Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
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-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 416,416,312 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 15.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 1,851.4 | $ 1,514.2 |
Unsettled fund receivables | 566.3 | 732.4 |
Accounts receivable | 528.1 | 545.9 |
Investments | 1,019.1 | 885.4 |
Assets of consolidated sponsored investment products (CSIP) | 319.1 | 305.8 |
Cash and cash equivalents of CIP | 363.3 | 404 |
Accounts receivable and other assets of CIP | 173.5 | 161.3 |
Investments of CIP | 6,016.1 | 5,762.8 |
Assets held for policyholders | 6,051.5 | 1,697.9 |
Prepaid assets | 121.2 | 132.1 |
Other assets | 107 | 79.5 |
Property, equipment and software, net | 426.9 | 402.6 |
Intangible assets, net | 1,354 | 1,246.7 |
Goodwill | 6,175.7 | 6,579.4 |
Total assets | 25,073.2 | 20,450 |
LIABILITIES | ||
Accrued compensation and benefits | 661.3 | 667.3 |
Accounts payable and accrued expenses | 863.1 | 757.3 |
Debt of CIP | 5,437 | 5,149.6 |
Other liabilities of CIP | 273.7 | 280.9 |
Policyholder payables | 6,051.5 | 1,697.9 |
Unsettled fund payables | 561.9 | 730.1 |
Long-term debt | 2,072.8 | 1,576.8 |
Deferred tax liabilities, net | 288.9 | 304.8 |
Total liabilities | $ 16,210.2 | $ 11,164.7 |
Commitments and contingencies (See Note 18) | ||
TEMPORARY EQUITY | ||
Redeemable noncontrolling interests in CSIP | $ 167.3 | $ 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 December 31, 2015, and 2014) | 98.1 | 98.1 |
Additional paid-in-capital | 6,197.7 | 6,133.6 |
Treasury shares | (2,404.1) | (1,898.1) |
Retained earnings | 4,439.6 | 3,926 |
Retained earnings appropriated for investors in CIP | 0 | 17.6 |
Accumulated other comprehensive income, net of tax | (446) | 48.8 |
Total equity attributable to Invesco Ltd. | 7,885.3 | 8,326 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 810.4 | 793.8 |
Total permanent equity | 8,695.7 | 9,119.8 |
Total liabilities, temporary and permanent equity | $ 25,073.2 | $ 20,450 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues: | |||
Investment management fees | $ 4,061.1 | $ 4,054.1 | $ 3,599.6 |
Service and distribution fees | 855.4 | 893.1 | 872.8 |
Performance fees | 85.9 | 61.1 | 55.9 |
Other | 120.5 | 138.8 | 116.3 |
Total operating revenues | 5,122.9 | 5,147.1 | 4,644.6 |
Operating expenses: | |||
Employee compensation | 1,395.5 | 1,394.5 | 1,329.3 |
Third-party distribution, service and advisory | 1,579.9 | 1,630.7 | 1,489.2 |
Marketing | 115.4 | 112.1 | 98.6 |
Property, office and technology | 312 | 336.4 | 292.8 |
General and administrative | 361.7 | 396.5 | 311.3 |
Transaction and integration | 0 | 0 | 3.2 |
Total operating expenses | 3,764.5 | 3,870.2 | 3,524.4 |
Operating income | 1,358.4 | 1,276.9 | 1,120.2 |
Other income/(expense): | |||
Equity in earnings of unconsolidated affiliates | 35.1 | 32.8 | 35.5 |
Interest and dividend income | 13 | 13.1 | 10 |
Interest expense | (81.7) | (73.1) | (44.6) |
Other gains and losses, net | (1.5) | 28.1 | 2.6 |
Other income/(expense) of CSIP, net | 11.7 | 24.3 | 2.9 |
Interest and dividend income of CIP | 253 | 206.5 | 190 |
Interest expense of CIP | (188.9) | (133.9) | (123.3) |
Other gains/(losses) of CIP, net | (37) | 20.4 | 61.9 |
Income from continuing operations before income taxes | 1,362.1 | 1,395.1 | 1,255.2 |
Income tax provision | (398) | (390.6) | (336.9) |
Income from continuing operations, net of taxes | 964.1 | 1,004.5 | 918.3 |
Income/(loss) from discontinued operations, net of taxes | 0 | (3.4) | 64.5 |
Net income | 964.1 | 1,001.1 | 982.8 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 4 | (13) | (42.5) |
Net income attributable to Invesco Ltd. | $ 968.1 | $ 988.1 | $ 940.3 |
Basic: | |||
Earnings per share from continuing operations (usd per share) | $ 2.26 | $ 2.28 | $ 1.96 |
Earnings per share from discontinued operations (usd per share) | 0 | (0.01) | 0.14 |
Basic earnings per share (usd per share) | 2.26 | 2.27 | 2.10 |
Diluted: | |||
Earnings per share from continuing operations (usd per share) | 2.26 | 2.28 | 1.95 |
Earnings per share from discontinued operations (usd per share) | 0 | (0.01) | 0.14 |
Diluted earnings per share (usd per share) | 2.26 | 2.27 | 2.10 |
Dividends declared per share | $ 1.06 | $ 0.975 | $ 0.8475 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 964.1 | $ 1,001.1 | $ 982.8 |
Other comprehensive income/(loss) net of tax: | |||
Currency translation differences on investments in foreign subsidiaries, net of tax | (493.9) | (364.4) | (122.3) |
Actuarial (loss)/gain related to employee benefit plans, net of tax | 11.1 | (26) | 1.2 |
Prior service credit related to employee benefit plans | 0 | 14.9 | 0 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense, net of tax | (7.2) | (4.1) | (1.5) |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense, net of tax | 2.2 | 1.4 | 1.8 |
Share of other comprehensive income/(loss) of equity method investments, net of tax | (0.6) | 8.3 | (3.9) |
Unrealized(losses)/gains on available-for-sale investments, net of tax | (6) | 7.7 | 13.1 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | (0.4) | (16.9) | (4.1) |
Other comprehensive income/(loss), before tax | (494.8) | (379.1) | (115.7) |
Total comprehensive income/(loss) | 469.3 | 622 | 867.1 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | 4 | (13) | (29.4) |
Comprehensive income attributable to Invesco Ltd. | $ 473.3 | $ 609 | $ 837.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 964.1 | $ 1,001.1 | $ 982.8 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||
Amortization and depreciation | 93.6 | 89.4 | 88.4 |
Share-based compensation expense | 150.3 | 138 | 133.1 |
(Gain)/loss on disposal of business, property and equipment, net | 0 | 0 | (64.8) |
Other gains and losses, net | 1.5 | (28.1) | (34.4) |
Other (gains)/losses of CSIP, net | 0.8 | (13.6) | (2) |
Other (gains)/losses of CIP, net | 37 | (20.4) | (61.9) |
Equity in earnings of unconsolidated affiliates | (35.1) | (32.8) | (35.5) |
Dividends from unconsolidated affiliates | 18.7 | 19.6 | 16.5 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in cash held by CIP | 39.9 | 148.5 | (298.9) |
(Increase)/decrease in cash held by CSIP | (10.5) | 1.3 | (10.1) |
(Purchase)/sale of trading investments, net | (159) | (2.7) | 5.4 |
(Increase)/decrease in receivables | (4,489.9) | (265.8) | (593.1) |
Increase/(decrease) in payables | 4,442.1 | 165.9 | 654.7 |
Net cash provided by/(used in) operating activities | 1,053.5 | 1,200.4 | 780.2 |
Investing activities: | |||
Purchase of property, equipment and software | (124.5) | (133.2) | (88.2) |
Purchase of available-for-sale investments | (44.9) | (113.8) | (132.3) |
Sale of available-for-sale investments | 51.1 | 102.8 | 26.9 |
Purchase of investments by CIP | (4,080.7) | (5,565.9) | (4,465.4) |
Sale of investments by CIP | 3,543.2 | 4,022.9 | 4,440.4 |
Purchase of investments by CSIP | (527.5) | (683.4) | (116.5) |
Sale of investments by CSIP | 524.2 | 493.6 | 66.9 |
Purchase of other investments | (167.8) | (123.2) | (239.1) |
Sale of other investments | 111.6 | 73.7 | 94.3 |
Returns of capital and distributions from unconsolidated partnership investments | 50.5 | 38.5 | 38 |
Acquisition earn-out payments | 0 | 0 | (1.9) |
Sale of business | 0 | 60.8 | 137 |
Net cash provided by/(used in) investing activities | (664.8) | (1,827.2) | (239.9) |
Financing activities: | |||
Proceeds from exercises of share options | 3.7 | 11 | 17.9 |
Purchases of treasury shares | (548.8) | (269.6) | (470.5) |
Dividends paid | (454.5) | (424) | (379.7) |
Excess tax benefits from share-based compensation | 21.2 | 24 | 21.6 |
(Repayment)/borrowing of unsettled fund account | 0 | (35.7) | 35.7 |
Third-party capital invested into CIP | 113.5 | 287 | 17.7 |
Third-party capital distributed by CIP | (120) | (165.8) | (191.5) |
Third-party capital invested into CSIP | 31.2 | 167.1 | 3.9 |
Third-party capital distributed by CSIP | (25.9) | (6) | 0 |
Borrowings of debt of CIP | 2,091.8 | 1,996.3 | 1,365.4 |
Repayments of debt of CIP | (1,573.1) | (721.8) | (874.8) |
Net borrowings/(repayments) under credit facility | 0 | 0 | 586.5 |
Proceeds from issuance of senior notes | 495.5 | 0 | 981.5 |
Payment of contingent consideration | (11.3) | 0 | 0 |
Net cash provided by/(used in) financing activities | 23.3 | 862.5 | (59.3) |
Increase/(decrease) in cash and cash equivalents | 412 | 235.7 | 481 |
Foreign exchange movement on cash and cash equivalents | (74.8) | (52.7) | 14.7 |
Cash and cash equivalents, beginning of year | 1,514.2 | 1,331.2 | 835.5 |
Cash and cash equivalents, end of year | 1,851.4 | 1,514.2 | 1,331.2 |
Supplemental Cash Flow Information: | |||
Interest paid | (67.5) | (60.7) | (32.4) |
Interest received | 8.8 | 8.1 | 5.4 |
Taxes paid | $ (388.7) | $ (405.6) | $ (268.9) |
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 Interests [Domain] |
Beginning balance at Dec. 31, 2012 | $ 9,049 | $ 98.1 | $ 6,141 | $ (1,382.9) | $ 2,801.3 | $ 128.8 | $ 530.5 | $ 8,316.8 | $ 732.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 982.8 | 940.3 | 940.3 | 42.5 | ||||||
Other comprehensive income (loss) | (115.7) | (102.6) | (102.6) | (13.1) | ||||||
Net income (loss) reclassified to appropriated retained earnings | 0 | (1.4) | (1.4) | 1.4 | ||||||
Deconsolidation of CIP | (50.8) | 0 | 0 | 0 | 0 | (23.1) | 0 | (23.1) | (27.7) | |
Change in noncontrolling interests in consolidated entities, net | (150.6) | (150.6) | ||||||||
Dividends | (379.7) | (379.7) | (379.7) | |||||||
Employee share plans: | ||||||||||
Share-based compensation | 133.1 | 133.1 | 133.1 | |||||||
Vested shares | 0 | (175.7) | 175.7 | |||||||
Exercise of options | 17.9 | (20.3) | 38.2 | 17.9 | ||||||
Settlement of ESPP purchases | 5.1 | 0 | 1.1 | 4 | 0 | 0 | 0 | 5.1 | 0 | |
Tax impact of share-based payment | 21.6 | 21.6 | 21.6 | |||||||
Purchase of shares | (535.4) | (535.4) | (535.4) | |||||||
Ending 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 | |
Ending Balance at Dec. 31, 2013 | $ 0 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 994.5 | 988.1 | 988.1 | 6.4 | ||||||
Other comprehensive income (loss) | (379.1) | (379.1) | (379.1) | |||||||
Net income (loss) reclassified to appropriated retained earnings | 0 | (85.7) | (85.7) | 85.7 | ||||||
Deconsolidation of CIP | (1) | (1) | (1) | |||||||
Change in noncontrolling interests in consolidated entities, net | 117 | 117 | ||||||||
Dividends | (424) | (424) | (424) | |||||||
Employee share plans: | ||||||||||
Share-based compensation | 138 | 138 | 138 | |||||||
Vested shares | 0 | (123.3) | 123.3 | |||||||
Exercise of options | 11 | (8.1) | 19.1 | 11 | ||||||
Settlement of ESPP purchases | 5 | 0 | 2.2 | 2.8 | 0 | 0 | 0 | 5 | 0 | |
Tax impact of share-based payment | 24 | 24 | 24 | |||||||
Purchase of shares | (342.9) | (342.9) | (342.9) | |||||||
Ending 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 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | 6.6 | |||||||||
Change in noncontrolling interests in consolidated entities, net | 158.9 | |||||||||
Ending Balance at Dec. 31, 2014 | 165.5 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Adjustment for adoption of ASU 2014-13 | Accounting Standards Update 2014-13 [Member] | (17.6) | (17.6) | (17.6) | |||||||
Beginning Balance, as adjusted at Dec. 31, 2014 | 9,102.2 | $ 98.1 | $ 6,133.6 | $ (1,898.1) | $ 3,926 | 0 | $ 48.8 | 8,308.4 | $ 793.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 965.2 | 968.1 | 968.1 | (2.9) | ||||||
Other comprehensive income (loss) | (494.8) | (494.8) | (494.8) | |||||||
Change in noncontrolling interests in consolidated entities, net | 19.5 | 19.5 | ||||||||
Dividends | (454.5) | (454.5) | (454.5) | |||||||
Employee share plans: | ||||||||||
Share-based compensation | 150.3 | 150.3 | 150.3 | |||||||
Vested shares | 0 | (109.2) | 109.2 | |||||||
Exercise of options | 3.7 | (2.1) | 5.8 | 3.7 | ||||||
Other share awards | 6.6 | 2.7 | 3.9 | 6.6 | ||||||
Tax impact of share-based payment | 21.2 | 21.2 | 21.2 | |||||||
Purchase of shares | (623.7) | 1.2 | (624.9) | (623.7) | ||||||
Ending balance at Dec. 31, 2015 | $ 8,695.7 | $ 98.1 | $ 6,197.7 | $ (2,404.1) | $ 4,439.6 | $ 0 | $ (446) | $ 7,885.3 | $ 810.4 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | (1.1) | |||||||||
Change in noncontrolling interests in consolidated entities, net | 2.9 | |||||||||
Ending Balance at Dec. 31, 2015 | $ 167.3 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 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. Basis of Accounting and Consolidation In the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The company provides investment management services to, and has transactions with, various private equity funds, real estate funds, fund-of-funds, CLOs, and other investment products sponsored by the company in the normal course of business for the investment of client assets. The company serves as the investment manager, making day-to-day investment decisions concerning the assets of these products. Certain of these entities, typically CLOs and funds that are structured as partnership entities (such as private equity funds, real estate funds, and fund-of-funds), are considered to be variable interest entities (VIEs) if the VIE criteria are met. A VIE, in the context of the company and its managed funds, is a fund that does not have sufficient equity to finance its operations without additional subordinated financial support, or a fund for which the risks and rewards of ownership are not directly linked to voting interests. The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent and all of its controlled subsidiaries. Additionally, the Consolidated Financial Statements include the consolidation of certain managed funds that meet the definition of a VIE if the company has been deemed to be the primary beneficiary of those funds, any non-VIE general partnership investments where the company is deemed to have control, and other managed investment products in which the company has a controlling financial interest. Control is deemed to be present when the Parent holds a majority voting interest or otherwise has the power to govern the financial and operating policies of the subsidiary managed fund so as to obtain the majority of the benefits from its activities. The company is generally considered to have a controlling financial interest in a managed fund when it owns a majority of the fund's outstanding shares, which may arise as a result of a seed money investment in a newly launched investment product from the time of initial launch to the time that the fund becomes majority-held by third-party investors. Investment products that are consolidated are referred to in this Report as Consolidated Sponsored Investment Products (CSIP), which generally include investment products in which Invesco holds the majority of the voting rights or partnerships in which the company has substantive equity at risk but in which the other investors lack removal or liquidation rights, or Consolidated Investment Products (CIP), which includes consolidated nominally-held investment products. The distinction is important, as it differentiates the company's economic risk associated with each type of consolidated managed fund. The company's economic risk with respect to each investment in a CSIP and a CIP is limited to its equity ownership and any uncollected management and performance fees. The presentation of the grossed up gains and losses arising from the consolidation of nominally-held CIP do not have a significant impact on the company's results of operations, liquidity, or capital resources. Gains and losses arising from majority-held CSIP could have a significant impact on the company's results of operations, as the company has greater economic risk associated with its investment. See Note 19 , "Consolidated Sponsored Investment Products," and Note 20 , "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. Consolidation Accounting. The company follows the provisions of Accounting Standards Codification (ASC) Topic 810, “Consolidation,” when accounting for VIEs, including Accounting Standards Update (ASU) No. 2010-10, “Amendments for Certain Investment Funds” (ASU 2010-10), a deferral of the effective date of additional consolidation guidance for a reporting entity's interests in certain investment funds which have attributes of investment companies, for which the reporting entity does not have an obligation to fund losses, and which are not structured as securitization entities. In addition, the deferral applies to a reporting entity's interest in money market fund-type products. The company has determined that all of its managed funds with the exception of certain CLOs qualify for the deferral. The U.S. GAAP consolidation model in Accounting Standards Codification (ASC) Topic 810, "Consolidation," differs for entities that are considered to be VIEs versus those that do not meet the VIE criteria (and are thus referred to as voting interest entities, or VOEs). Additionally, the consolidation criteria for VIEs differs depending on the structure of the VIE as a result of ASU 2010-10. The consolidation models are summarized below: • For all VIE investment products except CLOs, if the company is deemed to have the majority of rewards/risks of ownership associated with, these funds, then the company is deemed to be their primary beneficiary and is required to consolidate these funds. For those private equity funds, real estate funds and fund-of-funds that are determined to be VIEs, the company evaluates the structure of each partnership to determine if it is the primary beneficiary of the fund. This evaluation includes assessing the rights of the limited partners to transfer their economic interests in the investment product. If the limited partners' lack rights to manage their economic interests, they are considered to be de facto agents of the company, resulting in the company determining that it is the primary beneficiary of the investment product. • For VIE CLOs, if the company is deemed to have the power to direct the activities of the CLO that most significantly impact the CLO's economic performance, and the obligation to absorb losses/right to receive benefits from the CLO that could potentially be significant to the CLO, then the company is deemed to be the CLO's primary beneficiary and is required to consolidate the CLO. • Non-VIE general partnership investments are deemed to be controlled by the company and are consolidated under a VOE model, unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote or can otherwise dissolve the partnership, or unless the limited partners have substantive participating rights over decision-making. The company also consolidates certain non-VIE managed investment products in which the company has a controlling interest under a VOE model, which, as discussed above, may arise as a result of a seed investment in a newly launched investment product. Consolidation Analysis. The company inventories its funds by vehicle type on a quarterly basis. The company assesses modifications to existing funds on an ongoing basis to determine if a significant reconsideration event has occurred. All newly created funds are evaluated for consolidation based upon a variety of factors, including the legal form of the investment vehicle, the management/performance fee structure, and any investment the company may have in the fund. Certain fund vehicle-types, such as CLOs and partnerships are more susceptible to consolidation due to the combination of these factors. The consolidation analysis for these structures includes a detailed review of the terms of the fund's governing documents and a comparison of the significant terms against the consolidation criteria in ASC 810, including a determination of whether the fund is a VIE or a VOE. Seed money and co-investments in managed funds in which the company has determined that it is the primary beneficiary or in which the company has a controlling financial interest are consolidated if the impact of doing so is deemed material. Otherwise, these investments are accounted for as described in the “Investments” accounting policy below. Consolidation of CLOs. A significant portion of CIP are CLOs. CLOs are investment vehicles created for the sole purpose of issuing collateralized loan instruments that offer investors the opportunity for returns that vary with the risk level of their investment. The notes issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. For managing the collateral of the CLO entities, the company earns investment management fees, including in some cases subordinated management fees, as well as contingent performance fees. The company has invested in certain of the entities, generally taking a portion of the unrated, junior subordinated position. The company's investments in CLOs are generally subordinated to other interests in the entities and entitle the company and other subordinated tranche investors to receive the residual cash flows, if any, from the entities. The company's subordinated interest can take the form of (1) subordinated notes, (2) income notes or (3) preference/preferred shares. The company has determined that, although the junior tranches have certain characteristics of equity, they should be accounted for and disclosed as debt on the company's Consolidated Balance Sheets, as the subordinated and income notes have a stated maturity indicating a date for which they are mandatorily redeemable. The preference shares are also classified as debt, as redemption is required only upon liquidation or termination of the CLO and not of the company. The company determined that it was the primary beneficiary of certain CLOs, as it has the power to direct the activities of the CLOs that most significantly impact the CLOs' economic performance, and the obligation to absorb losses/right to receive benefits from the CLOs that could potentially be significant to the CLOs. The primary beneficiary assessment includes an analysis of the rights of the company in its capacity as investment manager. In some CLOs, the company's role as investment manager provides that the company contractually has the power, as defined in ASC Topic 810, to direct the activities of the CLOs that most significantly impact the CLOs' economic performance, such as managing the collateral portfolio and the CLO's credit risk. In other CLOs, the company determined that it does not have this power in its role as investment manager due to certain rights held by other investors in the products or restrictions that limit the company's ability to manage the collateral portfolio and its credit risk. Additionally, the primary beneficiary assessment includes an analysis of the company's rights to receive benefits and obligations to absorb losses associated with its first loss position and management/performance fees. The company has determined that it could receive significant benefits and/or absorb significant losses from certain CLOs in which it holds a first loss position and has the right to significant fees. It was determined that the company's benefits and losses from certain other CLOs could not be significant, particularly in situations where the company does not hold a first loss position and where the fee interests are based upon a fixed percentage of collateral asset values. The company has elected the fair value option under ASC Topic 825-10-25 to measure the assets of all consolidated CLOs at fair value. All of the investments held by CIP are presented at fair value in the company's Consolidated Balance Sheets at December 31, 2015 and 2014 . 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 the "Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements" section below. Upon consolidation of the CLOs, the company's and the CLOs' accounting policies are effectively aligned, resulting in the reclassification of the company's gain or loss (representing the changes in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses. The company's gain or loss on its investment in the CLOs (before consolidation) eliminates with the company's share of the offsetting loss or gain on the CLOs' debt. The net impact from consolidation of CLOs to net income attributable to Invesco Ltd. in each period primarily represents the changes in the value of the company's holding in its consolidated CLOs. The Consolidated Balance Sheets reflect the consolidation of assets held and debt issued by these CLOs, despite the fact that the assets cannot be used by the company, nor is the company obligated for the debt. Interest income and expense of consolidated CLOs are presented as other income/(expense) in the company's Consolidated Statements of Income. See Note 20 , “Consolidated Investment Products,” for additional details. In addition, the company's Consolidated Statements of Cash Flow reflects the cash flows of these CLOs. Consolidation of Private Equity, Real Estate, and Fund-of-Funds. The company also consolidates certain private equity and from time-to-time real estate funds that are structured as partnerships in which the company is the general partner receiving a management and/or performance fee. The company generally takes less than a 1% investment in these entities as the general partner. Private equity investments made by the underlying funds consist of direct investments in, or fund investments in other private equity funds that hold direct investments in, equity or debt securities in operating companies that are generally not initially publicly traded. Private equity funds are considered investment companies and are therefore accounted for under ASC Topic 946, “Financial Services - Investment Companies.” The company has retained the specialized industry accounting principles of these investment products in its Consolidated Financial Statements. See Note 20 , “Consolidated Investment Products,” for additional details. Consolidation basis. The Consolidated Financial Statements have been prepared primarily on the historical cost basis; however, certain items are presented using other bases such as fair value, where such treatment is required or voluntarily elected. The financial statements of subsidiaries, with the exception of certain consolidated managed funds, are prepared for the same reporting period as the Parent and use consistent accounting policies, which, where applicable, have been adjusted to U.S. GAAP from local generally accepted accounting principles or reporting regulations. The financial information of the CSIP and CIP is included in the company's Consolidated Financial Statements on a one -month or a three -month lag based upon the availability of fund financial information. Noncontrolling interests in consolidated entities represents the interests in certain entities consolidated by the company either because the company has control over the entity or has determined that it is the primary beneficiary, but of which the company does not own all of the entity's equity. To the extent that noncontrolling interests represent equity which is redeemable or convertible for cash or other assets at the option of the equity holder, as is the case with the CSIP noncontrolling interests, these are deemed to represent temporary equity, and are classified as equity attributable to redeemable noncontrolling interests in CSIPs in the Condensed Consolidated Balance Sheets. Nonredeemable noncontrolling interests are classified as a component of permanent equity. Use of Estimates In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect reported revenues, expenses, assets, liabilities, and disclosure of contingent liabilities. The primary estimates and assumptions made relate to goodwill and intangible impairment, certain investments which are carried at fair value, and taxes. Additionally, estimation is involved when determining investment and debt valuation for certain CIP; however, changes in the fair values of these amounts are largely offset by noncontrolling interests. Use of available information and application of judgment are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the Consolidated Financial Statements. Reclassifications As discussed in the "Accounting Pronouncements Recently Adopted and Pending Accounting Pronoucements" section below, the company adopted ASU 2015-03, which required retrospective application. In addition, the presentation of certain prior period amounts has been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on total operating revenues, operating expenses, net income, total assets, total liabilities, or equity attributable to Invesco Ltd. Acquisition Accounting In accordance with ASC Topic 805, “Business Combinations," any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired attributable to the company is recognized as goodwill. With certain exceptions, 100% of the fair values of assets acquired, liabilities assumed, and noncontrolling interests is recognized in acquisitions of less than 100% controlling interest when the acquisition constitutes a change in control of the acquired entity. Additionally, when partial ownership in an acquiree is obtained and it is determined that the company controls the acquiree, the assets acquired, liabilities assumed and any noncontrolling interests are recognized and consolidated at 100% of their fair values at that date, regardless of the percentage ownership in the acquiree. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the company's share, is recognized under this “full-goodwill” approach. Noncontrolling interests are stated at the noncontrolling shareholder's proportion of the pre-acquisition carrying values of the acquired net assets. The results of entities acquired or sold during the year are included from or to the date control changes. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed. Cash and Cash Equivalents Cash and cash equivalents consist of cash held at banks and short-term investments with a maturity upon acquisition of three months or less. Cash and cash equivalents of CIP and CSIP are not available for general use by the company. Cash balances may not be readily accessible to the Parent due to capital adequacy requirements of certain of our subsidiaries. These and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. All of our regulated EU subsidiaries are subject to consolidated capital requirements under EU Directives, including those arising from the Capital Requirements Directive IV (CRD IV) and the Internal Capital Adequacy Assessment Process (ICAAP), and capital is maintained within this sub-group to satisfy these regulations. We meet these requirements in part by holding cash and cash equivalents. This retained cash can be used for general business purposes in the European sub-group in the countries where it is located. Due to the capital restrictions, the ability to transfer cash between certain jurisdictions may be limited. In addition, transfers of cash between international jurisdictions may have adverse tax consequences. The company is in compliance with all regulatory minimum net capital requirements. In addition, the company is required to hold cash deposits with clearing organizations or to otherwise segregate cash to maintain compliance with federal and other regulations in connection with its UIT broker dealer entity. At December 31, 2015 these cash deposits totaled $11.4 million (year ended December 31, 2014 : $11.4 million ). Unsettled Fund Receivables and Payables The company records unsettled fund receivables from underlying fund investors in certain fund products outside the U.S. when these investors place unsettled investments into the funds. Additionally, the company records unsettled fund receivables from certain non-U.S. funds during the settlement period when underlying fund investors redeem their holdings. Settlement periods for both receivables from underlying investors and funds are generally less than four days. Additionally, in its capacity as sponsor of UITs, the company records receivables from brokers, dealers, and clearing organizations for unsettled sell trades of securities and UITs in addition to receivables from customers for unsettled sell trades of UITs. The company also records payables to brokers, dealers, and clearing organization for unsettled buy trades of securities and UITs in addition to payables to customers for unsettled buy trades of securities and UITs. The presentation of the unsettled fund receivables and substantially offsetting payables at trade date reflects the legal relationship between the underlying investor and the company. Accounts Receivable and Payable Accounts receivable and payable are recorded at their original invoice amounts. Accounts receivable are also recorded less any allowance for uncollectible amounts. Investments The majority of the company’s investment balances relate to balances held in affiliated funds. In the normal course of business, the company invests in various types of affiliated investment products, either as “seed money” or as longer-term investments alongside third-party investors, typically referred to as “co-investments.” Seed money investments are investments held in Invesco managed funds with the purpose of providing capital to the funds during their development periods to allow the funds to achieve critical mass, establish their track records, and obtain third-party investments. Seed money may also be held for regulatory purposes in certain jurisdictions. Co-investments are often required of the investment manager by third-party investors in closed-ended funds to demonstrate an aligning of the investment manager’s interests with those of the third-party investors. The company also invests in affiliated funds in connection with its deferred compensation plans, whereby certain employees defer portions of their annual bonus into funds. Investments are categorized in this Report as available-for-sale, trading, equity method, foreign time deposits, and other investments. See Note 3 “Investments” for additional details. Available-for-sale investments include seed money, co-investments in affiliated collateralized loan obligations (CLOs), and investments in other debt securities. Available-for-sale investments are measured at fair value. Gains or losses arising from changes in the fair value of available-for-sale investments are recognized in accumulated other comprehensive income, net of tax, until the investment is sold or otherwise disposed of, or if the investment is determined to be other-than-temporarily impaired, at which time the cumulative gain or loss previously reported in equity is included in income. