arising from changes in the fair value of trading investments are included in income. | |
Equity method investments include investments over which the company is deemed to have significant influence, including corporate joint ventures and non-controlled subsidiaries in which the company's ownership is between 20 and 50 percent, and co-investments in certain managed funds generally structured as partnerships or similar vehicles. Investments in joint ventures are investments jointly controlled by the company and external parties. Co-investments in managed funds structured as partnerships or similar vehicles include private equity, real estate, and fund-of-funds. The equity method of accounting requires that the investment is initially recorded at cost. The carrying amount of the investment is increased or decreased to recognize the company's share of the after-tax profit or loss of the investee after the date of acquisition. The proportionate share of income or loss is included in equity in earnings of unconsolidated affiliates in the Condensed Consolidated Statements of Income, and the proportionate share of other comprehensive income or loss is included in accumulated other comprehensive income in the Condensed Consolidated Balance Sheets. | |
Seed money and co-investments in managed funds are required to be consolidated by the company if certain criteria are met. Upon consolidation of material balances, the company’s seed money or co-investment balance is eliminated, and the underlying securities of the managed fund are reflected on the company’s Condensed Consolidated Balance Sheets at fair value. These underlying securities are presented in the company’s financial statements as either Consolidated Sponsored Investment Products (CSIP) or Consolidated Investment Products (CIP). See the “Basis of Accounting and Consolidation” below for additional information regarding the consolidation criteria as well as the basis for the distinction between the CSIP and CIP classifications. If the company subsequently determines that it no longer controls the managed funds in which it has invested, the company will deconsolidate the funds. Any remaining holding in the managed funds is then accounted for on the bases described above as available-for-sale or equity method investments, as appropriate. | |
Basis of Accounting and Consolidation | |
The company provides investment management services to, and has transactions with, various private equity funds, real estate funds, fund-of-funds, CLOs, and other investment products sponsored by the company in the normal course of business for the investment of client assets. The company serves as the investment manager, making day-to-day investment decisions concerning the assets of these products. Certain of these entities, typically CLOs and funds that are structured as partnership entities (such as private equity funds, real estate funds, and fund-of-funds), are considered to be variable interest entities (VIEs) if the VIE criteria are met. A VIE, in the context of the company and its managed funds, is a fund that does not have sufficient equity to finance its operations without additional subordinated financial support, or a fund for which the risks and rewards of ownership are not directly linked to voting interests. | |
The Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent and all of its controlled subsidiaries. Additionally, the Condensed Consolidated Financial Statements include the consolidation of certain managed funds that meet the definition of a VIE if the company has been deemed to be the primary beneficiary of those funds, any non-VIE general partnership investments where the company is deemed to have control, and other sponsored investment products in which the company has a controlling financial interest. Control is deemed to be present when the Parent holds a majority voting interest or otherwise has the power to govern the financial and operating policies of the subsidiary or managed fund so as to obtain the majority of the benefits from its activities. The company is generally considered to have a controlling financial interest in a managed fund when it owns a majority of the fund's outstanding shares, which may arise as a result of a seed money investment in a newly launched investment product from the time of initial launch to the time that the fund becomes majority-held by third-party investors. | |
Investment products that are consolidated are referred to in this Report as either Consolidated Sponsored Investment Products (CSIP), which generally includes consolidated majority-held sponsored investment products, or Consolidated Investment Products (CIP), which includes consolidated nominally-held investment products. This distinction is important, as it differentiates the company's economic risk associated with each type of consolidated managed fund. The company's economic risk with respect to each investment in a CSIP and a CIP is limited to its equity ownership and any uncollected management fees. Gains and losses arising from nominally-held CIP do not have a significant impact on the company's results of operations, liquidity, or capital resources. Gains and losses arising from majority-held CSIP could have a significant impact on the company's results of operations, as the company has greater economic risk associated with its investment. See Note 12, "Consolidated Sponsored Investment Products," and Note 13, "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. | |
Consolidation Accounting. The U.S. GAAP consolidation model in Accounting Standards Codification (ASC) Topic 810, "Consolidation," differs for entities that are considered to be VIEs versus those that do not meet the VIE criteria (and are thus referred to as voting interest entities, or VOEs). Additionally, the consolidation criteria for VIEs differs depending on the structure of the VIE as a result of Accounting Standards Update (ASU) No. 2010-10, "Amendments for Certain Investment Funds." The consolidation models are summarized below: | |
- For all VIE investment products except CLOs, if the company is deemed to have the majority of rewards/risks of ownership associated with these funds, then the company is deemed to be their primary beneficiary and is required to consolidate these funds. For those private equity funds, real estate funds and fund-of-funds that are determined to be VIEs, the company evaluates the structure of each partnership to determine if it is the primary beneficiary of the fund. This evaluation includes assessing the rights of the limited partners to transfer their economic interests in the investment product. If the limited partners' lack rights to manage their economic interests, they are considered to be de facto agents of the company, resulting in the company determining that it is the primary beneficiary of the investment product. | |
- For VIE CLOs, if the company is deemed to have the power to direct the activities of the CLO that most significantly impact the CLO's economic performance, and the obligation to absorb losses/right to receive benefits from the CLO that could potentially be significant to the CLO, then the company is deemed to be the CLO's primary beneficiary and is required to consolidate the CLO. | |
- Non-VIE general partnership investments are deemed to be controlled by the company and are consolidated under a VOE model, unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote or can otherwise dissolve the partnership, or unless the limited partners have substantive participating rights over decision-making. The company also consolidates certain non-VIE sponsored investment products in which the company has a controlling interest under a VOE model, which, as discussed above, may arise as a result of a seed investment in a newly launched investment product. | |
Consolidation Analysis. The company inventories its funds by vehicle type on a quarterly basis. The company assesses modifications to existing funds on an ongoing basis to determine if a significant reconsideration event has occurred. All newly created funds are evaluated for consolidation based upon a variety of factors, including the legal form of the investment vehicle, the management/performance fee structure, and any investment the company may have in the fund. Certain fund vehicle-types, such as CLOs and partnerships are more susceptible to consolidation due to the combination of these factors. The consolidation analysis for these structures includes a detailed review of the terms of the fund's governing documents and a comparison of the significant terms against the consolidation criteria in ASC 810, including a determination of whether the fund is a VIE or a VOE. Seed money and co-investments in managed funds in which the company has determined that it is the primary beneficiary or in which the company has a controlling financial interest are consolidated if the impact of doing so is deemed material. Otherwise, these investments are accounted for as described in the “Investments” accounting policy above. | |
Consolidation of CLOs. The company has elected the fair value option under ASC Topic 825-10-25 to measure the assets and liabilities of all consolidated CLOs at fair value, as the company has determined that measurement of the notes issued by consolidated CLOs at fair value better correlates with the value of the assets held by consolidated CLOs, which are held to provide the cash flows for the note obligations. | |
Upon consolidation of the CLOs, the company's and the CLOs' accounting policies are effectively aligned, resulting in the reclassification of the company's gain or loss (representing the changes in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses. The company's gain on its investment in the CLOs (before consolidation) eliminates with the company's share of the offsetting loss on the CLOs' debt. The net income/loss impact during the period of consolidation of these CLOs is therefore completely attributed to other investors in these CLOs, as the company's share has been eliminated through consolidation. The Condensed Consolidated Balance Sheets reflect the consolidation of assets held and debt issued by these CLOs, despite the fact that the assets cannot be used by the company, nor is the company obligated for the debt. The surplus of consolidated CLO assets over consolidated CLO liabilities is reflected in the company's Condensed Consolidated Balance Sheets as retained earnings appropriated for investors in CIP. Current period gains/(losses) attributable to investors in consolidated CLOs are included in (gains)/losses attributable to noncontrolling interests in consolidated entities in the Condensed Consolidated Statements of Income and in the retained earnings appropriated for investors in CIP in the Condensed Consolidated Balance Sheets, as they are considered noncontrolling interests of the company. Interest income and expense of consolidated CLOs are presented as other income/(expense) in the company's Consolidated Income Statements. See Note 13, “Consolidated Investment Products,” for additional details. In addition, the company's Consolidated Cash Flow Statement reflects the cash flows of these CLOs. | |
Consolidation of Private Equity, Real Estate, and Fund-of-Funds. The company also consolidates certain private equity and real estate funds that are structured as partnerships in which the company is the general partner receiving a management and/or performance fee. Private equity investments made by the underlying funds consist of direct investments in, or fund investments in other private equity funds that hold direct investments in, equity or debt securities in operating companies that are generally not initially publicly traded. Private equity funds are considered investment companies and are therefore accounted for under ASC Topic 946, “Financial Services - Investment Companies.” The company has retained the specialized industry accounting principles of these investment products in its Consolidated Financial Statements. See Note 13, “Consolidated Investment Products,” for additional details. | |
Consolidation basis. The financial statements have been prepared primarily on the historical cost basis; however, certain items are presented using other bases such as fair value, where such treatment is required or voluntarily elected. The financial statements of subsidiaries, with the exception of certain consolidated managed funds as discussed above, are prepared for the same reporting period as the Parent and use consistent accounting policies, which, where applicable, have been adjusted to U.S. GAAP from local generally accepted accounting principles or reporting regulations. The financial information of the CSIP and CIP is included in the company's consolidated financial statements on a one-month or a one-quarter lag based upon the availability of fund financial information. Noncontrolling interests in consolidated entities and retained earnings appropriated for investors in CIP represent the interests in certain entities consolidated by the company either because the company has control over the entity or has determined that it is the primary beneficiary, but of which the company does not own all of the entity's equity. | |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). ASU 2013-02 amends Topic 220 to require an entity to present current period reclassifications out of accumulated other comprehensive income and other amounts of current-period other comprehensive income, separately, for each component of other comprehensive income. ASU 2013-02 also requires an entity to provide information about the effects on net income of significant amounts reclassified out of each component of accumulated other comprehensive income, if those amounts are required under other Topics to be reclassified to net income in their entirety in the same reporting period. The amendments to Topic 220 made by ASU 2013-02 are effective for interim and annual periods beginning on or after December 15, 2012 and are reflected in these financial statements. |
Fair_Value_Of_Assets_And_Liabi
Fair Value Of Assets And Liabilities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Of Assets And Liabilities | ' | |||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | ||||||||||||||||||
The carrying value and fair value of financial instruments is presented in the summary table below. The fair value of financial instruments held by CSIP and CIP are presented in Note 12 "Consolidated Sponsored Investment Products," and Note 13, “Consolidated Investment Products.” | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | 1,174.50 | 1,174.50 | 835.5 | 835.5 | ||||||||||||||
Available-for-sale investments | 3 | 134.3 | 134.3 | 122.1 | 122.1 | |||||||||||||
Trading investments | 3 | 242.5 | 242.5 | 218.7 | 218.7 | |||||||||||||
Foreign time deposits* | 3 | 29.6 | 29.6 | 31.3 | 31.3 | |||||||||||||
Assets held for policyholders | 1,449.00 | 1,449.00 | 1,153.60 | 1,153.60 | ||||||||||||||
Support agreements* | 11 | — | — | (1.0 | ) | (1.0 | ) | |||||||||||
Policyholder payables | (1,449.0 | ) | (1,449.0 | ) | (1,153.6 | ) | (1,153.6 | ) | ||||||||||
Put option contracts | — | — | — | — | ||||||||||||||
UIT-related financial instruments sold, not yet purchased | (2.0 | ) | (2.0 | ) | (1.5 | ) | (1.5 | ) | ||||||||||
Note payable | (1.2 | ) | (1.2 | ) | (3.4 | ) | (3.4 | ) | ||||||||||
Long-term debt* | 4 | (1,387.6 | ) | (1,343.1 | ) | (1,186.0 | ) | (1,204.8 | ) | |||||||||
* | These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. | |||||||||||||||||
A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | ||||||||||||||||||
• | Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||||
• | Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |||||||||||||||||
• | Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |||||||||||||||||
An asset or liability's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||
There are three types of valuation approaches: a market approach, which uses observable prices and other relevant information that is generated by market transactions involving identical or comparable assets or liabilities; an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount; and a cost approach, which is based on the amount that currently would be required to replace the service capacity of an asset. | ||||||||||||||||||
The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. | ||||||||||||||||||
Cash equivalents | ||||||||||||||||||
Cash equivalents include cash investments in money market funds and time deposits. Cash investments in money market funds are valued under the market approach through the use of quoted market prices in an active market, which is the net asset value of the underlying funds, and are classified within level 1 of the valuation hierarchy. | ||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||
Available-for-sale investments include amounts seeded into affiliated investment products, investments in affiliated CLOs, and investments in other debt securities. Seed money investments are investments held in Invesco managed funds with the purpose of providing capital to the funds during their development periods. Seed money is valued under the market approach through the use of quoted market prices available in an active market and is classified within level 1 of the valuation hierarchy; there is no modeling or additional information needed to arrive at the fair values of these investments. Investments in CLOs are valued using an income approach through the use of certain observable and unobservable inputs and are classified within level 3 of the valuation hierarchy. Other debt securities are valued using a cost valuation technique due to the lack of available cash flow and market data and are accordingly also classified within Level 3 of the valuation hierarchy. | ||||||||||||||||||
Assets held for policyholders and policyholder payables | ||||||||||||||||||
Assets held for policyholders represent investments held by one of the company’s subsidiaries, which is an insurance entity that was established to facilitate retirement savings plans in the U.K. The assets held for policyholders are accounted for at fair value pursuant to ASC Topic 944, “Financial Services — Insurance,” and are comprised primarily of affiliated unitized funds. The assets are measured at fair value under the market approach based on the quoted prices of the underlying funds in an active market and are classified within level 1 of the valuation hierarchy. The policyholder payables are indexed to the value of the assets held for policyholders. | ||||||||||||||||||
Put option contracts | ||||||||||||||||||
The company has purchased several put option contracts to hedge economically foreign currency risk on the translation of a portion of its pound sterling-denominated earnings into U.S. dollars (purchases of none and $1.8 million in the three and nine months ended September 30, 2013, respectively; purchases of none and $2.5 million in the three and nine months ended September 30, 2012). These were the only contracts entered into during the period to hedge economically foreign currency risk. These contracts provide coverage through March 25, 2014. The economic hedge is predominantly triggered upon the impact of a significant decline in the pound sterling/U.S. dollar foreign exchange rate, which could arise as a result of European economic uncertainty. Open put option contracts are marked-to-market through earnings, which are recorded in the company's Condensed Consolidated Statements of Income in other gains and losses. These derivative contracts are valued using option valuation models and are included in other assets in the company's Condensed Consolidated Balance Sheets. The significant inputs in these models (volatility, forward points and swap curves) are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts and are classified within level 2 of the valuation hierarchy. The company recognized a loss of $1.1 million and $1.8 million in the three and nine months ended September 30, 2013 related to the change in market value of these put option contracts (three and nine months ended September 30, 2012: $1.2 million and $2.4 million, respectively). | ||||||||||||||||||
Trading investments | ||||||||||||||||||
Trading investments include investments held to hedge economically against costs the company incurs in connection with certain deferred compensation plans in which the company participates, as well as trading and investing activities in equity and debt securities entered into in its capacity as sponsor of unit investment trusts (UITs). | ||||||||||||||||||
• | Investments related to deferred compensation plans | |||||||||||||||||
Investments related to deferred compensation plans are primarily invested in affiliated funds that are held to hedge economically deferred compensation liabilities. Investments related to deferred compensation plans are valued under the market approach through the use of quoted prices in an active market and are classified within level 1 of the valuation hierarchy. | ||||||||||||||||||
• | UIT-related equity and debt securities | |||||||||||||||||
The company invests in UIT-related equity and debt securities consisting of investments in corporate stock, UITs, U.S. state and political subdivision securities. Each is discussed more fully below. | ||||||||||||||||||
• | Corporate stock | |||||||||||||||||
The company temporarily holds investments in corporate stock for purposes of creating a UIT. Corporate stocks are valued under the market approach through use of quoted prices on an exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | ||||||||||||||||||
• | UITs | |||||||||||||||||
The company may hold units of its sponsored UITs at period-end for sale in the primary market or secondary market. Equity UITs are valued under the market approach through use of quoted prices on an exchange. Fixed income UITs are valued using recently executed transaction prices, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturities as the underlying bonds. If the spread data does not reference the issuers, then data that references comparable issuers is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond or single name credit default spreads, and recovery rates based on collateral value as key inputs. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | ||||||||||||||||||
• | Municipal securities | |||||||||||||||||
Municipal securities are valued using recently executed transaction prices, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturities as the underlying bonds. If the spread data does not reference the issuers, then data that references comparable issuers is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond or single name credit default spreads, and recovery rates based on collateral value as key inputs. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased, and derivative instruments | ||||||||||||||||||
The company uses U.S. Treasury futures, which are types of derivative financial instruments, to hedge economically fixed income UIT inventory and securities in order to mitigate market risk. Open futures contracts are marked-to-market daily through earnings, which are recorded in the company’s Condensed Consolidated Statements of Income in other revenue, along with the mark-to-market on the underlying trading securities held. Fair values of derivative contracts in an asset position are included in other assets in the company’s Condensed Consolidated Balance Sheets. Fair values of derivative contracts in a liability position are included in other liabilities in the company’s Condensed Consolidated Balance Sheets. These derivative contracts are valued under the market approach through use of quoted prices in an active market and are classified within level 1 of the valuation hierarchy. At September 30, 2013, there were 4 open futures contracts with a notional value of $0.5 million (December 31, 2012: 10 open futures contracts with a notional value of $1.4 million). Additionally, to hedge economically the market risk associated with equity and debt securities and UITs temporarily held as trading investments, the company will hold short corporate stock, exchange-traded fund, or U.S. treasury security positions. These transactions are recorded as financial instruments sold, not yet purchased and are included in accounts payable and accrued expenses in the company’s Condensed Consolidated Balance Sheets. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | ||||||||||||||||||
Note payable | ||||||||||||||||||
The note payable represents a payable associated with Invesco’s acquired ownership interest in two consolidated real estate funds. As the underlying assets in the funds are carried at fair value, management elected the fair value option for the note payable in order to offset the fair value movements recognized from the funds and has recorded the note payable as a level 3 liability. The fair value of the note payable is measured by reference to the value of the company's ownership interest in the equity of the funds, as this is the contractual amount payable at the reporting date. | ||||||||||||||||||
The following table presents, for each of the hierarchy levels described above, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the face of the statement of financial position as of September 30, 2013. | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Cash equivalents: | ||||||||||||||||||
Money market funds | 398.1 | 398.1 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 125.8 | 125.8 | — | — | ||||||||||||||
CLOs | 2.2 | — | — | 2.2 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 239 | 239 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 2.3 | 2.3 | — | — | ||||||||||||||
UITs | 1.2 | 1.2 | — | — | ||||||||||||||
Municipal securities | — | — | — | — | ||||||||||||||
Assets held for policyholders | 1,449.00 | 1,449.00 | — | — | ||||||||||||||
Total assets at fair value | 2,223.90 | 2,215.40 | — | 8.5 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Policyholder payables | (1,449.0 | ) | (1,449.0 | ) | — | — | ||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (2.0 | ) | (2.0 | ) | — | — | ||||||||||||
Note payable | (1.2 | ) | — | — | (1.2 | ) | ||||||||||||
Total liabilities at fair value | (1,452.2 | ) | (1,451.0 | ) | — | (1.2 | ) | |||||||||||
* | Foreign time deposits of $29.6 million are excluded from this table. Equity method and other investments of $292.4 million and $6.2 million, respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. | |||||||||||||||||
The following table presents, for each of the hierarchy levels described above, the carrying value of the company’s assets and liabilities that are measured at fair value as of December 31, 2012: | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Cash equivalents: | ||||||||||||||||||
Money market funds | 292.2 | 292.2 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 113.4 | 113.4 | — | — | ||||||||||||||
CLOs | 2.4 | — | — | 2.4 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 213.5 | 213.5 | — | — | ||||||||||||||
Other equity securities | 0.3 | 0.3 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 1.5 | 1.5 | — | — | ||||||||||||||
UITs | 1.6 | 1.6 | — | — | ||||||||||||||
Municipal securities | 1.8 | — | 1.8 | — | ||||||||||||||
Assets held for policyholders | 1,153.60 | 1,153.60 | — | — | ||||||||||||||
Total assets at fair value | 1,786.60 | 1,776.10 | 1.8 | 8.7 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Policyholder payables | (1,153.6 | ) | (1,153.6 | ) | — | — | ||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.5 | ) | (1.5 | ) | — | — | ||||||||||||
Note payable | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||
Total liabilities at fair value | (1,158.5 | ) | (1,155.1 | ) | — | (3.4 | ) | |||||||||||
* | Foreign time deposits of $31.3 million are excluded from this table. Equity method and other investments of $228.2 million and $10.4 million, respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. | |||||||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and nine months ended September 30, 2013 and September 30, 2012, which are valued using significant unobservable inputs: | ||||||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.4 | 6.3 | (1.2 | ) | 2.4 | 6.3 | (3.4 | ) | ||||||||||
Settlements | (0.1 | ) | — | — | (0.2 | ) | — | 1.7 | ||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | (0.1 | ) | — | — | — | — | — | |||||||||||
Net unrealized gains and losses included in earnings* | — | — | — | — | — | 0.1 | ||||||||||||
Foreign exchange gains/(losses) | — | — | — | — | — | 0.4 | ||||||||||||
Ending balance | 2.2 | 6.3 | (1.2 | ) | 2.2 | 6.3 | (1.2 | ) | ||||||||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.5 | 6.3 | (12.6 | ) | — | — | (16.8 | ) | ||||||||||
Purchases | — | — | — | — | 1.7 | — | ||||||||||||
Settlements | — | — | 1.6 | (0.2 | ) | — | 1.6 | |||||||||||
Deconsolidation of CIPs | — | — | — | 2.5 | — | — | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | — | — | — | 0.2 | — | — | ||||||||||||
Net unrealized gains and losses included in earnings* | — | — | — | — | — | 3.5 | ||||||||||||
Reclassification | — | — | — | — | 4.6 | — | ||||||||||||
Foreign exchange gains/(losses) | — | — | (0.3 | ) | — | — | 0.4 | |||||||||||
Ending balance | 2.5 | 6.3 | (11.3 | ) | 2.5 | 6.3 | (11.3 | ) | ||||||||||
* | Included in other gains and losses, net in the Condensed Consolidated Statement of Income are $0.1 million in net unrealized gains for the nine months ended September 30, 2013, however there were no net unrealized gains or losses for the three months ended September 30, 2013 (three and nine months ended September 30, 2012: none and $3.5 million net unrealized gains, respectively) attributable to the note payable still held at September 30, 2013. There were $0.1 million net unrealized losses included in accumulated other comprehensive income/(loss) for the three months ended September 30, 2013, however there were no net unrealized gains or losses for the nine months ended September 30, 2013 (three and nine months ended September 30, 2012: none and $0.2 million net unrealized gains, respectively) attributed to the change in unrealized gains and losses related to assets still held at September 30, 2013. | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||
At September 30, 2013, investments in CLOs were valued using third-party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at December 31, 2012: | ||||||||||||||||||
Assets and Liabilities * | Fair Value at December 31, 2012 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||||
CLOs | 2.4 | Discounted Cash Flow- Euro | Assumed Default Rate | 1.8% - 5.0% | <1yr: 1.8% >1yr: 5.0% | |||||||||||||
Spread over Euribor | n/a | 3300 bps | ||||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate | 1.1% - 3.0% | <1yr: 1.1% >1yr: 3.0% | |||||||||||||||
Spread over Libor | n/a | 1496 bps | ||||||||||||||||
