Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 |
Document 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 433,151,051 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $12 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,331.20 | $835.50 |
Unsettled fund receivables | 932.4 | 550.1 |
Accounts receivable | 500.8 | 449.4 |
Investments | 839.7 | 610.7 |
Assets of consolidated sponsored investment products (CSIP) | 108.5 | 0 |
Cash and cash equivalents of CIP | 583.6 | 287.8 |
Accounts receivable and other assets of CIP | 58.3 | 84.1 |
Investments of CIP | 4,734.70 | 4,550.60 |
Assets held for policyholders | 1,416 | 1,153.60 |
Prepaid assets | 101.4 | 99.9 |
Other assets | 174.7 | 146.8 |
Deferred tax asset, net | 7.4 | 38.4 |
Property and equipment, net | 350.8 | 349.6 |
Intangible assets, net | 1,263.70 | 1,287.70 |
Goodwill | 6,867.30 | 7,048.20 |
Total assets | 19,270.50 | 17,492.40 |
LIABILITIES | ' | ' |
Accrued compensation and benefits | 676.4 | 609.8 |
Accounts payable and accrued expenses | 763.1 | 626.4 |
Debt of CIP | 4,181.70 | 3,899.40 |
Other liabilities of CIP | 461.8 | 104.3 |
Policyholder payables | 1,416 | 1,153.60 |
Unsettled fund payables | 882 | 552.5 |
Long-term debt | 1,588.60 | 1,186 |
Deferred tax liabilities, net | 323.6 | 311.4 |
Total liabilities | 10,293.20 | 8,443.40 |
Commitments and contingencies (See Note 18) | ' | ' |
Equity attributable to common shareholders: | ' | ' |
Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of December 31, 2013, and 2012) | 98.1 | 98.1 |
Additional paid-in-capital | 6,100.80 | 6,141 |
Treasury shares | -1,700.40 | -1,382.90 |
Retained earnings | 3,361.90 | 2,801.30 |
Retained earnings appropriated for investors in CIP | 104.3 | 128.8 |
Accumulated other comprehensive income, net of tax | 427.9 | 530.5 |
Total equity attributable to common shareholders | 8,392.60 | 8,316.80 |
Equity attributable to noncontrolling interests in consolidated entities | 584.7 | 732.2 |
Total equity | 8,977.30 | 9,049 |
Total liabilities and equity | $19,270.50 | $17,492.40 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.20 | $0.20 |
Common stock, shares authorized | 1,050,000,000 | 1,050,000,000 |
Common stock, shares issued | 490,400,000 | 490,400,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues: | ' | ' | ' |
Investment management fees | $3,599.60 | $3,127.80 | $3,040.70 |
Service and distribution fees | 872.8 | 771.6 | 780.2 |
Performance fees | 55.9 | 41.4 | 26 |
Other | 116.3 | 109.6 | 135.4 |
Total operating revenues | 4,644.60 | 4,050.40 | 3,982.30 |
Operating expenses: | ' | ' | ' |
Employee compensation | 1,329.30 | 1,228 | 1,180.70 |
Third-party distribution, service and advisory | 1,489.20 | 1,308.20 | 1,279.40 |
Marketing | 98.6 | 102.2 | 85.3 |
Property, office and technology | 292.8 | 265.1 | 242.9 |
General and administrative | 311.3 | 296.1 | 282.5 |
Transaction and integration | 3.2 | 8.2 | 29.4 |
Total operating expenses | 3,524.40 | 3,207.80 | 3,100.20 |
Operating Income (Loss) | 1,120.20 | 842.6 | 882.1 |
Other income/(expense): | ' | ' | ' |
Equity in earnings of unconsolidated affiliates | 35.5 | 29.7 | 30.5 |
Interest and dividend income | 10 | 9.8 | 11 |
Interest expense | -44.6 | -52.3 | -61.8 |
Other gains and losses, net | 2.6 | 8.3 | 49 |
Other income/(loss) of CSIP, net | 2.9 | 0 | 0 |
Interest and dividend income of CIP | 190 | 258.5 | 307.2 |
Interest expense of CIP | -123.3 | -168.3 | -187 |
Other gains/(losses) of CIP, net | 61.9 | -97.7 | -138.9 |
Income from continuing operations before income taxes | 1,255.20 | 830.6 | 892.1 |
Income tax provision | -336.9 | -261.4 | -280 |
Income from continuing operations, net of taxes | 918.3 | 569.2 | 612.1 |
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 |
Net income | 982.8 | 587.3 | 622 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -42.5 | 89.8 | 107.7 |
Net income attributable to common shareholders | $940.30 | $677.10 | $729.70 |
Basic: | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $1.96 | $1.46 | $1.55 |
Earnings per share from discontinued operations (usd per share) | $0.14 | $0.04 | $0.02 |
Basic earnings per share (usd per share) | $2.10 | $1.50 | $1.58 |
Diluted: | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $1.95 | $1.45 | $1.55 |
Earnings per share from discontinued operations (usd per share) | $0.14 | $0.04 | $0.02 |
Diluted earnings per share (usd per share) | $2.10 | $1.49 | $1.57 |
Dividends declared per share | $0.85 | $0.64 | $0.48 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $982.80 | $587.30 | $622 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | -121.9 | 145 | -48.8 |
Actuarial (loss)/gain related to employee benefit plans | 7 | -4.8 | -41.9 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | -1.9 | -2 | -2 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 2.3 | 2.4 | 1.5 |
Share of other comprehensive income/(loss) of equity method investments | -3.9 | 6.4 | -7.2 |
Unrealized (losses)/gains on available-for-sale investments | 13.6 | 14 | -12.2 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -3.2 | -3.9 | -0.1 |
Other comprehensive income/(loss), before tax | -108 | 157.1 | -110.7 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | -0.4 | 0.6 | 0.5 |
Tax on actuarial (loss)/gain related to employee benefit plans | -5.8 | -0.1 | 9.5 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0.4 | 0.5 | -0.7 |
Reclassification of tax on amortization of actuarial (gains)/losses into income tax provision | -0.5 | -0.6 | 0.5 |
Tax on net unrealized (losses)/gains on available-for-sale investments | -0.5 | -1 | 1.7 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | -0.9 | -0.2 | 0.1 |
Total income tax benefit/(expense) related to items of other comprehensive income | -7.7 | -0.8 | 11.6 |
Other comprehensive income/(loss), net of tax | -115.7 | 156.3 | -99.1 |
Total comprehensive income/(loss) | 867.1 | 743.6 | 522.9 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | -29.4 | 90.7 | 84.6 |
Comprehensive income attributable to common shareholders | $837.70 | $834.30 | $607.50 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $982.80 | $587.30 | $622 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ' | ' | ' |
Amortization and depreciation | 88.4 | 95 | 117.4 |
Share-based compensation expense | 133.1 | 136.4 | 115.1 |
(Gain)/loss on disposal of business, property and equipment, net | -64.8 | -0.9 | -5.8 |
Other gains and losses, net | -36.4 | -8.3 | -49 |
Call premium on debt extinguishment | 0 | -23 | 0 |
Other (gains)/losses of CIP, net | -61.9 | 97.7 | 138.9 |
Equity in earnings of unconsolidated affiliates | -35.5 | -29.7 | -30.5 |
Dividends from unconsolidated affiliates | 16.5 | 15.6 | 21.3 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase)/decrease in cash held by CIP | -298.9 | -36.2 | 264.2 |
(Increase)/decrease in cash held by CSIP | -10.1 | 0 | 0 |
(Purchase)/sale of trading investments, net | 5.4 | -7.2 | -11 |
(Increase)/decrease in receivables | -593.1 | 113.8 | 213.4 |
Increase/(decrease) in payables | 654.7 | -121.2 | -431.2 |
Net cash provided by/(used in) operating activities | 780.2 | 819.3 | 964.8 |
Investing activities: | ' | ' | ' |
Purchase of property and equipment | -88.2 | -99.3 | -107 |
Disposal of property and equipment | 0 | 0.6 | 12.6 |
Purchase of available-for-sale investments | -132.3 | -85.9 | -31.4 |
Sale of available-for-sale investments | 26.9 | 50.6 | 60.2 |
Purchase of investments by CIP | -4,465.40 | -3,252 | -2,991.40 |
Sale of investments by CIP | 4,440.40 | 3,346.80 | 3,479 |
Purchase of investments by CSIP | -116.5 | 0 | 0 |
Sale of investments by CSIP | 66.9 | 0 | 0 |
Purchase of other investments | -239.1 | -126 | -143.4 |
Sale of other investments | 94.3 | 83.6 | 64.6 |
Returns of capital and distributions from unconsolidated partnership investments | 38 | 20 | 36.6 |
Acquisition of businesses | 0 | 0 | -14.9 |
Acquisition earn-out payments | -1.9 | -37.2 | -16.8 |
sale of management contracts | 0 | 16.4 | 0 |
Sale of business | 137 | 0 | 0 |
Net cash provided by/(used in) investing activities | -239.9 | -82.4 | 348.1 |
Financing activities: | ' | ' | ' |
Proceeds from exercises of share options | 17.9 | 23 | 12.4 |
Purchases of treasury shares | -470.5 | -265 | -436.5 |
Dividends paid | -379.7 | -289 | -220.9 |
Excess tax benefits from share-based compensation | 21.6 | 12.7 | 14.7 |
Overdraft on unsettled fund account | 35.7 | 0 | 0 |
Capital invested into CIP | 17.7 | 20 | 37.2 |
Capital distributed by CIP | -191.5 | -277 | -172.4 |
Capital invested into CSIP | 3.9 | 0 | 0 |
Borrowings of debt of CIP | 1,365.40 | 835.2 | 0 |
Repayments of debt of CIP | -874.8 | -602.7 | -513.3 |
Net borrowings/(repayments) under credit facility | -586.5 | 47.5 | -31 |
Net proceeds from issuance of senior notes | 981.5 | 595.1 | 0 |
Repayments of senior notes | 0 | -745.7 | 0 |
Acquisition of interest in CIP | 0 | 0 | -12.3 |
Net cash provided by/(used in) financing activities | -59.3 | -645.9 | -1,322.10 |
Increase/(decrease) in cash and cash equivalents | 481 | 91 | -9.2 |
Foreign exchange movement on cash and cash equivalents | 14.7 | 17.1 | -3.9 |
Cash and cash equivalents, beginning of year | 835.5 | 727.4 | 740.5 |
Cash and cash equivalents, end of year | 1,331.20 | 835.5 | 727.4 |
Supplemental Cash Flow Information: | ' | ' | ' |
Interest paid | -32.4 | -52.8 | -53.5 |
Interest received | 5.4 | 5.1 | 14.5 |
Taxes paid | ($268.90) | ($214.40) | ($199.80) |
Consolidated_Statements_of_Cha
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 CIP [Member] | Accumulated Other Comprehensive Income [Member] | Total Equity Attributable to Common Shareholders [Member] | Nonredeemable Noncontrolling Interests in Consolidated Entities [Member] |
Beginning balance at Dec. 31, 2010 | $9,360,900,000 | $98,100,000 | $6,262,600,000 | ($991,500,000) | $1,904,400,000 | $495,500,000 | $495,500,000 | $8,264,600,000 | $1,096,300,000 |
Net income | 622,000,000 | ' | ' | ' | 729,700,000 | ' | ' | 729,700,000 | -107,700,000 |
Other comprehensive income (loss) | -99,100,000 | ' | ' | ' | ' | ' | -122,200,000 | -122,200,000 | 23,100,000 |
Total comprehensive income (loss) | 522,900,000 | ' | ' | ' | ' | ' | ' | 607,500,000 | -84,600,000 |
Net income (loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -169,900,000 | ' | -169,900,000 | 169,900,000 |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | 8,700,000 | ' | 8,700,000 | -8,700,000 |
Change in noncontrolling interests in consolidated entities, net | -154,400,000 | ' | ' | ' | ' | ' | ' | ' | -154,400,000 |
Dividends | -220,900,000 | ' | ' | ' | -220,900,000 | ' | ' | -220,900,000 | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 115,100,000 | ' | 115,100,000 | ' | ' | ' | ' | 115,100,000 | ' |
Vested shares | 0 | ' | -202,700,000 | 202,700,000 | ' | ' | ' | ' | ' |
Exercise of options | 12,400,000 | ' | -9,100,000 | 21,500,000 | ' | ' | ' | 12,400,000 | ' |
Tax impact of share-based payment | 14,700,000 | ' | 14,700,000 | ' | ' | ' | ' | 14,700,000 | ' |
Purchase of shares | -513,100,000 | ' | ' | -513,100,000 | ' | ' | ' | -513,100,000 | ' |
Ending balance at Dec. 31, 2011 | 9,137,600,000 | 98,100,000 | 6,180,600,000 | -1,280,400,000 | 2,413,200,000 | 334,300,000 | 373,300,000 | 8,119,100,000 | 1,018,500,000 |
Net income | 587,300,000 | ' | ' | ' | 677,100,000 | ' | ' | 677,100,000 | -89,800,000 |
Other comprehensive income (loss) | 156,300,000 | ' | ' | ' | ' | ' | 157,200,000 | 157,200,000 | -900,000 |
Total comprehensive income (loss) | 743,600,000 | ' | ' | ' | ' | ' | ' | 834,300,000 | -90,700,000 |
Net income (loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -82,300,000 | ' | -82,300,000 | 82,300,000 |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -6,300,000 | ' | -6,300,000 | 6,300,000 |
Deconsolidation of CIP | -116,900,000 | ' | ' | ' | ' | -116,900,000 | ' | -116,900,000 | ' |
Change in noncontrolling interests in consolidated entities, net | -284,200,000 | ' | ' | ' | ' | ' | ' | ' | -284,200,000 |
Dividends | -289,000,000 | ' | ' | ' | -289,000,000 | ' | ' | -289,000,000 | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 136,400,000 | ' | 136,400,000 | ' | ' | ' | ' | 136,400,000 | ' |
Vested shares | 0 | ' | -165,600,000 | 165,600,000 | ' | ' | ' | ' | ' |
Exercise of options | 23,000,000 | ' | -23,100,000 | 46,100,000 | ' | ' | ' | 23,000,000 | ' |
Tax impact of share-based payment | 12,700,000 | ' | 12,700,000 | ' | ' | ' | ' | 12,700,000 | ' |
Purchase of shares | -314,200,000 | ' | ' | -314,200,000 | ' | ' | ' | -314,200,000 | ' |
Ending balance at Dec. 31, 2012 | 9,049,000,000 | 98,100,000 | 6,141,000,000 | -1,382,900,000 | 2,801,300,000 | 128,800,000 | 530,500,000 | 8,316,800,000 | 732,200,000 |
Net income | 982,800,000 | ' | ' | ' | 940,300,000 | ' | ' | 940,300,000 | 42,500,000 |
Other comprehensive income (loss) | -115,700,000 | ' | ' | ' | ' | ' | -102,600,000 | -102,600,000 | -13,100,000 |
Total comprehensive income (loss) | 867,100,000 | ' | ' | ' | ' | ' | ' | 837,700,000 | 29,400,000 |
Net income (loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -1,400,000 | ' | -1,400,000 | 1,400,000 |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Deconsolidation of CIP | -50,800,000 | ' | ' | ' | ' | -23,100,000 | ' | -23,100,000 | -27,700,000 |
Change in noncontrolling interests in consolidated entities, net | -150,600,000 | ' | ' | ' | ' | ' | ' | ' | -150,600,000 |
Dividends | -379,700,000 | ' | ' | ' | -379,700,000 | ' | ' | -379,700,000 | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 133,100,000 | ' | 133,100,000 | ' | ' | ' | ' | 133,100,000 | ' |
Vested shares | 0 | ' | -175,700,000 | 175,700,000 | ' | ' | ' | ' | ' |
Exercise of options | 17,900,000 | ' | -20,300,000 | 38,200,000 | ' | ' | ' | 17,900,000 | ' |
Settlement of ESPP purchases | 5,100,000 | ' | 1,100,000 | 4,000,000 | ' | ' | ' | 5,100,000 | ' |
Tax impact of share-based payment | 21,600,000 | ' | 21,600,000 | ' | ' | ' | ' | 21,600,000 | ' |
Purchase of shares | -535,400,000 | ' | ' | -535,400,000 | ' | ' | ' | -535,400,000 | ' |
Ending balance at Dec. 31, 2013 | $8,977,300,000 | $98,100,000 | $6,100,800,000 | ($1,700,400,000) | $3,361,900,000 | $104,300,000 | $427,900,000 | $8,392,600,000 | $584,700,000 |
Accounting_Policies
Accounting Policies | 12 Months Ended | |
Dec. 31, 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 retail and institutional clients with an array of global investment management capabilities. The company operates globally and its sole business is investment management. | ||
Basis of Accounting and Consolidation | ||
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 periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon 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 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 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 managed 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 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 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. The 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 19, "Consolidated Sponsored Investment Products," and Note 20, "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. | ||
Consolidation Accounting. The company follows the provisions of Accounting Standards Codification (ASC) Topic 810, “Consolidation,” when accounting for VIEs, including Accounting Standards Update (ASU) No. 2010-10, “Amendments for Certain Investment Funds” (ASU 2010-10), a deferral of the effective date of additional consolidation guidance for a reporting entity's interests in certain investment funds which have attributes of investment companies, for which the reporting entity does not have an obligation to fund losses, and which are not structured as securitization entities. In addition, the deferral applies to a reporting entity's interest in money market fund-type products. The company has determined that all of its managed funds with the exception of certain CLOs qualify for the deferral. | ||
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 ASU 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 managed 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 below. | ||
Consolidation of CLOs. 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 of the CLO entities, the company earns investment management fees, including in some cases subordinated management fees, as well as contingent performance 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 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 the CLO's 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 its 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/performance 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 values. | ||
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. Accordingly, all of the investments held and notes issued by CIP are presented at fair value in the company's Consolidated Balance Sheets at December 31, 2013 and 2012. | ||
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 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 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 Consolidated Statements of Income and in the retained earnings appropriated for investors in CIP in the 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 Statements of Income. See Note 20, “Consolidated Investment Products,” for additional details. In addition, the company's Consolidated Statements of Cash Flow 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. The company generally takes less than a 1% investment in these entities as the general partner. 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 20, “Consolidated Investment Products,” for additional details. | ||
Consolidation basis. The Consolidated 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, 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 three-month 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. | ||
Use of Estimates | ||
In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect reported revenues, expenses, assets, liabilities, and disclosure of contingent liabilities. The primary estimates and assumptions made relate to goodwill and intangible impairment, certain investments which are carried at fair value, and taxes. Additionally, estimation is involved when determining investment and debt valuation for certain CIP; however, changes in the fair values of these amounts are largely offset by noncontrolling interests. 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 Consolidated Financial Statements. | ||
Reclassifications | ||
As discussed in Note 23, "Discontinued Operations," the results of Atlantic Trust Private Wealth Management (Atlantic Trust) have been presented as a discontinued operation in the Consolidated Statements of Income for all periods presented. As a result of this change, certain previously reported amounts in the Consolidated Financial Statements and notes have been reclassified to conform to the current period presentation. | ||
As discussed in Note 24, "Balance Sheet Presentation," the company changed the presentation of its Consolidated Balance Sheets from a classified basis to a non-classified basis. | ||
Acquisition Accounting | ||
In accordance with ASC Topic 805, “Business Combinations," any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired attributable to the company is recognized as goodwill. With certain exceptions, 100% of the fair values of assets acquired, liabilities assumed, and noncontrolling interests is recognized in acquisitions of less than 100% controlling interest when the acquisition constitutes a change in control of the acquired entity. Additionally, when partial ownership in an acquiree is obtained and it is determined that the company controls the acquiree, the assets acquired, liabilities assumed and any noncontrolling interests are recognized and consolidated at 100% of their fair values at that date, regardless of the percentage ownership in the acquiree. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the company's share, is recognized under this “full-goodwill” approach. Noncontrolling interests are stated at the noncontrolling shareholder's proportion of the pre-acquisition carrying values of the acquired net assets. The results of entities acquired or sold during the year are included from or to the date control changes. | ||
Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash held at banks and short-term investments with a maturity upon acquisition of three months or less. Also included in cash and cash equivalents at December 31, 2013, is $2.9 million (December 31, 2012: $3.1 million ) in cash to facilitate operations and customer transactions in the company's affiliated funds. Cash and cash equivalents of CIP and CSIP are not available for general use by the company. | ||
Cash balances may not be readily accessible to the Parent due to capital adequacy requirements of certain of our subsidiaries. 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. A sub-group of Invesco subsidiaries, including all of our regulated EU subsidiaries, is subject to consolidated capital requirements under applicable European Union (EU) directives, and capital is maintained within this sub-group to satisfy these regulations. These requirements mandate the retention of liquid resources in those jurisdictions, which we meet in part by holding cash and cash equivalents. This retained cash can be used for general business purposes in the European sub-group or in the countries where it is located. Due to the capital restrictions, the ability to transfer cash between certain jurisdictions may be limited. In addition, transfers of cash between international jurisdictions may have adverse tax consequences that may substantially limit such activity. At December 31, 2013, the European sub-group had cash and cash equivalent balances of $632.3 million (December 31, 2012: $528.3 million). The company is in compliance with all regulatory minimum net capital requirements. The total amount of non-U.S. cash and cash equivalents was $740.5 million at December 31, 2013 (December 31, 2012: $662.9 million). | ||
In addition, the company is required to hold cash deposits with clearing organizations or to otherwise segregate cash to maintain compliance with federal and other regulations in connection with its UIT broker dealer entity. At December 31, 2013 these cash deposits totaled $11.3 million (year ended December 31, 2012: $11.3 million). | ||
Unsettled Fund Receivables and Payables | ||
The company records unsettled fund receivables from underlying fund investors in certain fund products outside the U.S. when these investors place unsettled investments into the funds. Additionally, the company records unsettled fund receivables from certain non-U.S. funds during the settlement period when underlying fund investors redeem their holdings. Settlement periods for both receivables from underlying investors and funds are generally less than four days. Additionally, in its capacity as sponsor of UITs, the company records receivables from brokers, dealers, and clearing organizations for unsettled sell trades of securities and UITs in addition to receivables from customers for unsettled sell trades of UITs. The company also records payables to brokers, dealers, and clearing organization for unsettled buy trades of securities and UITs in addition to payables to customers for unsettled buy trades of securities and UITs. The presentation of the unsettled fund receivables and substantially offsetting payables at trade date reflects the legal relationship between the underlying investor and the company. | ||
Accounts Receivable and Payable | ||
Accounts receivable and payable are recorded at their original invoice amounts. Accounts receivable are also recorded less any allowance for uncollectible amounts. | ||
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 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 investment manager by third-party investors in closed-ended funds to demonstrate an aligning 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 if 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, as well as trading and investing activities in equity and debt securities entered into in its capacity as sponsor of UITs, and other equity securities. Trading securities 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 Consolidated Statements of Income, and the proportionate share of other comprehensive income or loss is included in accumulated other comprehensive income in the 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 Consolidated Balance Sheets at fair value. These underlying securities are presented in the company's Consolidated Financial Statements as either CSIP or CIP investments. See the “Basis of Accounting and Consolidation” 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. | ||
Fair value is determined using a valuation hierarchy (discussed in Note 2, “Fair Value of Assets and Liabilities”), generally by reference to an active trading market, using quoted closing or bid prices as of each reporting period end. When a readily ascertainable market value does not exist for an investment, the fair value is calculated based on the expected cash flows of its underlying net asset base, taking into account applicable discount rates and other factors. Judgment is used to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. | ||
The company evaluates the carrying value of investments for impairment on a quarterly basis. In its impairment analysis, the company takes into consideration numerous criteria, including the duration and extent of any decline in fair value, the intent and ability of the company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry and external credit ratings and recent downgrades with respect to issuers of debt securities held. If the decline in value is determined to be other-than-temporary, the carrying value of the security is generally written down to fair value through the income statement. If the fair value of a debt security, however, is less than its amortized cost, the decline in value is determined to be other-than-temporary, and the company intends to sell the debt security or it is more likely than not that the company will be required to sell the debt security before the recovery of its amortized cost basis, the entire difference between the investment's amortized cost basis and its fair value is recognized as an other-than-temporary impairment through the income statement. If the company does not intend to sell the debt security, and it is not more likely than not that the company will be required to sell the debt security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: a) the amount representing the credit loss, which is recorded as a charge in the Consolidated Statements of Income, and b) the amount related to all other factors, which is recognized in the Consolidated Statements of Comprehensive Income, net of tax. | ||
Assets Held for Policyholders and Policyholder Payables | ||
One of the company's subsidiaries, Invesco Perpetual Life Limited, is an insurance entity that was established to facilitate retirement savings plans in the U.K. The entity holds assets that are managed for its clients on its balance sheet with an equal and offsetting liability to the policyholders, which is linked to the value of the investments. The investments are legally segregated and are generally not subject to claims that arise from any of the company's other businesses. Investments and policyholder payables held by this business meet the definition of financial instruments and are carried in the Consolidated Balance Sheets as separate account assets and liabilities at fair value in accordance with ASC Topic 944, “Financial Services - Insurance.” Changes in fair value are recorded and offset to zero in the Consolidated Statements of Income in other operating revenues. Management fees earned from policyholder investments are accounted for as described in the company's revenue recognition accounting policy. | ||
Deferred Sales Commissions | ||
Mutual fund shares sold without a sales commission at the time of purchase are commonly referred to as “B shares.” B shares typically have an asset-based fee (12b-1 fee) that is charged to the fund over a period of years and a contingent deferred sales charge (CDSC). The CDSC is an asset-based fee that is charged to investors that redeem B shares during a stated period. Commissions paid at the date of sale to brokers and dealers for sales of mutual funds that have a CDSC are capitalized and amortized over a period not to exceed the redemption period of the related fund (generally up to six years). The deferred sales commission asset, which is included in prepaid assets in our Consolidated Balance Sheets, is reviewed periodically for impairment by reviewing the recoverability of the asset based on estimated future fees to be collected. | ||
Property, Equipment and Depreciation | ||
Property and equipment includes owned property, leasehold improvements, computer hardware/software and other equipment and is stated at cost less accumulated depreciation or amortization and any previously recorded impairment in value. Expenditures for major additions and improvements are capitalized; minor replacements, maintenance and repairs are charged to expense as incurred. Amounts incurred are presented as work-in-progress until the construction or purchase of the property and equipment is substantially complete and ready for its intended use, which, at that point, will begin to be depreciated or amortized. Depreciation is provided on property and equipment at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life: owned buildings over 50 years, leasehold improvements over the shorter of the lease term or useful life of the improvement; and computers and other various equipment between three and seven years. Purchased and internally developed software is capitalized where the related costs can be measured reliably, and it is probable that the asset will generate future economic benefits, and amortized into operating expenses on a straight-line basis over its useful life, usually five years. The company capitalizes qualified internal and external costs incurred during the application development stage for internally developed software in accordance with ASC Topic 350-40, “Intangibles - Goodwill and Other - Internal-Use Software.” The company reevaluates the useful life determination for property and equipment each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life. On sale or retirement, the asset cost and related accumulated depreciation are removed from the Consolidated Financial Statements and any related gain or loss is reflected in income. | ||
The carrying amounts of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. At each reporting date, an assessment is made for any indication of impairment. If an indication of impairment exists, recoverability is tested by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i.e. the asset is not recoverable), the next step would be performed, which is to determine the fair value of the asset and record an impairment charge, if any. | ||
Intangible Assets | ||
Intangible assets identified on the acquisition of a business are capitalized separately from goodwill if the fair value can be measured reliably on initial recognition (transaction date) and, if they are determined to be finite-lived, are amortized and recorded as operating expenses on a straight-line basis over their useful lives, from two to twelve years, which reflects the pattern in which the economic benefits are realized. Intangible assets consist primarily of mutual fund and other client management contracts, customer relationships, distribution agreements and trade names. The company considers its own assumptions, which require management's judgment, about renewal or extension of the term of the arrangement, consistent with its expected use of the asset. A change in the useful life of an intangible asset could have a significant impact on the company's amortization expense. | ||
Where evidence exists that the underlying arrangements have a high likelihood of continued renewal at little or no cost to the company, the intangible asset is assigned an indefinite life and reviewed for impairment on an annual basis. The company reevaluates the useful life determination for intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life or an indication of impairment. Management contracts that are managed and operated on a single operating platform are reviewed in aggregate as one unit of valuation and are considered interchangeable because investors may freely transfer between funds. Similarly, cash flows generated by new funds added to the operating platform are included when determining the fair value of the intangible asset. | ||
Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable (i.e. the carrying amount exceeds the sum of the fair value of the intangible). In addition, management judgment is required to estimate the period over which definite-lived intangible assets will contribute to the company's cash flows and the pattern in which these assets will be consumed. Intangible assets not subject to amortization are tested for impairment annually as of October 1 or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Fair value is generally determined using an income approach where estimated future cash flows are discounted to arrive at a single present value amount. | ||
Goodwill | ||
Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1 and between annual tests when events and circumstances indicate that impairment may have occurred. The company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated Invesco Ltd. single operating segment, which is consistent with internal management reporting and management's oversight of operations. The company evaluated the components of its business, which are business units one level below the operating segment level in making this determination. The company's operating segment represents one reporting unit because all of the components are similar due to the common nature of products and services offered, type of clients, methods of distribution, manner in which each component is operated, extent to which they share assets and resources, and the extent to which they support and benefit from common product development efforts. Traditional profit and loss measures are not produced and therefore not reviewed by component management for any of the components. Furthermore, the financial information that is available by component is not sufficient for purposes of performing a discounted cash flow analysis at the component level in order to test goodwill for impairment at that level. As none of the company's components are reporting units, the company has determined that its single operating segment, investment management, is also its single reporting unit. | ||
ASU 2011-08 allows the option to first qualitatively assess whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The company did not utilize this option in 2013 and performed a quantitative impairment test. The impairment test for goodwill consists of a two-step approach, which is performed at the reporting unit level. If the carrying amount of the reporting unit exceeds its fair value (the first step of the goodwill impairment test), then the second step is performed to determine if goodwill is impaired and to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss is recognized in an amount equal to that excess. | ||
The principal method of determining fair value of the reporting unit is an income approach where estimated future cash flows are discounted to arrive at a single present value amount. The discount rate used is derived based on the time value of money and the risk profile of the stream of future cash flows. Recent results and projections based on expectations regarding revenue, expenses, capital expenditure and acquisition earn out payments produce a present value for the reporting unit. The present value produced for the reporting unit is the fair value of the reporting unit. This amount is reconciled to the company's market capitalization to determine an implied control premium, which is compared to an analysis of historical control premiums experienced by peer companies over a long period of time to assess the reasonableness of the fair value of the reporting unit. | ||
The company also utilizes a market approach to provide a secondary and corroborative fair value of the reporting unit by using comparable company and transaction multiples to estimate values for our single reporting unit. Discretion and judgment is required in determining whether the transaction data available represents information for companies of comparable nature, scope and size. The results of the secondary market approach to provide a fair value estimate are not combined or weighted with the results of the income approach described above but are used to provide an additional basis to determine the reasonableness of the income approach fair value estimate. | ||
Debt and Financing Costs | ||
Debt issuance costs are recognized as a deferred asset under ASC Topic 835, “Interest.” After initial recognition, debt issuance costs are measured at amortized cost. Finance charges and debt issuance costs are amortized over the term of the debt using the effective interest method. Interest charges are recognized in the Consolidated Statement of Income in the period in which they are incurred. | ||
Treasury Shares | ||
Treasury shares are valued at cost and are included as deductions from equity on the settlement date. | ||
Revenue Recognition | ||
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, value added tax and other sales-related taxes. Revenue is recognized when there is persuasive evidence of an arrangement, delivery has occurred or services have been provided, collectability is reasonably assured and the revenue can be reliably measured. Revenue represents management, service and distribution, performance and other fees. Revenue is generally accrued over the period for which the service is provided. | ||
Investment management fees are derived from providing professional services to manage client accounts and include fees earned from retail mutual funds, unit trusts, investment companies with variable capital (ICVCs), exchange-traded funds, investment trusts and institutional management contracts. Investment management fees for products offered in the retail distribution channel are generally calculated as a percentage of the daily average asset balances and therefore vary as the levels of AUM change resulting from inflows, outflows and market movements. Investment management fees for products offered in the institutional distribution channel are calculated in accordance with the underlying investment management contracts and also vary in relation to the level of client assets managed. | ||
Service fees are generated through fees charged to cover several types of expenses, including fund accounting fees and other maintenance costs for mutual funds, unit trusts and ICVCs, and administrative fees earned from closed-ended funds. Service fees also include transfer agent fees, which are fees charged to cover the expense of processing client share purchases and redemptions, call center support and client reporting. U.S. distribution fees can include 12b-1 fees earned from certain mutual funds to cover allowable sales and marketing expenses for those funds and also include asset-based sales charges paid by certain mutual funds for a period of time after the sale of those funds. Distribution fees typically vary in relation to the amount of client assets managed. Generally, retail products offered outside of the U.S. do not generate a separate distribution fee, as the quoted management fee rate is inclusive of these services. | ||
Performance fee revenues are generated on certain management contracts when performance hurdles are achieved. Such fee revenues are recorded in operating revenues as of the performance measurement date, when the contractual performance criteria have been met and when the outcome of the transaction can be measured reliably in accordance with Method 1 of ASC Topic 605-20-S99, “Revenue Recognition - Services - SEC Materials.” Cash receipt of earned performance fees occurs after the measurement date. The performance measurement date is defined in each contract in which incentive and performance fee revenue agreements are in effect, and therefore we have performance fee arrangements that include monthly, quarterly and annual measurement dates. Given the uniqueness of each transaction, performance fee contracts are evaluated on an individual basis to determine if revenues can and should be recognized. Performance fees are not recorded if there are any future performance contingencies. If performance arrangements require repayment of the performance fee for failure to perform during the contractual period, then performance fee revenues are recognized no earlier than the expiration date of these terms. Performance fees will fluctuate from period to period and may not correlate with general market changes, since most of the fees are driven by relative performance to the respective benchmark rather than by absolute performance. | ||
Other revenues include fees derived primarily from transaction commissions earned upon the sale of new investments into certain of our funds and fees earned upon the completion of transactions in our real estate and private equity asset groups. Real estate transaction fees are derived from commissions earned through the buying and selling of properties. Private equity transaction fees include commissions associated with the restructuring of, and fees from providing advice to, portfolio companies held by the funds. These transaction fees are recorded in the Consolidated Financial Statements on the date when the transactions are legally closed. The company is the sponsor of UITs. In its capacity as sponsor of UITs, the company earns other revenues related to transactional sales charges resulting from the sale of UIT products and from the difference between the purchase or bid and offer price of securities temporarily held to form new UIT products. These revenues are recorded as other revenues net of concessions to dealers who distribute UITs to investors. Other revenues also include the revenues of CIP. | ||
Distribution, service and advisory fees that are passed through to external parties are presented separately as expenses in accordance with ASC Topic 605-45, “Revenue Recognition - Principal Agent Considerations.” Third-party distribution, service and advisory expenses include periodic “renewal” commissions paid to brokers and independent financial advisors for the continuing oversight of their clients' assets, over the time they are invested, and are payments for the servicing of client accounts. Renewal commissions are calculated based upon a percentage of the AUM value and apply to much of the company's non-U.S. retail operations, where they can also take the form of management fee rebates. As discussed above, the revenues from our U.S. retail operations include 12b-1 distribution fees, which are passed through to brokers who sell the funds as third-party distribution expenses along with additional marketing support distribution costs. Both the revenues and the costs are dependent on the underlying AUM of the brokers' clients. Third-party distribution expenses also include the amortization of upfront commissions paid to broker-dealers for sales of fund shares with a contingent deferred sales charge (a charge levied to the investor for client redemption of AUM within a certain contracted period of time). The distribution commissions are amortized over the redemption period. Also included in third-party distribution, service and advisory expenses are sub-transfer agency fees that are paid to third parties for processing client share purchases and redemptions, call center support and client reporting. These costs are reimbursed by the related funds. Third-party distribution, service and advisory expenses may increase or decrease at a rate different from the rate of change in service and distribution fee revenues due to the inclusion of distribution, service and advisory expenses for the U.K. and Canada, where the related revenues are recorded as investment management fee revenues, as noted above. | ||