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed. Trading investments include investments held to settle the company’s deferred compensation plan liabilities, certain seed money, as well as trading and investing activities in equity and debt securities entered into in its capacity as sponsor of UITs, and other equity securities. Trading securities are securities bought and held principally for the purpose of selling them in the near term. Trading investments are measured at fair value. Gains or losses arising from changes in the fair value of trading investments are included in income. Equity method investments include investments over which the company is deemed to have significant influence, including corporate joint ventures and non-controlled entities in which the company's ownership is between 20 and 50 percent, and co-investments in certain managed funds generally structured as partnerships or similar vehicles. Investments in joint ventures are investments jointly controlled by the company and external parties. Co-investments in managed funds structured as partnerships or similar vehicles include private equity, real estate, and fund-of-funds. The equity method of accounting requires that the investment is initially recorded at cost, including any excess value paid over the book value of the investment acquired. The carrying amount of the investment is increased or decreased to recognize the company's share of the after-tax profit or loss of the investee after the date of acquisition. The proportionate share of income or loss is included in equity in earnings of unconsolidated affiliates in the Consolidated Statements of Income, and the proportionate share of other comprehensive income or loss is included in accumulated other comprehensive income in the Consolidated Balance Sheets. Seed money and co-investments in managed funds are required to be consolidated by the company if certain criteria are met. Upon consolidation of material balances, the company’s seed money or co-investment balance is eliminated, and the underlying investments of the managed fund are reflected on the company’s Consolidated Balance Sheets at fair value. These underlying investments are presented in the company's Consolidated Financial Statements as either CSIP or CIP investments. See the “Basis of Accounting and Consolidation” for additional information regarding the consolidation criteria as well as the basis for the distinction between the CSIP and CIP classifications. If the company subsequently determines that it no longer controls the managed funds in which it has invested, the company will deconsolidate the funds. Any remaining holding in the managed funds is then accounted for on the bases described above. Fair value is determined using a valuation hierarchy (discussed in Note 2 , “Fair Value of Assets and Liabilities”), generally by reference to an active trading market, using quoted closing or bid prices as of each reporting period end. When a readily ascertainable market value does not exist for an investment, the fair value is calculated based on the expected cash flows of its underlying net asset base, taking into account applicable discount rates and other factors. Judgment is used to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. The company evaluates the carrying value of investments for impairment on a quarterly basis. In its impairment analysis, the company takes into consideration numerous criteria, including the duration and extent of any decline in fair value, the intent and ability of the company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry and external credit ratings and recent downgrades with respect to issuers of debt securities held. If the decline in value is determined to be other-than-temporary, the carrying value of the security is generally written down to fair value through the income statement. If the fair value of a debt security, however, is less than its amortized cost, the decline in value is determined to be other-than-temporary, and the company intends to sell the debt security or it is more likely than not that the company will be required to sell the debt security before the recovery of its amortized cost basis, the entire difference between the investment's amortized cost basis and its fair value is recognized as an other-than-temporary impairment through the income statement. If the company does not intend to sell the debt security, and it is not more likely than not that the company will be required to sell the debt security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: a) the amount representing the credit loss, which is recorded as a charge in the Consolidated Statements of Income, and b) the amount related to all other factors, which is recognized in the Consolidated Statements of Comprehensive Income, net of tax. Assets Held for Policyholders and Policyholder Payables One of the company's subsidiaries, Invesco Perpetual Life Limited, is an insurance entity that was established to facilitate retirement savings plans in the U.K. The entity holds assets that are managed for its clients on its balance sheet with an equal and offsetting liability to the policyholders, which is linked to the value of the investments. The investments are legally segregated and are generally not subject to claims that arise from any of the company's other businesses. Investments and policyholder payables held by this business meet the definition of financial instruments and are carried in the Consolidated Balance Sheets as separate account assets and liabilities at fair value in accordance with ASC Topic 944, “Financial Services - Insurance.” Changes in fair value are recorded and offset to zero in the Consolidated Statements of Income in other operating revenues. Management fees earned from policyholder investments are accounted for as described in the company's revenue recognition accounting policy. Deferred Sales Commissions Mutual fund shares sold without a sales commission at the time of purchase are commonly referred to as “B shares.” B shares typically have an asset-based fee (12b-1 fee) that is charged to the fund over a period of years and a contingent deferred sales charge (CDSC). The CDSC is an asset-based fee that is charged to investors that redeem B shares during a stated period. Commissions paid at the date of sale to brokers and dealers for sales of mutual funds that have a CDSC are capitalized and amortized over a period not to exceed the redemption period of the related fund (generally up to six years ). The deferred sales commission asset, which is included in prepaid assets in our Consolidated Balance Sheets, is reviewed periodically for impairment by reviewing the recoverability of the asset based on estimated future fees to be collected. Property, Equipment, Software and Depreciation Property, equipment and software includes owned property, leasehold improvements, computer hardware/software and other equipment and is stated at cost less accumulated depreciation or amortization and any previously recorded impairment in value. Expenditures for major additions and improvements are capitalized; minor replacements, maintenance and repairs are charged to expense as incurred. Amounts incurred are presented as work-in-progress until the construction or purchase of the property and equipment is substantially complete and ready for its intended use, which, at that point, will begin to be depreciated or amortized. Depreciation is provided on property and equipment at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life: owned buildings over 50 years , leasehold improvements over the shorter of the lease term or useful life of the improvement; and computers and other various equipment between three and seven years. Purchased and internally developed software is capitalized where the related costs can be measured reliably, and it is probable that the asset will generate future economic benefits, and amortized into operating expenses on a straight-line basis over its useful life, generally over five to seven years. The company capitalizes qualified internal and external costs incurred during the application development stage for internally developed software in accordance with ASC Topic 350-40, “Intangibles - Goodwill and Other - Interna |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 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 is presented in the below summary table. The fair value of financial instruments held by CSIP and CIP are presented in Note 19 , "Consolidated Sponsored Investment Products" and Note 20 , "Consolidated Investment Products." December 31, 2015 December 31, 2014 $ in millions Footnote Reference Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 1,851.4 1,851.4 1,514.2 1,514.2 Available-for-sale investments 3 233.2 233.2 255.9 255.9 Trading investments 3 402.7 402.7 263.2 263.2 Foreign time deposits * 3 24.7 24.7 29.6 29.6 Assets held for policyholders 1 6,051.5 6,051.5 1,697.9 1,697.9 Policyholder payables * 1 (6,051.5 ) (6,051.5 ) (1,697.9 ) (1,697.9 ) Put option contracts 1.4 1.4 — — UIT-related financial instruments sold, not yet purchased (2.5 ) (2.5 ) (1.4 ) (1.4 ) Contingent consideration liability (83.9 ) (83.9 ) — — Long-term debt * 8 (2,072.8 ) (2,161.3 ) (1,576.8 ) (1,695.8 ) ____________ * These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. An asset or liability's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three types of valuation approaches: a market approach, which uses observable prices and other relevant information that is generated by market transactions involving identical or comparable assets or liabilities; an income approach, which uses valuation techniques to convert future amounts to a single, discounted present value amount; and a cost approach, which is based on the amount that currently would be required to replace the service capacity of an asset. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Cash equivalents Cash investments in affiliated 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 December 31, 2015 and December 31, 2014 , investments in CLOs were valued using third-party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. 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 Trading investments include the following: • 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 Other equity securities consist of investments in publicly-traded equity securities. These securities are valued under the market approach through the use of quoted prices on an exchange. To the extent these securities are actively traded, valuation adjustments are not applied and they are categorized within level 1 of the valuation hierarchy; otherwise, they are categorized in level 2. • UIT-related equity and debt securities The company invests in UIT-related equity and debt securities consisting of investments in corporate 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 $9.2 million for the year ended December 31, 2015 ). 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. Open put option contracts are marked-to-market through earnings, which are recorded in the company's Condensed Consolidated Statements of Income in other gains and losses. These derivative contracts are valued using option valuation models and are included in other assets in the company's Condensed Consolidated Balance Sheets. The significant inputs in these models (volatility, forward points and swap curves) are readily available in public markets or can be derived from observable market transactions for substantially the full terms of the contracts and are classified within level 2 of the valuation hierarchy. The company recognized a loss of $7.8 million in the year ended December 31, 2015 related to the change in market value of these put option contracts. In these transactions, the reference rate is an average foreign exchange rate for the applicable time frame. 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 Consolidated Statements of Income in other revenue, along with the mark-to-market on the underlying trading securities held. Fair values of derivative contracts in an asset position are included in other assets in the company’s Consolidated Balance Sheets. Fair values of derivative contracts in a liability position are included in other liabilities in the company’s Consolidated Balance Sheets. These derivative contracts are valued under the market approach through use of quoted prices in an active market and are classified within level 1 of the valuation hierarchy. At December 31, 2015 there were 15 futures contracts with a notional value of $1.9 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 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 investment management contracts from Deutsche Bank. 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. At December 31, 2015 inputs used in the model included assumed growth rates in AUM ranging from 0% to 10.25% (weighted average growth rate of 4.12% ) and a discount rate of 3.9% . 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 Consolidated Balance Sheet as of December 31, 2015 : As of December 31, 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 383.3 383.3 — — Investments:* Available-for-sale: Seed money 225.9 225.9 — — CLOs 1.4 — — 1.4 Other debt securities 5.9 — — 5.9 Trading investments: Investments related to deferred compensation plans 158.8 158.8 — — Seed money 191.2 191.2 — — Other equity securities 48.1 48.1 — — UIT-related equity and debt securities: Corporate equities 1.8 1.8 — — UITs 1.5 1.5 — — Municipal securities 1.3 — 1.3 — Assets held for policyholders 6,051.5 6,051.5 — — Put option contracts 1.4 — 1.4 — Total 7,072.1 7,062.1 2.7 7.3 Liabilities: UIT-related financial instruments sold, not yet purchased: Corporate equities (2.5 ) (2.5 ) — — Contingent consideration liability (83.9 ) — — (83.9 ) Total (86.4 ) (2.5 ) — (83.9 ) ____________ * Foreign time deposits of $24.7 million are excluded from this table. Equity and other investments of $352.8 million and $5.7 million , respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. The following table presents, for each of the hierarchy levels described above, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheet as of December 31, 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 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 year ended December 31, 2015 and December 31, 2014 , which are valued using significant unobservable inputs: For the year ended December 31, 2015 For the year ended December 31, 2014 $ in millions Contingent Consideration Liability CLOs Other Debt Securities CLOs Other Debt Securities Note Payable Beginning balance — 3.4 6.3 4.0 6.3 (0.3 ) Purchases/acquisitions (119.3 ) — — — — — Returns of capital — (0.1 ) (0.4 ) (0.3 ) — — Net unrealized gains and losses included in other gains and losses* 27.1 — — — — — Net unrealized gains and losses included in accumulated other comprehensive income/(loss) * — 0.1 — (0.3 ) — — Disposition/settlements 8.3 (2.0 ) — — — 0.3 Ending balance (83.9 ) 1.4 5.9 3.4 6.3 — ____________ * These unrealized gains and losses are attributable to balances still held at the respective year ends. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The disclosures below include details of the company's investments. Investments held by CSIP are detailed in Note 19 , "Consolidated Sponsored Investment Products." Investments held by CIP are detailed in Note 20 , "Consolidated Investment Products." $ in millions December 31, 2015 December 31, 2014 Available-for-sale investments: Seed money 225.9 246.2 CLOs 1.4 3.4 Other debt securities 5.9 6.3 Trading investments: Investments related to deferred compensation plans 158.8 162.6 Seed Money 191.2 68.2 UIT-related equity and debt securities 4.6 3.4 Other equity securities 48.1 29.0 Equity method investments 352.8 332.1 Foreign time deposits 24.7 29.6 Other 5.7 4.6 Total investments 1,019.1 885.4 Available for sale investments Realized gains and losses recognized in the Consolidated Statements of Income during the year from investments classified as available-for-sale are as follows: 2015 2014 2013 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 48.1 2.2 (0.2 ) 102.5 13.0 (0.2 ) 26.7 3.6 (0.4 ) CLOs 2.6 0.5 — 0.3 — — 0.2 — — Other debt securities 0.4 — — — — — — — — 51.1 2.7 (0.2 ) 102.8 13.0 (0.2 ) 26.9 3.6 (0.4 ) Upon the sale of available-for-sale securities, net realized gains of $2.5 million , $12.8 million and $3.2 million were transferred from accumulated other comprehensive income into the Consolidated Statements of Income during 2015 , 2014 , and 2013 , respectively. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below: December 31, 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 227.6 7.6 (9.3 ) 225.9 237.7 12.8 (4.3 ) 246.2 CLOs 1.3 0.1 — 1.4 3.5 — (0.1 ) 3.4 Other debt securities 5.9 — — 5.9 6.3 — — 6.3 234.8 7.7 (9.3 ) 233.2 247.5 12.8 (4.4 ) 255.9 At December 31, 2015 , 192 seed money funds ( December 31, 2014 : 146 seed money funds) experienced gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. December 31, 2015 December 31, 2014 $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Less than 12 months 93.0 (3.0 ) 123.9 (3.5 ) 12 months or greater 65.5 (6.3 ) 3.6 (0.8 ) Total 158.5 (9.3 ) 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 $2.0 million other-than-temporary impairment charges on certain available-for-sale investments during the year ended December 31, 2015 (year ended December 31, 2014 : none ). After conducting a review of the financial condition and near-term prospects of the underlying securities in the remaining seeded funds as well as the severity and duration of the impairment, the company does not consider any material portion of its gross unrealized losses on these securities to be other-than-temporarily impaired. The securities are expected to recover their value over time and the company has the intent and ability to hold the securities until this recovery occurs. At December 31, 2015 , $1.7 million of available-for-sale debt securities mature in one year through five years, and $5.6 million after five years through ten years. Trading investments Net loss recorded in Other gains/(losses) in the Consolidated Statements of Income resulting from trading investments for the year ended December 31, 2015 , were $13.5 million ( December 31, 2014 : $15.4 million gain). The portion of trading gains and losses for the year ended December 31, 2015 , that relates to trading securities still held at December 31, 2015 , was a $15.1 million net loss ( December 31, 2014 : $12.3 million net gain ). Equity method investments Following are the company's investments in joint ventures and affiliates, which are accounted for using the equity method and are recorded as investments on the Consolidated Balance Sheets: Name of Company Country of Incorporation % Voting Interest Owned Huaneng Invesco WLR (Beijing) Investment Fund Management Company Ltd. China 50.0% Invesco Great Wall Fund Management Company Limited China 49.0% Religare Invesco Asset Management Company Private Ltd. India 49.0% Religare Invesco Trustee Company Private Ltd. India 49.0% Pocztylion - ARKA Poland 29.3% Undistributed earnings from equity method investees have not been a material restriction on the company's ability to pay dividends to shareholders. Equity method investments also include the company's investments in certain of its managed private equity, real estate and other investment entities. The company's investment is generally less than 5% of the capital of these entities. These entities include variable interest entities for which the company has determined that it is not the primary beneficiary and other investment products structured as partnerships for which the company is the general partner and the other limited partners possess either substantive kick-out, liquidation or participation rights. See Note 1 , “Accounting Policies,” for additional information. During the fouth quarter of 2015 the company announced that it is increasing its ownership of Religare Invesco Asset Management Private Ltd. and Religare Invesco Trustee Company Private Ltd. from 49.0% to 100.0% . The increase to 100.0% is subject to regulatory approvals and is expected to complete in early 2016. Noncontrolling interests in consolidated entities The company owns 100% of the voting control of its subsidiary entities, directly or indirectly, with the exception of the following entities, which are consolidated with resulting noncontrolling interests: Name of Company Country of Incorporation % Voting Interest Owned VV Immobilien Verwaltungs und Beteiligungs GmbH Germany 70.0% VV Immobilien Verwaltungs GmbH Germany 70.0% HVH Immobilien und Beteiligungs GmbH Germany 70.0% |
Property, Equipment And Softwar
Property, Equipment And Software | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, EQUIPMENT AND SOFTWARE | PROPERTY, EQUIPMENT AND SOFTWARE The following is a summary of property, equipment and software: $ in millions December 31, 2015 December 31, 2014 Technology and Other Equipment 244.1 268.9 Software 443.0 368.3 Land and Buildings 58.9 62.3 Leasehold Improvements 198.2 196.1 Work in Process 85.8 84.0 Property, Equipment and Software, Gross 1,030.0 979.6 Less: Accumulated Depreciation (603.1 ) (577.0 ) Property, Equipment and Software, Net 426.9 402.6 Depreciation expense related to property, equipment and software was $83.0 million , $76.8 million and $71.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. In addition, $11.7 million of capitalized IT software development costs was written off during the year ended December 31, 2013 . |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The following table presents the major classes of the company's intangible assets at December 31 , 2015 and 2014 : $ in millions Gross Book Value Accumulated Amortization Net Book Value Weighted Average Amortization Period (years) December 31, 2015 Management contracts - indefinite-lived 1,313.9 N/A 1,313.9 N/A Management contracts - finite-lived 68.7 (50.1 ) 18.6 3.5 Customer relationships 40.0 (18.6 ) 21.4 8.4 Other 0.8 (0.7 ) 0.1 2.8 Total 1,423.4 (69.4 ) 1,354.0 December 31, 2014 Management contracts - indefinite-lived 1,195.9 N/A 1,195.9 N/A Management contracts - finite-lived 88.8 (62.9 ) 25.9 3.5 Customer relationships 40.0 (15.2 ) 24.8 8.4 Other 0.8 (0.7 ) 0.1 2.8 Total 1,325.5 (78.8 ) 1,246.7 During 2015, the company acquired certain indefinite-lived management contract intangible assets from Deutsche Bank valued at $119.3 million . The 2015 and 2014 annual impairment reviews of indefinite-lived intangible assets determined that no impairment existed at the respective review dates. Amortization expense was $10.6 million during the year ended December 31, 2015 ( December 31, 2014 : $12.6 million ; December 31, 2013 : $17.1 million ) and is included within General and administrative expenses and Income from discontinued operations, net of taxes in the Consolidated Statements of Income. Estimated amortization expense for each of the five succeeding fiscal years based upon the company's intangible assets at December 31, 2015 is as follows: $ in millions Years Ended December 31, Estimated Amortization Expense 2016 10.8 2017 10.7 2018 5.9 2019 3.3 2020 3.3 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
GOODWILL | GOODWILL The table below details changes in the goodwill balance: $ in millions Net Book Value January 1, 2015 6,579.4 Foreign exchange (403.7 ) December 31, 2015 6,175.7 January 1, 2014 6,867.3 Foreign exchange (287.9 ) December 31, 2014 6,579.4 The 2015 and 2014 annual impairment reviews determined that no impairment existed at the respective review dates. No interim impairment tests were deemed necessary during 2015 or 2014 . |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES The table below details the components of other liabilities: As of $ in millions December 31, 2015 December 31, 2014 Compensation and benefits 93.2 94.4 Accrued bonus and deferred compensation 568.1 572.9 Accrued compensation and benefits 661.3 667.3 Accruals and other liabilities 328.6 263.8 Deferred carried interest 69.2 54.8 Contingent consideration liability 83.9 — Accounts payable 302.6 343.5 Income taxes payable 78.8 95.2 Accounts payable and accrued expenses 863.1 757.3 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 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 20 , “Consolidated Investment Products.” December 31, 2015 December 31, 2014 $ in millions Carrying Value** Fair Value Carrying Value** Fair Value Floating rate credit facility expiring August 7, 2020 — — — — Unsecured Senior Notes*: $600 million 3.125% - due November 30, 2022 596.1 601.4 595.4 596.8 $600 million 4.000% - due January 30, 2024 592.7 628.3 591.9 625.9 $500 million 3.750% - due January 15, 2026 494.2 503.0 — — $400 million 5.375% - due November 30, 2043 389.8 428.6 389.5 473.1 Long-term debt 2,072.8 2,161.3 1,576.8 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. ** As discussed in Note 1 , "Accounting Policies," the company adopted ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," as of December 31, 2015 on a retrospective basis to all prior balance sheet periods presented. The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts. The fair market value of the company's senior notes was determined by market quotes provided by Bloomberg, which is considered a Level 2 valuation input. In the absence of an active market, the company relies upon the average price quoted by brokers for determining the fair market value of the debt. Analysis of Borrowings by Maturity: $ in millions December 31, 2015 2022 596.1 2024 592.7 2026 494.2 2043 389.8 Long-term debt 2,072.8 On October 14, 2015 , the company issued senior notes with aggregate principal amounts of $500 million at 3.750% due January 15, 2026. The company incurred $4.6 million in debt issuance costs, and the notes were issued at a discount of $1.3 million . The proceeds were used, in part, to repay the outstanding balance on the credit facility at that date. During 2013, the company issued senior notes with aggregate principal amounts of $600.0 million at 4.000% due January 30, 2024 and $400.0 million at 5.375% due November 30, 2043. The company incurred $9.0 million in debt issuance costs, and the notes were issued at a discount of $11.1 million . Of the total net proceeds, $699.4 million were used to repay the amount outstanding on the credit facility with the remaining to be used for general corporate purposes. 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. As discussed in Note 1, "Accounting Policies - Cash and cash equivalents," certain of our subsidiaries are required to maintain minimum levels of capital. These and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. On August 7, 2015 the company amended and restated its unsecured $1.25 billion credit agreement to extend its maturity to August 7, 2020 . At December 31, 2015 , the outstanding balance on the credit facility was zero . Borrowings under the credit facility will bear interest at (i) LIBOR for specified interest periods or (ii) a floating base rate (based upon the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus 0.50% and (c) LIBOR for an interest period of one month plus 1.00% ), plus, in either case, an applicable margin determined with reference to the higher of the available credit ratings of the company or its indirect subsidiary Invesco Finance PLC. Based on credit ratings as of December 31, 2015 of the company, the applicable margin for LIBOR-based loans was 1.00% 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 company or its indirect subsidiary Invesco Finance PLC. Based on credit ratings as of December 31, 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. At December 31, 2015, the company maintains approximately $13.8 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. At December 31, 2015, approximately $7.3 million of the letters of credit support office lease obligations. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL The number of common shares and common share equivalents issued are represented in the table below: In millions December 31, 2015 December 31, 2014 December 31, 2013 Common shares issued 490.4 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (72.9 ) (60.5 ) (57.3 ) Common shares outstanding 417.5 429.9 433.1 During the year ended December 31, 2015 , the company repurchased 15.5 million shares (three months ended December 31, 2015 : 6.5 million shares) in the market at a cost of $548.8 million (three months ended December 31, 2015 : $214.8 million cost) (year ended December 31, 2014 : 7.4 million shares, at a cost of $269.6 million ). Separately, an aggregate of 1.9 million shares were withheld on vesting events during the year ended December 31, 2015 to meet employees' withholding tax obligations ( December 31, 2014 : 2.1 million ). The fair value of these shares withheld at the respective withholding dates was $76.1 million ( December 31, 2014 : $73.3 million ). In October 2013, the company's board of directors authorized a $1.5 billion share repurchase program with no stated expiration date. Approximately $678.0 million remained authorized under the company's share repurchase plan at December 31, 2015 ( December 31, 2014 : $1,226.8 million ). Total treasury shares at December 31, 2015 were 81.3 million ( December 31, 2014 : 69.4 million ), including 8.4 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 the end of 2015 was $33.48 . The total market value of the company's 81.3 million treasury shares was $2.7 billion at December 31, 2015 . Movements in Treasury Shares comprise: Year ended In millions December 31, 2015 December 31, 2014 December 31, 2013 Beginning balance 69.4 66.8 59.2 Acquisition of common shares 17.4 9.5 16.3 Distribution of common shares (5.2 ) (5.8 ) (7.2 ) Common shares distributed to meet ESPP obligation (0.1 ) (0.2 ) — Common shares distributed to meet option exercises (0.2 ) (0.9 ) (1.5 ) Ending balance 81.3 69.4 66.8 |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME/(LOSS) | OTHER COMPREHENSIVE INCOME/(LOSS) The components of accumulated other comprehensive income/(loss) were as follows: 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 (493.9 ) — — — (493.9 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 11.1 — — 11.1 Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses, net of tax — (7.2 ) — — (7.2 ) Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses, net of tax — 2.2 — — 2.2 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 — — — (6.0 ) (6.0 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (0.4 ) (0.4 ) Other comprehensive income/(loss), net of tax (493.9 ) 6.1 (0.6 ) (6.4 ) (494.8 ) Beginning balance 128.1 (91.7 ) 6.5 5.9 48.8 Other comprehensive income/(loss), net of tax (493.9 ) 6.1 (0.6 ) (6.4 ) (494.8 ) Other comprehensive (income)/loss attributable to noncontrolling interest — — — — — Ending balance (365.8 ) (85.6 ) 5.9 (0.5 ) (446.0 ) 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 (364.4 ) — — — (364.4 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — (26.0 ) — — (26.0 ) Prior service credit related to employee benefit plans — 14.9 — — 14.9 Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses, net of tax — (4.1 ) — — (4.1 ) Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses, net of tax — 1.4 — — 1.4 Share of other comprehensive income/(loss) of equity method investments, net of tax — — 8.3 — 8.3 Unrealized(losses)/gains on available-for-sale investments, net of tax — — — 7.7 7.7 Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (16.9 ) (16.9 ) Other comprehensive income/(loss) net of tax (364.4 ) (13.8 ) 8.3 (9.2 ) (379.1 ) Beginning balance 492.5 (77.9 ) (1.8 ) 15.1 427.9 Other comprehensive income/(loss), net of tax (364.4 ) (13.8 ) 8.3 (9.2 ) (379.1 ) Other comprehensive (income)/loss attributable to noncontrolling interest — — — — — Ending balance 128.1 (91.7 ) 6.5 5.9 48.8 2013 $ 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* (122.3 ) — — — (122.3 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 1.2 — — 1.2 Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses, net of tax — (1.5 ) — — (1.5 ) Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses, net of tax — 1.8 — — 1.8 Share of other comprehensive income/(loss) of equity method investments, net of tax — — (3.9 ) — (3.9 ) Unrealized(losses)/gains on available-for-sale investments, net of tax — — — 13.1 13.1 Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (4.1 ) (4.1 ) Other comprehensive income/(loss) net of tax (122.3 ) 1.5 (3.9 ) 9.0 (115.7 ) Beginning balance 601.7 (79.4 ) 2.1 6.1 530.5 Other comprehensive income/(loss), net of tax (122.3 ) 1.5 (3.9 ) 9.0 (115.7 ) Other comprehensive (income)/loss attributable to noncontrolling interest 13.1 — — — 13.1 Ending balance 492.5 (77.9 ) (1.8 ) 15.1 427.9 * Included in this amount are net losses of $13.1 million for the year ended December 31, 2013 related to foreign currency translation adjustments attributable to CIP. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The company recognized total expenses of $150.3 million , $138.0 million and $133.1 million related to equity-settled share-based payment transactions in 2015 , 2014 and 2013 , respectively. The total income tax benefit recognized in the Consolidated Statements of Income for share-based compensation arrangements was $43.8 million for 2015 ( 2014 : $39.1 million ; 2013 : $37.8 million ). Cash received from exercise of share options granted under share-based compensation arrangements was $3.7 million in 2015 ( 2014 : $11.0 million ; 2013 : $17.9 million ). The total tax benefit realized from share options exercises was $2.5 million in 2015 ( 2014 : $7.4 million ; 2013 : $7.9 million ). The company has not granted share option awards since 2005. The awards had a ten-year life; zero share options remain outstanding at December 31, 2015. Share Awards Share awards are broadly classified into two categories: time-vested and performance-vested. Share awards are measured at fair value at the date of grant and are expensed, based on the company's estimate of shares that will eventually vest, on a straight-line or accelerated basis over the vesting period. Time-vested awards vest ratably over or cliff-vest at the end of a period of continued employee service. Performance-vested awards cliff-vest at the end of or vest ratably over a defined vesting period of continued employee service upon the company's attainment of certain performance criteria. Time-vested and performance-vested share awards are granted in the form of restricted share awards (RSAs) or restricted share units (RSUs). Performance-vested awards are tied to the achievement of specified levels of adjusted diluted earnings per share and adjusted operating margin. In the event that either targeted financial measure is achieved at or above a vesting threshold for a particular performance measurement period, the portion of the performance-vested award subject to targeted financial measures will vest proportionately between 0% and 100% based upon the higher achieved level for that year. With respect to time-vested awards, dividends accrue directly to the employee holder of RSAs, and cash payments in lieu of dividends are made to employee holders of certain RSUs. With respect to performance-vested awards, dividends and cash payments in lieu of dividends are deferred and are paid at the same rate as on our shares if and to the extent the award vests. In May 2011, the company's shareholders approved the 2011 Global Equity Incentive Plan, which authorized the issuance of up to 28 million shares under this plan. In May 2010, the board approved the 2010 Global Equity Incentive Plan (ST), which authorized the issuance of up to 3 million shares under this plan. Under the terms of the plan, shares are issued only as employment inducement awards in connection with a strategic transaction and, as a result, do not require shareholder approval under the rules of the New York Stock Exchange or otherwise. Movements on share awards priced in U.S. dollars during the years ended December 31, are detailed below: 2015 2014 2013 Millions of shares, except fair values Time-Vested Performance-Vested Weighted Average Grant Date Fair Value ($) Time-Vested Performance-Vested Time- Vested Performance-Vested Unvested at the beginning of year 11.5 0.5 29.00 13.9 0.4 16.5 0.3 Granted during the year 4.1 0.3 39.99 4.4 0.2 5.2 0.2 Forfeited during the year (0.2 ) — 33.26 (1.2 ) — (0.9 ) — Vested and distributed during the year (5.0 ) (0.2 ) 28.29 (5.6 ) (0.1 ) (6.9 ) (0.1 ) Unvested at the end of the year 10.4 0.6 33.62 11.5 0.5 13.9 0.4 All share awards outstanding at December 31, 2015 , had a weighted average remaining contractual life of 1.20 years. The total fair value of shares that vested during 2015 was $202.6 million ( 2014 : $202.3 million ; 2013 : $192.7 million ). The weighted average grant date fair value of the U.S. dollar share awards that were granted during 2015 was $39.99 ( 2014 : $34.35 ; 2013 : $26.91 ). At December 31, 2015 , there was $253.0 million of total unrecognized compensation cost related to non-vested share awards; that cost is expected to be recognized over a weighted average period of 2.53 years. Employee Stock Purchase Plan (ESPP) The company operates a nonqualified, broad-based ESPP for all eligible employees. Employees may purchase shares of our common stock generally in annual intervals at 85% of fair market value. Employee ESPP contributions may not exceed $6,000 per offering period. Upon the plan vesting date, the company either issues new shares or can utilize shares held in treasury (see Note 9 , "Share Capital") to satisfy the exercise. For the year ended December 31, 2015 , the company recognized $0.9 million in compensation expense related to the employee stock purchase plan ( December 31, 2014 : $0.8 million , December 31, 2013 : $0.9 million ). |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS Defined Contribution Plans The company operates defined contribution retirement benefit plans for all qualifying employees. The assets of the plans are held separately from those of the company in funds under the control of trustees. When employees leave the plans prior to vesting fully in the contributions, the contributions payable by the company are reduced by the amount of forfeited contributions. The total amounts charged to the Consolidated Statements of Income for the year ended December 31, 2015 , of $58.4 million ( December 31, 2014 : $57.4 million , December 31, 2013 : $54.3 million ) represent contributions paid or payable to these plans by the company at rates specified in the rules of the plans. As of December 31, 2015 , accrued contributions of $24.5 million ( December 31, 2014 : $25.4 million ) for the current year will be paid to the plans. Defined Benefit Plans The company maintains legacy defined benefit pension plans for qualifying employees of its subsidiaries in the U.K., Ireland, Germany and Taiwan. All defined benefit plans are closed to new participants. The company also maintains a postretirement medical plan in the U.S., which was closed to new participants in 2005. In 2006, the plan was amended to eliminate benefits for all participants who did not meet retirement eligibility by 2008. In November 2014, Invesco further amended the plan, which will result in its termination effective December 31, 2016. The assets of all defined benefit schemes are held in separate trustee-administered funds. Under the plans, the employees are generally entitled to retirement benefits based on final salary at retirement. The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were valued as of December 31, 2015 . The benefit obligation, related current service cost and prior service cost were measured using the projected unit credit method. Benefit Obligations and Funded Status The amounts included in the Consolidated Balance Sheets arising from the company's obligations and plan assets in respect of its defined benefit retirement plans are as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 Benefit obligation (490.7 ) (520.2 ) (8.7 ) (10.2 ) Fair value of plan assets 422.7 420.6 5.7 7.2 Funded status (68.0 ) (99.6 ) (3.0 ) (3.0 ) Amounts recognized in the Consolidated Balance Sheets: Other assets 4.9 3.1 — — Accrued compensation and benefits (72.9 ) (102.7 ) (3.0 ) (3.0 ) Funded status (68.0 ) (99.6 ) (3.0 ) (3.0 ) Changes in the benefit obligations were as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 January 1 520.2 486.2 10.2 43.6 Service cost 5.4 4.9 — — Interest cost 17.7 21.0 — 1.8 Contributions from plan participants — — 0.2 0.4 Actuarial (gains)/losses (15.0 ) 51.1 0.2 (9.2 ) Exchange difference (26.1 ) (35.0 ) — — Benefits paid (11.5 ) (8.0 ) (1.9 ) (2.9 ) Plan amendments* — — — (23.5 ) December 31 490.7 520.2 8.7 10.2 ____________ * The 2014 plan amendment resulted in a reduction in the benefit obligation and a prior service credit in accumulated other comprehensive income of $23.5 million , which will be recognized as a credit to the net periodic benefit cost over the remaining life of the plan. Key assumptions used in plan valuations are detailed below. Appropriate local mortality tables are also used. The weighted average assumptions used to determine defined benefit obligations at December 31 , 2015 , and 2014 are as follows: Retirement Plans Medical Plan 2015 2014 2015 2014 Discount rate 3.69 % 3.52 % — % — % Expected rate of salary increases 3.16 % 3.06 % — % — % Future pension/medical cost trend rate increases 2.98 % 2.88 % 5.00%-6.40% 5.00%-6.80% Changes in the fair value of plan assets in the current period were as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 January 1 420.6 407.1 7.2 10.0 Actual return on plan assets 23.1 32.2 (0.1 ) — Exchange difference (25.4 ) (26.6 ) — 0.1 Contributions from the company 15.5 15.9 — — Contributions from plan participants — — 0.5 0.1 Benefits paid (11.1 ) (8.0 ) (1.9 ) (3.0 ) December 31 422.7 420.6 5.7 7.2 The components of the amount recognized in accumulated other comprehensive income at December 31 , 2015 , and 2014 are as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 Prior service cost/(credit) — — (11.3 ) (21.6 ) Net actuarial loss/(gain) 118.2 136.5 (8.4 ) (8.7 ) Total 118.2 136.5 (19.7 ) (30.3 ) The amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost during the year ending December 31 , 2016 are as follows: $ in millions Retirement Plans Medical Plan Prior service cost/(credit) — (11.3 ) Net actuarial