Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Information [Abstract] | ' |
Entity Registrant Name | 'Invesco Ltd. |
Entity Central Index Key | '0000914208 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 431,653,339 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,196 | $1,331.20 |
Unsettled fund receivables | 1,228.80 | 932.4 |
Accounts receivable | 517.8 | 500.8 |
Investments | 919.1 | 839.7 |
Assets of consolidated sponsored investment products (CSIP) | 326.8 | 108.5 |
Cash and cash equivalents of CIP | 292.4 | 583.6 |
Accounts receivable and other assets of CIP | 121.7 | 58.3 |
Investments of CIP | 4,971.40 | 4,734.70 |
Assets held for policyholders | 1,539.90 | 1,416 |
Prepaid assets | 108.2 | 101.4 |
Other assets | 144.2 | 182.1 |
Property and equipment, net | 354.8 | 350.8 |
Intangible assets, net | 1,258.30 | 1,263.70 |
Goodwill | 6,920.10 | 6,867.30 |
Total assets | 19,899.50 | 19,270.50 |
LIABILITIES | ' | ' |
Accrued compensation and benefits | 463.2 | 676.4 |
Accounts payable and accrued expenses | 755.6 | 763.1 |
Debt of CIP | 4,301.50 | 4,181.70 |
Other liabilities of CIP | 201 | 461.8 |
Policyholder payables | 1,539.90 | 1,416 |
Unsettled fund payables | 1,219.60 | 882 |
Long-term debt | 1,588.90 | 1,588.60 |
Deferred tax liabilities, net | 351.9 | 323.6 |
Total liabilities | 10,421.60 | 10,293.20 |
Commitments and contingencies (See Note 11) | ' | ' |
TEMPORARY EQUITY | ' | ' |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 155 | 0 |
Equity attributable to common shareholders: | ' | ' |
Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of June 30, 2014 and December 31, 2013) | 98.1 | 98.1 |
Additional paid-in-capital | 6,068.80 | 6,100.80 |
Treasury shares | -1,807.50 | -1,700.40 |
Retained earnings | 3,617.10 | 3,361.90 |
Retained earnings appropriated for investors in CIP | 63.3 | 104.3 |
Accumulated other comprehensive income, net of tax | 509.9 | 427.9 |
Total equity attributable to common shareholders | 8,549.70 | 8,392.60 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 773.2 | 584.7 |
Total equity | 9,322.90 | 8,977.30 |
Total liabilities and equity | $19,899.50 | $19,270.50 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenues: | ' | ' | ' | ' |
Investment management fees | $1,031.90 | $885.50 | $1,997.30 | $1,730.10 |
Service and distribution fees | 214.7 | 215.7 | 453.3 | 422 |
Performance fees | 5 | 6 | 36.1 | 42.1 |
Other | 38.3 | 28.3 | 72.7 | 53.5 |
Total operating revenues | 1,289.90 | 1,135.50 | 2,559.40 | 2,247.70 |
Operating expenses: | ' | ' | ' | ' |
Employee compensation | 342.9 | 324.1 | 705 | 665.6 |
Third-party distribution, service and advisory | 410.6 | 366 | 816 | 712.1 |
Marketing | 30.2 | 23.8 | 53.6 | 46 |
Property, office and technology | 75.3 | 68.6 | 188 | 135.1 |
General and administrative | 76.1 | 77.3 | 197.7 | 144.8 |
Transaction and integration | 0 | 1.8 | 0 | 3.2 |
Total operating expenses | 935.1 | 861.6 | 1,960.30 | 1,706.80 |
Operating Income (Loss) | 354.8 | 273.9 | 599.1 | 540.9 |
Other income/(expense): | ' | ' | ' | ' |
Equity in earnings of unconsolidated affiliates | 5.5 | 6.9 | 15.5 | 15 |
Interest and dividend income | 3.1 | 2.1 | 6 | 4.3 |
Interest expense | -18.2 | -10 | -36.9 | -19.7 |
Other gains and losses, net | 16.2 | 0.4 | 22.8 | 18.1 |
Other income/(loss) of CSIP, net | 7.7 | 0 | 15.9 | 0 |
Interest and dividend income of CIP | 48 | 50.7 | 96.3 | 101 |
Interest expense of CIP | -30.3 | -30.6 | -60.6 | -63.3 |
Other gains/(losses) of CIP, net | 36.8 | -1.6 | 63.3 | -22.7 |
Income from continuing operations before income taxes | 423.6 | 291.8 | 721.4 | 573.6 |
Income tax provision | -107 | -83.5 | -196 | -169.8 |
Income from continuing operations, net of taxes | 316.6 | 208.3 | 525.4 | 403.8 |
Income/(loss) from discontinued operations, net of taxes | 0.2 | -4.6 | -1.8 | -0.5 |
Net income | 316.8 | 203.7 | 523.6 | 403.3 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -42.3 | -1.1 | -61.3 | 21.5 |
Net income attributable to common shareholders | $274.50 | $202.60 | $462.30 | $424.80 |
Basic: | ' | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $0.63 | $0.46 | $1.06 | $0.95 |
Earnings per share from discontinued operations (usd per share) | $0 | ($0.01) | $0 | $0 |
Basic earnings per share (usd per share) | $0.63 | $0.45 | $1.06 | $0.95 |
Diluted: | ' | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $0.63 | $0.46 | $1.06 | $0.95 |
Earnings per share from discontinued operations (usd per share) | $0 | ($0.01) | $0 | $0 |
Diluted earnings per share (usd per share) | $0.63 | $0.45 | $1.06 | $0.94 |
Dividends declared per share | $0.25 | $0.23 | $0.48 | $0.40 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $316.80 | $203.70 | $523.60 | $403.30 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 130.5 | -94.3 | 77.3 | -303.9 |
Actuarial (loss)/gain related to employee benefit plans | -2.2 | 0.3 | -2.6 | 6.8 |
Reclassification of amortization of prior service cost/(credit) into employee compensation expense | -0.4 | -0.5 | -0.9 | -1 |
Reclassification of amortization of actuarial (gain)/loss into employee compensation expense | 0.6 | 0.7 | 1.2 | 1.4 |
Share of other comprehensive income/(loss) of equity method investments | 3.2 | -1.3 | 7.2 | -1.6 |
Unrealized (losses)/gains on available-for-sale investments | 6.8 | -0.3 | 11 | 4 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -8.1 | 0 | -10.8 | -1.4 |
Other comprehensive income/(loss), before tax | 130.4 | -95.4 | 82.4 | -295.7 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | 0 | -0.3 | 0 | -1.1 |
Tax on actuarial (loss)/gain related to employee benefit plans | 0.4 | -0.1 | 0.5 | -1.5 |
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | 0.1 | 0.1 | 0.2 | 0.2 |
Reclassification of tax on amortization of actuarial (gain)/loss into income tax provision | -0.1 | -0.1 | -0.2 | -0.3 |
Tax on net unrealized (losses)/gains on available-for-sale investments | 2 | -0.8 | 2.2 | -0.6 |
Reclassification of tax on net (gains)/losses realized on available-for-sale investments included in income tax provision | -2.7 | 0 | -3.4 | -0.3 |
Total income tax benefit/(expense) related to items of other comprehensive income | -0.3 | -1.2 | -0.7 | -3.6 |
Other comprehensive income/(loss), net of tax | 130.1 | -96.6 | 81.7 | -299.3 |
Total comprehensive income/(loss) | 446.9 | 107.1 | 605.3 | 104 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | -42.4 | 4.9 | -61 | 34.2 |
Comprehensive income attributable to common shareholders | $404.50 | $112 | $544.30 | $138.20 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income | $523.60 | $403.30 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ' | ' |
Amortization and depreciation | 45.8 | 44.2 |
Share-based compensation expense | 70 | 69.4 |
(Gain)/loss on disposal of business, property and equipment, net | 0 | 0.5 |
Other (gains)/losses, net | -22.8 | -18.1 |
Other (gains)/losses of CSIP, net | -11.5 | 0 |
Other (gains)/losses of CIP, net | -63.3 | 22.7 |
Equity in earnings of unconsolidated affiliates | -15.5 | -15 |
Dividends from unconsolidated affiliates | 15.4 | 1.9 |
Changes in operating assets and liabilities: | ' | ' |
(Increase)/decrease in cash held by CIP | 260.1 | -76 |
(Increase)/decrease in cash held by CSIP | -1 | 0 |
(Purchase)/sale of trading investments, net | -10.4 | 0.6 |
(Increase)/decrease in receivables | -402.7 | -711.9 |
Increase/(decrease) in payables | 162.6 | 534 |
Net cash provided by/(used in) operating activities | 550.3 | 255.6 |
Investing activities: | ' | ' |
Purchase of property and equipment | -49.8 | -40.3 |
Purchase of available-for-sale investments | -112.5 | -25.2 |
Sale of available-for-sale investments | 75.1 | 23 |
Purchase of investments by CIP | -2,848.80 | -2,504.30 |
Sale of investments by CIP | 2,108.50 | 2,584.60 |
Purchase of investments by CSIP | -476.1 | 0 |
Sale of investments by CSIP | 274.3 | 0 |
Purchase of other investments | -67.5 | -164.6 |
Sale of other investments | 40.3 | 39.7 |
Returns of capital and distributions from unconsolidated partnership investments | 25.9 | 9.9 |
Acquisition earn-out payments | 0 | -1.2 |
Sale of Business | 60.8 | 0 |
Net cash provided by/(used in) investing activities | -969.8 | -78.4 |
Financing activities: | ' | ' |
Proceeds from exercises of share options | 5.2 | 10.8 |
Purchases of treasury shares | -169.6 | -120.5 |
Dividends paid | -207.1 | -178.4 |
Excess tax benefits from share-based compensation | 17.6 | 16.7 |
Repayment on unsettled fund account | -35.7 | 0 |
Third-party capital invested into CIP | 155.8 | 34.5 |
Third-party capital distributed by CIP | -68 | -128.1 |
Third-party capital invested into CSIP | 152.5 | 0 |
Proceeds From Distributions From Affiliates, Consolidated Sponsored Investment Products | -1.4 | 0 |
Borrowings of debt by CIP | 715 | 409.4 |
Repayments of debt by CIP | -295.5 | -364.7 |
Net borrowings/(repayments) under credit facility | 0 | 259.5 |
Net cash provided by/(used in) financing activities | 268.8 | -60.8 |
Increase/(decrease) in cash and cash equivalents | -150.7 | 116.4 |
Foreign exchange movement on cash and cash equivalents | 15.5 | -35.7 |
Cash and cash equivalents, beginning of year | 1,331.20 | 835.5 |
Cash and cash equivalents, end of year | 1,196 | 916.2 |
Supplemental Cash Flow Information: | ' | ' |
Interest paid | -23.6 | -16.4 |
Interest received | 3.2 | 2 |
Taxes paid | ($155.10) | ($141.90) |
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] | Redeemable noncontrolling interest [Member] |
In Millions, unless otherwise specified | ||||||||||
Beginning balance at Dec. 31, 2012 | $9,049 | $98.10 | $6,141 | ($1,382.90) | $2,801.30 | $128.80 | $530.50 | $8,316.80 | $732.20 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 403.3 | ' | ' | ' | 424.8 | ' | ' | 424.8 | -21.5 | ' |
Other comprehensive income (loss) | -299.3 | ' | ' | ' | ' | ' | -286.6 | -286.6 | -12.7 | ' |
Net income/(loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -30.8 | ' | -30.8 | 30.8 | ' |
Deconsolidation of CIP | -27.7 | ' | ' | ' | ' | ' | ' | ' | -27.7 | ' |
Change in noncontrolling interests in consolidated entities, net | -111.6 | ' | ' | ' | ' | ' | ' | ' | -111.6 | ' |
Dividends | -178.4 | ' | ' | ' | -178.4 | ' | ' | -178.4 | ' | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 69.4 | ' | 69.4 | ' | ' | ' | ' | 69.4 | ' | ' |
Vested shares | 0 | ' | -167.7 | 167.7 | ' | ' | ' | ' | ' | ' |
Exercise of options | 10.8 | ' | -13.2 | 24 | ' | ' | ' | 10.8 | ' | ' |
Tax impact of share-based payment | 16.7 | ' | 16.7 | ' | ' | ' | ' | 16.7 | ' | ' |
Purchase of shares | -178.2 | ' | ' | -178.2 | ' | ' | ' | -178.2 | ' | ' |
Ending balance at Jun. 30, 2013 | 8,754 | 98.1 | 6,046.20 | -1,369.40 | 3,047.70 | 98 | 243.9 | 8,164.50 | 589.5 | ' |
Beginning Balance at Dec. 31, 2013 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 8,977.30 | 98.1 | 6,100.80 | -1,700.40 | 3,361.90 | 104.3 | 427.9 | 8,392.60 | 584.7 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 518.6 | ' | ' | ' | 462.3 | ' | ' | 462.3 | 56.3 | ' |
Other comprehensive income (loss) | 81.7 | ' | ' | ' | ' | ' | 82 | 82 | -0.3 | ' |
Net income/(loss) reclassified to appropriated retained earnings | 0 | ' | ' | ' | ' | -40 | ' | -40 | 40 | ' |
Change in noncontrolling interests in consolidated entities, net | 92.5 | ' | ' | ' | ' | ' | ' | ' | 92.5 | ' |
Dividends | -207.1 | ' | ' | ' | -207.1 | ' | ' | -207.1 | ' | ' |
Employee share plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 70 | ' | 70 | ' | ' | ' | ' | 70 | ' | ' |
Vested shares | 0 | ' | -115.7 | 115.7 | ' | ' | ' | ' | ' | ' |
Exercise of options | 5.2 | ' | -3.9 | 9.1 | ' | ' | ' | 5.2 | ' | ' |
Tax impact of share-based payment | 17.6 | ' | 17.6 | ' | ' | ' | ' | 17.6 | ' | ' |
Purchase of shares | -231.9 | ' | ' | -231.9 | ' | ' | ' | -231.9 | ' | ' |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in noncontrolling interests in consolidated entities, net | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Jun. 30, 2014 | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2014 | 9,322.90 | 98.1 | 6,068.80 | -1,807.50 | 3,617.10 | 63.3 | 509.9 | 8,549.70 | 773.2 | ' |
Beginning Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 130.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deconsolidation of CIP | -1 | ' | ' | ' | ' | -1 | ' | -1 | ' | ' |
Ending Balance at Jun. 30, 2014 | 155 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2014 | $9,322.90 | $98.10 | $6,068.80 | ($1,807.50) | $3,617.10 | $63.30 | $509.90 | $8,549.70 | $773.20 | ' |
Accounting_Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
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. | |
Certain disclosures included in the company's annual report are not required to be included on an interim basis in the company's quarterly reports on Forms 10-Q. The company has condensed or omitted the disclosures. Therefore, this Form 10-Q (Report) should be read in conjunction with the company's annual report on Form 10-K for the year ended December 31, 2013. | |
Basis of Accounting and Consolidation | |
In the opinion of management, the Condensed 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, collateralized loan obligations (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, otherwise, they are considered to be voting interest entities (VOEs). A VIE, in the context of the company and its managed funds, is a fund that does not have sufficient equity to finance its operations without additional subordinated financial support, or a fund for which the risks and rewards of ownership are not directly linked to voting interests. | |
The Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent and all of its controlled subsidiaries. Additionally, the Condensed Consolidated Financial Statements include the consolidation of certain managed funds that meet the definition of a VIE if the company has been deemed to be the primary beneficiary of those funds, any non-VIE general partnership or similar 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, or in certain cases until the time that the company's investment becomes non-substantive. | |
Investment products that are consolidated are referred to in this Report as Consolidated Sponsored Investment Products (CSIP), which generally include consolidated sponsored investment products in which Invesco holds the majority of the voting rights or partnerships in which the company has substantive equity at risk but in which the other investors lack removal or liquidation rights, 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 12, "Consolidated Sponsored Investment Products," and Note 13, "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. | |
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. To the extent that noncontrolling interests represent equity which is redeemable or convertible for cash or other assets at the option of the equity holder, as is the case with the CSIP noncontrolling interests, these are deemed to represent temporary equity, and are classified as equity attributable to redeemable noncontrolling interests in CSIPs in the Condensed Consolidated Balance Sheets. Nonredeemable noncontrolling interests are classified as a component of permanent equity. | |
Use of Estimates | |
In preparing the Condensed 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 Condensed Consolidated Financial Statements. | |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). ASU 2013-02 amends Topic 220 to require an entity to present current period reclassifications out of accumulated other comprehensive income and other amounts of current-period other comprehensive income, separately, for each component of other comprehensive income. ASU 2013-02 also requires an entity to provide information about the effects on net income of significant amounts reclassified out of each component of accumulated other comprehensive income, if those amounts are required under other Topics to be reclassified to net income in their entirety in the same reporting period. The amendments to Topic 220 made by ASU 2013-02 are effective for interim and annual periods beginning on or after December 15, 2012 and are reflected in these Condensed Consolidated Financial Statements. | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is not permitted. The company is currently evaluating the potential impact on its Consolidated Financial Statements, as well as the available transition methods. |
Fair_Value_Of_Assets_And_Liabi
Fair Value Of Assets And Liabilities | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
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 are presented in the below summary table. The fair value of financial instruments held by CSIP and CIP is presented in Note 12, "Consolidated Sponsored Investment Products" and Note 13, "Consolidated Investment Products," respectively. | ||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | 1,196.00 | 1,196.00 | 1,331.20 | 1,331.20 | ||||||||||||||
Available-for-sale investments | 3 | 293.7 | 293.7 | 244.1 | 244.1 | |||||||||||||
Trading investments | 3 | 278.2 | 278.2 | 253 | 253 | |||||||||||||
Foreign time deposits * | 3 | 28.4 | 28.4 | 28.8 | 28.8 | |||||||||||||
Assets held for policyholders | 1,539.90 | 1,539.90 | 1,416.00 | 1,416.00 | ||||||||||||||
Policyholder payables * | (1,539.9 | ) | (1,539.9 | ) | (1,416.0 | ) | (1,416.0 | ) | ||||||||||
UIT-related financial instruments sold, not yet purchased | (1.9 | ) | (1.9 | ) | (1.7 | ) | (1.7 | ) | ||||||||||
Note payable | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Long-term debt * | 4 | (1,588.9 | ) | (1,666.4 | ) | (1,588.6 | ) | (1,544.7 | ) | |||||||||
____________ | ||||||||||||||||||
* | These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes or most recently filed Form 10-K 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. At June 30, 2014 and December 31, 2013, investments in CLOs were valued using third-party pricing information. 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. | ||||||||||||||||||
•Other equity securities | ||||||||||||||||||
Other equity securities consist of investments in publicly-traded equity securities. These securities are valued under the market approach through the 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. | ||||||||||||||||||
•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 equities | ||||||||||||||||||
The company temporarily holds investments in corporate equities for purposes of creating a UIT. Corporate equities are valued under the market approach through use of quoted prices on an exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | ||||||||||||||||||
UITs | ||||||||||||||||||
The company may hold units of its sponsored UITs at period-end for sale in the primary market or secondary market. Equity UITs are valued under the market approach through use of quoted prices on an exchange. Fixed income UITs are valued using recently executed transaction prices, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturities as the underlying bonds. If the spread data does not reference the issuers, then data that references comparable issuers is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond or single name credit default spreads, and recovery rates based on collateral value as key inputs. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | ||||||||||||||||||
Municipal securities | ||||||||||||||||||
Municipal securities are valued using recently executed transaction prices, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturities as the underlying bonds. If the spread data does not reference the issuers, then data that references comparable issuers is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond or single name credit default spreads, and recovery rates based on collateral value as key inputs. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | ||||||||||||||||||
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 Condensed Consolidated Statements of Income in other revenue, along with the mark-to-market on the underlying trading securities held. Fair values of derivative contracts in an asset position are included in other assets in the company’s Condensed Consolidated Balance Sheets. Fair values of derivative contracts in a liability position are included in other liabilities in the company’s Condensed Consolidated Balance Sheets. These derivative contracts are valued under the market approach through use of quoted prices in an active market and are classified within level 1 of the valuation hierarchy. At June 30, 2014 there were 9 futures contracts with a notional value of $1.2 million (December 31, 2013: 2 open futures contracts with a notional value of $0.3 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 Condensed Consolidated Balance Sheets. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | ||||||||||||||||||
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 Condensed Consolidated Balance Sheet as of June 30, 2014: | ||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||
$ 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 | 408.5 | 408.5 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 283.3 | 283.3 | — | — | ||||||||||||||
CLOs | 4.1 | — | — | 4.1 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 246.9 | 246.9 | — | — | ||||||||||||||
Other equity securities | 25.8 | 25.8 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate equities | 1.9 | 1.9 | — | — | ||||||||||||||
UITs | 0.7 | 0.7 | — | — | ||||||||||||||
Municipal securities | 2.9 | — | 2.9 | — | ||||||||||||||
Assets held for policyholders | 1,539.90 | 1,539.90 | — | — | ||||||||||||||
Total | 2,520.30 | 2,507.00 | 2.9 | 10.4 | ||||||||||||||
Liabilities: | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.9 | ) | (1.9 | ) | — | — | ||||||||||||
Note payable | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||
Total | (2.2 | ) | (1.9 | ) | — | (0.3 | ) | |||||||||||
____________ | ||||||||||||||||||
* | Foreign time deposits of $28.4 million are excluded from this table. Equity and other investments of $313.2 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 Condensed 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 equities | 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 shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and six months ended June 30, 2014 and June 30, 2013, which are valued using significant unobservable inputs: | ||||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 4.3 | 6.3 | (0.3 | ) | 4 | 6.3 | (0.3 | ) | ||||||||||
Returns of capital | — | — | — | (0.2 | ) | — | — | |||||||||||