Interest income is accrued on interest-bearing assets. | ||
Dividend income from investments is recognized on the ex-dividend date. | ||
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. 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 initial forfeiture rate applied to most grants is 3% per year, based upon the company's historical experience with respect to employee turnover. Fair value for the share awards representing equity interests identical to those associated with shares traded in the open market is determined using the market price at the date of grant. Fair value is measured by use of the Black Scholes valuation model for certain share awards that do not include dividend rights. | ||
Deferred Compensation | ||
The company issues deferred cash awards to certain employees which are linked in value to investment products. The employees may earn a return linked to the appreciation or depreciation of specified investments, typically the funds they manage. The company intends to hedge economically the exposure to market movements by holding the investments on its balance sheet. The company recognizes as compensation expense the value of the liability to employees, including the appreciation or depreciation of the liability, over the award's vesting period in proportion to the vested amount of the award. The company immediately recognizes the full value of the related investment, and any subsequent appreciation or depreciation of the investment, below operating income in other gains and losses. | ||
Pensions | ||
For defined contribution plans, contributions payable related to the accounting period are charged to the income statement. For defined benefit plans, the cost of providing benefits is separately determined for each plan using the projected unit credit method, based on actuarial valuations performed at each balance sheet date. The company's annual measurement date is December 31. A portion of actuarial gains and losses is recognized through the income statement if the net cumulative unrecognized actuarial gain or loss at the end of the prior period exceeds the greater of 10.0% of the present value of the defined benefit obligation (before deducting plan assets) at that date and 10.0% of the fair value of any plan assets. | ||
Advertising Costs | ||
The company expenses the cost of all advertising and promotional activities as incurred. The company incurred advertising costs of $31.3 million for the year ended December 31, 2013 (December 31, 2012: $31.9 million; December 31, 2011: $19.5 million). These amounts are included in marketing expenses in the Consolidated Statements of Income. | ||
Leases | ||
The company complies with lease accounting in accordance with ASC Topic 840, "Leases.” Under operating leases, where the lessor retains substantially all the risks and benefits of ownership of the asset, rental payments, as well as any step rent provisions specified in lease agreements, are aggregated and charged evenly to expense over the lease term beginning on the date of initial possession or the effective date of the lease agreement. Maintenance, utility, and tax costs included in lease agreements are expensed in the period incurred. Rental payments dependent upon an existing index or rate are included in the minimum lease payments based on the index or rate in effect at the inception of the lease and are recognized on a straight-line basis over the minimum lease term. Changes in rental payments that result from subsequent changes in the index or rate are expensed in the period incurred. Capital improvement funding and other lease concessions provided by the landlord are recorded as a deferred liability and are amortized evenly over the lease term as a reduction of rental expense. | ||
The company accounts for lease termination costs in accordance with ASC Topic 420, “Exit or Disposal Cost Obligations,” which requires that (1) a liability for costs to terminate a contract before the end of its term shall be recognized at the time termination occurs and measured at fair value and (2) a liability for costs that will continue to be incurred under a contract for its remaining term without economic benefit to the company be recognized and measured at its fair value when the company ceases to use the right conveyed by the contract, net of estimated sublease rentals that could reasonably be obtained even if the company does not anticipate entering into any subleasing arrangements. | ||
Taxation | ||
Income taxes are provided for in accordance with ASC Topic 740, “Income Taxes” (ASC Topic 740). Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the Consolidated Financial Statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets to the amount that is more likely than not to be realized. The company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. | ||
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 periods, 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. | ||
Comprehensive Income | ||
The company's other comprehensive income/(loss) consists of changes in unrealized gains and losses on investment securities classified as available-for-sale, the company's share of other comprehensive income of equity method investments, reclassification adjustments for realized gains/(losses) on those investment securities classified as available-for-sale, foreign currency translation adjustments and employee benefit plan liability adjustments. Such amounts are recorded net of applicable taxes. | ||
Dividends to Shareholders | ||
Dividends to shareholders are recognized on the declaration date. Dividends are declared and paid on a quarterly basis. | ||
Translation of Foreign Currencies | ||
Transactions in foreign currencies (currencies other than the functional currencies of the company's subsidiaries) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured into the functional currencies of the company's subsidiaries at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in the Consolidated Statements of Income. | ||
The company's reporting currency and the functional currency of the Parent is U.S. dollars. On consolidation, the assets and liabilities of company subsidiary operations whose functional currencies are currencies other than the U.S. dollar (“foreign” operations) are translated at the rates of exchange prevailing at the balance sheet date. Consolidated Statements of Income figures are translated at the weighted average rates for the year, which approximate actual exchange rates. Exchange differences arising on the translation of the net assets of foreign operations are taken directly to accumulated other comprehensive income in equity until the disposal of the net investment, at which time they are recognized in the Consolidated Statements of Income. Goodwill and other fair value adjustments arising on acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at rates of exchange prevailing at the balance sheet date. | ||
The company generally does not hedge corporate interest rate or foreign currency exposures with derivative financial instruments; however, the company has purchased several put option contracts to hedge economically foreign currency risk on the translation of its pound sterling-denominated earnings into U.S. dollars, as discussed in Note 2, "Fair Value of Assets and Liabilities." In the management of its cross-border fund operations, foreign currency forward and swap contracts are purchased daily to hedge against foreign exchange rate movements during the four-day client money settlement period. Certain CIP and CSIP may also utilize such instruments. See Notes 19, "Consolidated Sponsored Investment Products," and 20, “Consolidated Investment Products,” for additional information. | ||
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | ||
In May 2011, the FASB issued Accounting Standards Update 2011-04, “Fair Value Measurements: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” (ASU 2011-04). ASU 2011-04 amends Topic 820 to clarify existing fair value measurement disclosures to (1) specifically provide quantitative information about the significant unobservable inputs used for all level 3 measurements and (2) disclose any transfers between levels 1 and 2 of the fair value hierarchy, not just significant transfers. ASU 2011-04 also requires a number of additional disclosures regarding fair value measurements. Specifically, ASU 2011-04 requires entities to disclose: (1) a qualitative discussion about the sensitivity of recurring level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs; (2) a description of the company’s valuation processes surrounding level 3 measurements; (3) information about when the current use of a non-financial asset measured at fair value differs from its highest and best use; and (4) the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. ASU 2011-04 amends Topic 820 to change the fair value measurement of financial instruments and the application of premiums and discounts in a fair value measurement. ASU 2011-04 also clarifies existing fair value measurement regarding the concepts of valuation premise, the application of the highest and best use, and the fair value measurement of an instrument classified in an entity’s shareholders’ equity. The adoption of ASU 2011-04 did not have an effect on the company’s current fair value measurements but led to increased disclosures related to the assets and liabilities of the company's CIP that are classified as level 3 assets within the fair value hierarchy. The amendments to Topic 820 made by ASU 2011-04 are effective for interim and annual periods beginning on or after December 15, 2011, and are accordingly reflected in the fair value disclosure contained in Notes 2, "Fair Value of Assets and Liabilities," 19, "Consolidated Sponsored Investment Products," and 20, "Consolidated Investment Products." | ||
In June 2011, the FASB issued Accounting Standards Update 2011-05, “Comprehensive Income: Presentation of Comprehensive Income” (ASU 2011-05). ASU 2011-05 amends Topic 220 to require the components of net income and other comprehensive income to be presented in one continuous statement, which would be referred to as the statement of comprehensive income, or in two separate but consecutive statements. Prior to ASU 2011-05, there was no requirement to present the statement of net income and statement of comprehensive income consecutively. ASU 2011-05 also requires an entity to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income. This requirement in ASU 2011-05 was amended and deferred in December 2011, when the FASB issued Accounting Standards Update No. 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive income in Accounting Standards Update No. 2011-05” (ASU 2011-12). As a result of ASU 2011-12, an entity will continue to report items that are reclassified from accumulated other comprehensive income consistent with the requirements in Topic 220 in effect before the adoption of ASU 2011-05. The amendments to Topic 220 made by ASU 2011-05, and the amendments to ASU 2011-05 made by ASU 2011-12, are effective for interim and annual periods beginning on or after December 15, 2011 for public companies, and are accordingly reflected in the financial statement, “Consolidated Statements of Comprehensive Income." | ||
In July 2012, the FASB issued Accounting Standards Update 2012-02, “Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02). ASU 2012-02 amends Topic 350 on testing for impairment of indefinite-lived intangible assets. Specifically, ASU 2012-02 permits an entity the option to first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that an indefinite-lived intangible asset is impaired. If an entity concludes that this is the case, it would be required to perform the quantitative impairment test and calculate the fair value of the indefinite-lived intangible asset; otherwise, no further testing is required. An entity may bypass the qualitative assessment in any period and proceed directly to the quantitative impairment test, and may resume performing the qualitative assessment in any subsequent period. The amendments made by ASU 2012-02 are effective for interim and annual impairment tests performed for fiscal years beginning on or after September 15, 2012. | ||
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 Consolidated Financial Statements. |
Fair_Value_Of_Assets_And_Liabi
Fair Value Of Assets And Liabilities | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 below summary table. The fair value of financial instruments held by CSIP and CIP are presented in Note 19, "Consolidated Sponsored Investment Products" and Note 20, "Consolidated Investment Products." | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | 1 | 1,331.20 | 1,331.20 | 835.5 | 835.5 | |||||||||||||
Available-for-sale investments | 3 | 244.1 | 244.1 | 122.1 | 122.1 | |||||||||||||
Trading investments | 3 | 253 | 253 | 218.7 | 218.7 | |||||||||||||
Foreign time deposits * | 3 | 28.8 | 28.8 | 31.3 | 31.3 | |||||||||||||
Assets held for policyholders | 1 | 1,416.00 | 1,416.00 | 1,153.60 | 1,153.60 | |||||||||||||
Policyholder payables * | 1 | (1,416.0 | ) | (1,416.0 | ) | (1,153.6 | ) | (1,153.6 | ) | |||||||||
UIT-related financial instruments sold, not yet purchased | (1.7 | ) | (1.7 | ) | (1.5 | ) | (1.5 | ) | ||||||||||
Note payable | (0.3 | ) | (0.3 | ) | (3.4 | ) | (3.4 | ) | ||||||||||
Long-term debt * | 8 | (1,588.6 | ) | (1,544.7 | ) | (1,186.0 | ) | (1,204.8 | ) | |||||||||
Support agreements * | 18 | — | — | (1.0 | ) | (1.0 | ) | |||||||||||
____________ | ||||||||||||||||||
* | 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 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 | ||||||||||||||||||
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. CLO assets are valued based on price quotations provided by an independent third-party pricing source or using an income approach through the use of certain observable and unobservable inputs. Due to liquidity constraints within the market for CLO products that require the use of unobservable inputs, these investments 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. | ||||||||||||||||||
Trading investments | ||||||||||||||||||
•Investments related to deferred compensation plans | ||||||||||||||||||
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, and 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. | ||||||||||||||||||
Corporate bonds | ||||||||||||||||||
The company temporarily holds investments in corporate bonds for purposes of creating a UIT. Corporate bonds 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. | ||||||||||||||||||
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. | ||||||||||||||||||
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 $1.8 million in the year ended December 31, 2013; purchases of $2.5 million in the year ended December 31, 2012). These were the only contracts entered into during the period to hedge economically foreign currency risk and 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 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 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 $1.8 million in the year ended December 31, 2013 (December 31, 2012: $2.5 million) related to the change in market value of these put option contracts. | ||||||||||||||||||
Assets held for policyholders | ||||||||||||||||||
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 and are therefore not included in the tables below. | ||||||||||||||||||
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 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 Consolidated Balance Sheets. Fair values of derivative contracts in a liability position are included in other liabilities in the company’s 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 December 31, 2013 there were 2 futures contracts with a notional value of $0.3 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 equities, exchange-traded funds, 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 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 investments in the funds are carried at fair value (and are disclosed as level 3 assets in the fair value hierarchy table included in Note 20, “Consolidated Investment Products”), 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 value of the funds' equity is driven by the value of the underlying investments of the funds, as these investments make up the majority of the funds' equity. See Note 20, "Consolidated Investment Products", for additional information regarding the valuation of the underlying investments of the funds. | ||||||||||||||||||
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 company's Consolidated Balance Sheet as of December 31, 2013: | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Assets: | ||||||||||||||||||
Cash equivalents: | ||||||||||||||||||
Money market funds | 447.8 | 447.8 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 233.8 | 233.8 | — | — | ||||||||||||||
CLOs | 4 | — | — | 4 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 249.7 | 249.7 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 2.1 | 2.1 | — | — | ||||||||||||||
UITs | 1.2 | 1.2 | — | — | ||||||||||||||
Assets held for policyholders | 1,416.00 | 1,416.00 | — | — | ||||||||||||||
Total | 2,360.90 | 2,350.60 | — | 10.3 | ||||||||||||||
Liabilities: | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.7 | ) | (1.7 | ) | — | — | ||||||||||||
Note payable | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||
Total | (2.0 | ) | (1.7 | ) | — | (0.3 | ) | |||||||||||
____________ | ||||||||||||||||||
* | Foreign time deposits of $28.8 million are excluded from this table. Equity and other investments of $308.2 million and $5.6 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, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheet as of December 31, 2012: | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
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 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 1.5 | 1.5 | — | — | ||||||||||||||
UITs | 1.6 | 1.6 | — | — | ||||||||||||||
Municipal securities | 1.8 | — | 1.8 | — | ||||||||||||||
Other equity securities | 0.3 | 0.3 | — | — | ||||||||||||||
Assets held for policyholders | 1,153.60 | 1,153.60 | — | — | ||||||||||||||
Total | 1,786.60 | 1,776.10 | 1.8 | 8.7 | ||||||||||||||
Liabilities: | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.5 | ) | (1.5 | ) | — | — | ||||||||||||
Note payable | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||
Total | (4.9 | ) | (1.5 | ) | — | (3.4 | ) | |||||||||||
____________ | ||||||||||||||||||
* | Foreign time deposits of $31.3 million are excluded from this table. Equity 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 year ended December 31, 2013 and December 31, 2012, which are valued using significant unobservable inputs: | ||||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.4 | 6.3 | (3.4 | ) | — | — | (16.8 | ) | ||||||||||
Purchases | — | — | — | — | 1.7 | — | ||||||||||||
Returns of capital | (0.2 | ) | — | — | (0.2 | ) | — | — | ||||||||||
Settlements | — | — | 2.5 | — | — | 8.5 | ||||||||||||
Deconsolidation of CIP | 1.6 | — | — | 2.5 | — | — | ||||||||||||
Net unrealized gains and losses included in other gains and losses* | — | — | 0.2 | — | — | 3.7 | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | 0.2 | — | — | 0.1 | — | — | ||||||||||||
Foreign exchange gains/(losses) | — | — | 0.4 | — | — | 1.2 | ||||||||||||
Reclassification | — | — | — | — | 4.6 | — | ||||||||||||
Ending balance | 4 | 6.3 | (0.3 | ) | 2.4 | 6.3 | (3.4 | ) | ||||||||||
____________ | ||||||||||||||||||
* | These unrealized gains and losses are attributable to balances still held at the respective year ends. | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||
At December 31, 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 | 3,300 bps | ||||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate | 1.1% - 3.0% | <1yr: 1.1% | |||||||||||||||
>1yr: 3.0% | ||||||||||||||||||
Spread over Libor | N/A | 1,496 bps | ||||||||||||||||
* | Other debt securities of $6.3 million at December 31, 2013 ($6.3 million at December 31, 2012) are not included in the table above as they are valued using a cost valuation technique. The note payable of $0.3 million at December 31, 2013 ($3.4 million at December 31, 2012) 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 a significantly lower fair value measurement. A directionally-opposite impact would apply for significant decreases in these inputs. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||||
The disclosures below include details of the company's investments. Investments held by CSIP are detailed in Note 19, "Consolidated Sponsored Investment Products." Investments held by CIP are detailed in Note 20, "Consolidated Investment Products." | |||||||||||||||||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
Available-for-sale investments: | |||||||||||||||||||||||||||
Seed money | 233.8 | 113.4 | |||||||||||||||||||||||||
CLOs | 4 | 2.4 | |||||||||||||||||||||||||
Other debt securities | 6.3 | 6.3 | |||||||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||||||
Investments related to deferred compensation plans | 249.7 | 213.5 | |||||||||||||||||||||||||
UIT-related equity and debt securities | 3.3 | 4.9 | |||||||||||||||||||||||||
Other equity securities | — | 0.3 | |||||||||||||||||||||||||
Equity method investments | 308.2 | 228.2 | |||||||||||||||||||||||||
Foreign time deposits | 28.8 | 31.3 | |||||||||||||||||||||||||
Other | 5.6 | 10.4 | |||||||||||||||||||||||||
Total investments | 839.7 | 610.7 | |||||||||||||||||||||||||
Available for sale investments | |||||||||||||||||||||||||||
Realized gains and losses recognized in the Consolidated Statements of Income during the year from investments classified as available-for-sale are as follows: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 26.7 | 3.6 | (0.4 | ) | 50.3 | 5.3 | (0.6 | ) | 59.3 | 8.8 | (1.2 | ) | |||||||||||||||
CLOs | 0.2 | — | — | 0.3 | — | — | 0.9 | 0.6 | — | ||||||||||||||||||
Upon the sale of available-for-sale securities, net realized gains of $3.2 million, $4.7 million and $8.2 million were transferred from accumulated other comprehensive income into the Consolidated Statements of Income during 2013, 2012, and 2011, 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: | |||||||||||||||||||||||||||
December 31, 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 | 215.7 | 19 | (0.9 | ) | 233.8 | 105.5 | 8.4 | (0.5 | ) | 113.4 | |||||||||||||||||
CLOs | 3.8 | 0.2 | — | 4 | 2.4 | — | — | 2.4 | |||||||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | 6.3 | — | — | 6.3 | |||||||||||||||||||
225.8 | 19.2 | (0.9 | ) | 244.1 | 114.2 | 8.4 | (0.5 | ) | 122.1 | ||||||||||||||||||
At December 31, 2013, 149 seed money funds (December 31, 2012: 52 seed money funds) included gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. | |||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||
Less than 12 months | 69 | (0.8 | ) | 0.2 | — | ||||||||||||||||||||||
12 months or greater | 0.2 | (0.1 | ) | 11.5 | (0.5 | ) | |||||||||||||||||||||
Total | 69.2 | (0.9 | ) | 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 year ended December 31, 2013 (year ended December 31, 2012: $0.8 million). The gross unrealized losses of seed money investments at December 31, 2013 related primarily to funds seeded late in 2013. The company reviewed 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 and concluded that the gross unrealized losses on these securities did not represent other-than-temporarily impairments. 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. During the years ended December 31, 2013 and 2012, there were no charges to other comprehensive income from other-than-temporary impairment related to non-credit related factors. | |||||||||||||||||||||||||||
At December 31, 2013, $1.7 million available-for-sale debt securities mature in one year through five years, and $8.6 million after five years through ten years. | |||||||||||||||||||||||||||
Trading investments | |||||||||||||||||||||||||||
The portion of trading gains and losses for the year ended December 31, 2013, that relates to trading securities still held at December 31, 2013, was a $33.8 million net gain (December 31, 2012: $18.2 million net gain). | |||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||
In March 2013, the company completed the purchase of a 49% equity interest in Religare Invesco Asset Management, a company incorporated in India. The company has applied the equity method of accounting for its investment. The equity method investment balance at December 31, 2013 includes the difference between the carrying amount of the investment and its book value. | |||||||||||||||||||||||||||
The company owns 100% of the voting control of its subsidiary entities, directly or indirectly, with the exception of the following entities, which are consolidated with resulting noncontrolling interests: | |||||||||||||||||||||||||||
Name of Company | Country of Incorporation | % Voting Interest Owned | |||||||||||||||||||||||||
VV Immobilien Verwaltungs und Beteiligungs GmbH | Germany | 70.00% | |||||||||||||||||||||||||
VV Immobilien Verwaltungs GmbH | Germany | 70.00% | |||||||||||||||||||||||||
HVH Immobilien und Beteiligungs GmbH | Germany | 70.00% | |||||||||||||||||||||||||
Following are the company's investments in joint ventures and affiliates, which are accounted for using the equity method and are recorded as investments on the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
Name of Company | Country of Incorporation | % Voting Interest Owned | |||||||||||||||||||||||||
Huaneng Invesco WLR Investment Consulting Company Limited | China | 50.00% | |||||||||||||||||||||||||
Invesco Great Wall Fund Management Company Limited | China | 49.00% | |||||||||||||||||||||||||
Religare Invesco Asset Management Company Private Ltd. | India | 49.00% | |||||||||||||||||||||||||
Religare Trustee Company Private Ltd. | India | 49.00% | |||||||||||||||||||||||||
Pocztylion - ARKA | Poland | 29.30% | |||||||||||||||||||||||||
Undistributed earnings from equity method investees have not been a material restriction on the company's ability to pay dividends to shareholders. Equity method investments also include the company's investments in certain of its managed private equity, real estate and other investment entities. The company's investment is generally less than 5% of the capital of these entities. These entities include variable interest entities for which the company has determined that it is not the primary beneficiary and other investment products structured as partnerships for which the company is the general partner and the other limited partners possess either substantive kick-out, liquidation or participation rights. See Note 1, “Accounting Policies,” for additional information. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Property, Plant and Equipment [Abstract] | ' | |||||
PROPERTY AND EQUIPMENT | ' | |||||
PROPERTY AND EQUIPMENT | ||||||
The following is a summary of property and equipment: | ||||||
$ in millions | December 31, 2013 | December 31, 2012 | ||||
Technology and Other Equipment | 266.5 | 253 | ||||
Software | 327.8 | 316 | ||||
Land and Buildings | 65.8 | 70.8 | ||||
Leasehold Improvements | 185.7 | 185.9 | ||||
Work in Process | 54.4 | 47.4 | ||||
Property and Equipment, Gross | 900.2 | 873.1 | ||||
Less: Accumulated Depreciation | (549.4 | ) | (523.5 | ) | ||
Property and Equipment, Net | 350.8 | 349.6 | ||||
Depreciation expense related to property and equipment was $71.3 million, $65.4 million and $60.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. In addition, $11.7 million of capitalized IT software development costs was written off during the year ended December 31, 2013. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||
INTANGIBLE ASSETS | ' | ||||||||||
The following table presents the major classes of the company's intangible assets at December 31, 2013 and 2012: | |||||||||||
$ in millions | Gross Book Value | Accumulated Amortization | Net Book Value | Weighted Average Amortization Period (years) | |||||||
December 31, 2013 | |||||||||||
Management contracts - indefinite-lived | 1,200.00 | N/A | 1,200.00 | N/A | |||||||
Management contracts - finite-lived | 92.1 | (58.5 | ) | 33.6 | 2.2 | ||||||
Customer relationships | 40 | (11.9 | ) | 28.1 | 8.4 | ||||||
Distribution agreements | 17 | (15.2 | ) | 1.8 | 0.4 | ||||||
Other | 0.8 | (0.6 | ) | 0.2 | 2.8 | ||||||
Total | 1,349.90 | (86.2 | ) | 1,263.70 | 3.2 | ||||||
December 31, 2012 | |||||||||||
Management contracts - indefinite-lived | 1,204.10 | N/A | 1,204.10 | N/A | |||||||
Management contracts - finite-lived | 181 | (135.1 | ) | 45.9 | 8.7 | ||||||
Customer relationships | 40 | (8.6 | ) | 31.4 | 12 | ||||||
Distribution agreements | 17 | (11.0 | ) | 6 | 4 | ||||||
Other | 0.8 | (0.5 | ) | 0.3 | 10 | ||||||
Total | 1,442.90 | (155.2 | ) | 1,287.70 | 9 | ||||||
Where evidence exists that the underlying arrangements have a high likelihood of continued renewal at little or no cost to the company, the intangible asset is assigned an indefinite life. Indefinite-lived intangible assets primarily relate to management contracts and related rights to manage the assets acquired during prior acquisitions. The 2013 and 2012 annual impairment reviews of indefinite-lived intangible assets determined that no impairment existed at the respective review dates. | |||||||||||
Amortization expense was $17.1 million during the year ended December 31, 2013 (December 31, 2012: $29.6 million; December 31, 2011: $42.2 million) and is included within General and administrative expenses and Income from discontinued operations, net of taxes in the Consolidated Statements of Income. Estimated amortization expense for each of the five succeeding fiscal years based upon the company's intangible assets at December 31, 2013 is as follows: | |||||||||||
$ in millions | Estimated Amortization Expense | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 13 | ||||||||||
2015 | 11.2 | ||||||||||
2016 | 11.2 | ||||||||||
2017 | 11.1 | ||||||||||
2018 | 6 | ||||||||||
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill [Abstract] | ' | ||||||||
GOODWILL | ' | ||||||||
GOODWILL | |||||||||
The table below details changes in the goodwill balance: | |||||||||
$ in millions | Gross Book Value | Accumulated Impairment | Net Book Value | ||||||
January 1, 2013 | 7,064.80 | (16.6 | ) | 7,048.20 | |||||
Dispositions | (91.1 | ) | 16.6 | (74.5 | ) | ||||
Foreign exchange and other | (106.4 | ) | — | (106.4 | ) | ||||
December 31, 2013 | 6,867.30 | — | 6,867.30 | ||||||
January 1, 2012 | 6,924.50 | (16.6 | ) | 6,907.90 | |||||
Business combinations | 17.3 | — | 17.3 | ||||||
Foreign exchange and other | 123 | — | 123 | ||||||
December 31, 2012 | 7,064.80 | (16.6 | ) | 7,048.20 | |||||
The 2013 disposition is related to the sale of Atlantic Trust to the Canadian Imperial Bank of Commerce (CIBC) on December 31, 2013. Further information regarding the sale is detailed in Note 23, "Discontinued Operations." | |||||||||
The 2012 addition to goodwill consists of the earn-outs related to the 2006 acquisitions of W.L. Ross & Co. and Invesco PowerShares and represents the final earn-out adjustments to goodwill related to these acquisitions. | |||||||||
The 2013 and 2012 annual impairment reviews determined that no impairment existed at the respective review dates. No interim impairment tests were deemed necessary during 2012 or 2013. |
Other_Liabilities
Other Liabilities | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Liabilities Disclosure [Abstract] | ' | |||||
OTHER LIABILITIES | ' | |||||
OTHER LIABILITIES | ||||||
The table below details the components of other liabilities: | ||||||
As of | ||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | ||||
Compensation and benefits | 123.3 | 74.8 | ||||
Accrued bonus and deferred compensation | 553.1 | 535 | ||||
Accrued compensation and benefits | 676.4 | 609.8 | ||||
Accruals and other liabilities | 256.9 | 233.2 | ||||
Overdraft on unsettled fund account | 35.7 | — | ||||
Accounts payable | 334.6 | 287.9 | ||||
Security deposit payables | 12.3 | 27.4 | ||||
Income taxes payable | 123.6 | 77.9 | ||||
Accounts payable and accrued expenses | 763.1 | 626.4 | ||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
LONG-TERM DEBT | ' | |||||||||||
LONG-TERM DEBT | ||||||||||||
The disclosures below include details of the company's debt. Debt of CIP is detailed in Note 20, “Consolidated Investment Products.” | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||
Floating rate credit facility expiring December 17, 2018 | — | — | 586.5 | 586.5 | ||||||||
Unsecured Senior Notes*: | ||||||||||||
$600 million 3.125% - due November 30, 2022 | 599.6 | 551.5 | 599.5 | 618.3 | ||||||||
$600 million 4.000% - due January 30, 2024 | 595.8 | 593.2 | — | — | ||||||||
$400 million 5.375% - due November 30, 2043 | 393.2 | 400 | — | — | ||||||||
Long-term debt | 1,588.60 | 1,544.70 | 1,186.00 | 1,204.80 | ||||||||
____________ | ||||||||||||
* | The company's senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. | |||||||||||
The fair market value of the company's senior notes was determined by market quotes provided by Bloomberg, which is considered a Level 2 valuation input. In the absence of an active market, the company relies upon the average price quoted by brokers for determining the fair market value of the debt. | ||||||||||||
Analysis of Borrowings by Maturity: | ||||||||||||
$ in millions | December 31, 2013 | |||||||||||
2022 | 599.6 | |||||||||||
2024 | 595.8 | |||||||||||
2043 | 393.2 | |||||||||||
Long-term debt | 1,588.60 | |||||||||||
During the fourth quarter of 2013, the company issued senior notes with aggregate principal amounts of $600.0 million at 4.000% due January 30, 2024 and $400.0 million at 5.375% due November 30, 2043. Of the total net proceeds, $699.4 million were used to repay the amount outstanding on the credit facility with the remaining to be used for general corporate purposes. In November 2012, the company issued an initial aggregate principal amount of $600.0 million 3.125% senior notes due in November 2022. The proceeds of the issuance were primarily used to retire the $333.5 million 5.375% 2013 senior notes and the $197.1 million 5.375% 2014 senior notes. The issuer is an indirect 100% owned finance subsidiary of Invesco Ltd. (the Parent), and the Parent fully and unconditionally guaranteed the securities. As discussed in Note 1, "Accounting Policies - Cash and cash equivalents," 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. | ||||||||||||
On December 17, 2013 the company amended and restated its unsecured $1.25 billion credit agreement to, among other matters, extend its maturity to December 17, 2018. | ||||||||||||
At December 31, 2013, the outstanding balance on the credit facility was zero. 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 higher of the available credit ratings of the company or its indirect subsidiary Invesco Finance PLC. Based on credit ratings as of December 31, 2013 of the company, 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 higher of the available credit ratings of company or its indirect subsidiary Invesco Finance PLC. Based on credit ratings as of December 31, 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 merger arrangements; selling, leasing, transferring or otherwise disposing of assets; making a material change in the nature of the business; making a significant accounting policy change in certain situations; entering into transactions with affiliates; and incurring indebtedness through the subsidiaries. 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 leverage ratio, as defined in the credit agreement, of not greater than 3.25:1.00, (ii) a coverage ratio (EBITDA, as defined in the credit agreement/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 $30.9 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 $11.1 million of the letters of credit support office lease obligations. |
Share_Capital
Share Capital | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
SHARE CAPITAL | ' | ||||||||
SHARE CAPITAL | |||||||||
The number of common shares and common share equivalents issued are represented in the table below: | |||||||||
In millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||
Common shares issued | 490.4 | 490.4 | 490.4 | ||||||
Less: Treasury shares for which dividend and voting rights do not apply | (57.3 | ) | (49.0 | ) | (44.4 | ) | |||
Common shares outstanding | 433.1 | 441.4 | 446 | ||||||
During the year ended December 31, 2013, the company repurchased 13.9 million shares (three months ended December 31, 2013: 10.1 million shares) in the market at a cost of $470.5 million (three months ended December 31, 2013: $350.0 million cost) (year ended December 31, 2012: 11.1 million shares, at a cost of $265.0 million). Separately, an aggregate of 2.4 million shares were withheld on vesting events during the year ended December 31, 2013 to meet employees' withholding tax obligations (December 31, 2012: 2.1 million). The fair value of these shares withheld at the respective withholding dates was $64.9 million (December 31, 2012: $48.9 million). In October 2013, the company's board of directors authorized an additional $1.5 billion for the existing share repurchase program with no stated expiration date. Approximately $1,496.5 million remained authorized under the company's share repurchase plan at December 31, 2013 (December 31, 2012: $467.0 million). | |||||||||
Total treasury shares at December 31, 2013 were 66.8 million (December 31, 2012: 59.2 million), including 9.5 million unvested restricted stock awards (December 31, 2012: 10.2 million) for which dividend and voting rights apply. The market price of common shares at the end of 2013 was $36.40. The total market value of the company's 66.8 million treasury shares was $2.4 billion at December 31, 2013. | |||||||||
Movements in Treasury Shares comprise: | |||||||||
In millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||
Beginning balance | 59.2 | 54 | 42.7 | ||||||
Acquisition of common shares | 16.3 | 13.2 | 21.8 | ||||||
Distribution of common shares | (7.2 | ) | (6.3 | ) | (9.6 | ) | |||
Common shares distributed to meet option exercises | (1.5 | ) | (1.7 | ) | (0.9 | ) | |||
Ending balance | 66.8 | 59.2 | 54 | ||||||
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/(Loss) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS) | ' | ||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS) | |||||||||||||||
The components of accumulated other comprehensive income/(loss) were as follows: | |||||||||||||||
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* | (121.9 | ) | — | — | — | (121.9 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 7 | — | — | 7 | ||||||||||
Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses | — | (1.9 | ) | — | — | (1.9 | ) | ||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses | — | 2.3 | — | — | 2.3 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (3.9 | ) | — | (3.9 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 13.6 | 13.6 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (3.2 | ) | (3.2 | ) | ||||||||
Other comprehensive income/(loss) before tax | (121.9 | ) | 7.4 | (3.9 | ) | 10.4 | (108.0 | ) | |||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (5.8 | ) | — | — | (5.8 | ) | ||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.4 | — | — | 0.4 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (0.9 | ) | (0.9 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | (0.4 | ) | (5.9 | ) | — | (1.4 | ) | (7.7 | ) | ||||||
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: | (122.3 | ) | 1.5 | (3.9 | ) | 9 | (115.7 | ) | |||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | 13.1 | — | — | — | 13.1 | ||||||||||
Ending balance | 492.5 | (77.9 | ) | (1.8 | ) | 15.1 | 427.9 | ||||||||
* Included in this amount are net losses of $13.1 million for the year ended December 31, 2013 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross losses of zero are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. | |||||||||||||||
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* | 145 | — | — | — | 145 | ||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (4.8 | ) | — | — | (4.8 | ) | ||||||||
Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses | — | (2.0 | ) | — | — | (2.0 | ) | ||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses | — | 2.4 | — | — | 2.4 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 6.4 | — | 6.4 | ||||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 14 | 14 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (3.9 | ) | (3.9 | ) | ||||||||
Other comprehensive income/(loss) before tax | 145 | (4.4 | ) | 6.4 | 10.1 | 157.1 | |||||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | 0.6 | — | — | — | 0.6 | ||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.5 | — | — | 0.5 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | 0.6 | (0.2 | ) | — | (1.2 | ) | (0.8 | ) | |||||||
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: | 145.6 | (4.6 | ) | 6.4 | 8.9 | 156.3 | |||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | 0.9 | — | — | — | 0.9 | ||||||||||
Ending balance | 601.7 | (79.4 | ) | 2.1 | 6.1 | 530.5 | |||||||||
* | Included in this amount are net gains of $0.9 million for the year ended December 31, 2012 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross losses of $6.3 million are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. | ||||||||||||||
2011 | |||||||||||||||
$ 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* | (48.8 | ) | — | — | — | (48.8 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (41.9 | ) | — | — | (41.9 | ) | ||||||||
Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses | — | (2.0 | ) | — | — | (2.0 | ) | ||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses | — | 1.5 | — | — | 1.5 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (7.2 | ) | — | (7.2 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | (12.2 | ) | (12.2 | ) | ||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (0.1 | ) | (0.1 | ) | ||||||||
Other comprehensive income/(loss) before tax | (48.8 | ) | (42.4 | ) | (7.2 | ) | (12.3 | ) | (110.7 | ) | |||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | 0.5 | — | — | — | 0.5 | ||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | 9.5 | — | — | 9.5 | ||||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | (0.7 | ) | — | — | (0.7 | ) | ||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | 0.5 | — | — | 0.5 | ||||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 1.7 | 1.7 | ||||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | 0.1 | 0.1 | ||||||||||
Total income tax benefit(expense) related to items of other comprehensive income | 0.5 | 9.3 | — | 1.8 | 11.6 | ||||||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 526.6 | (41.7 | ) | 2.9 | 7.7 | 495.5 | |||||||||
Other comprehensive income/(loss), net of tax: | (48.3 | ) | (33.1 | ) | (7.2 | ) | (10.5 | ) | (99.1 | ) | |||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (23.1 | ) | — | — | — | (23.1 | ) | ||||||||
Ending balance | 455.2 | (74.8 | ) | (4.3 | ) | (2.8 | ) | 373.3 | |||||||
* | Included in this amount are net gains of $23.1 million for the year ended December 31, 2011 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross gains of $8.7 million are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||||||
The company recognized total expenses of $133.1 million, $136.4 million and $115.1 million related to equity-settled share-based payment transactions in 2013, 2012 and 2011, respectively. The total income tax benefit recognized in the Consolidated Statements of Income for share-based compensation arrangements was $37.8 million for 2013 (2012: $39.1 million; 2011: $32.5 million). | ||||||||||||||||||
Cash received from exercise of share options granted under share-based compensation arrangements was $17.9 million in 2013 (2012: $23.0 million; 2011: $12.4 million). The total tax benefit realized from share options exercises was $7.9 million in 2013 (2012: $5.4 million; 2011: $3.5 million). | ||||||||||||||||||
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 straight-line 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. | ||||||||||||||||||
