Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document Information [Abstract] | |
Entity Registrant Name | Invesco Ltd. |
Entity Central Index Key | 914,208 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 423,862,300 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 1,590.7 | $ 1,514.2 |
Unsettled fund receivables | 979.8 | 732.4 |
Accounts receivable | 529.2 | 545.9 |
Investments | 938.9 | 885.4 |
Assets of consolidated sponsored investment products (CSIP) | 325.5 | 305.8 |
Cash and cash equivalents of CIP | 587.5 | 404 |
Accounts receivable and other assets of CIP | 135.6 | 161.3 |
Investments of CIP | 6,119.9 | 5,762.8 |
Assets held for policyholders | 5,500.5 | 1,697.9 |
Prepaid assets | 126.2 | 132.1 |
Other assets | 85.6 | 92 |
Property and equipment, net | 415.9 | 402.6 |
Intangible assets, net | 1,357.3 | 1,246.7 |
Goodwill | 6,269.6 | 6,579.4 |
Total assets | 24,962.2 | 20,462.5 |
LIABILITIES | ||
Accrued compensation and benefits | 571.2 | 667.3 |
Accounts payable and accrued expenses | 882.4 | 757.3 |
Debt of CIP | 5,669.7 | 5,149.6 |
Other liabilities of CIP | 338.1 | 280.9 |
Policyholder payables | 5,500.5 | 1,697.9 |
Unsettled fund payables | 962.5 | 730.1 |
Long-term debt | 1,689.3 | 1,589.3 |
Deferred tax liabilities, net | 316.3 | 304.8 |
Total liabilities | $ 15,930 | $ 11,177.2 |
Commitments and contingencies (See Note 11) | ||
TEMPORARY EQUITY | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 176.4 | $ 165.5 |
Equity attributable to common shareholders: | ||
Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of September 30, 2015 and December 31, 2014) | 98.1 | 98.1 |
Additional paid-in-capital | 6,166.2 | 6,133.6 |
Treasury shares | (2,194.7) | (1,898.1) |
Retained earnings | 4,351.4 | 3,926 |
Retained earnings appropriated for investors in CIP | 0 | 17.6 |
Accumulated other comprehensive income, net of tax | (328.3) | 48.8 |
Total equity attributable to common shareholders | 8,092.7 | 8,326 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 763.1 | 793.8 |
Total equity | 8,855.8 | 9,119.8 |
Total liabilities and equity | $ 24,962.2 | $ 20,462.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.2 | $ 0.2 |
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 Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating revenues: | ||||
Investment management fees | $ 1,016.9 | $ 1,047.3 | $ 3,074 | $ 3,044.6 |
Service and distribution fees | 214.8 | 222.1 | 647.8 | 675.4 |
Performance fees | 15.6 | 8.2 | 69.1 | 44.3 |
Other | 26.2 | 33.4 | 92.3 | 106.1 |
Total operating revenues | 1,273.5 | 1,311 | 3,883.2 | 3,870.4 |
Operating expenses: | ||||
Employee compensation | 337.6 | 343.8 | 1,045.7 | 1,048.8 |
Third-party distribution, service and advisory | 392.3 | 420.2 | 1,204.7 | 1,236.2 |
Marketing | 24.9 | 26.6 | 81.3 | 80.2 |
Property, office and technology | 79 | 76.4 | 230.7 | 264.4 |
General and administrative | 87 | 114.4 | 266 | 312.1 |
Total operating expenses | 920.8 | 981.4 | 2,828.4 | 2,941.7 |
Operating Income (Loss) | 352.7 | 329.6 | 1,054.8 | 928.7 |
Other income/(expense): | ||||
Equity in earnings of unconsolidated affiliates | 8.2 | 10.9 | 32 | 26.4 |
Interest and dividend income | 2.4 | 2.6 | 7.5 | 8.6 |
Interest expense | (20.4) | (18.1) | (58.7) | (55) |
Other gains and losses, net | 0.9 | (1.3) | (5.2) | 21.5 |
Other income/(expense) of CSIP, net | (3.6) | 7.4 | 10.9 | 23.3 |
Interest and dividend income of CIP | 64.7 | 53.4 | 190 | 149.7 |
Interest expense of CIP | (45.9) | (37.5) | (138.3) | (98.1) |
Other gains/(losses) of CIP, net | (17.3) | 0.1 | (12.6) | 63.4 |
Income from continuing operations before income taxes | 341.7 | 347.1 | 1,080.4 | 1,068.5 |
Income tax provision | (100.4) | (94.9) | (311.1) | (290.9) |
Income from continuing operations, net of taxes | 241.3 | 252.2 | 769.3 | 777.6 |
Income/(loss) from discontinued operations, net of taxes | 0 | (0.6) | 0 | (2.4) |
Net income | 241.3 | 251.6 | 769.3 | 775.2 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 8 | 4.4 | (3.1) | (56.9) |
Net income attributable to Invesco Ltd | $ 249.3 | $ 256 | $ 766.2 | $ 718.3 |
Basic: | ||||
Earnings per share from continuing operations (usd per share) | $ 0.58 | $ 0.59 | $ 1.78 | $ 1.65 |
Earnings per share from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Basic earnings per share (usd per share) | 0.58 | 0.59 | 1.78 | 1.65 |
Diluted: | ||||
Earnings per share from continuing operations (usd per share) | 0.58 | 0.59 | 1.78 | 1.65 |
Earnings per share from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Diluted earnings per share (usd per share) | 0.58 | 0.59 | 1.78 | 1.65 |
Dividends declared per share | $ 0.2700 | $ 0.2500 | $ 0.7900 | $ 0.7250 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 241.3 | $ 251.6 | $ 769.3 | $ 775.2 |
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Currency translation differences on investments in foreign subsidiaries, net of tax | (223.9) | (255) | (364.2) | (177.7) |
Actuarial (loss)/gain related to employee benefit plans, net of tax | 0 | 4.4 | 0 | 2.3 |
Reclassification of prior service cost/(credit) into employee compensation expense, net of tax | (1.8) | (0.4) | (4.8) | (1.1) |
Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax | 0.6 | 0.4 | 1.7 | 1.4 |
Share of other comprehensive income/(loss) of equity method investments, net of tax | (1.9) | 0.4 | (0.6) | 7.6 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (5.8) | (4.2) | (7.6) | 9 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax | (0.7) | (2.4) | (1.6) | (16.6) |
Other comprehensive income/(loss), net of tax | (233.5) | (256.8) | (377.1) | (175.1) |
Total comprehensive income/(loss) | 7.8 | (5.2) | 392.2 | 600.1 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | 8 | 4.1 | (3.1) | (56.9) |
Comprehensive income/(loss) attributable to Invesco Ltd. | $ 15.8 | $ (1.1) | $ 389.1 | $ 543.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net income | $ 769.3 | $ 775.2 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Amortization and depreciation | 68.6 | 67.4 |
Share-based compensation expense | 112.9 | 104.3 |
Other (gains)/losses, net | 5.2 | (21.5) |
Other (gains)/losses of CSIP, net | (1.6) | (15.8) |
Other (gains)/losses of CIP, net | 12.6 | (63.4) |
Equity in earnings of unconsolidated affiliates | (32) | (26.4) |
Dividends from unconsolidated affiliates | 17.9 | 18.8 |
Changes in operating assets and liabilities: | ||
(Increase)/decrease in cash held by CIP | (184.3) | 313.8 |
(Increase)/decrease in cash held by CSIP | (3.1) | (5.4) |
(Purchase)/sale of trading investments, net | (106.7) | (15.9) |
(Increase)/decrease in receivables | (4,168.4) | (233.8) |
Increase/(decrease) in payables | 4,065.2 | 120.1 |
Net cash provided by/(used in) operating activities | 555.6 | 1,017.4 |
Investing activities: | ||
Purchase of property, equipment and software | (88.1) | (86.7) |
Purchase of available-for-sale investments | (41.5) | (112) |
Sale of available-for-sale investments | 48.5 | 100.8 |
Purchase of investments by CIP | (3,226.4) | (4,228.6) |
Sale of investments by CIP | 2,827.8 | 3,014.2 |
Purchase of investments by CSIP | (397.5) | (565.9) |
Sale of investments by CSIP | 384 | 366.4 |
Purchase of other investments | (115.2) | (84.9) |
Sale of other investments | 73.8 | 52.5 |
Returns of capital and distributions from unconsolidated partnership investments | 45.1 | 33.8 |
Sale of business | 0 | 60.8 |
Net cash provided by/(used in) investing activities | (489.5) | (1,449.6) |
Financing activities: | ||
Proceeds from exercises of share options | 2.1 | 8.6 |
Purchases of treasury shares | (334) | (219.6) |
Dividends paid | (340.8) | (315.7) |
Excess tax benefits from share-based compensation | 19.1 | 21.9 |
Repayment of unsettled fund account | 0 | 35.7 |
Third-party capital invested into CIP | 63.3 | 160.1 |
Third-party capital distributed by CIP | (99) | (131.2) |
Third-party capital invested into CSIP | 13.5 | 157.1 |
Third-party capital distributed by CSIP | 0 | (3.7) |
Borrowings of debt by CIP | 2,091.8 | 1,339.6 |
Repayments of debt by CIP | (1,457.5) | (505.3) |
Net borrowings/(repayments) under credit facility | 99.5 | 0 |
Payment of contingent consideration | (4.6) | 0 |
Net cash provided by/(used in) financing activities | 53.4 | 476.1 |
Increase/(decrease) in cash and cash equivalents | 119.5 | 43.9 |
Foreign exchange movement on cash and cash equivalents | (43) | (22.5) |
Cash and cash equivalents, beginning of period | 1,514.2 | 1,331.2 |
Cash and cash equivalents, end of period | 1,590.7 | 1,352.6 |
Supplemental Cash Flow Information: | ||
Interest paid | (49) | (40.1) |
Interest received | 6.8 | 4.6 |
Taxes paid | $ (232.7) | $ (252.4) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | 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] |
Beginning balance at Dec. 31, 2013 | $ 8,977.3 | $ 98.1 | $ 6,100.8 | $ (1,700.4) | $ 3,361.9 | $ 104.3 | $ 427.9 | $ 8,392.6 | $ 584.7 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 767.7 | 718.3 | 718.3 | 49.4 | ||||||
Other comprehensive income (loss) | (175.1) | (175) | (175) | (0.1) | ||||||
Net income/(loss) reclassified to appropriated retained earnings | 0 | (46.9) | (46.9) | 46.9 | ||||||
Deconsolidation of CIP | (1) | (1) | (1) | |||||||
Change in noncontrolling interests in consolidated entities, net | 34.1 | 34.1 | ||||||||
Dividends | (315.7) | (315.7) | (315.7) | |||||||
Employee share plans: | ||||||||||
Share-based compensation | 104.3 | 104.3 | 104.3 | |||||||
Vested shares | 0 | (118.9) | 118.9 | |||||||
Exercise of options | 8.6 | (6.4) | 15 | 8.6 | ||||||
Settlement of ESPP purchases | 5 | 0 | 2.2 | 2.8 | 0 | 0 | 0 | 5 | 0 | |
Tax impact of share-based payment | 21.9 | 21.9 | 21.9 | |||||||
Purchase of shares | (288) | (288) | (288) | |||||||
Ending balance at Sep. 30, 2014 | 9,139.1 | 98.1 | 6,103.9 | (1,851.7) | 3,764.5 | 56.4 | 252.9 | 8,424.1 | 715 | |
Beginning balance at Dec. 31, 2013 | $ 0 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | 7.5 | |||||||||
Change in noncontrolling interests in consolidated entities, net | 150 | |||||||||
Ending balance at Sep. 30, 2014 | 157.5 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance, as adjusted | 9,102.2 | 98.1 | 6,133.6 | (1,898.1) | 3,926 | 0 | 48.8 | 8,308.4 | 793.8 | |
Beginning balance at Dec. 31, 2014 | 9,119.8 | 98.1 | 6,133.6 | (1,898.1) | 3,926 | 17.6 | 48.8 | 8,326 | 793.8 | |
Adjustment for adoption of ASU 2014-13 (Accounting Standards Update 2014-13 [Member]) at Dec. 31, 2014 | (17.6) | 0 | 0 | 0 | 0 | (17.6) | 0 | (17.6) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 769.9 | 766.2 | 766.2 | 3.7 | ||||||
Other comprehensive income (loss) | (377.1) | (377.1) | (377.1) | |||||||
Change in noncontrolling interests in consolidated entities, net | (34.4) | (34.4) | ||||||||
Dividends | (340.8) | (340.8) | (340.8) | |||||||
Employee share plans: | ||||||||||
Share-based compensation | 112.9 | 112.9 | 112.9 | |||||||
Vested shares | 0 | (101.2) | 101.2 | |||||||
Exercise of options | 2.1 | (0.5) | 2.6 | 2.1 | ||||||
Settlement of ESPP purchases | 5.5 | 2.3 | 3.2 | 5.5 | ||||||
Tax impact of share-based payment | 19.1 | 19.1 | 19.1 | |||||||
Purchase of shares | (403.6) | (403.6) | (403.6) | |||||||
Ending balance at Sep. 30, 2015 | $ 8,855.8 | $ 98.1 | $ 6,166.2 | $ (2,194.7) | $ 4,351.4 | $ 0 | $ (328.3) | $ 8,092.7 | $ 763.1 | |
Beginning balance at Dec. 31, 2014 | 165.5 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | (0.6) | |||||||||
Change in noncontrolling interests in consolidated entities, net | 11.5 | |||||||||
Ending balance at Sep. 30, 2015 | $ 176.4 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 . Basis of Accounting and Consolidation The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with rules and regulations of the Securities and Exchange Commission and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair statement of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09), 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. ASU 2014-09 was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year for periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date and requires either a retrospective or a modified retrospective approach to adoption. The company is currently evaluating the potential impact on its Consolidated Financial Statements, as well as the available transition methods. In August 2014, the FASB issued Accounting Standard Update 2014-13, "Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" (ASU 2014-13). ASU 2014-13 provides a measurement alternative for an entity that consolidates a collateralized financing entity (CFE) and has elected the fair value option for the financial assets and financial liabilities of such CFE. The measurement alternative requires that the reporting entity measure both the financial assets and the financial liabilities of the CFE by using the more observable of the fair value of the financial assets and the fair value of the financial liabilities, removing any measurement difference previously recorded as net income (loss) attributable to noncontrolling interests in consolidated entities and as an adjustment to retained earnings appropriated for investors in CIP. On January 1, 2015 the company adopted ASU 2014-13 on a modified retrospective basis and has elected the measurement alternative for the consolidated CLOs. The adoption resulted in a $17.6 million reduction in retained earnings appropriated for investors in CIP, with a corresponding increase in debt of CIP. The company’s subsequent earnings from consolidated CLOs reflect changes in fair value of its own economic interests in the CLOs. Gains or losses on assets and liabilities of the CLOs will no longer be attributed to noncontrolling interests but will offset in other gains/(losses) of CIP. In February 2015, the FASB issued Accounting Standard Update 2015-02, “ Amendments to the Consolidation Analysis” (ASU 2015-02). This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The company is currently evaluating the potential impact of this standard on its Consolidated Financial Statements, as well as the available transition methods. In April 2015, the FASB issued Accounting Standards Update 2015-03, "Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03), which changes the presentation of debt issuance costs in the balance sheet. ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires retrospective application for each prior period presented. Early adoption is permitted. ASU 2015-03 did not address the presentation of debt issuance costs related to line of credit arrangements, therefore, in August 2015, the FASB issued Accounting Standards Update 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements" (ASU 2015-15). ASU 2015-15 clarifies that SEC staff would not object to presenting debt issuance costs related to line of credit arrangements as an asset rather than as a deduction to the carrying value of the debt liability. The company is currently evaluating the potential impact of both standards on its Consolidated Financial Statements. In May 2015, the FASB issued Accounting Standards Update 2015-07, "Fair Value Measurement - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" (ASU 2015-07). ASU 2015-07 removes the requirement to categorize investments within the fair value hierarchy for which fair value is measured using the net asset value practical expedient. ASU 2015-07 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015, and requires retrospective application for each prior period presented. Early adoption is permitted. While the company is still evaluating the impact of ASU 2015-07, adoption will not impact the company's financial condition, results of operations or cash flows, as the update relates to financial statement disclosures. |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 December 31, 2014 $ in millions Footnote Reference Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1,590.7 1,590.7 1,514.2 1,514.2 Available-for-sale investments 3 233.9 233.9 255.9 255.9 Trading investments 3 347.5 347.5 263.2 263.2 Foreign time deposits * 3 27.7 27.7 29.6 29.6 Assets held for policyholders 5,500.5 5,500.5 1,697.9 1,697.9 Policyholder payables * (5,500.5 ) (5,500.5 ) (1,697.9 ) (1,697.9 ) Put option contracts 1.6 1.6 — — UIT-related financial instruments sold, not yet purchased (6.3 ) (6.3 ) (1.4 ) (1.4 ) Contingent consideration liability (96.3 ) (96.3 ) — — Long-term debt * 4 (1,689.3 ) (1,749.8 ) (1,589.3 ) (1,695.8 ) ____________ * 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 September 30, 2015 and December 31, 2014 , 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. • Seed money 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. • Other equity securities These securities are valued under the market approach through the use of quoted prices in an active market. 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 equities, UITs, and municipal 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. Put option contracts The company has purchased several put option contracts to hedge economically foreign currency risk on the translation of a portion of its pound sterling-denominated earnings into U.S. dollars (purchases of zero and $9.2 million in the three and nine months ended September 30, 2015 , respectively). These were the only contracts entered into during the period to hedge economically foreign currency risk and provide coverage through March 31, 2016 . The economic hedge is predominantly triggered upon the impact of a significant decline in the pound sterling/U.S. dollar foreign exchange rate, which could arise as a result of European economic uncertainty. Open put option contracts are marked-to-market through earnings, which are recorded in the company's Condensed Consolidated Statements of Income in other gains and losses. These derivative contracts are valued using option valuation models and are included in other assets in the company's Condensed Consolidated Balance Sheets. The significant inputs in these models (volatility, forward points and swap curves) are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts and are classified within level 2 of the valuation hierarchy. The company recognized a gain of $0.2 million and a loss of $7.6 million in the three and nine months ended September 30, 2015 , respectively (three and nine months ended September 30, 2014 : none ) related to the change in market value of these put option contracts. Assets held for policyholders Assets held for policyholders 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 September 30, 2015 there were 23 futures contracts with a notional value of $3.2 million ( December 31, 2014 : 6 open futures contracts with a notional value of $0.8 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. Contingent Consideration Liability During the first quarter of 2015, the company acquired certain investment management contracts from a third party. Indefinite-lived intangible assets were valued at $119.3 million . This transaction was a non-cash investing activity during the period. The purchase price was comprised solely of contingent consideration payable in future periods, and is linked to future revenues generated from the contracts. The contingent consideration liability was recorded at fair value as of the date of acquisition using a discounted cash flow model, and is categorized within level 3 of the valuation hierarchy. Anticipated future cash flows were determined using forecast AUM levels and discounted back to the valuation date using a discount rate of 3.4% . Assumed growth rates in AUM ranged from 0% to 5% (weighted average growth rate of 2.89% ). The company reassesses significant unobservable inputs during each reporting period. Changes in fair value are recorded in Other gains and losses, net in the Condensed Consolidated Statements of Income in the period incurred. An increase in AUM levels and a decrease in the discount rate would increase the fair value of the contingent consideration liability while a decrease in forecasted AUM and an increase in the discount rate would decrease the liability. 