Net unrealized gains and losses included in other gains and losses* | — | — | — | — | — | — | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | (0.2 | ) | — | — | 0.3 | — | — | |||||||||||
Ending balance | 4.1 | 6.3 | (0.3 | ) | 4.1 | 6.3 | (0.3 | ) | ||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.4 | 6.3 | (2.4 | ) | 2.4 | 6.3 | (3.4 | ) | ||||||||||
Settlements | (0.1 | ) | — | 1 | (0.1 | ) | — | 1.7 | ||||||||||
Net unrealized gains and losses included in other gains and losses* | — | — | — | — | — | 0.1 | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | 0.1 | — | — | 0.1 | — | — | ||||||||||||
Foreign exchange gains/(losses) | — | — | 0.2 | — | — | 0.4 | ||||||||||||
Ending balance | 2.4 | 6.3 | (1.2 | ) | 2.4 | 6.3 | (1.2 | ) | ||||||||||
_______________ | ||||||||||||||||||
* These unrealized gains and losses are attributable to balances still held at the respective period ends. |
Investments
Investments | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||
The disclosures below include details of the company's investments. Investments held by CSIP are detailed in Note 12, "Consolidated Sponsored Investment Products." Investments held by CIP are detailed in Note 13, "Consolidated Investment Products." | ||||||||||||||||||||||||
$ in millions | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||||||
Seed money | 283.3 | 233.8 | ||||||||||||||||||||||
CLOs | 4.1 | 4 | ||||||||||||||||||||||
Other debt securities | 6.3 | 6.3 | ||||||||||||||||||||||
Trading investments: | ||||||||||||||||||||||||
Investments related to deferred compensation plans | 246.9 | 249.7 | ||||||||||||||||||||||
Other equity securities | 25.8 | — | ||||||||||||||||||||||
UIT-related equity and debt securities | 5.5 | 3.3 | ||||||||||||||||||||||
Equity method investments | 313.2 | 308.2 | ||||||||||||||||||||||
Foreign time deposits | 28.4 | 28.8 | ||||||||||||||||||||||
Other | 5.6 | 5.6 | ||||||||||||||||||||||
Total investments | 919.1 | 839.7 | ||||||||||||||||||||||
Available for sale investments | ||||||||||||||||||||||||
Realized gains and losses recognized in the Condensed Consolidated Statements of Income during the period from investments classified as available-for-sale are as follows: | ||||||||||||||||||||||||
For the three months ended June 30, 2014 | For the six months ended June 30, 2014 | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 64.7 | 8.2 | (0.1 | ) | 74.9 | 11 | (0.2 | ) | ||||||||||||||||
CLOs | — | — | — | 0.2 | — | — | ||||||||||||||||||
For the three months ended June 30, 2013 | For the six months ended June 30, 2013 | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | — | — | — | 22.9 | 1.7 | (0.3 | ) | |||||||||||||||||
CLOs | — | — | — | 0.1 | — | — | ||||||||||||||||||
Upon the sale of available-for-sale securities, net realized gains of $8.1 million and $10.8 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during the three and six months ended June 30, 2014, respectively (three and six months ended June 30, 2013: none and $1.4 million, 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: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
$ 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 | 265.3 | 18.7 | (0.7 | ) | 283.3 | 215.7 | 19 | (0.9 | ) | 233.8 | ||||||||||||||
CLOs | 3.6 | 0.5 | — | 4.1 | 3.8 | 0.2 | — | 4 | ||||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | 6.3 | — | — | 6.3 | ||||||||||||||||
275.2 | 19.2 | (0.7 | ) | 293.7 | 225.8 | 19.2 | (0.9 | ) | 244.1 | |||||||||||||||
At June 30, 2014, 112 seed money funds (December 31, 2013: 149 seed money funds) included gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 13.9 | (0.3 | ) | 69 | (0.8 | ) | ||||||||||||||||||
12 months or greater | 3.2 | (0.4 | ) | 0.2 | (0.1 | ) | ||||||||||||||||||
Total | 17.1 | (0.7 | ) | 69.2 | (0.9 | ) | ||||||||||||||||||
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 six months ended June 30, 2014 (six months ended June 30, 2013: none). 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 six months ended June 30, 2014 and 2013, there were no charges to other comprehensive income from other-than-temporary impairment related to non-credit related factors. | ||||||||||||||||||||||||
At June 30, 2014, $1.7 million available-for-sale debt securities mature in one year through five years, and $8.7 million after five years through ten years. | ||||||||||||||||||||||||
Trading investments | ||||||||||||||||||||||||
The portion of trading gains and losses for the three and six months ended June 30, 2014, that relates to trading securities still held at June 30, 2014, was a $7.9 million net gain and $5.1 million net gain, respectively (three and six months ended June 30, 2013: $2.5 million net loss and $14.0 million net gain, respectively). |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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 13, “Consolidated Investment Products.” | ||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||
Unsecured Senior Notes*: | ||||||||||||
$600 million 3.125% - due November 30, 2022 | 599.6 | 593.5 | 599.6 | 551.5 | ||||||||
$600 million 4.000% - due January 30, 2024 | 596 | 629.2 | 595.8 | 593.2 | ||||||||
$400 million 5.375% - due November 30, 2043 | 393.3 | 443.7 | 393.2 | 400 | ||||||||
Long-term debt | 1,588.90 | 1,666.40 | 1,588.60 | 1,544.70 | ||||||||
____________ | ||||||||||||
* | 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 issuer of the senior notes is an indirect 100% owned finance subsidiary of Invesco Ltd. (the Parent), and the Parent fully and unconditionally guaranteed the securities. The requirement of certain subsidiaries of ours to maintain minimum levels of capital and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. | ||||||||||||
The fair 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. | ||||||||||||
At June 30, 2014, the company's outstanding debt of $1,588.9 million matures in periods greater than five years from the balance sheet date. | ||||||||||||
At June 30, 2014, the outstanding balance on the $1.25 billion credit facility was zero (December 31, 2013: zero). The credit facility has a maturity of December 17, 2018. 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 June 30, 2014 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 the company or its indirect subsidiary Invesco Finance PLC. Based on credit ratings as of June 30, 2014, 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 $36.1 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. |
Share_Capital
Share Capital | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Equity [Abstract] | ' | |||||
SHARE CAPITAL | ' | |||||
SHARE CAPITAL | ||||||
The number of common shares and common share equivalents issued are represented in the table below: | ||||||
In millions | Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||
Common shares issued | 490.4 | 490.4 | ||||
Less: Treasury shares for which dividend and voting rights do not apply | (58.7 | ) | (47.6 | ) | ||
Common shares outstanding | 431.7 | 442.8 | ||||
During the three and six months ended June 30, 2014, the company repurchased 1.3 million and 4.9 million shares, respectively (three and six months ended June 30, 2013: 2.2 million and 3.8 million, respectively) in the market at a cost of $50.0 million and $169.6 million, respectively (three and six months ended June 30, 2013: $75.5 million and $120.5 million cost, respectively). Separately, an aggregate of 1.9 million shares were withheld on vesting events during the six months ended June 30, 2014 to meet employees' withholding tax obligations (June 30, 2013: 2.2 million). The fair value of these shares withheld at the respective withholding dates was $62.3 million (June 30, 2013: $57.7 million). Approximately $1,326.8 million remained authorized under the company's share repurchase plan at June 30, 2014 (June 30, 2013: $346.5 million). | ||||||
Total treasury shares at June 30, 2014 were 67.9 million (June 30, 2013: 57.7 million), including 9.2 million unvested restricted stock awards (June 30, 2013: 10.1 million) for which dividend and voting rights apply. The market price of common shares at June 30, 2014 was $37.75. The total market value of the company's 67.9 million treasury shares was $2.6 billion at June 30, 2014. |
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/(Loss) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS) | ' | ||||||||||||||
OTHER COMPREHENSIVE INCOME/(LOSS) | |||||||||||||||
The components of accumulated other comprehensive income/(loss) were as follows: | |||||||||||||||
For the three months ended June 30, 2014 | |||||||||||||||
$ 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 | 130.5 | — | — | — | 130.5 | ||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (2.2 | ) | — | — | (2.2 | ) | ||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 0.6 | — | — | 0.6 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 3.2 | — | 3.2 | ||||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 6.8 | 6.8 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (8.1 | ) | (8.1 | ) | ||||||||
Other comprehensive income/(loss) before tax | 130.5 | (2.0 | ) | 3.2 | (1.3 | ) | 130.4 | ||||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | 0.4 | — | — | 0.4 | ||||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.1 | — | — | 0.1 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2 | 2 | ||||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (2.7 | ) | (2.7 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | — | 0.4 | — | (0.7 | ) | (0.3 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 439.7 | (78.1 | ) | 2.2 | 16.1 | 379.9 | |||||||||
Other comprehensive income/(loss), net of tax: | 130.5 | (1.6 | ) | 3.2 | (2.0 | ) | 130.1 | ||||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | (0.1 | ) | — | — | — | (0.1 | ) | ||||||||
Ending balance | 570.1 | (79.7 | ) | 5.4 | 14.1 | 509.9 | |||||||||
For the six months ended June 30, 2014 | |||||||||||||||
$ 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 | 77.3 | — | — | — | 77.3 | ||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (2.6 | ) | — | — | (2.6 | ) | ||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 1.2 | — | — | 1.2 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 7.2 | — | 7.2 | ||||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 11 | 11 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (10.8 | ) | (10.8 | ) | ||||||||
Other comprehensive income/(loss) before tax | 77.3 | (2.3 | ) | 7.2 | 0.2 | 82.4 | |||||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | 0.5 | — | — | 0.5 | ||||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.2 | — | — | 0.2 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2.2 | 2.2 | ||||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (3.4 | ) | (3.4 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | — | 0.5 | — | (1.2 | ) | (0.7 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 492.5 | (77.9 | ) | (1.8 | ) | 15.1 | 427.9 | ||||||||
Other comprehensive income/(loss), net of tax: | 77.3 | (1.8 | ) | 7.2 | (1.0 | ) | 81.7 | ||||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | 0.3 | — | — | — | 0.3 | ||||||||||
Ending balance | 570.1 | (79.7 | ) | 5.4 | 14.1 | 509.9 | |||||||||
For the three months ended June 30, 2013 | |||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||
Other comprehensive income/(loss) before tax: | |||||||||||||||
Currency translation differences on investments in foreign subsidiaries* | (94.3 | ) | — | — | — | (94.3 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 0.3 | — | — | 0.3 | ||||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 0.7 | — | — | 0.7 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | (0.3 | ) | (0.3 | ) | ||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | — | — | ||||||||||
Other comprehensive income/(loss) before tax | (94.3 | ) | 0.5 | (1.3 | ) | (0.3 | ) | (95.4 | ) | ||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.1 | — | — | 0.1 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.8 | ) | (0.8 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | — | — | ||||||||||
Total income tax benefit(expense) related to items of other comprehensive income | (0.3 | ) | (0.1 | ) | — | (0.8 | ) | (1.2 | ) | ||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 398 | (74.2 | ) | 1.8 | 8.9 | 334.5 | |||||||||
Other comprehensive income/(loss), net of tax: | (94.6 | ) | 0.4 | (1.3 | ) | (1.1 | ) | (96.6 | ) | ||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | 6 | — | — | — | 6 | ||||||||||
Ending balance | 309.4 | (73.8 | ) | 0.5 | 7.8 | 243.9 | |||||||||
__________________ | |||||||||||||||
* | Included in this amount are net losses of $6.0 million for the three months ended June 30, 2013 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross losses of $0.3 million were reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. | ||||||||||||||
For the six months ended June 30, 2013 | |||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||
Other comprehensive income/(loss) before tax: | |||||||||||||||
Currency translation differences on investments in foreign subsidiaries* | (303.9 | ) | — | — | — | (303.9 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 6.8 | — | — | 6.8 | ||||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (1.0 | ) | — | — | (1.0 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 1.4 | — | — | 1.4 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 4 | 4 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.4 | ) | (1.4 | ) | ||||||||
Other comprehensive income/(loss) before tax | (303.9 | ) | 7.2 | (1.6 | ) | 2.6 | (295.7 | ) | |||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.5 | ) | — | — | (1.5 | ) | ||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.2 | — | — | 0.2 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.6 | ) | (0.6 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (0.3 | ) | (0.3 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | (1.1 | ) | (1.6 | ) | — | (0.9 | ) | (3.6 | ) | ||||||
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: | (305.0 | ) | 5.6 | (1.6 | ) | 1.7 | (299.3 | ) | |||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | 12.7 | — | — | — | 12.7 | ||||||||||
Ending balance | 309.4 | (73.8 | ) | 0.5 | 7.8 | 243.9 | |||||||||
__________________ | |||||||||||||||
* | Included in this amount are net losses of $12.7 million for the six months ended June 30, 2013 related to foreign currency translation adjustments attributable to CIP. None of this amount was reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP for the six months ended June 30, 2013. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||
SHARE-BASED COMPENSATION | |||||||||||||||
The company recognized total expenses of $70.0 million and $69.4 million related to equity-settled share-based payment transactions in the six months ended June 30, 2014 and June 30, 2013, respectively. | |||||||||||||||
Cash received from exercise of share options granted under share-based compensation arrangements was $5.2 million in the six months ended June 30, 2014 (six months ended June 30, 2013: $10.8 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 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 2010 Global Equity Incentive Plan (ST), 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 periods ended June 30, are detailed below: | |||||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||
Millions of shares, except fair values | Time- Vested | Performance- Vested | Weighted Average Grant Date Fair Value ($) | Time- Vested | Performance- Vested | ||||||||||
Unvested at the beginning of period | 13.9 | 0.4 | 25 | 16.5 | 0.3 | ||||||||||
Granted during the period | 4.2 | 0.2 | 34.31 | 5.1 | 0.2 | ||||||||||
Forfeited during the period | (0.9 | ) | — | 23.42 | (0.2 | ) | — | ||||||||
Vested and distributed during the period | (5.2 | ) | (0.1 | ) | 24.14 | (6.5 | ) | (0.1 | ) | ||||||
Unvested at the end of the period | 12 | 0.5 | 28.79 | 14.9 | 0.4 | ||||||||||
In December 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 six months ended June 30, are detailed below: | |||||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||
Millions of shares, except fair values | Time-Vested | Weighted Average Grant Date Fair Value (£ Sterling) | Time-Vested | ||||||||||||
Unvested at the beginning of period | 0.1 | 12.9 | 0.3 | ||||||||||||
Forfeited during the period | — | — | — | ||||||||||||
Vested and distributed during the period | (0.1 | ) | 12.9 | (0.2 | ) | ||||||||||
Unvested at the end of the period | — | — | 0.1 | ||||||||||||
All share awards outstanding at June 30, 2014, had a weighted average remaining contractual life of 1.68 years. The total fair value of shares that vested during the six months ended June 30, 2014 was $181.9 million (six months ended June 30, 2013: $181.7 million). The weighted average grant date fair value of the U.S. dollar share awards that were granted during the six months ended June 30, 2014 was $34.31 (six months ended June 30, 2013: $26.85). | |||||||||||||||
At June 30, 2014, there was $307.4 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 2.88 years. | |||||||||||||||
Share Options | |||||||||||||||
The company has not granted share option awards since 2005. All share options awards, therefore, were granted prior to the December 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). At the time of their grants, the exercise prices of the share options were denominated in the company's trading currency, which was the Pound Sterling. The company did not change the accounting for share options at the redomicile/re-listing date, because the share options were not modified at that date. The exercise price remains in Pounds Sterling and was not changed to U.S. Dollars. Therefore, upon exercise of the share options, the Pound Sterling exercise price will be converted into U.S. Dollars using the spot foreign exchange rate in effect on the exercise date. Upon the exercise of share options, the company either issues new shares or can utilize shares held in treasury (see Note 5, “Share Capital”) to satisfy the exercise. | |||||||||||||||
Changes in outstanding share option awards are as follows: | |||||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||
Millions of shares, except prices | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | |||||||||||
(£ Sterling) | (£ Sterling) | ||||||||||||||
Outstanding at the beginning of period | 1.1 | 7.32 | 2.6 | 7.31 | |||||||||||
Exercised during the period | (0.4 | ) | 6.74 | (0.9 | ) | 7.27 | |||||||||
Outstanding at the end of the period | 0.7 | 7.64 | 1.7 | 7.33 | |||||||||||
Exercisable at the end of the period | 0.7 | 7.64 | 1.7 | 7.33 | |||||||||||
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 5, "Share Capital") to satisfy the exercise. For the six months ended June 30, 2014, the company recognized $0.4 million in compensation expense related to the ESPP (June 30, 2013: $0.5 million). |
Retirement_Benefit_Plans
Retirement Benefit Plans | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
RETIREMENT BENEFIT PLANS | ' | |||||||||||||||||||||||
RETIREMENT BENEFIT PLANS | ||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||
The company operates defined contribution retirement benefit plans for all qualifying employees. The assets of the plans are held separately from those of the company in funds under the control of trustees. When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions. | ||||||||||||||||||||||||
The total amounts charged to the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014 of $14.3 million and $29.7 million, respectively (three and six months ended June 30, 2013: 13.5 million and $28.1 million, respectively) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans. As of June 30, 2014, accrued contributions of $12.3 million (December 31, 2013: $21.8 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 components of net periodic benefit cost in respect of these defined benefit plans are as follows: | ||||||||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Service cost | (1.1 | ) | (1.1 | ) | (2.2 | ) | (2.2 | ) | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | |||||||||
Interest cost | (4.7 | ) | (4.9 | ) | (9.5 | ) | (9.8 | ) | (0.5 | ) | (0.5 | ) | (1.0 | ) | (1.0 | ) | ||||||||
Expected return on plan assets | 4.7 | 4.4 | 9.3 | 8.8 | 0.1 | 0.1 | 0.3 | 0.2 | ||||||||||||||||
Amortization of prior service cost/(credit) | (0.1 | ) | — | (0.1 | ) | — | 0.5 | 0.5 | 1 | 1 | ||||||||||||||
Amortization of net actuarial gain/(loss) | (0.5 | ) | (0.6 | ) | (1.0 | ) | (1.2 | ) | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Net periodic benefit cost | (1.7 | ) | (2.2 | ) | (3.5 | ) | (4.4 | ) | — | (0.1 | ) | — | (0.2 | ) | ||||||||||
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. Payments made to the plans during the six months ended June 30, 2014 were $8.0 million to the retirement plan and $1.1 million to the medical plan. |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
TAXATION | ' |
TAXATION | |
At June 30, 2014, the total amount of gross unrecognized tax benefits was $8.8 million as compared to the December 31, 2013 total of $16.8 million. During the three months ended June 30, 2014, gross unrecognized tax benefits of $7.9 million were recognized as a result of a favorable tax settlement. Including interest and penalties, income tax expense decreased by $4.8 million, net of federal tax effects. The company and its subsidiaries file annual income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, and in numerous foreign jurisdictions. A number of years may elapse before an uncertain tax position, for which the company has unrecognized tax benefits, is finally resolved. To the extent that the company has favorable tax settlements, or determines that accrued amounts are no longer needed due to a lapse in the applicable statute of limitations or other reasons, such liabilities, as well as the related interest and penalty, would be reversed as a reduction of income tax expense (net of federal tax effects, if applicable) in the period such determination is made. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
The calculation of earnings per share is as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
In millions, except per share data | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from continuing operations, net of taxes | $316.60 | $208.30 | $525.40 | $403.80 | ||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (42.3 | ) | (1.1 | ) | (61.3 | ) | 21.5 | |||||||||