In May 2011, the company's shareholders approved the 2011 Global Equity Incentive Plan, which authorized the issuance of up to 28 million shares under this plan. In May 2010, the board approved the 2010 Global Equity Incentive Plan (ST), which authorized the issuance of up to 3 million shares under this plan. Under the terms of the plan, shares are issued only as employment inducement awards in connection with a strategic transaction and, as a result, do not require shareholder approval under the rules of the New York Stock Exchange or otherwise. | ||||||||||||||||||
Movements on share awards priced in U.S. dollars during the years ended December 31, are detailed below: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Millions of shares, except fair values | Time-Vested | Performance-Vested | Weighted Average Grant Date Fair Value ($) | Time-Vested | Performance-Vested | Time- | ||||||||||||
Vested | ||||||||||||||||||
Unvested at the beginning of year | 16.5 | 0.3 | 22.36 | 17.3 | — | 17.4 | ||||||||||||
Granted during the year | 5.2 | 0.2 | 26.91 | 5.5 | 0.3 | 5.9 | ||||||||||||
Forfeited during the year* | (0.9 | ) | — | 25.07 | (0.4 | ) | — | (0.4 | ) | |||||||||
Vested and distributed during the year | (6.9 | ) | (0.1 | ) | 20.08 | (5.9 | ) | — | (5.6 | ) | ||||||||
Unvested at the end of the year | 13.9 | 0.4 | 25 | 16.5 | 0.3 | 17.3 | ||||||||||||
____________________________ | ||||||||||||||||||
* | Forfeitures during the year ended December 31, 2013 include shares surrendered by former employees as a result of the sale of the Atlantic Trust business to CIBC on December 31, 2013. | |||||||||||||||||
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, during the years ended December 31, are detailed below: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Millions of shares, except fair values | Time-Vested | Weighted Average Grant Date Fair Value (£ Sterling) | Time-Vested | Time-Vested | Performance-Vested | |||||||||||||
Unvested at the beginning of year | 0.3 | 12.9 | 0.6 | 3.3 | 0.1 | |||||||||||||
Forfeited during the year | — | — | — | (0.1 | ) | — | ||||||||||||
Vested and distributed during the year | (0.2 | ) | 12.9 | (0.3 | ) | (2.6 | ) | (0.1 | ) | |||||||||
Unvested at the end of the year | 0.1 | 12.9 | 0.3 | 0.6 | — | |||||||||||||
All share awards outstanding at December 31, 2013, had a weighted average remaining contractual life of 1.35 years. The total fair value of shares that vested during 2013 was $192.7 million (2012: $151.6 million; 2011: $207.8 million). The weighted average grant date fair value of the U.S. dollar share awards that were granted during 2013was $26.91 (2012: $24.84; 2011: $26.34). | ||||||||||||||||||
At December 31, 2013, there was $257.0 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 2.87 years. | ||||||||||||||||||
Share Options | ||||||||||||||||||
The company has not granted share option awards since 2005. All share options 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 a historical share option plan which has outstanding share options: The 2000 Share Option Plan. 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 9, “Share Capital”) to satisfy the exercise. | ||||||||||||||||||
The share option plans provided for a grant price equal to the quoted market price of the company's shares on the date of grant. If the options remain unexercised after a period of ten years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the company before the options vest. All options outstanding at December 31, 2013 were exercisable and had a range of exercise prices from £6.39 to £8.86, and weighted average remaining contractual life of 1.38 years. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012, and 2011, was $28.5 million, $19.6 million, and $9.2 million, respectively. At December 31, 2013, the aggregate intrinsic value of options outstanding and options exercisable was $27.3 million. The market price of the company's common stock at December 31, 2013 was $36.40 (December 31, 2012: $26.09). | ||||||||||||||||||
Changes in outstanding share option awards are as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Millions of shares, except prices | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||
(£ Sterling) | (£ Sterling) | (£ Sterling) | ||||||||||||||||
Outstanding at the beginning of year | 2.6 | 7.31 | 4.5 | 7.85 | 10.7 | 13.85 | ||||||||||||
Forfeited during the year | — | — | (0.2 | ) | 14.8 | (5.3 | ) | 19.7 | ||||||||||
Exercised during the year | (1.5 | ) | 7.3 | (1.7 | ) | 8.08 | (0.9 | ) | 8.33 | |||||||||
Outstanding at the end of the year | 1.1 | 7.32 | 2.6 | 7.31 | 4.5 | 7.85 | ||||||||||||
Exercisable at the end of the year | 1.1 | 7.32 | 2.6 | 7.31 | 4.5 | 7.85 | ||||||||||||
Employee Stock Purchase Plan (ESPP) | ||||||||||||||||||
During 2012, the company established a nonqualified, broad-based ESPP for all eligible employees. Employees may purchase shares of our common stock generally in annual intervals at 85% of fair market value. Employee ESPP contributions may not exceed $6,000 per offering period. Upon the plan vesting date, the company either issues new shares or can utilize shares held in treasury (see Note 9, "Share Capital") to satisfy the exercise. For the year ended December 31, 2013, the company recognized $0.9 million in compensation expense related to the employee stock purchase plan (December 31, 2012: $0.3 million). |
Retirement_Benefit_Plans
Retirement Benefit Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 Consolidated Statements of Income for the year ended December 31, 2013, of $54.3 million (December 31, 2012: $54.2 million, December 31, 2011: $53.2 million) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans. As of December 31, 2013, accrued contributions of $21.8 million (December 31, 2012: $20.5 million) for the current year will be paid to the plans. | ||||||||||||||||||
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 postretirement 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 benefit 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 most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were valued as of December 31, 2013. The benefit obligation, related current service cost and prior service cost were measured using the projected unit credit method. | ||||||||||||||||||
Benefit Obligations and Funded Status | ||||||||||||||||||
The amounts included in the Consolidated Balance Sheets arising from the company's obligations and plan assets in respect of its defined benefit retirement plans are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Benefit obligation | (486.2 | ) | (426.7 | ) | (43.6 | ) | (53.2 | ) | ||||||||||
Fair value of plan assets | 407.1 | 338.9 | 10 | 9.1 | ||||||||||||||
Funded status | (79.1 | ) | (87.8 | ) | (33.6 | ) | (44.1 | ) | ||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||
Other assets | 2.1 | 3.1 | — | — | ||||||||||||||
Accounts payable and accrued expenses | (81.2 | ) | (90.9 | ) | (33.6 | ) | (44.1 | ) | ||||||||||
Funded status | (79.1 | ) | (87.8 | ) | (33.6 | ) | (44.1 | ) | ||||||||||
Changes in the benefit obligations were as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
1-Jan | 426.7 | 383.3 | 53.2 | 48.1 | ||||||||||||||
Service cost | 4.4 | 4.5 | 0.2 | 0.3 | ||||||||||||||
Interest cost | 19 | 19.6 | 1.9 | 2.1 | ||||||||||||||
Contributions from plan participants | — | — | 0.5 | 0.5 | ||||||||||||||
Actuarial (gains)/losses | 32.6 | 15 | (8.9 | ) | 4.4 | |||||||||||||
Exchange difference | 12.1 | 19.6 | — | — | ||||||||||||||
Benefits paid | (8.6 | ) | (15.3 | ) | (1.8 | ) | (2.2 | ) | ||||||||||
Curtailment | — | — | (1.5 | ) | — | |||||||||||||
31-Dec | 486.2 | 426.7 | 43.6 | 53.2 | ||||||||||||||
Key assumptions used in plan valuations are detailed below. Appropriate local mortality tables are also used. The weighted average assumptions used to determine defined benefit obligations at December 31, 2013, and 2012 are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.39 | % | 4.67 | % | 4.7 | % | 3.79 | % | ||||||||||
Expected rate of salary increases | 3.37 | % | 3.09 | % | 2.5 | % | 2.5 | % | ||||||||||
Future pension/medical cost trend rate increases | 2.85 | % | 2.79 | % | 5.00%-7.20% | 5.00%-7.60% | ||||||||||||
Changes in the fair value of plan assets in the current period were as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
1-Jan | 338.9 | 288.3 | 9.1 | 8.2 | ||||||||||||||
Actual return on plan assets | 51.4 | 35.5 | 1 | 1 | ||||||||||||||
Exchange difference | 9.1 | 16.2 | — | — | ||||||||||||||
Contributions from the company | 15.3 | 13 | — | — | ||||||||||||||
Contributions from plan participants | — | — | 0.2 | 0.2 | ||||||||||||||
Benefits paid | (8.6 | ) | (14.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Settlement and other | 1 | 0.2 | — | — | ||||||||||||||
31-Dec | 407.1 | 338.9 | 10 | 9.1 | ||||||||||||||
The components of the amount recognized in accumulated other comprehensive income at December 31, 2013, and 2012 are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Prior service cost/(credit) | — | — | (5.7 | ) | (9.9 | ) | ||||||||||||
Net actuarial loss/(gain) | 100.7 | 100.9 | 0.2 | 11.6 | ||||||||||||||
Total | 100.7 | 100.9 | (5.5 | ) | 1.7 | |||||||||||||
The amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost during the year ending December 31, 2014 are as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | Medical Plan | ||||||||||||||||
Prior service cost/(credit) | — | (1.5 | ) | |||||||||||||||
Net actuarial loss/(gain) | 1.8 | — | ||||||||||||||||
Total | 1.8 | (1.5 | ) | |||||||||||||||
The total accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets and the projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||
Retirement Plans | ||||||||||||||||||
$ in millions | 2013 | 2012 | ||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||
Accumulated benefit obligation | 473.2 | 416.6 | ||||||||||||||||
Fair value of plan assets | 394.2 | 325.1 | ||||||||||||||||
Plans with projected benefit obligation in excess of plan assets: | ||||||||||||||||||
Projected benefit obligation | 473.2 | 416.6 | ||||||||||||||||
Fair value of plan assets | 394.2 | 325.1 | ||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||
The components of net periodic benefit cost in respect of these defined benefit plans are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Service cost | (4.4 | ) | (4.5 | ) | (4.4 | ) | (0.2 | ) | (0.3 | ) | (0.5 | ) | ||||||
Interest cost | (19.0 | ) | (19.6 | ) | (19.1 | ) | (1.9 | ) | (2.1 | ) | (2.3 | ) | ||||||
Expected return on plan assets | 18.5 | 17.4 | 17.6 | 0.6 | 0.5 | 0.5 | ||||||||||||
Amortization of prior service cost/(credit) | (0.1 | ) | — | — | 2 | 2 | 2 | |||||||||||
Amortization of net actuarial gain/(loss) | (2.0 | ) | (2.2 | ) | (1.2 | ) | (0.3 | ) | (0.2 | ) | (0.3 | ) | ||||||
Net periodic benefit cost | (7.0 | ) | (8.9 | ) | (7.1 | ) | 0.2 | (0.1 | ) | (0.6 | ) | |||||||
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012, and 2011 are: | ||||||||||||||||||
Retirement Plans | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.67 | % | 4.92 | % | 5.65 | % | ||||||||||||
Expected return on plan assets | 5.6 | % | 5.75 | % | 5.84 | % | ||||||||||||
Expected rate of salary increases | 3.09 | % | 3.34 | % | 3.6 | % | ||||||||||||
Future pension rate increases | 2.79 | % | 3.22 | % | 3.49 | % | ||||||||||||
Medical Plan | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Discount rate | 3.79 | % | 4.34 | % | 5.2 | % | ||||||||||||
Expected return on plan assets | 6.5 | % | 7 | % | 7 | % | ||||||||||||
Expected rate of salary increases | 2.5 | % | 3 | % | 3 | % | ||||||||||||
Future medical cost trend rate increases | 5.00%-7.60% | 5.00%-8.00% | 5.00%-8.00% | |||||||||||||||
In developing the expected rate of return, the company considers long-term compound annualized returns based on historical and current market data. Using this reference information, the company develops forward-looking return expectations for each asset category and an expected long-term rate of return for a targeted portfolio. Discount rate assumptions were based upon AA-rated corporate bonds of suitable terms and currencies. | ||||||||||||||||||
The assumed health care cost rates are as follows: | ||||||||||||||||||
Medical Plan | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Health care cost trend rate assumed for next year | 7.6 | % | 8 | % | 8 | % | ||||||||||||
Rate to which cost trend rate gradually declines | 5 | % | 5 | % | 5 | % | ||||||||||||
Year the rate reaches level it is assumed to remain thereafter | 2020 | 2020 | 2020 | |||||||||||||||
A one percent change in the assumed rate of increase in healthcare costs would have the following effects: | ||||||||||||||||||
$ in millions | Increase | Decrease | ||||||||||||||||
Effect on aggregate service and interest costs | 0.2 | (0.2 | ) | |||||||||||||||
Effect on defined benefit obligation | 5 | (4.2 | ) | |||||||||||||||
Plan Assets | ||||||||||||||||||
The analysis of the plan assets as of December 31, 2013 was as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | % of Plan Assets | Medical Plan | % of Plan Assets | ||||||||||||||
Cash and cash equivalents | 4.1 | 1 | % | 0.2 | 2 | % | ||||||||||||
Fund investments | 193 | 47.3 | % | 9.8 | 98 | % | ||||||||||||
Equity securities | 122.8 | 30.2 | % | — | — | % | ||||||||||||
Government debt securities | 65.6 | 16.1 | % | — | — | % | ||||||||||||
Other assets | 6.4 | 1.6 | % | — | — | % | ||||||||||||
Guaranteed investments contracts | 15.2 | 3.7 | % | — | — | % | ||||||||||||
Total | 407.1 | 100 | % | 10 | 100 | % | ||||||||||||
The analysis of the plan assets as of December 31, 2012 was as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | % of Plan Assets | Medical Plan | % of Plan Assets | ||||||||||||||
Cash and cash equivalents | 7.2 | 2.1 | % | 0.2 | 2.2 | % | ||||||||||||
Fund investments | 164.9 | 48.6 | % | 8.9 | 97.8 | % | ||||||||||||
Equity securities | 92.4 | 27.3 | % | — | — | % | ||||||||||||
Government debt securities | 58.3 | 17.2 | % | — | — | % | ||||||||||||
Other assets | 1.3 | 0.4 | % | — | — | % | ||||||||||||
Guaranteed investments contracts | 14.8 | 4.4 | % | — | — | % | ||||||||||||
Total | 338.9 | 100 | % | 9.1 | 100 | % | ||||||||||||
Plan assets are not held in company stock. The investment policies and strategies for plan assets held by defined benefit plans include: | ||||||||||||||||||
• | Funding - to have sufficient assets available to pay members benefits; | |||||||||||||||||
• | Security - to maintain the minimum Funding Requirement; | |||||||||||||||||
• | Stability - to have due regard to the employer's ability in meeting contribution payments given their size and incidence. | |||||||||||||||||
Fund investments are primarily held in equity and fixed income strategies. The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 2013: | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Cash and cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||||
Fund investments | 202.8 | 202.8 | — | — | ||||||||||||||
Equity securities | 122.8 | 122.8 | — | — | ||||||||||||||
Government debt securities | 65.6 | 12.7 | 52.9 | — | ||||||||||||||
Other assets | 6.4 | 6.4 | — | — | ||||||||||||||
Guaranteed investments contracts | 15.2 | — | — | 15.2 | ||||||||||||||
Total | 413 | 344.9 | 52.9 | 15.2 | ||||||||||||||
The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 2012: | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Cash and cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||||
Fund investments | 173.8 | 173.8 | — | — | ||||||||||||||
Equity securities | 92.4 | 92.4 | — | — | ||||||||||||||
Government debt securities | 58.3 | 15.3 | 43 | — | ||||||||||||||
Other assets | 1.3 | 1.3 | — | — | ||||||||||||||
Guaranteed investment contracts | 14.8 | — | — | 14.8 | ||||||||||||||
Total | 340.8 | 283 | 43 | 14.8 | ||||||||||||||
The following is a description of the valuation methodologies used for each major category of plan assets measured at fair value. Information about the valuation hierarchy levels used to measure fair value is detailed in Note 2, “Fair Value of Assets and Liabilities.” | ||||||||||||||||||
Cash and 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. Cash investments in time deposits of $4.1 million held at December 31, 2013 (December 31, 2012: $7.2 million) are not included in the table above, as they are not measured at fair value on a recurring basis. Time deposits are valued at cost plus accrued interest, which approximates fair value. | ||||||||||||||||||
Fund investments | ||||||||||||||||||
These plan assets are primarily invested in affiliated funds and are classified within level 1 of the valuation hierarchy. They are valued at the net asset value of shares held by the plan at year end. | ||||||||||||||||||
Equity securities, corporate debt securities and other investments | ||||||||||||||||||
These plan assets are classified within level 1 of the valuation hierarchy and are valued at the closing price reported on the active market on which the individual securities are traded. | ||||||||||||||||||
Government debt securities | ||||||||||||||||||
Government debt securities that have a readily available market price are classified within level 1 of the valuation hierarchy. These securities are valued at the closing price reported on the active market on which the individual securities are traded. Government debt securities that include index-linked bonds are classified within level 2 of the valuation hierarchy. Prices for these bonds are calculated using the relevant index ratio. | ||||||||||||||||||
Guaranteed investment contracts | ||||||||||||||||||
These plan assets are classified within level 3 of the valuation hierarchy and are valued through use of unobservable inputs by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. | ||||||||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurement for level 3 assets, which is comprised solely of the guaranteed investment contracts, using significant unobservable inputs: | ||||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||
Balance, beginning of year | 14.8 | 13.9 | ||||||||||||||||
Unrealized gains/(losses) relating to the instrument still held at the reporting date | 1.1 | 1.2 | ||||||||||||||||
Purchases, sales, issuances and settlements (net) | (0.7 | ) | (0.3 | ) | ||||||||||||||
Balance, end of year | 15.2 | 14.8 | ||||||||||||||||
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 | Fair Value at December 31, 2013 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||
Guaranteed investment contracts | 15.2 | Discounted cash flow | Discount rate | 4.40% | ||||||||||||||
Mortality assumption | Standard UK mortality tables with a long-term rate of improvement of 1.25% | |||||||||||||||||
For the guaranteed investment contracts, significant increases in the discount rate in isolation would result in significantly lower fair value measurements. | ||||||||||||||||||
Cash Flows | ||||||||||||||||||
The estimated amounts of contributions expected to be paid to the plans during 2014 are $15.9 million for retirement plans and $2.2 million for the medical plan. | ||||||||||||||||||
There are no future annual benefits of plan participants covered by insurance contracts issued by the employer or related parties. | ||||||||||||||||||
The benefits expected to be paid in each of the next five fiscal years and in the five fiscal years thereafter are as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | Medical Plan | ||||||||||||||||
Expected benefit payments: | ||||||||||||||||||
2014 | 9.6 | 2.3 | ||||||||||||||||
2015 | 9.9 | 2.4 | ||||||||||||||||
2016 | 10.6 | 2.4 | ||||||||||||||||
2017 | 11.6 | 2.4 | ||||||||||||||||
2018 | 13 | 2.3 | ||||||||||||||||
Thereafter in the succeeding five years | 84.2 | 12.1 | ||||||||||||||||
Operating_Leases
Operating Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
OPERATING LEASES | ' | ||||||||
OPERATING LEASES | |||||||||
The company leases office space in the majority of its locations of business under non-cancelable operating leases. These leases and commitments expire on varying dates through 2025. | |||||||||
As of December 31, 2013, the company's total future commitments by year under non-cancelable operating leases are as follows: | |||||||||
$ in millions | Total | Buildings | Other | ||||||
2014 | 65.2 | 61.2 | 4 | ||||||
2015 | 67.1 | 63.3 | 3.8 | ||||||
2016 | 62.2 | 60.5 | 1.7 | ||||||
2017 | 49.6 | 47.9 | 1.7 | ||||||
2018 | 49.1 | 47.4 | 1.7 | ||||||
Thereafter | 231.3 | 227.2 | 4.1 | ||||||
Gross lease commitments | 524.5 | 507.5 | 17 | ||||||
Less: future minimum payments expected to be received under non-cancelable subleases | 34.4 | 34.4 | — | ||||||
Net lease commitments | 490.1 | 473.1 | 17 | ||||||
The company is party to master lease agreements with various property owners and is party to sublease agreements with tenants in its capacity as asset manager of property portfolios. The company's future commitments to the property owners is equal to and offset by the future minimum payments expected to be received from the tenants; therefore, these amounts are not included in the table above. | |||||||||
The company recognized $63.0 million, $67.4 million, and $64.2 million in operating lease expenses in the Consolidated Statements of Income in 2013, 2012 and 2011, respectively. These expenses are net of $11.1 million, $11.4 million and $11.4 million of sublease income in 2013, 2012 and 2011, respectively. |
Other_Gains_and_Losses_Net
Other Gains and Losses, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
OTHER GAINS AND LOSSES, NET | ' | ||||||||
OTHER GAINS AND LOSSES, NET | ' | ||||||||
OTHER GAINS AND LOSSES, NET | |||||||||
The components of other gains and losses, net, are as follows: | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Other gains: | |||||||||
Gain on sale of investments | 3.6 | 5.3 | 9.4 | ||||||
Unrealized gain on trading investments, net | 38.5 | 19.7 | — | ||||||
Gain on sale of CLO management contracts | — | 8.3 | — | ||||||
Net foreign exchange gains | — | 0.3 | — | ||||||
Settlement of litigation (1) | — | — | 45 | ||||||
Other realized gains | 3.2 | 4.1 | — | ||||||
Total other gains | 45.3 | 37.7 | 54.4 | ||||||
Other losses: | |||||||||
Other-than-temporary impairment of available-for-sale investments | — | (0.8 | ) | (1.0 | ) | ||||
Unrealized loss on trading investments, net | — | — | (2.6 | ) | |||||
Net foreign exchange losses | (0.6 | ) | — | (0.6 | ) | ||||
Payment to investment trust (2) | (31.9 | ) | — | — | |||||
Liquidation of co-investment | (4.1 | ) | — | — | |||||
Foreign exchange hedge loss | (1.8 | ) | (2.5 | ) | — | ||||
Loss on debt extinguishment | — | (23.5 | ) | — | |||||
Other realized losses | (4.3 | ) | (2.6 | ) | (1.2 | ) | |||
Total other losses | (42.7 | ) | (29.4 | ) | (5.4 | ) | |||
Other gains and losses, net | 2.6 | 8.3 | 49 | ||||||
____________ | |||||||||
-1 | Included within other gains and losses in the year ended December 31, 2011 is a credit of $45.0 million related to the settlement of litigation arising from the 2007 departure of certain investment professionals to a competitor. | ||||||||
-2 | On December 31, 2013, at the time of creating a new trust company subsidiary to continue operating the company’s institutional trust activities immediately following the disposition of Atlantic Trust, the company made a $31.9 million payment to a managed investment trust, which resulted in the subsequent termination of an outstanding support agreement. See Note 18, "Commitments and Contingencies." |
Taxation
Taxation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
TAXATION | ' | ||||||||
TAXATION | |||||||||
The company's (provision) for income taxes is summarized as follows: | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Current: | |||||||||
Federal | (149.3 | ) | (103.5 | ) | (88.7 | ) | |||
State | (22.0 | ) | (15.6 | ) | (15.0 | ) | |||
Foreign | (129.9 | ) | (114.6 | ) | (108.7 | ) | |||
(301.2 | ) | (233.7 | ) | (212.4 | ) | ||||
Deferred: | |||||||||
Federal | (24.1 | ) | (30.2 | ) | (54.1 | ) | |||
State | (7.4 | ) | 9.4 | (1.1 | ) | ||||
Foreign | (4.2 | ) | (6.9 | ) | (12.4 | ) | |||
(35.7 | ) | (27.7 | ) | (67.6 | ) | ||||
Total income tax (provision) | (336.9 | ) | (261.4 | ) | (280.0 | ) | |||
The net deferred tax recognized in the Consolidated Balance Sheets at December 31, 2013 and 2012, respectively, includes the following: | |||||||||
$ in millions | 2013 | 2012 | |||||||
Deferred tax assets: | |||||||||
Deferred compensation arrangements | 59.6 | 69.4 | |||||||
Accrued rent expenses | 20 | 23.4 | |||||||
Tax loss carryforwards | 104.8 | 137.5 | |||||||
Postretirement medical, pension and other benefits | 32.6 | 41.6 | |||||||
Investment basis differences | 3.9 | 11.3 | |||||||
Accrued bonus | 25.9 | 6.7 | |||||||
Other | 13.1 | 14.9 | |||||||
Total deferred tax assets | 259.9 | 304.8 | |||||||
Valuation allowance | (102.8 | ) | (137.5 | ) | |||||
Deferred tax assets, net of valuation allowance | 157.1 | 167.3 | |||||||
Deferred tax liabilities: | |||||||||
Deferred sales commissions | (23.2 | ) | (23.7 | ) | |||||
Goodwill and intangibles | (420.5 | ) | (397.7 | ) | |||||
Undistributed earnings of subsidiaries | (1.4 | ) | (4.3 | ) | |||||
Revaluation reserve | (5.3 | ) | (5.2 | ) | |||||
Other | (22.9 | ) | (9.4 | ) | |||||
Total deferred tax liabilities | (473.3 | ) | (440.3 | ) | |||||
Net deferred tax assets/(liabilities) | (316.2 | ) | (273.0 | ) | |||||
A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Statutory Rate | 35 | % | 35 | % | 35 | % | |||
Foreign jurisdiction statutory income tax rates | (9.4 | )% | (9.5 | )% | (10.2 | )% | |||
State taxes, net of federal tax effect | 1.5 | % | 1.4 | % | 1.5 | % | |||
Change in valuation allowance for unrecognized tax losses | (0.1 | )% | 0.8 | % | 1.6 | % | |||
Other | 0.7 | % | 0.7 | % | 0.1 | % | |||
(Gains)/losses attributable to noncontrolling interests | (0.9 | )% | 3.1 | % | 3.4 | % | |||
Effective tax rate per Consolidated Statements of Income | 26.8 | % | 31.5 | % | 31.4 | % | |||
The company's subsidiaries operate in several taxing jurisdictions around the world, each with its own statutory income tax rate. As a result, the blended average statutory tax rate will vary from year to year depending on the mix of the profits and losses of the company's subsidiaries. The majority of our profits are earned in the U.S., the U.K., and Canada. The current U.K. statutory tax rate is 23% , the Canadian statutory tax rate is 26.5% and the U.S. Federal statutory tax rate is 35%. | |||||||||
On July 17, 2013, the U.K. Finance Bill 2013 received Royal Assent, and therefore was enacted for U.S. GAAP purposes during the third quarter of 2013. The bill further reduces the U.K. tax rate to 21% (previously 22%) from April 1, 2014 and 20% (previously 21%) from April 1, 2015. | |||||||||
The division of income/(losses) before taxes between U.S. and foreign for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||
$ in millions (except percentages) | 2013 | 2012 | 2011 | ||||||
U.S. | 553.1 | 456.6 | 470.4 | ||||||
CIP - U.S. | 45.2 | 59.7 | 93 | ||||||
Total U.S. income before income taxes | 598.3 | 516.3 | 563.4 | ||||||
Foreign | 666.1 | 474.5 | 509.1 | ||||||
CIP - Foreign | (9.2 | ) | (160.2 | ) | (180.4 | ) | |||
Total Foreign income before income taxes | 656.9 | 314.3 | 328.7 | ||||||
Income from continuing operations before income taxes | 1,255.20 | 830.6 | 892.1 | ||||||
At December 31, 2013 the company had tax loss carryforwards accumulated in certain taxing jurisdictions in the aggregate of $332.0 million (2012: $430.8 million), approximately $2.3 million of which will expire between 2014 and 2018, $69.3 million of which will expire after 2018, with the remaining $260.4 million having an indefinite life. A valuation allowance has been recorded against the deferred tax assets related to these losses where a history of losses in the respective tax jurisdiction makes it unlikely that the deferred tax asset will be realized. | |||||||||
As a multinational corporation, the company operates in various locations around the world and we generate substantially all of our earnings from our subsidiaries. Under ASC 740-30 deferred tax liabilities are recognized for taxes that would be payable on the unremitted earnings of the company's subsidiaries, direct investments in CSIP and CIP, and joint ventures, except where it is our intention to continue to indefinitely reinvest the undistributed earnings. Our Canadian and U.S. subsidiaries continue to be directly owned by Invesco Holding Company Limited, a U.K. company, which is directly owned by Invesco Ltd. Our Canadian unremitted earnings, for which we are indefinitely reinvested, are estimated to be $1,007.6 million at December 31, 2013, compared with $1,029.9 million at December 31, 2012. If distributed as a dividend, Canadian withholding tax of 5.0% would be due. Dividends from our investment in the U.S. should not give rise to additional tax as we are not subject to withholding tax between the U.S. and U.K. Deferred tax liabilities in the amount of $1.4 million (2012: $4.3 million) for additional tax have been recognized for unremitted earnings of certain subsidiaries that have regularly remitted earnings and are expected to continue to remit earnings in the foreseeable future. The U.K. dividend exemption should apply to the remainder of our U.K. subsidiary investments. There is no additional tax on dividends from the U.K. to Bermuda. | |||||||||
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 change in circumstances, 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. At January 1, 2013, the company had approximately $22.6 million of gross unrecognized income tax benefits (UTBs). Of this total, $17.9 million (net of tax benefits in other jurisdictions and the federal benefit of state taxes) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. A reconciliation of the change in the UTB balance from January 1, 2011, to December 31, 2013, is as follows: | |||||||||
$ in millions | Gross Unrecognized Income Tax Benefits | ||||||||
Balance at January 1, 2011 | 27.1 | ||||||||
Additions for tax positions related to the current year | — | ||||||||
Additions for tax positions related to prior years | 1.4 | ||||||||
Other reductions for tax positions related to prior years | (5.2 | ) | |||||||
Reductions for statute closings | (3.8 | ) | |||||||
Balance at December 31, 2011 | 19.5 | ||||||||
Additions for tax positions related to the current year | — | ||||||||
Additions for tax positions related to prior years | 4.3 | ||||||||
Other reductions for tax positions related to prior years | (1.2 | ) | |||||||
Reductions for statute closings | — | ||||||||
Balance at December 31, 2012 | 22.6 | ||||||||
Additions for tax positions related to the current year | 1 | ||||||||
Additions for tax positions related to prior years | 0.7 | ||||||||
Other reductions for tax positions related to prior years | (7.5 | ) | |||||||
Reductions for statute closings | — | ||||||||
Balance at December 31, 2013 | 16.8 | ||||||||
The company recognizes accrued interest and penalties, as appropriate, related to unrecognized tax benefits as a component of the income tax provision. At December 31, 2013, the total amount of gross unrecognized tax benefits was $16.8 million. Of this total, $12.1 million (net of tax benefits in other jurisdictions and the federal benefit of state taxes) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. The Consolidated Balance Sheet includes accrued interest and penalties of $5.1 million at December 31, 2013, reflecting $0.4 million of settlement for accrued interest and penalties in 2013 (year ended December 31, 2012: $4.7 million accrued interest and penalties, $0.8 million settlement for accrued interest and penalties in 2012; year ended December 31, 2011: $5.7 million accrued interest and penalties, $0.3 million tax accrued). As a result of the anticipated legislative changes and potential settlements with taxing authorities, it is reasonably possible that the company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $10.0 million. The company and its subsidiaries are periodically examined by various taxing authorities. With few exceptions, the company is no longer subject to income tax examinations by the primary tax authorities for years prior to 2003. Management monitors changes in tax statutes and regulations and the issuance of judicial decisions to determine the potential impact to uncertain income tax positions. As of December 31, 2013, management had identified no other potential subsequent events that could have a significant impact on the unrecognized tax benefits balance. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The calculation of earnings per share is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
In millions, except per share data | 2013 | 2012 | 2011 | |||||||||
Income from continuing operations, net of taxes | $918.30 | $569.20 | $612.10 | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (42.5 | ) | 89.8 | 107.7 | ||||||||
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 875.8 | 659 | 719.8 | |||||||||
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 | |||||||||
Net income attributable to common shareholders | $940.30 | $677.10 | $729.70 | |||||||||
Weighted average shares outstanding - basic | 447.5 | 452.3 | 462.9 | |||||||||
Dilutive effect of share-based awards | 1 | 1.5 | 1.8 | |||||||||
Weighted average shares outstanding - diluted | 448.5 | 453.8 | 464.7 | |||||||||
Basic earnings per share: | ||||||||||||
Earnings per share from continuing operations | $1.96 | $1.46 | $1.55 | |||||||||
Earnings per share from discontinued operations | $0.14 | $0.04 | $0.02 | |||||||||
Basic earnings per share | $2.10 | $1.50 | $1.58 | |||||||||
Diluted earnings per share: | ||||||||||||
Earnings per share from continuing operations | $1.95 | $1.45 | $1.55 | |||||||||
Earnings per share from discontinued operations | $0.14 | $0.04 | $0.02 | |||||||||
Diluted earnings per share | $2.10 | $1.49 | $1.57 | |||||||||
See Note 11, “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 year ended December 31, 2013, (December 31, 2012: none; December 31, 2011: 0.1 million share options at a weighted average exercise price of £18.11). Antidilutive options are those where the options' exercise prices are greater than the average market price of the shares. | ||||||||||||
There were no time-vested share awards that were excluded from the computation of diluted earnings per share during the years ended December 31, 2013, 2012, and 2011 due to their inclusion being anti-dilutive. There were 0.3 million contingently issuable shares excluded from the diluted earnings per share computation during year ended December 31, 2013 (December 31, 2012: 0.2 million; December 31, 2011: none), because the necessary performance conditions for the shares to be issuable had not yet been satisfied at the end of the respective period. |
Geographic_Information
Geographic Information | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||||||||
GEOGRAPHIC INFORMATION | ' | |||||||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||||
The company operates under one business segment, investment management. Geographical information is presented below. There are no revenues or long-lived assets attributed to the company's country of domicile, Bermuda. | ||||||||||||||||||
$ in millions | U.S. | U.K./Ireland | Canada | Continental Europe | Asia | Total | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||
Revenue from external customers | 2,332.20 | 1,792.40 | 374.8 | 43.5 | 101.7 | 4,644.60 | ||||||||||||
Inter-company revenue | (3.6 | ) | (194.0 | ) | (9.8 | ) | 111.2 | 96.2 | — | |||||||||
Total operating revenues | 2,328.60 | 1,598.40 | 365 | 154.7 | 197.9 | 4,644.60 | ||||||||||||
Long-lived assets | 225.8 | 92.9 | 9.5 | 7.1 | 15.5 | 350.8 | ||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||
Revenue from external customers | 2,063.60 | 1,492.10 | 346.4 | 43 | 105.3 | 4,050.40 | ||||||||||||
Inter-company revenue | (6.5 | ) | (144.0 | ) | (13.2 | ) | 78.3 | 85.4 | — | |||||||||
Total operating revenues | 2,057.10 | 1,348.10 | 333.2 | 121.3 | 190.7 | 4,050.40 | ||||||||||||
Long-lived assets | 228.7 | 83.6 | 9.4 | 7.1 | 20.8 | 349.6 | ||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||
Revenue from external customers | 1,980.30 | 1,473.10 | 372.3 | 38.8 | 117.8 | 3,982.30 | ||||||||||||
Inter-company revenue | (8.1 | ) | (152.8 | ) | (14.1 | ) | 76.7 | 98.3 | — | |||||||||
Total operating revenues | 1,972.20 | 1,320.30 | 358.2 | 115.5 | 216.1 | 3,982.30 | ||||||||||||
Long-lived assets | 196.7 | 81.5 | 7.9 | 4.9 | 21.8 | 312.8 | ||||||||||||
Operating revenues reflect the geographical regions from which services are provided. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Loss Contingency [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 for the investment of client assets in the normal course of business. 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. 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 December 31, 2013, the company's undrawn capital and purchase commitments were $152.5 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. During October 2013, the agreement related to one of the trusts terminated. On December 31, 2013, at the time of creating a new trust company subsidiary to continue operating the company’s institutional trust activities immediately following the disposition of Atlantic Trust, the company made a $31.9 million payment to the second managed investment trust, which resulted in the termination of the outstanding support agreement in January 2014. This expense was recorded in other gains/(losses) in the company’s Consolidated Statement of Income during the three months ended December 31, 2013. | |
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 Contingencies | |
In July 2010, various closed-end funds formerly advised by Van Kampen Investments or Morgan Stanley Investment Management included in the acquired business 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 December 31, 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 is seeking to resolve this investigation on a consensual basis, although there can be no assurance that the company's efforts to do so will succeed. The company 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 arising from the resolution of this matter; 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 $20.6 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 Consolidated Financial Statements. |
Consolidated_Sponsored_Investm
Consolidated Sponsored Investment Products | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS | ' | ||||||||||||
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS | |||||||||||||
During the year ended December 31, 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 are included on the Consolidated Balance Sheet as well as Invesco's net interests in CSIP at December 31, 2013 (December 31, 2012: none): | |||||||||||||
$ in millions | December 31, 2013 | ||||||||||||
Investments of CSIP | 93.2 | ||||||||||||
Cash and cash equivalents of CSIP | 12.7 | ||||||||||||
Accounts receivable and other assets of CSIP | 2.6 | ||||||||||||
Other liabilities of CSIP | (4.7 | ) | |||||||||||
Equity attributable to nonredeemable noncontrolling interests | (12.0 | ) | |||||||||||
Invesco's net interests in CSIP | 91.8 | ||||||||||||
Invesco's net interests as a percentage of investments of CSIP | 98.5 | % | |||||||||||
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 December 31, 2013 (as of December 31, 2012: none): | |||||||||||||
As of December 31, 2013 | |||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | |||||||||
Active Markets for | Observable Inputs | Other | |||||||||||
Identical Assets | (Level 2) | Unobservable | |||||||||||
(Level 1) | Inputs | ||||||||||||
(Level 3) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 43.2 | — | 43.2 | — | |||||||||
Equity securities | 27.8 | 27.8 | — | — | |||||||||
Investments in fixed income fund* | 6 | 6 | — | — | |||||||||
Investments in other private equity funds* | 16.2 | — | — | 16.2 | |||||||||
Total investments at fair value | 93.2 | 33.8 | 43.2 | 16.2 | |||||||||
* | Investments in the fixed income fund and other private equity funds are valued using the net asset value (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 20, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. | ||||||||||||
The table below summarizes as of December 31, 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 December 31, 2013 | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
($ in millions) | |||||||||||||
Fixed income fund | $6.00 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $16.20 | $35.60 | 8.1 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 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 year ended December 31, 2013 (December 31, 2012: none): | |||||||||||||
$ in millions | 31-Dec-13 | ||||||||||||
Beginning balance | — | ||||||||||||
Consolidation of CSIP | 13.2 | ||||||||||||
Purchases | 2.5 | ||||||||||||
Gains and losses included in the Consolidated Statements of Income* | 0.5 | ||||||||||||
Ending balance | 16.2 | ||||||||||||
* | Included in other income/(loss) of CSIP, net, in the Consolidated Statement of Income for the year ended December 31, 2013 are $0.5 million in net unrealized gains attributable to investments still held at December 31, 2013. |
Consolidated_Investment_Produc
Consolidated Investment Products | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Consolidated Investment Products [Abstract] | ' | |||||||||||||||
CONSOLIDATED INVESTMENT PRODUCTS | ' | |||||||||||||||
CONSOLIDATED INVESTMENT PRODUCTS | ||||||||||||||||
The following table presents the balances related to CIP that are included on the Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. | ||||||||||||||||
As of | ||||||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | ||||||||||||||
Cash and cash equivalents of CIP | 583.6 | 287.8 | ||||||||||||||
Investments of CIP | 4,734.70 | 4,550.60 | ||||||||||||||
Accounts receivable and other assets of CIP | 58.3 | 84.1 | ||||||||||||||
Less: Debt of CIP | (4,181.7 | ) | (3,899.4 | ) | ||||||||||||
Less: Other liabilities of CIP | (461.8 | ) | (104.3 | ) | ||||||||||||
Less: Retained earnings appropriated for investors in CIP | (104.3 | ) | (128.8 | ) | ||||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (570.1 | ) | (727.8 | ) | ||||||||||||
Invesco's net interests in CIP | 58.7 | 62.2 | ||||||||||||||
Invesco's net interests as a percentage of investments of CIP | 1.2 | % | 1.4 | % | ||||||||||||
The company's risk with respect to each investment in CIP is limited to its equity ownership and any uncollected management and performance 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 and performance 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. | ||||||||||||||||
As discussed in Note 18, “Commitments and Contingencies,” in 2007 the company entered into contingent support agreements for two of its investment trusts to enable them to sustain a stable pricing structure, creating variable interests in these VIEs. As of the date of this Report, the agreements related to both trusts had terminated. The company earns management fees from the trusts and has a small 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 December 31, 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 | 4 | 4 | |||||||||||||
Partnership and trust investments | — | 28.2 | 28.2 | |||||||||||||
Investments in Invesco Mortgage Capital Inc. | — | 28.2 | 28.2 | |||||||||||||
Support agreement* | 18 | — | 15 | |||||||||||||
Total | 75.4 | |||||||||||||||
____________ | ||||||||||||||||
* | As of December 31, 2013, the committed support under the agreement was $15.0 million with an internal approval mechanism to increase the maximum possible support to $60.0 million at the option of the company. The company made a $31.9 million payment on December 31, 2013 which resulted in the termination of the support agreement in January 2014. This payment was recorded in Other gains and losses, net. See note 14, "Other gains and losses, net." | |||||||||||||||
During the year ended December 31, 2013, the company invested in and consolidated five new VIEs and one VOE (December 31, 2012 the company invested in and consolidated two VIEs). The tables below illustrate the summary balance sheet amounts related to these products before 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 Consolidated Financial Statements. | ||||||||||||||||
