Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
Document Transition Report | false |
Entity File Number | 001-13908 |
Entity Registrant Name | Invesco Ltd. |
Entity Incorporation, State or Country Code | D0 |
Entity Tax Identification Number | 98-0557567 |
Entity Address, Address Line One | 1555 Peachtree Street, N.E., |
Entity Address, Address Line Two | Suite 1800, |
Entity Address, City or Town | Atlanta, |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30309 |
City Area Code | 404 |
Local Phone Number | 892-0896 |
Title of 12(b) Security | Common stock, $.20 par value |
Trading Symbol | IVZ |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 454,784,608 |
Entity Central Index Key | 0000914208 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 1,023.6 | $ 1,896.4 |
Accounts receivable | 701.2 | 785 |
Investments | 906.7 | 926.3 |
Cash and cash equivalents of CIP | 202.4 | 250.7 |
Accounts receivable and other assets of CIP | 178.6 | 532.6 |
Investments of CIP | 8,497.1 | 9,042.5 |
Assets held for policyholders | 754.3 | 1,893.6 |
Other assets | 952.2 | 729.9 |
Property, equipment and software, net | 504 | 518.1 |
Intangible assets, net | 7,145.5 | 7,228 |
Goodwill | 8,406.3 | 8,882.5 |
Total assets | 29,271.9 | 32,685.6 |
LIABILITIES | ||
Accrued compensation and benefits | 680.4 | 1,062.3 |
Accounts payable and accrued expenses | 1,332.4 | 1,157.1 |
Debt of CIP | 6,548.7 | 7,336.1 |
Other liabilities of CIP | 286.7 | 846.3 |
Policyholder payables | 754.3 | 1,893.6 |
Debt | 1,487.1 | 2,085.1 |
Deferred tax liabilities, net | 1,678.8 | 1,626.3 |
Total liabilities | 12,768.4 | 16,006.8 |
Commitments and contingencies (See Note 12) | ||
TEMPORARY EQUITY | ||
Redeemable noncontrolling interests in consolidated entities | 990.4 | 510.8 |
Equity attributable to Invesco Ltd.: | ||
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of September 30, 2022 and December 31, 2021) | 4,010.5 | 4,010.5 |
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of September 30, 2022 and December 31, 2021) | 113.2 | 113.2 |
Additional paid-in-capital | 7,547 | 7,688 |
Treasury shares | (3,052.2) | (3,043.6) |
Retained earnings | 7,416.2 | 7,169.2 |
Accumulated other comprehensive income/(loss), net of tax | (1,131) | (441.5) |
Total equity attributable to Invesco Ltd. | 14,903.7 | 15,495.8 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 609.4 | 672.2 |
Total permanent equity | 15,513.1 | 16,168 |
Total liabilities, temporary and permanent equity | $ 29,271.9 | $ 32,685.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (usd per share) | $ 0.20 | $ 0.20 |
Liquidation preference per share (usd per share) | $ 1,000 | $ 1,000 |
Preferred stock authorized (shares) | 4,000,000 | 4,000,000 |
Preferred shares issued (shares) | 4,000,000 | 4,000,000 |
Preferred shares outstanding (shares) | 4,000,000 | 4,000,000 |
Common stock par value (in usd per share) | $ 0.20 | $ 0.20 |
Common stock authorized (shares) | 1,050,000,000 | 1,050,000,000 |
Common stock issued (shares) | 566,100,000 | 566,100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating revenues: | ||||
Total operating revenues | $ 1,445.7 | $ 1,750 | $ 4,605.5 | $ 5,131.1 |
Operating expenses: | ||||
Third-party distribution, service and advisory | 451.3 | 546.4 | 1,438.9 | 1,608.8 |
Employee compensation | 420.8 | 476.7 | 1,260.9 | 1,452.9 |
Marketing | 27.6 | 20.3 | 83.1 | 60.6 |
Property, office and technology | 133.2 | 134.2 | 400.2 | 390.7 |
General and administrative | 48.7 | 105 | 270.6 | 304.9 |
Transaction, integration and restructuring | (0.6) | (12) | 34.8 | (13.3) |
Amortization of intangibles | 14.5 | 15.6 | 44.4 | 47.5 |
Total operating expenses | 1,095.5 | 1,286.2 | 3,532.9 | 3,852.1 |
Operating income | 350.2 | 463.8 | 1,072.6 | 1,279 |
Other income/(expense): | ||||
Equity in earnings of unconsolidated affiliates | 20.2 | 54.6 | 78.3 | 119.3 |
Interest and dividend income | 3.3 | 1.9 | 6.6 | 3.6 |
Interest expense | (18.6) | (23.1) | (67.6) | (71.5) |
Other gains/(losses), net | (34.6) | (12.1) | (170.1) | 65.4 |
Other income/(expense) of CIP, net | (65.4) | 200.2 | (62.5) | 416.9 |
Income before income taxes | 255.1 | 685.3 | 857.3 | 1,812.7 |
Income tax provision | (86.8) | (139.7) | (232.6) | (400.4) |
Net income | 168.3 | 545.6 | 624.7 | 1,412.3 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | 68.3 | (156.3) | 49 | (268.5) |
Dividends declared on preferred shares | (59.2) | (59.2) | (177.6) | (177.6) |
Net income attributable to Invesco Ltd. | $ 177.4 | $ 330.1 | $ 496.1 | $ 966.2 |
Earnings per common share: | ||||
- basic (usd per share) | $ 0.39 | $ 0.71 | $ 1.08 | $ 2.09 |
- diluted (usd per share) | $ 0.39 | $ 0.71 | $ 1.08 | $ 2.08 |
Investment management fees | ||||
Operating revenues: | ||||
Total operating revenues | $ 1,057.3 | $ 1,275.5 | $ 3,351.3 | $ 3,729.5 |
Service and distribution fees | ||||
Operating revenues: | ||||
Total operating revenues | 340.2 | 409.1 | 1,073 | 1,191.2 |
Performance fees | ||||
Operating revenues: | ||||
Total operating revenues | 3 | 4.8 | 13.2 | 22 |
Other | ||||
Operating revenues: | ||||
Total operating revenues | $ 45.2 | $ 60.6 | $ 168 | $ 188.4 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 168.3 | $ 545.6 | $ 624.7 | $ 1,412.3 |
Other comprehensive income/(loss), net of tax: | ||||
Currency translation differences on investments in foreign subsidiaries | (330.1) | (108.7) | (690.2) | (73) |
Other comprehensive income/(loss), net of tax | 0.2 | 1.2 | 0.7 | 0.2 |
Other comprehensive income/(loss) | (329.9) | (107.5) | (689.5) | (72.8) |
Total comprehensive income/(loss) | (161.6) | 438.1 | (64.8) | 1,339.5 |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | 68.3 | (156.3) | 49 | (268.5) |
Dividends declared on preferred shares | (59.2) | (59.2) | (177.6) | (177.6) |
Comprehensive income/(loss) attributable to Invesco Ltd. | $ (152.5) | $ 222.6 | $ (193.4) | $ 893.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net income | $ 624.7 | $ 1,412.3 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Amortization and depreciation | 146.7 | 154.9 |
Common share-based compensation expense | 83.1 | 106 |
Other (gains)/losses, net | 170.1 | (65.4) |
Other (gains)/losses of CIP, net | 173.2 | (323.3) |
Equity in earnings of unconsolidated affiliates | (78.3) | (119.3) |
Distributions from equity method investees | 64.3 | 43.9 |
Changes in operating assets and liabilities: | ||
(Purchase)/sale of investments by CIP, net | (397.2) | (176.2) |
(Purchase)/sale of investments, net | (20.5) | 99.6 |
(Increase)/decrease in receivables | 721.9 | 5,251.3 |
Increase/(decrease) in payables | (1,248.3) | (5,302) |