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 274.3 | 207.2 | 464.1 | 425.3 | ||||||||||||
Income/(loss) from discontinued operations, net of taxes | 0.2 | (4.6 | ) | (1.8 | ) | (0.5 | ) | |||||||||
Net income attributable to common shareholders | $274.50 | $202.60 | $462.30 | $424.80 | ||||||||||||
Weighted average shares outstanding - basic | 435.7 | 449.1 | 436.2 | 448.5 | ||||||||||||
Dilutive effect of share-based awards | 0.7 | 1 | 0.7 | 1.1 | ||||||||||||
Weighted average shares outstanding - diluted | 436.4 | 450.1 | 436.9 | 449.6 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.63 | $0.46 | $1.06 | $0.95 | ||||||||||||
Earnings per share from discontinued operations | $— | ($0.01 | ) | $— | $— | |||||||||||
Basic earnings per share | $0.63 | $0.45 | $1.06 | $0.95 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.63 | $0.46 | $1.06 | $0.95 | ||||||||||||
Earnings per share from discontinued operations | $— | ($0.01 | ) | $— | $— | |||||||||||
Diluted earnings per share | $0.63 | $0.45 | $1.06 | $0.94 | ||||||||||||
See Note 7, “Share-Based Compensation,” for a summary of share awards outstanding under the company's share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted earnings per share. | ||||||||||||||||
There were no antidilutive options excluded from the computation of diluted earnings per share in the six months ended June 30, 2014 (six months ended June 30, 2013: none). 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 six months ended June 30, 2014 and 2013, due to their inclusion being anti-dilutive. There were 0.3 million contingently issuable shares excluded from the diluted earnings per share computation during the six months ended June 30, 2014 (six months ended June 30, 2013: 0.4 million), because the necessary performance conditions for the shares to be issuable had not yet been satisfied at the end of the respective period. |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Commitments and contingencies may arise in the ordinary course of business. | |
Off Balance Sheet Commitments | |
The company has transactions with various private equity, real estate and other investment entities sponsored by the company 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 June 30, 2014, the company's undrawn capital commitments were $101.8 million (December 31, 2013: $152.5 million). | |
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 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. 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. | |
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 June 30, 2014 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. | |
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 $21.9 million. The trial between Invesco Canada Ltd. and the Canada Revenue Agency, argued in the Tax Court of Canada, concluded in May 2014, and the company is waiting for the Tax Court decision. Management believes Canada Revenue Agency's claims are unfounded and that these assessments are unlikely to stand, and accordingly no provision has been recorded in the Condensed Consolidated Financial Statements. |
Consolidated_Sponsored_Investm
Consolidated Sponsored Investment Products | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS | ' | ||||||||||||
CONSOLIDATED SPONSORED INVESTMENT PRODUCTS | |||||||||||||
The following table presents the balances related to CSIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interests in CSIP for each period presented. | |||||||||||||
$ in millions | June 30, 2014 | December 31, 2013 | |||||||||||
Investments of CSIP | 306.4 | 93.2 | |||||||||||
Cash and cash equivalents of CSIP | 13.7 | 12.7 | |||||||||||
Accounts receivable and other assets of CSIP | 6.7 | 2.6 | |||||||||||
Assets of CSIP | 326.8 | 108.5 | |||||||||||
Other liabilities of CSIP | (7.7 | ) | (4.7 | ) | |||||||||
Equity attributable to redeemable noncontrolling interests | (155.0 | ) | — | ||||||||||
Equity attributable to nonredeemable noncontrolling interests | (17.7 | ) | (12.0 | ) | |||||||||
Invesco's net interests in CSIP | 146.4 | 91.8 | |||||||||||
Invesco's net economic interests as a percentage of investments of CSIP | 47.8 | % | 98.5 | % | |||||||||
The carrying value of investments held by CSIP is also their fair value. The following tables present the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of June 30, 2014, and December 31, 2013: | |||||||||||||
As of June 30, 2014 | |||||||||||||
$ in millions | Fair | Quoted Prices | Significant | Significant | |||||||||
Value | in Active Markets | Other | Unobservable | ||||||||||
Measurements | for Identical Assets | Observable | Inputs | ||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||
(Level 2) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 186 | 72.2 | 113.8 | — | |||||||||
Equity securities | 29.6 | 29.6 | — | — | |||||||||
Investments in fixed income funds* | 66.7 | 66.7 | — | — | |||||||||
Investments in other private equity funds* | 24.1 | — | — | 24.1 | |||||||||
Total investments at fair value | 306.4 | 168.5 | 113.8 | 24.1 | |||||||||
As of December 31, 2013 | |||||||||||||
$ in millions | Fair | Quoted Prices | Significant | Significant | |||||||||
Value | in Active Markets | Other | Unobservable | ||||||||||
Measurements | for Identical Assets | Observable | Inputs | ||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||
(Level2) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 43.2 | — | 43.2 | — | |||||||||
Equity securities | 27.8 | 27.8 | — | — | |||||||||
Investments in fixed income funds* | 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 fixed income funds 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 13, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. | ||||||||||||
The tables below summarizes as of June 30, 2014 and 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: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Fair Value | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
($ in millions) | |||||||||||||
Fixed income funds | $66.70 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $24.10 | $30.80 | 7.6 years | n/a (2) | n/a(2) | ||||||||
As of December 31, 2013 | |||||||||||||
Fair Value | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
($ in millions) | |||||||||||||
Fixed income funds | $6.00 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $16.20 | $35.60 | 8.5 years | n/a (2) | n/a (2) | ||||||||
__________________ | |||||||||||||
(1) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. | |||||||||||||
(2) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | |||||||||||||
Equity securities are valued under the market approach through use of quoted prices on an exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | |||||||||||||
Fixed income securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | |||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs for the three and six months ended June 30, 2014 (three and six months ended June 30, 2013: none): | |||||||||||||
$ in millions | Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||
Beginning balance | 19.5 | 16.2 | |||||||||||
Purchases | 1.8 | 4 | |||||||||||
Sales | — | (0.4 | ) | ||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 2.8 | 4.3 | |||||||||||
Ending balance | 24.1 | 24.1 | |||||||||||
__________________ | |||||||||||||
* | Included in other income/(loss) of CSIP, net, in the Consolidated Statement of Income for the three and six months ended June 30, 2014 are $2.8 million and $4.3 million in net unrealized gains attributable to investments still held at June 30, 2014. |
Consolidated_Investment_Produc
Consolidated Investment Products | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Consolidated Investment Products [Abstract] | ' | ||||||||||||||||
CONSOLIDATED INVESTMENT PRODUCTS | ' | ||||||||||||||||
CONSOLIDATED INVESTMENT PRODUCTS | |||||||||||||||||
The following table presents the balances related to CIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. | |||||||||||||||||
As of | |||||||||||||||||
$ in millions | June 30, 2014 | December 31, 2013 | |||||||||||||||
Cash and cash equivalents of CIP | 292.4 | 583.6 | |||||||||||||||
Investments of CIP | 4,971.40 | 4,734.70 | |||||||||||||||
Accounts receivable and other assets of CIP | 121.7 | 58.3 | |||||||||||||||
Less: Debt of CIP | (4,301.5 | ) | (4,181.7 | ) | |||||||||||||
Less: Other liabilities of CIP | (201.0 | ) | (461.8 | ) | |||||||||||||
Less: Retained earnings (1) | (15.8 | ) | (12.5 | ) | |||||||||||||
Less: Retained earnings appropriated for investors in CIP | (63.3 | ) | (104.3 | ) | |||||||||||||
Less: Accumulated other comprehensive income, net of tax (1) | 15.7 | 12.7 | |||||||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (753.2 | ) | (570.3 | ) | |||||||||||||
Invesco's net interests in CIP | 66.4 | 58.7 | |||||||||||||||
Invesco's net economic interests as a percentage of investments of CIP | 1.3 | % | 1.2 | % | |||||||||||||
____________ | |||||||||||||||||
-1 | These amounts reflect 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 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. | |||||||||||||||||
At June 30, 2014, 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 | 4.1 | 4.1 | ||||||||||||||
Partnership and trust investments | 17 | 17 | |||||||||||||||
Investments in Invesco Mortgage Capital Inc. | 30.6 | 30.6 | |||||||||||||||
Total | 51.7 | ||||||||||||||||
During the six months ended June 30, 2014, the company invested in and consolidated three new VIEs and one VOE. The table below illustrates 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 Condensed Consolidated Financial Statements. | |||||||||||||||||
Balance Sheet information - newly consolidated VIEs/VOEs | |||||||||||||||||
For the six months ended June 30, 2014 | |||||||||||||||||
$ in millions | VIEs | VOEs | |||||||||||||||
Cash and cash equivalents of CIP | 576.5 | — | |||||||||||||||
Accounts receivable and other assets of CIP | 0.5 | 9 | |||||||||||||||
Investments of CIP | 538 | 40.1 | |||||||||||||||
Total assets | 1,115.00 | 49.1 | |||||||||||||||
Debt of CIP | 691.2 | — | |||||||||||||||
Other liabilities of CIP | 432.6 | 11.8 | |||||||||||||||
Total liabilities | 1,123.80 | 11.8 | |||||||||||||||
Total equity | (8.8 | ) | 37.3 | ||||||||||||||
Total liabilities and equity | 1,115.00 | 49.1 | |||||||||||||||
During the three months ended June 30, 2014, the company determined that it was no longer the primary beneficiary of a CLO due to a change in the rights held by others. The amounts deconsolidated from the Condensed Consolidated Balance Sheet are illustrated in the table below. There was no net impact to the Condensed Consolidated Statement of Income from the deconsolidation of this CLO. | |||||||||||||||||
Balance Sheet | |||||||||||||||||
$ in millions | Deconsolidated-CLOs-VIEs | ||||||||||||||||
Cash and cash equivalents of CIP | 30.5 | ||||||||||||||||
Accounts receivable and other assets of CIP | 17.6 | ||||||||||||||||
Investments of CIP | 346.5 | ||||||||||||||||
Total assets | 394.6 | ||||||||||||||||
Debt of CIP | 347.9 | ||||||||||||||||
Other liabilities of CIP | 45.7 | ||||||||||||||||
Total liabilities | 393.6 | ||||||||||||||||
Equity | 1 | ||||||||||||||||
Total liabilities and equity | 394.6 | ||||||||||||||||
The following tables reflect the impact of consolidation of investment products into the Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013, and the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||
Summary of Balance Sheet Impact of CIP | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Accounts receivable | — | — | — | (2.8 | ) | (2.8 | ) | ||||||||||
Investments | — | — | — | (63.6 | ) | (63.6 | ) | ||||||||||
Cash and cash equivalents of CIP | 247.1 | 5.4 | 39.9 | — | 292.4 | ||||||||||||
Accounts receivable of CIP | 98.9 | 0.1 | 22.7 | — | 121.7 | ||||||||||||
Investments of CIP | 4,325.20 | 42.4 | 671.2 | (67.4 | ) | 4,971.40 | |||||||||||
Total assets | 4,671.20 | 47.9 | 733.8 | (133.8 | ) | 5,319.10 | |||||||||||
Debt of CIP | 4,407.50 | — | — | (106.0 | ) | 4,301.50 | |||||||||||
Other liabilities of CIP | 200.3 | 1 | 2.5 | (2.8 | ) | 201 | |||||||||||
Total liabilities | 4,607.80 | 1 | 2.5 | (108.8 | ) | 4,502.50 | |||||||||||
Retained earnings | 15.8 | — | — | — | 15.8 | ||||||||||||
Retained earnings appropriated for investors in CIP | 63.3 | — | — | — | 63.3 | ||||||||||||
Accumulated other comprehensive income, net of tax | (15.7 | ) | — | — | — | (15.7 | ) | ||||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 46.9 | 731.3 | (25.0 | ) | 753.2 | |||||||||||
Total liabilities and equity | 4,671.20 | 47.9 | 733.8 | (133.8 | ) | 5,319.10 | |||||||||||
____________ | |||||||||||||||||
-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 funds) or subordinated debt (CLOs) of the funds. | ||||||||||||||||
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 | 12.5 | — | — | — | 12.5 | ||||||||||||
Retained earnings appropriated for investors in CIP | 104.3 | — | — | — | 104.3 | ||||||||||||
Accumulated other comprehensive income, net of tax | (12.7 | ) | — | — | — | (12.7 | ) | ||||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 45.3 | 546.7 | (21.7 | ) | 570.3 | |||||||||||
Total liabilities and equity | 4,835.90 | 46.2 | 549.7 | (113.9 | ) | 5,317.90 | |||||||||||
____________ | |||||||||||||||||
-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 | |||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | 0.1 | — | (8.7 | ) | (8.6 | ) | ||||||||||
Total operating expenses | 8.9 | 0.2 | 1.3 | (8.7 | ) | 1.7 | |||||||||||
Operating income | (8.9 | ) | (0.1 | ) | (1.3 | ) | — | (10.3 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (2.2 | ) | (2.2 | ) | ||||||||||
Interest and dividend income | — | — | — | (0.6 | ) | (0.6 | ) | ||||||||||
Other gains and losses, net | — | — | — | (4.7 | ) | (4.7 | ) | ||||||||||
Interest and dividend income of CIP | 50.1 | — | — | (2.1 | ) | 48 | |||||||||||
Interest expense of CIP | (33.1 | ) | — | — | 2.8 | (30.3 | ) | ||||||||||
Other gains/(losses) of CIP, net | (18.1 | ) | (0.2 | ) | 52.3 | 2.8 | 36.8 | ||||||||||
Income from continuing operations before income taxes | (10.0 | ) | (0.3 | ) | 51 | (4.0 | ) | 36.7 | |||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (10.0 | ) | (0.3 | ) | 51 | (4.0 | ) | 36.7 | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (10.0 | ) | (0.3 | ) | 51 | (4.0 | ) | 36.7 | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 9.8 | 0.3 | (48.8 | ) | — | (38.7 | ) | ||||||||||
Net income attributable to common shareholders | (0.2 | ) | — | 2.2 | (4.0 | ) | (2.0 | ) | |||||||||
Three months ended June 30 , 2013 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | — | 0.4 | (9.4 | ) | (9.0 | ) | ||||||||||
Total operating expenses | 17 | 0.2 | 1.5 | (9.4 | ) | 9.3 | |||||||||||
Operating income | (17.0 | ) | (0.2 | ) | (1.1 | ) | — | (18.3 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (0.8 | ) | (0.8 | ) | ||||||||||
Interest and dividend income | — | — | — | (1.8 | ) | (1.8 | ) | ||||||||||
Interest and dividend income of CIP | 53.1 | — | — | (2.4 | ) | 50.7 | |||||||||||
Interest expense of CIP | (34.8 | ) | — | — | 4.2 | (30.6 | ) | ||||||||||
Other gains/ (losses) of CIP, net | (10.7 | ) | 0.5 | 12.6 | (4.0 | ) | (1.6 | ) | |||||||||
Income from continuing operations before income taxes | (9.4 | ) | 0.3 | 11.5 | (4.8 | ) | (2.4 | ) | |||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (9.4 | ) | 0.3 | 11.5 | (4.8 | ) | (2.4 | ) | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (9.4 | ) | 0.3 | 11.5 | (4.8 | ) | (2.4 | ) | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 9.4 | (0.3 | ) | (10.2 | ) | — | (1.1 | ) | |||||||||
Net income attributable to common shareholders | — | — | 1.3 | (4.8 | ) | (3.5 | ) | ||||||||||
Six months ended June 30, 2014 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | 0.1 | — | (17.1 | ) | (17.0 | ) | ||||||||||
Total operating expenses | 26.8 | 0.5 | 4.1 | (17.1 | ) | 14.3 | |||||||||||
Operating income | (26.8 | ) | (0.4 | ) | (4.1 | ) | — | (31.3 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (3.4 | ) | (3.4 | ) | ||||||||||
Interest and dividend income | — | — | — | (1.5 | ) | (1.5 | ) | ||||||||||
Other gains and losses, net | — | — | — | (4.7 | ) | (4.7 | ) | ||||||||||
Interest and dividend income of CIP | 102 | — | — | (5.7 | ) | 96.3 | |||||||||||
Interest expense of CIP | (67.9 | ) | — | — | 7.3 | (60.6 | ) | ||||||||||
Other gains/(losses) of CIP, net | (47.3 | ) | (1.2 | ) | 103.9 | 7.9 | 63.3 | ||||||||||
Income from continuing operations before income taxes | (40.0 | ) | (1.6 | ) | 99.8 | (0.1 | ) | 58.1 | |||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (40.0 | ) | (1.6 | ) | 99.8 | (0.1 | ) | 58.1 | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (40.0 | ) | (1.6 | ) | 99.8 | (0.1 | ) | 58.1 | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 40 | 1.6 | (96.5 | ) | 0.1 | (54.8 | ) | ||||||||||
Net income attributable to common shareholders | — | — | 3.3 | — | 3.3 | ||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | — | 0.4 | (18.2 | ) | (17.8 | ) | ||||||||||
Total operating expenses | 25.5 | 0.5 | 4 | (18.2 | ) | 11.8 | |||||||||||
Operating income | (25.5 | ) | (0.5 | ) | (3.6 | ) | — | (29.6 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||
Interest and dividend income | — | — | — | (3.7 | ) | (3.7 | ) | ||||||||||
Interest and dividend income of CIP | 106.7 | — | — | (5.7 | ) | 101 | |||||||||||
Interest expense of CIP | (72.7 | ) | — | — | 9.4 | (63.3 | ) | ||||||||||
Other gains/ (losses) of CIP, net | (39.2 | ) | 0.2 | 17.3 | (1.0 | ) | (22.7 | ) | |||||||||
Income from continuing operations before income taxes | (30.7 | ) | (0.3 | ) | 13.7 | (2.2 | ) | (19.5 | ) | ||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (30.7 | ) | (0.3 | ) | 13.7 | (2.2 | ) | (19.5 | ) | ||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (30.7 | ) | (0.3 | ) | 13.7 | (2.2 | ) | (19.5 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 30.8 | 0.3 | (12.0 | ) | — | 19.1 | |||||||||||
Net income attributable to common shareholders | 0.1 | — | 1.7 | (2.2 | ) | (0.4 | ) | ||||||||||
____________ | |||||||||||||||||
-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 June 30, 2014 and December 31, 2013: | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
$ 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 | 4,142.40 | — | 4,142.40 | — | |||||||||||||
Bonds | 106.2 | — | 106.2 | — | |||||||||||||
Equity securities | 9.2 | — | 9.2 | — | |||||||||||||
Private equity fund assets: | |||||||||||||||||
Equity securities | 248.8 | 22.5 | — | 226.3 | |||||||||||||
Debt securities | 0.8 | — | — | 0.8 | |||||||||||||
Investments in other private equity funds | 464 | — | — | 464 | |||||||||||||
Total assets at fair value | 4,971.40 | 22.5 | 4,257.80 | 691.1 | |||||||||||||
Liabilities: | |||||||||||||||||
CLO notes | (4,301.5 | ) | — | — | (4,301.5 | ) | |||||||||||
Total liabilities at fair value | (4,301.5 | ) | — | — | (4,301.5 | ) | |||||||||||
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 | ) | |||||||||||
The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: | |||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | ||||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | |||||||||||||
Beginning balance | 560.7 | (4,762.7 | ) | 500.9 | (4,181.7 | ) | |||||||||||
Purchases | 96.9 | — | 139.6 | — | |||||||||||||
Sales | (18.9 | ) | — | (50.4 | ) | — | |||||||||||
Issuances | — | — | 1.8 | (714.1 | ) | ||||||||||||
Settlements | — | 136.3 | — | 297.7 | |||||||||||||
Deconsolidation of CIP | — | 339 | — | 339 | |||||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 52.4 | (14.1 | ) | 99.2 | (42.4 | ) | |||||||||||
Ending balance | 691.1 | (4,301.5 | ) | 691.1 | (4,301.5 | ) | |||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | |||||||||||||
Beginning balance | 535.1 | (4,221.4 | ) | 602.9 | (3,899.4 | ) | |||||||||||
Purchases | 1.6 | — | 13.3 | — | |||||||||||||
Sales | (29.1 | ) | — | (91.1 | ) | — | |||||||||||
Issuances | 3.8 | — | 3.8 | (405.0 | ) | ||||||||||||
Settlements | — | 208.9 | — | 361.7 | |||||||||||||
Deconsolidation of CIP | (0.1 | ) | — | (18.4 | ) | — | |||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 3.2 | (32.5 | ) | 4.4 | (101.5 | ) | |||||||||||
Transfers to Level 2** | (6.1 | ) | — | (6.1 | ) | — | |||||||||||
Foreign exchange | (0.1 | ) | 0.7 | (0.5 | ) | (0.1 | ) | ||||||||||
Ending balance | 508.3 | (4,044.3 | ) | 508.3 | (4,044.3 | ) | |||||||||||
____________ | |||||||||||||||||
* | Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014 are $51.7 million in net unrealized gains and $81.3 million in net unrealized gains attributable to investments still held at June 30, 2014 by CIP (three and six months ended June 30, 2013: $ 3.0 million in net unrealized gains and $14.0 million net unrealized losses attributable to investments still held at June 30, 2013). | ||||||||||||||||
** | During the six months ended June 30, 2013, $6.1 million of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the public offering of securities in the underlying companies with legal lock-up restrictions in place. For transfers to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. | ||||||||||||||||
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 plus a spread of up to 12.1%, 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 June 30, 2014, the fair value exceeded the unpaid principal balance of the senior secured bank loans and bonds by approximately $0.1 million (December 31, 2013: the unpaid principal balance exceeded the fair value of the senior secured bank loans by approximately $6.3 million). Approximately 0.4% of the collateral assets are in default as of June 30, 2014 (December 31, 2013: 0.8% 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 six months ended June 30, 2014 and the year ended December 31, 2013, 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 and interests in similar investments, the market environment, and 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 2020 and 2026 and have a weighted average maturity of 8.7 years. The notes are issued in various tranches with different risk profiles. The interest rates are generally variable rates based on Libor plus a pre-defined spread, which varies from 0.21% for the more senior tranches to 6.10% for the more subordinated tranches. At June 30, 2014, the outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately $0.1 billion (December 31, 2013: $0.2 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. | |||||||||||||||||