Balance Sheet | ||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||
$ in millions | VIEs | VOEs | VIEs | |||||||||||||
Cash and cash equivalents of CIP | 967.3 | 6.6 | 498.9 | |||||||||||||
Accounts receivable and other assets of CIP | 13.5 | 2.6 | 17.6 | |||||||||||||
Investments of CIP | 1,091.90 | 52.2 | 693.3 | |||||||||||||
Total assets | 2,072.70 | 61.4 | 1,209.80 | |||||||||||||
Debt of CIP | 1,346.50 | 25 | 803.6 | |||||||||||||
Other liabilities of CIP | 728.7 | 36 | 406.2 | |||||||||||||
Total liabilities | 2,075.20 | 61 | 1,209.80 | |||||||||||||
Total equity | (2.5 | ) | 0.4 | — | ||||||||||||
Total liabilities and equity | 2,072.70 | 61.4 | 1,209.80 | |||||||||||||
During the year ended December 31, 2013, the company deconsolidated four entities: a CLO due to a reassessment of rights held by others; a CLO and CLO warehouse in liquidation; and a private equity fund due to a change in the ownership of the parent of the general partner of the fund. During the year ended December 31, 2012, the company determined it was no longer the primary beneficiary of certain CLOs due to reconsideration and liquidation events. These reconsideration events included the sale of our management agreements and equity interests in certain CLOs and reassessment of the rights held by other unaffiliated investors. The amounts deconsolidated from the Consolidated Balance Sheet are illustrated in the table below. There was no net impact to the Consolidated Statements of Income for the years ended December 31, 2013 and December 31, 2012 from the deconsolidation of these investment products. | ||||||||||||||||
Balance Sheet | ||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||
$ in millions | CLOs - VIEs | VOEs | CLOs - VIEs | |||||||||||||
Cash and cash equivalents of CIP | 1.9 | 6.6 | 151.7 | |||||||||||||
Accounts receivable and other assets of CIP | 4.2 | 12.1 | 29.5 | |||||||||||||
Investments of CIP | 260.5 | 76.1 | 2,247.40 | |||||||||||||
Total assets | 266.6 | 94.8 | 2,428.60 | |||||||||||||
Debt of CIP | 241.1 | 25 | 2,264.20 | |||||||||||||
Other liabilities of CIP | 2.4 | 36 | 47.5 | |||||||||||||
Total liabilities | 243.5 | 61 | 2,311.70 | |||||||||||||
Total equity | 23.1 | 33.8 | 116.9 | |||||||||||||
Total liabilities and equity | 266.6 | 94.8 | 2,428.60 | |||||||||||||
The following tables reflect the impact of consolidation of investment products into the Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012, and the Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||
Summary of Balance Sheet Impact of CIP | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Accounts receivable | — | — | — | (3.4 | ) | (3.4 | ) | |||||||||
Investments | — | — | — | (55.3 | ) | (55.3 | ) | |||||||||
Cash and cash equivalents of CIP | 542.3 | 5.6 | 35.7 | — | 583.6 | |||||||||||
Accounts receivable of CIP | 56.3 | 0.2 | 1.8 | — | 58.3 | |||||||||||
Investments of CIP | 4,237.30 | 40.4 | 512.2 | (55.2 | ) | 4,734.70 | ||||||||||
Total assets | 4,835.90 | 46.2 | 549.7 | (113.9 | ) | 5,317.90 | ||||||||||
Debt of CIP | 4,270.40 | — | — | (88.7 | ) | 4,181.70 | ||||||||||
Other liabilities of CIP | 461.4 | 0.9 | 3 | (3.5 | ) | 461.8 | ||||||||||
Total liabilities | 4,731.80 | 0.9 | 3 | (92.2 | ) | 4,643.50 | ||||||||||
Retained earnings appropriated for investors in CIP | 104.3 | — | — | — | 104.3 | |||||||||||
Other equity attributable to common shareholders | (0.2 | ) | (0.3 | ) | 22 | (21.7 | ) | (0.2 | ) | |||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 45.6 | 524.7 | — | 570.3 | |||||||||||
Total liabilities and equity | 4,835.90 | 46.2 | 549.7 | (113.9 | ) | 5,317.90 | ||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Accounts receivable | — | — | — | (4.4 | ) | (4.4 | ) | |||||||||
Investments | — | — | 6.9 | (73.5 | ) | (66.6 | ) | |||||||||
Cash and cash equivalents of CIP | 211.8 | 0.2 | 75.8 | — | 287.8 | |||||||||||
Accounts receivable of CIP | 54.6 | 0.2 | 29.3 | — | 84.1 | |||||||||||
Investments of CIP | 3,948.00 | 35.9 | 607.9 | (41.3 | ) | 4,550.50 | ||||||||||
Other assets | — | — | 8.9 | (8.9 | ) | — | ||||||||||
Total assets | 4,214.40 | 36.3 | 728.8 | (128.1 | ) | 4,851.40 | ||||||||||
Accounts payable and accrued expenses | — | — | — | (8.9 | ) | (8.9 | ) | |||||||||
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 | ||||||||||
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 | ||||||||||
____________ | ||||||||||||||||
-1 | Adjustments include the elimination of intercompany transactions between the company and its CIP, primarily the elimination of the company's equity at risk recorded as investments by the company (before consolidation) against either equity (private equity and real estate partnership funds) or subordinated debt (CLOs) of the funds. | |||||||||||||||
Summary of Income Statement Impact of CIP | ||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Total operating revenues | — | — | 0.5 | (38.4 | ) | (37.9 | ) | |||||||||
Total operating expenses | 65.8 | 0.8 | 6.7 | (38.4 | ) | 34.9 | ||||||||||
Operating income | (65.8 | ) | (0.8 | ) | (6.2 | ) | — | (72.8 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (2.5 | ) | (2.5 | ) | |||||||||
Interest and dividend income | — | — | — | (5.5 | ) | (5.5 | ) | |||||||||
Other gains and losses, net | — | — | — | (11.8 | ) | (11.8 | ) | |||||||||
Interest and dividend income of CIP | 199.8 | — | — | (9.8 | ) | 190 | ||||||||||
Interest expense of CIP | (138.6 | ) | — | — | 15.3 | (123.3 | ) | |||||||||
Other gains/(losses) of CIP, net | 3 | 1.7 | 54.3 | 2.9 | 61.9 | |||||||||||
Income from continuing operations before income taxes | (1.6 | ) | 0.9 | 48.1 | (11.4 | ) | 36 | |||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of income taxes | (1.6 | ) | 0.9 | 48.1 | (11.4 | ) | 36 | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||
Net income | (1.6 | ) | 0.9 | 48.1 | (11.4 | ) | 36 | |||||||||
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 1.4 | (0.9 | ) | (45.2 | ) | — | (44.7 | ) | ||||||||
Net income attributable to common shareholders | (0.2 | ) | — | 2.9 | (11.4 | ) | (8.7 | ) | ||||||||
Year ended December 31, 2012 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Total operating revenues | — | — | — | (41.0 | ) | (41.0 | ) | |||||||||
Total operating expenses | 48.2 | 0.9 | 23.4 | (41.0 | ) | 31.5 | ||||||||||
Operating income | (48.2 | ) | (0.9 | ) | (23.4 | ) | — | (72.5 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 0.5 | 0.5 | |||||||||||
Interest and dividend income | — | — | — | (12.3 | ) | (12.3 | ) | |||||||||
Other gains and losses, net | — | — | — | (8.7 | ) | (8.7 | ) | |||||||||
Interest and dividend income of CIP | 260.7 | — | — | (2.2 | ) | 258.5 | ||||||||||
Interest expense of CIP | (182.8 | ) | — | — | 14.5 | (168.3 | ) | |||||||||
Other gains/ (losses) of CIP, net | (112.2 | ) | 2.4 | 13.7 | (1.6 | ) | (97.7 | ) | ||||||||
Income from continuing operations before income taxes | (82.5 | ) | 1.5 | (9.7 | ) | (9.8 | ) | (100.5 | ) | |||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of income taxes | (82.5 | ) | 1.5 | (9.7 | ) | (9.8 | ) | (100.5 | ) | |||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||
Net income | (82.5 | ) | 1.5 | (9.7 | ) | (9.8 | ) | (100.5 | ) | |||||||
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 82.2 | (1.5 | ) | 9.1 | — | 89.8 | ||||||||||
Net income attributable to common shareholders | (0.3 | ) | — | (0.6 | ) | (9.8 | ) | (10.7 | ) | |||||||
Year ended December 31, 2011 | ||||||||||||||||
$ in millions | CLOs - VIEs | VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Total operating revenues | — | — | 0.1 | (47.3 | ) | (47.2 | ) | |||||||||
Total operating expenses | 46.7 | 1 | 12.6 | (47.3 | ) | 13 | ||||||||||
Operating income | (46.7 | ) | (1.0 | ) | (12.5 | ) | — | (60.2 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (0.2 | ) | (0.2 | ) | |||||||||
Interest and dividend income | — | — | — | (8.3 | ) | (8.3 | ) | |||||||||
Interest and dividend income of CIP | 307.2 | — | — | — | 307.2 | |||||||||||
Interest expense of CIP | (195.3 | ) | — | — | 8.3 | (187.0 | ) | |||||||||
Other gains and losses of CIP, net | (235.1 | ) | 1 | 74.9 | 20.3 | (138.9 | ) | |||||||||
Income from continuing operations, net of income taxes | (169.9 | ) | — | 62.4 | 20.1 | (87.4 | ) | |||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of income taxes | (169.9 | ) | — | 62.4 | 20.1 | (87.4 | ) | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||
Net income/(loss) | (169.9 | ) | — | 62.4 | 20.1 | (87.4 | ) | |||||||||
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 169.9 | — | (62.3 | ) | — | 107.6 | ||||||||||
Net income attributable to common shareholders | — | — | 0.1 | 20.1 | 20.2 | |||||||||||
____________ | ||||||||||||||||
-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 values of investments held and notes issued by CIP are also their fair values. The following tables present the fair value hierarchy levels of investments held and notes issued by CIP, which are measured at fair value as of December 31, 2013 and December 31, 2012: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||
(Level 3) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 4,035.80 | — | 4,035.80 | — | ||||||||||||
Bonds | 133.1 | — | 133.1 | — | ||||||||||||
Equity securities | 14.1 | — | 14.1 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 106 | 47.3 | — | 58.7 | ||||||||||||
Investments in other private equity funds | 442.2 | — | — | 442.2 | ||||||||||||
Debt securities issued by the U.S. Treasury | 3.5 | 3.5 | — | — | ||||||||||||
Total assets at fair value | 4,734.70 | 50.8 | 4,183.00 | 500.9 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (4,181.7 | ) | — | — | (4,181.7 | ) | ||||||||||
Total liabilities at fair value | (4,181.7 | ) | — | — | (4,181.7 | ) | ||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
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: | ||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | ||||||||||||
Beginning balance | 602.9 | (3,899.4 | ) | 929.1 | (5,512.9 | ) | ||||||||||
Purchases | 31.5 | — | 8.9 | — | ||||||||||||
Sales | (148.0 | ) | — | (334.5 | ) | — | ||||||||||
Issuances | 3.8 | (1,323.9 | ) | — | (792.5 | ) | ||||||||||
Settlements | — | 850.4 | — | 619.9 | ||||||||||||
Deconsolidation of CIP | (18.4 | ) | 239.5 | — | 2,123.70 | |||||||||||
Gains and losses included in the Consolidated Statements of Income* | 35.7 | (44.3 | ) | 12.4 | (349.2 | ) | ||||||||||
Transfers to Level 2** | (6.1 | ) | — | (9.9 | ) | — | ||||||||||
Foreign exchange | (0.5 | ) | (4.0 | ) | (3.1 | ) | 11.6 | |||||||||
Ending balance | 500.9 | (4,181.7 | ) | 602.9 | (3,899.4 | ) | ||||||||||
____________ | ||||||||||||||||
* | Included in gains and losses of CIP in the Consolidated Statement of Income for the year ended December 31, 2013 are $9.6 million in net unrealized losses attributable to investments still held at December 31, 2013 by CIP (year ended December 31, 2012: $28.3 million net unrealized gains attributable to investments still held at December 31, 2012). | |||||||||||||||
** | During the year ended December 31, 2013, $6.1 million (year ended December 31, 2012: $9.9 million) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the legal lock up requirements of public offering of securities in the underlying companies. For transfers due to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. | |||||||||||||||
Unforeseen events might occur that would subsequently change the fair values of the investments and debt of CIP, but such changes would be inconsequential to the company due to its minimal investments in these products. Any gains or losses resulting from valuation changes in the investments and debt of CIP 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 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 2014 and 2023, pay interest at Libor or Euribor plus a spread of up to 10.0%, 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 December 31, 2013, the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $6.3 million (December 31, 2012: $121.6 million excess). Approximately 0.8% of the collateral assets are in default as of December 31, 2013 (December 31, 2012: 1.8% of the collateral assets were in default). CLO investments are valued based on price quotations provided by 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 these price quotations on a daily basis. If necessary, price quotations are challenged through the third-party pricing source price challenge process. For the years ended December 31, 2013 and 2012, there were no price quotation challenges by the company. | ||||||||||||||||
In addition, the company's internal 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, size, 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 2026 and have a weighted average maturity of 9.3 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. At December 31, 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 for this debt. Notes issued by CLOs are recorded at fair value using an income approach, driven by cash flows expected to be received from the portfolio collateral assets. Fair value is determined using current information, notably market yields and projected cash flows of collateral assets based on forecasted default and recovery rates that a market participant would use in determining the current fair value of the notes, taking into account the overall credit quality of the issuers and the company's past experience in managing similar securities. 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. At December 31, 2013 and 2012, there were no open swap agreements. Changes in fair value of $9.6 million are reflected as losses in other gains/(losses) of CIP, net on the company's Consolidated Statement of Income for the year ended December 31, 2012 (year ended December 31, 2011: $9.2 million). | ||||||||||||||||
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 partnership investments 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. Investors in CIP generally may not redeem their investment until the partnership liquidates. Generally, the partnerships have a life that ranges 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. | ||||||||||||||||
Fair value of consolidated real estate funds | ||||||||||||||||
As of December 31, 2013 the company's consolidated real estate funds are in liquidation; the funds 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 fund assets are classified as level 3. The real estate funds 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 tables show significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at December 31, 2013 and December 31, 2012: | ||||||||||||||||
Assets and Liabilities * | Fair Value at December 31, 2013 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||
Private Equity Funds --Equity Securities | 58.7 | Market Comparable | Revenue Multiple | 1 - 5x | 3.0x | |||||||||||
Discount | n/a | 24.00% | ||||||||||||||
CLO Notes | -4,181.70 | Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 2% | <1yr: 1.4% >1yr: 2.0% | |||||||||||
Spread over Libor ** | 123 - 864bps | 208 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 (December 31, 2013 $5.8 million; December 31, 2012: $50.0 million). At December 31, 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 December 31, 2013 of $442.2 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. At December 31, 2013, a default rate of 1.4% was assumed for CLOs established after January 1, 2012 (December 31, 2012: 1.4% assumed rate). | |||||||||||||||
The table below summarizes as of December 31, 2013 and December 31, 2012, 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: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | |||||||||||
(in millions) | (in millions) | |||||||||||||||
Private equity fund of funds (1) | $426.30 | $71.60 | 2.6 years | 498.9 | 127.5 | 2.7 years | ||||||||||
Private equity funds (1) | $15.90 | $80.60 | 8.5 years | 4.6 | 5 | 1.0 year | ||||||||||
-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 significantly lower fair value measurements. |
Related_Parties
Related Parties | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
RELATED PARTIES | ' | ||||||||
RELATED PARTIES | |||||||||
Certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, "Related Party Disclosures." Additionally, related parties include those defined in the company's proxy statement. | |||||||||
Years ended December 31, | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Affiliated operating revenues: | |||||||||
Investment management fees | 3,208.20 | 2,754.20 | 2,684.50 | ||||||
Service and distribution fees | 856.4 | 752 | 779.6 | ||||||
Performance fees | 44 | 32.6 | 21.2 | ||||||
Other | 108.5 | 101.6 | 128.9 | ||||||
Total affiliated operating revenues | 4,217.10 | 3,640.40 | 3,614.20 | ||||||
As of December 31, | |||||||||
$ in millions | 2013 | 2012 | |||||||
Affiliated asset balances: | |||||||||
Cash and cash equivalents | 447.8 | 223.2 | |||||||
Unsettled fund receivables | 315.5 | 131.5 | |||||||
Accounts receivable | 298.5 | 258.3 | |||||||
Investments | 789.8 | 562.8 | |||||||
Assets held for policyholders | 1,415.70 | 1,153.20 | |||||||
Other assets | 5.4 | 32.7 | |||||||
Total affiliated asset balances | 3,272.70 | 2,361.70 | |||||||
Affiliated liability balances: | |||||||||
Accrued compensation and benefits | 151.6 | 234.3 | |||||||
Accounts payable and accrued expenses | 19.5 | 21.5 | |||||||
Unsettled fund payables | 389.9 | 266 | |||||||
Total affiliated liability balances | 561 | 521.8 | |||||||
Transaction_and_Integration
Transaction and Integration | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
TRANSACTION AND INTEGRATION | ' | ||||||||
TRANSACTION AND INTEGRATION | |||||||||
On June 1, 2010, Invesco acquired from Morgan Stanley its retail asset management business, including Van Kampen Investments (the "acquired business" or the "acquisition"). Transaction and integration activities related to the acquisition were completed mid-year 2013. | |||||||||
During the year ended December 31, 2013, the company incurred $3.2 million (2012: $8.2 million, 2011: $29.4 million) of transaction and integration costs ($1.9 million, $5.1 million and $18.2 million net of taxation, respectively). Transaction and integration costs include charges related to prior acquisitions and do not represent ongoing costs of the fully integrated combined organization. They include legal, regulatory, advisory, valuation, integration-related employee incentive awards and other professional or consulting fees, general and administrative costs, including travel costs related to the transaction and the costs of temporary staff involved in executing the transaction, and post-closing costs of integrating the acquired business into the company's existing operations including incremental costs associated with achieving synergy savings. Additionally, transaction and integration expenses include legal costs related to the defense of legal challenges to auction rate preferred securities redemptions with respect to various closed-end funds included in the acquisition. See Note 18, “Commitments and Contingencies” for additional information. The following table presents acquisition-related and integration-related charges incurred during the period. | |||||||||
For the year ended December 31, | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Integration-related charges: | |||||||||
Staff costs | — | 0.1 | 2.8 | ||||||
Technology, contractor and related costs | 0.1 | 0.6 | 11 | ||||||
Professional services | 3.1 | 7.5 | 15.6 | ||||||
Total integration-related charges | 3.2 | 8.2 | 29.4 | ||||||
Total transaction and integration charges | 3.2 | 8.2 | 29.4 | ||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
DISCONTINUED OPERATIONS | ' | ||||||||
DISCONTINUED OPERATIONS | |||||||||
On December 31, 2013, the company completed the sale of 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. Net cash proceeds of $137.0 million were received with further cash proceeds estimated at $59 million due in the first half of 2014. | |||||||||
The results of Atlantic Trust, together with expenses and the gain associated with the sale, are reflected as discontinued operations in the Consolidated Statements of Income and are therefore excluded from the continuing operations of Invesco. Comparative periods shown in the Consolidated Statements of Income have been adjusted to conform with this presentation. | |||||||||
The following table presents the major classes of assets and liabilities that were disposed of on December 31, 2013: | |||||||||
As of | |||||||||
$ in millions | December 31, 2013 | ||||||||
Assets | |||||||||
Receivables and other assets | 52 | ||||||||
Property and equipment, net | 13.7 | ||||||||
Intangible assets, net | 2.2 | ||||||||
Goodwill | 74.5 | ||||||||
Total assets | 142.4 | ||||||||
Liabilities | |||||||||
Accrued expenses | 24.3 | ||||||||
Total liabilities | 24.3 | ||||||||
The components of income from discontinued operations, net of tax, were as follows for the twelve months ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
Years ended December 31, | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Operating revenue | 162.6 | 126.6 | 109.8 | ||||||
Operating expenses | (139.2 | ) | (97.7 | ) | (93.9 | ) | |||
Gain on sale | 77.5 | — | — | ||||||
Income from discontinued operations before income taxes | 100.9 | 28.9 | 15.9 | ||||||
Income tax provision | (36.4 | ) | (10.8 | ) | (6.0 | ) | |||
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 | ||||||
In conjunction with the sale, the company recorded a pre-tax gain of $77.5 million, which is included within discontinued operations, net of taxes, in the accompanying Consolidated Statement of Income for the year ended December 31, 2013. |
Balance_Sheet_Presentation
Balance Sheet Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Balance Sheet Presentation [Abstract] | ' |
BALANCE SHEET PRESENTATION | ' |
BALANCE SHEET PRESENTATION | |
Effective September 30, 2013, the company changed the presentation of its 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 Consolidated Balance Sheets and notes have been reclassified to conform to the new presentation. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On January 30, 2014, the company declared a fourth quarter 2013 dividend of 22.5 cents per share, payable on March 7, 2014, to shareholders of record at the close of business on February 20, 2014 with an ex-dividend date of February 18, 2014. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Corporate Information | ' | |
Corporate Information | ||
Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of global investment management capabilities. The company operates globally and its sole business is investment management. | ||
Basis of Accounting and Consolidation | ' | |
Basis of Accounting and Consolidation | ||
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 periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon 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 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 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 managed 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 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 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. The 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 19, "Consolidated Sponsored Investment Products," and Note 20, "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. | ||
Consolidation Accounting. The company follows the provisions of Accounting Standards Codification (ASC) Topic 810, “Consolidation,” when accounting for VIEs, including Accounting Standards Update (ASU) No. 2010-10, “Amendments for Certain Investment Funds” (ASU 2010-10), a deferral of the effective date of additional consolidation guidance for a reporting entity's interests in certain investment funds which have attributes of investment companies, for which the reporting entity does not have an obligation to fund losses, and which are not structured as securitization entities. In addition, the deferral applies to a reporting entity's interest in money market fund-type products. The company has determined that all of its managed funds with the exception of certain CLOs qualify for the deferral. | ||
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 ASU 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 managed 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 below. | ||
Consolidation of CLOs. 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 of the CLO entities, the company earns investment management fees, including in some cases subordinated management fees, as well as contingent performance 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 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 the CLO's 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 its 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/performance 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 values. | ||
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. Accordingly, all of the investments held and notes issued by CIP are presented at fair value in the company's Consolidated Balance Sheets at December 31, 2013 and 2012. | ||
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 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 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 Consolidated Statements of Income and in the retained earnings appropriated for investors in CIP in the 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 Statements of Income. See Note 20, “Consolidated Investment Products,” for additional details. In addition, the company's Consolidated Statements of Cash Flow 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. The company generally takes less than a 1% investment in these entities as the general partner. 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 20, “Consolidated Investment Products,” for additional details. | ||
Consolidation basis. The Consolidated 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, 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 three-month 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. | ||
Use of Estimates | ' | |
Use of Estimates | ||
In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect reported revenues, expenses, assets, liabilities, and disclosure of contingent liabilities. The primary estimates and assumptions made relate to goodwill and intangible impairment, certain investments which are carried at fair value, and taxes. Additionally, estimation is involved when determining investment and debt valuation for certain CIP; however, changes in the fair values of these amounts are largely offset by noncontrolling interests. 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 Consolidated Financial Statements. | ||
Reclassifications | ' | |
Reclassifications | ||
As discussed in Note 23, "Discontinued Operations," the results of Atlantic Trust Private Wealth Management (Atlantic Trust) have been presented as a discontinued operation in the Consolidated Statements of Income for all periods presented. As a result of this change, certain previously reported amounts in the Consolidated Financial Statements and notes have been reclassified to conform to the current period presentation. | ||
As discussed in Note 24, "Balance Sheet Presentation," the company changed the presentation of its Consolidated Balance Sheets from a classified basis to a non-classified basis. | ||
Acquisition Accounting | ' | |
Acquisition Accounting | ||
In accordance with ASC Topic 805, “Business Combinations," any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired attributable to the company is recognized as goodwill. With certain exceptions, 100% of the fair values of assets acquired, liabilities assumed, and noncontrolling interests is recognized in acquisitions of less than 100% controlling interest when the acquisition constitutes a change in control of the acquired entity. Additionally, when partial ownership in an acquiree is obtained and it is determined that the company controls the acquiree, the assets acquired, liabilities assumed and any noncontrolling interests are recognized and consolidated at 100% of their fair values at that date, regardless of the percentage ownership in the acquiree. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the company's share, is recognized under this “full-goodwill” approach. Noncontrolling interests are stated at the noncontrolling shareholder's proportion of the pre-acquisition carrying values of the acquired net assets. The results of entities acquired or sold during the year are included from or to the date control changes. | ||
Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of cash held at banks and short-term investments with a maturity upon acquisition of three months or less. Also included in cash and cash equivalents at December 31, 2013, is $2.9 million (December 31, 2012: $3.1 million ) in cash to facilitate operations and customer transactions in the company's affiliated funds. Cash and cash equivalents of CIP and CSIP are not available for general use by the company. | ||
Cash balances may not be readily accessible to the Parent due to capital adequacy requirements of certain of our subsidiaries. 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. A sub-group of Invesco subsidiaries, including all of our regulated EU subsidiaries, is subject to consolidated capital requirements under applicable European Union (EU) directives, and capital is maintained within this sub-group to satisfy these regulations. These requirements mandate the retention of liquid resources in those jurisdictions, which we meet in part by holding cash and cash equivalents. This retained cash can be used for general business purposes in the European sub-group or in the countries where it is located. Due to the capital restrictions, the ability to transfer cash between certain jurisdictions may be limited. In addition, transfers of cash between international jurisdictions may have adverse tax consequences that may substantially limit such activity. At December 31, 2013, the European sub-group had cash and cash equivalent balances of $632.3 million (December 31, 2012: $528.3 million). The company is in compliance with all regulatory minimum net capital requirements. The total amount of non-U.S. cash and cash equivalents was $740.5 million at December 31, 2013 (December 31, 2012: $662.9 million). | ||
In addition, the company is required to hold cash deposits with clearing organizations or to otherwise segregate cash to maintain compliance with federal and other regulations in connection with its UIT broker dealer entity. At December 31, 2013 these cash deposits totaled $11.3 million (year ended December 31, 2012: $11.3 million). | ||
Unsettled Fund Receivables and Payables | ' | |
Unsettled Fund Receivables and Payables | ||
The company records unsettled fund receivables from underlying fund investors in certain fund products outside the U.S. when these investors place unsettled investments into the funds. Additionally, the company records unsettled fund receivables from certain non-U.S. funds during the settlement period when underlying fund investors redeem their holdings. Settlement periods for both receivables from underlying investors and funds are generally less than four days. Additionally, in its capacity as sponsor of UITs, the company records receivables from brokers, dealers, and clearing organizations for unsettled sell trades of securities and UITs in addition to receivables from customers for unsettled sell trades of UITs. The company also records payables to brokers, dealers, and clearing organization for unsettled buy trades of securities and UITs in addition to payables to customers for unsettled buy trades of securities and UITs. The presentation of the unsettled fund receivables and substantially offsetting payables at trade date reflects the legal relationship between the underlying investor and the company. | ||
Accounts Receivable and Payable | ' | |
Accounts Receivable and Payable | ||
Accounts receivable and payable are recorded at their original invoice amounts. Accounts receivable are also recorded less any allowance for uncollectible amounts. | ||
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 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 investment manager by third-party investors in closed-ended funds to demonstrate an aligning 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 if 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, as well as trading and investing activities in equity and debt securities entered into in its capacity as sponsor of UITs, and other equity securities. Trading securities 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 Consolidated Statements of Income, and the proportionate share of other comprehensive income or loss is included in accumulated other comprehensive income in the 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 Consolidated Balance Sheets at fair value. These underlying securities are presented in the company's Consolidated Financial Statements as either CSIP or CIP investments. See the “Basis of Accounting and Consolidation” 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. | ||
Fair value is determined using a valuation hierarchy (discussed in Note 2, “Fair Value of Assets and Liabilities”), generally by reference to an active trading market, using quoted closing or bid prices as of each reporting period end. When a readily ascertainable market value does not exist for an investment, the fair value is calculated based on the expected cash flows of its underlying net asset base, taking into account applicable discount rates and other factors. Judgment is used to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. | ||
The company evaluates the carrying value of investments for impairment on a quarterly basis. In its impairment analysis, the company takes into consideration numerous criteria, including the duration and extent of any decline in fair value, the intent and ability of the company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry and external credit ratings and recent downgrades with respect to issuers of debt securities held. If the decline in value is determined to be other-than-temporary, the carrying value of the security is generally written down to fair value through the income statement. If the fair value of a debt security, however, is less than its amortized cost, the decline in value is determined to be other-than-temporary, and the company intends to sell the debt security or it is more likely than not that the company will be required to sell the debt security before the recovery of its amortized cost basis, the entire difference between the investment's amortized cost basis and its fair value is recognized as an other-than-temporary impairment through the income statement. If the company does not intend to sell the debt security, and it is not more likely than not that the company will be required to sell the debt security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: a) the amount representing the credit loss, which is recorded as a charge in the Consolidated Statements of Income, and b) the amount related to all other factors, which is recognized in the Consolidated Statements of Comprehensive Income, net of tax. | ||
Assets Held for Policyholders and Policyholder Payables | ' | |
Assets Held for Policyholders and Policyholder Payables | ||
One of the company's subsidiaries, Invesco Perpetual Life Limited, is an insurance entity that was established to facilitate retirement savings plans in the U.K. The entity holds assets that are managed for its clients on its balance sheet with an equal and offsetting liability to the policyholders, which is linked to the value of the investments. The investments are legally segregated and are generally not subject to claims that arise from any of the company's other businesses. Investments and policyholder payables held by this business meet the definition of financial instruments and are carried in the Consolidated Balance Sheets as separate account assets and liabilities at fair value in accordance with ASC Topic 944, “Financial Services - Insurance.” Changes in fair value are recorded and offset to zero in the Consolidated Statements of Income in other operating revenues. Management fees earned from policyholder investments are accounted for as described in the company's revenue recognition accounting policy. | ||
Deferred Sales Commissions | ' | |
Deferred Sales Commissions | ||
Mutual fund shares sold without a sales commission at the time of purchase are commonly referred to as “B shares.” B shares typically have an asset-based fee (12b-1 fee) that is charged to the fund over a period of years and a contingent deferred sales charge (CDSC). The CDSC is an asset-based fee that is charged to investors that redeem B shares during a stated period. Commissions paid at the date of sale to brokers and dealers for sales of mutual funds that have a CDSC are capitalized and amortized over a period not to exceed the redemption period of the related fund (generally up to six years). The deferred sales commission asset, which is included in prepaid assets in our Consolidated Balance Sheets, is reviewed periodically for impairment by reviewing the recoverability of the asset based on estimated future fees to be collected. | ||
Property, Equipment and Depreciation | ' | |
Property, Equipment and Depreciation | ||
Property and equipment includes owned property, leasehold improvements, computer hardware/software and other equipment and is stated at cost less accumulated depreciation or amortization and any previously recorded impairment in value. Expenditures for major additions and improvements are capitalized; minor replacements, maintenance and repairs are charged to expense as incurred. Amounts incurred are presented as work-in-progress until the construction or purchase of the property and equipment is substantially complete and ready for its intended use, which, at that point, will begin to be depreciated or amortized. Depreciation is provided on property and equipment at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life: owned buildings over 50 years, leasehold improvements over the shorter of the lease term or useful life of the improvement; and computers and other various equipment between three and seven years. Purchased and internally developed software is capitalized where the related costs can be measured reliably, and it is probable that the asset will generate future economic benefits, and amortized into operating expenses on a straight-line basis over its useful life, usually five years. The company capitalizes qualified internal and external costs incurred during the application development stage for internally developed software in accordance with ASC Topic 350-40, “Intangibles - Goodwill and Other - Internal-Use Software.” The company reevaluates the useful life determination for property and equipment each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life. On sale or retirement, the asset cost and related accumulated depreciation are removed from the Consolidated Financial Statements and any related gain or loss is reflected in income. | ||
The carrying amounts of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. At each reporting date, an assessment is made for any indication of impairment. If an indication of impairment exists, recoverability is tested by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i.e. the asset is not recoverable), the next step would be performed, which is to determine the fair value of the asset and record an impairment charge, if any. | ||
Intangible Assets | ' | |
Intangible Assets | ||
Intangible assets identified on the acquisition of a business are capitalized separately from goodwill if the fair value can be measured reliably on initial recognition (transaction date) and, if they are determined to be finite-lived, are amortized and recorded as operating expenses on a straight-line basis over their useful lives, from two to twelve years, which reflects the pattern in which the economic benefits are realized. Intangible assets consist primarily of mutual fund and other client management contracts, customer relationships, distribution agreements and trade names. The company considers its own assumptions, which require management's judgment, about renewal or extension of the term of the arrangement, consistent with its expected use of the asset. A change in the useful life of an intangible asset could have a significant impact on the company's amortization expense. | ||
Where evidence exists that the underlying arrangements have a high likelihood of continued renewal at little or no cost to the company, the intangible asset is assigned an indefinite life and reviewed for impairment on an annual basis. The company reevaluates the useful life determination for intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life or an indication of impairment. Management contracts that are managed and operated on a single operating platform are reviewed in aggregate as one unit of valuation and are considered interchangeable because investors may freely transfer between funds. Similarly, cash flows generated by new funds added to the operating platform are included when determining the fair value of the intangible asset. | ||
Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable (i.e. the carrying amount exceeds the sum of the fair value of the intangible). In addition, management judgment is required to estimate the period over which definite-lived intangible assets will contribute to the company's cash flows and the pattern in which these assets will be consumed. Intangible assets not subject to amortization are tested for impairment annually as of October 1 or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Fair value is generally determined using an income approach where estimated future cash flows are discounted to arrive at a single present value amount. | ||
Goodwill | ' | |
Goodwill | ||
Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1 and between annual tests when events and circumstances indicate that impairment may have occurred. The company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated Invesco Ltd. single operating segment, which is consistent with internal management reporting and management's oversight of operations. The company evaluated the components of its business, which are business units one level below the operating segment level in making this determination. The company's operating segment represents one reporting unit because all of the components are similar due to the common nature of products and services offered, type of clients, methods of distribution, manner in which each component is operated, extent to which they share assets and resources, and the extent to which they support and benefit from common product development efforts. Traditional profit and loss measures are not produced and therefore not reviewed by component management for any of the components. Furthermore, the financial information that is available by component is not sufficient for purposes of performing a discounted cash flow analysis at the component level in order to test goodwill for impairment at that level. As none of the company's components are reporting units, the company has determined that its single operating segment, investment management, is also its single reporting unit. | ||
ASU 2011-08 allows the option to first qualitatively assess whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The company did not utilize this option in 2013 and performed a quantitative impairment test. The impairment test for goodwill consists of a two-step approach, which is performed at the reporting unit level. If the carrying amount of the reporting unit exceeds its fair value (the first step of the goodwill impairment test), then the second step is performed to determine if goodwill is impaired and to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss is recognized in an amount equal to that excess. | ||