loss/(gain) 2.2 (0.3 ) Total 2.2 (11.6 ) The total accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets and the projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets are as follows: Retirement Plans $ in millions 2015 2014 Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation 480.9 509.9 Fair value of plan assets 407.9 406.1 Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation 480.9 509.9 Fair value of plan assets 407.9 406.1 Net Periodic Benefit Cost The components of net periodic benefit cost in respect of these defined benefit plans are as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2013 2015 2014 2013 Service cost 5.4 4.9 4.4 — — 0.2 Interest cost 17.7 21.0 19.0 — 1.8 1.9 Expected return on plan assets (22.9 ) (24.6 ) (18.5 ) — (0.3 ) (0.6 ) Amortization of prior service cost/(credit) 0.1 0.1 0.1 (11.3 ) (2.3 ) (2.0 ) Amortization of net actuarial (gain)/loss 3.0 1.8 2.0 (0.3 ) — 0.3 Curtailment (gain)/loss — — — — (4.3 ) — Net periodic benefit cost/(credit) 3.3 3.2 7.0 (11.6 ) (5.1 ) (0.2 ) The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31 , 2015 , 2014 , and 2013 are: Retirement Plans 2015 2014 2013 Discount rate 3.52 % 4.39 % 4.67 % Expected return on plan assets 5.90 % 6.01 % 5.60 % Expected rate of salary increases 3.06 % 3.37 % 3.09 % Future pension rate increases 2.88 % 2.85 % 2.79 % Medical Plan 2015 2014 2013 Discount rate — % 4.70 % 3.79 % Expected return on plan assets — % 6.25 % 6.50 % Expected rate of salary increases — % 2.50 % 2.50 % Future medical cost trend rate increases 5.00%-6.80% 5.00%-7.20% 5.00%-7.60% In developing the expected rate of return, the company considers long-term compound annualized returns based on historical and current market data. Using this reference information, the company develops forward-looking return expectations for each asset category and an expected long-term rate of return for a targeted portfolio. Discount rate assumptions were based upon AA-rated corporate bonds of suitable terms and currencies. The assumed health care cost rates are as follows: Medical Plan 2015 2014 2013 Health care cost trend rate assumed for next year 6.40 % 6.80 % 7.60 % Rate to which cost trend rate gradually declines 5.00 % 5.00 % 5.00 % Year the rate reaches level it is assumed to remain thereafter 2020 2020 2020 Plan Assets The analysis of the plan assets as of December 31, 2015 was as follows: $ in millions Retirement Plans % of Plan Assets Medical Plan % of Plan Assets Cash and cash equivalents 5.2 1.2 % 5.7 100.0 % Fund investments 200.6 47.4 % — — % Equity securities 129.1 30.5 % — — % Government debt securities 70.6 16.7 % — — % Other assets 5.5 1.3 % — — % Guaranteed investments contracts 11.7 2.8 % — — % Total 422.7 100.0 % 5.7 100.0 % The analysis of the plan assets as of December 31, 2014 was as follows: $ in millions Retirement Plans % of Plan Assets Medical Plan % of Plan Assets Cash and cash equivalents 3.8 0.9 % 7.2 100.0 % Fund investments 197.5 46.9 % — — % Equity securities 124.8 29.7 % — — % Government debt securities 76.5 18.2 % — — % Other assets 4.9 1.2 % — — % Guaranteed investments contracts 13.1 3.1 % — — % Total 420.6 100.0 % 7.2 100.0 % Plan assets are not held in company stock. The investment policies and strategies for plan assets held by defined benefit plans include: • Funding - to have sufficient assets available to pay members benefits; • Security - to maintain the minimum Funding Requirement; • Stability - to have due regard to the employer's ability in meeting contribution payments given their size and incidence. Fund investments are primarily held in equity and fixed income strategies. The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 2015 : As of December 31, 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) Cash and cash equivalents 5.7 5.7 — — Fund investments 200.6 200.6 — — Equity securities 129.1 129.1 — — Government debt securities 70.6 13.5 57.1 — Other assets 5.5 5.5 — — Guaranteed investments contracts 11.7 — — 11.7 Total 423.2 354.4 57.1 11.7 The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 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 (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents 7.2 7.2 — — Fund investments 197.5 197.5 — — Equity securities 124.8 124.8 — — Government debt securities 76.5 15.2 61.3 — Other assets 4.9 4.9 — — Guaranteed investment contracts 13.1 — — 13.1 Total 424.0 349.6 61.3 13.1 The following is a description of the valuation methodologies used for each major category of plan assets measured at fair value. Information about the valuation hierarchy levels used to measure fair value is detailed in Note 2 , “Fair Value of Assets and Liabilities.” Cash and cash equivalents Cash equivalents include cash investments in money market funds and time deposits. Cash investments in money market funds are valued under the market approach through the use of quoted market prices in an active market, which is the net asset value of the underlying funds, and are classified within level 1 of the valuation hierarchy. Cash investments in time deposits of $5.2 million held at December 31, 2015 ( December 31, 2014 : $3.8 million ) are not included in the table above, as they are not measured at fair value on a recurring basis. Time deposits are valued at cost plus accrued interest, which approximates fair value. Fund investments These plan assets are primarily invested in affiliated funds and are classified within level 1 of the valuation hierarchy. They are valued at the net asset value of shares held by the plan at year end. Equity securities, corporate debt securities and other investments These plan assets are classified within level 1 of the valuation hierarchy and are valued at the closing price reported on the active market on which the individual securities are traded. Government debt securities Government debt securities that have a readily available market price are classified within level 1 of the valuation hierarchy. These securities are valued at the closing price reported on the active market on which the individual securities are traded. Government debt securities that include index-linked bonds are classified within level 2 of the valuation hierarchy. Prices for these bonds are calculated using the relevant index ratio. Guaranteed investment contracts These plan assets are classified within level 3 of the valuation hierarchy and are valued through use of unobservable inputs by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. The following table shows a reconciliation of the beginning and ending fair value measurement for level 3 assets, which is comprised solely of the guaranteed investment contracts, using significant unobservable inputs: $ in millions Year ended December 31, 2015 Year ended December 31, 2014 Balance, beginning of year 13.1 15.2 Unrealized gains/(losses) relating to the instrument still held at the reporting date 0.1 1.0 Purchases, sales, issuances and settlements (net) (1.5 ) (3.1 ) Balance, end of year 11.7 13.1 Quantitative Information about Level 3 Fair Value Measurements The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities: Assets Fair Value at December 31, 2015 ($ in millions) Valuation Technique Unobservable Inputs Range Guaranteed investment contracts 11.7 Discounted cash flow Discount rate 3.8% Mortality assumption Standard U.K. mortality tables with a long-term rate of improvement of 1.25% For the guaranteed investment contracts, significant increases in the discount rate in isolation would result in significantly lower fair value measurements. Cash Flows The estimated amounts of contributions expected to be paid to the plans during 2016 are $15.5 million for retirement plans and none for the medical plan. There are no future annual benefits of plan participants covered by insurance contracts issued by the employer or related parties. The benefits expected to be paid in each of the next five fiscal years and in the five fiscal years thereafter are as follows: $ in millions Retirement Plans Medical Plan Expected benefit payments: 2016 11.1 6.9 2017 11.5 0.3 2018 11.9 0.2 2019 12.2 0.2 2020 12.6 — Thereafter in the succeeding five years 70.1 — |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The company leases office space in the majority of its locations of business under non-cancelable operating leases. These leases and commitments expire on varying dates through 2025. As of December 31, 2015 , the company's total future commitments by year under non-cancelable operating leases are as follows: $ in millions Total Buildings Other 2016 70.5 67.2 3.3 2017 60.5 57.4 3.1 2018 61.4 58.7 2.7 2019 60.2 57.8 2.4 2020 52.4 50.7 1.7 Thereafter 154.0 153.2 0.8 Gross lease commitments 459.0 445.0 14.0 Less: future minimum payments expected to be received under non-cancelable subleases 67.0 67.0 — Net lease commitments 392.0 378.0 14.0 The company is party to master lease agreements with various property owners and is party to sublease agreements with tenants in its capacity as investment manager of property portfolios. The company's future commitments to the property owners is equal to and offset by the future minimum payments expected to be received from the tenants; therefore, these amounts are not included in the table above. The company recognized $45.7 million , $86.8 million , and $63.0 million in operating lease expenses in the Consolidated Statements of Income in 2015 , 2014 and 2013 , respectively. These expenses are net of $7.6 million , $11.6 million and $11.1 million of sublease income in 2015 , 2014 and 2013 , respectively. |
Other Gains and Losses, Net
Other Gains and Losses, Net | 12 Months Ended |
Dec. 31, 2015 | |
OTHER GAINS AND LOSSES, NET | |
OTHER GAINS AND LOSSES, NET | OTHER GAINS AND LOSSES, NET The components of other gains and losses, net, are as follows: $ in millions 2015 2014 2013 Other gains: Gain on sale of investments 3.8 13.0 3.6 Gain on trading investments, net — 15.4 38.5 Gain on contingent consideration liability 27.1 — — Other realized gains 0.9 0.2 3.2 Total other gains 31.8 28.6 45.3 Other losses: Other-than-temporary impairment of available-for-sale investments (2.0 ) — — Loss on trading investments, net (13.5 ) — — Net foreign exchange losses (2.4 ) (0.2 ) (0.6 ) Payment to investment trust — — (31.9 ) Liquidation of co-investment — — (4.1 ) Foreign exchange hedge loss (7.7 ) — (1.8 ) Realized loss on sale of partnerships (7.3 ) — — Other realized losses (0.4 ) (0.3 ) (4.3 ) Total other losses (33.3 ) (0.5 ) (42.7 ) Other gains and losses, net (1.5 ) 28.1 2.6 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
TAXATION | TAXATION The company's (provision) for income taxes is summarized as follows: $ in millions 2015 2014 2013 Current: Federal (221.0 ) (227.5 ) (149.3 ) State (23.4 ) (31.3 ) (22.0 ) Foreign (161.4 ) (161.2 ) (129.9 ) (405.8 ) (420.0 ) (301.2 ) Deferred: Federal 11.9 26.8 (24.1 ) State (5.2 ) 1.0 (7.4 ) Foreign 1.1 1.6 (4.2 ) 7.8 29.4 (35.7 ) Total income tax (provision) (398.0 ) (390.6 ) (336.9 ) The net deferred tax recognized in the Consolidated Balance Sheets at December 31 , 2015 and 2014 , respectively, includes the following: $ in millions 2015 2014 Deferred tax assets: Deferred compensation arrangements 70.0 56.2 Accrued rent expenses 16.4 18.3 Tax loss carryforwards 61.7 75.0 Postretirement medical, pension and other benefits 21.7 25.5 Investment basis differences 67.0 47.8 Accrued bonus 64.1 46.3 Other 7.3 20.3 Total deferred tax assets 308.2 289.4 Valuation allowance (61.7 ) (72.7 ) Deferred tax assets, net of valuation allowance 246.5 216.7 Deferred tax liabilities: Deferred sales commissions (16.5 ) (21.0 ) Goodwill and intangibles (472.0 ) (447.4 ) Undistributed earnings of subsidiaries (1.5 ) (1.6 ) Fixed assets (26.4 ) (26.4 ) Other (3.9 ) (6.8 ) Total deferred tax liabilities (520.3 ) (503.2 ) Net deferred tax assets/(liabilities) (273.8 ) (286.5 ) Deferred income tax assets and liabilities that relate to the same tax jurisdiction are recorded net on the consolidated balance sheet. The net deferred tax balance is presented on the consolidated balance sheet as $15.1 million ( 2014 : $18.3 million ) within Other assets and $288.9 million ( 2014 : $304.8 million ) as Deferred tax liabilities, net. At December 31, 2015 the company had tax loss carryforwards accumulated in certain taxing jurisdictions in the aggregate of $229.0 million ( 2014 : $285.1 million ), approximately $39.2 million of which will expire between 2016 and 2020, $12.6 million of which will expire after 2020, with the remaining $177.2 million having an indefinite life. The decrease in tax loss carryforwards from 2014 to 2015 of $56.1 million results from the impact of foreign exchange translation on non-U.S. dollar denominated losses ( $22.0 million ) and net utilization ( $4.0 million ) with the remainder of the movement primarily due to to tax return filing and other adjustments. A valuation allowance has been recorded against the deferred tax assets related to these losses where a history of losses in the respective tax jurisdiction makes it unlikely that the deferred tax asset will be realized. A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December 31 , 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Statutory Rate 35.0 % 35.0 % 35.0 % Foreign jurisdiction statutory income tax rates (9.2 )% (8.5 )% (9.4 )% State taxes, net of federal tax effect 1.6 % 1.4 % 1.5 % Change in valuation allowance for unrecognized tax losses (0.1 )% (0.1 )% (0.1 )% Other 1.8 % 0.5 % 0.7 % (Gains)/losses attributable to noncontrolling interests 0.1 % (0.3 )% (0.9 )% Effective tax rate per Consolidated Statements of Income 29.2 % 28.0 % 26.8 % The company's subsidiaries operate in several taxing jurisdictions around the world, each with its own statutory income tax rate. As a result, the blended average statutory tax rate will vary from year to year depending on the mix of the profits and losses of the company's subsidiaries. The majority of our profits are earned in the U.S. and the U.K. The enacted U.K. statutory tax rate, for U.S. GAAP purposes, was 20% as of December 31, 2015 . As of December 31, 2015 , the U.S. federal statutory tax rate was 35% . The division of income/(losses) before taxes between U.S. and foreign for the years ended December 31, 2015 , 2014 and 2013 is as follows: $ in millions (except percentages) 2015 2014 2013 U.S. 661.9 659.6 553.1 CIP - U.S. 26.0 63.0 45.2 Total U.S. income before income taxes 687.9 722.6 598.3 Foreign 746.3 724.4 666.1 CIP - Foreign (72.1 ) (51.9 ) (9.2 ) Total Foreign income before income taxes 674.2 672.5 656.9 Income from continuing operations before income taxes 1,362.1 1,395.1 1,255.2 As a multinational corporation, the company operates in various locations around the world and we generate substantially all of our earnings from our subsidiaries. Under ASC 740-30 deferred tax liabilities are recognized for taxes that would be payable on the unremitted earnings of the company's subsidiaries, direct investments in CSIP and CIP, and joint ventures, except where it is our intention to continue to indefinitely reinvest the undistributed earnings. Our Canadian and U.S. subsidiaries continue to be directly owned by Invesco Holding Company Limited, a U.K. company, which is directly owned by Invesco Ltd. Our Canadian unremitted earnings, for which we are indefinitely reinvested, are estimated to be $839.8 million at December 31, 2015 , compared with $969.9 million at December 31, 2014 . If distributed as a dividend, Canadian withholding tax of 5.0% would be due. Dividends from our investment in the U.S. should not give rise to additional tax as we are not subject to withholding tax between the U.S. and U.K. Deferred tax liabilities in the amount of $1.5 million ( 2014 : $1.6 million ) for additional tax have been recognized for unremitted earnings of certain subsidiaries that have regularly remitted earnings and are expected to continue to remit earnings in the foreseeable future. The U.K. dividend exemption should apply to the remainder of our U.K. subsidiary investments. There is no additional tax on dividends from the U.K. to Bermuda. The company and its subsidiaries file annual income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, and in numerous foreign jurisdictions. A number of years may elapse before an uncertain tax position, for which the company has unrecognized tax benefits, is finally resolved. To the extent that the company has favorable tax settlements, or determines that accrued amounts are no longer needed due to a lapse in the applicable statute of limitations or other change in circumstances, such liabilities, as well as the related interest and penalty, would be reversed as a reduction of income tax expense (net of federal tax effects, if applicable) in the period such determination is made. At January 1, 2015 , the company had approximately $6.0 million of gross unrecognized income tax benefits (UTBs), all of which represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. A reconciliation of the change in the UTB balance from January 1, 2013 , to December 31, 2015 , is as follows: $ in millions Gross Unrecognized Income Tax Benefits Balance at January 1, 2013 22.6 Additions for tax positions related to the current year 1.0 Additions for tax positions related to prior years 0.7 Other reductions for tax positions related to prior years (7.5 ) Reductions for statute closings — Balance at December 31, 2013 16.8 Additions for tax positions related to the current year — Additions for tax positions related to prior years 1.2 Other reductions for tax positions related to prior years (10.8 ) Reductions for statute closings (1.2 ) Balance at December 31, 2014 6.0 Additions for tax positions related to the current year 2.5 Additions for tax positions related to prior years 2.2 Other reductions for tax positions related to prior years (1.1 ) Reductions for statute closings — Balance at December 31, 2015 9.6 The company recognizes accrued interest and penalties, as appropriate, related to unrecognized tax benefits as a component of the income tax provision. At December 31, 2015 , the total amount of gross unrecognized tax benefits was $9.6 million . Of this total, $8.8 million (net of tax benefits in other jurisdictions and the federal benefit of state taxes) represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. The Consolidated Balance Sheet includes accrued interest and penalties of $1.2 million at December 31, 2015 , reflecting $0.9 million of settlement for accrued interest and penalties in 2015 (year ended December 31, 2014 : $1.0 million of accrued interest and penalties, $3.8 million of settlement for accrued interest and penalties in 2014; year ended December 31, 2013 : $5.1 million accrued interest and penalties, $0.4 million settlement of for accrued interests and penalties). As a result of the anticipated legislative changes and potential settlements with taxing authorities, it is reasonably possible that the company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $5.0 million . The company and its subsidiaries are periodically examined by various taxing authorities. With few exceptions, the company is no longer subject to income tax examinations by the primary tax authorities for years prior to 2005. Management monitors changes in tax statutes and regulations and the issuance of judicial decisions to determine the potential impact to uncertain income tax positions. As of December 31, 2015 , management had identified no other potential subsequent events that could have a significant impact on the unrecognized tax benefits balance. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The calculation of earnings per share is as follows: Years ended December 31, In millions, except per share data 2015 2014 2013 Income from continuing operations, net of taxes $964.1 $1,004.5 $918.3 Net (income)/loss attributable to noncontrolling interests in consolidated entities 4.0 (13.0 ) (42.5 ) Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations 968.1 991.5 875.8 Income from discontinued operations, net of taxes — (3.4 ) 64.5 Net income attributable to Invesco Ltd. 968.1 988.1 940.3 Less: Allocation of earnings to restricted shares (24.6 ) (28.2 ) (32.1 ) Net income attributable to common shareholders $943.5 $959.9 $908.2 Invesco Ltd: Weighted average shares outstanding - basic 428.9 435.0 447.5 Dilutive effect of non-participating share-based awards 0.4 0.6 1.0 Weighted average shares outstanding - diluted 429.3 435.6 448.5 Common shareholders: Weighted average shares outstanding - basic 428.9 435.0 447.5 Less: Weighted average restricted shares (10.9 ) (12.4 ) (15.3 ) Weighted average common shares outstanding- basic 418.0 422.6 432.2 Dilutive effect of non-participating share-based awards 0.4 0.6 1.0 Weighted average common shares outstanding - diluted 418.4 423.2 433.2 Basic earnings per share: Earnings per share from continuing operations $2.26 $2.28 $1.96 Earnings per share from discontinued operations $— ($0.01) $0.14 Basic earnings per share $2.26 $2.27 $2.10 Diluted earnings per share: Earnings per share from continuing operations $2.26 $2.28 $1.95 Earnings per share from discontinued operations $— ($0.01) $0.14 Diluted earnings per share $2.26 $2.27 $2.10 See Note 11 , “Share-Based Compensation,” for a summary of share awards outstanding under the company's share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted earnings per share. There were no time-vested share awards that were excluded from the computation of diluted earnings per share during the years ended December 31 , 2015 , 2014 , and 2013 due to their inclusion being anti-dilutive. There were 0.4 million contingently issuable shares excluded from the diluted earnings per share computation during year ended December 31, 2015 ( December 31, 2014 : 0.3 million ; December 31, 2013 : 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. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
GEOGRAPHIC INFORMATION | GEOGRAPHIC INFORMATION The company operates under one business segment, investment management. Geographical information is presented below. There are no revenues or long-lived assets attributed to the company's country of domicile, Bermuda. $ in millions U.S. U.K. Continental Europe/Ireland Canada Asia Total For the year ended December 31, 2015 Revenue from external customers 2,622.1 1,153.0 891.9 353.9 102.0 5,122.9 Inter-company revenue (8.6 ) 114.4 (216.7 ) (7.0 ) 117.9 — Total operating revenues 2,613.5 1,267.4 675.2 346.9 219.9 5,122.9 Long-lived assets 306.7 88.3 6.8 10.0 15.1 426.9 For the year ended December 31, 2014 Revenue from external customers 2,534.9 1,286.7 810.2 396.6 118.7 5,147.1 Inter-company revenue 11.5 87.8 (205.5 ) (8.9 ) 115.1 — Total operating revenues 2,546.4 1,374.5 604.7 387.7 233.8 5,147.1 Long-lived assets 279.2 91.6 6.6 9.9 15.3 402.6 For the year ended December 31, 2013 Revenue from external customers 2,332.2 1,294.0 541.9 374.8 101.7 4,644.6 Inter-company revenue (3.6 ) 48.1 (130.9 ) (9.8 ) 96.2 — Total operating revenues 2,328.6 1,342.1 411.0 365.0 197.9 4,644.6 Long-lived assets 225.8 91.9 8.1 9.5 15.5 350.8 Operating revenues reflect the geographical regions from which services are provided. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 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. Certain of the company's investment products are structured as limited partnerships. The company's investment may take the form of the general partner or a limited partner. The entities are structured such that each partner makes capital commitments that are to be drawn down over the life of the partnership as investment opportunities are identified. At December 31, 2015 , the company's undrawn capital and purchase commitments were $185.6 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 December 31, 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. General and administrative expenses in the year ended December 31, 2015 include a provision of $12.6 million pertaining to regulatory investigations and related legal fees of $0.5 million . This includes $7.6 million associated with the company's private equity business. |
Consolidated Sponsored Investme
Consolidated Sponsored Investment Products | 12 Months Ended |
Dec. 31, 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 Consolidated Balance Sheets as well as Invesco's net interests in CSIP for each period presented. $ in millions December 31, 2015 December 31, 2014 Investments of CSIP 290.3 288.5 Cash and cash equivalents of CSIP 21.9 11.4 Accounts receivable and other assets of CSIP 6.9 5.9 Assets of CSIP 319.1 305.8 Other liabilities of CSIP (4.4 ) (7.9 ) Equity attributable to redeemable noncontrolling interests (167.3 ) (165.5 ) Equity attributable to nonredeemable noncontrolling interests (40.8 ) (10.6 ) Invesco's net interests in CSIP 106.6 121.8 Invesco's net interests as a percentage of investments of CSIP 36.7 % 42.2 % The carrying value of investments held by CSIP is also their fair value. The following table presents the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of December 31, 2015 and December 31, 2014 : As of December 31, 2015 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Investments: Fixed income securities 204.2 — 204.2 — Equity securities 0.7 0.7 — — Investments in fixed income funds* 35.0 35.0 — — Investments in other private equity funds* 50.4 — — 50.4 Total investments at fair value 290.3 35.7 204.2 50.4 As of December 31, 2014 $ in millions Fair Value Measurements Quoted Prices in Significant Other Significant 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 20 , "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. The tables below summarize as of December 31, 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 December 31, 2015 Fair Value ($ in millions) Total Unfunded Commitments ($ in millions) Weighted Average Remaining Term (1) Redemption Frequency Redemption Notice Period Fixed income funds 35.0 — n/a Monthly 10 days Private equity fund of funds 50.4 33.2 7.9 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 table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs: Year ended December 31, $ in millions 2015 2014 Beginning balance 30.2 16.2 Purchases 10.8 9.0 Sales (2.8 ) (1.0 ) Gains and losses included in the Consolidated Statements of Income* 12.2 6.0 Ending balance 50.4 30.2 * Included in other income/(expense) of CSIP, net, in the Consolidated Statement of Income for the year ended December 31, 2015 are $ 12.2 million in net unrealized gains attributable to investments still held at December 31, 2015 (year ended December 31, 2014 : $6.0 million in net unrealized gains attributable to investments still held at December 31, 2014 ). |
Consolidated Investment Product
Consolidated Investment Products | 12 Months Ended |
Dec. 31, 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 ( December 31, 2015 : $61.2 million ; December 31, 2014 : $85.0 million ) and third party appraisals ( December 31, 2015 : $7.3 million ; December 31, 2014 : $5.7 million ). At December 31, 2014 , certain tranches of the consolidated CLOs were valued using third party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. Investments in other private equity funds as of December 31, 2015 of $368.2 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. ** 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. *** Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. The table below summarizes as of December 31, 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: December 31, 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) $368.2 $218.1 2.8 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. 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 Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. As of $ in millions December 31, 2015 December 31, 2014 Cash and cash equivalents of CIP 363.3 404.0 Accounts receivable and other assets of CIP 173.5 161.3 Investments of CIP 6,016.1 5,762.8 Less: Debt of CIP (5,437.0 ) (5,149.6 ) Less: Other liabilities of CIP (273.7 ) (280.9 ) Less: Retained earnings 20.1 (20.3 ) Less: Retained earnings appropriated for investors in CIP — (17.6 ) Less: Accumulated other comprehensive income, net of tax (20.1 ) 20.2 Less: Equity attributable to nonredeemable noncontrolling interests (768.8 ) (781.2 ) Invesco's net interests in CIP 73.4 98.7 Invesco's net interests as a percentage of investments of CIP 1.2 % 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. The company has no right to the benefits from, nor does it bear the risks associated with, these investments, beyond the company's 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 December 31, 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 1.4 1.4 Partnership and trust investments — 24.0 24.0 Investments in Invesco Mortgage Capital Inc. — 27.0 27.0 Total 52.4 During the year ended December 31, 2015 , the company invested in and consolidated two new VIEs and three VOEs ( December 31, 2014 : the company invested in and consolidated eight VIEs and one VOE). The tables below illustrate the summary balance sheet amounts related to these products before consolidation into the company. The balances below are reflective of the balances existing at the consolidation date after the initial funding of the investments by the company and unrelated third-party investors. The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the company’s Consolidated Financial Statements. Balance Sheet information - newly consolidated VIEs/VOEs For the year ended December 31, 2015 For the year ended December 31, 2014 $ in millions VIEs VOEs VIEs VOEs Cash and cash equivalents of CIP 449.8 10.0 816.5 — Accounts receivable and other assets of CIP 5.6 — 11.3 9.0 Investments of CIP 1,009.5 49.9 1,751.4 40.1 Total assets 1,464.9 59.9 2,579.2 49.1 Debt of CIP 1,100.4 — 1,913.7 — Other liabilities of CIP 364.5 — 674.7 11.8 Total liabilities 1,464.9 — 2,588.4 11.8 Total equity — 59.9 (9.2 ) 37.3 Total liabilities and equity 1,464.9 59.9 2,579.2 49.1 During the year ended December 31, 2014 , the company determined that it was no longer the primary beneficiary of a CLO due to a change in the rights held by others. The amounts deconsolidated from the Consolidated Balance Sheet are illustrated in the table below. There was no net impact to the Consolidated Statement of Income for the year ended December 31, 2014 from the deconsolidation of the investment product. Balance Sheet For the year ended December 31, 2014 $ in millions CLOs - VIEs Cash and cash equivalents of CIP 30.5 Accounts receivable and other assets of CIP 17.6 Investments of CIP 346.5 Total assets 394.6 Debt of CIP 347.9 Other liabilities of CIP 45.7 Total liabilities 393.6 Total equity 1.0 Total liabilities and equity 394.6 The following tables reflect the impact of consolidation of investment products into the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 , and the Consolidated Statements of Income for the years ended December 31 , 2015 , 2014 and 2013 . Summary of Balance Sheet Impact of CIP As of December 31, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (1) Impact of CIP Accounts receivable — — — (4.9 ) (4.9 ) Investments — — — (68.5 ) (68.5 ) Cash and cash equivalents of CIP 342.1 1.4 19.4 0.4 363.3 Accounts receivable of CIP 161.7 0.1 11.7 — 173.5 Investments of CIP 5,289.5 83.7 719.1 (76.2 ) 6,016.1 Total assets 5,793.3 85.2 750.2 (149.2 ) 6,479.5 Debt of CIP 5,519.2 — — (82.2 ) 5,437.0 Other liabilities of CIP 274.1 1.2 3.4 (5.0 ) 273.7 Total liabilities 5,793.3 1.2 3.4 (87.2 ) 5,710.7 Retained earnings (20.1 ) — — — (20.1 ) Accumulated other comprehensive income, net of tax 20.1 — — — 20.1 Equity attributable to nonredeemable noncontrolling interests in consolidated entities — 84.0 746.8 (62.0 ) 768.8 Total liabilities and equity 5,793.3 85.2 750.2 (149.2 ) 6,479.5 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 Year ended December 31, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — — (39.2 ) (39.2 ) Total operating expenses 56.7 1.0 5.5 (39.2 ) 24.0 Operating income (56.7 ) (1.0 ) (5.5 ) — (63.2 ) Equity in earnings of unconsolidated affiliates — — — (1.7 ) (1.7 ) Interest and dividend income — — — (4.4 ) (4.4 ) Other gains and losses, net — — — (3.9 ) (3.9 ) Interest and dividend income of CIP 271.1 0.1 1.5 (19.7 ) 253.0 Interest expense of CIP (213.0 ) — — 24.1 (188.9 ) Other gains/(losses) of CIP, net (1.4 ) 5.2 (4.7 ) (36.1 ) (37.0 ) Income from continuing operations before income taxes — 4.3 (8.7 ) (41.7 ) (46.1 ) Income tax provision — — — — — Income from continuing operations, net of income taxes — 4.3 (8.7 ) (41.7 ) (46.1 ) Income from discontinued operations, net of income taxes — — — — — Net income — 4.3 (8.7 ) (41.7 ) (46.1 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities — (4.3 ) 5.8 4.2 5.7 Net income attributable to Invesco Ltd. — — (2.9 ) (37.5 ) (40.4 ) Year ended December 31, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — 0.2 0.4 (35.8 ) (35.2 ) Total operating expenses 61.5 1.1 7.8 (35.8 ) 34.6 Operating income (61.5 ) (0.9 ) (7.4 ) — (69.8 ) Equity in earnings of unconsolidated affiliates — — — (4.0 ) (4.0 ) Interest and dividend income — — — (3.3 ) (3.3 ) Other gains and losses, net — — — (4.8 ) (4.8 ) Interest and dividend income of CIP 220.4 — — (13.9 ) 206.5 Interest expense of CIP (151.2 ) — — 17.3 (133.9 ) Other gains/ (losses) of CIP, net (93.2 ) (1.0 ) 102.3 12.3 20.4 Income from continuing operations before income taxes (85.5 ) (1.9 ) 94.9 3.6 11.1 Income tax provision — — — — — Income from continuing operations, net of income taxes (85.5 ) (1.9 ) 94.9 3.6 11.1 Income from discontinued operations, net of income taxes — — — — — Net income (85.5 ) (1.9 ) 94.9 3.6 11.1 Net (income)/loss attributable to noncontrolling interests in consolidated entities 85.7 2.2 (91.2 ) — (3.3 ) Net income attributable to Invesco Ltd. 0.2 0.3 3.7 3.6 7.8 ____________ (2) See footnote (2) to the Summary of Income Statement Impact of CIP for the year-ended December 31, 2013 table. Year ended December 31, 2013 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — 0.5 (38.4 ) (37.9 ) Total operating expenses 65.8 0.8 6.7 (38.4 ) 34.9 Operating income (65.8 ) (0.8 ) (6.2 ) — (72.8 ) Equity in earnings of unconsolidated affiliates — — — (2.5 ) (2.5 ) Interest and dividend income — — — (5.5 ) (5.5 ) Other gains and losses, net — — — (11.8 ) (11.8 ) Interest and dividend income of CIP 199.8 — — (9.8 ) 190.0 Interest expense of CIP (138.6 ) — — 15.3 (123.3 ) Other gains/ (losses) of CIP, net 3.0 1.7 54.3 2.9 61.9 Income from continuing operations, net of income taxes (1.6 ) 0.9 48.1 (11.4 ) 36.0 Income tax provision — — — — — Income from continuing operations, net of income taxes (1.6 ) 0.9 48.1 (11.4 ) 36.0 Income from discontinued operations, net of income taxes — — — — — Net income (1.6 ) 0.9 48.1 (11.4 ) 36.0 Net (income)/loss attributable to noncontrolling interests in consolidated entities 1.4 (0.9 ) (45.2 ) — (44.7 ) Net income attributable to Invesco Ltd. (0.2 ) — 2.9 (11.4 ) (8.7 ) ____________ (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 value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses upon consolidation. The carrying value of investments held at December 31, 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 December 31, 2015 and December 31, 2014 : As of December 31, 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 5,179.6 — 5,179.6 — Bonds 71.1 — 71.1 — Equity securities 0.9 — 0.9 — Private equity fund assets: Equity securities 364.6 7.7 — 356.9 Debt securities 31.7 — — 31.7 Investments in other private equity funds 368.2 — — 368.2 Total assets at fair value 6,016.1 7.7 5,251.6 756.8 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 table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: Year ended December 31, 2015 Year ended December 31, 2014 $ in millions Level 3 Assets Level 3 Liabilities Level 3 Assets Level 3 Liabilities Beginning balance 773.9 (5,149.6 ) 500.9 (4,181.7 ) Adjustment for adoption of ASU 2014-13 — 5,149.6 — — Purchases 129.6 — 302.3 — Sales (146.5 ) — (138.7 ) — Issuances — — 1.8 (1,995.5 ) Settlements — — — 706.8 Deconsolidation of CIP — — — 339.0 Gains and losses included in the Consolidated Statements of Income* 8.2 — 107.6 (18.2 ) Transfers to Level 1 and 2** (8.4 ) — — — Ending balance 756.8 — 773.9 (5,149.6 ) ____________ * Included in gains/(losses) of CIP, net in the Consolidated Statement of Income for the year ended December 31, 2015 are $79.8 million in net unrealized losses attributable to investments still held at December 31, 2015 by CIP (year ended December 31, 2014 : $60.2 million net unrealized gains attributable to investments still held at December 31, 2014 ). ** During the year ended December 31, 2015 , $7.8 million (year ended December 31, 2014 : zero ) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the existence of legal lock up requirements of securities following the public offering of the underlying companies. During the year ended December 31, 2015, $0.6 million (year ended December 31, 2014: $0 million ) 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 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 2016 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 December 31, 2015 , the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $319.9 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 0.1% of the collateral assets are in default as of December 31, 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 years ended December 31, 2015 and 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 9.4 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 were 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 was 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 required the use of certain unobservable inputs for CLO valuation. Once the undiscounted cash flows of the collateral assets were determined, the company applied 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 in CIP generally may not redeem their investment until the partnership liquidates. Generally, the partnerships have a life that ranges from seven to twelve years unless dissolved earlier. The general partner may extend the partnership term up to a specified period of time as stated in the Partnership Agreement. Some partnerships allow the limited partners to cause an earlier termination upon the occurrence of certain events as specified in the Partnership Agreement. For private equity partnerships, fair value is determined by reviewing each investment for the sale of additional securities of an issuer to sophisticated investors or for investee financial conditions and fundamentals. Publicly traded portfolio investments are carried at market value as determined by their most recent quoted sale, or if there is no recent sale, at their most recent bid price. For these investments held by CIP, level 1 classification indicates that fair values have been determined using unadjusted quoted prices in active markets for identical assets that the partnership has the ability to access. Level 2 classification may indicate that fair values have been determined using quoted prices in active markets but give effect to certain lock-up restrictions surrounding the holding period of the underlying investments. The fair value of level 3 investments held by CIP are derived from inputs that are unobservable and which reflect the limited partnerships' own determinations about the assumptions that market participants would use in pricing the investments, including assumptions about risk. These inputs are developed based on the partnership's own data, which is adjusted if information indicates that market participants would use different assumptions. The partnerships which invest directly into private equity portfolio companies (direct private equity funds) take into account various market conditions, subsequent rounds of financing, liquidity, financial condition, purchase multiples paid in other comparable third-party transactions, the price of securities of other companies comparable to the portfolio company, and operating results and other financial data of the portfolio company, as applicable. The partnerships which invest into other private equity funds (funds-of-funds) take into account information received from those underlying funds, including their reported net asset values and evidence as to their fair value approach, including consistency of their fair value application. These investments do not trade in active markets and represent illiquid long-term investments that generally require future capital commitments. The partnerships' reported share of the underlying net asset values of the underlying funds is used as a practical expedient, as allowed by ASC Topic 820, in arriving at fair value. Quantitative Information about Level 3 Fair Value Measurements The following tables show significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at December 31, 2015 and December 31, 2014 : Assets* Fair Value at December 31, 2015 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Private Equity Funds --Equity Securities 320.0 Market Comparable Revenue Multiple NA 3.2x Discount 25 - 50% 25.0% Published valuation and/or broker quotes for similar types of assets $25-101 million $44.4 million Assets and Liabilities * Fair Value at December 31, 2014 ($ 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 ( December 31, 2015 : $61.2 million ; December 31, 2014 : $85.0 million ) and third party appraisals ( December 31, 2015 : $7.3 million ; December 31, 2014 : $5.7 million ). At December 31, 2014 , certain tranches of the consolidated CLOs were valued using third party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. Investments in other private equity funds as of December 31, 2015 of $368.2 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. ** 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. *** Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. The table below summarizes as of December 31, 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: December 31, 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) $368.2 $218.1 2.8 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. 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 | 12 Months Ended |
