Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document Information [Abstract] | |
Entity Registrant Name | Invesco Ltd. |
Entity Central Index Key | 914,208 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 411,335,893 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 1,631.5 | $ 2,006.4 |
Unsettled fund receivables | 851.6 | 793.8 |
Accounts receivable | 557.5 | 622.5 |
Investments | 643.8 | 674.6 |
Cash and cash equivalents of CIP | 282.8 | 511.3 |
Accounts receivable and other assets of CIP | 56.7 | 131.5 |
Investments of CIP | 6,074.6 | 5,658 |
Assets held for policyholders | 12,268.2 | 12,444.5 |
Prepaid assets | 130.9 | 124.4 |
Other assets | 69 | 61.7 |
Property and equipment, net | 469.2 | 490.7 |
Intangible assets, net | 2,156.5 | 1,558.7 |
Goodwill | 7,311.5 | 6,590.7 |
Total assets | 32,503.8 | 31,668.8 |
LIABILITIES | ||
Accrued compensation and benefits | 552.7 | 696.1 |
Accounts payable and accrued expenses | 864.2 | 895.7 |
Debt of CIP | 4,820.5 | 4,799.8 |
Other liabilities of CIP | 315.8 | 498.8 |
Policyholder payables | 12,268.2 | 12,444.5 |
Unsettled fund payables | 821.5 | 783.8 |
Long-term Debt | 2,814.6 | 2,075.8 |
Deferred tax liabilities, net | 304.3 | 275.5 |
Total liabilities | 22,761.8 | 22,470 |
Commitments and contingencies (See Note 11) | ||
TEMPORARY EQUITY | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 423.2 | 243.2 |
Equity attributable to common shareholders: | ||
Common Stock, Value, Issued | 98.1 | 98.1 |
Additional paid-in-capital | 6,293 | 6,282 |
Treasury shares | (2,710.8) | (2,781.9) |
Retained earnings | 5,892.6 | 5,489.1 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (585.8) | (391.2) |
Total equity attributable to common shareholders | 8,987.1 | 8,696.1 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 331.7 | 259.5 |
Total equity | 9,318.8 | 8,955.6 |
Total liabilities and equity | $ 32,503.8 | $ 31,668.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.2 | $ 0.2 |
Common stock, shares authorized | 1,050 | 1,050 |
Common stock, shares issued | 490.4 | 490.4 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating revenues: | ||||
Total operating revenues | $ 1,341.8 | $ 1,337.7 | $ 4,058.2 | $ 3,784.7 |
Operating expenses: | ||||
Third-party distribution, service and advisory | 408 | 380.4 | 1,236 | 1,095.6 |
Employee compensation | 385.5 | 388.1 | 1,157 | 1,151.8 |
Marketing | 34 | 29.5 | 94.9 | 83 |
Property, office and technology | 104.8 | 92.8 | 308.7 | 267.3 |
General and administrative | 87.4 | 86.6 | 287.1 | 250.5 |
Total operating expenses | 1,019.7 | 977.4 | 3,083.7 | 2,848.2 |
Operating Income (Loss) | 322.1 | 360.3 | 974.5 | 936.5 |
Other income/(expense): | ||||
Equity in earnings of unconsolidated affiliates | 11.8 | 12.9 | 28.8 | 41.1 |
Interest and dividend income | 4 | 2.5 | 11 | 7 |
Interest expense | (29.6) | (23.6) | (82.3) | (71.2) |
Other gains and losses, net | 5.9 | 13.9 | 1.9 | 23.9 |
Other gains/(losses) of CIP, net | 28.1 | 31.7 | 56.2 | 92.5 |
Income before income taxes | 342.3 | 397.7 | 990.1 | 1,029.8 |
Income tax provision | 61.1 | 123.1 | 201.8 | 291.4 |
Net income | 281.2 | 274.6 | 788.3 | 738.4 |
Net Income (Loss) Attributable to Noncontrolling Interest | (11.6) | (7.1) | (19.7) | (19.3) |
Net income attributable to Invesco Ltd | $ 269.6 | $ 267.5 | $ 768.6 | $ 719.1 |
Basic: | ||||
Basic earnings per share (usd per share) | $ 0.65 | $ 0.65 | $ 1.86 | $ 1.76 |
Diluted earnings per share: | ||||
Diluted earnings per share (usd per share) | 0.65 | 0.65 | 1.86 | 1.76 |
Dividends declared per share (usd per share) | $ 0.30 | $ 0.29 | $ 0.89 | $ 0.86 |
Investment management fees | ||||
Operating revenues: | ||||
Total operating revenues | $ 1,038.9 | $ 1,062.3 | $ 3,133.1 | $ 3,027.9 |
Service and distribution fees | ||||
Operating revenues: | ||||
Total operating revenues | 248 | 217.6 | 737 | 635.3 |
Performance fees | ||||
Operating revenues: | ||||
Total operating revenues | 7.9 | 42.3 | 28.6 | 70.3 |
Other | ||||
Operating revenues: | ||||
Total operating revenues | $ 47 | $ 15.5 | $ 159.5 | $ 51.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 281.2 | $ 274.6 | $ 788.3 | $ 738.4 |
Other Comprehensive Income (Loss), net of tax [Abstract] | ||||
Currency translation differences on investments in foreign subsidiaries, net of tax | (23.6) | 142.4 | (192.6) | 352.4 |
Other Comprehensive Income, Other, Net of Tax | 1.5 | 3.3 | 1.2 | 8.4 |
Other comprehensive income/(loss), net of tax | (22.1) | 145.7 | (191.4) | 360.8 |
Total comprehensive income/(loss) | 259.1 | 420.3 | 596.9 | 1,099.2 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (11.6) | (7.1) | (19.7) | (19.3) |
Comprehensive income/(loss) attributable to Invesco Ltd. | $ 247.5 | $ 413.2 | $ 577.2 | $ 1,079.9 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 788.3 | $ 738.4 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Amortization and depreciation | 105.6 | 82.2 |
Share-based compensation expense | 124.5 | 134.9 |
Other (gains)/losses, net | (1.9) | (27.6) |
Other (gains)/losses of CIP, net | 2.3 | (53.4) |
Equity in earnings of unconsolidated affiliates | (28.8) | (41.1) |
Dividends from unconsolidated affiliates | 9.9 | 14.9 |
Changes in operating assets and liabilities: | ||
(Purchase)/sale of investments by CIP, net | (228.3) | (277.7) |
(Purchase)/sale of trading investments, net | (36.4) | 146.8 |
(Increase)/decrease in receivables | (280.7) | (3,134.3) |
Increase/(decrease) in payables | 207.6 | 3,189.9 |
Net cash provided by/(used in) operating activities | 662.1 | 773 |
Investing activities: | ||
Purchase of property, equipment and software | (68.3) | (82.7) |
Purchase of investments by CIP | (3,780.1) | (4,432.4) |
Sale of investments by CIP | 2,633.5 | 4,219.6 |
Purchase of investments | (114.9) | (123.5) |
Sale of investments | 101.2 | 154.2 |
Capital distributions from equity method investees | 15 | 61.3 |
Payments to Acquire Businesses and Interest in Affiliates | (1,469.3) | (299.2) |
Net cash provided by/(used in) investing activities | (2,682.9) | (502.7) |
Financing activities: | ||
Purchases of treasury shares | (49.7) | (58.6) |
Dividends paid | (368.3) | (352.7) |
Third-party capital invested into CIP | 421.1 | 397.7 |
Third-party capital distributed by CIP | (89.4) | (93.2) |
Borrowings of debt by CIP | 1,975.4 | 1,887.4 |
Repayments of debt by CIP | (1,030.8) | (1,962.4) |
Net borrowings/(repayments) under credit facility | 737.2 | |
Net borrowings/(repayments) under credit facility | (28.7) | |
Payment of contingent consideration | (11.4) | (10.3) |
Net cash provided by/(used in) financing activities | 1,584.1 | (220.8) |
Increase/(decrease) in cash and cash equivalents | (436.7) | 49.5 |
Foreign exchange movement on cash and cash equivalents | (27.3) | 87.1 |
Foreign exchange movement on cash and cash equivalents of CIP | (1.7) | (4.4) |
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP | (137.7) | (9) |
Cash and cash equivalents, beginning of period | 2,517.7 | 2,070.2 |
Cash and cash equivalents, end of period | 1,914.3 | 2,202.2 |
Cash and cash equivalents | 1,631.5 | 1,716.3 |
Cash and cash equivalents of CIP | $ 282.8 | $ 485.9 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Shares | Additional Paid-In-Capital [Member] | Treasury Shares [Member] | Retained Earnings | Accumulated Other Comprehensive Income [Member] | Total Equity Attributable to Common Shareholders [Member] | Nonredeemable Noncontrolling Interests in Consolidated Entities [Member] | Redeemable noncontrolling interest [Member] |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (809.3) | ||||||||
Beginning balance at Dec. 31, 2016 | 7,611.8 | $ 98.1 | $ 6,227.4 | $ (2,845.8) | $ 4,833.4 | $ (809.3) | $ 7,503.8 | $ 108 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 712.8 | 0 | 0 | 0 | 719.1 | 0 | 719.1 | (6.3) | |
Other comprehensive income (loss) | 360.8 | 0 | 0 | 0 | 0 | 360.8 | 0 | $ 0 | |
Change in Noncontrolling Interests in Consolidated Entities, Net | 133.1 | 0 | 0 | 0 | 0 | 0 | 0 | 133.1 | |
Dividends | (352.7) | 0 | 0 | 0 | (352.7) | 0 | (352.7) | 0 | 0 |
Share-based compensation | 134.9 | 0 | 134.9 | 0 | 0 | 0 | 134.9 | 0 | 0 |
Vested shares | 0 | 0 | (116.4) | 116.4 | 0 | 0 | 0 | 0 | 0 |
Other share awards | 6.7 | 0 | 2.2 | 4.5 | 0 | 0 | 6.7 | 0 | 0 |
Purchase of shares | (58.6) | 0 | 0 | (58.6) | 0 | 0 | (58.6) | 0 | 0 |
Ending balance at Sep. 30, 2017 | 8,548.8 | 98.1 | 6,248.1 | (2,783.5) | 5,199.8 | (448.5) | 8,314 | 234.8 | |
Beginning balance at Dec. 31, 2016 | 283.7 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | 25.6 | ||||||||
Change in noncontrolling interests in consolidated entities, net | 0.3 | ||||||||
Ending balance at Sep. 30, 2017 | 309.6 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (594.2) | ||||||||
Other comprehensive income (loss) | 145.7 | ||||||||
Ending balance at Sep. 30, 2017 | 8,548.8 | 98.1 | 6,248.1 | (2,783.5) | 5,199.8 | (448.5) | 8,314 | 234.8 | |
Ending balance at Sep. 30, 2017 | 309.6 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (448.5) | ||||||||
Beginning balance, as adjusted | 8,955.6 | 98.1 | 6,282 | (2,781.9) | 5,492.3 | (394.4) | 8,696.1 | 259.5 | 243.2 |
Common Stock, Value, Issued | 98.1 | ||||||||
Additional Paid in Capital, Common Stock | 6,282 | ||||||||
Treasury Stock, Value | (2,781.9) | ||||||||
Retained Earnings (Accumulated Deficit) | 5,489.1 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (391.2) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accounting Standards Update 2016-01 [Member] | (394.4) | ||||||||
Stockholders' Equity Attributable to Parent | 8,696.1 | ||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 259.5 | ||||||||
Beginning balance at Dec. 31, 2017 | 8,955.6 | 98.1 | 6,282 | (2,781.9) | 5,489.1 | (391.2) | 8,696.1 | 259.5 | |
Adjustment for adoption of ASU 2015-02 (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2017 | 0 | 0 | 0 | 0 | 3.2 | (3.2) | 0 | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 798.3 | 0 | 0 | 0 | 768.6 | 0 | 768.6 | 29.7 | |
Other comprehensive income (loss) | (191.4) | 0 | 0 | 0 | 0 | (191.4) | 0 | 0 | |
Change in Noncontrolling Interests in Consolidated Entities, Net | 42.5 | 0 | 0 | 0 | 0 | 0 | 0 | 42.5 | |
Dividends | (368.3) | 0 | 0 | 0 | (368.3) | 0 | (368.3) | 0 | 0 |
Share-based compensation | 124.5 | 0 | 124.5 | 0 | 0 | 0 | 124.5 | 0 | 0 |
Vested shares | 0 | 0 | (114.6) | 114.6 | 0 | 0 | 0 | 0 | 0 |
Other share awards | 7.3 | 0 | 1.1 | 6.2 | 0 | 0 | 7.3 | 0 | 0 |
Purchase of shares | (49.7) | $ 0 | $ 0 | $ (49.7) | $ 0 | $ 0 | $ (49.7) | $ 0 | 0 |
Ending balance at Sep. 30, 2018 | 9,318.8 | ||||||||
Beginning balance at Dec. 31, 2017 | 243.2 | 243.2 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | (10) | ||||||||
Change in noncontrolling interests in consolidated entities, net | $ 190 | ||||||||
Ending balance at Sep. 30, 2018 | 423.2 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (563.7) | ||||||||
Other comprehensive income (loss) | (22.1) | ||||||||
Ending balance at Sep. 30, 2018 | 9,318.8 | ||||||||
Ending balance at Sep. 30, 2018 | 423.2 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Common Stock, Value, Issued | 98.1 | ||||||||
Additional Paid in Capital, Common Stock | 6,293 | ||||||||
Treasury Stock, Value | (2,710.8) | ||||||||
Retained Earnings (Accumulated Deficit) | 5,892.6 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (585.8) | ||||||||
Stockholders' Equity Attributable to Parent | 8,987.1 | ||||||||
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | $ 331.7 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Corporate Information Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of global investment management capabilities. The company operates globally and its sole business is investment management. Certain disclosures included in the company's annual report on Form 10-K for the year ended December 31, 2017 (annual report or Form 10-K) are not required to be included on an interim basis in the company's quarterly reports on Forms 10-Q (Report). The company has condensed or omitted these disclosures. Therefore, this Report should be read in conjunction with the company's annual report. Basis of Accounting and Consolidation The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the Securities and Exchange Commission and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair statement of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Accounting Pronouncements Recently Adopted Revenue Recognition. On January 1, 2018 th e company adopted Accounting Standard Update 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which revised revenue accounting rules through the creation of Accounting Standard Codification Topic 606 (ACS 606) and expanded the disclosure requirements. The company adopted ASU 2014-09 on January 1, 2018 using the modified retrospective transition method applied to contracts that were not complete as of that date. Under this method, entities are required to report any effect from adoption as a cumulative effect adjustment to retained earnings at the adoption date. The adoption of the standard did not have an effect on opening retained earnings, net income or earnings per share measures. The impact of ASU 2014-09 on the timing of recognition of performance fee revenues may result in future performance fees being recognized earlier under ASU 2014-09, but this will depend on the terms and conditions in the relevant agreement. The application of the new principal versus agent guidance in ASU 2014-09 resulted in presentation changes in the Consolidated Statements of Income whereby certain costs are now reported on a gross basis, when Invesco is acting as principal, and reported on a net basis, when Invesco is acting as an agent. In accordance with the ASU 2014-09 requirements, the disclosure of the impact of adoption on the Condensed Consolidated Statements of Income was as follows (in millions): $ in millions Three months ended September 30, 2018 Nine months ended September 30, 2018 Condensed Consolidated Statements of Income As Reported Adjustments Related to Adoption of Balances Without Adoption of As Reported Adjustments Related to Adoption of Balances Without Adoption of Operating revenues: Investment management fees 1,038.9 50.3 1,089.2 3,133.1 157.9 3,291.0 Service and distribution fees 248.0 (32.4 ) 215.6 737.0 (95.9 ) 641.1 Performance fees 7.9 — 7.9 28.6 — 28.6 Other 47.0 (34.5 ) 12.5 159.5 (110.0 ) 49.5 Total operating revenues 1,341.8 (16.6 ) 1,325.2 4,058.2 (48.0 ) 4,010.2 Operating expenses: Third-party distribution, service and advisory 408.0 (21.1 ) 386.9 1,236.0 (61.6 ) 1,174.4 Employee compensation 385.5 — 385.5 1,157.0 — 1,157.0 Marketing 34.0 — 34.0 94.9 — 94.9 Property, office and technology 104.8 — 104.8 308.7 — 308.7 General and administrative 87.4 4.5 91.9 287.1 13.6 300.7 Total operating expenses 1,019.7 (16.6 ) 1,003.1 3,083.7 (48.0 ) 3,035.7 Operating income 322.1 — 322.1 974.5 — 974.5 Financial Instruments. On January 1, 2018, the company adopted Accounting Standards Update 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities" (ASU 2016-01). Under the new standard, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value with any changes recognized in earnings. ASU 2016-01 requires a modified retrospective approach to adoption. Accumulated gains of $3.2 million were reclassified into retained earnings at adoption date. With effect from the adoption of ASU 2016-01, seed money, investments held to settle the company's deferred compensation plan liabilities, and other equity securities are no longer categorized as trading investments or available-for-sale investments but instead are referred to as "equity investments," and all gains or losses arising from changes in the fair value of these equity investments will be included in income. Prior period balances have been conformed to be presented as "equity investments," however the prior period treatment of gains or losses arising from changes in the fair value of the investments was retained. As ASU 2016-01 required a modified retrospective approach to adoption, available-for-sale seed money balances of $69.3 million at December 31, 2017 are presented as "equity investments" to conform to the current period