The principal method of determining fair value of the reporting unit is an income approach where estimated future cash flows are discounted to arrive at a single present value amount. The discount rate used is derived based on the time value of money and the risk profile of the stream of future cash flows. Recent results and projections based on expectations regarding revenue, expenses, capital expenditure and acquisition earn out payments produce a present value for the reporting unit. The present value produced for the reporting unit is the fair value of the reporting unit. This amount is reconciled to the company's market capitalization to determine an implied control premium, which is compared to an analysis of historical control premiums experienced by peer companies over a long period of time to assess the reasonableness of the fair value of the reporting unit. | ||
The company also utilizes a market approach to provide a secondary and corroborative fair value of the reporting unit by using comparable company and transaction multiples to estimate values for our single reporting unit. Discretion and judgment is required in determining whether the transaction data available represents information for companies of comparable nature, scope and size. The results of the secondary market approach to provide a fair value estimate are not combined or weighted with the results of the income approach described above but are used to provide an additional basis to determine the reasonableness of the income approach fair value estimate. | ||
Debt and Financing Costs | ' | |
Debt and Financing Costs | ||
Debt issuance costs are recognized as a deferred asset under ASC Topic 835, “Interest.” After initial recognition, debt issuance costs are measured at amortized cost. Finance charges and debt issuance costs are amortized over the term of the debt using the effective interest method. Interest charges are recognized in the Consolidated Statement of Income in the period in which they are incurred. | ||
Treasury Shares | ' | |
Treasury Shares | ||
Treasury shares are valued at cost and are included as deductions from equity on the settlement date. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, value added tax and other sales-related taxes. Revenue is recognized when there is persuasive evidence of an arrangement, delivery has occurred or services have been provided, collectability is reasonably assured and the revenue can be reliably measured. Revenue represents management, service and distribution, performance and other fees. Revenue is generally accrued over the period for which the service is provided. | ||
Investment management fees are derived from providing professional services to manage client accounts and include fees earned from retail mutual funds, unit trusts, investment companies with variable capital (ICVCs), exchange-traded funds, investment trusts and institutional management contracts. Investment management fees for products offered in the retail distribution channel are generally calculated as a percentage of the daily average asset balances and therefore vary as the levels of AUM change resulting from inflows, outflows and market movements. Investment management fees for products offered in the institutional distribution channel are calculated in accordance with the underlying investment management contracts and also vary in relation to the level of client assets managed. | ||
Service fees are generated through fees charged to cover several types of expenses, including fund accounting fees and other maintenance costs for mutual funds, unit trusts and ICVCs, and administrative fees earned from closed-ended funds. Service fees also include transfer agent fees, which are fees charged to cover the expense of processing client share purchases and redemptions, call center support and client reporting. U.S. distribution fees can include 12b-1 fees earned from certain mutual funds to cover allowable sales and marketing expenses for those funds and also include asset-based sales charges paid by certain mutual funds for a period of time after the sale of those funds. Distribution fees typically vary in relation to the amount of client assets managed. Generally, retail products offered outside of the U.S. do not generate a separate distribution fee, as the quoted management fee rate is inclusive of these services. | ||
Performance fee revenues are generated on certain management contracts when performance hurdles are achieved. Such fee revenues are recorded in operating revenues as of the performance measurement date, when the contractual performance criteria have been met and when the outcome of the transaction can be measured reliably in accordance with Method 1 of ASC Topic 605-20-S99, “Revenue Recognition - Services - SEC Materials.” Cash receipt of earned performance fees occurs after the measurement date. The performance measurement date is defined in each contract in which incentive and performance fee revenue agreements are in effect, and therefore we have performance fee arrangements that include monthly, quarterly and annual measurement dates. Given the uniqueness of each transaction, performance fee contracts are evaluated on an individual basis to determine if revenues can and should be recognized. Performance fees are not recorded if there are any future performance contingencies. If performance arrangements require repayment of the performance fee for failure to perform during the contractual period, then performance fee revenues are recognized no earlier than the expiration date of these terms. Performance fees will fluctuate from period to period and may not correlate with general market changes, since most of the fees are driven by relative performance to the respective benchmark rather than by absolute performance. | ||
Other revenues include fees derived primarily from transaction commissions earned upon the sale of new investments into certain of our funds and fees earned upon the completion of transactions in our real estate and private equity asset groups. Real estate transaction fees are derived from commissions earned through the buying and selling of properties. Private equity transaction fees include commissions associated with the restructuring of, and fees from providing advice to, portfolio companies held by the funds. These transaction fees are recorded in the Consolidated Financial Statements on the date when the transactions are legally closed. The company is the sponsor of UITs. In its capacity as sponsor of UITs, the company earns other revenues related to transactional sales charges resulting from the sale of UIT products and from the difference between the purchase or bid and offer price of securities temporarily held to form new UIT products. These revenues are recorded as other revenues net of concessions to dealers who distribute UITs to investors. Other revenues also include the revenues of CIP. | ||
Distribution, service and advisory fees that are passed through to external parties are presented separately as expenses in accordance with ASC Topic 605-45, “Revenue Recognition - Principal Agent Considerations.” Third-party distribution, service and advisory expenses include periodic “renewal” commissions paid to brokers and independent financial advisors for the continuing oversight of their clients' assets, over the time they are invested, and are payments for the servicing of client accounts. Renewal commissions are calculated based upon a percentage of the AUM value and apply to much of the company's non-U.S. retail operations, where they can also take the form of management fee rebates. As discussed above, the revenues from our U.S. retail operations include 12b-1 distribution fees, which are passed through to brokers who sell the funds as third-party distribution expenses along with additional marketing support distribution costs. Both the revenues and the costs are dependent on the underlying AUM of the brokers' clients. Third-party distribution expenses also include the amortization of upfront commissions paid to broker-dealers for sales of fund shares with a contingent deferred sales charge (a charge levied to the investor for client redemption of AUM within a certain contracted period of time). The distribution commissions are amortized over the redemption period. Also included in third-party distribution, service and advisory expenses are sub-transfer agency fees that are paid to third parties for processing client share purchases and redemptions, call center support and client reporting. These costs are reimbursed by the related funds. Third-party distribution, service and advisory expenses may increase or decrease at a rate different from the rate of change in service and distribution fee revenues due to the inclusion of distribution, service and advisory expenses for the U.K. and Canada, where the related revenues are recorded as investment management fee revenues, as noted above. | ||
Interest income is accrued on interest-bearing assets. | ||
Dividend income from investments is recognized on the ex-dividend date. | ||
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. 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 initial forfeiture rate applied to most grants is 3% per year, based upon the company's historical experience with respect to employee turnover. Fair value for the share awards representing equity interests identical to those associated with shares traded in the open market is determined using the market price at the date of grant. Fair value is measured by use of the Black Scholes valuation model for certain share awards that do not include dividend rights. | ||
Deferred Compensation | ' | |
Deferred Compensation | ||
The company issues deferred cash awards to certain employees which are linked in value to investment products. The employees may earn a return linked to the appreciation or depreciation of specified investments, typically the funds they manage. The company intends to hedge economically the exposure to market movements by holding the investments on its balance sheet. The company recognizes as compensation expense the value of the liability to employees, including the appreciation or depreciation of the liability, over the award's vesting period in proportion to the vested amount of the award. The company immediately recognizes the full value of the related investment, and any subsequent appreciation or depreciation of the investment, below operating income in other gains and losses. | ||
Pensions | ' | |
Pensions | ||
For defined contribution plans, contributions payable related to the accounting period are charged to the income statement. For defined benefit plans, the cost of providing benefits is separately determined for each plan using the projected unit credit method, based on actuarial valuations performed at each balance sheet date. The company's annual measurement date is December 31. A portion of actuarial gains and losses is recognized through the income statement if the net cumulative unrecognized actuarial gain or loss at the end of the prior period exceeds the greater of 10.0% of the present value of the defined benefit obligation (before deducting plan assets) at that date and 10.0% of the fair value of any plan assets. | ||
Advertising Costs | ' | |
Advertising Costs | ||
The company expenses the cost of all advertising and promotional activities as incurred. | ||
Leases | ' | |
Leases | ||
The company complies with lease accounting in accordance with ASC Topic 840, "Leases.” Under operating leases, where the lessor retains substantially all the risks and benefits of ownership of the asset, rental payments, as well as any step rent provisions specified in lease agreements, are aggregated and charged evenly to expense over the lease term beginning on the date of initial possession or the effective date of the lease agreement. Maintenance, utility, and tax costs included in lease agreements are expensed in the period incurred. Rental payments dependent upon an existing index or rate are included in the minimum lease payments based on the index or rate in effect at the inception of the lease and are recognized on a straight-line basis over the minimum lease term. Changes in rental payments that result from subsequent changes in the index or rate are expensed in the period incurred. Capital improvement funding and other lease concessions provided by the landlord are recorded as a deferred liability and are amortized evenly over the lease term as a reduction of rental expense. | ||
The company accounts for lease termination costs in accordance with ASC Topic 420, “Exit or Disposal Cost Obligations,” which requires that (1) a liability for costs to terminate a contract before the end of its term shall be recognized at the time termination occurs and measured at fair value and (2) a liability for costs that will continue to be incurred under a contract for its remaining term without economic benefit to the company be recognized and measured at its fair value when the company ceases to use the right conveyed by the contract, net of estimated sublease rentals that could reasonably be obtained even if the company does not anticipate entering into any subleasing arrangements. | ||
Taxation | ' | |
Taxation | ||
Income taxes are provided for in accordance with ASC Topic 740, “Income Taxes” (ASC Topic 740). Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the Consolidated Financial Statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets to the amount that is more likely than not to be realized. The company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. | ||
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 periods, 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. | ||
Comprehensive Income | ' | |
Comprehensive Income | ||
The company's other comprehensive income/(loss) consists of changes in unrealized gains and losses on investment securities classified as available-for-sale, the company's share of other comprehensive income of equity method investments, reclassification adjustments for realized gains/(losses) on those investment securities classified as available-for-sale, foreign currency translation adjustments and employee benefit plan liability adjustments. Such amounts are recorded net of applicable taxes. | ||
Dividends to Shareholders | ' | |
Dividends to Shareholders | ||
Dividends to shareholders are recognized on the declaration date. Dividends are declared and paid on a quarterly basis. | ||
Translation of Foreign Currencies | ' | |
Translation of Foreign Currencies | ||
Transactions in foreign currencies (currencies other than the functional currencies of the company's subsidiaries) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured into the functional currencies of the company's subsidiaries at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in the Consolidated Statements of Income. | ||
The company's reporting currency and the functional currency of the Parent is U.S. dollars. On consolidation, the assets and liabilities of company subsidiary operations whose functional currencies are currencies other than the U.S. dollar (“foreign” operations) are translated at the rates of exchange prevailing at the balance sheet date. Consolidated Statements of Income figures are translated at the weighted average rates for the year, which approximate actual exchange rates. Exchange differences arising on the translation of the net assets of foreign operations are taken directly to accumulated other comprehensive income in equity until the disposal of the net investment, at which time they are recognized in the Consolidated Statements of Income. Goodwill and other fair value adjustments arising on acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at rates of exchange prevailing at the balance sheet date. | ||
The company generally does not hedge corporate interest rate or foreign currency exposures with derivative financial instruments; however, the company has purchased several put option contracts to hedge economically foreign currency risk on the translation of its pound sterling-denominated earnings into U.S. dollars, as discussed in Note 2, "Fair Value of Assets and Liabilities." In the management of its cross-border fund operations, foreign currency forward and swap contracts are purchased daily to hedge against foreign exchange rate movements during the four-day client money settlement period. Certain CIP and CSIP may also utilize such instruments. See Notes 19, "Consolidated Sponsored Investment Products," and 20, “Consolidated Investment Products,” for additional information. | ||
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | ' | |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | ||
In May 2011, the FASB issued Accounting Standards Update 2011-04, “Fair Value Measurements: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” (ASU 2011-04). ASU 2011-04 amends Topic 820 to clarify existing fair value measurement disclosures to (1) specifically provide quantitative information about the significant unobservable inputs used for all level 3 measurements and (2) disclose any transfers between levels 1 and 2 of the fair value hierarchy, not just significant transfers. ASU 2011-04 also requires a number of additional disclosures regarding fair value measurements. Specifically, ASU 2011-04 requires entities to disclose: (1) a qualitative discussion about the sensitivity of recurring level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs; (2) a description of the company’s valuation processes surrounding level 3 measurements; (3) information about when the current use of a non-financial asset measured at fair value differs from its highest and best use; and (4) the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. ASU 2011-04 amends Topic 820 to change the fair value measurement of financial instruments and the application of premiums and discounts in a fair value measurement. ASU 2011-04 also clarifies existing fair value measurement regarding the concepts of valuation premise, the application of the highest and best use, and the fair value measurement of an instrument classified in an entity’s shareholders’ equity. The adoption of ASU 2011-04 did not have an effect on the company’s current fair value measurements but led to increased disclosures related to the assets and liabilities of the company's CIP that are classified as level 3 assets within the fair value hierarchy. The amendments to Topic 820 made by ASU 2011-04 are effective for interim and annual periods beginning on or after December 15, 2011, and are accordingly reflected in the fair value disclosure contained in Notes 2, "Fair Value of Assets and Liabilities," 19, "Consolidated Sponsored Investment Products," and 20, "Consolidated Investment Products." | ||
In June 2011, the FASB issued Accounting Standards Update 2011-05, “Comprehensive Income: Presentation of Comprehensive Income” (ASU 2011-05). ASU 2011-05 amends Topic 220 to require the components of net income and other comprehensive income to be presented in one continuous statement, which would be referred to as the statement of comprehensive income, or in two separate but consecutive statements. Prior to ASU 2011-05, there was no requirement to present the statement of net income and statement of comprehensive income consecutively. ASU 2011-05 also requires an entity to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income. This requirement in ASU 2011-05 was amended and deferred in December 2011, when the FASB issued Accounting Standards Update No. 2011-12, “Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive income in Accounting Standards Update No. 2011-05” (ASU 2011-12). As a result of ASU 2011-12, an entity will continue to report items that are reclassified from accumulated other comprehensive income consistent with the requirements in Topic 220 in effect before the adoption of ASU 2011-05. The amendments to Topic 220 made by ASU 2011-05, and the amendments to ASU 2011-05 made by ASU 2011-12, are effective for interim and annual periods beginning on or after December 15, 2011 for public companies, and are accordingly reflected in the financial statement, “Consolidated Statements of Comprehensive Income." | ||
In July 2012, the FASB issued Accounting Standards Update 2012-02, “Intangibles-Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02). ASU 2012-02 amends Topic 350 on testing for impairment of indefinite-lived intangible assets. Specifically, ASU 2012-02 permits an entity the option to first qualitatively assess whether it is more likely than not (a likelihood of more than 50 percent) that an indefinite-lived intangible asset is impaired. If an entity concludes that this is the case, it would be required to perform the quantitative impairment test and calculate the fair value of the indefinite-lived intangible asset; otherwise, no further testing is required. An entity may bypass the qualitative assessment in any period and proceed directly to the quantitative impairment test, and may resume performing the qualitative assessment in any subsequent period. The amendments made by ASU 2012-02 are effective for interim and annual impairment tests performed for fiscal years beginning on or after September 15, 2012. | ||
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 Consolidated Financial Statements. |
Fair_Value_Of_Assets_And_Liabi1
Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value Of Financial Instruments Held By Consolidated Investments | ' | |||||||||||||||||
The carrying value and fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CSIP and CIP are presented in Note 19, "Consolidated Sponsored Investment Products" and Note 20, "Consolidated Investment Products." | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | 1 | 1,331.20 | 1,331.20 | 835.5 | 835.5 | |||||||||||||
Available-for-sale investments | 3 | 244.1 | 244.1 | 122.1 | 122.1 | |||||||||||||
Trading investments | 3 | 253 | 253 | 218.7 | 218.7 | |||||||||||||
Foreign time deposits * | 3 | 28.8 | 28.8 | 31.3 | 31.3 | |||||||||||||
Assets held for policyholders | 1 | 1,416.00 | 1,416.00 | 1,153.60 | 1,153.60 | |||||||||||||
Policyholder payables * | 1 | (1,416.0 | ) | (1,416.0 | ) | (1,153.6 | ) | (1,153.6 | ) | |||||||||
UIT-related financial instruments sold, not yet purchased | (1.7 | ) | (1.7 | ) | (1.5 | ) | (1.5 | ) | ||||||||||
Note payable | (0.3 | ) | (0.3 | ) | (3.4 | ) | (3.4 | ) | ||||||||||
Long-term debt * | 8 | (1,588.6 | ) | (1,544.7 | ) | (1,186.0 | ) | (1,204.8 | ) | |||||||||
Support agreements * | 18 | — | — | (1.0 | ) | (1.0 | ) | |||||||||||
____________ | ||||||||||||||||||
* | 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 company's Consolidated Balance Sheet as of December 31, 2013: | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
Assets: | ||||||||||||||||||
Cash equivalents: | ||||||||||||||||||
Money market funds | 447.8 | 447.8 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 233.8 | 233.8 | — | — | ||||||||||||||
CLOs | 4 | — | — | 4 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 249.7 | 249.7 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 2.1 | 2.1 | — | — | ||||||||||||||
UITs | 1.2 | 1.2 | — | — | ||||||||||||||
Assets held for policyholders | 1,416.00 | 1,416.00 | — | — | ||||||||||||||
Total | 2,360.90 | 2,350.60 | — | 10.3 | ||||||||||||||
Liabilities: | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.7 | ) | (1.7 | ) | — | — | ||||||||||||
Note payable | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||
Total | (2.0 | ) | (1.7 | ) | — | (0.3 | ) | |||||||||||
____________ | ||||||||||||||||||
* | Foreign time deposits of $28.8 million are excluded from this table. Equity and other investments of $308.2 million and $5.6 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, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheet as of December 31, 2012: | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||||||||||
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 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate stock | 1.5 | 1.5 | — | — | ||||||||||||||
UITs | 1.6 | 1.6 | — | — | ||||||||||||||
Municipal securities | 1.8 | — | 1.8 | — | ||||||||||||||
Other equity securities | 0.3 | 0.3 | — | — | ||||||||||||||
Assets held for policyholders | 1,153.60 | 1,153.60 | — | — | ||||||||||||||
Total | 1,786.60 | 1,776.10 | 1.8 | 8.7 | ||||||||||||||
Liabilities: | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.5 | ) | (1.5 | ) | — | — | ||||||||||||
Note payable | (3.4 | ) | — | — | (3.4 | ) | ||||||||||||
Total | (4.9 | ) | (1.5 | ) | — | (3.4 | ) | |||||||||||
____________ | ||||||||||||||||||
* | Foreign time deposits of $31.3 million are excluded from this table. Equity 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 year ended December 31, 2013 and December 31, 2012, which are valued using significant unobservable inputs: | ||||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.4 | 6.3 | (3.4 | ) | — | — | (16.8 | ) | ||||||||||
Purchases | — | — | — | — | 1.7 | — | ||||||||||||
Returns of capital | (0.2 | ) | — | — | (0.2 | ) | — | — | ||||||||||
Settlements | — | — | 2.5 | — | — | 8.5 | ||||||||||||
Deconsolidation of CIP | 1.6 | — | — | 2.5 | — | — | ||||||||||||
Net unrealized gains and losses included in other gains and losses* | — | — | 0.2 | — | — | 3.7 | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | 0.2 | — | — | 0.1 | — | — | ||||||||||||
Foreign exchange gains/(losses) | — | — | 0.4 | — | — | 1.2 | ||||||||||||
Reclassification | — | — | — | — | 4.6 | — | ||||||||||||
Ending balance | 4 | 6.3 | (0.3 | ) | 2.4 | 6.3 | (3.4 | ) | ||||||||||
____________ | ||||||||||||||||||
* | These unrealized gains and losses are attributable to balances still held at the respective year ends. | |||||||||||||||||
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 | 3,300 bps | ||||||||||||||||
Discounted Cash Flow- USD | Assumed Default Rate | 1.1% - 3.0% | <1yr: 1.1% | |||||||||||||||
>1yr: 3.0% | ||||||||||||||||||
Spread over Libor | N/A | 1,496 bps | ||||||||||||||||
* | Other debt securities of $6.3 million at December 31, 2013 ($6.3 million at December 31, 2012) are not included in the table above as they are valued using a cost valuation technique. The note payable of $0.3 million at December 31, 2013 ($3.4 million at December 31, 2012) 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) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||
Available-for-sale investments: | |||||||||||||||||||||||||||
Seed money | 233.8 | 113.4 | |||||||||||||||||||||||||
CLOs | 4 | 2.4 | |||||||||||||||||||||||||
Other debt securities | 6.3 | 6.3 | |||||||||||||||||||||||||
Trading investments: | |||||||||||||||||||||||||||
Investments related to deferred compensation plans | 249.7 | 213.5 | |||||||||||||||||||||||||
UIT-related equity and debt securities | 3.3 | 4.9 | |||||||||||||||||||||||||
Other equity securities | — | 0.3 | |||||||||||||||||||||||||
Equity method investments | 308.2 | 228.2 | |||||||||||||||||||||||||
Foreign time deposits | 28.8 | 31.3 | |||||||||||||||||||||||||
Other | 5.6 | 10.4 | |||||||||||||||||||||||||
Total investments | 839.7 | 610.7 | |||||||||||||||||||||||||
Realized Gains Losses Available-For-Sale Securities | ' | ||||||||||||||||||||||||||
Realized gains and losses recognized in the Consolidated Statements of Income during the year from investments classified as available-for-sale are as follows: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 26.7 | 3.6 | (0.4 | ) | 50.3 | 5.3 | (0.6 | ) | 59.3 | 8.8 | (1.2 | ) | |||||||||||||||
CLOs | 0.2 | — | — | 0.3 | — | — | 0.9 | 0.6 | — | ||||||||||||||||||
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: | |||||||||||||||||||||||||||
December 31, 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 | 215.7 | 19 | (0.9 | ) | 233.8 | 105.5 | 8.4 | (0.5 | ) | 113.4 | |||||||||||||||||
CLOs | 3.8 | 0.2 | — | 4 | 2.4 | — | — | 2.4 | |||||||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | 6.3 | — | — | 6.3 | |||||||||||||||||||
225.8 | 19.2 | (0.9 | ) | 244.1 | 114.2 | 8.4 | (0.5 | ) | 122.1 | ||||||||||||||||||
Breakdown Of Available-For-Sale Investments with Unrealized Losses | ' | ||||||||||||||||||||||||||
The following table provides a breakdown of the unrealized losses. | |||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||
Less than 12 months | 69 | (0.8 | ) | 0.2 | — | ||||||||||||||||||||||
12 months or greater | 0.2 | (0.1 | ) | 11.5 | (0.5 | ) | |||||||||||||||||||||
Total | 69.2 | (0.9 | ) | 11.7 | (0.5 | ) | |||||||||||||||||||||
Summary of company's voting control in entities where it has noncontrolling interest | ' | ||||||||||||||||||||||||||
The company owns 100% of the voting control of its subsidiary entities, directly or indirectly, with the exception of the following entities, which are consolidated with resulting noncontrolling interests: | |||||||||||||||||||||||||||
Name of Company | Country of Incorporation | % Voting Interest Owned | |||||||||||||||||||||||||
VV Immobilien Verwaltungs und Beteiligungs GmbH | Germany | 70.00% | |||||||||||||||||||||||||
VV Immobilien Verwaltungs GmbH | Germany | 70.00% | |||||||||||||||||||||||||
HVH Immobilien und Beteiligungs GmbH | Germany | 70.00% | |||||||||||||||||||||||||
Summary Of Company's Investment In Joint Ventures And Affiliates | ' | ||||||||||||||||||||||||||
Following are the company's investments in joint ventures and affiliates, which are accounted for using the equity method and are recorded as investments on the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
Name of Company | Country of Incorporation | % Voting Interest Owned | |||||||||||||||||||||||||
Huaneng Invesco WLR Investment Consulting Company Limited | China | 50.00% | |||||||||||||||||||||||||
Invesco Great Wall Fund Management Company Limited | China | 49.00% | |||||||||||||||||||||||||
Religare Invesco Asset Management Company Private Ltd. | India | 49.00% | |||||||||||||||||||||||||
Religare Trustee Company Private Ltd. | India | 49.00% | |||||||||||||||||||||||||
Pocztylion - ARKA | Poland | 29.30% |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Property, Plant and Equipment [Abstract] | ' | |||||
Property, Plant and Equipment | ' | |||||
The following is a summary of property and equipment: | ||||||
$ in millions | December 31, 2013 | December 31, 2012 | ||||
Technology and Other Equipment | 266.5 | 253 | ||||
Software | 327.8 | 316 | ||||
Land and Buildings | 65.8 | 70.8 | ||||
Leasehold Improvements | 185.7 | 185.9 | ||||
Work in Process | 54.4 | 47.4 | ||||
Property and Equipment, Gross | 900.2 | 873.1 | ||||
Less: Accumulated Depreciation | (549.4 | ) | (523.5 | ) | ||
Property and Equipment, Net | 350.8 | 349.6 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | ||||||||||
The following table presents the major classes of the company's intangible assets at December 31, 2013 and 2012: | |||||||||||
$ in millions | Gross Book Value | Accumulated Amortization | Net Book Value | Weighted Average Amortization Period (years) | |||||||
December 31, 2013 | |||||||||||
Management contracts - indefinite-lived | 1,200.00 | N/A | 1,200.00 | N/A | |||||||
Management contracts - finite-lived | 92.1 | (58.5 | ) | 33.6 | 2.2 | ||||||
Customer relationships | 40 | (11.9 | ) | 28.1 | 8.4 | ||||||
Distribution agreements | 17 | (15.2 | ) | 1.8 | 0.4 | ||||||
Other | 0.8 | (0.6 | ) | 0.2 | 2.8 | ||||||
Total | 1,349.90 | (86.2 | ) | 1,263.70 | 3.2 | ||||||
December 31, 2012 | |||||||||||
Management contracts - indefinite-lived | 1,204.10 | N/A | 1,204.10 | N/A | |||||||
Management contracts - finite-lived | 181 | (135.1 | ) | 45.9 | 8.7 | ||||||
Customer relationships | 40 | (8.6 | ) | 31.4 | 12 | ||||||
Distribution agreements | 17 | (11.0 | ) | 6 | 4 | ||||||
Other | 0.8 | (0.5 | ) | 0.3 | 10 | ||||||
Total | 1,442.90 | (155.2 | ) | 1,287.70 | 9 | ||||||
Schedule Of Future Amortization Expense Of Intangible Assets | ' | ||||||||||
Estimated amortization expense for each of the five succeeding fiscal years based upon the company's intangible assets at December 31, 2013 is as follows: | |||||||||||
$ in millions | Estimated Amortization Expense | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 13 | ||||||||||
2015 | 11.2 | ||||||||||
2016 | 11.2 | ||||||||||
2017 | 11.1 | ||||||||||
2018 | 6 | ||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill [Abstract] | ' | ||||||||
Schedule of Goodwill | ' | ||||||||
The table below details changes in the goodwill balance: | |||||||||
$ in millions | Gross Book Value | Accumulated Impairment | Net Book Value | ||||||
January 1, 2013 | 7,064.80 | (16.6 | ) | 7,048.20 | |||||
Dispositions | (91.1 | ) | 16.6 | (74.5 | ) | ||||
Foreign exchange and other | (106.4 | ) | — | (106.4 | ) | ||||
December 31, 2013 | 6,867.30 | — | 6,867.30 | ||||||
January 1, 2012 | 6,924.50 | (16.6 | ) | 6,907.90 | |||||
Business combinations | 17.3 | — | 17.3 | ||||||
Foreign exchange and other | 123 | — | 123 | ||||||
December 31, 2012 | 7,064.80 | (16.6 | ) | 7,048.20 | |||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Liabilities Disclosure [Abstract] | ' | |||||
Schedule of Other Liabilities | ' | |||||
The table below details the components of other liabilities: | ||||||
As of | ||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | ||||
Compensation and benefits | 123.3 | 74.8 | ||||
Accrued bonus and deferred compensation | 553.1 | 535 | ||||
Accrued compensation and benefits | 676.4 | 609.8 | ||||
Accruals and other liabilities | 256.9 | 233.2 | ||||
Overdraft on unsettled fund account | 35.7 | — | ||||
Accounts payable | 334.6 | 287.9 | ||||
Security deposit payables | 12.3 | 27.4 | ||||
Income taxes payable | 123.6 | 77.9 | ||||
Accounts payable and accrued expenses | 763.1 | 626.4 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule Of Long-Term Debt Instruments | ' | |||||||||||
The disclosures below include details of the company's debt. Debt of CIP is detailed in Note 20, “Consolidated Investment Products.” | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||
Floating rate credit facility expiring December 17, 2018 | — | — | 586.5 | 586.5 | ||||||||
Unsecured Senior Notes*: | ||||||||||||
$600 million 3.125% - due November 30, 2022 | 599.6 | 551.5 | 599.5 | 618.3 | ||||||||
$600 million 4.000% - due January 30, 2024 | 595.8 | 593.2 | — | — | ||||||||
$400 million 5.375% - due November 30, 2043 | 393.2 | 400 | — | — | ||||||||
Long-term debt | 1,588.60 | 1,544.70 | 1,186.00 | 1,204.80 | ||||||||
____________ | ||||||||||||
* | The company's senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. | |||||||||||
Analysis Of Borrowings By Maturity | ' | |||||||||||
Analysis of Borrowings by Maturity: | ||||||||||||
$ in millions | December 31, 2013 | |||||||||||
2022 | 599.6 | |||||||||||
2024 | 595.8 | |||||||||||
2043 | 393.2 | |||||||||||
Long-term debt | 1,588.60 | |||||||||||
Share_Capital_Tables
Share Capital (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Movements In Shares Issued And Outstanding | ' | ||||||||
he number of common shares and common share equivalents issued are represented in the table below: | |||||||||
In millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||
Common shares issued | 490.4 | 490.4 | 490.4 | ||||||
Less: Treasury shares for which dividend and voting rights do not apply | (57.3 | ) | (49.0 | ) | (44.4 | ) | |||
Common shares outstanding | 433.1 | 441.4 | 446 | ||||||
Movements In Treasury Shares | ' | ||||||||
Movements in Treasury Shares comprise: | |||||||||
In millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||
Beginning balance | 59.2 | 54 | 42.7 | ||||||
Acquisition of common shares | 16.3 | 13.2 | 21.8 | ||||||
Distribution of common shares | (7.2 | ) | (6.3 | ) | (9.6 | ) | |||
Common shares distributed to meet option exercises | (1.5 | ) | (1.7 | ) | (0.9 | ) | |||
Ending balance | 66.8 | 59.2 | 54 | ||||||
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||
The components of accumulated other comprehensive income/(loss) were as follows: | |||||||||||||||
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* | (121.9 | ) | — | — | — | (121.9 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 7 | — | — | 7 | ||||||||||
Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses | — | (1.9 | ) | — | — | (1.9 | ) | ||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses | — | 2.3 | — | — | 2.3 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (3.9 | ) | — | (3.9 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 13.6 | 13.6 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (3.2 | ) | (3.2 | ) | ||||||||
Other comprehensive income/(loss) before tax | (121.9 | ) | 7.4 | (3.9 | ) | 10.4 | (108.0 | ) | |||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | (0.4 | ) | — | — | — | (0.4 | ) | ||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (5.8 | ) | — | — | (5.8 | ) | ||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.4 | — | — | 0.4 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.5 | ) | (0.5 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (0.9 | ) | (0.9 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | (0.4 | ) | (5.9 | ) | — | (1.4 | ) | (7.7 | ) | ||||||
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: | (122.3 | ) | 1.5 | (3.9 | ) | 9 | (115.7 | ) | |||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | 13.1 | — | — | — | 13.1 | ||||||||||
Ending balance | 492.5 | (77.9 | ) | (1.8 | ) | 15.1 | 427.9 | ||||||||
* Included in this amount are net losses of $13.1 million for the year ended December 31, 2013 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross losses of zero are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. | |||||||||||||||
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* | 145 | — | — | — | 145 | ||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (4.8 | ) | — | — | (4.8 | ) | ||||||||
Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses | — | (2.0 | ) | — | — | (2.0 | ) | ||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses | — | 2.4 | — | — | 2.4 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 6.4 | — | 6.4 | ||||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 14 | 14 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (3.9 | ) | (3.9 | ) | ||||||||
Other comprehensive income/(loss) before tax | 145 | (4.4 | ) | 6.4 | 10.1 | 157.1 | |||||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | 0.6 | — | — | — | 0.6 | ||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | 0.5 | — | — | 0.5 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (1.0 | ) | (1.0 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | 0.6 | (0.2 | ) | — | (1.2 | ) | (0.8 | ) | |||||||
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: | 145.6 | (4.6 | ) | 6.4 | 8.9 | 156.3 | |||||||||
Other comprehensive (income)/loss attributable to noncontrolling interest | 0.9 | — | — | — | 0.9 | ||||||||||
Ending balance | 601.7 | (79.4 | ) | 2.1 | 6.1 | 530.5 | |||||||||
* | Included in this amount are net gains of $0.9 million for the year ended December 31, 2012 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross losses of $6.3 million are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. | ||||||||||||||
2011 | |||||||||||||||
$ 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* | (48.8 | ) | — | — | — | (48.8 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (41.9 | ) | — | — | (41.9 | ) | ||||||||
Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses | — | (2.0 | ) | — | — | (2.0 | ) | ||||||||
Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses | — | 1.5 | — | — | 1.5 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (7.2 | ) | — | (7.2 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | (12.2 | ) | (12.2 | ) | ||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (0.1 | ) | (0.1 | ) | ||||||||
Other comprehensive income/(loss) before tax | (48.8 | ) | (42.4 | ) | (7.2 | ) | (12.3 | ) | (110.7 | ) | |||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | 0.5 | — | — | — | 0.5 | ||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | 9.5 | — | — | 9.5 | ||||||||||
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | — | (0.7 | ) | — | — | (0.7 | ) | ||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | 0.5 | — | — | 0.5 | ||||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 1.7 | 1.7 | ||||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | 0.1 | 0.1 | ||||||||||
Total income tax benefit(expense) related to items of other comprehensive income | 0.5 | 9.3 | — | 1.8 | 11.6 | ||||||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 526.6 | (41.7 | ) | 2.9 | 7.7 | 495.5 | |||||||||
Other comprehensive income/(loss), net of tax: | (48.3 | ) | (33.1 | ) | (7.2 | ) | (10.5 | ) | (99.1 | ) | |||||
Other comprehensive (income)/loss attributable to noncontrolling interest | (23.1 | ) | — | — | — | (23.1 | ) | ||||||||
Ending balance | 455.2 | (74.8 | ) | (4.3 | ) | (2.8 | ) | 373.3 | |||||||
* | Included in this amount are net gains of $23.1 million for the year ended December 31, 2011 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross gains of $8.7 million are reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Changes In Share Options Awards | ' | |||||||||||||||||
Changes in outstanding share option awards are as follows: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Millions of shares, except prices | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||||
(£ Sterling) | (£ Sterling) | (£ Sterling) | ||||||||||||||||
Outstanding at the beginning of year | 2.6 | 7.31 | 4.5 | 7.85 | 10.7 | 13.85 | ||||||||||||
Forfeited during the year | — | — | (0.2 | ) | 14.8 | (5.3 | ) | 19.7 | ||||||||||
Exercised during the year | (1.5 | ) | 7.3 | (1.7 | ) | 8.08 | (0.9 | ) | 8.33 | |||||||||
Outstanding at the end of the year | 1.1 | 7.32 | 2.6 | 7.31 | 4.5 | 7.85 | ||||||||||||
Exercisable at the end of the year | 1.1 | 7.32 | 2.6 | 7.31 | 4.5 | 7.85 | ||||||||||||
United States of America, Dollars | ' | |||||||||||||||||
Movements Of Share Awards | ' | |||||||||||||||||
Movements on share awards priced in U.S. dollars during the years ended December 31, are detailed below: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Millions of shares, except fair values | Time-Vested | Performance-Vested | Weighted Average Grant Date Fair Value ($) | Time-Vested | Performance-Vested | Time- | ||||||||||||
Vested | ||||||||||||||||||
Unvested at the beginning of year | 16.5 | 0.3 | 22.36 | 17.3 | — | 17.4 | ||||||||||||
Granted during the year | 5.2 | 0.2 | 26.91 | 5.5 | 0.3 | 5.9 | ||||||||||||
Forfeited during the year* | (0.9 | ) | — | 25.07 | (0.4 | ) | — | (0.4 | ) | |||||||||
Vested and distributed during the year | (6.9 | ) | (0.1 | ) | 20.08 | (5.9 | ) | — | (5.6 | ) | ||||||||
Unvested at the end of the year | 13.9 | 0.4 | 25 | 16.5 | 0.3 | 17.3 | ||||||||||||
____________________________ | ||||||||||||||||||
* | Forfeitures during the year ended December 31, 2013 include shares surrendered by former employees as a result of the sale of the Atlantic Trust business to CIBC on December 31, 2013. | |||||||||||||||||
United Kingdom, Pounds | ' | |||||||||||||||||
Movements Of Share Awards | ' | |||||||||||||||||
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, during the years ended December 31, are detailed below: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Millions of shares, except fair values | Time-Vested | Weighted Average Grant Date Fair Value (£ Sterling) | Time-Vested | Time-Vested | Performance-Vested | |||||||||||||
Unvested at the beginning of year | 0.3 | 12.9 | 0.6 | 3.3 | 0.1 | |||||||||||||
Forfeited during the year | — | — | — | (0.1 | ) | — | ||||||||||||
Vested and distributed during the year | (0.2 | ) | 12.9 | (0.3 | ) | (2.6 | ) | (0.1 | ) | |||||||||
Unvested at the end of the year | 0.1 | 12.9 | 0.3 | 0.6 | — | |||||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||
Schedule of defined benefit plan obligations and assets | ' | |||||||||||||||||
The amounts included in the Consolidated Balance Sheets arising from the company's obligations and plan assets in respect of its defined benefit retirement plans are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Benefit obligation | (486.2 | ) | (426.7 | ) | (43.6 | ) | (53.2 | ) | ||||||||||
Fair value of plan assets | 407.1 | 338.9 | 10 | 9.1 | ||||||||||||||
Funded status | (79.1 | ) | (87.8 | ) | (33.6 | ) | (44.1 | ) | ||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||
Other assets | 2.1 | 3.1 | — | — | ||||||||||||||
Accounts payable and accrued expenses | (81.2 | ) | (90.9 | ) | (33.6 | ) | (44.1 | ) | ||||||||||