Dec. 31, 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. Affiliated balances are illustrated in the tables below: Years ended December 31, $ in millions 2015 2014 2013 Affiliated operating revenues: Investment management fees 3,565.8 3,609.8 3,208.2 Service and distribution fees 854.0 880.5 856.4 Performance fees 29.2 39.0 44.0 Other 108.5 120.5 108.5 Total affiliated operating revenues 4,557.5 4,649.8 4,217.1 As of December 31, $ in millions 2015 2014 Affiliated asset balances: Cash and cash equivalents 383.3 474.9 Unsettled fund receivables 166.7 254.2 Accounts receivable 317.7 332.9 Investments 982.7 848.8 Assets held for policyholders 6,051.2 1,697.5 Other assets 3.4 7.9 Total affiliated asset balances 7,905.0 3,616.2 Affiliated liability balances: Accrued compensation and benefits 105.0 138.8 Accounts payable and accrued expenses 82.9 61.9 Unsettled fund payables 248.2 322.1 Total affiliated liability balances 436.1 522.8 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On December 31, 2013, the company completed the sale of Atlantic Trust to the Canadian Imperial Bank of Commerce (CIBC) for a base purchase price of $210 million less certain working capital and cash funding requirements. Net cash proceeds of $137.0 million were received in 2013 with further cash proceeds of $60.8 million received in 2014. The results of Atlantic Trust, together with expenses and the gain associated with the sale, are reflected as discontinued operations in the Consolidated Statements of Income and are therefore excluded from the continuing operations of Invesco. The components of income from discontinued operations, net of tax, were as follows for the twelve months ended December 31, 2014 and 2013 , respectively. Years ended December 31, $ in millions 2014 2013 Operating revenue 0.3 162.6 Operating expenses (7.0 ) (139.2 ) Gain on sale 1.4 77.5 Income/(loss) from discontinued operations before income taxes (5.3 ) 100.9 Income tax provision 1.9 (36.4 ) Income/(loss) from discontinued operations, net of taxes (3.4 ) 64.5 In conjunction with the sale, the company recorded pre-tax gains of $77.5 million and $1.4 million , for the years ended December 31, 2013 and 2014, respectively, which are included within discontinued operations, net of taxes, in the accompanying Consolidated Statements of Income. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | On January 28, 2016 , the company declared a fourth quarter 2015 dividend of 27.0 cents per share, payable on March 4, 2016 , to shareholders of record at the close of business on February 18, 2016 with an ex-dividend date of February 16, 2016 . |
Accounting Policies (Policy)
Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Corporate Information | Corporate Information Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of global investment management capabilities. The company operates globally and its sole business is investment management. |
Basis of Accounting and Consolidation | Basis of Accounting and Consolidation In the opinion of management, the Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The company provides investment management services to, and has transactions with, various private equity funds, real estate funds, fund-of-funds, CLOs, and other investment products sponsored by the company in the normal course of business for the investment of client assets. The company serves as the investment manager, making day-to-day investment decisions concerning the assets of these products. Certain of these entities, typically CLOs and funds that are structured as partnership entities (such as private equity funds, real estate funds, and fund-of-funds), are considered to be variable interest entities (VIEs) if the VIE criteria are met. A VIE, in the context of the company and its managed funds, is a fund that does not have sufficient equity to finance its operations without additional subordinated financial support, or a fund for which the risks and rewards of ownership are not directly linked to voting interests. The Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and consolidate the financial statements of the Parent and all of its controlled subsidiaries. Additionally, the Consolidated Financial Statements include the consolidation of certain managed funds that meet the definition of a VIE if the company has been deemed to be the primary beneficiary of those funds, any non-VIE general partnership investments where the company is deemed to have control, and other managed investment products in which the company has a controlling financial interest. Control is deemed to be present when the Parent holds a majority voting interest or otherwise has the power to govern the financial and operating policies of the subsidiary managed fund so as to obtain the majority of the benefits from its activities. The company is generally considered to have a controlling financial interest in a managed fund when it owns a majority of the fund's outstanding shares, which may arise as a result of a seed money investment in a newly launched investment product from the time of initial launch to the time that the fund becomes majority-held by third-party investors. Investment products that are consolidated are referred to in this Report as Consolidated Sponsored Investment Products (CSIP), which generally include investment products in which Invesco holds the majority of the voting rights or partnerships in which the company has substantive equity at risk but in which the other investors lack removal or liquidation rights, or Consolidated Investment Products (CIP), which includes consolidated nominally-held investment products. The distinction is important, as it differentiates the company's economic risk associated with each type of consolidated managed fund. The company's economic risk with respect to each investment in a CSIP and a CIP is limited to its equity ownership and any uncollected management and performance fees. The presentation of the grossed up gains and losses arising from the consolidation of nominally-held CIP do not have a significant impact on the company's results of operations, liquidity, or capital resources. Gains and losses arising from majority-held CSIP could have a significant impact on the company's results of operations, as the company has greater economic risk associated with its investment. See Note 19 , "Consolidated Sponsored Investment Products," and Note 20 , "Consolidated Investment Products," for additional information regarding the impact of consolidation of investment products. Consolidation Accounting. The company follows the provisions of Accounting Standards Codification (ASC) Topic 810, “Consolidation,” when accounting for VIEs, including Accounting Standards Update (ASU) No. 2010-10, “Amendments for Certain Investment Funds” (ASU 2010-10), a deferral of the effective date of additional consolidation guidance for a reporting entity's interests in certain investment funds which have attributes of investment companies, for which the reporting entity does not have an obligation to fund losses, and which are not structured as securitization entities. In addition, the deferral applies to a reporting entity's interest in money market fund-type products. The company has determined that all of its managed funds with the exception of certain CLOs qualify for the deferral. The U.S. GAAP consolidation model in Accounting Standards Codification (ASC) Topic 810, "Consolidation," differs for entities that are considered to be VIEs versus those that do not meet the VIE criteria (and are thus referred to as voting interest entities, or VOEs). Additionally, the consolidation criteria for VIEs differs depending on the structure of the VIE as a result of ASU 2010-10. The consolidation models are summarized below: • For all VIE investment products except CLOs, if the company is deemed to have the majority of rewards/risks of ownership associated with, these funds, then the company is deemed to be their primary beneficiary and is required to consolidate these funds. For those private equity funds, real estate funds and fund-of-funds that are determined to be VIEs, the company evaluates the structure of each partnership to determine if it is the primary beneficiary of the fund. This evaluation includes assessing the rights of the limited partners to transfer their economic interests in the investment product. If the limited partners' lack rights to manage their economic interests, they are considered to be de facto agents of the company, resulting in the company determining that it is the primary beneficiary of the investment product. • For VIE CLOs, if the company is deemed to have the power to direct the activities of the CLO that most significantly impact the CLO's economic performance, and the obligation to absorb losses/right to receive benefits from the CLO that could potentially be significant to the CLO, then the company is deemed to be the CLO's primary beneficiary and is required to consolidate the CLO. • Non-VIE general partnership investments are deemed to be controlled by the company and are consolidated under a VOE model, unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote or can otherwise dissolve the partnership, or unless the limited partners have substantive participating rights over decision-making. The company also consolidates certain non-VIE managed investment products in which the company has a controlling interest under a VOE model, which, as discussed above, may arise as a result of a seed investment in a newly launched investment product. Consolidation Analysis. The company inventories its funds by vehicle type on a quarterly basis. The company assesses modifications to existing funds on an ongoing basis to determine if a significant reconsideration event has occurred. All newly created funds are evaluated for consolidation based upon a variety of factors, including the legal form of the investment vehicle, the management/performance fee structure, and any investment the company may have in the fund. Certain fund vehicle-types, such as CLOs and partnerships are more susceptible to consolidation due to the combination of these factors. The consolidation analysis for these structures includes a detailed review of the terms of the fund's governing documents and a comparison of the significant terms against the consolidation criteria in ASC 810, including a determination of whether the fund is a VIE or a VOE. Seed money and co-investments in managed funds in which the company has determined that it is the primary beneficiary or in which the company has a controlling financial interest are consolidated if the impact of doing so is deemed material. Otherwise, these investments are accounted for as described in the “Investments” accounting policy below. Consolidation of CLOs. A significant portion of CIP are CLOs. CLOs are investment vehicles created for the sole purpose of issuing collateralized loan instruments that offer investors the opportunity for returns that vary with the risk level of their investment. The notes issued by the CLOs are backed by diversified collateral asset portfolios consisting primarily of loans or structured debt. For managing the collateral of the CLO entities, the company earns investment management fees, including in some cases subordinated management fees, as well as contingent performance fees. The company has invested in certain of the entities, generally taking a portion of the unrated, junior subordinated position. The company's investments in CLOs are generally subordinated to other interests in the entities and entitle the company and other subordinated tranche investors to receive the residual cash flows, if any, from the entities. The company's subordinated interest can take the form of (1) subordinated notes, (2) income notes or (3) preference/preferred shares. The company has determined that, although the junior tranches have certain characteristics of equity, they should be accounted for and disclosed as debt on the company's Consolidated Balance Sheets, as the subordinated and income notes have a stated maturity indicating a date for which they are mandatorily redeemable. The preference shares are also classified as debt, as redemption is required only upon liquidation or termination of the CLO and not of the company. The company determined that it was the primary beneficiary of certain CLOs, as it has the power to direct the activities of the CLOs that most significantly impact the CLOs' economic performance, and the obligation to absorb losses/right to receive benefits from the CLOs that could potentially be significant to the CLOs. The primary beneficiary assessment includes an analysis of the rights of the company in its capacity as investment manager. In some CLOs, the company's role as investment manager provides that the company contractually has the power, as defined in ASC Topic 810, to direct the activities of the CLOs that most significantly impact the CLOs' economic performance, such as managing the collateral portfolio and the CLO's credit risk. In other CLOs, the company determined that it does not have this power in its role as investment manager due to certain rights held by other investors in the products or restrictions that limit the company's ability to manage the collateral portfolio and its credit risk. Additionally, the primary beneficiary assessment includes an analysis of the company's rights to receive benefits and obligations to absorb losses associated with its first loss position and management/performance fees. The company has determined that it could receive significant benefits and/or absorb significant losses from certain CLOs in which it holds a first loss position and has the right to significant fees. It was determined that the company's benefits and losses from certain other CLOs could not be significant, particularly in situations where the company does not hold a first loss position and where the fee interests are based upon a fixed percentage of collateral asset values. The company has elected the fair value option under ASC Topic 825-10-25 to measure the assets of all consolidated CLOs at fair value. All of the investments held by CIP are presented at fair value in the company's Consolidated Balance Sheets at December 31, 2015 and 2014 . 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 the "Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements" section below. Upon consolidation of the CLOs, the company's and the CLOs' accounting policies are effectively aligned, resulting in the reclassification of the company's gain or loss (representing the changes in the market value of the company's holding in the consolidated CLOs) from other comprehensive income into other gains/losses. The company's gain or loss on its investment in the CLOs (before consolidation) eliminates with the company's share of the offsetting loss or gain on the CLOs' debt. The net impact from consolidation of CLOs to net income attributable to Invesco Ltd. in each period primarily represents the changes in the value of the company's holding in its consolidated CLOs. The Consolidated Balance Sheets reflect the consolidation of assets held and debt issued by these CLOs, despite the fact that the assets cannot be used by the company, nor is the company obligated for the debt. Interest income and expense of consolidated CLOs are presented as other income/(expense) in the company's Consolidated Statements of Income. See Note 20 , “Consolidated Investment Products,” for additional details. In addition, the company's Consolidated Statements of Cash Flow reflects the cash flows of these CLOs. Consolidation of Private Equity, Real Estate, and Fund-of-Funds. The company also consolidates certain private equity and from time-to-time real estate funds that are structured as partnerships in which the company is the general partner receiving a management and/or performance fee. The company generally takes less than a 1% investment in these entities as the general partner. Private equity investments made by the underlying funds consist of direct investments in, or fund investments in other private equity funds that hold direct investments in, equity or debt securities in operating companies that are generally not initially publicly traded. Private equity funds are considered investment companies and are therefore accounted for under ASC Topic 946, “Financial Services - Investment Companies.” The company has retained the specialized industry accounting principles of these investment products in its Consolidated Financial Statements. See Note 20 , “Consolidated Investment Products,” for additional details. Consolidation basis. The Consolidated Financial Statements have been prepared primarily on the historical cost basis; however, certain items are presented using other bases such as fair value, where such treatment is required or voluntarily elected. The financial statements of subsidiaries, with the exception of certain consolidated managed funds, are prepared for the same reporting period as the Parent and use consistent accounting policies, which, where applicable, have been adjusted to U.S. GAAP from local generally accepted accounting principles or reporting regulations. The financial information of the CSIP and CIP is included in the company's Consolidated Financial Statements on a one -month or a three -month lag based upon the availability of fund financial information. Noncontrolling interests in consolidated entities represents the interests in certain entities consolidated by the company either because the company has control over the entity or has determined that it is the primary beneficiary, but of which the company does not own all of the entity's equity. To the extent that noncontrolling interests represent equity which is redeemable or convertible for cash or other assets at the option of the equity holder, as is the case with the CSIP noncontrolling interests, these are deemed to represent temporary equity, and are classified as equity attributable to redeemable noncontrolling interests in CSIPs in the Condensed Consolidated Balance Sheets. Nonredeemable noncontrolling interests are classified as a component of permanent equity. |
Use of Estimates | Use of Estimates In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect reported revenues, expenses, assets, liabilities, and disclosure of contingent liabilities. The primary estimates and assumptions made relate to goodwill and intangible impairment, certain investments which are carried at fair value, and taxes. Additionally, estimation is involved when determining investment and debt valuation for certain CIP; however, changes in the fair values of these amounts are largely offset by noncontrolling interests. Use of available information and application of judgment are inherent in the formation of estimates. Actual results in the future could differ from such estimates and the differences may be material to the Consolidated Financial Statements. |
Reclassifications | Reclassifications As discussed in the "Accounting Pronouncements Recently Adopted and Pending Accounting Pronoucements" section below, the company adopted ASU 2015-03, which required retrospective application. In addition, the presentation of certain prior period amounts has been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on total operating revenues, operating expenses, net income, total assets, total liabilities, or equity attributable to Invesco Ltd. |
Acquisition Accounting | Acquisition Accounting In accordance with ASC Topic 805, “Business Combinations," any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired attributable to the company is recognized as goodwill. With certain exceptions, 100% of the fair values of assets acquired, liabilities assumed, and noncontrolling interests is recognized in acquisitions of less than 100% controlling interest when the acquisition constitutes a change in control of the acquired entity. Additionally, when partial ownership in an acquiree is obtained and it is determined that the company controls the acquiree, the assets acquired, liabilities assumed and any noncontrolling interests are recognized and consolidated at 100% of their fair values at that date, regardless of the percentage ownership in the acquiree. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the company's share, is recognized under this “full-goodwill” approach. Noncontrolling interests are stated at the noncontrolling shareholder's proportion of the pre-acquisition carrying values of the acquired net assets. The results of entities acquired or sold during the year are included from or to the date control changes. Contingent consideration obligations that are elements of consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash held at banks and short-term investments with a maturity upon acquisition of three months or less. Cash and cash equivalents of CIP and CSIP are not available for general use by the company. Cash balances may not be readily accessible to the Parent due to capital adequacy requirements of certain of our subsidiaries. These and other similar provisions of applicable law may have the effect of limiting withdrawals of capital, repayment of intercompany loans and payment of dividends by such entities. All of our regulated EU subsidiaries are subject to consolidated capital requirements under EU Directives, including those arising from the Capital Requirements Directive IV (CRD IV) and the Internal Capital Adequacy Assessment Process (ICAAP), and capital is maintained within this sub-group to satisfy these regulations. We meet these requirements in part by holding cash and cash equivalents. This retained cash can be used for general business purposes in the European sub-group in the countries where it is located. Due to the capital restrictions, the ability to transfer cash between certain jurisdictions may be limited. In addition, transfers of cash between international jurisdictions may have adverse tax consequences. The company is in compliance with all regulatory minimum net capital requirements. In addition, the company is required to hold cash deposits with clearing organizations or to otherwise segregate cash to maintain compliance with federal and other regulations in connection with its UIT broker dealer entity. At December 31, 2015 these cash deposits totaled $11.4 million (year ended December 31, 2014 : $11.4 million ). |
Unsettled Fund Receivables and Payables | Unsettled Fund Receivables and Payables The company records unsettled fund receivables from underlying fund investors in certain fund products outside the U.S. when these investors place unsettled investments into the funds. Additionally, the company records unsettled fund receivables from certain non-U.S. funds during the settlement period when underlying fund investors redeem their holdings. Settlement periods for both receivables from underlying investors and funds are generally less than four days. Additionally, in its capacity as sponsor of UITs, the company records receivables from brokers, dealers, and clearing organizations for unsettled sell trades of securities and UITs in addition to receivables from customers for unsettled sell trades of UITs. The company also records payables to brokers, dealers, and clearing organization for unsettled buy trades of securities and UITs in addition to payables to customers for unsettled buy trades of securities and UITs. The presentation of the unsettled fund receivables and substantially offsetting payables at trade date reflects the legal relationship between the underlying investor and the company. |
Accounts Receivable and Payable | Accounts Receivable and Payable Accounts receivable and payable are recorded at their original invoice amounts. Accounts receivable are also recorded less any allowance for uncollectible amounts. |
Investments | Investments The majority of the company’s investment balances relate to balances held in affiliated funds. In the normal course of business, the company invests in various types of affiliated investment products, either as “seed money” or as longer-term investments alongside third-party investors, typically referred to as “co-investments.” Seed money investments are investments held in Invesco managed funds with the purpose of providing capital to the funds during their development periods to allow the funds to achieve critical mass, establish their track records, and obtain third-party investments. Seed money may also be held for regulatory purposes in certain jurisdictions. Co-investments are often required of the investment manager by third-party investors in closed-ended funds to demonstrate an aligning of the investment manager’s interests with those of the third-party investors. The company also invests in affiliated funds in connection with its deferred compensation plans, whereby certain employees defer portions of their annual bonus into funds. Investments are categorized in this Report as available-for-sale, trading, equity method, foreign time deposits, and other investments. See Note 3 “Investments” for additional details. Available-for-sale investments include seed money, co-investments in affiliated collateralized loan obligations (CLOs), and investments in other debt securities. Available-for-sale investments are measured at fair value. Gains or losses arising from changes in the fair value of available-for-sale investments are recognized in accumulated other comprehensive income, net of tax, until the investment is sold or otherwise disposed of, or if the investment is determined to be other-than-temporarily impaired, at which time the cumulative gain or loss previously reported in equity is included in income. The specific identification method is used to determine the realized gain or loss on securities sold or otherwise disposed. Trading investments include investments held to settle the company’s deferred compensation plan liabilities, certain seed money, as well as trading and investing activities in equity and debt securities entered into in its capacity as sponsor of UITs, and other equity securities. Trading securities are securities bought and held principally for the purpose of selling them in the near term. Trading investments are measured at fair value. Gains or losses arising from changes in the fair value of trading investments are included in income. Equity method investments include investments over which the company is deemed to have significant influence, including corporate joint ventures and non-controlled entities in which the company's ownership is between 20 and 50 percent, and co-investments in certain managed funds generally structured as partnerships or similar vehicles. Investments in joint ventures are investments jointly controlled by the company and external parties. Co-investments in managed funds structured as partnerships or similar vehicles include private equity, real estate, and fund-of-funds. The equity method of accounting requires that the investment is initially recorded at cost, including any excess value paid over the book value of the investment acquired. The carrying amount of the investment is increased or decreased to recognize the company's share of the after-tax profit or loss of the investee after the date of acquisition. The proportionate share of income or loss is included in equity in earnings of unconsolidated affiliates in the Consolidated Statements of Income, and the proportionate share of other comprehensive income or loss is included in accumulated other comprehensive income in the Consolidated Balance Sheets. Seed money and co-investments in managed funds are required to be consolidated by the company if certain criteria are met. Upon consolidation of material balances, the company’s seed money or co-investment balance is eliminated, and the underlying investments of the managed fund are reflected on the company’s Consolidated Balance Sheets at fair value. These underlying investments are presented in the company's Consolidated Financial Statements as either CSIP or CIP investments. See the “Basis of Accounting and Consolidation” for additional information regarding the consolidation criteria as well as the basis for the distinction between the CSIP and CIP classifications. If the company subsequently determines that it no longer controls the managed funds in which it has invested, the company will deconsolidate the funds. Any remaining holding in the managed funds is then accounted for on the bases described above. Fair value is determined using a valuation hierarchy (discussed in Note 2 , “Fair Value of Assets and Liabilities”), generally by reference to an active trading market, using quoted closing or bid prices as of each reporting period end. When a readily ascertainable market value does not exist for an investment, the fair value is calculated based on the expected cash flows of its underlying net asset base, taking into account applicable discount rates and other factors. Judgment is used to ascertain if a formerly active market has become inactive and in determining fair values when markets have become inactive. The company evaluates the carrying value of investments for impairment on a quarterly basis. In its impairment analysis, the company takes into consideration numerous criteria, including the duration and extent of any decline in fair value, the intent and ability of the company to hold the security for a period of time sufficient for a recovery in value, recent events specific to the issuer or industry and external credit ratings and recent downgrades with respect to issuers of debt securities held. If the decline in value is determined to be other-than-temporary, the carrying value of the security is generally written down to fair value through the income statement. If the fair value of a debt security, however, is less than its amortized cost, the decline in value is determined to be other-than-temporary, and the company intends to sell the debt security or it is more likely than not that the company will be required to sell the debt security before the recovery of its amortized cost basis, the entire difference between the investment's amortized cost basis and its fair value is recognized as an other-than-temporary impairment through the income statement. If the company does not intend to sell the debt security, and it is not more likely than not that the company will be required to sell the debt security before recovery of its amortized cost basis, then the other-than-temporary impairment is separated into two components: a) the amount representing the credit loss, which is recorded as a charge in the Consolidated Statements of Income, and b) the amount related to all other factors, which is recognized in the Consolidated Statements of Comprehensive Income, net of tax. |
Assets Held for Policyholders and Policyholder Payables | Assets Held for Policyholders and Policyholder Payables One of the company's subsidiaries, Invesco Perpetual Life Limited, is an insurance entity that was established to facilitate retirement savings plans in the U.K. The entity holds assets that are managed for its clients on its balance sheet with an equal and offsetting liability to the policyholders, which is linked to the value of the investments. The investments are legally segregated and are generally not subject to claims that arise from any of the company's other businesses. Investments and policyholder payables held by this business meet the definition of financial instruments and are carried in the Consolidated Balance Sheets as separate account assets and liabilities at fair value in accordance with ASC Topic 944, “Financial Services - Insurance.” Changes in fair value are recorded and offset to zero in the Consolidated Statements of Income in other operating revenues. Management fees earned from policyholder investments are accounted for as described in the company's revenue recognition accounting policy. |
Deferred Sales Commissions | Deferred Sales Commissions Mutual fund shares sold without a sales commission at the time of purchase are commonly referred to as “B shares.” B shares typically have an asset-based fee (12b-1 fee) that is charged to the fund over a period of years and a contingent deferred sales charge (CDSC). The CDSC is an asset-based fee that is charged to investors that redeem B shares during a stated period. Commissions paid at the date of sale to brokers and dealers for sales of mutual funds that have a CDSC are capitalized and amortized over a period not to exceed the redemption period of the related fund (generally up to six years ). The deferred sales commission asset, which is included in prepaid assets in our Consolidated Balance Sheets, is reviewed periodically for impairment by reviewing the recoverability of the asset based on estimated future fees to be collected. |
Property, Equipment, Software and Depreciation | Property, Equipment, Software and Depreciation Property, equipment and software includes owned property, leasehold improvements, computer hardware/software and other equipment and is stated at cost less accumulated depreciation or amortization and any previously recorded impairment in value. Expenditures for major additions and improvements are capitalized; minor replacements, maintenance and repairs are charged to expense as incurred. Amounts incurred are presented as work-in-progress until the construction or purchase of the property and equipment is substantially complete and ready for its intended use, which, at that point, will begin to be depreciated or amortized. Depreciation is provided on property and equipment at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life: owned buildings over 50 years , leasehold improvements over the shorter of the lease term or useful life of the improvement; and computers and other various equipment between three and seven years. Purchased and internally developed software is capitalized where the related costs can be measured reliably, and it is probable that the asset will generate future economic benefits, and amortized into operating expenses on a straight-line basis over its useful life, generally over five to seven years. The company capitalizes qualified internal and external costs incurred during the application development stage for internally developed software in accordance with ASC Topic 350-40, “Intangibles - Goodwill and Other - Internal-Use Software.” The company reevaluates the useful life determination for property and equipment each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life. On sale or retirement, the asset cost and related accumulated depreciation are removed from the Consolidated Financial Statements and any related gain or loss is reflected in income. The carrying amounts of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable. At each reporting date, an assessment is made for any indication of impairment. If an indication of impairment exists, recoverability is tested by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If those net undiscounted cash flows do not exceed the carrying amount (i.e. the asset is not recoverable), the next step would be performed, which is to determine the fair value of the asset and record an impairment charge, if any. |
