Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document Information [Abstract] | |
Entity Registrant Name | Invesco Ltd. |
Entity Central Index Key | 0000914208 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 400,857,751 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 1,017.1 | $ 1,147.7 |
Unsettled fund receivables | 474.6 | 191.3 |
Accounts receivable | 598.7 | 604 |
Investments | 640.9 | 613.5 |
Cash and cash equivalents of CIP | 251.2 | 657.7 |
Accounts receivable and other assets of CIP | 141.8 | 110.8 |
Investments of CIP | 6,728.1 | 6,213.5 |
Assets held for policyholders | 12,102.7 | 11,384.8 |
Prepaid assets | 116.8 | 127.1 |
Other assets | 292.8 | 126.1 |
Property, equipment and software, net | 462.8 | 468.7 |
Intangible assets, net | 2,181.5 | 2,176.1 |
Goodwill | 7,197.6 | 7,157.1 |
Total assets | 32,206.6 | 30,978.4 |
LIABILITIES | ||
Accrued compensation and benefits | 340.2 | 646.5 |
Accounts payable and accrued expenses | 1,250.6 | 1,087.2 |
Debt of CIP | 5,211.7 | 5,226 |
Other liabilities of CIP | 511.6 | 387.6 |
Policyholder payables | 12,102.7 | 11,384.8 |
Unsettled fund payables | 446 | 178.7 |
Long-term debt | 2,515.7 | 2,408.8 |
Deferred tax liabilities, net | 367.6 | 326.4 |
Total liabilities | 22,746.1 | 21,646 |
Commitments and contingencies | ||
TEMPORARY EQUITY | ||
Redeemable noncontrolling interests in consolidated entities | 451.1 | 396.2 |
Equity attributable to Invesco Ltd.: | ||
Common shares ($0.20 par value; 1,050.0 million authorized; 490.4 million shares issued as of March 31, 2019 and December 31, 2018) | 98.1 | 98.1 |
Additional paid-in-capital | 6,273.7 | 6,334.8 |
Treasury shares | (2,971) | (3,003.6) |
Retained earnings | 5,942.1 | 5,884.5 |
Accumulated other comprehensive income/(loss), net of tax | (673.6) | (735) |
Total equity attributable to Invesco Ltd. | 8,669.3 | 8,578.8 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 340.1 | 357.4 |
Total permanent equity | 9,009.4 | 8,936.2 |
Total liabilities, temporary and permanent equity | $ 32,206.6 | $ 30,978.4 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in usd per share) | $ 0.2 | $ 0.2 |
Common stock authorized (shares) | 1,050 | 1,050 |
Common stock issued (shares) | 490.4 | 490.4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating revenues: | ||
Total operating revenues | $ 1,214.6 | $ 1,355.8 |
Operating expenses: | ||
Third-party distribution, service and advisory | 368 | 419.1 |
Employee compensation | 381.3 | 385.2 |
Marketing | 28 | 28 |
Property, office and technology | 107.2 | 100.2 |
General and administrative | 83.8 | 83.7 |
Transaction, integration, and restructuring | 46.1 | 18.5 |
Total operating expenses | 1,014.4 | 1,034.7 |
Operating income | 200.2 | 321.1 |
Other income/(expense): | ||
Equity in earnings of unconsolidated affiliates | 15 | 9.7 |
Interest and dividend income | 4.7 | 4.2 |
Interest expense | (33.1) | (23.2) |
Other gains and losses, net | 31.1 | (5.4) |
Other income/(expense) of CIP, net | 38.9 | 27.2 |
Income before income taxes | 256.8 | 333.6 |
Income tax provision | (66.2) | (68.4) |
Net income | 190.6 | 265.2 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (12.9) | (11.3) |
Net income attributable to Invesco Ltd. | $ 177.7 | $ 253.9 |
Earnings per share: | ||
- basic (usd per share) | $ 0.44 | $ 0.62 |
- diluted (usd per share) | $ 0.44 | $ 0.62 |
Investment management fees | ||
Operating revenues: | ||
Total operating revenues | $ 923.7 | $ 1,043.7 |
Service and distribution fees | ||
Operating revenues: | ||
Total operating revenues | 219.3 | 246.1 |
Performance fees | ||
Operating revenues: | ||
Total operating revenues | 21.8 | 9.1 |
Other | ||
Operating revenues: | ||
Total operating revenues | $ 49.8 | $ 56.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 190.6 | $ 265.2 |
Other Comprehensive Income (Loss), net of tax [Abstract] | ||
Currency translation differences on investments in foreign subsidiaries | 60.9 | 64.6 |
Other comprehensive income/(loss), net of tax | 0.5 | (1.6) |
Other comprehensive income/(loss) | 61.4 | 63 |
Total comprehensive income/(loss) | 252 | 328.2 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | (12.9) | (11.3) |
Comprehensive income/(loss) attributable to Invesco Ltd. | $ 239.1 | $ 316.9 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income | $ 190.6 | $ 265.2 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Amortization and depreciation | 36.3 | 33.6 |
Share-based compensation expense | 49.8 | 40.9 |
Other (gains)/losses, net | (31.1) | 5.4 |
Other (gains)/losses of CIP, net | (12.2) | (8.8) |
Equity in earnings of unconsolidated affiliates | (15) | (9.7) |
Distributions from equity method investees | 2 | 0.9 |
Changes in operating assets and liabilities: | ||
(Purchase)/sale of investments by CIP, net | (56.4) | 3.2 |
(Purchase)/sale of investments, net | 29.6 | (31.8) |
(Increase)/decrease in receivables | (720.3) | 26.4 |
Increase/(decrease) in payables | 406.3 | (377.5) |
Net cash provided by/(used in) operating activities | (120.4) | (52.2) |
Investing activities: | ||
Purchase of property, equipment and software | (21.1) | (20.6) |
Purchase of investments by CIP | (745) | (938.6) |
Sale of investments by CIP | 395.1 | 661.2 |
Purchase of investments | (72.9) | (28.8) |
Sale of investments | 27.9 | 29 |
Capital distributions from equity method investees | 40.2 | 0 |
Collateral received/(posted), net | 42.4 | 0 |
Net cash provided by/(used in) investing activities | (333.4) | (297.8) |
Financing activities: | ||
Purchases of treasury shares | (78.6) | (39.3) |
Dividends paid | (120.1) | (119.6) |
Third-party capital invested into CIP | 74.5 | 95.6 |
Third-party capital distributed by CIP | (27.4) | (29) |
Borrowings of debt by CIP | 8.4 | 53 |
Repayments of debt by CIP | (46.1) | (1.9) |
Net borrowings/(repayments) under credit facility | 106.3 | 0 |
Payment of contingent consideration | (4) | (3.4) |
Net cash provided by/(used in) financing activities | (87) | (44.6) |
Increase/(decrease) in cash and cash equivalents | (540.8) | (394.6) |
Foreign exchange movement on cash and cash equivalents | 8.8 | 37.5 |
Foreign exchange movement on cash and cash equivalents of CIP | (5.2) | 1 |
Net cash inflows (outflows) upon consolidation/deconsolidation of CIP | 0.1 | (39.3) |
Cash and cash equivalents, beginning of period | 1,805.4 | 2,517.7 |
Cash and cash equivalents, end of period | 1,268.3 | 2,122.3 |
Cash and cash equivalents | 1,017.1 | 1,861.5 |
Cash and cash equivalents of CIP | 251.2 | 260.8 |
Total cash and cash equivalents per consolidated statement of cash flows | $ 1,805.4 | $ 2,517.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Common Shares | Additional Paid-in-Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Total Equity Attributable to Invesco Ltd. | Nonredeemable Noncontrolling Interests in Consolidated Entities | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity |
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 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 261.2 | 253.9 | 253.9 | 7.3 | |||||
Other comprehensive income (loss) | 63 | 63 | 63 | ||||||
Change in noncontrolling interests in consolidated entities, net | 27.9 | 27.9 | |||||||
Dividends | (119.6) | (119.6) | (119.6) | ||||||
Share-based compensation | 40.9 | 40.9 | 40.9 | ||||||
Vested Shares | (105.6) | 105.6 | |||||||
Other share awards | 0.3 | 0.1 | 0.2 | 0.3 | |||||
Purchase of shares | (39.3) | (39.3) | (39.3) | ||||||
Ending balance at Mar. 31, 2018 | 9,190 | 98.1 | 6,217.4 | (2,715.4) | 5,626.6 | (331.4) | 8,895.3 | 294.7 | |
Beginning balance at Dec. 31, 2017 | $ 243.2 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | 4 | ||||||||
Change in noncontrolling interests in consolidated entities, net | 33.8 | ||||||||
Ending balance at Mar. 31, 2018 | 281 | ||||||||
Beginning balance at Dec. 31, 2018 | 8,936.2 | 98.1 | 6,334.8 | (3,003.6) | 5,884.5 | (735) | 8,578.8 | 357.4 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 171.6 | 177.7 | 177.7 | (6.1) | |||||
Other comprehensive income (loss) | 61.4 | 61.4 | 61.4 | ||||||
Change in noncontrolling interests in consolidated entities, net | (11.2) | (11.2) | |||||||
Dividends | (120.1) | (120.1) | (120.1) | ||||||
Share-based compensation | 49.8 | 49.8 | 49.8 | ||||||
Vested Shares | (110.8) | 110.8 | |||||||
Other share awards | 0.3 | (0.1) | 0.4 | 0.3 | |||||
Purchase of shares | (78.6) | (78.6) | (78.6) | ||||||
Ending balance at Mar. 31, 2019 | 9,009.4 | $ 98.1 | $ 6,273.7 | $ (2,971) | $ 5,942.1 | $ (673.6) | $ 8,669.3 | $ 340.1 | |
Beginning balance at Dec. 31, 2018 | 396.2 | 396.2 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | 19 | ||||||||
Change in noncontrolling interests in consolidated entities, net | 35.9 | ||||||||
Ending balance at Mar. 31, 2019 | $ 451.1 | $ 451.1 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 (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 Leases. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (Topic 842). Topic 842 requires that lessees recognize lease assets and lease liabilities on the balance sheet for all leases with a lease term greater than 12 months. The company adopted the leases standard on January 1, 2019 using the modified retrospective approach. The company recorded a right-of-use asset of approximately $200.9 million and lease liability of approximately $251.5 million , primarily related to real estate operating leases on January 1, 2019 with no cumulative-effect adjustment to opening retained earnings. The impact of the adoption of the standard on the Condensed Consolidated Statement of Income for the three months ended March 31, 2019 was not material as we continue to recognize lease expenses on a straight-line basis over the lease term. The initial recognition of the right-of-use asset and lease liability represented a non-cash activity. The package of three practical expedients applicable to the company have been elected which resulted in the company not having to reassess whether expired or existing contracts upon adoption contained a lease as well as retaining the historical classifications of our leases and initial direct costs. The company also elected the hindsight practical expedient in evaluating lessee options. The company elected both at transition and on an ongoing basis, to combine lease and non-lease components in calculating the lease liability and right-of-use asset for all operating leases. |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