presentation of seed money; however, the related accounting basis in that period was available-for-sale. Statement of Cash Flows. On January 1, 2018, the company adopted Accounting Standards Update 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments" (ASU 2016-15), which clarified how certain cash receipts and cash payments are classified and presented on the Statement of Cash Flows, including distributions from equity method investees. The amendments require a retrospective approach to adoption. As a result of adopting this standard, $12.7 million was reclassified from net cash provided by/(used in) investing activities to net cash provided by/(used in) operating activities for the nine months ended September 30, 2017 . On January 1, 2018, the company adopted Accounting Standards Update 2016-18, “Statement of Cash Flows: Restricted Cash” (ASU 2016-18). The standard requires the inclusion of restricted cash within cash and cash equivalents when reconciling the beginning and ending cash and cash equivalents balances on the statements of cashflows. ASU 2016-18 requires a retrospective approach to adoption. Accordingly, changes in CIP cash of $251.7 million for the nine months ended September 30, 2017 are no longer presented as a component of the company's cash provided by operations as they were reported in the Form 10-Q for the period ended September 30, 2017 . These changes in CIP cash now form part of the reconciliation of corporate cash and CIP cash at the end of the Condensed Consolidated Statements of Cash Flows for the period ended September 30, 2017 . The adoption of this standard does not impact corporate cash and cash equivalents. Pension Costs. On January 1, 2018, the company adopted Accounting Standard Update 2017-07, “Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07). The amendments require that the service cost component of net periodic pension costs be recorded within employee compensation expense and the other components of net benefit cost be recorded in other gains and losses, net in the Condensed Consolidated Statements of Income. The company utilized a practical expedient that permits an employer to use the amounts disclosed in its pension plan footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation. The application of the new rules results in the reclassification of the non-service cost components of the pension costs/(benefit) to other gains and losses, net, and has no impact to net income. For the three and nine months ended September 30, 2017 , the reclassification increased operating income by $5.0 million and $3.7 million , respectively, with a corresponding decrease to other gains and losses, net. Other Income. On January 1, 2018, the company adopted Accounting Standard Update 2017-05, "Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The standard clarified the scope of accounting for gains and losses from the derecognition of nonfinancial assets and added guidance for partial sales of nonfinancial assets. The adoption of this standard did not have a material impact on the company's financial condition, results of operations or cash flows. Pending Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (ASU 2016-02). The standard requires that lessees recognize lease assets and lease liabilities on the balance sheet for all leases with a lease term greater than 12 months. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018 and requires a modified retrospective approach to adoption. In July 2018, the FASB issued Accounting Standard Update 2018-11, “Leases: Targeted Improvements” (ASU 2018-11) which provided an additional, optional transition method related to implementing the new leases standard. ASU 2018-11 provides that companies can initially apply the new leases standard at adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The company has decided to implement the leases standard under this optional transition method on January 1, 2019. The company is continuing to evaluate the potential impact of this standard through a detailed review of a sample of lease arrangements. A global cross-functional team is analyzing and assessing the impact of adopting the new lease accounting guidance. The company has selected a lease accounting software tool to assist in the accounting for lease arrangements under the new accounting rules and is currently in the process of implementing the tool and abstracting lease contract data for input into the lease accounting tool. In August 2018, the FASB issued Accounting Standards Update 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” (ASU 2018-15). The standard update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years and early adoption is permitted. The amendments allow either a retrospective or prospective approach to all implementation costs incurred after adoption. The company does not anticipate a material impact upon the adoption of this amendment. Revenue Recognition Accounting Policy Revenue is measured and recognized based on the five step process outlined in ASC 606, Revenue from Contracts with Customers. Revenue is determined based on the transaction price negotiated with the customer, net of discounts, value added tax and other sales-related taxes. Investment management fees are derived from providing professional services to manage client accounts and sponsored investment vehicles. Investment management services are satisfied over time as the services are provided and are typically based upon a percentage of the value of the client’s assets under management. Investment management fees for certain arrangements include fees for distribution and administrative-related services. Any fees collected in advance are deferred and recognized as income over the period in which services are rendered. Service fees are earned for services rendered relating to fund accounting, transfer agent, administrative and/or other maintenance activities performed for sponsored investment vehicles. Service fees are generally based upon a percentage of the value of the assets under management. Service fees are also earned from the delivery of digital solutions to our customers. All of these services are transferred over time. The company provides distribution services to certain sponsored investment vehicles. Fees are generally earned based upon a percentage of the value of the assets under management, as the fee amounts do not crystallize completely upon the sale of a share or unit. Accordingly, the distribution fee revenues are recognized over time as the amount of the fees becomes known. For example, 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. Generally, retail products offered outside of the U.S. do not generate a separate distribution fee; the quoted management fee rate is inclusive of these services. The company also has certain arrangements whereby the distribution fees are paid upon the subscription or redemption of a share or unit. Performance fee revenues associated with retail funds 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. 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 when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods. Cash receipt of performance fees generally occurs after the performance fee revenue is earned; however, the company may receive, from time-to-time, cash distributions of carried interest before any revenue is earned. Such distributions are reflected as deferred carried interest liabilities within accounts payable and accrued expenses on the Condensed Consolidated Balance Sheets. Given the uniqueness of each fee arrangement, performance fee contracts are evaluated on an individual basis to determine the timing of revenue recognition. Performance fees typically arise from investment management activities that were initially undertaken in prior reporting periods. 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 Condensed Consolidated Statements of Income on the date when Invesco’s services are complete which typically coincides with when the transactions are legally complete. Principal versus Agent The company utilizes third party service providers to fulfill certain performance obligations in its revenue agreements. Generally, the company is deemed to be the principal in these arrangements, because the company controls the investment management and other related services before they are transferred to customers. Such control is evidenced by the company’s primary responsibility to customers, the ability to negotiate the third party contract price and select and direct third party service providers, or a combination of these factors. Therefore, investment management and service and distribution fee revenues and the related third party distribution, service and advisory expenses are reported on a gross basis. 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. As discussed above, the revenues from the company’s U.S. retail operations include 12b-1 distribution fees, which are largely 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 upfront 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. |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES The carrying value and fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CIP is presented in Note 12 , "Consolidated Investment Products." See the company's most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. September 30, 2018 December 31, 2017 $ in millions Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1,631.5 1,631.5 2,006.4 2,006.4 Equity investments 309.2 309.2 346.6 346.6 Available-for-sale debt investments — — 15.9 15.9 Foreign time deposits * 20.1 20.1 28.6 28.6 Assets held for policyholders 12,268.2 12,268.2 12,444.5 12,444.5 Policyholder payables * (12,268.2 ) (12,268.2 ) (12,444.5 ) (12,444.5 ) Contingent consideration liability (45.4 ) (45.4 ) (57.4 ) (57.4 ) Long-term debt * (2,814.6 ) (2,883.3 ) (2,075.8 ) (2,258.1 ) ____________ * These financial instruments are not measured at fair value on a recurring basis. See the most recently filed Form 10-K for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. The following table presents, by hierarchy levels, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company's Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 , respectively: As of September 30, 2018 $ 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 404.2 404.2 — — Investments:* Equity investments: Seed money 202.3 202.3 — — Investments related to deferred compensation plans 90.4 90.4 — — Other equity securities 16.5 16.5 — — Assets held for policyholders 12,268.2 12,268.2 — — Total 12,981.6 12,981.6 — — Liabilities: Contingent consideration liability (45.4 ) — — (45.4 ) Total (45.4 ) — — (45.4 ) As of December 31, 2017 $ 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 875.5 875.5 — — Investments:* Equity investments: Seed money 243.0 243.0 — — Investments related to deferred compensation plans 92.3 92.3 — — Other equity securities 11.3 11.3 — — Available-for-sale debt investments: CLOs 6.0 — 6.0 — Other debt securities 9.9 — — 9.9 Assets held for policyholders 12,444.5 12,444.5 — — Total 13,682.5 13,666.6 6.0 9.9 Liabilities: Contingent consideration liability (57.4 ) — — (57.4 ) Total (57.4 ) — — (57.4 ) ____________ * Foreign time deposits of $20.1 million ( December 31, 2017 : 28.6 million ) are excluded from this table. Equity method and other investments of $308.7 million and $5.8 million , respectively, ( December 31, 2017 : $277.3 million and $6.2 million , respectively) are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and nine months ended September 30, 2018 and September 30, 2017 , which are valued using significant unobservable inputs: Three months ended September 30, 2018 Nine months ended September 30, 2018 $ in millions Contingent Consideration Liability Contingent Consideration Liability Other Debt Securities Beginning balance (50.1 ) (57.4 ) 9.9 Net unrealized gains and losses included in other gains and losses, net* 0.4 0.6 — Disposition/settlements 4.3 11.4 (9.9 ) Ending balance (45.4 ) (45.4 ) — Three months ended September 30, 2017 Nine months ended September 30, 2017 $ in millions Contingent Consideration Liability Other Debt Securities Contingent Consideration Liability CLOs Other Debt Securities Beginning balance (69.2 ) 9.8 (78.2 ) 12.9 13.2 Purchases/acquisitions — — — — 7.3 Net unrealized gains and losses included in other gains and losses, net* (1.6 ) — 0.2 — (2.2 ) Disposition/settlements 3.1 (0.1 ) 10.3 — (8.6 ) Transfer from level 3 to level 2 — — — (12.9 ) — Ending balance (67.7 ) 9.7 (67.7 ) — 9.7 _______________ * These unrealized gains and losses are attributable to balances still held at the respective period ends. Contingent Consideration Liability At September 30, 2018 inputs used in the model included assumed growth rates in AUM ranging from (2.34)% to 0.74% (weighted average growth rate of (0.03)% ) and a discount rate of 4.84% . 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/or a decrease in the discount rate would increase the fair value of the contingent consideration liability, while a decrease in forecasted AUM and/or an increase in the discount rate would decrease the liability. Total Return Swaps The company entered into total return swap arrangements with respect to certain ETFs in the three months ended September 30, 2018 . At September 30, 2018 , the aggregate notional value of the total return swaps was $172.5 million . Under the terms of each total return swap, the company receives the related market gains or losses on the underlying investments and pays a floating rate to the respective counterparty. At September 30, 2018 , the fair value of the total return swaps related to the ETFs resulted in a liability balance of $1.3 million . For the three months ended September 30, 2018 , market valuation losses of $1.3 million were recognized in other gains and losses, net. The fair value of the total return swaps was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The total return swaps are not designated for hedge accounting. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The disclosures below include details of the company's investments. Investments held by CIP are detailed in Note 12 , "Consolidated Investment Products." $ in millions September 30, 2018 December 31, 2017 Equity investments: Seed money 202.3 243.0 Investments related to deferred compensation plans 90.4 92.3 Other equity securities 16.5 11.3 Available-for-sale debt investments: CLOs — 6.0 Other debt securities — 9.9 Equity method investments 308.7 277.3 Foreign time deposits 20.1 28.6 Other 5.8 6.2 Total investments 643.8 674.6 Available for sale debt investments Upon adoption of ASU 2016-01, as of January 1, 2018, seed money investments formerly classified as available-for-sale are now included as equity investments. Realized gains and losses recognized in the Condensed Consolidated Statements of Income during the period from investments classified as available-for-sale are as follows: For the three months ended September 30, 2018 For the nine months ended September 30, 2018 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses CLOs 4.2 1.5 — 16.5 2.3 — Other debt securities — — — 6.3 — (3.6 ) 4.2 1.5 — 22.8 2.3 (3.6 ) For the three months ended September 30, 2017 For the nine months ended September 30, 2017 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 15.2 1.6 — 61.7 2.7 (1.5 ) CLOs 3.5 0.8 — 6.1 1.2 — Other debt securities 0.1 0.2 — 8.6 1.0 — 18.8 2.6 — 76.4 4.9 (1.5 ) Gross unrealized holding gains and losses recognized in accumulated other comprehensive income/(loss) from available-for-sale debt investments are presented in the table below: December 31, 2017 $ in millions Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Seed money 65.1 5.5 (1.3 ) 69.3 CLOs 4.9 1.1 — 6.0 Other debt securities 9.9 — — 9.9 79.9 6.6 (1.3 ) 85.2 At December 31, 2017 : 50 seed money funds had incurred gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. December 31, 2017 $ in millions Fair Value Gross Unrealized Losses Less than 12 months 9.4 (0.8 ) 12 months or greater 15.0 (0.5 ) Total 24.4 (1.3 ) Equity investments The unrealized gains and losses for the three and nine months ended September 30, 2018 , that relate to equity investments still held at September 30, 2018 , were a $2.2 million net gain and $1.4 million net gain , respectively ( three and nine months ended September 30, 2017 : $3.9 million net gain and $14.1 million net gain related to trading investments held at September 30, 2017 ). |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