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 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 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 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. | |||||||||||||||||
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 June 30, 2014 and December 31, 2013: | |||||||||||||||||
Assets and Liabilities * | Fair Value at | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | ||||||||||||
30-Jun-14 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Private Equity Funds --Equity Securities | 40 | Market Comparable | Revenue Multiple | 1 - 4x | 3.3x | ||||||||||||
Discount | 25% - 36% | 30.90% | |||||||||||||||
CLO Debt | -4,301.50 | Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 2% | <1yr: 1.1% >1yr: 2.0% | ||||||||||||
Spread over Libor ** | 125 - 739bps | 218 bps | |||||||||||||||
Assets and Liabilities * | Fair Value at | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | ||||||||||||
31-Dec-13 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Private Equity Funds --Equity Securities | 58.7 | Market Comparable | Revenue Multiple | 1 - 5x | 3.0x | ||||||||||||
Discount | n/a | 24.00% | |||||||||||||||
CLO Debt | -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 | |||||||||||||||
____________ | |||||||||||||||||
* | Excluded from the table above are certain equity securities held by consolidated private equity funds valued using recent private market transactions (June 30, 2014: $23.6 million; December 31, 2013: $5.8 million) and third party appraisals (June 30, 2014: $3.7 million; December 31, 2013: none). At June 30, 2014, 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 equity securities and other private equity funds as of June 30, 2014 of $623.8 million (as of December 31, 2013: $442.2 million ) are also excluded from the table above as they are valued using the NAV practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. | ||||||||||||||||
** | Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. | ||||||||||||||||
*** | Assumed default rates listed in the table above apply to CLOs established prior to 2012. A default rate of 1.4% was assumed for CLOs established after January 1, 2012. | ||||||||||||||||
The table below summarizes as of June 30, 2014 and 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: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
in millions, except term data | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | |||||||||||
Private equity fund of funds (1) | $464.00 | $196.80 | 2.0 years | $426.30 | $71.60 | 2.6 years | |||||||||||
Private equity funds (1) | $159.80 | $501.70 | 9.0 years | $15.90 | $80.60 | 8.5 years | |||||||||||
-1 | These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | ||||||||||||||||
-2 | These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. | ||||||||||||||||
The following narrative will indicate the sensitivity of inputs illustrating the impact of significant increases to the inputs. An opposite impact would result 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 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 | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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. | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | ||||||||
Affiliated operating revenues: | ||||||||||||
Investment management fees | 922.7 | 785.8 | 1,779.00 | 1,531.80 | ||||||||
Service and distribution fees | 211.3 | 211.6 | 446.7 | 413.3 | ||||||||
Performance fees | 2.2 | 2.5 | 28.1 | 34 | ||||||||
Other | 28.3 | 27.7 | 61.3 | 52.8 | ||||||||
Total affiliated operating revenues | 1,164.50 | 1,027.60 | 2,315.10 | 2,031.90 | ||||||||
$ in millions | June 30, 2014 | December 31, 2013 | ||||||||||
Affiliated asset balances: | ||||||||||||
Cash and cash equivalents | 408.5 | 447.8 | ||||||||||
Unsettled fund receivables | 273.9 | 315.5 | ||||||||||
Accounts receivable | 304.9 | 298.5 | ||||||||||
Investments | 878.4 | 789.8 | ||||||||||
Assets held for policyholders | 1,539.40 | 1,415.70 | ||||||||||
Other assets | 5.5 | 5.4 | ||||||||||
Total affiliated asset balances | 3,410.60 | 3,272.70 | ||||||||||
Affiliated liability balances: | ||||||||||||
Accrued compensation and benefits | 128.2 | 151.6 | ||||||||||
Accounts payable and accrued expenses | 19.5 | 19.5 | ||||||||||
Unsettled fund payables | 504 | 389.9 | ||||||||||
Total affiliated liability balances | 651.7 | 561 | ||||||||||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
DISCONTINUED OPERATIONS | ' | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||
On December 31, 2013, the company completed the sale of Atlantic Trust Private Wealth Management business ("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. The results of Atlantic Trust, together with expenses and the gain associated with the sale, are reflected as discontinued operations in the Condensed Consolidated Statements of Income and are therefore excluded from the continuing operations of Invesco. Comparative periods shown in the Condensed Consolidated Statements of Income have been adjusted to conform with this presentation. | ||||||||||||
The components of income from discontinued operations, net of tax, were as follows for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | ||||||||
Income (loss) from discontinued operations before income taxes | 0.3 | (7.2 | ) | (2.8 | ) | (0.8 | ) | |||||
Income tax (provision) benefit | (0.1 | ) | 2.6 | 1 | 0.3 | |||||||
Income (loss) from discontinued operations, net of taxes | 0.2 | (4.6 | ) | (1.8 | ) | (0.5 | ) | |||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On July 31, 2014, the company declared a second quarter 2014 dividend of 25.0 cents per share, payable on September 5, 2014, to shareholders of record at the close of business on August 21, 2014 with an ex-dividend date of August 19, 2014. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting and Consolidation | ' |
Basis of Accounting and Consolidation | |
In the opinion of management, the Condensed 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, collateralized loan obligations (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, otherwise, they are considered to be voting interest entities (VOEs). A VIE, in the context of the company and its managed funds, is a fund that does not have sufficient equity to finance its operations without additional subordinated financial support, or a fund for which the risks and rewards of ownership are not directly linked to voting interests. | |
The Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent and all of its controlled subsidiaries. Additionally, the Condensed Consolidated Financial Statements include the consolidation of certain managed funds that meet the definition of a VIE if the company has been deemed to be the primary beneficiary of those funds, any non-VIE general partnership or similar 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, or in certain cases until the time that the company's investment becomes non-substantive. | |
Investment products that are consolidated are referred to in this Report as Consolidated Sponsored Investment Products (CSIP), which generally include consolidated sponsored investment products in which Invesco holds the majority of the voting rights or partnerships in which the company has substantive equity at risk but in which the other investors lack removal or liquidation rights, 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 12, "Consolidated Sponsored Investment Products," and Note 13, "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. | |
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. To the extent that noncontrolling interests represent equity which is redeemable or convertible for cash or other assets at the option of the equity holder, as is the case with the CSIP noncontrolling interests, these are deemed to represent temporary equity, and are classified as equity attributable to redeemable noncontrolling interests in CSIPs in the Condensed Consolidated Balance Sheets. Nonredeemable noncontrolling interests are classified as a component of permanent equity. | |
Use of Estimates | ' |
Use of Estimates | |
In preparing the Condensed 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 Condensed Consolidated Financial Statements. | |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | ' |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02). ASU 2013-02 amends Topic 220 to require an entity to present current period reclassifications out of accumulated other comprehensive income and other amounts of current-period other comprehensive income, separately, for each component of other comprehensive income. ASU 2013-02 also requires an entity to provide information about the effects on net income of significant amounts reclassified out of each component of accumulated other comprehensive income, if those amounts are required under other Topics to be reclassified to net income in their entirety in the same reporting period. The amendments to Topic 220 made by ASU 2013-02 are effective for interim and annual periods beginning on or after December 15, 2012 and are reflected in these Condensed Consolidated Financial Statements. | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is not permitted. The company is currently evaluating the potential impact on its Consolidated Financial Statements, as well as the available transition methods. | |
Fair Value Measurement, Policy [Policy Text Block] | ' |
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. At June 30, 2014 and December 31, 2013, investments in CLOs were valued using third-party pricing information. 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. | |
•Other equity securities | |
Other equity securities consist of investments in publicly-traded equity securities. These securities are valued under the market approach through the 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. | |
•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 equities | |
The company temporarily holds investments in corporate equities for purposes of creating a UIT. Corporate equities are valued under the market approach through use of quoted prices on an exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. | |
UITs | |
The company may hold units of its sponsored UITs at period-end for sale in the primary market or secondary market. Equity UITs are valued under the market approach through use of quoted prices on an exchange. Fixed income UITs are valued using recently executed transaction prices, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturities as the underlying bonds. If the spread data does not reference the issuers, then data that references comparable issuers is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond or single name credit default spreads, and recovery rates based on collateral value as key inputs. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | |
Municipal securities | |
Municipal securities are valued using recently executed transaction prices, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturities as the underlying bonds. If the spread data does not reference the issuers, then data that references comparable issuers is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond or single name credit default spreads, and recovery rates based on collateral value as key inputs. Depending on the nature of the inputs, these investments are categorized as level 1, 2, or 3. | |
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 Condensed Consolidated Statements of Income in other revenue, along with the mark-to-market on the underlying trading securities held. Fair values of derivative contracts in an asset position are included in other assets in the company’s Condensed Consolidated Balance Sheets. Fair values of derivative contracts in a liability position are included in other liabilities in the company’s Condensed Consolidated Balance Sheets. These derivative contracts are valued under the market approach through use of quoted prices in an active market and are classified within level 1 of the valuation hierarchy. At June 30, 2014 there were 9 futures contracts with a notional value of $1.2 million (December 31, 2013: 2 open futures contracts with a notional value of $0.3 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 Condensed Consolidated Balance Sheets. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. |
Fair_Value_Of_Assets_And_Liabi1
Fair Value Of Assets And Liabilities (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||
Fair Value By Balance Sheet Grouping | ' | |||||||||||||||||
The carrying value and fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CSIP and CIP is presented in Note 12, "Consolidated Sponsored Investment Products" and Note 13, "Consolidated Investment Products," respectively. | ||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||
$ in millions | Footnote Reference | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Cash and cash equivalents | 1,196.00 | 1,196.00 | 1,331.20 | 1,331.20 | ||||||||||||||
Available-for-sale investments | 3 | 293.7 | 293.7 | 244.1 | 244.1 | |||||||||||||
Trading investments | 3 | 278.2 | 278.2 | 253 | 253 | |||||||||||||
Foreign time deposits * | 3 | 28.4 | 28.4 | 28.8 | 28.8 | |||||||||||||
Assets held for policyholders | 1,539.90 | 1,539.90 | 1,416.00 | 1,416.00 | ||||||||||||||
Policyholder payables * | (1,539.9 | ) | (1,539.9 | ) | (1,416.0 | ) | (1,416.0 | ) | ||||||||||
UIT-related financial instruments sold, not yet purchased | (1.9 | ) | (1.9 | ) | (1.7 | ) | (1.7 | ) | ||||||||||
Note payable | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | ||||||||||
Long-term debt * | 4 | (1,588.9 | ) | (1,666.4 | ) | (1,588.6 | ) | (1,544.7 | ) | |||||||||
____________ | ||||||||||||||||||
* | These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes or most recently filed Form 10-K 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 Condensed Consolidated Balance Sheet as of June 30, 2014: | ||||||||||||||||||
As of June 30, 2014 | ||||||||||||||||||
$ 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 | 408.5 | 408.5 | — | — | ||||||||||||||
Investments:* | ||||||||||||||||||
Available-for-sale: | ||||||||||||||||||
Seed money | 283.3 | 283.3 | — | — | ||||||||||||||
CLOs | 4.1 | — | — | 4.1 | ||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | ||||||||||||||
Trading investments: | ||||||||||||||||||
Investments related to deferred compensation plans | 246.9 | 246.9 | — | — | ||||||||||||||
Other equity securities | 25.8 | 25.8 | — | — | ||||||||||||||
UIT-related equity and debt securities: | ||||||||||||||||||
Corporate equities | 1.9 | 1.9 | — | — | ||||||||||||||
UITs | 0.7 | 0.7 | — | — | ||||||||||||||
Municipal securities | 2.9 | — | 2.9 | — | ||||||||||||||
Assets held for policyholders | 1,539.90 | 1,539.90 | — | — | ||||||||||||||
Total | 2,520.30 | 2,507.00 | 2.9 | 10.4 | ||||||||||||||
Liabilities: | ||||||||||||||||||
UIT-related financial instruments sold, not yet purchased: | ||||||||||||||||||
Corporate equities | (1.9 | ) | (1.9 | ) | — | — | ||||||||||||
Note payable | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||
Total | (2.2 | ) | (1.9 | ) | — | (0.3 | ) | |||||||||||
____________ | ||||||||||||||||||
* | Foreign time deposits of $28.4 million are excluded from this table. Equity and other investments of $313.2 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 Condensed 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 equities | 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. | |||||||||||||||||
Reconciliation of Balance, Fair Value Measurement, Level 3 | ' | |||||||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and six months ended June 30, 2014 and June 30, 2013, which are valued using significant unobservable inputs: | ||||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 4.3 | 6.3 | (0.3 | ) | 4 | 6.3 | (0.3 | ) | ||||||||||
Returns of capital | — | — | — | (0.2 | ) | — | — | |||||||||||
Net unrealized gains and losses included in other gains and losses* | — | — | — | — | — | — | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | (0.2 | ) | — | — | 0.3 | — | — | |||||||||||
Ending balance | 4.1 | 6.3 | (0.3 | ) | 4.1 | 6.3 | (0.3 | ) | ||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||
$ in millions | CLOs | Other Debt Securities | Note Payable | CLOs | Other Debt Securities | Note Payable | ||||||||||||
Beginning balance | 2.4 | 6.3 | (2.4 | ) | 2.4 | 6.3 | (3.4 | ) | ||||||||||
Settlements | (0.1 | ) | — | 1 | (0.1 | ) | — | 1.7 | ||||||||||
Net unrealized gains and losses included in other gains and losses* | — | — | — | — | — | 0.1 | ||||||||||||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss)* | 0.1 | — | — | 0.1 | — | — | ||||||||||||
Foreign exchange gains/(losses) | — | — | 0.2 | — | — | 0.4 | ||||||||||||
Ending balance | 2.4 | 6.3 | (1.2 | ) | 2.4 | 6.3 | (1.2 | ) | ||||||||||
_______________ | ||||||||||||||||||
* These unrealized gains and losses are attributable to balances still held at the respective period ends. |
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||
$ in millions | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Available-for-sale investments: | ||||||||||||||||||||||||
Seed money | 283.3 | 233.8 | ||||||||||||||||||||||
CLOs | 4.1 | 4 | ||||||||||||||||||||||
Other debt securities | 6.3 | 6.3 | ||||||||||||||||||||||
Trading investments: | ||||||||||||||||||||||||
Investments related to deferred compensation plans | 246.9 | 249.7 | ||||||||||||||||||||||
Other equity securities | 25.8 | — | ||||||||||||||||||||||
UIT-related equity and debt securities | 5.5 | 3.3 | ||||||||||||||||||||||
Equity method investments | 313.2 | 308.2 | ||||||||||||||||||||||
Foreign time deposits | 28.4 | 28.8 | ||||||||||||||||||||||
Other | 5.6 | 5.6 | ||||||||||||||||||||||
Total investments | 919.1 | 839.7 | ||||||||||||||||||||||
Realized Gains Losses Available-For-Sale Securities | ' | |||||||||||||||||||||||
Realized gains and losses recognized in the Condensed Consolidated Statements of Income during the period from investments classified as available-for-sale are as follows: | ||||||||||||||||||||||||
For the three months ended June 30, 2014 | For the six months ended June 30, 2014 | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | 64.7 | 8.2 | (0.1 | ) | 74.9 | 11 | (0.2 | ) | ||||||||||||||||
CLOs | — | — | — | 0.2 | — | — | ||||||||||||||||||
For the three months ended June 30, 2013 | For the six months ended June 30, 2013 | |||||||||||||||||||||||
$ in millions | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | Proceeds from Sales | Gross Realized Gains | Gross Realized Losses | ||||||||||||||||||
Seed money | — | — | — | 22.9 | 1.7 | (0.3 | ) | |||||||||||||||||
CLOs | — | — | — | 0.1 | — | — | ||||||||||||||||||
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: | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
$ 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 | 265.3 | 18.7 | (0.7 | ) | 283.3 | 215.7 | 19 | (0.9 | ) | 233.8 | ||||||||||||||
CLOs | 3.6 | 0.5 | — | 4.1 | 3.8 | 0.2 | — | 4 | ||||||||||||||||
Other debt securities | 6.3 | — | — | 6.3 | 6.3 | — | — | 6.3 | ||||||||||||||||
275.2 | 19.2 | (0.7 | ) | 293.7 | 225.8 | 19.2 | (0.9 | ) | 244.1 | |||||||||||||||
Breakdown Of Available-For-Sale Investments with Unrealized Losses | ' | |||||||||||||||||||||||
At June 30, 2014, 112 seed money funds (December 31, 2013: 149 seed money funds) included gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
$ in millions | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 13.9 | (0.3 | ) | 69 | (0.8 | ) | ||||||||||||||||||
12 months or greater | 3.2 | (0.4 | ) | 0.2 | (0.1 | ) | ||||||||||||||||||
Total | 17.1 | (0.7 | ) | 69.2 | (0.9 | ) | ||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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 13, “Consolidated Investment Products.” | ||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||
Unsecured Senior Notes*: | ||||||||||||
$600 million 3.125% - due November 30, 2022 | 599.6 | 593.5 | 599.6 | 551.5 | ||||||||
$600 million 4.000% - due January 30, 2024 | 596 | 629.2 | 595.8 | 593.2 | ||||||||
$400 million 5.375% - due November 30, 2043 | 393.3 | 443.7 | 393.2 | 400 | ||||||||
Long-term debt | 1,588.90 | 1,666.40 | 1,588.60 | 1,544.70 | ||||||||
____________ | ||||||||||||
* | 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 issuer of the senior notes is an indirect 100% owned finance subsidiary of Invesco Ltd. (the Parent), and the Parent fully and unconditionally guaranteed the securities. The requirement of certain subsidiaries of ours to maintain minimum levels of capital and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. | ||||||||||||
The fair 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 | ' | |||||||||||
At June 30, 2014, the company's outstanding debt of $1,588.9 million matures in periods greater than five years from the balance sheet date. | ||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | |||||||||||
At June 30, 2014, the outstanding balance on the $1.25 billion credit facility was zero (December 31, 2013: zero). The credit facility has a maturity of December 17, 2018. 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 June 30, 2014 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 the company or its indirect subsidiary Invesco Finance PLC. Based on credit ratings as of June 30, 2014, 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 $36.1 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. |
Share_Capital_Tables
Share Capital (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Equity [Abstract] | ' | |||||
Movements In Shares Issued And Outstanding | ' | |||||
The number of common shares and common share equivalents issued are represented in the table below: | ||||||
In millions | Six months ended June 30, 2014 | Six months ended June 30, 2013 | ||||
Common shares issued | 490.4 | 490.4 | ||||
Less: Treasury shares for which dividend and voting rights do not apply | (58.7 | ) | (47.6 | ) | ||
Common shares outstanding | 431.7 | 442.8 | ||||
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/(Loss) (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||
The components of accumulated other comprehensive income/(loss) were as follows: | |||||||||||||||
For the three months ended June 30, 2014 | |||||||||||||||