Funded status | (79.1 | ) | (87.8 | ) | (33.6 | ) | (44.1 | ) | ||||||||||
Changes in defined benefit plan obligations | ' | |||||||||||||||||
Changes in the benefit obligations were as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
1-Jan | 426.7 | 383.3 | 53.2 | 48.1 | ||||||||||||||
Service cost | 4.4 | 4.5 | 0.2 | 0.3 | ||||||||||||||
Interest cost | 19 | 19.6 | 1.9 | 2.1 | ||||||||||||||
Contributions from plan participants | — | — | 0.5 | 0.5 | ||||||||||||||
Actuarial (gains)/losses | 32.6 | 15 | (8.9 | ) | 4.4 | |||||||||||||
Exchange difference | 12.1 | 19.6 | — | — | ||||||||||||||
Benefits paid | (8.6 | ) | (15.3 | ) | (1.8 | ) | (2.2 | ) | ||||||||||
Curtailment | — | — | (1.5 | ) | — | |||||||||||||
31-Dec | 486.2 | 426.7 | 43.6 | 53.2 | ||||||||||||||
Schedule of assumptions used to determine defined benefit obligations | ' | |||||||||||||||||
The weighted average assumptions used to determine defined benefit obligations at December 31, 2013, and 2012 are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Discount rate | 4.39 | % | 4.67 | % | 4.7 | % | 3.79 | % | ||||||||||
Expected rate of salary increases | 3.37 | % | 3.09 | % | 2.5 | % | 2.5 | % | ||||||||||
Future pension/medical cost trend rate increases | 2.85 | % | 2.79 | % | 5.00%-7.20% | 5.00%-7.60% | ||||||||||||
Changes in the fair value of plan assets | ' | |||||||||||||||||
Changes in the fair value of plan assets in the current period were as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
1-Jan | 338.9 | 288.3 | 9.1 | 8.2 | ||||||||||||||
Actual return on plan assets | 51.4 | 35.5 | 1 | 1 | ||||||||||||||
Exchange difference | 9.1 | 16.2 | — | — | ||||||||||||||
Contributions from the company | 15.3 | 13 | — | — | ||||||||||||||
Contributions from plan participants | — | — | 0.2 | 0.2 | ||||||||||||||
Benefits paid | (8.6 | ) | (14.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Settlement and other | 1 | 0.2 | — | — | ||||||||||||||
31-Dec | 407.1 | 338.9 | 10 | 9.1 | ||||||||||||||
Breakdown of amount recognized in accumulated other comprehensive income | ' | |||||||||||||||||
The components of the amount recognized in accumulated other comprehensive income at December 31, 2013, and 2012 are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Prior service cost/(credit) | — | — | (5.7 | ) | (9.9 | ) | ||||||||||||
Net actuarial loss/(gain) | 100.7 | 100.9 | 0.2 | 11.6 | ||||||||||||||
Total | 100.7 | 100.9 | (5.5 | ) | 1.7 | |||||||||||||
Breakdown of amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost | ' | |||||||||||||||||
The amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost during the year ending December 31, 2014 are as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | Medical Plan | ||||||||||||||||
Prior service cost/(credit) | — | (1.5 | ) | |||||||||||||||
Net actuarial loss/(gain) | 1.8 | — | ||||||||||||||||
Total | 1.8 | (1.5 | ) | |||||||||||||||
Schedule of benefit obligations in excess of plan assets | ' | |||||||||||||||||
The total accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets and the projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets are as follows: | ||||||||||||||||||
Retirement Plans | ||||||||||||||||||
$ in millions | 2013 | 2012 | ||||||||||||||||
Plans with accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||
Accumulated benefit obligation | 473.2 | 416.6 | ||||||||||||||||
Fair value of plan assets | 394.2 | 325.1 | ||||||||||||||||
Plans with projected benefit obligation in excess of plan assets: | ||||||||||||||||||
Projected benefit obligation | 473.2 | 416.6 | ||||||||||||||||
Fair value of plan assets | 394.2 | 325.1 | ||||||||||||||||
Schedule of defined benefit plans | ' | |||||||||||||||||
The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities: | ||||||||||||||||||
Assets | Fair Value at December 31, 2013 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||
Guaranteed investment contracts | 15.2 | Discounted cash flow | Discount rate | 4.40% | ||||||||||||||
Mortality assumption | Standard UK mortality tables with a long-term rate of improvement of 1.25% | |||||||||||||||||
The components of net periodic benefit cost in respect of these defined benefit plans are as follows: | ||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Service cost | (4.4 | ) | (4.5 | ) | (4.4 | ) | (0.2 | ) | (0.3 | ) | (0.5 | ) | ||||||
Interest cost | (19.0 | ) | (19.6 | ) | (19.1 | ) | (1.9 | ) | (2.1 | ) | (2.3 | ) | ||||||
Expected return on plan assets | 18.5 | 17.4 | 17.6 | 0.6 | 0.5 | 0.5 | ||||||||||||
Amortization of prior service cost/(credit) | (0.1 | ) | — | — | 2 | 2 | 2 | |||||||||||
Amortization of net actuarial gain/(loss) | (2.0 | ) | (2.2 | ) | (1.2 | ) | (0.3 | ) | (0.2 | ) | (0.3 | ) | ||||||
Net periodic benefit cost | (7.0 | ) | (8.9 | ) | (7.1 | ) | 0.2 | (0.1 | ) | (0.6 | ) | |||||||
Schedule of assumptions used to determine net periodic benefit cost | ' | |||||||||||||||||
The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2013, 2012, and 2011 are: | ||||||||||||||||||
Retirement Plans | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Discount rate | 4.67 | % | 4.92 | % | 5.65 | % | ||||||||||||
Expected return on plan assets | 5.6 | % | 5.75 | % | 5.84 | % | ||||||||||||
Expected rate of salary increases | 3.09 | % | 3.34 | % | 3.6 | % | ||||||||||||
Future pension rate increases | 2.79 | % | 3.22 | % | 3.49 | % | ||||||||||||
Medical Plan | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Discount rate | 3.79 | % | 4.34 | % | 5.2 | % | ||||||||||||
Expected return on plan assets | 6.5 | % | 7 | % | 7 | % | ||||||||||||
Expected rate of salary increases | 2.5 | % | 3 | % | 3 | % | ||||||||||||
Future medical cost trend rate increases | 5.00%-7.60% | 5.00%-8.00% | 5.00%-8.00% | |||||||||||||||
Assumed health care cost rates | ' | |||||||||||||||||
The assumed health care cost rates are as follows: | ||||||||||||||||||
Medical Plan | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Health care cost trend rate assumed for next year | 7.6 | % | 8 | % | 8 | % | ||||||||||||
Rate to which cost trend rate gradually declines | 5 | % | 5 | % | 5 | % | ||||||||||||
Year the rate reaches level it is assumed to remain thereafter | 2020 | 2020 | 2020 | |||||||||||||||
Schedule of effect of one percent change in assumed rate of increase in healthcare costs | ' | |||||||||||||||||
A one percent change in the assumed rate of increase in healthcare costs would have the following effects: | ||||||||||||||||||
$ in millions | Increase | Decrease | ||||||||||||||||
Effect on aggregate service and interest costs | 0.2 | (0.2 | ) | |||||||||||||||
Effect on defined benefit obligation | 5 | (4.2 | ) | |||||||||||||||
Analysis of plan assets | ' | |||||||||||||||||
The analysis of the plan assets as of December 31, 2013 was as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | % of Plan Assets | Medical Plan | % of Plan Assets | ||||||||||||||
Cash and cash equivalents | 4.1 | 1 | % | 0.2 | 2 | % | ||||||||||||
Fund investments | 193 | 47.3 | % | 9.8 | 98 | % | ||||||||||||
Equity securities | 122.8 | 30.2 | % | — | — | % | ||||||||||||
Government debt securities | 65.6 | 16.1 | % | — | — | % | ||||||||||||
Other assets | 6.4 | 1.6 | % | — | — | % | ||||||||||||
Guaranteed investments contracts | 15.2 | 3.7 | % | — | — | % | ||||||||||||
Total | 407.1 | 100 | % | 10 | 100 | % | ||||||||||||
The analysis of the plan assets as of December 31, 2012 was as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | % of Plan Assets | Medical Plan | % of Plan Assets | ||||||||||||||
Cash and cash equivalents | 7.2 | 2.1 | % | 0.2 | 2.2 | % | ||||||||||||
Fund investments | 164.9 | 48.6 | % | 8.9 | 97.8 | % | ||||||||||||
Equity securities | 92.4 | 27.3 | % | — | — | % | ||||||||||||
Government debt securities | 58.3 | 17.2 | % | — | — | % | ||||||||||||
Other assets | 1.3 | 0.4 | % | — | — | % | ||||||||||||
Guaranteed investments contracts | 14.8 | 4.4 | % | — | — | % | ||||||||||||
Total | 338.9 | 100 | % | 9.1 | 100 | % | ||||||||||||
Schedule of fair value of plan assets by three level fair value hierarchy | ' | |||||||||||||||||
The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 2013: | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Cash and cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||||
Fund investments | 202.8 | 202.8 | — | — | ||||||||||||||
Equity securities | 122.8 | 122.8 | — | — | ||||||||||||||
Government debt securities | 65.6 | 12.7 | 52.9 | — | ||||||||||||||
Other assets | 6.4 | 6.4 | — | — | ||||||||||||||
Guaranteed investments contracts | 15.2 | — | — | 15.2 | ||||||||||||||
Total | 413 | 344.9 | 52.9 | 15.2 | ||||||||||||||
The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 2012: | ||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||
Cash and cash equivalents | 0.2 | 0.2 | — | — | ||||||||||||||
Fund investments | 173.8 | 173.8 | — | — | ||||||||||||||
Equity securities | 92.4 | 92.4 | — | — | ||||||||||||||
Government debt securities | 58.3 | 15.3 | 43 | — | ||||||||||||||
Other assets | 1.3 | 1.3 | — | — | ||||||||||||||
Guaranteed investment contracts | 14.8 | — | — | 14.8 | ||||||||||||||
Total | 340.8 | 283 | 43 | 14.8 | ||||||||||||||
Reconciliation of beginning and ending fair value balances for assets with unobservable fair value inputs | ' | |||||||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurement for level 3 assets, which is comprised solely of the guaranteed investment contracts, using significant unobservable inputs: | ||||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||
Balance, beginning of year | 14.8 | 13.9 | ||||||||||||||||
Unrealized gains/(losses) relating to the instrument still held at the reporting date | 1.1 | 1.2 | ||||||||||||||||
Purchases, sales, issuances and settlements (net) | (0.7 | ) | (0.3 | ) | ||||||||||||||
Balance, end of year | 15.2 | 14.8 | ||||||||||||||||
Schedule of benefits expected to be paid in next five fiscal years and the five fiscal years thereafter | ' | |||||||||||||||||
The benefits expected to be paid in each of the next five fiscal years and in the five fiscal years thereafter are as follows: | ||||||||||||||||||
$ in millions | Retirement Plans | Medical Plan | ||||||||||||||||
Expected benefit payments: | ||||||||||||||||||
2014 | 9.6 | 2.3 | ||||||||||||||||
2015 | 9.9 | 2.4 | ||||||||||||||||
2016 | 10.6 | 2.4 | ||||||||||||||||
2017 | 11.6 | 2.4 | ||||||||||||||||
2018 | 13 | 2.3 | ||||||||||||||||
Thereafter in the succeeding five years | 84.2 | 12.1 | ||||||||||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Schedule Of Future Commitments Under Non Cancelable Operating Leases | ' | ||||||||
As of December 31, 2013, the company's total future commitments by year under non-cancelable operating leases are as follows: | |||||||||
$ in millions | Total | Buildings | Other | ||||||
2014 | 65.2 | 61.2 | 4 | ||||||
2015 | 67.1 | 63.3 | 3.8 | ||||||
2016 | 62.2 | 60.5 | 1.7 | ||||||
2017 | 49.6 | 47.9 | 1.7 | ||||||
2018 | 49.1 | 47.4 | 1.7 | ||||||
Thereafter | 231.3 | 227.2 | 4.1 | ||||||
Gross lease commitments | 524.5 | 507.5 | 17 | ||||||
Less: future minimum payments expected to be received under non-cancelable subleases | 34.4 | 34.4 | — | ||||||
Net lease commitments | 490.1 | 473.1 | 17 | ||||||
Other_Gains_and_Losses_Net_Tab
Other Gains and Losses, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
OTHER GAINS AND LOSSES, NET | ' | ||||||||
Schedule of other gains and losses, net | ' | ||||||||
The components of other gains and losses, net, are as follows: | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Other gains: | |||||||||
Gain on sale of investments | 3.6 | 5.3 | 9.4 | ||||||
Unrealized gain on trading investments, net | 38.5 | 19.7 | — | ||||||
Gain on sale of CLO management contracts | — | 8.3 | — | ||||||
Net foreign exchange gains | — | 0.3 | — | ||||||
Settlement of litigation (1) | — | — | 45 | ||||||
Other realized gains | 3.2 | 4.1 | — | ||||||
Total other gains | 45.3 | 37.7 | 54.4 | ||||||
Other losses: | |||||||||
Other-than-temporary impairment of available-for-sale investments | — | (0.8 | ) | (1.0 | ) | ||||
Unrealized loss on trading investments, net | — | — | (2.6 | ) | |||||
Net foreign exchange losses | (0.6 | ) | — | (0.6 | ) | ||||
Payment to investment trust (2) | (31.9 | ) | — | — | |||||
Liquidation of co-investment | (4.1 | ) | — | — | |||||
Foreign exchange hedge loss | (1.8 | ) | (2.5 | ) | — | ||||
Loss on debt extinguishment | — | (23.5 | ) | — | |||||
Other realized losses | (4.3 | ) | (2.6 | ) | (1.2 | ) | |||
Total other losses | (42.7 | ) | (29.4 | ) | (5.4 | ) | |||
Other gains and losses, net | 2.6 | 8.3 | 49 | ||||||
____________ | |||||||||
-1 | Included within other gains and losses in the year ended December 31, 2011 is a credit of $45.0 million related to the settlement of litigation arising from the 2007 departure of certain investment professionals to a competitor. | ||||||||
-2 | On December 31, 2013, at the time of creating a new trust company subsidiary to continue operating the company’s institutional trust activities immediately following the disposition of Atlantic Trust, the company made a $31.9 million payment to a managed investment trust, which resulted in the subsequent termination of an outstanding support agreement. See Note 18, "Commitments and Contingencies." |
Taxation_Tables
Taxation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Summary of (provision) benefit for income taxes | ' | ||||||||
The company's (provision) for income taxes is summarized as follows: | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Current: | |||||||||
Federal | (149.3 | ) | (103.5 | ) | (88.7 | ) | |||
State | (22.0 | ) | (15.6 | ) | (15.0 | ) | |||
Foreign | (129.9 | ) | (114.6 | ) | (108.7 | ) | |||
(301.2 | ) | (233.7 | ) | (212.4 | ) | ||||
Deferred: | |||||||||
Federal | (24.1 | ) | (30.2 | ) | (54.1 | ) | |||
State | (7.4 | ) | 9.4 | (1.1 | ) | ||||
Foreign | (4.2 | ) | (6.9 | ) | (12.4 | ) | |||
(35.7 | ) | (27.7 | ) | (67.6 | ) | ||||
Total income tax (provision) | (336.9 | ) | (261.4 | ) | (280.0 | ) | |||
Schedule of deferred tax recognized on balance sheet | ' | ||||||||
The net deferred tax recognized in the Consolidated Balance Sheets at December 31, 2013 and 2012, respectively, includes the following: | |||||||||
$ in millions | 2013 | 2012 | |||||||
Deferred tax assets: | |||||||||
Deferred compensation arrangements | 59.6 | 69.4 | |||||||
Accrued rent expenses | 20 | 23.4 | |||||||
Tax loss carryforwards | 104.8 | 137.5 | |||||||
Postretirement medical, pension and other benefits | 32.6 | 41.6 | |||||||
Investment basis differences | 3.9 | 11.3 | |||||||
Accrued bonus | 25.9 | 6.7 | |||||||
Other | 13.1 | 14.9 | |||||||
Total deferred tax assets | 259.9 | 304.8 | |||||||
Valuation allowance | (102.8 | ) | (137.5 | ) | |||||
Deferred tax assets, net of valuation allowance | 157.1 | 167.3 | |||||||
Deferred tax liabilities: | |||||||||
Deferred sales commissions | (23.2 | ) | (23.7 | ) | |||||
Goodwill and intangibles | (420.5 | ) | (397.7 | ) | |||||
Undistributed earnings of subsidiaries | (1.4 | ) | (4.3 | ) | |||||
Revaluation reserve | (5.3 | ) | (5.2 | ) | |||||
Other | (22.9 | ) | (9.4 | ) | |||||
Total deferred tax liabilities | (473.3 | ) | (440.3 | ) | |||||
Net deferred tax assets/(liabilities) | (316.2 | ) | (273.0 | ) | |||||
Reconciliation between statutory and effective tax rates on income from operations | ' | ||||||||
A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Statutory Rate | 35 | % | 35 | % | 35 | % | |||
Foreign jurisdiction statutory income tax rates | (9.4 | )% | (9.5 | )% | (10.2 | )% | |||
State taxes, net of federal tax effect | 1.5 | % | 1.4 | % | 1.5 | % | |||
Change in valuation allowance for unrecognized tax losses | (0.1 | )% | 0.8 | % | 1.6 | % | |||
Other | 0.7 | % | 0.7 | % | 0.1 | % | |||
(Gains)/losses attributable to noncontrolling interests | (0.9 | )% | 3.1 | % | 3.4 | % | |||
Effective tax rate per Consolidated Statements of Income | 26.8 | % | 31.5 | % | 31.4 | % | |||
Division of income/(losses) before taxes between U.S. and foreign | ' | ||||||||
The division of income/(losses) before taxes between U.S. and foreign for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||
$ in millions (except percentages) | 2013 | 2012 | 2011 | ||||||
U.S. | 553.1 | 456.6 | 470.4 | ||||||
CIP - U.S. | 45.2 | 59.7 | 93 | ||||||
Total U.S. income before income taxes | 598.3 | 516.3 | 563.4 | ||||||
Foreign | 666.1 | 474.5 | 509.1 | ||||||
CIP - Foreign | (9.2 | ) | (160.2 | ) | (180.4 | ) | |||
Total Foreign income before income taxes | 656.9 | 314.3 | 328.7 | ||||||
Income from continuing operations before income taxes | 1,255.20 | 830.6 | 892.1 | ||||||
Reconciliation Of Changes In Unrecognized Tax Benefits | ' | ||||||||
A reconciliation of the change in the UTB balance from January 1, 2011, to December 31, 2013, is as follows: | |||||||||
$ in millions | Gross Unrecognized Income Tax Benefits | ||||||||
Balance at January 1, 2011 | 27.1 | ||||||||
Additions for tax positions related to the current year | — | ||||||||
Additions for tax positions related to prior years | 1.4 | ||||||||
Other reductions for tax positions related to prior years | (5.2 | ) | |||||||
Reductions for statute closings | (3.8 | ) | |||||||
Balance at December 31, 2011 | 19.5 | ||||||||
Additions for tax positions related to the current year | — | ||||||||
Additions for tax positions related to prior years | 4.3 | ||||||||
Other reductions for tax positions related to prior years | (1.2 | ) | |||||||
Reductions for statute closings | — | ||||||||
Balance at December 31, 2012 | 22.6 | ||||||||
Additions for tax positions related to the current year | 1 | ||||||||
Additions for tax positions related to prior years | 0.7 | ||||||||
Other reductions for tax positions related to prior years | (7.5 | ) | |||||||
Reductions for statute closings | — | ||||||||
Balance at December 31, 2013 | 16.8 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation Of Earnings Per Share | ' | |||||||||||
The calculation of earnings per share is as follows: | ||||||||||||
Years ended December 31, | ||||||||||||
In millions, except per share data | 2013 | 2012 | 2011 | |||||||||
Income from continuing operations, net of taxes | $918.30 | $569.20 | $612.10 | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (42.5 | ) | 89.8 | 107.7 | ||||||||
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 875.8 | 659 | 719.8 | |||||||||
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 | |||||||||
Net income attributable to common shareholders | $940.30 | $677.10 | $729.70 | |||||||||
Weighted average shares outstanding - basic | 447.5 | 452.3 | 462.9 | |||||||||
Dilutive effect of share-based awards | 1 | 1.5 | 1.8 | |||||||||
Weighted average shares outstanding - diluted | 448.5 | 453.8 | 464.7 | |||||||||
Basic earnings per share: | ||||||||||||
Earnings per share from continuing operations | $1.96 | $1.46 | $1.55 | |||||||||
Earnings per share from discontinued operations | $0.14 | $0.04 | $0.02 | |||||||||
Basic earnings per share | $2.10 | $1.50 | $1.58 | |||||||||
Diluted earnings per share: | ||||||||||||
Earnings per share from continuing operations | $1.95 | $1.45 | $1.55 | |||||||||
Earnings per share from discontinued operations | $0.14 | $0.04 | $0.02 | |||||||||
Diluted earnings per share | $2.10 | $1.49 | $1.57 |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||||
The company operates under one business segment, investment management. Geographical information is presented below. There are no revenues or long-lived assets attributed to the company's country of domicile, Bermuda. | ||||||||||||||||||
$ in millions | U.S. | U.K./Ireland | Canada | Continental Europe | Asia | Total | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||
Revenue from external customers | 2,332.20 | 1,792.40 | 374.8 | 43.5 | 101.7 | 4,644.60 | ||||||||||||
Inter-company revenue | (3.6 | ) | (194.0 | ) | (9.8 | ) | 111.2 | 96.2 | — | |||||||||
Total operating revenues | 2,328.60 | 1,598.40 | 365 | 154.7 | 197.9 | 4,644.60 | ||||||||||||
Long-lived assets | 225.8 | 92.9 | 9.5 | 7.1 | 15.5 | 350.8 | ||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||
Revenue from external customers | 2,063.60 | 1,492.10 | 346.4 | 43 | 105.3 | 4,050.40 | ||||||||||||
Inter-company revenue | (6.5 | ) | (144.0 | ) | (13.2 | ) | 78.3 | 85.4 | — | |||||||||
Total operating revenues | 2,057.10 | 1,348.10 | 333.2 | 121.3 | 190.7 | 4,050.40 | ||||||||||||
Long-lived assets | 228.7 | 83.6 | 9.4 | 7.1 | 20.8 | 349.6 | ||||||||||||
For the year ended December 31, 2011 | ||||||||||||||||||
Revenue from external customers | 1,980.30 | 1,473.10 | 372.3 | 38.8 | 117.8 | 3,982.30 | ||||||||||||
Inter-company revenue | (8.1 | ) | (152.8 | ) | (14.1 | ) | 76.7 | 98.3 | — | |||||||||
Total operating revenues | 1,972.20 | 1,320.30 | 358.2 | 115.5 | 216.1 | 3,982.30 | ||||||||||||
Long-lived assets | 196.7 | 81.5 | 7.9 | 4.9 | 21.8 | 312.8 | ||||||||||||
Consolidated_Sponsored_Investm1
Consolidated Sponsored Investment Products (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||
Balances Related To CSIP | ' | ||||||||||||
The following table presents the balances related to CSIP that are included on the Consolidated Balance Sheet as well as Invesco's net interests in CSIP at December 31, 2013 (December 31, 2012: none): | |||||||||||||
$ in millions | December 31, 2013 | ||||||||||||
Investments of CSIP | 93.2 | ||||||||||||
Cash and cash equivalents of CSIP | 12.7 | ||||||||||||
Accounts receivable and other assets of CSIP | 2.6 | ||||||||||||
Other liabilities of CSIP | (4.7 | ) | |||||||||||
Equity attributable to nonredeemable noncontrolling interests | (12.0 | ) | |||||||||||
Invesco's net interests in CSIP | 91.8 | ||||||||||||
Invesco's net interests as a percentage of investments of CSIP | 98.5 | % | |||||||||||
Fair Value Hierarchy Levels Of Investments Held By CSIP | ' | ||||||||||||
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 December 31, 2013 (as of December 31, 2012: none): | |||||||||||||
As of December 31, 2013 | |||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in | Significant Other | Significant | |||||||||
Active Markets for | Observable Inputs | Other | |||||||||||
Identical Assets | (Level 2) | Unobservable | |||||||||||
(Level 1) | Inputs | ||||||||||||
(Level 3) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 43.2 | — | 43.2 | — | |||||||||
Equity securities | 27.8 | 27.8 | — | — | |||||||||
Investments in fixed income fund* | 6 | 6 | — | — | |||||||||
Investments in other private equity funds* | 16.2 | — | — | 16.2 | |||||||||
Total investments at fair value | 93.2 | 33.8 | 43.2 | 16.2 | |||||||||
* | Investments in the fixed income fund and other private equity funds are valued using the net asset value (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 20, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. | ||||||||||||
The table below summarizes as of December 31, 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 December 31, 2013 | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
($ in millions) | |||||||||||||
Fixed income fund | $6.00 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $16.20 | $35.60 | 8.1 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 year ended December 31, 2013 (December 31, 2012: none): | |||||||||||||
$ in millions | 31-Dec-13 | ||||||||||||
Beginning balance | — | ||||||||||||
Consolidation of CSIP | 13.2 | ||||||||||||
Purchases | 2.5 | ||||||||||||
Gains and losses included in the Consolidated Statements of Income* | 0.5 | ||||||||||||
Ending balance | 16.2 | ||||||||||||
* | Included in other income/(loss) of CSIP, net, in the Consolidated Statement of Income for the year ended December 31, 2013 are $0.5 million in net unrealized gains attributable to investments still held at December 31, 2013. |
Consolidated_Investment_Produc1
Consolidated Investment Products (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Consolidated Investment Products [Abstract] | ' | |||||||||||||||
Balances Related To CIP | ' | |||||||||||||||
The following table presents the balances related to CIP that are included on the Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. | ||||||||||||||||
As of | ||||||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | ||||||||||||||
Cash and cash equivalents of CIP | 583.6 | 287.8 | ||||||||||||||
Investments of CIP | 4,734.70 | 4,550.60 | ||||||||||||||
Accounts receivable and other assets of CIP | 58.3 | 84.1 | ||||||||||||||
Less: Debt of CIP | (4,181.7 | ) | (3,899.4 | ) | ||||||||||||
Less: Other liabilities of CIP | (461.8 | ) | (104.3 | ) | ||||||||||||
Less: Retained earnings appropriated for investors in CIP | (104.3 | ) | (128.8 | ) | ||||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (570.1 | ) | (727.8 | ) | ||||||||||||
Invesco's net interests in CIP | 58.7 | 62.2 | ||||||||||||||
Invesco's net interests as a percentage of investments of CIP | 1.2 | % | 1.4 | % | ||||||||||||
Company's Maximum Risk Of Loss In Significant VIE's | ' | |||||||||||||||
At December 31, 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 | 4 | 4 | |||||||||||||
Partnership and trust investments | — | 28.2 | 28.2 | |||||||||||||
Investments in Invesco Mortgage Capital Inc. | — | 28.2 | 28.2 | |||||||||||||
Support agreement* | 18 | — | 15 | |||||||||||||
Total | 75.4 | |||||||||||||||
____________ | ||||||||||||||||
* | As of December 31, 2013, the committed support under the agreement was $15.0 million with an internal approval mechanism to increase the maximum possible support to $60.0 million at the option of the company. The company made a $31.9 million payment on December 31, 2013 which resulted in the termination of the support agreement in January 2014. This payment was recorded in Other gains and losses, net. See note 14, "Other gains and losses, net." | |||||||||||||||
VIE Balance Sheets Consolidated In Period | ' | |||||||||||||||
Balance Sheet | ||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||
$ in millions | CLOs - VIEs | VOEs | CLOs - VIEs | |||||||||||||
Cash and cash equivalents of CIP | 1.9 | 6.6 | 151.7 | |||||||||||||
Accounts receivable and other assets of CIP | 4.2 | 12.1 | 29.5 | |||||||||||||
Investments of CIP | 260.5 | 76.1 | 2,247.40 | |||||||||||||
Total assets | 266.6 | 94.8 | 2,428.60 | |||||||||||||
Debt of CIP | 241.1 | 25 | 2,264.20 | |||||||||||||
Other liabilities of CIP | 2.4 | 36 | 47.5 | |||||||||||||
Total liabilities | 243.5 | 61 | 2,311.70 | |||||||||||||
Total equity | 23.1 | 33.8 | 116.9 | |||||||||||||
Total liabilities and equity | 266.6 | 94.8 | 2,428.60 | |||||||||||||
Balance Sheet | ||||||||||||||||
For the year ended December 31, 2013 | For the year ended December 31, 2012 | |||||||||||||||
$ in millions | VIEs | VOEs | VIEs | |||||||||||||
Cash and cash equivalents of CIP | 967.3 | 6.6 | 498.9 | |||||||||||||
Accounts receivable and other assets of CIP | 13.5 | 2.6 | 17.6 | |||||||||||||
Investments of CIP | 1,091.90 | 52.2 | 693.3 | |||||||||||||
Total assets | 2,072.70 | 61.4 | 1,209.80 | |||||||||||||
Debt of CIP | 1,346.50 | 25 | 803.6 | |||||||||||||
Other liabilities of CIP | 728.7 | 36 | 406.2 | |||||||||||||
Total liabilities | 2,075.20 | 61 | 1,209.80 | |||||||||||||
Total equity | (2.5 | ) | 0.4 | — | ||||||||||||
Total liabilities and equity | 2,072.70 | 61.4 | 1,209.80 | |||||||||||||
Condensed Consolidating Balance Sheet [Table Text Block] | ' | |||||||||||||||
Summary of Balance Sheet Impact of CIP | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Accounts receivable | — | — | — | (3.4 | ) | (3.4 | ) | |||||||||
Investments | — | — | — | (55.3 | ) | (55.3 | ) | |||||||||
Cash and cash equivalents of CIP | 542.3 | 5.6 | 35.7 | — | 583.6 | |||||||||||
Accounts receivable of CIP | 56.3 | 0.2 | 1.8 | — | 58.3 | |||||||||||
Investments of CIP | 4,237.30 | 40.4 | 512.2 | (55.2 | ) | 4,734.70 | ||||||||||
Total assets | 4,835.90 | 46.2 | 549.7 | (113.9 | ) | 5,317.90 | ||||||||||
Debt of CIP | 4,270.40 | — | — | (88.7 | ) | 4,181.70 | ||||||||||
Other liabilities of CIP | 461.4 | 0.9 | 3 | (3.5 | ) | 461.8 | ||||||||||
Total liabilities | 4,731.80 | 0.9 | 3 | (92.2 | ) | 4,643.50 | ||||||||||
Retained earnings appropriated for investors in CIP | 104.3 | — | — | — | 104.3 | |||||||||||
Other equity attributable to common shareholders | (0.2 | ) | (0.3 | ) | 22 | (21.7 | ) | (0.2 | ) | |||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 45.6 | 524.7 | — | 570.3 | |||||||||||
Total liabilities and equity | 4,835.90 | 46.2 | 549.7 | (113.9 | ) | 5,317.90 | ||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Accounts receivable | — | — | — | (4.4 | ) | (4.4 | ) | |||||||||
Investments | — | — | 6.9 | (73.5 | ) | (66.6 | ) | |||||||||
Cash and cash equivalents of CIP | 211.8 | 0.2 | 75.8 | — | 287.8 | |||||||||||
Accounts receivable of CIP | 54.6 | 0.2 | 29.3 | — | 84.1 | |||||||||||
Investments of CIP | 3,948.00 | 35.9 | 607.9 | (41.3 | ) | 4,550.50 | ||||||||||
Other assets | — | — | 8.9 | (8.9 | ) | — | ||||||||||
Total assets | 4,214.40 | 36.3 | 728.8 | (128.1 | ) | 4,851.40 | ||||||||||
Accounts payable and accrued expenses | — | — | — | (8.9 | ) | (8.9 | ) | |||||||||
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 | ||||||||||
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 | ||||||||||
____________ | ||||||||||||||||
-1 | Adjustments include the elimination of intercompany transactions between the company and its CIP, primarily the elimination of the company's equity at risk recorded as investments by the company (before consolidation) against either equity (private equity and real estate partnership funds) or subordinated debt (CLOs) of the funds. | |||||||||||||||
Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income | ' | |||||||||||||||
Summary of Income Statement Impact of CIP | ||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Total operating revenues | — | — | 0.5 | (38.4 | ) | (37.9 | ) | |||||||||
Total operating expenses | 65.8 | 0.8 | 6.7 | (38.4 | ) | 34.9 | ||||||||||
Operating income | (65.8 | ) | (0.8 | ) | (6.2 | ) | — | (72.8 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (2.5 | ) | (2.5 | ) | |||||||||
Interest and dividend income | — | — | — | (5.5 | ) | (5.5 | ) | |||||||||
Other gains and losses, net | — | — | — | (11.8 | ) | (11.8 | ) | |||||||||
Interest and dividend income of CIP | 199.8 | — | — | (9.8 | ) | 190 | ||||||||||
Interest expense of CIP | (138.6 | ) | — | — | 15.3 | (123.3 | ) | |||||||||
Other gains/(losses) of CIP, net | 3 | 1.7 | 54.3 | 2.9 | 61.9 | |||||||||||
Income from continuing operations before income taxes | (1.6 | ) | 0.9 | 48.1 | (11.4 | ) | 36 | |||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of income taxes | (1.6 | ) | 0.9 | 48.1 | (11.4 | ) | 36 | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||
Net income | (1.6 | ) | 0.9 | 48.1 | (11.4 | ) | 36 | |||||||||
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 1.4 | (0.9 | ) | (45.2 | ) | — | (44.7 | ) | ||||||||
Net income attributable to common shareholders | (0.2 | ) | — | 2.9 | (11.4 | ) | (8.7 | ) | ||||||||
Year ended December 31, 2012 | ||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Total operating revenues | — | — | — | (41.0 | ) | (41.0 | ) | |||||||||
Total operating expenses | 48.2 | 0.9 | 23.4 | (41.0 | ) | 31.5 | ||||||||||
Operating income | (48.2 | ) | (0.9 | ) | (23.4 | ) | — | (72.5 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | 0.5 | 0.5 | |||||||||||
Interest and dividend income | — | — | — | (12.3 | ) | (12.3 | ) | |||||||||
Other gains and losses, net | — | — | — | (8.7 | ) | (8.7 | ) | |||||||||
Interest and dividend income of CIP | 260.7 | — | — | (2.2 | ) | 258.5 | ||||||||||
Interest expense of CIP | (182.8 | ) | — | — | 14.5 | (168.3 | ) | |||||||||
Other gains/ (losses) of CIP, net | (112.2 | ) | 2.4 | 13.7 | (1.6 | ) | (97.7 | ) | ||||||||
Income from continuing operations before income taxes | (82.5 | ) | 1.5 | (9.7 | ) | (9.8 | ) | (100.5 | ) | |||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of income taxes | (82.5 | ) | 1.5 | (9.7 | ) | (9.8 | ) | (100.5 | ) | |||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||
Net income | (82.5 | ) | 1.5 | (9.7 | ) | (9.8 | ) | (100.5 | ) | |||||||
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 82.2 | (1.5 | ) | 9.1 | — | 89.8 | ||||||||||
Net income attributable to common shareholders | (0.3 | ) | — | (0.6 | ) | (9.8 | ) | (10.7 | ) | |||||||
Year ended December 31, 2011 | ||||||||||||||||
$ in millions | CLOs - VIEs | VIEs | VOEs | Adjustments(1) | Impact of CIP | |||||||||||
Total operating revenues | — | — | 0.1 | (47.3 | ) | (47.2 | ) | |||||||||
Total operating expenses | 46.7 | 1 | 12.6 | (47.3 | ) | 13 | ||||||||||
Operating income | (46.7 | ) | (1.0 | ) | (12.5 | ) | — | (60.2 | ) | |||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (0.2 | ) | (0.2 | ) | |||||||||
Interest and dividend income | — | — | — | (8.3 | ) | (8.3 | ) | |||||||||
Interest and dividend income of CIP | 307.2 | — | — | — | 307.2 | |||||||||||
Interest expense of CIP | (195.3 | ) | — | — | 8.3 | (187.0 | ) | |||||||||
Other gains and losses of CIP, net | (235.1 | ) | 1 | 74.9 | 20.3 | (138.9 | ) | |||||||||
Income from continuing operations, net of income taxes | (169.9 | ) | — | 62.4 | 20.1 | (87.4 | ) | |||||||||
Income tax provision | — | — | — | — | — | |||||||||||
Income from continuing operations, net of income taxes | (169.9 | ) | — | 62.4 | 20.1 | (87.4 | ) | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||
Net income/(loss) | (169.9 | ) | — | 62.4 | 20.1 | (87.4 | ) | |||||||||
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 169.9 | — | (62.3 | ) | — | 107.6 | ||||||||||
Net income attributable to common shareholders | — | — | 0.1 | 20.1 | 20.2 | |||||||||||
____________ | ||||||||||||||||
-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. | |||||||||||||||
Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products | ' | |||||||||||||||
The following tables present the fair value hierarchy levels of investments held and notes issued by CIP, which are measured at fair value as of December 31, 2013 and December 31, 2012: | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | ||||||||||||
(Level 3) | ||||||||||||||||
Assets: | ||||||||||||||||
CLO collateral assets: | ||||||||||||||||
Bank loans | 4,035.80 | — | 4,035.80 | — | ||||||||||||
Bonds | 133.1 | — | 133.1 | — | ||||||||||||
Equity securities | 14.1 | — | 14.1 | — | ||||||||||||
Private equity fund assets: | ||||||||||||||||
Equity securities | 106 | 47.3 | — | 58.7 | ||||||||||||
Investments in other private equity funds | 442.2 | — | — | 442.2 | ||||||||||||
Debt securities issued by the U.S. Treasury | 3.5 | 3.5 | — | — | ||||||||||||
Total assets at fair value | 4,734.70 | 50.8 | 4,183.00 | 500.9 | ||||||||||||
Liabilities: | ||||||||||||||||
CLO notes | (4,181.7 | ) | — | — | (4,181.7 | ) | ||||||||||
Total liabilities at fair value | (4,181.7 | ) | — | — | (4,181.7 | ) | ||||||||||
As of December 31, 2012 | ||||||||||||||||
$ in millions | Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
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 | ' | |||||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: | ||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | ||||||||||||
Beginning balance | 602.9 | (3,899.4 | ) | 929.1 | (5,512.9 | ) | ||||||||||
Purchases | 31.5 | — | 8.9 | — | ||||||||||||
Sales | (148.0 | ) | — | (334.5 | ) | — | ||||||||||
Issuances | 3.8 | (1,323.9 | ) | — | (792.5 | ) | ||||||||||
Settlements | — | 850.4 | — | 619.9 | ||||||||||||
Deconsolidation of CIP | (18.4 | ) | 239.5 | — | 2,123.70 | |||||||||||
Gains and losses included in the Consolidated Statements of Income* | 35.7 | (44.3 | ) | 12.4 | (349.2 | ) | ||||||||||
Transfers to Level 2** | (6.1 | ) | — | (9.9 | ) | — | ||||||||||
Foreign exchange | (0.5 | ) | (4.0 | ) | (3.1 | ) | 11.6 | |||||||||
Ending balance | 500.9 | (4,181.7 | ) | 602.9 | (3,899.4 | ) | ||||||||||
____________ | ||||||||||||||||
* | Included in gains and losses of CIP in the Consolidated Statement of Income for the year ended December 31, 2013 are $9.6 million in net unrealized losses attributable to investments still held at December 31, 2013 by CIP (year ended December 31, 2012: $28.3 million net unrealized gains attributable to investments still held at December 31, 2012). | |||||||||||||||
** | During the year ended December 31, 2013, $6.1 million (year ended December 31, 2012: $9.9 million) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the legal lock up requirements of public offering of securities in the underlying companies. For transfers due to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. | |||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | ' | |||||||||||||||
The following tables show significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at December 31, 2013 and December 31, 2012: | ||||||||||||||||
Assets and Liabilities * | Fair Value at December 31, 2013 ($ in millions) | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | |||||||||||
Private Equity Funds --Equity Securities | 58.7 | Market Comparable | Revenue Multiple | 1 - 5x | 3.0x | |||||||||||
Discount | n/a | 24.00% | ||||||||||||||
CLO Notes | -4,181.70 | Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 2% | <1yr: 1.4% >1yr: 2.0% | |||||||||||
Spread over Libor ** | 123 - 864bps | 208 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 (December 31, 2013 $5.8 million; December 31, 2012: $50.0 million). At December 31, 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 December 31, 2013 of $442.2 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. At December 31, 2013, a default rate of 1.4% was assumed for CLOs established after January 1, 2012 (December 31, 2012: 1.4% assumed rate). | |||||||||||||||
The table below summarizes as of December 31, 2013 and December 31, 2012, 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: | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | |||||||||||
(in millions) | (in millions) | |||||||||||||||
Private equity fund of funds (1) | $426.30 | $71.60 | 2.6 years | 498.9 | 127.5 | 2.7 years | ||||||||||
Private equity funds (1) | $15.90 | $80.60 | 8.5 years | 4.6 | 5 | 1.0 year | ||||||||||
-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. |
Related_Parties_Tables
Related Parties (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions | ' | ||||||||
Years ended December 31, | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Affiliated operating revenues: | |||||||||
Investment management fees | 3,208.20 | 2,754.20 | 2,684.50 | ||||||
Service and distribution fees | 856.4 | 752 | 779.6 | ||||||
Performance fees | 44 | 32.6 | 21.2 | ||||||
Other | 108.5 | 101.6 | 128.9 | ||||||
Total affiliated operating revenues | 4,217.10 | 3,640.40 | 3,614.20 | ||||||
As of December 31, | |||||||||
$ in millions | 2013 | 2012 | |||||||
Affiliated asset balances: | |||||||||
Cash and cash equivalents | 447.8 | 223.2 | |||||||
Unsettled fund receivables | 315.5 | 131.5 | |||||||
Accounts receivable | 298.5 | 258.3 | |||||||
Investments | 789.8 | 562.8 | |||||||
Assets held for policyholders | 1,415.70 | 1,153.20 | |||||||
Other assets | 5.4 | 32.7 | |||||||
Total affiliated asset balances | 3,272.70 | 2,361.70 | |||||||
Affiliated liability balances: | |||||||||
Accrued compensation and benefits | 151.6 | 234.3 | |||||||
Accounts payable and accrued expenses | 19.5 | 21.5 | |||||||
Unsettled fund payables | 389.9 | 266 | |||||||
Total affiliated liability balances | 561 | 521.8 | |||||||
Transaction_and_Integration_Ta
Transaction and Integration (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisition-related and integration-related charges | ' | ||||||||
The following table presents acquisition-related and integration-related charges incurred during the period. | |||||||||
For the year ended December 31, | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Integration-related charges: | |||||||||
Staff costs | — | 0.1 | 2.8 | ||||||
Technology, contractor and related costs | 0.1 | 0.6 | 11 | ||||||
Professional services | 3.1 | 7.5 | 15.6 | ||||||
Total integration-related charges | 3.2 | 8.2 | 29.4 | ||||||
Total transaction and integration charges | 3.2 | 8.2 | 29.4 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Discontinued Operations | ' | ||||||||
The following table presents the major classes of assets and liabilities that were disposed of on December 31, 2013: | |||||||||
As of | |||||||||
$ in millions | December 31, 2013 | ||||||||
Assets | |||||||||
Receivables and other assets | 52 | ||||||||
Property and equipment, net | 13.7 | ||||||||
Intangible assets, net | 2.2 | ||||||||
Goodwill | 74.5 | ||||||||
Total assets | 142.4 | ||||||||
Liabilities | |||||||||
Accrued expenses | 24.3 | ||||||||
Total liabilities | 24.3 | ||||||||
The components of income from discontinued operations, net of tax, were as follows for the twelve months ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
Years ended December 31, | |||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||
Operating revenue | 162.6 | 126.6 | 109.8 | ||||||
Operating expenses | (139.2 | ) | (97.7 | ) | (93.9 | ) | |||
Gain on sale | 77.5 | — | — | ||||||
Income from discontinued operations before income taxes | 100.9 | 28.9 | 15.9 | ||||||
Income tax provision | (36.4 | ) | (10.8 | ) | (6.0 | ) | |||
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 | ||||||
Accounting_Policies_Narrative_
Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
reporting_units | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Percentage Of Vie Partnership Investment Products Owned | 1.00% | ' | ' |
Fair value of recognized acquired assets | 100.00% | ' | ' |
Non controlling interest in acquisitions | 100.00% | ' | ' |
Recognized liabilities acquired | 100.00% | ' | ' |
Cash To Facilitate Trust Operations And Customer Transactions | $2.90 | $3.10 | ' |
European Sub Group Cash And Cash Equivalent | 632.3 | 528.3 | ' |
non-U.S. cash and cash equivalents | 740.5 | 662.9 | ' |
Cash deposits with clearing organizations | 11.3 | 11.3 | ' |
Reporting Units for Goodwill | 1 | ' | ' |
Share Based Payment, Estimated Forfeitures, Percentage | 3.00% | ' | ' |
Percentage of Excess in Projected Benefit Obligation and Fair Value Assets To Be Amortized | 10.00% | ' | ' |
Advertising Costs | $31.30 | $31.90 | $19.50 |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Expected useful life | '50 | ' | ' |
Software Development [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Expected useful life | '5 | ' | ' |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum | '3 years | ' | ' |
Intangible assets, useful life, years | '2 years | ' | ' |
Minimum [Member] | CLO [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Reporting Period Lag Between Parent Company and Consolidated Entity | '1 month | ' | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cash Equivalent, Maturity Period | '3 months | ' | ' |
Settlement Period for Fund and Investor Receivables | '4 days | ' | ' |
Amortization Period of Sales Commission of Share B Redemptions | '6 years | ' | ' |
Property, Plant and Equipment, Useful Life, Minimum | '7 years | ' | ' |
Intangible assets, useful life, years | '12 years | ' | ' |
Maximum [Member] | CLO [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Reporting Period Lag Between Parent Company and Consolidated Entity | '3 months | ' | ' |
Fair_Value_Of_Assets_And_Liabi2
Fair Value Of Assets And Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Number of futures contracts (as shown) | 2 | 10 |
Other debt securities | $6.30 | $6.30 |
Note payable | 0.3 | 3.4 |
Future [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notional value of futures contracts | 0.3 | 1.4 |
Long [Member] | Put Option [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Instrument, Maximum Exposure, Undiscounted | 1.8 | 2.5 |
Derivative, Loss on Derivative | $1.80 | $2.50 |
Fair_Value_Of_Assets_And_Liabi3
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,331.20 | $835.50 | $727.40 | $740.50 |
Available for sale investments | 244.1 | 122.1 | ' | ' |
Foreign time deposits | 28.8 | 31.3 | ' | ' |
Assets held for policyholders | 1,416 | 1,153.60 | ' | ' |
Policyholder payables | -1,416 | -1,153.60 | ' | ' |
Long-term debt | -1,588.60 | -1,186 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,331.20 | 835.5 | ' | ' |
Available for sale investments | 244.1 | 122.1 | ' | ' |
Trading investments | 253 | 218.7 | ' | ' |