* | Other debt securities of $6.3 million (at December 31, 2012: $6.3 million) are not included in the table above as they are valued using a cost valuation technique. The note payable of $1.2 million (at December 31, 2012: $3.4 million) is also not included in the table above as its value is linked to the underlying value of consolidated funds. Both items are more fully discussed in the "Available-for-sale investments" and "Note payable" disclosures above. | |||||||||||||||||
For CLO Notes, a change in the assumption used for spreads is generally accompanied by a directionally similar change in default rate. Significant increases in any of these inputs in isolation would result in significant decreases in fair value measurements. A directionally-opposite impact would apply for significant decreases in these inputs. |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||
The disclosures below include details of the company’s investments. Investments held by CSIP are detailed in Note 12, "Consolidated Sponsored Investment Products." Investments held by CIP are detailed in Note 13, “Consolidated Investment Products." | ||||||||||||||||||||||||
As of | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
$ in millions | 2013 | 2012 | ||||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||||||
Seed money | 125.8 | 113.4 | ||||||||||||||||||||||
CLOs | 2.2 | 2.4 | ||||||||||||||||||||||
Other debt securities | 6.3 | 6.3 | ||||||||||||||||||||||
Trading investments: | ||||||||||||||||||||||||
Investments related to deferred compensation plans | 239 | 213.5 | ||||||||||||||||||||||
UIT-related equity and debt securities | 3.5 | 4.9 | ||||||||||||||||||||||
Other equity securities | — | 0.3 | ||||||||||||||||||||||
Equity method investments | 292.4 | 228.2 | ||||||||||||||||||||||
Foreign time deposits | 29.6 | 31.3 | ||||||||||||||||||||||
Other | 6.2 | 10.4 | ||||||||||||||||||||||
Total investments | 705 | 610.7 | ||||||||||||||||||||||
In March 2013, the company completed the purchase of a 49% equity interest in Religare Asset Management Limited, a company incorporated in India. The company has applied the equity method of accounting for its investment. The equity method investment balance above includes the difference between the carrying amount of the investment and its book value. | ||||||||||||||||||||||||
The portion of trading gains and losses for the three and nine months ended September 30, 2013 that relates to trading securities still held at September 30, 2013 was a $9.8 million net gain and $23.8 million net gain, respectively (three and nine months ended September 30, 2012: $9.7 million net gain and $16.0 million net gain, respectively). | ||||||||||||||||||||||||
Realized gains and losses recognized in the income statement during the year from investments classified as available-for-sale are as follows: | ||||||||||||||||||||||||
For the three months ended September 30, 2013: | For the nine months ended September 30, 2013: | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 0.2 | 1 | — | 23.1 | 2.7 | (0.3 | ) | |||||||||||||||||
CLOs | 0.1 | — | — | 0.2 | — | — | ||||||||||||||||||
For the three months ended September 30, 2012: | For the nine months ended September 30, 2012: | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 9.1 | 1.4 | (0.2 | ) | 32.7 | 3.2 | (0.7 | ) | ||||||||||||||||
CLOs | — | — | — | 0.2 | — | — | ||||||||||||||||||
Upon the sale of available-for-sale securities, net realized gains of $1.0 million and $2.4 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2013, respectively (net realized gains of $1.2 million and $2.5 million were transferred during the three and nine months ended September 30, 2012, respectively). The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed. | ||||||||||||||||||||||||
Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
$ 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 | 111.8 | 14.3 | (0.3 | ) | 125.8 | 105.5 | 8.4 | (0.5 | ) | 113.4 | ||||||||||||||
CLOs | 2.2 | — | — | 2.2 | 2.4 | — | — | 2.4 | ||||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | 6.3 | — | — | 6.3 | ||||||||||||||||
120.3 | 14.3 | (0.3 | ) | 134.3 | 114.2 | 8.4 | (0.5 | ) | 122.1 | |||||||||||||||
Available-for-sale debt securities by maturity, are set out below: | ||||||||||||||||||||||||
$ in millions | September 30, 2013 | |||||||||||||||||||||||
One to five years | 1.7 | |||||||||||||||||||||||
Five to ten years | 6.8 | |||||||||||||||||||||||
Total available-for-sale | 8.5 | |||||||||||||||||||||||
The following table provides the breakdown of available-for-sale investments with unrealized losses at September 30, 2013: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
Seed money (41 funds) | 11.6 | (0.2 | ) | 0.2 | (0.1 | ) | 11.8 | (0.3 | ) | |||||||||||||||
The following table provides the breakdown of available-for-sale investments with unrealized losses at December 31, 2012: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
Seed money (52 funds) | 0.2 | — | 11.5 | (0.5 | ) | 11.7 | (0.5 | ) | ||||||||||||||||
The company has reviewed investment securities for other-than-temporary impairment (OTTI) in accordance with its accounting policy and has recognized no other-than-temporary impairment charges on available-for-sale investments during the nine months ended September 30, 2013 (nine months ended September 30, 2012: $0.8 million). | ||||||||||||||||||||||||
The gross unrealized losses of seed money investments at September 30, 2013 were immaterial and were primarily caused by foreign exchange movements. After conducting a review of the financial condition and near-term prospects of the underlying securities in the seeded funds as well as the severity and duration of the impairment, the company does not consider any material portion of its gross unrealized losses on these securities to be other-than-temporarily impaired. The securities are expected to recover their value over time and the company has the intent and ability to hold the securities until this recovery occurs. |
Debt
Debt | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
LONG-TERM DEBT | ||||||||||||
The disclosures below include details of the company’s long-term debt. Debt of CIP is detailed in Note 13, “Consolidated Investment Products." | ||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||
Unsecured Senior Note*: | ||||||||||||
3.125% - due November 30, 2022 | 599.6 | 555.1 | 599.5 | 618.3 | ||||||||
Floating rate credit facility expiring June 3, 2016 | 788 | 788 | 586.5 | 586.5 | ||||||||
Long-term debt | 1,387.60 | 1,343.10 | 1,186.00 | 1,204.80 | ||||||||
* | The company’s Senior Note indenture contains certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indenture. The issuer is a 100%-owned finance subsidiary of the Parent, and the Parent has fully and unconditionally guaranteed the securities. Certain of our subsidiaries are required to maintain minimum levels of capital. These and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. | |||||||||||
The fair value of the company’s Senior Note was determined by market quotes provided by Bloomberg L.P., which is considered a Level 2 valuation input. | ||||||||||||
Analysis of Borrowings by Maturity: | ||||||||||||
$ in millions | September 30, 2013 | |||||||||||
2016 | 788 | |||||||||||
2022 | 599.6 | |||||||||||
Long-term debt | 1,387.60 | |||||||||||
At September 30, 2013, the outstanding balance on the credit facility was $788.0 million and the weighted average interest rate on the credit facility was 1.28%. Borrowings under the credit facility will bear interest at (i) LIBOR for specified interest periods or (ii) a floating base rate (based upon the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus 0.50% and (c) LIBOR for an interest period of one month plus 1.00%), plus, in either case, an applicable margin determined with reference to the company’s credit ratings and specified credit default spreads. Based on credit ratings as of September 30, 2013 of the company and such credit default spreads, the applicable margin for LIBOR-based loans was 1.10% and for base rate loans was 0.10%. In addition, the company is required to pay the lenders a facility fee on the aggregate commitments of the lenders (whether or not used) at a rate per annum which is based on the company’s credit ratings. Based on credit ratings as of September 30, 2013, the annual facility fee was equal to 0.15%. | ||||||||||||
The credit agreement governing the credit facility contains customary restrictive covenants on the company and its subsidiaries. Restrictive covenants in the credit agreement include, but are not limited to: prohibitions on creating, incurring or assuming any liens; entering into certain restrictive merger arrangements; selling, leasing, transferring or otherwise disposing of assets; making a material change in the nature of the business; making material amendments to organic documents; making a significant accounting policy change in certain situations; entering into transactions with affiliates. Many of these restrictions are subject to certain minimum thresholds and exceptions. Financial covenants under the credit agreement include: (i) the quarterly maintenance of a debt/EBITDA ratio, as defined in the credit agreement, of not greater than 3.25:1.00 through June 30, 2014, and not greater than 3.00:1.00 thereafter, (ii) a coverage ratio (EBITDA, as defined in the credit agreement, divided by interest payable for the four consecutive fiscal quarters ended before the date of determination) of not less than 4.00:1.00. | ||||||||||||
The credit agreement governing the credit facility also contains customary provisions regarding events of default which could result in an acceleration or increase in amounts due, including (subject to certain materiality thresholds and grace periods) payment default, failure to comply with covenants, material inaccuracy of representation or warranty, bankruptcy or insolvency proceedings, change of control, certain judgments, ERISA matters, cross-default to other debt agreements, governmental action prohibiting or restricting the company or its subsidiaries in a manner that has a material adverse effect and failure of certain guaranty obligations. The company is in compliance with all regulatory minimum net capital requirements. | ||||||||||||
The lenders (and their respective affiliates) may have provided, and may in the future provide, investment banking, cash management, underwriting, lending, commercial banking, leasing, foreign exchange, trust or other advisory services to the company and its subsidiaries and affiliates. These parties may have received, and may in the future receive, customary compensation for these services. | ||||||||||||
The company maintains approximately $33.5 million in letters of credit from a variety of banks. The letters of credit are generally one-year automatically-renewable facilities and are maintained for various commercial reasons. Approximately $11.3 million of the letters of credit support office lease obligations. |
Share_Capital
Share Capital | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||
Share Capital | ' | |||||
SHARE CAPITAL | ||||||
Movements in the number of common shares issued are represented in the table below: | ||||||
In millions | September 30, 2013 | September 30, 2012 | ||||
Common shares issued | 490.4 | 490.4 | ||||
Less: Treasury shares for which dividend and voting rights do not apply | (47.2 | ) | (46.4 | ) | ||
Common shares outstanding | 443.2 | 444 | ||||
During the three and nine months ended September 30, 2013, the company repurchased zero and 3.8 million shares, respectively, in the market at a cost of zero and $120.5 million, respectively (three and nine months ended September 30, 2012: 1.8 million and 8.1 million shares were repurchased at a cost of $40.0 million, and $190.0 million, respectively). Separately, an aggregate of 2.3 million shares were withheld on vesting events during the nine months ended September 30, 2013 to meet employees’ withholding tax (nine months ended September 30, 2012: 1.9 million). The fair value of these shares withheld at the respective withholding dates was $61.5 million during the nine months ended September 30, 2013 (nine months ended September 30, 2012: $44.4 million). As of September 30, 2013, $346.5 million remained authorized under the company’s share repurchase plan (September 30, 2012: $542.0 million). See Note 16, "Subsequent Events," for details regarding additional share repurchase authorization. | ||||||
Total treasury shares at September 30, 2013 were 57.2 million (September 30, 2012: 56.8 million), including 10.0 million unvested restricted stock awards (September 30, 2012: 10.4 million) for which dividend and voting rights apply. The closing market price of common shares at September 30, 2013 was $31.90. The total market value of the company’s 57.2 million treasury shares was $1.8 billion on September 30, 2013. |
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/(Loss) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Statement of Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Other Comprehensive Income/(Loss) | ' | |||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||
The components of accumulated other comprehensive income/(loss) were as follows: | ||||||||||||||||
For the three months ended September 30, 2013: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | 202.7 | — | — | — | 202.7 | |||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (5.5 | ) | — | — | (5.5 | ) | |||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 0.5 | — | — | 0.5 | |||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||
Unrealized (losses)/gains on available-for-sale investments | — | — | — | 4.5 | 4.5 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.0 | ) | (1.0 | ) | |||||||||
Other comprehensive income/(loss), before tax | 202.7 | (5.5 | ) | (3.5 | ) | 3.5 | 197.2 | |||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | 0.7 | — | — | — | 0.7 | |||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.7 | ) | — | — | (1.7 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.1 | — | — | 0.1 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 0.2 | 0.2 | |||||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (0.3 | ) | (0.3 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | 0.7 | (1.7 | ) | — | (0.1 | ) | (1.1 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 309.4 | (73.8 | ) | 0.5 | 7.8 | 243.9 | ||||||||||
Other comprehensive income/(loss), net of tax | 203.4 | (7.2 | ) | (3.5 | ) | 3.4 | 196.1 | |||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (5.2 | ) | — | — | — | (5.2 | ) | |||||||||
Ending balance | 507.6 | (81.0 | ) | (3.0 | ) | 11.2 | 434.8 | |||||||||
For the three months ended September 30, 2012: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | 171.3 | — | — | — | 171.3 | |||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (2.7 | ) | — | — | (2.7 | ) | |||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 0.4 | — | — | 0.4 | |||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 1.6 | — | 1.6 | |||||||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 6.2 | 6.2 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.3 | ) | (1.3 | ) | |||||||||
Other comprehensive income/(loss), before tax | 171.3 | (2.8 | ) | 1.6 | 4.9 | 175 | ||||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | 0.1 | — | — | — | 0.1 | |||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.8 | ) | — | — | (1.8 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.2 | — | — | 0.2 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2.5 | 2.5 | |||||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (2.9 | ) | (2.9 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | 0.1 | (1.7 | ) | — | (0.4 | ) | (2.0 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 464.5 | (74.1 | ) | (1.3 | ) | 0.8 | 389.9 | |||||||||
Other comprehensive income/(loss), net of tax | 171.4 | (4.5 | ) | 1.6 | 4.5 | 173 | ||||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (24.7 | ) | — | — | — | (24.7 | ) | |||||||||
Ending balance | 611.2 | (78.6 | ) | 0.3 | 5.3 | 538.2 | ||||||||||
For the nine months ended September 30, 2013: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | (94.2 | ) | — | — | — | (94.2 | ) | |||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 1.3 | — | — | 1.3 | |||||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 1.9 | — | — | 1.9 | |||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 8.5 | 8.5 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (2.4 | ) | (2.4 | ) | |||||||||
Other comprehensive income/(loss), before tax | (94.2 | ) | 1.7 | (5.1 | ) | 6.1 | (91.5 | ) | ||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (3.2 | ) | — | — | (3.2 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.3 | — | — | 0.3 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.4 | ) | (0.4 | ) | |||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (0.6 | ) | (0.6 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | (0.4 | ) | (3.3 | ) | — | (1.0 | ) | (4.7 | ) | |||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 601.7 | (79.4 | ) | 2.1 | 6.1 | 530.5 | ||||||||||
Other comprehensive income/(loss), net of tax | (94.6 | ) | (1.6 | ) | (5.1 | ) | 5.1 | (96.2 | ) | |||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | 0.5 | — | — | — | 0.5 | |||||||||||
Ending balance | 507.6 | (81.0 | ) | (3.0 | ) | 11.2 | 434.8 | |||||||||
For the nine months ended September 30, 2012: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | 155.2 | — | — | — | 155.2 | |||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (1.6 | ) | — | — | (1.6 | ) | |||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 1.2 | — | — | 1.2 | |||||||||||
Share of other comprehensive income (loss) of equity method investments | — | — | 4.6 | — | 4.6 | |||||||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 10 | 10 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.7 | ) | (1.7 | ) | |||||||||
Other comprehensive income/(loss), before tax | 155.2 | (1.9 | ) | 4.6 | 8.3 | 166.2 | ||||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | 0.9 | — | — | — | 0.9 | |||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.9 | ) | — | — | (1.9 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.3 | — | — | 0.3 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.3 | ) | — | — | (0.3 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2.7 | 2.7 | |||||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (2.9 | ) | (2.9 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | 0.9 | (1.9 | ) | — | (0.2 | ) | (1.2 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 455.2 | (74.8 | ) | (4.3 | ) | (2.8 | ) | 373.3 | ||||||||
Other comprehensive income/(loss), net of tax | 156.1 | (3.8 | ) | 4.6 | 8.1 | 165 | ||||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||
Ending balance | 611.2 | (78.6 | ) | 0.3 | 5.3 | 538.2 | ||||||||||
* | Included in this amount are net gains of $5.2 million and net losses of $0.5 million for the three and nine months ended September 30, 2013, respectively, related to foreign currency translation adjustments attributable to CIP (three and nine months ended September 30, 2012: net gains of $24.7 million and $0.1 million, respectively). Of this amount gains of $0.5 million for the three and nine months ended September 30, 2013 are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP (three and nine months ended September 30, 2012: gains of $1.5 million and losses of $7.0 million, respectively). |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
The company issues equity-settled share-based awards to certain employees, which are measured at fair value at the date of grant, in accordance with ASC Topic 718, “Compensation — Stock Compensation.” The fair value determined at the grant date is expensed, based on the company’s estimate of shares that will eventually vest, on a straight-line or accelerated basis over the vesting period. The company recognized total expenses of $103.0 million in the nine months ended September 30, 2013 (nine months ended September 30, 2012: $102.9 million) related to equity-settled share-based payment transactions. | ||||||||||||||||||
Share Awards | ||||||||||||||||||
Share awards are broadly classified into two categories: time-vested and performance-vested. Share awards are measured at fair value at the date of grant and are expensed, based on the company's estimate of shares that will eventually vest, on a straightline or accelerated basis over the vesting period. | ||||||||||||||||||
Time-vested awards vest ratably over or cliff-vest at the end of a period of continued employee service. Performance-vested awards cliff-vest at the end of or vest ratably over a defined vesting period of continued employee service upon the company's attainment of certain performance criteria. Time-vested and performance-vested share awards are granted in the form of restricted share awards (RSAs) or restricted share units (RSUs). Performance-vested awards are tied to the achievement of specified levels of adjusted diluted earnings per share and adjusted operating margin. In the event that either targeted financial measure is achieved at or above a vesting threshold for a particular performance measurement period, the portion of the performance-vested award subject to targeted financial measures will vest proportionately between 0% and 100% based upon the higher achieved level for that year. | ||||||||||||||||||
With respect to time-vested awards, dividends accrue directly to the employee holder of RSAs, and cash payments in lieu of dividends are made to employee holders of certain RSUs. With respect to performance-vested awards, dividends and cash payments in lieu of dividends are deferred and are paid at the same rate as on our shares if and to the extent the award vests. | ||||||||||||||||||
Movements on share awards priced in U.S. dollars are detailed below: | ||||||||||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||
Millions of shares, except fair values | Time-Vested | Performance- Vested | Weighted Average Grant Date Fair Value ($) | Time-Vested | Performance-Vested | Weighted Average Grant Date Fair Value ($) | ||||||||||||
Unvested at the beginning of period | 16.5 | 0.3 | 22.36 | 17.3 | — | 20.34 | ||||||||||||
Granted during the period | 5.2 | 0.2 | 26.86 | 5.5 | 0.3 | 24.84 | ||||||||||||
Forfeited during the period | (0.4 | ) | — | 24.46 | (0.3 | ) | — | 21.07 | ||||||||||
Vested and distributed during the period | (6.6 | ) | (0.1 | ) | 19.93 | (5.6 | ) | — | 18.87 | |||||||||
Unvested at the end of the period | 14.7 | 0.4 | 24.99 | 16.9 | 0.3 | 22.31 | ||||||||||||
On December 4, 2007, in connection with the redomicile of the company from the U.K. to Bermuda, the company’s primary share listing moved from the London Stock Exchange to the New York Stock Exchange. Movements on share awards priced in Pounds Sterling, which were awarded prior to the move of the company’s primary share listing to the New York Stock Exchange, are detailed below: | ||||||||||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||
Millions of shares, except fair values | Time-Vested | Weighted Average Grant Date Fair Value | Time-Vested | Weighted Average Grant Date Fair Value | ||||||||||||||
(£ Sterling) | (£ Sterling) | |||||||||||||||||
Unvested at the beginning of period | 0.3 | 12.9 | 0.6 | 11.25 | ||||||||||||||
Vested and distributed during the period | (0.2 | ) | 12.9 | (0.3 | ) | 9.66 | ||||||||||||
Unvested at the end of the period | 0.1 | 12.9 | 0.3 | 12.9 | ||||||||||||||
All share awards outstanding at September 30, 2013 had a weighted average remaining contractual life of 1.59 years. The total fair value of shares that vested during the nine months ended September 30, 2013 was $185.0 million (nine months ended September 30, 2012: $144.3 million). The weighted average fair value at the date of grant of the U.S. dollar vested and distributed share awards was $19.93. | ||||||||||||||||||
At September 30, 2013, there was $291.2 million of total unrecognized compensation cost related to non-vested share awards; that cost is expected to be recognized over a weighted average period of 3.01 years. | ||||||||||||||||||
Share Options | ||||||||||||||||||
The company has not granted share option awards since 2005. All share option awards, therefore, were granted prior to the | ||||||||||||||||||
December 4, 2007, redomicile from the United Kingdom to Bermuda and re-listing from the London Stock Exchange (where the predecessor company's ordinary shares traded in Pounds Sterling) to the New York Stock Exchange (where the company's common shares now trade in U.S. Dollars). The company maintains its two historical share option plans which have outstanding share options: The 2000 Share Option Plan and the No. 3 Executive Share Option Scheme. All remaining outstanding share option awards were fully vested and were expensed by the company over the applicable vesting periods (the latest of which ended prior to December 31, 2008). At the time of their grants, the exercise prices of the share options were denominated in the company’s trading currency, which was the Pound Sterling. The company did not change the accounting for share options at the redomicile/re-listing date, because the share options were not modified at that date. The exercise price remains in Pounds Sterling and was not changed to U.S. Dollars. Therefore, upon exercise of the share options, the Pound Sterling exercise price will be converted into U.S. Dollars using the spot foreign exchange rate in effect on the exercise date. Upon the exercise of share options, the company either issues new shares or can utilize shares held in treasury (see Note 5, “Share Capital”) to satisfy the exercise. | ||||||||||||||||||
Changes in outstanding share option awards are as follows: | ||||||||||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||
Millions of shares, except prices | Options | Weighted Average | Options | Weighted Average | ||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||||
(£ Sterling) | (£ Sterling) | |||||||||||||||||
Outstanding at the beginning of the period | 2.6 | 7.31 | 4.5 | 7.85 | ||||||||||||||
Forfeited during the period | — | — | (0.1 | ) | 14.8 | |||||||||||||
Exercised during the period | (1.0 | ) | 7.38 | (1.3 | ) | 8.29 | ||||||||||||
Outstanding at the end of the period | 1.6 | 7.26 | 3.1 | 7.33 | ||||||||||||||
Exercisable at the end of the period | 1.6 | 7.26 | 3.1 | 7.33 | ||||||||||||||
Retirement_Benefit_Plans
Retirement Benefit Plans | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Retirement Benefit Plans | ' | |||||||||||||||||||||||
RETIREMENT BENEFIT PLANS | ||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||
The company operates defined contribution retirement benefit plans for all qualifying employees. The assets of the plans are held separately from those of the company in funds under the control of trustees. When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions. | ||||||||||||||||||||||||
The total amounts charged to the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2013 are $11.3 million and $39.4 million, respectively (three and nine months ended September 30, 2012: $11.2 million and $38.2 million, respectively). | ||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||
The company maintains legacy defined benefit pension plans for qualifying employees of its subsidiaries in the U.K., Ireland, Germany, and Taiwan. All defined benefit plans are closed to new participants. The company also maintains a post-retirement medical plan in the U.S., which was closed to new participants in 2005. In 2006, the plan was amended to eliminate benefits for all participants who did not meet retirement eligibility by 2008. The assets of all defined schemes are held in separate trustee-administered funds. Under the plans, the employees are generally entitled to retirement benefits based on final salary at retirement. | ||||||||||||||||||||||||
The components of net periodic benefit cost in respect of these defined benefit plans are as follows: | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
Retirement Plans | Medical Plan | Retirement Plans | Medical Plan | |||||||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Service cost | (1.2 | ) | (1.1 | ) | — | (0.1 | ) | (3.4 | ) | (3.3 | ) | (0.2 | ) | (0.3 | ) | |||||||||
Interest cost | (4.9 | ) | (4.7 | ) | (0.6 | ) | (0.6 | ) | (14.7 | ) | (14.3 | ) | (1.6 | ) | (1.8 | ) | ||||||||
Expected return on plan assets | 4.3 | 4.4 | 0.2 | 0.1 | 13.1 | 13.2 | 0.4 | 0.3 | ||||||||||||||||
Amortization of prior service cost | — | — | 0.5 | 0.5 | — | — | 1.5 | 1.5 | ||||||||||||||||
Amortization of net actuarial (loss)/gain | (0.5 | ) | (0.3 | ) | — | (0.1 | ) | (1.7 | ) | (0.9 | ) | (0.2 | ) | (0.3 | ) | |||||||||
Net periodic benefit cost | (2.3 | ) | (1.7 | ) | 0.1 | (0.2 | ) | (6.7 | ) | (5.3 | ) | (0.1 | ) | (0.6 | ) | |||||||||
The estimated amount of contributions expected to be paid to the retirement plans during 2013 is $15.9 million, with an additional expected contribution of $2.3 million to the medical plan. |
Taxation
Taxation | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Taxation | ' |
TAXATION | |
At September 30, 2013, the total amount of gross unrecognized tax benefits was $16.9 million as compared to the December 31, 2012, total of $22.6 million. The company and its subsidiaries file annual income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, and in numerous foreign jurisdictions. A number of years may elapse before an uncertain tax position, for which the company has unrecognized tax benefits, is finally resolved. To the extent that the company has favorable tax settlements, or determines that accrued amounts are no longer needed due to a lapse in the applicable statute of limitations or other reasons, such liabilities, as well as the related interest and penalty, would be reversed as a reduction of income tax expense (net of federal tax effects, if applicable) in the period such determination is made. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period, excluding treasury shares. The weighted average number of shares outstanding during the period also includes participating securities such as unvested time-based restricted stock awards and restricted stock units that pay dividend equivalents. Diluted earnings per share is computed using the treasury stock method, which requires computing share equivalents and dividing net income attributable to common shareholders by the total weighted average number of shares and share equivalents outstanding during the period. | ||||||||||||||||
The calculation of earnings per share is as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
In millions, except per share amounts | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Income from continuing operations, net of taxes | $250.10 | $153.70 | $653.90 | $452.00 | ||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (20.6 | ) | 13.7 | 0.9 | 59.1 | |||||||||||
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 229.5 | 167.4 | 654.8 | 511.1 | ||||||||||||