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 12 , “Consolidated Investment Products.” September 30, 2018 December 31, 2017 $ in millions Carrying Value** Fair Value Carrying Value** Fair Value Floating rate credit facility expiring August 11, 2022 737.2 737.2 — — Unsecured Senior Notes*: $600 million 3.125% - due November 30, 2022 597.4 589.8 596.9 608.8 $600 million 4.000% - due January 30, 2024 594.6 607.2 594.0 634.7 $500 million 3.750% - due January 15, 2026 495.4 494.4 495.1 515.0 $400 million 5.375% - due November 30, 2043 390.0 454.8 389.8 499.6 Long-term debt 2,814.6 2,883.3 2,075.8 2,258.1 ____________ * The company's senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. ** The 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 company maintains approximately $15.8 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. |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL The number of common shares and common share equivalents issued are represented in the table below: As of In millions September 30, 2018 December 31, 2017 Common shares issued 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (79.1 ) (83.3 ) Common shares outstanding 411.3 407.1 |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME/(LOSS) | OTHER COMPREHENSIVE INCOME/(LOSS) The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended September 30, 2018 $ 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 (23.6 ) — — — (23.6 ) Other comprehensive income, net — 1.4 0.9 (0.8 ) 1.5 Other comprehensive income/(loss), net of tax (23.6 ) 1.4 0.9 (0.8 ) (22.1 ) Beginning balance (459.5 ) (107.4 ) 2.0 1.2 (563.7 ) Other comprehensive income/(loss), net of tax (23.6 ) 1.4 0.9 (0.8 ) (22.1 ) Ending balance (483.1 ) (106.0 ) 2.9 0.4 (585.8 ) For the nine months ended September 30, 2018 $ 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 (192.6 ) — — — (192.6 ) Other comprehensive income, net — 3.7 (1.4 ) (1.1 ) 1.2 Other comprehensive income/(loss), net of tax (192.6 ) 3.7 (1.4 ) (1.1 ) (191.4 ) Beginning balance (290.5 ) (109.7 ) 4.3 4.7 (391.2 ) Adjustment for adoption of ASU 2016-01 — — — (3.2 ) (3.2 ) January 1, 2018, as adjusted (290.5 ) (109.7 ) 4.3 1.5 (394.4 ) Other comprehensive income/(loss), net of tax (192.6 ) 3.7 (1.4 ) (1.1 ) (191.4 ) Ending balance (483.1 ) (106.0 ) 2.9 0.4 (585.8 ) For the three months ended September 30, 2017 $ 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 142.4 — — — 142.4 Other comprehensive income, net — 5.3 (0.1 ) (1.9 ) 3.3 Other comprehensive income/(loss), net of tax 142.4 5.3 (0.1 ) (1.9 ) 145.7 Beginning balance (469.9 ) (138.5 ) 6.0 8.2 (594.2 ) Other comprehensive income/(loss), net of tax 142.4 5.3 (0.1 ) (1.9 ) 145.7 Ending balance (327.5 ) (133.2 ) 5.9 6.3 (448.5 ) For the nine months ended September 30, 2017 $ 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 352.4 — — — 352.4 Other comprehensive income, net — 6.0 1.1 1.3 8.4 Other comprehensive income/(loss), net of tax 352.4 6.0 1.1 1.3 360.8 Beginning balance (679.9 ) (139.2 ) 4.8 5.0 (809.3 ) Other comprehensive income/(loss), net of tax 352.4 6.0 1.1 1.3 360.8 Ending balance (327.5 ) (133.2 ) 5.9 6.3 (448.5 ) Net Investment Hedge The company designated certain intercompany debt as a non-derivative net investment hedging instrument against foreign currency exposure related to its net investment in foreign operations. At September 30, 2018 , £130 million ( $169.5 million ) of intercompany debt was designated as a net investment hedge. For the nine months ended September 30, 2018 , the Company recognized foreign currency gains of $6.4 million resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in other comprehensive income. No hedge ineffectiveness was recognized in income. |
Revenue Revenue
Revenue Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue | REVENUE The geographic disaggregation of revenue for the three and nine months ended September 30, 2018 is presented below. There are no revenues attributed to the company's country of domicile, Bermuda. $ in millions For the three months ended September 30, 2018 For the nine months ended September 30, 2018 North America 835.5 2,483.8 EMEA 442.8 1,369.1 Asia-Pacific 63.5 205.3 Total operating revenues 1,341.8 4,058.2 The opening and closing balance of deferred carried interest liabilities for the nine months ended September 30, 2018 was $60.4 million and $60.9 million , respectively. During the nine months ended September 30, 2018 , no performance fee revenue was recognized that was included in the deferred carried interest liability balance at the beginning of the period. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The company recognized total expenses of $124.5 million and $134.9 million related to equity-settled share-based payment transactions in the nine months ended September 30, 2018 and 2017 , respectively. Share Awards Movements on share awards during the periods ended September 30 , are detailed below: For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 Millions of shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 12.0 0.9 31.52 12.1 0.8 Granted during the period 5.5 0.4 32.09 5.3 0.3 Forfeited during the period (0.2 ) — 31.71 (0.4 ) — Vested and distributed during the period (4.6 ) (0.4 ) 32.14 (4.8 ) (0.2 ) Unvested at the end of the period 12.7 0.9 31.55 12.2 0.9 The total fair value of shares that vested during the nine months ended September 30, 2018 was $156.1 million ( nine months ended September 30, 2017 : $158.0 million ). The weighted average grant date fair value of the share awards that were granted during the nine months ended September 30, 2018 was $32.09 ( nine months ended September 30, 2017 : $32.21 ). At September 30, 2018 , there was $324.4 million of total unrecognized compensation cost related to non-vested share awards; that cost is expected to be recognized over a weighted average period of 2.61 years . |
Taxation
Taxation | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
TAXATION | TAXATION At September 30, 2018 , the total amount of gross unrecognized tax benefits was $19.2 million as compared to the December 31, 2017 total of $19.6 million . At December 31, 2017 , the company had not completed the accounting for the tax effects of enacting the Tax Cuts and Jobs Act (the "2017 Tax Act") and therefore recognized a provisional income tax benefit of $130.7 million . As of September 30, 2018 , the company has refined its estimate related to the deductibility of executive compensation based on recent IRS proposed guidance, and recognized additional income tax expense of $1.5 million in the quarter. In accordance with Staff Accounting Bulletin No. 118, the company is required to complete its assessment and finalize the accounting in the fourth quarter of 2018 and though unlikely, the final amounts could differ from the estimates recorded to date as additional guidance continues to be issued. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The calculation of earnings per share is as follows: For the three months ended September 30, For the nine months ended September 30, In millions, except per share data 2018 2017 2018 2017 Net income $281.2 $274.6 $788.3 $738.4 Net (income)/loss attributable to noncontrolling interests in consolidated entities (11.6 ) (7.1 ) (19.7 ) (19.3 ) Net income attributable to Invesco Ltd. 269.6 267.5 768.6 719.1 Less: Allocation of earnings to restricted shares (8.3 ) (8.0 ) (23.3 ) (21.6 ) Net income attributable to common shareholders $261.3 $259.5 $745.3 $697.5 Invesco Ltd: Weighted average shares outstanding - basic 414.3 410.0 413.2 409.2 Dilutive effect of non-participating share-based awards 0.1 0.5 0.2 0.4 Weighted average shares outstanding - diluted 414.4 410.5 413.4 409.6 Common shareholders: Weighted average shares outstanding - basic 414.3 410.0 413.2 409.2 Less: Weighted average restricted shares (12.7 ) (12.2 ) (12.5 ) (12.3 ) Weighted average common shares outstanding - basic 401.6 397.8 400.7 396.9 Dilutive effect of non-participating share-based awards 0.1 0.5 0.2 0.4 Weighted average common shares outstanding - diluted 401.7 398.3 400.9 397.3 Earnings per share: Basic earnings per share $0.65 $0.65 $1.86 $1.76 Diluted earnings per share $0.65 $0.65 $1.86 $1.76 See Note 8 , “Share-Based Compensation,” for a summary of share awards outstanding under the company's share-based compensation programs. These programs could result in the issuance of common shares from time to time that would affect the measurement of basic and diluted earnings per share. There were 0.9 million and 0.7 million shares of performance-vested awards and no time-vested awards excluded from the computation of diluted earnings per share during the three and nine months ended September 30 , 2018 , respectively, due to their inclusion being anti-dilutive ( three and nine months ended September 30, 2017 : none ). There were no contingently issuable shares excluded from the diluted earnings per share computation during the three and nine months ended September 30, 2018 ( three and nine months ended September 30, 2017 : 0.1 million ), because the necessary performance conditions for the shares to be issuable had not yet been satisfied at the end of the respective period. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
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 committed to co-invest in certain sponsored investment products which may be called in future periods. At September 30, 2018 , the company's undrawn capital commitments were $414.2 million ( December 31, 2017 : $292.8 million ). The Parent and various company subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Legal Contingencies The company is from time to time involved in litigation relating to claims arising in the ordinary course of its business. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit will have on the company. There are many reasons that the company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages; the damages sought are unspecified, unsupportable, unexplained or uncertain; the claimant is seeking relief other than compensatory damages; the matter presents novel legal claims or other meaningful legal uncertainties; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability. In management’s opinion, adequate accrual has been made as of September 30, 2018 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 AUM, which would have an adverse effect on the company’s future financial results and its ability to grow its business. |
Consolidated Investment Product
Consolidated Investment Products | 9 Months Ended |
Sep. 30, 2018 | |
Consolidated Investment Products [Abstract] | |
CONSOLIDATED INVESTMENT PRODUCTS | CONSOLIDATED INVESTMENT PRODUCTS (CIP) The following table presents the balances related to CIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. See the company's most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. As of $ in millions September 30, 2018 December 31, 2017 Cash and cash equivalents of CIP 282.8 511.3 Accounts receivable and other assets of CIP 56.7 131.5 Investments of CIP 6,074.6 5,658.0 Less: Debt of CIP (4,820.5 ) (4,799.8 ) Less: Other liabilities of CIP (315.8 ) (498.8 ) Less: Retained earnings 7.0 16.7 Less: Accumulated other comprehensive income, net of tax (6.9 ) (16.6 ) Less: Equity attributable to redeemable noncontrolling interests (423.2 ) (243.2 ) Less: Equity attributable to nonredeemable noncontrolling interests (330.8 ) (258.6 ) Invesco's net interests in CIP 523.9 500.5 The following table reflects the impact of consolidation of investment products into the Condensed Consolidated Statements of Income for the three and nine months ended September 30 , 2018 and 2017 : Three months ended September 30, Nine months ended September 30, $ in millions 2018 2017 2018 2017 Total operating revenues (4.7 ) (6.2 ) (18.8 ) (25.7 ) Total operating expenses 5.1 4.2 14.5 5.2 Operating income (9.8 ) (10.4 ) (33.3 ) (30.9 ) Equity in earnings of unconsolidated affiliates (3.4 ) (5.7 ) (9.8 ) (8.4 ) Other gains and losses, net 8.0 (9.8 ) 16.3 (32.4 ) Interest and dividend income of CIP 71.0 52.7 196.0 156.4 Interest expense of CIP (51.7 ) (36.3 ) (137.5 ) (117.3 ) Other gains/(losses) of CIP, net 8.8 15.3 (2.3 ) 53.4 Income before income taxes 22.9 5.8 29.4 20.8 Net income 22.9 5.8 29.4 20.8 Net (income)/loss attributable to noncontrolling interests in consolidated entities (11.6 ) (7.1 ) (19.7 ) (19.3 ) Net income attributable to Invesco Ltd. 11.3 (1.3 ) 9.7 1.5 Non-consolidated VIEs At September 30, 2018 , the company's carrying value and maximum risk of loss with respect to variable interest entities (VIEs) in which the company is not the primary beneficiary was $286.1 million ( December 31, 2017 : $227.3 million ). Balance Sheet information - newly consolidated VIEs/VOEs During the nine months ended September 30, 2018 , there were twenty-two newly consolidated VIEs and eight newly consolidated voting rights entities (VOEs) ( September 30, 2017 : the company consolidated fifteen new VIEs.) The table below illustrates the summary balance sheet amounts related to these products before consolidation into the company. The balances below are reflective of the balances existing at the consolidation date after the initial funding of the investments by the company and unrelated third-party investors. The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the company’s Condensed Consolidated Financial Statements. For the nine months ended September 30, 2018 For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 $ in millions VIEs VOEs VIEs Cash and cash equivalents of CIP 17.4 — 14.9 Accounts receivable and other assets of CIP 6.2 1.9 8.5 Investments of CIP 800.6 172.6 331.9 Total assets 824.2 174.5 355.3 Debt of CIP 555.2 — 15.1 Other liabilities of CIP 37.7 — 105.1 Total liabilities 592.9 — 120.2 Total equity 231.3 174.5 235.1 Total liabilities and equity 824.2 174.5 355.3 Balance Sheet information - deconsolidated VIEs/VOEs During the nine months ended September 30, 2018 , the company determined that it was no longer the primary beneficiary of five VIEs ( September 30, 2017 : the company determined that it was no longer the primary beneficiary of six VIEs and one VOE. The amounts deconsolidated from the Condensed Consolidated Balance Sheets are illustrated in the table below. There was no net impact to the Condensed Consolidated Statements of Income for the nine months ended September 30, 2018 and 2017 from the deconsolidation of these investment products. For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 $ in millions VIEs VIEs VOEs Cash and cash equivalents of CIP 104.9 15.7 — Accounts receivable and other assets of CIP 26.2 4.1 0.2 Investments of CIP 912.4 242.9 49.8 Total assets 1,043.5 262.7 50.0 Debt of CIP 938.3 4.2 — Other liabilities of CIP 9.0 3.1 — Total liabilities 947.3 7.3 — Total equity 96.2 255.4 50.0 Total liabilities and equity 1,043.5 262.7 50.0 The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of September 30, 2018 and December 31, 2017 : As of September 30, 2018 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV as a practical expedient Assets: Bank loans 5,110.6 — 5,110.6 — — Bonds 505.6 — 505.6 — — Equity securities 243.0 239.2 3.8 — — Equity and fixed income mutual funds 18.3 18.3 — — — Investments in other private equity funds 185.0 — — — 185.0 Real estate investments 12.1 — — 12.1 — Total assets at fair value 6,074.6 257.5 5,620.0 12.1 185.0 As of December 31, 2017 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV as a practical expedient Assets: Bank loans 4,894.2 — 4,894.2 — — Bonds 302.0 — 302.0 — — Equity securities 203.2 198.8 4.4 — — Equity and fixed income mutual funds 19.0 19.0 — — — Investments in other private equity funds 163.4 — — — 163.4 Real estate investments 76.2 — — 76.2 — Total assets at fair value 5,658.0 217.8 5,200.6 76.2 163.4 The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: Three months ended September 30, 2018 Nine months ended September 30, 2018 $ in millions Level 3 Assets Level 3 Assets Beginning balance 52.0 76.2 Purchases — 13.0 Sales (39.3 ) (84.8 ) Gains and losses included in the Condensed Consolidated Statements of Income* (0.6 ) 7.7 Ending balance 12.1 12.1 Three months ended September 30, 2017 Nine months ended September 30, 2017 $ in millions Level 3 Assets Level 3 Assets Beginning balance 59.9 40.7 Purchases — 15.1 Sales — (5.1 ) Gains and losses included in the Condensed Consolidated Statements of Income* 3.6 12.8 Ending balance 63.5 63.5 ____________ * Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2018 are $0.5 million and $0.8 million respectively, in net unrealized losses attributable to investments still held at September 30, 2018 by CIP (for the three and nine months ended September 30, 2017 : $3.6 million and $12.4 million respectively, in net unrealized gains are attributable to investments still held at September 30, 2017 by CIP). The collateral assets held by consolidated CLOs are primarily invested in senior secured bank loans, bonds, and equity securities. Bank loan investments of $5,036.5 million , 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 2018 and 2026 pay interest at LIBOR plus a spread of up to 9.5% , and typically range in S&P credit rating categories from BBB down to unrated. Interest income on bank loans and bonds is recognized based on the unpaid principal balance and stated interest rate of these investments on an accrual basis. At September 30, 2018 , the unpaid principal balance exceeds the fair value of the senior secured bank loans and bonds by approximately $50.1 million ( December 31, 2017 : the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $84.6 million ). Approximately less than 1% of the collateral assets were in default as of September 30, 2018 and 2017 . 