$ 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 | 130.5 | — | — | — | 130.5 | ||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (2.2 | ) | — | — | (2.2 | ) | ||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 0.6 | — | — | 0.6 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 3.2 | — | 3.2 | ||||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 6.8 | 6.8 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (8.1 | ) | (8.1 | ) | ||||||||
Other comprehensive income/(loss) before tax | 130.5 | (2.0 | ) | 3.2 | (1.3 | ) | 130.4 | ||||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | 0.4 | — | — | 0.4 | ||||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.1 | — | — | 0.1 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2 | 2 | ||||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (2.7 | ) | (2.7 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | — | 0.4 | — | (0.7 | ) | (0.3 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 439.7 | (78.1 | ) | 2.2 | 16.1 | 379.9 | |||||||||
Other comprehensive income/(loss), net of tax: | 130.5 | (1.6 | ) | 3.2 | (2.0 | ) | 130.1 | ||||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | (0.1 | ) | — | — | — | (0.1 | ) | ||||||||
Ending balance | 570.1 | (79.7 | ) | 5.4 | 14.1 | 509.9 | |||||||||
For the six months ended June 30, 2014 | |||||||||||||||
$ 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 | 77.3 | — | — | — | 77.3 | ||||||||||
Actuarial (loss)/gain related to employee benefit plans | — | (2.6 | ) | — | — | (2.6 | ) | ||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (0.9 | ) | — | — | (0.9 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 1.2 | — | — | 1.2 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | 7.2 | — | 7.2 | ||||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 11 | 11 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (10.8 | ) | (10.8 | ) | ||||||||
Other comprehensive income/(loss) before tax | 77.3 | (2.3 | ) | 7.2 | 0.2 | 82.4 | |||||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | 0.5 | — | — | 0.5 | ||||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.2 | — | — | 0.2 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.2 | ) | — | — | (0.2 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | 2.2 | 2.2 | ||||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (3.4 | ) | (3.4 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | — | 0.5 | — | (1.2 | ) | (0.7 | ) | ||||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 492.5 | (77.9 | ) | (1.8 | ) | 15.1 | 427.9 | ||||||||
Other comprehensive income/(loss), net of tax: | 77.3 | (1.8 | ) | 7.2 | (1.0 | ) | 81.7 | ||||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | 0.3 | — | — | — | 0.3 | ||||||||||
Ending balance | 570.1 | (79.7 | ) | 5.4 | 14.1 | 509.9 | |||||||||
For the three months ended June 30, 2013 | |||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||
Other comprehensive income/(loss) before tax: | |||||||||||||||
Currency translation differences on investments in foreign subsidiaries* | (94.3 | ) | — | — | — | (94.3 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 0.3 | — | — | 0.3 | ||||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 0.7 | — | — | 0.7 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | (0.3 | ) | (0.3 | ) | ||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | — | — | ||||||||||
Other comprehensive income/(loss) before tax | (94.3 | ) | 0.5 | (1.3 | ) | (0.3 | ) | (95.4 | ) | ||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.1 | — | — | 0.1 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.1 | ) | — | — | (0.1 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.8 | ) | (0.8 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | — | — | ||||||||||
Total income tax benefit(expense) related to items of other comprehensive income | (0.3 | ) | (0.1 | ) | — | (0.8 | ) | (1.2 | ) | ||||||
Accumulated other comprehensive income/(loss), net of tax: | |||||||||||||||
Beginning balance | 398 | (74.2 | ) | 1.8 | 8.9 | 334.5 | |||||||||
Other comprehensive income/(loss), net of tax: | (94.6 | ) | 0.4 | (1.3 | ) | (1.1 | ) | (96.6 | ) | ||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | 6 | — | — | — | 6 | ||||||||||
Ending balance | 309.4 | (73.8 | ) | 0.5 | 7.8 | 243.9 | |||||||||
__________________ | |||||||||||||||
* | Included in this amount are net losses of $6.0 million for the three months ended June 30, 2013 related to foreign currency translation adjustments attributable to CIP. Of this amount, gross losses of $0.3 million were reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP. | ||||||||||||||
For the six months ended June 30, 2013 | |||||||||||||||
$ in millions | Foreign currency translation | Employee benefit plans | Equity method investments | Available-for-sale investments | Total | ||||||||||
Other comprehensive income/(loss) before tax: | |||||||||||||||
Currency translation differences on investments in foreign subsidiaries* | (303.9 | ) | — | — | — | (303.9 | ) | ||||||||
Actuarial (loss)/gain related to employee benefit plans | — | 6.8 | — | — | 6.8 | ||||||||||
Reclassification of amortization of prior service cost/(credit) into employee compensation expenses | — | (1.0 | ) | — | — | (1.0 | ) | ||||||||
Reclassification of amortization of actuarial (gain)/loss into employee compensation expenses | — | 1.4 | — | — | 1.4 | ||||||||||
Share of other comprehensive income/(loss) of equity method investments | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||
Unrealized(losses)/gains on available-for-sale investments | — | — | — | 4 | 4 | ||||||||||
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | — | — | — | (1.4 | ) | (1.4 | ) | ||||||||
Other comprehensive income/(loss) before tax | (303.9 | ) | 7.2 | (1.6 | ) | 2.6 | (295.7 | ) | |||||||
Income tax related to items of other comprehensive income/(loss): | |||||||||||||||
Tax benefit/(expenses) on foreign currency translation differences | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||
Tax on actuarial (loss)/gain related to employee benefit plans | — | (1.5 | ) | — | — | (1.5 | ) | ||||||||
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | — | 0.2 | — | — | 0.2 | ||||||||||
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||
Tax on net unrealized gains/(losses) on available-for-sale investments | — | — | — | (0.6 | ) | (0.6 | ) | ||||||||
Reclassification of tax on net (gains)/losses on available-for-sale investments | — | — | — | (0.3 | ) | (0.3 | ) | ||||||||
Total income tax benefit(expense) related to items of other comprehensive income | (1.1 | ) | (1.6 | ) | — | (0.9 | ) | (3.6 | ) | ||||||
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: | (305.0 | ) | 5.6 | (1.6 | ) | 1.7 | (299.3 | ) | |||||||
Other comprehensive (income)/loss attributable to noncontrolling interests | 12.7 | — | — | — | 12.7 | ||||||||||
Ending balance | 309.4 | (73.8 | ) | 0.5 | 7.8 | 243.9 | |||||||||
__________________ | |||||||||||||||
* | Included in this amount are net losses of $12.7 million for the six months ended June 30, 2013 related to foreign currency translation adjustments attributable to CIP. None of this amount was reclassified from accumulated other comprehensive income into retained earnings appropriated for investors in CIP for the six months ended June 30, 2013. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Changes In Share Options Awards | ' | ||||||||||||||
Changes in outstanding share option awards are as follows: | |||||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||
Millions of shares, except prices | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | |||||||||||
(£ Sterling) | (£ Sterling) | ||||||||||||||
Outstanding at the beginning of period | 1.1 | 7.32 | 2.6 | 7.31 | |||||||||||
Exercised during the period | (0.4 | ) | 6.74 | (0.9 | ) | 7.27 | |||||||||
Outstanding at the end of the period | 0.7 | 7.64 | 1.7 | 7.33 | |||||||||||
Exercisable at the end of the period | 0.7 | 7.64 | 1.7 | 7.33 | |||||||||||
United States of America, Dollars | ' | ||||||||||||||
Movements Of Share Awards | ' | ||||||||||||||
Movements on share awards priced in U.S. dollars during the periods ended June 30, are detailed below: | |||||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||
Millions of shares, except fair values | Time- Vested | Performance- Vested | Weighted Average Grant Date Fair Value ($) | Time- Vested | Performance- Vested | ||||||||||
Unvested at the beginning of period | 13.9 | 0.4 | 25 | 16.5 | 0.3 | ||||||||||
Granted during the period | 4.2 | 0.2 | 34.31 | 5.1 | 0.2 | ||||||||||
Forfeited during the period | (0.9 | ) | — | 23.42 | (0.2 | ) | — | ||||||||
Vested and distributed during the period | (5.2 | ) | (0.1 | ) | 24.14 | (6.5 | ) | (0.1 | ) | ||||||
Unvested at the end of the period | 12 | 0.5 | 28.79 | 14.9 | 0.4 | ||||||||||
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 six months ended June 30, are detailed below: | |||||||||||||||
For the six months ended June 30, 2014 | For the six months ended June 30, 2013 | ||||||||||||||
Millions of shares, except fair values | Time-Vested | Weighted Average Grant Date Fair Value (£ Sterling) | Time-Vested | ||||||||||||
Unvested at the beginning of period | 0.1 | 12.9 | 0.3 | ||||||||||||
Forfeited during the period | — | — | — | ||||||||||||
Vested and distributed during the period | (0.1 | ) | 12.9 | (0.2 | ) | ||||||||||
Unvested at the end of the period | — | — | 0.1 | ||||||||||||
Retirement_Benefit_Plans_Table
Retirement Benefit Plans (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||||||||||
Schedule of defined benefit plans | ' | |||||||||||||||||||||||
The components of net periodic benefit cost in respect of these defined benefit plans are as follows: | ||||||||||||||||||||||||
Retirement Plans | Medical Plan | |||||||||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Service cost | (1.1 | ) | (1.1 | ) | (2.2 | ) | (2.2 | ) | — | (0.1 | ) | (0.1 | ) | (0.2 | ) | |||||||||
Interest cost | (4.7 | ) | (4.9 | ) | (9.5 | ) | (9.8 | ) | (0.5 | ) | (0.5 | ) | (1.0 | ) | (1.0 | ) | ||||||||
Expected return on plan assets | 4.7 | 4.4 | 9.3 | 8.8 | 0.1 | 0.1 | 0.3 | 0.2 | ||||||||||||||||
Amortization of prior service cost/(credit) | (0.1 | ) | — | (0.1 | ) | — | 0.5 | 0.5 | 1 | 1 | ||||||||||||||
Amortization of net actuarial gain/(loss) | (0.5 | ) | (0.6 | ) | (1.0 | ) | (1.2 | ) | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.2 | ) | ||||||||
Net periodic benefit cost | (1.7 | ) | (2.2 | ) | (3.5 | ) | (4.4 | ) | — | (0.1 | ) | — | (0.2 | ) | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation Of Earnings Per Share | ' | |||||||||||||||
The calculation of earnings per share is as follows: | ||||||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
In millions, except per share data | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from continuing operations, net of taxes | $316.60 | $208.30 | $525.40 | $403.80 | ||||||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (42.3 | ) | (1.1 | ) | (61.3 | ) | 21.5 | |||||||||
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 274.3 | 207.2 | 464.1 | 425.3 | ||||||||||||
Income/(loss) from discontinued operations, net of taxes | 0.2 | (4.6 | ) | (1.8 | ) | (0.5 | ) | |||||||||
Net income attributable to common shareholders | $274.50 | $202.60 | $462.30 | $424.80 | ||||||||||||
Weighted average shares outstanding - basic | 435.7 | 449.1 | 436.2 | 448.5 | ||||||||||||
Dilutive effect of share-based awards | 0.7 | 1 | 0.7 | 1.1 | ||||||||||||
Weighted average shares outstanding - diluted | 436.4 | 450.1 | 436.9 | 449.6 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.63 | $0.46 | $1.06 | $0.95 | ||||||||||||
Earnings per share from discontinued operations | $— | ($0.01 | ) | $— | $— | |||||||||||
Basic earnings per share | $0.63 | $0.45 | $1.06 | $0.95 | ||||||||||||
Diluted earnings per share: | ||||||||||||||||
Earnings per share from continuing operations | $0.63 | $0.46 | $1.06 | $0.95 | ||||||||||||
Earnings per share from discontinued operations | $— | ($0.01 | ) | $— | $— | |||||||||||
Diluted earnings per share | $0.63 | $0.45 | $1.06 | $0.94 | ||||||||||||
CSIP_Tables
CSIP (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Schedule of Investments [Abstract] | ' | ||||||||||||
Balances Related To CSIP | ' | ||||||||||||
The following table presents the balances related to CSIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interests in CSIP for each period presented. | |||||||||||||
$ in millions | June 30, 2014 | December 31, 2013 | |||||||||||
Investments of CSIP | 306.4 | 93.2 | |||||||||||
Cash and cash equivalents of CSIP | 13.7 | 12.7 | |||||||||||
Accounts receivable and other assets of CSIP | 6.7 | 2.6 | |||||||||||
Assets of CSIP | 326.8 | 108.5 | |||||||||||
Other liabilities of CSIP | (7.7 | ) | (4.7 | ) | |||||||||
Equity attributable to redeemable noncontrolling interests | (155.0 | ) | — | ||||||||||
Equity attributable to nonredeemable noncontrolling interests | (17.7 | ) | (12.0 | ) | |||||||||
Invesco's net interests in CSIP | 146.4 | 91.8 | |||||||||||
Invesco's net economic interests as a percentage of investments of CSIP | 47.8 | % | 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 tables present the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of June 30, 2014, and December 31, 2013: | |||||||||||||
As of June 30, 2014 | |||||||||||||
$ in millions | Fair | Quoted Prices | Significant | Significant | |||||||||
Value | in Active Markets | Other | Unobservable | ||||||||||
Measurements | for Identical Assets | Observable | Inputs | ||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||
(Level 2) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 186 | 72.2 | 113.8 | — | |||||||||
Equity securities | 29.6 | 29.6 | — | — | |||||||||
Investments in fixed income funds* | 66.7 | 66.7 | — | — | |||||||||
Investments in other private equity funds* | 24.1 | — | — | 24.1 | |||||||||
Total investments at fair value | 306.4 | 168.5 | 113.8 | 24.1 | |||||||||
As of December 31, 2013 | |||||||||||||
$ in millions | Fair | Quoted Prices | Significant | Significant | |||||||||
Value | in Active Markets | Other | Unobservable | ||||||||||
Measurements | for Identical Assets | Observable | Inputs | ||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||
(Level2) | |||||||||||||
Investments: | |||||||||||||
Fixed income securities | 43.2 | — | 43.2 | — | |||||||||
Equity securities | 27.8 | 27.8 | — | — | |||||||||
Investments in fixed income funds* | 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 fixed income funds 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 13, "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. | ||||||||||||
The tables below summarizes as of June 30, 2014 and 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: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Fair Value | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
($ in millions) | |||||||||||||
Fixed income funds | $66.70 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $24.10 | $30.80 | 7.6 years | n/a (2) | n/a(2) | ||||||||
As of December 31, 2013 | |||||||||||||
Fair Value | Total Unfunded Commitments ($ in millions) | Weighted Average Remaining Term (1) | Redemption Frequency | Redemption Notice Period | |||||||||
($ in millions) | |||||||||||||
Fixed income funds | $6.00 | $— | n/a | Monthly | 10 days | ||||||||
Private equity fund of funds | $16.20 | $35.60 | 8.5 years | n/a (2) | n/a (2) | ||||||||
__________________ | |||||||||||||
(1) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. | |||||||||||||
(2) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | |||||||||||||
Reconciliation of Significant Unobservable Inputs | ' | ||||||||||||
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs for the three and six months ended June 30, 2014 (three and six months ended June 30, 2013: none): | |||||||||||||
$ in millions | Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||
Beginning balance | 19.5 | 16.2 | |||||||||||
Purchases | 1.8 | 4 | |||||||||||
Sales | — | (0.4 | ) | ||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 2.8 | 4.3 | |||||||||||
Ending balance | 24.1 | 24.1 | |||||||||||
__________________ | |||||||||||||
* | Included in other income/(loss) of CSIP, net, in the Consolidated Statement of Income for the three and six months ended June 30, 2014 are $2.8 million and $4.3 million in net unrealized gains attributable to investments still held at June 30, 2014. |
Consolidated_Investment_Produc1
Consolidated Investment Products (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Consolidated Investment Products [Abstract] | ' | ||||||||||||||||
Balances Related To CIP | ' | ||||||||||||||||
The following table presents the balances related to CIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. | |||||||||||||||||
As of | |||||||||||||||||
$ in millions | June 30, 2014 | December 31, 2013 | |||||||||||||||
Cash and cash equivalents of CIP | 292.4 | 583.6 | |||||||||||||||
Investments of CIP | 4,971.40 | 4,734.70 | |||||||||||||||
Accounts receivable and other assets of CIP | 121.7 | 58.3 | |||||||||||||||
Less: Debt of CIP | (4,301.5 | ) | (4,181.7 | ) | |||||||||||||
Less: Other liabilities of CIP | (201.0 | ) | (461.8 | ) | |||||||||||||
Less: Retained earnings (1) | (15.8 | ) | (12.5 | ) | |||||||||||||
Less: Retained earnings appropriated for investors in CIP | (63.3 | ) | (104.3 | ) | |||||||||||||
Less: Accumulated other comprehensive income, net of tax (1) | 15.7 | 12.7 | |||||||||||||||
Less: Equity attributable to nonredeemable noncontrolling interests | (753.2 | ) | (570.3 | ) | |||||||||||||
Invesco's net interests in CIP | 66.4 | 58.7 | |||||||||||||||
Invesco's net economic interests as a percentage of investments of CIP | 1.3 | % | 1.2 | % | |||||||||||||
____________ | |||||||||||||||||
-1 | These amounts reflect 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. | ||||||||||||||||
Company's Maximum Risk Of Loss In Significant VIE's | ' | ||||||||||||||||
At June 30, 2014, 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 | 4.1 | 4.1 | ||||||||||||||
Partnership and trust investments | 17 | 17 | |||||||||||||||
Investments in Invesco Mortgage Capital Inc. | 30.6 | 30.6 | |||||||||||||||
Total | 51.7 | ||||||||||||||||
VIE Balance Sheets Consolidated In Period | ' | ||||||||||||||||
Balance Sheet information - newly consolidated VIEs/VOEs | |||||||||||||||||
For the six months ended June 30, 2014 | |||||||||||||||||
$ in millions | VIEs | VOEs | |||||||||||||||
Cash and cash equivalents of CIP | 576.5 | — | |||||||||||||||
Accounts receivable and other assets of CIP | 0.5 | 9 | |||||||||||||||
Investments of CIP | 538 | 40.1 | |||||||||||||||
Total assets | 1,115.00 | 49.1 | |||||||||||||||
Debt of CIP | 691.2 | — | |||||||||||||||
Other liabilities of CIP | 432.6 | 11.8 | |||||||||||||||
Total liabilities | 1,123.80 | 11.8 | |||||||||||||||
Total equity | (8.8 | ) | 37.3 | ||||||||||||||
Total liabilities and equity | 1,115.00 | 49.1 | |||||||||||||||
Balance Sheets Deconsolidated in Period [Table Text Block] | ' | ||||||||||||||||
During the three months ended June 30, 2014, the company determined that it was no longer the primary beneficiary of a CLO due to a change in the rights held by others. The amounts deconsolidated from the Condensed Consolidated Balance Sheet are illustrated in the table below. There was no net impact to the Condensed Consolidated Statement of Income from the deconsolidation of this CLO. | |||||||||||||||||
Balance Sheet | |||||||||||||||||
$ in millions | Deconsolidated-CLOs-VIEs | ||||||||||||||||
Cash and cash equivalents of CIP | 30.5 | ||||||||||||||||
Accounts receivable and other assets of CIP | 17.6 | ||||||||||||||||
Investments of CIP | 346.5 | ||||||||||||||||
Total assets | 394.6 | ||||||||||||||||
Debt of CIP | 347.9 | ||||||||||||||||
Other liabilities of CIP | 45.7 | ||||||||||||||||
Total liabilities | 393.6 | ||||||||||||||||
Equity | 1 | ||||||||||||||||
Total liabilities and equity | 394.6 | ||||||||||||||||
Condensed Consolidating Balance Sheet [Table Text Block] | ' | ||||||||||||||||
Summary of Balance Sheet Impact of CIP | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Accounts receivable | — | — | — | (2.8 | ) | (2.8 | ) | ||||||||||
Investments | — | — | — | (63.6 | ) | (63.6 | ) | ||||||||||
Cash and cash equivalents of CIP | 247.1 | 5.4 | 39.9 | — | 292.4 | ||||||||||||
Accounts receivable of CIP | 98.9 | 0.1 | 22.7 | — | 121.7 | ||||||||||||
Investments of CIP | 4,325.20 | 42.4 | 671.2 | (67.4 | ) | 4,971.40 | |||||||||||
Total assets | 4,671.20 | 47.9 | 733.8 | (133.8 | ) | 5,319.10 | |||||||||||
Debt of CIP | 4,407.50 | — | — | (106.0 | ) | 4,301.50 | |||||||||||
Other liabilities of CIP | 200.3 | 1 | 2.5 | (2.8 | ) | 201 | |||||||||||
Total liabilities | 4,607.80 | 1 | 2.5 | (108.8 | ) | 4,502.50 | |||||||||||
Retained earnings | 15.8 | — | — | — | 15.8 | ||||||||||||
Retained earnings appropriated for investors in CIP | 63.3 | — | — | — | 63.3 | ||||||||||||
Accumulated other comprehensive income, net of tax | (15.7 | ) | — | — | — | (15.7 | ) | ||||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 46.9 | 731.3 | (25.0 | ) | 753.2 | |||||||||||
Total liabilities and equity | 4,671.20 | 47.9 | 733.8 | (133.8 | ) | 5,319.10 | |||||||||||
____________ | |||||||||||||||||
-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 funds) or subordinated debt (CLOs) of the funds. | ||||||||||||||||
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 | 12.5 | — | — | — | 12.5 | ||||||||||||
Retained earnings appropriated for investors in CIP | 104.3 | — | — | — | 104.3 | ||||||||||||
Accumulated other comprehensive income, net of tax | (12.7 | ) | — | — | — | (12.7 | ) | ||||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | — | 45.3 | 546.7 | (21.7 | ) | 570.3 | |||||||||||
Total liabilities and equity | 4,835.90 | 46.2 | 549.7 | (113.9 | ) | 5,317.90 | |||||||||||
____________ | |||||||||||||||||
-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 | |||||||||||||||||
Three months ended June 30, 2014 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | 0.1 | — | (8.7 | ) | (8.6 | ) | ||||||||||
Total operating expenses | 8.9 | 0.2 | 1.3 | (8.7 | ) | 1.7 | |||||||||||
Operating income | (8.9 | ) | (0.1 | ) | (1.3 | ) | — | (10.3 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (2.2 | ) | (2.2 | ) | ||||||||||
Interest and dividend income | — | — | — | (0.6 | ) | (0.6 | ) | ||||||||||
Other gains and losses, net | — | — | — | (4.7 | ) | (4.7 | ) | ||||||||||
Interest and dividend income of CIP | 50.1 | — | — | (2.1 | ) | 48 | |||||||||||
Interest expense of CIP | (33.1 | ) | — | — | 2.8 | (30.3 | ) | ||||||||||