Net cash provided by/(used in) operating activities | 239.7 | 1,081.8 |
Investing activities: | ||
Purchase of property, equipment and software | (119.8) | (73.2) |
Purchase of investments by CIP | (2,335.7) | (4,795.5) |
Sale of investments by CIP | 2,274.5 | 4,321.6 |
Purchase of investments | (173.5) | (149.6) |
Sale of investments | 73.4 | 103.8 |
Capital distributions from equity method investees | 38.7 | 13.5 |
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP | 4.4 | (8.7) |
Net cash provided by/(used in) investing activities | (238) | (588.1) |
Financing activities: | ||
Purchases of treasury shares | (240.1) | (58.1) |
Dividends paid - preferred | (177.6) | (177.6) |
Dividends paid - common | (249.1) | (228.9) |
Third-party capital invested into CIP | 608.8 | 475.1 |
Third-party capital distributed by CIP | (191.2) | (351.5) |
Borrowings of debt by CIP | 54.3 | 2,752.6 |
Repayments of debt by CIP | (3.9) | (1,972.1) |
Repayments of senior notes | (600) | 0 |
Settlement of forward contracts on treasury shares | 0 | (309.4) |
Collateral received/(returned), net | 0 | (104.1) |
Payment of contingent consideration | 0 | (11.8) |
Net cash provided by/(used in) financing activities | (798.8) | 14.2 |
Increase/(decrease) in cash and cash equivalents | (797.1) | 507.9 |
Cash, cash equivalents and restricted cash, beginning of period | 2,147.1 | 1,839.3 |
Cash and cash equivalents, end of period | 1,226 | 2,309.5 |
Total cash and cash equivalents per condensed consolidated statement of cash flows | 1,226 | 2,309.5 |
Excluding CIP | ||
Financing activities: | ||
Foreign exchange movement on cash and cash equivalents | (114) | (28.6) |
Cash and cash equivalents, end of period | 1,023.6 | 1,773.2 |
Total cash and cash equivalents per condensed consolidated statement of cash flows | 1,023.6 | 1,773.2 |
CIP | ||
Financing activities: | ||
Foreign exchange movement on cash and cash equivalents | (10) | (9.1) |
Cash and cash equivalents, end of period | 202.4 | 536.3 |
Total cash and cash equivalents per condensed consolidated statement of cash flows | $ 202.4 | $ 536.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Shares | 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 |
Beginning balance at Dec. 31, 2020 | $ 14,808.9 | $ 4,010.5 | $ 113.2 | $ 7,811.4 | $ (3,253.8) | $ 6,085 | $ (404.5) | $ 14,361.8 | $ 447.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,374.2 | 1,143.8 | 1,143.8 | 230.4 | |||||
Other comprehensive income/(loss) | (72.8) | (72.8) | (72.8) | ||||||
Change in noncontrolling interests in consolidated entities, net | (25.6) | (25.6) | |||||||
Dividends declared - preferred | (177.6) | (177.6) | (177.6) | ||||||
Dividends declared - common | (230) | (230) | (230) | ||||||
Common share-based compensation | 106 | 106 | 106 | ||||||
Vested common shares | (0.1) | (256.2) | 256.1 | (0.1) | |||||
Other common share awards | 7.1 | (1.1) | 8.2 | 7.1 | |||||
Purchase of common shares | (58.1) | (58.1) | (58.1) | ||||||
Ending balance at Sep. 30, 2021 | 15,732 | 4,010.5 | 113.2 | 7,660.1 | (3,047.6) | 6,821.2 | (477.3) | 15,080.1 | 651.9 |
Beginning balance at Dec. 31, 2020 | 211.8 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | 38.1 | ||||||||
Change in noncontrolling interests in consolidated entities, net | 292.7 | ||||||||
Ending balance at Sep. 30, 2021 | 542.6 | ||||||||
Beginning balance at Jun. 30, 2021 | 15,426.6 | 4,010.5 | 113.2 | 7,664.3 | (3,080.3) | 6,570.1 | (369.8) | 14,908 | 518.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 525.1 | 389.3 | 389.3 | 135.8 | |||||
Other comprehensive income/(loss) | (107.5) | (107.5) | (107.5) | ||||||
Change in noncontrolling interests in consolidated entities, net | (2.5) | (2.5) | |||||||
Dividends declared - preferred | (59.2) | (59.2) | (59.2) | ||||||
Dividends declared - common | (79) | (79) | (79) | ||||||
Common share-based compensation | 33.2 | 33.2 | 33.2 | ||||||
Vested common shares | (0.1) | (36.3) | 36.2 | (0.1) | |||||
Other common share awards | 5.9 | (1.1) | 7 | 5.9 | |||||
Purchase of common shares | (10.5) | (10.5) | (10.5) | ||||||
Ending balance at Sep. 30, 2021 | 15,732 | 4,010.5 | 113.2 | 7,660.1 | (3,047.6) | 6,821.2 | (477.3) | 15,080.1 | 651.9 |
Beginning balance at Jun. 30, 2021 | 363.9 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | 20.5 | ||||||||
Change in noncontrolling interests in consolidated entities, net | 158.2 | ||||||||
Ending balance at Sep. 30, 2021 | 542.6 | ||||||||
Beginning balance at Dec. 31, 2021 | 16,168 | 4,010.5 | 113.2 | 7,688 | (3,043.6) | 7,169.2 | (441.5) | 15,495.8 | 672.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 666.8 | 673.7 | 673.7 | (6.9) | |||||
Other comprehensive income/(loss) | (689.5) | (689.5) | (689.5) | ||||||
Change in noncontrolling interests in consolidated entities, net | (55.9) | (55.9) | |||||||
Dividends declared - preferred | (177.6) | (177.6) | (177.6) | ||||||
Dividends declared - common | (249.1) | (249.1) | (249.1) | ||||||
Common share-based compensation | 83.1 | 83.1 | 83.1 | ||||||
Vested common shares | (219.3) | 219.3 | |||||||
Other common share awards | 7.4 | (4.8) | 12.2 | 7.4 | |||||
Purchase of common shares | (240.1) | (240.1) | (240.1) | ||||||
Ending balance at Sep. 30, 2022 | 15,513.1 | 4,010.5 | 113.2 | 7,547 | (3,052.2) | 7,416.2 | (1,131) | 14,903.7 | 609.4 |
Beginning balance at Dec. 31, 2021 | 510.8 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | (42.1) | ||||||||
Change in noncontrolling interests in consolidated entities, net | 521.7 | ||||||||
Ending balance at Sep. 30, 2022 | 990.4 | ||||||||
Beginning balance at Jun. 30, 2022 | 15,794.8 | 4,010.5 | 113.2 | 7,563.2 | (3,095.3) | 7,323.2 | (801.1) | 15,113.7 | 681.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 177 | 236.6 | 236.6 | (59.6) | |||||
Other comprehensive income/(loss) | (329.9) | (329.9) | (329.9) | ||||||
Change in noncontrolling interests in consolidated entities, net | (12.1) | (12.1) | |||||||
Dividends declared - preferred | (59.2) | (59.2) | (59.2) | ||||||
Dividends declared - common | (84.4) | (84.4) | (84.4) | ||||||
Common share-based compensation | 26 | 26 | 26 | ||||||
Vested common shares | (36.6) | 36.6 | |||||||
Other common share awards | 6.6 | (5.6) | 6.6 | ||||||
Purchase of common shares | (5.7) | (5.7) | (5.7) | ||||||
Ending balance at Sep. 30, 2022 | 15,513.1 | $ 4,010.5 | $ 113.2 | $ 7,547 | $ (3,052.2) | $ 7,416.2 | $ (1,131) | $ 14,903.7 | $ 609.4 |
Beginning balance at Jun. 30, 2022 | 892.8 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income | (8.7) | ||||||||