Income/(loss) from discontinued operations, net of taxes | (1.4 | ) | 3.2 | (1.9 | ) | 7.3 | ||||||||||
Net income attributable to common shareholders | $228.10 | $170.60 | $652.90 | $518.40 | ||||||||||||
Weighted average shares outstanding - basic | 447.9 | 451.3 | 448.3 | 453.1 | ||||||||||||
Dilutive effect of share-based awards | 0.9 | 1.5 | 1.1 | 1.5 | ||||||||||||
Weighted average shares outstanding - diluted | 448.8 | 452.8 | 449.4 | 454.6 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.13 | ||||||||||||
Earnings per share from discontinued operations | — | $0.01 | — | $0.02 | ||||||||||||
Basic earnings per share | $0.51 | $0.38 | $1.46 | $1.14 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.12 | ||||||||||||
Earnings per share from discontinued operations | — | $0.01 | — | $0.02 | ||||||||||||
Diluted earnings per share | $0.51 | $0.38 | $1.45 | $1.14 | ||||||||||||
See Note 7, “Share-based Compensation,” for a summary of share awards outstanding under the company’s share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted earnings per share. | ||||||||||||||||
There were no antidilutive options excluded from the computation of diluted earnings per share in the nine months ended September 30, 2013 (nine months ended September 30, 2012: none). Antidilutive options are those where the options’ exercise prices are greater than the average market price of the shares. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Commitments and contingencies may arise in the ordinary course of business. | |
Off Balance Sheet Commitments | |
The company has transactions with various private equity, real estate and other investment entities sponsored by the company in the normal course of business for the investment of client assets. Many of the company's investment products are structured as limited partnerships. The company's investment may take the form of the general partner or a limited partner, and the entities are structured such that each partner makes capital commitments that are to be drawn down over the life of the partnership as investment opportunities are identified. At September 30, 2013, the company’s undrawn capital commitments were $151.4 million (December 31, 2012: $209.3 million). | |
During 2007, Invesco elected to enter into contingent support agreements for two of its investment trusts to enable them to sustain a stable pricing structure. These two trusts are unregistered trusts that invest in fixed income securities and are available only to limited types of investors. In June 2013, the agreements were amended to extend the term through June 30, 2014. During October 2013, the agreement related to one of the trusts terminated. Further extensions are likely to the remaining trust. As of September 30, 2013, the total committed support for both trusts was $21.0 million with an internal approval mechanism to increase the maximum possible support to $66.0 million at the option of the company. No payment has been made under the remaining agreement nor has Invesco realized any loss from the support agreement through the date of this Report. Significant investor redemptions out of the trust before the scheduled maturity of the underlying securities or significant credit default issues of the securities held within the trust's portfolio could change the company’s estimation of likelihood of funding. This trust was not consolidated because the company was not deemed to be the primary beneficiary. | |
The Parent and various company subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. | |
Legal and Other Contingencies | |
In July 2010, various closed-end funds formerly advised by Van Kampen Investments or Morgan Stanley Investment Management had complaints filed against them in New York State Court commencing derivative lawsuits purportedly brought on behalf of the common shareholders of those funds. The funds are nominal defendants in these derivative lawsuits and the defendants also include Van Kampen Investments (acquired by Invesco on June 1, 2010), Morgan Stanley Investment Management and certain officers and trustees of the funds who are or were employees of those firms. Invesco has certain obligations under the applicable acquisition agreement regarding the defense costs and any damages associated with this litigation. The plaintiffs allege breaches of fiduciary duties owed by the non-fund defendants to the funds’ common shareholders related to the funds’ redemption in prior periods of Auction Rate Preferred Securities (ARPS) theretofore issued by the funds. The complaints are similar to other complaints filed against investment advisers, officers and trustees of closed-end funds in other fund complexes which issued and redeemed ARPS. The complaints allege that the advisers, distributors and certain officers and trustees of those funds breached their fiduciary duty by redeeming ARPS at their liquidation value when there was no obligation to do so and when the value of ARPS in the secondary marketplace were significantly below their liquidation value. The complaints also allege that the ARPS redemptions were principally motivated by the fund sponsors’ interests to preserve distribution relationships with brokers and other financial intermediaries who held ARPS after having repurchased them from their own clients. The complaints do not specify alleged damages. Certain other funds included in the acquired business have received demand letters expressing similar allegations. Such demand letters could be precursors to additional similar lawsuits being commenced against those other funds. The Boards of Trustees of the funds established special committees of independent trustees to conduct an inquiry regarding the allegations set forth in the complaints and demand letters. Those evaluations have been completed, and the Boards of Trustees of the funds accepted the recommendation of their special litigation committees to (i) reject the demands contained in the demand letters and (ii) to seek dismissal of the related lawsuits. Motions to dismiss were filed on October 4, 2011 and remain pending. A similar suit was filed in Massachusetts in 2013. A motion to dismiss this suit was filed April 1, 2013. The court in the Massachusetts case granted the motion on August 27, 2013; plaintiffs filed a notice of appeal. | |
Invesco believes the cases and other claims identified above should be dismissed or otherwise will terminate, although there can be no assurance of that result. Invesco intends to defend vigorously any cases which may survive beyond initial motions to dismiss. The company cannot predict with certainty, however, the eventual outcome of such cases and other claims, nor whether they will have a material negative impact on the company. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the company. There are many reasons that the company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages; the damages sought are unspecified, unsupportable, unexplained or uncertain; the claimant is seeking relief other than compensatory damages; the matter presents novel legal claims or other meaningful legal uncertainties; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability. | |
The company is from time to time involved in litigation relating to other claims arising in the ordinary course of its business. In management’s opinion, adequate accrual has been made as of September 30, 2013 to provide for any such losses that may arise from matters for which the company could reasonably estimate an amount. Management is of the opinion that the ultimate resolution of such claims will not materially affect the company’s business, financial position, results of operation or liquidity. Furthermore, in management’s opinion, it is not possible to estimate a range of reasonably possible losses with respect to other litigation contingencies. | |
The investment management industry also is subject to extensive levels of ongoing regulatory oversight and examination. In the United States, United Kingdom, and other jurisdictions in which the company operates, governmental authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to compliance with applicable laws and regulations. Additional lawsuits or regulatory enforcement actions arising out of these inquiries may in the future be filed against the company and related entities and individuals in the United States, United Kingdom, and other jurisdictions in which the company and its affiliates operate. Any material loss of investor and/or client confidence as a result of such inquiries and/or litigation could result in a significant decline in assets under management, which would have an adverse effect on the company’s future financial results and its ability to grow its business. | |
Included among these inquiries is an ongoing review by the Enforcement Division of the U.K. Financial Conduct Authority (“FCA”) of certain matters pertaining to the company’s compliance with FCA rules and regulations for the period May 2008 to November 2012. The company is cooperating fully with the FCA review and believes that its current systems and controls now are adequate and in compliance with applicable regulations. The company is not able at this time to estimate the amount of any potential fine; however, the company believes that any fine would not have a material adverse effect on its financial position or liquidity. | |
In a separate matter, a Canadian subsidiary of the company has received assessments related to various prior taxation periods for goods and services tax on revenue to which management fee rebates had been applied in those periods. The assessments, related interest, and penalty amounts are approximately $20.9 million. Management believes Canada Revenue Agency's claims are unfounded and that these assessments are unlikely to stand, and accordingly no provision has been recorded in the Condensed Consolidated Financial Statements. |
Consolidated_Sponsored_Investm
Consolidated Sponsored Investment Products | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||
Consolidated Sponsored Investment Products | ' | ||||||||||||
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS | |||||||||||||
During the three and nine months ended September 30, 2013, the company consolidated certain managed funds that meet the CSIP definition in Note 1, "Accounting Policies." The following table presents the balances related to CSIP that were included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CSIP at September 30, 2013 (December 31, 2012: none): | |||||||||||||
$ in millions | September 30, 2013 | ||||||||||||
Investments of CSIP | 88.6 | ||||||||||||
Other assets of CSIP | 5.7 | ||||||||||||
Less: Other liabilities of CSIP | (0.5 | ) | |||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (7.6 | ) | |||||||||||
Invesco's net interests in CSIP | 86.2 | ||||||||||||
Invesco's net interests as a percentage of investments of CSIP | 97.3 | % | |||||||||||
The carrying value of investments held by CSIP is also their fair value. The following table presents the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of September 30, 2013 (as of December 31, 2012: none): | |||||||||||||
As of September 30, 2013 | |||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | |||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||
Identical Assets (Level 1) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 33.7 | 2.1 | 31.6 | — | |||||||||
Equity securities | 26.7 | 26.2 | 0.5 | — | |||||||||
Investments in fixed income fund* | 15 | 15 | — | — | |||||||||
Investments in other private equity funds* | 13.2 | — | — | 13.2 | |||||||||
Total investments at fair value | 88.6 | 43.3 | 32.1 | 13.2 | |||||||||
* | Investments in the fixed income fund and private equity funds are valued using the NAV as a practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. Refer to Note 13, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. | ||||||||||||
The table below summarizes as of September 30, 2013, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized: | |||||||||||||
Fair Value at September 30, 2013 ($ in millions) | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
Fixed income fund | $15.00 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $13.20 | $34.20 | 8.5 years | n/a (2) | n/a(2) | ||||||||
(1) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. | |||||||||||||
(2) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | |||||||||||||
Equity securities are valued under the market approach through use of quoted prices on an exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | |||||||||||||
Fixed income securities (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | |||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs for the three and nine months ended September 30, 2013 (three and nine months ended September 30, 2012: none): | |||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||
$ in millions | Level 3 Assets | Level 3 Assets | |||||||||||
Beginning balance | — | — | |||||||||||
Consolidation of CSIP | 13.2 | 13.2 | |||||||||||
Ending balance | 13.2 | 13.2 | |||||||||||
Consolidated_Investment_Produc
Consolidated Investment Products | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Consolidated Investment Products [Abstract] | ' | |||||||||||||||
Consolidated Investment Products | ' | |||||||||||||||
CONSOLIDATED INVESTMENT PRODUCTS | ||||||||||||||||
The following table presents the balances related to CIP that were included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented: | ||||||||||||||||
As of | ||||||||||||||||
$ in millions | September 30, 2013 | December 31, 2012 | ||||||||||||||
Cash and cash equivalents of CIP | 445 | 287.8 | ||||||||||||||
Investments of CIP | 4,514.60 | 4,550.60 | ||||||||||||||
Accounts receivable and other assets of CIP | 62.2 | 84.1 | ||||||||||||||
Less: Debt of CIP | (4,003.1 | ) | (3,899.4 | ) | ||||||||||||
Less: Other liabilities of CIP | (251.0 | ) | (104.3 | ) | ||||||||||||
Less: Retained earnings appropriated for investors in CIP | (106.3 | ) | (128.8 | ) | ||||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (578.9 | ) | (727.8 | ) | ||||||||||||
Invesco's net interests in CIP | 82.5 | 62.2 | ||||||||||||||
Invesco's net interests as a percentage of investments of CIP | 1.83 | % | 1.37 | % | ||||||||||||
The company’s risk with respect to each investment in CIP is limited to its equity ownership and any uncollected management fees. Therefore, the gains or losses of CIP have not had a significant impact on the company’s net income attributable to common shareholders, liquidity or capital resources. The company has no right to the benefits from, nor does it bear the risks associated with, these investments, beyond the company’s minimal direct investments in, and management fees generated from, the investment products. If the company were to liquidate, these investments would not be available to the general creditors of the company, and as a result, the company does not consider investments held by CIP to be company assets. Additionally, the collateral assets of consolidated collateralized loan obligations (CLOs) are held solely to satisfy the obligations of the CLOs, and the investors in the consolidated CLOs have no recourse to the general credit of the company for the notes issued by the CLOs. | ||||||||||||||||
Collateralized Loan Obligations | ||||||||||||||||
A significant portion of CIP are CLOs. CLOs are investment vehicles created for the sole purpose of issuing collateralized loan instruments that offer investors the opportunity for returns that vary with the risk level of their investment. The notes issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. For managing the collateral for the CLO entities, the company earns investment management fees, including in some cases subordinated management fees, as well as contingent incentive fees. The company has invested in certain of the entities, generally taking a portion of the unrated, junior subordinated position. The company’s investments in CLOs are generally subordinated to other interests in the entities and entitle the company and other subordinated tranche investors to receive the residual cash flows, if any, from the entities. The company’s subordinated interest can take the form of (1) subordinated notes, (2) income notes or (3) preference/preferred shares. The company has determined that, although the junior tranches have certain characteristics of equity, they should be accounted for and disclosed as debt on the company’s Condensed Consolidated Balance Sheets, as the subordinated and income notes have a stated maturity indicating a date for which they are mandatorily redeemable. The preference shares are also classified as debt, as redemption is required only upon liquidation or termination of the CLO and not of the company. | ||||||||||||||||
The company determined that it was the primary beneficiary of certain CLOs, as it has the power to direct the activities of the CLOs that most significantly impact the CLOs’ economic performance, and the obligation to absorb losses/right to receive benefits from the CLOs that could potentially be significant to the CLOs. The primary beneficiary assessment includes an analysis of the rights of the company in its capacity as investment manager. In some CLOs, the company’s role as investment manager provides that the company contractually has the power, as defined in ASC Topic 810, to direct the activities of the CLOs that most significantly impact the CLOs’ economic performance, such as managing the collateral portfolio and its credit risk. In other CLOs, the company determined that it does not have this power in its role as investment manager due to certain rights held by other investors in the products or restrictions that limit the company's ability to manage the collateral portfolio and the CLO's credit risk. Additionally, the primary beneficiary assessment includes an analysis of the company’s rights to receive benefits and obligations to absorb losses associated with its first loss position and management/incentive fees. As part of this analysis, the company uses a quantitative model to corroborate its qualitative assessments. The quantitative model includes an analysis of the expected performance of the CLOs and a comparison of the company’s absorption of this performance relative to the other investors in the CLOs. The company has determined that it could receive significant benefits and/or absorb significant losses from certain CLOs in which it holds a first loss position and has the right to significant fees. It was determined that the company’s benefits and losses from certain other CLOs could not be significant, particularly in situations where the company does not hold a first loss position and where the fee interests are based upon a fixed percentage of collateral asset value. | ||||||||||||||||
Private equity, real estate and fund-of-funds (partnerships) | ||||||||||||||||
For investment products that are structured as partnerships and are determined to be VIEs, including private equity funds, real estate funds and fund-of-funds products, the company evaluates the structure of the partnership to determine if it is the primary beneficiary of the investment product. This evaluation includes assessing the rights of the limited partners to transfer their economic interests in the investment product. If the limited partners lack rights to manage their economic interests, they are considered to be de facto agents of the company, resulting in the company determining that it is the primary beneficiary of the investment product. The company generally takes less than a 1% investment in these entities as the general partner. Non-VIE general partnership investments are deemed to be controlled by the company and are consolidated under a voting interest entity (VOE) model, unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote or can otherwise dissolve the partnership, or unless the limited partners have substantive participating rights over decision making. Interests in unconsolidated private equity funds, real estate funds and fund-of-funds products are classified as equity method investments in the company’s Condensed Consolidated Balance Sheets (see Note 3, "Investments.") | ||||||||||||||||
Other investment products | ||||||||||||||||
As discussed in Note 11, “Commitments and Contingencies,” at September 30, 2013, contingent support agreements existed for two of the company's investment trusts to enable them to sustain a stable pricing structure, creating variable interests in these VIEs. The company earns management fees from the trusts and has a nominal investment in one of these trusts. The company was not deemed to be the primary beneficiary of these trusts after considering any explicit and implicit variable interests in relation to the total expected gains and losses of the trusts. | ||||||||||||||||
At September 30, 2013, the company’s maximum risk of loss in significant VIEs in which the company is not the primary beneficiary is presented in the table below. | ||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Company's Maximum Risk of Loss | |||||||||||||
CLO investments | 3 | 2.2 | 2.2 | |||||||||||||
Partnership and trust investments | — | 29.2 | 29.2 | |||||||||||||
Investments in Invesco Mortgage Capital Inc. | — | 27.7 | 27.7 | |||||||||||||
Support agreements* | 11 | — | 21 | |||||||||||||
Total | 80.1 | |||||||||||||||
* | As of September 30, 2013, the committed support under these agreements was $21.0 million with an internal approval mechanism to increase the maximum possible support to $66.0 million at the option of the company. | |||||||||||||||
During the nine months ended September 30, 2013, the company invested in and consolidated four new VIEs and one VOE. The table below illustrates the summary balance sheet amounts related to these products at the date of consolidation into the company. The balances below are reflective of the balances existing at the consolidation date after the initial funding of the investments by the company and unrelated third-party investors. The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the company’s Condensed Consolidated Financial Statements. | ||||||||||||||||
Balance Sheet | ||||||||||||||||
$ in millions | ||||||||||||||||
Cash and cash equivalents of CIP | 573.4 | |||||||||||||||
Accounts receivable and other assets of CIP | 15.4 | |||||||||||||||
Investments of CIP | 738.3 | |||||||||||||||
Total assets | 1,327.10 | |||||||||||||||
Debt of CIP | 856.5 | |||||||||||||||
Other liabilities of CIP | 462 | |||||||||||||||
Total liabilities | 1,318.50 | |||||||||||||||
Equity | 8.6 | |||||||||||||||
Total liabilities and equity | 1,327.10 | |||||||||||||||
During the three months ended September 30, 2013, the company liquidated and deconsolidated a CLO (VIE) and a CLO warehouse (VOE). During the nine months ended September 30, 2013, the company determined it was no longer the primary beneficiary of a private equity fund (VOE) due to a change in the ownership of the parent of the general partner of the fund. The amounts deconsolidated from the Condensed Consolidated Balance Sheet are illustrated in the table below. There was no net impact to the Condensed Consolidated Statement of Income for the nine months ended September 30, 2013 from the deconsolidation of these investment products. | ||||||||||||||||
Balance Sheet | ||||||||||||||||
$ in millions | ||||||||||||||||
Cash and cash equivalents of CIP | 7.1 | |||||||||||||||
Accounts receivable and other assets of CIP | 15.2 | |||||||||||||||
Investments of CIP | 76.1 | |||||||||||||||
Total assets | 98.4 | |||||||||||||||
Debt | 25 | |||||||||||||||
Other liabilities of CIP | 36 | |||||||||||||||
Total liabilities | 61 | |||||||||||||||
Equity | 37.4 | |||||||||||||||
Total liabilities and equity | 98.4 | |||||||||||||||
The following tables reflect the impact of consolidation of CIP into the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, and the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Summary of Balance Sheet Impact of CIP | ||||||||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents of CIP | 393.6 | 1.7 | 49.7 | — | 445 | |||||||||||
Accounts receivable and other assets of CIP | 59.9 | 0.3 | 2 | — | 62.2 | |||||||||||
Investments of CIP | 4,017.10 | 39.8 | 511.3 | (53.6 | ) | 4,514.60 | ||||||||||
Adjustments (1) | — | — | — | (82.5 | ) | (82.5 | ) | |||||||||
Total assets | 4,470.60 | 41.8 | 563 | (136.1 | ) | 4,939.30 | ||||||||||
Debt of CIP | 4,111.80 | — | — | (108.7 | ) | 4,003.10 | ||||||||||
Other liabilities of CIP | 252.4 | 0.6 | 2.8 | (4.7 | ) | 251.1 | ||||||||||
Total liabilities | 4,364.20 | 0.6 | 2.8 | (113.4 | ) | 4,254.20 | ||||||||||
Retained earnings appropriated for investors in CIP | 106.7 | — | (0.4 | ) | — | 106.3 | ||||||||||
Other equity attributable to common shareholders | (0.3 | ) | (0.2 | ) | 22.3 | (22.7 | ) | (0.9 | ) | |||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 41.4 | 538.3 | — | 579.7 | |||||||||||
Total liabilities and equity | 4,470.60 | 41.8 | 563 | (136.1 | ) | 4,939.30 | ||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Cash and cash equivalents of CIP | 211.8 | 0.2 | 75.8 | — | 287.8 | |||||||||||
Accounts receivable and other assets of CIP | 54.6 | 0.2 | 29.3 | — | 84.1 | |||||||||||
Investments of CIP | 3,948.00 | 35.9 | 607.9 | (41.2 | ) | 4,550.60 | ||||||||||
Adjustments (1) | — | — | 15.8 | (86.9 | ) | (71.1 | ) | |||||||||
Total assets | 4,214.40 | 36.3 | 728.8 | (128.1 | ) | 4,851.40 | ||||||||||
Debt of CIP | 3,980.70 | — | — | (81.3 | ) | 3,899.40 | ||||||||||
Other liabilities of CIP | 105.3 | 0.5 | 2.9 | (4.4 | ) | 104.3 | ||||||||||
Adjustments (1) | — | — | — | (8.9 | ) | (8.9 | ) | |||||||||
Total liabilities | 4,086.00 | 0.5 | 2.9 | (94.6 | ) | 3,994.80 | ||||||||||
Retained earnings appropriated for investors in CIP | 128.8 | — | — | — | 128.8 | |||||||||||
Other equity attributable to common shareholders | (0.4 | ) | (0.1 | ) | 34 | (33.5 | ) | — | ||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 35.9 | 691.9 | — | 727.8 | |||||||||||
Total liabilities and equity | 4,214.40 | 36.3 | 728.8 | (128.1 | ) | 4,851.40 | ||||||||||
Summary of Income Statement Impact of CIP | ||||||||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Total operating revenues | — | — | — | (12.0 | ) | (12.0 | ) | |||||||||
Total operating expenses | 23.4 | 0.3 | 1.3 | (12.0 | ) | 13 | ||||||||||
Operating income | (23.4 | ) | (0.3 | ) | (1.3 | ) | — | (25.0 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (2.2 | ) | (2.2 | ) | |||||||||
Interest and dividend income | 48.8 | — | — | (3.3 | ) | 45.5 | ||||||||||
Other investment income/(losses) | 23.4 | 1.1 | 11.3 | (9.4 | ) | 26.4 | ||||||||||
Interest expense | (36.8 | ) | — | — | 3.3 | (33.5 | ) | |||||||||
Income from continuing operations before income taxes | 12 | 0.8 | 10 | (11.6 | ) | 11.2 | ||||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | 12 | 0.8 | 10 | (11.6 | ) | 11.2 | ||||||||||
Income/(loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | 12 | 0.8 | 10 | (11.6 | ) | 11.2 | ||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (11.9 | ) | (0.8 | ) | (7.9 | ) | — | (20.6 | ) | |||||||
Net income attributable to common shareholders | 0.1 | — | 2.1 | (11.6 | ) | (9.4 | ) | |||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Three months ended September 30, 2012 | ||||||||||||||||
Total operating revenues | — | — | — | (11.5 | ) | (11.5 | ) | |||||||||
Total operating expenses | 9.9 | 0.2 | 3.7 | (11.5 | ) | 2.3 | ||||||||||
Operating income | (9.9 | ) | (0.2 | ) | (3.7 | ) | — | (13.8 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||
Interest and dividend income | 68.7 | — | — | (3.4 | ) | 65.3 | ||||||||||
Other investment income/(losses) | (38.5 | ) | 1.6 | 14.2 | (11.2 | ) | (33.9 | ) | ||||||||
Interest expense | (45.3 | ) | — | — | 3.4 | (41.9 | ) | |||||||||
Income from continuing operations before income taxes | (25.0 | ) | 1.4 | 10.5 | (11.7 | ) | (24.8 | ) | ||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | (25.0 | ) | 1.4 | 10.5 | (11.7 | ) | (24.8 | ) | ||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | (25.0 | ) | 1.4 | 10.5 | (11.7 | ) | (24.8 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 25 | (1.4 | ) | (9.9 | ) | — | 13.7 | |||||||||
Net income attributable to common shareholders | — | — | 0.6 | (11.7 | ) | (11.1 | ) | |||||||||
Summary of Income Statement Impact of CIP (continued) | ||||||||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Total operating revenues | — | — | 0.4 | (30.2 | ) | (29.8 | ) | |||||||||
Total operating expenses | 48.9 | 0.8 | 5.3 | (30.2 | ) | 24.8 | ||||||||||
Operating income | (48.9 | ) | (0.8 | ) | (4.9 | ) | — | (54.6 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (3.4 | ) | (3.4 | ) | |||||||||
Interest and dividend income | 155.5 | — | — | (12.7 | ) | 142.8 | ||||||||||
Other investment income/(losses) | (15.8 | ) | 1.3 | 28.6 | (10.4 | ) | 3.7 | |||||||||
Interest expense | (109.5 | ) | — | — | 12.7 | (96.8 | ) | |||||||||
Income from continuing operations before income taxes | (18.7 | ) | 0.5 | 23.7 | (13.8 | ) | (8.3 | ) | ||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | (18.7 | ) | 0.5 | 23.7 | (13.8 | ) | (8.3 | ) | ||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | (18.7 | ) | 0.5 | 23.7 | (13.8 | ) | (8.3 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 18.9 | (0.5 | ) | (19.9 | ) | — | (1.5 | ) | ||||||||
Net income attributable to common shareholders | 0.2 | — | 3.8 | (13.8 | ) | (9.8 | ) | |||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||
Total operating revenues | — | — | — | (32.4 | ) | (32.4 | ) | |||||||||
Total operating expenses | 34 | 0.7 | 20.8 | (32.4 | ) | 23.1 | ||||||||||
Operating income | (34.0 | ) | (0.7 | ) | (20.8 | ) | — | (55.5 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 0.1 | 0.1 | |||||||||||
Interest and dividend income | 206.4 | — | — | (10.3 | ) | 196.1 | ||||||||||
Other investment income/(losses) | (79.1 | ) | 2.5 | 11.2 | (13.1 | ) | (78.5 | ) | ||||||||
Interest expense | (144.7 | ) | — | — | 10.3 | (134.4 | ) | |||||||||
Income from continuing operations before income taxes | (51.4 | ) | 1.8 | (9.6 | ) | (13.0 | ) | (72.2 | ) | |||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | (51.4 | ) | 1.8 | (9.6 | ) | (13.0 | ) | (72.2 | ) | |||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | (51.4 | ) | 1.8 | (9.6 | ) | (13.0 | ) | (72.2 | ) | |||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 51.4 | (1.8 | ) | 9.5 | — | 59.1 | ||||||||||
Net income attributable to common shareholders | — | — | (0.1 | ) | (13.0 | ) | (13.1 | ) | ||||||||
-1 | Adjustments include the elimination of intercompany transactions between the company and its CIP, primarily the elimination of management fees expensed by the funds and recorded as operating revenues (before consolidation) by the company. These also include the reclassification of the company's gain or loss (representing the changes in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses upon consolidation. | |||||||||||||||