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 September 30, 2015 : As of September 30, 2015 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds 238.4 238.4 — — Investments:* Available-for-sale: Seed money 226.9 226.9 — — CLOs 1.1 — — 1.1 Other debt securities 5.9 — — 5.9 Trading investments: Investments related to deferred compensation plans 159.6 159.6 — — Seed money 127.7 127.7 — — Other equity securities 48.9 48.9 — — UIT-related equity and debt securities: Corporate equities 1.2 1.2 — — UITs 6.9 6.9 — — Municipal securities 3.2 — 3.2 — Assets held for policyholders 5,500.5 5,500.5 — — Put option contracts 1.6 — 1.6 — Total 6,321.9 6,310.1 4.8 7.0 Liabilities: UIT-related financial instruments sold, not yet purchased: Corporate equities (6.2 ) (6.2 ) — — UITs (0.1 ) (0.1 ) — — Contingent consideration liability (96.3 ) — — (96.3 ) Total (102.6 ) (6.3 ) — (96.3 ) ____________ * Foreign time deposits of $27.7 million are excluded from this table. Equity method and other investments of $323.2 million and $6.6 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, 2014 : As of December 31, 2014 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds 474.9 474.9 — — Investments:* Available-for-sale: Seed money 246.2 246.2 — — CLOs 3.4 — — 3.4 Other debt securities 6.3 — — 6.3 Trading investments: Investments related to deferred compensation plans 162.6 162.6 — — Seed Money 68.2 68.2 — — Other equity securities 29.0 29.0 — — UIT-related equity and debt securities: Corporate equities 1.4 1.4 — — UITs 1.6 1.6 — — Municipal securities 0.4 — 0.4 — Assets held for policyholders 1,697.9 1,697.9 — — Total 2,691.9 2,681.8 0.4 9.7 Liabilities: UIT-related financial instruments sold, not yet purchased: Corporate equities (1.4 ) (1.4 ) — — Total (1.4 ) (1.4 ) — — ____________ * Foreign time deposits of $29.6 million are excluded from this table. Equity method and other investments of $332.1 million and $4.6 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 nine months ended September 30, 2015 and September 30, 2014 , which are valued using significant unobservable inputs: Three months ended September 30, 2015 Nine months ended September 30, 2015 $ in millions Contingent Consideration Liability CLOs Other Debt Securities Contingent Consideration Liability CLOs Other Debt Securities Beginning balance (118.7 ) 1.3 6.3 — 3.4 6.3 Acquisition — — — (119.3 ) — — Returns of capital — — (0.4 ) — (0.1 ) (0.4 ) Net unrealized gains and losses included in other gains and losses 18.4 — — 18.4 — — Net unrealized gains and losses included in accumulated other comprehensive income/(loss) * — (0.2 ) — — (0.2 ) — Disposition/settlements 4.0 — — 4.6 (2.0 ) — Ending balance (96.3 ) 1.1 5.9 (96.3 ) 1.1 5.9 Three months ended September 30, 2014 Nine months ended September 30, 2014 $ in millions CLOs Other Debt Securities CLOs Other Debt Securities Beginning balance 4.1 6.3 4.0 6.3 Returns of capital (0.1 ) — (0.3 ) — Net unrealized gains and losses included in accumulated other comprehensive income/(loss) * 0.1 — 0.4 — Ending balance 4.1 6.3 4.1 6.3 _______________ * These unrealized gains and losses are attributable to balances still held at the respective period ends. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 December 31, 2014 Available-for-sale investments: Seed money 226.9 246.2 CLOs 1.1 3.4 Other debt securities 5.9 6.3 Trading investments: Investments related to deferred compensation plans 159.6 162.6 Seed money 127.7 68.2 Other equity securities 48.9 29.0 UIT-related equity and debt securities 11.3 3.4 Equity method investments 323.2 332.1 Foreign time deposits 27.7 29.6 Other 6.6 4.6 Total investments 938.9 885.4 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 September 30, 2015 For the nine months ended September 30, 2015 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 29.8 1.0 (0.2 ) 45.5 2.0 (0.2 ) CLOs 0.3 0.3 — 2.6 0.5 — Other debt securities 0.4 — — 0.4 — — For the three months ended September 30, 2014 For the nine months ended September 30, 2014 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 25.6 1.8 — 100.5 12.8 (0.2 ) CLOs 0.1 — — 0.3 — — Upon the sale of available-for-sale securities, net realized gains of $1.1 million and $2.3 million were transferred from accumulated other comprehensive income into the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2015 , respectively ( three and nine months ended September 30, 2014 : $1.8 million and $12.6 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: September 30, 2015 December 31, 2014 $ 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 230.1 8.5 (11.7 ) 226.9 237.7 12.8 (4.3 ) 246.2 CLOs 1.3 — (0.2 ) 1.1 3.5 — (0.1 ) 3.4 Other debt securities 5.9 — 5.9 6.3 — — 6.3 237.3 8.5 (11.9 ) 233.9 247.5 12.8 (4.4 ) 255.9 At September 30, 2015 , 198 seed money funds ( December 31, 2014 : 146 seed money funds) included gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. September 30, 2015 December 31, 2014 $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Less than 12 months 122.6 (5.3 ) 123.9 (3.5 ) 12 months or greater 34.3 (6.4 ) 3.6 (0.8 ) Total 156.9 (11.7 ) 127.5 (4.3 ) The company has reviewed investment securities for other-than-temporary impairment (OTTI) in accordance with its accounting policy and has recognized no other-than-temporary impairment charges on available-for-sale investments during the nine months ended September 30, 2015 ( nine months ended September 30, 2014 : 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-temporary 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 nine months ended September 30, 2015 and 2014 , there were no charges to other comprehensive income from other-than-temporary impairment related to non-credit related factors. At September 30, 2015 , $1.7 million available-for-sale debt securities mature in one year through five years, and $5.3 million after five years through ten years. Trading investments The portion of trading gains and losses for the three and nine months ended September 30, 2015 , that relates to trading securities still held at September 30, 2015 , was a $17.0 million net loss and $18.9 million net loss , respectively ( three and nine months ended September 30, 2014 : $3.1 million net loss and $2.0 million net gain , respectively). |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
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.” September 30, 2015 December 31, 2014 $ in millions Carrying Value Fair Value Carrying Value Fair Value Unsecured Senior Notes*: $600 million 3.125% - due November 30, 2022 599.7 603.9 599.6 596.8 $600 million 4.000% - due January 30, 2024 596.5 614.5 596.2 625.9 $400 million 5.375% - due November 30, 2043 393.6 431.9 393.5 473.1 Floating rate credit facility expiring August 7, 2020 99.5 99.5 — — Long-term debt 1,689.3 1,749.8 1,589.3 1,695.8 ____________ * 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 the Parent 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 September 30, 2015 , the company's outstanding senior notes of $1,589.8 million mature in periods greater than five years from the balance sheet date. The floating rate credit facility will expire in less than five years. At September 30, 2015 , the outstanding balance on the $1.25 billion credit facility was $99.5 million ( December 31, 2014 : zero ). On August 7, 2015, the company amended the existing $1.25 billion credit facility to extend its maturity from December 17, 2018 to August 7, 2020. 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 September 30, 2015 of the company, the applicable margin for LIBOR-based loans was 0.875% and for base rate loans was 0.00% . 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 September 30, 2015 , the annual facility fee was equal to 0.125% . 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 (other than the borrower, Invesco Finance PLC). 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 $33.6 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 | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL The number of common shares and common share equivalents issued are represented in the table below: As of In millions September 30, 2015 December 31, 2014 Common shares issued 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (66.5 ) (60.5 ) Common shares outstanding 423.9 429.9 Total treasury shares at September 30, 2015 were 75.1 million ( December 31, 2014 : 69.4 million ), including 8.6 million unvested restricted stock awards ( December 31, 2014 : 8.9 million ) for which dividend and voting rights apply. The market price of common shares at September 30, 2015 was $31.23 . The total market value of the company's 75.1 million treasury shares was $2.3 billion at September 30, 2015 . |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (223.9 ) — — — (223.9 ) Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (1.8 ) — — (1.8 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 0.6 — — 0.6 Share of other comprehensive income/(loss) of equity method investments, net of tax — — (1.9 ) — (1.9 ) Unrealized (losses)/gains on available-for-sale investments, net of tax — — — (5.8 ) (5.8 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (0.7 ) (0.7 ) Other comprehensive income/(loss), net of tax (223.9 ) (1.2 ) (1.9 ) (6.5 ) (233.5 ) Beginning balance (12.2 ) (93.6 ) 7.8 3.2 (94.8 ) Other comprehensive income/(loss), net of tax (223.9 ) (1.2 ) (1.9 ) (6.5 ) (233.5 ) Ending balance (236.1 ) (94.8 ) 5.9 (3.3 ) (328.3 ) For the nine months ended September 30, 2015 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (364.2 ) — — — (364.2 ) Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (4.8 ) — — (4.8 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 1.7 — — 1.7 Share of other comprehensive income/(loss) of equity method investments, net of tax — — (0.6 ) — (0.6 ) Unrealized (losses)/gains on available-for-sale investments, net of tax — — — (7.6 ) (7.6 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (1.6 ) (1.6 ) Other comprehensive income/(loss), net of tax (364.2 ) (3.1 ) (0.6 ) (9.2 ) (377.1 ) Beginning balance 128.1 (91.7 ) 6.5 5.9 48.8 Other comprehensive income/(loss), net of tax (364.2 ) (3.1 ) (0.6 ) (9.2 ) (377.1 ) Ending balance (236.1 ) (94.8 ) 5.9 (3.3 ) (328.3 ) For the three months ended September 30, 2014 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (255.0 ) — — — (255.0 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 4.4 — — 4.4 Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (0.4 ) — — (0.4 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 0.4 — — 0.4 Share of other comprehensive income/(loss) of equity method investments, net of tax — — 0.4 — 0.4 Unrealized (losses)/gains on available-for-sale investments, net of tax — — — (4.2 ) (4.2 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (2.4 ) (2.4 ) Other comprehensive income/(loss), net of tax (255.0 ) 4.4 0.4 (6.6 ) (256.8 ) Beginning balance 570.1 (79.7 ) 5.4 14.1 509.9 Other comprehensive income/(loss), net of tax (255.0 ) 4.4 0.4 (6.6 ) (256.8 ) Other comprehensive (income)/loss attributable to noncontrolling interests (0.2 ) — — — (0.2 ) Ending balance 314.9 (75.3 ) 5.8 7.5 252.9 For the nine months ended September 30, 2014 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (177.7 ) — — — (177.7 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 2.3 — — 2.3 Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (1.1 ) — — (1.1 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 1.4 — — 1.4 Share of other comprehensive income/(loss) of equity method investments, net of tax — — 7.6 — 7.6 Unrealized (losses)/gains on available-for-sale investments, net of tax — — — 9.0 9.0 Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (16.6 ) (16.6 ) Other comprehensive income/(loss), net of tax (177.7 ) 2.6 7.6 (7.6 ) (175.1 ) Beginning balance 492.5 (77.9 ) (1.8 ) 15.1 427.9 Other comprehensive income/(loss), net of tax (177.7 ) 2.6 7.6 (7.6 ) (175.1 ) Other comprehensive (income)/loss attributable to noncontrolling interests 0.1 — — — 0.1 Ending balance 314.9 (75.3 ) 5.8 7.5 252.9 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The company recognized total expenses of $112.9 million and $104.3 million related to equity-settled share-based payment transactions in the nine months ended September 30, 2015 and September 30, 2014 , respectively. Cash received from exercise of share options granted under share-based compensation arrangements was $2.1 million in the nine months ended September 30, 2015 ( nine months ended September 30, 2014 : $8.6 million ). Share Awards Movements on share awards during the periods ended September 30 , are detailed below: For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 Millions of shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 11.5 0.5 29.00 13.9 0.4 Granted during the period 4.0 0.3 40.21 4.3 0.2 Forfeited during the period (0.1 ) — 32.93 (1.1 ) — Vested and distributed during the period (4.6 ) (0.2 ) 28.24 (5.4 ) (0.1 ) Unvested at the end of the period 10.8 0.6 33.48 11.7 0.5 Share awards outstanding at September 30, 2015 , had a weighted average remaining contractual life of 1.40 years. The total fair value of shares that vested during the nine months ended September 30, 2015 was $190.6 million ( nine months ended September 30, 2014 : $191.5 million ). The weighted average grant date fair value of the U.S. dollar share awards that were granted during the nine months ended September 30, 2015 was $40.21 ( nine months ended September 30, 2014 : $34.33 ). At September 30, 2015 , there was $290.9 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 2.68 years . |
Retirement Benefit Plans
Retirement Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS Defined Contribution Plans The total amounts charged to the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2015 of $13.8 million and $44.5 million , respectively ( three and nine months ended September 30, 2014 : $13.3 million and $43.0 million , respectively) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans. As of September 30, 2015 , accrued contributions of $19.7 million ( December 31, 2014 : $25.4 million ) for the current year will be paid to the plans. 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 September 30, For the nine months ended September 30, For the three months ended September 30, For the nine months ended September 30, $ in millions 2015 2014 2015 2014 2015 2014 2015 2014 Service cost 1.1 1.1 3.6 3.3 — 0.1 — 0.2 Interest cost 5.4 4.8 15.9 14.3 — 0.4 — 1.4 Expected return on plan assets (6.3 ) (4.6 ) (18.6 ) (13.9 ) (0.1 ) (0.2 ) (0.3 ) (0.5 ) Amortization of prior service cost/(credit) — — 0.1 0.1 (2.9 ) (0.5 ) (7.6 ) (1.5 ) Amortization of net actuarial (gain)/loss 0.7 0.5 2.0 1.5 — — — 0.2 Net periodic benefit cost/(benefit) 0.9 1.8 3.0 5.3 (3.0 ) (0.2 ) (7.9 ) (0.2 ) The estimated amounts of contributions expected to be paid to the plans during 2015 are $15.2 million for retirement plans and none for the medical plan. Payments made to the plans during the nine months ended September 30, 2015 were $3.8 million to the retirement plan and zero to the medical plan. |
Taxation
Taxation | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
TAXATION | TAXATION At September 30, 2015 , the total amount of gross unrecognized tax benefits was $11.0 million as compared to the December 31, 2014 total of $6.0 million . During the nine months ended September 30, 2015 , gross unrecognized tax benefits of $6.0 million were recorded. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted earnings per share are computed using the two-class method. There is no difference between the calculated earnings per share amounts attributable to Invesco Ltd. and the calculated earnings per share amounts under the two-class method. The calculation of earnings per share is as follows: For the three months ended September 30, For the nine months ended September 30, In millions, except per share data 2015 2014 2015 2014 Income from continuing operations, net of taxes $241.3 $252.2 $769.3 $777.6 Net (income)/loss attributable to noncontrolling interests in consolidated entities 8.0 4.4 (3.1 ) (56.9 ) Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations 249.3 256.6 766.2 720.7 Income/(loss) from discontinued operations, net of taxes — (0.6 ) — (2.4 ) Net income attributable to Invesco Ltd. 249.3 256.0 766.2 718.3 Less: Allocation of earnings to restricted shares (6.3 ) (6.9 ) (19.6 ) (20.5 ) Net income attributable to common shareholders $243.0 $249.1 $746.6 $697.8 Invesco Ltd: Weighted average shares outstanding - basic 428.8 434.3 430.9 435.6 Dilutive effect of non-participating share-based awards 0.3 0.5 0.4 0.6 Weighted average shares outstanding - diluted 429.1 434.8 431.3 436.2 Common shareholders: Weighted average shares outstanding - basic 428.8 434.3 430.9 435.6 Less: Weighted average restricted shares (10.8 ) (11.7 ) (11.0 ) (12.5 ) Weighted average common shares outstanding - basic 418.0 422.6 419.9 423.1 Dilutive effect of non-participating share-based awards 0.3 0.5 0.4 0.6 Weighted average common shares outstanding - diluted 418.3 423.1 420.3 423.7 Basic earnings per share: Earnings per share from continuing operations $0.58 $0.59 $1.78 $1.65 Earnings per share from discontinued operations $— $— $— ($0.01 ) Basic earnings per share $0.58 $0.59 $1.78 $1.65 Diluted earnings per share: Earnings per share from continuing operations $0.58 $0.59 $1.78 $1.65 Earnings per share from discontinued operations $— $— $— ($0.01 ) Diluted earnings per share $0.58 $0.59 $1.78 $1.65 See Note 7 , “Share-Based Compensation,” for a summary of share awards outstanding under the company's share-based compensation programs. These programs could result in the issuance of common shares from time-to-time that would affect the measurement of basic and diluted earnings per share. There were no antidilutive options excluded from the computation of diluted earnings per share in the nine months ended September 30, 2015 ( nine months ended September 30, 2014 : 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 based awards that were excluded from the computation of diluted earnings per share during the nine months ended September 30 , 2015 and 2014 , due to their inclusion being anti-dilutive. There were 0.4 million contingently issuable shares excluded from the diluted earnings per share computation during the nine months ended September 30, 2015 ( nine months ended September 30, 2014 : 0.3 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 , the company's undrawn capital commitments were $124.4 million ( December 31, 2014 : $158.8 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 The company is from time to time involved in litigation relating to claims arising in the ordinary course of its business. 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. In management’s opinion, adequate accrual has been made as of September 30, 2015 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 the company's 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. |