Change in noncontrolling interests in consolidated entities, net | 106.3 | ||||||||
Ending balance at Sep. 30, 2022 | $ 990.4 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock dividend declared (usd per share) | $ 14.75 | $ 14.75 | $ 44.25 | $ 44.25 |
Common stock dividends declared per share (usd per share) | $ 0.1875 | $ 0.170 | $ 0.5450 | $ 0.495 |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Corporate Information Invesco Ltd. (Parent) and 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, 2021 (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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Accounting Pronouncements Recently Adopted None. Pending Accounting Pronouncements None. |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES The 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. September 30, 2022 December 31, 2021 $ in millions Fair Value Fair Value Cash and cash equivalents 1,023.6 1,896.4 Equity investments 273.9 337.9 Foreign time deposits (1) 21.7 30.4 Assets held for policyholders 754.3 1,893.6 Policyholder payables (1) (754.3) (1,893.6) Total return swaps related to deferred compensation plans (26.6) 1.6 ____________ (1) These financial instruments are not measured at fair value. 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. Policyholder payables are indexed to the value of the assets held for policyholders. The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, respectively: As of September 30, 2022 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds (1) 579.0 579.0 — — Investments (2) : Equity investments: Seed money 105.5 105.5 — — Investments related to deferred compensation plans 167.4 167.4 — — Other equity securities 1.0 1.0 — — Assets held for policyholders (3) 754.3 754.3 — — Total 1,607.2 1,607.2 — — Liabilities: Total return swaps related to deferred compensation plans (26.6) — (26.6) — Total (26.6) — (26.6) — As of December 31, 2021 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds (1) 1,270.0 1,270.0 — — Investments (2) : Equity investments: Seed money 109.4 109.4 — — Investments related to deferred compensation plans 226.6 226.6 — — Other equity securities 1.9 1.9 — — Assets held for policyholders (3) 1,893.6 1,893.6 — — Total return swaps related to deferred compensation plans 1.6 — 1.6 — Total 3,503.1 3,501.5 1.6 — Liabilities: Contingent consideration liability (1.3) — — (1.3) Total (1.3) — — (1.3) ____________ (1) The balance primarily represents cash held in affiliated money market funds. (2) Foreign time deposits of $21.7 million (December 31, 2021: $30.4 million) are excluded from this table. Equity method and other investments of $605.6 million and $5.5 million, respectively, are also excluded from this table (December 31, 2021: $550.1 million and $7.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards. (3) The majority of a ssets held for policyholders are held in affiliated funds. Total Return Swaps In addition to holding equity investments, the company has a total return swap (TRS) to hedge economically cer tain deferred compensation liabilities. The notional value of the TRS at September 30, 2022 was $304.9 million , and the fair value of the TRS was a liability of $26.6 million (December 31, 2021 notional value was $343.1 million and the fair value was an asset of $1.6 million). The company’s net collateral paid balance related to the TRS was $23.8 million at September 30, 2022 ( December 31, 2021: $20.5 million). During the three and nine months ended September 30, 2022, market valuation losses related to the TRS of $19.8 million and $91.9 million were recognized in Other gains/(losses), net (three and nine months ended September 30, 2021: $7.7 million net loss and $18.3 million net gains ). |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 December 31, 2021 Equity investments: Seed money 105.5 109.4 Investments related to deferred compensation plans 167.4 226.6 Other equity securities 1.0 1.9 Equity method investments 605.6 550.1 Foreign time deposits 21.7 30.4 Other 5.5 7.9 Total investments (1) 906.7 926.3 ____________ (1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees. Equity investments The unrealized gains and losses for the three and nine months ended September 30, 2022 that relate to equity investments still held at September 30, 2022, were a $14.4 million net loss and a $84.1 million net loss, respectively (three and nine months ended September 30, 2021: $21.8 million net loss and $22.7 million net gain ). |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 13, "Consolidated Investment Products". September 30, 2022 December 31, 2021 $ in millions Carrying Value (3) Fair Value Carrying Value (3) Fair Value $1.5 billion floating rate credit facility expiring April 26, 2026 — — — — Unsecured Senior Notes (1) : $600 million 3.125% - due November 30, 2022 (2) — — 599.4 613.8 $600 million 4.000% - due January 30, 2024 598.6 591.9 597.8 633.7 $500 million 3.750% - due January 15, 2026 497.8 480.4 497.3 541.2 $400 million 5.375% - due November 30, 2043 390.7 359.7 390.6 536.8 Debt 1,487.1 1,432.0 2,085.1 2,325.5 ____________ (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) On May 6, 2022, Invesco Finance PLC, an indirect subsidiary of Invesco Ltd., completed redemption of the $600 million Senior Notes due on November 30, 2022. (3) The difference between the principal amounts and the carrying values of the senior notes reflects the unamortized debt issuance costs and discounts. |
SHARE CAPITAL
SHARE CAPITAL | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL The preferred shares have a $0.20 par value, liquidation preference of $1,000 per share and fixed cash dividend rate of 5.90% per annum, payable quarterly on a non-cumulative basis. Shares of preferred stock are not redeemable prior to the 21 st anniversary of their original issue date of May 24, 2019 . The number of preferred shares issued and outstanding is represented in the table below: As of in millions September 30, 2022 December 31, 2021 Preferred shares issued (1) 4.0 4.0 Preferred shares outstanding (1) 4.0 4.0 __________ (1) Preferred shares are held by MassMutual and are subject to a lock-up period o f five years, which disallows the sale of preferred shares by MassMutual during the five-year period beginning on the original issue date of May 24, 2019. The number of common shares and common share equivalents issued are represented in the table below: As of in millions September 30, 2022 December 31, 2021 Common shares issued 566.1 566.1 Less: Treasury shares for which dividend and voting rights do not apply (111.3) (104.9) Common shares outstanding 454.8 461.2 |