Intangible Assets | Intangible Assets Intangible assets identified on the acquisition of a business are capitalized separately from goodwill if the fair value can be measured reliably on initial recognition (transaction date) and, if they are determined to be finite-lived, are amortized and recorded as operating expenses on a straight-line basis over their useful lives, from seven to twelve years, which reflects the pattern in which the economic benefits are realized. Intangible assets consist primarily of mutual fund and other client management contracts, customer relationships and distribution agreements. The company considers its own assumptions, which require management's judgment, about renewal or extension of the term of the arrangement, consistent with its expected use of the asset. A change in the useful life of an intangible asset could have a significant impact on the company's amortization expense. Where evidence exists that the underlying arrangements have a high likelihood of continued renewal at little or no cost to the company, the intangible asset is assigned an indefinite life and reviewed for impairment on an annual basis. The company reevaluates the useful life determination for intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life or an indication of impairment. Management contracts that are managed and operated on a single operating platform are reviewed in aggregate as one unit of valuation and are considered interchangeable because investors may freely transfer between funds. Similarly, cash flows generated by new funds added to the operating platform are included when determining the fair value of the intangible asset. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable (i.e. the carrying amount exceeds the sum of the fair value of the intangible). In addition, management judgment is required to estimate the period over which definite-lived intangible assets will contribute to the company's cash flows and the pattern in which these assets will be consumed. Intangible assets not subject to amortization are tested for impairment annually as of October 1 or more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test consists of a comparison of the fair value of an intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Fair value is generally determined using an income approach where estimated future cash flows are discounted to arrive at a single present value amount. |
Goodwill | Goodwill Goodwill represents the excess of cost over the identifiable net assets of businesses acquired and is recorded in the functional currency of the acquired entity. Goodwill is recognized as an asset and is reviewed for impairment annually as of October 1 and between annual tests when events and circumstances indicate that impairment may have occurred. The company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated Invesco Ltd. single operating segment, which is consistent with internal management reporting and management's oversight of operations. The company evaluated the components of its business, which are business units one level below the operating segment level in making this determination. The company's operating segment represents one reporting unit because all of the components are similar due to the common nature of products and services offered, type of clients, methods of distribution, manner in which each component is operated, extent to which they share assets and resources, and the extent to which they support and benefit from common product development efforts. Traditional profit and loss measures are not produced and therefore not reviewed by component management for any of the components. Furthermore, the financial information that is available by component is not sufficient for purposes of performing a discounted cash flow analysis at the component level in order to test goodwill for impairment at that level. As none of the company's components are reporting units, the company has determined that its single operating segment, investment management, is also its single reporting unit. ASU 2011-08 allows the option to first qualitatively assess whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The company did not utilize this option in 2015 and performed a quantitative impairment test. The impairment test for goodwill consists of a two-step approach, which is performed at the reporting unit level. If the carrying amount of the reporting unit exceeds its fair value (the first step of the goodwill impairment test), then the second step is performed to determine if goodwill is impaired and to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of goodwill with the carrying amount of goodwill. If the carrying amount of goodwill exceeds the implied fair value of goodwill, an impairment loss is recognized in an amount equal to that excess. The principal method of determining fair value of the reporting unit is an income approach where estimated future cash flows are discounted to arrive at a single present value amount. The discount rate used is derived based on the time value of money and the risk profile of the stream of future cash flows. Recent results and projections based on expectations regarding revenue, expenses, capital expenditure and acquisition earn out payments produce a present value for the reporting unit. The present value produced for the reporting unit is the fair value of the reporting unit. This amount is reconciled to the company's market capitalization to determine an implied control premium, which is compared to an analysis of historical control premiums experienced by peer companies over a long period of time to assess the reasonableness of the fair value of the reporting unit. The company also utilizes a market approach to provide a secondary and corroborative fair value of the reporting unit by using comparable company and transaction multiples to estimate values for our single reporting unit. Discretion and judgment is required in determining whether the transaction data available represents information for companies of comparable nature, scope and size. The results of the secondary market approach to provide a fair value estimate are not combined or weighted with the results of the income approach described above but are used to provide an additional basis to determine the reasonableness of the income approach fair value estimate. |
Debt and Financing Costs | Debt and Financing Costs Debt issuance costs related to the issuance of Senior Notes are presented as a deduction from the carrying amount of the related debt liability. Debt issuance costs related to the company's credit facility are presented as a deferred asset within Other Assets on the company's Consolidated Balance Sheets. After initial recognition, debt issuance costs are measured at amortized cost. Finance charges and debt issuance costs are amortized over the term of the debt using the effective interest method. Interest charges are recognized in the Consolidated Statement of Income in the period in which they are incurred. |
Revenue Recognition | Revenue Recognition Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, value added tax and other sales-related taxes. Revenue is recognized when there is persuasive evidence of an arrangement, delivery has occurred or services have been provided, collectability is reasonably assured and the revenue can be reliably measured. Revenue represents management, service and distribution, performance and other fees. Revenue is generally accrued over the period for which the service is provided. Investment management fees are derived from providing professional services to manage client accounts and include fees earned from retail mutual funds, investment companies with variable capital (ICVCs), exchange-traded funds, investment trusts, other collective investment vehicles, and institutional management contracts. Investment management fees for products offered in the retail distribution channel are generally calculated as a percentage of the daily average asset balances and therefore vary as the levels of AUM change resulting from inflows, outflows and market movements. Investment management fees for products offered in the institutional distribution channel are calculated in accordance with the underlying investment management contracts and also vary in relation to the level of client assets managed. Service fees are generated through fees charged to cover several types of expenses, including fund accounting fees and other maintenance costs for mutual funds and ICVCs and administrative fees earned from closed-ended funds. Service fees also include transfer agent fees, which are fees charged to cover the expense of processing client share purchases and redemptions, call center support and client reporting. U.S. distribution fees can include 12b-1 fees earned from certain mutual funds to cover allowable sales and marketing expenses for those funds and also include asset-based sales charges paid by certain mutual funds for a period of time after the sale of those funds. Distribution fees typically vary in relation to the amount of client assets managed. Generally, retail products offered outside of the U.S. do not generate a separate distribution fee, as the quoted management fee rate is inclusive of these services. Performance fee revenues, including carried interests and performance fees related to partnership investments and separate accounts, are generated on certain management contracts when performance hurdles are achieved. Such fee revenues are recorded in operating revenues as of the performance measurement date, when the contractual performance criteria have been met and when the outcome of the transaction can be measured reliably in accordance with Method 1 of ASC Topic 605-20-S99, “Revenue Recognition - Services - SEC Materials.” Cash receipt of performance fees generally occurs after the contractual measurement date; however, the company may receive, from time-to-time, cash distributions of carried interest before the measurement date. Such distributions are reflected as deferred carried interest liabilities on the Consolidated Balance Sheets. The performance measurement date is defined in each contract in which incentive and performance fee revenue agreements are in effect, and therefore the company has performance fee arrangements that include monthly, quarterly and annual measurement dates. Given the uniqueness of each transaction, performance fee contracts are evaluated on an individual basis to determine if revenues can and should be recognized. The company does not recognize performance fee revenues if there are any future performance contingencies associated with them. As such, these fees are generally not recorded as revenue until the likelihood of claw-back is mathematically improbable. If performance arrangements require repayment of the performance fee for failure to perform during the contractual period, then performance fee revenues are recognized no earlier than the expiration date of these terms. At such point, the associated revenues are considered earned. Performance fees will fluctuate from period to period and may not correlate with general market changes, since most of the fees are driven by relative performance to the respective benchmark rather than by absolute performance. Other revenues include fees derived primarily from transaction commissions earned upon the sale of new investments into certain of our funds and fees earned upon the completion of transactions in our real estate and private equity asset groups. Real estate transaction fees are derived from commissions earned through the buying and selling of properties. Private equity transaction fees include commissions associated with the restructuring of, and fees from providing advice to, portfolio companies held by the funds. These transaction fees are recorded in the Consolidated Financial Statements on the date when the transactions are legally closed. The company is the sponsor of UITs. In its capacity as sponsor of UITs, the company earns other revenues related to transactional sales charges resulting from the sale of UIT products and from the difference between the purchase or bid and offer price of securities temporarily held to form new UIT products. These revenues are recorded as other revenues net of concessions to dealers who distribute UITs to investors. Other revenues also include the revenues of CIP. Distribution, service and advisory fees that are passed through to external parties are presented separately as expenses in accordance with ASC Topic 605-45, “Revenue Recognition - Principal Agent Considerations.” Third-party distribution, service and advisory expenses include periodic “renewal” commissions paid to brokers and independent financial advisors for the continuing oversight of their clients' assets over the time they are invested and are payments for the servicing of client accounts. Renewal commissions are calculated based upon a percentage of the AUM value and apply to much of the company's non-U.S. retail operations, where they can also take the form of management fee rebates. As discussed above, the revenues from our U.S. retail operations include 12b-1 distribution fees, which are passed through to brokers who sell the funds as third-party distribution expenses along with additional marketing support distribution costs. Both the revenues and the costs are dependent on the underlying AUM of the brokers' clients. Third-party distribution expenses also include the amortization of upfront commissions paid to broker-dealers for sales of fund shares with a contingent deferred sales charge (a charge levied to the investor for client redemption of AUM within a certain contracted period of time). The distribution commissions are amortized over the redemption period. Also included in third-party distribution, service and advisory expenses are sub-transfer agency fees that are paid to third parties for processing client share purchases and redemptions, call center support and client reporting. These costs are reimbursed by the related funds. Interest income is accrued on interest-bearing assets. Dividend income from investments is recognized on the ex-dividend date. |
Share-Based Compensation | Share-Based Compensation The company issues equity-settled share-based awards to certain employees, which are measured at fair value at the date of grant. The fair value determined at the grant date is expensed, based on the company's estimate of shares that will eventually vest, on a straight-line or accelerated basis over the vesting period. The initial forfeiture rate applied to most grants is 3% per year, based upon the company's historical experience with respect to employee turnover. Fair value for the share awards representing equity interests identical to those associated with shares traded in the open market is determined using the market price at the date of grant. |
Deferred Compensation | Deferred Compensation The company issues deferred cash awards to certain employees which are linked in value to investment products. The employees may earn a return linked to the appreciation or depreciation of specified investments, typically the funds they manage. The company intends to hedge economically the exposure to market movements by holding the investments on its balance sheet. The company recognizes as compensation expense the value of the liability to employees, including the appreciation or depreciation of the liability, over the award's vesting period in proportion to the vested amount of the award. The company immediately recognizes the full value of the related investment, and any subsequent appreciation or depreciation of the investment, below operating income in other gains and losses. |
Pensions | Pensions For defined contribution plans, contributions payable related to the accounting period are charged to the income statement. For defined benefit plans, the cost of providing benefits is separately determined for each plan using the projected unit credit method, based on actuarial valuations performed at each balance sheet date. The company's annual measurement date is December 31. A portion of actuarial gains and losses is recognized through the income statement if the net cumulative unrecognized actuarial gain or loss at the end of the prior period exceeds the greater of 10.0% of the present value of the defined benefit obligation (before deducting plan assets) at that date and 10.0% of the fair value of any plan assets. |
Advertising Costs | Advertising Costs The company expenses the cost of all advertising and promotional activities as incurred. The company incurred advertising costs of $35.4 million for the year ended December 31, 2015 ( December 31, 2014 : $38.6 million ; December 31, 2013 : $31.3 million ). These amounts are included in marketing expenses in the Consolidated Statements of Income. |
Leases | Leases The company complies with lease accounting in accordance with ASC Topic 840, "Leases.” Under operating leases, where the lessor retains substantially all the risks and benefits of ownership of the asset, rental payments, as well as any step rent provisions specified in lease agreements, are aggregated and charged evenly to expense over the lease term beginning on the date of initial possession or the effective date of the lease agreement. Maintenance, utility, and tax costs included in lease agreements are expensed in the period incurred. Rental payments dependent upon an existing index or rate are included in the minimum lease payments based on the index or rate in effect at the inception of the lease and are recognized on a straight-line basis over the minimum lease term. Changes in rental payments that result from subsequent changes in the index or rate are expensed in the period incurred. Capital improvement funding and other lease concessions provided by the landlord are recorded as a deferred liability and are amortized evenly over the lease term as a reduction of rental expense. The company accounts for lease termination costs in accordance with ASC Topic 420, “Exit or Disposal Cost Obligations,” which requires that (1) a liability for costs to terminate a contract before the end of its term shall be recognized at the time termination occurs and measured at fair value and (2) a liability for costs that will continue to be incurred under a contract for its remaining term without economic benefit to the company be recognized and measured at its fair value when the company ceases to use the right conveyed by the contract, net of estimated sublease rentals that could reasonably be obtained even if the company does not anticipate entering into any subleasing arrangements. |
Taxation | Taxation Income taxes are provided for in accordance with ASC Topic 740, “Income Taxes” (ASC Topic 740). Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the Consolidated Financial Statements, using the statutory tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets to the amount that is more likely than not to be realized. The company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which treats unvested restricted shares as if they were a separate class of shares. Under the two-class method, net income attributable to Invesco Ltd. is adjusted for the allocation of earnings to the unvested restricted shares. In addition, the weighted-average shares outstanding is adjusted for unvested restricted shares. 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. |
Comprehensive Income | Comprehensive Income The company's other comprehensive income/(loss) consists of changes in unrealized gains and losses on investment securities classified as available-for-sale, the company's share of other comprehensive income of equity method investments, reclassification adjustments for realized gains/(losses) on those investment securities classified as available-for-sale, foreign currency translation adjustments and employee benefit plan liability adjustments. Such amounts are recorded net of applicable taxes. |
Dividends to Shareholders | Dividends to Shareholders Dividends to shareholders are recognized on the declaration date. Dividends are declared and paid on a quarterly basis. |
Translation of Foreign Currencies | Translation of Foreign Currencies Transactions in foreign currencies (currencies other than the functional currencies of the company's subsidiaries) are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are remeasured into the functional currencies of the company's subsidiaries at the rates prevailing at the balance sheet date. Gains and losses arising on revaluation are included in the Consolidated Statements of Income. The company's reporting currency and the functional currency of the Parent is U.S. dollars. On consolidation, the assets and liabilities of company subsidiary operations whose functional currencies are currencies other than the U.S. dollar (“foreign” operations) are translated at the rates of exchange prevailing at the balance sheet date. Consolidated Statements of Income figures are translated at the weighted average rates for the year, which approximate actual exchange rates. Exchange differences arising on the translation of the net assets of foreign operations are taken directly to accumulated other comprehensive income in equity until the disposal of the net investment, at which time they are recognized in the Consolidated Statements of Income. Goodwill and other fair value adjustments arising on acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at rates of exchange prevailing at the balance sheet date. The company generally does not hedge corporate interest rate or foreign currency exposures with derivative financial instruments; however, the company has in the past purchased several put option contracts to hedge economically foreign currency risk on the translation of its pound sterling-denominated earnings into U.S. dollars. See Note 2 , "Fair Value of Assets and Liabilities," for additional information. In the management of its cross-border fund operations, foreign currency forward and swap contracts are purchased daily to hedge against foreign exchange rate movements during the four-day client money settlement period. Certain CIP and CSIP may also utilize such instruments. See Notes 19 , "Consolidated Sponsored Investment Products," and 20 , “Consolidated Investment Products,” for any additional information. |
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, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis.” 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 and will reflect the adoption of ASU 2015-02 as of January 1, 2016 in its first quarter 2016 Form 10-Q using the modified retrospective transition method. 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. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements”. This ASU clarified guidance in ASC 2015-03 stating that the SEC staff would not object to a company presenting debt issuance costs related to a line-of-credit arrangement on the balance sheet as a deferred asset, regardless of whether there were any outstanding borrowings at period-end. The company adopted ASU 2015-03 as of December 31, 2015 on a retrospective basis to all prior balance sheet periods presented. As a result of the retrospective adoption, the Company reclassified unamortized debt issuance costs of $15.9 million and $12.5 million as of December 31, 2015 and December 31, 2014 , respectively, from Other Assets to Long-Term Debt within its consolidated balance sheets. Unamortized debt issuance costs associated with the company's credit facility, which amounted to $8.7 million and $8.9 million as of December 31, 2015 and December 31, 2014 , respectively, were not reclassified and remain reflected in Other Assets on the consolidated balance sheets. Adoption of this standard did not impact the results of operations, retained earnings, or cash flows in the current or prior annual reporting periods. 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. In January 2016, the FASB issued Accounting Standards Update 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01). The standard amends certain aspects of recognition, measurement, presentation, and disclosure of financial assets and liabilities. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The company is currently evaluating the potential impact of this standard on its Consolidated Financial Statements, as well as available transition methods. |
Fair Value Of Assets And Liab32
Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments Held By Consolidated Investments | The carrying value and fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CSIP and CIP are presented in Note 19 , "Consolidated Sponsored Investment Products" and Note 20 , "Consolidated Investment Products." December 31, 2015 December 31, 2014 $ in millions Footnote Reference Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1 1,851.4 1,851.4 1,514.2 1,514.2 Available-for-sale investments 3 233.2 233.2 255.9 255.9 Trading investments 3 402.7 402.7 263.2 263.2 Foreign time deposits * 3 24.7 24.7 29.6 29.6 Assets held for policyholders 1 6,051.5 6,051.5 1,697.9 1,697.9 Policyholder payables * 1 (6,051.5 ) (6,051.5 ) (1,697.9 ) (1,697.9 ) Put option contracts 1.4 1.4 — — UIT-related financial instruments sold, not yet purchased (2.5 ) (2.5 ) (1.4 ) (1.4 ) Contingent consideration liability (83.9 ) (83.9 ) — — Long-term debt * 8 (2,072.8 ) (2,161.3 ) (1,576.8 ) (1,695.8 ) ____________ * These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. |
Tri-Level Hierarchy, Carrying Value | The following table presents, for each of the hierarchy levels described above, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheet as of December 31, 2015 : As of December 31, 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 383.3 383.3 — — Investments:* Available-for-sale: Seed money 225.9 225.9 — — CLOs 1.4 — — 1.4 Other debt securities 5.9 — — 5.9 Trading investments: Investments related to deferred compensation plans 158.8 158.8 — — Seed money 191.2 191.2 — — Other equity securities 48.1 48.1 — — UIT-related equity and debt securities: Corporate equities 1.8 1.8 — — UITs 1.5 1.5 — — Municipal securities 1.3 — 1.3 — Assets held for policyholders 6,051.5 6,051.5 — — Put option contracts 1.4 — 1.4 — Total 7,072.1 7,062.1 2.7 7.3 Liabilities: UIT-related financial instruments sold, not yet purchased: Corporate equities (2.5 ) (2.5 ) — — Contingent consideration liability (83.9 ) — — (83.9 ) Total (86.4 ) (2.5 ) — (83.9 ) ____________ * Foreign time deposits of $24.7 million are excluded from this table. Equity and other investments of $352.8 million and $5.7 million , respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. The following table presents, for each of the hierarchy levels described above, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheet as of December 31, 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 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 | * Foreign time deposits of $29.6 million are excluded from this table. Equity 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 year ended December 31, 2015 and December 31, 2014 , which are valued using significant unobservable inputs: For the year ended December 31, 2015 For the year ended December 31, 2014 $ in millions Contingent Consideration Liability CLOs Other Debt Securities CLOs Other Debt Securities Note Payable Beginning balance — 3.4 6.3 4.0 6.3 (0.3 ) Purchases/acquisitions (119.3 ) — — — — — Returns of capital — (0.1 ) (0.4 ) (0.3 ) — — Net unrealized gains and losses included in other gains and losses* 27.1 — — — — — Net unrealized gains and losses included in accumulated other comprehensive income/(loss) * — 0.1 — (0.3 ) — — Disposition/settlements 8.3 (2.0 ) — — — 0.3 Ending balance (83.9 ) 1.4 5.9 3.4 6.3 — ____________ * These unrealized gains and losses are attributable to balances still held at the respective year ends. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Marketable Securities | $ in millions December 31, 2015 December 31, 2014 Available-for-sale investments: Seed money 225.9 246.2 CLOs 1.4 3.4 Other debt securities 5.9 6.3 Trading investments: Investments related to deferred compensation plans 158.8 162.6 Seed Money 191.2 68.2 UIT-related equity and debt securities 4.6 3.4 Other equity securities 48.1 29.0 Equity method investments 352.8 332.1 Foreign time deposits 24.7 29.6 Other 5.7 4.6 Total investments 1,019.1 885.4 |
Realized Gains Losses Available-For-Sale Securities | Realized gains and losses recognized in the Consolidated Statements of Income during the year from investments classified as available-for-sale are as follows: 2015 2014 2013 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 48.1 2.2 (0.2 ) 102.5 13.0 (0.2 ) 26.7 3.6 (0.4 ) CLOs 2.6 0.5 — 0.3 — — 0.2 — — Other debt securities 0.4 — — — — — — — — 51.1 2.7 (0.2 ) 102.8 13.0 (0.2 ) 26.9 3.6 (0.4 ) |
Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments | Gross unrealized holding gains and losses recognized in other accumulated comprehensive income from available-for-sale investments are presented in the table below: December 31, 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 227.6 7.6 (9.3 ) 225.9 237.7 12.8 (4.3 ) 246.2 CLOs 1.3 0.1 — 1.4 3.5 — (0.1 ) 3.4 Other debt securities 5.9 — — 5.9 6.3 — — 6.3 234.8 7.7 (9.3 ) 233.2 247.5 12.8 (4.4 ) 255.9 |
Breakdown Of Available-For-Sale Investments with Unrealized Losses | The following table provides a breakdown of the unrealized losses. December 31, 2015 December 31, 2014 $ in millions Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Less than 12 months 93.0 (3.0 ) 123.9 (3.5 ) 12 months or greater 65.5 (6.3 ) 3.6 (0.8 ) Total 158.5 (9.3 ) 127.5 (4.3 ) |
Summary Of Company's Investment In Joint Ventures And Affiliates | Following are the company's investments in joint ventures and affiliates, which are accounted for using the equity method and are recorded as investments on the Consolidated Balance Sheets: Name of Company Country of Incorporation % Voting Interest Owned Huaneng Invesco WLR (Beijing) Investment Fund Management Company Ltd. China 50.0% Invesco Great Wall Fund Management Company Limited China 49.0% Religare Invesco Asset Management Company Private Ltd. India 49.0% Religare Invesco Trustee Company Private Ltd. India 49.0% Pocztylion - ARKA Poland 29.3% |
Summary of company's voting control in entities where it has noncontrolling interest | The company owns 100% of the voting control of its subsidiary entities, directly or indirectly, with the exception of the following entities, which are consolidated with resulting noncontrolling interests: Name of Company Country of Incorporation % Voting Interest Owned VV Immobilien Verwaltungs und Beteiligungs GmbH Germany 70.0% VV Immobilien Verwaltungs GmbH Germany 70.0% HVH Immobilien und Beteiligungs GmbH Germany 70.0% |
Property, Equipment And Softw34
Property, Equipment And Software (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following is a summary of property, equipment and software: $ in millions December 31, 2015 December 31, 2014 Technology and Other Equipment 244.1 268.9 Software 443.0 368.3 Land and Buildings 58.9 62.3 Leasehold Improvements 198.2 196.1 Work in Process 85.8 84.0 Property, Equipment and Software, Gross 1,030.0 979.6 Less: Accumulated Depreciation (603.1 ) (577.0 ) Property, Equipment and Software, Net 426.9 402.6 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class | The following table presents the major classes of the company's intangible assets at December 31 , 2015 and 2014 : $ in millions Gross Book Value Accumulated Amortization Net Book Value Weighted Average Amortization Period (years) December 31, 2015 Management contracts - indefinite-lived 1,313.9 N/A 1,313.9 N/A Management contracts - finite-lived 68.7 (50.1 ) 18.6 3.5 Customer relationships 40.0 (18.6 ) 21.4 8.4 Other 0.8 (0.7 ) 0.1 2.8 Total 1,423.4 (69.4 ) 1,354.0 December 31, 2014 Management contracts - indefinite-lived 1,195.9 N/A 1,195.9 N/A Management contracts - finite-lived 88.8 (62.9 ) 25.9 3.5 Customer relationships 40.0 (15.2 ) 24.8 8.4 Other 0.8 (0.7 ) 0.1 2.8 Total 1,325.5 (78.8 ) 1,246.7 |
Schedule Of Future Amortization Expense Of Intangible Assets | Estimated amortization expense for each of the five succeeding fiscal years based upon the company's intangible assets at December 31, 2015 is as follows: $ in millions Years Ended December 31, Estimated Amortization Expense 2016 10.8 2017 10.7 2018 5.9 2019 3.3 2020 3.3 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Schedule of Goodwill | The table below details changes in the goodwill balance: $ in millions Net Book Value January 1, 2015 6,579.4 Foreign exchange (403.7 ) December 31, 2015 6,175.7 January 1, 2014 6,867.3 Foreign exchange (287.9 ) December 31, 2014 6,579.4 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The table below details the components of other liabilities: As of $ in millions December 31, 2015 December 31, 2014 Compensation and benefits 93.2 94.4 Accrued bonus and deferred compensation 568.1 572.9 Accrued compensation and benefits 661.3 667.3 Accruals and other liabilities 328.6 263.8 Deferred carried interest 69.2 54.8 Contingent consideration liability 83.9 — Accounts payable 302.6 343.5 Income taxes payable 78.8 95.2 Accounts payable and accrued expenses 863.1 757.3 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 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 20 , “Consolidated Investment Products.” December 31, 2015 December 31, 2014 $ in millions Carrying Value** Fair Value Carrying Value** Fair Value Floating rate credit facility expiring August 7, 2020 — — — — Unsecured Senior Notes*: $600 million 3.125% - due November 30, 2022 596.1 601.4 595.4 596.8 $600 million 4.000% - due January 30, 2024 592.7 628.3 591.9 625.9 $500 million 3.750% - due January 15, 2026 494.2 503.0 — — $400 million 5.375% - due November 30, 2043 389.8 428.6 389.5 473.1 Long-term debt 2,072.8 2,161.3 1,576.8 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. ** As discussed in Note 1 , "Accounting Policies," the company adopted ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," as of December 31, 2015 on a retrospective basis to all prior balance sheet periods presented. The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts. |
Analysis Of Borrowings By Maturity | Analysis of Borrowings by Maturity: $ in millions December 31, 2015 2022 596.1 2024 592.7 2026 494.2 2043 389.8 Long-term debt 2,072.8 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Movements In Shares Issued And Outstanding | he number of common shares and common share equivalents issued are represented in the table below: In millions December 31, 2015 December 31, 2014 December 31, 2013 Common shares issued 490.4 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (72.9 ) (60.5 ) (57.3 ) Common shares outstanding 417.5 429.9 433.1 |
Movements In Treasury Shares | Movements in Treasury Shares comprise: Year ended In millions December 31, 2015 December 31, 2014 December 31, 2013 Beginning balance 69.4 66.8 59.2 Acquisition of common shares 17.4 9.5 16.3 Distribution of common shares (5.2 ) (5.8 ) (7.2 ) Common shares distributed to meet ESPP obligation (0.1 ) (0.2 ) — Common shares distributed to meet option exercises (0.2 ) (0.9 ) (1.5 ) Ending balance 81.3 69.4 66.8 |
Other Comprehensive Income_(L40
Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income/(loss) were as follows: 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 (493.9 ) — — — (493.9 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 11.1 — — 11.1 Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses, net of tax — (7.2 ) — — (7.2 ) Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses, net of tax — 2.2 — — 2.2 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 — — — (6.0 ) (6.0 ) Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (0.4 ) (0.4 ) Other comprehensive income/(loss), net of tax (493.9 ) 6.1 (0.6 ) (6.4 ) (494.8 ) Beginning balance 128.1 (91.7 ) 6.5 5.9 48.8 Other comprehensive income/(loss), net of tax (493.9 ) 6.1 (0.6 ) (6.4 ) (494.8 ) Other comprehensive (income)/loss attributable to noncontrolling interest — — — — — Ending balance (365.8 ) (85.6 ) 5.9 (0.5 ) (446.0 ) 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 (364.4 ) — — — (364.4 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — (26.0 ) — — (26.0 ) Prior service credit related to employee benefit plans — 14.9 — — 14.9 Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses, net of tax — (4.1 ) — — (4.1 ) Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses, net of tax — 1.4 — — 1.4 Share of other comprehensive income/(loss) of equity method investments, net of tax — — 8.3 — 8.3 Unrealized(losses)/gains on available-for-sale investments, net of tax — — — 7.7 7.7 Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (16.9 ) (16.9 ) Other comprehensive income/(loss) net of tax (364.4 ) (13.8 ) 8.3 (9.2 ) (379.1 ) Beginning balance 492.5 (77.9 ) (1.8 ) 15.1 427.9 Other comprehensive income/(loss), net of tax (364.4 ) (13.8 ) 8.3 (9.2 ) (379.1 ) Other comprehensive (income)/loss attributable to noncontrolling interest — — — — — Ending balance 128.1 (91.7 ) 6.5 5.9 48.8 2013 $ 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* (122.3 ) — — — (122.3 ) Actuarial (loss)/gain related to employee benefit plans, net of tax — 1.2 — — 1.2 Reclassification of amortization of prior service costs (gains)/losses into employee compensation expenses, net of tax — (1.5 ) — — (1.5 ) Reclassification of amortization of actuarial (gains)/losses into employee compensation expenses, net of tax — 1.8 — — 1.8 Share of other comprehensive income/(loss) of equity method investments, net of tax — — (3.9 ) — (3.9 ) Unrealized(losses)/gains on available-for-sale investments, net of tax — — — 13.1 13.1 Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net, net of tax — — — (4.1 ) (4.1 ) Other comprehensive income/(loss) net of tax (122.3 ) 1.5 (3.9 ) 9.0 (115.7 ) Beginning balance 601.7 (79.4 ) 2.1 6.1 530.5 Other comprehensive income/(loss), net of tax (122.3 ) 1.5 (3.9 ) 9.0 (115.7 ) Other comprehensive (income)/loss attributable to noncontrolling interest 13.1 — — — 13.1 Ending balance 492.5 (77.9 ) (1.8 ) 15.1 427.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Movements Of Share Awards | Movements on share awards priced in U.S. dollars during the years ended December 31, are detailed below: 2015 2014 2013 Millions of shares, except fair values Time-Vested Performance-Vested Weighted Average Grant Date Fair Value ($) Time-Vested Performance-Vested Time- Vested Performance-Vested Unvested at the beginning of year 11.5 0.5 29.00 13.9 0.4 16.5 0.3 Granted during the year 4.1 0.3 39.99 4.4 0.2 5.2 0.2 Forfeited during the year (0.2 ) — 33.26 (1.2 ) — (0.9 ) — Vested and distributed during the year (5.0 ) (0.2 ) 28.29 (5.6 ) (0.1 ) (6.9 ) (0.1 ) Unvested at the end of the year 10.4 0.6 33.62 11.5 0.5 13.9 0.4 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Schedule of defined benefit plan obligations and assets | The amounts included in the Consolidated Balance Sheets arising from the company's obligations and plan assets in respect of its defined benefit retirement plans are as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 Benefit obligation (490.7 ) (520.2 ) (8.7 ) (10.2 ) Fair value of plan assets 422.7 420.6 5.7 7.2 Funded status (68.0 ) (99.6 ) (3.0 ) (3.0 ) Amounts recognized in the Consolidated Balance Sheets: Other assets 4.9 3.1 — — Accrued compensation and benefits (72.9 ) (102.7 ) (3.0 ) (3.0 ) Funded status (68.0 ) (99.6 ) (3.0 ) (3.0 ) |