Consolidated Sponsored Investme
Consolidated Sponsored Investment Products | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 December 31, 2014 Investments of CSIP 304.8 288.5 Cash and cash equivalents of CSIP 14.5 11.4 Accounts receivable and other assets of CSIP 6.2 5.9 Assets of CSIP 325.5 305.8 Other liabilities of CSIP (4.7 ) (7.9 ) Equity attributable to redeemable noncontrolling interests (176.4 ) (165.5 ) Equity attributable to nonredeemable noncontrolling interests (16.1 ) (10.6 ) Invesco's net interests in CSIP 128.3 121.8 Invesco's net economic interests as a percentage of investments of CSIP 42.1 % 42.2 % 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 September 30, 2015 , and December 31, 2014 : As of September 30, 2015 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments: Fixed income securities 192.6 0.1 192.5 — Equity securities 1.0 1.0 — — Investments in fixed income funds* 64.9 64.9 — — Investments in other private equity funds* 46.3 — — 46.3 Total investments at fair value 304.8 66.0 192.5 46.3 As of December 31, 2014 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level 3) Investments: Fixed income securities 200.3 — 200.3 — Investments in fixed income funds* 58.0 58.0 — — Investments in other private equity funds* 30.2 — — 30.2 Total investments at fair value 288.5 58.0 200.3 30.2 ________________ * 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 September 30, 2015 and December 31, 2014 , 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 September 30, 2015 Fair Value ($ in millions) Total Unfunded Commitments ($ in millions) Weighted Average Remaining Term (1) Redemption Frequency Redemption Notice Period Fixed income funds 64.9 — n/a Monthly 10 days Private equity fund of funds 46.3 28.6 7.8 years n/a (2) n/a (2) As of December 31, 2014 Fair Value ($ in millions) Total Unfunded Commitments ($ in millions) Weighted Average Remaining Term (1) Redemption Frequency Redemption Notice Period Fixed income funds 58.0 — n/a Monthly 10 days Private equity fund of funds 30.2 35.0 7.6 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 tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs: Three months ended September 30, Nine months ended September 30, $ in millions 2015 2014 2015 2014 Beginning balance 42.3 24.1 30.2 16.2 Purchases 2.2 3.0 7.2 7.0 Sales (0.9 ) (0.2 ) (2.2 ) (0.5 ) Gains and losses included in the Condensed Consolidated Statements of Income* 2.7 0.3 11.1 4.5 Ending balance 46.3 27.2 46.3 27.2 __________________ * Included in other income/(expense) of CSIP, net, in the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2015 are $2.7 million and $11.1 million in net unrealized gains attributable to investments still held at September 30, 2015 ( three and nine months ended September 30, 2014 : $0.3 million and $4.5 million respectively). |
Consolidated Investment Product
Consolidated Investment Products | 9 Months Ended |
Sep. 30, 2015 | |
Consolidated Investment Products [Abstract] | |
CONSOLIDATED INVESTMENT PRODUCTS | 1yr: 2.3% Spread over Libor ** 102 - 801bps 228 bps ____________ * Excluded from the table above are certain equity and debt securities held by consolidated private equity funds valued using recent private market transactions ( September 30, 2015 : $51.2 million ; December 31, 2014 : $85.0 million ) and third party appraisals ( September 30, 2015 : $1.0 million ; December 31, 2014 : $5.7 million ). At December 31, 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 other private equity funds as of September 30, 2015 of $384.1 million (as of December 31, 2014 : $410.0 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 2.0% was assumed for CLOs established after January 1, 2012. The table below summarizes as of September 30, 2015 and December 31, 2014 , 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: September 30, 2015 December 31, 2014 in millions, except term data Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Private equity funds (1) $384.1 $213.6 2.6 years $410.0 $196.3 2.6 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." id="sjs-B4">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 September 30, 2015 December 31, 2014 Cash and cash equivalents of CIP 587.5 404.0 Accounts receivable and other assets of CIP 135.6 161.3 Investments of CIP 6,119.9 5,762.8 Less: Debt of CIP (5,669.7 ) (5,149.6 ) Less: Other liabilities of CIP (338.1 ) (280.9 ) Less: Retained earnings 0.7 (20.3 ) Less: Retained earnings appropriated for investors in CIP — (17.6 ) Less: Accumulated other comprehensive income, net of tax (0.7 ) 20.2 Less: Equity attributable to nonredeemable noncontrolling interests (745.0 ) (781.2 ) Invesco's net interests in CIP 90.2 98.7 Invesco's net economic interests as a percentage of investments of CIP 1.5 % 1.7 % 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 Invesco Ltd., 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 September 30, 2015 , 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 1.1 1.1 Partnership and trust investments 19.6 19.6 Investments in Invesco Mortgage Capital Inc. 28.7 28.7 Total 49.4 During the nine months ended September 30, 2015 , the company invested in and consolidated two new VIEs and three new VOEs. 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 nine months ended September 30, 2015 $ in millions VIEs VOEs Cash and cash equivalents of CIP 449.8 10.0 Accounts receivable and other assets of CIP 5.6 — Investments of CIP 1,009.5 49.9 Total assets 1,464.9 59.9 Debt of CIP 1,100.4 — Other liabilities of CIP 364.5 — Total liabilities 1,464.9 — Total equity — 59.9 Total liabilities and equity 1,464.9 59.9 The following tables reflect the impact of consolidation of investment products into the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 , and the Condensed Consolidated Statements of Income for the three and nine months ended September 30 , 2015 and 2014 . Summary of Balance Sheet Impact of CIP As of September 30, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (1) Impact of CIP Accounts receivable — — — (4.2 ) (4.2 ) Investments — — — (86.0 ) (86.0 ) Cash and cash equivalents of CIP 559.4 5.1 22.6 0.4 587.5 Accounts receivable of CIP 124.4 0.1 11.1 — 135.6 Investments of CIP 5,449.6 78.5 695.9 (104.1 ) 6,119.9 Total assets 6,133.4 83.7 729.6 (193.9 ) 6,752.8 Debt of CIP 5,795.5 — — (125.8 ) 5,669.7 Other liabilities of CIP 337.9 1.1 3.3 (4.2 ) 338.1 Total liabilities 6,133.4 1.1 3.3 (130.0 ) 6,007.8 Retained earnings (0.7 ) — — — (0.7 ) Accumulated other comprehensive income, net of tax 0.7 — — — 0.7 Equity attributable to nonredeemable noncontrolling interests in consolidated entities — 82.6 726.3 (63.9 ) 745.0 Total liabilities and equity 6,133.4 83.7 729.6 (193.9 ) 6,752.8 ____________ (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, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (1) Impact of CIP Accounts receivable — — — (3.8 ) (3.8 ) Investments — — — (94.9 ) (94.9 ) Cash and cash equivalents of CIP 378.8 5.0 21.5 (1.3 ) 404.0 Accounts receivable of CIP 155.7 0.1 5.5 — 161.3 Investments of CIP 5,063.5 53.4 730.2 (84.3 ) 5,762.8 Total assets 5,598.0 58.5 757.2 (184.3 ) 6,229.4 Debt of CIP 5,302.9 — — (153.3 ) 5,149.6 Other liabilities of CIP 277.4 0.4 6.9 (3.8 ) 280.9 Total liabilities 5,580.3 0.4 6.9 (157.1 ) 5,430.5 Retained earnings 20.3 — — — 20.3 Retained earnings appropriated for investors in CIP 17.6 — — — 17.6 Accumulated other comprehensive income, net of tax (20.2 ) — — — (20.2 ) Equity attributable to nonredeemable noncontrolling interests in consolidated entities — 58.1 750.3 (27.2 ) 781.2 Total liabilities and equity 5,598.0 58.5 757.2 (184.3 ) 6,229.4 ____________ (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 September 30, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — — (9.5 ) (9.5 ) Total operating expenses 16.8 0.1 1.3 (9.5 ) 8.7 Operating income (16.8 ) (0.1 ) (1.3 ) — (18.2 ) Equity in earnings of unconsolidated affiliates — — — 0.2 0.2 Interest and dividend income — — — (1.5 ) (1.5 ) Other gains and losses, net — — — — — Interest and dividend income of CIP 69.2 — 0.2 (4.7 ) 64.7 Interest expense of CIP (52.1 ) — — 6.2 (45.9 ) Other gains/(losses) of CIP, net (0.3 ) 1.5 (5.3 ) (13.2 ) (17.3 ) Income from continuing operations before income taxes — 1.4 (6.4 ) (13.0 ) (18.0 ) Income tax provision — — — — — Income from continuing operations, net of income taxes — 1.4 (6.4 ) (13.0 ) (18.0 ) Income from discontinued operations, net of income taxes — — — — — Net income — 1.4 (6.4 ) (13.0 ) (18.0 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities — (1.3 ) 6.1 — 4.8 Net income attributable to Invesco Ltd. — 0.1 (0.3 ) (13.0 ) (13.2 ) Three months ended September 30, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — 0.1 — (8.7 ) (8.6 ) Total operating expenses 17.6 0.3 2.1 (8.7 ) 11.3 Operating income (17.6 ) (0.2 ) (2.1 ) — (19.9 ) Equity in earnings of unconsolidated affiliates — — — (0.7 ) (0.7 ) Interest and dividend income — — — (0.7 ) (0.7 ) Other gains and losses, net — — — — — Interest and dividend income of CIP 57.9 — — (4.5 ) 53.4 Interest expense of CIP (42.7 ) — — 5.2 (37.5 ) Other gains/ (losses) of CIP, net (4.4 ) 0.8 1.4 2.3 0.1 Income from continuing operations before income taxes (6.8 ) 0.6 (0.7 ) 1.6 (5.3 ) Income tax provision — — — — — Income from continuing operations, net of income taxes (6.8 ) 0.6 (0.7 ) 1.6 (5.3 ) Income from discontinued operations, net of income taxes — — — — — Net income (6.8 ) 0.6 (0.7 ) 1.6 (5.3 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities 6.9 (0.5 ) 1.3 — 7.7 Net income attributable to Invesco Ltd. 0.1 0.1 0.6 1.6 2.4 Nine months ended September 30, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — — (29.2 ) (29.2 ) Total operating expenses 46.9 0.7 4.0 (29.2 ) 22.4 Operating income (46.9 ) (0.7 ) (4.0 ) — (51.6 ) Equity in earnings of unconsolidated affiliates — — — (1.0 ) (1.0 ) Interest and dividend income — — — (3.7 ) (3.7 ) Other gains and losses, net — — — (3.9 ) (3.9 ) Interest and dividend income of CIP 204.1 — 1.1 (15.2 ) 190.0 Interest expense of CIP (157.2 ) — — 18.9 (138.3 ) Other gains/(losses) of CIP, net — 6.3 (2.2 ) (16.7 ) (12.6 ) Income from continuing operations before income taxes — 5.6 (5.1 ) (21.6 ) (21.1 ) Income tax provision — — — — — Income from continuing operations, net of income taxes — 5.6 (5.1 ) (21.6 ) (21.1 ) Income from discontinued operations, net of income taxes — — — — — Net income — 5.6 (5.1 ) (21.6 ) (21.1 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities — (5.4 ) 5.5 — 0.1 Net income attributable to Invesco Ltd. — 0.2 0.4 (21.6 ) (21.0 ) Nine months ended September 30, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — 0.2 — (25.8 ) (25.6 ) Total operating expenses 44.4 0.8 6.2 (25.8 ) 25.6 Operating income (44.4 ) (0.6 ) (6.2 ) — (51.2 ) Equity in earnings of unconsolidated affiliates — — — (4.1 ) (4.1 ) Interest and dividend income — — — (2.2 ) (2.2 ) Other gains and losses, net — — — (4.7 ) (4.7 ) Interest and dividend income of CIP 159.9 — — (10.2 ) 149.7 Interest expense of CIP (110.6 ) — — 12.5 (98.1 ) Other gains/ (losses) of CIP, net (51.6 ) (0.5 ) 105.3 10.2 63.4 Income from continuing operations before income taxes (46.7 ) (1.1 ) 99.1 1.5 52.8 Income tax provision — — — — — Income from continuing operations, net of income taxes (46.7 ) (1.1 ) 99.1 1.5 52.8 Income from discontinued operations, net of income taxes — — — — — Net income (46.7 ) (1.1 ) 99.1 1.5 52.8 Net (income)/loss attributable to noncontrolling interests in consolidated entities 46.9 1.2 (95.2 ) — (47.1 ) Net income attributable to Invesco Ltd. 0.2 0.1 3.9 1.5 5.7 ____________ (2) Adjustments include the elimination of intercompany transactions between the company and its CIP, primarily the elimination of management and performance 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 fair 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 at September 30, 2015 and December 31, 2014 , and notes issued as of December 31, 2014 , are also their fair values. The company adopted ASU 2014-13 on January 1, 2015, and accordingly the notes issued by consolidated CLOs are no longer carried at fair value but are now measured under the measurement alternative discussed in Note 1 , "Accounting Policies - Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements." The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 $ 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 5,317.6 — 5,317.6 — Bonds 71.8 — 71.8 — Equity securities 0.9 — 0.9 — Private equity fund assets: Equity securities 317.4 12.6 — 304.8 Debt securities 28.1 — — 28.1 Investments in other private equity funds 384.1 — — 384.1 Total assets at fair value 6,119.9 12.6 5,390.3 717.0 As of December 31, 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 4,883.9 — 4,883.9 — Bonds 88.9 — 88.9 — Equity securities 6.4 — 6.4 — Private equity fund assets: Equity securities 337.9 9.7 — 328.2 Debt Securities 35.7 — — 35.7 Investments in other private equity funds 410.0 — — 410.0 Total assets at fair value 5,762.8 9.7 4,979.2 773.9 Liabilities: CLO notes (5,149.6 ) — — (5,149.6 ) Total liabilities at fair value (5,149.6 ) — — (5,149.6 ) 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 September 30, 2015 Nine months ended September 30, 2015 $ in millions Level 3 Assets Level 3 Liabilities Level 3 Assets Level 3 Liabilities Beginning balance 711.7 — 773.9 (5,149.6 ) Adjustment for adoption of ASU 2014-13 — — — 5,149.6 Purchases 38.6 — 72.7 — Sales (32.3 ) — (129.2 ) — Issuances — — — — Settlements — — — — Gains and losses included in the Condensed Consolidated Statements of Income* (1.0 ) — 8.0 — Transfers to Levels 1 and 2** — — (8.4 ) — Ending balance 717.0 — 717.0 — Three months ended September 30, 2014 Nine months ended September 30, 2014 $ in millions Level 3 Assets Level 3 Liabilities Level 3 Assets Level 3 Liabilities Beginning balance 691.1 (4,301.5 ) 500.9 (4,181.7 ) Purchases 58.9 — 198.4 — Sales (53.7 ) — (104.1 ) — Issuances — (624.8 ) 1.8 (1,338.9 ) Settlements — 212.5 — 510.2 Deconsolidation of CIP — — — 339.0 Gains and losses included in the Condensed Consolidated Statements of Income* 6.3 3.5 105.6 (38.9 ) Ending balance 702.6 (4,710.3 ) 702.6 (4,710.3 ) * Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2015 are $18.5 million and $63.4 million in net unrealized losses attributable to investments still held at September 30, 2015 by CIP ( three and nine months ended September 30, 2014 : $26.4 million in net unrealized losses and $55.8 million in net unrealized gains attributable to investments still held at September 30, 2014 ). ** During the nine months ended September 30, 2015 , $7.8 million ( nine months ended September 30, 2014 : zero ) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the legal lock up requirements of of securities following the public offering of the underlying companies. During the nine months ended September 30, 2015 , $0.6 million ( nine months ended September 30, 2014 : zero ) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 1 following the public offering of the underlying companies. For transfers due to public offerings, the company's policy is to use the fair value of the transferred security at the end of the period. Unforeseen events might occur that would subsequently change the fair values of the investments (and therefore the debt of CLOs, since it is measured as a calculated value based upon the fair value of the assets of CLOs with effect from January 1, 2015), but the impact of such changes would be limited to the change in the fair values of the company's minimal investments in these products. The impact of any gains or losses resulting from valuation changes in the investments of non-CLO CIP attributable to the interests of third parties are 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. Similarly, any gains or losses resulting from valuation changes in the investments of CLOs attributable to the interests of third parties are offset by the calculated value of the notes issued by the CLOs (offsetting in other gains/(losses) of CIP) and therefore also 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. 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. On January 1, 2015 the company adopted ASU 2014-13 and has elected the measurement alternative for the consolidated CLOs under which the notes issued by the CLOs are measured based on the fair value of the assets of the CLOs. Accordingly, the discussion below related to the fair value of notes issued by consolidated CLOs is applicable for the prior comparative period only. 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 2015 and 2023 , pay interest at Libor plus a spread of up to 10.0% , and typically range in S&P credit rating categories from BBB down to unrated. Interest income on bank loans and bonds is recognized based on the unpaid principal balance and stated interest rate of these investments on an accrual basis. At September 30, 2015 , the unpaid principal balance exceeds the fair value of the senior secured bank loans and bonds by approximately $197.6 million ( December 31, 2014 : the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $56.2 million ). Approximately 0.2% of the collateral assets are in default as of September 30, 2015 ( December 31, 2014 : less than 0.1% 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 nine months ended September 30, 2015 and the year ended December 31, 2014 , 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 2027 and have a weighted average maturity of 9.6 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 7.45% for the more subordinated tranches. 