OTHER COMPREHENSIVE INCOME_(LOS
OTHER COMPREHENSIVE INCOME/(LOSS) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME/(LOSS) | OTHER COMPREHENSIVE INCOME/(LOSS) The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended September 30, 2022 $ 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 (330.1) — — — (330.1) Other comprehensive income, net — 0.2 — — 0.2 Other comprehensive income/(loss), net of tax (330.1) 0.2 — — (329.9) Beginning balance (712.7) (89.1) — 0.7 (801.1) Other comprehensive income/(loss), net of tax (330.1) 0.2 — — (329.9) Ending balance (1,042.8) (88.9) — 0.7 (1,131.0) For the nine months ended September 30, 2022 $ 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 (690.2) — — — (690.2) Other comprehensive income/(loss), net — 0.7 — — 0.7 Other comprehensive income/(loss), net of tax (690.2) 0.7 — — (689.5) Beginning balance (352.6) (89.6) — 0.7 (441.5) Other comprehensive income/(loss), net of tax (690.2) 0.7 — — (689.5) Ending balance (1,042.8) (88.9) — 0.7 (1,131.0) For the three months ended September 30, 2021 $ 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 (108.7) — — — (108.7) Other comprehensive income, net — 1.2 — — 1.2 Other comprehensive income/(loss), net of tax (108.7) 1.2 — — (107.5) Beginning balance (243.6) (126.9) 0.1 0.6 (369.8) Other comprehensive income/(loss), net of tax (108.7) 1.2 — — (107.5) Ending balance (352.3) (125.7) 0.1 0.6 (477.3) For the nine months ended September 30, 2021 $ 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 (73.0) — — — (73.0) Other comprehensive income, net — 0.3 — (0.1) 0.2 Other comprehensive income/(loss), net of tax (73.0) 0.3 — (0.1) (72.8) Beginning balance (279.3) (126.0) 0.1 0.7 (404.5) Other comprehensive income/(loss), net of tax (73.0) 0.3 — (0.1) (72.8) Ending balance (352.3) (125.7) 0.1 0.6 (477.3) Net Investment Hedge The company designated certain intercompany debt as a non-derivative net investment hedging instrument against foreign currency exposure related to its net investment in foreign operations. At September 30, 2022 and December 31, 2021, £130 million ($147.6 million and $176.1 million, respectively) of intercompany debt was designated as a net investment hedge. For the three and nine months ended September 30, 2022, the company recognized foreign currency gains of $12.8 million and $28.5 million (three and nine months ended September 30, 2021: gains of $3.6 million and losses of $4.3 million) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in Other comprehensive income. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The geographic disaggregation of revenue for the three and nine months ended September 30, 2022 and 2021 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda. For the three months ended September 30, $ in millions 2022 2021 Americas 1,125.1 1,329.8 Asia Pacific 63.2 81.5 EMEA (1) 257.4 338.7 Total operating revenues 1,445.7 1,750.0 For the nine months ended September 30, $ in millions 2022 2021 Americas 3,553.2 3,842.8 Asia Pacific 218.7 260.8 EMEA (1) 833.6 1027.5 Total operating revenues 4,605.5 5,131.1 __________ (1) Includes UK revenue of $124.3 million and $157.7 million for the three month periods ended September 30, 2022 and 2021 and $404.7 million and $486.0 million for the nine month periods ended September 30, 2022 and 2021. Money Market Fee Waivers The company is currently providing voluntary yield support waivers of its revenues on certain money market funds to ensure that they maintain a minimum level of daily net investment income. During the three and nine months ended September 30, 2022, yield support waivers resulted in a reduction of total gross operating revenues of $1.4 million and $33.7 million (three and nine months ended September 30, 2021: $40.8 million and $111.2 million). A significant portion of our money market AUM arises from the institutional distribution channel, where relationships with our distribution partners allow us to share the waiver impact. Gross waivers are partially offset by a reduction of payments to these intermediaries, which are included in third-party distribution, service and advisory expenses. |
COMMON SHARE-BASED COMPENSATION
COMMON SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
COMMON SHARE-BASED COMPENSATION | COMMON SHARE-BASED COMPENSATION The company recognized total expenses of $83.1 million and $106.0 million related to equity-settled common share-based payment transactions in the nine months ended September 30, 2022 and 2021, respectively. Movements on common share awards during the periods ended September 30, are detailed below: For the nine months ended September 30, 2022 For the nine months ended September 30, 2021 millions of common shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 13.5 1.9 18.88 18.1 1.6 Granted during the period 3.6 1.0 21.23 3.4 0.6 Forfeited during the period (0.3) (0.1) 19.33 (0.4) — Vested and distributed during the period (6.2) (0.4) 20.20 (7.3) (0.3) Unvested at the end of the period 10.6 2.4 19.02 13.8 1.9 The total fair value of common shares that vested during the nine months ended September 30, 2022 w as $131.7 million (nine months ended September 30, 2021: $182.9 million). The weighted average grant date fair value of the common share awards that were granted during the nine months ended September 30, 2022 wa s $21.23 ( nine months ended September 30, 2021: $22.61). At September 30, 2022, there was $168.6 million of total unrecognized compensation cost related to non-vested common share awards; that cost is expected to be recognized over a weighted average per iod of 2.4 years. |
RETIREMENT BENEFIT PLANS
RETIREMENT BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS On June 28, 2022, the company entered into a pension buy-in agreement for the UK defined benefit pension plan with a third party insurer. The agreement does not relieve the company of the primary responsibility to fund the pension obligations. The company transferred plan assets of £88.8 million ($107.4 million) in exchange for an insurance asset, which was recorded at fair value. The transaction did not have a material impact on the company’s results of operations or financial condition for the nine months ended September 30, 2022. |
RESTRUCTURING