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 a third-party pricing challenge process. Notes issued by consolidated CLOs mature at various dates between 2026 and 2031 and have a weighted average maturity of 10.8 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 0.55% 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 . Quantitative Information about Level 3 Fair Value Measurements At September 30, 2018 , there were $12.1 million of investments held by consolidated real estate funds that were valued using recent private market transactions. The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets at December 31, 2017 : Assets and Liabilities Fair Value at December 31, 2017 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Real Estate Investments $76.2 Discounted Cash Flow Discount rate 7% - 33% 17.00 % Terminal capitalization rate 5.30 % 5.30 % Average rent growth rate 2% - 3% 2.50 % The following narrative indicates the sensitivity of inputs illustrating the impact of significant increases to the inputs. A directionally opposite impact would apply for significant decreases in these inputs: • For real estate investments, a change in the average rent growth rate would result in a directionally-opposite change in the assumptions for discount rate and terminal capitalization rate. Significant increases in the average growth rate would result in significantly higher fair values. Significant increases in the assumptions for discount rate and terminal capitalization rate in isolation would result in significantly lower fair value measurements. The table below summarizes as of September 30, 2018 and December 31, 2017 , the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized. September 30, 2018 December 31, 2017 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) $185.0 $83.0 5.5 years $163.4 $53.9 5.5 years ____________ (1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. (2) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES Certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, "Related Party Disclosures." Additionally, related parties include those defined in the company's proxy statement. Three months ended September 30, Nine months ended $ in millions 2018 2017 2018 2017 Affiliated operating revenues: Investment management fees 915.6 937.0 2,757.1 2,654.5 Service and distribution fees 238.9 217.2 723.9 634.1 Performance fees 0.8 40.5 7.6 52.1 Other 47.6 14.9 148.3 46.0 Total affiliated operating revenues 1,202.9 1,209.6 3,636.9 3,386.7 $ in millions September 30, 2018 December 31, 2017 Affiliated asset balances: Cash and cash equivalents 404.2 875.5 Unsettled fund receivables 376.2 204.0 Accounts receivable 342.5 359.9 Investments 602.6 608.5 Assets held for policyholders 12,267.8 12,444.2 Other assets 3.4 9.2 Total affiliated asset balances 13,996.7 14,501.3 Affiliated liability balances: Accrued compensation and benefits 74.7 90.7 Accounts payable and accrued expenses 64.3 64.5 Unsettled fund payables 184.2 288.8 Total affiliated liability balances 323.2 444.0 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS COMBINATIONS On April 6, 2018, the company acquired the Guggenheim Investments' ETF business for $1.2 billion . The company borrowed $835 million on its credit facility in connection with the acquisition. The initial estimates of identified assets acquired in the purchase are $527 million of acquired intangible assets (primarily indefinite-lived fund management contracts) and $677 million of tax deductible goodwill. On June 4, 2018 , the company acquired Intelliflo, a market-leading UK provider of advisor focused digital solutions. Our initial estimated purchase price allocation consists primarily of acquired intangible assets (customer relationships, developed technology and related assets) and goodwill. As the company receives additional information related to these recent transactions, certain initially recorded estimates may change. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On October 17, 2018, the company signed a definitive agreement whereby Invesco will acquire Massachusetts Mutual Life Insurance Company's ("MassMutual") asset management affiliate, OppenheimerFunds, Inc., for consideration of 81.9 million shares of common stock and $4 billion in perpetual, non-cumulative preferred stock with a 21 -year non-call period and a fixed rate of 5.9% . The shareholder agreement specifies a lock-up period of two years for the common stock and five years for the preferred stock. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. On October 18, 2018 , the company announced a third quarter 2018 dividend of 30.0 cents per share, payable on December 3, 2018 , to shareholders of record at the close of business on November 13, 2018 with an ex-dividend date of November 9, 2018 . On October 18, 2018, the company announced plans to buy back $1.2 billion of the company's common shares within the next two years . In connection with this effort, on October 24, 2018, the company entered into a forward contract to purchase $300.0 million of its common shares; the purchase price for such shares will be determined no later than December 31, 2018 and settlement of the purchase will occur by the third quarter of 2019. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Consolidation | Basis of Accounting and Consolidation The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the Securities and Exchange Commission and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair statement of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | Accounting Pronouncements Recently Adopted Revenue Recognition. On January 1, 2018 th e company adopted Accounting Standard Update 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), which revised revenue accounting rules through the creation of Accounting Standard Codification Topic 606 (ACS 606) and expanded the disclosure requirements. The company adopted ASU 2014-09 on January 1, 2018 using the modified retrospective transition method applied to contracts that were not complete as of that date. Under this method, entities are required to report any effect from adoption as a cumulative effect adjustment to retained earnings at the adoption date. The adoption of the standard did not have an effect on opening retained earnings, net income or earnings per share measures. The impact of ASU 2014-09 on the timing of recognition of performance fee revenues may result in future performance fees being recognized earlier under ASU 2014-09, but this will depend on the terms and conditions in the relevant agreement. The application of the new principal versus agent guidance in ASU 2014-09 resulted in presentation changes in the Consolidated Statements of Income whereby certain costs are now reported on a gross basis, when Invesco is acting as principal, and reported on a net basis, when Invesco is acting as an agent. In accordance with the ASU 2014-09 requirements, the disclosure of the impact of adoption on the Condensed Consolidated Statements of Income was as follows (in millions): $ in millions Three months ended September 30, 2018 Nine months ended September 30, 2018 Condensed Consolidated Statements of Income As Reported Adjustments Related to Adoption of Balances Without Adoption of As Reported Adjustments Related to Adoption of Balances Without Adoption of Operating revenues: Investment management fees 1,038.9 50.3 1,089.2 3,133.1 157.9 3,291.0 Service and distribution fees 248.0 (32.4 ) 215.6 737.0 (95.9 ) 641.1 Performance fees 7.9 — 7.9 28.6 — 28.6 Other 47.0 (34.5 ) 12.5 159.5 (110.0 ) 49.5 Total operating revenues 1,341.8 (16.6 ) 1,325.2 4,058.2 (48.0 ) 4,010.2 Operating expenses: Third-party distribution, service and advisory 408.0 (21.1 ) 386.9 1,236.0 (61.6 ) 1,174.4 Employee compensation 385.5 — 385.5 1,157.0 — 1,157.0 Marketing 34.0 — 34.0 94.9 — 94.9 Property, office and technology 104.8 — 104.8 308.7 — 308.7 General and administrative 87.4 4.5 91.9 287.1 13.6 300.7 Total operating expenses 1,019.7 (16.6 ) 1,003.1 3,083.7 (48.0 ) 3,035.7 Operating income 322.1 — 322.1 974.5 — 974.5 Financial Instruments. On January 1, 2018, the company adopted Accounting Standards Update 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities" (ASU 2016-01). Under the new standard, all equity investments in unconsolidated entities (other than those accounted for using the equity method of accounting) will generally be measured at fair value with any changes recognized in earnings. ASU 2016-01 requires a modified retrospective approach to adoption. Accumulated gains of $3.2 million were reclassified into retained earnings at adoption date. With effect from the adoption of ASU 2016-01, seed money, investments held to settle the company's deferred compensation plan liabilities, and other equity securities are no longer categorized as trading investments or available-for-sale investments but instead are referred to as "equity investments," and all gains or losses arising from changes in the fair value of these equity investments will be included in income. Prior period balances have been conformed to be presented as "equity investments," however the prior period treatment of gains or losses arising from changes in the fair value of the investments was retained. As ASU 2016-01 required a modified retrospective approach to adoption, available-for-sale seed money balances of $69.3 million at December 31, 2017 are presented as "equity investments" to conform to the current period presentation of seed money; however, the related accounting basis in that period was available-for-sale. Statement of Cash Flows. On January 1, 2018, the company adopted Accounting Standards Update 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments" (ASU 2016-15), which clarified how certain cash receipts and cash payments are classified and presented on the Statement of Cash Flows, including distributions from equity method investees. The amendments require a retrospective approach to adoption. As a result of adopting this standard, $12.7 million was reclassified from net cash provided by/(used in) investing activities to net cash provided by/(used in) operating activities for the nine months ended September 30, 2017 . On January 1, 2018, the company adopted Accounting Standards Update 2016-18, “Statement of Cash Flows: Restricted Cash” (ASU 2016-18). The standard requires the inclusion of restricted cash within cash and cash equivalents when reconciling the beginning and ending cash and cash equivalents balances on the statements of cashflows. ASU 2016-18 requires a retrospective approach to adoption. Accordingly, changes in CIP cash of $251.7 million for the nine months ended September 30, 2017 are no longer presented as a component of the company's cash provided by operations as they were reported in the Form 10-Q for the period ended September 30, 2017 . These changes in CIP cash now form part of the reconciliation of corporate cash and CIP cash at the end of the Condensed Consolidated Statements of Cash Flows for the period ended September 30, 2017 . The adoption of this standard does not impact corporate cash and cash equivalents. Pension Costs. On January 1, 2018, the company adopted Accounting Standard Update 2017-07, “Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07). The amendments require that the service cost component of net periodic pension costs be recorded within employee compensation expense and the other components of net benefit cost be recorded in other gains and losses, net in the Condensed Consolidated Statements of Income. The company utilized a practical expedient that permits an employer to use the amounts disclosed in its pension plan footnote for the prior comparative periods as the estimation basis for applying the retrospective presentation. The application of the new rules results in the reclassification of the non-service cost components of the pension costs/(benefit) to other gains and losses, net, and has no impact to net income. For the three and nine months ended September 30, 2017 , the reclassification increased operating income by $5.0 million and $3.7 million , respectively, with a corresponding decrease to other gains and losses, net. Other Income. On January 1, 2018, the company adopted Accounting Standard Update 2017-05, "Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The standard clarified the scope of accounting for gains and losses from the derecognition of nonfinancial assets and added guidance for partial sales of nonfinancial assets. The adoption of this standard did not have a material impact on the company's financial condition, results of operations or cash flows. Pending Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (ASU 2016-02). The standard requires that lessees recognize lease assets and lease liabilities on the balance sheet for all leases with a lease term greater than 12 months. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018 and requires a modified retrospective approach to adoption. In July 2018, the FASB issued Accounting Standard Update 2018-11, “Leases: Targeted Improvements” (ASU 2018-11) which provided an additional, optional transition method related to implementing the new leases standard. ASU 2018-11 provides that companies can initially apply the new leases standard at adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The company has decided to implement the leases standard under this optional transition method on January 1, 2019. The company is continuing to evaluate the potential impact of this standard through a detailed review of a sample of lease arrangements. A global cross-functional team is analyzing and assessing the impact of adopting the new lease accounting guidance. The company has selected a lease accounting software tool to assist in the accounting for lease arrangements under the new accounting rules and is currently in the process of implementing the tool and abstracting lease contract data for input into the lease accounting tool. In August 2018, the FASB issued Accounting Standards Update 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” (ASU 2018-15). The standard update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those years and early adoption is permitted. The amendments allow either a retrospective or prospective approach to all implementation costs incurred after adoption. The company does not anticipate a material impact upon the adoption of this amendment. Revenue Recognition Accounting Policy Revenue is measured and recognized based on the five step process outlined in ASC 606, Revenue from Contracts with Customers. Revenue is determined based on the transaction price negotiated with the customer, net of discounts, value added tax and other sales-related taxes. Investment management fees are derived from providing professional services to manage client accounts and sponsored investment vehicles. Investment management services are satisfied over time as the services are provided and are typically based upon a percentage of the value of the client’s assets under management. Investment management fees for certain arrangements include fees for distribution and administrative-related services. Any fees collected in advance are deferred and recognized as income over the period in which services are rendered. Service fees are earned for services rendered relating to fund accounting, transfer agent, administrative and/or other maintenance activities performed for sponsored investment vehicles. Service fees are generally based upon a percentage of the value of the assets under management. Service fees are also earned from the delivery of digital solutions to our customers. All of these services are transferred over time. The company provides distribution services to certain sponsored investment vehicles. Fees are generally earned based upon a percentage of the value of the assets under management, as the fee amounts do not crystallize completely upon the sale of a share or unit. Accordingly, the distribution fee revenues are recognized over time as the amount of the fees becomes known. For example, 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. Generally, retail products offered outside of the U.S. do not generate a separate distribution fee; the quoted management fee rate is inclusive of these services. The company also has certain arrangements whereby the distribution fees are paid upon the subscription or redemption of a share or unit. Performance fee revenues associated with retail funds 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. 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 when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods. Cash receipt of performance fees generally occurs after the performance fee revenue is earned; however, the company may receive, from time-to-time, cash distributions of carried interest before any revenue is earned. Such distributions are reflected as deferred carried interest liabilities within accounts payable and accrued expenses on the Condensed Consolidated Balance Sheets. Given the uniqueness of each fee arrangement, performance fee contracts are evaluated on an individual basis to determine the timing of revenue recognition. Performance fees typically arise from investment management activities that were initially undertaken in prior reporting periods. 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 Condensed Consolidated Statements of Income on the date when Invesco’s services are complete which typically coincides with when the transactions are legally complete. Principal versus Agent The company utilizes third party service providers to fulfill certain performance obligations in its revenue agreements. Generally, the company is deemed to be the principal in these arrangements, because the company controls the investment management and other related services before they are transferred to customers. Such control is evidenced by the company’s primary responsibility to customers, the ability to negotiate the third party contract price and select and direct third party service providers, or a combination of these factors. Therefore, investment management and service and distribution fee revenues and the related third party distribution, service and advisory expenses are reported on a gross basis. 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. As discussed above, the revenues from the company’s U.S. retail operations include 12b-1 distribution fees, which are largely 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 upfront 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. |
Fair Value Measurement |
Accounting Policies Accounting
Accounting Policies Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | In accordance with the ASU 2014-09 requirements, the disclosure of the impact of adoption on the Condensed Consolidated Statements of Income was as follows (in millions): $ in millions Three months ended September 30, 2018 Nine months ended September 30, 2018 Condensed Consolidated Statements of Income As Reported Adjustments Related to Adoption of Balances Without Adoption of As Reported Adjustments Related to Adoption of Balances Without Adoption of Operating revenues: Investment management fees 1,038.9 50.3 1,089.2 3,133.1 157.9 3,291.0 Service and distribution fees 248.0 (32.4 ) 215.6 737.0 (95.9 ) 641.1 Performance fees 7.9 — 7.9 28.6 — 28.6 Other 47.0 (34.5 ) 12.5 159.5 (110.0 ) 49.5 Total operating revenues 1,341.8 (16.6 ) 1,325.2 4,058.2 (48.0 ) 4,010.2 Operating expenses: Third-party distribution, service and advisory 408.0 (21.1 ) 386.9 1,236.0 (61.6 ) 1,174.4 Employee compensation 385.5 — 385.5 1,157.0 — 1,157.0 Marketing 34.0 — 34.0 94.9 — 94.9 Property, office and technology 104.8 — 104.8 308.7 — 308.7 General and administrative 87.4 4.5 91.9 287.1 13.6 300.7 Total operating expenses 1,019.7 (16.6 ) 1,003.1 3,083.7 (48.0 ) 3,035.7 Operating income 322.1 — 322.1 974.5 — 974.5 |
Fair Value Of Assets And Liab_2
Fair Value Of Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value By Balance Sheet Grouping | The carrying value and fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CIP is presented in Note 12 , "Consolidated Investment Products." See the company's most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. September 30, 2018 December 31, 2017 $ in millions Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1,631.5 1,631.5 2,006.4 2,006.4 Equity investments 309.2 309.2 346.6 346.6 Available-for-sale debt investments — — 15.9 15.9 Foreign time deposits * 20.1 20.1 28.6 28.6 Assets held for policyholders 12,268.2 12,268.2 12,444.5 12,444.5 Policyholder payables * (12,268.2 ) (12,268.2 ) (12,444.5 ) (12,444.5 ) Contingent consideration liability (45.4 ) (45.4 ) (57.4 ) (57.4 ) Long-term debt * (2,814.6 ) (2,883.3 ) (2,075.8 ) (2,258.1 ) ____________ * These financial instruments are not measured at fair value on a recurring basis. See the most recently filed Form 10-K for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. |
Tri-Level Hierarchy, Carrying Value | he following table presents, by hierarchy levels, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company's Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 , respectively: As of September 30, 2018 $ 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 404.2 404.2 — — Investments:* Equity investments: Seed money 202.3 202.3 — — Investments related to deferred compensation plans 90.4 90.4 — — Other equity securities 16.5 16.5 — — Assets held for policyholders 12,268.2 12,268.2 — — Total 12,981.6 12,981.6 — — Liabilities: Contingent consideration liability (45.4 ) — — (45.4 ) Total (45.4 ) — — (45.4 ) As of December 31, 2017 $ 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 875.5 875.5 — — Investments:* Equity investments: Seed money 243.0 243.0 — — Investments related to deferred compensation plans 92.3 92.3 — — Other equity securities 11.3 11.3 — — Available-for-sale debt investments: CLOs 6.0 — 6.0 — Other debt securities 9.9 — — 9.9 Assets held for policyholders 12,444.5 12,444.5 — — Total 13,682.5 13,666.6 6.0 9.9 Liabilities: Contingent consideration liability (57.4 ) — — (57.4 ) Total (57.4 ) — — (57.4 ) ____________ * Foreign time deposits of $20.1 million ( December 31, 2017 : 28.6 million ) are excluded from this table. Equity method and other investments of $308.7 million and $5.8 million , respectively, ( December 31, 2017 : $277.3 million and $6.2 million , respectively) are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. |
Reconciliation of Balance, Fair Value Measurement, Level 3 | he following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and nine months ended September 30, 2018 and September 30, 2017 , which are valued using significant unobservable inputs: Three months ended September 30, 2018 Nine months ended September 30, 2018 $ in millions Contingent Consideration Liability Contingent Consideration Liability Other Debt Securities Beginning balance (50.1 ) (57.4 ) 9.9 Net unrealized gains and losses included in other gains and losses, net* 0.4 0.6 — Disposition/settlements 4.3 11.4 (9.9 ) Ending balance (45.4 ) (45.4 ) — Three months ended September 30, 2017 Nine months ended September 30, 2017 $ in millions Contingent Consideration Liability Other Debt Securities Contingent Consideration Liability CLOs Other Debt Securities Beginning balance (69.2 ) 9.8 (78.2 ) 12.9 13.2 Purchases/acquisitions — — — — 7.3 Net unrealized gains and losses included in other gains and losses, net* (1.6 ) — 0.2 — (2.2 ) Disposition/settlements 3.1 (0.1 ) 10.3 — (8.6 ) Transfer from level 3 to level 2 — — — (12.9 ) — Ending balance (67.7 ) 9.7 (67.7 ) — 9.7 _______________ * These unrealized gains and losses are attributable to balances still held at the respective period ends. Contingent Consideration Liability At September 30, 2018 inputs used in the model included assumed growth rates in AUM ranging from (2.34)% to 0.74% (weighted average growth rate of (0.03)% ) and a discount rate of 4.84% . 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/or a decrease in the discount rate would increase the fair value of the contingent consideration liability, while a decrease in forecasted AUM and/or an increase in the discount rate would decrease the liability. Total Return Swaps The company entered into total return swap arrangements with respect to certain ETFs in the three months ended September 30, 2018 . At September 30, 2018 , the aggregate notional value of the total return swaps was $172.5 million . Under the terms of each total return swap, the company receives the related market gains or losses on the underlying investments and pays a floating rate to the respective counterparty. At September 30, 2018 , the fair value of the total return swaps related to the ETFs resulted in a liability balance of $1.3 million . For the three months ended September 30, 2018 , market valuation losses of $1.3 million were recognized in other gains and losses, net. The fair value of the total return swaps was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The total return swaps are not designated for hedge accounting. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Marketable Securities | $ in millions September 30, 2018 December 31, 2017 Equity investments: Seed money 202.3 243.0 Investments related to deferred compensation plans 90.4 92.3 Other equity securities 16.5 11.3 Available-for-sale debt investments: CLOs — 6.0 Other debt securities — 9.9 Equity method investments 308.7 277.3 Foreign time deposits 20.1 28.6 Other 5.8 6.2 Total investments 643.8 674.6 |
Realized Gains Losses Available-For-Sale Securities | Realized gains and losses recognized in the Condensed Consolidated Statements of Income during the period from investments classified as available-for-sale are as follows: For the three months ended September 30, 2018 For the nine months ended September 30, 2018 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses CLOs 4.2 1.5 — 16.5 2.3 — Other debt securities — — — 6.3 — (3.6 ) 4.2 1.5 — 22.8 2.3 (3.6 ) For the three months ended September 30, 2017 For the nine months ended September 30, 2017 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses Proceeds from Sales Gross Realized Gains Gross Realized Losses Seed money 15.2 1.6 — 61.7 2.7 (1.5 ) CLOs 3.5 0.8 — 6.1 1.2 — Other debt securities 0.1 0.2 — 8.6 1.0 — 18.8 2.6 — 76.4 4.9 (1.5 ) |
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 accumulated other comprehensive income/(loss) from available-for-sale debt investments are presented in the table below: December 31, 2017 $ in millions Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Seed money 65.1 5.5 (1.3 ) 69.3 CLOs 4.9 1.1 — 6.0 Other debt securities 9.9 — — 9.9 79.9 6.6 (1.3 ) 85.2 |
Breakdown Of Available-For-Sale Investments with Unrealized Losses | At December 31, 2017 : 50 seed money funds had incurred gross unrealized holding losses. The following table provides a breakdown of the unrealized losses. December 31, 2017 $ in millions Fair Value Gross Unrealized Losses Less than 12 months 9.4 (0.8 ) 12 months or greater 15.0 (0.5 ) Total 24.4 (1.3 ) |
Debt Securities, Held-to-maturity [Table Text Block] |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 12 , “Consolidated Investment Products.” September 30, 2018 December 31, 2017 $ in millions Carrying Value** Fair Value Carrying Value** Fair Value Floating rate credit facility expiring August 11, 2022 737.2 737.2 — — Unsecured Senior Notes*: $600 million 3.125% - due November 30, 2022 597.4 589.8 596.9 608.8 $600 million 4.000% - due January 30, 2024 594.6 607.2 594.0 634.7 $500 million 3.750% - due January 15, 2026 495.4 494.4 495.1 515.0 $400 million 5.375% - due November 30, 2043 390.0 454.8 389.8 499.6 Long-term debt 2,814.6 2,883.3 2,075.8 2,258.1 ____________ * The company's senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. ** The 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. |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Movements In Shares Issued And Outstanding | The number of common shares and common share equivalents issued are represented in the table below: As of In millions September 30, 2018 December 31, 2017 Common shares issued 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (79.1 ) (83.3 ) Common shares outstanding 411.3 407.1 |
Other Comprehensive Income_(L_2
Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended September 30, 2018 $ 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 (23.6 ) — — — (23.6 ) Other comprehensive income, net — 1.4 0.9 (0.8 ) 1.5 Other comprehensive income/(loss), net of tax (23.6 ) 1.4 0.9 (0.8 ) (22.1 ) Beginning balance (459.5 ) (107.4 ) 2.0 1.2 (563.7 ) Other comprehensive income/(loss), net of tax (23.6 ) 1.4 0.9 (0.8 ) (22.1 ) Ending balance (483.1 ) (106.0 ) 2.9 0.4 (585.8 ) For the nine months ended September 30, 2018 $ 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 (192.6 ) — — — (192.6 ) Other comprehensive income, net — 3.7 (1.4 ) (1.1 ) 1.2 Other comprehensive income/(loss), net of tax (192.6 ) 3.7 (1.4 ) (1.1 ) (191.4 ) Beginning balance (290.5 ) (109.7 ) 4.3 4.7 (391.2 ) Adjustment for adoption of ASU 2016-01 — — — (3.2 ) (3.2 ) January 1, 2018, as adjusted (290.5 ) (109.7 ) 4.3 1.5 (394.4 ) Other comprehensive income/(loss), net of tax (192.6 ) 3.7 (1.4 ) (1.1 ) (191.4 ) Ending balance (483.1 ) (106.0 ) 2.9 0.4 (585.8 ) For the three months ended September 30, 2017 $ 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 142.4 — — — 142.4 Other comprehensive income, net — 5.3 (0.1 ) (1.9 ) 3.3 Other comprehensive income/(loss), net of tax 142.4 5.3 (0.1 ) (1.9 ) 145.7 Beginning balance (469.9 ) (138.5 ) 6.0 8.2 (594.2 ) Other comprehensive income/(loss), net of tax 142.4 5.3 (0.1 ) (1.9 ) 145.7 Ending balance (327.5 ) (133.2 ) 5.9 6.3 (448.5 ) |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Geographic disaggregation of revenue | REVENUE The geographic disaggregation of revenue for the three and nine months ended September 30, 2018 is presented below. There are no revenues attributed to the company's country of domicile, Bermuda. $ in millions For the three months ended September 30, 2018 For the nine months ended September 30, 2018 North America 835.5 2,483.8 EMEA 442.8 1,369.1 Asia-Pacific 63.5 205.3 Total operating revenues 1,341.8 4,058.2 The opening and closing balance of deferred carried interest liabilities for the nine months ended September 30, 2018 was $60.4 million and $60.9 million , respectively. During the nine months ended September 30, 2018 , no performance fee revenue was recognized that was included in the deferred carried interest liability balance at the beginning of the period. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Movements Of Share Awards | Movements on share awards during the periods ended September 30 , are detailed below: For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 Millions of shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 12.0 0.9 31.52 12.1 0.8 Granted during the period 5.5 0.4 32.09 5.3 0.3 Forfeited during the period (0.2 ) — 31.71 (0.4 ) — Vested and distributed during the period (4.6 ) (0.4 ) 32.14 (4.8 ) (0.2 ) Unvested at the end of the period 12.7 0.9 31.55 12.2 0.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Calculation Of Earnings Per Share | The calculation of earnings per share is as follows: For the three months ended September 30, For the nine months ended September 30, In millions, except per share data 2018 2017 2018 2017 Net income $281.2 $274.6 $788.3 $738.4 Net (income)/loss attributable to noncontrolling interests in consolidated entities (11.6 ) (7.1 ) (19.7 ) (19.3 ) Net income attributable to Invesco Ltd. 269.6 267.5 768.6 719.1 Less: Allocation of earnings to restricted shares (8.3 ) (8.0 ) (23.3 ) (21.6 ) Net income attributable to common shareholders $261.3 $259.5 $745.3 $697.5 Invesco Ltd: Weighted average shares outstanding - basic 414.3 410.0 413.2 409.2 Dilutive effect of non-participating share-based awards 0.1 0.5 0.2 0.4 Weighted average shares outstanding - diluted 414.4 410.5 413.4 409.6 Common shareholders: Weighted average shares outstanding - basic 414.3 410.0 413.2 409.2 Less: Weighted average restricted shares (12.7 ) (12.2 ) (12.5 ) (12.3 ) Weighted average common shares outstanding - basic 401.6 397.8 400.7 396.9 Dilutive effect of non-participating share-based awards 0.1 0.5 0.2 0.4 Weighted average common shares outstanding - diluted 401.7 398.3 400.9 397.3 Earnings per share: Basic earnings per share $0.65 $0.65 $1.86 $1.76 Diluted earnings per share $0.65 $0.65 $1.86 $1.76 |