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 at December 31, 2014 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 September 30, 2015 and December 31, 2014 : Assets and Liabilities * Fair Value at September 30, 2015 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Private Equity Funds --Equity Securities 280.7 Market Comparable Revenue Multiple 2 - 4x 3.0x Discount 25 - 50% 25.0% Published valuation and/or broker quotes for similar types of assets $25-100 million $45.5 million Assets and Liabilities * Fair Value at December 31, 2014 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Private Equity Funds --Equity Securities 273.2 Market Comparable Revenue Multiple 2 - 4x 4.0x Discount 25% - 36% 30.9% Published valuation and/or broker quotes for similar types of assets $27-104 million $45.9 million CLO Notes (5,149.6) Discounted Cash Flow- USD Assumed Default Rate*** 0.4% - 2.3% <1yr: 0.4% >1yr: 2.3% Spread over Libor ** 102 - 801bps 228 bps ____________ * Excluded from the table above are certain equity and debt securities held by consolidated private equity funds valued using recent private market transactions ( September 30, 2015 : $51.2 million ; December 31, 2014 : $85.0 million ) and third party appraisals ( September 30, 2015 : $1.0 million ; December 31, 2014 : $5.7 million ). At December 31, 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 other private equity funds as of September 30, 2015 of $384.1 million (as of December 31, 2014 : $410.0 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 2.0% was assumed for CLOs established after January 1, 2012. The table below summarizes as of September 30, 2015 and December 31, 2014 , 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: September 30, 2015 December 31, 2014 in millions, except term data Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Private equity funds (1) $384.1 $213.6 2.6 years $410.0 $196.3 2.6 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. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, Nine months ended September 30, $ in millions 2015 2014 2015 2014 Affiliated operating revenues: Investment management fees 892.7 935.7 2,701.8 2,714.6 Service and distribution fees 214.8 218.8 646.4 665.5 Performance fees 7.4 5.4 19.7 33.5 Other 25.3 29.9 83.3 91.3 Total affiliated operating revenues 1,140.2 1,189.8 3,451.2 3,504.9 $ in millions September 30, 2015 December 31, 2014 Affiliated asset balances: Cash and cash equivalents 238.4 474.9 Unsettled fund receivables 349.8 254.2 Accounts receivable 340.6 332.9 Investments 898.4 848.8 Assets held for policyholders 5,500.1 1,697.5 Other assets 2.9 7.9 Total affiliated asset balances 7,330.2 3,616.2 Affiliated liability balances: Accrued compensation and benefits 113.7 138.8 Accounts payable and accrued expenses 66.4 61.9 Unsettled fund payables 287.3 322.1 Total affiliated liability balances 467.4 522.8 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On October 14, 2015, the company completed the issuance of senior notes with aggregate principal amounts of $500.0 million at 3.75% due January 15, 2026 . The net proceeds from the Notes offering will be used to repay all or a portion of the amounts currently drawn on the Company’s existing credit facility. The balance of the net proceeds of this offering will be used for general corporate purposes. On October 29, 2015 , the company announced a third quarter 2015 dividend of 27.0 cents per share, payable on December 7, 2015 , to shareholders of record at the close of business on November 17, 2015 with an ex-dividend date of November 13, 2015 . |
Accounting Policies (Policy)
Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Consolidation | Basis of Accounting and Consolidation The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with rules and regulations of the Securities and Exchange Commission and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair statement of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09), 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. ASU 2014-09 was originally effective for fiscal years and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year for periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date and requires either a retrospective or a modified retrospective approach to adoption. The company is currently evaluating the potential impact on its Consolidated Financial Statements, as well as the available transition methods. In August 2014, the FASB issued Accounting Standard Update 2014-13, "Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" (ASU 2014-13). ASU 2014-13 provides a measurement alternative for an entity that consolidates a collateralized financing entity (CFE) and has elected the fair value option for the financial assets and financial liabilities of such CFE. The measurement alternative requires that the reporting entity measure both the financial assets and the financial liabilities of the CFE by using the more observable of the fair value of the financial assets and the fair value of the financial liabilities, removing any measurement difference previously recorded as net income (loss) attributable to noncontrolling interests in consolidated entities and as an adjustment to retained earnings appropriated for investors in CIP. On January 1, 2015 the company adopted ASU 2014-13 on a modified retrospective basis and has elected the measurement alternative for the consolidated CLOs. The adoption resulted in a $17.6 million reduction in retained earnings appropriated for investors in CIP, with a corresponding increase in debt of CIP. The company’s subsequent earnings from consolidated CLOs reflect changes in fair value of its own economic interests in the CLOs. Gains or losses on assets and liabilities of the CLOs will no longer be attributed to noncontrolling interests but will offset in other gains/(losses) of CIP. In February 2015, the FASB issued Accounting Standard Update 2015-02, “ Amendments to the Consolidation Analysis” (ASU 2015-02). This standard modifies existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The company is currently evaluating the potential impact of this standard on its Consolidated Financial Statements, as well as the available transition methods. In April 2015, the FASB issued Accounting Standards Update 2015-03, "Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03), which changes the presentation of debt issuance costs in the balance sheet. ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and requires retrospective application for each prior period presented. Early adoption is permitted. ASU 2015-03 did not address the presentation of debt issuance costs related to line of credit arrangements, therefore, in August 2015, the FASB issued Accounting Standards Update 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements" (ASU 2015-15). ASU 2015-15 clarifies that SEC staff would not object to presenting debt issuance costs related to line of credit arrangements as an asset rather than as a deduction to the carrying value of the debt liability. The company is currently evaluating the potential impact of both standards on its Consolidated Financial Statements. In May 2015, the FASB issued Accounting Standards Update 2015-07, "Fair Value Measurement - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" (ASU 2015-07). ASU 2015-07 removes the requirement to categorize investments within the fair value hierarchy for which fair value is measured using the net asset value practical expedient. ASU 2015-07 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015, and requires retrospective application for each prior period presented. Early adoption is permitted. While the company is still evaluating the impact of ASU 2015-07, adoption will not impact the company's financial condition, results of operations or cash flows, as the update relates to financial statement disclosures. |
Fair Value Measurement | 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 September 30, 2015 and December 31, 2014 , 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. • Seed money 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. • Other equity securities These securities are valued under the market approach through the use of quoted prices in an active market. 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 equities, UITs, and municipal 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. Put option contracts The company has purchased several put option contracts to hedge economically foreign currency risk on the translation of a portion of its pound sterling-denominated earnings into U.S. dollars (purchases of zero and $9.2 million in the three and nine months ended September 30, 2015 , respectively). These were the only contracts entered into during the period to hedge economically foreign currency risk and provide coverage through March 31, 2016 . The economic hedge is predominantly triggered upon the impact of a significant decline in the pound sterling/U.S. dollar foreign exchange rate, which could arise as a result of European economic uncertainty. Open put option contracts are marked-to-market through earnings, which are recorded in the company's Condensed Consolidated Statements of Income in other gains and losses. These derivative contracts are valued using option valuation models and are included in other assets in the company's Condensed Consolidated Balance Sheets. The significant inputs in these models (volatility, forward points and swap curves) are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts and are classified within level 2 of the valuation hierarchy. The company recognized a gain of $0.2 million and a loss of $7.6 million in the three and nine months ended September 30, 2015 , respectively (three and nine months ended September 30, 2014 : none ) related to the change in market value of these put option contracts. Assets held for policyholders Assets held for policyholders 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 September 30, 2015 there were 23 futures contracts with a notional value of $3.2 million ( December 31, 2014 : 6 open futures contracts with a notional value of $0.8 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. Contingent Consideration Liability During the first quarter of 2015, the company acquired certain investment management contracts from a third party. Indefinite-lived intangible assets were valued at $119.3 million . This transaction was a non-cash investing activity during the period. The purchase price was comprised solely of contingent consideration payable in future periods, and is linked to future revenues generated from the contracts. The contingent consideration liability was recorded at fair value as of the date of acquisition using a discounted cash flow model, and is categorized within level 3 of the valuation hierarchy. Anticipated future cash flows were determined using forecast AUM levels and discounted back to the valuation date using a discount rate of 3.4% . Assumed growth rates in AUM ranged from 0% to 5% (weighted average growth rate of 2.89% ). The company reassesses significant unobservable inputs during each reporting period. Changes in fair value are recorded in Other gains and losses, net in the Condensed Consolidated Statements of Income in the period incurred. An increase in AUM levels and a decrease in the discount rate would increase the fair value of the contingent consideration liability while a decrease in forecasted AUM and an increase in the discount rate would decrease the liability. |
Fair Value Of Assets And Liab24
Fair Value Of Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 December 31, 2014 $ in millions Footnote Reference Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1,590.7 1,590.7 1,514.2 1,514.2 Available-for-sale investments 3 233.9 233.9 255.9 255.9 Trading investments 3 347.5 347.5 263.2 263.2 Foreign time deposits * 3 27.7 27.7 29.6 29.6 Assets held for policyholders 5,500.5 5,500.5 1,697.9 1,697.9 Policyholder payables * (5,500.5 ) (5,500.5 ) (1,697.9 ) (1,697.9 ) Put option contracts 1.6 1.6 — — UIT-related financial instruments sold, not yet purchased (6.3 ) (6.3 ) (1.4 ) (1.4 ) Contingent consideration liability (96.3 ) (96.3 ) — — Long-term debt * 4 (1,689.3 ) (1,749.8 ) (1,589.3 ) (1,695.8 ) ____________ * 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 September 30, 2015 : As of September 30, 2015 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents: Money market funds 238.4 238.4 — — Investments:* Available-for-sale: Seed money 226.9 226.9 — — CLOs 1.1 — — 1.1 Other debt securities 5.9 — — 5.9 Trading investments: Investments related to deferred compensation plans 159.6 159.6 — — Seed money 127.7 127.7 — — Other equity securities 48.9 48.9 — — UIT-related equity and debt securities: Corporate equities 1.2 1.2 — — UITs 6.9 6.9 — — Municipal securities 3.2 — 3.2 — Assets held for policyholders 5,500.5 5,500.5 — — Put option contracts 1.6 — 1.6 — Total 6,321.9 6,310.1 4.8 7.0 Liabilities: UIT-related financial instruments sold, not yet purchased: Corporate equities (6.2 ) (6.2 ) — — UITs (0.1 ) (0.1 ) — — Contingent consideration liability (96.3 ) — — (96.3 ) Total (102.6 ) (6.3 ) — (96.3 ) ____________ * Foreign time deposits of $27.7 million are excluded from this table. Equity method and other investments of $323.2 million and $6.6 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, 2014 : As of December 31, 2014 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds 474.9 474.9 — — Investments:* Available-for-sale: Seed money 246.2 246.2 — — CLOs 3.4 — — 3.4 Other debt securities 6.3 — — 6.3 Trading investments: Investments related to deferred compensation plans 162.6 162.6 — — Seed Money 68.2 68.2 — — Other equity securities 29.0 29.0 — — UIT-related equity and debt securities: Corporate equities 1.4 1.4 — — UITs 1.6 1.6 — — Municipal securities 0.4 — 0.4 — Assets held for policyholders 1,697.9 1,697.9 — — Total 2,691.9 2,681.8 0.4 9.7 Liabilities: UIT-related financial instruments sold, not yet purchased: Corporate equities (1.4 ) (1.4 ) — — Total (1.4 ) (1.4 ) — — ____________ * Foreign time deposits of $29.6 million are excluded from this table. Equity method and other investments of $332.1 million and $4.6 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 nine months ended September 30, 2015 and September 30, 2014 , which are valued using significant unobservable inputs: Three months ended September 30, 2015 Nine months ended September 30, 2015 $ in millions Contingent Consideration Liability CLOs Other Debt Securities Contingent Consideration Liability CLOs Other Debt Securities Beginning balance (118.7 ) 1.3 6.3 — 3.4 6.3 Acquisition — — — (119.3 ) — — Returns of capital — — (0.4 ) — (0.1 ) (0.4 ) Net unrealized gains and losses included in other gains and losses 18.4 — — 18.4 — — Net unrealized gains and losses included in accumulated other comprehensive income/(loss) * — (0.2 ) — — (0.2 ) — Disposition/settlements 4.0 — — 4.6 (2.0 ) — Ending balance (96.3 ) 1.1 5.9 (96.3 ) 1.1 5.9 Three months ended September 30, 2014 Nine months ended September 30, 2014 $ in millions CLOs Other Debt Securities CLOs Other Debt Securities Beginning balance 4.1 6.3 4.0 6.3 Returns of capital (0.1 ) — (0.3 ) — Net unrealized gains and losses included in accumulated other comprehensive income/(loss) * 0.1 — 0.4 — Ending balance 4.1 6.3 4.1 6.3 _______________ * These unrealized gains and losses are attributable to balances still held at the respective period ends. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments [Abstract] | |
Marketable Securities | $ in millions September 30, 2015 December 31, 2014 Available-for-sale investments: Seed money 226.9 246.2 CLOs 1.1 3.4 Other debt securities 5.9 6.3 Trading investments: Investments related to deferred compensation plans 159.6 162.6 Seed money 127.7 68.2 Other equity securities 48.9 29.0 UIT-related equity and debt securities 11.3 3.4 Equity method investments 323.2 332.1 Foreign time deposits 27.7 29.6 Other 6.6 4.6 Total investments 938.9 885.4 |
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 September 30, 2015 For the nine months ended September 30, 2015 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 29.8 1.0 (0.2 ) 45.5 2.0 (0.2 ) CLOs 0.3 0.3 — 2.6 0.5 — Other debt securities 0.4 — — 0.4 — — For the three months ended September 30, 2014 For the nine months ended September 30, 2014 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 25.6 1.8 — 100.5 12.8 (0.2 ) CLOs 0.1 — — 0.3 — — |
Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments | Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below: September 30, 2015 December 31, 2014 $ 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 230.1 8.5 (11.7 ) 226.9 237.7 12.8 (4.3 ) 246.2 CLOs 1.3 — (0.2 ) 1.1 3.5 — (0.1 ) 3.4 Other debt securities 5.9 — 5.9 6.3 — — 6.3 237.3 8.5 (11.9 ) 233.9 247.5 12.8 (4.4 ) 255.9 |
Breakdown Of Available-For-Sale Investments with Unrealized Losses | At September 30, 2015 , 198 seed money funds ( December 31, 2014 : 146 seed money funds) included gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. September 30, 2015 December 31, 2014 $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Less than 12 months 122.6 (5.3 ) 123.9 (3.5 ) 12 months or greater 34.3 (6.4 ) 3.6 (0.8 ) Total 156.9 (11.7 ) 127.5 (4.3 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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.” September 30, 2015 December 31, 2014 $ in millions Carrying Value Fair Value Carrying Value Fair Value Unsecured Senior Notes*: $600 million 3.125% - due November 30, 2022 599.7 603.9 599.6 596.8 $600 million 4.000% - due January 30, 2024 596.5 614.5 596.2 625.9 $400 million 5.375% - due November 30, 2043 393.6 431.9 393.5 473.1 Floating rate credit facility expiring August 7, 2020 99.5 99.5 — — Long-term debt 1,689.3 1,749.8 1,589.3 1,695.8 ____________ * 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 the Parent 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 September 30, 2015 , the company's outstanding senior notes of $1,589.8 million mature in periods greater than five years from the balance sheet date. |
Schedule of Line of Credit Facilities | At September 30, 2015 , the outstanding balance on the $1.25 billion credit facility was $99.5 million ( December 31, 2014 : zero ). On August 7, 2015, the company amended the existing $1.25 billion credit facility to extend its maturity from December 17, 2018 to August 7, 2020. 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 September 30, 2015 of the company, the applicable margin for LIBOR-based loans was 0.875% and for base rate loans was 0.00% . 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 September 30, 2015 , the annual facility fee was equal to 0.125% . 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 (other than the borrower, Invesco Finance PLC). 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 $33.6 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) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Movements In Shares Issued And Outstanding | The number of common shares and common share equivalents issued are represented in the table below: As of In millions September 30, 2015 December 31, 2014 Common shares issued 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (66.5 ) (60.5 ) Common shares outstanding 423.9 429.9 |