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 13 , “ Consolidated Investment Products .” See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. March 31, 2019 December 31, 2018 $ in millions Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1,017.1 1,017.1 1,147.7 1,147.7 Equity investments 290.0 290.0 283.2 283.2 Foreign time deposits (1) 28.3 28.3 28.1 28.1 Assets held for policyholders 12,102.7 12,102.7 11,384.8 11,384.8 Policyholder payables (1) (12,102.7 ) (12,102.7 ) (11,384.8 ) (11,384.8 ) Contingent consideration liability (38.4 ) (38.4 ) (40.9 ) (40.9 ) Long-term debt (1) (2,515.7 ) (2,600.1 ) (2,408.8 ) (2,418.2 ) ____________ (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 March 31, 2019 and December 31, 2018 , respectively: As of March 31, 2019 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds 474.0 474.0 — — Investments:* Equity investments: Seed money 219.9 219.9 — — Investments related to deferred compensation plans 67.0 67.0 — — Other equity securities 3.1 3.1 — — Assets held for policyholders 12,102.7 12,102.7 — — Total 12,866.7 12,866.7 — — Liabilities: Contingent consideration liability (38.4 ) — — (38.4 ) Total (38.4 ) — — (38.4 ) As of December 31, 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 367.6 367.6 — — Investments:* Equity investments: Seed money 202.8 202.8 — — Investments related to deferred compensation plans 78.6 78.6 — — Other equity securities 1.8 1.8 — — Assets held for policyholders 11,384.8 11,384.8 — — Total 12,035.6 12,035.6 — — Liabilities: Contingent consideration liability (40.9 ) — — (40.9 ) Total (40.9 ) — — (40.9 ) ____________ * Foreign time deposits of $28.3 million ( December 31, 2018 : 28.1 million ) are excluded from this table. Equity method and other investments of $316.7 million and $5.9 million , respectively, ( December 31, 2018 : $296.3 million and $5.9 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 months ended March 31, 2019 and March 31, 2018 , which are valued using significant unobservable inputs: Three months ended March 31, 2019 $ in millions Contingent Consideration Liability Beginning balance (40.9 ) Net unrealized gains and losses included in other gains and losses, net* (1.5 ) Disposition/settlements 4.0 Ending balance (38.4 ) Three months ended March 31, 2018 $ in millions Contingent Consideration Liability Other Debt Securities Beginning balance (57.4 ) 9.9 Net unrealized gains and losses included in other gains and losses, net* 0.4 (3.2 ) Disposition/settlements 3.4 — Other — (0.5 ) Ending balance (53.6 ) 6.2 _______________ * These unrealized gains and losses are attributable to balances still held at the respective period ends. Put option contracts The company purchased an additional put option contract for $2.8 million in the three months ended March 31, 2019 to hedge economically foreign currency risk on the translation of a portion of its Pound Sterling-denominated earnings into U.S. Dollars, providing coverage through December 31, 2019 . Total Return Swaps In addition to holding equity investments, the company has a total return swap (TRS) to hedge economically certain of these deferred compensation liabilities. The notional value of the total return swap at March 31, 2019 was $136.2 million . During the three months ended March 31, 2019 , market valuation gains of $9.3 million were recognized in other gains and losses, net. The company also has total return swaps with respect to certain ETFs. 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 March 31, 2019 , the aggregate notional value of the total return swaps was $172.9 million . For the three months ended March 31, 2019 , market valuation gains of $4.7 million were recognized in other gains and losses, net. Contingent Consideration Liability At March 31, 2019 inputs used in the model to determine the liability included assumed growth rates in AUM ranging from (9.44)% to 5.73% (weighted average growth rate of (0.22)% ) and a discount rate of 4.79% . 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. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 13 , “ Consolidated Investment Products .” $ in millions March 31, 2019 December 31, 2018 Equity investments: Seed money 219.9 202.8 Investments related to deferred compensation plans 67.0 78.6 Other equity securities 3.1 1.8 Equity method investments 316.7 296.3 Foreign time deposits 28.3 28.1 Other 5.9 5.9 Total investments 640.9 613.5 Available for sale debt 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 March 31, 2018 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses CLOs 2.6 — — Other debt securities 0.2 — (0.1 ) 2.8 — (0.1 ) Equity investments The unrealized gains and losses for the three months ended March 31, 2019 , that relate to equity investments still held at March 31, 2019 , was a $23.0 million net gain ( three months ended March 31, 2018 : $0.2 million net gain ). |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 13 , “ Consolidated Investment Products .” March 31, 2019 December 31, 2018 $ in millions Carrying Value (2) Fair Value Carrying Value (2) Fair Value $1.5 billion floating rate credit facility expiring August 11, 2022 437.1 437.1 330.8 330.8 Unsecured Senior Notes (1) : $600 million 3.125% - due November 30, 2022 597.6 608.6 597.5 585.2 $600 million 4.000% - due January 30, 2024 595.2 620.6 594.9 594.5 $500 million 3.750% - due January 15, 2026 495.7 508.3 495.6 487.6 $400 million 5.375% - due November 30, 2043 390.1 425.5 390.0 420.1 Long-term debt 2,515.7 2,600.1 2,408.8 2,418.2 ____________ (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. (2) 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 $11.4 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018 Common shares issued 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (89.6 ) (93.3 ) Common shares outstanding 400.8 397.1 |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 $ in millions Foreign currency translation Employee benefit plans Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries 60.9 — — 60.9 Other comprehensive income, net — 0.2 0.3 0.5 Other comprehensive income/(loss), net of tax 60.9 0.2 0.3 61.4 Beginning balance (617.6 ) (117.7 ) 0.3 (735.0 ) Other comprehensive income/(loss), net of tax 60.9 0.2 0.3 61.4 Ending balance (556.7 ) (117.5 ) 0.6 (673.6 ) For the three months ended March 31, 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 64.6 — — — 64.6 Other comprehensive income, net — 0.4 (2.3 ) 0.3 (1.6 ) Other comprehensive income/(loss), net of tax 64.6 0.4 (2.3 ) 0.3 63.0 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 64.6 0.4 (2.3 ) 0.3 63.0 Ending balance (225.9 ) (109.3 ) 2.0 1.8 (331.4 ) 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 March 31, 2019 and December 31, 2018 , £130 million ( $169.7 million and $165.6 million , respectively) of intercompany debt was designated as a net investment hedge. For the three months ended March 31, 2019 , the Company recognized foreign currency losses of $4.1 million ( three months ended March 31, 2018 : losses of $6.6 million ) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in other comprehensive income. |
Revenue Revenue
Revenue Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue | REVENUE The geographic disaggregation of revenue for the three months ended March 31, 2019 and 2018 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda. For the three months ended March 31, $ in millions 2019 2018 North America 760.0 818.0 EMEA (Europe, Middle East, and Africa) 380.3 469.9 Asia-Pacific 74.3 67.9 Total operating revenues 1,214.6 1,355.8 The opening and closing balance of deferred carried interest liabilities for the three months ended March 31, 2019 was $61.3 million and $55.8 million , respectively ( December 31, 2018 : $60.4 million and $61.3 million , respectively). During the three months ended March 31, 2019 , $5.9 million ( March 31, 2018 : none ) 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 | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The company recognized total expenses of $49.8 million and $40.9 million related to equity-settled share-based payment transactions in the three months ended March 31, 2019 and 2018 , respectively. Share Awards Movements on share awards during the periods ended March 31 , are detailed below: For the three months ended March 31, 2019 For the three months ended March 31, 2018 Millions of shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 12.5 0.9 31.46 12.0 0.9 Granted during the period 8.9 0.6 19.34 5.1 0.4 Forfeited during the period (0.3 ) — 27.18 (0.1 ) — Vested and distributed during the period (4.6 ) (0.1 ) 32.08 (4.2 ) (0.3 ) Unvested at the end of the period 16.5 1.4 24.93 12.8 1.0 The total fair value of shares that vested during the three months ended March 31, 2019 was $89.8 million ( three months ended March 31, 2018 : $142.7 million ). The weighted average grant date fair value of the share awards that were granted during the three months ended March 31, 2019 was $19.34 ( three months ended March 31, 2018 : $32.55 ). At March 31, 2019 , there was $405.6 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 2.95 years . |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The company leases office space in almost all of its locations of business, data centers and certain equipment under non-cancelable operating leases. The operating leases have a weighted-average remaining lease term of 5.72 years and generally include one or more options to renew, with renewal terms that can extend the lease term from 2 to 10 years. Certain lease arrangements