Consolidated Investment Produ_2
Consolidated Investment Products (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Consolidated Investment Products [Abstract] | |
Balances Related To CIP | The following table presents the balances related to CIP that are included on the Condensed Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented. See the company's most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. As of $ in millions September 30, 2018 December 31, 2017 Cash and cash equivalents of CIP 282.8 511.3 Accounts receivable and other assets of CIP 56.7 131.5 Investments of CIP 6,074.6 5,658.0 Less: Debt of CIP (4,820.5 ) (4,799.8 ) Less: Other liabilities of CIP (315.8 ) (498.8 ) Less: Retained earnings 7.0 16.7 Less: Accumulated other comprehensive income, net of tax (6.9 ) (16.6 ) Less: Equity attributable to redeemable noncontrolling interests (423.2 ) (243.2 ) Less: Equity attributable to nonredeemable noncontrolling interests (330.8 ) (258.6 ) Invesco's net interests in CIP 523.9 500.5 |
Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income | The following table reflects the impact of consolidation of investment products into the Condensed Consolidated Statements of Income for the three and nine months ended September 30 , 2018 and 2017 : Three months ended September 30, Nine months ended September 30, $ in millions 2018 2017 2018 2017 Total operating revenues (4.7 ) (6.2 ) (18.8 ) (25.7 ) Total operating expenses 5.1 4.2 14.5 5.2 Operating income (9.8 ) (10.4 ) (33.3 ) (30.9 ) Equity in earnings of unconsolidated affiliates (3.4 ) (5.7 ) (9.8 ) (8.4 ) Other gains and losses, net 8.0 (9.8 ) 16.3 (32.4 ) Interest and dividend income of CIP 71.0 52.7 196.0 156.4 Interest expense of CIP (51.7 ) (36.3 ) (137.5 ) (117.3 ) Other gains/(losses) of CIP, net 8.8 15.3 (2.3 ) 53.4 Income before income taxes 22.9 5.8 29.4 20.8 Net income 22.9 5.8 29.4 20.8 Net (income)/loss attributable to noncontrolling interests in consolidated entities (11.6 ) (7.1 ) (19.7 ) (19.3 ) Net income attributable to Invesco Ltd. 11.3 (1.3 ) 9.7 1.5 |
VIE Balance Sheets Consolidated In Period | For the nine months ended September 30, 2018 For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 $ in millions VIEs VOEs VIEs Cash and cash equivalents of CIP 17.4 — 14.9 Accounts receivable and other assets of CIP 6.2 1.9 8.5 Investments of CIP 800.6 172.6 331.9 Total assets 824.2 174.5 355.3 Debt of CIP 555.2 — 15.1 Other liabilities of CIP 37.7 — 105.1 Total liabilities 592.9 — 120.2 Total equity 231.3 174.5 235.1 Total liabilities and equity 824.2 174.5 355.3 Balance Sheet information - deconsolidated VIEs/VOEs During the nine months ended September 30, 2018 , the company determined that it was no longer the primary beneficiary of five VIEs ( September 30, 2017 : the company determined that it was no longer the primary beneficiary of six VIEs and one VOE. The amounts deconsolidated from the Condensed Consolidated Balance Sheets are illustrated in the table below. There was no net impact to the Condensed Consolidated Statements of Income for the nine months ended September 30, 2018 and 2017 from the deconsolidation of these investment products. For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 $ in millions VIEs VIEs VOEs Cash and cash equivalents of CIP 104.9 15.7 — Accounts receivable and other assets of CIP 26.2 4.1 0.2 Investments of CIP 912.4 242.9 49.8 Total assets 1,043.5 262.7 50.0 Debt of CIP 938.3 4.2 — Other liabilities of CIP 9.0 3.1 — Total liabilities 947.3 7.3 — Total equity 96.2 255.4 50.0 Total liabilities and equity 1,043.5 262.7 50.0 |
Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products | The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of September 30, 2018 and December 31, 2017 : As of September 30, 2018 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV as a practical expedient Assets: Bank loans 5,110.6 — 5,110.6 — — Bonds 505.6 — 505.6 — — Equity securities 243.0 239.2 3.8 — — Equity and fixed income mutual funds 18.3 18.3 — — — Investments in other private equity funds 185.0 — — — 185.0 Real estate investments 12.1 — — 12.1 — Total assets at fair value 6,074.6 257.5 5,620.0 12.1 185.0 As of December 31, 2017 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments Measured at NAV as a practical expedient Assets: Bank loans 4,894.2 — 4,894.2 — — Bonds 302.0 — 302.0 — — Equity securities 203.2 198.8 4.4 — — Equity and fixed income mutual funds 19.0 19.0 — — — Investments in other private equity funds 163.4 — — — 163.4 Real estate investments 76.2 — — 76.2 — Total assets at fair value 5,658.0 217.8 5,200.6 76.2 163.4 |
Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities | The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: Three months ended September 30, 2018 Nine months ended September 30, 2018 $ in millions Level 3 Assets Level 3 Assets Beginning balance 52.0 76.2 Purchases — 13.0 Sales (39.3 ) (84.8 ) Gains and losses included in the Condensed Consolidated Statements of Income* (0.6 ) 7.7 Ending balance 12.1 12.1 Three months ended September 30, 2017 Nine months ended September 30, 2017 $ in millions Level 3 Assets Level 3 Assets Beginning balance 59.9 40.7 Purchases — 15.1 Sales — (5.1 ) Gains and losses included in the Condensed Consolidated Statements of Income* 3.6 12.8 Ending balance 63.5 63.5 ____________ * Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2018 are $0.5 million and $0.8 million respectively, in net unrealized losses attributable to investments still held at September 30, 2018 by CIP (for the three and nine months ended September 30, 2017 : $3.6 million and $12.4 million respectively, in net unrealized gains are attributable to investments still held at September 30, 2017 by CIP). |
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | Quantitative Information about Level 3 Fair Value Measurements At September 30, 2018 , there were $12.1 million of investments held by consolidated real estate funds that were valued using recent private market transactions. The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets at December 31, 2017 : Assets and Liabilities Fair Value at December 31, 2017 ($ in millions) Valuation Technique Unobservable Inputs Range Weighted Average (by fair value) Real Estate Investments $76.2 Discounted Cash Flow Discount rate 7% - 33% 17.00 % Terminal capitalization rate 5.30 % 5.30 % Average rent growth rate 2% - 3% 2.50 % The following narrative indicates the sensitivity of inputs illustrating the impact of significant increases to the inputs. A directionally opposite impact would apply for significant decreases in these inputs: • For real estate investments, a change in the average rent growth rate would result in a directionally-opposite change in the assumptions for discount rate and terminal capitalization rate. Significant increases in the average growth rate would result in significantly higher fair values. Significant increases in the assumptions for discount rate and terminal capitalization rate in isolation would result in significantly lower fair value measurements. The table below summarizes as of September 30, 2018 and December 31, 2017 , the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized. September 30, 2018 December 31, 2017 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) $185.0 $83.0 5.5 years $163.4 $53.9 5.5 years ____________ (1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. (2) These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated. |
Related Parties (Tables)
Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Three months ended September 30, Nine months ended $ in millions 2018 2017 2018 2017 Affiliated operating revenues: Investment management fees 915.6 937.0 2,757.1 2,654.5 Service and distribution fees 238.9 217.2 723.9 634.1 Performance fees 0.8 40.5 7.6 52.1 Other 47.6 14.9 148.3 46.0 Total affiliated operating revenues 1,202.9 1,209.6 3,636.9 3,386.7 $ in millions September 30, 2018 December 31, 2017 Affiliated asset balances: Cash and cash equivalents 404.2 875.5 Unsettled fund receivables 376.2 204.0 Accounts receivable 342.5 359.9 Investments 602.6 608.5 Assets held for policyholders 12,267.8 12,444.2 Other assets 3.4 9.2 Total affiliated asset balances 13,996.7 14,501.3 Affiliated liability balances: Accrued compensation and benefits 74.7 90.7 Accounts payable and accrued expenses 64.3 64.5 Unsettled fund payables 184.2 288.8 Total affiliated liability balances 323.2 444.0 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash provided by/(used in) investing activities | $ (2,682.9) | $ (502.7) | ||
Net cash provided by/(used in) operating activities | 662.1 | 773 | ||
Payments for Repurchase of Common Stock | 49.7 | 58.6 | ||
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect, CIP | 251.7 | |||
Operating Income (Loss) | $ (322.1) | $ (360.3) | (974.5) | (936.5) |
Other gains and losses, net | 5.9 | $ 13.9 | 1.9 | $ 23.9 |
Accounting Standards Update 2016-15 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash provided by/(used in) investing activities | (12.7) | |||
Accounting Standards Update 2017-07 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Income (Loss) | $ 5 | $ 3.7 |
Accounting Policies Impact of a
Accounting Policies Impact of adoption ASU 2014-09 on the Condensed Consolidated Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | $ 1,341.8 | $ 1,337.7 | $ 4,058.2 | $ 3,784.7 |
Third party distribution service and advisory | 408 | 380.4 | 1,236 | 1,095.6 |
Labor and Related Expense | 385.5 | 388.1 | 1,157 | 1,151.8 |
Marketing Expense | 34 | 29.5 | 94.9 | 83 |
Communications, Information Technology and Occupancy | 104.8 | 92.8 | 308.7 | 267.3 |
General and Administrative Expense | 87.4 | 86.6 | 287.1 | 250.5 |
Total operating expenses | 1,019.7 | 977.4 | 3,083.7 | 2,848.2 |
Operating Income (Loss) | 322.1 | 360.3 | 974.5 | 936.5 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 1,325.2 | 4,010.2 | ||
Third party distribution service and advisory | 386.9 | 1,174.4 | ||
Labor and Related Expense | 385.5 | 1,157 | ||
Marketing Expense | 34 | 94.9 | ||
Communications, Information Technology and Occupancy | 104.8 | 308.7 | ||
General and Administrative Expense | 91.9 | 300.7 | ||
Total operating expenses | 1,003.1 | 3,035.7 | ||
Operating Income (Loss) | 322.1 | 974.5 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | (16.6) | (48) | ||
Third party distribution service and advisory | (21.1) | (61.6) | ||
Labor and Related Expense | 0 | 0 | ||
Marketing Expense | 0 | 0 | ||
Communications, Information Technology and Occupancy | 0 | 0 | ||
General and Administrative Expense | 4.5 | 13.6 | ||
Total operating expenses | (16.6) | (48) | ||
Operating Income (Loss) | 0 | 0 | ||
Investment management fees | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 1,038.9 | 1,062.3 | 3,133.1 | 3,027.9 |
Investment management fees | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 1,089.2 | 3,291 | ||
Investment management fees | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 50.3 | 157.9 | ||
Service and distribution fees | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 248 | 217.6 | 737 | 635.3 |
Service and distribution fees | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 215.6 | 641.1 | ||
Service and distribution fees | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | (32.4) | (95.9) | ||
Performance fees | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 7.9 | 42.3 | 28.6 | 70.3 |
Performance fees | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 7.9 | 28.6 | ||
Performance fees | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 0 | 0 | ||
Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 47 | $ 15.5 | 159.5 | $ 51.2 |
Other | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | 12.5 | 49.5 | ||
Other | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total operating revenues | $ (34.5) | $ (110) |
Fair Value Of Assets And Liab_3
Fair Value Of Assets And Liabilities (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign time deposits | $ 28.6 | ||
Equity Method Investments | $ 308.7 | $ 308.7 | 277.3 |
Other Investments | 5.8 | 5.8 | 6.2 |
Derivative, Notional Amount | 172.5 | 172.5 | |
Derivative, Loss on Derivative | (1.3) | ||
Derivative Liability | (1.3) | $ (1.3) | |
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets under Management, Assumed Growth Rate | 2.34% | ||
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets under Management, Assumed Growth Rate | (0.74%) | ||
Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets under Management, Assumed Growth Rate | (0.03%) | ||
Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign time deposits | 20.1 | $ 20.1 | 28.6 |
Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign time deposits | $ 20.1 | $ 20.1 | $ 28.6 |
Discount rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Inputs, Discount Rate (Deprecated 2018-01-31) | 0.0484 | 0.0484 |
Fair Value Of Assets And Liab_4
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 1,631.5 | $ 2,006.4 | $ 1,716.3 |
Equity investments | 309.2 | 346.6 | |
Available for sale investments | 85.2 | ||
Foreign time deposits | 28.6 | ||
Policyholder payables | (12,268.2) | (12,444.5) | |
Long-term Debt | 2,814.6 | 2,075.8 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,631.5 | 2,006.4 | |
Available for sale investments | 0 | 15.9 | |
Foreign time deposits | 20.1 | 28.6 | |
Assets held for policyholders | 12,268.2 | 12,444.5 | |
Policyholder payables | (12,268.2) | (12,444.5) | |
Contingent consideration liability | (45.4) | (57.4) | |
Long-term debt | (2,814.6) | (2,075.8) | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,631.5 | 2,006.4 | |
Available for sale investments | 0 | 15.9 | |
Foreign time deposits | 20.1 | 28.6 | |
Assets held for policyholders | 12,268.2 | 12,444.5 | |
Policyholder payables | (12,268.2) | (12,444.5) | |
Contingent consideration liability | (45.4) | (57.4) | |
Long-term Debt | $ 2,883.3 | $ 2,258.1 |
Fair Value Of Assets And Liab_5
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | $ 85.2 | |
Equity investments | $ 309.2 | 346.6 |