Other Comprehensive Income_(L28
Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended September 30, 2015 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (223.9 ) — — — (223.9 ) Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (1.8 ) — — (1.8 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 0.6 — — 0.6 Share of other comprehensive income/(loss) of equity method investments, net of tax — — (1.9 ) — (1.9 ) Unrealized (losses)/gains on available-for-sale investments, net of tax — — — (5.8 ) (5.8 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (0.7 ) (0.7 ) Other comprehensive income/(loss), net of tax (223.9 ) (1.2 ) (1.9 ) (6.5 ) (233.5 ) Beginning balance (12.2 ) (93.6 ) 7.8 3.2 (94.8 ) Other comprehensive income/(loss), net of tax (223.9 ) (1.2 ) (1.9 ) (6.5 ) (233.5 ) Ending balance (236.1 ) (94.8 ) 5.9 (3.3 ) (328.3 ) For the nine months ended September 30, 2015 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (364.2 ) — — — (364.2 ) Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (4.8 ) — — (4.8 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 1.7 — — 1.7 Share of other comprehensive income/(loss) of equity method investments, net of tax — — (0.6 ) — (0.6 ) Unrealized (losses)/gains on available-for-sale investments, net of tax — — — (7.6 ) (7.6 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (1.6 ) (1.6 ) Other comprehensive income/(loss), net of tax (364.2 ) (3.1 ) (0.6 ) (9.2 ) (377.1 ) Beginning balance 128.1 (91.7 ) 6.5 5.9 48.8 Other comprehensive income/(loss), net of tax (364.2 ) (3.1 ) (0.6 ) (9.2 ) (377.1 ) Ending balance (236.1 ) (94.8 ) 5.9 (3.3 ) (328.3 ) For the three months ended September 30, 2014 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (255.0 ) — — — (255.0 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 4.4 — — 4.4 Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (0.4 ) — — (0.4 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 0.4 — — 0.4 Share of other comprehensive income/(loss) of equity method investments, net of tax — — 0.4 — 0.4 Unrealized (losses)/gains on available-for-sale investments, net of tax — — — (4.2 ) (4.2 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (2.4 ) (2.4 ) Other comprehensive income/(loss), net of tax (255.0 ) 4.4 0.4 (6.6 ) (256.8 ) Beginning balance 570.1 (79.7 ) 5.4 14.1 509.9 Other comprehensive income/(loss), net of tax (255.0 ) 4.4 0.4 (6.6 ) (256.8 ) Other comprehensive (income)/loss attributable to noncontrolling interests (0.2 ) — — — (0.2 ) Ending balance 314.9 (75.3 ) 5.8 7.5 252.9 For the nine months ended September 30, 2014 $ in millions Foreign currency translation Employee benefit plans Equity method investments Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries, net of tax (177.7 ) — — — (177.7 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 2.3 — — 2.3 Reclassification of prior service cost/(credit) into employee compensation expense, net of tax — (1.1 ) — — (1.1 ) Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax — 1.4 — — 1.4 Share of other comprehensive income/(loss) of equity method investments, net of tax — — 7.6 — 7.6 Unrealized (losses)/gains on available-for-sale investments, net of tax — — — 9.0 9.0 Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (16.6 ) (16.6 ) Other comprehensive income/(loss), net of tax (177.7 ) 2.6 7.6 (7.6 ) (175.1 ) Beginning balance 492.5 (77.9 ) (1.8 ) 15.1 427.9 Other comprehensive income/(loss), net of tax (177.7 ) 2.6 7.6 (7.6 ) (175.1 ) Other comprehensive (income)/loss attributable to noncontrolling interests 0.1 — — — 0.1 Ending balance 314.9 (75.3 ) 5.8 7.5 252.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Movements Of Share Awards | Movements on share awards during the periods ended September 30 , are detailed below: For the nine months ended September 30, 2015 For the nine months ended September 30, 2014 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 11.5 0.5 29.00 13.9 0.4 Granted during the period 4.0 0.3 40.21 4.3 0.2 Forfeited during the period (0.1 ) — 32.93 (1.1 ) — Vested and distributed during the period (4.6 ) (0.2 ) 28.24 (5.4 ) (0.1 ) Unvested at the end of the period 10.8 0.6 33.48 11.7 0.5 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, For the nine months ended September 30, For the three months ended September 30, For the nine months ended September 30, $ in millions 2015 2014 2015 2014 2015 2014 2015 2014 Service cost 1.1 1.1 3.6 3.3 — 0.1 — 0.2 Interest cost 5.4 4.8 15.9 14.3 — 0.4 — 1.4 Expected return on plan assets (6.3 ) (4.6 ) (18.6 ) (13.9 ) (0.1 ) (0.2 ) (0.3 ) (0.5 ) Amortization of prior service cost/(credit) — — 0.1 0.1 (2.9 ) (0.5 ) (7.6 ) (1.5 ) Amortization of net actuarial (gain)/loss 0.7 0.5 2.0 1.5 — — — 0.2 Net periodic benefit cost/(benefit) 0.9 1.8 3.0 5.3 (3.0 ) (0.2 ) (7.9 ) (0.2 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation Of Earnings Per Share | The calculation of earnings per share is as follows: For the three months ended September 30, For the nine months ended September 30, In millions, except per share data 2015 2014 2015 2014 Income from continuing operations, net of taxes $241.3 $252.2 $769.3 $777.6 Net (income)/loss attributable to noncontrolling interests in consolidated entities 8.0 4.4 (3.1 ) (56.9 ) Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations 249.3 256.6 766.2 720.7 Income/(loss) from discontinued operations, net of taxes — (0.6 ) — (2.4 ) Net income attributable to Invesco Ltd. 249.3 256.0 766.2 718.3 Less: Allocation of earnings to restricted shares (6.3 ) (6.9 ) (19.6 ) (20.5 ) Net income attributable to common shareholders $243.0 $249.1 $746.6 $697.8 Invesco Ltd: Weighted average shares outstanding - basic 428.8 434.3 430.9 435.6 Dilutive effect of non-participating share-based awards 0.3 0.5 0.4 0.6 Weighted average shares outstanding - diluted 429.1 434.8 431.3 436.2 Common shareholders: Weighted average shares outstanding - basic 428.8 434.3 430.9 435.6 Less: Weighted average restricted shares (10.8 ) (11.7 ) (11.0 ) (12.5 ) Weighted average common shares outstanding - basic 418.0 422.6 419.9 423.1 Dilutive effect of non-participating share-based awards 0.3 0.5 0.4 0.6 Weighted average common shares outstanding - diluted 418.3 423.1 420.3 423.7 Basic earnings per share: Earnings per share from continuing operations $0.58 $0.59 $1.78 $1.65 Earnings per share from discontinued operations $— $— $— ($0.01 ) Basic earnings per share $0.58 $0.59 $1.78 $1.65 Diluted earnings per share: Earnings per share from continuing operations $0.58 $0.59 $1.78 $1.65 Earnings per share from discontinued operations $— $— $— ($0.01 ) Diluted earnings per share $0.58 $0.59 $1.78 $1.65 |
Consolidated Sponsored Invest32
Consolidated Sponsored Investment Products (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 December 31, 2014 Investments of CSIP 304.8 288.5 Cash and cash equivalents of CSIP 14.5 11.4 Accounts receivable and other assets of CSIP 6.2 5.9 Assets of CSIP 325.5 305.8 Other liabilities of CSIP (4.7 ) (7.9 ) Equity attributable to redeemable noncontrolling interests (176.4 ) (165.5 ) Equity attributable to nonredeemable noncontrolling interests (16.1 ) (10.6 ) Invesco's net interests in CSIP 128.3 121.8 Invesco's net economic interests as a percentage of investments of CSIP 42.1 % 42.2 % |
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 September 30, 2015 , and December 31, 2014 : As of September 30, 2015 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments: Fixed income securities 192.6 0.1 192.5 — Equity securities 1.0 1.0 — — Investments in fixed income funds* 64.9 64.9 — — Investments in other private equity funds* 46.3 — — 46.3 Total investments at fair value 304.8 66.0 192.5 46.3 As of December 31, 2014 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level 3) Investments: Fixed income securities 200.3 — 200.3 — Investments in fixed income funds* 58.0 58.0 — — Investments in other private equity funds* 30.2 — — 30.2 Total investments at fair value 288.5 58.0 200.3 30.2 ________________ * 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 September 30, 2015 and December 31, 2014 , 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 September 30, 2015 Fair Value ($ in millions) Total Unfunded Commitments ($ in millions) Weighted Average Remaining Term (1) Redemption Frequency Redemption Notice Period Fixed income funds 64.9 — n/a Monthly 10 days Private equity fund of funds 46.3 28.6 7.8 years n/a (2) n/a (2) As of December 31, 2014 Fair Value ($ in millions) Total Unfunded Commitments ($ in millions) Weighted Average Remaining Term (1) Redemption Frequency Redemption Notice Period Fixed income funds 58.0 — n/a Monthly 10 days Private equity fund of funds 30.2 35.0 7.6 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 tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs: Three months ended September 30, Nine months ended September 30, $ in millions 2015 2014 2015 2014 Beginning balance 42.3 24.1 30.2 16.2 Purchases 2.2 3.0 7.2 7.0 Sales (0.9 ) (0.2 ) (2.2 ) (0.5 ) Gains and losses included in the Condensed Consolidated Statements of Income* 2.7 0.3 11.1 4.5 Ending balance 46.3 27.2 46.3 27.2 __________________ * Included in other income/(expense) of CSIP, net, in the Condensed Consolidated Statement of Income for the three and nine months ended September 30, 2015 are $2.7 million and $11.1 million in net unrealized gains attributable to investments still held at September 30, 2015 ( three and nine months ended September 30, 2014 : $0.3 million and $4.5 million respectively). |
Consolidated Investment Produ33
Consolidated Investment Products (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 December 31, 2014 Cash and cash equivalents of CIP 587.5 404.0 Accounts receivable and other assets of CIP 135.6 161.3 Investments of CIP 6,119.9 5,762.8 Less: Debt of CIP (5,669.7 ) (5,149.6 ) Less: Other liabilities of CIP (338.1 ) (280.9 ) Less: Retained earnings 0.7 (20.3 ) Less: Retained earnings appropriated for investors in CIP — (17.6 ) Less: Accumulated other comprehensive income, net of tax (0.7 ) 20.2 Less: Equity attributable to nonredeemable noncontrolling interests (745.0 ) (781.2 ) Invesco's net interests in CIP 90.2 98.7 Invesco's net economic interests as a percentage of investments of CIP 1.5 % 1.7 % |
Company's Maximum Risk Of Loss In Significant VIE's | At September 30, 2015 , 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 1.1 1.1 Partnership and trust investments 19.6 19.6 Investments in Invesco Mortgage Capital Inc. 28.7 28.7 Total 49.4 |
VIE Balance Sheets Consolidated In Period | Balance Sheet information - newly consolidated VIEs/VOEs For the nine months ended September 30, 2015 $ in millions VIEs VOEs Cash and cash equivalents of CIP 449.8 10.0 Accounts receivable and other assets of CIP 5.6 — Investments of CIP 1,009.5 49.9 Total assets 1,464.9 59.9 Debt of CIP 1,100.4 — Other liabilities of CIP 364.5 — Total liabilities 1,464.9 — Total equity — 59.9 Total liabilities and equity 1,464.9 59.9 |
Condensed Consolidating Balance Sheet | Summary of Balance Sheet Impact of CIP As of September 30, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (1) Impact of CIP Accounts receivable — — — (4.2 ) (4.2 ) Investments — — — (86.0 ) (86.0 ) Cash and cash equivalents of CIP 559.4 5.1 22.6 0.4 587.5 Accounts receivable of CIP 124.4 0.1 11.1 — 135.6 Investments of CIP 5,449.6 78.5 695.9 (104.1 ) 6,119.9 Total assets 6,133.4 83.7 729.6 (193.9 ) 6,752.8 Debt of CIP 5,795.5 — — (125.8 ) 5,669.7 Other liabilities of CIP 337.9 1.1 3.3 (4.2 ) 338.1 Total liabilities 6,133.4 1.1 3.3 (130.0 ) 6,007.8 Retained earnings (0.7 ) — — — (0.7 ) Accumulated other comprehensive income, net of tax 0.7 — — — 0.7 Equity attributable to nonredeemable noncontrolling interests in consolidated entities — 82.6 726.3 (63.9 ) 745.0 Total liabilities and equity 6,133.4 83.7 729.6 (193.9 ) 6,752.8 ____________ (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, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (1) Impact of CIP Accounts receivable — — — (3.8 ) (3.8 ) Investments — — — (94.9 ) (94.9 ) Cash and cash equivalents of CIP 378.8 5.0 21.5 (1.3 ) 404.0 Accounts receivable of CIP 155.7 0.1 5.5 — 161.3 Investments of CIP 5,063.5 53.4 730.2 (84.3 ) 5,762.8 Total assets 5,598.0 58.5 757.2 (184.3 ) 6,229.4 Debt of CIP 5,302.9 — — (153.3 ) 5,149.6 Other liabilities of CIP 277.4 0.4 6.9 (3.8 ) 280.9 Total liabilities 5,580.3 0.4 6.9 (157.1 ) 5,430.5 Retained earnings 20.3 — — — 20.3 Retained earnings appropriated for investors in CIP 17.6 — — — 17.6 Accumulated other comprehensive income, net of tax (20.2 ) — — — (20.2 ) Equity attributable to nonredeemable noncontrolling interests in consolidated entities — 58.1 750.3 (27.2 ) 781.2 Total liabilities and equity 5,598.0 58.5 757.2 (184.3 ) 6,229.4 ____________ (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 September 30, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — — (9.5 ) (9.5 ) Total operating expenses 16.8 0.1 1.3 (9.5 ) 8.7 Operating income (16.8 ) (0.1 ) (1.3 ) — (18.2 ) Equity in earnings of unconsolidated affiliates — — — 0.2 0.2 Interest and dividend income — — — (1.5 ) (1.5 ) Other gains and losses, net — — — — — Interest and dividend income of CIP 69.2 — 0.2 (4.7 ) 64.7 Interest expense of CIP (52.1 ) — — 6.2 (45.9 ) Other gains/(losses) of CIP, net (0.3 ) 1.5 (5.3 ) (13.2 ) (17.3 ) Income from continuing operations before income taxes — 1.4 (6.4 ) (13.0 ) (18.0 ) Income tax provision — — — — — Income from continuing operations, net of income taxes — 1.4 (6.4 ) (13.0 ) (18.0 ) Income from discontinued operations, net of income taxes — — — — — Net income — 1.4 (6.4 ) (13.0 ) (18.0 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities — (1.3 ) 6.1 — 4.8 Net income attributable to Invesco Ltd. — 0.1 (0.3 ) (13.0 ) (13.2 ) Three months ended September 30, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — 0.1 — (8.7 ) (8.6 ) Total operating expenses 17.6 0.3 2.1 (8.7 ) 11.3 Operating income (17.6 ) (0.2 ) (2.1 ) — (19.9 ) Equity in earnings of unconsolidated affiliates — — — (0.7 ) (0.7 ) Interest and dividend income — — — (0.7 ) (0.7 ) Other gains and losses, net — — — — — Interest and dividend income of CIP 57.9 — — (4.5 ) 53.4 Interest expense of CIP (42.7 ) — — 5.2 (37.5 ) Other gains/ (losses) of CIP, net (4.4 ) 0.8 1.4 2.3 0.1 Income from continuing operations before income taxes (6.8 ) 0.6 (0.7 ) 1.6 (5.3 ) Income tax provision — — — — — Income from continuing operations, net of income taxes (6.8 ) 0.6 (0.7 ) 1.6 (5.3 ) Income from discontinued operations, net of income taxes — — — — — Net income (6.8 ) 0.6 (0.7 ) 1.6 (5.3 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities 6.9 (0.5 ) 1.3 — 7.7 Net income attributable to Invesco Ltd. 0.1 0.1 0.6 1.6 2.4 Nine months ended September 30, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — — (29.2 ) (29.2 ) Total operating expenses 46.9 0.7 4.0 (29.2 ) 22.4 Operating income (46.9 ) (0.7 ) (4.0 ) — (51.6 ) Equity in earnings of unconsolidated affiliates — — — (1.0 ) (1.0 ) Interest and dividend income — — — (3.7 ) (3.7 ) Other gains and losses, net — — — (3.9 ) (3.9 ) Interest and dividend income of CIP 204.1 — 1.1 (15.2 ) 190.0 Interest expense of CIP (157.2 ) — — 18.9 (138.3 ) Other gains/(losses) of CIP, net — 6.3 (2.2 ) (16.7 ) (12.6 ) Income from continuing operations before income taxes — 5.6 (5.1 ) (21.6 ) (21.1 ) Income tax provision — — — — — Income from continuing operations, net of income taxes — 5.6 (5.1 ) (21.6 ) (21.1 ) Income from discontinued operations, net of income taxes — — — — — Net income — 5.6 (5.1 ) (21.6 ) (21.1 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities — (5.4 ) 5.5 — 0.1 Net income attributable to Invesco Ltd. — 0.2 0.4 (21.6 ) (21.0 ) Nine months ended September 30, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — 0.2 — (25.8 ) (25.6 ) Total operating expenses 44.4 0.8 6.2 (25.8 ) 25.6 Operating income (44.4 ) (0.6 ) (6.2 ) — (51.2 ) Equity in earnings of unconsolidated affiliates — — — (4.1 ) (4.1 ) Interest and dividend income — — — (2.2 ) (2.2 ) Other gains and losses, net — — — (4.7 ) (4.7 ) Interest and dividend income of CIP 159.9 — — (10.2 ) 149.7 Interest expense of CIP (110.6 ) — — 12.5 (98.1 ) Other gains/ (losses) of CIP, net (51.6 ) (0.5 ) 105.3 10.2 63.4 Income from continuing operations before income taxes (46.7 ) (1.1 ) 99.1 1.5 52.8 Income tax provision — — — — — Income from continuing operations, net of income taxes (46.7 ) (1.1 ) 99.1 1.5 52.8 Income from discontinued operations, net of income taxes — — — — — Net income (46.7 ) (1.1 ) 99.1 1.5 52.8 Net (income)/loss attributable to noncontrolling interests in consolidated entities 46.9 1.2 (95.2 ) — (47.1 ) Net income attributable to Invesco Ltd. 0.2 0.1 3.9 1.5 5.7 ____________ (2) Adjustments include the elimination of intercompany transactions between the company and its CIP, primarily the elimination of management and performance 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 fair 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 certain CIP balances which are measured at fair value as of September 30, 2015 and December 31, 2014 : As of September 30, 2015 $ 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 5,317.6 — 5,317.6 — Bonds 71.8 — 71.8 — Equity securities 0.9 — 0.9 — Private equity fund assets: Equity securities 317.4 12.6 — 304.8 Debt securities 28.1 — — 28.1 Investments in other private equity funds 384.1 — — 384.1 Total assets at fair value 6,119.9 12.6 5,390.3 717.0 As of December 31, 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 4,883.9 — 4,883.9 — Bonds 88.9 — 88.9 — Equity securities 6.4 — 6.4 — Private equity fund assets: Equity securities 337.9 9.7 — 328.2 Debt Securities 35.7 — — 35.7 Investments in other private equity funds 410.0 — — 410.0 Total assets at fair value 5,762.8 9.7 4,979.2 773.9 Liabilities: CLO notes (5,149.6 ) — — (5,149.6 ) Total liabilities at fair value (5,149.6 ) — — (5,149.6 ) |
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 September 30, 2015 Nine months ended September 30, 2015 $ in millions Level 3 Assets Level 3 Liabilities Level 3 Assets Level 3 Liabilities Beginning balance 711.7 — 773.9 (5,149.6 ) Adjustment for adoption of ASU 2014-13 — — — 5,149.6 Purchases 38.6 — 72.7 — Sales (32.3 ) — (129.2 ) — Issuances — — — — Settlements — — — — Gains and losses included in the Condensed Consolidated Statements of Income* (1.0 ) — 8.0 — Transfers to Levels 1 and 2** — — (8.4 ) — Ending balance 717.0 — 717.0 — Three months ended September 30, 2014 Nine months ended September 30, 2014 $ in millions Level 3 Assets Level 3 Liabilities Level 3 Assets Level 3 Liabilities Beginning balance 691.1 (4,301.5 ) 500.9 (4,181.7 ) Purchases 58.9 — 198.4 — Sales (53.7 ) — (104.1 ) — Issuances — (624.8 ) 1.8 (1,338.9 ) Settlements — 212.5 — 510.2 Deconsolidation of CIP — — — 339.0 Gains and losses included in the Condensed Consolidated Statements of Income* 6.3 3.5 105.6 (38.9 ) Ending balance 702.6 (4,710.3 ) 702.6 (4,710.3 ) * Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2015 are $18.5 million and $63.4 million in net unrealized losses attributable to investments still held at September 30, 2015 by CIP ( three and nine months ended September 30, 2014 : $26.4 million in net unrealized losses and $55.8 million in net unrealized gains attributable to investments still held at September 30, 2014 ). |