The carrying value of investments held and notes issued by CIP is also their fair value. The following table presents the fair value hierarchy levels of investments held and notes issued by CIP, which are measured at fair value as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 3,795.10 | — | 3,795.10 | — | ||||||||||||
Bonds | 151 | — | 151 | — | ||||||||||||
Equity securities | 17.5 | — | 17.5 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 100.8 | 37.4 | 4.8 | 58.6 | ||||||||||||
Investments in other private equity funds | 448.2 | — | — | 448.2 | ||||||||||||
Debt securities issued by the U.S. Treasury | 2 | 2 | — | — | ||||||||||||
Total assets at fair value | 4,514.60 | 39.4 | 3,968.40 | 506.8 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (4,003.1 | ) | — | — | (4,003.1 | ) | ||||||||||
Total liabilities at fair value | (4,003.1 | ) | — | — | (4,003.1 | ) | ||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 3,709.30 | — | 3,709.30 | — | ||||||||||||
Bonds | 185.4 | — | 185.4 | — | ||||||||||||
Equity securities | 12.1 | — | 12.1 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 125 | 21 | 9.9 | 94.1 | ||||||||||||
Investments in other private equity funds | 503.5 | — | — | 503.5 | ||||||||||||
Debt securities issued by the U.S. Treasury | 10 | 10 | — | — | ||||||||||||
Real estate investments | 5.3 | — | — | 5.3 | ||||||||||||
Total assets at fair value | 4,550.60 | 31 | 3,916.70 | 602.9 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (3,899.4 | ) | — | — | (3,899.4 | ) | ||||||||||
Total liabilities at fair value | (3,899.4 | ) | — | — | (3,899.4 | ) | ||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: | ||||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | ||||||||||||
Beginning balance | 508.3 | (4,044.3 | ) | 602.9 | (3,899.4 | ) | ||||||||||
Purchases | 8.3 | — | 21.6 | — | ||||||||||||
Sales | (24.5 | ) | — | (115.7 | ) | — | ||||||||||
Issuances | — | (408.1 | ) | 3.8 | (813.1 | ) | ||||||||||
Settlements | — | 410.9 | — | 768.2 | ||||||||||||
Deconsolidation of CIP | — | — | (18.4 | ) | — | |||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 14.7 | 43.7 | 19.2 | (54.8 | ) | |||||||||||
Transfers to Level 2** | — | — | (6.1 | ) | — | |||||||||||
Foreign exchange | — | (5.3 | ) | (0.5 | ) | (4.0 | ) | |||||||||
Ending balance | 506.8 | (4,003.1 | ) | 506.8 | (4,003.1 | ) | ||||||||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | ||||||||||||
Beginning balance | 854.6 | (5,069.7 | ) | 929.1 | (5,512.9 | ) | ||||||||||
Purchases | 6.2 | — | 6.7 | — | ||||||||||||
Sales | (92.3 | ) | — | (148.0 | ) | — | ||||||||||
Issuances | — | (433.1 | ) | — | (758.4 | ) | ||||||||||
Settlements | — | 354.7 | — | 550.5 | ||||||||||||
Deconsolidation of CIP | — | 1,550.30 | — | 2,123.70 | ||||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 23.3 | (121.2 | ) | 14.5 | (279.9 | ) | ||||||||||
Foreign exchange | 4.8 | (136.0 | ) | (5.7 | ) | 22 | ||||||||||
Ending balance | 796.6 | (3,855.0 | ) | 796.6 | (3,855.0 | ) | ||||||||||
* | Included in gains and losses of CIP in the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2013 are $6.0 million in net unrealized gains and $8.0 million in net unrealized losses attributable to investments still held at September 30, 2013 by CIP (three and nine months ended September 30, 2012: $42.6 million in net unrealized gains and $39.5 million in net unrealized losses attributable to investments still held at September 30, 2012). | |||||||||||||||
** | During nine months ended September 30, 2013, $6.1 million of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the public offering of securities in the underlying companies with legal lock-up restrictions in place. For transfers to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. | |||||||||||||||
Fair value of consolidated CLOs | ||||||||||||||||
The company elected the fair value option for collateral assets held and notes issued by its consolidated CLOs to eliminate the measurement and recognition inconsistency that would otherwise arise from measuring assets and liabilities and recognizing the related gains and losses on different accounting bases. | ||||||||||||||||
The collateral assets held by consolidated CLOs are primarily invested in senior secured bank loans, bonds, and equity securities. Bank loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans from a variety of industries, including but not limited to the aerospace and defense, broadcasting, technology, utilities, household products, healthcare, oil and gas, and finance industries. Bank loan investments mature at various dates between 2013 and 2023, pay interest at Libor or Euribor plus a spread of up to 14.0%, and typically range in S&P credit rating categories from BBB down to unrated. Interest income on bank loans and bonds is recognized based on the unpaid principal balance and stated interest rate of these investments on an accrual basis. At September 30, 2013 the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $58.4 million (December 31, 2012: $121.6 million excess). Approximately 1.1% of the collateral assets are in default as of September 30, 2013 (December 31, 2012: less than 1.8% of the collateral assets were in default). CLO investments are valued based on price quotations provided by independent third-party pricing sources. These third party sources aggregate indicative price quotations daily to provide the company with a price for the CLO investments. The company has developed internal controls to review the reasonableness and completeness of theses price quotations on a daily basis. If necessary, price quotations are challenged through the third-party pricing source challenge process. For the nine months ended September 30, 2013, there were no price quotation challenges by the company. | ||||||||||||||||
In addition, the company's valuation committee conducts an annual due diligence review of all independent third-party pricing sources to review the provider's valuation methodology, as well as ensure internal controls exist over the valuation of the CLO investments. In the event that the third-party pricing source is unable to price an investment, other relevant factors, data and information are considered, including: i) information relating to the market for the investment, including price quotations for and trading in the investment, interest in similar investments, the market environment, investor attitudes towards the investment and interests in similar investments; ii) the characteristics of and fundamental analytical data relating to the investment, including, for senior secured corporate loans, the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the senior secured corporate loan and any related agreements, and the position of the senior secured corporate loan in the borrower’s debt structure; iii) the nature, adequacy and value of the senior secured corporate loan’s collateral, including the CLO’s rights, remedies and interests with respect to the collateral; iv) for senior secured corporate loans, the creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; v) the reputation and financial condition of the agent and any intermediate participants in the senior secured corporate loan; and vi) general economic and market conditions affecting the fair value of the senior secured corporate loan. | ||||||||||||||||
Notes issued by consolidated CLOs mature at various dates between 2015 and 2025 and have a weighted average maturity of 9.0 years. The notes are issued in various tranches with different risk profiles. The interest rates are generally variable rates based on Libor or Euribor plus a pre-defined spread, which varies from 0.21% for the more senior tranches to 7.10% for the more subordinated tranches. Interest expense on notes issued by consolidated CLOs is accrued based on the stated rate and outstanding par of the issued notes. At September 30, 2013, the outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately $0.2 billion (December 31, 2012: $0.3 billion excess). The investors in this debt are not affiliated with the company and have no recourse to the general credit of the company. Notes issued by CLOs are recorded at fair value using an income approach. Fair value is determined using current information, notably market yields and projected cash flows of collateral assets, which are impacted by forecasted default and recovery rates. Market yields, default rates and recovery rates used in the company’s estimate of fair value vary based on the nature of the investments in the underlying collateral pools. In periods of rising market yields, default rates and lower debt recovery rates, the fair value, and therefore the carrying value, of the notes may be adversely affected. The current liquidity constraints within the market for CLO products require the use of certain unobservable inputs for CLO valuation. Once the undiscounted cash flows of the collateral assets have been determined, the company applies appropriate discount rates that a market participant would use to determine the discounted cash flow valuation of the notes. | ||||||||||||||||
Certain CLOs with Euro-denominated debt that were deconsolidated as of August 30, 2012 entered into swap agreements with various counterparties to hedge economically interest rate and foreign exchange risk related to CLO collateral assets with non-Euro interest rates and currencies. These swap agreements were not designated as qualifying as hedging instruments. These derivative contracts were valued under an income approach using forecasted interest rates and were classified within level 2 of the valuation hierarchy. As of September 30, 2013, there were no open swap agreements (December 31, 2012; there were no open swap agreements). For the three and nine months ended September 30, 2012, $3.8 million and $10.5 million, respectively was recorded as losses in gains/ (losses) of CIP related to swap agreements. | ||||||||||||||||
Fair value of consolidated private equity funds | ||||||||||||||||
Consolidated private equity funds are generally structured as partnerships. Generally, the investment strategy of underlying holdings in these partnerships is to seek capital appreciation through direct investments in public or private companies with compelling business models or ideas or through investments in partnerships that also invest in similar private or public companies. Various strategies may be used. Companies targeted could be distressed organizations, targets of leveraged buyouts or fledgling companies in need of venture capital. Investees of these CIP may not redeem their investment until the partnership liquidates. Generally, the partnerships have a life that range from seven to twelve years unless dissolved earlier. The general partner may extend the partnership term up to a specified period of time as stated in the Partnership Agreement. Some partnerships allow the limited partners to cause an earlier termination upon the occurrence of certain events as specified in the Partnership Agreement. | ||||||||||||||||
For private equity partnerships, fair value is determined by reviewing each investment for the sale of additional securities of an issuer to sophisticated investors or for investee financial conditions and fundamentals. Publicly traded portfolio investments are carried at market value as determined by their most recent quoted sale, or if there is no recent sale, at their most recent bid price. For these investments held by CIP, level 1 classification indicates that fair values have been determined using unadjusted quoted prices in active markets for identical assets that the partnership has the ability to access. Level 2 classification may indicate that fair values have been determined using quoted prices in active markets but give effect to certain lock-up restrictions surrounding the holding period of the underlying investments. | ||||||||||||||||
The fair value of level 3 investments held by CIP are derived from inputs that are unobservable and which reflect the limited partnerships’ own determinations about the assumptions that market participants would use in pricing the investments, including assumptions about risk. These inputs are developed based on the partnership’s own data, which is adjusted if information indicates that market participants would use different assumptions. The partnerships which invest directly into private equity portfolio companies (direct private equity funds) take into account various market conditions, subsequent rounds of financing, liquidity, financial condition, purchase multiples paid in other comparable third-party transactions, the price of securities of other companies comparable to the portfolio company, and operating results and other financial data of the portfolio company, as applicable. | ||||||||||||||||
The partnerships which invest into other private equity funds (funds-of-funds) take into account information received from those underlying funds, including their reported net asset values and evidence as to their fair value approach, including consistency of their fair value application. These investments do not trade in active markets and represent illiquid long-term investments that generally require future capital commitments. The partnerships’ reported share of the underlying net asset values of the underlying funds is used as a practical expedient, as allowed by ASC Topic 820, in arriving at fair value. | ||||||||||||||||
Unforeseen events might occur that would subsequently change the fair values of these investments, but such changes would | ||||||||||||||||
be inconsequential to the company due to its minimal investments in these products (and the large offsetting noncontrolling interests resulting from their consolidation). Any gains or losses resulting from valuation changes in these investments are substantially offset by resulting changes in gains and losses attributable to noncontrolling interests in consolidated entities and therefore do not have a material effect on the financial condition, operating results (including earnings per share), liquidity or capital resources of the company's common shareholders. | ||||||||||||||||
Fair value of consolidated real estate funds | ||||||||||||||||
As of the date of this Report, the company's consolidated real estate funds are in liquidation; the funds had disposed of their investments in the first half of 2013. The following discussion relates to the prior period consolidation of real estate funds. | ||||||||||||||||
Consolidated real estate funds are structured as limited liability companies. These limited liability companies invest in other real estate funds, and these investments are carried at fair value and presented as investments in CIP. The net asset value of the underlying funds, which primarily consists of the real estate investment value and mortgage loans, is adjusted to fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Real estate fund assets are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. Due to the illiquid nature of investments made in real estate companies, all of the real estate assets are classified as level 3. The real estate investment vehicles use one or more valuation techniques (e.g., the market approach, the income approach, or the cost approach) for which sufficient and reliable data is available to value investments classified within level 3. The income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. | ||||||||||||||||
The inputs used by the real estate funds in estimating the value of level 3 investments include the original transaction price, recent transactions in the same or similar instruments, as well as completed or pending third-party transactions in the underlying investment or comparable investments. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability. Other inputs used include discount rates, cap rates and income and expense assumptions. The fair value measurement of level 3 investments does not include transaction costs and acquisition fees that may have been capitalized as part of the investment’s cost basis. Due to the lack of observable inputs, the assumptions used may significantly impact the resulting fair value and therefore the real estate funds’ results of operations. | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||
The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities: | ||||||||||||||||
Assets and Liabilities * | Fair Value at September 30, 2013 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||
Private Equity Funds --Equity Securities | 58.6 | Market Comparable | Revenue Multiple | 1 - 5x | 3.0x | |||||||||||
Discount | 24% - 50% | 28.20% | ||||||||||||||
CLO Notes | -4,003.10 | Discounted Cash Flow- Euro | Assumed Default Rate | 4.7% - 5% | <1yr: 4.7% >1yr: 5.0% | |||||||||||
Spread over Euribor ** | 150 - 1080 bps | 294 | ||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 3% | <1yr: 1.6% >1yr: 3.0% | |||||||||||||
Spread over Libor ** | 128 - 882 bps | 202 bps | ||||||||||||||
Assets and Liabilities * | Fair Value at December 31, 2012 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||
Private Equity Funds --Equity Securities | 94.1 | Market Comparable | Revenue Multiple | 1 - 4x | 1.9x | |||||||||||
Discount | 15% - 50% | 27.50% | ||||||||||||||
Real Estate Investments | 5.3 | Discounted Cash Flow | In-Place Rent Rates | JPY 218 - JPY 397 per sq ft | JPY 231 - JPY 384 per sq ft | |||||||||||
Market Rent Rates | JPY 333 - JPY 417 per sq ft | JPY 348 - JPY 379 per sq ft | ||||||||||||||
Revenue Growth Rate | n/a | 2.18% | ||||||||||||||
Discount Rate | 6.75% - 7.00% | 6.86% | ||||||||||||||
Exit Capitalization Rate | 7.00% - 7.25% | 7.11% | ||||||||||||||
Stabilized Occupancy Rate | n/a | 95% | ||||||||||||||
Expense Growth Rate | n/a | 1.00% | ||||||||||||||
CLO Notes | -3,899.40 | Discounted Cash Flow- Euro | Assumed Default Rate | 3% - 5% | <1yr: 3.3% >1yr: 5.0% | |||||||||||
Spread over Euribor ** | 325 - 1920 bps | 563 bps | ||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 3% | <1yr: 1.1% >1yr: 3.0% | |||||||||||||
Spread over Libor ** | 130 - 1632 bps | 323 bps | ||||||||||||||
* | Certain equity securities held by consolidated private equity funds are valued using recent private market transactions (September 30, 2013: $5.7 million; December 31, 2012: $50.0 million). At September 30, 2013, certain tranches of the consolidated CLOs are valued using third-party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. Investments in other private equity funds as of September 30, 2013 of $448.2 million (as of December 31, 2012: $503.5 million) are also excluded from the table above as they are valued using the NAV practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. | |||||||||||||||
** | Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. | |||||||||||||||
*** Assumed default rates listed in the table above apply to CLOs established prior to 2012. A default rate of 1.4% was assumed for CLOs established in 2012 and thereafter. | ||||||||||||||||
The table below summarizes as of September 30, 2013, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized: | ||||||||||||||||
Fair Value at September 30, 2013 ($ in millions) | Total Unfunded Commitments | Weighted Average Remaining Term (2) | ||||||||||||||
Private equity fund of funds (1) | $434.50 | $120.20 | 2.9 years | |||||||||||||
Private equity funds (1) | $13.70 | $74.00 | 7.8 years | |||||||||||||
Fair Value at December 31, 2012 ($ in millions) | Total Unfunded Commitments | Weighted Average Remaining Term (2) | ||||||||||||||
Private equity fund of funds (1) | $498.90 | $127.50 | 2.7 years | |||||||||||||
Private equity funds (1) | $4.60 | $5.00 | 1.0 years | |||||||||||||
(1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | ||||||||||||||||
(2) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. | ||||||||||||||||
The following narrative will indicate the sensitivity of inputs illustrating the impact of significant increases to the inputs. A directionally-opposite impact would apply for significant decreases in these inputs: | ||||||||||||||||
• | For investments held by consolidated private equity funds, significant increases in discounts in isolation would result in significantly lower fair value measurements, while significant increases in revenue multiple assumptions in isolation would result in significantly higher fair value measurements. An increase in discount assumptions would result in a directionally opposite change in the assumptions for revenue multiple resulting in lower fair value measurements. | |||||||||||||||
• | For real estate investments, a change in the revenue growth rate generally would be accompanied by a directionally-similar change in the assumptions for in-place and market rent rates and stabilized occupancy rates. Significant increases in any of the unobservable inputs for in-place and market rent rates and stabilized occupancy rates in isolation would result in significantly higher fair values. An increase in these assumptions would result in a directionally-opposite change in the assumptions for discount rate, exit capitalization rate, and expense growth rate. Significant increases in the assumptions for discount rate, exit capitalization rate, and expense growth rate in isolation would result in significantly lower fair value measurements. | |||||||||||||||
• | For CLO Notes, a change in the assumption used for spreads is generally accompanied by a directionally similar change in default rate. Significant increases in any of these inputs in isolation would result in a significantly lower fair value measurements. |
Related_Party_Transaction
Related Party Transaction | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions Disclosure | ' | |||||||||||
RELATED PARTIES | ||||||||||||
Certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, "Related Party Disclosures." | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||
Affiliated operating revenues: | ||||||||||||
Investment management fees | 811.3 | 697.1 | 2,343.10 | 2,030.40 | ||||||||
Service and distribution fees | 216.7 | 181.6 | 630 | 557.4 | ||||||||
Performance fees | 3.6 | 2 | 37.6 | 33.9 | ||||||||
Other | 26.1 | 23.6 | 78.9 | 76.7 | ||||||||
Total affiliated operating revenues | 1,057.70 | 904.3 | 3,089.60 | 2,698.40 | ||||||||
As of | ||||||||||||
$ in millions | 30-Sep-13 | 31-Dec-12 | ||||||||||
Affiliated asset balances: | ||||||||||||
Cash equivalents | 319.6 | 223.2 | ||||||||||
Unsettled fund receivables | 377.5 | 131.5 | ||||||||||
Accounts receivable | 300.1 | 258.3 | ||||||||||
Investments | 648.4 | 562.8 | ||||||||||
Assets held for policyholders | 1,448.70 | 1,153.20 | ||||||||||
Assets held for sale | 4.5 | — | ||||||||||
Other assets | 9.2 | 32.7 | ||||||||||
Affiliated asset balances | 3,108.00 | 2,361.70 | ||||||||||
Affiliated liability balances: | ||||||||||||
Accrued compensation and benefits | 149.5 | 234.3 | ||||||||||
Accounts payable and accrued expenses | 19 | 21.5 | ||||||||||
Unsettled fund payables | 428.6 | 266 | ||||||||||
Affiliated liability balances | 597.1 | 521.8 | ||||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||
On April 11, 2013, the company entered into a definitive agreement to sell Atlantic Trust to the Canadian Imperial Bank of Commerce (CIBC) for a base purchase price of $210 million less certain working capital and cash funding requirements, which are estimated to be approximately $30 million. The sale is expected to close in the fourth quarter of 2013. Assets and liabilities related to Atlantic Trust are classified as held for sale in the Condensed Consolidated Balance Sheet as at September 30, 2013, as the requirements for held for sale treatment and discontinued operations reporting were met as of this date. The results of Atlantic Trust, together with expenses associated with the sale, are reflected as discontinued operations in the Condensed Consolidated Statements of Income and are therefore excluded from the continuing operations of Invesco. Comparative periods shown in the Condensed Consolidated Statements of Income have been adjusted to conform with this presentation. | ||||||||||||
The assets and liabilities classified as held for sale are as follows at September 30, 2013: | ||||||||||||
As of | ||||||||||||
$ in millions | 30-Sep-13 | |||||||||||
Assets | ||||||||||||
Receivables and other assets | 17.3 | |||||||||||
Property and equipment, net | 14.5 | |||||||||||
Intangible assets, net | 2.2 | |||||||||||
Goodwill | 70.1 | |||||||||||
Total assets held for sale* | 104.1 | |||||||||||
Liabilities | ||||||||||||
Accrued expenses | 1.6 | |||||||||||
Total liabilities held for sale | 1.6 | |||||||||||
* Total assets held for sale in the Condensed Consolidated Balance Sheet includes an asset with net book value of $2.6 million as of September 30, 2013 that meets held for sale criteria and is unrelated to the Atlantic Trust business. | ||||||||||||
The components of income from discontinued operations, net of tax, were as follows for the three and nine months ended, September 30, 2013 and 2012, respectively. | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||
Operating revenue | 31.9 | 27.5 | 92.9 | 80.4 | ||||||||
Operating expenses | (34.1 | ) | (22.4 | ) | (95.9 | ) | (68.8 | ) | ||||
Income (loss) from discontinued operations before income taxes | (2.2 | ) | 5.1 | (3.0 | ) | 11.6 | ||||||
Income tax (provision)/benefit | 0.8 | (1.9 | ) | 1.1 | (4.3 | ) | ||||||
Income (loss) from discontinued operations, net of tax | (1.4 | ) | 3.2 | (1.9 | ) | 7.3 | ||||||
During the three and nine months ended September 30, 2013, the company incurred costs of $10.1 million before tax ($6.5 million after tax) and $24.0 million before tax ($15.3 million after tax), respectively, related to the pending transaction, as well as costs related to unauthorized personal transactions of a former employee of Atlantic Trust. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On October 11, 2013, the company's board of directors authorized an additional $1.5 billion for the existing share repurchase program with no stated expiration date. | |
On October 31, 2013, the company announced a third quarter 2013 dividend of $0.225 per share, payable on December 9, 2013, to shareholders of record at the close of business on November 19, 2013, with an ex-dividend date of November 15, 2013. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Corporate Information | ' |
Corporate Information | |
Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide clients with an array of global investment management capabilities. The company’s sole business is investment management. | |
In the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated in consolidation. | |
Certain disclosures included in the company’s annual report are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q. The company has condensed or omitted these disclosures. Therefore, this Form 10-Q (Report) should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2012. The company has, however, provided enhanced disclosures of its accounting policies for investments and consolidation in this Report. | |
Use of Estimates | ' |
Use of Estimates | |
In preparing the financial statements, company management is required to make estimates and assumptions that affect reported revenues, expenses, assets, liabilities and disclosure of contingent liabilities. The primary estimates relate to investment valuation, goodwill and intangible impairment, and taxes. Use of available information and application of judgment are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the financial statements. | |
Reclassifications | ' |
Basis of Presentation | |
Effective September 30, 2013, the company changed the presentation of its Condensed Consolidated Balance Sheets from a classified basis to a non-classified basis. Under the non-classified basis, balances are not separately presented as current or noncurrent. Management believes that this presentation is more meaningful to readers because it aggregates assets and liabilities of the same nature, which is consistent with the manner in which management monitors its financial position. The company's previously classified balance sheets were not utilized to derive any ratios or metrics by which the company is measured. Additionally, the presentation of a non-classified balance sheet reduces the presentation complexities resulting from the classification of consolidated managed funds, which do not present classified balance sheet information in their underlying financial statements. Certain previously reported amounts in the Condensed Consolidated Balance Sheets and notes have been reclassified to conform to the new presentation. | |
As discussed in Note 15, "Discontinued Operations," the results of Atlantic Trust Private Wealth Management (Atlantic Trust) have been presented as a discontinued operation in the Condensed Consolidated Statements of Income for all periods presented. As a result of this change, certain previously reported amounts in the Condensed Consolidated Financial Statements and notes have been reclassified to conform to the current period presentation. | |
Investments | ' |
Investments | |
The majority of the company’s investment balances relate to balances held in affiliated funds. In the normal course of business, the company invests in various types of affiliated investment products, either as “seed money” or as longer-term investments alongside third-party investors, typically referred to as “co-investments.” Seed money investments are investments held in open-ended Invesco managed funds with the purpose of providing capital to the funds during their development periods to allow the funds to achieve critical mass, establish their track records, and obtain third-party investments. Seed money may also be held for regulatory purposes in certain jurisdictions. Co-investments are often required of the asset manager by third-party investors in closed-ended funds to demonstrate an alignment of the asset manager’s interests with those of the third-party investors. The company also invests in affiliated funds in connection with its deferred compensation plans, whereby certain employees defer portions of their annual bonus into funds. | |
Investments are categorized in this Report as available-for-sale, trading, equity method, foreign time deposits, and other investments. See Note 3, “Investments” for additional details. | |
Available-for-sale investments include seed money, co-investments in affiliated collateralized loan obligations (CLOs), and investments in other debt securities. Available-for-sale investments are measured at fair value. Gains or losses arising from changes in the fair value of available-for-sale investments are recognized in accumulated other comprehensive income, net of tax, until the investment is sold or otherwise disposed of, or until the investment is determined to be other-than-temporarily impaired, at which time the cumulative gain or loss previously reported in equity is included in income. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed. | |