RESTRUCTURING | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING In 2020, the company initiated a strategic evaluation focusing on four key areas of our expense base: our organizational model, our real estate footprint, management of third-party spend and technology and operations efficiency. Restructuring expenses related to the strategic evaluation were $5.4 million and $32.4 million, respectively, for the three and nine months ended September 30, 2022 (three and nine months ended September 30, 2021: $17.9 million and $68.0 million, respectively). Restructuring expenses are recorded to transaction, integration and restructuring expenses on the Condensed Consolidated Statements of Income. The company will continue to incur restructuring expenses related to the strategic evaluation through the first quarter of 2023, primarily comprised of property, office and technology costs and general and administrative costs. These costs are not expected to be material. The following table shows a roll-forward of the restructuring liability as of September 30, 2022 and December 31, 2021 and the total restructuring charges for the periods then ended. The company recorded the liability to accrued compensation and benefits, and accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets. For the nine month period ended September 30, 2022 For the twelve month period ended December 31, 2021 Beginning balance 34.8 44.5 Accrued charges 7.2 78.0 Payments (38.4) (87.7) Ending balance 3.6 34.8 Non-cash charges (1) 72.6 47.4 Cumulative charges incurred 251.9 219.5 __________ (1) Non-cash charges include stock-based compensation, accelerated depreciation of certain assets and location strategy costs (including impairment). |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The calculation of earnings per common share is as follows: For the three months ended September 30, For the nine months ended September 30, In millions, except per common share data 2022 2021 2022 2021 Net income attributable to Invesco Ltd. 177.4 330.1 496.1 966.2 Invesco Ltd: Weighted average common shares outstanding - basic 457.0 463.3 457.7 462.6 Dilutive effect of non-participating common share-based awards 2.5 2.7 2.3 3.0 Weighted average common shares outstanding - diluted 459.5 466.0 460.0 465.6 Earnings per common share: -basic $0.39 $0.71 $1.08 $2.09 -diluted $0.39 $0.71 $1.08 $2.08 See Note 8, “Common Share-Based Compensation,” for a summary of common share awards outstanding under the company’s common share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted earnings per common share. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and contingencies may arise in the ordinary course of business. The company has committed to co-invest in certain investment products, which may be called in future periods. At September 30, 2022, the company’s undrawn co-invest capital commitments were $346.5 million (December 31, 2021: $488.8 million). Certain of our managed investment products have entered into revolving credit facilities with financial institutions. Pursuant to these arrangements, the company provided equity commitments and guarantees to certain of these investment products that are temporary in nature. The revolving credit facilities look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments under these arrangements. The maximum amount of future payments under the commitments is $270.1 million and under the guarantees is $30 million. The fair value of the guarantee liability is not significant to the consolidated financial statements. The company 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 pending or threatened 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 or claim 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 (or merely threatened); 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 assessing the impact that a legal or regulatory matter will have on the company, management evaluates the need for an accrual on a case-by-case basis. If the likelihood of a loss is deemed probable and is reasonably estimable, the estimated loss is accrued. If the likelihood of a loss is assessed as less than probable, or an amount or range of loss cannot be reasonably estimated, a loss is not accrued. In management’s opinion, adequate accrual has been made as of September 30, 2022 to provide for any such losses that may arise from matters for which the company could reasonably estimate an amount and are deemed probable. 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. 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) | 9 Months Ended |
Sep. 30, 2022 | |
Consolidated Investment Products [Abstract] | |
CONSOLIDATED INVESTMENT PRODUCTS (CIP) | CONSOLIDATED INVESTMENT PRODUCTS (CIP) The balances related to CIP are identified on the Consolidated Balance Sheets. At September 30, 2022, the company’s net interests in CIP were $443.6 million (December 31, 2021: $461.2 million). The consolidation of investment products had no impact on net income attributable to the company during the three and nine months ended September 30, 2022 and 2021. Non-consolidated VIEs At September 30, 2022, the company’s carrying value and maximum risk of loss with respect to variable interest entities (VIEs) in which the company holds a variable interest, but is not the primary beneficiary was $132.5 million (December 31, 2021: $134.1 million). Changes to consolidation of VIEs/VOEs During the nine months ended September 30, 2022, the company invested in and consolidated five new VIEs and one new voting rights entity (VOE) (September 30, 2021: the company invested in and consolidated nine new VIEs and three new VOEs). Additionally, during the nine months ended September 30, 2022, the company determined it was no longer the primary beneficiary of three VIEs and four VOEs (September 30, 2021: the company determined that it was no longer the primary beneficiary of five VIEs and four VOEs). The tables below illustrate the net impact of these consolidation changes to our condensed consolidated summary balance sheets. For the nine months ended September 30, 2022 For the nine months ended September 30, 2021 $ in millions VIEs VOEs VIEs VOEs Net increase (decrease) in assets of CIP 178.4 (22.2) 244.8 104.6 Net increase (decrease) in liabilities of CIP 3.3 — 67.1 1.0 The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of September 30, 2022 and December 31, 2021: As of September 30, 2022 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Investments Measured at NAV as a practical expedient Assets: Bank loans 6,251.4 — 6,029.8 221.6 — Bonds 750.0 40.5 709.5 — — Equity securities 271.9 132.0 40.3 99.6 — Equity and fixed income mutual funds 208.8 4.3 204.5 — — Investments in other private equity funds 452.7 — — 7.6 445.1 Real estate investments 562.3 — — — 562.3 Total assets at fair value 8,497.1 176.8 6,984.1 328.8 1,007.4 As of December 31, 2021 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Investments Measured at NAV as a practical expedient Assets: Bank loans 7,132.4 — 6,993.6 138.8 — Bonds 714.9 22.3 692.4 0.2 — Equity securities 219.1 103.9 29.7 85.5 — Equity and fixed income mutual funds 243.2 20.1 223.1 — — Investments in other private equity funds 454.9 — — 8.1 446.8 Real estate investments 278.0 — — — 278.0 Total assets at fair value 9,042.5 146.3 7,938.8 232.6 724.8 See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. |