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | The following tables show significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at September 30, 2015 and December 31, 2014 : Assets and Liabilities * Fair Value at September 30, 2015 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Private Equity Funds --Equity Securities 280.7 Market Comparable Revenue Multiple 2 - 4x 3.0x Discount 25 - 50% 25.0% Published valuation and/or broker quotes for similar types of assets $25-100 million $45.5 million Assets and Liabilities * Fair Value at December 31, 2014 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Private Equity Funds --Equity Securities 273.2 Market Comparable Revenue Multiple 2 - 4x 4.0x Discount 25% - 36% 30.9% Published valuation and/or broker quotes for similar types of assets $27-104 million $45.9 million CLO Notes (5,149.6) Discounted Cash Flow- USD Assumed Default Rate*** 0.4% - 2.3% <1yr: 0.4% >1yr: 2.3% Spread over Libor ** 102 - 801bps 228 bps ____________ * Excluded from the table above are certain equity and debt securities held by consolidated private equity funds valued using recent private market transactions ( September 30, 2015 : $51.2 million ; December 31, 2014 : $85.0 million ) and third party appraisals ( September 30, 2015 : $1.0 million ; December 31, 2014 : $5.7 million ). At December 31, 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 other private equity funds as of September 30, 2015 of $384.1 million (as of December 31, 2014 : $410.0 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 2.0% was assumed for CLOs established after January 1, 2012. The table below summarizes as of September 30, 2015 and December 31, 2014 , 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: September 30, 2015 December 31, 2014 in millions, except term data Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Private equity funds (1) $384.1 $213.6 2.6 years $410.0 $196.3 2.6 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) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Three months ended September 30, Nine months ended September 30, $ in millions 2015 2014 2015 2014 Affiliated operating revenues: Investment management fees 892.7 935.7 2,701.8 2,714.6 Service and distribution fees 214.8 218.8 646.4 665.5 Performance fees 7.4 5.4 19.7 33.5 Other 25.3 29.9 83.3 91.3 Total affiliated operating revenues 1,140.2 1,189.8 3,451.2 3,504.9 $ in millions September 30, 2015 December 31, 2014 Affiliated asset balances: Cash and cash equivalents 238.4 474.9 Unsettled fund receivables 349.8 254.2 Accounts receivable 340.6 332.9 Investments 898.4 848.8 Assets held for policyholders 5,500.1 1,697.5 Other assets 2.9 7.9 Total affiliated asset balances 7,330.2 3,616.2 Affiliated liability balances: Accrued compensation and benefits 113.7 138.8 Accounts payable and accrued expenses 66.4 61.9 Unsettled fund payables 287.3 322.1 Total affiliated liability balances 467.4 522.8 |
Fair Value Of Assets And Liab35
Fair Value Of Assets And Liabilities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)contract | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)contract | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)contract | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gain (loss) on derivative | $ 200,000 | $ 0 | $ (7,600,000) | $ 0 | |
Number of futures contracts (as shown) | contract | 23 | 23 | 6 | ||
Fair Value Inputs, Discount Rate | 3.40% | ||||
Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets under Management, Assumed Growth Rate | 0.00% | ||||
Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets under Management, Assumed Growth Rate | 5.00% | ||||
Weighted Average [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets under Management, Assumed Growth Rate | 2.89% | ||||
Future [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Notional value of futures contracts | $ 3,200,000 | $ 3,200,000 | $ 800,000 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Put option contracts, purchases | $ 0 | $ 9,200,000 |
Fair Value Of Assets And Liab36
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,590.7 | $ 1,514.2 | $ 1,352.6 | $ 1,331.2 |
Available for sale investments | 233.9 | 255.9 | ||
Foreign time deposits | 27.7 | 29.6 | ||
Assets held for policyholders | 5,500.5 | 1,697.9 | ||
Policyholder payables | (5,500.5) | (1,697.9) | ||
Put option contracts | 1.6 | |||
Long-term debt | (1,689.3) | (1,589.3) | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,590.7 | 1,514.2 | ||
Available for sale investments | 233.9 | 255.9 | ||
Trading investments | 347.5 | 263.2 | ||
Foreign time deposits | 27.7 | 29.6 | ||
Assets held for policyholders | 5,500.5 | 1,697.9 | ||
Policyholder payables | (5,500.5) | (1,697.9) | ||
Put option contracts | 1.6 | 0 | ||
UIT-related financial instruments sold, not yet purchased | (6.3) | (1.4) | ||
Contingent consideration liability | (96.3) | 0 | ||
Long-term debt | (1,689.3) | (1,589.3) | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,590.7 | 1,514.2 | ||
Available for sale investments | 233.9 | 255.9 | ||
Trading investments | 347.5 | 263.2 | ||
Foreign time deposits | 27.7 | 29.6 | ||
Assets held for policyholders | 5,500.5 | 1,697.9 | ||
Policyholder payables | (5,500.5) | (1,697.9) | ||
Put option contracts | 1.6 | 0 | ||
UIT-related financial instruments sold, not yet purchased | (6.3) | (1.4) | ||
Contingent consideration liability | (96.3) | 0 | ||
Long-term debt | $ (1,749.8) | $ (1,695.8) |
Fair Value Of Assets And Liab37
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | $ 233.9 | $ 255.9 |
Assets held for policyholders | 5,500.5 | 1,697.9 |
Put option contracts | 1.6 | |
Total | 6,321.9 | 2,691.9 |
Total | (102.6) | (1.4) |
Foreign time deposits | 27.7 | 29.6 |
Equity method investments | 323.2 | 332.1 |
Cost method investments | 6.6 | 4.6 |
Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
UIT-related financial instruments sold, not yet purchased | (6.2) | (1.4) |
Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | (96.3) | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 238.4 | 474.9 |
Seed Money [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 226.9 | 246.2 |
Trading investments | 127.7 | 68.2 |
Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 1.1 | 3.4 |
Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 5.9 | 6.3 |
Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 159.6 | 162.6 |
Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 48.9 | 29 |
Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.2 | 1.4 |
Corporate Bonds [Member] [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | |
UIT-Related Equity And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 6.9 | 1.6 |
UIT-related financial instruments sold, not yet purchased | (0.1) | |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 3.2 | 0.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 5,500.5 | 1,697.9 |
Put option contracts | 0 | |
Total | 6,310.1 | 2,681.8 |
Total | (6.3) | (1.4) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
UIT-related financial instruments sold, not yet purchased | (6.2) | (1.4) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 238.4 | 474.9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Seed Money [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 226.9 | 246.2 |
Trading investments | 127.7 | 68.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 159.6 | 162.6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 48.9 | 29 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.2 | 1.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | UIT-Related Equity And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 6.9 | 1.6 |
UIT-related financial instruments sold, not yet purchased | (0.1) | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 0 | 0 |
Put option contracts | 1.6 | |
Total | 4.8 | 0.4 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
UIT-related financial instruments sold, not yet purchased | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Seed Money [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | 0 |
Trading investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | UIT-Related Equity And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
UIT-related financial instruments sold, not yet purchased | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 3.2 | 0.4 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 0 | 0 |
Put option contracts | 0 | |
Total | 7 | 9.7 |
Total | (96.3) | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
UIT-related financial instruments sold, not yet purchased | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | (96.3) | |
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Seed Money [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | 0 |
Trading investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 1.1 | 3.4 |
Significant Unobservable Inputs (Level 3) [Member] | Other Debt Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 5.9 | 6.3 |
Significant Unobservable Inputs (Level 3) [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | UIT-Related Equity And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
UIT-related financial instruments sold, not yet purchased | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | $ 0 | $ 0 |
Fair Value Of Assets And Liab38
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Asset) | $ 42.3 | $ 24.1 | $ 30.2 | $ 16.2 |
Purchases (Assets) | (2.2) | (3) | (7.2) | (7) |
Gains and losses included in the Condensed Consolidated Statements of Income | 2.7 | 0.3 | 11.1 | 4.5 |
Sales (Asset) | (0.9) | (0.2) | (2.2) | (0.5) |
Ending balance (Asset) | 46.3 | 27.2 | 46.3 | 27.2 |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Liability) | 0 | (4,301.5) | (5,149.6) | (4,181.7) |
Beginning balance (Asset) | 711.7 | 691.1 | 773.9 | 500.9 |
Purchases (Liability) | 0 | 0 | 0 | 0 |
Purchases (Assets) | (38.6) | (58.9) | (72.7) | (198.4) |
Net unrealized gains and losses included in other gains and losses | 0 | (3.5) | 0 | 38.9 |
Gains and losses included in the Condensed Consolidated Statements of Income | 1 | (6.3) | (8) | (105.6) |
Settlements (Liability) | 0 | 212.5 | 0 | 510.2 |
Sales (Asset) | (32.3) | (53.7) | (129.2) | (104.1) |
Ending balance (Liability) | 0 | (4,710.3) | 0 | (4,710.3) |
Ending balance (Asset) | 717 | 702.6 | 717 | 702.6 |
Liability [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Liability) | (118.7) | 0 | ||
Purchases (Liability) | 0 | (119.3) | ||
Returns of capital | 0 | 0 | ||
Net unrealized gains and losses included in other gains and losses | 18.4 | 18.4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Settlements (Liability) | 4 | 4.6 | ||
Ending balance (Liability) | (96.3) | (96.3) | ||
Collateralized Loan Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Asset) | 1.3 | 4.1 | 3.4 | 4 |
Purchases (Assets) | 0 | 0 | ||
Returns of capital | 0 | (0.1) | (0.1) | (0.3) |
Gains and losses included in the Condensed Consolidated Statements of Income | 0 | 0 | ||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | (0.2) | 0.1 | (0.2) | 0.4 |
Sales (Asset) | 0 | (2) | ||
Ending balance (Asset) | 1.1 | 4.1 | 1.1 | 4.1 |
Other Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Asset) | 6.3 | 6.3 | 6.3 | 6.3 |
Purchases (Assets) | 0 | 0 | ||
Returns of capital | (0.4) | 0 | (0.4) | 0 |
Gains and losses included in the Condensed Consolidated Statements of Income | 0 | 0 | ||
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 | 0 | 0 |
Sales (Asset) | 0 | 0 | ||
Ending balance (Asset) | $ 5.9 | $ 6.3 | $ 5.9 | $ 6.3 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)fund | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)fund | Sep. 30, 2014USD ($) | Dec. 31, 2014fund | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Net realized gains/losses transferred from accumulated other comprehensive income | $ 1,100,000 | $ 1,800,000 | $ 2,300,000 | $ 12,600,000 | |
Number of affiliated funds holding seed money | fund | 198 | 198 | 146 | ||
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 | 5,300,000 | 5,300,000 | |||
Gains and losses on trading securities | $ (17,000,000) | $ (3,100,000) | (18,900,000) | 2,000,000 | |
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 ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Investment Holdings [Line Items] | ||
Available for sale investments | $ 233.9 | $ 255.9 |
Equity method investments | 323.2 | 332.1 |
Foreign time deposits | 27.7 | 29.6 |
Cost Method Investments | 6.6 | 4.6 |
Investments | 938.9 | 885.4 |
Seed Money [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale investments | 226.9 | 246.2 |
Trading investments | 127.7 | 68.2 |
Collateralized Loan Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale investments | 1.1 | 3.4 |
Other Debt Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale investments | 5.9 | 6.3 |
Deferred Compensation Arrangements [Member] | ||
Investment Holdings [Line Items] | ||
Trading investments | 159.6 | 162.6 |
Common Stock [Member] | ||
Investment Holdings [Line Items] | ||
Trading investments | 48.9 | 29 |
UIT-Related Equity And Debt Securities [Member] | ||
Investment Holdings [Line Items] | ||
Trading investments | $ 11.3 | $ 3.4 |
Investments (Realized Gains Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sales | $ 48.5 | $ 100.8 | ||
Seed Money [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sales | $ 29.8 | $ 25.6 | 45.5 | 100.5 |
Gross Realized Gains | 1 | 1.8 | 2 | 12.8 |
Gross Realized Losses | (0.2) | 0 | (0.2) | (0.2) |
Collateralized Loan Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sales | 0.3 | 0.1 | 2.6 | 0.3 |
Gross Realized Gains | 0.3 | 0 | 0.5 | 0 |
Gross Realized Losses | 0 | $ 0 | 0 | $ 0 |
Other Debt Obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sales | 0.4 | 0.4 | ||
Gross Realized Gains | 0 | 0 | ||
Gross Realized Losses | $ 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 ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 237.3 | $ 247.5 |
Gross Unrealized Holding Gains | 8.5 | 12.8 |
Gross Unrealized Holding Losses | (11.9) | (4.4) |
Available for sale investments | 233.9 | 255.9 |
Seed Money [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 230.1 | 237.7 |
Gross Unrealized Holding Gains | 8.5 | 12.8 |
Gross Unrealized Holding Losses | (11.7) | (4.3) |
Available for sale investments | 226.9 | 246.2 |
CLO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 1.3 | 3.5 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | (0.2) | (0.1) |
Available for sale investments | 1.1 | 3.4 |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 5.9 | 6.3 |
Gross Unrealized Holding Gains | 0 | |
Gross Unrealized Holding Losses | $ 0 | 0 |
Available for sale investments | $ 5.9 | $ 6.3 |
Investments (Breakdown Of Avail
Investments (Breakdown Of Available-For-Sale Investments With Unrealized Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Gains and losses on trading securities | $ (17) | $ (3.1) | $ (18.9) | $ 2 | |
Seed Money Funds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Less Than 12 Months, Fair Value | 122.6 | 122.6 | $ 123.9 | ||
Less than 12 Months, Gross Unrealized Losses | (5.3) | (5.3) | (3.5) | ||
12 Months or Greater, Fair Value | 34.3 | 34.3 | 3.6 | ||
12 Months or Greater, Gross Unrealized Losses | (6.4) | (6.4) | (0.8) | ||
Total, Fair Value | 156.9 | 156.9 | 127.5 | ||
Total, Gross Unrealized Losses | $ (11.7) | $ (11.7) | $ (4.3) |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | $ 1,589,800,000 | |
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. | |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | $ 0 | |
Carrying Value [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | $ 99,500,000 | 0 |
Unsecured Debt [Member] | Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2022 | |
Debt instrument, interest rate, stated percentage | 3.125% | |
Debt Instrument, Face Amount | $ 600,000,000 | |
Unsecured Debt [Member] | Due January 30, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 30, 2024 | |
Debt instrument, interest rate, stated percentage | 4.00% | |
Debt Instrument, Face Amount | $ 600,000,000 | |
Unsecured Debt [Member] | Due November 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2043 | |
Debt instrument, interest rate, stated percentage | 5.375% | |
Debt Instrument, Face Amount | $ 400,000,000 | |
Unsecured Debt [Member] | Carrying Value [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 1,689,300,000 | 1,589,300,000 |
Unsecured Debt [Member] | Carrying Value [Member] | Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 599,700,000 | 599,600,000 |
Unsecured Debt [Member] | Carrying Value [Member] | Due January 30, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 596,500,000 | 596,200,000 |
Unsecured Debt [Member] | Carrying Value [Member] | Due November 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 393,600,000 | 393,500,000 |
Unsecured Debt [Member] | Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 1,749,800,000 | 1,695,800,000 |
Unsecured Debt [Member] | Fair Value [Member] | Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 603,900,000 | 596,800,000 |
Unsecured Debt [Member] | Fair Value [Member] | Due January 30, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 614,500,000 | 625,900,000 |
Unsecured Debt [Member] | Fair Value [Member] | Due November 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | 431,900,000 | 473,100,000 |
Unsecured Debt [Member] | Fair Value [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured Senior Notes | $ 99,500,000 | $ 0 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, covenant terms, Debt to EBITDA ratio | 3.25 | |
Line of Credit Facility, Expiration Date | Aug. 7, 2020 | |
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 | |
Line of credit facility, margin for LIBOR-based loans, percentage | 0.875% | |
Line of credit facility, margin for base-rate loans, percentage | 0.00% | |
Line of credit facility commitment fee amount, percentage | 0.125% | |
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 | $ 33,600,000 | |
Letters of credit, renewable term | 1 year |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Billions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Treasury stock shares | 75.1 | 69.4 |
Treasury shares held, as unvested restricted stock awards | 8.6 | 8.9 |
Common shares market price (per share) | $ 31.23 | |
Treasury shares market value | $ 2.3 |
Share Capital (Movements In Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) - shares shares in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Common shares issued | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | (66.5) | (60.5) |