Trading investments include investments held to settle the company’s deferred compensation plan liabilities, sponsored UIT product-related equity and debt securities, and other equity securities. Trading investments are securities bought and held principally for the purpose of selling them in the near term. Trading investments are measured at fair value. Gains or losses arising from changes in the fair value of trading investments are included in income. | |
Equity method investments include investments over which the company is deemed to have significant influence, including corporate joint ventures and non-controlled subsidiaries in which the company's ownership is between 20 and 50 percent, and co-investments in certain managed funds generally structured as partnerships or similar vehicles. Investments in joint ventures are investments jointly controlled by the company and external parties. Co-investments in managed funds structured as partnerships or similar vehicles include private equity, real estate, and fund-of-funds. The equity method of accounting requires that the investment is initially recorded at cost. The carrying amount of the investment is increased or decreased to recognize the company's share of the after-tax profit or loss of the investee after the date of acquisition. The proportionate share of income or loss is included in equity in earnings of unconsolidated affiliates in the Condensed Consolidated Statements of Income, and the proportionate share of other comprehensive income or loss is included in accumulated other comprehensive income in the Condensed Consolidated Balance Sheets. | |
Seed money and co-investments in managed funds are required to be consolidated by the company if certain criteria are met. Upon consolidation of material balances, the company’s seed money or co-investment balance is eliminated, and the underlying securities of the managed fund are reflected on the company’s Condensed Consolidated Balance Sheets at fair value. These underlying securities are presented in the company’s financial statements as either Consolidated Sponsored Investment Products (CSIP) or Consolidated Investment Products (CIP). See the “Basis of Accounting and Consolidation” below for additional information regarding the consolidation criteria as well as the basis for the distinction between the CSIP and CIP classifications. If the company subsequently determines that it no longer controls the managed funds in which it has invested, the company will deconsolidate the funds. Any remaining holding in the managed funds is then accounted for on the bases described above as available-for-sale or equity method investments, as appropriate. | |
Basis of Accounting and Consolidation | ' |
Basis of Accounting and Consolidation | |
The company provides investment management services to, and has transactions with, various private equity funds, real estate funds, fund-of-funds, CLOs, and other investment products sponsored by the company in the normal course of business for the investment of client assets. The company serves as the investment manager, making day-to-day investment decisions concerning the assets of these products. Certain of these entities, typically CLOs and funds that are structured as partnership entities (such as private equity funds, real estate funds, and fund-of-funds), are considered to be variable interest entities (VIEs) if the VIE criteria are met. A VIE, in the context of the company and its managed funds, is a fund that does not have sufficient equity to finance its operations without additional subordinated financial support, or a fund for which the risks and rewards of ownership are not directly linked to voting interests. | |
The Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent and all of its controlled subsidiaries. Additionally, the Condensed Consolidated Financial Statements include the consolidation of certain managed funds that meet the definition of a VIE if the company has been deemed to be the primary beneficiary of those funds, any non-VIE general partnership investments where the company is deemed to have control, and other sponsored investment products in which the company has a controlling financial interest. Control is deemed to be present when the Parent holds a majority voting interest or otherwise has the power to govern the financial and operating policies of the subsidiary or managed fund so as to obtain the majority of the benefits from its activities. The company is generally considered to have a controlling financial interest in a managed fund when it owns a majority of the fund's outstanding shares, which may arise as a result of a seed money investment in a newly launched investment product from the time of initial launch to the time that the fund becomes majority-held by third-party investors. | |
Investment products that are consolidated are referred to in this Report as either Consolidated Sponsored Investment Products (CSIP), which generally includes consolidated majority-held sponsored investment products, or Consolidated Investment Products (CIP), which includes consolidated nominally-held investment products. This distinction is important, as it differentiates the company's economic risk associated with each type of consolidated managed fund. The company's economic risk with respect to each investment in a CSIP and a CIP is limited to its equity ownership and any uncollected management fees. Gains and losses arising from nominally-held CIP do not have a significant impact on the company's results of operations, liquidity, or capital resources. Gains and losses arising from majority-held CSIP could have a significant impact on the company's results of operations, as the company has greater economic risk associated with its investment. See Note 12, "Consolidated Sponsored Investment Products," and Note 13, "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. | |
Consolidation Accounting. The U.S. GAAP consolidation model in Accounting Standards Codification (ASC) Topic 810, "Consolidation," differs for entities that are considered to be VIEs versus those that do not meet the VIE criteria (and are thus referred to as voting interest entities, or VOEs). Additionally, the consolidation criteria for VIEs differs depending on the structure of the VIE as a result of Accounting Standards Update (ASU) No. 2010-10, "Amendments for Certain Investment Funds." The consolidation models are summarized below: | |
- For all VIE investment products except CLOs, if the company is deemed to have the majority of rewards/risks of ownership associated with these funds, then the company is deemed to be their primary beneficiary and is required to consolidate these funds. For those private equity funds, real estate funds and fund-of-funds that are determined to be VIEs, the company evaluates the structure of each partnership to determine if it is the primary beneficiary of the fund. This evaluation includes assessing the rights of the limited partners to transfer their economic interests in the investment product. If the limited partners' lack rights to manage their economic interests, they are considered to be de facto agents of the company, resulting in the company determining that it is the primary beneficiary of the investment product. | |
- For VIE CLOs, if the company is deemed to have the power to direct the activities of the CLO that most significantly impact the CLO's economic performance, and the obligation to absorb losses/right to receive benefits from the CLO that could potentially be significant to the CLO, then the company is deemed to be the CLO's primary beneficiary and is required to consolidate the CLO. | |
- Non-VIE general partnership investments are deemed to be controlled by the company and are consolidated under a VOE model, unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote or can otherwise dissolve the partnership, or unless the limited partners have substantive participating rights over decision-making. The company also consolidates certain non-VIE sponsored investment products in which the company has a controlling interest under a VOE model, which, as discussed above, may arise as a result of a seed investment in a newly launched investment product. | |
Consolidation Analysis. The company inventories its funds by vehicle type on a quarterly basis. The company assesses modifications to existing funds on an ongoing basis to determine if a significant reconsideration event has occurred. All newly created funds are evaluated for consolidation based upon a variety of factors, including the legal form of the investment vehicle, the management/performance fee structure, and any investment the company may have in the fund. Certain fund vehicle-types, such as CLOs and partnerships are more susceptible to consolidation due to the combination of these factors. The consolidation analysis for these structures includes a detailed review of the terms of the fund's governing documents and a comparison of the significant terms against the consolidation criteria in ASC 810, including a determination of whether the fund is a VIE or a VOE. Seed money and co-investments in managed funds in which the company has determined that it is the primary beneficiary or in which the company has a controlling financial interest are consolidated if the impact of doing so is deemed material. Otherwise, these investments are accounted for as described in the “Investments” accounting policy above. | |
Consolidation of CLOs. The company has elected the fair value option under ASC Topic 825-10-25 to measure the assets and liabilities of all consolidated CLOs at fair value, as the company has determined that measurement of the notes issued by consolidated CLOs at fair value better correlates with the value of the assets held by consolidated CLOs, which are held to provide the cash flows for the note obligations. | |
Upon consolidation of the CLOs, the company's and the CLOs' accounting policies are effectively aligned, resulting in the reclassification of the company's gain or loss (representing the changes in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses. The company's gain on its investment in the CLOs (before consolidation) eliminates with the company's share of the offsetting loss on the CLOs' debt. The net income/loss impact during the period of consolidation of these CLOs is therefore completely attributed to other investors in these CLOs, as the company's share has been eliminated through consolidation. The Condensed Consolidated Balance Sheets reflect the consolidation of assets held and debt issued by these CLOs, despite the fact that the assets cannot be used by the company, nor is the company obligated for the debt. The surplus of consolidated CLO assets over consolidated CLO liabilities is reflected in the company's Condensed Consolidated Balance Sheets as retained earnings appropriated for investors in CIP. Current period gains/(losses) attributable to investors in consolidated CLOs are included in (gains)/losses attributable to noncontrolling interests in consolidated entities in the Condensed Consolidated Statements of Income and in the retained earnings appropriated for investors in CIP in the Condensed Consolidated Balance Sheets, as they are considered noncontrolling interests of the company. Interest income and expense of consolidated CLOs are presented as other income/(expense) in the company's Consolidated Income Statements. See Note 13, “Consolidated Investment Products,” for additional details. In addition, the company's Consolidated Cash Flow Statement reflects the cash flows of these CLOs. | |
Consolidation of Private Equity, Real Estate, and Fund-of-Funds. The company also consolidates certain private equity and real estate funds that are structured as partnerships in which the company is the general partner receiving a management and/or performance fee. Private equity investments made by the underlying funds consist of direct investments in, or fund investments in other private equity funds that hold direct investments in, equity or debt securities in operating companies that are generally not initially publicly traded. Private equity funds are considered investment companies and are therefore accounted for under ASC Topic 946, “Financial Services - Investment Companies.” The company has retained the specialized industry accounting principles of these investment products in its Consolidated Financial Statements. See Note 13, “Consolidated Investment Products,” for additional details. | |
Consolidation basis. The financial statements have been prepared primarily on the historical cost basis; however, certain items are presented using other bases such as fair value, where such treatment is required or voluntarily elected. The financial statements of subsidiaries, with the exception of certain consolidated managed funds as discussed above, are prepared for the same reporting period as the Parent and use consistent accounting policies, which, where applicable, have been adjusted to U.S. GAAP from local generally accepted accounting principles or reporting regulations. The financial information of the CSIP and CIP is included in the company's consolidated financial statements on a one-month or a one-quarter lag based upon the availability of fund financial information. Noncontrolling interests in consolidated entities and retained earnings appropriated for investors in CIP represent the interests in certain entities consolidated by the company either because the company has control over the entity or has determined that it is the primary beneficiary, but of which the company does not own all of the entity's equity. | |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | ' |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). ASU 2013-02 amends Topic 220 to require an entity to present current period reclassifications out of accumulated other comprehensive income and other amounts of current-period other comprehensive income, separately, for each component of other comprehensive income. ASU 2013-02 also requires an entity to provide information about the effects on net income of significant amounts reclassified out of each component of accumulated other comprehensive income, if those amounts are required under other Topics to be reclassified to net income in their entirety in the same reporting period. The amendments to Topic 220 made by ASU 2013-02 are effective for interim and annual periods beginning on or after December 15, 2012 and are reflected in these financial statements. |
Fair_Value_Of_Assets_And_Liabi1
Fair Value Of Assets And Liabilities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Of Financial Instruments Held By Consolidated Investments | ' | |||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | 1,174.50 | 1,174.50 | 835.5 | 835.5 | ||||||||||||||
Available-for-sale investments | 3 | 134.3 | 134.3 | 122.1 | 122.1 | |||||||||||||
Trading investments | 3 | 242.5 | 242.5 | 218.7 | 218.7 | |||||||||||||
Foreign time deposits* | 3 | 29.6 | 29.6 | 31.3 | 31.3 | |||||||||||||
Assets held for policyholders | 1,449.00 | 1,449.00 | 1,153.60 | 1,153.60 | ||||||||||||||
Support agreements* | 11 | — | — | (1.0 | ) | (1.0 | ) | |||||||||||
Policyholder payables | (1,449.0 | ) | (1,449.0 | ) | (1,153.6 | ) | (1,153.6 | ) | ||||||||||
Put option contracts | — | — | — | — | ||||||||||||||
UIT-related financial instruments sold, not yet purchased | (2.0 | ) | (2.0 | ) | (1.5 | ) | (1.5 | ) | ||||||||||
Note payable | (1.2 | ) | (1.2 | ) | (3.4 | ) | (3.4 | ) | ||||||||||
Long-term debt* | 4 | (1,387.6 | ) | (1,343.1 | ) | (1,186.0 | ) | (1,204.8 | ) | |||||||||
* | These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. | |||||||||||||||||
Tri-Level Hierarchy, Carrying Value | ' | |||||||||||||||||
The following table presents, for each of the hierarchy levels described above, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the face of the statement of financial position as of September 30, 2013. | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Cash equivalents: | ||||||||||||||||||
Money market funds | 398.1 | 398.1 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 125.8 | 125.8 | — | — | ||||||||||||||
CLOs | 2.2 | — | — | 2.2 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 239 | 239 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 2.3 | 2.3 | — | — | ||||||||||||||
UITs | 1.2 | 1.2 | — | — | ||||||||||||||
Municipal securities | — | — | — | — | ||||||||||||||
Assets held for policyholders | 1,449.00 | 1,449.00 | — | — | ||||||||||||||
Total assets at fair value | 2,223.90 | 2,215.40 | — | 8.5 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Policyholder payables | (1,449.0 | ) | (1,449.0 | ) | — | — | ||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (2.0 | ) | (2.0 | ) | — | — | ||||||||||||
Note payable | (1.2 | ) | — | — | (1.2 | ) | ||||||||||||
Total liabilities at fair value | (1,452.2 | ) | (1,451.0 | ) | — | (1.2 | ) | |||||||||||
* | Foreign time deposits of $29.6 million are excluded from this table. Equity method and other investments of $292.4 million and $6.2 million, respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. | |||||||||||||||||
The following table presents, for each of the hierarchy levels described above, the carrying value of the company’s assets and liabilities that are measured at fair value as of December 31, 2012: | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Cash equivalents: | ||||||||||||||||||
Money market funds | 292.2 | 292.2 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 113.4 | 113.4 | — | — | ||||||||||||||
CLOs | 2.4 | — | — | 2.4 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 213.5 | 213.5 | — | — | ||||||||||||||
Other equity securities | 0.3 | 0.3 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 1.5 | 1.5 | — | — | ||||||||||||||
UITs | 1.6 | 1.6 | — | — | ||||||||||||||
Municipal securities | 1.8 | — | 1.8 | — | ||||||||||||||
Assets held for policyholders | 1,153.60 | 1,153.60 | — | — | ||||||||||||||
Total assets at fair value | 1,786.60 | 1,776.10 | 1.8 | 8.7 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Policyholder payables | (1,153.6 | ) | (1,153.6 | ) | — | — | ||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.5 | ) | (1.5 | ) | — | — | ||||||||||||
Note payable | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||
Total liabilities at fair value | (1,158.5 | ) | (1,155.1 | ) | — | (3.4 | ) | |||||||||||
* | Foreign time deposits of $31.3 million are excluded from this table. Equity method and other investments of $228.2 million and $10.4 million, respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. | |||||||||||||||||
Reconciliation of Balance, Fair Value Measurement, Level 3 | ' | |||||||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and nine months ended September 30, 2013 and September 30, 2012, which are valued using significant unobservable inputs: | ||||||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.4 | 6.3 | (1.2 | ) | 2.4 | 6.3 | (3.4 | ) | ||||||||||
Settlements | (0.1 | ) | — | — | (0.2 | ) | — | 1.7 | ||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | (0.1 | ) | — | — | — | — | — | |||||||||||
Net unrealized gains and losses included in earnings* | — | — | — | — | — | 0.1 | ||||||||||||
Foreign exchange gains/(losses) | — | — | — | — | — | 0.4 | ||||||||||||
Ending balance | 2.2 | 6.3 | (1.2 | ) | 2.2 | 6.3 | (1.2 | ) | ||||||||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.5 | 6.3 | (12.6 | ) | — | — | (16.8 | ) | ||||||||||
Purchases | — | — | — | — | 1.7 | — | ||||||||||||
Settlements | — | — | 1.6 | (0.2 | ) | — | 1.6 | |||||||||||
Deconsolidation of CIPs | — | — | — | 2.5 | — | — | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | — | — | — | 0.2 | — | — | ||||||||||||
Net unrealized gains and losses included in earnings* | — | — | — | — | — | 3.5 | ||||||||||||
Reclassification | — | — | — | — | 4.6 | — | ||||||||||||
Foreign exchange gains/(losses) | — | — | (0.3 | ) | — | — | 0.4 | |||||||||||
Ending balance | 2.5 | 6.3 | (11.3 | ) | 2.5 | 6.3 | (11.3 | ) | ||||||||||
* | Included in other gains and losses, net in the Condensed Consolidated Statement of Income are $0.1 million in net unrealized gains for the nine months ended September 30, 2013, however there were no net unrealized gains or losses for the three months ended September 30, 2013 (three and nine months ended September 30, 2012: none and $3.5 million net unrealized gains, respectively) attributable to the note payable still held at September 30, 2013. There were $0.1 million net unrealized losses included in accumulated other comprehensive income/(loss) for the three months ended September 30, 2013, however there were no net unrealized gains or losses for the nine months ended September 30, 2013 (three and nine months ended September 30, 2012: none and $0.2 million net unrealized gains, respectively) attributed to the change in unrealized gains and losses related to assets still held at September 30, 2013. | |||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information | ' | |||||||||||||||||
The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at December 31, 2012: | ||||||||||||||||||
Assets and Liabilities * | Fair Value at December 31, 2012 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||||
CLOs | 2.4 | Discounted Cash Flow- Euro | Assumed Default Rate | 1.8% - 5.0% | <1yr: 1.8% >1yr: 5.0% | |||||||||||||
Spread over Euribor | n/a | 3300 bps | ||||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate | 1.1% - 3.0% | <1yr: 1.1% >1yr: 3.0% | |||||||||||||||
Spread over Libor | n/a | 1496 bps | ||||||||||||||||
* | Other debt securities of $6.3 million (at December 31, 2012: $6.3 million) are not included in the table above as they are valued using a cost valuation technique. The note payable of $1.2 million (at December 31, 2012: $3.4 million) is also not included in the table above as its value is linked to the underlying value of consolidated funds. Both items are more fully discussed in the "Available-for-sale investments" and "Note payable" disclosures above. |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Details of Company Investments | ' | |||||||||||||||||||||||
As of | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
$ in millions | 2013 | 2012 | ||||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||||||
Seed money | 125.8 | 113.4 | ||||||||||||||||||||||
CLOs | 2.2 | 2.4 | ||||||||||||||||||||||
Other debt securities | 6.3 | 6.3 | ||||||||||||||||||||||
Trading investments: | ||||||||||||||||||||||||
Investments related to deferred compensation plans | 239 | 213.5 | ||||||||||||||||||||||
UIT-related equity and debt securities | 3.5 | 4.9 | ||||||||||||||||||||||
Other equity securities | — | 0.3 | ||||||||||||||||||||||
Equity method investments | 292.4 | 228.2 | ||||||||||||||||||||||
Foreign time deposits | 29.6 | 31.3 | ||||||||||||||||||||||
Other | 6.2 | 10.4 | ||||||||||||||||||||||
Total investments | 705 | 610.7 | ||||||||||||||||||||||
Realized Gains Losses Available-For-Sale Securities | ' | |||||||||||||||||||||||
Realized gains and losses recognized in the income statement during the year from investments classified as available-for-sale are as follows: | ||||||||||||||||||||||||
For the three months ended September 30, 2013: | For the nine months ended September 30, 2013: | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 0.2 | 1 | — | 23.1 | 2.7 | (0.3 | ) | |||||||||||||||||
CLOs | 0.1 | — | — | 0.2 | — | — | ||||||||||||||||||
For the three months ended September 30, 2012: | For the nine months ended September 30, 2012: | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 9.1 | 1.4 | (0.2 | ) | 32.7 | 3.2 | (0.7 | ) | ||||||||||||||||
CLOs | — | — | — | 0.2 | — | — | ||||||||||||||||||
Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments | ' | |||||||||||||||||||||||
Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
$ 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 | 111.8 | 14.3 | (0.3 | ) | 125.8 | 105.5 | 8.4 | (0.5 | ) | 113.4 | ||||||||||||||
CLOs | 2.2 | — | — | 2.2 | 2.4 | — | — | 2.4 | ||||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | 6.3 | — | — | 6.3 | ||||||||||||||||
120.3 | 14.3 | (0.3 | ) | 134.3 | 114.2 | 8.4 | (0.5 | ) | 122.1 | |||||||||||||||
Maturities Of Available-For-Sale Debt Securities | ' | |||||||||||||||||||||||
Available-for-sale debt securities by maturity, are set out below: | ||||||||||||||||||||||||
$ in millions | September 30, 2013 | |||||||||||||||||||||||
One to five years | 1.7 | |||||||||||||||||||||||
Five to ten years | 6.8 | |||||||||||||||||||||||
Total available-for-sale | 8.5 | |||||||||||||||||||||||
Breakdown Of Available-For-Sale Investments with Unrealized Losses | ' | |||||||||||||||||||||||
The following table provides the breakdown of available-for-sale investments with unrealized losses at September 30, 2013: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
Seed money (41 funds) | 11.6 | (0.2 | ) | 0.2 | (0.1 | ) | 11.8 | (0.3 | ) | |||||||||||||||
The following table provides the breakdown of available-for-sale investments with unrealized losses at December 31, 2012: | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
Seed money (52 funds) | 0.2 | — | 11.5 | (0.5 | ) | 11.7 | (0.5 | ) | ||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||
Schedule Of Long-Term Debt Instruments | ' | |||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||
Unsecured Senior Note*: | ||||||||||||
3.125% - due November 30, 2022 | 599.6 | 555.1 | 599.5 | 618.3 | ||||||||
Floating rate credit facility expiring June 3, 2016 | 788 | 788 | 586.5 | 586.5 | ||||||||
Long-term debt | 1,387.60 | 1,343.10 | 1,186.00 | 1,204.80 | ||||||||
* | The company’s Senior Note indenture contains certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indenture. The issuer is a 100%-owned finance subsidiary of the Parent, and the Parent has fully and unconditionally guaranteed the securities. Certain of our subsidiaries are required to maintain minimum levels of capital. These and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. | |||||||||||
Analysis Of Borrowings By Maturity | ' | |||||||||||
Analysis of Borrowings by Maturity: | ||||||||||||
$ in millions | September 30, 2013 | |||||||||||
2016 | 788 | |||||||||||
2022 | 599.6 | |||||||||||
Long-term debt | 1,387.60 | |||||||||||
Share_Capital_Tables
Share Capital (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||
Movements In Shares Issued And Outstanding | ' | |||||
Movements in the number of common shares issued are represented in the table below: | ||||||
In millions | September 30, 2013 | September 30, 2012 | ||||
Common shares issued | 490.4 | 490.4 | ||||
Less: Treasury shares for which dividend and voting rights do not apply | (47.2 | ) | (46.4 | ) | ||
Common shares outstanding | 443.2 | 444 | ||||
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Statement of Other Comprehensive Income [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||
The components of accumulated other comprehensive income/(loss) were as follows: | ||||||||||||||||
For the three months ended September 30, 2013: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | 202.7 | — | — | — | 202.7 | |||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (5.5 | ) | — | — | (5.5 | ) | |||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 0.5 | — | — | 0.5 | |||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||
Unrealized (losses)/gains on available-for-sale investments | — | — | — | 4.5 | 4.5 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.0 | ) | (1.0 | ) | |||||||||
Other comprehensive income/(loss), before tax | 202.7 | (5.5 | ) | (3.5 | ) | 3.5 | 197.2 | |||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | 0.7 | — | — | — | 0.7 | |||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.7 | ) | — | — | (1.7 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.1 | — | — | 0.1 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 0.2 | 0.2 | |||||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (0.3 | ) | (0.3 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | 0.7 | (1.7 | ) | — | (0.1 | ) | (1.1 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 309.4 | (73.8 | ) | 0.5 | 7.8 | 243.9 | ||||||||||
Other comprehensive income/(loss), net of tax | 203.4 | (7.2 | ) | (3.5 | ) | 3.4 | 196.1 | |||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (5.2 | ) | — | — | — | (5.2 | ) | |||||||||
Ending balance | 507.6 | (81.0 | ) | (3.0 | ) | 11.2 | 434.8 | |||||||||
For the three months ended September 30, 2012: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | 171.3 | — | — | — | 171.3 | |||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (2.7 | ) | — | — | (2.7 | ) | |||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 0.4 | — | — | 0.4 | |||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 1.6 | — | 1.6 | |||||||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 6.2 | 6.2 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.3 | ) | (1.3 | ) | |||||||||
Other comprehensive income/(loss), before tax | 171.3 | (2.8 | ) | 1.6 | 4.9 | 175 | ||||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | 0.1 | — | — | — | 0.1 | |||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.8 | ) | — | — | (1.8 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.2 | — | — | 0.2 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2.5 | 2.5 | |||||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (2.9 | ) | (2.9 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | 0.1 | (1.7 | ) | — | (0.4 | ) | (2.0 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 464.5 | (74.1 | ) | (1.3 | ) | 0.8 | 389.9 | |||||||||
Other comprehensive income/(loss), net of tax | 171.4 | (4.5 | ) | 1.6 | 4.5 | 173 | ||||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (24.7 | ) | — | — | — | (24.7 | ) | |||||||||
Ending balance | 611.2 | (78.6 | ) | 0.3 | 5.3 | 538.2 | ||||||||||
For the nine months ended September 30, 2013: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | (94.2 | ) | — | — | — | (94.2 | ) | |||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 1.3 | — | — | 1.3 | |||||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 1.9 | — | — | 1.9 | |||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (5.1 | ) | — | (5.1 | ) | |||||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 8.5 | 8.5 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (2.4 | ) | (2.4 | ) | |||||||||
Other comprehensive income/(loss), before tax | (94.2 | ) | 1.7 | (5.1 | ) | 6.1 | (91.5 | ) | ||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (3.2 | ) | — | — | (3.2 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.3 | — | — | 0.3 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.4 | ) | (0.4 | ) | |||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (0.6 | ) | (0.6 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | (0.4 | ) | (3.3 | ) | — | (1.0 | ) | (4.7 | ) | |||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 601.7 | (79.4 | ) | 2.1 | 6.1 | 530.5 | ||||||||||