Changes in defined benefit plan obligations | Changes in the benefit obligations were as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 January 1 520.2 486.2 10.2 43.6 Service cost 5.4 4.9 — — Interest cost 17.7 21.0 — 1.8 Contributions from plan participants — — 0.2 0.4 Actuarial (gains)/losses (15.0 ) 51.1 0.2 (9.2 ) Exchange difference (26.1 ) (35.0 ) — — Benefits paid (11.5 ) (8.0 ) (1.9 ) (2.9 ) Plan amendments* — — — (23.5 ) December 31 490.7 520.2 8.7 10.2 |
Schedule of assumptions used to determine defined benefit obligations | The weighted average assumptions used to determine defined benefit obligations at December 31 , 2015 , and 2014 are as follows: Retirement Plans Medical Plan 2015 2014 2015 2014 Discount rate 3.69 % 3.52 % — % — % Expected rate of salary increases 3.16 % 3.06 % — % — % Future pension/medical cost trend rate increases 2.98 % 2.88 % 5.00%-6.40% 5.00%-6.80% |
Changes in the fair value of plan assets | Changes in the fair value of plan assets in the current period were as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 January 1 420.6 407.1 7.2 10.0 Actual return on plan assets 23.1 32.2 (0.1 ) — Exchange difference (25.4 ) (26.6 ) — 0.1 Contributions from the company 15.5 15.9 — — Contributions from plan participants — — 0.5 0.1 Benefits paid (11.1 ) (8.0 ) (1.9 ) (3.0 ) December 31 422.7 420.6 5.7 7.2 |
Breakdown of amount recognized in accumulated other comprehensive income | The components of the amount recognized in accumulated other comprehensive income at December 31 , 2015 , and 2014 are as follows: Retirement Plans Medical Plan $ in millions 2015 2014 2015 2014 Prior service cost/(credit) — — (11.3 ) (21.6 ) Net actuarial loss/(gain) 118.2 136.5 (8.4 ) (8.7 ) Total 118.2 136.5 (19.7 ) (30.3 ) |
Breakdown of amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost | The amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost during the year ending December 31 , 2016 are as follows: $ in millions Retirement Plans Medical Plan Prior service cost/(credit) — (11.3 ) Net actuarial loss/(gain) 2.2 (0.3 ) Total 2.2 (11.6 ) |
Schedule of benefit obligations in excess of plan assets | The total accumulated benefit obligation and fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets and the projected benefit obligation and fair value of plan assets for pension plans with projected benefit obligations in excess of plan assets are as follows: Retirement Plans $ in millions 2015 2014 Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation 480.9 509.9 Fair value of plan assets 407.9 406.1 Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation 480.9 509.9 Fair value of plan assets 407.9 406.1 |
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 $ in millions 2015 2014 2013 2015 2014 2013 Service cost 5.4 4.9 4.4 — — 0.2 Interest cost 17.7 21.0 19.0 — 1.8 1.9 Expected return on plan assets (22.9 ) (24.6 ) (18.5 ) — (0.3 ) (0.6 ) Amortization of prior service cost/(credit) 0.1 0.1 0.1 (11.3 ) (2.3 ) (2.0 ) Amortization of net actuarial (gain)/loss 3.0 1.8 2.0 (0.3 ) — 0.3 Curtailment (gain)/loss — — — — (4.3 ) — Net periodic benefit cost/(credit) 3.3 3.2 7.0 (11.6 ) (5.1 ) (0.2 ) The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities: Assets Fair Value at December 31, 2015 ($ in millions) Valuation Technique Unobservable Inputs Range Guaranteed investment contracts 11.7 Discounted cash flow Discount rate 3.8% Mortality assumption Standard U.K. mortality tables with a long-term rate of improvement of 1.25% |
Schedule of assumptions used to determine net periodic benefit cost | The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31 , 2015 , 2014 , and 2013 are: Retirement Plans 2015 2014 2013 Discount rate 3.52 % 4.39 % 4.67 % Expected return on plan assets 5.90 % 6.01 % 5.60 % Expected rate of salary increases 3.06 % 3.37 % 3.09 % Future pension rate increases 2.88 % 2.85 % 2.79 % Medical Plan 2015 2014 2013 Discount rate — % 4.70 % 3.79 % Expected return on plan assets — % 6.25 % 6.50 % Expected rate of salary increases — % 2.50 % 2.50 % Future medical cost trend rate increases 5.00%-6.80% 5.00%-7.20% 5.00%-7.60% |
Assumed health care cost rates | The assumed health care cost rates are as follows: Medical Plan 2015 2014 2013 Health care cost trend rate assumed for next year 6.40 % 6.80 % 7.60 % Rate to which cost trend rate gradually declines 5.00 % 5.00 % 5.00 % Year the rate reaches level it is assumed to remain thereafter 2020 2020 2020 |
Analysis of plan assets | The analysis of the plan assets as of December 31, 2015 was as follows: $ in millions Retirement Plans % of Plan Assets Medical Plan % of Plan Assets Cash and cash equivalents 5.2 1.2 % 5.7 100.0 % Fund investments 200.6 47.4 % — — % Equity securities 129.1 30.5 % — — % Government debt securities 70.6 16.7 % — — % Other assets 5.5 1.3 % — — % Guaranteed investments contracts 11.7 2.8 % — — % Total 422.7 100.0 % 5.7 100.0 % The analysis of the plan assets as of December 31, 2014 was as follows: $ in millions Retirement Plans % of Plan Assets Medical Plan % of Plan Assets Cash and cash equivalents 3.8 0.9 % 7.2 100.0 % Fund investments 197.5 46.9 % — — % Equity securities 124.8 29.7 % — — % Government debt securities 76.5 18.2 % — — % Other assets 4.9 1.2 % — — % Guaranteed investments contracts 13.1 3.1 % — — % Total 420.6 100.0 % 7.2 100.0 % |
Schedule of fair value of plan assets by three level fair value hierarchy | The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 2015 : As of December 31, 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) Cash and cash equivalents 5.7 5.7 — — Fund investments 200.6 200.6 — — Equity securities 129.1 129.1 — — Government debt securities 70.6 13.5 57.1 — Other assets 5.5 5.5 — — Guaranteed investments contracts 11.7 — — 11.7 Total 423.2 354.4 57.1 11.7 The following table presents the carrying value of the plan assets, including major security type for equity and debt securities, which are measured at fair value as of December 31, 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 (Level 2) Significant Unobservable Inputs (Level 3) Cash and cash equivalents 7.2 7.2 — — Fund investments 197.5 197.5 — — Equity securities 124.8 124.8 — — Government debt securities 76.5 15.2 61.3 — Other assets 4.9 4.9 — — Guaranteed investment contracts 13.1 — — 13.1 Total 424.0 349.6 61.3 13.1 |
Reconciliation of beginning and ending fair value balances for assets with unobservable fair value inputs | The following table shows a reconciliation of the beginning and ending fair value measurement for level 3 assets, which is comprised solely of the guaranteed investment contracts, using significant unobservable inputs: $ in millions Year ended December 31, 2015 Year ended December 31, 2014 Balance, beginning of year 13.1 15.2 Unrealized gains/(losses) relating to the instrument still held at the reporting date 0.1 1.0 Purchases, sales, issuances and settlements (net) (1.5 ) (3.1 ) Balance, end of year 11.7 13.1 |
Schedule of benefits expected to be paid in next five fiscal years and the five fiscal years thereafter | The benefits expected to be paid in each of the next five fiscal years and in the five fiscal years thereafter are as follows: $ in millions Retirement Plans Medical Plan Expected benefit payments: 2016 11.1 6.9 2017 11.5 0.3 2018 11.9 0.2 2019 12.2 0.2 2020 12.6 — Thereafter in the succeeding five years 70.1 — |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule Of Future Commitments Under Non Cancelable Operating Leases | As of December 31, 2015 , the company's total future commitments by year under non-cancelable operating leases are as follows: $ in millions Total Buildings Other 2016 70.5 67.2 3.3 2017 60.5 57.4 3.1 2018 61.4 58.7 2.7 2019 60.2 57.8 2.4 2020 52.4 50.7 1.7 Thereafter 154.0 153.2 0.8 Gross lease commitments 459.0 445.0 14.0 Less: future minimum payments expected to be received under non-cancelable subleases 67.0 67.0 — Net lease commitments 392.0 378.0 14.0 |
Other Gains and Losses, Net (Ta
Other Gains and Losses, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
OTHER GAINS AND LOSSES, NET | |
Schedule of other gains and losses, net | The components of other gains and losses, net, are as follows: $ in millions 2015 2014 2013 Other gains: Gain on sale of investments 3.8 13.0 3.6 Gain on trading investments, net — 15.4 38.5 Gain on contingent consideration liability 27.1 — — Other realized gains 0.9 0.2 3.2 Total other gains 31.8 28.6 45.3 Other losses: Other-than-temporary impairment of available-for-sale investments (2.0 ) — — Loss on trading investments, net (13.5 ) — — Net foreign exchange losses (2.4 ) (0.2 ) (0.6 ) Payment to investment trust — — (31.9 ) Liquidation of co-investment — — (4.1 ) Foreign exchange hedge loss (7.7 ) — (1.8 ) Realized loss on sale of partnerships (7.3 ) — — Other realized losses (0.4 ) (0.3 ) (4.3 ) Total other losses (33.3 ) (0.5 ) (42.7 ) Other gains and losses, net (1.5 ) 28.1 2.6 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of (provision) benefit for income taxes | The company's (provision) for income taxes is summarized as follows: $ in millions 2015 2014 2013 Current: Federal (221.0 ) (227.5 ) (149.3 ) State (23.4 ) (31.3 ) (22.0 ) Foreign (161.4 ) (161.2 ) (129.9 ) (405.8 ) (420.0 ) (301.2 ) Deferred: Federal 11.9 26.8 (24.1 ) State (5.2 ) 1.0 (7.4 ) Foreign 1.1 1.6 (4.2 ) 7.8 29.4 (35.7 ) Total income tax (provision) (398.0 ) (390.6 ) (336.9 ) |
Schedule of deferred tax recognized on balance sheet | The net deferred tax recognized in the Consolidated Balance Sheets at December 31 , 2015 and 2014 , respectively, includes the following: $ in millions 2015 2014 Deferred tax assets: Deferred compensation arrangements 70.0 56.2 Accrued rent expenses 16.4 18.3 Tax loss carryforwards 61.7 75.0 Postretirement medical, pension and other benefits 21.7 25.5 Investment basis differences 67.0 47.8 Accrued bonus 64.1 46.3 Other 7.3 20.3 Total deferred tax assets 308.2 289.4 Valuation allowance (61.7 ) (72.7 ) Deferred tax assets, net of valuation allowance 246.5 216.7 Deferred tax liabilities: Deferred sales commissions (16.5 ) (21.0 ) Goodwill and intangibles (472.0 ) (447.4 ) Undistributed earnings of subsidiaries (1.5 ) (1.6 ) Fixed assets (26.4 ) (26.4 ) Other (3.9 ) (6.8 ) Total deferred tax liabilities (520.3 ) (503.2 ) Net deferred tax assets/(liabilities) (273.8 ) (286.5 ) |
Reconciliation between statutory and effective tax rates on income from operations | A reconciliation between the statutory rate and the effective tax rate on income from operations for the years ended December 31 , 2015 , 2014 and 2013 is as follows: 2015 2014 2013 Statutory Rate 35.0 % 35.0 % 35.0 % Foreign jurisdiction statutory income tax rates (9.2 )% (8.5 )% (9.4 )% State taxes, net of federal tax effect 1.6 % 1.4 % 1.5 % Change in valuation allowance for unrecognized tax losses (0.1 )% (0.1 )% (0.1 )% Other 1.8 % 0.5 % 0.7 % (Gains)/losses attributable to noncontrolling interests 0.1 % (0.3 )% (0.9 )% Effective tax rate per Consolidated Statements of Income 29.2 % 28.0 % 26.8 % |
Division of income/(losses) before taxes between U.S. and foreign | The division of income/(losses) before taxes between U.S. and foreign for the years ended December 31, 2015 , 2014 and 2013 is as follows: $ in millions (except percentages) 2015 2014 2013 U.S. 661.9 659.6 553.1 CIP - U.S. 26.0 63.0 45.2 Total U.S. income before income taxes 687.9 722.6 598.3 Foreign 746.3 724.4 666.1 CIP - Foreign (72.1 ) (51.9 ) (9.2 ) Total Foreign income before income taxes 674.2 672.5 656.9 Income from continuing operations before income taxes 1,362.1 1,395.1 1,255.2 |
Reconciliation Of Changes In Unrecognized Tax Benefits | A reconciliation of the change in the UTB balance from January 1, 2013 , to December 31, 2015 , is as follows: $ in millions Gross Unrecognized Income Tax Benefits Balance at January 1, 2013 22.6 Additions for tax positions related to the current year 1.0 Additions for tax positions related to prior years 0.7 Other reductions for tax positions related to prior years (7.5 ) Reductions for statute closings — Balance at December 31, 2013 16.8 Additions for tax positions related to the current year — Additions for tax positions related to prior years 1.2 Other reductions for tax positions related to prior years (10.8 ) Reductions for statute closings (1.2 ) Balance at December 31, 2014 6.0 Additions for tax positions related to the current year 2.5 Additions for tax positions related to prior years 2.2 Other reductions for tax positions related to prior years (1.1 ) Reductions for statute closings — Balance at December 31, 2015 9.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Calculation Of Earnings Per Share | The calculation of earnings per share is as follows: Years ended December 31, In millions, except per share data 2015 2014 2013 Income from continuing operations, net of taxes $964.1 $1,004.5 $918.3 Net (income)/loss attributable to noncontrolling interests in consolidated entities 4.0 (13.0 ) (42.5 ) Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations 968.1 991.5 875.8 Income from discontinued operations, net of taxes — (3.4 ) 64.5 Net income attributable to Invesco Ltd. 968.1 988.1 940.3 Less: Allocation of earnings to restricted shares (24.6 ) (28.2 ) (32.1 ) Net income attributable to common shareholders $943.5 $959.9 $908.2 Invesco Ltd: Weighted average shares outstanding - basic 428.9 435.0 447.5 Dilutive effect of non-participating share-based awards 0.4 0.6 1.0 Weighted average shares outstanding - diluted 429.3 435.6 448.5 Common shareholders: Weighted average shares outstanding - basic 428.9 435.0 447.5 Less: Weighted average restricted shares (10.9 ) (12.4 ) (15.3 ) Weighted average common shares outstanding- basic 418.0 422.6 432.2 Dilutive effect of non-participating share-based awards 0.4 0.6 1.0 Weighted average common shares outstanding - diluted 418.4 423.2 433.2 Basic earnings per share: Earnings per share from continuing operations $2.26 $2.28 $1.96 Earnings per share from discontinued operations $— ($0.01) $0.14 Basic earnings per share $2.26 $2.27 $2.10 Diluted earnings per share: Earnings per share from continuing operations $2.26 $2.28 $1.95 Earnings per share from discontinued operations $— ($0.01) $0.14 Diluted earnings per share $2.26 $2.27 $2.10 |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The company operates under one business segment, investment management. Geographical information is presented below. There are no revenues or long-lived assets attributed to the company's country of domicile, Bermuda. $ in millions U.S. U.K. Continental Europe/Ireland Canada Asia Total For the year ended December 31, 2015 Revenue from external customers 2,622.1 1,153.0 891.9 353.9 102.0 5,122.9 Inter-company revenue (8.6 ) 114.4 (216.7 ) (7.0 ) 117.9 — Total operating revenues 2,613.5 1,267.4 675.2 346.9 219.9 5,122.9 Long-lived assets 306.7 88.3 6.8 10.0 15.1 426.9 For the year ended December 31, 2014 Revenue from external customers 2,534.9 1,286.7 810.2 396.6 118.7 5,147.1 Inter-company revenue 11.5 87.8 (205.5 ) (8.9 ) 115.1 — Total operating revenues 2,546.4 1,374.5 604.7 387.7 233.8 5,147.1 Long-lived assets 279.2 91.6 6.6 9.9 15.3 402.6 For the year ended December 31, 2013 Revenue from external customers 2,332.2 1,294.0 541.9 374.8 101.7 4,644.6 Inter-company revenue (3.6 ) 48.1 (130.9 ) (9.8 ) 96.2 — Total operating revenues 2,328.6 1,342.1 411.0 365.0 197.9 4,644.6 Long-lived assets 225.8 91.9 8.1 9.5 15.5 350.8 |
Consolidated Sponsored Invest48
Consolidated Sponsored Investment Products (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Balances Related To CSIP | The following table presents the balances related to CSIP that are included on the Consolidated Balance Sheets as well as Invesco's net interests in CSIP for each period presented. $ in millions December 31, 2015 December 31, 2014 Investments of CSIP 290.3 288.5 Cash and cash equivalents of CSIP 21.9 11.4 Accounts receivable and other assets of CSIP 6.9 5.9 Assets of CSIP 319.1 305.8 Other liabilities of CSIP (4.4 ) (7.9 ) Equity attributable to redeemable noncontrolling interests (167.3 ) (165.5 ) Equity attributable to nonredeemable noncontrolling interests (40.8 ) (10.6 ) Invesco's net interests in CSIP 106.6 121.8 Invesco's net interests as a percentage of investments of CSIP 36.7 % 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 table presents the fair value hierarchy levels of investments held by CSIP, which are measured at fair value as of December 31, 2015 and December 31, 2014 : As of December 31, 2015 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Investments: Fixed income securities 204.2 — 204.2 — Equity securities 0.7 0.7 — — Investments in fixed income funds* 35.0 35.0 — — Investments in other private equity funds* 50.4 — — 50.4 Total investments at fair value 290.3 35.7 204.2 50.4 As of December 31, 2014 $ in millions Fair Value Measurements Quoted Prices in Significant Other Significant 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 20 , "Consolidated Investment Products," for additional discussion regarding the fair value of private equity funds. The tables below summarize as of December 31, 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 December 31, 2015 Fair Value ($ in millions) Total Unfunded Commitments ($ in millions) Weighted Average Remaining Term (1) Redemption Frequency Redemption Notice Period Fixed income funds 35.0 — n/a Monthly 10 days Private equity fund of funds 50.4 33.2 7.9 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 table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs: Year ended December 31, $ in millions 2015 2014 Beginning balance 30.2 16.2 Purchases 10.8 9.0 Sales (2.8 ) (1.0 ) Gains and losses included in the Consolidated Statements of Income* 12.2 6.0 Ending balance 50.4 30.2 * Included in other income/(expense) of CSIP, net, in the Consolidated Statement of Income for the year ended December 31, 2015 are $ 12.2 million in net unrealized gains attributable to investments still held at December 31, 2015 (year ended December 31, 2014 : $6.0 million in net unrealized gains attributable to investments still held at December 31, 2014 ). |
Consolidated Investment Produ49
Consolidated Investment Products (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Consolidated Investment Products [Abstract] | |
Balances Related To CIP | The following table presents the balances related to CIP that are included on the Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. As of $ in millions December 31, 2015 December 31, 2014 Cash and cash equivalents of CIP 363.3 404.0 Accounts receivable and other assets of CIP 173.5 161.3 Investments of CIP 6,016.1 5,762.8 Less: Debt of CIP (5,437.0 ) (5,149.6 ) Less: Other liabilities of CIP (273.7 ) (280.9 ) Less: Retained earnings 20.1 (20.3 ) Less: Retained earnings appropriated for investors in CIP — (17.6 ) Less: Accumulated other comprehensive income, net of tax (20.1 ) 20.2 Less: Equity attributable to nonredeemable noncontrolling interests (768.8 ) (781.2 ) Invesco's net interests in CIP 73.4 98.7 Invesco's net interests as a percentage of investments of CIP 1.2 % 1.7 % |
Company's Maximum Risk Of Loss In Significant VIE's | At December 31, 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 1.4 1.4 Partnership and trust investments — 24.0 24.0 Investments in Invesco Mortgage Capital Inc. — 27.0 27.0 Total 52.4 |
VIE Balance Sheets Consolidated In Period | Balance Sheet For the year ended December 31, 2014 $ in millions CLOs - VIEs Cash and cash equivalents of CIP 30.5 Accounts receivable and other assets of CIP 17.6 Investments of CIP 346.5 Total assets 394.6 Debt of CIP 347.9 Other liabilities of CIP 45.7 Total liabilities 393.6 Total equity 1.0 Total liabilities and equity 394.6 Balance Sheet information - newly consolidated VIEs/VOEs For the year ended December 31, 2015 For the year ended December 31, 2014 $ in millions VIEs VOEs VIEs VOEs Cash and cash equivalents of CIP 449.8 10.0 816.5 — Accounts receivable and other assets of CIP 5.6 — 11.3 9.0 Investments of CIP 1,009.5 49.9 1,751.4 40.1 Total assets 1,464.9 59.9 2,579.2 49.1 Debt of CIP 1,100.4 — 1,913.7 — Other liabilities of CIP 364.5 — 674.7 11.8 Total liabilities 1,464.9 — 2,588.4 11.8 Total equity — 59.9 (9.2 ) 37.3 Total liabilities and equity 1,464.9 59.9 2,579.2 49.1 |
Condensed Consolidating Balance Sheet [Table Text Block] | Summary of Balance Sheet Impact of CIP As of December 31, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (1) Impact of CIP Accounts receivable — — — (4.9 ) (4.9 ) Investments — — — (68.5 ) (68.5 ) Cash and cash equivalents of CIP 342.1 1.4 19.4 0.4 363.3 Accounts receivable of CIP 161.7 0.1 11.7 — 173.5 Investments of CIP 5,289.5 83.7 719.1 (76.2 ) 6,016.1 Total assets 5,793.3 85.2 750.2 (149.2 ) 6,479.5 Debt of CIP 5,519.2 — — (82.2 ) 5,437.0 Other liabilities of CIP 274.1 1.2 3.4 (5.0 ) 273.7 Total liabilities 5,793.3 1.2 3.4 (87.2 ) 5,710.7 Retained earnings (20.1 ) — — — (20.1 ) Accumulated other comprehensive income, net of tax 20.1 — — — 20.1 Equity attributable to nonredeemable noncontrolling interests in consolidated entities — 84.0 746.8 (62.0 ) 768.8 Total liabilities and equity 5,793.3 85.2 750.2 (149.2 ) 6,479.5 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 Year ended December 31, 2015 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — — (39.2 ) (39.2 ) Total operating expenses 56.7 1.0 5.5 (39.2 ) 24.0 Operating income (56.7 ) (1.0 ) (5.5 ) — (63.2 ) Equity in earnings of unconsolidated affiliates — — — (1.7 ) (1.7 ) Interest and dividend income — — — (4.4 ) (4.4 ) Other gains and losses, net — — — (3.9 ) (3.9 ) Interest and dividend income of CIP 271.1 0.1 1.5 (19.7 ) 253.0 Interest expense of CIP (213.0 ) — — 24.1 (188.9 ) Other gains/(losses) of CIP, net (1.4 ) 5.2 (4.7 ) (36.1 ) (37.0 ) Income from continuing operations before income taxes — 4.3 (8.7 ) (41.7 ) (46.1 ) Income tax provision — — — — — Income from continuing operations, net of income taxes — 4.3 (8.7 ) (41.7 ) (46.1 ) Income from discontinued operations, net of income taxes — — — — — Net income — 4.3 (8.7 ) (41.7 ) (46.1 ) Net (income)/loss attributable to noncontrolling interests in consolidated entities — (4.3 ) 5.8 4.2 5.7 Net income attributable to Invesco Ltd. — — (2.9 ) (37.5 ) (40.4 ) Year ended December 31, 2014 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — 0.2 0.4 (35.8 ) (35.2 ) Total operating expenses 61.5 1.1 7.8 (35.8 ) 34.6 Operating income (61.5 ) (0.9 ) (7.4 ) — (69.8 ) Equity in earnings of unconsolidated affiliates — — — (4.0 ) (4.0 ) Interest and dividend income — — — (3.3 ) (3.3 ) Other gains and losses, net — — — (4.8 ) (4.8 ) Interest and dividend income of CIP 220.4 — — (13.9 ) 206.5 Interest expense of CIP (151.2 ) — — 17.3 (133.9 ) Other gains/ (losses) of CIP, net (93.2 ) (1.0 ) 102.3 12.3 20.4 Income from continuing operations before income taxes (85.5 ) (1.9 ) 94.9 3.6 11.1 Income tax provision — — — — — Income from continuing operations, net of income taxes (85.5 ) (1.9 ) 94.9 3.6 11.1 Income from discontinued operations, net of income taxes — — — — — Net income (85.5 ) (1.9 ) 94.9 3.6 11.1 Net (income)/loss attributable to noncontrolling interests in consolidated entities 85.7 2.2 (91.2 ) — (3.3 ) Net income attributable to Invesco Ltd. 0.2 0.3 3.7 3.6 7.8 ____________ (2) See footnote (2) to the Summary of Income Statement Impact of CIP for the year-ended December 31, 2013 table. Year ended December 31, 2013 $ in millions CLOs - VIEs Other VIEs VOEs Adjustments (2) Impact of CIP Total operating revenues — — 0.5 (38.4 ) (37.9 ) Total operating expenses 65.8 0.8 6.7 (38.4 ) 34.9 Operating income (65.8 ) (0.8 ) (6.2 ) — (72.8 ) Equity in earnings of unconsolidated affiliates — — — (2.5 ) (2.5 ) Interest and dividend income — — — (5.5 ) (5.5 ) Other gains and losses, net — — — (11.8 ) (11.8 ) Interest and dividend income of CIP 199.8 — — (9.8 ) 190.0 Interest expense of CIP (138.6 ) — — 15.3 (123.3 ) Other gains/ (losses) of CIP, net 3.0 1.7 54.3 2.9 61.9 Income from continuing operations, net of income taxes (1.6 ) 0.9 48.1 (11.4 ) 36.0 Income tax provision — — — — — Income from continuing operations, net of income taxes (1.6 ) 0.9 48.1 (11.4 ) 36.0 Income from discontinued operations, net of income taxes — — — — — Net income (1.6 ) 0.9 48.1 (11.4 ) 36.0 Net (income)/loss attributable to noncontrolling interests in consolidated entities 1.4 (0.9 ) (45.2 ) — (44.7 ) Net income attributable to Invesco Ltd. (0.2 ) — 2.9 (11.4 ) (8.7 ) ____________ (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 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 | December 31, 2015 and December 31, 2014 : As of December 31, 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 5,179.6 — 5,179.6 — Bonds 71.1 — 71.1 — Equity securities 0.9 — 0.9 — Private equity fund assets: Equity securities 364.6 7.7 — 356.9 Debt securities 31.7 — — 31.7 Investments in other private equity funds 368.2 — — 368.2 Total assets at fair value 6,016.1 7.7 5,251.6 756.8 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 table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: Year ended December 31, 2015 Year ended December 31, 2014 $ in millions Level 3 Assets Level 3 Liabilities Level 3 Assets Level 3 Liabilities Beginning balance 773.9 (5,149.6 ) 500.9 (4,181.7 ) Adjustment for adoption of ASU 2014-13 — 5,149.6 — — Purchases 129.6 — 302.3 — Sales (146.5 ) — (138.7 ) — Issuances — — 1.8 (1,995.5 ) Settlements — — — 706.8 Deconsolidation of CIP — — — 339.0 Gains and losses included in the Consolidated Statements of Income* 8.2 — 107.6 (18.2 ) Transfers to Level 1 and 2** (8.4 ) — — — Ending balance 756.8 — 773.9 (5,149.6 ) ____________ * Included in gains/(losses) of CIP, net in the Consolidated Statement of Income for the year ended December 31, 2015 are $79.8 million in net unrealized losses attributable to investments still held at December 31, 2015 by CIP (year ended December 31, 2014 : $60.2 million net unrealized gains attributable to investments still held at December 31, 2014 ). ** During the year ended December 31, 2015 , $7.8 million (year ended December 31, 2014 : zero ) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the existence of legal lock up requirements of securities following the public offering of the underlying companies. During the year ended December 31, 2015, $0.6 million (year ended December 31, 2014: $0 million ) of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 1 following the public offering of the underlying companies. For transfers due to public offerings, the company's policy is to use the fair value of the transferred security at the end of the period. |
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | The following tables show significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities at December 31, 2015 and December 31, 2014 : Assets* Fair Value at December 31, 2015 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Private Equity Funds --Equity Securities 320.0 Market Comparable Revenue Multiple NA 3.2x Discount 25 - 50% 25.0% Published valuation and/or broker quotes for similar types of assets $25-101 million $44.4 million Assets and Liabilities * Fair Value at December 31, 2014 ($ 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 ( December 31, 2015 : $61.2 million ; December 31, 2014 : $85.0 million ) and third party appraisals ( December 31, 2015 : $7.3 million ; December 31, 2014 : $5.7 million ). At December 31, 2014 , certain tranches of the consolidated CLOs were valued using third party pricing information. Quantitative unobservable inputs for such valuations were not developed or adjusted by the company. Investments in other private equity funds as of December 31, 2015 of $368.2 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. ** 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. *** Lower spreads relate to the more senior tranches in the CLO note structure; higher spreads relate to the less senior tranches. The table below summarizes as of December 31, 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: December 31, 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) $368.2 $218.1 2.8 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) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Years ended December 31, $ in millions 2015 2014 2013 Affiliated operating revenues: Investment management fees 3,565.8 3,609.8 3,208.2 Service and distribution fees 854.0 880.5 856.4 Performance fees 29.2 39.0 44.0 Other 108.5 120.5 108.5 Total affiliated operating revenues 4,557.5 4,649.8 4,217.1 As of December 31, $ in millions 2015 2014 Affiliated asset balances: Cash and cash equivalents 383.3 474.9 Unsettled fund receivables 166.7 254.2 Accounts receivable 317.7 332.9 Investments 982.7 848.8 Assets held for policyholders 6,051.2 1,697.5 Other assets 3.4 7.9 Total affiliated asset balances 7,905.0 3,616.2 Affiliated liability balances: Accrued compensation and benefits 105.0 138.8 Accounts payable and accrued expenses 82.9 61.9 Unsettled fund payables 248.2 322.1 Total affiliated liability balances 436.1 522.8 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The components of income from discontinued operations, net of tax, were as follows for the twelve months ended December 31, 2014 and 2013 , respectively. Years ended December 31, $ in millions 2014 2013 Operating revenue 0.3 162.6 Operating expenses (7.0 ) (139.2 ) Gain on sale 1.4 77.5 Income/(loss) from discontinued operations before income taxes (5.3 ) 100.9 Income tax provision 1.9 (36.4 ) Income/(loss) from discontinued operations, net of taxes (3.4 ) 64.5 |
Accounting Policies (Narrative)
Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)reporting_units | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Retained earnings accumulated deficit appropriated for investors in consolidated investment products | $ 0 | $ 17.6 | |
Percentage Of Vie Partnership Investment Products Owned | 1.00% | ||
Fair value of recognized acquired assets | 100.00% | ||
Non controlling interest in acquisitions | 100.00% | ||
Recognized liabilities acquired | 100.00% | ||
Cash deposits with clearing organizations | $ 11.4 | 11.4 | |
Reporting Units for Goodwill | reporting_units | 1 | ||
Share Based Payment, Estimated Forfeitures, Percentage | 3.00% | ||
Percentage of Excess in Projected Benefit Obligation and Fair Value Assets To Be Amortized | 10.00% | ||
Advertising Costs | $ 35.4 | 38.6 | $ 31.3 |
Debt Issuance Cost | 15.9 | 12.5 | $ 9 |
Floating rate credit facility | $ 8.7 | $ 8.9 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life, Minimum | 50 years | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life, Minimum | 3 years | ||
Intangible assets, useful life, years | 7 years | ||
Minimum [Member] | CLO [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Reporting Period Lag Between Parent Company and Consolidated Entity | 1 month | ||
Minimum [Member] | Software Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life, Minimum | 5 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cash Equivalent, Maturity Period | 3 months | ||
Settlement Period for Fund and Investor Receivables | 4 days | ||
Amortization Period of Sales Commission of Share B Redemptions | 6 years | ||
Property, Plant and Equipment, Useful Life, Minimum | 7 years | ||
Intangible assets, useful life, years | 12 years | ||
Maximum [Member] | CLO [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Reporting Period Lag Between Parent Company and Consolidated Entity | 3 months | ||
Maximum [Member] | Software Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life, Minimum | 7 years |
Fair Value Of Assets And Liab53
Fair Value Of Assets And Liabilities (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (7.8) | ||
Number of futures contracts (as shown) | contract | 15 | 6 | |
Fair Value Inputs, Discount Rate | 3.40% | 3.90% | |
Future [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notional value of futures contracts | $ 1.9 | $ 0.8 | |
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 | $ 9.2 | ||
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets under Management, Assumed Growth Rate | 0.00% | 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% | 10.25% | |
Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets under Management, Assumed Growth Rate | 2.89% | 4.12% |
Fair Value Of Assets And Liab54
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,851.4 | $ 1,514.2 | $ 1,331.2 | $ 835.5 |
Available for sale investments | 233.2 | 255.9 | ||
Foreign time deposits | 24.7 | 29.6 | ||
Assets held for policyholders | 6,051.5 | 1,697.9 | ||
Policyholder payables | (6,051.5) | (1,697.9) | ||
Put option contracts | 1.4 | |||
Long-term debt | (2,072.8) | (1,576.8) | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,851.4 | 1,514.2 | ||
Available for sale investments | 233.2 | 255.9 | ||
Trading investments | 402.7 | 263.2 | ||
Foreign time deposits | 24.7 | 29.6 | ||
Assets held for policyholders | 6,051.5 | 1,697.9 | ||
Policyholder payables | (6,051.5) | (1,697.9) | ||
Put option contracts | 1.4 | 0 | ||
UIT-related financial instruments sold, not yet purchased | (2.5) | (1.4) | ||
Contingent consideration liability | (83.9) | 0 | ||
Long-term debt | (2,072.8) | (1,576.8) | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,851.4 | 1,514.2 | ||
Available for sale investments | 233.2 | 255.9 | ||
Trading investments | 402.7 | 263.2 | ||
Foreign time deposits | 24.7 | 29.6 | ||
Assets held for policyholders | 6,051.5 | 1,697.9 | ||
Policyholder payables | (6,051.5) | (1,697.9) | ||
Put option contracts | 1.4 | 0 | ||
UIT-related financial instruments sold, not yet purchased | (2.5) | (1.4) | ||
Contingent consideration liability | (83.9) | 0 | ||
Long-term debt | $ (2,161.3) | $ (1,695.8) |
Fair Value Of Assets And Liab55
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | $ 233.2 | $ 255.9 |
Assets held for policyholders | 6,051.5 | 1,697.9 |
Put option contracts | 1.4 | |
Total | 7,072.1 | 2,691.9 |
Total | (86.4) | (1.4) |
Foreign time deposits | 24.7 | 29.6 |
Equity method investments | 352.8 | 332.1 |
Cost method investments | 5.7 | 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 | (2.5) | (1.4) |
Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (83.9) | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 383.3 | 474.9 |
Seed Money [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 225.9 | 246.2 |
Trading investments | 191.2 | 68.2 |
Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 1.4 | 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 | 158.8 | 162.6 |
Common Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 48.1 | 29 |
Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.8 | 1.4 |
UIT-Related Equity And Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.5 | 1.6 |
Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.3 | 0.4 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 6,051.5 | 1,697.9 |
Put option contracts | 0 | |
Total | 7,062.1 | 2,681.8 |
Total | (2.5) | (1.4) |
Fair Value, Inputs, 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 | (2.5) | (1.4) |
Fair Value, Inputs, Level 1 [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | |
Fair Value, Inputs, 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 | 383.3 | 474.9 |
Fair Value, Inputs, Level 1 [Member] | Seed Money [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 225.9 | 246.2 |
Trading investments | 191.2 | 68.2 |
Fair Value, Inputs, 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 |
Fair Value, Inputs, 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 |
Fair Value, Inputs, Level 1 [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 158.8 | 162.6 |
Fair Value, Inputs, Level 1 [Member] | Common Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 48.1 | 29 |
Fair Value, Inputs, Level 1 [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.8 | 1.4 |
Fair Value, Inputs, 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 | 1.5 | 1.6 |
Fair Value, Inputs, Level 1 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Fair Value, 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 | 1.4 | |
Total | 2.7 | 0.4 |
Total | 0 | 0 |
Fair Value, 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 |
Fair Value, Inputs, Level 2 [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | |
Fair Value, 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 |
Fair Value, 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 |
Fair Value, 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 |
Fair Value, 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 |
Fair Value, 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 |
Fair Value, Inputs, Level 2 [Member] | Common Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Fair Value, 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 |
Fair Value, Inputs, Level 2 [Member] | Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 1.3 | 0.4 |
Fair Value, 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 | 7.3 | 9.7 |
Total | (83.9) | 0 |
Fair Value, 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 |
Fair Value, Inputs, Level 3 [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (83.9) | |
Fair Value, 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 |
Fair Value, 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 |