include an option to terminate the lease if a notification is provided to the landlord within 1 - 2 years prior to the end of the lease term. The company has sole discretion in exercising lease renewal and termination options. The lease terms used in our lease measurements do not include renewal options as they are not reasonably certain to be exercised as of the date of this report. The company elected to combine lease and non-lease components in calculating the lease liability and right-of-use asset for operating leases. Variable lease payments are determined based on the terms and conditions outlined in the lease contracts and are primarily determined in relation to the extent of the company’s usage of the right-of use-asset or the nature and extent of services received from the lessor. As of March 31, 2019 , the right-of-use asset of $202.7 million was included within Other assets, and the lease liability of $249.8 million was included within Accounts payable and accrued expenses, on the Condensed Consolidated Balance Sheet. The components of lease expense for the three months ended March 31, 2019 were as follows: $ in millions Three months ended Operating lease cost 12.8 Variable lease cost 6.8 Less: sublease income (0.1 ) Total lease expense 19.5 Supplemental cash flow information related to leases for the three months ended March 31, 2019 was as follows: $ in millions Three months ended Operating cash flows from operating leases included in the measurement of lease liabilities 15.0 Right-of-use assets obtained in exchange for new operating lease liabilities 4.1 In determining the discount rate, the company considered the interest rate yield for specific interest rate environments and the company’s credit spread at the inception of the lease. The weighted-average discount rate for the operating lease liability for the three months ended March 31, 2019 was 3.33% . The maturities of the company’s lease liabilities (primarily related to real estate leases) were as follows: $ in millions Year Ended December 31, Lease Liabilities 2019 (excluding the three months ended March 31, 2019) 44.3 2020 52.5 2021 48.4 2022 42.0 2023 35.3 Thereafter 52.1 Total lease payments 274.6 Less: interest 24.8 Present value of lease liabilities 249.8 As of December 31, 2018 , the company’s total future commitments by year under non-cancelable operating leases are as follows: $ in millions Total 2019 61.6 2020 56.3 2021 49.3 2022 42.8 2023 36.7 Thereafter 53.5 Gross lease commitments 300.2 Less: future minimum payments expected to be received under non-cancelable subleases (2.5 ) Net lease commitments 297.7 |
Taxation
Taxation | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
TAXATION | TAXATION At March 31, 2019 , the total amount of gross unrecognized tax benefits was $20.4 million as compared to the December 31, 2018 total of $20.0 million . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The calculation of earnings per share is as follows: For the three months ended March 31, In millions, except per share data 2019 2018 Net income $190.6 $265.2 Net (income)/loss attributable to noncontrolling interests in consolidated entities (12.9 ) (11.3 ) Net income attributable to Invesco Ltd. 177.7 253.9 Less: Allocation of earnings to restricted shares (6.0 ) (7.5 ) Net income attributable to common shareholders $171.7 $246.4 Invesco Ltd: Weighted average shares outstanding - basic 401.6 411.3 Dilutive effect of non-participating share-based awards 0.3 0.5 Weighted average shares outstanding - diluted 401.9 411.8 Common shareholders: Weighted average shares outstanding - basic 401.6 411.3 Less: Weighted average restricted shares (13.7 ) (12.2 ) Weighted average common shares outstanding - basic 387.9 399.1 Dilutive effect of non-participating share-based awards 0.3 0.5 Weighted average common shares outstanding - diluted 388.2 399.6 Earnings per share: Basic earnings per share $0.44 $0.62 Diluted earnings per share $0.44 $0.62 Dividends declared per share $0.30 $0.29 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 0.7 million shares of performance-vested awards and no time-vested awards excluded from the computation of diluted earnings per share during the three months ended March 31 , 2019 due to their inclusion being anti-dilutive ( three months ended March 31, 2018 : none ). There were no contingently issuable shares excluded from the diluted earnings per share computation during the three months ended March 31, 2019 ( three months ended March 31, 2018 : 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 | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 , the company’s undrawn capital commitments were $348.8 million ( December 31, 2018 : $391.6 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 March 31, 2019 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 (CIP) | 3 Months Ended |
Mar. 31, 2019 | |
Consolidated Investment Products [Abstract] | |
CONSOLIDATED INVESTMENT PRODUCTS (CIP) | 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 March 31, 2019 December 31, 2018 Cash and cash equivalents of CIP 251.2 657.7 Accounts receivable and other assets of CIP 141.8 110.8 Investments of CIP 6,728.1 6,213.5 Less: Debt of CIP (5,211.7 ) (5,226.0 ) Less: Other liabilities of CIP (511.6 ) (387.6 ) Less: Retained earnings 8.9 7.9 Less: Accumulated other comprehensive income, net of tax (8.8 ) (7.8 ) Less: Equity attributable to redeemable noncontrolling interests (451.1 ) (396.2 ) Less: Equity attributable to nonredeemable noncontrolling interests (339.2 ) (356.5 ) Invesco’s net interests in CIP 607.6 615.8 The following table reflects the impact of consolidation of investment products into the Condensed Consolidated Statements of Income for the three months ended March 31 , 2019 and 2018 : Three months ended March 31, $ in millions 2019 2018 Total operating revenues (8.7 ) (7.0 ) Total operating expenses 2.8 3.2 Operating income (11.5 ) (10.2 ) Equity in earnings of unconsolidated affiliates 6.5 (4.2 ) Interest and dividend income (1.3 ) — Other gains and losses, net (20.7 ) (0.9 ) Interest and dividend income of CIP 84.7 57.8 Interest expense of CIP (58.0 ) (39.4 ) Other gains/(losses) of CIP, net 12.2 8.8 Income before income taxes 11.9 11.9 Income tax provision — — Net income 11.9 11.9 Net (income)/loss attributable to noncontrolling interests in consolidated entities (12.9 ) (11.3 ) Net income attributable to Invesco Ltd. (1.0 ) 0.6 Non-consolidated VIEs At March 31, 2019 , 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 $190.7 million ( December 31, 2018 : $181.8 million ). Balance Sheet information - newly consolidated VIEs/VOEs During the three months ended March 31, 2019 , there was one newly consolidated VIE ( March 31, 2018 : the company consolidated no 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 three months ended March 31, 2019 $ in millions VIEs Cash and cash equivalents of CIP 0.4 Accounts receivable and other assets of CIP 2.7 Investments of CIP 105.9 Total assets 109.0 Debt of CIP 97.8 Other liabilities of CIP 11.2 Total liabilities 109.0 Total equity — Total liabilities and equity 109.0 Balance Sheet information - deconsolidated VIEs/VOEs During the three months ended March 31, 2019 , the company determined that it was no longer the primary beneficiary of one VIE and no longer held the majority voting interest in two VOEs ( March 31, 2018 : there were two newly deconsolidated VIEs). 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 three months ended March 31, 2019 and 2018 from the deconsolidation of these investment products. For the three months ended March 31, 2019 For the three months ended March 31, 2018 $ in millions VIEs VOEs VIEs Cash and cash equivalents of CIP — — 39.3 Accounts receivable and other assets of CIP — — 8.3 Investments of CIP 6.3 4.6 339.9 Total assets 6.3 4.6 387.5 — Debt of CIP — — 375.3 Other liabilities of CIP — — 3.2 Total liabilities — — 378.5 Total equity 6.3 4.6 9.0 Total liabilities and equity 6.3 4.6 387.5 The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of March 31, 2019 and December 31, 2018 : As of March 31, 2019 $ 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 5,536.8 — 5,536.8 — — Bonds 711.6 1.0 710.6 — — Equity securities 270.3 232.6 37.7 — — Equity and fixed income mutual funds 23.5 23.5 — — — Investments in other private equity funds 173.7 — — — 173.7 Real estate investments 12.2 — — 12.2 — Total assets at fair value 6,728.1 257.1 6,285.1 12.2 173.7 As of December 31, 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 5,117.0 — 5,117.0 — — Bonds 636.0 — 636.0 — — Equity securities 241.2 208.1 33.1 — — Equity and fixed income mutual funds 18.8 18.8 — — — Investments in other private equity funds 188.7 — — — 188.7 Real estate investments 11.8 — — 11.8 — Total assets at fair value 6,213.5 226.9 5,786.1 11.8 188.7 The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: Three months ended March 31, 2019 Three months ended March 31, 2018 $ in millions Level 3 Assets Level 3 Assets Beginning balance 11.8 76.2 Purchases — — Sales — (0.7 ) Gains and losses included in the Condensed Consolidated Statements of Income (1) 0.3 5.7 Ending balance 12.2 81.2 ____________ (1) Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three months ended March 31, 2019 are $0.3 million , in net unrealized gains attributable to investments still held at March 31, 2019 by CIP (for the three months ended March 31, 2018 : $5.7 million , in net unrealized gains are attributable to investments still held at March 31, 2018 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 $5,536.2 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 2019 and 2027 pay interest at LIBOR plus a spread of up to 8.3% , 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 March 31, 2019 , the unpaid principal balance exceeds the fair value of the senior secured bank loans and bonds by approximately $112.9 million ( December 31, 2018 : the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $134.3 million ). Approximately less than 1% of the collateral assets were in default as of March 31, 2019 and 2018 . 