Other comprehensive income/(loss), net of tax | (94.6 | ) | (1.6 | ) | (5.1 | ) | 5.1 | (96.2 | ) | |||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | 0.5 | — | — | — | 0.5 | |||||||||||
Ending balance | 507.6 | (81.0 | ) | (3.0 | ) | 11.2 | 434.8 | |||||||||
For the nine months ended September 30, 2012: | ||||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | |||||||||||
Other comprehensive income/(loss) before tax: | ||||||||||||||||
Currency translation differences on investments in foreign subsidiaries * | 155.2 | — | — | — | 155.2 | |||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (1.6 | ) | — | — | (1.6 | ) | |||||||||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | — | 1.2 | — | — | 1.2 | |||||||||||
Share of other comprehensive income (loss) of equity method investments | — | — | 4.6 | — | 4.6 | |||||||||||
Unrealized gains/(losses) on available-for-sale investments | — | — | — | 10 | 10 | |||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.7 | ) | (1.7 | ) | |||||||||
Other comprehensive income/(loss), before tax | 155.2 | (1.9 | ) | 4.6 | 8.3 | 166.2 | ||||||||||
Income tax related to items of other comprehensive income/(loss): | ||||||||||||||||
Tax benefit/(expense) on foreign currency translation differences | 0.9 | — | — | — | 0.9 | |||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.9 | ) | — | — | (1.9 | ) | |||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.3 | — | — | 0.3 | |||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.3 | ) | — | — | (0.3 | ) | |||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2.7 | 2.7 | |||||||||||
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | — | — | — | (2.9 | ) | (2.9 | ) | |||||||||
Total income tax benefit/(expense) related to items of other comprehensive income | 0.9 | (1.9 | ) | — | (0.2 | ) | (1.2 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | ||||||||||||||||
Beginning balance | 455.2 | (74.8 | ) | (4.3 | ) | (2.8 | ) | 373.3 | ||||||||
Other comprehensive income/(loss), net of tax | 156.1 | (3.8 | ) | 4.6 | 8.1 | 165 | ||||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (0.1 | ) | — | — | — | (0.1 | ) | |||||||||
Ending balance | 611.2 | (78.6 | ) | 0.3 | 5.3 | 538.2 | ||||||||||
* | Included in this amount are net gains of $5.2 million and net losses of $0.5 million for the three and nine months ended September 30, 2013, respectively, related to foreign currency translation adjustments attributable to CIP (three and nine months ended September 30, 2012: net gains of $24.7 million and $0.1 million, respectively). Of this amount gains of $0.5 million for the three and nine months ended September 30, 2013 are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP (three and nine months ended September 30, 2012: gains of $1.5 million and losses of $7.0 million, respectively). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Changes In Share Options Awards | ' | |||||||||||||||||
Changes in outstanding share option awards are as follows: | ||||||||||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||
Millions of shares, except prices | Options | Weighted Average | Options | Weighted Average | ||||||||||||||
Exercise Price | Exercise Price | |||||||||||||||||
(£ Sterling) | (£ Sterling) | |||||||||||||||||
Outstanding at the beginning of the period | 2.6 | 7.31 | 4.5 | 7.85 | ||||||||||||||
Forfeited during the period | — | — | (0.1 | ) | 14.8 | |||||||||||||
Exercised during the period | (1.0 | ) | 7.38 | (1.3 | ) | 8.29 | ||||||||||||
Outstanding at the end of the period | 1.6 | 7.26 | 3.1 | 7.33 | ||||||||||||||
Exercisable at the end of the period | 1.6 | 7.26 | 3.1 | 7.33 | ||||||||||||||
United States of America, Dollars | ' | |||||||||||||||||
Movements On Share Awards Priced In U.S. Dollars | ' | |||||||||||||||||
Movements on share awards priced in U.S. dollars are detailed below: | ||||||||||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||
Millions of shares, except fair values | Time-Vested | Performance- Vested | Weighted Average Grant Date Fair Value ($) | Time-Vested | Performance-Vested | Weighted Average Grant Date Fair Value ($) | ||||||||||||
Unvested at the beginning of period | 16.5 | 0.3 | 22.36 | 17.3 | — | 20.34 | ||||||||||||
Granted during the period | 5.2 | 0.2 | 26.86 | 5.5 | 0.3 | 24.84 | ||||||||||||
Forfeited during the period | (0.4 | ) | — | 24.46 | (0.3 | ) | — | 21.07 | ||||||||||
Vested and distributed during the period | (6.6 | ) | (0.1 | ) | 19.93 | (5.6 | ) | — | 18.87 | |||||||||
Unvested at the end of the period | 14.7 | 0.4 | 24.99 | 16.9 | 0.3 | 22.31 | ||||||||||||
United Kingdom, Pounds | ' | |||||||||||||||||
Movements On Share Awards Priced In U.S. Dollars | ' | |||||||||||||||||
Movements on share awards priced in Pounds Sterling, which were awarded prior to the move of the company’s primary share listing to the New York Stock Exchange, are detailed below: | ||||||||||||||||||
Nine months ended September 30, 2013 | Nine months ended September 30, 2012 | |||||||||||||||||
Millions of shares, except fair values | Time-Vested | Weighted Average Grant Date Fair Value | Time-Vested | Weighted Average Grant Date Fair Value | ||||||||||||||
(£ Sterling) | (£ Sterling) | |||||||||||||||||
Unvested at the beginning of period | 0.3 | 12.9 | 0.6 | 11.25 | ||||||||||||||
Vested and distributed during the period | (0.2 | ) | 12.9 | (0.3 | ) | 9.66 | ||||||||||||
Unvested at the end of the period | 0.1 | 12.9 | 0.3 | 12.9 | ||||||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||
The components of net periodic benefit cost in respect of these defined benefit plans are as follows: | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
Retirement Plans | Medical Plan | Retirement Plans | Medical Plan | |||||||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Service cost | (1.2 | ) | (1.1 | ) | — | (0.1 | ) | (3.4 | ) | (3.3 | ) | (0.2 | ) | (0.3 | ) | |||||||||
Interest cost | (4.9 | ) | (4.7 | ) | (0.6 | ) | (0.6 | ) | (14.7 | ) | (14.3 | ) | (1.6 | ) | (1.8 | ) | ||||||||
Expected return on plan assets | 4.3 | 4.4 | 0.2 | 0.1 | 13.1 | 13.2 | 0.4 | 0.3 | ||||||||||||||||
Amortization of prior service cost | — | — | 0.5 | 0.5 | — | — | 1.5 | 1.5 | ||||||||||||||||
Amortization of net actuarial (loss)/gain | (0.5 | ) | (0.3 | ) | — | (0.1 | ) | (1.7 | ) | (0.9 | ) | (0.2 | ) | (0.3 | ) | |||||||||
Net periodic benefit cost | (2.3 | ) | (1.7 | ) | 0.1 | (0.2 | ) | (6.7 | ) | (5.3 | ) | (0.1 | ) | (0.6 | ) | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation Of Earnings Per Share | ' | |||||||||||||||
The calculation of earnings per share is as follows: | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
In millions, except per share amounts | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Income from continuing operations, net of taxes | $250.10 | $153.70 | $653.90 | $452.00 | ||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (20.6 | ) | 13.7 | 0.9 | 59.1 | |||||||||||
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 229.5 | 167.4 | 654.8 | 511.1 | ||||||||||||
Income/(loss) from discontinued operations, net of taxes | (1.4 | ) | 3.2 | (1.9 | ) | 7.3 | ||||||||||
Net income attributable to common shareholders | $228.10 | $170.60 | $652.90 | $518.40 | ||||||||||||
Weighted average shares outstanding - basic | 447.9 | 451.3 | 448.3 | 453.1 | ||||||||||||
Dilutive effect of share-based awards | 0.9 | 1.5 | 1.1 | 1.5 | ||||||||||||
Weighted average shares outstanding - diluted | 448.8 | 452.8 | 449.4 | 454.6 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.13 | ||||||||||||
Earnings per share from discontinued operations | — | $0.01 | — | $0.02 | ||||||||||||
Basic earnings per share | $0.51 | $0.38 | $1.46 | $1.14 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.12 | ||||||||||||
Earnings per share from discontinued operations | — | $0.01 | — | $0.02 | ||||||||||||
Diluted earnings per share | $0.51 | $0.38 | $1.45 | $1.14 | ||||||||||||
Consolidated_Sponsored_Investm1
Consolidated Sponsored Investment Products (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||
Balances Related To CSIP | ' | ||||||||||||
The following table presents the balances related to CSIP that were included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CSIP at September 30, 2013 (December 31, 2012: none): | |||||||||||||
$ in millions | September 30, 2013 | ||||||||||||
Investments of CSIP | 88.6 | ||||||||||||
Other assets of CSIP | 5.7 | ||||||||||||
Less: Other liabilities of CSIP | (0.5 | ) | |||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (7.6 | ) | |||||||||||
Invesco's net interests in CSIP | 86.2 | ||||||||||||
Invesco's net interests as a percentage of investments of CSIP | 97.3 | % | |||||||||||
Fair Value Hierarchy Levels Of Investments Held By CSIP | ' | ||||||||||||
The following table presents the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of September 30, 2013 (as of December 31, 2012: none): | |||||||||||||
As of September 30, 2013 | |||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | |||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||
Identical Assets (Level 1) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 33.7 | 2.1 | 31.6 | — | |||||||||
Equity securities | 26.7 | 26.2 | 0.5 | — | |||||||||
Investments in fixed income fund* | 15 | 15 | — | — | |||||||||
Investments in other private equity funds* | 13.2 | — | — | 13.2 | |||||||||
Total investments at fair value | 88.6 | 43.3 | 32.1 | 13.2 | |||||||||
* | Investments in the fixed income fund and private equity funds are valued using the NAV as a practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. Refer to Note 13, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. | ||||||||||||
The table below summarizes as of September 30, 2013, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized: | |||||||||||||
Fair Value at September 30, 2013 ($ in millions) | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
Fixed income fund | $15.00 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $13.20 | $34.20 | 8.5 years | n/a (2) | n/a(2) | ||||||||
(1) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. | |||||||||||||
(2) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | |||||||||||||
Reconciliation of Significant Unobservable Inputs | ' | ||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs for the three and nine months ended September 30, 2013 (three and nine months ended September 30, 2012: none): | |||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | ||||||||||||
$ in millions | Level 3 Assets | Level 3 Assets | |||||||||||
Beginning balance | — | — | |||||||||||
Consolidation of CSIP | 13.2 | 13.2 | |||||||||||
Ending balance | 13.2 | 13.2 | |||||||||||
Consolidated_Investment_Produc1
Consolidated Investment Products (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Consolidated Investment Products [Abstract] | ' | |||||||||||||||
Balances Related To CIP | ' | |||||||||||||||
The following table presents the balances related to CIP that were included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented: | ||||||||||||||||
As of | ||||||||||||||||
$ in millions | September 30, 2013 | December 31, 2012 | ||||||||||||||
Cash and cash equivalents of CIP | 445 | 287.8 | ||||||||||||||
Investments of CIP | 4,514.60 | 4,550.60 | ||||||||||||||
Accounts receivable and other assets of CIP | 62.2 | 84.1 | ||||||||||||||
Less: Debt of CIP | (4,003.1 | ) | (3,899.4 | ) | ||||||||||||
Less: Other liabilities of CIP | (251.0 | ) | (104.3 | ) | ||||||||||||
Less: Retained earnings appropriated for investors in CIP | (106.3 | ) | (128.8 | ) | ||||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (578.9 | ) | (727.8 | ) | ||||||||||||
Invesco's net interests in CIP | 82.5 | 62.2 | ||||||||||||||
Invesco's net interests as a percentage of investments of CIP | 1.83 | % | 1.37 | % | ||||||||||||
Company's Maximum Risk Of Loss In Significant VIE's | ' | |||||||||||||||
At September 30, 2013, the company’s maximum risk of loss in significant VIEs in which the company is not the primary beneficiary is presented in the table below. | ||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Company's Maximum Risk of Loss | |||||||||||||
CLO investments | 3 | 2.2 | 2.2 | |||||||||||||
Partnership and trust investments | — | 29.2 | 29.2 | |||||||||||||
Investments in Invesco Mortgage Capital Inc. | — | 27.7 | 27.7 | |||||||||||||
Support agreements* | 11 | — | 21 | |||||||||||||
Total | 80.1 | |||||||||||||||
* | As of September 30, 2013, the committed support under these agreements was $21.0 million with an internal approval mechanism to increase the maximum possible support to $66.0 million at the option of the company. | |||||||||||||||
VIE Balance Sheets Consolidated In Period | ' | |||||||||||||||
Balance Sheet | ||||||||||||||||
$ in millions | ||||||||||||||||
Cash and cash equivalents of CIP | 7.1 | |||||||||||||||
Accounts receivable and other assets of CIP | 15.2 | |||||||||||||||
Investments of CIP | 76.1 | |||||||||||||||
Total assets | 98.4 | |||||||||||||||
Debt | 25 | |||||||||||||||
Other liabilities of CIP | 36 | |||||||||||||||
Total liabilities | 61 | |||||||||||||||
Equity | 37.4 | |||||||||||||||
Total liabilities and equity | 98.4 | |||||||||||||||
The table below illustrates the summary balance sheet amounts related to these products at the date of consolidation into the company. The balances below are reflective of the balances existing at the consolidation date after the initial funding of the investments by the company and unrelated third-party investors. The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the company’s Condensed Consolidated Financial Statements. | ||||||||||||||||
Balance Sheet | ||||||||||||||||
$ in millions | ||||||||||||||||
Cash and cash equivalents of CIP | 573.4 | |||||||||||||||
Accounts receivable and other assets of CIP | 15.4 | |||||||||||||||
Investments of CIP | 738.3 | |||||||||||||||
Total assets | 1,327.10 | |||||||||||||||
Debt of CIP | 856.5 | |||||||||||||||
Other liabilities of CIP | 462 | |||||||||||||||
Total liabilities | 1,318.50 | |||||||||||||||
Equity | 8.6 | |||||||||||||||
Total liabilities and equity | 1,327.10 | |||||||||||||||
Condensed Consolidating Balance Sheet Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Balance Sheets | ' | |||||||||||||||
The following tables reflect the impact of consolidation of CIP into the Condensed Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, and the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Summary of Balance Sheet Impact of CIP | ||||||||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
As of September 30, 2013 | ||||||||||||||||
Cash and cash equivalents of CIP | 393.6 | 1.7 | 49.7 | — | 445 | |||||||||||
Accounts receivable and other assets of CIP | 59.9 | 0.3 | 2 | — | 62.2 | |||||||||||
Investments of CIP | 4,017.10 | 39.8 | 511.3 | (53.6 | ) | 4,514.60 | ||||||||||
Adjustments (1) | — | — | — | (82.5 | ) | (82.5 | ) | |||||||||
Total assets | 4,470.60 | 41.8 | 563 | (136.1 | ) | 4,939.30 | ||||||||||
Debt of CIP | 4,111.80 | — | — | (108.7 | ) | 4,003.10 | ||||||||||
Other liabilities of CIP | 252.4 | 0.6 | 2.8 | (4.7 | ) | 251.1 | ||||||||||
Total liabilities | 4,364.20 | 0.6 | 2.8 | (113.4 | ) | 4,254.20 | ||||||||||
Retained earnings appropriated for investors in CIP | 106.7 | — | (0.4 | ) | — | 106.3 | ||||||||||
Other equity attributable to common shareholders | (0.3 | ) | (0.2 | ) | 22.3 | (22.7 | ) | (0.9 | ) | |||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 41.4 | 538.3 | — | 579.7 | |||||||||||
Total liabilities and equity | 4,470.60 | 41.8 | 563 | (136.1 | ) | 4,939.30 | ||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Cash and cash equivalents of CIP | 211.8 | 0.2 | 75.8 | — | 287.8 | |||||||||||
Accounts receivable and other assets of CIP | 54.6 | 0.2 | 29.3 | — | 84.1 | |||||||||||
Investments of CIP | 3,948.00 | 35.9 | 607.9 | (41.2 | ) | 4,550.60 | ||||||||||
Adjustments (1) | — | — | 15.8 | (86.9 | ) | (71.1 | ) | |||||||||
Total assets | 4,214.40 | 36.3 | 728.8 | (128.1 | ) | 4,851.40 | ||||||||||
Debt of CIP | 3,980.70 | — | — | (81.3 | ) | 3,899.40 | ||||||||||
Other liabilities of CIP | 105.3 | 0.5 | 2.9 | (4.4 | ) | 104.3 | ||||||||||
Adjustments (1) | — | — | — | (8.9 | ) | (8.9 | ) | |||||||||
Total liabilities | 4,086.00 | 0.5 | 2.9 | (94.6 | ) | 3,994.80 | ||||||||||
Retained earnings appropriated for investors in CIP | 128.8 | — | — | — | 128.8 | |||||||||||
Other equity attributable to common shareholders | (0.4 | ) | (0.1 | ) | 34 | (33.5 | ) | — | ||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 35.9 | 691.9 | — | 727.8 | |||||||||||
Total liabilities and equity | 4,214.40 | 36.3 | 728.8 | (128.1 | ) | 4,851.40 | ||||||||||
Condensed Consolidating Statement of Income | ' | |||||||||||||||
Summary of Income Statement Impact of CIP | ||||||||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Three months ended September 30, 2013 | ||||||||||||||||
Total operating revenues | — | — | — | (12.0 | ) | (12.0 | ) | |||||||||
Total operating expenses | 23.4 | 0.3 | 1.3 | (12.0 | ) | 13 | ||||||||||
Operating income | (23.4 | ) | (0.3 | ) | (1.3 | ) | — | (25.0 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (2.2 | ) | (2.2 | ) | |||||||||
Interest and dividend income | 48.8 | — | — | (3.3 | ) | 45.5 | ||||||||||
Other investment income/(losses) | 23.4 | 1.1 | 11.3 | (9.4 | ) | 26.4 | ||||||||||
Interest expense | (36.8 | ) | — | — | 3.3 | (33.5 | ) | |||||||||
Income from continuing operations before income taxes | 12 | 0.8 | 10 | (11.6 | ) | 11.2 | ||||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | 12 | 0.8 | 10 | (11.6 | ) | 11.2 | ||||||||||
Income/(loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | 12 | 0.8 | 10 | (11.6 | ) | 11.2 | ||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (11.9 | ) | (0.8 | ) | (7.9 | ) | — | (20.6 | ) | |||||||
Net income attributable to common shareholders | 0.1 | — | 2.1 | (11.6 | ) | (9.4 | ) | |||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Three months ended September 30, 2012 | ||||||||||||||||
Total operating revenues | — | — | — | (11.5 | ) | (11.5 | ) | |||||||||
Total operating expenses | 9.9 | 0.2 | 3.7 | (11.5 | ) | 2.3 | ||||||||||
Operating income | (9.9 | ) | (0.2 | ) | (3.7 | ) | — | (13.8 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (0.5 | ) | (0.5 | ) | |||||||||
Interest and dividend income | 68.7 | — | — | (3.4 | ) | 65.3 | ||||||||||
Other investment income/(losses) | (38.5 | ) | 1.6 | 14.2 | (11.2 | ) | (33.9 | ) | ||||||||
Interest expense | (45.3 | ) | — | — | 3.4 | (41.9 | ) | |||||||||
Income from continuing operations before income taxes | (25.0 | ) | 1.4 | 10.5 | (11.7 | ) | (24.8 | ) | ||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | (25.0 | ) | 1.4 | 10.5 | (11.7 | ) | (24.8 | ) | ||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | (25.0 | ) | 1.4 | 10.5 | (11.7 | ) | (24.8 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 25 | (1.4 | ) | (9.9 | ) | — | 13.7 | |||||||||
Net income attributable to common shareholders | — | — | 0.6 | (11.7 | ) | (11.1 | ) | |||||||||
Summary of Income Statement Impact of CIP (continued) | ||||||||||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||
Total operating revenues | — | — | 0.4 | (30.2 | ) | (29.8 | ) | |||||||||
Total operating expenses | 48.9 | 0.8 | 5.3 | (30.2 | ) | 24.8 | ||||||||||
Operating income | (48.9 | ) | (0.8 | ) | (4.9 | ) | — | (54.6 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (3.4 | ) | (3.4 | ) | |||||||||
Interest and dividend income | 155.5 | — | — | (12.7 | ) | 142.8 | ||||||||||
Other investment income/(losses) | (15.8 | ) | 1.3 | 28.6 | (10.4 | ) | 3.7 | |||||||||
Interest expense | (109.5 | ) | — | — | 12.7 | (96.8 | ) | |||||||||
Income from continuing operations before income taxes | (18.7 | ) | 0.5 | 23.7 | (13.8 | ) | (8.3 | ) | ||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | (18.7 | ) | 0.5 | 23.7 | (13.8 | ) | (8.3 | ) | ||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | (18.7 | ) | 0.5 | 23.7 | (13.8 | ) | (8.3 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 18.9 | (0.5 | ) | (19.9 | ) | — | (1.5 | ) | ||||||||
Net income attributable to common shareholders | 0.2 | — | 3.8 | (13.8 | ) | (9.8 | ) | |||||||||
$ in millions | CLOs-VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||
Total operating revenues | — | — | — | (32.4 | ) | (32.4 | ) | |||||||||
Total operating expenses | 34 | 0.7 | 20.8 | (32.4 | ) | 23.1 | ||||||||||
Operating income | (34.0 | ) | (0.7 | ) | (20.8 | ) | — | (55.5 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 0.1 | 0.1 | |||||||||||
Interest and dividend income | 206.4 | — | — | (10.3 | ) | 196.1 | ||||||||||
Other investment income/(losses) | (79.1 | ) | 2.5 | 11.2 | (13.1 | ) | (78.5 | ) | ||||||||
Interest expense | (144.7 | ) | — | — | 10.3 | (134.4 | ) | |||||||||
Income from continuing operations before income taxes | (51.4 | ) | 1.8 | (9.6 | ) | (13.0 | ) | (72.2 | ) | |||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of taxes | (51.4 | ) | 1.8 | (9.6 | ) | (13.0 | ) | (72.2 | ) | |||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||
Net income | (51.4 | ) | 1.8 | (9.6 | ) | (13.0 | ) | (72.2 | ) | |||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 51.4 | (1.8 | ) | 9.5 | — | 59.1 | ||||||||||
Net income attributable to common shareholders | — | — | (0.1 | ) | (13.0 | ) | (13.1 | ) | ||||||||
-1 | Adjustments include the elimination of intercompany transactions between the company and its CIP, primarily the elimination of management fees expensed by the funds and recorded as operating revenues (before consolidation) by the company. | |||||||||||||||
Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products | ' | |||||||||||||||
The following table presents the fair value hierarchy levels of investments held and notes issued by CIP, which are measured at fair value as of September 30, 2013 and December 31, 2012: | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 3,795.10 | — | 3,795.10 | — | ||||||||||||
Bonds | 151 | — | 151 | — | ||||||||||||
Equity securities | 17.5 | — | 17.5 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 100.8 | 37.4 | 4.8 | 58.6 | ||||||||||||
Investments in other private equity funds | 448.2 | — | — | 448.2 | ||||||||||||
Debt securities issued by the U.S. Treasury | 2 | 2 | — | — | ||||||||||||
Total assets at fair value | 4,514.60 | 39.4 | 3,968.40 | 506.8 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (4,003.1 | ) | — | — | (4,003.1 | ) | ||||||||||
Total liabilities at fair value | (4,003.1 | ) | — | — | (4,003.1 | ) | ||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 3,709.30 | — | 3,709.30 | — | ||||||||||||
Bonds | 185.4 | — | 185.4 | — | ||||||||||||
Equity securities | 12.1 | — | 12.1 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 125 | 21 | 9.9 | 94.1 | ||||||||||||
Investments in other private equity funds | 503.5 | — | — | 503.5 | ||||||||||||
Debt securities issued by the U.S. Treasury | 10 | 10 | — | — | ||||||||||||
Real estate investments | 5.3 | — | — | 5.3 | ||||||||||||
Total assets at fair value | 4,550.60 | 31 | 3,916.70 | 602.9 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (3,899.4 | ) | — | — | (3,899.4 | ) | ||||||||||
Total liabilities at fair value | (3,899.4 | ) | — | — | (3,899.4 | ) | ||||||||||
Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities | ' | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets for | Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||||||
Identical Assets (Level 1) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 3,709.30 | — | 3,709.30 | — | ||||||||||||
Bonds | 185.4 | — | 185.4 | — | ||||||||||||
Equity securities | 12.1 | — | 12.1 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 125 | 21 | 9.9 | 94.1 | ||||||||||||
Investments in other private equity funds | 503.5 | — | — | 503.5 | ||||||||||||
Debt securities issued by the U.S. Treasury | 10 | 10 | — | — | ||||||||||||
Real estate investments | 5.3 | — | — | 5.3 | ||||||||||||
Total assets at fair value | 4,550.60 | 31 | 3,916.70 | 602.9 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (3,899.4 | ) | — | — | (3,899.4 | ) | ||||||||||
Total liabilities at fair value | (3,899.4 | ) | — | — | (3,899.4 | ) | ||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: | ||||||||||||||||
Three months ended September 30, 2013 | Nine months ended September 30, 2013 | |||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | ||||||||||||
Beginning balance | 508.3 | (4,044.3 | ) | 602.9 | (3,899.4 | ) | ||||||||||
Purchases | 8.3 | — | 21.6 | — | ||||||||||||
Sales | (24.5 | ) | — | (115.7 | ) | — | ||||||||||
Issuances | — | (408.1 | ) | 3.8 | (813.1 | ) | ||||||||||
Settlements | — | 410.9 | — | 768.2 | ||||||||||||
Deconsolidation of CIP | — | — | (18.4 | ) | — | |||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 14.7 | 43.7 | 19.2 | (54.8 | ) | |||||||||||
Transfers to Level 2** | — | — | (6.1 | ) | — | |||||||||||
Foreign exchange | — | (5.3 | ) | (0.5 | ) | (4.0 | ) | |||||||||
Ending balance | 506.8 | (4,003.1 | ) | 506.8 | (4,003.1 | ) | ||||||||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | ||||||||||||
Beginning balance | 854.6 | (5,069.7 | ) | 929.1 | (5,512.9 | ) | ||||||||||
Purchases | 6.2 | — | 6.7 | — | ||||||||||||
Sales | (92.3 | ) | — | (148.0 | ) | — | ||||||||||
Issuances | — | (433.1 | ) | — | (758.4 | ) | ||||||||||
Settlements | — | 354.7 | — | 550.5 | ||||||||||||
Deconsolidation of CIP | — | 1,550.30 | — | 2,123.70 | ||||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 23.3 | (121.2 | ) | 14.5 | (279.9 | ) | ||||||||||
Foreign exchange | 4.8 | (136.0 | ) | (5.7 | ) | 22 | ||||||||||
Ending balance | 796.6 | (3,855.0 | ) | 796.6 | (3,855.0 | ) | ||||||||||
* | Included in gains and losses of CIP in the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2013 are $6.0 million in net unrealized gains and $8.0 million in net unrealized losses attributable to investments still held at September 30, 2013 by CIP (three and nine months ended September 30, 2012: $42.6 million in net unrealized gains and $39.5 million in net unrealized losses attributable to investments still held at September 30, 2012). | |||||||||||||||
** | During nine months ended September 30, 2013, $6.1 million of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the public offering of securities in the underlying companies with legal lock-up restrictions in place. For transfers to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. | |||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | ' | |||||||||||||||
The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities: | ||||||||||||||||
Assets and Liabilities * | Fair Value at September 30, 2013 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||
Private Equity Funds --Equity Securities | 58.6 | Market Comparable | Revenue Multiple | 1 - 5x | 3.0x | |||||||||||
Discount | 24% - 50% | 28.20% | ||||||||||||||
CLO Notes | -4,003.10 | Discounted Cash Flow- Euro | Assumed Default Rate | 4.7% - 5% | <1yr: 4.7% >1yr: 5.0% | |||||||||||
Spread over Euribor ** | 150 - 1080 bps | 294 | ||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 3% | <1yr: 1.6% >1yr: 3.0% | |||||||||||||
Spread over Libor ** | 128 - 882 bps | 202 bps | ||||||||||||||
Assets and Liabilities * | Fair Value at December 31, 2012 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||
Private Equity Funds --Equity Securities | 94.1 | Market Comparable | Revenue Multiple | 1 - 4x | 1.9x | |||||||||||
Discount | 15% - 50% | 27.50% | ||||||||||||||
Real Estate Investments | 5.3 | Discounted Cash Flow | In-Place Rent Rates | JPY 218 - JPY 397 per sq ft | JPY 231 - JPY 384 per sq ft | |||||||||||
Market Rent Rates | JPY 333 - JPY 417 per sq ft | JPY 348 - JPY 379 per sq ft | ||||||||||||||
Revenue Growth Rate | n/a | 2.18% | ||||||||||||||
Discount Rate | 6.75% - 7.00% | 6.86% | ||||||||||||||
Exit Capitalization Rate | 7.00% - 7.25% | 7.11% | ||||||||||||||
Stabilized Occupancy Rate | n/a | 95% | ||||||||||||||
Expense Growth Rate | n/a | 1.00% | ||||||||||||||
CLO Notes | -3,899.40 | Discounted Cash Flow- Euro | Assumed Default Rate | 3% - 5% | <1yr: 3.3% >1yr: 5.0% | |||||||||||
Spread over Euribor ** | 325 - 1920 bps | 563 bps | ||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 3% | <1yr: 1.1% >1yr: 3.0% | |||||||||||||
Spread over Libor ** | 130 - 1632 bps | 323 bps | ||||||||||||||
* | Certain equity securities held by consolidated private equity funds are valued using recent private market transactions (September 30, 2013: $5.7 million; December 31, 2012: $50.0 million). At September 30, 2013, certain tranches of the consolidated CLOs are valued using third-party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. Investments in other private equity funds as of September 30, 2013 of $448.2 million (as of December 31, 2012: $503.5 million) are also excluded from the table above as they are valued using the NAV practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. | |||||||||||||||
** | Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. | |||||||||||||||
*** Assumed default rates listed in the table above apply to CLOs established prior to 2012. A default rate of 1.4% was assumed for CLOs established in 2012 and thereafter. | ||||||||||||||||
The table below summarizes as of September 30, 2013, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized: | ||||||||||||||||
Fair Value at September 30, 2013 ($ in millions) | Total Unfunded Commitments | Weighted Average Remaining Term (2) | ||||||||||||||
Private equity fund of funds (1) | $434.50 | $120.20 | 2.9 years | |||||||||||||
Private equity funds (1) | $13.70 | $74.00 | 7.8 years | |||||||||||||
Fair Value at December 31, 2012 ($ in millions) | Total Unfunded Commitments | Weighted Average Remaining Term (2) | ||||||||||||||
Private equity fund of funds (1) | $498.90 | $127.50 | 2.7 years | |||||||||||||
Private equity funds (1) | $4.60 | $5.00 | 1.0 years | |||||||||||||
(1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. |
Related_Party_Transaction_Tabl
Related Party Transaction (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||
Affiliated operating revenues: | ||||||||||||
Investment management fees | 811.3 | 697.1 | 2,343.10 | 2,030.40 | ||||||||
Service and distribution fees | 216.7 | 181.6 | 630 | 557.4 | ||||||||
Performance fees | 3.6 | 2 | 37.6 | 33.9 | ||||||||
Other | 26.1 | 23.6 | 78.9 | 76.7 | ||||||||
Total affiliated operating revenues | 1,057.70 | 904.3 | 3,089.60 | 2,698.40 | ||||||||
As of | ||||||||||||
$ in millions | 30-Sep-13 | 31-Dec-12 | ||||||||||
Affiliated asset balances: | ||||||||||||
Cash equivalents | 319.6 | 223.2 | ||||||||||
Unsettled fund receivables | 377.5 | 131.5 | ||||||||||
Accounts receivable | 300.1 | 258.3 | ||||||||||
Investments | 648.4 | 562.8 | ||||||||||
Assets held for policyholders | 1,448.70 | 1,153.20 | ||||||||||