Foreign time deposits | 28.8 | 31.3 | ' | ' |
Assets held for policyholders | 1,416 | 1,153.60 | ' | ' |
Policyholder payables | -1,416 | -1,153.60 | ' | ' |
Financial instruments sold, not yet purchased | -1.7 | -1.5 | ' | ' |
Note payable | -0.3 | -3.4 | ' | ' |
Long-term debt | -1,588.60 | -1,186 | ' | ' |
Support agreements | 0 | -1 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,331.20 | 835.5 | ' | ' |
Available for sale investments | 244.1 | 122.1 | ' | ' |
Trading investments | 253 | 218.7 | ' | ' |
Foreign time deposits | 28.8 | 31.3 | ' | ' |
Assets held for policyholders | 1,416 | 1,153.60 | ' | ' |
Policyholder payables | -1,416 | -1,153.60 | ' | ' |
Financial instruments sold, not yet purchased | -1.7 | -1.5 | ' | ' |
Note payable | -0.3 | -3.4 | ' | ' |
Long-term debt | -1,544.70 | -1,204.80 | ' | ' |
Support agreements | $0 | ($1) | ' | ' |
Fair_Value_Of_Assets_And_Liabi4
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) (USD $) | Dec. 31, 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 | $447.80 | $292.20 |
Seed money | 233.8 | 113.4 |
CLOs | 4 | 2.4 |
Other debt securities | 6.3 | 6.3 |
Investments related to deferred compensation plans | 249.7 | 213.5 |
Corporate Stock | 2.1 | 1.5 |
UITs | 1.2 | 1.6 |
Municipal securities | ' | 1.8 |
Other equity securities | ' | 0.3 |
Assets held for policyholders | 1,416 | 1,153.60 |
Total | 2,360.90 | 1,786.60 |
Corporate equities | -1.7 | -1.5 |
Note payable | -0.3 | -3.4 |
Total | -2 | -4.9 |
Foreign time deposits | 28.8 | 31.3 |
Equity method investments | 308.2 | 228.2 |
Cost method investments | 5.6 | 10.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | 447.8 | 292.2 |
Seed money | 233.8 | 113.4 |
CLOs | 0 | 0 |
Other debt securities | 0 | 0 |
Investments related to deferred compensation plans | 249.7 | 213.5 |
Corporate Stock | 2.1 | 1.5 |
UITs | 1.2 | 1.6 |
Municipal securities | ' | 0 |
Other equity securities | ' | 0.3 |
Assets held for policyholders | 1,416 | 1,153.60 |
Total | 2,350.60 | 1,776.10 |
Corporate equities | -1.7 | -1.5 |
Note payable | 0 | 0 |
Total | -1.7 | -1.5 |
Significant Other Observable Inputs (Level 2) [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 |
Corporate Stock | 0 | 0 |
UITs | 0 | 0 |
Municipal securities | ' | 1.8 |
Other equity securities | ' | 0 |
Assets held for policyholders | 0 | 0 |
Total | 0 | 1.8 |
Corporate equities | 0 | 0 |
Note payable | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | 0 | 0 |
Seed money | 0 | 0 |
CLOs | 4 | 2.4 |
Other debt securities | 6.3 | 6.3 |
Investments related to deferred compensation plans | 0 | 0 |
Corporate Stock | 0 | 0 |
UITs | 0 | 0 |
Municipal securities | ' | 0 |
Other equity securities | ' | 0 |
Assets held for policyholders | 0 | 0 |
Total | 10.3 | 8.7 |
Corporate equities | 0 | 0 |
Note payable | -0.3 | -3.4 |
Total | ($0.30) | ($3.40) |
Fair_Value_Of_Assets_And_Liabi5
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance (Asset) | $0 | ' |
Purchases | 2.5 | ' |
Foreign exchange gains/(losses) | 0.5 | ' |
Ending balance (Asset) | 16.2 | ' |
CLOs | 4 | 2.4 |
Other debt securities | 6.3 | 6.3 |
Note payable | 0.3 | 3.4 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
CLOs | 4 | 2.4 |
Other debt securities | 6.3 | 6.3 |
Note payable | 0.3 | 3.4 |
Note Payable [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance (Liability) | -3.4 | -16.8 |
Purchases | 0 | 0 |
Returns of capital | 0 | 0 |
Settlements | 2.5 | 8.5 |
Deconsolidation of CIP | 0 | 0 |
Net unrealized gains and losses included in other gains and losses | 0.2 | 3.7 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 |
Foreign exchange gains/(losses) | 0.4 | 1.2 |
Reclassification | 0 | 0 |
Ending balance (Liability) | -0.3 | -3.4 |
Collateralized Loan Obligations [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance (Asset) | 2.4 | 0 |
Purchases | 0 | 0 |
Returns of capital | -0.2 | -0.2 |
Settlements | 0 | 0 |
Deconsolidation of CIP | 1.6 | 2.5 |
Net unrealized gains and losses included in other gains and losses | 0 | 0 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0.2 | 0.1 |
Foreign exchange gains/(losses) | 0 | 0 |
Reclassification | 0 | 0 |
Ending balance (Asset) | 4 | 2.4 |
Collateralized Loan Obligations [Member] | EURIBOR [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Probability of Default | ' | 1.80% |
Collateralized Loan Obligations [Member] | EURIBOR [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Probability of Default | ' | 5.00% |
Collateralized Loan Obligations [Member] | EURIBOR [Member] | Weighted Average [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Assumed Default Rate, less than one year | ' | 1.80% |
Assumed Default Rate, more than one year | ' | 5.00% |
Spread over variable rate | ' | 33.00% |
Collateralized Loan Obligations [Member] | LIBOR [Member] | Minimum [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Probability of Default | ' | 1.10% |
Collateralized Loan Obligations [Member] | LIBOR [Member] | Maximum [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Probability of Default | ' | 3.00% |
Collateralized Loan Obligations [Member] | LIBOR [Member] | Weighted Average [Member] | Discounted Cash Flow Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Assumed Default Rate, less than one year | ' | 1.10% |
Assumed Default Rate, more than one year | ' | 3.00% |
Spread over variable rate | ' | 14.96% |
Other Debt Obligations [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance (Asset) | 6.3 | 0 |
Purchases | 0 | 1.7 |
Returns of capital | 0 | 0 |
Settlements | 0 | 0 |
Deconsolidation of CIP | 0 | 0 |
Net unrealized gains and losses included in other gains and losses | 0 | 0 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 |
Foreign exchange gains/(losses) | 0 | 0 |
Reclassification | 0 | 4.6 |
Ending balance (Asset) | $6.30 | $6.30 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
fund | fund | Maximum [Member] | Religare Asset Management Limited [Member] | Seed Money [Member] | Seed Money [Member] | ||
Investments [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net realized gains/losses transferred from accumulated other comprehensive income | $3,200,000 | $4,700,000 | $8,200,000 | ' | ' | ' | ' |
Number of affiliated funds holding seed money | 149 | 52 | ' | ' | ' | ' | ' |
Available-for-sale debt securities maturing in one to five years | 1,700,000 | ' | ' | ' | ' | ' | ' |
Available-for-sale debt securities maturing in five to ten years | 8,600,000 | ' | ' | ' | ' | ' | ' |
Charges to other comprehensive income from other-than-temporary impairment related to non-credit factors | ' | 0 | ' | ' | ' | ' | ' |
Gains and losses on trading securities | 33,800,000 | 18,200,000 | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporary impairment charges on seed money investments | ' | ' | ' | ' | ' | $0 | $800,000 |
Percent of equity interest owned | ' | ' | ' | ' | 49.00% | ' | ' |
Percentage Ownership In Private Equity, Real Estate, and Other Entities | ' | ' | ' | 5.00% | ' | ' | ' |
Investments_Details_Of_Company
Investments (Details Of Company Investments, Current) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | $244.10 | $122.10 |
Equity method investments | 308.2 | 228.2 |
Foreign time deposits | 28.8 | 31.3 |
Cost Method Investments | 5.6 | 10.4 |
Investments | 839.7 | 610.7 |
Seed Money [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | 233.8 | 113.4 |
Collateralized Loan Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | 4 | 2.4 |
Other Debt Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | 6.3 | 6.3 |
Deferred Compensation Arrangements [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Trading investments | 249.7 | 213.5 |
UIT-Related Equity And Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Trading investments | 3.3 | 4.9 |
other equity securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Trading investments | $0 | $0.30 |
Investments_Details_Of_Company1
Investments (Details Of Company Investments, Non-Current) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Equity method investments | $308.20 | $228.20 |
Investments_Realized_Gains_Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from Sales | $26.90 | $50.60 | $60.20 |
Seed Money [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from Sales | 26.7 | 50.3 | 59.3 |
Gross Realized Gains | 3.6 | 5.3 | 8.8 |
Gross Realized Losses | -0.4 | -0.6 | -1.2 |
Collateralized Loan Obligations [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Proceeds from Sales | 0.2 | 0.3 | 0.9 |
Gross Realized Gains | 0 | 0 | 0.6 |
Gross Realized Losses | $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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $225.80 | $114.20 |
Gross Unrealized Holding Gains | 19.2 | 8.4 |
Gross Unrealized Holding Losses | -0.9 | -0.5 |
Fair Value | 244.1 | 122.1 |
Seed Money [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 215.7 | 105.5 |
Gross Unrealized Holding Gains | 19 | 8.4 |
Gross Unrealized Holding Losses | -0.9 | -0.5 |
Fair Value | 233.8 | 113.4 |
CLO [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 3.8 | 2.4 |
Gross Unrealized Holding Gains | 0.2 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 4 | 2.4 |
Other Debt Obligations [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_Breakdown_Of_Avail
Investments (Breakdown Of Available-For-Sale Investments With Unrealized Losses) (Details) (Seed Money Funds [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Seed Money Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $69 | $0.20 |
Less than 12 Months, Gross Unrealized Losses | -0.8 | 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 | 69.2 | 11.7 |
Total, Gross Unrealized Losses | ($0.90) | ($0.50) |
Investments_Summary_of_the_Com
Investments (Summary of the Companies Voting Control in Entities Where it has Noncontrolling Interest) (Details) (Germany) | 12 Months Ended |
Dec. 31, 2013 | |
VV Immobilien Verwaltungs und Beteiligungs Gmbh [Member] | ' |
Voting Interest Owned | '.7 |
VV Immobilien Verwaltungs GmbH [Member] | ' |
Voting Interest Owned | '.7 |
HVH Immobilien und Beteiligungs GmbH [Member] | ' |
Voting Interest Owned | '.7 |
Investments_Summary_of_the_Com1
Investments (Summary of the Company's Investment in Joint Ventures and Affiliates) (Details) | Dec. 31, 2013 |
China [Member] | Huaneng Invesco WLR Investment Consulting Company Limited [Member] | ' |
Company's investments in joint ventures and affiliates | 50.00% |
China [Member] | Invesco Great Wall Fund Management Company Limited [Member] | ' |
Company's investments in joint ventures and affiliates | 49.00% |
India | Religare Invesco Asset Management Company Private Ltd. [Member] | ' |
Company's investments in joint ventures and affiliates | 49.00% |
India | Religare Trustee Company Private Ltd. [Member] | ' |
Company's investments in joint ventures and affiliates | 49.00% |
Poland [Member] | Pocztylion - ARKA [Member] | ' |
Company's investments in joint ventures and affiliates | 29.30% |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | $900.20 | $873.10 | ' |
Less: Accumulated Depreciation | -549.4 | -523.5 | ' |
Property and Equipment, Net | 350.8 | 349.6 | ' |
Depreciation expense | 71.3 | 65.4 | 60.3 |
Capitalized IT software development costs was written off | 11.7 | ' | ' |
Technology and Other Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 266.5 | 253 | ' |
Computer Software, Intangible Asset [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 327.8 | 316 | ' |
Land and Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 65.8 | 70.8 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 185.7 | 185.9 | ' |
Work in Process [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | $54.40 | $47.40 | ' |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Amortization expense | $17.10 | $29.60 | $42.20 |
Intangible_Assets_Schedule_of_
Intangible Assets (Schedule of finite-lived intangible assets by major class) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gross Book Value | $1,349.90 | $1,442.90 |
Accumulated Amortization | -86.2 | -155.2 |
Net Book Value | 1,263.70 | 1,287.70 |
Weighted Average Amortization Period (years) | '3 years 2 months | '9 years |
Management contracts - indefinite-lived [Member] | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,200 | 1,204.10 |
Management contracts - finite-lived [Member] | ' | ' |
Gross Book Value | 92.1 | 181 |
Accumulated Amortization | -58.5 | -135.1 |
Net Book Value | 33.6 | 45.9 |
Weighted Average Amortization Period (years) | '2 years 2 months | '8 years 8 months |
Customer relationships [Member] | ' | ' |
Gross Book Value | 40 | 40 |
Accumulated Amortization | -11.9 | -8.6 |
Net Book Value | 28.1 | 31.4 |
Weighted Average Amortization Period (years) | '8 years 5 months | '12 years |
Distribution agreements [Member] | ' | ' |
Gross Book Value | 17 | 17 |
Accumulated Amortization | -15.2 | -11 |
Net Book Value | 1.8 | 6 |
Weighted Average Amortization Period (years) | '5 months | '4 years |
Other [Member] | ' | ' |
Gross Book Value | 0.8 | 0.8 |
Accumulated Amortization | -0.6 | -0.5 |
Net Book Value | $0.20 | $0.30 |
Weighted Average Amortization Period (years) | '2 years 10 months | '10 years |
Recovered_Sheet1
Intangible Assets (Schedule Of future amortization expense of intangible assets) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' |
2014 | $13 |
2015 | 11.2 |
2016 | 11.2 |
2017 | 11.1 |
2018 | $6 |
Goodwill_Schedule_of_Goodwill_
Goodwill (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Gross Book Value, Beginning Balance | $7,064.80 | $6,924.50 |
Accumulated Impairment, Beginning Balance | -16.6 | -16.6 |
Net Book Value, Beginning Balance | 7,048.20 | 6,907.90 |
Business combinations | ' | 17.3 |
Dispositions, Gross Book Value | -91.1 | ' |
Dispositions, Accumulated Impairment | 16.6 | ' |
Dispositions, Net Book Value | -74.5 | ' |
Foreign exchange and other | -106.4 | 123 |
Gross Book Value, Ending Balance | 6,867.30 | 7,064.80 |
Accumulated Impairment, Ending Balance | 0 | -16.6 |
Net Book Value, Ending Balance | $6,867.30 | $7,048.20 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Compensation and benefits | $123.30 | $74.80 |
Accrued bonus and deferred compensation | 553.1 | 535 |
Accrued compensation and benefits | 676.4 | 609.8 |
Accruals and other liabilities | 256.9 | 233.2 |
Overdraft on unsettled fund account | 35.7 | 0 |
Accounts payable | 334.6 | 287.9 |
Security deposit payables | 12.3 | 27.4 |
Income taxes payable | 123.6 | 77.9 |
Accounts payable and accrued expenses | $763.10 | $626.40 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Jun. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unsecured Debt [Member] | Office Lease Obligations [Member] | Federal Funds [Member] | LIBOR [Member] | Senior Notes, 5.375% Due 2013 [Member] | Senior Notes, 5.375% Due 2014 [Member] | Senior Notes, 3.125% Due 2022 [Member] | Due January 30, 2024 [Member] | Due January 30, 2024 [Member] | Due November 30, 2043 [Member] | Due November 30, 2043 [Member] | ||||
Line of Credit [Member] | Line of Credit [Member] | Senior Notes [Member] | Unsecured Debt [Member] | Senior Notes [Member] | Unsecured Debt [Member] | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Long-term Debt | ' | ' | ' | ' | ' | ' | ' | $333,500,000 | $197,100,000 | $600,000,000 | $600,000,000 | ' | $400,000,000 | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | 5.38% | 5.38% | 3.13% | 4.00% | 4.00% | 5.38% | 5.38% |
Repayment of amount outstanding on the credit facility | ' | 699,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured debt, credit agreement | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement term | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument due date | '12/17/2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate, percentage | ' | ' | ' | ' | ' | 0.50% | 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 | ' | ' | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant ratio debt EBITDA maximum denominator | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant ratio coverage maximum numerator | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant ratio coverage maximum denominator | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short Term Debt Letters Of Credit | ' | ' | $30,900,000 | ' | $11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit, renewable term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term debt | $1,588.60 | 1,186 |
Unsecured Debt [Member] | Floating Rate Credit Facility Expiring December 17, 2018 [Member] | ' | ' |
Debt instrument due date | 17-Dec-18 | ' |
Unsecured Debt [Member] | Due January 30, 2024 [Member] | ' | ' |
Unsecured Senior Notes | 595.8 | ' |
Debt instrument, interest rate, stated percentage | ' | 4.00% |
Debt instrument due date | 30-Jan-24 | ' |
Unsecured Debt [Member] | Due November 30, 2043 [Member] | ' | ' |
Unsecured Senior Notes | 393.2 | ' |
Debt instrument, interest rate, stated percentage | ' | 5.38% |
Debt instrument due date | 30-Nov-43 | ' |
Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Unsecured Senior Notes | 599.6 | ' |
Debt instrument, interest rate, stated percentage | ' | 3.13% |
Debt instrument due date | 30-Nov-22 | ' |
Carrying Value [Member] | ' | ' |
Long-term debt | 1,588.60 | 1,186 |
Carrying Value [Member] | Floating Rate Credit Facility Expiring December 17, 2018 [Member] | ' | ' |
Floating rate credit facility expiring December 17, 2018 | 0 | 586.5 |
Carrying Value [Member] | Unsecured Debt [Member] | Due January 30, 2024 [Member] | ' | ' |
Unsecured Senior Notes | 595.8 | 0 |
Carrying Value [Member] | Unsecured Debt [Member] | Due November 30, 2043 [Member] | ' | ' |
Unsecured Senior Notes | 393.2 | 0 |
Carrying Value [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Unsecured Senior Notes | 599.6 | 599.5 |
Fair Value [Member] | ' | ' |
Long-term debt | 1,544.70 | 1,204.80 |
Fair Value [Member] | Floating Rate Credit Facility Expiring December 17, 2018 [Member] | ' | ' |
Floating rate credit facility expiring December 17, 2018 | 0 | 586.5 |
Fair Value [Member] | Unsecured Debt [Member] | Due January 30, 2024 [Member] | ' | ' |
Unsecured Senior Notes | 593.2 | 0 |
Fair Value [Member] | Unsecured Debt [Member] | Due November 30, 2043 [Member] | ' | ' |
Unsecured Senior Notes | 400 | 0 |
Fair Value [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Unsecured Senior Notes | $551.50 | 618.3 |
LongTerm_Debt_Analysis_Of_Borr
Long-Term Debt (Analysis Of Borrowings By Maturity) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt | ' | ' |
Long-term debt | $1,588.60 | $1,186 |
Unsecured Debt [Member] | Due November 30, 2022 [Member] | ' | ' |
Debt | ' | ' |
Borrowings | 599.6 | ' |
Unsecured Debt [Member] | Due January 30, 2024 [Member] | ' | ' |
Debt | ' | ' |
Borrowings | 595.8 | ' |
Unsecured Debt [Member] | Due November 30, 2043 [Member] | ' | ' |
Debt | ' | ' |
Borrowings | $393.20 | ' |
Share_Capital_Narrative_Detail
Share Capital (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Share data in Millions, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Shares repurchased | ' | 10.1 | 13.9 | 11.1 |
Cost of repurchased shares | ' | $350,000,000 | $470,500,000 | $265,000,000 |
Shares withheld to meet employees' tax withholding obligations | ' | ' | 2.4 | 2.1 |
Fair values of shares withheld | ' | ' | 64,900,000 | 48,900,000 |
Stock repurchase program, authorized amount | 1,500,000,000 | ' | ' | ' |
Share repurchase plan, remaining authorized amount | ' | ' | 1,496,500,000 | 467,000,000 |
Treasury stock shares | ' | 66.8 | 66.8 | 59.2 |
Treasury shares held, as unvested restricted stock awards | ' | 9.5 | 9.5 | 10.2 |
Common shares market price (per share) | ' | ' | $36.40 | ' |
Treasury shares market value | ' | ' | $2,400,000,000 | ' |
Share_Capital_Movements_In_Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Equity [Abstract] | ' | ' | ' |
Common shares issued | 490.4 | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | -57.3 | -49 | -44.4 |
Common shares outstanding | 433.1 | 441.4 | 446 |
Share_Capital_Movements_in_Tre
Share Capital (Movements in Treasury Shares) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Beginning balance | 59.2 | 54 | 42.7 |
Acquisition of common shares | 16.3 | 13.2 | 21.8 |
Distribution of common shares | -7.2 | -6.3 | -9.6 |
Common shares distributed to meet option exercises | -1.5 | -1.7 | -0.9 |
Ending balance | 66.8 | 59.2 | 54 |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/(Loss) (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Currency translation differences on investments in foreign subsidiaries | ($121,900,000) | $145,000,000 | ($48,800,000) |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | ' | 0 | 0 |
Noncontrolling Interests in Consolidated Entities [Member] | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 13,100,000 | 900,000 | 23,100,000 |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | ' | 6,300,000 | -8,700,000 |
Retained Earnings Appropriated For Investors In Consolidated Investment Products [Member] | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | $0 | ($6,300,000) | $8,700,000 |
Other_Comprehensive_IncomeLoss3
Other Comprehensive Income/(Loss) (Accumulated other comprehensive income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income/(loss) before tax: | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | ($121.90) | $145 | ($48.80) |
Actuarial (loss)/gain related to employee benefit plans | 7 | -4.8 | -41.9 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | -1.9 | -2 | -2 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 2.3 | 2.4 | 1.5 |
Share of other comprehensive income/(loss) of equity method investments | -3.9 | 6.4 | -7.2 |
Unrealized(losses)/gains on available-for-sale investments | 13.6 | 14 | -12.2 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -3.2 | -3.9 | -0.1 |
Other comprehensive income/(loss), before tax | -108 | 157.1 | -110.7 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | -0.4 | 0.6 | 0.5 |
Tax on actuarial (loss)/gain related to employee benefit plans | -5.8 | -0.1 | 9.5 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0.4 | 0.5 | -0.7 |
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | -0.5 | -0.6 | 0.5 |
Tax on net unrealized gains/(losses) on available-for-sale investments | -0.5 | -1 | 1.7 |
Reclassification of tax on net (gains)/losses on available-for-sale investments | -0.9 | -0.2 | 0.1 |
Total income tax benefit/(expense) related to items of other comprehensive income | -7.7 | -0.8 | 11.6 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' |
Beginning balance | 530.5 | 373.3 | 495.5 |
Other comprehensive income/(loss), net of tax: | -115.7 | 156.3 | -99.1 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 13.1 | 0.9 | -23.1 |
Ending balance | 427.9 | 530.5 | 373.3 |
Foreign currency translation [Member] | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | -121.9 | 145 | -48.8 |
Other comprehensive income/(loss), before tax | -121.9 | 145 | -48.8 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | -0.4 | 0.6 | 0.5 |
Total income tax benefit/(expense) related to items of other comprehensive income | -0.4 | 0.6 | 0.5 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' |
Beginning balance | 601.7 | 455.2 | 526.6 |
Other comprehensive income/(loss), net of tax: | -122.3 | 145.6 | -48.3 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 13.1 | 0.9 | -23.1 |
Ending balance | 492.5 | 601.7 | 455.2 |
Employee benefit plans [Member] | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' |
Actuarial (loss)/gain related to employee benefit plans | 7 | -4.8 | -41.9 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense | -1.9 | -2 | -2 |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense | 2.3 | 2.4 | 1.5 |
Other comprehensive income/(loss), before tax | 7.4 | -4.4 | -42.4 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' |
Tax on actuarial (loss)/gain related to employee benefit plans | -5.8 | -0.1 | 9.5 |
Reclassification of tax on amortization of prior service costs/(credit) into income tax provision | 0.4 | 0.5 | -0.7 |
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | -0.5 | -0.6 | 0.5 |
Total income tax benefit/(expense) related to items of other comprehensive income | -5.9 | -0.2 | 9.3 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' |
Beginning balance | -79.4 | -74.8 | -41.7 |
Other comprehensive income/(loss), net of tax: | 1.5 | -4.6 | -33.1 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending balance | -77.9 | -79.4 | -74.8 |
Equity method investments [Member] | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' |
Share of other comprehensive income/(loss) of equity method investments | -3.9 | 6.4 | -7.2 |
Other comprehensive income/(loss), before tax | -3.9 | 6.4 | -7.2 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' |
Total income tax benefit/(expense) related to items of other comprehensive income | 0 | 0 | 0 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' |
Beginning balance | 2.1 | -4.3 | 2.9 |
Other comprehensive income/(loss), net of tax: | -3.9 | 6.4 | -7.2 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending balance | -1.8 | 2.1 | -4.3 |
Available-for-sale investments [Member] | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' |
Unrealized(losses)/gains on available-for-sale investments | 13.6 | 14 | -12.2 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -3.2 | -3.9 | -0.1 |
Other comprehensive income/(loss), before tax | 10.4 | 10.1 | -12.3 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' |
Tax on net unrealized gains/(losses) on available-for-sale investments | -0.5 | -1 | 1.7 |
Reclassification of tax on net (gains)/losses on available-for-sale investments | -0.9 | -0.2 | 0.1 |
Total income tax benefit/(expense) related to items of other comprehensive income | -1.4 | -1.2 | 1.8 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' |
Beginning balance | 6.1 | -2.8 | 7.7 |
Other comprehensive income/(loss), net of tax: | 9 | 8.9 | -10.5 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending balance | $15.10 | $6.10 | ($2.80) |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-11 | 31-May-10 | |
USD ($) | GBP (£) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Global Equity Incentive Plan, 2011 [Member] | Global Equity Incentive Plan, 2010 [Member] | |
awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '1 year 4 months 6 days | '1 year 4 months 6 days | ' | ' | ' | ' | ' | ' |
Proportional vesting rate | ' | ' | ' | ' | 0.00% | 100.00% | ' | ' |
Shares authorized under share awards plan | ' | ' | ' | ' | ' | ' | 28,000,000 | 3,000,000 |
Share-based compensation expense | $133,100,000 | ' | $136,400,000 | $115,100,000 | ' | ' | ' | ' |
Income tax benefit from share-based compensation agreements | 37,800,000 | ' | 39,100,000 | 32,500,000 | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | 17,900,000 | ' | 23,000,000 | 12,400,000 | ' | ' | ' | ' |
Tax Benefit Realized From Share Based Payment Awards | 7,900,000 | ' | 5,400,000 | 3,500,000 | ' | ' | ' | ' |
Number of Share Awards By Type | 2 | 2 | ' | ' | ' | ' | ' | ' |
Fair value of vested shares | 192,700,000 | ' | 151,600,000 | 207,800,000 | ' | ' | ' | ' |
Weighted average fair value of shares granted | $26.91 | ' | $24.84 | $26.34 | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested shares | 257,000,000 | ' | ' | ' | ' | ' | ' | ' |
Weighted average non-vested shares compensation cost expected to recognize | '2 years 10 months 15 days | '2 years 10 months 15 days | ' | ' | ' | ' | ' | ' |
Share options expiration date | '10 years | '10 years | ' | ' | ' | ' | ' | ' |
Shares authorized under stock option plans, exercise price range, lower range limit | ' | £ 6.39 | ' | ' | ' | ' | ' | ' |
Shares authorized under stock option plans, exercise price range, upper range limit | ' | £ 8.86 | ' | ' | ' | ' | ' | ' |
Options, outstanding, weighted average remaining contractual term | '1 year 4 months 18 days | '1 year 4 months 18 days | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 28,500,000 | ' | 19,600,000 | 9,200,000 | ' | ' | ' | ' |
Aggregate intrinsic value of options outstanding | ' | ' | 27,300,000 | ' | ' | ' | ' | ' |
Stock Price | 36.4 | ' | 26.09 | ' | ' | ' | ' | ' |
ESPP discount rate | 85.00% | 85.00% | ' | ' | ' | ' | ' | ' |
Maximum employee ESPP contributions per offering period | 6,000 | ' | ' | ' | ' | ' | ' | ' |
recognized expense for employee stock purchase | $900,000 | ' | $300,000 | ' | ' | ' | ' | ' |
ShareBased_Compensation_Moveme
Share-Based Compensation (Movements On Share Awards) (Details) | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | GBP (£) | USD ($) | USD ($) | Time Vested N y s e [Member] | Time Vested N y s e [Member] | Time Vested N y s e [Member] | Time-Vested [Member] | Time-Vested [Member] | Time-Vested [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | |
Unvested at the beginning of year | ' | ' | ' | ' | 16.5 | 17.3 | 17.4 | 0.3 | 0.6 | 3.3 | 0.3 | 0 | 0.1 |
Granted during the year | ' | ' | ' | ' | 5.2 | 5.5 | 5.9 | ' | ' | ' | 0.2 | 0.3 | ' |
Forfeited during the year | ' | ' | ' | ' | -0.9 | -0.4 | -0.4 | 0 | 0 | -0.1 | 0 | 0 | 0 |
Vested and distributed during the year | ' | ' | ' | ' | -6.9 | -5.9 | -5.6 | -0.2 | -0.3 | -2.6 | -0.1 | 0 | -0.1 |
Unvested at the end of the year | ' | ' | ' | ' | 13.9 | 16.5 | 17.3 | 0.1 | 0.3 | 0.6 | 0.4 | 0.3 | 0 |
Unvested at beginning of year Weighted Average Grant Date Fair Value | $22.36 | £ 12.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted during period Weighted Average Grant Date Fair Value | $26.91 | ' | $24.84 | $26.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited during the year Weighted Average Grant Date Fair Value | $25.07 | £ 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and distributed during the period Weighted Average Grant Date Fair Value | $20.08 | £ 12.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at the end of the year Weighted Average Grant Date Fair Value | $25 | £ 12.9 | $22.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Change
Share-Based Compensation (Changes In Share Options Awards) (Details) (GBP £) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Outstanding at the beginning of the year Weighted Average Exercise Price | £ 7.31 | £ 7.85 | £ 13.85 |
Forfeited during the period Weighted Average Exercise Price | £ 0 | £ 14.8 | £ 19.7 |
Exercised during the period Weighted Average Exercise Price | £ 7.3 | £ 8.08 | £ 8.33 |
Outstanding at the end of the year Weighted Average Exercise Price | £ 7.32 | £ 7.31 | £ 7.85 |
Exercisable at the end of the period Weighted Average Exercise Price | £ 7.32 | £ 7.31 | £ 7.85 |
Stock Options [Member] | ' | ' | ' |
Outstanding at the beginning of the year | 2.6 | 4.5 | 10.7 |
Forfeited during the period | 0 | -0.2 | -5.3 |
Exercised during the year | -1.5 | -1.7 | -0.9 |
Outstanding at the end of the year | 1.1 | 2.6 | 4.5 |
Exercisable at the end of the period | 1.1 | 2.6 | 4.5 |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined benefit plan, cost recognized | $54.30 | $54.20 | $53.20 |
Other postretirement benefits payable | 21.8 | 20.5 | ' |
Cash investments in time deposits | 4.1 | 7.2 | ' |
Retirement Plans [Member] | ' | ' | ' |
Estimated amounts of contributions expected to be paid to the plans in next fiscal year | 15.9 | ' | ' |
Medical Plans [Member] | ' | ' | ' |
Estimated amounts of contributions expected to be paid to the plans in next fiscal year | $2.20 | ' | ' |
Retirement_Benefit_Plans_Sched
Retirement Benefit Plans (Schedule of defined benefit plan obligations and assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair value of plan assets | $413 | $340.80 | ' |
Retirement Plans [Member] | ' | ' | ' |
Benefit obligation | -486.2 | -426.7 | -383.3 |
Fair value of plan assets | 407.1 | 338.9 | ' |
Funded status | -79.1 | -87.8 | ' |
Amounts recognized in the Consolidated Balance Sheets: | ' | ' | ' |
Other assets | 2.1 | 3.1 | ' |
Accounts payable and accrued expenses | -81.2 | -90.9 | ' |
Medical Plan [Member] | ' | ' | ' |
Benefit obligation | -43.6 | -53.2 | -48.1 |
Fair value of plan assets | 10 | 9.1 | ' |
Funded status | -33.6 | -44.1 | ' |
Amounts recognized in the Consolidated Balance Sheets: | ' | ' | ' |
Other assets | 0 | 0 | ' |
Accounts payable and accrued expenses | ($33.60) | ($44.10) | ' |
Retirement_Benefit_Plans_Chang
Retirement Benefit Plans (Changes in defined benefit plan obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Actuarial (gains)/losses | ($7) | $4.80 | $41.90 |
Retirement Plans [Member] | ' | ' | ' |
Benefit obligation, beginning balance | 426.7 | 383.3 | ' |
Service cost | 4.4 | 4.5 | 4.4 |
Interest cost | 19 | 19.6 | 19.1 |
Contributions from plan participants | 0 | 0 | ' |
Actuarial (gains)/losses | 32.6 | 15 | ' |
Exchange difference | 12.1 | 19.6 | ' |
Benefits paid | -8.6 | -15.3 | ' |
Curtailment | 0 | 0 | ' |
Benefit obligation, ending balance | 486.2 | 426.7 | 383.3 |
Medical Plan [Member] | ' | ' | ' |
Benefit obligation, beginning balance | 53.2 | 48.1 | ' |
Service cost | 0.2 | 0.3 | 0.5 |
Interest cost | 1.9 | 2.1 | 2.3 |
Contributions from plan participants | 0.5 | 0.5 | ' |
Actuarial (gains)/losses | -8.9 | 4.4 | ' |
Exchange difference | 0 | 0 | ' |
Benefits paid | -1.8 | -2.2 | ' |
Curtailment | -1.5 | 0 | ' |
Benefit obligation, ending balance | $43.60 | $53.20 | $48.10 |
Retirement_Benefit_Plans_Sched1
Retirement Benefit Plans (Schedule of assumptions used to determine defined benefit obligations) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Discount rate | 4.40% | ' |
Retirement Plans [Member] | ' | ' |
Discount rate | 4.39% | 4.67% |
Expected rate of salary increases | 3.37% | 3.09% |
Future pension/medical cost trend rate increases | 2.85% | 2.79% |
Medical Plan [Member] | ' | ' |
Discount rate | 4.70% | 3.79% |
Expected rate of salary increases | 2.50% | 2.50% |
Future pension/medical cost trend rate increases, minimum | 5.00% | 5.00% |
Future pension/medical cost trend rate increases, maximum | 7.20% | 7.60% |
Retirement_Benefit_Plans_Chang1
Retirement Benefit Plans (Changes in the fair value of plan assets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Ending balance | $413 | $340.80 |
Retirement Plans [Member] | ' | ' |
Beginning balance | 338.9 | ' |
Contributions from plan participants | 0 | 0 |
Benefits paid | -8.6 | -15.3 |
Ending balance | 407.1 | 338.9 |
Medical Plan [Member] | ' | ' |
Beginning balance | 9.1 | ' |
Contributions from plan participants | 0.5 | 0.5 |
Benefits paid | -1.8 | -2.2 |
Ending balance | 10 | 9.1 |
Defined Benefit Plan, Changes in Fair Value of Plan Assets [Member] | Retirement Plans [Member] | ' | ' |
Beginning balance | 338.9 | 288.3 |
Actual return on plan assets | 51.4 | 35.5 |
Exchange difference | 9.1 | 16.2 |
Contributions from the company | 15.3 | 13 |
Contributions from plan participants | 0 | 0 |
Benefits paid | -8.6 | -14.3 |
Settlement and other | 1 | 0.2 |
Ending balance | 407.1 | 338.9 |
Defined Benefit Plan, Changes in Fair Value of Plan Assets [Member] | Medical Plan [Member] | ' | ' |
Beginning balance | 9.1 | 8.2 |
Actual return on plan assets | 1 | 1 |
Exchange difference | 0 | 0 |
Contributions from the company | 0 | 0 |
Contributions from plan participants | 0.2 | 0.2 |
Benefits paid | -0.3 | -0.3 |
Settlement and other | 0 | 0 |
Ending balance | $10 | $9.10 |
Retirement_Benefit_Plans_Break
Retirement Benefit Plans (Breakdown of amount recognized in accumulated other comprehensive income) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Retirement Plans [Member] | ' | ' |
Prior service cost/(credit) | $0 | $0 |
Net actuarial loss/(gain) | 100.7 | 100.9 |
Total | 100.7 | 100.9 |
Medical Plan [Member] | ' | ' |
Prior service cost/(credit) | -5.7 | -9.9 |
Net actuarial loss/(gain) | 0.2 | 11.6 |
Total | ($5.50) | $1.70 |
Retirement_Benefit_Plans_Break1
Retirement Benefit Plans (Breakdown of amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost) (Details) (New) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Retirement Plans [Member] | ' |
Prior service cost/(credit) | $0 |
Net actuarial loss/(gain) | 1.8 |
Total | 1.8 |
Medical Plan [Member] | ' |
Prior service cost/(credit) | -1.5 |
Net actuarial loss/(gain) | 0 |
Total | ($1.50) |
Retirement_Benefit_Plans_Sched2
Retirement Benefit Plans (Schedule of benefit obligations in excess of plan assets) (Details) (Retirement Plans [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Retirement Plans [Member] | ' | ' |
Accumulated benefit obligation | $473.20 | $416.60 |
Fair value of plan assets | 394.2 | 325.1 |
Projected benefit obligation | $473.20 | $416.60 |
Retirement_Benefit_Plans_Compo
Retirement Benefit Plans (Components of net periodic benefit cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plans [Member] | ' | ' | ' |
Service cost | ($4.40) | ($4.50) | ($4.40) |
Interest cost | -19 | -19.6 | -19.1 |
Expected return on plan assets | 18.5 | 17.4 | 17.6 |
Amortization of prior service cost/(credit) | -0.1 | 0 | 0 |
Amortization of net actuarial gain/(loss) | -2 | -2.2 | -1.2 |
Net periodic benefit cost | -7 | -8.9 | -7.1 |
Medical Plan [Member] | ' | ' | ' |
Service cost | -0.2 | -0.3 | -0.5 |
Interest cost | -1.9 | -2.1 | -2.3 |
Expected return on plan assets | 0.6 | 0.5 | 0.5 |
Amortization of prior service cost/(credit) | 2 | 2 | 2 |
Amortization of net actuarial gain/(loss) | -0.3 | -0.2 | -0.3 |
Net periodic benefit cost | $0.20 | ($0.10) | ($0.60) |
Retirement_Benefit_Plans_Sched3
Retirement Benefit Plans (Schedule of assumptions used to determine net periodic benefit cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Retirement Plans [Member] | ' | ' | ' |
Discount rate | 4.67% | 4.92% | 5.65% |
Expected return on plan assets | 5.60% | 5.75% | 5.84% |
Expected rate of salary increases | 3.09% | 3.34% | 3.60% |
Future pension rate increases | 2.79% | 3.22% | 3.49% |
Medical Plan [Member] | ' | ' | ' |
Discount rate | 3.79% | 4.34% | 5.20% |
Expected return on plan assets | 6.50% | 7.00% | 7.00% |
Expected rate of salary increases | 2.50% | 3.00% | 3.00% |
Future medical cost trend rate increases, percentage range minimum | 5.00% | 5.00% | 5.00% |
Future medical cost trend rate increases, percentage range maximum | 7.60% | 8.00% | 8.00% |
Retirement_Benefit_Plans_Assum
Retirement Benefit Plans (Assumed health care cost rates) (Details) (Medical Plan [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Medical Plan [Member] | ' | ' | ' |
Health care cost trend rate assumed for next year | 7.60% | 8.00% | 8.00% |
Rate to which cost trend gradually declines | 5.00% | 5.00% | 5.00% |
Year the rate reaches level it is assumed to remain thereafter | '2020 | '2020 | '2020 |
Retirement_Benefit_Plans_Sched4
Retirement Benefit Plans (Schedule of effect of one percent change in assumed rate of increase in healthcare costs) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' |
Effect on aggregate service and interest costs, one percent increase | $0.20 |
Effect on defined benefit obligation, one percent increase | 5 |
Effect on aggregate service and interest costs, one percent decrease | -0.2 |
Effect on defined benefit obligation, one percent decrease | ($4.20) |
Retirement_Benefit_Plans_Analy
Retirement Benefit Plans (Analysis of plan assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair value of plan assets | $413 | $340.80 |
Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 407.1 | 338.9 |
Percentage of plan assets | 100.00% | 100.00% |
Medical Plan [Member] | ' | ' |
Fair value of plan assets | 10 | 9.1 |
Percentage of plan assets | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | ' | ' |
Fair value of plan assets | 0.2 | 0.2 |
Cash and Cash Equivalents [Member] | Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 4.1 | 7.2 |
Percentage of plan assets | 1.00% | 2.10% |
Cash and Cash Equivalents [Member] | Medical Plan [Member] | ' | ' |
Fair value of plan assets | 0.2 | 0.2 |
Percentage of plan assets | 2.00% | 2.20% |
Fund Investments [Member] | ' | ' |
Fair value of plan assets | 202.8 | 173.8 |
Fund Investments [Member] | Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 193 | 164.9 |
Percentage of plan assets | 47.30% | 48.60% |
Fund Investments [Member] | Medical Plan [Member] | ' | ' |
Fair value of plan assets | 9.8 | 8.9 |
Percentage of plan assets | 98.00% | 97.80% |
Equity Securities [Member] | ' | ' |
Fair value of plan assets | 122.8 | 92.4 |
Equity Securities [Member] | Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 122.8 | 92.4 |
Percentage of plan assets | 30.20% | 27.30% |
Equity Securities [Member] | Medical Plan [Member] | ' | ' |
Fair value of plan assets | 0 | 0 |
Percentage of plan assets | 0.00% | 0.00% |
Government Debt Securities [Member] | ' | ' |
Fair value of plan assets | 65.6 | 58.3 |
Government Debt Securities [Member] | Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 65.6 | 58.3 |
Percentage of plan assets | 16.10% | 17.20% |
Government Debt Securities [Member] | Medical Plan [Member] | ' | ' |
Fair value of plan assets | 0 | 0 |
Percentage of plan assets | 0.00% | 0.00% |
Other Assets [Member] | ' | ' |
Fair value of plan assets | 6.4 | 1.3 |
Other Assets [Member] | Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 6.4 | 1.3 |
Percentage of plan assets | 1.60% | 0.40% |
Other Assets [Member] | Medical Plan [Member] | ' | ' |
Fair value of plan assets | 0 | 0 |
Percentage of plan assets | 0.00% | 0.00% |
Guaranteed Investments Contracts [Member] | ' | ' |
Fair value of plan assets | 15.2 | 14.8 |
Guaranteed Investments Contracts [Member] | Retirement Plans [Member] | ' | ' |
Fair value of plan assets | 15.2 | 14.8 |
Percentage of plan assets | 3.70% | 4.40% |
Guaranteed Investments Contracts [Member] | Medical Plan [Member] | ' | ' |
Fair value of plan assets | $0 | $0 |
Percentage of plan assets | 0.00% | 0.00% |
Retirement_Benefit_Plans_Sched5
Retirement Benefit Plans (Schedule of fair value of plan assets by three level fair value hierarchy) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined benefit plan, fair value of plan assets | $413 | $340.80 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0.2 | 0.2 | ' |
Fund Investments [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 202.8 | 173.8 | ' |
Equity Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 122.8 | 92.4 | ' |
Government Debt Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 65.6 | 58.3 | ' |
Other Assets [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 6.4 | 1.3 | ' |
Guaranteed Investments Contracts [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 15.2 | 14.8 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 344.9 | 283 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0.2 | 0.2 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fund Investments [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 202.8 | 173.8 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 122.8 | 92.4 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Debt Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 12.7 | 15.3 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Assets [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 6.4 | 1.3 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Guaranteed Investments Contracts [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 52.9 | 43 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fund Investments [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Government Debt Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 52.9 | 43 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Guaranteed Investments Contracts [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 15.2 | 14.8 | 13.9 |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fund Investments [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Government Debt Securities [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Guaranteed Investments Contracts [Member] | ' | ' | ' |
Defined benefit plan, fair value of plan assets | $15.20 | $14.80 | ' |
Retirement_Benefit_Plans_Recon
Retirement Benefit Plans (Reconciliation of beginning and ending fair value balances for assets with unobservable fair value inputs) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Ending balance | $413 | $340.80 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Beginning balance | 14.8 | 13.9 |
Unrealized gains/(losses) relating to the instrument still held at the reporting date | 1.1 | 1.2 |
Purchases, sales, issuances and settlements (net) | -0.7 | -0.3 |