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 10.42 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 March 31, 2019 , there were $12.2 million of investments held by consolidated real estate funds that were valued using recent private market transactions. At December 31, 2018, there were $11.8 million of investments held by consolidated real estate funds that were valued using recent private market transactions. The table below summarizes as of March 31, 2019 and December 31, 2018 , 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. March 31, 2019 December 31, 2018 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) $173.7 $110.3 6.7 years $188.7 $101.9 6.1 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 | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES Certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, “Related Party Disclosures.” Additionally, related parties include those defined in the company’s proxy statement. Affiliated balances are illustrated in the tables below: Three months ended March 31, $ in millions 2019 2018 Affiliated operating revenues: Investment management fees 816.3 916.1 Service and distribution fees 209.9 245.3 Performance fees 10.5 4.1 Other 46.8 54.8 Total affiliated operating revenues 1,083.5 1,220.3 $ in millions March 31, 2019 December 31, 2018 Affiliated asset balances: Cash and cash equivalents 474.0 367.6 Unsettled fund receivables 228.2 105.0 Accounts receivable 376.0 391.4 Investments 591.0 655.7 Assets held for policyholders 12,102.4 11,384.5 Other assets 3.4 3.2 Total affiliated asset balances 13,775.0 12,907.4 Affiliated liability balances: Accrued compensation and benefits 64.3 83.2 Accounts payable and accrued expenses 59.8 64.8 Unsettled fund payables 241.8 100.3 Total affiliated liability balances 365.9 248.3 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 25, 2019 , the company announced a first quarter 2019 dividend of $0.31 per share, payable on June 3, 2019 , to shareholders of record at the close of business on May 10, 2019 with an ex-dividend date of May 9, 2019 . |
Accounting Policies (Policy)
Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
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. 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 | Accounting Pronouncements Recently Adopted Leases. In February 2016, the FASB issued Accounting Standards Update 2016-02, “Leases” (Topic 842). Topic 842 requires that lessees recognize lease assets and lease liabilities on the balance sheet for all leases with a lease term greater than 12 months. The company adopted the leases standard on January 1, 2019 using the modified retrospective approach. The company recorded a right-of-use asset of approximately $200.9 million and lease liability of approximately $251.5 million , primarily related to real estate operating leases on January 1, 2019 with no cumulative-effect adjustment to opening retained earnings. The impact of the adoption of the standard on the Condensed Consolidated Statement of Income for the three months ended March 31, 2019 was not material as we continue to recognize lease expenses on a straight-line basis over the lease term. The initial recognition of the right-of-use asset and lease liability represented a non-cash activity. The package of three practical expedients applicable to the company have been elected which resulted in the company not having to reassess whether expired or existing contracts upon adoption contained a lease as well as retaining the historical classifications of our leases and initial direct costs. The company also elected the hindsight practical expedient in evaluating lessee options. The company elected both at transition and on an ongoing basis, to combine lease and non-lease components in calculating the lease liability and right-of-use asset for all operating leases. |
Fair Value Of Assets And Liab_2
Fair Value Of Assets And Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 13 , “ Consolidated Investment Products .” See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. March 31, 2019 December 31, 2018 $ in millions Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents 1,017.1 1,017.1 1,147.7 1,147.7 Equity investments 290.0 290.0 283.2 283.2 Foreign time deposits (1) 28.3 28.3 28.1 28.1 Assets held for policyholders 12,102.7 12,102.7 11,384.8 11,384.8 Policyholder payables (1) (12,102.7 ) (12,102.7 ) (11,384.8 ) (11,384.8 ) Contingent consideration liability (38.4 ) (38.4 ) (40.9 ) (40.9 ) Long-term debt (1) (2,515.7 ) (2,600.1 ) (2,408.8 ) (2,418.2 ) ____________ (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 | 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 March 31, 2019 and December 31, 2018 , respectively: As of March 31, 2019 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds 474.0 474.0 — — Investments:* Equity investments: Seed money 219.9 219.9 — — Investments related to deferred compensation plans 67.0 67.0 — — Other equity securities 3.1 3.1 — — Assets held for policyholders 12,102.7 12,102.7 — — Total 12,866.7 12,866.7 — — Liabilities: Contingent consideration liability (38.4 ) — — (38.4 ) Total (38.4 ) — — (38.4 ) As of December 31, 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 367.6 367.6 — — Investments:* Equity investments: Seed money 202.8 202.8 — — Investments related to deferred compensation plans 78.6 78.6 — — Other equity securities 1.8 1.8 — — Assets held for policyholders 11,384.8 11,384.8 — — Total 12,035.6 12,035.6 — — Liabilities: Contingent consideration liability (40.9 ) — — (40.9 ) Total (40.9 ) — — (40.9 ) ____________ * Foreign time deposits of $28.3 million ( December 31, 2018 : 28.1 million ) are excluded from this table. Equity method and other investments of $316.7 million and $5.9 million , respectively, ( December 31, 2018 : $296.3 million and $5.9 million , respectively) are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards. |
Reconciliation of Balance, Fair Value Measurement, Level 3 | The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three months ended March 31, 2019 and March 31, 2018 , which are valued using significant unobservable inputs: Three months ended March 31, 2019 $ in millions Contingent Consideration Liability Beginning balance (40.9 ) Net unrealized gains and losses included in other gains and losses, net* (1.5 ) Disposition/settlements 4.0 Ending balance (38.4 ) Three months ended March 31, 2018 $ in millions Contingent Consideration Liability Other Debt Securities Beginning balance (57.4 ) 9.9 Net unrealized gains and losses included in other gains and losses, net* 0.4 (3.2 ) Disposition/settlements 3.4 — Other — (0.5 ) Ending balance (53.6 ) 6.2 _______________ * These unrealized gains and losses are attributable to balances still held at the respective period ends. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Marketable Securities | $ in millions March 31, 2019 December 31, 2018 Equity investments: Seed money 219.9 202.8 Investments related to deferred compensation plans 67.0 78.6 Other equity securities 3.1 1.8 Equity method investments 316.7 296.3 Foreign time deposits 28.3 28.1 Other 5.9 5.9 Total investments 640.9 613.5 |
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 March 31, 2018 $ in millions Proceeds from Sales Gross Realized Gains Gross Realized Losses CLOs 2.6 — — Other debt securities 0.2 — (0.1 ) 2.8 — (0.1 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt Instruments | The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 13 , “ Consolidated Investment Products .” March 31, 2019 December 31, 2018 $ in millions Carrying Value (2) Fair Value Carrying Value (2) Fair Value $1.5 billion floating rate credit facility expiring August 11, 2022 437.1 437.1 330.8 330.8 Unsecured Senior Notes (1) : $600 million 3.125% - due November 30, 2022 597.6 608.6 597.5 585.2 $600 million 4.000% - due January 30, 2024 595.2 620.6 594.9 594.5 $500 million 3.750% - due January 15, 2026 495.7 508.3 495.6 487.6 $400 million 5.375% - due November 30, 2043 390.1 425.5 390.0 420.1 Long-term debt 2,515.7 2,600.1 2,408.8 2,418.2 ____________ (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. (2) 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) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018 Common shares issued 490.4 490.4 Less: Treasury shares for which dividend and voting rights do not apply (89.6 ) (93.3 ) Common shares outstanding 400.8 397.1 |
Other Comprehensive Income_(L_2
Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended March 31, 2019 $ in millions Foreign currency translation Employee benefit plans Available-for-sale investments Total Other comprehensive income/(loss) net of tax: Currency translation differences on investments in foreign subsidiaries 60.9 — — 60.9 Other comprehensive income, net — 0.2 0.3 0.5 Other comprehensive income/(loss), net of tax 60.9 0.2 0.3 61.4 Beginning balance (617.6 ) (117.7 ) 0.3 (735.0 ) Other comprehensive income/(loss), net of tax 60.9 0.2 0.3 61.4 Ending balance (556.7 ) (117.5 ) 0.6 (673.6 ) For the three months ended March 31, 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 64.6 — — — 64.6 Other comprehensive income, net — 0.4 (2.3 ) 0.3 (1.6 ) Other comprehensive income/(loss), net of tax 64.6 0.4 (2.3 ) 0.3 63.0 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 64.6 0.4 (2.3 ) 0.3 63.0 Ending balance (225.9 ) (109.3 ) 2.0 1.8 (331.4 ) |
Revenue Revenue (Tables)