Other gains/(losses) of CIP, net | (18.1 | ) | (0.2 | ) | 52.3 | 2.8 | 36.8 | ||||||||||
Income from continuing operations before income taxes | (10.0 | ) | (0.3 | ) | 51 | (4.0 | ) | 36.7 | |||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (10.0 | ) | (0.3 | ) | 51 | (4.0 | ) | 36.7 | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (10.0 | ) | (0.3 | ) | 51 | (4.0 | ) | 36.7 | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 9.8 | 0.3 | (48.8 | ) | — | (38.7 | ) | ||||||||||
Net income attributable to common shareholders | (0.2 | ) | — | 2.2 | (4.0 | ) | (2.0 | ) | |||||||||
Three months ended June 30 , 2013 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | — | 0.4 | (9.4 | ) | (9.0 | ) | ||||||||||
Total operating expenses | 17 | 0.2 | 1.5 | (9.4 | ) | 9.3 | |||||||||||
Operating income | (17.0 | ) | (0.2 | ) | (1.1 | ) | — | (18.3 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (0.8 | ) | (0.8 | ) | ||||||||||
Interest and dividend income | — | — | — | (1.8 | ) | (1.8 | ) | ||||||||||
Interest and dividend income of CIP | 53.1 | — | — | (2.4 | ) | 50.7 | |||||||||||
Interest expense of CIP | (34.8 | ) | — | — | 4.2 | (30.6 | ) | ||||||||||
Other gains/ (losses) of CIP, net | (10.7 | ) | 0.5 | 12.6 | (4.0 | ) | (1.6 | ) | |||||||||
Income from continuing operations before income taxes | (9.4 | ) | 0.3 | 11.5 | (4.8 | ) | (2.4 | ) | |||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (9.4 | ) | 0.3 | 11.5 | (4.8 | ) | (2.4 | ) | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (9.4 | ) | 0.3 | 11.5 | (4.8 | ) | (2.4 | ) | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 9.4 | (0.3 | ) | (10.2 | ) | — | (1.1 | ) | |||||||||
Net income attributable to common shareholders | — | — | 1.3 | (4.8 | ) | (3.5 | ) | ||||||||||
Six months ended June 30, 2014 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | 0.1 | — | (17.1 | ) | (17.0 | ) | ||||||||||
Total operating expenses | 26.8 | 0.5 | 4.1 | (17.1 | ) | 14.3 | |||||||||||
Operating income | (26.8 | ) | (0.4 | ) | (4.1 | ) | — | (31.3 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (3.4 | ) | (3.4 | ) | ||||||||||
Interest and dividend income | — | — | — | (1.5 | ) | (1.5 | ) | ||||||||||
Other gains and losses, net | — | — | — | (4.7 | ) | (4.7 | ) | ||||||||||
Interest and dividend income of CIP | 102 | — | — | (5.7 | ) | 96.3 | |||||||||||
Interest expense of CIP | (67.9 | ) | — | — | 7.3 | (60.6 | ) | ||||||||||
Other gains/(losses) of CIP, net | (47.3 | ) | (1.2 | ) | 103.9 | 7.9 | 63.3 | ||||||||||
Income from continuing operations before income taxes | (40.0 | ) | (1.6 | ) | 99.8 | (0.1 | ) | 58.1 | |||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (40.0 | ) | (1.6 | ) | 99.8 | (0.1 | ) | 58.1 | |||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (40.0 | ) | (1.6 | ) | 99.8 | (0.1 | ) | 58.1 | |||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 40 | 1.6 | (96.5 | ) | 0.1 | (54.8 | ) | ||||||||||
Net income attributable to common shareholders | — | — | 3.3 | — | 3.3 | ||||||||||||
Six months ended June 30, 2013 | |||||||||||||||||
$ in millions | CLOs - VIEs | Other VIEs | VOEs | Adjustments(1) | Impact of CIP | ||||||||||||
Total operating revenues | — | — | 0.4 | (18.2 | ) | (17.8 | ) | ||||||||||
Total operating expenses | 25.5 | 0.5 | 4 | (18.2 | ) | 11.8 | |||||||||||
Operating income | (25.5 | ) | (0.5 | ) | (3.6 | ) | — | (29.6 | ) | ||||||||
Equity in earnings of unconsolidated affiliates | — | — | — | (1.2 | ) | (1.2 | ) | ||||||||||
Interest and dividend income | — | — | — | (3.7 | ) | (3.7 | ) | ||||||||||
Interest and dividend income of CIP | 106.7 | — | — | (5.7 | ) | 101 | |||||||||||
Interest expense of CIP | (72.7 | ) | — | — | 9.4 | (63.3 | ) | ||||||||||
Other gains/ (losses) of CIP, net | (39.2 | ) | 0.2 | 17.3 | (1.0 | ) | (22.7 | ) | |||||||||
Income from continuing operations before income taxes | (30.7 | ) | (0.3 | ) | 13.7 | (2.2 | ) | (19.5 | ) | ||||||||
Income tax provision | — | — | — | — | — | ||||||||||||
Income from continuing operations, net of income taxes | (30.7 | ) | (0.3 | ) | 13.7 | (2.2 | ) | (19.5 | ) | ||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||
Net income | (30.7 | ) | (0.3 | ) | 13.7 | (2.2 | ) | (19.5 | ) | ||||||||
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 30.8 | 0.3 | (12.0 | ) | — | 19.1 | |||||||||||
Net income attributable to common shareholders | 0.1 | — | 1.7 | (2.2 | ) | (0.4 | ) | ||||||||||
____________ | |||||||||||||||||
-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 June 30, 2014 and December 31, 2013: | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||
$ 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 | 4,142.40 | — | 4,142.40 | — | |||||||||||||
Bonds | 106.2 | — | 106.2 | — | |||||||||||||
Equity securities | 9.2 | — | 9.2 | — | |||||||||||||
Private equity fund assets: | |||||||||||||||||
Equity securities | 248.8 | 22.5 | — | 226.3 | |||||||||||||
Debt securities | 0.8 | — | — | 0.8 | |||||||||||||
Investments in other private equity funds | 464 | — | — | 464 | |||||||||||||
Total assets at fair value | 4,971.40 | 22.5 | 4,257.80 | 691.1 | |||||||||||||
Liabilities: | |||||||||||||||||
CLO notes | (4,301.5 | ) | — | — | (4,301.5 | ) | |||||||||||
Total liabilities at fair value | (4,301.5 | ) | — | — | (4,301.5 | ) | |||||||||||
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 | ) | |||||||||||
Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities | ' | ||||||||||||||||
The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: | |||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | ||||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | |||||||||||||
Beginning balance | 560.7 | (4,762.7 | ) | 500.9 | (4,181.7 | ) | |||||||||||
Purchases | 96.9 | — | 139.6 | — | |||||||||||||
Sales | (18.9 | ) | — | (50.4 | ) | — | |||||||||||
Issuances | — | — | 1.8 | (714.1 | ) | ||||||||||||
Settlements | — | 136.3 | — | 297.7 | |||||||||||||
Deconsolidation of CIP | — | 339 | — | 339 | |||||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 52.4 | (14.1 | ) | 99.2 | (42.4 | ) | |||||||||||
Ending balance | 691.1 | (4,301.5 | ) | 691.1 | (4,301.5 | ) | |||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | ||||||||||||||||
$ in millions | Level 3 Assets | Level 3 Liabilities | Level 3 Assets | Level 3 Liabilities | |||||||||||||
Beginning balance | 535.1 | (4,221.4 | ) | 602.9 | (3,899.4 | ) | |||||||||||
Purchases | 1.6 | — | 13.3 | — | |||||||||||||
Sales | (29.1 | ) | — | (91.1 | ) | — | |||||||||||
Issuances | 3.8 | — | 3.8 | (405.0 | ) | ||||||||||||
Settlements | — | 208.9 | — | 361.7 | |||||||||||||
Deconsolidation of CIP | (0.1 | ) | — | (18.4 | ) | — | |||||||||||
Gains and losses included in the Condensed Consolidated Statements of Income* | 3.2 | (32.5 | ) | 4.4 | (101.5 | ) | |||||||||||
Transfers to Level 2** | (6.1 | ) | — | (6.1 | ) | — | |||||||||||
Foreign exchange | (0.1 | ) | 0.7 | (0.5 | ) | (0.1 | ) | ||||||||||
Ending balance | 508.3 | (4,044.3 | ) | 508.3 | (4,044.3 | ) | |||||||||||
____________ | |||||||||||||||||
* | Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014 are $51.7 million in net unrealized gains and $81.3 million in net unrealized gains attributable to investments still held at June 30, 2014 by CIP (three and six months ended June 30, 2013: $ 3.0 million in net unrealized gains and $14.0 million net unrealized losses attributable to investments still held at June 30, 2013). | ||||||||||||||||
** | During the six months ended June 30, 2013, $6.1 million of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the public offering of securities in the underlying companies with legal lock-up restrictions in place. For transfers to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. | ||||||||||||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | ' | ||||||||||||||||
The following tables show significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at June 30, 2014 and December 31, 2013: | |||||||||||||||||
Assets and Liabilities * | Fair Value at | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | ||||||||||||
30-Jun-14 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Private Equity Funds --Equity Securities | 40 | Market Comparable | Revenue Multiple | 1 - 4x | 3.3x | ||||||||||||
Discount | 25% - 36% | 30.90% | |||||||||||||||
CLO Debt | -4,301.50 | Discounted Cash Flow- USD | Assumed Default Rate*** | 1% - 2% | <1yr: 1.1% >1yr: 2.0% | ||||||||||||
Spread over Libor ** | 125 - 739bps | 218 bps | |||||||||||||||
Assets and Liabilities * | Fair Value at | Valuation Technique | Unobservable Inputs | Range | Weighted Average (by fair value) | ||||||||||||
31-Dec-13 | |||||||||||||||||
($ in millions) | |||||||||||||||||
Private Equity Funds --Equity Securities | 58.7 | Market Comparable | Revenue Multiple | 1 - 5x | 3.0x | ||||||||||||
Discount | n/a | 24.00% | |||||||||||||||
CLO Debt | -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 | |||||||||||||||
____________ | |||||||||||||||||
* | Excluded from the table above are certain equity securities held by consolidated private equity funds valued using recent private market transactions (June 30, 2014: $23.6 million; December 31, 2013: $5.8 million) and third party appraisals (June 30, 2014: $3.7 million; December 31, 2013: none). At June 30, 2014, 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 equity securities and other private equity funds as of June 30, 2014 of $623.8 million (as of December 31, 2013: $442.2 million ) are also excluded from the table above as they are valued using the NAV practical expedient. The NAVs that have been provided are derived from the fair values of the underlying investments as of the consolidation date. | ||||||||||||||||
** | Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. | ||||||||||||||||
*** | Assumed default rates listed in the table above apply to CLOs established prior to 2012. A default rate of 1.4% was assumed for CLOs established after January 1, 2012. | ||||||||||||||||
The table below summarizes as of June 30, 2014 and 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: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
in millions, except term data | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | Fair Value | Total Unfunded Commitments | Weighted Average Remaining Term (2) | |||||||||||
Private equity fund of funds (1) | $464.00 | $196.80 | 2.0 years | $426.30 | $71.60 | 2.6 years | |||||||||||
Private equity funds (1) | $159.80 | $501.70 | 9.0 years | $15.90 | $80.60 | 8.5 years | |||||||||||
-1 | These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. | ||||||||||||||||
-2 | These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. |
Related_Parties_Tables
Related Parties (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | ||||||||
Affiliated operating revenues: | ||||||||||||
Investment management fees | 922.7 | 785.8 | 1,779.00 | 1,531.80 | ||||||||
Service and distribution fees | 211.3 | 211.6 | 446.7 | 413.3 | ||||||||
Performance fees | 2.2 | 2.5 | 28.1 | 34 | ||||||||
Other | 28.3 | 27.7 | 61.3 | 52.8 | ||||||||
Total affiliated operating revenues | 1,164.50 | 1,027.60 | 2,315.10 | 2,031.90 | ||||||||
$ in millions | June 30, 2014 | December 31, 2013 | ||||||||||
Affiliated asset balances: | ||||||||||||
Cash and cash equivalents | 408.5 | 447.8 | ||||||||||
Unsettled fund receivables | 273.9 | 315.5 | ||||||||||
Accounts receivable | 304.9 | 298.5 | ||||||||||
Investments | 878.4 | 789.8 | ||||||||||
Assets held for policyholders | 1,539.40 | 1,415.70 | ||||||||||
Other assets | 5.5 | 5.4 | ||||||||||
Total affiliated asset balances | 3,410.60 | 3,272.70 | ||||||||||
Affiliated liability balances: | ||||||||||||
Accrued compensation and benefits | 128.2 | 151.6 | ||||||||||
Accounts payable and accrued expenses | 19.5 | 19.5 | ||||||||||
Unsettled fund payables | 504 | 389.9 | ||||||||||
Total affiliated liability balances | 651.7 | 561 | ||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Discontinued Operations | ' | |||||||||||
The components of income from discontinued operations, net of tax, were as follows for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | ||||||||
Income (loss) from discontinued operations before income taxes | 0.3 | (7.2 | ) | (2.8 | ) | (0.8 | ) | |||||
Income tax (provision) benefit | (0.1 | ) | 2.6 | 1 | 0.3 | |||||||
Income (loss) from discontinued operations, net of taxes | 0.2 | (4.6 | ) | (1.8 | ) | (0.5 | ) | |||||
Fair_Value_Of_Assets_And_Liabi2
Fair Value Of Assets And Liabilities (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | contract | contract |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Number of futures contracts (as shown) | 9 | 2 |
Other debt securities | $6.30 | $6.30 |
Note payable | 0.3 | 0.3 |
Future [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Notional value of futures contracts | $1.20 | $0.30 |
Fair_Value_Of_Assets_And_Liabi3
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,196 | $1,331.20 | $916.20 | $835.50 |
Available for sale investments | 293.7 | 244.1 | ' | ' |
Foreign time deposits | 28.4 | 28.8 | ' | ' |
Assets held for policyholders | 1,539.90 | 1,416 | ' | ' |
Policyholder payables | -1,539.90 | -1,416 | ' | ' |
Long-term debt | -1,588.90 | -1,588.60 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,196 | 1,331.20 | ' | ' |
Available for sale investments | 293.7 | 244.1 | ' | ' |
Trading investments | 278.2 | 253 | ' | ' |
Foreign time deposits | 28.4 | 28.8 | ' | ' |
Assets held for policyholders | 1,539.90 | 1,416 | ' | ' |
Policyholder payables | -1,539.90 | -1,416 | ' | ' |
Financial instruments sold, not yet purchased | -1.9 | -1.7 | ' | ' |
Note payable | -0.3 | -0.3 | ' | ' |
Long-term debt | -1,588.90 | -1,588.60 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,196 | 1,331.20 | ' | ' |
Available for sale investments | 293.7 | 244.1 | ' | ' |
Trading investments | 278.2 | 253 | ' | ' |
Foreign time deposits | 28.4 | 28.8 | ' | ' |
Assets held for policyholders | 1,539.90 | 1,416 | ' | ' |
Policyholder payables | -1,539.90 | -1,416 | ' | ' |
Financial instruments sold, not yet purchased | -1.9 | -1.7 | ' | ' |
Note payable | -0.3 | -0.3 | ' | ' |
Long-term debt | ($1,666.40) | ($1,544.70) | ' | ' |
Fair_Value_Of_Assets_And_Liabi4
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market funds | $408.50 | $447.80 |
Seed money | 283.3 | 233.8 |
CLOs | 4.1 | 4 |
Other debt securities | 6.3 | 6.3 |
Investments related to deferred compensation plans | 246.9 | 249.7 |
Trading Securities, Equity | 25.8 | ' |
Corporate Stock | 1.9 | 2.1 |
UITs | 0.7 | 1.2 |
Municipal securities | 2.9 | ' |
Assets held for policyholders | 1,539.90 | 1,416 |
Total | 2,520.30 | 2,360.90 |
Corporate equities | -1.9 | -1.7 |
Note payable | -0.3 | -0.3 |
Total | -2.2 | -2 |
Foreign time deposits | 28.4 | 28.8 |
Equity method investments | 313.2 | 308.2 |
Cost method investments | 5.6 | 5.6 |
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 | 408.5 | 447.8 |
Seed money | 283.3 | 233.8 |
CLOs | 0 | 0 |
Other debt securities | 0 | 0 |
Investments related to deferred compensation plans | 246.9 | 249.7 |
Trading Securities, Equity | 25.8 | ' |
Corporate Stock | 1.9 | 2.1 |
UITs | 0.7 | 1.2 |
Municipal securities | 0 | ' |
Assets held for policyholders | 1,539.90 | 1,416 |
Total | 2,507 | 2,350.60 |
Corporate equities | -1.9 | -1.7 |
Note payable | 0 | 0 |
Total | -1.9 | -1.7 |
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 |
Trading Securities, Equity | 0 | ' |
Corporate Stock | 0 | 0 |
UITs | 0 | 0 |
Municipal securities | 2.9 | ' |
Assets held for policyholders | 0 | 0 |
Total | 2.9 | 0 |
Corporate equities | 0 | 0 |
Note payable | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable 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 | 4.1 | 4 |
Other debt securities | 6.3 | 6.3 |
Investments related to deferred compensation plans | 0 | 0 |
Trading Securities, Equity | 0 | ' |
Corporate Stock | 0 | 0 |
UITs | 0 | 0 |
Municipal securities | 0 | ' |
Assets held for policyholders | 0 | 0 |
Total | 10.4 | 10.3 |
Corporate equities | 0 | 0 |
Note payable | -0.3 | -0.3 |
Total | ($0.30) | ($0.30) |
Fair_Value_Of_Assets_And_Liabi5
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning balance (Asset) | $19.50 | ' | $16.20 | ' |
Foreign exchange gains/(losses) | 2.8 | ' | 4.3 | ' |
Ending balance (Asset) | 24.1 | ' | 24.1 | ' |
Note Payable [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning balance (Liability) | -0.3 | -2.4 | -0.3 | -3.4 |
Returns of capital | 0 | ' | 0 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Instruments Classified in Shareholders' Equity, Settlements | ' | 1 | ' | 1.7 |
Net unrealized gains and losses included in other gains and losses | 0 | 0 | 0 | 0.1 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 | 0 | 0 |
Foreign exchange gains/(losses) | ' | 0.2 | ' | 0.4 |
Ending balance (Liability) | -0.3 | -1.2 | -0.3 | -1.2 |
Collateralized Loan Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning balance (Asset) | 4.3 | 2.4 | 4 | 2.4 |
Returns of capital | 0 | ' | -0.2 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Instruments Classified in Shareholders' Equity, Settlements | ' | -0.1 | ' | -0.1 |
Net unrealized gains and losses included in other gains and losses | 0 | 0 | 0 | 0 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | -0.2 | 0.1 | 0.3 | 0.1 |
Foreign exchange gains/(losses) | ' | 0 | ' | 0 |
Ending balance (Asset) | 4.1 | 2.4 | 4.1 | 2.4 |
Other Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' |
Beginning balance (Asset) | 6.3 | 6.3 | 6.3 | 6.3 |
Returns of capital | 0 | ' | 0 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Instruments Classified in Shareholders' Equity, Settlements | ' | 0 | ' | 0 |
Net unrealized gains and losses included in other gains and losses | 0 | 0 | 0 | 0 |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 | 0 | 0 |
Foreign exchange gains/(losses) | ' | 0 | ' | 0 |
Ending balance (Asset) | $6.30 | $6.30 | $6.30 | $6.30 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
fund | fund | fund | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Net realized gains/losses transferred from accumulated other comprehensive income | $8,100,000 | $0 | $10,800,000 | $1,400,000 | ' |
Number of affiliated funds holding seed money | 112 | ' | 112 | ' | 149 |
Available-for-sale debt securities maturing in one to five years | 1,700,000 | ' | 1,700,000 | ' | ' |
Available-for-sale debt securities maturing in five to ten years | 8,700,000 | ' | 8,700,000 | ' | ' |
Gains and losses on trading securities | 7,900,000 | -2,500,000 | 5,100,000 | 14,000,000 | ' |
Seed Money [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Other-than-temporary impairment charges on seed money investments | ' | ' | $0 | $0 | ' |
Investments_Details_Of_Company
Investments (Details Of Company Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | $293.70 | $244.10 |
Equity method investments | 313.2 | 308.2 |
Foreign time deposits | 28.4 | 28.8 |
Cost Method Investments | 5.6 | 5.6 |
Investments | 919.1 | 839.7 |
Seed Money [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | 283.3 | 233.8 |
Collateralized Loan Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale investments | 4.1 | 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 | 246.9 | 249.7 |
Other equity investments [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Trading investments | 25.8 | 0 |
UIT-Related Equity And Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Trading investments | $5.50 | $3.30 |
Investments_Realized_Gains_Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from Sales | ' | ' | $75.10 | $23 |
Seed Money [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from Sales | 64.7 | 0 | 74.9 | 22.9 |
Gross Realized Gains | 8.2 | 0 | 11 | 1.7 |
Gross Realized Losses | -0.1 | 0 | -0.2 | -0.3 |
Collateralized Loan Obligations [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Proceeds from Sales | 0 | 0 | 0.2 | 0.1 |
Gross Realized Gains | 0 | 0 | 0 | 0 |
Gross Realized Losses | $0 | $0 | $0 | $0 |
Investments_Gross_Unrealized_H
Investments (Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | $275.20 | $225.80 |
Gross Unrealized Holding Gains | 19.2 | 19.2 |
Gross Unrealized Holding Losses | -0.7 | -0.9 |
Fair Value | 293.7 | 244.1 |
Seed Money [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 265.3 | 215.7 |
Gross Unrealized Holding Gains | 18.7 | 19 |
Gross Unrealized Holding Losses | -0.7 | -0.9 |
Fair Value | 283.3 | 233.8 |
CLO [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 3.6 | 3.8 |
Gross Unrealized Holding Gains | 0.5 | 0.2 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 4.1 | 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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Seed Money Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $13.90 | $69 |
Less than 12 Months, Gross Unrealized Losses | -0.3 | -0.8 |
12 Months or Greater, Fair Value | 3.2 | 0.2 |
12 Months or Greater, Gross Unrealized Losses | -0.4 | -0.1 |
Total, Fair Value | 17.1 | 69.2 |
Total, Gross Unrealized Losses | ($0.70) | ($0.90) |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | 6 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Carrying Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | Fair Value [Member] | ||
Due November 30, 2022 [Member] | Due January 30, 2024 [Member] | Due November 30, 2043 [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | ||
Due November 30, 2022 [Member] | Due November 30, 2022 [Member] | Due January 30, 2024 [Member] | Due January 30, 2024 [Member] | Due November 30, 2043 [Member] | Due November 30, 2043 [Member] | Due November 30, 2022 [Member] | Due November 30, 2022 [Member] | Due January 30, 2024 [Member] | Due January 30, 2024 [Member] | Due November 30, 2043 [Member] | Due November 30, 2043 [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Senior Notes | ' | ' | ' | ' | $1,588.90 | $1,588.60 | $599.60 | $599.60 | $596 | $595.80 | $393.30 | $393.20 | $1,666.40 | $1,544.70 | $593.50 | $551.50 | $629.20 | $593.20 | $443.70 | $400 |
Debt Instrument, Maturity Date | ' | 30-Nov-22 | 30-Jan-24 | 30-Nov-43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | 3.13% | 4.00% | 5.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $600 | $600 | $400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuer | 'The issuer of the senior notes is an indirect 100% owned finance subsidiary of Invesco Ltd. (the Parent), and the Parent fully and unconditionally guaranteed the securities. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Analysis_Of_Borr