Assets held for sale | 4.5 | — | ||||||||||
Other assets | 9.2 | 32.7 | ||||||||||
Affiliated asset balances | 3,108.00 | 2,361.70 | ||||||||||
Affiliated liability balances: | ||||||||||||
Accrued compensation and benefits | 149.5 | 234.3 | ||||||||||
Accounts payable and accrued expenses | 19 | 21.5 | ||||||||||
Unsettled fund payables | 428.6 | 266 | ||||||||||
Affiliated liability balances | 597.1 | 521.8 | ||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Discontinued Operations | ' | |||||||||||
The assets and liabilities classified as held for sale are as follows at September 30, 2013: | ||||||||||||
As of | ||||||||||||
$ in millions | 30-Sep-13 | |||||||||||
Assets | ||||||||||||
Receivables and other assets | 17.3 | |||||||||||
Property and equipment, net | 14.5 | |||||||||||
Intangible assets, net | 2.2 | |||||||||||
Goodwill | 70.1 | |||||||||||
Total assets held for sale* | 104.1 | |||||||||||
Liabilities | ||||||||||||
Accrued expenses | 1.6 | |||||||||||
Total liabilities held for sale | 1.6 | |||||||||||
* Total assets held for sale in the Condensed Consolidated Balance Sheet includes an asset with net book value of $2.6 million as of September 30, 2013 that meets held for sale criteria and is unrelated to the Atlantic Trust business. | ||||||||||||
The components of income from discontinued operations, net of tax, were as follows for the three and nine months ended, September 30, 2013 and 2012, respectively. | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||
Operating revenue | 31.9 | 27.5 | 92.9 | 80.4 | ||||||||
Operating expenses | (34.1 | ) | (22.4 | ) | (95.9 | ) | (68.8 | ) | ||||
Income (loss) from discontinued operations before income taxes | (2.2 | ) | 5.1 | (3.0 | ) | 11.6 | ||||||
Income tax (provision)/benefit | 0.8 | (1.9 | ) | 1.1 | (4.3 | ) | ||||||
Income (loss) from discontinued operations, net of tax | (1.4 | ) | 3.2 | (1.9 | ) | 7.3 | ||||||
Fair_Value_Of_Assets_And_Liabi2
Fair Value Of Assets And Liabilities (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $13.20 | ' | $13.20 | ' | $0 | $0 | ' | ' |
Number of futures contracts (as shown) | 4 | ' | 4 | ' | ' | 10 | ' | ' |
Purchased Put Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative maximum exposure | 0 | 0 | 1.8 | 2.5 | ' | ' | ' | ' |
Loss on derivative | 1.1 | 1.2 | 1.8 | 2.4 | ' | ' | ' | ' |
Future [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Notional value of futures contracts | 0.5 | ' | 0.5 | ' | ' | 1.4 | ' | ' |
Note Payable [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 1.2 | 11.3 | 1.2 | 11.3 | 1.2 | 3.4 | 12.6 | 16.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | 0.1 | 3.5 | ' | ' | ' | ' |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
CLOs [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2.2 | 2.5 | 2.2 | 2.5 | 2.4 | 2.4 | 2.5 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | -0.1 | 0 | 0 | 0.2 | ' | ' | ' | ' |
Other Debt Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | $0 | $0 | $0 | $0 | ' | ' | ' | ' |
Fair_Value_Of_Assets_And_Liabi3
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | |||||
Cash and cash equivalents | $1,174.50 | $835.50 | $880.10 | $835.50 | $727.40 |
Foreign time deposits | 29.6 | 31.3 | ' | ' | ' |
Assets held for policyholders | 1,449 | 1,153.60 | ' | ' | ' |
Policyholder payables | -1,449 | -1,153.60 | ' | ' | ' |
Total debt | -1,387.60 | -1,186 | ' | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 835.5 | ' | ' | ' |
Available for sale investments | 134.3 | 122.1 | ' | ' | ' |
Trading investments | 242.5 | 218.7 | ' | ' | ' |
Foreign time deposits | ' | 31.3 | ' | ' | ' |
Assets held for policyholders | ' | 1,153.60 | ' | ' | ' |
Support agreements | 0 | -1 | ' | ' | ' |
Policyholder payables | -1,449 | -1,153.60 | ' | ' | ' |
Option contracts | 0 | 0 | ' | ' | ' |
UIT-related financial instruments sold, not yet purchased | -2 | -1.5 | ' | ' | ' |
Note payable | -1.2 | -3.4 | ' | ' | ' |
Total debt | -1,343.10 | -1,204.80 | ' | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 835.5 | ' | ' | ' |
Available for sale investments | 134.3 | 122.1 | ' | ' | ' |
Trading investments | ' | 218.7 | ' | ' | ' |
Foreign time deposits | ' | 31.3 | ' | ' | ' |
Assets held for policyholders | ' | 1,153.60 | ' | ' | ' |
Support agreements | 0 | -1 | ' | ' | ' |
Policyholder payables | -1,449 | -1,153.60 | ' | ' | ' |
Option contracts | 0 | 0 | ' | ' | ' |
UIT-related financial instruments sold, not yet purchased | -2 | -1.5 | ' | ' | ' |
Note payable | -1.2 | -3.4 | ' | ' | ' |
Total debt | ($1,387.60) | ($1,186) | ' | ' | ' |
Fair_Value_Of_Assets_And_Liabi4
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | $398.10 | $292.20 |
Seed money | 125.8 | 113.4 |
CLOs | 2.2 | 2.4 |
other debt securities | 6.3 | 6.3 |
Investments related to deferred compensation plans | 239 | 213.5 |
Trading Securities, Equity | ' | 0.3 |
Corporate Stock | 2.3 | 1.5 |
UITs | 1.2 | 1.6 |
Municipal securities | 0 | 1.8 |
Assets held for policyholders | 1,449 | 1,153.60 |
Total assets at fair value | 2,223.90 | 1,786.60 |
Policyholder payables | -1,449 | -1,153.60 |
Corporate equities | -2 | -1.5 |
Note payable | -1.2 | -3.4 |
Total liabilities at fair value | -1,452.20 | -1,158.50 |
Foreign time deposits | 29.6 | 31.3 |
Equity method investments | 292.4 | 228.2 |
Cost method investments | 6.2 | 10.4 |
Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | 398.1 | 292.2 |
Seed money | 125.8 | 113.4 |
CLOs | 0 | 0 |
other debt securities | 0 | 0 |
Investments related to deferred compensation plans | 239 | 213.5 |
Trading Securities, Equity | ' | 0.3 |
Corporate Stock | 2.3 | 1.5 |
UITs | 1.2 | 1.6 |
Municipal securities | 0 | 0 |
Assets held for policyholders | 1,449 | 1,153.60 |
Total assets at fair value | 2,215.40 | 1,776.10 |
Policyholder payables | -1,449 | -1,153.60 |
Corporate equities | -2 | -1.5 |
Note payable | 0 | 0 |
Total liabilities at fair value | -1,451 | -1,155.10 |
Significant Other Observable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | 0 | 0 |
Seed money | 0 | 0 |
CLOs | 0 | 0 |
other debt securities | 0 | 0 |
Investments related to deferred compensation plans | 0 | 0 |
Trading Securities, Equity | ' | 0 |
Corporate Stock | 0 | 0 |
UITs | 0 | 0 |
Municipal securities | 0 | 1.8 |
Assets held for policyholders | 0 | 0 |
Total assets at fair value | 0 | 1.8 |
Policyholder payables | 0 | 0 |
Corporate equities | 0 | 0 |
Note payable | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | 0 | 0 |
Seed money | 0 | 0 |
CLOs | 2.2 | 2.4 |
other debt securities | 6.3 | 6.3 |
Investments related to deferred compensation plans | 0 | 0 |
Trading Securities, Equity | ' | 0 |
Corporate Stock | 0 | 0 |
UITs | 0 | 0 |
Municipal securities | 0 | 0 |
Assets held for policyholders | 0 | 0 |
Total assets at fair value | 8.5 | 8.7 |
Policyholder payables | 0 | 0 |
Corporate equities | 0 | 0 |
Note payable | -1.2 | -3.4 |
Total liabilities at fair value | ($1.20) | ($3.40) |
Fair_Value_Of_Assets_And_Liabi5
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | CLOs [Member] | Other Debt Securities [Member] | Other Debt Securities [Member] | Other Debt Securities [Member] | Other Debt Securities [Member] | Note Payable [Member] | Note Payable [Member] | Note Payable [Member] | Note Payable [Member] | |||
Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | ||||||||||||||||
Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | ||||||||||||||||
EURIBOR [Member] | EURIBOR [Member] | EURIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | ||||||||||||||||
Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | ||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance (Asset) | $13.20 | $0 | $0 | $2.40 | $2.50 | $2.40 | $0 | ' | ' | ' | ' | ' | ' | $6.30 | $6.30 | $6.30 | $0 | ' | ' | ' | ' |
Beginning balance (Liability) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.2 | -12.6 | -3.4 | -16.8 |
Purchases | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 1.7 | ' | 0 | ' | 0 |
Settlements | ' | ' | ' | -0.1 | 0 | -0.2 | -0.2 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 1.6 | 1.7 | 1.6 |
Deconsolidation of CIPs | ' | ' | ' | ' | 0 | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | ' | ' | ' | -0.1 | 0 | 0 | 0.2 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net unrealized gains and losses included in earnings | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 3.5 |
Reclassification | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 4.6 | ' | 0 | ' | 0 |
Foreign exchange gains/(losses) | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | -0.3 | 0.4 | 0.4 |
Ending balance (Asset) | 13.2 | 0 | 0 | 2.2 | 2.5 | 2.2 | 2.5 | ' | ' | ' | ' | ' | ' | 6.3 | 6.3 | 6.3 | 6.3 | ' | ' | ' | ' |
Ending balance (Liability) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1.20) | ($11.30) | ($1.20) | ($11.30) |
Probability of Default | ' | ' | ' | ' | ' | ' | ' | 1.80% | 5.00% | ' | 1.10% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed Default Rate, less than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.80% | ' | ' | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed Default Rate, more than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Spread over variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | 14.96% | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Religare Asset Management Limited [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Percent of equity interest owned | ' | ' | ' | ' | 49.00% |
Gains and losses on trading securities | $9.80 | $9.70 | $23.80 | $16 | ' |
Net realized gains (losses) transferred from accumulated other comprehensive income | 1 | 1.2 | 2.4 | 2.5 | ' |
Other-than-temporary impairment charges on seed money investments | ' | ' | $0 | $0.80 | ' |
Investments_Details_Of_Company
Investments (Details Of Company Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Seed money [Member] | Seed money [Member] | CLOs [Member] | CLOs [Member] | Other debt securities [Member] | Other debt securities [Member] | Investments related to deferred compensation plans [Member] | Investments related to deferred compensation plans [Member] | UIT-related equity and debt securities [Member] | UIT-related equity and debt securities [Member] | Other equity securities [Member] | Other equity securities [Member] | ||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale investments | ' | ' | $125.80 | $113.40 | $2.20 | $2.40 | $6.30 | $6.30 | ' | ' | ' | ' | ' | ' |
Trading investments | ' | ' | ' | ' | ' | ' | ' | ' | 239 | 213.5 | 3.5 | 4.9 | 0 | 0.3 |
Equity method investments | 292.4 | 228.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign time deposits | 29.6 | 31.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 6.2 | 10.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total investments | $705 | $610.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Realized_Gains_Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from Sales | ' | ' | $23.30 | $32.90 |
Seed money [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from Sales | 0.2 | 9.1 | 23.1 | 32.7 |
Gross Realized Gains | 1 | 1.4 | 2.7 | 3.2 |
Gross Realized Losses | 0 | -0.2 | -0.3 | -0.7 |
CLOs [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from Sales | 0.1 | 0 | 0.2 | 0.2 |
Gross Realized Gains | 0 | 0 | 0 | 0 |
Gross Realized Losses | $0 | $0 | $0 | $0 |
Investments_Gross_Unrealized_H
Investments (Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $120.30 | $114.20 |
Gross Unrealized Holding Gains | 14.3 | 8.4 |
Gross Unrealized Holding Losses | -0.3 | -0.5 |
Fair Value | 134.3 | 122.1 |
Seed money [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 111.8 | 105.5 |
Gross Unrealized Holding Gains | 14.3 | 8.4 |
Gross Unrealized Holding Losses | -0.3 | -0.5 |
Fair Value | 125.8 | 113.4 |
CLOs [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 2.2 | 2.4 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 2.2 | 2.4 |
Other Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 6.3 | 6.3 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | $6.30 | $6.30 |
Investments_Maturities_Of_Avai
Investments (Maturities Of Available-For-Sale Debt Securities) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Investments [Abstract] | ' |
One to five years | $1.70 |
Five to ten years | 6.8 |
Total available-for-sale | $8.50 |
Investments_Breakdown_Of_Avail
Investments (Breakdown Of Available-For-Sale Investments With Unrealized Losses) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | fund | fund |
Number of affiliated funds holding seed money | 41 | 52 |
Seed Money Funds [Member] | ' | ' |
Less Than 12 Months, Fair Value | 11.6 | 0.2 |
Less than 12 Months, Gross Unrealized Losses | -0.2 | 0 |
12 Months or Greater, Fair Value | 0.2 | 11.5 |
12 Months or Greater, Gross Unrealized Losses | -0.1 | -0.5 |
Total, Fair Value | 11.8 | 11.7 |
Total, Gross Unrealized Losses | -0.3 | -0.5 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Line of Credit Facility [Line Items] | ' |
Letters of credit | $33.50 |
Line of credit facility, interest rate during period | 1.28% |
Credit facility interest rate premium over fed funds rate, percentage | 0.50% |
Credit facility interest rate premium over LIBOR rate, percentage | 1.00% |
Margin for LIBOR based loans, percentage | 1.10% |
Margin for base rate loans, percentage | 0.10% |
Line of credit facility commitment fee amount, percentage | 0.15% |
Covenant ratio debt EBITDA maximum numerator, through June 30, 2014 | 3.25 |
Covenant ratio debt EBITDA maximum denominator, through June 30, 2014 | 1 |
Covenant Ratio Debt EBITDA Maximum Numerator, Thereafter | 3 |
Covenant Ratio Debt EBITDA Maximum Denominator Thereafter | 1 |
Covenant ratio coverage maximum numerator | 4 |
Covenant ratio coverage maximum denominator | 1 |
Office Lease Obligations [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Letters of credit | $11.30 |
Debt_Schedule_Of_LongTerm_Debt
Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Floating Rate Credit Facility Expiring June 3, 2016 [Member] | ' | ' |
Debt instrument due date | 'June 3, 2016 | 'June 3, 2016 |
Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total debt | 1,387.60 | 1,186 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Floating Rate Credit Facility Expiring June 3, 2016 [Member] | ' | ' |
Long-term Line of Credit | 788 | 586.5 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Senior Notes | 599.6 | 599.5 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total debt | 1,343.10 | 1,204.80 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Floating Rate Credit Facility Expiring June 3, 2016 [Member] | ' | ' |
Long-term Line of Credit | 788 | 586.5 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Senior Notes | 555.1 | 618.3 |
Debt_Analysis_Of_Borrowings_By
Debt (Analysis Of Borrowings By Maturity) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt | ' | ' |
2016 | $788 | ' |
2022 | 599.6 | ' |
Total debt | $1,387.60 | $1,186 |
Share_Capital_Narrative_Detail
Share Capital (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' |
Shares repurchased | 0 | 1.8 | 3.8 | 8.1 |
Cost of repurchased shares | $0 | $40,000,000 | $120,500,000 | $190,000,000 |
Shares withheld to meet employees' tax withholding obligations | 2.3 | 1.9 | 2.3 | 1.9 |
Fair Value Of Shares Withheld | ' | ' | 61,500,000 | 44,400,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | ' | ' | 346,500,000 | 542,000,000 |
Treasury stock shares | 57.2 | 56.8 | 57.2 | 56.8 |
Treasury shares held, as unvested restricted stock awards | 10 | 10.4 | 10 | 10.4 |
Common shares market price (per share) | ' | ' | $31.90 | ' |
Treasury shares market value | ' | ' | $1,800,000,000 | ' |
Share_Capital_Movements_In_Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Common shares issued | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | -47.2 | -46.4 |
Common shares outstanding | 443.2 | 444 |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/(Loss) (Accumulated Other Comprehensive Income/(Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Currency translation differences on investments in foreign subsidiaries | $202.70 | $171.30 | ($94.20) | $155.20 |
Actuarial (loss)/gain related to employee benefit plans | -5.5 | -2.7 | 1.3 | -1.6 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | -0.5 | -0.5 | -1.5 | -1.5 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 0.5 | 0.4 | 1.9 | 1.2 |
Share of other comprehensive income/(loss) of equity method investments | -3.5 | 1.6 | -5.1 | 4.6 |
Unrealized (losses)/gains on available-for-sale investments | 4.5 | 6.2 | 8.5 | 10 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -1 | -1.3 | -2.4 | -1.7 |
Other comprehensive income/(loss), before tax | 197.2 | 175 | -91.5 | 166.2 |
Tax benefit/(expense) on foreign currency translation adjustments | 0.7 | 0.1 | -0.4 | 0.9 |
Tax on actuarial (loss)/gain related to employee benefit plans | -1.7 | -1.8 | -3.2 | -1.9 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0.1 | 0.2 | 0.3 | 0.3 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | -0.1 | -0.1 | -0.4 | -0.3 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 0.2 | 2.5 | -0.4 | 2.7 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | -0.3 | -2.9 | -0.6 | -2.9 |
Total income tax benefit (expense) related to items of other comprehensive income | -1.1 | -2 | -4.7 | -1.2 |
Accumulated other comprehensive income, net of tax, beginning balance | 243.9 | 389.9 | 530.5 | 373.3 |
Other comprehensive income/(loss), net of tax | 196.1 | 173 | -96.2 | 165 |
Other comprehensive (income)/loss attributable to noncontrolling interest | -5.2 | -24.7 | 0.5 | -0.1 |
Accumulated other comprehensive income, net of tax, ending balance | 434.8 | 538.2 | 434.8 | 538.2 |
Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 202.7 | 171.3 | -94.2 | 155.2 |
Actuarial (loss)/gain related to employee benefit plans | 0 | 0 | 0 | 0 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | 0 | 0 | 0 | 0 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 0 | 0 | 0 | 0 |
Share of other comprehensive income/(loss) of equity method investments | 0 | 0 | 0 | 0 |
Unrealized (losses)/gains on available-for-sale investments | 0 | 0 | 0 | 0 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | 0 | 0 | 0 | 0 |
Other comprehensive income/(loss), before tax | 202.7 | 171.3 | -94.2 | 155.2 |
Tax benefit/(expense) on foreign currency translation adjustments | 0.7 | 0.1 | -0.4 | 0.9 |
Tax on actuarial (loss)/gain related to employee benefit plans | 0 | 0 | 0 | 0 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0 | 0 | 0 | 0 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | 0 | 0 | 0 | 0 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 0 | 0 | 0 | 0 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | 0 | 0 | 0 | 0 |
Total income tax benefit (expense) related to items of other comprehensive income | 0.7 | 0.1 | -0.4 | 0.9 |
Accumulated other comprehensive income, net of tax, beginning balance | 309.4 | 464.5 | 601.7 | 455.2 |
Other comprehensive income/(loss), net of tax | 203.4 | 171.4 | -94.6 | 156.1 |
Other comprehensive (income)/loss attributable to noncontrolling interest | ' | ' | 0.5 | -0.1 |
Accumulated other comprehensive income, net of tax, ending balance | 507.6 | 611.2 | 507.6 | 611.2 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | 0 | 0 |
Actuarial (loss)/gain related to employee benefit plans | -5.5 | -2.7 | 1.3 | -1.6 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | -0.5 | -0.5 | -1.5 | -1.5 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 0.5 | 0.4 | 1.9 | 1.2 |
Share of other comprehensive income/(loss) of equity method investments | 0 | 0 | 0 | 0 |
Unrealized (losses)/gains on available-for-sale investments | 0 | 0 | 0 | 0 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | 0 | 0 | 0 | 0 |
Other comprehensive income/(loss), before tax | -5.5 | -2.8 | 1.7 | -1.9 |
Tax benefit/(expense) on foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Tax on actuarial (loss)/gain related to employee benefit plans | -1.7 | -1.8 | -3.2 | -1.9 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0.1 | 0.2 | 0.3 | 0.3 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | -0.1 | -0.1 | -0.4 | -0.3 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 0 | 0 | 0 | 0 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | 0 | 0 | 0 | 0 |
Total income tax benefit (expense) related to items of other comprehensive income | -1.7 | -1.7 | -3.3 | -1.9 |
Accumulated other comprehensive income, net of tax, beginning balance | -73.8 | -74.1 | -79.4 | -74.8 |
Other comprehensive income/(loss), net of tax | -7.2 | -4.5 | -1.6 | -3.8 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Accumulated other comprehensive income, net of tax, ending balance | -81 | -78.6 | -81 | -78.6 |
Equity Method Investments [Member] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | 0 | 0 |
Actuarial (loss)/gain related to employee benefit plans | 0 | 0 | 0 | 0 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | 0 | 0 | 0 | 0 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 0 | 0 | 0 | 0 |
Share of other comprehensive income/(loss) of equity method investments | -3.5 | 1.6 | -5.1 | 4.6 |
Unrealized (losses)/gains on available-for-sale investments | 0 | 0 | 0 | 0 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | 0 | 0 | 0 | 0 |
Other comprehensive income/(loss), before tax | -3.5 | 1.6 | -5.1 | 4.6 |
Tax benefit/(expense) on foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Tax on actuarial (loss)/gain related to employee benefit plans | 0 | 0 | 0 | 0 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0 | 0 | 0 | 0 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | 0 | 0 | 0 | 0 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 0 | 0 | 0 | 0 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | 0 | 0 | 0 | 0 |
Total income tax benefit (expense) related to items of other comprehensive income | 0 | 0 | 0 | 0 |
Accumulated other comprehensive income, net of tax, beginning balance | 0.5 | -1.3 | 2.1 | -4.3 |
Other comprehensive income/(loss), net of tax | -3.5 | 1.6 | -5.1 | 4.6 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Accumulated other comprehensive income, net of tax, ending balance | -3 | 0.3 | -3 | 0.3 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | 0 | 0 |
Actuarial (loss)/gain related to employee benefit plans | 0 | 0 | 0 | 0 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | 0 | 0 | 0 | 0 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 0 | 0 | 0 | 0 |
Share of other comprehensive income/(loss) of equity method investments | 0 | 0 | 0 | 0 |
Unrealized (losses)/gains on available-for-sale investments | 4.5 | 6.2 | 8.5 | 10 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -1 | -1.3 | -2.4 | -1.7 |
Other comprehensive income/(loss), before tax | 3.5 | 4.9 | 6.1 | 8.3 |
Tax benefit/(expense) on foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Tax on actuarial (loss)/gain related to employee benefit plans | 0 | 0 | 0 | 0 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0 | 0 | 0 | 0 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | 0 | 0 | 0 | 0 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 0.2 | 2.5 | -0.4 | 2.7 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | -0.3 | -2.9 | -0.6 | -2.9 |
Total income tax benefit (expense) related to items of other comprehensive income | -0.1 | -0.4 | -1 | -0.2 |
Accumulated other comprehensive income, net of tax, beginning balance | 7.8 | 0.8 | 6.1 | -2.8 |
Other comprehensive income/(loss), net of tax | 3.4 | 4.5 | 5.1 | 8.1 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 | 0 |
Accumulated other comprehensive income, net of tax, ending balance | $11.20 | $5.30 | $11.20 | $5.30 |
Recovered_Sheet1
Other Comprehensive Income/(loss) Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other comprehensive (income)/loss attributable to noncontrolling interest | ($5.20) | ($24.70) | $0.50 | ($0.10) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 202.7 | 171.3 | -94.2 | 155.2 |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | ' | ' | 0 | 0 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Other comprehensive (income)/loss attributable to noncontrolling interest | -5.2 | -24.7 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | ' | ' | -0.5 | 0.1 |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | ' | ' | -0.5 | 7 |
Retained Earnings Appropriated For Investors In Consolidated Investment Products [Member] | ' | ' | ' | ' |
Currency translation differences on investments in overseas subsidiaries reclassified to appropriated retained earnings | $0.50 | $1.50 | $0.50 | ($7) |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based compensation expense | ' | $103 | $102.90 |
Share awards outstanding, remaining contractual life (years) | ' | 1.59 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 185 | ' | 144.3 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | ' | $19.93 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $291.20 | $291.20 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | '3 years 0 months 4 days | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Proportional vesting rate | ' | 0.00% | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Proportional vesting rate | ' | 100.00% | ' |
ShareBased_Compensation_Moveme
Share-Based Compensation (Movements On Share Awards Priced In U.S. Dollars) (Details) (USD $) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Vested and distributed during the period, Weighted Average Grant Date Fair Value | 19.93 | ' |
Time Vested N y s e [Member] | ' | ' |
Unvested at the beginning of period | 16.5 | 17.3 |
Granted during the period | 5.2 | 5.5 |
Forfeited during the period | -0.4 | -0.3 |
Vested and distributed during the period | -6.6 | -5.6 |
Unvested at the end of the period | 14.7 | 16.9 |
Performance Shares [Member] | ' | ' |
Unvested at the beginning of period | 0.3 | 0 |
Granted during the period | 0.2 | 0.3 |
Forfeited during the period | 0 | 0 |
Vested and distributed during the period | -0.1 | 0 |
Unvested at the end of the period | 0.4 | 0.3 |
Weighted Average Grant Date Fair Value $ [Member] | ' | ' |
Unvested at the beginning of period, Weighted Average Grant Date Fair Value | 22.36 | 20.34 |
Granted during period, Weighted Average Grant Date Fair Value | 26.86 | 24.84 |
Forfeited during the period, Weighted Average Grant Date Fair Value | 24.46 | 21.07 |
Vested and distributed during the period, Weighted Average Grant Date Fair Value | ' | 18.87 |
Unvested at the end of the period, Weighted Average Grant Date Fair Value | 24.99 | 22.31 |
ShareBased_Compensation_Moveme1
Share-Based Compensation (Movements Of Share Awards Priced In Pounds Sterling) (Details) | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
USD ($) | Weighted Average Grant Date Fair Value (Sterling) [Member] | Weighted Average Grant Date Fair Value (Sterling) [Member] | Performance Shares [Member] | Performance Shares [Member] | Time-Vested [Member] | Time-Vested [Member] | |
GBP (£) | GBP (£) | ||||||
Unvested at the beginning of period | ' | ' | ' | 0.3 | 0 | 0.3 | 0.6 |
Vested and distributed during the period | ' | ' | ' | -0.1 | 0 | -0.2 | -0.3 |
Unvested at the end of the period | ' | ' | ' | 0.4 | 0.3 | 0.1 | 0.3 |
Unvested at the beginning of period, Weighted Average Grant Date Fair Value | ' | £ 12.9 | £ 11.25 | ' | ' | ' | ' |
Vested and distributed during the period, Weighted Average Grant Date Fair Value | $19.93 | £ 12.9 | £ 9.66 | ' | ' | ' | ' |
Unvested at the end of the period, Weighted Average Grant Date Fair Value | ' | £ 12.9 | £ 12.9 | ' | ' | ' | ' |
ShareBased_Compensation_Change
Share-Based Compensation (Changes In Share Options Awards) (Details) (GBP £) | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Options [Member] | ' | ' |
Outstanding at the beginning of the period | 2.6 | 4.5 |
Forfeited during the period | 0 | -0.1 |
Exercised during the year | -1 | -1.3 |
Outstanding at the end of the period | 1.6 | 3.1 |
Exercisable at the end of the period | 1.6 | 3.1 |
Weighted Average Exercise Price (Sterling) [Member] | ' | ' |
Outstanding at the beginning of the period Weighted Average Exercise Price | 7.31 | 7.85 |
Forfeited during the period Weighted Average Exercise Price | 0 | 14.8 |
Exercised during the period Weighted Average Exercise Price | 7.38 | 8.29 |
Outstanding at the end of the period Weighted Average Exercise Price | 7.26 | 7.33 |
Exercisable at the end of the period Weighted Average Exercise Price | 7.26 | 7.33 |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ' | ' | ' |
Defined benefit plan, cost recognized | $11.30 | $11.20 | $39.40 | $38.20 |
Retirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Estimated amounts of contribution expected to be paid | 15.9 | ' | 15.9 | ' |
Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Estimated amounts of contribution expected to be paid | $2.30 | ' | $2.30 | ' |
Retirement_Benefit_Plans_Compo
Retirement Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Retirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ($1.20) | ($1.10) | ($3.40) | ($3.30) |
Interest cost | -4.9 | -4.7 | -14.7 | -14.3 |
Expected return on plan assets | 4.3 | 4.4 | 13.1 | 13.2 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of net actuarial (loss)/gain | -0.5 | -0.3 | -1.7 | -0.9 |
Net periodic benefit cost | -2.3 | -1.7 | -6.7 | -5.3 |
Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | -0.1 | -0.2 | -0.3 |
Interest cost | -0.6 | -0.6 | -1.6 | -1.8 |
Expected return on plan assets | 0.2 | 0.1 | 0.4 | 0.3 |
Amortization of prior service cost | 0.5 | 0.5 | 1.5 | 1.5 |
Amortization of net actuarial (loss)/gain | 0 | -0.1 | -0.2 | -0.3 |
Net periodic benefit cost | $0.10 | ($0.20) | ($0.10) | ($0.60) |
Taxation_Details
Taxation (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $16.90 | $22.60 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations, net of taxes | $250.10 | $153.70 | $653.90 | $452 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -20.6 | 13.7 | 0.9 | 59.1 |
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 229.5 | 167.4 | 654.8 | 511.1 |
Income/(loss) from discontinued operations, net of taxes | -1.4 | 3.2 | -1.9 | 7.3 |
Net income attributable to common shareholders | 228.1 | 170.6 | 652.9 | 518.4 |
Weighted average shares outstanding - basic | 447.9 | 451.3 | 448.3 | 453.1 |
Dilutive effect of share-based awards | $0.90 | $1.50 | $1.10 | $1.50 |
Weighted average shares outstanding - diluted | 448.8 | 452.8 | 449.4 | 454.6 |
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.13 |
Earnings per share from discontinued operations | $0 | $0.01 | $0 | $0.02 |
Basic earnings per share | $0.51 | $0.38 | $1.46 | $1.14 |
Earnings per share from continuing operations | $0.51 | $0.37 | $1.46 | $1.12 |
Earnings per share from discontinued operations | $0 | $0.01 | $0 | $0.02 |
Diluted earnings per share | $0.51 | $0.38 | $1.45 | $1.14 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
trusts | ||
Undrawn capital commitments | $151.40 | $209.30 |
Number Of Trusts Entered Into Contingent Support Agreements | 2 | ' |