Common shares outstanding | 423.9 | 429.9 |
Other Comprehensive Income_(L48
Other Comprehensive Income/(Loss) (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other comprehensive income/(loss) before tax: | ||||
Currency translation differences on investments in foreign subsidiaries | $ (223.9) | $ (255) | $ (364.2) | $ (177.7) |
Actuarial (loss)/gain related to employee benefit plans, net of tax | 0 | 4.4 | 0 | 2.3 |
Reclassification of prior service cost/(credit) into employee compensation expense, net of tax | (1.8) | (0.4) | (4.8) | (1.1) |
Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax | 0.6 | 0.4 | 1.7 | 1.4 |
Share of other comprehensive income/(loss) of equity method investments, net of tax | (1.9) | 0.4 | (0.6) | 7.6 |
Unrealized(losses)/gains on available-for-sale investments | (5.8) | (4.2) | (7.6) | 9 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax | (0.7) | (2.4) | (1.6) | (16.6) |
Accumulated other comprehensive income/(loss), net of tax: | ||||
Beginning balance | (94.8) | 509.9 | 48.8 | 427.9 |
Other comprehensive income/(loss), net of tax | (233.5) | (256.8) | (377.1) | (175.1) |
Other comprehensive (income)/loss attributable to noncontrolling interests | (0.2) | 0.1 | ||
Ending balance | (328.3) | 252.9 | (328.3) | 252.9 |
Foreign currency translation [Member] | ||||
Other comprehensive income/(loss) before tax: | ||||
Currency translation differences on investments in foreign subsidiaries | (223.9) | (255) | (364.2) | (177.7) |
Accumulated other comprehensive income/(loss), net of tax: | ||||
Beginning balance | (12.2) | 570.1 | 128.1 | 492.5 |
Other comprehensive income/(loss), net of tax | (223.9) | (255) | (364.2) | (177.7) |
Other comprehensive (income)/loss attributable to noncontrolling interests | (0.2) | 0.1 | ||
Ending balance | (236.1) | 314.9 | (236.1) | 314.9 |
Employee benefit plans [Member] | ||||
Other comprehensive income/(loss) before tax: | ||||
Actuarial (loss)/gain related to employee benefit plans, net of tax | 4.4 | 2.3 | ||
Reclassification of prior service cost/(credit) into employee compensation expense, net of tax | (1.8) | (0.4) | (4.8) | (1.1) |
Reclassification of actuarial (gain)/loss into employee compensation expense, net of tax | 0.6 | 0.4 | 1.7 | 1.4 |
Accumulated other comprehensive income/(loss), net of tax: | ||||
Beginning balance | (93.6) | (79.7) | (91.7) | (77.9) |
Other comprehensive income/(loss), net of tax | (1.2) | 4.4 | (3.1) | 2.6 |
Other comprehensive (income)/loss attributable to noncontrolling interests | 0 | 0 | ||
Ending balance | (94.8) | (75.3) | (94.8) | (75.3) |
Equity method investments [Member] | ||||
Other comprehensive income/(loss) before tax: | ||||
Share of other comprehensive income/(loss) of equity method investments, net of tax | (1.9) | 0.4 | (0.6) | 7.6 |
Accumulated other comprehensive income/(loss), net of tax: | ||||
Beginning balance | 7.8 | 5.4 | 6.5 | (1.8) |
Other comprehensive income/(loss), net of tax | (1.9) | 0.4 | (0.6) | 7.6 |
Other comprehensive (income)/loss attributable to noncontrolling interests | 0 | 0 | ||
Ending balance | 5.9 | 5.8 | 5.9 | 5.8 |
Available-for-sale investments [Member] | ||||
Other comprehensive income/(loss) before tax: | ||||
Unrealized(losses)/gains on available-for-sale investments | (5.8) | (4.2) | (7.6) | 9 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax | (0.7) | (2.4) | (1.6) | (16.6) |
Accumulated other comprehensive income/(loss), net of tax: | ||||
Beginning balance | 3.2 | 14.1 | 5.9 | 15.1 |
Other comprehensive income/(loss), net of tax | (6.5) | (6.6) | (9.2) | (7.6) |
Other comprehensive (income)/loss attributable to noncontrolling interests | 0 | 0 | ||
Ending balance | $ (3.3) | $ 7.5 | $ (3.3) | $ 7.5 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 112.9 | $ 104.3 |
Proceeds from Stock Options Exercised | $ 2.1 | 8.6 |
Weighted average remaining contractual terms | 1 year 4 months 25 days | |
Fair value of vested shares | $ 190.6 | $ 191.5 |
Weighted average fair value of shares granted (usd per share) | $ 40.21 | $ 34.33 |
Unrecognized compensation cost related to non-vested shares | $ 290.9 | |
Weighted average non-vested shares compensation cost expected to recognize | 2 years 6 months 67 days |
Share-Based Compensation (Movem
Share-Based Compensation (Movements On Share Awards) (Details) - $ / shares shares in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested at beginning of year Weighted Average Grant Date Fair Value (usd per share) | $ 29 | |
Granted during period Weighted Average Grant Date Fair Value (usd per share) | 40.21 | $ 34.33 |
Forfeited during the year Weighted Average Grant Date Fair Value (usd per share) | 32.93 | |
Vested and distributed during the period Weighted Average Grant Date Fair Value (usd per share) | 28.24 | |
Unvested at the end of the year Weighted Average Grant Date Fair Value (usd per share) | $ 33.48 | |
Time Vested N y s e [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (shares) | 11.5 | 13.9 |
Granted during the year (shares) | 4 | 4.3 |
Forfeited during the year (shares) | (0.1) | (1.1) |
Vested and distributed during the year (shares) | (4.6) | (5.4) |
Unvested at the end of the year (shares) | 10.8 | 11.7 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (shares) | 0.5 | 0.4 |
Granted during the year (shares) | 0.3 | 0.2 |
Forfeited during the year (shares) | 0 | 0 |
Vested and distributed during the year (shares) | (0.2) | (0.1) |
Unvested at the end of the year (shares) | 0.6 | 0.5 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Contribution Plan, Cost Recognized | $ 13.8 | $ 13.3 | $ 44.5 | $ 43 | |
Other Postretirement Benefits Payable | $ 19.7 | 19.7 | $ 25.4 | ||
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 | 15.2 | ||||
Pension Contributions | 3.8 | ||||
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 | 0 | ||||
Pension Contributions | $ 0 |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of net periodic benefit cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Retirement Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1.1 | $ 1.1 | $ 3.6 | $ 3.3 |
Interest cost | 5.4 | 4.8 | 15.9 | 14.3 |
Expected return on plan assets | (6.3) | (4.6) | (18.6) | (13.9) |
Amortization of prior service cost/(credit) | 0 | 0 | 0.1 | 0.1 |
Amortization of net actuarial gain/(loss) | 0.7 | 0.5 | 2 | 1.5 |
Net periodic benefit cost | 0.9 | 1.8 | 3 | 5.3 |
Medical Plans [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0 | 0.1 | 0 | 0.2 |
Interest cost | 0 | 0.4 | 0 | 1.4 |
Expected return on plan assets | (0.1) | (0.2) | (0.3) | (0.5) |
Amortization of prior service cost/(credit) | (2.9) | (0.5) | (7.6) | (1.5) |
Amortization of net actuarial gain/(loss) | 0 | 0 | 0 | 0.2 |
Net periodic benefit cost | $ (3) | $ (0.2) | $ (7.9) | $ (0.2) |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 11 | $ 6 |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 6 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 |
Contingently issuable share excluded | 400,000 | 300,000 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations, net of taxes | $ 241.3 | $ 252.2 | $ 769.3 | $ 777.6 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 8 | 4.4 | (3.1) | (56.9) |
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 249.3 | 256.6 | 766.2 | 720.7 |
Income/(loss) from discontinued operations, net of taxes | 0 | (0.6) | 0 | (2.4) |
Net income attributable to Invesco Ltd | 249.3 | 256 | 766.2 | 718.3 |
Allocation of earnings to restricted shares | (6.3) | (6.9) | (19.6) | (20.5) |
Net income attributable to common shareholders | $ 243 | $ 249.1 | $ 746.6 | $ 697.8 |
Weighted average shares outstanding - basic (in shares) | 428.8 | 434.3 | 430.9 | 435.6 |
Weighted Average Number of Shares, Restricted Stock | (10.8) | (11.7) | (11) | (12.5) |
Weighted Average Number of Shares Outstanding, Basic - Common shares | 418 | 422.6 | 419.9 | 423.1 |
Dilutive effect on share-based awards (in shares) | 0.3 | 0.5 | 0.4 | 0.6 |
Weighted Average Number of Shares Outstanding, Diluted - Common shares | 418.3 | 423.1 | 420.3 | 423.7 |
Weighted average shares outstanding - diluted (in shares) | 429.1 | 434.8 | 431.3 | 436.2 |
Basic earnings per share: | ||||
Earnings per share from continuing operations (usd per share) | $ 0.58 | $ 0.59 | $ 1.78 | $ 1.65 |
Earnings per share from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Basic earnings per share (usd per share) | 0.58 | 0.59 | 1.78 | 1.65 |
Diluted earnings per share: | ||||
Earnings per share from continuing operations (usd per share) | 0.58 | 0.59 | 1.78 | 1.65 |
Earnings per share from discontinued operations (usd per share) | 0 | 0 | 0 | (0.01) |
Diluted earnings per share (usd per share) | $ 0.58 | $ 0.59 | $ 1.78 | $ 1.65 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Undrawn capital and purchase commitments | $ 124.4 | $ 158.8 |
Consolidated Sponsored Invest57
Consolidated Sponsored Investment Products (Balances Related To CSIP) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Abstract] | ||
Investments of CSIP | $ 304.8 | $ 288.5 |
Cash and cash equivalents of CSIP | 14.5 | 11.4 |
Accounts receivable and other assets of CSIP | 6.2 | 5.9 |
Assets of consolidated sponsored investment products (CSIP) | 325.5 | 305.8 |
Other liabilities of CSIP | (4.7) | (7.9) |
Equity attributable to redeemable noncontrolling interests | (176.4) | (165.5) |
Equity attributable to nonredeemable noncontrolling interests | (16.1) | (10.6) |
Invesco's net interests in CSIP | $ 128.3 | $ 121.8 |
Invesco's net economic interests as a percentage of investments of CSIP | 42.10% | 42.20% |
Consolidated Sponsored Invest58
Consolidated Sponsored Investment Products (Fair Value Hierarchy Levels Of Investments Held By Consolidated Sponsored Investment Products) (Details) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 304.8 | $ 288.5 |
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 | 66 | 58 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 192.5 | 200.3 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 46.3 | 30.2 |
Fixed Income Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 192.6 | 200.3 |
Fixed Income Securities [Member] | 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 | 0.1 | 0 |
Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 192.5 | 200.3 |
Fixed Income Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 1 | |
Equity Securities [Member] | 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 | 1 | |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | |
Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 64.9 | 58 |
Fixed Income Funds [Member] | 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 | 64.9 | 58 |
Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Investments in Other Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 46.3 | 30.2 |
Investments in Other Private Equity Funds [Member] | 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 | 0 | 0 |
Investments in Other Private Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Investments in Other Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 46.3 | $ 30.2 |
Consolidated Sponsored Invest59
Consolidated Sponsored Investment Products (NAV as practical expedient) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 304.8 | $ 288.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 66 | 58 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 46.3 | 30.2 |
Fixed Income Funds [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 64.9 | $ 58 |
Redemption notice period | 10 days | 10 days |
Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 64.9 | $ 58 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 0 | 0 |
Fixed Income Funds [Member] | Priced Using NAV Practical Expedient [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 64.9 | 58 |
Investments, Consolidated Sponsored Investment Products, Unfunded Commitments | 0 | 0 |
Private Equity Funds [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 46.3 | $ 30.2 |
Weighted average remaining term | 7 years 9 months | 7 years 7 months |
Private Equity Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | $ 0 | $ 0 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 46.3 | 30.2 |
Private Equity Funds [Member] | Priced Using NAV Practical Expedient [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments, Consolidated Sponsored Investment Products, Fair Value Disclosure | 46.3 | 30.2 |
Investments, Consolidated Sponsored Investment Products, Unfunded Commitments | $ 28.6 | $ 35 |
Consolidated Sponsored Invest60
Consolidated Sponsored Investment Products (Reconciliation of Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Investments [Abstract] | ||||
Beginning balance (Asset) | $ 42.3 | $ 24.1 | $ 30.2 | $ 16.2 |
Purchases (Asset) | 2.2 | 3 | 7.2 | 7 |
Sales | (0.9) | (0.2) | (2.2) | (0.5) |
Gains and losses included in the Condensed Consolidated Statements of Income | 2.7 | 0.3 | 11.1 | 4.5 |
Ending balance (Asset) | $ 46.3 | $ 27.2 | $ 46.3 | $ 27.2 |
Consolidated Investment Produ61
Consolidated Investment Products (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015USD ($)voting_interest_entityvariable_interest_entity | Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||
VIEs invested in and consolidated, number of entities | 2 | |
VOE invested in and consolidated, number of entities | voting_interest_entity | 3 | |
Pay interest at Libor or Euribor plus | 10.00% | |
Collateral assets, default percentage | 0.20% | 0.10% |
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread low | 0.21% | |
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread high | 7.45% | |
CLO [Member] | ||
Variable Interest Entity [Line Items] | ||
Weighted average maturity (years) | 9 years 7 months | |
Senior Secured Bank Loans And Bonds [Member] | CLO [Member] | ||
Variable Interest Entity [Line Items] | ||
Fair value, option, aggregate differences, long-term debt instruments | $ | $ 197.6 | $ 56.2 |
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 |
Consolidated Investment Produ62
Consolidated Investment Products (Balances Related To CIP) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Consolidated Investment Products [Abstract] | ||
Cash and cash equivalents of consolidated investment products | $ 587.5 | $ 404 |
Accounts receivable and other assets of CIP | 135.6 | 161.3 |
Investments Of Consolidated Investment Products | 6,119.9 | 5,762.8 |
Less: Debt of CIP | (5,669.7) | (5,149.6) |
Less: Other liabilities of CIP | (338.1) | (280.9) |
Less: Retained earnings | 0.7 | (20.3) |
Less: Retained earnings appropriated for investors in CIP | 0 | (17.6) |
Less: Accumulated other comprehensive income, net of tax | (0.7) | 20.2 |
Less: Equity attributable to nonredeemable noncontrolling interests | (745) | (781.2) |
Invesco's net interests in CIP | $ 90.2 | $ 98.7 |
Invesco's net economic interests as a percentage of investments of CIP | 1.50% | 1.70% |
Consolidated Investment Produ63
Consolidated Investment Products (Company's Maximum Risk Of Loss In Significant VIE's) (Details) $ in Millions | Sep. 30, 2015USD ($) |
CLO [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Value | $ 1.1 |
Company's Maximum Risk of Loss | 1.1 |
Partnership and trust investments [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Value | 19.6 |
Company's Maximum Risk of Loss | 19.6 |
Investments In Invesco Mortgage Capital Inc. [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Value | 28.7 |
Company's Maximum Risk of Loss | 28.7 |
Total Maximum Risk Of Loss Associated With VIEs [Member] | |
Variable Interest Entity [Line Items] | |
Company's Maximum Risk of Loss | $ 49.4 |
Consolidated Investment Produ64
Consolidated Investment Products (VIE Balance Sheets Consolidated In Period) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | $ 587.5 | $ 404 | ||
Accounts receivable and other assets of CIP | 135.6 | 161.3 | ||
Investments of CIP | 6,119.9 | 5,762.8 | ||
Total assets | 24,962.2 | 20,462.5 | ||
Debt of CIP | 5,669.7 | 5,149.6 | ||
Other liabilities of CIP | 338.1 | 280.9 | ||
Total liabilities | 15,930 | 11,177.2 | ||
Total equity | 8,855.8 | 9,119.8 | $ 9,139.1 | $ 8,977.3 |
Total liabilities and equity | 24,962.2 | 20,462.5 | ||
CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 559.4 | 378.8 | ||
Investments of CIP | 5,449.6 | 5,063.5 | ||
Total assets | 6,133.4 | 5,598 | ||
Debt of CIP | 5,795.5 | 5,302.9 | ||
Other liabilities of CIP | 337.9 | 277.4 | ||
Total liabilities | 6,133.4 | 5,580.3 | ||
Total liabilities and equity | 6,133.4 | 5,598 | ||
VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 22.6 | 21.5 | ||
Investments of CIP | 695.9 | 730.2 | ||
Total assets | 729.6 | 757.2 | ||
Debt of CIP | 0 | 0 | ||
Other liabilities of CIP | 3.3 | 6.9 | ||
Total liabilities | 3.3 | 6.9 | ||
Total liabilities and equity | 729.6 | $ 757.2 | ||
New CLO [Member] | CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 449.8 | |||
Accounts receivable and other assets of CIP | 5.6 | |||
Investments of CIP | 1,009.5 | |||
Total assets | 1,464.9 | |||
Debt of CIP | 1,100.4 | |||
Other liabilities of CIP | 364.5 | |||
Total liabilities | 1,464.9 | |||
Total equity | 0 | |||
Total liabilities and equity | 1,464.9 | |||
New CLO [Member] | VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 10 | |||
Accounts receivable and other assets of CIP | 0 | |||
Investments of CIP | 49.9 | |||
Total assets | 59.9 | |||
Debt of CIP | 0 | |||
Other liabilities of CIP | 0 | |||
Total liabilities | 0 | |||
Total equity | 59.9 | |||
Total liabilities and equity | $ 59.9 |
Consolidated Investment Produ65
Consolidated Investment Products (Balance Sheets Deconsolidated In Periods) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of consolidated investment products | $ 587.5 | $ 404 | ||
Accounts receivable and other assets of CIP | 135.6 | 161.3 | ||
Investments Of Consolidated Investment Products | 6,119.9 | 5,762.8 | ||
Total assets | 24,962.2 | 20,462.5 | ||
Debt of CIP | 5,669.7 | 5,149.6 | ||
Other liabilities of consolidated investment products | 338.1 | 280.9 | ||
Total liabilities | 15,930 | 11,177.2 | ||
Total equity | 8,855.8 | 9,119.8 | $ 9,139.1 | $ 8,977.3 |
Total liabilities and equity | $ 24,962.2 | $ 20,462.5 |
Consolidated Investment Produ66
Consolidated Investment Products (Condensed Consolidating Balance Sheet Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts receivable | $ 529.2 | $ 545.9 |
Investments | 938.9 | 885.4 |
Cash and cash equivalents of CIP | 587.5 | 404 |
Investments of CIP | 6,119.9 | 5,762.8 |
Total assets | 24,962.2 | 20,462.5 |
Debt of CIP | 5,669.7 | 5,149.6 |
Other liabilities of CIP | 338.1 | 280.9 |
Total liabilities | (15,930) | (11,177.2) |
Retained earnings | (4,351.4) | (3,926) |
Retained earnings appropriated for investors in CIP | 0 | 17.6 |
Equity attributable to noncontrolling interests in consolidated entities | 745 | 781.2 |
Total liabilities and equity | 24,962.2 | 20,462.5 |
CLOs - VIEs [Member] | ||
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 559.4 | 378.8 |