Revenue Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Geographic disaggregation of revenue | The geographic disaggregation of revenue for the three months ended March 31, 2019 and 2018 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda. For the three months ended March 31, $ in millions 2019 2018 North America 760.0 818.0 EMEA (Europe, Middle East, and Africa) 380.3 469.9 Asia-Pacific 74.3 67.9 Total operating revenues 1,214.6 1,355.8 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Movements Of Share Awards | Movements on share awards during the periods ended March 31 , are detailed below: For the three months ended March 31, 2019 For the three months ended March 31, 2018 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 12.5 0.9 31.46 12.0 0.9 Granted during the period 8.9 0.6 19.34 5.1 0.4 Forfeited during the period (0.3 ) — 27.18 (0.1 ) — Vested and distributed during the period (4.6 ) (0.1 ) 32.08 (4.2 ) (0.3 ) Unvested at the end of the period 16.5 1.4 24.93 12.8 1.0 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense and Supplemental Cash Flow Information Related to Leases | The components of lease expense for the three months ended March 31, 2019 were as follows: $ in millions Three months ended Operating lease cost 12.8 Variable lease cost 6.8 Less: sublease income (0.1 ) Total lease expense 19.5 Supplemental cash flow information related to leases for the three months ended March 31, 2019 was as follows: $ in millions Three months ended Operating cash flows from operating leases included in the measurement of lease liabilities 15.0 Right-of-use assets obtained in exchange for new operating lease liabilities 4.1 |
Maturities of Company's Lease Liabilities | The maturities of the company’s lease liabilities (primarily related to real estate leases) were as follows: $ in millions Year Ended December 31, Lease Liabilities 2019 (excluding the three months ended March 31, 2019) 44.3 2020 52.5 2021 48.4 2022 42.0 2023 35.3 Thereafter 52.1 Total lease payments 274.6 Less: interest 24.8 Present value of lease liabilities 249.8 |
Schedule of Future Commitments Under Non-cancelable Operating Leases | As of December 31, 2018 , the company’s total future commitments by year under non-cancelable operating leases are as follows: $ in millions Total 2019 61.6 2020 56.3 2021 49.3 2022 42.8 2023 36.7 Thereafter 53.5 Gross lease commitments 300.2 Less: future minimum payments expected to be received under non-cancelable subleases (2.5 ) Net lease commitments 297.7 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation Of Earnings Per Share | The calculation of earnings per share is as follows: For the three months ended March 31, In millions, except per share data 2019 2018 Net income $190.6 $265.2 Net (income)/loss attributable to noncontrolling interests in consolidated entities (12.9 ) (11.3 ) Net income attributable to Invesco Ltd. 177.7 253.9 Less: Allocation of earnings to restricted shares (6.0 ) (7.5 ) Net income attributable to common shareholders $171.7 $246.4 Invesco Ltd: Weighted average shares outstanding - basic 401.6 411.3 Dilutive effect of non-participating share-based awards 0.3 0.5 Weighted average shares outstanding - diluted 401.9 411.8 Common shareholders: Weighted average shares outstanding - basic 401.6 411.3 Less: Weighted average restricted shares (13.7 ) (12.2 ) Weighted average common shares outstanding - basic 387.9 399.1 Dilutive effect of non-participating share-based awards 0.3 0.5 Weighted average common shares outstanding - diluted 388.2 399.6 Earnings per share: Basic earnings per share $0.44 $0.62 Diluted earnings per share $0.44 $0.62 Dividends declared per share $0.30 $0.29 |
Consolidated Investment Produ_2
Consolidated Investment Products (CIP) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018 Cash and cash equivalents of CIP 251.2 657.7 Accounts receivable and other assets of CIP 141.8 110.8 Investments of CIP 6,728.1 6,213.5 Less: Debt of CIP (5,211.7 ) (5,226.0 ) Less: Other liabilities of CIP (511.6 ) (387.6 ) Less: Retained earnings 8.9 7.9 Less: Accumulated other comprehensive income, net of tax (8.8 ) (7.8 ) Less: Equity attributable to redeemable noncontrolling interests (451.1 ) (396.2 ) Less: Equity attributable to nonredeemable noncontrolling interests (339.2 ) (356.5 ) Invesco’s net interests in CIP 607.6 615.8 |
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 months ended March 31 , 2019 and 2018 : Three months ended March 31, $ in millions 2019 2018 Total operating revenues (8.7 ) (7.0 ) Total operating expenses 2.8 3.2 Operating income (11.5 ) (10.2 ) Equity in earnings of unconsolidated affiliates 6.5 (4.2 ) Interest and dividend income (1.3 ) — Other gains and losses, net (20.7 ) (0.9 ) Interest and dividend income of CIP 84.7 57.8 Interest expense of CIP (58.0 ) (39.4 ) Other gains/(losses) of CIP, net 12.2 8.8 Income before income taxes 11.9 11.9 Income tax provision — — Net income 11.9 11.9 Net (income)/loss attributable to noncontrolling interests in consolidated entities (12.9 ) (11.3 ) Net income attributable to Invesco Ltd. (1.0 ) 0.6 |
VIE Balance Sheets Consolidated In Period | For the three months ended March 31, 2019 $ in millions VIEs Cash and cash equivalents of CIP 0.4 Accounts receivable and other assets of CIP 2.7 Investments of CIP 105.9 Total assets 109.0 Debt of CIP 97.8 Other liabilities of CIP 11.2 Total liabilities 109.0 Total equity — Total liabilities and equity 109.0 Balance Sheet information - deconsolidated VIEs/VOEs During the three months ended March 31, 2019 , the company determined that it was no longer the primary beneficiary of one VIE and no longer held the majority voting interest in two VOEs ( March 31, 2018 : there were two newly deconsolidated VIEs). 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 three months ended March 31, 2019 and 2018 from the deconsolidation of these investment products. For the three months ended March 31, 2019 For the three months ended March 31, 2018 $ in millions VIEs VOEs VIEs Cash and cash equivalents of CIP — — 39.3 Accounts receivable and other assets of CIP — — 8.3 Investments of CIP 6.3 4.6 339.9 Total assets 6.3 4.6 387.5 — Debt of CIP — — 375.3 Other liabilities of CIP — — 3.2 Total liabilities — — 378.5 Total equity 6.3 4.6 9.0 Total liabilities and equity 6.3 4.6 387.5 |
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 March 31, 2019 and December 31, 2018 : As of March 31, 2019 $ 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 5,536.8 — 5,536.8 — — Bonds 711.6 1.0 710.6 — — Equity securities 270.3 232.6 37.7 — — Equity and fixed income mutual funds 23.5 23.5 — — — Investments in other private equity funds 173.7 — — — 173.7 Real estate investments 12.2 — — 12.2 — Total assets at fair value 6,728.1 257.1 6,285.1 12.2 173.7 As of December 31, 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 5,117.0 — 5,117.0 — — Bonds 636.0 — 636.0 — — Equity securities 241.2 208.1 33.1 — — Equity and fixed income mutual funds 18.8 18.8 — — — Investments in other private equity funds 188.7 — — — 188.7 Real estate investments 11.8 — — 11.8 — Total assets at fair value 6,213.5 226.9 5,786.1 11.8 188.7 |
Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities | The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: Three months ended March 31, 2019 Three months ended March 31, 2018 $ in millions Level 3 Assets Level 3 Assets Beginning balance 11.8 76.2 Purchases — — Sales — (0.7 ) Gains and losses included in the Condensed Consolidated Statements of Income (1) 0.3 5.7 Ending balance 12.2 81.2 ____________ (1) Included in gains/(losses) of CIP, net in the Condensed Consolidated Statements of Income for the three months ended March 31, 2019 are $0.3 million , in net unrealized gains attributable to investments still held at March 31, 2019 by CIP (for the three months ended March 31, 2018 : $5.7 million , in net unrealized gains are attributable to investments still held at March 31, 2018 by CIP). |
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | Quantitative Information about Level 3 Fair Value Measurements At March 31, 2019 , there were $12.2 million of investments held by consolidated real estate funds that were valued using recent private market transactions. At December 31, 2018, there were $11.8 million of investments held by consolidated real estate funds that were valued using recent private market transactions. The table below summarizes as of March 31, 2019 and December 31, 2018 , 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. March 31, 2019 December 31, 2018 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) $173.7 $110.3 6.7 years $188.7 $101.9 6.1 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) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Affiliated balances are illustrated in the tables below: Three months ended March 31, $ in millions 2019 2018 Affiliated operating revenues: Investment management fees 816.3 916.1 Service and distribution fees 209.9 245.3 Performance fees 10.5 4.1 Other 46.8 54.8 Total affiliated operating revenues 1,083.5 1,220.3 $ in millions March 31, 2019 December 31, 2018 Affiliated asset balances: Cash and cash equivalents 474.0 367.6 Unsettled fund receivables 228.2 105.0 Accounts receivable 376.0 391.4 Investments 591.0 655.7 Assets held for policyholders 12,102.4 11,384.5 Other assets 3.4 3.2 Total affiliated asset balances 13,775.0 12,907.4 Affiliated liability balances: Accrued compensation and benefits 64.3 83.2 Accounts payable and accrued expenses 59.8 64.8 Unsettled fund payables 241.8 100.3 Total affiliated liability balances 365.9 248.3 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 202.7 | |
Lease liability | $ 249.8 | |
ASU 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 200.9 | |
Lease liability | $ 251.5 |
Fair Value Of Assets And Liab_3
Fair Value Of Assets And Liabilities (Fair Value Of Financial Instruments Held By Consolidated Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 1,017.1 | $ 1,147.7 | $ 1,861.5 |
Foreign time deposits | 28.3 | 28.1 | |
Policyholder payables | (12,102.7) | (11,384.8) | |
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,017.1 | 1,147.7 | |
Equity investments | 290 | 283.2 | |
Foreign time deposits | 28.3 | 28.1 | |
Assets held for policyholders | 12,102.7 | 11,384.8 | |
Policyholder payables | (12,102.7) | (11,384.8) | |
Contingent consideration liability | (38.4) | (40.9) | |
Long-term debt | (2,515.7) | (2,408.8) | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,017.1 | 1,147.7 | |
Equity investments | 290 | 283.2 | |