Long-Term Debt (Analysis Of Borrowings By Maturity) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Maturities of Long-term Debt [Abstract] | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $1,588.90 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Line of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | $1,250,000,000 | ' |
Line of credit facility, amount outstanding | 0 | 0 |
Line of credit facility, margin for LIBOR-based loans, percentage | 1.10% | ' |
Line of credit facility, margin for base-rate loans, percentage | 0.10% | ' |
Line of credit facility commitment fee amount, percentage | 0.15% | ' |
Line of credit facility, covenant terms, Debt to EBITDA ratio | 3.25 | ' |
Line of credit facility, covenant terms, Coverage ratio | 4 | ' |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, basis spread on interest rate, percentage | 1.00% | ' |
Line of Credit [Member] | Federal Funds Rate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, basis spread on interest rate, percentage | 0.50% | ' |
Letter of Credit [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of Credit Facility, Capacity Available for Trade Purchases | $36,100,000 | ' |
Letters of credit, renewable term | '1 year | ' |
Share_Capital_Narrative_Detail
Share Capital (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Shares repurchased | 1.3 | 2.2 | 4.9 | 3.8 |
Cost of repurchased shares | $50,000,000 | $75,500,000 | $169,600,000 | $120,500,000 |
Shares withheld to meet employees' tax withholding obligations | ' | ' | 1.9 | 2.2 |
Fair values of shares withheld | ' | ' | 62,300,000 | 57,700,000 |
Share repurchase plan, remaining authorized amount | ' | ' | 1,326,800,000 | 346,500,000 |
Treasury stock shares | 67.9 | 57.7 | 67.9 | 57.7 |
Treasury shares held, as unvested restricted stock awards | 9.2 | 10.1 | 9.2 | 10.1 |
Common shares market price (per share) | ' | ' | $37.75 | ' |
Treasury shares market value | ' | ' | $2,600,000,000 | ' |
Share_Capital_Movements_In_Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Common shares issued | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | -58.7 | -47.6 |
Common shares outstanding | 431.7 | 442.8 |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/(Loss) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Currency translation differences on investments in foreign subsidiaries | $130.50 | ($94.30) | $77.30 | ($303.90) |
Noncontrolling Interests in Consolidated Entities [Member] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | ' | -6 | ' | -12.7 |
Retained Earnings Appropriated For Investors In Consolidated Investment Products [Member] | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries reclassified to appropriated retained earnings | ' | ($0.30) | ' | $0 |
Other_Comprehensive_IncomeLoss3
Other Comprehensive Income/(Loss) (Accumulated other comprehensive income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other comprehensive income/(loss) before tax: | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | $130.50 | ($94.30) | $77.30 | ($303.90) |
Actuarial (loss)/gain related to employee benefit plans | -2.2 | 0.3 | -2.6 | 6.8 |
Reclassification of amortization of prior service cost/(credit) into employee compensation expense | -0.4 | -0.5 | -0.9 | -1 |
Reclassification of amortization of actuarial (gain)/loss into employee compensation expense | 0.6 | 0.7 | 1.2 | 1.4 |
Share of other comprehensive income/(loss) of equity method investments | 3.2 | -1.3 | 7.2 | -1.6 |
Unrealized(losses)/gains on available-for-sale investments | 6.8 | -0.3 | 11 | 4 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -8.1 | 0 | -10.8 | -1.4 |
Other comprehensive income/(loss), before tax | 130.4 | -95.4 | 82.4 | -295.7 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | 0 | -0.3 | 0 | -1.1 |
Tax on actuarial (loss)/gain related to employee benefit plans | 0.4 | -0.1 | 0.5 | -1.5 |
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | 0.1 | 0.1 | 0.2 | 0.2 |
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | -0.1 | -0.1 | -0.2 | -0.3 |
Tax on net unrealized gains/(losses) on available-for-sale investments | 2 | -0.8 | 2.2 | -0.6 |
Reclassification of tax on net (gains)/losses on available-for-sale investments | -2.7 | 0 | -3.4 | -0.3 |
Total income tax benefit/(expense) related to items of other comprehensive income | -0.3 | -1.2 | -0.7 | -3.6 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' | ' |
Beginning balance | 379.9 | 334.5 | 427.9 | 530.5 |
Other comprehensive income/(loss), net of tax: | 130.1 | -96.6 | 81.7 | -299.3 |
Other comprehensive (income)/loss attributable to noncontrolling interests | -0.1 | 6 | 0.3 | 12.7 |
Ending balance | 509.9 | 243.9 | 509.9 | 243.9 |
Foreign currency translation [Member] | ' | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' | ' |
Currency translation differences on investments in foreign subsidiaries | 130.5 | -94.3 | 77.3 | -303.9 |
Other comprehensive income/(loss), before tax | 130.5 | -94.3 | 77.3 | -303.9 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' | ' |
Tax benefit/(expense) on foreign currency translation adjustments | ' | -0.3 | ' | -1.1 |
Total income tax benefit/(expense) related to items of other comprehensive income | 0 | -0.3 | 0 | -1.1 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' | ' |
Beginning balance | 439.7 | 398 | 492.5 | 601.7 |
Other comprehensive income/(loss), net of tax: | 130.5 | -94.6 | 77.3 | -305 |
Other comprehensive (income)/loss attributable to noncontrolling interests | -0.1 | 6 | 0.3 | 12.7 |
Ending balance | 570.1 | 309.4 | 570.1 | 309.4 |
Employee benefit plans [Member] | ' | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' | ' |
Actuarial (loss)/gain related to employee benefit plans | -2.2 | 0.3 | -2.6 | 6.8 |
Reclassification of amortization of prior service cost/(credit) into employee compensation expense | -0.4 | -0.5 | -0.9 | -1 |
Reclassification of amortization of actuarial (gain)/loss into employee compensation expense | 0.6 | 0.7 | 1.2 | 1.4 |
Other comprehensive income/(loss), before tax | -2 | 0.5 | -2.3 | 7.2 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' | ' |
Tax on actuarial (loss)/gain related to employee benefit plans | 0.4 | -0.1 | 0.5 | -1.5 |
Reclassification of tax on amortization of prior service cost/(credit) into income tax provision | 0.1 | 0.1 | 0.2 | 0.2 |
Reclassification of tax on amortization of actuarial (loss)/gain into income tax provision | -0.1 | -0.1 | -0.2 | -0.3 |
Total income tax benefit/(expense) related to items of other comprehensive income | 0.4 | -0.1 | 0.5 | -1.6 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' | ' |
Beginning balance | -78.1 | -74.2 | -77.9 | -79.4 |
Other comprehensive income/(loss), net of tax: | -1.6 | 0.4 | -1.8 | 5.6 |
Other comprehensive (income)/loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | -79.7 | -73.8 | -79.7 | -73.8 |
Equity method investments [Member] | ' | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' | ' |
Share of other comprehensive income/(loss) of equity method investments | 3.2 | -1.3 | 7.2 | -1.6 |
Other comprehensive income/(loss), before tax | 3.2 | -1.3 | 7.2 | -1.6 |
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 | 0 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' | ' |
Beginning balance | 2.2 | 1.8 | -1.8 | 2.1 |
Other comprehensive income/(loss), net of tax: | 3.2 | -1.3 | 7.2 | -1.6 |
Other comprehensive (income)/loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | 5.4 | 0.5 | 5.4 | 0.5 |
Available-for-sale investments [Member] | ' | ' | ' | ' |
Other comprehensive income/(loss) before tax: | ' | ' | ' | ' |
Unrealized(losses)/gains on available-for-sale investments | 6.8 | -0.3 | 11 | 4 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | -8.1 | 0 | -10.8 | -1.4 |
Other comprehensive income/(loss), before tax | -1.3 | -0.3 | 0.2 | 2.6 |
Income tax related to items of other comprehensive income/(loss): | ' | ' | ' | ' |
Tax on net unrealized gains/(losses) on available-for-sale investments | 2 | -0.8 | 2.2 | -0.6 |
Reclassification of tax on net (gains)/losses on available-for-sale investments | -2.7 | 0 | -3.4 | -0.3 |
Total income tax benefit/(expense) related to items of other comprehensive income | -0.7 | -0.8 | -1.2 | -0.9 |
Accumulated other comprehensive income/(loss), net of tax: | ' | ' | ' | ' |
Beginning balance | 16.1 | 8.9 | 15.1 | 6.1 |
Other comprehensive income/(loss), net of tax: | -2 | -1.1 | -1 | 1.7 |
Other comprehensive (income)/loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Ending balance | $14.10 | $7.80 | $14.10 | $7.80 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 6 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-11 | 31-May-10 | |
awards | Minimum [Member] | Maximum [Member] | Global Equity Incentive Plan, 2011 [Member] | Global Equity Incentive Plan, 2010 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Proportional vesting rate | ' | ' | 0.00% | 100.00% | ' | ' |
Shares authorized under share awards plan | ' | ' | ' | ' | 28,000,000 | 3,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '1 year 8 months 5 days | ' | ' | ' | ' | ' |
Share-based compensation expense | $70,000,000 | $69,400,000 | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | 5,200,000 | 10,800,000 | ' | ' | ' | ' |
Number of Share Awards By Type | 2 | ' | ' | ' | ' | ' |
Fair value of vested shares | 181,900,000 | 181,700,000 | ' | ' | ' | ' |
Weighted average fair value of shares granted | $34.31 | $26.85 | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested shares | 307,400,000 | ' | ' | ' | ' | ' |
Weighted average non-vested shares compensation cost expected to recognize | '2 years 10 months 18 days | ' | ' | ' | ' | ' |
ESPP discount rate | 85.00% | ' | ' | ' | ' | ' |
Maximum employee ESPP contributions per offering period | 6,000 | ' | ' | ' | ' | ' |
recognized expense for employee stock purchase | $400,000 | $500,000 | ' | ' | ' | ' |
ShareBased_Compensation_Moveme
Share-Based Compensation (Movements On Share Awards) (Details) | 6 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
USD ($) | GBP (£) | USD ($) | Time Vested N y s e [Member] | Time Vested N y s e [Member] | Time-Vested [Member] | Time-Vested [Member] | Performance Shares [Member] | Performance Shares [Member] | |
Unvested at the beginning of year | ' | ' | ' | 13.9 | 16.5 | 0.1 | 0.3 | 0.4 | 0.3 |
Granted during the year | ' | ' | ' | 4.2 | 5.1 | ' | ' | 0.2 | 0.2 |
Forfeited during the year | ' | ' | ' | -0.9 | -0.2 | 0 | 0 | 0 | 0 |
Vested and distributed during the year | ' | ' | ' | -5.2 | -6.5 | -0.1 | -0.2 | -0.1 | -0.1 |
Unvested at the end of the year | ' | ' | ' | 12 | 14.9 | 0 | 0.1 | 0.5 | 0.4 |
Unvested at beginning of year Weighted Average Grant Date Fair Value | $25 | £ 12.9 | ' | ' | ' | ' | ' | ' | ' |
Granted during period Weighted Average Grant Date Fair Value | $34.31 | ' | $26.85 | ' | ' | ' | ' | ' | ' |
Forfeited during the year Weighted Average Grant Date Fair Value | $23.42 | £ 0 | ' | ' | ' | ' | ' | ' | ' |
Vested and distributed during the period Weighted Average Grant Date Fair Value | $24.14 | £ 12.9 | ' | ' | ' | ' | ' | ' | ' |
Unvested at the end of the year Weighted Average Grant Date Fair Value | $28.79 | £ 0 | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Change
Share-Based Compensation (Changes In Share Options Awards) (Details) (GBP £) | 6 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Outstanding at the beginning of the year Weighted Average Exercise Price | £ 7.32 | £ 7.31 |
Exercised during the period Weighted Average Exercise Price | £ 6.74 | £ 7.27 |
Outstanding at the end of the year Weighted Average Exercise Price | £ 7.64 | £ 7.33 |
Exercisable at the end of the period Weighted Average Exercise Price | £ 7.64 | £ 7.33 |
Stock Options [Member] | ' | ' |
Outstanding at the beginning of the year | 1.1 | 2.6 |
Exercised during the year | -0.4 | -0.9 |
Outstanding at the end of the year | 0.7 | 1.7 |
Exercisable at the end of the period | 0.7 | 1.7 |
Retirement_Benefit_Plans_Narra
Retirement Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $14.30 | $13.50 | $29.70 | $28.10 |
Other Postretirement Benefits Payable | 12.3 | 21.8 | 12.3 | 21.8 |
Retirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Estimated amounts of contributions expected to be paid to the plans in next fiscal year | ' | ' | 15.9 | ' |
Pension Contributions | ' | ' | 8 | ' |
Medical Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Estimated amounts of contributions expected to be paid to the plans in next fiscal year | ' | ' | 2.2 | ' |
Pension Contributions | ' | ' | $1.10 | ' |
Retirement_Benefit_Plans_Compo
Retirement Benefit Plans (Components of net periodic benefit cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Retirement Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | ($1.10) | ($1.10) | ($2.20) | ($2.20) |
Interest cost | -4.7 | -4.9 | -9.5 | -9.8 |
Expected return on plan assets | 4.7 | 4.4 | 9.3 | 8.8 |
Amortization of prior service cost/(credit) | -0.1 | 0 | -0.1 | 0 |
Amortization of net actuarial gain/(loss) | -0.5 | -0.6 | -1 | -1.2 |
Net periodic benefit cost | -1.7 | -2.2 | -3.5 | -4.4 |
Medical Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 0 | -0.1 | -0.1 | -0.2 |
Interest cost | -0.5 | -0.5 | -1 | -1 |
Expected return on plan assets | 0.1 | 0.1 | 0.3 | 0.2 |
Amortization of prior service cost/(credit) | 0.5 | 0.5 | 1 | 1 |
Amortization of net actuarial gain/(loss) | -0.1 | -0.1 | -0.2 | -0.2 |
Net periodic benefit cost | $0 | ($0.10) | $0 | ($0.20) |
Taxation_Narrative_Details
Taxation (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized Tax Benefits | $8.80 | $16.80 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 7.9 | ' |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $4.80 | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Contingently issuable share excluded | 300,000 | 400,000 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income from continuing operations, net of taxes | $316.60 | $208.30 | $525.40 | $403.80 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | -42.3 | -1.1 | -61.3 | 21.5 |
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 274.3 | 207.2 | 464.1 | 425.3 |
Income/(loss) from discontinued operations, net of taxes | 0.2 | -4.6 | -1.8 | -0.5 |
Net income attributable to common shareholders | $274.50 | $202.60 | $462.30 | $424.80 |
Weighted average shares outstanding - basic (in shares) | 435.7 | 449.1 | 436.2 | 448.5 |
Dilutive effect on share-based awards (in shares) | 0.7 | 1 | 0.7 | 1.1 |
Weighted average shares outstanding - diluted (in shares) | 436.4 | 450.1 | 436.9 | 449.6 |
Basic earnings per share: | ' | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $0.63 | $0.46 | $1.06 | $0.95 |
Earnings per share from discontinued operations (usd per share) | $0 | ($0.01) | $0 | $0 |
Basic earnings per share (usd per share) | $0.63 | $0.45 | $1.06 | $0.95 |
Diluted earnings per share: | ' | ' | ' | ' |
Earnings per share from continuing operations (usd per share) | $0.63 | $0.46 | $1.06 | $0.95 |
Earnings per share from discontinued operations (usd per share) | $0 | ($0.01) | $0 | $0 |
Diluted earnings per share (usd per share) | $0.63 | $0.45 | $1.06 | $0.94 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Undrawn capital and purchase commitments | $101.80 | $152.50 |
Global sales tax reversed | $21.90 | ' |
CSIP_Balances_Related_To_CSIP_
CSIP (Balances Related To CSIP) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Abstract] | ' | ' |
Investments of CSIP | $306.40 | $93.20 |
Cash and cash equivalents of CSIP | 13.7 | 12.7 |
Accounts receivable and other assets of CSIP | 6.7 | 2.6 |
Assets of consolidated sponsored investment products (CSIP) | 326.8 | 108.5 |
Other liabilities of CSIP | -7.7 | -4.7 |
Equity attributable to redeemable noncontrolling interests | -155 | 0 |
Equity attributable to nonredeemable noncontrolling interests | -17.7 | -12 |
Invesco's net interests in CSIP | $146.40 | $91.80 |
Invesco's net economic interests as a percentage of investments of CSIP | 47.80% | 98.50% |
CSIP_Fair_Value_Hierarchy_Leve
CSIP (Fair Value Hierarchy Levels Of Investments Held By Consolidated Sponsored Investment Products) (Details) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fixed Income Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $66.70 | $6 |
Unfunded commitments | 0 | 0 |
Redemption notice period | '10 days | '10 days |
Investments in Other Private Equity Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 24.1 | 16.2 |
Unfunded commitments | 30.8 | 35.6 |
Weighted average remaining term | '7 years 7 months 6 days | '8 years 6 months |
Fair Value Measurements [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 306.4 | 93.2 |
Fair Value Measurements [Member] | Fixed Income Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 186 | 43.2 |
Fair Value Measurements [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 29.6 | 27.8 |
Fair Value Measurements [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 66.7 | 6 |
Fair Value Measurements [Member] | Investments in Other Private Equity Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 24.1 | 16.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 168.5 | 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] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 72.2 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 29.6 | 27.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 66.7 | 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] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 113.8 | 43.2 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 113.8 | 43.2 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Investments in Other Private Equity Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 24.1 | 16.2 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in Other Private Equity Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $24.10 | $16.20 |
CSIP_CSIP_Reconciliation_of_Si
CSIP CSIP (Reconciliation of Significant Unobservable Inputs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Investments [Abstract] | ' | ' | ' | ' | ' |
Beginning balance (Asset) | ' | ' | $0 | ' | ' |
Purchases | 1.8 | 4 | ' | ' | ' |
Sales | 0 | -0.4 | ' | ' | ' |
Gains and losses included in the Condensed Consolidated Statements of Income | 2.8 | 4.3 | ' | ' | ' |
Ending balance (Asset) | $24.10 | $24.10 | ' | $19.50 | $16.20 |
Consolidated_Investment_Produc2
Consolidated Investment Products (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
voting_interest_entity | ||
variable_interest_entity | ||
Variable Interest Entity [Line Items] | ' | ' |
VIEs invested in and consolidated, number of entities | 3 | ' |
VOE invested in and consolidated, number of entities | 1 | ' |
Total assets | $19,899,500,000 | $19,270,500,000 |
Pay interest at Libor or Euribor plus | 12.10% | ' |
Collateral assets, default percentage | 0.40% | 0.80% |
Outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately | 100,000,000 | ' |
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 | 6.10% | ' |
CLO [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Weighted average maturity (years) | '8 years 8 months | ' |
Senior Secured Bank Loans And Bonds [Member] | CLO [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Fair value, option, aggregate differences, long-term debt instruments | $100,000 | ($6,300,000) |
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 | ' |
Swap [Member] | VIEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Open swap agreements | ' | ' |
Consolidated_Investment_Produc3
Consolidated Investment Products (Balances Related To CIP) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Consolidated Investment Products [Abstract] | ' | ' |
Cash and cash equivalents of consolidated investment products | $292.40 | $583.60 |
Investments Of Consolidated Investment Products | 4,971.40 | 4,734.70 |
Accounts receivable and other assets of CIP | 121.7 | 58.3 |
Less: Debt of CIP | -4,301.50 | -4,181.70 |
Less: Other liabilities of CIP | -201 | -461.8 |
Less: Retained earnings | -15.8 | -12.5 |
Less: Retained earnings appropriated for investors in CIP | -63.3 | -104.3 |
Less: Accumulated other comprehensive income, net of tax | 15.7 | 12.7 |
Less: Equity attributable to nonredeemable noncontrolling interests | -753.2 | -570.3 |
Invesco's net interests in CIP | $66.40 | $58.70 |
Invesco's net economic interests as a percentage of investments of CIP | 1.30% | 1.20% |
Consolidated_Investment_Produc4
Consolidated Investment Products (Company's Maximum Risk Of Loss In Significant VIE's) (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
CLO [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | $4.10 |
Company's Maximum Risk of Loss | 4.1 |
Partnership and trust investments [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | 17 |
Company's Maximum Risk of Loss | 17 |
Investments In Invesco Mortgage Capital Inc. [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Carrying Value | 30.6 |
Company's Maximum Risk of Loss | 30.6 |
Total Maximum Risk Of Loss Associated With VIEs [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Company's Maximum Risk of Loss | $51.70 |
Consolidated_Investment_Produc5
Consolidated Investment Products (VIE Balance Sheets Consolidated In Period) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | $292.40 | $583.60 | ' | ' |
Accounts receivable and other assets of CIP | 121.7 | 58.3 | ' | ' |
Investments of CIP | 4,971.40 | 4,734.70 | ' | ' |
Total assets | 19,899.50 | 19,270.50 | ' | ' |
Debt of CIP | 4,301.50 | 4,181.70 | ' | ' |
Other liabilities of CIP | 201 | 461.8 | ' | ' |
Total liabilities | 10,421.60 | 10,293.20 | ' | ' |
Total equity | 9,322.90 | 8,977.30 | 8,754 | 9,049 |
Total liabilities and equity | 19,899.50 | 19,270.50 | ' | ' |
CLOs - VIEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 247.1 | 542.3 | ' | ' |
Investments of CIP | 4,325.20 | 4,237.30 | ' | ' |
Total assets | 4,671.20 | 4,835.90 | ' | ' |
Debt of CIP | 4,407.50 | 4,270.40 | ' | ' |
Other liabilities of CIP | 200.3 | 461.4 | ' | ' |
Total liabilities | 4,607.80 | 4,731.80 | ' | ' |
Total liabilities and equity | 4,671.20 | 4,835.90 | ' | ' |
VOEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 39.9 | 35.7 | ' | ' |
Investments of CIP | 671.2 | 512.2 | ' | ' |
Total assets | 733.8 | 549.7 | ' | ' |
Debt of CIP | 0 | 0 | ' | ' |
Other liabilities of CIP | 2.5 | 3 | ' | ' |
Total liabilities | 2.5 | 3 | ' | ' |
Total liabilities and equity | 733.8 | 549.7 | ' | ' |