Accounts receivable of CIP | 124.4 | 155.7 |
Investments of CIP | 5,449.6 | 5,063.5 |
Total assets | 6,133.4 | 5,598 |
Debt of CIP | 5,795.5 | 5,302.9 |
Other liabilities of CIP | 337.9 | 277.4 |
Total liabilities | (6,133.4) | (5,580.3) |
Retained earnings | 0.7 | (20.3) |
Retained earnings appropriated for investors in CIP | 17.6 | |
Other equity attributable to common shareholders | 0.7 | (20.2) |
Equity attributable to noncontrolling interests in consolidated entities | 0 | 0 |
Total liabilities and equity | 6,133.4 | 5,598 |
Other VIEs [Member] | ||
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 5.1 | 5 |
Accounts receivable of CIP | 0.1 | 0.1 |
Investments of CIP | 78.5 | 53.4 |
Total assets | 83.7 | 58.5 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 1.1 | 0.4 |
Total liabilities | (1.1) | (0.4) |
Retained earnings | 0 | 0 |
Retained earnings appropriated for investors in CIP | 0 | |
Other equity attributable to common shareholders | 0 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | 82.6 | 58.1 |
Total liabilities and equity | 83.7 | 58.5 |
VOEs [Member] | ||
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 22.6 | 21.5 |
Accounts receivable of CIP | 11.1 | 5.5 |
Investments of CIP | 695.9 | 730.2 |
Total assets | 729.6 | 757.2 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 3.3 | 6.9 |
Total liabilities | (3.3) | (6.9) |
Retained earnings | 0 | 0 |
Retained earnings appropriated for investors in CIP | 0 | |
Other equity attributable to common shareholders | 0 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | 726.3 | 750.3 |
Total liabilities and equity | 729.6 | 757.2 |
Adjustments [Member] | ||
Accounts receivable | (4.2) | (3.8) |
Investments | (86) | (94.9) |
Cash and cash equivalents of CIP | 0.4 | (1.3) |
Accounts receivable of CIP | 0 | 0 |
Investments of CIP | (104.1) | (84.3) |
Total assets | (193.9) | (184.3) |
Debt of CIP | (125.8) | (153.3) |
Other liabilities of CIP | (4.2) | (3.8) |
Total liabilities | 130 | 157.1 |
Retained earnings | 0 | 0 |
Retained earnings appropriated for investors in CIP | 0 | |
Other equity attributable to common shareholders | 0 | 0 |
Equity attributable to noncontrolling interests in consolidated entities | (63.9) | (27.2) |
Total liabilities and equity | (193.9) | (184.3) |
Impact of CIP [Member] | ||
Accounts receivable | (4.2) | (3.8) |
Investments | (86) | (94.9) |
Cash and cash equivalents of CIP | 587.5 | 404 |
Accounts receivable of CIP | 135.6 | 161.3 |
Investments of CIP | 6,119.9 | 5,762.8 |
Total assets | 6,752.8 | 6,229.4 |
Debt of CIP | 5,669.7 | 5,149.6 |
Other liabilities of CIP | 338.1 | 280.9 |
Total liabilities | (6,007.8) | (5,430.5) |
Retained earnings | 0.7 | (20.3) |
Retained earnings appropriated for investors in CIP | 17.6 | |
Other equity attributable to common shareholders | 0.7 | (20.2) |
Equity attributable to noncontrolling interests in consolidated entities | 745 | 781.2 |
Total liabilities and equity | $ 6,752.8 | $ 6,229.4 |
Consolidated Investment Produ67
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 ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Total operating revenues | $ 1,273.5 | $ 1,311 | $ 3,883.2 | $ 3,870.4 |
Total operating expenses | 920.8 | 981.4 | 2,828.4 | 2,941.7 |
Operating Income (Loss) | 352.7 | 329.6 | 1,054.8 | 928.7 |
Equity in earnings of unconsolidated affiliates | 8.2 | 10.9 | 32 | 26.4 |
Interest and dividend income | 2.4 | 2.6 | 7.5 | 8.6 |
Other gains and losses, net | 0.9 | (1.3) | (5.2) | 21.5 |
Interest and dividend income of CIP | 64.7 | 53.4 | 190 | 149.7 |
Interest expense of CIP | (45.9) | (37.5) | (138.3) | (98.1) |
Other gains/(losses) of CIP, net | (17.3) | 0.1 | (12.6) | 63.4 |
Income from continuing operations before income taxes | 341.7 | 347.1 | 1,080.4 | 1,068.5 |
Income tax provision | (100.4) | (94.9) | (311.1) | (290.9) |
Income from continuing operations, net of taxes | 241.3 | 252.2 | 769.3 | 777.6 |
Income/(loss) from discontinued operations, net of taxes | 0 | (0.6) | 0 | (2.4) |
Net income | 241.3 | 251.6 | 769.3 | 775.2 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 8 | 4.4 | (3.1) | (56.9) |
Net income attributable to Invesco Ltd | 249.3 | 256 | 766.2 | 718.3 |
CLOs - VIEs [Member] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Total operating expenses | 16.8 | 17.6 | 46.9 | 44.4 |
Operating Income (Loss) | (16.8) | (17.6) | (46.9) | (44.4) |
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 | 0 | 0 |
Interest and dividend income of CIP | 69.2 | 57.9 | 204.1 | 159.9 |
Interest expense of CIP | (52.1) | (42.7) | (157.2) | (110.6) |
Other gains/(losses) of CIP, net | (0.3) | (4.4) | 0 | (51.6) |
Income from continuing operations before income taxes | 0 | (6.8) | 0 | (46.7) |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of taxes | 0 | (6.8) | (46.7) | |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 0 | (6.8) | 0 | (46.7) |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 0 | 6.9 | 0 | 46.9 |
Net income attributable to Invesco Ltd | 0 | 0.1 | 0 | 0.2 |
Other VIEs [Member] | ||||
Total operating revenues | 0 | 0.1 | 0 | 0.2 |
Total operating expenses | 0.1 | 0.3 | 0.7 | 0.8 |
Operating Income (Loss) | (0.1) | (0.2) | (0.7) | (0.6) |
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 | 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 | 1.5 | 0.8 | 6.3 | (0.5) |
Income from continuing operations before income taxes | 1.4 | 0.6 | 5.6 | (1.1) |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of taxes | 1.4 | 0.6 | 5.6 | (1.1) |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | 1.4 | 0.6 | 5.6 | (1.1) |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | (1.3) | (0.5) | (5.4) | 1.2 |
Net income attributable to Invesco Ltd | 0.1 | 0.1 | 0.2 | 0.1 |
VOEs [Member] | ||||
Total operating revenues | 0 | 0 | 0 | 0 |
Total operating expenses | 1.3 | 2.1 | 4 | 6.2 |
Operating Income (Loss) | (1.3) | (2.1) | (4) | (6.2) |
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 | 0 | 0 |
Interest and dividend income of CIP | 0.2 | 0 | 1.1 | 0 |
Interest expense of CIP | 0 | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | (5.3) | 1.4 | (2.2) | 105.3 |
Income from continuing operations before income taxes | (6.4) | (0.7) | (5.1) | 99.1 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of taxes | (6.4) | (0.7) | (5.1) | 99.1 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | (6.4) | (0.7) | (5.1) | 99.1 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 6.1 | 1.3 | 5.5 | (95.2) |
Net income attributable to Invesco Ltd | (0.3) | 0.6 | 0.4 | 3.9 |
Adjustments [Member] | ||||
Total operating revenues | (9.5) | (8.7) | (29.2) | (25.8) |
Total operating expenses | (9.5) | (8.7) | (29.2) | (25.8) |
Operating Income (Loss) | 0 | 0 | 0 | 0 |
Equity in earnings of unconsolidated affiliates | 0.2 | (0.7) | (1) | (4.1) |
Interest and dividend income | (1.5) | (0.7) | (3.7) | (2.2) |
Other gains and losses, net | 0 | 0 | (3.9) | (4.7) |
Interest and dividend income of CIP | (4.7) | (4.5) | (15.2) | (10.2) |
Interest expense of CIP | 6.2 | 5.2 | 18.9 | 12.5 |
Other gains/(losses) of CIP, net | (13.2) | 2.3 | (16.7) | 10.2 |
Income from continuing operations before income taxes | (13) | 1.6 | (21.6) | 1.5 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of taxes | (13) | 1.6 | (21.6) | 1.5 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | (13) | 1.6 | (21.6) | 1.5 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 0 | 0 | 0 | 0 |
Net income attributable to Invesco Ltd | (13) | 1.6 | (21.6) | 1.5 |
Impact of CIP [Member] | ||||
Total operating revenues | (9.5) | (8.6) | (29.2) | (25.6) |
Total operating expenses | 8.7 | 11.3 | 22.4 | 25.6 |
Operating Income (Loss) | (18.2) | (19.9) | (51.6) | (51.2) |
Equity in earnings of unconsolidated affiliates | 0.2 | (0.7) | (1) | (4.1) |
Interest and dividend income | (1.5) | (0.7) | (3.7) | (2.2) |
Other gains and losses, net | 0 | 0 | (3.9) | (4.7) |
Interest and dividend income of CIP | 64.7 | 53.4 | 190 | 149.7 |
Interest expense of CIP | (45.9) | (37.5) | (138.3) | (98.1) |
Other gains/(losses) of CIP, net | (17.3) | 0.1 | (12.6) | 63.4 |
Income from continuing operations before income taxes | (18) | (5.3) | (21.1) | 52.8 |
Income tax provision | 0 | 0 | 0 | 0 |
Income from continuing operations, net of taxes | (18) | (5.3) | (21.1) | 52.8 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 | 0 |
Net income | (18) | (5.3) | (21.1) | 52.8 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 4.8 | 7.7 | 0.1 | (47.1) |
Net income attributable to Invesco Ltd | $ (13.2) | $ 2.4 | $ (21) | $ 5.7 |
Consolidated Investment Produ68
Consolidated Investment Products (Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Investments Of Consolidated Investment Products | $ 6,119.9 | $ 5,762.8 |
CLO notes | (15,930) | (11,177.2) |
Total liabilities at fair value | (5,669.7) | (5,149.6) |
Fair Value, Inputs, Level 1 [Member] | ||
Investments Of Consolidated Investment Products | 12.6 | 9.7 |
Total liabilities at fair value | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Investments Of Consolidated Investment Products | 5,390.3 | 4,979.2 |
Total liabilities at fair value | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Investments Of Consolidated Investment Products | 717 | 773.9 |
Total liabilities at fair value | (5,149.6) | |
Bank Loans [Member] | ||
CLO Collateral Assets | 5,317.6 | 4,883.9 |
Bank Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bank Loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO Collateral Assets | 5,317.6 | 4,883.9 |
Bank Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | ||
CLO Collateral Assets | 71.8 | 88.9 |
Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO Collateral Assets | 71.8 | 88.9 |
Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Equity Securities [Member] | ||
CLO Collateral Assets | 0.9 | 6.4 |
Private Equity Fund Assets | 317.4 | 337.9 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 12.6 | 9.7 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO Collateral Assets | 0.9 | 6.4 |
Private Equity Fund Assets | 0 | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 304.8 | 328.2 |
Debt Securities [Member] | ||
Private Equity Fund Assets | 28.1 | |
Investments, Fair Value Disclosure | 35.7 | |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Private Equity Fund Assets | 0 | |
Investments, Fair Value Disclosure | 0 | |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Private Equity Fund Assets | 0 | |
Investments, Fair Value Disclosure | 0 | |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Private Equity Fund Assets | 28.1 | |
Investments, Fair Value Disclosure | 35.7 | |
Private Equity Funds [Member] | ||
Private Equity Fund Assets | 384.1 | 410 |
Private Equity Funds [Member] | Fair Value, Inputs, 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 | $ 384.1 | 410 |
Asset-backed Securities [Member] | ||
CLO notes | (5,149.6) | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO notes | 0 | |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO notes | 0 | |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO notes | $ (5,149.6) |
Consolidated Investment Produ69
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance (Asset) | $ 46.3 | $ 27.2 | $ 46.3 | $ 27.2 | $ 42.3 | $ 30.2 | $ 24.1 | $ 16.2 |
Purchases (Asset) | 2.2 | 3 | 7.2 | 7 | ||||
Sales (Asset) | (0.9) | (0.2) | (2.2) | (0.5) | ||||
Gains and losses included in the Condensed Consolidated Statements of Income | (2.7) | (0.3) | (11.1) | (4.5) | ||||
Ending balance (Asset) | 46.3 | 27.2 | 46.3 | 27.2 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Net unrealized gains/losses attributable to investments | 18.5 | 26.4 | 63.4 | 55.8 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance (Asset) | 717 | 702.6 | 717 | 702.6 | 711.7 | 773.9 | $ 691.1 | $ 500.9 |
Purchases (Asset) | 38.6 | 58.9 | 72.7 | 198.4 | ||||
Sales (Asset) | (32.3) | (53.7) | (129.2) | (104.1) | ||||
Issuances (Asset) | 0 | 0 | 0 | 1.8 | ||||
Settlements (Asset) | 0 | 0 | 0 | 0 | ||||
Gains and losses included in the Condensed Consolidated Statements of Income | (1) | 6.3 | 8 | 105.6 | ||||
Transfers to Levels 1 and 2 | 0 | (8.4) | ||||||
Ending balance (Asset) | 717 | 702.6 | 717 | 702.6 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Beginning balance (Liability) | 0 | (4,301.5) | (5,149.6) | (4,181.7) | ||||
Adjustment for adoption of ASU 2014-13 | $ 0 | $ 5,149.6 | ||||||
Purchases (Liability) | 0 | 0 | 0 | 0 | ||||
Sales (Liability) | 0 | 0 | 0 | 0 | ||||
Issuances (Liability) | 0 | (624.8) | 0 | (1,338.9) | ||||
Settlements (Liability) | 0 | 212.5 | 0 | 510.2 | ||||
Deconsolidation of CIP | 0 | 339 | ||||||
Net unrealized gains and losses included in other gains and losses | 0 | 3.5 | 0 | (38.9) | ||||
Transfers to Levels 1 and 2 | 0 | 0 | ||||||
Ending balance (Liability) | $ 0 | $ (4,710.3) | 0 | (4,710.3) | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Transfers to Levels 1 and 2 | 7.8 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Transfers to Levels 1 and 2 | $ 0.6 | $ 0 |
Consolidated Investment Produ70
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | $ 15,930,000,000 | $ 11,177,200,000 |
Two Thousand Twelve And Thereafter [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Fair Value Inputs, Probability of Default | 2.00% | |
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 | $ 51,200,000 | 85,000,000 |
Private Equity Funds, Priced Using Third Party Appraisal [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 1,000,000 | 5,700,000 |
Debt Securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 28,100,000 | |
Investments, Fair Value Disclosure | 35,700,000 | |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 0 | |
Investments, Fair Value Disclosure | 0 | |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 0 | |
Investments, Fair Value Disclosure | 0 | |
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 28,100,000 | |
Investments, Fair Value Disclosure | 35,700,000 | |
Asset-backed Securities [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | 5,149,600,000 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | 0 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | 0 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | 5,149,600,000 | |
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 | 280,700,000 | 273,200,000 |
Private Equity Funds [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 384,100,000 | 410,000,000 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | 384,100,000 | 410,000,000 |
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 | $ 384,100,000 | $ 410,000,000 |
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 | 200.00% | 200.00% |
Derivative Discount Rate | 25.00% | 25.00% |
Published valuation and/or broker quotes for similar types of assets | $ 25,000,000 | $ 27,000,000 |
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% | 400.00% |
Derivative Discount Rate | 50.00% | 36.00% |
Published valuation and/or broker quotes for similar types of assets | $ 100,000,000 | $ 104,000,000 |
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 | 300.00% | 400.00% |
Derivative Discount Rate | 25.00% | 30.90% |
Published valuation and/or broker quotes for similar types of assets | $ 45,500,000 | $ 45,900,000 |
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 | 0.40% | |
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 | 2.30% | |
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 | 0.40% | |
Assumed Default Rate, more than one year | 2.30% | |
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 | 1.02% | |
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 | 8.01% | |
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 | 2.28% |
Consolidated Investment Produ71
Consolidated Investment Products (Private Equity) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Private Equity Fund Of Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Weighted Average Remaining Term | ||
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 384.1 | $ 410 |
Unfunded Commitments | $ 213.6 | $ 196.3 |
Weighted Average Remaining Term | 2 years 7 months | 2 years 7 months |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Advisory Fees | $ 1,016.9 | $ 1,047.3 | $ 3,074 | $ 3,044.6 | ||
Distribution and Servicing Fees | 214.8 | 222.1 | 647.8 | 675.4 | ||
Performance Fees | 15.6 | 8.2 | 69.1 | 44.3 | ||
Revenue, Other Financial Services | 26.2 | 33.4 | 92.3 | 106.1 | ||
Revenues | 1,273.5 | 1,311 | 3,883.2 | 3,870.4 | ||
Cash and cash equivalents | 1,590.7 | 1,352.6 | 1,590.7 | 1,352.6 | $ 1,514.2 | $ 1,331.2 |
Unsettled fund receivables | 979.8 | 979.8 | 732.4 | |||
Accounts receivable | 529.2 | 529.2 | 545.9 | |||
Investments | 938.9 | 938.9 | 885.4 | |||
Separate Account Assets | 5,500.5 | 5,500.5 | 1,697.9 | |||
Other assets | 85.6 | 85.6 | 92 | |||
Total assets | 24,962.2 | 24,962.2 | 20,462.5 | |||
Accrued compensation and benefits | 571.2 | 571.2 | 667.3 | |||
Accounts payable and accrued expenses | 882.4 | 882.4 | 757.3 | |||
Unsettled fund payables | 962.5 | 962.5 | 730.1 | |||
Total liabilities | 15,930 | 15,930 | 11,177.2 | |||
Affiliated Entity [Member] | ||||||
Investment Advisory Fees | 892.7 | 935.7 | 2,701.8 | 2,714.6 | ||
Distribution and Servicing Fees | 214.8 | 218.8 | 646.4 | 665.5 | ||
Performance Fees | 7.4 | 5.4 | 19.7 | 33.5 | ||
Revenue, Other Financial Services | 25.3 | 29.9 | 83.3 | 91.3 | ||
Revenues | 1,140.2 | $ 1,189.8 | 3,451.2 | $ 3,504.9 | ||
Cash and cash equivalents | 238.4 | 238.4 | 474.9 | |||
Unsettled fund receivables | 349.8 | 349.8 | 254.2 | |||
Accounts receivable | 340.6 | 340.6 | 332.9 | |||
Investments | 898.4 | 898.4 | 848.8 | |||
Separate Account Assets | 5,500.1 | 5,500.1 | 1,697.5 | |||
Other assets | 2.9 | 2.9 | 7.9 | |||
Total assets | 7,330.2 | 7,330.2 | 3,616.2 | |||
Accrued compensation and benefits | 113.7 | 113.7 | 138.8 | |||
Accounts payable and accrued expenses | 66.4 | 66.4 | 61.9 | |||
Unsettled fund payables | 287.3 | 287.3 | 322.1 | |||
Total liabilities | $ 467.4 | $ 467.4 | $ 522.8 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 29, 2015 | Oct. 14, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Subsequent Event [Line Items] | ||||||
Dividends declared per share | $ 0.2700 | $ 0.2500 | $ 0.7900 | $ 0.7250 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share | $ 0.27 | |||||
Due January 15, 2026 [Domain] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Face Amount | $ 500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||
Debt Instrument, Maturity Date | Jan. 15, 2026 |
Uncategorized Items - ivz-20150
Label | Element | Value |
Redeemable noncontrolling interest [Member] | ||
Dividends, Common Stock, Cash | us-gaap_DividendsCommonStockCash | $ 0 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 0 |
Vested shares | ivz_VestedShares | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation | 0 |
Treasury Stock, Value, Acquired, Cost Method | us-gaap_TreasuryStockValueAcquiredCostMethod | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 0 |