Foreign time deposits | 28.3 | 28.1 | |
Assets held for policyholders | 12,102.7 | 11,384.8 | |
Policyholder payables | (12,102.7) | (11,384.8) | |
Contingent consideration liability | (38.4) | (40.9) | |
Long-term debt | $ (2,600.1) | $ (2,418.2) |
Fair Value Of Assets And Liab_4
Fair Value Of Assets And Liabilities (Tri-Level Hierarchy, Carrying Value) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | $ 12,102.7 | $ 11,384.8 |
Total | 12,866.7 | 12,035.6 |
Total | (38.4) | (40.9) |
Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (38.4) | (40.9) |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 474 | 367.6 |
Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 219.9 | 202.8 |
Investments related to deferred compensation plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 67 | 78.6 |
Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 3.1 | 1.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 12,102.7 | 11,384.8 |
Total | 12,866.7 | 12,035.6 |
Total | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 474 | 367.6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 219.9 | 202.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments related to deferred compensation plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 67 | 78.6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 3.1 | 1.8 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 0 | 0 |
Total | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Significant Other Observable Inputs (Level 2) | 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) | Investments related to deferred compensation plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | 0 | 0 |
Total | 0 | 0 |
Total | (38.4) | (40.9) |
Significant Unobservable Inputs (Level 3) | Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (38.4) | (40.9) |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Investments related to deferred compensation plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | $ 0 | $ 0 |
Fair Value Of Assets And Liab_5
Fair Value Of Assets And Liabilities (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign time deposits | $ 28.3 | $ 28.1 |
Equity method investments | 316.7 | 296.3 |
Other investments | $ 5.9 | 5.9 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed growth rate of assets under Management (percent) | (9.44%) | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed growth rate of assets under Management (percent) | 5.73% | |
Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assumed growth rate of assets under Management (percent) | (0.22%) | |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign time deposits | $ 28.3 | 28.1 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign time deposits | $ 28.3 | $ 28.1 |
Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percent) | 0.0479 | |
Put Option | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Additional put option contract purchased | $ 2.8 | |
Total Return Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative notional amount | 172.9 | |
Gain on derivative | 4.7 | |
Total Return Swap | Designated as Hedging Instrument | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative notional amount | 136.2 | |
Gain on derivatives | $ 9.3 |
Fair Value Of Assets And Liab_6
Fair Value Of Assets And Liabilities (Reconciliation Of Balance, Fair Value Measurement, Level 3) (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Asset) | $ 11.8 | $ 76.2 |
Net unrealized gains and losses included in other gains and losses, net | (0.3) | (5.7) |
Disposition/settlements (Asset) | 0 | (0.7) |
Ending balance (Asset) | 12.2 | 81.2 |
Other debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Asset) | 9.9 | |
Net unrealized gains and losses included in other gains and losses, net | (3.2) | |
Disposition/settlements (Asset) | 0 | |
Other (Asset) | (0.5) | |
Ending balance (Asset) | 6.2 | |
Contingent consideration liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Liability) | (40.9) | (57.4) |
Net unrealized gains and losses included in other gains and losses | (1.5) | 0.4 |
Disposition / settlements (Liability) | 4 | 3.4 |
Other (Liability) | 0 | |
Ending balance (Liability) | $ (38.4) | $ (53.6) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Unrealized Gain (Loss) on Investments | $ 23 | $ 0.2 |
Investments (Details Of Company
Investments (Details Of Company Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Equity method investments | $ 316.7 | $ 296.3 |
Foreign time deposits | 28.3 | 28.1 |
Other | 5.9 | 5.9 |
Investments | 640.9 | 613.5 |
Seed money | ||
Investment Holdings [Line Items] | ||
Equity investments | 219.9 | 202.8 |
Investments related to deferred compensation plans | ||
Investment Holdings [Line Items] | ||
Equity investments | 67 | 78.6 |
Other equity securities | ||
Investment Holdings [Line Items] | ||
Equity investments | $ 3.1 | $ 1.8 |
Investments (Realized Gains Los
Investments (Realized Gains Losses Available-For-Sale Securities) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Proceeds from Sales | $ 2.8 |
Gross Realized Gains | 0 |
Gross Realized Losses | (0.1) |
CLOs | |
Debt Securities, Available-for-sale [Line Items] | |
Proceeds from Sales | 2.6 |
Gross Realized Gains | 0 |
Gross Realized Losses | 0 |
Other debt securities | |
Debt Securities, Available-for-sale [Line Items] | |
Proceeds from Sales | 0.2 |
Gross Realized Gains | 0 |
Gross Realized Losses | $ (0.1) |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.125% | |
Debt instrument, face amount | $ 600,000,000 | |
Debt Instrument, maturity date | Nov. 30, 2022 | |
Unsecured Senior Notes | $600 million 4.000% - due January 30, 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 4.00% | |
Debt instrument, face amount | $ 600,000,000 | |
Debt Instrument, maturity date | Jan. 30, 2024 | |
Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.75% | |
Debt instrument, face amount | $ 500,000,000 | |
Debt Instrument, maturity date | Jan. 15, 2026 | |
Unsecured Senior Notes | $400 million 5.375% - due November 30, 2043 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 5.375% | |
Debt instrument, face amount | $ 400,000,000 | |
Debt Instrument, maturity date | Nov. 30, 2043 | |
$1.5 billion floating rate credit facility expiring August 11, 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 1,500,000,000 | |
Credit facility expiration date | Aug. 11, 2022 | |
Carrying Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,515,700,000 | $ 2,408,800,000 |
Carrying Value | Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 597,600,000 | 597,500,000 |
Carrying Value | Unsecured Senior Notes | $600 million 4.000% - due January 30, 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 595,200,000 | 594,900,000 |
Carrying Value | Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 495,700,000 | 495,600,000 |
Carrying Value | Unsecured Senior Notes | $400 million 5.375% - due November 30, 2043 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 390,100,000 | 390,000,000 |
Carrying Value | $1.5 billion floating rate credit facility expiring August 11, 2022 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | 437,100,000 | 330,800,000 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,600,100,000 | 2,418,200,000 |
Fair Value | Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 608,600,000 | 585,200,000 |
Fair Value | Unsecured Senior Notes | $600 million 4.000% - due January 30, 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 620,600,000 | 594,500,000 |
Fair Value | Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 508,300,000 | 487,600,000 |
Fair Value | Unsecured Senior Notes | $400 million 5.375% - due November 30, 2043 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 425,500,000 | 420,100,000 |
Fair Value | $1.5 billion floating rate credit facility expiring August 11, 2022 | ||
Debt Instrument [Line Items] | ||
Line of credit facility, amount outstanding | $ 437,100,000 | $ 330,800,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - Letter of Credit $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Capacity on letters of credit | $ 11.4 |
Letters of credit, renewable term | 1 year |
Share Capital (Movements In Sha
Share Capital (Movements In Shares Issued And Outstanding) (Details) - shares shares in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Common shares issued | 490.4 | 490.4 |
Less: Treasury shares for which dividend and voting rights do not apply | (89.6) | (93.3) |
Common shares outstanding | 400.8 | 397.1 |
Other Comprehensive Income_(L_3
Other Comprehensive Income/(Loss) (Accumulated other comprehensive income) (Details) £ in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2019GBP (£) | Mar. 31, 2019USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | $ 60.9 | $ 64.6 | |||||
Other comprehensive income, net | 0.5 | (1.6) | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (735) | ||||||
January 1, 2018, as adjusted | $ 8,955.6 | ||||||
Other comprehensive income/(loss), net of tax | 61.4 | 63 | |||||
Ending balance | (673.6) | ||||||
Foreign currency transaction and translation gain (loss) | (4.1) | (6.6) | |||||
Foreign currency translation | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | 60.9 | 64.6 | |||||
Other comprehensive income, net | 0 | 0 | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (617.6) | (290.5) | |||||
January 1, 2018, as adjusted | (290.5) | ||||||
Other comprehensive income/(loss), net of tax | 60.9 | 64.6 | |||||
Ending balance | (556.7) | (225.9) | |||||
Employee benefit plans | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | |||||
Other comprehensive income, net | 0.2 | 0.4 | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (117.7) | (109.7) | |||||
January 1, 2018, as adjusted | (109.7) | ||||||
Other comprehensive income/(loss), net of tax | 0.2 | 0.4 | |||||
Ending balance | (117.5) | (109.3) | |||||
Available-for-sale investments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | |||||