Fair Value, 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 | 1.4 | 3.4 |
Fair Value, 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 |
Fair Value, 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 |
Fair Value, Inputs, Level 3 [Member] | Common Shares [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading investments | 0 | 0 |
Fair Value, 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 |
Fair Value, 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 Liab56
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance (Asset) | $ 30.2 | $ 30.2 | $ 16.2 |
Indefinite-lived Intangible Assets Acquired | (119.3) | ||
Purchases | (10.8) | (9) | |
Foreign exchange gains/(losses) | 12.2 | 6 | |
Ending balance (Asset) | 50.4 | 30.2 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance (Asset) | 773.9 | 773.9 | 500.9 |
Beginning balance (Liability) | (5,149.6) | (5,149.6) | (4,181.7) |
Purchases | (129.6) | (302.3) | |
Net unrealized gains and losses included in other gains and losses | 0 | 18.2 | |
Foreign exchange gains/(losses) | (8.2) | (107.6) | |
Settlements (Asset) | 0 | 0 | |
Settlements (Liability) | 0 | 706.8 | |
Ending balance (Asset) | 756.8 | 773.9 | |
Ending balance (Liability) | 0 | (5,149.6) | |
Note Payable [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | ||
Note Payable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance (Liability) | 0 | 0 | (0.3) |
Returns of capital | 0 | ||
Net unrealized gains and losses included in other gains and losses | 0 | ||
Net unrealized gains and losses included in accumulated other comprehensive income/ (loss) Liability | 0 | ||
Settlements (Liability) | 0.3 | ||
Ending balance (Liability) | 0 | ||
Liability [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Indefinite-lived Intangible Assets Acquired | (119.3) | ||
Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance (Liability) | 0 | 0 | |
Returns of capital | 0 | ||
Net unrealized gains and losses included in other gains and losses | 27.1 | ||
Net unrealized gains and losses included in accumulated other comprehensive income/ (loss) Liability | 0 | ||
Settlements (Liability) | 8.3 | ||
Ending balance (Liability) | (83.9) | 0 | |
Collateralized Loan Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Collateralized Loan Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance (Asset) | 3.4 | 3.4 | 4 |
Returns of capital | (0.1) | (0.3) | |
Foreign exchange gains/(losses) | 0 | 0 | |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0.1 | (0.3) | |
Settlements (Asset) | (2) | 0 | |
Ending balance (Asset) | 1.4 | 3.4 | |
Other Debt Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases | 0 | 0 | |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance (Asset) | $ 6.3 | 6.3 | 6.3 |
Returns of capital | (0.4) | 0 | |
Foreign exchange gains/(losses) | 0 | 0 | |
Net unrealized gains and losses included in accumulated other comprehensive income/(loss) | 0 | 0 | |
Settlements (Asset) | 0 | 0 | |
Ending balance (Asset) | $ 5.9 | $ 6.3 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)fund | Dec. 31, 2014USD ($)fund | Dec. 31, 2013USD ($) | Sep. 30, 2015 | |
Investments [Abstract] | ||||
Net realized gains/losses transferred from accumulated other comprehensive income | $ 2,500,000 | $ 12,800,000 | $ 3,200,000 | |
Number of affiliated funds holding seed money | fund | 192 | 146 | ||
Available-for-sale debt securities maturing in one to five years | $ 1,700,000 | |||
Available-for-sale debt securities maturing in five to ten years | 5,600,000 | |||
Charges to other comprehensive income from other-than-temporary impairment related to non-credit factors | $ 0 | |||
Gains and losses on trading securities | (15,100,000) | 12,300,000 | ||
Net Realized and Unrealized Gain (Loss) on Trading Securities | $ (13,500,000) | (15,400,000) | ||
Maximum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Percentage Ownership In Private Equity, Real Estate, and Other Entities | 5.00% | |||
Seed Money [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-than-temporary impairment charges on seed money investments | $ (2,000,000) | $ 0 | ||
Religare Trustee Company Private Ltd. [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Voting Interest Owned | 100.00% | 49.00% | ||
Religare Invesco Asset Management Company Private Ltd. [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Voting Interest Owned | 100.00% | 49.00% |
Investments (Details Of Company
Investments (Details Of Company Investments, Current) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Holdings [Line Items] | ||
Available for sale investments | $ 233.2 | $ 255.9 |
Equity method investments | 352.8 | 332.1 |
Foreign time deposits | 24.7 | 29.6 |
Cost Method Investments | 5.7 | 4.6 |
Investments | 1,019.1 | 885.4 |
Seed Money [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale investments | 225.9 | 246.2 |
Trading investments | 191.2 | 68.2 |
Collateralized Loan Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available for sale investments | 1.4 | 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 | 158.8 | 162.6 |
UIT-Related Equity And Debt Securities [Member] | ||
Investment Holdings [Line Items] | ||
Trading investments | 4.6 | 3.4 |
Common Shares [Member] | ||
Investment Holdings [Line Items] | ||
Trading investments | $ 48.1 | $ 29 |
Investments (Details Of Compa59
Investments (Details Of Company Investments, Non-Current) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 234.8 | $ 247.5 |
Gross Unrealized Holding Gains | 7.7 | 12.8 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 9.3 | 4.4 |
Available-for-sale Securities | 233.2 | 255.9 |
Seed Money [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities | 225.9 | 246.2 |
CLO [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities | 1.4 | 3.4 |
Other Debt Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities | $ 5.9 | $ 6.3 |
Investments (Realized Gains Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sale of available-for-sale investments | $ 51.1 | $ 102.8 | $ 26.9 |
Gross Realized Gains | 2.7 | 13 | 3.6 |
Gross Realized Losses | (0.2) | (0.2) | (0.4) |
Seed Money [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale of available-for-sale investments | 48.1 | 102.5 | 26.7 |
Gross Realized Gains | 2.2 | 13 | 3.6 |
Gross Realized Losses | (0.2) | (0.2) | (0.4) |
Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale of available-for-sale investments | 2.6 | 0.3 | 0.2 |
Gross Realized Gains | 0.5 | 0 | 0 |
Gross Realized Losses | 0 | 0 | 0 |
Other Debt Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale of available-for-sale investments | 0.4 | 0 | 0 |
Gross Realized Gains | 0 | 0 | 0 |
Gross Realized Losses | $ 0 | $ 0 | $ 0 |
Investments (Gross Unrealized H
Investments (Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 234.8 | $ 247.5 |
Gross Unrealized Holding Gains | 7.7 | 12.8 |
Gross Unrealized Holding Losses | (9.3) | (4.4) |
Available for sale investments | 233.2 | 255.9 |
Seed Money [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 227.6 | 237.7 |
Gross Unrealized Holding Gains | 7.6 | 12.8 |
Gross Unrealized Holding Losses | (9.3) | (4.3) |
Available for sale investments | 225.9 | 246.2 |
CLO [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 1.3 | 3.5 |
Gross Unrealized Holding Gains | 0.1 | 0 |
Gross Unrealized Holding Losses | 0 | (0.1) |
Available for sale investments | 1.4 | 3.4 |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 5.9 | 6.3 |
Gross Unrealized Holding Gains | 0 | 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) - Seed Money Funds [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 93 | $ 123.9 |
Less than 12 Months, Gross Unrealized Losses | (3) | (3.5) |
12 Months or Greater, Fair Value | 65.5 | 3.6 |
12 Months or Greater, Gross Unrealized Losses | (6.3) | (0.8) |
Total, Fair Value | 158.5 | 127.5 |
Total, Gross Unrealized Losses | $ (9.3) | $ (4.3) |
Investments (Summary of the Com
Investments (Summary of the Companies Voting Control in Entities Where it has Noncontrolling Interest) (Details) - Germany | Dec. 31, 2015 |
VV Immobilien Verwaltungs und Beteiligungs Gmbh [Member] | |
Voting Interest Owned | 70.00% |
VV Immobilien Verwaltungs GmbH [Member] | |
Voting Interest Owned | 70.00% |
HVH Immobilien und Beteiligungs GmbH [Member] | |
Voting Interest Owned | 70.00% |
Investments (Summary of the C64
Investments (Summary of the Company's Investment in Joint Ventures and Affiliates) (Details) | Dec. 31, 2015 |
CHINA | Huaneng Invesco WLR Investment Consulting Company Limited [Member] | |
Company's investments in joint ventures and affiliates | 50.00% |
CHINA | Invesco Great Wall Fund Management Company Limited [Member] | |
Company's investments in joint ventures and affiliates | 49.00% |
India | Religare Invesco Asset Management Company Private Ltd. [Member] | |
Company's investments in joint ventures and affiliates | 49.00% |
India | Religare Trustee Company Private Ltd. [Member] | |
Company's investments in joint ventures and affiliates | 49.00% |
POLAND | Pocztylion - ARKA [Member] | |
Company's investments in joint ventures and affiliates | 29.30% |
Property, Equipment And Softw65
Property, Equipment And Software (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, Equipment and Software, Gross | $ 1,030 | $ 979.6 | |
Less: Accumulated Depreciation | (603.1) | (577) | |
Property, Equipment and Software, Net | 426.9 | 402.6 | |
Depreciation expense | 83 | 76.8 | $ 71.3 |
Capitalized IT software development costs was written off | 11.7 | ||
Technology and Other Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Equipment and Software, Gross | 244.1 | 268.9 | |
Computer Software, Intangible Asset [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Equipment and Software, Gross | 443 | 368.3 | |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Equipment and Software, Gross | 58.9 | 62.3 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Equipment and Software, Gross | 198.2 | 196.1 | |
Work in Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Equipment and Software, Gross | $ 85.8 | $ 84 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Indefinite-lived Intangible Assets Acquired | $ 119,300,000 | ||
Amortization expense | 10,600,000 | $ 12,600,000 | $ 17,100,000 |
Impaired Intangible Asset, Description | $ 0 | $ 0 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of finite-lived intangible assets by major class) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Gross Book Value | $ 1,423.4 | $ 1,325.5 |
Accumulated Amortization | (69.4) | (78.8) |
Net Book Value | 1,354 | 1,246.7 |
Management contracts - indefinite-lived [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,313.9 | 1,195.9 |
Management contracts - finite-lived [Member] | ||
Gross Book Value | 68.7 | 88.8 |
Accumulated Amortization | (50.1) | (62.9) |
Net Book Value | $ 18.6 | $ 25.9 |
Weighted Average Amortization Period (years) | 3 years 6 months | 3 years 6 months |
Customer relationships [Member] | ||
Gross Book Value | $ 40 | $ 40 |
Accumulated Amortization | (18.6) | (15.2) |
Net Book Value | $ 21.4 | $ 24.8 |
Weighted Average Amortization Period (years) | 8 years 5 months | 8 years 5 months |
Other [Member] | ||
Gross Book Value | $ 0.8 | $ 0.8 |
Accumulated Amortization | (0.7) | (0.7) |
Net Book Value | $ 0.1 | $ 0.1 |
Weighted Average Amortization Period (years) | 2 years 10 months | 2 years 10 months |
Intangible Assets (Schedule O68
Intangible Assets (Schedule Of future amortization expense of intangible assets) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
2,016 | $ 10.8 |
2,017 | 10.7 |
2,018 | 5.9 |
2,019 | 3.3 |
2,020 | $ 3.3 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Abstract] | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||
Net Book Value, Beginning Balance | 6,579.4 | 6,867.3 |
Foreign exchange and other | (403.7) | (287.9) |
Net Book Value, Ending Balance | $ 6,175.7 | $ 6,579.4 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 93.2 | $ 94.4 |
Accrued bonus and deferred compensation | 568.1 | 572.9 |
Accrued compensation and benefits | 661.3 | 667.3 |
Accruals and other liabilities | 328.6 | 263.8 |
Deferred Revenue | 69.2 | 54.8 |
Obligations, Fair Value Disclosure | 83.9 | 0 |
Accounts payable | 302.6 | 343.5 |
Income taxes payable | 78.8 | 95.2 |
Accounts payable and accrued expenses | $ 863.1 | $ 757.3 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Aug. 07, 2015USD ($) | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Floating rate credit facility expiring August 7, 2020 | $ 8,700,000 | $ 8,900,000 | |
Repayment of amount outstanding on the credit facility | $ 699,400,000 | ||
Letters of Credit, Renewable Term | 1 year | ||
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Floating rate credit facility expiring August 7, 2020 | $ 0 | ||
Unsecured debt, credit agreement | $ 1,250,000,000 | ||
Margin for LIBOR based loans, percentage | 1.00% | ||
Margin for base rate loans, percentage | 0.00% | ||
Line of credit facility commitment fee amount, percentage | 0.125% | ||
Covenant ratio debt EBITDA maximum numerator | 3.25 | ||
Covenant ratio coverage maximum numerator | 4 | ||
Line of Credit [Member] | LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility interest rate, percentage | 1.00% | ||
Line of Credit [Member] | Federal Funds [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility interest rate, percentage | 0.50% | ||
Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 13,800,000 | ||
Short Term Debt Letters Of Credit | $ 7,300,000 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument, Unamortized Discount | $ 11.1 | ||
Floating rate credit facility expiring August 7, 2020 | 8.7 | $ 8.9 | |
Debt Issuance Cost | 15.9 | 12.5 | $ 9 |
Long-term debt | 2,072.8 | 1,576.8 | |
Due January 30, 2024 [Member] | |||
Unsecured Debt | $ 600 | ||
Debt instrument, interest rate, stated percentage | 4.00% | ||
Due January 15, 2026 [Member] | |||
Unsecured Debt | $ 500 | ||
Debt Instrument, Unamortized Discount | $ 1.3 | ||
Debt instrument, interest rate, stated percentage | 3.75% | ||
Debt Issuance Cost | $ 4.6 | ||
Due November 30, 2043 [Member] | |||
Unsecured Debt | $ 400 | ||
Debt instrument, interest rate, stated percentage | 5.375% | ||
Unsecured Debt [Member] | Due November 30, 2022 [Member] | |||
Unsecured Senior Notes | $ 596.1 | ||
Debt instrument, interest rate, stated percentage | 3.125% | ||
Debt Instrument, Maturity Date | Nov. 30, 2022 | ||
Debt Instrument, Face Amount | $ 600 | ||
Unsecured Debt [Member] | Due January 30, 2024 [Member] | |||
Unsecured Senior Notes | $ 592.7 | ||
Debt instrument, interest rate, stated percentage | 4.00% | ||
Debt Instrument, Maturity Date | Jan. 30, 2024 | ||
Debt Instrument, Face Amount | $ 600 | ||
Unsecured Debt [Member] | Due January 15, 2026 [Member] | |||
Unsecured Senior Notes | $ 494.2 | ||
Debt instrument, interest rate, stated percentage | 3.75% | ||
Debt Instrument, Maturity Date | Jan. 15, 2026 | ||
Debt Instrument, Face Amount | $ 500 | ||
Unsecured Debt [Member] | Due November 30, 2043 [Member] | |||
Unsecured Senior Notes | $ 389.8 | ||
Debt instrument, interest rate, stated percentage | 5.375% | ||
Debt Instrument, Maturity Date | Nov. 30, 2043 | ||
Debt Instrument, Face Amount | $ 400 | ||
Line of Credit [Member] | |||
Floating rate credit facility expiring August 7, 2020 | 0 | ||
Carrying Value [Member] | |||
Long-term debt | 2,072.8 | 1,576.8 | |
Carrying Value [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | |||
Unsecured Senior Notes | 596.1 | 595.4 | |
Carrying Value [Member] | Unsecured Debt [Member] | Due January 30, 2024 [Member] | |||
Unsecured Senior Notes | 592.7 | 591.9 | |
Carrying Value [Member] | Unsecured Debt [Member] | Due January 15, 2026 [Member] | |||
Unsecured Senior Notes | 494.2 | 0 | |
Carrying Value [Member] | Unsecured Debt [Member] | Due November 30, 2043 [Member] | |||
Unsecured Senior Notes | 389.8 | 389.5 | |
Carrying Value [Member] | Line of Credit [Member] | |||
Floating rate credit facility expiring August 7, 2020 | 0 | 0 | |
Fair Value [Member] | |||
Long-term debt | 2,161.3 | 1,695.8 | |
Fair Value [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | |||
Unsecured Senior Notes | 601.4 | 596.8 | |
Fair Value [Member] | Unsecured Debt [Member] | Due January 30, 2024 [Member] | |||
Unsecured Senior Notes | 628.3 | 625.9 | |
Fair Value [Member] | Unsecured Debt [Member] | Due January 15, 2026 [Member] | |||
Unsecured Senior Notes | 503 | 0 | |
Fair Value [Member] | Unsecured Debt [Member] | Due November 30, 2043 [Member] | |||
Unsecured Senior Notes | 428.6 | 473.1 | |
Fair Value [Member] | Line of Credit [Member] | |||
Floating rate credit facility expiring August 7, 2020 | $ 0 | $ 0 |
Long-Term Debt (Analysis Of Bor
Long-Term Debt (Analysis Of Borrowings By Maturity) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt | ||
Long-term debt | $ 2,072.8 | $ 1,576.8 |
Unsecured Debt [Member] | Due November 30, 2022 [Member] | ||
Debt | ||
Borrowings | 596.1 | |
Unsecured Debt [Member] | Due January 30, 2024 [Member] | ||
Debt | ||
Borrowings | 592.7 | |
Unsecured Debt [Member] | Due January 15, 2026 [Member] | ||
Debt | ||
Borrowings | 494.2 | |
Unsecured Debt [Member] | Due November 30, 2043 [Member] | ||
Debt | ||
Borrowings | $ 389.8 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Shares repurchased | 6.5 | 15.5 | 7.4 |
Cost of repurchased shares | $ 214,800,000 | $ 548,800,000 | $ 269,600,000 |
Shares withheld to meet employees' tax withholding obligations | 1.9 | 2.1 | |
Fair values of shares withheld | $ 76,100,000 | $ 73,300,000 | |
Stock repurchase program, authorized amount | 1,500,000,000 | 1,500,000,000 | |
Share repurchase plan, remaining authorized amount | $ 678,000,000 | $ 678,000,000 | $ 1,226,800,000 |
Treasury stock shares | 81.3 | 81.3 | 69.4 |
Treasury shares held, as unvested restricted stock awards | 8.4 | 8.4 | 8.9 |
Common shares market price (per share) | $ 33.48 | ||
Treasury shares market value | $ 2,700,000,000 |
Share Capital (Movements In Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) - shares shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | |||
Common shares issued | 490.4 | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | (72.9) | (60.5) | (57.3) |
Common shares outstanding | 417.5 | 429.9 | 433.1 |
Share Capital (Movements in Tre
Share Capital (Movements in Treasury Shares) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Beginning balance | 69.4 | 66.8 | 59.2 |
Acquisition of common shares | 17.4 | 9.5 | 16.3 |
Distribution of common shares | (5.2) | (5.8) | (7.2) |
Common shares distributed to meet ESPP obligation | (0.1) | (0.2) | 0 |
Common shares distributed to meet option exercises | (0.2) | (0.9) | (1.5) |
Ending balance | 81.3 | 69.4 | 66.8 |
Other Comprehensive Income_(L77
Other Comprehensive Income/(Loss) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Noncontrolling Interests in Consolidated Entities [Member] | |
Currency translation differences on investments in foreign subsidiaries, net of tax | $ 13.1 |
Other Comprehensive Income_(L78
Other Comprehensive Income/(Loss) (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share of other comprehensive income/(loss) of equity method investments, net of tax | $ (0.6) | $ 8.3 | $ (3.9) |
Other comprehensive income/(loss) net of tax: | |||
Currency translation differences on investments in foreign subsidiaries, net of tax | (493.9) | (364.4) | (122.3) |
Actuarial (loss)/gain related to employee benefit plans, net of tax | 11.1 | (26) | 1.2 |
Prior service credit related to employee benefit plans | 0 | 14.9 | 0 |
Reclassification of amortization of prior service costs/(credit) into employee compensation expense, net of tax | (7.2) | (4.1) | (1.5) |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense, net of tax | 2.2 | 1.4 | 1.8 |
Share of other comprehensive income/(loss) of equity method investments, net of tax | (0.6) | 8.3 | (3.9) |
Unrealized(losses)/gains on available-for-sale investments, net of tax | (6) | 7.7 | 13.1 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | (0.4) | (16.9) | (4.1) |
Accumulated other comprehensive income/(loss), net of tax: | |||
Beginning balance | 48.8 | 427.9 | 530.5 |
Other comprehensive income/(loss), net of tax | (494.8) | (379.1) | (115.7) |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 13.1 |
Ending balance | (446) | 48.8 | 427.9 |
Foreign currency translation [Member] | |||
Other comprehensive income/(loss) net of tax: | |||
Currency translation differences on investments in foreign subsidiaries, net of tax | (493.9) | (364.4) | (122.3) |
Accumulated other comprehensive income/(loss), net of tax: | |||
Beginning balance | 128.1 | 492.5 | 601.7 |
Other comprehensive income/(loss), net of tax | (493.9) | (364.4) | (122.3) |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 13.1 |
Ending balance | (365.8) | 128.1 | 492.5 |
Employee benefit plans [Member] | |||
Other comprehensive income/(loss) net of tax: | |||
Actuarial (loss)/gain related to employee benefit plans, net of tax | 11.1 | (26) | 1.2 |
Prior service credit related to employee benefit plans | 14.9 | ||
Reclassification of amortization of prior service costs/(credit) into employee compensation expense, net of tax | (7.2) | (4.1) | (1.5) |
Reclassification of amortization of actuarial (gains)/losses into employee compensation expense, net of tax | 2.2 | 1.4 | 1.8 |
Accumulated other comprehensive income/(loss), net of tax: | |||
Beginning balance | (91.7) | (77.9) | (79.4) |
Other comprehensive income/(loss), net of tax | 6.1 | (13.8) | 1.5 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending balance | (85.6) | (91.7) | (77.9) |
Equity method investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Share of other comprehensive income/(loss) of equity method investments, net of tax | (0.6) | 8.3 | (3.9) |
Other comprehensive income/(loss) net of tax: | |||
Share of other comprehensive income/(loss) of equity method investments, net of tax | (0.6) | 8.3 | (3.9) |
Accumulated other comprehensive income/(loss), net of tax: | |||
Beginning balance | 6.5 | (1.8) | 2.1 |
Other comprehensive income/(loss), net of tax | (0.6) | 8.3 | (3.9) |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending balance | 5.9 | 6.5 | (1.8) |
Available-for-sale investments [Member] | |||
Other comprehensive income/(loss) net of tax: | |||
Unrealized(losses)/gains on available-for-sale investments, net of tax | (6) | 7.7 | 13.1 |
Reclassification of net (gains)/losses realized on available-for-sale investments included in other gains and losses, net | (0.4) | (16.9) | (4.1) |
Accumulated other comprehensive income/(loss), net of tax: | |||
Beginning balance | 5.9 | 15.1 | 6.1 |
Other comprehensive income/(loss), net of tax | (6.4) | (9.2) | 9 |
Other comprehensive (income)/loss attributable to noncontrolling interest | 0 | 0 | 0 |
Ending balance | $ (0.5) | $ 5.9 | $ 15.1 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2015USD ($)awards$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | May. 31, 2011shares | May. 31, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 2 months 12 days | ||||
Share-based compensation expense | $ 150,300,000 | $ 138,000,000 | $ 133,100,000 | ||
Income tax benefit from share-based compensation agreements | 43,800,000 | 39,100,000 | 37,800,000 | ||
Proceeds from Stock Options Exercised | 3,700,000 | 11,000,000 | 17,900,000 | ||
Tax Benefit Realized From Share Based Payment Awards | $ 2,500,000 | 7,400,000 | 7,900,000 | ||
Number of Share Awards By Type | awards | 2 | ||||
Fair value of vested shares | $ 202,600,000 | $ 202,300,000 | $ 192,700,000 | ||
Weighted average fair value of shares granted | $ / shares | $ 39.99 | $ 34.35 | $ 26.91 | ||
Unrecognized compensation cost related to non-vested shares | $ 253,000,000 | ||||
Weighted average non-vested shares compensation cost expected to recognize | 2 years 6 months 10 days | ||||
ESPP discount rate | 85.00% | ||||
Maximum employee ESPP contributions per offering period | $ 6,000 | ||||
recognized expense for employee stock purchase | $ 900,000 | $ 800,000 | $ 900,000 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proportional vesting rate | 0.00% | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proportional vesting rate | 100.00% | ||||
Global Equity Incentive Plan, 2011 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized under share awards plan | shares | 28,000,000 | ||||
Global Equity Incentive Plan, 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized under share awards plan | shares | 3,000,000 |
Share-Based Compensation (Movem
Share-Based Compensation (Movements On Share Awards) (Details) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unvested at beginning of year Weighted Average Grant Date Fair Value | $ 29 | ||
Granted during period Weighted Average Grant Date Fair Value | 39.99 | $ 34.35 | $ 26.91 |
Forfeited during the year Weighted Average Grant Date Fair Value | 33.26 | ||
Vested and distributed during the period Weighted Average Grant Date Fair Value | 28.29 | ||
Unvested at the end of the year Weighted Average Grant Date Fair Value | $ 33.62 | $ 29 | |
Time Vested N y s e [Member] | |||
Unvested at the beginning of year | 11.5 | 13.9 | 16.5 |
Granted during the year | 4.1 | 4.4 | 5.2 |
Forfeited during the year | (0.2) | (1.2) | (0.9) |
Vested and distributed during the year | (5) | (5.6) | (6.9) |
Unvested at the end of the year | 10.4 | 11.5 | 13.9 |
Performance Shares [Member] | |||
Unvested at the beginning of year | 0.5 | 0.4 | 0.3 |
Granted during the year | 0.3 | 0.2 | 0.2 |
Forfeited during the year | 0 | 0 | 0 |
Vested and distributed during the year | (0.2) | (0.1) | (0.1) |
Unvested at the end of the year | 0.6 | 0.5 | 0.4 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit plan, cost recognized | $ 58.4 | $ 57.4 | $ 54.3 |
Other postretirement benefits payable | 24.5 | 25.4 | |
Cash investments in time deposits | 5.2 | $ 3.8 | |
Medical Plans [Member] | |||
Estimated amounts of contributions expected to be paid to the plans in next fiscal year | $ 0 |
Retirement Benefit Plans (Sched
Retirement Benefit Plans (Schedule of defined benefit plan obligations and assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value of plan assets | $ 423.2 | $ 424 | |
Retirement Plans [Member] | |||
Benefit obligation | (490.7) | (520.2) | $ (486.2) |
Fair value of plan assets | 422.7 | 420.6 | |
Funded status | (68) | (99.6) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Other assets | 4.9 | 3.1 | |
Accrued compensation and benefits | (72.9) | (102.7) | |
Medical Plan [Member] | |||
Benefit obligation | (8.7) | (10.2) | $ (43.6) |
Fair value of plan assets | 5.7 | 7.2 | |
Funded status | (3) | (3) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Other assets | 0 | 0 | |
Accrued compensation and benefits | $ (3) | $ (3) |
Retirement Benefit Plans (Chang
Retirement Benefit Plans (Changes in defined benefit plan obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Actuarial (loss)/gain related to employee benefit plans, net of tax | $ (11.1) | $ 26 | $ (1.2) |
Retirement Plans [Member] | |||
Benefit obligation, beginning balance | 520.2 | 486.2 | |
Service cost | 5.4 | 4.9 | 4.4 |
Interest cost | 17.7 | 21 | 19 |
Contributions from plan participants | 0 | 0 | |
Actuarial (loss)/gain related to employee benefit plans, net of tax | (15) | 51.1 | |
Exchange difference | (26.1) | (35) | |
Benefits paid | (11.5) | (8) | |
Defined Benefit Plan, Plan Amendments | 0 | 0 | |
Benefit obligation, ending balance | 490.7 | 520.2 | 486.2 |
Medical Plan [Member] | |||
Benefit obligation, beginning balance | 10.2 | 43.6 | |
Service cost | 0 | 0 | 0.2 |
Interest cost | 0 | 1.8 | 1.9 |
Contributions from plan participants | 0.2 | 0.4 | |
Actuarial (loss)/gain related to employee benefit plans, net of tax | 0.2 | (9.2) | |
Exchange difference | 0 | 0 | |
Benefits paid | (1.9) | (2.9) | |
Defined Benefit Plan, Plan Amendments | 0 | (23.5) | |
Benefit obligation, ending balance | $ 8.7 | $ 10.2 | $ 43.6 |
Retirement Benefit Plans (Sch84
Retirement Benefit Plans (Schedule of assumptions used to determine defined benefit obligations) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Discount rate | 3.80% | |
Retirement Plans [Member] | ||
Discount rate | 3.69% | 3.52% |
Expected rate of salary increases | 3.16% | 3.06% |
Future pension/medical cost trend rate increases | 2.98% | 2.88% |
Medical Plan [Member] | ||
Discount rate | 0.00% | 0.00% |
Expected rate of salary increases | 0.00% | 0.00% |
Future pension/medical cost trend rate increases, minimum | 5.00% | 5.00% |
Future pension/medical cost trend rate increases, maximum | 6.40% | 6.80% |
Retirement Benefit Plans (Cha85
Retirement Benefit Plans (Changes in the fair value of plan assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 424 | |
Ending balance | 423.2 | $ 424 |
Retirement Plans [Member] | ||
Beginning balance | 420.6 | |
Contributions from plan participants | 0 | 0 |
Benefits paid | (11.5) | (8) |
Ending balance | 422.7 | 420.6 |
Medical Plan [Member] | ||
Beginning balance | 7.2 | |
Contributions from plan participants | 0.2 | 0.4 |
Benefits paid | (1.9) | (2.9) |
Ending balance | 5.7 | 7.2 |
Defined Benefit Plan, Changes in Fair Value of Plan Assets [Member] | Retirement Plans [Member] | ||
Beginning balance | 420.6 | 407.1 |
Actual return on plan assets | 23.1 | 32.2 |
Exchange difference | (25.4) | (26.6) |
Contributions from the company | 15.5 | 15.9 |
Contributions from plan participants | 0 | 0 |
Benefits paid | (11.1) | (8) |
Ending balance | 422.7 | 420.6 |
Defined Benefit Plan, Changes in Fair Value of Plan Assets [Member] | Medical Plan [Member] | ||
Beginning balance | 7.2 | 10 |
Actual return on plan assets | (0.1) | 0 |
Exchange difference | 0 | 0.1 |
Contributions from the company | 0 | 0 |
Contributions from plan participants | 0.5 | 0.1 |
Benefits paid | (1.9) | (3) |
Ending balance | $ 5.7 | $ 7.2 |
Retirement Benefit Plans (Break
Retirement Benefit Plans (Breakdown of amount recognized in accumulated other comprehensive income) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Retirement Plans [Member] | ||
Prior service cost/(credit) | $ 0 | $ 0 |
Net actuarial loss/(gain) | 118.2 | 136.5 |
Total | 118.2 | 136.5 |
Medical Plan [Member] | ||
Prior service cost/(credit) | (11.3) | (21.6) |
Net actuarial loss/(gain) | (8.4) | (8.7) |
Total | $ (19.7) | $ (30.3) |
Retirement Benefit Plans (Bre87
Retirement Benefit Plans (Breakdown of amounts in accumulated other comprehensive income expected to be amortized into net periodic benefit cost) (Details) (New) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Retirement Plans [Member] | |
Prior service cost/(credit) | $ 0 |
Net actuarial loss/(gain) | 2.2 |
Total | 2.2 |
Medical Plan [Member] | |
Prior service cost/(credit) | (11.3) |
Net actuarial loss/(gain) | (0.3) |
Total | $ (11.6) |
Retirement Benefit Plans (Sch88
Retirement Benefit Plans (Schedule of benefit obligations in excess of plan assets) (Details) - Retirement Plans [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated benefit obligation | $ 480.9 | $ 509.9 |
Fair value of plan assets | 407.9 | 406.1 |
Projected benefit obligation | $ 480.9 | $ 509.9 |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of net periodic benefit cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans [Member] | |||
Service cost | $ 5.4 | $ 4.9 | $ 4.4 |
Interest cost | 17.7 | 21 | 19 |
Expected return on plan assets | (22.9) | (24.6) | (18.5) |
Amortization of prior service cost/(credit) | 0.1 | 0.1 | 0.1 |
Amortization of net actuarial gain/(loss) | 3 | 1.8 | 2 |
Curtailment | 0 | 0 | 0 |
Net periodic benefit cost | 3.3 | 3.2 | 7 |
Medical Plan [Member] | |||
Service cost | 0 | 0 | 0.2 |
Interest cost | 0 | 1.8 | 1.9 |
Expected return on plan assets | 0 | (0.3) | (0.6) |
Amortization of prior service cost/(credit) | (11.3) | (2.3) | (2) |
Amortization of net actuarial gain/(loss) | (0.3) | 0 | 0.3 |
Curtailment | 0 | (4.3) | 0 |
Net periodic benefit cost | $ (11.6) | $ (5.1) | $ (0.2) |
Retirement Benefit Plans (Sch90
Retirement Benefit Plans (Schedule of assumptions used to determine net periodic benefit cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Retirement Plans [Member] | |||
Discount rate | 3.52% | 4.39% | 4.67% |
Expected return on plan assets | 5.90% | 6.01% | 5.60% |
Expected rate of salary increases | 3.06% | 3.37% | 3.09% |
Future pension rate increases | 2.88% | 2.85% | 2.79% |
Medical Plan [Member] | |||
Discount rate | 0.00% | 4.70% | 3.79% |
Expected return on plan assets | 0.00% | 6.25% | 6.50% |
Expected rate of salary increases | 0.00% | 2.50% | 2.50% |
Future medical cost trend rate increases, percentage range minimum | 5.00% | 5.00% | 5.00% |
Future medical cost trend rate increases, percentage range maximum | 6.80% | 7.20% | 7.60% |
Retirement Benefit Plans (Assum
Retirement Benefit Plans (Assumed health care cost rates) (Details) - Medical Plan [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Health care cost trend rate assumed for next year | 6.40% | 6.80% | 7.60% |
Rate to which cost trend gradually declines | 5.00% | 5.00% | 5.00% |
Defined benefit plan year assumed health care cost trend rate reaches level it is assumed to remain thereafter | 2,020 | 2,020 | 2,020 |
Retirement Benefit Plans (Analy
Retirement Benefit Plans (Analysis of plan assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value of plan assets | $ 423.2 | $ 424 |
Retirement Plans [Member] | ||
Fair value of plan assets | $ 422.7 | $ 420.6 |
Percentage of plan assets | 100.00% | 100.00% |
Medical Plan [Member] | ||
Fair value of plan assets | $ 5.7 | $ 7.2 |
Percentage of plan assets | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | ||
Fair value of plan assets | $ 5.7 | $ 7.2 |
Cash and Cash Equivalents [Member] | Retirement Plans [Member] | ||
Fair value of plan assets | $ 5.2 | $ 3.8 |
Percentage of plan assets | 1.20% | 0.90% |
Cash and Cash Equivalents [Member] | Medical Plan [Member] | ||
Fair value of plan assets | $ 5.7 | $ 7.2 |
Percentage of plan assets | 100.00% | 100.00% |
Fund Investments [Member] | ||
Fair value of plan assets | $ 200.6 | $ 197.5 |
Fund Investments [Member] | Retirement Plans [Member] | ||
Fair value of plan assets | $ 200.6 | $ 197.5 |
Percentage of plan assets | 47.40% | 46.90% |
Fund Investments [Member] | Medical Plan [Member] | ||
Fair value of plan assets | $ 0 | $ 0 |
Percentage of plan assets | 0.00% | 0.00% |
Equity Securities [Member] | ||
Fair value of plan assets | $ 129.1 | $ 124.8 |
Equity Securities [Member] | Retirement Plans [Member] | ||
Fair value of plan assets | $ 129.1 | $ 124.8 |
Percentage of plan assets | 30.50% | 29.70% |
Equity Securities [Member] | Medical Plan [Member] | ||
Fair value of plan assets | $ 0 | $ 0 |
Percentage of plan assets | 0.00% | 0.00% |
Government Debt Securities [Member] | ||
Fair value of plan assets | $ 70.6 | $ 76.5 |
Government Debt Securities [Member] | Retirement Plans [Member] | ||
Fair value of plan assets | $ 70.6 | $ 76.5 |
Percentage of plan assets | 16.70% | 18.20% |
Government Debt Securities [Member] | Medical Plan [Member] | ||
Fair value of plan assets | $ 0 | $ 0 |
Percentage of plan assets | 0.00% | 0.00% |
Other Assets [Member] | ||
Fair value of plan assets | $ 5.5 | $ 4.9 |
Other Assets [Member] | Retirement Plans [Member] | ||
Fair value of plan assets | $ 5.5 | $ 4.9 |
Percentage of plan assets | 1.30% | 1.20% |
Other Assets [Member] | Medical Plan [Member] | ||
Fair value of plan assets | $ 0 | $ 0 |
Percentage of plan assets | 0.00% | 0.00% |
Guaranteed Investments Contracts [Member] | ||
Fair value of plan assets | $ 11.7 | $ 13.1 |
Guaranteed Investments Contracts [Member] | Retirement Plans [Member] | ||
Fair value of plan assets | $ 11.7 | $ 13.1 |
Percentage of plan assets | 2.80% | 3.10% |
Guaranteed Investments Contracts [Member] | Medical Plan [Member] | ||
Fair value of plan assets | $ 0 | $ 0 |
Percentage of plan assets | 0.00% | 0.00% |
Retirement Benefit Plans (Sch93
Retirement Benefit Plans (Schedule of fair value of plan assets by three level fair value hierarchy) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined benefit plan, fair value of plan assets | $ 423.2 | $ 424 | |
Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 5.7 | 7.2 | |
Fund Investments [Member] | |||
Defined benefit plan, fair value of plan assets | 200.6 | 197.5 | |
Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 129.1 | 124.8 | |
Government Debt Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 70.6 | 76.5 | |
Other Assets [Member] | |||
Defined benefit plan, fair value of plan assets | 5.5 | 4.9 | |
Guaranteed Investments Contracts [Member] | |||
Defined benefit plan, fair value of plan assets | 11.7 | 13.1 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined benefit plan, fair value of plan assets | 354.4 | 349.6 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 5.7 | 7.2 | |
Fair Value, Inputs, Level 1 [Member] | Fund Investments [Member] | |||
Defined benefit plan, fair value of plan assets | 200.6 | 197.5 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 129.1 | 124.8 | |
Fair Value, Inputs, Level 1 [Member] | Government Debt Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 13.5 | 15.2 | |
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | |||
Defined benefit plan, fair value of plan assets | 5.5 | 4.9 | |
Fair Value, Inputs, Level 1 [Member] | Guaranteed Investments Contracts [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined benefit plan, fair value of plan assets | 57.1 | 61.3 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fund Investments [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Government Debt Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 57.1 | 61.3 | |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Guaranteed Investments Contracts [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined benefit plan, fair value of plan assets | 11.7 | 13.1 | $ 15.2 |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fund Investments [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Government Debt Securities [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Assets [Member] | |||
Defined benefit plan, fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Guaranteed Investments Contracts [Member] | |||
Defined benefit plan, fair value of plan assets | $ 11.7 | $ 13.1 |
Retirement Benefit Plans (Recon
Retirement Benefit Plans (Reconciliation of beginning and ending fair value balances for assets with unobservable fair value inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 424 | |