Ending balance | $15.20 | $14.80 |
Retirement_Benefit_Plans_Retir
Retirement Benefit Plans Retirement Benefit Plans (Quantitative Information about Level 3 Fair Value Measurements) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Fair value of plan assets | $413 | $340.80 | ' |
Discount rate | 4.40% | ' | ' |
Long-term rate of improvement | 1.25% | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Fair value of plan assets | $15.20 | $14.80 | $13.90 |
Retirement_Benefit_Plans_Sched6
Retirement Benefit Plans (Schedule of benefits expected to be paid in next five fiscal years and the five fiscal years thereafter) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Retirement Plans [Member] | ' |
Expected benefit payments [Abstract] | ' |
2014 | $9.60 |
2015 | 9.9 |
2016 | 10.6 |
2017 | 11.6 |
2018 | 13 |
Thereafter in the succeeding five years | 84.2 |
Medical Plan [Member] | ' |
Expected benefit payments [Abstract] | ' |
2014 | 2.3 |
2015 | 2.4 |
2016 | 2.4 |
2017 | 2.4 |
2018 | 2.3 |
Thereafter in the succeeding five years | $12.10 |
Operating_Leases_Narrative_Det
Operating Leases (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Operating Leases Expense | $63 | $67.40 | $64.20 |
Operating Leases, Income Statement, Sublease Revenue | $11.10 | $11.40 | $11.40 |
Operating_Leases_Schedule_of_F
Operating Leases (Schedule of Future Commitments Under Non-Cancelable Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $65.20 |
2015 | 67.1 |
2016 | 62.2 |
2017 | 49.6 |
2018 | 49.1 |
Thereafter | 231.3 |
Gross lease commitments | 524.5 |
Less: future minimum payments expected to be received under non-cancelable subleases | 34.4 |
Net lease commitments | 490.1 |
Building [Member] | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 61.2 |
2015 | 63.3 |
2016 | 60.5 |
2017 | 47.9 |
2018 | 47.4 |
Thereafter | 227.2 |
Gross lease commitments | 507.5 |
Less: future minimum payments expected to be received under non-cancelable subleases | 34.4 |
Net lease commitments | 473.1 |
Other [Member] | ' |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 4 |
2015 | 3.8 |
2016 | 1.7 |
2017 | 1.7 |
2018 | 1.7 |
Thereafter | 4.1 |
Gross lease commitments | 17 |
Less: future minimum payments expected to be received under non-cancelable subleases | 0 |
Net lease commitments | $17 |
Other_Gains_and_Losses_Net_Nar
Other Gains and Losses, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Settlement of litigation | $0 | $0 | $45 |
Payments for contract termination | $31.90 | ' | ' |
Other_Gains_and_Losses_Net_Sch
Other Gains and Losses, Net (Schedule of other gains and losses, net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OTHER GAINS AND LOSSES, NET | ' | ' | ' |
Gain on sale of investments | $3.60 | $5.30 | $9.40 |
Unrealized gain on trading investments, net | 38.5 | 19.7 | 0 |
Gain on sale of CLO management contracts | 0 | 8.3 | 0 |
Net foreign exchange gains | 0 | 0.3 | 0 |
Settlement of litigation | 0 | 0 | 45 |
Other realized gains | 3.2 | 4.1 | 0 |
Total other gains | 45.3 | 37.7 | 54.4 |
Other-than-temporary impairment of available-for-sale investments | 0 | -0.8 | -1 |
Unrealized loss on trading investments, net | 0 | 0 | -2.6 |
Net foreign exchange losses | -0.6 | 0 | -0.6 |
Payment to investment trust | -31.9 | 0 | 0 |
Liquidation of co-investment | -4.1 | 0 | 0 |
Foreign exchange hedge loss | -1.8 | -2.5 | 0 |
Loss on debt extinguishment | 0 | -23.5 | 0 |
Other realized losses | -4.3 | -2.6 | -1.2 |
Total other losses | -42.7 | -29.4 | -5.4 |
Other gains and losses, net | $2.60 | $8.30 | $49 |
Taxation_Narrative_Details
Taxation (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Statutory tax rate | 35.00% | 35.00% | 35.00% | ' |
Deferred Tax Assets, Operating Loss Carryforwards | $332 | $430.80 | ' | ' |
Unremitted Foreign Earnings | 1,007.60 | 1,029.90 | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1.4 | 4.3 | ' | ' |
Unrecognized Tax Benefits | 16.8 | 22.6 | 19.5 | 27.1 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 12.1 | 17.9 | ' | ' |
Income Tax Expense (Benefit) | 336.9 | 261.4 | 280 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 0 | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 10 | ' | ' | ' |
Expiring In Next Five Fiscal Years [Member] | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 2.3 | ' | ' | ' |
Expiring In After Five Fiscal Years [Member] | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 69.3 | ' | ' | ' |
Indefinite Life [Member] | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 260.4 | ' | ' | ' |
United Kingdom | ' | ' | ' | ' |
Statutory tax rate | 23.00% | ' | ' | ' |
Statutory income tax rate, Effective April 1, 2014 | 21.00% | ' | ' | ' |
Previous proposed statutory income tax rate, Effective April 1, 2014 | 22.00% | ' | ' | ' |
Statutory income tax rate, Effective April 1, 2015 | 20.00% | ' | ' | ' |
Previous proposed statutory income tax rate, Effective April 1, 2015 | 21.00% | ' | ' | ' |
Canada | ' | ' | ' | ' |
Statutory tax rate | 26.50% | ' | ' | ' |
Dividends Withholding Tax Rate | 5.00% | ' | ' | ' |
United States | ' | ' | ' | ' |
Statutory tax rate | 35.00% | ' | ' | ' |
Related to accrued interest and penalties [Member] | ' | ' | ' | ' |
Income Tax Examination, Penalties and Interest Accrued | 5.1 | 4.7 | 5.7 | ' |
Income Tax Expense (Benefit) | $0.40 | ($0.80) | $0.30 | ' |
Taxation_Summary_of_Provision_
Taxation (Summary of (Provision) Benefit for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | ($149.30) | ($103.50) | ($88.70) |
State | -22 | -15.6 | -15 |
Foreign | -129.9 | -114.6 | -108.7 |
Current income tax (provision) | -301.2 | -233.7 | -212.4 |
Federal | -24.1 | -30.2 | -54.1 |
State | -7.4 | 9.4 | -1.1 |
Foreign | -4.2 | -6.9 | -12.4 |
Deferred income tax (provision) | -35.7 | -27.7 | -67.6 |
Total income tax (provision) | ($336.90) | ($261.40) | ($280) |
Taxation_Schedule_of_Deferred_
Taxation (Schedule of Deferred Tax Recognized on Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets | $259.90 | $304.80 |
Valuation allowance | -102.8 | -137.5 |
Deferred tax assets, net of valuation allowance | 157.1 | 167.3 |
Total deferred tax liabilities | -473.3 | -440.3 |
Deferred Tax Liabilities, Net | -316.2 | -273 |
Deferred Compensation Arrangements [Member] | ' | ' |
Deferred tax assets | 59.6 | 69.4 |
Accrued Rent Expenses [Member] | ' | ' |
Deferred tax assets | 20 | 23.4 |
Tax Loss Carryforwards [Member] | ' | ' |
Deferred tax assets | 104.8 | 137.5 |
Postretirement Medical, Pension and Other Benefits [Member] | ' | ' |
Deferred tax assets | 32.6 | 41.6 |
Investment Basis Differences [Member] | ' | ' |
Deferred tax assets | 3.9 | 11.3 |
Accrued bonus [Member] | ' | ' |
Deferred tax assets | 25.9 | 6.7 |
Other Deferred Tax Assets [Member] | ' | ' |
Deferred tax assets | 13.1 | 14.9 |
Deferred Sales Commissions [Member] | ' | ' |
Total deferred tax liabilities | -23.2 | -23.7 |
Goodwill and Intangibles [Member] | ' | ' |
Total deferred tax liabilities | -420.5 | -397.7 |
Undistributed Earnings of Subsidiaries [Member] | ' | ' |
Total deferred tax liabilities | -1.4 | -4.3 |
Revaluation Reserve [Member] | ' | ' |
Total deferred tax liabilities | -5.3 | -5.2 |
Other Deferred Tax Liability [Member] | ' | ' |
Total deferred tax liabilities | ($22.90) | ($9.40) |
Taxation_Reconciliation_Betwee
Taxation (Reconciliation Between Statutory and Effective Tax Rates on Income from Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory Rate | 35.00% | 35.00% | 35.00% |
Foreign jurisdiction statutory income tax rates | -9.40% | -9.50% | -10.20% |
State taxes, net of federal tax effect | 1.50% | 1.40% | 1.50% |
Change in valuation allowance for unrecognized tax losses | -0.10% | 0.80% | 1.60% |
Other | 0.70% | 0.70% | 0.10% |
(Gains)/losses attributable to noncontrolling interests | -0.90% | 3.10% | 3.40% |
Effective tax rate per Consolidated Statements of Income | 26.80% | 31.50% | 31.40% |
Taxation_Income_Before_Taxes_D
Taxation (Income Before Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $1,255.20 | $830.60 | $892.10 |
Domestic Tax Authority [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 598.3 | 516.3 | 563.4 |
Foreign Tax Authority [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 656.9 | 314.3 | 328.7 |
Separate Institutional Accounts [Member] | Domestic Tax Authority [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 553.1 | 456.6 | 470.4 |
Separate Institutional Accounts [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 666.1 | 474.5 | 509.1 |
Consolidated Investment Products [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 36 | -100.5 | -87.4 |
Consolidated Investment Products [Member] | Domestic Tax Authority [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 45.2 | 59.7 | 93 |
Consolidated Investment Products [Member] | Foreign Tax Authority [Member] | ' | ' | ' |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | ($9.20) | ($160.20) | ($180.40) |
Taxation_Reconciliation_of_Cha
Taxation (Reconciliation of Changes in Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance | $22.60 | $19.50 | $27.10 |
Additions for tax positions related to the current year | 1 | 0 | 0 |
Additions for tax positions related to prior years | 0.7 | 4.3 | 1.4 |
Other reductions for tax positions related to prior years | -7.5 | -1.2 | -5.2 |
Reductions for statute closings | 0 | 0 | -3.8 |
Balance | $16.80 | $22.60 | $19.50 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (GBP £) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0.1 |
Weighted average exercise price outstanding | ' | ' | £ 18.11 |
Contingently issuable share excluded | 0.3 | 0.2 | 0 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Income from continuing operations, net of taxes | $918.30 | $569.20 | $612.10 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -42.5 | 89.8 | 107.7 |
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 875.8 | 659 | 719.8 |
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 |
Net income attributable to common shareholders | $940.30 | $677.10 | $729.70 |
Weighted average shares outstanding - basic (in shares) | 447.5 | 452.3 | 462.9 |
Dilutive effect on share-based awards (in shares) | 1 | 1.5 | 1.8 |
Weighted average shares outstanding - diluted (in shares) | 448.5 | 453.8 | 464.7 |
Basic earnings per share: | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $1.96 | $1.46 | $1.55 |
Earnings per share from discontinued operations (usd per share) | $0.14 | $0.04 | $0.02 |
Basic earnings per share (usd per share) | $2.10 | $1.50 | $1.58 |
Diluted earnings per share: | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $1.95 | $1.45 | $1.55 |
Earnings per share from discontinued operations (usd per share) | $0.14 | $0.04 | $0.02 |
Diluted earnings per share (usd per share) | $2.10 | $1.49 | $1.57 |
Geographic_Information_Details
Geographic Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $4,644.60 | $4,050.40 | $3,982.30 |
Long-lived assets | 350.8 | 349.6 | 312.8 |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 2,328.60 | 2,057.10 | 1,972.20 |
Long-lived assets | 225.8 | 228.7 | 196.7 |
United Kingdom/Ireland | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,598.40 | 1,348.10 | 1,320.30 |
Long-lived assets | 92.9 | 83.6 | 81.5 |
Canada | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 365 | 333.2 | 358.2 |
Long-lived assets | 9.5 | 9.4 | 7.9 |
Continental Europe | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 154.7 | 121.3 | 115.5 |
Long-lived assets | 7.1 | 7.1 | 4.9 |
Asia | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 197.9 | 190.7 | 216.1 |
Long-lived assets | 15.5 | 20.8 | 21.8 |
External Customers | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 4,644.60 | 4,050.40 | 3,982.30 |
External Customers | United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 2,332.20 | 2,063.60 | 1,980.30 |
External Customers | United Kingdom/Ireland | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 1,792.40 | 1,492.10 | 1,473.10 |
External Customers | Canada | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 374.8 | 346.4 | 372.3 |
External Customers | Continental Europe | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 43.5 | 43 | 38.8 |
External Customers | Asia | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 101.7 | 105.3 | 117.8 |
Inter-company Customers | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | 0 |
Inter-company Customers | United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | -3.6 | -6.5 | -8.1 |
Inter-company Customers | United Kingdom/Ireland | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | -194 | -144 | -152.8 |
Inter-company Customers | Canada | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | -9.8 | -13.2 | -14.1 |
Inter-company Customers | Continental Europe | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | 111.2 | 78.3 | 76.7 |
Inter-company Customers | Asia | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenues | $96.20 | $85.40 | $98.30 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
trusts | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Undrawn capital and purchase commitments | $152.50 | $209.30 |
Number Of Trusts Entered Into Contingent Support Agreements | 2 | ' |
Payments for contract termination | 31.9 | ' |
Global sales tax reversed | $20.60 | ' |
Consolidated_Sponsored_Investm2
Consolidated Sponsored Investment Products (Balances Related To CSIP) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Schedule of Investments [Abstract] | ' |
Investments of CSIP | $93.20 |
Cash and cash equivalents of CSIP | 12.7 |
Accounts receivable and other assets of CSIP | 2.6 |
Other liabilities of CSIP | -4.7 |
Equity attributable to nonredeemable noncontrolling interests | -12 |
Invesco's net interests in CSIP | $91.80 |
Invesco's net interests as a percentage of investments of CSIP | 98.50% |
Consolidated_Sponsored_Investm3
Consolidated Sponsored Investment Products (Fair Value Hierarchy Levels Of Investments Held By Consolidated Sponsored Investment Products) (Details) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | $6 |
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 | 16.2 |
Unfunded commitments | 35.6 |
Weighted average remaining term | '8 years 1 month 6 days |
Fair Value Measurements [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 93.2 |
Fair Value Measurements [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 43.2 |
Fair Value Measurements [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 27.8 |
Fair Value Measurements [Member] | Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 6 |
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 | 16.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 33.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 27.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Investments in Fixed Income Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [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 (Level 2) [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 43.2 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 43.2 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Other Observable Inputs (Level 2) [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 (Level 2) [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 (Level 3) [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 16.2 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | 0 |
Significant Unobservable Inputs (Level 3) [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 (Level 3) [Member] | Investments in Other Private Equity Funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Consolidated sponsored investment products, fair value | $16.20 |
Consolidated_Sponsored_Investm4
Consolidated Sponsored Investment Products (Reconciliation of Significant Unobservable Inputs) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Schedule of Investments [Abstract] | ' |
Beginning balance (Asset) | $0 |
Consolidation of CSIP | 13.2 |
Ending balance (Asset) | 16.2 |
Purchases | 2.5 |
Gains and losses included in the Consolidated Statements of Income | $0.50 |
Consolidated_Investment_Produc2
Consolidated Investment Products (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Variable Interest Entity [Line Items] | ' | ' | ' |
VIEs invested in and consolidated, number of entities | 5 | ' | ' |
VOE invested in and consolidated, number of entities | 1 | ' | ' |
Number of deconsolidated entities | 4 | ' | ' |
Percentage of VIE general partnership interest | 1.00% | ' | ' |
Number of Investment Trusts Entered into Contingent Support Agreements | 2 | ' | ' |
Total assets | 19,270,500,000 | $17,492,400,000 | ' |
Pay interest at Libor or Euribor plus | 10.00% | ' | ' |
Collateral assets, default percentage | 0.80% | 1.80% | ' |
Outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately | 200,000,000 | 300,000,000 | ' |
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% | ' | ' |
CLO [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Weighted average maturity (years) | '9 years 4 months | ' | ' |
Gain (loss) on derivative instruments, net, pretax | ' | 9,600,000 | 9,200,000 |
Senior Secured Bank Loans And Bonds [Member] | CLO [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Fair value, option, aggregate differences, long-term debt instruments | 6,300,000 | 121,600,000 | ' |
Minimum [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Variable Interest Entity Term | '7 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Variable Interest Entity Term | '12 years | ' | ' |
Level 3 Assets [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers, net | -6,100,000 | ($9,900,000) | ' |
Swap [Member] | VIEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Open swap agreements | 0 | 0 | ' |
Consolidated_Investment_Produc3
Consolidated Investment Products (Balances Related To CIP) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Consolidated Investment Products [Abstract] | ' | ' |
Cash and cash equivalents of consolidated investment products | $583.60 | $287.80 |
Investments Of Consolidated Investment Products | 4,734.70 | 4,550.60 |
Accounts receivable and other assets of CIP | 58.3 | 84.1 |
Long Term Debt Of Consolidated Investment Products | -4,181.70 | -3,899.40 |
Other liabilities of consolidated investment products | -461.8 | -104.3 |
Retained earnings accumulated deficit appropriated for investors in consolidated investment products | -104.3 | -128.8 |
Nonredeemable Noncontrolling Interest, Consolidated Investment Products | -570.1 | -727.8 |
Net Interests In Consolidated Investment Products | $58.70 | $62.20 |
Net Interests As A Percentage Of Investments Of Consolidated Investment Products | 1.20% | 1.40% |
Consolidated_Investment_Produc4
Consolidated Investment Products (Company's Maximum Risk Of Loss In Significant VIE's) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ' |
Payments for contract termination | $31.90 |
CLO [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | 4 |
Company's Maximum Risk of Loss | 4 |
Partnership and trust investments [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | 28.2 |
Company's Maximum Risk of Loss | 28.2 |
Investments In Invesco Mortgage Capital Inc. [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | 28.2 |
Company's Maximum Risk of Loss | 28.2 |
Support agreements [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | 0 |
Company's Maximum Risk of Loss | 15 |
Guarantor Obligations, Maximum Exposure, Undiscounted | 15 |
Guarantor obligations, increase in maximum exposure, undiscounted | 60 |
Total Maximum Risk Of Loss Associated With VIEs [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Company's Maximum Risk of Loss | $75.40 |
Consolidated_Investment_Produc5
Consolidated Investment Products (VIE Balance Sheets Consolidated In Period) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | $583.60 | $287.80 | ' | ' |
Accounts receivable and other assets of CIP | 58.3 | 84.1 | ' | ' |
Investments of CIP | 4,734.70 | 4,550.60 | ' | ' |
Total assets | 19,270.50 | 17,492.40 | ' | ' |
Debt of CIP | 4,181.70 | 3,899.40 | ' | ' |
Other liabilities of CIP | 461.8 | 104.3 | ' | ' |
Total liabilities | 10,293.20 | 8,443.40 | ' | ' |
Total equity | 8,977.30 | 9,049 | 9,137.60 | 9,360.90 |
Total liabilities and equity | 19,270.50 | 17,492.40 | ' | ' |
CLOs - VIEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 542.3 | 211.8 | ' | ' |
Investments of CIP | 4,237.30 | 3,948 | ' | ' |
Total assets | 4,835.90 | 4,214.40 | ' | ' |
Debt of CIP | 4,270.40 | 3,980.70 | ' | ' |
Other liabilities of CIP | 461.4 | 105.3 | ' | ' |
Total liabilities | 4,731.80 | 4,086 | ' | ' |
Total liabilities and equity | 4,835.90 | 4,214.40 | ' | ' |
VOEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 35.7 | 75.8 | ' | ' |
Investments of CIP | 512.2 | 607.9 | ' | ' |
Total assets | 549.7 | 728.8 | ' | ' |
Debt of CIP | 0 | 0 | ' | ' |
Other liabilities of CIP | 3 | 2.9 | ' | ' |
Total liabilities | 3 | 2.9 | ' | ' |
Total liabilities and equity | 549.7 | 728.8 | ' | ' |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | CLOs - VIEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 1.9 | 151.7 | ' | ' |
Accounts receivable and other assets of CIP | 4.2 | 29.5 | ' | ' |
Investments of CIP | 260.5 | 2,247.40 | ' | ' |
Total assets | 266.6 | 2,428.60 | ' | ' |
Debt of CIP | 241.1 | 2,264.20 | ' | ' |
Other liabilities of CIP | 2.4 | 47.5 | ' | ' |
Total liabilities | 243.5 | 2,311.70 | ' | ' |
Total equity | 23.1 | 116.9 | ' | ' |
Total liabilities and equity | 266.6 | 2,428.60 | ' | ' |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | VOEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 6.6 | ' | ' | ' |
Accounts receivable and other assets of CIP | 12.1 | ' | ' | ' |
Investments of CIP | 76.1 | ' | ' | ' |
Total assets | 94.8 | ' | ' | ' |
Debt of CIP | 25 | ' | ' | ' |
Other liabilities of CIP | 36 | ' | ' | ' |
Total liabilities | 61 | ' | ' | ' |
Total equity | 33.8 | ' | ' | ' |
Total liabilities and equity | 94.8 | ' | ' | ' |
New CLO [Member] | CLOs - VIEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 967.3 | 498.9 | ' | ' |
Accounts receivable and other assets of CIP | 13.5 | 17.6 | ' | ' |
Investments of CIP | 1,091.90 | 693.3 | ' | ' |
Total assets | 2,072.70 | 1,209.80 | ' | ' |
Debt of CIP | 1,346.50 | 803.6 | ' | ' |
Other liabilities of CIP | 728.7 | 406.2 | ' | ' |
Total liabilities | 2,075.20 | 1,209.80 | ' | ' |
Total equity | -2.5 | 0 | ' | ' |
Total liabilities and equity | 2,072.70 | 1,209.80 | ' | ' |
New CLO [Member] | VOEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 6.6 | ' | ' | ' |
Accounts receivable and other assets of CIP | 2.6 | ' | ' | ' |
Investments of CIP | 52.2 | ' | ' | ' |
Total assets | 61.4 | ' | ' | ' |
Debt of CIP | 25 | ' | ' | ' |
Other liabilities of CIP | 36 | ' | ' | ' |
Total liabilities | 61 | ' | ' | ' |
Total equity | 0.4 | ' | ' | ' |
Total liabilities and equity | $61.40 | ' | ' | ' |
Consolidated_Investment_Produc6
Consolidated Investment Products (Condensed Consolidating Balance Sheet Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts receivable | $500.80 | $449.40 |
Investments | 839.7 | 610.7 |
Cash and cash equivalents of CIP | 583.6 | 287.8 |
Investments of CIP | 4,734.70 | 4,550.60 |
Other assets | 174.7 | 146.8 |
Total assets | 19,270.50 | 17,492.40 |
Accounts payable and accrued expenses | 763.1 | 626.4 |
Debt of CIP | 4,181.70 | 3,899.40 |
Other liabilities of CIP | 461.8 | 104.3 |
Total liabilities | -10,293.20 | -8,443.40 |
Retained earnings appropriated for investors in CIP | 104.3 | 128.8 |
Equity attributable to noncontrolling interests in consolidated entities | 570.1 | 727.8 |
Total liabilities and equity | 19,270.50 | 17,492.40 |
CLOs - VIEs [Member] | ' | ' |
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 542.3 | 211.8 |
Accounts receivable of CIP | 56.3 | 54.6 |
Investments of CIP | 4,237.30 | 3,948 |
Other assets | ' | 0 |
Total assets | 4,835.90 | 4,214.40 |
Accounts payable and accrued expenses | ' | 0 |
Debt of CIP | 4,270.40 | 3,980.70 |
Other liabilities of CIP | 461.4 | 105.3 |
Total liabilities | -4,731.80 | -4,086 |
Retained earnings appropriated for investors in CIP | 104.3 | 128.8 |
Other equity attributable to common shareholders | -0.2 | -0.4 |
Equity attributable to noncontrolling interests in consolidated entities | 0 | 0 |
Total liabilities and equity | 4,835.90 | 4,214.40 |
Other VIEs [Member] | ' | ' |
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 5.6 | 0.2 |
Accounts receivable of CIP | 0.2 | 0.2 |
Investments of CIP | 40.4 | 35.9 |
Other assets | ' | 0 |
Total assets | 46.2 | 36.3 |
Accounts payable and accrued expenses | ' | 0 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 0.9 | 0.5 |
Total liabilities | -0.9 | -0.5 |
Retained earnings appropriated for investors in CIP | 0 | 0 |
Other equity attributable to common shareholders | -0.3 | -0.1 |
Equity attributable to noncontrolling interests in consolidated entities | 45.6 | 35.9 |
Total liabilities and equity | 46.2 | 36.3 |
VOEs [Member] | ' | ' |
Accounts receivable | 0 | 0 |
Investments | 0 | 6.9 |
Cash and cash equivalents of CIP | 35.7 | 75.8 |
Accounts receivable of CIP | 1.8 | 29.3 |
Investments of CIP | 512.2 | 607.9 |
Other assets | ' | 8.9 |
Total assets | 549.7 | 728.8 |
Accounts payable and accrued expenses | ' | 0 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 3 | 2.9 |
Total liabilities | -3 | -2.9 |
Retained earnings appropriated for investors in CIP | 0 | 0 |
Other equity attributable to common shareholders | 22 | 34 |
Equity attributable to noncontrolling interests in consolidated entities | 524.7 | 691.9 |
Total liabilities and equity | 549.7 | 728.8 |
Adjustments [Member] | ' | ' |
Accounts receivable | -3.4 | -4.4 |
Investments | -55.3 | -73.5 |
Cash and cash equivalents of CIP | 0 | 0 |
Accounts receivable of CIP | 0 | 0 |
Investments of CIP | -55.2 | -41.3 |
Other assets | ' | -8.9 |
Total assets | -113.9 | -128.1 |
Accounts payable and accrued expenses | ' | -8.9 |
Debt of CIP | -88.7 | -81.3 |
Other liabilities of CIP | -3.5 | -4.4 |
Total liabilities | 92.2 | 94.6 |
Retained earnings appropriated for investors in CIP | 0 | 0 |
Other equity attributable to common shareholders | -21.7 | -33.5 |
Equity attributable to noncontrolling interests in consolidated entities | 0 | 0 |
Total liabilities and equity | -113.9 | -128.1 |
Impact of CIP [Member] | ' | ' |
Accounts receivable | -3.4 | -4.4 |
Investments | -55.3 | -66.6 |
Cash and cash equivalents of CIP | 583.6 | 287.8 |
Accounts receivable of CIP | 58.3 | 84.1 |
Investments of CIP | 4,734.70 | 4,550.50 |
Other assets | ' | 0 |
Total assets | 5,317.90 | 4,851.40 |
Accounts payable and accrued expenses | ' | -8.9 |
Debt of CIP | 4,181.70 | 3,899.40 |
Other liabilities of CIP | 461.8 | 104.3 |
Total liabilities | -4,643.50 | -3,994.80 |
Retained earnings appropriated for investors in CIP | 104.3 | 128.8 |
Other equity attributable to common shareholders | -0.2 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | 570.3 | 727.8 |
Total liabilities and equity | $5,317.90 | $4,851.40 |
Consolidated_Investment_Produc7
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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total operating revenues | $4,644.60 | $4,050.40 | $3,982.30 |
Total operating expenses | 3,524.40 | 3,207.80 | 3,100.20 |
Operating Income (Loss) | 1,120.20 | 842.6 | 882.1 |
Equity in earnings of unconsolidated affiliates | 35.5 | 29.7 | 30.5 |
Interest and dividend income | 10 | 9.8 | 11 |
Other gains and losses, net | 2.6 | 8.3 | 49 |
Interest and dividend income of CIP | 190 | 258.5 | 307.2 |
Interest expense of CIP | -123.3 | -168.3 | -187 |
Other gains/(losses) of CIP, net | 61.9 | -97.7 | -138.9 |
Income from continuing operations before income taxes | 1,255.20 | 830.6 | 892.1 |
Income tax provision | -336.9 | -261.4 | -280 |
Income from continuing operations, net of income taxes | 918.3 | 569.2 | 612.1 |
Income from discontinued operations, net of taxes | 64.5 | 18.1 | 9.9 |
Net income | 982.8 | 587.3 | 622 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -42.5 | 89.8 | 107.7 |
Net income attributable to common shareholders | 940.3 | 677.1 | 729.7 |
CLOs - VIEs [Member] | ' | ' | ' |
Total operating revenues | 0 | 0 | 0 |
Total operating expenses | 65.8 | 48.2 | 46.7 |
Operating Income (Loss) | -65.8 | -48.2 | -46.7 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 |
Other gains and losses, net | 0 | 0 | ' |
Interest and dividend income of CIP | 199.8 | 260.7 | 307.2 |
Interest expense of CIP | -138.6 | -182.8 | -195.3 |
Other gains/(losses) of CIP, net | 3 | -112.2 | -235.1 |
Income from continuing operations before income taxes | -1.6 | -82.5 | -169.9 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | -1.6 | -82.5 | -169.9 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | -1.6 | -82.5 | -169.9 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 1.4 | 82.2 | 169.9 |
Net income attributable to common shareholders | -0.2 | -0.3 | 0 |
Other VIEs [Member] | ' | ' | ' |
Total operating revenues | 0 | 0 | 0 |
Total operating expenses | 0.8 | 0.9 | 1 |
Operating Income (Loss) | -0.8 | -0.9 | -1 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 |
Other gains and losses, net | 0 | 0 | ' |
Interest and dividend income of CIP | 0 | 0 | 0 |
Interest expense of CIP | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | 1.7 | 2.4 | 1 |
Income from continuing operations before income taxes | 0.9 | 1.5 | 0 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 0.9 | 1.5 | 0 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 0.9 | 1.5 | 0 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -0.9 | -1.5 | 0 |
Net income attributable to common shareholders | 0 | 0 | 0 |
VOEs [Member] | ' | ' | ' |
Total operating revenues | 0.5 | 0 | 0.1 |
Total operating expenses | 6.7 | 23.4 | 12.6 |
Operating Income (Loss) | -6.2 | -23.4 | -12.5 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 |
Other gains and losses, net | 0 | 0 | ' |
Interest and dividend income of CIP | 0 | 0 | 0 |
Interest expense of CIP | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | 54.3 | 13.7 | 74.9 |
Income from continuing operations before income taxes | 48.1 | -9.7 | 62.4 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 48.1 | -9.7 | 62.4 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 48.1 | -9.7 | 62.4 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -45.2 | 9.1 | -62.3 |
Net income attributable to common shareholders | 2.9 | -0.6 | 0.1 |
Adjustments [Member] | ' | ' | ' |
Total operating revenues | -38.4 | -41 | -47.3 |
Total operating expenses | -38.4 | -41 | -47.3 |
Operating Income (Loss) | 0 | 0 | 0 |
Equity in earnings of unconsolidated affiliates | -2.5 | 0.5 | -0.2 |
Interest and dividend income | -5.5 | -12.3 | -8.3 |
Other gains and losses, net | -11.8 | -8.7 | ' |
Interest and dividend income of CIP | -9.8 | -2.2 | 0 |
Interest expense of CIP | 15.3 | 14.5 | 8.3 |
Other gains/(losses) of CIP, net | 2.9 | -1.6 | 20.3 |
Income from continuing operations before income taxes | -11.4 | -9.8 | 20.1 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | -11.4 | -9.8 | 20.1 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | -11.4 | -9.8 | 20.1 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 0 | 0 | 0 |
Net income attributable to common shareholders | -11.4 | -9.8 | 20.1 |
Impact of CIP [Member] | ' | ' | ' |
Total operating revenues | -37.9 | -41 | -47.2 |
Total operating expenses | 34.9 | 31.5 | 13 |
Operating Income (Loss) | -72.8 | -72.5 | -60.2 |
Equity in earnings of unconsolidated affiliates | -2.5 | 0.5 | -0.2 |
Interest and dividend income | -5.5 | -12.3 | -8.3 |
Other gains and losses, net | -11.8 | -8.7 | ' |
Interest and dividend income of CIP | 190 | 258.5 | 307.2 |
Interest expense of CIP | -123.3 | -168.3 | -187 |
Other gains/(losses) of CIP, net | 61.9 | -97.7 | -138.9 |
Income from continuing operations before income taxes | 36 | -100.5 | -87.4 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 36 | -100.5 | -87.4 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 36 | -100.5 | -87.4 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -44.7 | 89.8 | 107.6 |
Net income attributable to common shareholders | ($8.70) | ($10.70) | $20.20 |
Consolidated_Investment_Produc8
Consolidated Investment Products (Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Liabilities | ($10,293.20) | ($8,443.40) |
Fair Value [Member] | ' | ' |
Private Equity Fund Assets | 106 | 125 |
Real estate investments | ' | 5.3 |
Derivative Asset, Fair Value, Gross Asset | 4,734.70 | 4,550.60 |
Total liabilities at fair value | -4,181.70 | -3,899.40 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Private Equity Fund Assets | 47.3 | 21 |
Real estate investments | ' | 0 |
Derivative Asset, Fair Value, Gross Asset | 50.8 | 31 |
Total liabilities at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Private Equity Fund Assets | 0 | 9.9 |
Real estate investments | ' | 0 |
Derivative Asset, Fair Value, Gross Asset | 4,183 | 3,916.70 |
Total liabilities at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | 58.7 | 94.1 |
Real estate investments | ' | 5.3 |
Derivative Asset, Fair Value, Gross Asset | 500.9 | 602.9 |
Total liabilities at fair value | -4,181.70 | -3,899.40 |
Bank Loans [Member] | Fair Value [Member] | ' | ' |
CLO Collateral Assets | 4,035.80 | 3,709.30 |
Bank Loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Bank Loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
CLO Collateral Assets | 4,035.80 | 3,709.30 |
Bank Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Fair Value [Member] | ' | ' |
CLO Collateral Assets | 133.1 | 185.4 |
Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
CLO Collateral Assets | 133.1 | 185.4 |
Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Equity Securities [Member] | Fair Value [Member] | ' | ' |
CLO Collateral Assets | 14.1 | 12.1 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
CLO Collateral Assets | 14.1 | 12.1 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Private Equity Funds [Member] | Fair Value [Member] | ' | ' |
Private Equity Fund Assets | ' | 503.5 |
Private Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | 442.2 | ' |
Private Equity Funds, Priced Using NAV Practical Expedient [Member] | Fair Value [Member] | ' | ' |
Private Equity Fund Assets | 442.2 | ' |
Private Equity Funds, Priced Using NAV Practical Expedient [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | ' | 503.5 |
US Treasury Notes Securities [Member] | Fair Value [Member] | ' | ' |
Private Equity Fund Assets | 3.5 | 10 |
US Treasury Notes Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Private Equity Fund Assets | 3.5 | 10 |
US Treasury Notes Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Private Equity Fund Assets | 0 | 0 |
US Treasury Notes Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | 0 | 0 |
Asset-backed Securities [Member] | Fair Value [Member] | ' | ' |
Liabilities | -4,181.70 | -3,899.40 |
Asset-backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Liabilities | 0 | 0 |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Liabilities | 0 | 0 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Liabilities | ($4,181.70) | ($3,899.40) |
Consolidated_Investment_Produc9
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance (Asset) | $0 | ' |
Purchases (Asset) | 2.5 | ' |
Gains and losses included in the Consolidated Statement of Income (Asset) | -0.5 | ' |
Ending balance (Asset) | 16.2 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Net unrealized gains/losses attributable to investments | -9.6 | 28.3 |
Level 3 Assets [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance (Asset) | 602.9 | 929.1 |
Purchases (Asset) | 31.5 | 8.9 |
Sales (Asset) | -148 | -334.5 |
Issuances (Asset) | 3.8 | 0 |
Settlements (Asset) | 0 | 0 |
Deconsolidation of CIP | -18.4 | 0 |
Gains and losses included in the Consolidated Statement of Income (Asset) | 35.7 | 12.4 |
Transfers to Level 2 | -6.1 | -9.9 |
Foreign exchange (Asset) | -0.5 | -3.1 |
Ending balance (Asset) | 500.9 | 602.9 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Deconsolidation of CIP | -18.4 | 0 |
Transfers to Level 2 | -6.1 | -9.9 |
Level 3 Liabilities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Deconsolidation of CIP | 239.5 | 2,123.70 |
Transfers to Level 2 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance (Liability) | -3,899.40 | -5,512.90 |
Purchases (Liability) | 0 | 0 |
Sales (Liability) | 0 | 0 |
Issuances (Liability) | -1,323.90 | -792.5 |
Settlements (Liability) | 850.4 | 619.9 |
Deconsolidation of CIP | 239.5 | 2,123.70 |
Gains and losses included in the Consolidated Statements of Income (Liability) | -44.3 | -349.2 |
Transfers to Level 2 | 0 | 0 |
Foreign exchange (Liability) | -4 | 11.6 |
Ending balance (Liability) | ($4,181.70) | ($3,899.40) |
Recovered_Sheet2
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Two Thousand Twelve And Thereafter [Member] | Two Thousand Twelve And Thereafter [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Private Equity Funds, Priced Using Private Market Transactions [Member] | Private Equity Funds, Priced Using Private Market Transactions [Member] | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Private Equity Funds [Member] | Private Equity Funds, Priced Using NAV Practical Expedient [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Market Comparable [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] | Discounted Cash Flow Valuation Technique [Member] |
USD ($) | USD ($) | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum Weighted Average [Member] | Maximum Weighted Average [Member] | EURIBOR [Member] | EURIBOR [Member] | EURIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | 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] | Real Estate Investment [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | Real Estate Investment [Member] | Minimum [Member] | Maximum [Member] | Weighted Average [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | |||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | Collateralized Loan Obligations [Member] | |||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private Equity Fund Assets | ' | ' | ' | ' | $58.70 | $94.10 | $5.80 | $50 | ' | ' | $442.20 | $503.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investments, Net | ' | ' | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | $10,293.20 | $8,443.40 | ' | ' | ' | ' | ' | ' | $4,181.70 | $3,899.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Revenue Multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 5.00% | 400.00% | 3.00% | 190.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 50.00% | 24.00% | 27.50% | 6.75% | 7.00% | 6.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Exit Capitalization Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.25% | 7.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Revenue Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Stabilized Occupancy Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Expense Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Probability of Default | ' | ' | 1.40% | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 5.00% | ' | 1.00% | 1.00% | 2.00% | 3.00% | ' | ' |
Assumed Default Rate, less than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | ' | ' | ' | ' | 1.40% | 1.10% |
Assumed Default Rate, more than one year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | 2.00% | 3.00% |
Derivative, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 19.20% | 5.63% | 1.23% | 1.30% | 8.64% | 16.32% | 2.08% | 3.23% |
Fair Value Inputs, In Place Rent Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218 | 397 | ' | 231 | 384 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Market Rent Rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333 | 417 | ' | 348 | 379 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Consolidated Investment Products (Private Equity) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Private Equity Fund Of Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Fair Value | $426.30 | $498.90 |
Unfunded Commitments | 71.6 | 127.5 |
Weighted Average Remaining Term | '2 years 7 months 6 days | '2 years 8 months 12 days |
Private Equity Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Fair Value | 15.9 | 4.6 |
Unfunded Commitments | $80.60 | $5 |
Weighted Average Remaining Term | '8 years 6 months | '1 year |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash and cash equivalents | $1,331.20 | $835.50 | $727.40 | $740.50 |
Investment Advisory Fees | 3,599.60 | 3,127.80 | 3,040.70 | ' |
Distribution and Servicing Fees | 872.8 | 771.6 | 780.2 | ' |
Performance Fees | 55.9 | 41.4 | 26 | ' |
Revenue, Other Financial Services | 116.3 | 109.6 | 135.4 | ' |
Revenues | 4,644.60 | 4,050.40 | 3,982.30 | ' |
Unsettled fund receivables | 932.4 | 550.1 | ' | ' |
Accounts receivable | 500.8 | 449.4 | ' | ' |
Investments | 839.7 | 610.7 | ' | ' |
Separate Account Assets | 1,416 | 1,153.60 | ' | ' |
Other assets | 174.7 | 146.8 | ' | ' |
Total assets | 19,270.50 | 17,492.40 | ' | ' |
Accrued compensation and benefits | 676.4 | 609.8 | ' | ' |
Accounts payable and accrued expenses | 763.1 | 626.4 | ' | ' |
Unsettled fund payables | 882 | 552.5 | ' | ' |
Total liabilities | 10,293.20 | 8,443.40 | ' | ' |
Affiliated Entity [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 447.8 | 223.2 | ' | ' |
Investment Advisory Fees | 3,208.20 | 2,754.20 | 2,684.50 | ' |
Distribution and Servicing Fees | 856.4 | 752 | 779.6 | ' |
Performance Fees | 44 | 32.6 | 21.2 | ' |
Revenue, Other Financial Services | 108.5 | 101.6 | 128.9 | ' |
Revenues | 4,217.10 | 3,640.40 | 3,614.20 | ' |
Unsettled fund receivables | 315.5 | 131.5 | ' | ' |
Accounts receivable | 298.5 | 258.3 | ' | ' |
Investments | 789.8 | 562.8 | ' | ' |
Separate Account Assets | 1,415.70 | 1,153.20 | ' | ' |
Other assets | 5.4 | 32.7 | ' | ' |
Total assets | 3,272.70 | 2,361.70 | ' | ' |
Accrued compensation and benefits | 151.6 | 234.3 | ' | ' |
Accounts payable and accrued expenses | 19.5 | 21.5 | ' | ' |
Unsettled fund payables | 389.9 | 266 | ' | ' |
Total liabilities | $561 | $521.80 | ' | ' |
Transaction_and_Integration_Na
Transaction and Integration (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' | ' |
Transaction and integration | $3.20 | $8.20 | $29.40 |
Transaction and integration charges net of tax | $1.90 | $5.10 | $18.20 |
Transaction_and_Integration_Ac
Transaction and Integration (Acquisition-related and integration-related charges incurred during the period) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Integration-related charges | $3.20 | $8.20 | $29.40 |
Total transaction and integration charges | 3.2 | 8.2 | 29.4 |
Staff costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Integration-related charges | 0 | 0.1 | 2.8 |
Technology, contractor and related costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Integration-related charges | 0.1 | 0.6 | 11 |
Professional services [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Integration-related charges | $3.10 | $7.50 | $15.60 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 11, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | $210 |
Net cash proceeds | 137 | ' | ' | ' |
Future cash proceeds due in first half of 2014 | 59 | ' | ' | ' |
Gain on sale, pre-tax | $77.50 | $0 | $0 | ' |
Discontinued_Operations_Assets
Discontinued Operations (Assets held for sale) (Details) (Atlantic Trust [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Atlantic Trust [Member] | ' |
Assets | ' |
Receivables and other assets | $52 |
Property and equipment, net | 13.7 |
Intangible assets, net | 2.2 |
Goodwill | 74.5 |
Total assets held for sale | 142.4 |
Liabilities | ' |
Accrued expenses | 24.3 |
Total liabilities held for sale | $24.30 |
Discontinued_Operations_Compon
Discontinued Operations (Components of income from discontinued operations, net of tax) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Operating revenue | $162.60 | $126.60 | $109.80 |
Operating expenses | -139.2 | -97.7 | -93.9 |
Gain on sale | 77.5 | 0 | 0 |
Income (loss) from discontinued operations before income taxes | 100.9 | 28.9 | 15.9 |
Income tax (provision)/benefit | -36.4 | -10.8 | -6 |
Income (loss) from discontinued operations, net of tax | $64.50 | $18.10 | $9.90 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 30, 2014 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Dividends declared per share | $0.85 | $0.64 | $0.48 | $0.23 |