Other comprehensive income, net | 0.3 | 0.3 | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 0.3 | 4.7 | |||||
January 1, 2018, as adjusted | 1.5 | ||||||
Other comprehensive income/(loss), net of tax | 0.3 | 0.3 | |||||
Ending balance | 0.6 | 1.8 | |||||
Accumulated Other Comprehensive Income/(Loss) | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (735) | (391.2) | |||||
January 1, 2018, as adjusted | (394.4) | ||||||
Other comprehensive income/(loss), net of tax | 61.4 | 63 | |||||
Ending balance | $ (673.6) | (331.4) | |||||
Designated as Hedging Instrument | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Intercompany debt | £ 130 | $ 169.7 | £ 130 | $ 165.6 | |||
Equity method investments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | 0 | ||||||
Other comprehensive income, net | (2.3) | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 4.3 | ||||||
January 1, 2018, as adjusted | 4.3 | ||||||
Other comprehensive income/(loss), net of tax | (2.3) | ||||||
Ending balance | $ 2 | ||||||
Adjustment for adoption of ASU 2016-01 | Foreign currency translation | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Adjustment for adoption of ASU 2016-01 | 0 | ||||||
Adjustment for adoption of ASU 2016-01 | Employee benefit plans | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Adjustment for adoption of ASU 2016-01 | 0 | ||||||
Adjustment for adoption of ASU 2016-01 | Available-for-sale investments | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Adjustment for adoption of ASU 2016-01 | (3.2) | ||||||
Adjustment for adoption of ASU 2016-01 | Accumulated Other Comprehensive Income/(Loss) | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Adjustment for adoption of ASU 2016-01 | (3.2) | ||||||
Adjustment for adoption of ASU 2016-01 | Equity method investments | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Adjustment for adoption of ASU 2016-01 | $ 0 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | |
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | $ 1,214,600,000 | $ 1,355,800,000 | ||
Deferred carried interest liabilities | 55,800,000 | $ 61,300,000 | $ 60,400,000 | |
Performance revenue recognized | 5,900,000 | 0 | ||
North America | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | 760,000,000 | 818,000,000 | ||
EMEA (Europe, Middle East, and Africa) | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | 380,300,000 | 469,900,000 | ||
Asia-Pacific | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | $ 74,300,000 | $ 67,900,000 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based compensation expense | $ 49.8 | $ 40.9 |
Fair value of vested shares | $ 89.8 | $ 142.7 |
Weighted average fair value of shares granted (usd per share) | $ 19.34 | $ 32.55 |
Unrecognized compensation cost related to non-vested shares | $ 405.6 | |
Weighted average non-vested shares compensation cost expected to recognize | 2 years 11 months 12 days |
Share-Based Compensation (Movem
Share-Based Compensation (Movements On Share Awards) (Details) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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) | $ 31.46 | |
Granted during period Weighted Average Grant Date Fair Value (usd per share) | 19.34 | $ 32.55 |
Forfeited during period Weighted Average Grant Date Fair Value (usd per share) | 27.18 | |
Vested and distributed during the period Weighted Average Grant Date Fair Value (usd per share) | 32.08 | |
Unvested at the end of the year Weighted Average Grant Date Fair Value (usd per share) | $ 24.93 | |
Time- Vested | ||
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) | 12.5 | 12 |
Granted during the year (shares) | 8.9 | 5.1 |
Forfeited during the period (shares) | (0.3) | (0.1) |
Vested and distributed during the year (shares) | (4.6) | (4.2) |
Unvested at the end of the year (shares) | 16.5 | 12.8 |
Performance- Vested | ||
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 | 0.9 |
Granted during the year (shares) | 0.6 | 0.4 |
Forfeited during the period (shares) | 0 | 0 |
Vested and distributed during the year (shares) | (0.1) | (0.3) |
Unvested at the end of the year (shares) | 1.4 | 1 |
Operating Leases (Details)
Operating Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)lease_renewal_option | |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term | 5 years 8 months 20 days |
Number of lease renewal options (at least) | lease_renewal_option | 1 |
Right-of-use asset | $ 202.7 |
Lease liability | $ 249.8 |
Weighted average discount rate for the operating leases (percent) | 3.33% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal lease terms | 2 years |
Options to terminate leases within period | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal lease terms | 10 years |
Options to terminate leases within period | 2 years |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 12.8 |
Variable lease cost | 6.8 |
Less: sublease income | (0.1) |
Total lease expense | 19.5 |
Operating cash flows from operating leases included in the measurement of lease liabilities | 15 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 4.1 |
Operating Leases - Maturities o
Operating Leases - Maturities of Leases (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2019 (excluding the three months ended March 31, 2019) | $ 44.3 | |
2020 | 52.5 | |
2021 | 48.4 | |
2022 | 42 | |
2023 | 35.3 | |
Thereafter | 52.1 | |
Total lease payments | 274.6 | |
Less: interest | 24.8 | |
Present value of lease liabilities | $ 249.8 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2019 | $ 61.6 | |
2020 | 56.3 | |
2021 | 49.3 | |
2022 | 42.8 | |
2023 | 36.7 | |
Thereafter | 53.5 | |
Gross lease commitments | 300.2 | |
Less: future minimum payments expected to be received under non-cancelable subleases | (2.5) | |
Net lease commitments | $ 297.7 |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits | $ 20.4 | $ 20 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 190.6 | $ 265.2 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (12.9) | (11.3) |
Net income attributable to Invesco Ltd. | 177.7 | 253.9 |
Less: Allocation of earnings to restricted shares | (6) | (7.5) |
Net income attributable to common shareholders | $ 171.7 | $ 246.4 |
Weighted average shares outstanding - basic (in shares) | 401.6 | 411.3 |
Less: Weighted average restricted shares (in shares) | (13.7) | (12.2) |
Weighted average common shares outstanding - basic (in shares) | 387.9 | 399.1 |
Dilutive effect on share-based awards (in shares) | 0.3 | 0.5 |
Weighted average shares outstanding - diluted (in shares) | 401.9 | 411.8 |
Weighted Average Number of Shares Outstanding, Diluted - Common shares | 388.2 | 399.6 |
Earnings per share: | ||
Basic earnings per share (usd per share) | $ 0.44 | $ 0.62 |
Diluted earnings per share (usd per share) | 0.44 | 0.62 |
Dividends declared per share (usd per share) | $ 0.3 | $ 0.29 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Contingently issuable share excluded | 0 | 100,000 |
Performance- Vested | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 700,000 | 0 |
Time- Vested | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Undrawn Capital Commitments | $ 348.8 | $ 391.6 |
Consolidated Investment Produ_3
Consolidated Investment Products (CIP) (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)variable_interest_entity | Mar. 31, 2018USD ($)variable_interest_entity | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||
Investments Of Consolidated Investment Products | $ 6,728,100,000 | $ 6,213,500,000 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | 190,700,000 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 271,700,000 | 181,800,000 | |
Number of entities no longer consolidated | variable_interest_entity | 1 | 2 | |
Gain (loss) on deconsolidation | $ 0 | $ 0 | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 300,000 | $ 5,700,000 | |
Pay interest at Libor or Euribor plus | 8.25% | ||
Collateral assets in default (percent) | 1.00% | 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 | 1 | 0 | |
CLO [Member] | |||
Variable Interest Entity [Line Items] | |||
Weighted average maturity (years) | 10 years 5 months 1 day | ||
Bank Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
CLO Collateral Assets | $ 5,536,800,000 | 5,117,000,000 | |
Senior Secured Bank Loans And Bonds [Member] | CLO [Member] | |||
Variable Interest Entity [Line Items] | |||
Fair value, option, aggregate differences, long-term debt instruments | 112,900,000 | 134,300,000 | |
Consolidation, Eliminations [Member] | Bank Loan Obligations [Member] | CLO [Member] | |||
Variable Interest Entity [Line Items] | |||
CLO Collateral Assets | 5,536,200,000 | ||
Significant Unobservable Inputs (Level 3) | |||
Variable Interest Entity [Line Items] | |||
Investments Of Consolidated Investment Products | 12,200,000 | 11,800,000 | |
Significant Unobservable Inputs (Level 3) | Bank Loan Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
CLO Collateral Assets | $ 0 | $ 0 |
Consolidated Investment Produ_4
Consolidated Investment Products (Balances Related To CIP) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Consolidated Investment Products [Abstract] | |||
Cash and cash equivalents of CIP | $ 251.2 | $ 657.7 | $ 260.8 |
Accounts receivable and other assets of CIP | 141.8 | 110.8 | |
Investments Of Consolidated Investment Products | 6,728.1 | 6,213.5 | |
Less: Debt of CIP | (5,211.7) | (5,226) | |
Less: Other liabilities of CIP | (511.6) | (387.6) | |
Less: Retained earnings | 8.9 | 7.9 | |
Less: Accumulated other comprehensive income, net of tax | (8.8) | (7.8) | |
Less: Redeemable Noncontrolling Interest, Consolidated Investment Products | (451.1) | (396.2) | |
Less: Equity attributable to nonredeemable noncontrolling interests | (339.2) | (356.5) | |
Invesco’s net interests in CIP | $ 607.6 | $ 615.8 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Total operating expenses | $ 1,014.4 | $ 1,034.7 |
Operating income | 200.2 | 321.1 |
Equity in earnings of unconsolidated affiliates | 15 | 9.7 |
Interest and dividend income | 4.7 | 4.2 |