RELATED PARTIES
RELATED PARTIES | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES MassMutual has an approximate 17.9% stake in the common stock of the company and owns all of the outstanding $4.0 billion in perpetual, non-cumulative preferred shares. Based on the level of shares owned by MassMutual and the corresponding customary minority shareholder rights, which includes representation on Invesco’s board of directors, the company considers MassMutual a related party. Additionally, certain managed funds are deemed to be affiliated entities under the related party definition in ASC 850, “Related Party Disclosures.” Related parties include those defined in the company’s proxy statement. Affiliated operating revenue, which includes investment management fees, service and distribution fees, performance fees and other revenue on the Condensed Consolidated Statements of Income is $1,321.3 million and $4,201.8 million for the three and nine months ended September 30, 2022 ($1,604.6 million and $4,696.7 million three and nine months ended September 30, 2021). Due from affiliates, which is included within accounts receivable and other assets on the Condensed Consolidated Balance Sheets is $716.5 million and $681.4 million at September 30, 2022 and December 31, 2021 respectively, primarily comprised of receivables from affiliated Invesco funds, accrued income and other receivable balances from affiliates. Due to affiliates, which is included within accounts payable and accrued compensation on the Condensed Consolidated Balance Sheets is $131.2 million and $146.5 million at September 30, 2022 and December 31, 2021 , respectively, primarily comprised of payables to unconsolidated affiliated Invesco funds and other payables to related parties, including current and former company executive employees and directors. Refer to Note 2, "Fair Value of Assets and Liabilities" and Note 3, "Investments" for more information on balances invested in Invesco affiliated funds. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On October 25, 2022, the company announced a third quarter 2022 dividend of $0.1875 per common share, payable on December 2, 2022, to common shareholders of record at the close of business on November 11, 2022 with an ex-dividend date of November 9, 2022 On October 25, 2022, the company declared a preferred dividend of $14.75 per share representing the period from September1, 2022 through November 30, 2022. The preferred dividend is payable on December 1, 2022 to preferred shareholders of record at the close of business on November 15, 2022. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | Accounting Pronouncements Recently Adopted None. Pending Accounting Pronouncements None. |
FAIR VALUE OF ASSETS AND LIAB_2
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value by Balance Sheet Grouping | The 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. September 30, 2022 December 31, 2021 $ in millions Fair Value Fair Value Cash and cash equivalents 1,023.6 1,896.4 Equity investments 273.9 337.9 Foreign time deposits (1) 21.7 30.4 Assets held for policyholders 754.3 1,893.6 Policyholder payables (1) (754.3) (1,893.6) Total return swaps related to deferred compensation plans (26.6) 1.6 ____________ (1) These financial instruments are not measured at fair value. 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. Policyholder payables are indexed to the value of the assets held for policyholders. |
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 September 30, 2022 and December 31, 2021, respectively: As of September 30, 2022 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds (1) 579.0 579.0 — — Investments (2) : Equity investments: Seed money 105.5 105.5 — — Investments related to deferred compensation plans 167.4 167.4 — — Other equity securities 1.0 1.0 — — Assets held for policyholders (3) 754.3 754.3 — — Total 1,607.2 1,607.2 — — Liabilities: Total return swaps related to deferred compensation plans (26.6) — (26.6) — Total (26.6) — (26.6) — As of December 31, 2021 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash equivalents: Money market funds (1) 1,270.0 1,270.0 — — Investments (2) : Equity investments: Seed money 109.4 109.4 — — Investments related to deferred compensation plans 226.6 226.6 — — Other equity securities 1.9 1.9 — — Assets held for policyholders (3) 1,893.6 1,893.6 — — Total return swaps related to deferred compensation plans 1.6 — 1.6 — Total 3,503.1 3,501.5 1.6 — Liabilities: Contingent consideration liability (1.3) — — (1.3) Total (1.3) — — (1.3) ____________ (1) The balance primarily represents cash held in affiliated money market funds. (2) Foreign time deposits of $21.7 million (December 31, 2021: $30.4 million) are excluded from this table. Equity method and other investments of $605.6 million and $5.5 million, respectively, are also excluded from this table (December 31, 2021: $550.1 million and $7.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards. (3) The majority of a ssets held for policyholders are held in affiliated funds. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Marketable Securities | The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 13, "Consolidated Investment Products". $ in millions September 30, 2022 December 31, 2021 Equity investments: Seed money 105.5 109.4 Investments related to deferred compensation plans 167.4 226.6 Other equity securities 1.0 1.9 Equity method investments 605.6 550.1 Foreign time deposits 21.7 30.4 Other 5.5 7.9 Total investments (1) 906.7 926.3 ____________ (1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 13, "Consolidated Investment Products". September 30, 2022 December 31, 2021 $ in millions Carrying Value (3) Fair Value Carrying Value (3) Fair Value $1.5 billion floating rate credit facility expiring April 26, 2026 — — — — Unsecured Senior Notes (1) : $600 million 3.125% - due November 30, 2022 (2) — — 599.4 613.8 $600 million 4.000% - due January 30, 2024 598.6 591.9 597.8 633.7 $500 million 3.750% - due January 15, 2026 497.8 480.4 497.3 541.2 $400 million 5.375% - due November 30, 2043 390.7 359.7 390.6 536.8 Debt 1,487.1 1,432.0 2,085.1 2,325.5 ____________ (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) On May 6, 2022, Invesco Finance PLC, an indirect subsidiary of Invesco Ltd., completed redemption of the $600 million Senior Notes due on November 30, 2022. (3) The difference between the principal amounts and the carrying values of the senior notes reflects the unamortized debt issuance costs and discounts. |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Movements in Shares Issued and Outstanding | The number of preferred shares issued and outstanding is represented in the table below: As of in millions September 30, 2022 December 31, 2021 Preferred shares issued (1) 4.0 4.0 Preferred shares outstanding (1) 4.0 4.0 __________ (1) Preferred shares are held by MassMutual and are subject to a lock-up period o f five years, which disallows the sale of preferred shares by MassMutual during the five-year period beginning on the original issue date of May 24, 2019. The number of common shares and common share equivalents issued are represented in the table below: As of in millions September 30, 2022 December 31, 2021 Common shares issued 566.1 566.1 Less: Treasury shares for which dividend and voting rights do not apply (111.3) (104.9) Common shares outstanding 454.8 461.2 |
OTHER COMPREHENSIVE INCOME_(L_2
OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended September 30, 2022 $ 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 (330.1) — — — (330.1) Other comprehensive income, net — 0.2 — — 0.2 Other comprehensive income/(loss), net of tax (330.1) 0.2 — — (329.9) Beginning balance (712.7) (89.1) — 0.7 (801.1) Other comprehensive income/(loss), net of tax (330.1) 0.2 — — (329.9) Ending balance (1,042.8) (88.9) — 0.7 (1,131.0) For the nine months ended September 30, 2022 $ 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 (690.2) — — — (690.2) Other comprehensive income/(loss), net — 0.7 — — 0.7 Other comprehensive income/(loss), net of tax (690.2) 0.7 — — (689.5) Beginning balance (352.6) (89.6) — 0.7 (441.5) Other comprehensive income/(loss), net of tax (690.2) 0.7 — — (689.5) Ending balance (1,042.8) (88.9) — 0.7 (1,131.0) For the three months ended September 30, 2021 $ 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 (108.7) — — — (108.7) Other comprehensive income, net — 1.2 — — 1.2 Other comprehensive income/(loss), net of tax (108.7) 1.2 — — (107.5) Beginning balance (243.6) (126.9) 0.1 0.6 (369.8) Other comprehensive income/(loss), net of tax (108.7) 1.2 — — (107.5) Ending balance (352.3) (125.7) 0.1 0.6 (477.3) For the nine months ended September 30, 2021 $ 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 (73.0) — — — (73.0) Other comprehensive income, net — 0.3 — (0.1) 0.2 Other comprehensive income/(loss), net of tax (73.0) 0.3 — (0.1) (72.8) Beginning balance (279.3) (126.0) 0.1 0.7 (404.5) Other comprehensive income/(loss), net of tax (73.0) 0.3 — (0.1) (72.8) Ending balance (352.3) (125.7) 0.1 0.6 (477.3) |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Geographic Disaggregation of Revenue | The geographic disaggregation of revenue for the three and nine months ended September 30, 2022 and 2021 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda. For the three months ended September 30, $ in millions 2022 2021 Americas 1,125.1 1,329.8 Asia Pacific 63.2 81.5 EMEA (1) 257.4 338.7 Total operating revenues 1,445.7 1,750.0 For the nine months ended September 30, $ in millions 2022 2021 Americas 3,553.2 3,842.8 Asia Pacific 218.7 260.8 EMEA (1) 833.6 1027.5 Total operating revenues 4,605.5 5,131.1 __________ (1) Includes UK revenue of $124.3 million and $157.7 million for the three month periods ended September 30, 2022 and 2021 and $404.7 million and $486.0 million for the nine month periods ended September 30, 2022 and 2021. |
COMMON SHARE-BASED COMPENSATI_2
COMMON SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Movements of Share Awards | Movements on common share awards during the periods ended September 30, are detailed below: For the nine months ended September 30, 2022 For the nine months ended September 30, 2021 millions of common shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 13.5 1.9 18.88 18.1 1.6 Granted during the period 3.6 1.0 21.23 3.4 0.6 Forfeited during the period (0.3) (0.1) 19.33 (0.4) — Vested and distributed during the period (6.2) (0.4) 20.20 (7.3) (0.3) Unvested at the end of the period 10.6 2.4 19.02 13.8 1.9 |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Rollforward of Restructuring Liability | The following table shows a roll-forward of the restructuring liability as of September 30, 2022 and December 31, 2021 and the total restructuring charges for the periods then ended. The company recorded the liability to accrued compensation and benefits, and accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets. For the nine month period ended September 30, 2022 For the twelve month period ended December 31, 2021 Beginning balance 34.8 44.5 Accrued charges 7.2 78.0 Payments (38.4) (87.7) Ending balance 3.6 34.8 Non-cash charges (1) 72.6 47.4 Cumulative charges incurred 251.9 219.5 __________ (1) Non-cash charges include stock-based compensation, accelerated depreciation of certain assets and location strategy costs (including impairment). |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | The calculation of earnings per common share is as follows: For the three months ended September 30, For the nine months ended September 30, In millions, except per common share data 2022 2021 2022 2021 Net income attributable to Invesco Ltd. 177.4 330.1 496.1 966.2 Invesco Ltd: Weighted average common shares outstanding - basic 457.0 463.3 457.7 462.6 Dilutive effect of non-participating common share-based awards 2.5 2.7 2.3 3.0 Weighted average common shares outstanding - diluted 459.5 466.0 460.0 465.6 Earnings per common share: -basic $0.39 $0.71 $1.08 $2.09 -diluted $0.39 $0.71 $1.08 $2.08 |
CONSOLIDATED INVESTMENT PRODU_2
CONSOLIDATED INVESTMENT PRODUCTS (CIP) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Consolidated Investment Products [Abstract] | |
Change to Consolidated Summary Balance Sheets | The tables below illustrate the net impact of these consolidation changes to our condensed consolidated summary balance sheets. For the nine months ended September 30, 2022 For the nine months ended September 30, 2021 $ in millions VIEs VOEs VIEs VOEs Net increase (decrease) in assets of CIP 178.4 (22.2) 244.8 104.6 Net increase (decrease) in liabilities of CIP 3.3 — 67.1 1.0 |