Assets held for policyholders | 12,268.2 | 12,444.5 |
Total | 12,981.6 | 13,682.5 |
Total | (45.4) | (57.4) |
Foreign time deposits | 28.6 | |
Equity Method Investments | 308.7 | 277.3 |
Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | (45.4) | (57.4) |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 404.2 | 875.5 |
Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 202.3 | 243 |
Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 90.4 | 92.3 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 16.5 | 11.3 |
CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 6 | |
Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 9.9 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 12,268.2 | 12,444.5 |
Total | 12,981.6 | 13,666.6 |
Total | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 404.2 | 875.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 202.3 | 243 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 90.4 | 92.3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 16.5 | 11.3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 0 | 0 |
Total | 0 | 6 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 6 | |
Significant Other Observable Inputs (Level 2) [Member] | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 0 | 0 |
Total | 0 | 9.9 |
Total | (45.4) | (57.4) |
Significant Unobservable Inputs (Level 3) [Member] | Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | (45.4) | (57.4) |
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Deferred Compensation Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | $ 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | CLOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | $ 9.9 |
Fair Value Of Assets And Liab_6
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Assets) | $ 8,955.6 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Purchases (Assets) | $ 0 | $ 0 | (13) | $ (15.1) |
Gains and losses included in the Condensed Consolidated Statements of Income | 0.6 | 3.6 | 7.7 | 12.8 |
Sales (Asset) | (39.3) | 0 | (84.8) | (5.1) |
Ending balance (Asset) | 12.1 | 63.5 | 12.1 | 63.5 |
Liability [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Liability) | 50.1 | 69.2 | 57.4 | 78.2 |
Purchases (Liability) | 0 | 0 | ||
Net unrealized gains and losses included in other gains and losses | 0.4 | (1.6) | 0.6 | 0.2 |
Settlements (Liability) | 4.3 | 3.1 | 11.4 | 10.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | 0 | ||
Ending balance (Liability) | 45.4 | 45.4 | ||
CLOs | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Assets) | 12.9 | |||
Purchases (Assets) | 0 | |||
Gains and losses included in the Condensed Consolidated Statements of Income | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (12.9) | |||
Sales (Asset) | 0 | |||
Ending balance (Asset) | 0 | 0 | ||
Other debt securities | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance (Assets) | 9.8 | 9.9 | 13.2 | |
Purchases (Assets) | 0 | (7.3) | ||
Gains and losses included in the Condensed Consolidated Statements of Income | 0 | 0 | (2.2) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | ||
Sales (Asset) | (0.1) | (9.9) | (8.6) | |
Ending balance (Asset) | $ 0 | 9.7 | $ 0 | 9.7 |
Liability [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Ending balance (Liability) | $ 67.7 | $ 67.7 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Short-term Investments [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Unrealized Gain (Loss) on Investments | $ 2.2 | $ 3.9 | $ 1.4 | $ 14.1 |
Investments (Details Of Company
Investments (Details Of Company Investments) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Available for sale investments | $ 85.2 | |
Equity investments | $ 309.2 | 346.6 |
Equity Method Investments | 308.7 | 277.3 |
Foreign time deposits | 28.6 | |
Cost Method Investments | 5.8 | 6.2 |
Investments | 643.8 | 674.6 |
Seed Money [Member] | ||
Investment Holdings [Line Items] | ||
Equity Investments | 202.3 | 243 |
Deferred Compensation Arrangements [Member] | ||
Investment Holdings [Line Items] | ||
Equity Investments | 90.4 | 92.3 |
Common Shares | ||
Investment Holdings [Line Items] | ||
Equity Investments | 11.3 | |
CLOs | ||
Investment Holdings [Line Items] | ||
Available for sale investments | 0 | 6 |
Other debt securities | ||
Investment Holdings [Line Items] | ||
Available for sale investments | $ 0 | $ 9.9 |
Investments (Realized Gains Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from Sales | $ 4.2 | $ 18.8 | $ 22.8 | $ 76.4 |
Gross Realized Gains | 1.5 | 2.6 | 2.3 | 4.9 |
Gross Realized Losses | 0 | 0 | (3.6) | (1.5) |
Seed money | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from Sales | 15.2 | 61.7 | ||
Gross Realized Gains | 1.6 | 2.7 | ||
Gross Realized Losses | 0 | (1.5) | ||
CLOs | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from Sales | 4.2 | 3.5 | 16.5 | 6.1 |
Gross Realized Gains | 1.5 | 0.8 | 2.3 | 1.2 |
Gross Realized Losses | 0 | 0 | 0 | 0 |
Other debt securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from Sales | 0 | 0.1 | 6.3 | 8.6 |
Gross Realized Gains | 0 | 0.2 | 0 | 1 |
Gross Realized Losses | $ 0 | $ 0 | $ (3.6) | $ 0 |
Investments (Gross Unrealized H
Investments (Gross Unrealized Holding Gains And Losses Recognized In Other Accumulated Comprehensive Income From Available-For-Sale Investments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Cost | $ 79.9 |
Gross Unrealized Holding Gains | 6.6 |
Gross Unrealized Holding Losses | (1.3) |
Fair Value | 85.2 |
Seed money | |
Debt Securities, Available-for-sale [Line Items] | |
Cost | 65.1 |
Gross Unrealized Holding Gains | 5.5 |
Gross Unrealized Holding Losses | (1.3) |
Fair Value | 69.3 |
CLOs | |
Debt Securities, Available-for-sale [Line Items] | |
Cost | 4.9 |
Gross Unrealized Holding Gains | 1.1 |
Gross Unrealized Holding Losses | 0 |
Fair Value | 6 |
Other debt securities | |
Debt Securities, Available-for-sale [Line Items] | |
Cost | 9.9 |
Gross Unrealized Holding Gains | 0 |
Gross Unrealized Holding Losses | 0 |
Fair Value | $ 9.9 |
Investments (Breakdown Of Avail
Investments (Breakdown Of Available-For-Sale Investments With Unrealized Losses) (Details) - Seed Money Funds $ in Millions | Dec. 31, 2017USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Loss position less than 12 months, fair value | $ 9.4 |
Loss position 12 months or greater | 15 |
Investments in loss position, fair value | 24.4 |
Accumulated loss position less than 12 months | (0.8) |
Accumulated loss 12 months or greater | (0.5) |
Accumulated loss | $ (1.3) |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 2,814.6 | $ 2,075.8 |
Line of Credit Facility, Expiration Date | Aug. 7, 2020 | |
Unsecured Debt [Member] | Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2022 | |
Debt instrument, interest rate, stated percentage | 3.125% | |
Debt Instrument, Face Amount | $ 600 | |
Unsecured Debt [Member] | Due January 30, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 30, 2024 | |
Debt instrument, interest rate, stated percentage | 4.00% | |
Debt Instrument, Face Amount | $ 600 | |
Unsecured Debt [Member] | Due January 15, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 15, 2026 | |
Debt instrument, interest rate, stated percentage | 3.75% | |
Debt Instrument, Face Amount | $ 500 | |
Unsecured Debt [Member] | Due November 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2043 | |
Debt instrument, interest rate, stated percentage | 5.375% | |
Debt Instrument, Face Amount | $ 400 | |
Carrying Value [Member] | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | 737.2 | 0 |
Carrying Value [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 597.4 | 596.9 |
Carrying Value [Member] | Unsecured Debt [Member] | Due January 30, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 594.6 | 594 |
Carrying Value [Member] | Unsecured Debt [Member] | Due January 15, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 495.4 | 495.1 |
Carrying Value [Member] | Unsecured Debt [Member] | Due November 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 390 | 389.8 |
Fair Value [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 2,883.3 | 2,258.1 |
Fair Value [Member] | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | 737.2 | 0 |
Fair Value [Member] | Unsecured Debt [Member] | Due November 30, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 589.8 | 608.8 |
Fair Value [Member] | Unsecured Debt [Member] | Due January 30, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 607.2 | 634.7 |
Fair Value [Member] | Unsecured Debt [Member] | Due January 15, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 494.4 | 515 |
Fair Value [Member] | Unsecured Debt [Member] | Due November 30, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 454.8 | $ 499.6 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ 2,814.6 | $ 2,075.8 |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 15.8 | |
Letters of credit, renewable term | 1 year | |
Carrying Value [Member] | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, amount outstanding | $ 737.2 | 0 |
Due November 30, 2022 [Member] | Unsecured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | |
Debt Instrument, Face Amount | $ 600 | |
Due November 30, 2022 [Member] | Carrying Value [Member] | Unsecured Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt | $ 597.4 | $ 596.9 |
Share Capital (Movements In Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) - shares shares in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Common shares issued | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | (79.1) | (83.3) |
Common shares outstanding | 411.3 | 407.1 |
Other Comprehensive Income_(L_3
Other Comprehensive Income/(Loss) (Accumulated other comprehensive income) (Details) £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018GBP (£) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | $ 1.5 | $ 3.3 | $ 1.2 | $ 8.4 | |
Currency translation differences on investments in foreign subsidiaries, net of tax | (23.6) | 142.4 | (192.6) | 352.4 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (563.7) | (594.2) | (391.2) | (809.3) | |
Other comprehensive income/(loss), net of tax | (22.1) | 145.7 | (191.4) | 360.8 | |
Ending balance | (585.8) | (448.5) | (585.8) | (448.5) | |
Foreign currency transaction and translation gain | 6.4 | ||||
Foreign currency translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | 0 | 0 | 0 | |
Currency translation differences on investments in foreign subsidiaries, net of tax | (23.6) | 142.4 | (192.6) | 352.4 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (459.5) | (469.9) | (290.5) | (679.9) | |
Other comprehensive income/(loss), net of tax | (23.6) | 142.4 | (192.6) | 352.4 | |
Ending balance | (483.1) | (327.5) | (483.1) | (327.5) | |
Employee benefit plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1.4 | 5.3 | 3.7 | 6 | |
Currency translation differences on investments in foreign subsidiaries, net of tax | 0 | 0 | 0 | 0 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (107.4) | (138.5) | (109.7) | (139.2) | |
Other comprehensive income/(loss), net of tax | 1.4 | 5.3 | 3.7 | 6 | |
Ending balance | (106) | (133.2) | (106) | (133.2) | |
Available-for-sale investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | (0.8) | (1.9) | (1.1) | 1.3 | |
Currency translation differences on investments in foreign subsidiaries, net of tax | 0 | 0 | 0 | 0 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | 1.2 | 8.2 | 4.7 | 5 | |
Other comprehensive income/(loss), net of tax | (0.8) | (1.9) | (1.1) | 1.3 | |
Ending balance | 0.4 | 6.3 | 0.4 | 6.3 | |
Designated as Hedging Instrument [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Intercompany Foreign Currency Balance, Amount | 169.5 | 169.5 | £ 130 | ||
Equity Method Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0.9 | (0.1) | (1.4) | 1.1 | |
Currency translation differences on investments in foreign subsidiaries, net of tax | 0 | 0 | 0 | 0 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | 2 | 6 | 4.3 | 4.8 | |
Other comprehensive income/(loss), net of tax | 0.9 | (0.1) | (1.4) | 1.1 | |
Ending balance | $ 2.9 | $ 5.9 | 2.9 | 5.9 | |
Accounting Standards Update 2016-01 [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | (3.2) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (394.4) | ||||
Accounting Standards Update 2016-01 [Member] | Foreign currency translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 0 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (290.5) | ||||
Accounting Standards Update 2016-01 [Member] | Employee benefit plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 0 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (109.7) | ||||
Accounting Standards Update 2016-01 [Member] | Available-for-sale investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | (3.2) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | 1.5 | ||||
Accounting Standards Update 2016-01 [Member] | Equity Method Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 0 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 4.3 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||
Total operating revenues | $ 1,341.8 | $ 4,058.2 | |
Contract with Customer, Refund Liability | 60.9 | 60.9 | $ 60.4 |
Contract with Customer, Liability, Revenue Recognized | 0 | ||
North America [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total operating revenues | 835.5 | 2,483.8 | |
EMEA [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total operating revenues | 442.8 | 1,369.1 | |
Asia Pacific [Member] | |||
Revenue, Major Customer [Line Items] | |||
Total operating revenues | $ 63.5 | $ 205.3 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 124.5 | $ 134.9 |
Fair value of vested shares | $ 156.1 | $ 158 |
Weighted average fair value of shares granted (usd per share) | $ 32.09 | $ 32.21 |
Unrecognized compensation cost related to non-vested shares | $ 324.4 | |
Weighted average non-vested shares compensation cost expected to recognize | 2 years 7 months 10 days |
Share-Based Compensation (Movem
Share-Based Compensation (Movements On Share Awards) (Details) - $ / shares shares in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested at beginning of year Weighted Average Grant Date Fair Value (usd per share) | $ 31.52 | |
Granted during period Weighted Average Grant Date Fair Value (usd per share) | 32.09 | $ 32.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 31.71 | |
Vested and distributed during the period Weighted Average Grant Date Fair Value (usd per share) | 32.14 | |
Unvested at the end of the year Weighted Average Grant Date Fair Value (usd per share) | $ 31.55 | |
Time Vested N y s e [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (shares) | 12 | 12.1 |
Granted during the year (shares) | 5.5 | 5.3 |
Forfeited during the period (shares) | (0.2) | (0.4) |
Vested and distributed during the year (shares) | (4.6) | (4.8) |
Unvested at the end of the year (shares) | 12.7 | 12.2 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (shares) | 0.9 | 0.8 |
Granted during the year (shares) | 0.4 | 0.3 |
Forfeited during the period (shares) | 0 | 0 |
Vested and distributed during the year (shares) | (0.4) | (0.2) |
Unvested at the end of the year (shares) | 0.9 | 0.9 |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 19.2 | $ 19.6 |
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 130.7 | |
Additional Expense for executive compensation | $ 1.5 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Contingently issuable share excluded | 0 | 0 | |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.9 | 0 | 0.7 |
Time Vested N y s e [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations, net of taxes | $ 281.2 | $ 274.6 | $ 788.3 | $ 738.4 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (11.6) | (7.1) | (19.7) | (19.3) |
Net income attributable to Invesco Ltd | 269.6 | 267.5 | 768.6 | 719.1 |
Allocation of earnings to restricted shares | (8.3) | (8) | (23.3) | (21.6) |
Net income attributable to common shareholders | $ 261.3 | $ 259.5 | $ 745.3 | $ 697.5 |
Weighted average shares outstanding - basic (in shares) | 414.3 | 410 | 413.2 | 409.2 |
Weighted Average Number of Shares, Restricted Stock | (12.7) | (12.2) | (12.5) | (12.3) |