Ending balance | 423.2 | $ 424 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Beginning balance | 13.1 | 15.2 |
Unrealized gains/(losses) relating to the instrument still held at the reporting date | 0.1 | 1 |
Purchases, sales, issuances and settlements (net) | (1.5) | (3.1) |
Ending balance | $ 11.7 | $ 13.1 |
Retirement Benefit Plans (Quant
Retirement Benefit Plans (Quantitative Information about Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair value of plan assets | $ 423.2 | $ 424 | |
Discount rate | 3.80% | ||
Long-term rate of improvement | 1.25% | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Fair value of plan assets | $ 11.7 | $ 13.1 | $ 15.2 |
Retirement Benefit Plans (Sch96
Retirement Benefit Plans (Schedule of benefits expected to be paid in next five fiscal years and the five fiscal years thereafter) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Retirement Plans [Member] | |
Expected benefit payments [Abstract] | |
2,016 | $ 11.1 |
2,017 | 11.5 |
2,018 | 11.9 |
2,019 | 12.2 |
2,020 | 12.6 |
Thereafter in the succeeding five years | 70.1 |
Medical Plan [Member] | |
Expected benefit payments [Abstract] | |
2,016 | 6.9 |
2,017 | 0.3 |
2,018 | 0.2 |
2,019 | 0.2 |
2,020 | 0 |
Thereafter in the succeeding five years | $ 0 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Operating Leases Expense | $ 45.7 | $ 86.8 | $ 63 |
Operating Leases, Income Statement, Sublease Revenue | $ 7.6 | $ 11.6 | $ 11.1 |
Operating Leases (Schedule of F
Operating Leases (Schedule of Future Commitments Under Non-Cancelable Operating Leases) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 70.5 |
2,017 | 60.5 |
2,018 | 61.4 |
2,019 | 60.2 |
2,020 | 52.4 |
Thereafter | 154 |
Gross lease commitments | 459 |
Less: future minimum payments expected to be received under non-cancelable subleases | 67 |
Net lease commitments | 392 |
Building [Member] | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | 67.2 |
2,017 | 57.4 |
2,018 | 58.7 |
2,019 | 57.8 |
2,020 | 50.7 |
Thereafter | 153.2 |
Gross lease commitments | 445 |
Less: future minimum payments expected to be received under non-cancelable subleases | 67 |
Net lease commitments | 378 |
Other [Member] | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | 3.3 |
2,017 | 3.1 |
2,018 | 2.7 |
2,019 | 2.4 |
2,020 | 1.7 |
Thereafter | 0.8 |
Gross lease commitments | 14 |
Less: future minimum payments expected to be received under non-cancelable subleases | 0 |
Net lease commitments | $ 14 |
Other Gains and Losses, Net (Sc
Other Gains and Losses, Net (Schedule of other gains and losses, net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OTHER GAINS AND LOSSES, NET | |||
Gain on sale of investments | $ 3.8 | $ 13 | $ 3.6 |
Net Realized and Unrealized Gain on Trading Securities | 0 | 15.4 | 38.5 |
Gain on contingent consideration liability | 27.1 | 0 | 0 |
Other realized gains | 0.9 | 0.2 | 3.2 |
Total other gains | 31.8 | 28.6 | 45.3 |
Other-than-temporary impairment of available-for-sale investments | (2) | 0 | 0 |
Net Realized and Unrealized Loss on Trading Securities | (13.5) | 0 | 0 |
Net foreign exchange losses | (2.4) | (0.2) | (0.6) |
Payment to investment trust | 0 | 0 | 31.9 |
Liquidation of co-investment | 0 | 0 | (4.1) |
Foreign exchange hedge loss | (7.7) | 0 | (1.8) |
Realized loss on sale of partnerships | (7.3) | 0 | 0 |
Other realized losses | (0.4) | (0.3) | (4.3) |
Total other losses | (33.3) | (0.5) | (42.7) |
Other gains and losses, net | $ (1.5) | $ 28.1 | $ 2.6 |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Tax Assets, Net | $ 15.1 | $ 18.3 | ||
Deferred tax liabilities, net | $ 288.9 | $ 304.8 | ||
Statutory tax rate | 35.00% | 35.00% | 35.00% | |
Deferred Tax Assets, Operating Loss Carryforwards | $ (229) | $ (285.1) | ||
Unremitted Foreign Earnings | 839.8 | 969.9 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 1.5 | 1.6 | ||
Unrecognized Tax Benefits | 9.6 | 6 | $ 16.8 | $ 22.6 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8.8 | |||
Income Tax Expense (Benefit) | 398 | 390.6 | 336.9 | |
Expiring In Next Five Fiscal Years [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | (39.2) | |||
Expiring In After Five Fiscal Years [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | (12.6) | |||
Indefinite Life [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | (177.2) | |||
Change during the period [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | (56.1) | |||
Impact of foreign exchange translation [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | (22) | |||
Forfeiture of losses resulting from liquidations or mergers [Member] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ (4) | |||
United Kingdom | ||||
Statutory tax rate | 20.00% | |||
Canada | ||||
Dividends Withholding Tax Rate | 5.00% | |||
United States | ||||
Statutory tax rate | 35.00% | |||
Related to accrued interest and penalties [Member] | ||||
Income Tax Examination, Penalties and Interest Accrued | $ 1.2 | 1 | 5.1 | |
Income Tax Expense (Benefit) | 0.9 | $ 3.8 | $ 0.4 | |
Minimum [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 0 | |||
Maximum [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 5 |
Taxation (Summary of (Provision
Taxation (Summary of (Provision) Benefit for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (221) | $ (227.5) | $ (149.3) |
State | (23.4) | (31.3) | (22) |
Foreign | (161.4) | (161.2) | (129.9) |
Current income tax (provision) | (405.8) | (420) | (301.2) |
Federal | 11.9 | 26.8 | (24.1) |
State | (5.2) | 1 | (7.4) |
Foreign | 1.1 | 1.6 | (4.2) |
Deferred income tax (provision) | 7.8 | 29.4 | (35.7) |
Total income tax (provision) | $ (398) | $ (390.6) | $ (336.9) |
Taxation (Schedule of Deferred
Taxation (Schedule of Deferred Tax Recognized on Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets | $ 308.2 | $ 289.4 |
Valuation allowance | (61.7) | (72.7) |
Deferred tax assets, net of valuation allowance | 246.5 | 216.7 |
Total deferred tax liabilities | (520.3) | (503.2) |
Deferred Tax Liabilities, Net | (273.8) | (286.5) |
Deferred Compensation Arrangements [Member] | ||
Deferred tax assets | 70 | 56.2 |
Accrued Rent Expenses [Member] | ||
Deferred tax assets | 16.4 | 18.3 |
Tax Loss Carryforwards [Member] | ||
Deferred tax assets | 61.7 | 75 |
Postretirement Medical, Pension and Other Benefits [Member] | ||
Deferred tax assets | 21.7 | 25.5 |
Investment Basis Differences [Member] | ||
Deferred tax assets | 67 | 47.8 |
Accrued bonus [Member] | ||
Deferred tax assets | 64.1 | 46.3 |
Other Deferred Tax Assets [Member] | ||
Deferred tax assets | 7.3 | 20.3 |
Deferred Sales Commissions [Member] | ||
Total deferred tax liabilities | (16.5) | (21) |
Goodwill and Intangibles [Member] | ||
Total deferred tax liabilities | (472) | (447.4) |
Undistributed Earnings of Subsidiaries [Member] | ||
Total deferred tax liabilities | (1.5) | (1.6) |
Revaluation Reserve [Member] | ||
Total deferred tax liabilities | (26.4) | (26.4) |
Other Deferred Tax Liability [Member] | ||
Total deferred tax liabilities | $ (3.9) | $ (6.8) |
Taxation (Reconciliation Betwee
Taxation (Reconciliation Between Statutory and Effective Tax Rates on Income from Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory Rate | 35.00% | 35.00% | 35.00% |
Foreign jurisdiction statutory income tax rates | (9.20%) | (8.50%) | (9.40%) |
State taxes, net of federal tax effect | 1.60% | 1.40% | 1.50% |
Change in valuation allowance for unrecognized tax losses | (0.10%) | (0.10%) | (0.10%) |
Other | 1.80% | 0.50% | 0.70% |
(Gains)/losses attributable to noncontrolling interests | 0.10% | (0.30%) | (0.90%) |
Effective tax rate per Consolidated Statements of Income | 29.20% | 28.00% | 26.80% |
Taxation (Income Before Taxes)
Taxation (Income Before Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 1,362.1 | $ 1,395.1 | $ 1,255.2 |
Domestic Tax Authority [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 687.9 | 722.6 | 598.3 |
Foreign Tax Authority [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 674.2 | 672.5 | 656.9 |
Separate Institutional Accounts [Member] | Domestic Tax Authority [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 661.9 | 659.6 | 553.1 |
Separate Institutional Accounts [Member] | Foreign Tax Authority [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 746.3 | 724.4 | 666.1 |
Consolidated Investment Products [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (46.1) | 11.1 | 36 |
Consolidated Investment Products [Member] | Domestic Tax Authority [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 26 | 63 | 45.2 |
Consolidated Investment Products [Member] | Foreign Tax Authority [Member] | |||
Schedule of Income Before Taxes, Domestic and Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $ (72.1) | $ (51.9) | $ (9.2) |
Taxation (Reconciliation of Cha
Taxation (Reconciliation of Changes in Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance | $ 6 | $ 16.8 | $ 22.6 |
Additions for tax positions related to the current year | 2.5 | 0 | 1 |
Additions for tax positions related to prior years | 2.2 | 1.2 | 0.7 |
Other reductions for tax positions related to prior years | (1.1) | (10.8) | (7.5) |
Reductions for statute closings | 0 | (1.2) | 0 |
Balance | $ 9.6 | $ 6 | $ 16.8 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | |||
Contingently issuable share excluded | 0.4 | 0.3 | 0.3 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations, net of taxes | $ 964.1 | $ 1,004.5 | $ 918.3 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 4 | (13) | (42.5) |
Income from continuing operations attributable to Invesco Ltd. for basic and diluted EPS calculations | 968.1 | 991.5 | 875.8 |
Income/(loss) from discontinued operations, net of taxes | 0 | (3.4) | 64.5 |
Net income attributable to Invesco Ltd. | 968.1 | 988.1 | 940.3 |
Allocation of earnings to restricted shares | (24.6) | (28.2) | (32.1) |
Net income attributable to common shareholders | $ 943.5 | $ 959.9 | $ 908.2 |
Weighted average shares outstanding - basic (in shares) | 428.9 | 435 | 447.5 |
Weighted Average Number of Shares, Restricted Stock | (10.9) | (12.4) | (15.3) |
Weighted Average Number of Shares Outstanding, Basic - Common shareholders | 418 | 422.6 | 432.2 |
Dilutive effect on share-based awards (in shares) | 0.4 | 0.6 | 1 |
Weighted Average Number of Shares Outstanding, Diluted - Common shares | 418.4 | 423.2 | 433.2 |
Weighted average shares outstanding - diluted (in shares) | 429.3 | 435.6 | 448.5 |
Basic earnings per share: | |||
Earnings per share from continuing operations (usd per share) | $ 2.26 | $ 2.28 | $ 1.96 |
Earnings per share from discontinued operations (usd per share) | 0 | (0.01) | 0.14 |
Basic earnings per share (usd per share) | 2.26 | 2.27 | 2.10 |
Diluted earnings per share: | |||
Earnings per share from continuing operations (usd per share) | 2.26 | 2.28 | 1.95 |
Earnings per share from discontinued operations (usd per share) | 0 | (0.01) | 0.14 |
Diluted earnings per share (usd per share) | $ 2.26 | $ 2.27 | $ 2.10 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (5,122.9) | $ (5,147.1) | $ (4,644.6) |
Long-lived assets | 426.9 | 402.6 | 350.8 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (2,613.5) | (2,546.4) | (2,328.6) |
Long-lived assets | 306.7 | 279.2 | 225.8 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (1,267.4) | (1,374.5) | (1,342.1) |
Long-lived assets | 88.3 | 91.6 | 91.9 |
Continental Europe/Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (675.2) | (604.7) | (411) |
Long-lived assets | 6.8 | 6.6 | 8.1 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (346.9) | (387.7) | (365) |
Long-lived assets | 10 | 9.9 | 9.5 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (219.9) | (233.8) | (197.9) |
Long-lived assets | 15.1 | 15.3 | 15.5 |
External Customers | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (5,122.9) | (5,147.1) | (4,644.6) |
External Customers | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (2,622.1) | (2,534.9) | (2,332.2) |
External Customers | United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (1,153) | (1,286.7) | (1,294) |
External Customers | Continental Europe/Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (891.9) | (810.2) | (541.9) |
External Customers | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (353.9) | (396.6) | (374.8) |
External Customers | Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (102) | (118.7) | (101.7) |
Inter-company Customers | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 0 | 0 | 0 |
Inter-company Customers | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 8.6 | (11.5) | 3.6 |
Inter-company Customers | United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | (114.4) | (87.8) | (48.1) |
Inter-company Customers | Continental Europe/Ireland | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 216.7 | 205.5 | 130.9 |
Inter-company Customers | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 7 | 8.9 | 9.8 |
Inter-company Customers | Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ (117.9) | $ (115.1) | $ (96.2) |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Entity Information [Line Items] | ||
Undrawn capital and purchase commitments | $ 185.6 | $ 158.8 |
Regulatory investigations fee | 12.6 | |
Legal Fees | 0.5 | |
Private Equity Funds [Member] | ||
Entity Information [Line Items] | ||
Regulatory investigations fee | $ 7.6 |
Consolidated Sponsored Inves110
Consolidated Sponsored Investment Products (Balances Related To CSIP) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Abstract] | ||
Investments of CSIP | $ 290.3 | $ 288.5 |
Cash and cash equivalents of CSIP | 21.9 | 11.4 |
Accounts receivable and other assets of CSIP | 6.9 | 5.9 |
Assets of consolidated sponsored investment products | 319.1 | 305.8 |
Other liabilities of CSIP | (4.4) | (7.9) |
Redeemable Noncontrolling Interest, Consolidated Sponsored Investment Products [Line Items] | (167.3) | (165.5) |
Equity attributable to nonredeemable noncontrolling interests | (40.8) | (10.6) |
Invesco's net interests in CSIP | $ 106.6 | $ 121.8 |
Invesco's net interests as a percentage of investments of CSIP | 36.70% | 42.20% |
Consolidated Sponsored Inves111
Consolidated Sponsored Investment Products (Fair Value Hierarchy Levels Of Investments Held By Consolidated Sponsored Investment Products) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | $ 290.3 | $ 288.5 |
Fixed Income Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 204.2 | 200.3 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0.7 | |
Investments in Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 35 | 58 |
Unfunded commitments | $ 0 | $ 0 |
Redemption notice period | 10 days | 10 days |
Investments in Other Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | $ 50.4 | $ 30.2 |
Unfunded commitments | $ 33.2 | $ 35 |
Weighted average remaining term | 7 years 11 months | 7 years 7 months |
Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | $ 35.7 | $ 58 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0.7 | |
Fair Value, Inputs, Level 1 [Member] | Investments in Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 35 | 58 |
Fair Value, Inputs, Level 1 [Member] | Investments in Other Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 204.2 | 200.3 |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 204.2 | 200.3 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Investments in Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Investments in Other Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 50.4 | 30.2 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Investments in Fixed Income Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in Other Private Equity Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Consolidated sponsored investment products, fair value | $ 50.4 | $ 30.2 |
Consolidated Sponsored Inves112
Consolidated Sponsored Investment Products (Reconciliation of Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Abstract] | ||
Beginning balance (Asset) | $ 30.2 | $ 16.2 |
Purchases | 10.8 | 9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2.8) | (1) |
Gains and losses included in the Consolidated Statements of Income | 12.2 | 6 |
Ending balance (Asset) | $ 50.4 | $ 30.2 |
Consolidated Investment Prod113
Consolidated Investment Products (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)voting_interest_entityvariable_interest_entity | Dec. 31, 2014USD ($) | |
Variable Interest Entity [Line Items] | ||
VIEs invested in and consolidated, number of entities | variable_interest_entity | 2 | |
VOE invested in and consolidated, number of entities | voting_interest_entity | 3 | |
Percentage of VIE general partnership interest | 1.00% | |
Total assets | $ 25,073.2 | $ 20,450 |
Pay interest at Libor or Euribor plus | 10.00% | |
Collateral assets, default percentage | 0.10% | 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 5 months | |
Senior Secured Bank Loans And Bonds [Member] | CLO [Member] | ||
Variable Interest Entity [Line Items] | ||
Fair value, option, aggregate differences, long-term debt instruments | $ 319.9 | $ 56.2 |
Private Equity Funds [Member] | ||
Variable Interest Entity [Line Items] | ||
Private Equity Funds, Weighted Average Remaining Term | 2 years 9 months | 2 years 7 months |
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 | |
Fair Value, Inputs, Level 3 [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers, net | $ 8.4 | $ 0 |
Consolidated Investment Prod114
Consolidated Investment Products (Balances Related To CIP) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Investment Products [Abstract] | ||
Cash and cash equivalents of consolidated investment products | $ 363.3 | $ 404 |
Accounts receivable and other assets of CIP | 173.5 | 161.3 |
Investments Of Consolidated Investment Products | 6,016.1 | 5,762.8 |
Long Term Debt Of Consolidated Investment Products | (5,437) | (5,149.6) |
Other liabilities of consolidated investment products | (273.7) | (280.9) |
Retained earnings | 20.1 | (20.3) |
Retained earnings appropriated for investors in CIP | 0 | (17.6) |
CIP adjustment to accumulated other comprehensive income, net of tax | (20.1) | 20.2 |
Nonredeemable Noncontrolling Interest, Consolidated Investment Products | (768.8) | (781.2) |
Net Interests In Consolidated Investment Products | $ 73.4 | $ 98.7 |
Net Interests As A Percentage Of Investments Of Consolidated Investment Products | 1.20% | 1.70% |
Consolidated Investment Prod115
Consolidated Investment Products (Company's Maximum Risk Of Loss In Significant VIE's) (Details) $ in Millions | Dec. 31, 2015USD ($) |
CLO [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Value | $ 1.4 |
Company's Maximum Risk of Loss | 1.4 |
Partnership and trust investments [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Value | 24 |
Company's Maximum Risk of Loss | 24 |
Investments In Invesco Mortgage Capital Inc. [Member] | |
Variable Interest Entity [Line Items] | |
Carrying Value | 27 |
Company's Maximum Risk of Loss | 27 |
Total Maximum Risk Of Loss Associated With VIEs [Member] | |
Variable Interest Entity [Line Items] | |
Company's Maximum Risk of Loss | $ 52.4 |
Consolidated Investment Prod116
Consolidated Investment Products (VIE Balance Sheets Consolidated In Period) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | $ 363.3 | $ 404 | ||
Accounts receivable and other assets of CIP | 173.5 | 161.3 | ||
Investments of CIP | 6,016.1 | 5,762.8 | ||
Total assets | 25,073.2 | 20,450 | ||
Debt of CIP | 5,437 | 5,149.6 | ||
Other liabilities of CIP | 273.7 | 280.9 | ||
Total liabilities | 16,210.2 | 11,164.7 | ||
Total equity | 8,695.7 | 9,119.8 | $ 8,977.3 | $ 9,049 |
Total liabilities, temporary and permanent equity | 25,073.2 | 20,450 | ||
CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 342.1 | 378.8 | ||
Investments of CIP | 5,289.5 | 5,063.5 | ||
Total assets | 5,793.3 | 5,598 | ||
Debt of CIP | 5,519.2 | 5,302.9 | ||
Other liabilities of CIP | 274.1 | 277.4 | ||
Total liabilities | 5,793.3 | 5,580.3 | ||
Total liabilities, temporary and permanent equity | 5,793.3 | 5,598 | ||
VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 19.4 | 21.5 | ||
Investments of CIP | 719.1 | 730.2 | ||
Total assets | 750.2 | 757.2 | ||
Debt of CIP | 0 | 0 | ||
Other liabilities of CIP | 3.4 | 6.9 | ||
Total liabilities | 3.4 | 6.9 | ||
Total liabilities, temporary and permanent equity | 750.2 | 757.2 | ||
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 30.5 | |||
Accounts receivable and other assets of CIP | 17.6 | |||
Investments of CIP | 346.5 | |||
Total assets | 394.6 | |||
Debt of CIP | 347.9 | |||
Other liabilities of CIP | 45.7 | |||
Total liabilities | 393.6 | |||
Total equity | 1 | |||
Total liabilities, temporary and permanent equity | 394.6 | |||
New CLO [Member] | CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 449.8 | 816.5 | ||
Accounts receivable and other assets of CIP | 5.6 | 11.3 | ||
Investments of CIP | 1,009.5 | 1,751.4 | ||
Total assets | 1,464.9 | 2,579.2 | ||
Debt of CIP | 1,100.4 | 1,913.7 | ||
Other liabilities of CIP | 364.5 | 674.7 | ||
Total liabilities | 1,464.9 | 2,588.4 | ||
Total equity | 0 | (9.2) | ||
Total liabilities, temporary and permanent equity | 1,464.9 | 2,579.2 | ||
New CLO [Member] | VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 10 | 0 | ||
Accounts receivable and other assets of CIP | 0 | 9 | ||
Investments of CIP | 49.9 | 40.1 | ||
Total assets | 59.9 | 49.1 | ||
Debt of CIP | 0 | 0 | ||
Other liabilities of CIP | 0 | 11.8 | ||
Total liabilities | 0 | 11.8 | ||
Total equity | 59.9 | 37.3 | ||
Total liabilities, temporary and permanent equity | $ 59.9 | $ 49.1 |
Consolidated Investment Prod117
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable | $ 528.1 | $ 545.9 |
Investments | 1,019.1 | 885.4 |
Cash and cash equivalents of CIP | 363.3 | 404 |
Investments of CIP | 6,016.1 | 5,762.8 |
Other assets | 107 | 79.5 |
Total assets | 25,073.2 | 20,450 |
Accounts payable and accrued expenses | 863.1 | 757.3 |
Debt of CIP | 5,437 | 5,149.6 |
Other liabilities of CIP | 273.7 | 280.9 |
Total liabilities | (16,210.2) | (11,164.7) |
Retained Earnings (Accumulated Deficit) | 4,439.6 | 3,926 |
Retained earnings appropriated for investors in CIP | 0 | 17.6 |
Equity attributable to noncontrolling interests in consolidated entities | 768.8 | 781.2 |
Total liabilities, temporary and permanent equity | 25,073.2 | 20,450 |
CLOs - VIEs [Member] | ||
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 342.1 | 378.8 |
Accounts receivable of CIP | 161.7 | 155.7 |
Investments of CIP | 5,289.5 | 5,063.5 |
Total assets | 5,793.3 | 5,598 |
Debt of CIP | 5,519.2 | 5,302.9 |
Other liabilities of CIP | 274.1 | 277.4 |
Total liabilities | (5,793.3) | (5,580.3) |
Retained Earnings (Accumulated Deficit) | (20.1) | 20.3 |
Retained earnings appropriated for investors in CIP | 17.6 | |
Other equity attributable to common shareholders | 20.1 | (20.2) |
Equity attributable to noncontrolling interests in consolidated entities | 0 | 0 |
Total liabilities, temporary and permanent equity | 5,793.3 | 5,598 |
Other VIEs [Member] | ||
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 1.4 | 5 |
Accounts receivable of CIP | 0.1 | 0.1 |
Investments of CIP | 83.7 | 53.4 |
Total assets | 85.2 | 58.5 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 1.2 | 0.4 |
Total liabilities | (1.2) | (0.4) |
Retained Earnings (Accumulated Deficit) | 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 | 84 | 58.1 |
Total liabilities, temporary and permanent equity | 85.2 | 58.5 |
VOEs [Member] | ||
Accounts receivable | 0 | 0 |
Investments | 0 | 0 |
Cash and cash equivalents of CIP | 19.4 | 21.5 |
Accounts receivable of CIP | 11.7 | 5.5 |
Investments of CIP | 719.1 | 730.2 |
Total assets | 750.2 | 757.2 |
Debt of CIP | 0 | 0 |
Other liabilities of CIP | 3.4 | 6.9 |
Total liabilities | (3.4) | (6.9) |
Retained Earnings (Accumulated Deficit) | 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 | 746.8 | 750.3 |
Total liabilities, temporary and permanent equity | 750.2 | 757.2 |
Adjustments [Member] | ||
Accounts receivable | (4.9) | (3.8) |
Investments | (68.5) | (94.9) |
Cash and cash equivalents of CIP | 0.4 | (1.3) |
Accounts receivable of CIP | 0 | 0 |
Investments of CIP | (76.2) | (84.3) |
Total assets | (149.2) | (184.3) |
Debt of CIP | (82.2) | (153.3) |
Other liabilities of CIP | (5) | (3.8) |
Total liabilities | 87.2 | 157.1 |
Retained Earnings (Accumulated Deficit) | 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 | (62) | (27.2) |
Total liabilities, temporary and permanent equity | (149.2) | (184.3) |
Impact of CIP [Member] | ||
Accounts receivable | (4.9) | (3.8) |
Investments | (68.5) | (94.9) |
Cash and cash equivalents of CIP | 363.3 | 404 |
Accounts receivable of CIP | 173.5 | 161.3 |
Investments of CIP | 6,016.1 | 5,762.8 |
Total assets | 6,479.5 | 6,229.4 |
Debt of CIP | 5,437 | 5,149.6 |
Other liabilities of CIP | 273.7 | 280.9 |
Total liabilities | (5,710.7) | (5,430.5) |
Retained Earnings (Accumulated Deficit) | (20.1) | 20.3 |
Retained earnings appropriated for investors in CIP | 17.6 | |
Other equity attributable to common shareholders | 20.1 | (20.2) |
Equity attributable to noncontrolling interests in consolidated entities | 768.8 | 781.2 |
Total liabilities, temporary and permanent equity | $ 6,479.5 | $ 6,229.4 |
Consolidated Investment Prod118
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total operating revenues | $ 5,122.9 | $ 5,147.1 | $ 4,644.6 |
Total operating expenses | 3,764.5 | 3,870.2 | 3,524.4 |
Operating income | 1,358.4 | 1,276.9 | 1,120.2 |
Equity in earnings of unconsolidated affiliates | 35.1 | 32.8 | 35.5 |
Interest and dividend income | 13 | 13.1 | 10 |
Other gains and losses, net | (1.5) | 28.1 | 2.6 |
Interest and dividend income of CIP | 253 | 206.5 | 190 |
Interest expense of CIP | (188.9) | (133.9) | (123.3) |
Other gains/(losses) of CIP, net | (37) | 20.4 | 61.9 |
Income from continuing operations before income taxes | 1,362.1 | 1,395.1 | 1,255.2 |
Income tax provision | (398) | (390.6) | (336.9) |
Income from continuing operations, net of income taxes | 964.1 | 1,004.5 | 918.3 |
Income/(loss) from discontinued operations, net of taxes | 0 | (3.4) | 64.5 |
Net income | 964.1 | 1,001.1 | 982.8 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 4 | (13) | (42.5) |
Net income attributable to Invesco Ltd. | 968.1 | 988.1 | 940.3 |
CLOs - VIEs [Member] | |||
Total operating revenues | 0 | 0 | 0 |
Total operating expenses | 56.7 | 61.5 | 65.8 |
Operating income | (56.7) | (61.5) | (65.8) |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 |
Other gains and losses, net | 0 | 0 | 0 |
Interest and dividend income of CIP | 271.1 | 220.4 | 199.8 |
Interest expense of CIP | (213) | (151.2) | (138.6) |
Other gains/(losses) of CIP, net | (1.4) | (93.2) | 3 |
Income from continuing operations before income taxes | 0 | (85.5) | (1.6) |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 0 | (85.5) | (1.6) |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 0 | (85.5) | (1.6) |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 0 | 85.7 | 1.4 |
Net income attributable to Invesco Ltd. | 0 | 0.2 | (0.2) |
Other VIEs [Member] | |||
Total operating revenues | 0 | 0.2 | 0 |
Total operating expenses | 1 | 1.1 | 0.8 |
Operating income | (1) | (0.9) | (0.8) |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 |
Other gains and losses, net | 0 | 0 | 0 |
Interest and dividend income of CIP | 0.1 | 0 | 0 |
Interest expense of CIP | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | 5.2 | (1) | 1.7 |
Income from continuing operations before income taxes | 4.3 | (1.9) | 0.9 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | 4.3 | (1.9) | 0.9 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | 4.3 | (1.9) | 0.9 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | (4.3) | 2.2 | (0.9) |
Net income attributable to Invesco Ltd. | 0 | 0.3 | 0 |
VOEs [Member] | |||
Total operating revenues | 0 | 0.4 | 0.5 |
Total operating expenses | 5.5 | 7.8 | 6.7 |
Operating income | (5.5) | (7.4) | (6.2) |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 |
Interest and dividend income | 0 | 0 | 0 |
Other gains and losses, net | 0 | 0 | 0 |
Interest and dividend income of CIP | 1.5 | 0 | 0 |
Interest expense of CIP | 0 | 0 | 0 |
Other gains/(losses) of CIP, net | (4.7) | 102.3 | 54.3 |
Income from continuing operations before income taxes | (8.7) | 94.9 | 48.1 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | (8.7) | 94.9 | 48.1 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | (8.7) | 94.9 | 48.1 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 5.8 | (91.2) | (45.2) |
Net income attributable to Invesco Ltd. | (2.9) | 3.7 | 2.9 |
Adjustments [Member] | |||
Total operating revenues | (39.2) | (35.8) | (38.4) |
Total operating expenses | (39.2) | (35.8) | (38.4) |
Operating income | 0 | 0 | 0 |
Equity in earnings of unconsolidated affiliates | (1.7) | (4) | (2.5) |
Interest and dividend income | (4.4) | (3.3) | (5.5) |
Other gains and losses, net | (3.9) | (4.8) | (11.8) |
Interest and dividend income of CIP | (19.7) | (13.9) | (9.8) |
Interest expense of CIP | 24.1 | 17.3 | 15.3 |
Other gains/(losses) of CIP, net | (36.1) | 12.3 | 2.9 |
Income from continuing operations before income taxes | (41.7) | 3.6 | (11.4) |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | (41.7) | 3.6 | (11.4) |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | (41.7) | 3.6 | (11.4) |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 4.2 | 0 | 0 |
Net income attributable to Invesco Ltd. | (37.5) | 3.6 | (11.4) |
Impact of CIP [Member] | |||
Total operating revenues | (39.2) | (35.2) | (37.9) |
Total operating expenses | 24 | 34.6 | 34.9 |
Operating income | (63.2) | (69.8) | (72.8) |
Equity in earnings of unconsolidated affiliates | (1.7) | (4) | (2.5) |
Interest and dividend income | (4.4) | (3.3) | (5.5) |
Other gains and losses, net | (3.9) | (4.8) | (11.8) |
Interest and dividend income of CIP | 253 | 206.5 | 190 |
Interest expense of CIP | (188.9) | (133.9) | (123.3) |
Other gains/(losses) of CIP, net | (37) | 20.4 | 61.9 |
Income from continuing operations before income taxes | (46.1) | 11.1 | 36 |
Income tax provision | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | (46.1) | 11.1 | 36 |
Income/(loss) from discontinued operations, net of taxes | 0 | 0 | 0 |
Net income | (46.1) | 11.1 | 36 |
(Gains)/losses attributable to noncontrolling interests in consolidated entities, net | 5.7 | (3.3) | (44.7) |
Net income attributable to Invesco Ltd. | $ (40.4) | $ 7.8 | $ (8.7) |
Consolidated Investment Prod119
Consolidated Investment Products (Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investments Of Consolidated Investment Products | $ 6,016.1 | $ 5,762.8 |
CLO notes | (16,210.2) | (11,164.7) |
Total liabilities at fair value | (5,149.6) | |
Fair Value, Inputs, Level 1 [Member] | ||
Investments Of Consolidated Investment Products | 7.7 | 9.7 |
Total liabilities at fair value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Investments Of Consolidated Investment Products | 5,251.6 | 4,979.2 |
Total liabilities at fair value | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Investments Of Consolidated Investment Products | 756.8 | 773.9 |
Total liabilities at fair value | (5,149.6) | |
Bank Loans [Member] | ||
CLO Collateral Assets | 5,179.6 | 4,883.9 |
Bank Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bank Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
CLO Collateral Assets | 5,179.6 | 4,883.9 |
Bank Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | ||
CLO Collateral Assets | 71.1 | 88.9 |
Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
CLO Collateral Assets | 71.1 | 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 | 364.6 | 337.9 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 7.7 | 9.7 |
Equity Securities [Member] | Fair Value, 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 | 356.9 | 328.2 |
Debt Securities [Member] | ||
Private Equity Fund Assets | 31.7 | 35.7 |
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Private Equity Fund Assets | 31.7 | 35.7 |
Private Equity Funds [Member] | ||
Private Equity Fund Assets | 368.2 | 410 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Private Equity Fund Assets | $ 368.2 | |
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] | Fair Value, Inputs, Level 2 [Member] | ||
CLO notes | 0 | |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO notes | $ (5,149.6) |
Consolidated Investment Prod120
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Asset) | $ 30.2 | $ 16.2 |
Purchases (Asset) | 10.8 | 9 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (2.8) | (1) |
Net unrealized gains and losses included in other gains and losses (Liability) | (12.2) | (6) |
Ending balance (Asset) | 50.4 | 30.2 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized gains/losses attributable to investments | (79.8) | 60.2 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Asset) | 773.9 | 500.9 |
Cumulative Effect of New Accounting Principle in Period of Adoption | 5,149.6 | 0 |
Purchases (Asset) | 129.6 | 302.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (146.5) | (138.7) |
Issuances (Asset) | 0 | 1.8 |
Settlements (Asset) | 0 | 0 |
Deconsolidation of consolidated investment products - Assets | 0 | 0 |
Net unrealized gains and losses included in other gains and losses (Liability) | 8.2 | 107.6 |
Transfers to Level 2 | (8.4) | 0 |
Ending balance (Asset) | 756.8 | 773.9 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Liability) | (5,149.6) | (4,181.7) |
Cumulative Effect of New Accounting Principle in Period of Adoption | 5,149.6 | 0 |
Purchases (Liability) | 0 | 0 |
Sales (Liability) | 0 | 0 |
Issuances (Liability) | 0 | (1,995.5) |
Settlements (Liability) | 0 | 706.8 |
Deconsolidation of CIP | 0 | 339 |
Gains and losses included in the Consolidated Statements of Income (Liability) | 0 | (18.2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | 0 |
Ending balance (Liability) | 0 | (5,149.6) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfers to Level 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 Level 2 | $ 0.6 | $ 0 |
Consolidated Investment Prod121
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | $ 16,210,200,000 | $ 11,164,700,000 |
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 Fund, Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | $ 320,000,000 | 273,200,000 |
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 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities | 5,149,600,000 | |
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 | $ 61,200,000 | 85,000,000 |
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 | $ 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 | 0.00% | 200.00% |
Derivative Discount Rate | 25.00% | 25.00% |
Fair Value Inputs, Offered Quotes | $ 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 | 0.00% | 400.00% |
Derivative Discount Rate | 50.00% | 36.00% |
Fair Value Inputs, Offered Quotes | $ 101,000,000 | $ 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 | 320.00% | 400.00% |
Derivative Discount Rate | 25.00% | 30.90% |
Fair Value Inputs, Offered Quotes | $ 44,400,000 | $ 45,900,000 |
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] | ||
Fair Value Inputs, Probability of Default | 0.00% | 0.40% |
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] | ||
Fair Value Inputs, Probability of Default | 0.00% | 2.30% |
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] | ||
Assumed Default Rate, less than one year | 0.00% | 0.40% |
Assumed Default Rate, more than one year | 0.00% | 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 | 0.00% | 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 | 0.00% | 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 | 0.00% | 2.28% |
Third party appraisal [Member] [Domain] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Private Equity Fund Assets | $ 7,300,000 | $ 5,700,000 |
Consolidated Investment Prod122
Consolidated Investment Products (Private Equity) (Details) - Private Equity Funds [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Fair Value | $ 368.2 | $ 410 |
Unfunded Commitments | $ 218.1 | $ 196.3 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash and cash equivalents | $ 1,851.4 | $ 1,514.2 | $ 1,331.2 | $ 835.5 |
Investment Advisory Fees | 4,061.1 | 4,054.1 | 3,599.6 | |
Distribution and Servicing Fees | 855.4 | 893.1 | 872.8 | |
Performance Fees | 85.9 | 61.1 | 55.9 | |
Revenue, Other Financial Services | 120.5 | 138.8 | 116.3 | |
Revenues | 5,122.9 | 5,147.1 | 4,644.6 | |
Unsettled fund receivables | 566.3 | 732.4 | ||
Accounts receivable | 528.1 | 545.9 | ||
Investments | 1,019.1 | 885.4 | ||
Separate Account Assets | 6,051.5 | 1,697.9 | ||
Other assets | 107 | 79.5 | ||
Total assets | 25,073.2 | 20,450 | ||
Accrued compensation and benefits | 661.3 | 667.3 | ||
Accounts payable and accrued expenses | 863.1 | 757.3 | ||
Unsettled fund payables | 561.9 | 730.1 | ||
Total liabilities | 16,210.2 | 11,164.7 | ||
Affiliated Entity [Member] | ||||
Cash and cash equivalents | 383.3 | 474.9 | ||
Investment Advisory Fees | 3,565.8 | 3,609.8 | 3,208.2 | |
Distribution and Servicing Fees | 854 | 880.5 | 856.4 | |
Performance Fees | 29.2 | 39 | 44 | |
Revenue, Other Financial Services | 108.5 | 120.5 | 108.5 | |
Revenues | 4,557.5 | 4,649.8 | $ 4,217.1 | |
Unsettled fund receivables | 166.7 | 254.2 | ||
Accounts receivable | 317.7 | 332.9 | ||
Investments | 982.7 | 848.8 | ||
Separate Account Assets | 6,051.2 | 1,697.5 | ||
Other assets | 3.4 | 7.9 | ||
Total assets | 7,905 | 3,616.2 | ||
Accrued compensation and benefits | 105 | 138.8 | ||
Accounts payable and accrued expenses | 82.9 | 61.9 | ||
Unsettled fund payables | 248.2 | 322.1 | ||
Total liabilities | $ 436.1 | $ 522.8 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 210 | ||
Net cash proceeds | $ 0 | $ 60.8 | 137 |
Gain on sale, pre-tax | $ 1.4 | $ 77.5 |
Discontinued Operations (Compon
Discontinued Operations (Components of income from discontinued operations, net of tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Operating revenue | $ 0.3 | $ 162.6 | |
Operating expenses | (7) | (139.2) | |
Gain on sale | 1.4 | 77.5 | |
Income (loss) from discontinued operations before income taxes | (5.3) | 100.9 | |
Income tax (provision)/benefit | 1.9 | (36.4) | |
Income (loss) from discontinued operations, net of tax | $ 0 | $ (3.4) | $ 64.5 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jan. 28, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 1.06 | $ 0.975 | $ 0.8475 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.27 |