Other gains and losses, net | 31.1 | (5.4) |
Other income/(expense) of CIP, net | 38.9 | 27.2 |
Income before income taxes | 256.8 | 333.6 |
Income tax provision | (66.2) | (68.4) |
Net income | 190.6 | 265.2 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | (12.9) | (11.3) |
Net income attributable to Invesco Ltd. | 177.7 | 253.9 |
Impact of CIP [Member] | ||
Total operating revenues | (8.7) | (7) |
Total operating expenses | 2.8 | 3.2 |
Operating income | (11.5) | (10.2) |
Equity in earnings of unconsolidated affiliates | 6.5 | (4.2) |
Interest and dividend income | (1.3) | 0 |
Other gains and losses, net | (20.7) | (0.9) |
Interest and dividend income of CIP | 84.7 | 57.8 |
Interest expense of CIP | (58) | (39.4) |
Other income/(expense) of CIP, net | 12.2 | 8.8 |
Income before income taxes | 11.9 | 11.9 |
Income tax provision | 0 | 0 |
Net income | 11.9 | 11.9 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | (12.9) | (11.3) |
Net income attributable to Invesco Ltd. | $ (1) | $ 0.6 |
Consolidated Investment Produ_6
Consolidated Investment Products (VIE Balance Sheets Consolidated In Period) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($)variable_interest_entity | Mar. 31, 2018USD ($)variable_interest_entity | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity Consolidated Number of Entities | variable_interest_entity | 1 | 0 | ||
Cash and cash equivalents of CIP | $ 251.2 | $ 260.8 | $ 657.7 | |
Accounts receivable and other assets of CIP | 141.8 | 110.8 | ||
Investments of CIP | 6,728.1 | 6,213.5 | ||
Total assets | 32,206.6 | 30,978.4 | ||
Debt of CIP | 5,211.7 | 5,226 | ||
Other liabilities of CIP | 511.6 | 387.6 | ||
Total liabilities | 22,746.1 | 21,646 | ||
Total equity | 9,009.4 | 9,190 | 8,936.2 | $ 8,955.6 |
Total liabilities, temporary and permanent equity | 32,206.6 | $ 30,978.4 | ||
CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 0 | 39.3 | ||
Accounts receivable and other assets of CIP | 0 | 8.3 | ||
Investments of CIP | 6.3 | 339.9 | ||
Total assets | 6.3 | 387.5 | ||
Debt of CIP | 0 | 375.3 | ||
Other liabilities of CIP | 0 | 3.2 | ||
Total liabilities | 0 | 378.5 | ||
Total equity | 6.3 | 9 | ||
Total liabilities, temporary and permanent equity | 6.3 | $ 387.5 | ||
VOEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 0 | |||
Accounts receivable and other assets of CIP | 0 | |||
Investments of CIP | 4.6 | |||
Total assets | 4.6 | |||
Debt of CIP | 0 | |||
Other liabilities of CIP | 0 | |||
Total liabilities | 0 | |||
Total equity | 4.6 | |||
Total liabilities, temporary and permanent equity | 4.6 | |||
Consolidated Entities [Member] | CLOs - VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents of CIP | 0.4 | |||
Accounts receivable and other assets of CIP | 2.7 | |||
Investments of CIP | 105.9 | |||
Total assets | 109 | |||
Debt of CIP | 97.8 | |||
Other liabilities of CIP | 11.2 | |||
Total liabilities | 109 | |||
Total equity | 0 | |||
Total liabilities, temporary and permanent equity | $ 109 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Real Estate Investments, Net | $ 12.2 | $ 11.8 |
Investments Of Consolidated Investment Products | 6,728.1 | 6,213.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Real Estate Investments, Net | 0 | 0 |
Investments Of Consolidated Investment Products | 257.1 | 226.9 |
Significant Other Observable Inputs (Level 2) | ||
Real Estate Investments, Net | 0 | 0 |
Investments Of Consolidated Investment Products | 6,285.1 | 5,786.1 |
Significant Unobservable Inputs (Level 3) | ||
Real Estate Investments, Net | 12.2 | 11.8 |
Investments Of Consolidated Investment Products | 12.2 | 11.8 |
Investments Measured at NAV as a practical expedient | ||
Real Estate Investments, Net | 0 | 0 |
Investments Of Consolidated Investment Products | 173.7 | 188.7 |
Bank loans | ||
CLO Collateral Assets | 5,536.8 | 5,117 |
Bank loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
CLO Collateral Assets | 0 | 0 |
Bank loans | Significant Other Observable Inputs (Level 2) | ||
CLO Collateral Assets | 5,536.8 | 5,117 |
Bank loans | Significant Unobservable Inputs (Level 3) | ||
CLO Collateral Assets | 0 | 0 |
Bank loans | Investments Measured at NAV as a practical expedient | ||
CLO Collateral Assets | 0 | 0 |
Bonds | ||
CLO Collateral Assets | 711.6 | 636 |
Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
CLO Collateral Assets | 1 | 0 |
Bonds | Significant Other Observable Inputs (Level 2) | ||
CLO Collateral Assets | 710.6 | 636 |
Bonds | Significant Unobservable Inputs (Level 3) | ||
CLO Collateral Assets | 0 | 0 |
Bonds | Investments Measured at NAV as a practical expedient | ||
CLO Collateral Assets | 0 | 0 |
Other equity securities | ||
CLO Collateral Assets | 270.3 | 241.2 |
Private Equity Fund Assets | 23.5 | 18.8 |
Other equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
CLO Collateral Assets | 232.6 | 208.1 |
Private Equity Fund Assets | 23.5 | 18.8 |
Other equity securities | Significant Other Observable Inputs (Level 2) | ||
CLO Collateral Assets | 37.7 | 33.1 |
Private Equity Fund Assets | 0 | 0 |
Other equity securities | Significant Unobservable Inputs (Level 3) | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 0 | 0 |
Other equity securities | Investments Measured at NAV as a practical expedient | ||
CLO Collateral Assets | 0 | 0 |
Private Equity Fund Assets | 0 | 0 |
Investments in other private equity funds | ||
Private Equity Fund Assets | 173.7 | 188.7 |
Investments in other private equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Private Equity Fund Assets | 0 | 0 |
Investments in other private equity funds | Significant Other Observable Inputs (Level 2) | ||
Private Equity Fund Assets | 0 | 0 |
Investments in other private equity funds | Significant Unobservable Inputs (Level 3) | ||
Private Equity Fund Assets | 0 | 0 |
Investments in other private equity funds | Investments Measured at NAV as a practical expedient | ||
Private Equity Fund Assets | $ 173.7 | $ 188.7 |
Consolidated Investment Produ_8
Consolidated Investment Products (Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities) (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Asset) | $ 11.8 | $ 76.2 |
Purchases (Asset) | 0 | 0 |
Sales (Asset) | 0 | (0.7) |
Gains and losses included in the Condensed Consolidated Statements of Income | 0.3 | 5.7 |
Ending balance (Asset) | $ 12.2 | $ 81.2 |
Consolidated Investment Produ_9
Consolidated Investment Products (Level 3 Valuation Techniques) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Real Estate Investments, Net | $ 12.2 | $ 11.8 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||||
Real Estate Investments, Net | 12.2 | 11.8 | ||
Real Estate Investments, Net | $ 12.2 | $ 11.8 | $ 81.2 | $ 76.2 |
Consolidated Investment Prod_10
Consolidated Investment Products (Investments Measured at NAV as a practical expedient) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | ||
Real Estate Investments, Net | $ 12.2 | $ 11.8 |
Investments in other private equity funds | ||
Schedule of Investments [Line Items] | ||
Investment Owned, at Fair Value | 173.7 | 188.7 |
Unfunded Commitments | $ 110.3 | $ 101.9 |
Weighted Average Remaining Term | 6 years 8 months 13 days | 6 years 1 month 5 days |
Significant Unobservable Inputs (Level 3) | ||
Schedule of Investments [Line Items] | ||
Real Estate Investments, Net | $ 12.2 | $ 11.8 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Total operating revenues | $ 1,214.6 | $ 1,355.8 | |
Cash and cash equivalents | 1,017.1 | 1,861.5 | $ 1,147.7 |
Unsettled fund receivables | 474.6 | 191.3 | |
Accounts receivable | 598.7 | 604 | |
Investments | 640.9 | 613.5 | |
Other assets | 292.8 | 126.1 | |
Total assets | 32,206.6 | 30,978.4 | |
Accrued compensation and benefits | 340.2 | 646.5 | |
Accounts payable and accrued expenses | 1,250.6 | 1,087.2 | |
Unsettled fund payables | 446 | 178.7 | |
Total liabilities | 22,746.1 | 21,646 | |
Affiliated Entity | |||
Total operating revenues | 1,083.5 | 1,220.3 | |
Cash and cash equivalents | 474 | 367.6 | |
Unsettled fund receivables | 228.2 | 105 | |
Accounts receivable | 376 | 391.4 | |
Investments | 591 | 655.7 | |
Assets held for policyholders | 12,102.4 | 11,384.5 | |
Other assets | 3.4 | 3.2 | |
Total assets | 13,775 | 12,907.4 | |
Accrued compensation and benefits | 64.3 | 83.2 | |
Accounts payable and accrued expenses | 59.8 | 64.8 | |
Unsettled fund payables | 241.8 | 100.3 | |
Total liabilities | 365.9 | $ 248.3 | |
Investment management fees | |||
Total operating revenues | 923.7 | 1,043.7 | |
Investment management fees | Affiliated Entity | |||
Total operating revenues | 816.3 | 916.1 | |
Service and distribution fees | |||
Total operating revenues | 219.3 | 246.1 | |
Service and distribution fees | Affiliated Entity | |||
Total operating revenues | 209.9 | 245.3 | |
Performance fees | |||
Total operating revenues | 21.8 | 9.1 | |
Performance fees | Affiliated Entity | |||
Total operating revenues | 10.5 | 4.1 | |
Other | |||
Total operating revenues | 49.8 | 56.9 | |
Other | Affiliated Entity | |||
Total operating revenues | $ 46.8 | $ 54.8 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Apr. 25, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Subsequent Event [Line Items] | |||
Dividends declared per share (usd per share) | $ 0.3 | $ 0.29 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends declared per share (usd per share) | $ 0.31 |
Uncategorized Items - ivz-20190
Label | Element | Value |
Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 8,696,100,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 98,100,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 5,492,300,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (2,781,900,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 6,282,000,000 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 259,500,000 |
Redeemable noncontrolling interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 243,200,000 |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,200,000 |