Weighted Average Number of Shares Outstanding, Basic - Common shares | 401.6 | 397.8 | 400.7 | 396.9 |
Dilutive effect on share-based awards (in shares) | 0.1 | 0.5 | 0.2 | 0.4 |
Weighted Average Number of Shares Outstanding, Diluted - Common shares | 401.7 | 398.3 | 400.9 | 397.3 |
Weighted average shares outstanding - diluted (in shares) | 414.4 | 410.5 | 413.4 | 409.6 |
Earnings per share: | ||||
Basic earnings per share (usd per share) | $ 0.65 | $ 0.65 | $ 1.86 | $ 1.76 |
Diluted earnings per share: | ||||
Diluted earnings per share (usd per share) | $ 0.65 | $ 0.65 | $ 1.86 | $ 1.76 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Loss Contingencies [Line Items] | ||
Undrawn Capital Commitments | $ 414.2 | $ 292.8 |
Consolidated Investment Produ_3
Consolidated Investment Products (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)variable_interest_entity | Sep. 30, 2017USD ($) | Sep. 30, 2017voting_interest_entity | Sep. 30, 2017variable_interest_entity | Dec. 31, 2017USD ($) | |
Variable Interest Entity [Line Items] | |||||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 286,100,000 | $ 286,100,000 | |||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 271,700,000 | $ 271,700,000 | $ 227,300,000 | ||||
Number of entities no longer consolidated | 5 | 1 | 6 | ||||
Gain (loss) on deconsolidation | $ 0 | $ 0 | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 500,000 | $ 3,600,000 | $ 800,000 | $ 12,400,000 | |||
Pay interest at Libor or Euribor plus | 9.50% | ||||||
Collateral assets, default percentage | 1.00% | ||||||
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread low | 0.55% | ||||||
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread high | 7.45% | ||||||
Variable Interest Entity Consolidated Number of Entities | variable_interest_entity | 22 | 15 | |||||
CLO [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
Weighted average maturity (years) | 10 years 9 months 18 days | ||||||
Bank Loan Obligations [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
CLO Collateral Assets | 5,110,600,000 | $ 5,110,600,000 | 4,894,200,000 | ||||
Senior Secured Bank Loans And Bonds [Member] | CLO [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
Fair value, option, aggregate differences, long-term debt instruments | 50,100,000 | 50,100,000 | $ 84,600,000 | ||||
Consolidation, Eliminations [Member] | Bank Loan Obligations [Member] | CLO [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
CLO Collateral Assets | $ 5,036,500,000 | $ 5,036,500,000 |
Consolidated Investment Produ_4
Consolidated Investment Products (Balances Related To CIP) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Consolidated Investment Products [Abstract] | |||
Cash and cash equivalents of CIP | $ 282.8 | $ 511.3 | $ 485.9 |
Accounts receivable and other assets of CIP | 56.7 | 131.5 | |
Investments Of Consolidated Investment Products | 6,074.6 | 5,658 | |
Less: Debt of CIP | (4,820.5) | (4,799.8) | |
Less: Other liabilities of CIP | (315.8) | (498.8) | |
Less: Retained earnings | 7 | 16.7 | |
Less: Accumulated other comprehensive income, net of tax | (6.9) | (16.6) | |
Less: Redeemable Noncontrolling Interest, Consolidated Investment Products | (423.2) | (243.2) | |
Less: Equity attributable to nonredeemable noncontrolling interests | (330.8) | (258.6) | |
Invesco's net interests in CIP | $ 523.9 | $ 500.5 |
Consolidated Investment Produ_5
Consolidated Investment Products (Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total operating revenues | $ 1,341.8 | $ 4,058.2 | ||
Total operating expenses | 1,019.7 | $ 977.4 | 3,083.7 | $ 2,848.2 |
Operating Income (Loss) | 322.1 | 360.3 | 974.5 | 936.5 |
Equity in earnings of unconsolidated affiliates | 11.8 | 12.9 | 28.8 | 41.1 |
Interest and dividend income | 4 | 2.5 | 11 | 7 |
Other gains and losses, net | 5.9 | 13.9 | 1.9 | 23.9 |
Other gains/(losses) of CIP, net | 28.1 | 31.7 | 56.2 | 92.5 |
Income before income taxes | 342.3 | 397.7 | 990.1 | 1,029.8 |
Income tax provision | 61.1 | 123.1 | 201.8 | 291.4 |
Net income | 281.2 | 274.6 | 788.3 | 738.4 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (11.6) | (7.1) | (19.7) | (19.3) |
Net income attributable to Invesco Ltd | 269.6 | 267.5 | 768.6 | 719.1 |
Impact of CIP [Member] | ||||
Total operating revenues | (4.7) | (6.2) | (18.8) | (25.7) |
Total operating expenses | 5.1 | 4.2 | 14.5 | 5.2 |
Operating Income (Loss) | (9.8) | (10.4) | (33.3) | (30.9) |
Equity in earnings of unconsolidated affiliates | (3.4) | (5.7) | (9.8) | (8.4) |
Other gains and losses, net | 8 | (9.8) | 16.3 | (32.4) |
Interest and dividend income of CIP | 71 | 52.7 | 196 | 156.4 |
Interest expense of CIP | 51.7 | 36.3 | 137.5 | 117.3 |
Other gains/(losses) of CIP, net | 8.8 | 15.3 | (2.3) | 53.4 |
Income before income taxes | 22.9 | 5.8 | 29.4 | 20.8 |
Net income | 22.9 | 5.8 | 29.4 | 20.8 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 11.6 | 7.1 | 19.7 | 19.3 |
Net income attributable to Invesco Ltd | $ 11.3 | $ (1.3) | $ 9.7 | $ 1.5 |
Consolidated Investment Produ_6
Consolidated Investment Products (VIE Balance Sheets Consolidated In Period) (Details) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018USD ($)variable_interest_entity | Sep. 30, 2017USD ($)variable_interest_entity | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity Consolidated Number of Entities | variable_interest_entity | 22 | 15 | ||
Cash and cash equivalents of CIP | $ 282.8 | $ 485.9 | $ 511.3 | |
Accounts receivable and other assets of CIP | 56.7 | 131.5 | ||
Investments of CIP | 6,074.6 | 5,658 | ||
Total assets | 32,503.8 | 31,668.8 | ||
Debt of CIP | 4,820.5 | 4,799.8 | ||
Other liabilities of CIP | 315.8 | 498.8 | ||
Total liabilities | 22,761.8 | 22,470 | ||
Total equity | 9,318.8 | 8,548.8 | 8,955.6 | $ 7,611.8 |
Total liabilities and equity | 32,503.8 | $ 31,668.8 | ||
CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 104.9 | 15.7 | ||
Accounts receivable and other assets of CIP | 26.2 | 4.1 | ||
Investments of CIP | 912.4 | 242.9 | ||
Total assets | 1,043.5 | 262.7 | ||
Debt of CIP | 938.3 | 4.2 | ||
Other liabilities of CIP | 9 | 3.1 | ||
Total liabilities | 947.3 | 7.3 | ||
Total equity | 96.2 | 255.4 | ||
Total liabilities and equity | $ 1,043.5 | 262.7 | ||
VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity Consolidated Number of Entities | variable_interest_entity | 8 | |||
Cash and cash equivalents of CIP | 0 | |||
Accounts receivable and other assets of CIP | 0.2 | |||
Investments of CIP | 49.8 | |||
Total assets | 50 | |||
Debt of CIP | $ 0 | 0 | ||
Other liabilities of CIP | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 174.5 | 50 | ||
Total liabilities and equity | 174.5 | 50 | ||
Consolidated Entities [Member] | CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 17.4 | 14.9 | ||
Accounts receivable and other assets of CIP | 6.2 | 8.5 | ||
Investments of CIP | 800.6 | 331.9 | ||
Total assets | 824.2 | 355.3 | ||
Debt of CIP | 555.2 | 15.1 | ||
Other liabilities of CIP | 37.7 | 105.1 | ||
Total liabilities | 592.9 | 120.2 | ||
Total equity | 231.3 | 235.1 | ||
Total liabilities and equity | 824.2 | $ 355.3 | ||
Consolidated Entities [Member] | VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 0 | |||
Accounts receivable and other assets of CIP | 1.9 | |||
Investments of CIP | 172.6 | |||
Total assets | $ 174.5 |
Consolidated Investment Produ_7
Consolidated Investment Products (Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products) (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Real Estate Investments, Net | $ 12.1 | $ 76.2 |
Investments Of Consolidated Investment Products | 6,074.6 | 5,658 |
Fair Value, Inputs, Level 1 [Member] | ||
Real Estate Investments, Net | 0 | 0 |
Investments Of Consolidated Investment Products | 257.5 | 217.8 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Real Estate Investments, Net | 0 | 0 |
Investments Of Consolidated Investment Products | 5,620 | 5,200.6 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Real Estate Investments, Net | 12.1 | 76.2 |
Investments Of Consolidated Investment Products | 12.1 | 76.2 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Real Estate Investments, Net | 0 | 0 |
Investments Of Consolidated Investment Products | 185 | 163.4 |
Bank Loans [Member] | ||
CLO Collateral Assets | 5,110.6 | 4,894.2 |
Bank Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bank Loans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO Collateral Assets | 5,110.6 | 4,894.2 |
Bank Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bank Loans [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | ||
CLO Collateral Assets | 505.6 | 302 |
Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO Collateral Assets | 505.6 | 302 |
Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Bonds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
CLO Collateral Assets | 0 | 0 |
Equity Securities [Member] | ||
CLO Collateral Assets | 243 | 203.2 |
Private Equity Fund Assets | 18.3 | 19 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
CLO Collateral Assets | 239.2 | 198.8 |
Private Equity Fund Assets | 18.3 | 19 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
CLO Collateral Assets | 3.8 | 4.4 |
Private Equity Fund Assets | 0 | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 0 | 0 |
Equity Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | ||
Private Equity Fund Assets | 185 | 163.4 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Private Equity Fund Assets | 0 | 0 |
Private Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||
Private Equity Fund Assets | $ 185 | $ 163.4 |
Consolidated Investment Produ_8
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance (Asset) | $ 52 | $ 59.9 | $ 76.2 | $ 40.7 |
Purchases (Asset) | 0 | 0 | 13 | 15.1 |
Sales (Asset) | (39.3) | 0 | (84.8) | (5.1) |
Gains and losses included in the Condensed Consolidated Statements of Income | (0.6) | (3.6) | (7.7) | (12.8) |
Ending balance (Asset) | $ 12.1 | $ 63.5 | $ 12.1 | $ 63.5 |
Consolidated Investment Produ_9
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) $ in Millions | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Real Estate Investments, Net | $ 12.1 | $ 76.2 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Real Estate Investments, Net | 12.1 | 76.2 | ||||
Real Estate Investments, Net | $ 12.1 | $ 52 | $ 76.2 | $ 63.5 | $ 59.9 | $ 40.7 |
Fair Value, Inputs, Level 3 [Member] | Discount rate | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.07 | ||||
Fair Value, Inputs, Level 3 [Member] | Discount rate | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.33 | ||||
Fair Value, Inputs, Level 3 [Member] | Discount rate | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.17 | ||||
Fair Value, Inputs, Level 3 [Member] | Terminal Capitalization Rate | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.053 | ||||
Fair Value, Inputs, Level 3 [Member] | Terminal Capitalization Rate | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.053 | ||||
Fair Value, Inputs, Level 3 [Member] | Terminal Capitalization Rate | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.053 | ||||
Fair Value, Inputs, Level 3 [Member] | Average rent growth rate | Discounted Cash Flow Valuation Technique [Member] | Minimum [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.02 | ||||
Fair Value, Inputs, Level 3 [Member] | Average rent growth rate | Discounted Cash Flow Valuation Technique [Member] | Maximum [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.03 | ||||
Fair Value, Inputs, Level 3 [Member] | Average rent growth rate | Discounted Cash Flow Valuation Technique [Member] | Weighted Average [Member] | ||||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||||
Consolidated Investment Products, Measurement Input | 0 | 0.025 |
Consolidated Investment Prod_10
Consolidated Investment Products (Investments Measured at NAV as a practical expedient) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | ||
Real Estate Investments, Net | $ 12.1 | $ 76.2 |
Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | 185 | 163.4 |
Unfunded Commitments | $ 83 | $ 53.9 |
Weighted Average Remaining Term | 5 years 6 months | 5 years 6 months |
Fair Value, Inputs, Level 3 [Member] | ||
Schedule of Investments [Line Items] | ||
Real Estate Investments, Net | $ 12.1 | $ 76.2 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Total operating revenues | $ 1,341.8 | $ 1,337.7 | $ 4,058.2 | $ 3,784.7 | |
Cash and cash equivalents | 1,631.5 | 1,716.3 | 1,631.5 | 1,716.3 | $ 2,006.4 |
Unsettled fund receivables | 851.6 | 851.6 | 793.8 | ||
Accounts receivable | 557.5 | 557.5 | 622.5 | ||
Investments | 643.8 | 643.8 | 674.6 | ||
Other assets | 69 | 69 | 61.7 | ||
Total assets | 32,503.8 | 32,503.8 | 31,668.8 | ||
Accrued compensation and benefits | 552.7 | 552.7 | 696.1 | ||
Accounts payable and accrued expenses | 864.2 | 864.2 | 895.7 | ||
Unsettled fund payables | 821.5 | 821.5 | 783.8 | ||
Total liabilities | 22,761.8 | 22,761.8 | 22,470 | ||
Affiliated Entity [Member] | |||||
Total operating revenues | 1,202.9 | 1,209.6 | 3,636.9 | 3,386.7 | |
Cash and cash equivalents | 404.2 | 404.2 | 875.5 | ||
Unsettled fund receivables | 376.2 | 376.2 | 204 | ||
Accounts receivable | 342.5 | 342.5 | 359.9 | ||
Investments | 602.6 | 602.6 | 608.5 | ||
Separate Account Assets | 12,267.8 | 12,267.8 | 12,444.2 | ||
Other assets | 3.4 | 3.4 | 9.2 | ||
Total assets | 13,996.7 | 13,996.7 | 14,501.3 | ||
Accrued compensation and benefits | 74.7 | 74.7 | 90.7 | ||
Accounts payable and accrued expenses | 64.3 | 64.3 | 64.5 | ||
Unsettled fund payables | 184.2 | 184.2 | 288.8 | ||
Total liabilities | 323.2 | 323.2 | $ 444 | ||
Investment management fees | |||||
Total operating revenues | 1,038.9 | 1,062.3 | 3,133.1 | 3,027.9 | |
Investment management fees | Affiliated Entity [Member] | |||||
Total operating revenues | 915.6 | 937 | 2,757.1 | 2,654.5 | |
Service and distribution fees | |||||
Total operating revenues | 248 | 217.6 | 737 | 635.3 | |
Service and distribution fees | Affiliated Entity [Member] | |||||
Total operating revenues | 238.9 | 217.2 | 723.9 | 634.1 | |
Performance fees | |||||
Total operating revenues | 7.9 | 42.3 | 28.6 | 70.3 | |
Performance fees | Affiliated Entity [Member] | |||||
Total operating revenues | 0.8 | 40.5 | 7.6 | 52.1 | |
Other | |||||
Total operating revenues | 47 | 15.5 | 159.5 | 51.2 | |
Other | Affiliated Entity [Member] | |||||
Total operating revenues | $ 47.6 | $ 14.9 | $ 148.3 | $ 46 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Millions | Apr. 06, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Proceeds from line of credit | $ 737.2 | ||
Goodwill | $ 7,311.5 | $ 6,590.7 | |
Guggenheim Investments' ETF Business [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 1,200 | ||
Goodwill | 676.9 | ||
Line of Credit | Guggenheim Investments' ETF Business [Member] | |||
Business Acquisition [Line Items] | |||
Proceeds from line of credit | 835 | ||
Fund Management Contracts | Guggenheim Investments' ETF Business [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets acquired | $ 527 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions | Oct. 25, 2018 | Oct. 24, 2018 | Oct. 18, 2018 | Oct. 17, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Subsequent Event [Line Items] | ||||||||
Dividends declared per share (usd per share) | $ 0.30 | $ 0.29 | $ 0.89 | $ 0.86 | ||||
Forward contract to purchase shares | $ 49,700,000 | $ 58,600,000 | ||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends declared per share (usd per share) | $ 0.3 | |||||||
Stock repurchase program authorized amount | $ 1,200,000,000 | |||||||
Stock repurchase program period (in years) | 2 years | |||||||
Forward contract to purchase shares | $ 300,000,000 | |||||||
Common Shares | MassMutual | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Consideration transferred (in shares) | 81.9 | |||||||
Lock up period (in years) | 2 years | |||||||
Noncumulative Preferred Stock | MassMutual | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Perpetual non-cumulative preferred stock issued for purchase | $ 4,000,000,000 | |||||||
Non-call period (in years) | 21 years | |||||||
Dividend rate | 5.90% | |||||||
Lock up period (in years) | 5 years |