New CLO [Member] | CLOs - VIEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 576.5 | ' | ' | ' |
Accounts receivable and other assets of CIP | 0.5 | ' | ' | ' |
Investments of CIP | 538 | ' | ' | ' |
Total assets | 1,115 | ' | ' | ' |
Debt of CIP | 691.2 | ' | ' | ' |
Other liabilities of CIP | 432.6 | ' | ' | ' |
Total liabilities | 1,123.80 | ' | ' | ' |
Total equity | -8.8 | ' | ' | ' |
Total liabilities and equity | 1,115 | ' | ' | ' |
New CLO [Member] | VOEs [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of CIP | 0 | ' | ' | ' |
Accounts receivable and other assets of CIP | 9 | ' | ' | ' |
Investments of CIP | 40.1 | ' | ' | ' |
Total assets | 49.1 | ' | ' | ' |
Debt of CIP | 0 | ' | ' | ' |
Other liabilities of CIP | 11.8 | ' | ' | ' |
Total liabilities | 11.8 | ' | ' | ' |
Total equity | 37.3 | ' | ' | ' |
Total liabilities and equity | $49.10 | ' | ' | ' |
Consolidated_Investment_Produc6
Consolidated Investment Products Consolidated Investment Products (Balance Sheets Deconsolidated In Periods) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of consolidated investment products | $292.40 | $583.60 | ' | ' |
Accounts receivable and other assets of CIP | 121.7 | 58.3 | ' | ' |
Investments Of Consolidated Investment Products | 4,971.40 | 4,734.70 | ' | ' |
Assets | 19,899.50 | 19,270.50 | ' | ' |
Debt of CIP | 4,301.50 | 4,181.70 | ' | ' |
Other liabilities of consolidated investment products | 201 | 461.8 | ' | ' |
Liabilities | 10,421.60 | 10,293.20 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 9,322.90 | 8,977.30 | 8,754 | 9,049 |
Liabilities and Equity | 19,899.50 | 19,270.50 | ' | ' |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents of consolidated investment products | 30.5 | ' | ' | ' |
Accounts receivable and other assets of CIP | 17.6 | ' | ' | ' |
Investments Of Consolidated Investment Products | 346.5 | ' | ' | ' |
Assets | 394.6 | ' | ' | ' |
Debt of CIP | 347.9 | ' | ' | ' |
Other liabilities of consolidated investment products | 45.7 | ' | ' | ' |
Liabilities | 393.6 | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1 | ' | ' | ' |
Liabilities and Equity | $394.60 | ' | ' | ' |
Consolidated_Investment_Produc7
Consolidated Investment Products (Condensed Consolidating Balance Sheet Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Balance Sheets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts receivable | $517.80 | $500.80 |
Investments | 919.1 | 839.7 |
Cash and cash equivalents of CIP | 292.4 | 583.6 |
Investments of CIP | 4,971.40 | 4,734.70 |
Total assets | 19,899.50 | 19,270.50 |
Debt of CIP | 4,301.50 | 4,181.70 |
Other liabilities of CIP | 201 | 461.8 |
Total liabilities | -10,421.60 | -10,293.20 |
Retained earnings | 3,617.10 | 3,361.90 |
Retained earnings appropriated for investors in CIP | 63.3 | 104.3 |
Equity attributable to noncontrolling interests in consolidated entities | 753.2 | 570.3 |
Total liabilities and equity | 19,899.50 | 19,270.50 |
CLOs - VIEs [Member] | ' | ' |
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 247.1 | 542.3 |
Accounts receivable of CIP | 98.9 | 56.3 |
Investments of CIP | 4,325.20 | 4,237.30 |
Total assets | 4,671.20 | 4,835.90 |
Debt of CIP | 4,407.50 | 4,270.40 |
Other liabilities of CIP | 200.3 | 461.4 |
Total liabilities | -4,607.80 | -4,731.80 |
Retained earnings | 15.8 | 12.5 |
Retained earnings appropriated for investors in CIP | 63.3 | 104.3 |
Other equity attributable to common shareholders | -15.7 | -12.7 |
Equity attributable to noncontrolling interests in consolidated entities | 0 | 0 |
Total liabilities and equity | 4,671.20 | 4,835.90 |
Other VIEs [Member] | ' | ' |
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 5.4 | 5.6 |
Accounts receivable of CIP | 0.1 | 0.2 |
Investments of CIP | 42.4 | 40.4 |
Total assets | 47.9 | 46.2 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 1 | 0.9 |
Total liabilities | -1 | -0.9 |
Retained earnings | 0 | 0 |
Retained earnings appropriated for investors in CIP | 0 | 0 |
Other equity attributable to common shareholders | 0 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | 46.9 | 45.3 |
Total liabilities and equity | 47.9 | 46.2 |
VOEs [Member] | ' | ' |
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 39.9 | 35.7 |
Accounts receivable of CIP | 22.7 | 1.8 |
Investments of CIP | 671.2 | 512.2 |
Total assets | 733.8 | 549.7 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 2.5 | 3 |
Total liabilities | -2.5 | -3 |
Retained earnings | 0 | 0 |
Retained earnings appropriated for investors in CIP | 0 | 0 |
Other equity attributable to common shareholders | 0 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | 731.3 | 546.7 |
Total liabilities and equity | 733.8 | 549.7 |
Adjustments [Member] | ' | ' |
Accounts receivable | -2.8 | -3.4 |
Investments | -63.6 | -55.3 |
Cash and cash equivalents of CIP | 0 | 0 |
Accounts receivable of CIP | 0 | 0 |
Investments of CIP | -67.4 | -55.2 |
Total assets | -133.8 | -113.9 |
Debt of CIP | -106 | -88.7 |
Other liabilities of CIP | -2.8 | -3.5 |
Total liabilities | 108.8 | 92.2 |
Retained earnings | 0 | 0 |
Retained earnings appropriated for investors in CIP | 0 | 0 |
Other equity attributable to common shareholders | 0 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | -25 | -21.7 |
Total liabilities and equity | -133.8 | -113.9 |
Impact of CIP [Member] | ' | ' |
Accounts receivable | -2.8 | -3.4 |
Investments | -63.6 | -55.3 |
Cash and cash equivalents of CIP | 292.4 | 583.6 |
Accounts receivable of CIP | 121.7 | 58.3 |
Investments of CIP | 4,971.40 | 4,734.70 |
Total assets | 5,319.10 | 5,317.90 |
Debt of CIP | 4,301.50 | 4,181.70 |
Other liabilities of CIP | 201 | 461.8 |
Total liabilities | -4,502.50 | -4,643.50 |
Retained earnings | 15.8 | 12.5 |
Retained earnings appropriated for investors in CIP | 63.3 | 104.3 |
Other equity attributable to common shareholders | -15.7 | -12.7 |
Equity attributable to noncontrolling interests in consolidated entities | 753.2 | 570.3 |
Total liabilities and equity | $5,319.10 | $5,317.90 |
Consolidated_Investment_Produc8
Consolidated Investment Products (Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total operating revenues | $1,289.90 | $1,135.50 | $2,559.40 | $2,247.70 |
Total operating expenses | 935.1 | 861.6 | 1,960.30 | 1,706.80 |
Operating Income (Loss) | 354.8 | 273.9 | 599.1 | 540.9 |
Equity in earnings of unconsolidated affiliates | 5.5 | 6.9 | 15.5 | 15 |
Interest and dividend income | 3.1 | 2.1 | 6 | 4.3 |
Other gains and losses, net | 16.2 | 0.4 | 22.8 | 18.1 |
Interest and dividend income of CIP | 48 | 50.7 | 96.3 | 101 |
Interest expense of CIP | -30.3 | -30.6 | -60.6 | -63.3 |
Other gains/(losses) of CIP, net | 36.8 | -1.6 | 63.3 | -22.7 |
Income from continuing operations before income taxes | 423.6 | 291.8 | 721.4 | 573.6 |
Income tax provision | -107 | -83.5 | -196 | -169.8 |
Income from continuing operations, net of income taxes | 316.6 | 208.3 | 525.4 | 403.8 |
Income/(loss) from discontinued operations, net of taxes | 0.2 | -4.6 | -1.8 | -0.5 |
Net income | 316.8 | 203.7 | 523.6 | 403.3 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -42.3 | -1.1 | -61.3 | 21.5 |
Net income attributable to common shareholders | 274.5 | 202.6 | 462.3 | 424.8 |
CLOs - VIEs [Member] | ' | ' | ' | ' |
Total operating revenues | 0 | 0 | 0 | 0 |
Total operating expenses | 8.9 | 17 | 26.8 | 25.5 |
Operating Income (Loss) | -8.9 | -17 | -26.8 | -25.5 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 | 0 |
Other gains and losses, net | 0 | ' | 0 | ' |
Interest and dividend income of CIP | 50.1 | 53.1 | 102 | 106.7 |
Interest expense of CIP | 33.1 | -34.8 | -67.9 | -72.7 |
Other gains/(losses) of CIP, net | -18.1 | -10.7 | -47.3 | -39.2 |
Income from continuing operations before income taxes | -10 | -9.4 | -40 | -30.7 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | -10 | -9.4 | -40 | -30.7 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | -10 | -9.4 | -40 | -30.7 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 9.8 | 9.4 | 40 | 30.8 |
Net income attributable to common shareholders | -0.2 | 0 | 0 | 0.1 |
Other VIEs [Member] | ' | ' | ' | ' |
Total operating revenues | 0.1 | 0 | 0.1 | 0 |
Total operating expenses | 0.2 | 0.2 | 0.5 | 0.5 |
Operating Income (Loss) | -0.1 | -0.2 | -0.4 | -0.5 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 | 0 |
Other gains and losses, net | 0 | ' | 0 | ' |
Interest and dividend income of CIP | 0 | 0 | 0 | 0 |
Interest expense of CIP | 0 | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | -0.2 | 0.5 | -1.2 | 0.2 |
Income from continuing operations before income taxes | -0.3 | 0.3 | -1.6 | -0.3 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | -0.3 | 0.3 | -1.6 | -0.3 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | -0.3 | 0.3 | -1.6 | -0.3 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 0.3 | -0.3 | 1.6 | 0.3 |
Net income attributable to common shareholders | 0 | 0 | 0 | 0 |
VOEs [Member] | ' | ' | ' | ' |
Total operating revenues | 0 | 0.4 | 0 | 0.4 |
Total operating expenses | 1.3 | 1.5 | 4.1 | 4 |
Operating Income (Loss) | -1.3 | -1.1 | -4.1 | -3.6 |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 | 0 |
Other gains and losses, net | 0 | ' | 0 | ' |
Interest and dividend income of CIP | 0 | 0 | 0 | 0 |
Interest expense of CIP | 0 | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | 52.3 | 12.6 | 103.9 | 17.3 |
Income from continuing operations before income taxes | 51 | 11.5 | 99.8 | 13.7 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 51 | 11.5 | 99.8 | 13.7 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 51 | 11.5 | 99.8 | 13.7 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -48.8 | -10.2 | -96.5 | -12 |
Net income attributable to common shareholders | 2.2 | 1.3 | 3.3 | 1.7 |
Adjustments [Member] | ' | ' | ' | ' |
Total operating revenues | -8.7 | -9.4 | -17.1 | -18.2 |
Total operating expenses | -8.7 | -9.4 | -17.1 | -18.2 |
Operating Income (Loss) | 0 | 0 | 0 | 0 |
Equity in earnings of unconsolidated affiliates | -2.2 | -0.8 | -3.4 | -1.2 |
Interest and dividend income | -0.6 | -1.8 | -1.5 | -3.7 |
Other gains and losses, net | -4.7 | ' | -4.7 | ' |
Interest and dividend income of CIP | -2.1 | -2.4 | -5.7 | -5.7 |
Interest expense of CIP | -2.8 | 4.2 | 7.3 | 9.4 |
Other gains/(losses) of CIP, net | 2.8 | -4 | 7.9 | -1 |
Income from continuing operations before income taxes | -4 | -4.8 | -0.1 | -2.2 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | -4 | -4.8 | -0.1 | -2.2 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | -4 | -4.8 | -0.1 | -2.2 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 0 | 0 | 0.1 | 0 |
Net income attributable to common shareholders | -4 | -4.8 | 0 | -2.2 |
Impact of CIP [Member] | ' | ' | ' | ' |
Total operating revenues | -8.6 | -9 | -17 | -17.8 |
Total operating expenses | 1.7 | 9.3 | 14.3 | 11.8 |
Operating Income (Loss) | -10.3 | -18.3 | -31.3 | -29.6 |
Equity in earnings of unconsolidated affiliates | -2.2 | -0.8 | -3.4 | -1.2 |
Interest and dividend income | -0.6 | -1.8 | -1.5 | -3.7 |
Other gains and losses, net | -4.7 | ' | -4.7 | ' |
Interest and dividend income of CIP | 48 | 50.7 | 96.3 | 101 |
Interest expense of CIP | 30.3 | -30.6 | -60.6 | -63.3 |
Other gains/(losses) of CIP, net | 36.8 | -1.6 | 63.3 | -22.7 |
Income from continuing operations before income taxes | 36.7 | -2.4 | 58.1 | -19.5 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 36.7 | -2.4 | 58.1 | -19.5 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 36.7 | -2.4 | 58.1 | -19.5 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | -38.7 | -1.1 | -54.8 | 19.1 |
Net income attributable to common shareholders | ($2) | ($3.50) | $3.30 | ($0.40) |
Consolidated_Investment_Produc9
Consolidated Investment Products (Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments Of Consolidated Investment Products | $4,971.40 | $4,734.70 |
CLO notes | -10,421.60 | -10,293.20 |
Total liabilities at fair value | -4,301.50 | -4,181.70 |
Fair Value [Member] | ' | ' |
Private Equity Fund Assets | ' | 106 |
Investments Of Consolidated Investment Products | 4,971.40 | 4,734.70 |
Total liabilities at fair value | -4,301.50 | -4,181.70 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Private Equity Fund Assets | ' | 47.3 |
Investments Of Consolidated Investment Products | 22.5 | 50.8 |
Total liabilities at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Private Equity Fund Assets | ' | 0 |
Investments Of Consolidated Investment Products | 4,257.80 | 4,183 |
Total liabilities at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | ' | 58.7 |
Investments Of Consolidated Investment Products | 691.1 | 500.9 |
Total liabilities at fair value | -4,301.50 | -4,181.70 |
Bank Loans [Member] | Fair Value [Member] | ' | ' |
CLO Collateral Assets | 4,142.40 | 4,035.80 |
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 | 4,142.40 | 4,035.80 |
Bank Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Fair Value [Member] | ' | ' |
CLO Collateral Assets | 106.2 | 133.1 |
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 | 106.2 | 133.1 |
Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Equity Securities [Member] | Fair Value [Member] | ' | ' |
CLO Collateral Assets | 9.2 | 14.1 |
Private Equity Fund Assets | 248.8 | ' |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 22.5 | ' |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
CLO Collateral Assets | 9.2 | 14.1 |
Private Equity Fund Assets | 0 | ' |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 226.3 | ' |
Debt Securities [Member] | Fair Value [Member] | ' | ' |
Private Equity Fund Assets | 0.8 | ' |
Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Private Equity Fund Assets | 0 | ' |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Private Equity Fund Assets | 0 | ' |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | 0.8 | ' |
Private Equity Funds [Member] | Fair Value [Member] | ' | ' |
Private Equity Fund Assets | 464 | 442.2 |
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 | 464 | 442.2 |
US Treasury Notes Securities [Member] | Fair Value [Member] | ' | ' |
Private Equity Fund Assets | ' | 3.5 |
US Treasury Notes Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Private Equity Fund Assets | ' | 3.5 |
US Treasury Notes Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Private Equity Fund Assets | ' | 0 |
US Treasury Notes Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Private Equity Fund Assets | ' | 0 |
Asset-backed Securities [Member] | Fair Value [Member] | ' | ' |
CLO notes | -4,301.50 | -4,181.70 |
Asset-backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
CLO notes | 0 | 0 |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
CLO notes | 0 | 0 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
CLO notes | ($4,301.50) | ($4,181.70) |
Recovered_Sheet1
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance (Asset) | $19.50 | ' | $16.20 | ' |
Purchases (Asset) | 1.8 | ' | 4 | ' |
Sales (Asset) | 0 | ' | -0.4 | ' |
Gains and losses included in the Consolidated Statement of Income (Asset) | -2.8 | ' | -4.3 | ' |
Ending balance (Asset) | 24.1 | ' | 24.1 | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Net unrealized gains/losses attributable to investments | 51.7 | 3 | 81.3 | -14 |
Level 3 Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance (Asset) | 560.7 | 535.1 | 500.9 | 602.9 |
Purchases (Asset) | 96.9 | 1.6 | 139.6 | 13.3 |
Sales (Asset) | -18.9 | -29.1 | -50.4 | -91.1 |
Issuances (Asset) | 0 | 3.8 | 1.8 | 3.8 |
Settlements (Asset) | 0 | 0 | 0 | 0 |
Deconsolidation of CIP | 0 | -0.1 | 0 | -18.4 |
Gains and losses included in the Consolidated Statement of Income (Asset) | 52.4 | 3.2 | 99.2 | 4.4 |
Transfers to Level 2 | ' | -6.1 | ' | -6.1 |
Foreign exchange (Asset) | ' | -0.1 | ' | -0.5 |
Ending balance (Asset) | 691.1 | 508.3 | 691.1 | 508.3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Deconsolidation of CIP | 0 | -0.1 | 0 | -18.4 |
Level 3 Liabilities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Deconsolidation of CIP | 339 | 0 | 339 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance (Liability) | -4,762.70 | -4,221.40 | -4,181.70 | -3,899.40 |
Purchases (Liability) | 0 | 0 | 0 | 0 |
Sales (Liability) | 0 | 0 | 0 | 0 |
Issuances (Liability) | 0 | 0 | -714.1 | -405 |
Settlements (Liability) | 136.3 | 208.9 | 297.7 | 361.7 |
Deconsolidation of CIP | 339 | 0 | 339 | 0 |
Gains and losses included in the Consolidated Statements of Income (Liability) | -14.1 | -32.5 | -42.4 | -101.5 |
Transfers to Level 2 | ' | 0 | ' | 0 |
Foreign exchange (Liability) | ' | 0.7 | ' | -0.1 |
Ending balance (Liability) | ($4,301.50) | ($4,044.30) | ($4,301.50) | ($4,044.30) |
Recovered_Sheet2
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Liabilities | 10,421.60 | 10,293.20 |
Two Thousand Twelve And Thereafter [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Probability of Default | 1.40% | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | ' | 58.7 |
Private Equity Funds, Priced Using Private Market Transactions [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | 23.6 | 5.8 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | 226.3 | ' |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Liabilities | 4,301.50 | 4,181.70 |
Private Equity Fund, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | 40 | ' |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | 464 | 442.2 |
Private Equity Funds, Priced Using NAV Practical Expedient [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | 623.8 | 442.2 |
Market Comparable [Member] | Minimum [Member] | Private Equity Fund, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Derivative Revenue Multiple | 100.00% | 100.00% |
Derivative Discount Rate | 25.00% | ' |
Market Comparable [Member] | Maximum [Member] | Private Equity Fund, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Derivative Revenue Multiple | 400.00% | 500.00% |
Derivative Discount Rate | 36.00% | ' |
Market Comparable [Member] | Weighted Average [Member] | Private Equity Fund, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Derivative Revenue Multiple | 330.00% | 300.00% |
Derivative Discount Rate | 30.90% | 24.00% |
Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Probability of Default | 1.00% | 1.00% |
Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Probability of Default | 2.00% | 2.00% |
Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Assumed Default Rate, less than one year | 1.10% | 1.40% |
Assumed Default Rate, more than one year | 2.00% | 2.00% |
Discounted Cash Flow Valuation Technique [Member] | LIBOR [Member] | Minimum [Member] | Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Derivative, Basis Spread on Variable Rate | 1.25% | 1.23% |
Discounted Cash Flow Valuation Technique [Member] | LIBOR [Member] | Maximum [Member] | Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Derivative, Basis Spread on Variable Rate | 7.39% | 8.64% |
Discounted Cash Flow Valuation Technique [Member] | LIBOR [Member] | Weighted Average [Member] | Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Derivative, Basis Spread on Variable Rate | 2.18% | 2.08% |
Third party appraisal [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Private Equity Fund Assets | 3.7 | 0 |
Recovered_Sheet3
Consolidated Investment Products (Private Equity) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Private Equity Fund Of Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Fair Value | $464 | $426.30 |
Unfunded Commitments | 196.8 | 71.6 |
Weighted Average Remaining Term | '2 years | '2 years 7 months 12 days |
Private Equity Funds [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Fair Value | 159.8 | 15.9 |
Unfunded Commitments | $501.70 | $80.60 |
Weighted Average Remaining Term | '9 years | '8 years 6 months |
Related_Parties_Details
Related Parties (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Advisory Fees | $1,031.90 | $885.50 | $1,997.30 | $1,730.10 | ' | ' |
Distribution and Servicing Fees | 214.7 | 215.7 | 453.3 | 422 | ' | ' |
Performance Fees | 5 | 6 | 36.1 | 42.1 | ' | ' |
Revenue, Other Financial Services | 38.3 | 28.3 | 72.7 | 53.5 | ' | ' |
Revenues | 1,289.90 | 1,135.50 | 2,559.40 | 2,247.70 | ' | ' |
Cash and cash equivalents | 1,196 | 916.2 | 1,196 | 916.2 | 1,331.20 | 835.5 |
Unsettled fund receivables | 1,228.80 | ' | 1,228.80 | ' | 932.4 | ' |
Accounts receivable | 517.8 | ' | 517.8 | ' | 500.8 | ' |
Investments | 919.1 | ' | 919.1 | ' | 839.7 | ' |
Separate Account Assets | 1,539.90 | ' | 1,539.90 | ' | 1,416 | ' |
Other assets | 144.2 | ' | 144.2 | ' | 182.1 | ' |
Total assets | 19,899.50 | ' | 19,899.50 | ' | 19,270.50 | ' |
Accrued compensation and benefits | 463.2 | ' | 463.2 | ' | 676.4 | ' |
Accounts payable and accrued expenses | 755.6 | ' | 755.6 | ' | 763.1 | ' |
Unsettled fund payables | 1,219.60 | ' | 1,219.60 | ' | 882 | ' |
Total liabilities | 10,421.60 | ' | 10,421.60 | ' | 10,293.20 | ' |
Affiliated Entity [Member] | ' | ' | ' | ' | ' | ' |
Investment Advisory Fees | 922.7 | 785.8 | 1,779 | 1,531.80 | ' | ' |
Distribution and Servicing Fees | 211.3 | 211.6 | 446.7 | 413.3 | ' | ' |
Performance Fees | 2.2 | 2.5 | 28.1 | 34 | ' | ' |
Revenue, Other Financial Services | 28.3 | 27.7 | 61.3 | 52.8 | ' | ' |
Revenues | 1,164.50 | 1,027.60 | 2,315.10 | 2,031.90 | ' | ' |
Cash and cash equivalents | 408.5 | ' | 408.5 | ' | 447.8 | ' |
Unsettled fund receivables | 273.9 | ' | 273.9 | ' | 315.5 | ' |
Accounts receivable | 304.9 | ' | 304.9 | ' | 298.5 | ' |
Investments | 878.4 | ' | 878.4 | ' | 789.8 | ' |
Separate Account Assets | 1,539.40 | ' | 1,539.40 | ' | 1,415.70 | ' |
Other assets | 5.5 | ' | 5.5 | ' | 5.4 | ' |
Total assets | 3,410.60 | ' | 3,410.60 | ' | 3,272.70 | ' |
Accrued compensation and benefits | 128.2 | ' | 128.2 | ' | 151.6 | ' |
Accounts payable and accrued expenses | 19.5 | ' | 19.5 | ' | 19.5 | ' |
Unsettled fund payables | 504 | ' | 504 | ' | 389.9 | ' |
Total liabilities | $651.70 | ' | $651.70 | ' | $561 | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $210 |
Discontinued_Operations_Compon
Discontinued Operations (Components of income from discontinued operations, net of tax) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Income (loss) from discontinued operations before income taxes | $0.30 | ($7.20) | ($2.80) | ($0.80) |
Income tax (provision)/benefit | -0.1 | 2.6 | 1 | 0.3 |
Income (loss) from discontinued operations, net of tax | $0.20 | ($4.60) | ($1.80) | ($0.50) |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Dividends declared per share | $0.25 | $0.23 | $0.48 | $0.40 | $0.25 |