Total committed support | 21 | ' |
Guarantor obligations, increase in maximum exposure, undiscounted | 66 | ' |
Global sales tax reversed | 20.9 | ' |
Support Agreements [Member] | ' | ' |
Carrying Value | $0 | ' |
Consolidated_Sponsored_Investm2
Consolidated Sponsored Investment Products (Balances Related To CSIP) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Schedule of Investments [Abstract] | ' |
Investments of CSIP | $88.60 |
Other assets of CSIP | 5.7 |
Less: Other liabilities of CSIP | -0.5 |
Less: Equity attributable to nonredeemable noncontrolling interests | -7.6 |
Invesco's net interests in CSIP | $86.20 |
Invesco's net interests as a percentage of investments of CSIP | 97.30% |
Consolidated_Sponsored_Investm3
Consolidated Sponsored Investment Products (Fair Value Hierarchy Levels Of Investments Held By Consolidated Sponsored Investment Products) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | $15 |
Unfunded commitments | 0 |
Redemption notice period | '10 days |
Investments in Other Private Equity Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 13.2 |
Unfunded commitments | 34.2 |
Weighted average remaining term | '8 years 6 months |
Fair Value Measurements [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 88.6 |
Fair Value Measurements [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 33.7 |
Fair Value Measurements [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 26.7 |
Fair Value Measurements [Member] | Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 15 |
Fair Value Measurements [Member] | Investments in Other Private Equity Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 13.2 |
Quoted Prices in Active Markets for Identical Assets [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 43.3 |
Quoted Prices in Active Markets for Identical Assets [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 2.1 |
Quoted Prices in Active Markets for Identical Assets [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 26.2 |
Quoted Prices in Active Markets for Identical Assets [Member] | Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 15 |
Quoted Prices in Active Markets for Identical Assets [Member] | Investments in Other Private Equity Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Other Observable Inputs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 32.1 |
Significant Other Observable Inputs [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 31.6 |
Significant Other Observable Inputs [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0.5 |
Significant Other Observable Inputs [Member] | Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Other Observable Inputs [Member] | Investments in Other Private Equity Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Unobservable Inputs [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 13.2 |
Significant Unobservable Inputs [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Unobservable Inputs [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Unobservable Inputs [Member] | Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Unobservable Inputs [Member] | Investments in Other Private Equity Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | $13.20 |
Consolidated_Sponsored_Investm4
Consolidated Sponsored Investment Products (Reconciliation of Significant Unobservable Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance (Asset) | $0 | $0 |
Consolidation of CSIP | 13.2 | 13.2 |
Ending balance (Asset) | $13.20 | $13.20 |
Consolidated_Investment_Produc2
Consolidated Investment Products (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
variable_interest_entity | |||||
voting_interest_entity | |||||
Consolidated Investment Products [Abstract] | ' | ' | ' | ' | ' |
VIEs invested in and consolidated, number of entities | ' | ' | 4 | ' | ' |
VOE invested in and consolidated, number of entities | ' | ' | 1 | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Investment Income | $6,000,000 | $42,600,000 | $8,000,000 | $39,500,000 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 6,100,000 | ' | ' | ' | ' |
Percentage of VIE general partnership interest | ' | ' | 1.00% | ' | ' |
Pay interest at Libor or Euribor plus | ' | ' | 14.00% | ' | ' |
Collateral assets, default percentage | ' | ' | 1.10% | ' | 1.80% |
Weighted average maturity (years) | ' | ' | 9 | ' | ' |
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread low | ' | ' | 0.21% | ' | ' |
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread high | ' | ' | 7.10% | ' | ' |
Outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately | ' | ' | 200,000,000 | ' | 300,000,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | 58,600,000 | ' | 58,600,000 | ' | 94,100,000 |
2015 [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
CLOs mature at various dates | ' | ' | '2015 | ' | ' |
2024 [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
CLOs mature at various dates | ' | ' | '2025 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | 100,800,000 | ' | 100,800,000 | ' | 125,000,000 |
Senior Secured Bank Loans And Bonds [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Fair value, option, aggregate differences, long-term debt instruments | 58,400,000 | ' | 58,400,000 | ' | 121,600,000 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | 448,200,000 | ' | 448,200,000 | ' | ' |
Private Equity Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | ' | ' | ' | ' | 503,500,000 |
Private Equity Funds, Priced Using Private Market Transactions [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | ' | ' | ' | ' | 50,000,000 |
Private Equity Funds, Priced Using Private Market Transactions [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | 5,700,000 | ' | 5,700,000 | ' | ' |
Private Equity Funds, Priced Using NAV Practical Expedient [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | ' | ' | ' | ' | 503,500,000 |
Private Equity Funds, Priced Using NAV Practical Expedient [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Private equity fund assets | 448,200,000 | ' | 448,200,000 | ' | ' |
CLOs [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Gain (loss) on derivative instruments, net, pretax | ' | $3,800,000 | ' | $10,500,000 | ' |
Swap [Member] | VIEs [Member] | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | 0 | ' | 0 | ' | 0 |
Consolidated_Investment_Produc3
Consolidated Investment Products (Balances Related to CIP) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Consolidated Investment Products [Abstract] | ' | ' |
Cash and cash equivalents of consolidated investment products | $445 | $287.80 |
Investments of CIP | 4,514.60 | 4,550.60 |
Accounts receivable and other assets of CIP | 62.2 | 84.1 |
Less: Debt of CIP | -4,003.10 | -3,899.40 |
Less: Other liabilities of CIP | -251 | -104.3 |
Less: Retained earnings appropriated for investors in CIP | -106.3 | -128.8 |
Less: Equity attributable to nonredeemable noncontrolling interests | -578.9 | -727.8 |
Invesco's net interests in CIP | $82.50 | $62.20 |
Invesco's net interests as a percentage of investments of CIP | 1.83% | 1.37% |
Consolidated_Investment_Produc4
Consolidated Investment Products (Company's Maximum Risk Of Loss In Significant VIE's) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Total committed support | $21 |
Guarantor obligations, increase in maximum exposure, undiscounted | 66 |
CLOs [Member] | ' |
Carrying Value | 2.2 |
Partnership And Trust Investments [Member] | ' |
Carrying Value | 29.2 |
Company's Maximum Risk of Loss | 29.2 |
Investments In Invesco Mortgage Capital Inc. [Member] | ' |
Carrying Value | 27.7 |
Company's Maximum Risk of Loss | 27.7 |
Support Agreements [Member] | ' |
Carrying Value | 0 |
Company's Maximum Risk of Loss | 21 |
Total Maximum Risk Of Loss Associated With VIEs [Member] | ' |
Company's Maximum Risk of Loss | $80.10 |
Consolidated_Investment_Produc5
Consolidated Investment Products (Condensed Consolidating Balance Sheet Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | $445 | $287.80 | ' | ' |
Accounts receivable and other assets of CIP | 62.2 | 84.1 | ' | ' |
Investments of CIP | 4,514.60 | 4,550.60 | ' | ' |
Total assets | 18,763.50 | 17,492.40 | ' | ' |
Debt of CIP | 4,003.10 | 3,899.40 | ' | ' |
Other liabilities of CIP | 251 | 104.3 | ' | ' |
Total liabilities | 9,644.10 | 8,443.40 | ' | ' |
Equity | 9,119.40 | 9,049 | 9,197.40 | 9,137.60 |
Retained earnings appropriated for investors in consolidated investment products | 106.3 | 128.8 | ' | ' |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 578.9 | 727.8 | ' | ' |
Total liabilities and equity | 18,763.50 | 17,492.40 | ' | ' |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 7.1 | ' | ' | ' |
Accounts receivable and other assets of CIP | 15.2 | ' | ' | ' |
Investments of CIP | 76.1 | ' | ' | ' |
Total assets | 98.4 | ' | ' | ' |
Debt of CIP | 25 | ' | ' | ' |
Other liabilities of CIP | 36 | ' | ' | ' |
Total liabilities | 61 | ' | ' | ' |
Equity | 37.4 | ' | ' | ' |
Total liabilities and equity | 98.4 | ' | ' | ' |
Consolidated Investment Products [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 445 | 287.8 | ' | ' |
Accounts receivable and other assets of CIP | 62.2 | 84.1 | ' | ' |
Investments of CIP | 4,514.60 | 4,550.60 | ' | ' |
Adjustments (1) | -82.5 | -71.1 | ' | ' |
Total assets | 4,939.30 | 4,851.40 | ' | ' |
Debt of CIP | 4,003.10 | 3,899.40 | ' | ' |
Other liabilities of CIP | 251.1 | 104.3 | ' | ' |
Adjustments (1) | ' | -8.9 | ' | ' |
Total liabilities | 4,254.20 | 3,994.80 | ' | ' |
Retained earnings appropriated for investors in consolidated investment products | 106.3 | 128.8 | ' | ' |
Other equity attributable to common shareholders | -0.9 | 0 | ' | ' |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 579.7 | 727.8 | ' | ' |
Total liabilities and equity | 4,939.30 | 4,851.40 | ' | ' |
CLOs - VIEs [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 393.6 | 211.8 | ' | ' |
Accounts receivable and other assets of CIP | 59.9 | 54.6 | ' | ' |
Investments of CIP | 4,017.10 | 3,948 | ' | ' |
Adjustments (1) | 0 | 0 | ' | ' |
Total assets | 4,470.60 | 4,214.40 | ' | ' |
Debt of CIP | 4,111.80 | 3,980.70 | ' | ' |
Other liabilities of CIP | 252.4 | 105.3 | ' | ' |
Adjustments (1) | ' | 0 | ' | ' |
Total liabilities | 4,364.20 | 4,086 | ' | ' |
Retained earnings appropriated for investors in consolidated investment products | 106.7 | 128.8 | ' | ' |
Other equity attributable to common shareholders | -0.3 | -0.4 | ' | ' |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 0 | 0 | ' | ' |
Total liabilities and equity | 4,470.60 | 4,214.40 | ' | ' |
Other VIEs [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 1.7 | 0.2 | ' | ' |
Accounts receivable and other assets of CIP | 0.3 | 0.2 | ' | ' |
Investments of CIP | 39.8 | 35.9 | ' | ' |
Adjustments (1) | 0 | 0 | ' | ' |
Total assets | 41.8 | 36.3 | ' | ' |
Debt of CIP | 0 | 0 | ' | ' |
Other liabilities of CIP | 0.6 | 0.5 | ' | ' |
Adjustments (1) | ' | 0 | ' | ' |
Total liabilities | 0.6 | 0.5 | ' | ' |
Retained earnings appropriated for investors in consolidated investment products | 0 | 0 | ' | ' |
Other equity attributable to common shareholders | -0.2 | -0.1 | ' | ' |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 41.4 | 35.9 | ' | ' |
Total liabilities and equity | 41.8 | 36.3 | ' | ' |
VOEs [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 49.7 | 75.8 | ' | ' |
Accounts receivable and other assets of CIP | 2 | 29.3 | ' | ' |
Investments of CIP | 511.3 | 607.9 | ' | ' |
Adjustments (1) | 0 | 15.8 | ' | ' |
Total assets | 563 | 728.8 | ' | ' |
Debt of CIP | 0 | 0 | ' | ' |
Other liabilities of CIP | 2.8 | 2.9 | ' | ' |
Adjustments (1) | ' | 0 | ' | ' |
Total liabilities | 2.8 | 2.9 | ' | ' |
Retained earnings appropriated for investors in consolidated investment products | -0.4 | 0 | ' | ' |
Other equity attributable to common shareholders | 22.3 | 34 | ' | ' |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 538.3 | 691.9 | ' | ' |
Total liabilities and equity | 563 | 728.8 | ' | ' |
VIE Adjustments [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 0 | 0 | ' | ' |
Accounts receivable and other assets of CIP | 0 | 0 | ' | ' |
Investments of CIP | -53.6 | -41.2 | ' | ' |
Adjustments (1) | -82.5 | -86.9 | ' | ' |
Total assets | -136.1 | -128.1 | ' | ' |
Debt of CIP | -108.7 | -81.3 | ' | ' |
Other liabilities of CIP | -4.7 | -4.4 | ' | ' |
Adjustments (1) | ' | -8.9 | ' | ' |
Total liabilities | -113.4 | -94.6 | ' | ' |
Retained earnings appropriated for investors in consolidated investment products | 0 | 0 | ' | ' |
Other equity attributable to common shareholders | -22.7 | -33.5 | ' | ' |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 0 | 0 | ' | ' |
Total liabilities and equity | -136.1 | -128.1 | ' | ' |
New CLO [Member] | CLOs - VIEs [Member] | ' | ' | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 573.4 | ' | ' | ' |
Accounts receivable and other assets of CIP | 15.4 | ' | ' | ' |
Investments of CIP | 738.3 | ' | ' | ' |
Total assets | 1,327.10 | ' | ' | ' |
Debt of CIP | 856.5 | ' | ' | ' |
Other liabilities of CIP | 462 | ' | ' | ' |
Total liabilities | 1,318.50 | ' | ' | ' |
Equity | 8.6 | ' | ' | ' |
Total liabilities and equity | $1,327.10 | ' | ' | ' |
Consolidated_Investment_Produc6
Consolidated Investment Products (Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Total operating revenues | $1,171.80 | $1,013.90 | $3,419.50 | $3,003.70 |
Total operating expenses | 885.8 | 803 | 2,592.60 | 2,366.60 |
Operating income | 286 | 210.9 | 826.9 | 637.1 |
Equity in earnings of unconsolidated affiliates | 10.3 | 5.2 | 25.3 | 21.8 |
Income tax provision | -92.9 | -72.3 | -262.7 | -205.8 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 250.1 | 153.7 | 653.9 | 452 |
Income/(loss) from discontinued operations, net of taxes | -1.4 | 3.2 | -1.9 | 7.3 |
Net income | 248.7 | 156.9 | 652 | 459.3 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -20.6 | 13.7 | 0.9 | 59.1 |
Net income attributable to common shareholders | 228.1 | 170.6 | 652.9 | 518.4 |
Consolidated Investment Products [Member] | ' | ' | ' | ' |
Total operating revenues | -12 | -11.5 | -29.8 | -32.4 |
Total operating expenses | 13 | 2.3 | 24.8 | 23.1 |
Operating income | -25 | -13.8 | -54.6 | -55.5 |
Equity in earnings of unconsolidated affiliates | -2.2 | -0.5 | -3.4 | 0.1 |
Interest and dividend income | 45.5 | 65.3 | 142.8 | 196.1 |
Other investment income/(losses) | 26.4 | -33.9 | 3.7 | -78.5 |
Interest expense | -33.5 | -41.9 | -96.8 | -134.4 |
Income from continuing operations before income taxes | 11.2 | -24.8 | -8.3 | -72.2 |
Income tax provision | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 11.2 | -24.8 | -8.3 | -72.2 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 11.2 | -24.8 | -8.3 | -72.2 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -20.6 | 13.7 | -1.5 | 59.1 |
Net income attributable to common shareholders | -9.4 | -11.1 | -9.8 | -13.1 |
CLOs - VIEs [Member] | ' | ' | ' | ' |
Total operating revenues | 0 | 0 | 0 | 0 |
Total operating expenses | 23.4 | 9.9 | 48.9 | 34 |
Operating income | -23.4 | -9.9 | -48.9 | -34 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest and dividend income | 48.8 | 68.7 | 155.5 | 206.4 |
Other investment income/(losses) | 23.4 | -38.5 | -15.8 | -79.1 |
Interest expense | -36.8 | -45.3 | -109.5 | -144.7 |
Income from continuing operations before income taxes | 12 | -25 | -18.7 | -51.4 |
Income tax provision | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 12 | -25 | -18.7 | -51.4 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 12 | -25 | -18.7 | -51.4 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -11.9 | 25 | 18.9 | 51.4 |
Net income attributable to common shareholders | 0.1 | 0 | 0.2 | 0 |
Other VIEs [Member] | ' | ' | ' | ' |
Total operating revenues | 0 | 0 | 0 | 0 |
Total operating expenses | 0.3 | 0.2 | 0.8 | 0.7 |
Operating income | -0.3 | -0.2 | -0.8 | -0.7 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 | 0 |
Other investment income/(losses) | 1.1 | 1.6 | 1.3 | 2.5 |
Interest expense | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | 0.8 | 1.4 | 0.5 | 1.8 |
Income tax provision | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 0.8 | 1.4 | 0.5 | 1.8 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 0.8 | 1.4 | 0.5 | 1.8 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -0.8 | -1.4 | -0.5 | -1.8 |
Net income attributable to common shareholders | 0 | 0 | 0 | 0 |
VOEs [Member] | ' | ' | ' | ' |
Total operating revenues | 0 | 0 | 0.4 | 0 |
Total operating expenses | 1.3 | 3.7 | 5.3 | 20.8 |
Operating income | -1.3 | -3.7 | -4.9 | -20.8 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 | 0 |
Other investment income/(losses) | 11.3 | 14.2 | 28.6 | 11.2 |
Interest expense | 0 | 0 | 0 | 0 |
Income from continuing operations before income taxes | 10 | 10.5 | 23.7 | -9.6 |
Income tax provision | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 10 | 10.5 | 23.7 | -9.6 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 10 | 10.5 | 23.7 | -9.6 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -7.9 | -9.9 | -19.9 | 9.5 |
Net income attributable to common shareholders | 2.1 | 0.6 | 3.8 | -0.1 |
VIE Adjustments [Member] | ' | ' | ' | ' |
Total operating revenues | -12 | -11.5 | -30.2 | -32.4 |
Total operating expenses | -12 | -11.5 | -30.2 | -32.4 |
Operating income | 0 | 0 | 0 | 0 |
Equity in earnings of unconsolidated affiliates | -2.2 | -0.5 | -3.4 | 0.1 |
Interest and dividend income | -3.3 | -3.4 | -12.7 | -10.3 |
Other investment income/(losses) | -9.4 | -11.2 | -10.4 | -13.1 |
Interest expense | 3.3 | 3.4 | 12.7 | 10.3 |
Income from continuing operations before income taxes | -11.6 | -11.7 | -13.8 | -13 |
Income tax provision | 0 | 0 | 0 | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -11.6 | -11.7 | -13.8 | -13 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | -11.6 | -11.7 | -13.8 | -13 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 0 | 0 | 0 | 0 |
Net income attributable to common shareholders | ($11.60) | ($11.70) | ($13.80) | ($13) |
Consolidated_Investment_Produc7
Consolidated Investment Products (Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CLO notes | ($9,644.10) | ($8,443.40) |
Fair Value Measurements [Member] | ' | ' |
Private equity fund assets | 100.8 | 125 |
Real estate investments | ' | 5.3 |
Total assets at fair value | 4,514.60 | 4,550.60 |
Total liabilities at fair value | -4,003.10 | -3,899.40 |
Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Private equity fund assets | 37.4 | 21 |
Real estate investments | ' | 0 |
Total assets at fair value | 39.4 | 31 |
Total liabilities at fair value | 0 | 0 |
Significant Other Observable Inputs [Member] | ' | ' |
Private equity fund assets | 4.8 | 9.9 |
Real estate investments | ' | 0 |
Total assets at fair value | 3,968.40 | 3,916.70 |
Total liabilities at fair value | 0 | 0 |
Significant Unobservable Inputs [Member] | ' | ' |
Private equity fund assets | 58.6 | 94.1 |
Real estate investments | ' | 5.3 |
Total assets at fair value | 506.8 | 602.9 |
Total liabilities at fair value | -4,003.10 | -3,899.40 |
Bank Loans [Member] | Fair Value Measurements [Member] | ' | ' |
CLO collateral assets | 3,795.10 | 3,709.30 |
Bank Loans [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
CLO collateral assets | 0 | 0 |
Bank Loans [Member] | Significant Other Observable Inputs [Member] | ' | ' |
CLO collateral assets | 3,795.10 | 3,709.30 |
Bank Loans [Member] | Significant Unobservable Inputs [Member] | ' | ' |
CLO collateral assets | 0 | 0 |
Bonds [Member] | Fair Value Measurements [Member] | ' | ' |
CLO collateral assets | 151 | 185.4 |
Bonds [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
CLO collateral assets | 0 | 0 |
Bonds [Member] | Significant Other Observable Inputs [Member] | ' | ' |
CLO collateral assets | 151 | 185.4 |
Bonds [Member] | Significant Unobservable Inputs [Member] | ' | ' |
CLO collateral assets | 0 | 0 |
Equity Securities [Member] | Fair Value Measurements [Member] | ' | ' |
CLO collateral assets | 17.5 | 12.1 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
CLO collateral assets | 0 | 0 |
Equity Securities [Member] | Significant Other Observable Inputs [Member] | ' | ' |
CLO collateral assets | 17.5 | 12.1 |
Equity Securities [Member] | Significant Unobservable Inputs [Member] | ' | ' |
CLO collateral assets | 0 | 0 |
Investments in Other Private Equity Funds [Member] | Fair Value Measurements [Member] | ' | ' |
Private equity fund assets | ' | 503.5 |
Investments in Other Private Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Private equity fund assets | 0 | 0 |
Investments in Other Private Equity Funds [Member] | Significant Other Observable Inputs [Member] | ' | ' |
Private equity fund assets | 0 | 0 |
Investments in Other Private Equity Funds [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Private equity fund assets | 448.2 | ' |
Debt Securities Issued By U.S. Treasury [Member] | Fair Value Measurements [Member] | ' | ' |
Private equity fund assets | 2 | 10 |
Debt Securities Issued By U.S. Treasury [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Private equity fund assets | 2 | 10 |
Debt Securities Issued By U.S. Treasury [Member] | Significant Other Observable Inputs [Member] | ' | ' |
Private equity fund assets | 0 | 0 |
Debt Securities Issued By U.S. Treasury [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Private equity fund assets | 0 | 0 |
CLO Notes [Member] | Fair Value Measurements [Member] | ' | ' |
CLO notes | -4,003.10 | -3,899.40 |
CLO Notes [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
CLO notes | 0 | 0 |
CLO Notes [Member] | Significant Other Observable Inputs [Member] | ' | ' |
CLO notes | 0 | 0 |
CLO Notes [Member] | Significant Unobservable Inputs [Member] | ' | ' |
CLO notes | ($4,003.10) | ($3,899.40) |
Consolidated_Investment_Produc8
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Beginning balance (Asset) | $0 | ' | $0 | ' |
Transfers to Level 2 | 6.1 | ' | ' | ' |
Ending balance (Asset) | 13.2 | ' | 13.2 | ' |
Net unrealized gains/losses attributable to investments | 6 | 42.6 | 8 | 39.5 |
Level 3 Assets [Member] | ' | ' | ' | ' |
Beginning balance (Asset) | 508.3 | 854.6 | 602.9 | 929.1 |
Purchases, Assets | 8.3 | 6.2 | 21.6 | 6.7 |
Sales, Assets | -24.5 | -92.3 | -115.7 | -148 |
Issuances, Assets | 0 | 0 | 3.8 | 0 |
Settlements, Assets | 0 | 0 | 0 | 0 |
Deconsolidation of CIP | 0 | 0 | -18.4 | 0 |
Gain and losses included in the Condensed Consolidated Statement of Income, Level 3 Assets | 14.7 | 23.3 | 19.2 | 14.5 |
Transfers to Level 2 | 0 | ' | -6.1 | ' |
Foreign exchange, Assets | 0 | 4.8 | -0.5 | -5.7 |
Ending balance (Asset) | 506.8 | 796.6 | 506.8 | 796.6 |
Level 3 Liabilities [Member] | ' | ' | ' | ' |
Beginning balance (Liability) | -4,044.30 | -5,069.70 | -3,899.40 | -5,512.90 |
Purchases, Liabilities | 0 | 0 | 0 | 0 |
Sales, Liabilities | 0 | 0 | 0 | 0 |
Issuances, Liabilities | -408.1 | -433.1 | -813.1 | -758.4 |
Settlements, Liabilities | 410.9 | 354.7 | 768.2 | 550.5 |
Deconsolidation of CIP | 0 | 1,550.30 | 0 | 2,123.70 |
Gain and losses included in the Condensed Consolidated Statement of Income, Level 3 Liabilities | 43.7 | -121.2 | -54.8 | -279.9 |
Transfers to Level 2 | 0 | ' | 0 | ' |
Foreign exchange, Liabilities | -5.3 | -136 | -4 | 22 |
Ending balance (Liability) | ($4,003.10) | ($3,855) | ($4,003.10) | ($3,855) |
Consolidated_Investment_Produc9
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | 2012 and Thereafter [Member] |
USD ($) | USD ($) | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Private Equity Fund, Equity Securities [Member] | Private Equity Fund, Equity Securities [Member] | Private Equity Fund, Equity Securities [Member] | Private Equity Fund, Equity Securities [Member] | Private Equity Fund, Equity Securities [Member] | Private Equity Fund, Equity Securities [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | CLO Notes [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | ||||
USD ($) | USD ($) | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | Significant Unobservable Inputs [Member] | ||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum Weighted Average [Member] | Maximum Weighted Average [Member] | ||||||||
EURIBOR [Member] | EURIBOR [Member] | LIBOR [Member] | LIBOR [Member] | EURIBOR [Member] | EURIBOR [Member] | LIBOR [Member] | LIBOR [Member] | EURIBOR [Member] | EURIBOR [Member] | LIBOR [Member] | LIBOR [Member] | |||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private equity fund assets | ' | ' | $58.60 | $94.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | ($9,644.10) | ($8,443.40) | ' | ' | ($4,003.10) | ($3,899.40) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue Multiple | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 500.00% | 400.00% | 300.00% | 190.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount Rate | ' | ' | ' | ' | ' | ' | 24.00% | 15.00% | 50.00% | 50.00% | 28.20% | 27.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | 7.00% | 6.86% | ' | ' | ' |
In-Place Rent Rates (in JPY per sqft) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218 | 397 | ' | 231 | 384 | ' |
Market Rent Rates (in JPY per sqft) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333 | 417 | ' | 348 | 379 | ' |
Revenue Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.18% | ' | ' | ' |
Exit Capitalization Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.25% | 7.11% | ' | ' | ' |
Stabilized Occupancy Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' |
Expense Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Probability of Default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | 3.00% | 1.00% | 1.00% | 5.00% | 5.00% | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% |
Assumed Default Rate, less than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | 3.30% | 1.60% | 1.10% | ' | ' | ' | ' | ' | ' |
Assumed Default Rate, more than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' |
Spread over variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 3.25% | 1.28% | 1.30% | 10.80% | 19.20% | 8.82% | 16.32% | 2.94% | 5.63% | 2.02% | 3.23% | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Consolidated Investment Products (Private Equity) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Private Equity Fund of Funds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment owned, at fair value | $434.50 | $498.90 |
Unfunded commitments | 120.2 | 127.5 |
Weighted average remaining term | '2 years 10 months 24 days | '2 years 8 months 12 days |
Private Equity Funds [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Investment owned, at fair value | 13.7 | 4.6 |
Unfunded commitments | $74 | $5 |
Weighted average remaining term | '7 years 9 months 18 days | '1 year |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Investment management fees | $914.40 | $790.60 | $2,644.50 | $2,309.60 | ' | ' | ' |
Performance fees | 5.1 | 3 | 47.2 | 39 | ' | ' | ' |
Other | 31.6 | 24.3 | 85.1 | 83 | ' | ' | ' |
Total operating revenues | 1,171.80 | 1,013.90 | 3,419.50 | 3,003.70 | ' | ' | ' |
Affiliated asset balances: | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | 1,174.50 | 880.1 | 1,174.50 | 880.1 | 835.5 | 835.5 | 727.4 |
Unsettled fund receivables | 1,003.10 | ' | 1,003.10 | ' | 550.1 | ' | ' |
Accounts receivable | 475.6 | ' | 475.6 | ' | 449.4 | ' | ' |
Assets held for policyholders | 1,449 | ' | 1,449 | ' | 1,153.60 | ' | ' |
Assets held for sale | 106.7 | ' | 106.7 | ' | 0 | ' | ' |
Other assets | 107.6 | ' | 107.6 | ' | 146.8 | ' | ' |
Total assets | 18,763.50 | ' | 18,763.50 | ' | 17,492.40 | ' | ' |
Affiliated liability balances: | ' | ' | ' | ' | ' | ' | ' |
Accrued compensation and benefits | 565.5 | ' | 565.5 | ' | 609.8 | ' | ' |
Accounts payable and accrued expenses | 660.3 | ' | 660.3 | ' | 626.4 | ' | ' |
Unsettled fund payables | 993.8 | ' | 993.8 | ' | 552.5 | ' | ' |
Total liabilities | 9,644.10 | ' | 9,644.10 | ' | 8,443.40 | ' | ' |
Affiliated Entity [Member] | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Investment management fees | 811.3 | 697.1 | 2,343.10 | 2,030.40 | ' | ' | ' |
Service and distribution fees | 216.7 | 181.6 | 630 | 557.4 | ' | ' | ' |
Performance fees | 3.6 | 2 | 37.6 | 33.9 | ' | ' | ' |
Other | 26.1 | 23.6 | 78.9 | 76.7 | ' | ' | ' |
Total operating revenues | 1,057.70 | 904.3 | 3,089.60 | 2,698.40 | ' | ' | ' |
Affiliated asset balances: | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | 319.6 | ' | 319.6 | ' | 223.2 | ' | ' |
Unsettled fund receivables | 377.5 | ' | 377.5 | ' | 131.5 | ' | ' |
Accounts receivable | 300.1 | ' | 300.1 | ' | 258.3 | ' | ' |
Investments | 648.4 | ' | 648.4 | ' | 562.8 | ' | ' |
Assets held for policyholders | 1,448.70 | ' | 1,448.70 | ' | 1,153.20 | ' | ' |
Assets held for sale | 4.5 | ' | 4.5 | ' | 0 | ' | ' |
Other assets | 9.2 | ' | 9.2 | ' | 32.7 | ' | ' |
Total assets | 3,108 | ' | 3,108 | ' | 2,361.70 | ' | ' |
Affiliated liability balances: | ' | ' | ' | ' | ' | ' | ' |
Accrued compensation and benefits | 149.5 | ' | 149.5 | ' | 234.3 | ' | ' |
Accounts payable and accrued expenses | 19 | ' | 19 | ' | 21.5 | ' | ' |
Unsettled fund payables | 428.6 | ' | 428.6 | ' | 266 | ' | ' |
Total liabilities | $597.10 | ' | $597.10 | ' | $521.80 | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 11, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | $210 |
Discontinued operations, adjustment to estimated future gain on disposal | 30 | 30 | ' |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | '10.1 | '24 | ' |
Cost associated with exit or disposal activities - net of tax | 6.5 | 15.3 | ' |
Other Disposal Group [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Assets of Disposal Group, Including Discontinued Operation | $2.60 | $2.60 | ' |
Discontinued_Operations_Assets
Discontinued Operations (Assets held for sale) (Details) (Atlantic Trust [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Atlantic Trust [Member] | ' |
Assets | ' |
Receivables and other assets | $17.30 |
Property and equipment, net | 14.5 |
Intangible assets, net | 2.2 |
Goodwill | 70.1 |
Total assets held for sale | 104.1 |
Liabilities | ' |
Accrued expenses | 1.6 |
Total liabilities held for sale | $1.60 |
Discontinued_Operations_Compon
Discontinued Operations (Components of income from discontinued operations, net of tax) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Operating revenue | $31.90 | $27.50 | $92.90 | $80.40 |
Operating expenses | -34.1 | -22.4 | -95.9 | -68.8 |
Income (loss) from discontinued operations before income taxes | -2.2 | 5.1 | -3 | 11.6 |
Income tax (provision)/benefit | 0.8 | -1.9 | 1.1 | -4.3 |
Income (loss) from discontinued operations, net of tax | ($1.40) | $3.20 | ($1.90) | $7.30 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
In Billions, except Per Share data, unless otherwise specified | Oct. 11, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Share repurchase program, additional authorized amount | $1.50 | ' |
Dividends payable, amount per share | ' | $0.23 |