Fair Value Hierarchy Levels of Investments Held and Notes Issued by Consolidated Investment Products | The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of September 30, 2022 and December 31, 2021: As of September 30, 2022 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Investments Measured at NAV as a practical expedient Assets: Bank loans 6,251.4 — 6,029.8 221.6 — Bonds 750.0 40.5 709.5 — — Equity securities 271.9 132.0 40.3 99.6 — Equity and fixed income mutual funds 208.8 4.3 204.5 — — Investments in other private equity funds 452.7 — — 7.6 445.1 Real estate investments 562.3 — — — 562.3 Total assets at fair value 8,497.1 176.8 6,984.1 328.8 1,007.4 As of December 31, 2021 $ in millions Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Investments Measured at NAV as a practical expedient Assets: Bank loans 7,132.4 — 6,993.6 138.8 — Bonds 714.9 22.3 692.4 0.2 — Equity securities 219.1 103.9 29.7 85.5 — Equity and fixed income mutual funds 243.2 20.1 223.1 — — Investments in other private equity funds 454.9 — — 8.1 446.8 Real estate investments 278.0 — — — 278.0 Total assets at fair value 9,042.5 146.3 7,938.8 232.6 724.8 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,023.6 | $ 1,896.4 |
Foreign time deposits | 21.7 | 30.4 |
Assets held for policyholders | 754.3 | 1,893.6 |
Policyholder payables | (754.3) | (1,893.6) |
Total return swaps related to deferred compensation plans | 1.6 | |
Total Return Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total return swaps related to deferred compensation plans | (26.6) | |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,023.6 | 1,896.4 |
Equity investments | 273.9 | 337.9 |
Foreign time deposits | 21.7 | 30.4 |
Assets held for policyholders | 754.3 | 1,893.6 |
Policyholder payables | (754.3) | (1,893.6) |
Fair Value | Total Return Swap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total return swaps related to deferred compensation plans | $ (26.6) | |
Total return swaps related to deferred compensation plans | $ 1.6 |
FAIR VALUE OF ASSETS AND LIAB_4
FAIR VALUE OF ASSETS AND LIABILITIES - Tri-Level Hierarchy, Carrying Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders fair value measurements | $ 754.3 | $ 1,893.6 |
Assets held for policyholders | 1,893.6 | |
Total return swaps related to deferred compensation plans | 1.6 | |
Total | 1,607.2 | 3,503.1 |
Total | (26.6) | (1.3) |
Foreign time deposits | 21.7 | 30.4 |
Equity method investments | 605.6 | 550.1 |
Other investments | 5.5 | 7.9 |
Contingent Consideration Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (1.3) | |
Total Return Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total return swaps related to deferred compensation plans | (26.6) | |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 579 | 1,270 |
Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 105.5 | 109.4 |
Investments related to deferred compensation plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 167.4 | 226.6 |
Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 1 | 1.9 |
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 | 754.3 | 1,893.6 |
Total return swaps related to deferred compensation plans | 0 | |
Total | 1,607.2 | 3,501.5 |
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 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Total Return Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total return swaps related to deferred compensation plans | 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 | 579 | 1,270 |
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 | 105.5 | 109.4 |
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 | 167.4 | 226.6 |
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 | 1 | 1.9 |
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 return swaps related to deferred compensation plans | 1.6 | |
Total | 0 | 1.6 |
Total | (26.6) | 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 | |
Significant Other Observable Inputs (Level 2) | Total Return Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total return swaps related to deferred compensation plans | (26.6) | |
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 return swaps related to deferred compensation plans | 0 | |
Total | 0 | 0 |
Total | 0 | (1.3) |
Significant Unobservable Inputs (Level 3) | Contingent Consideration Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (1.3) | |
Significant Unobservable Inputs (Level 3) | Total Return Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total return swaps related to deferred compensation plans | 0 | |
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) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset | $ 1.6 | ||||
Total Return Swap | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liability | $ 26.6 | $ 26.6 | |||
Total Return Swap | Designated as Hedging Instrument | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative notional amount | 304.9 | 304.9 | 343.1 | ||
Derivative liability | 26.6 | 26.6 | |||
Derivative Asset | 1.6 | ||||
Net collateral paid balance | 23.8 | 23.8 | $ 20.5 | ||
Market valuation gain (loss) recognized | $ (19.8) | $ (7.7) | $ (91.9) | $ 18.3 |
INVESTMENTS - Details of Compan
INVESTMENTS - Details of Company Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investment Holdings [Line Items] | ||
Equity method investments | $ 605.6 | $ 550.1 |
Foreign time deposits | 21.7 | 30.4 |
Other | 5.5 | 7.9 |
Total investments | 906.7 | 926.3 |
Seed money | ||
Investment Holdings [Line Items] | ||
Equity investments | 105.5 | 109.4 |
Investments related to deferred compensation plans | ||
Investment Holdings [Line Items] | ||
Equity investments | 167.4 | 226.6 |
Other equity securities | ||
Investment Holdings [Line Items] | ||
Equity investments | $ 1 | $ 1.9 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Short-term Investments | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net gains (loss) | $ (14.4) | $ (21.8) | $ (84.1) | $ 22.7 |
DEBT - Schedule of Long-Term De
DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) | May 06, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 600,000,000 | ||
Debt instrument, interest rate, stated percentage | 3.125% | ||
Debt redeemed | $ 600,000,000 | ||
Unsecured Senior Notes | $600 million 4.000% - due January 30, 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 600,000,000 | ||
Debt instrument, interest rate, stated percentage | 4% | ||
Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 500,000,000 | ||
Debt instrument, interest rate, stated percentage | 3.75% | ||
Unsecured Senior Notes | $400 million 5.375% - due November 30, 2043 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400,000,000 | ||
Debt instrument, interest rate, stated percentage | 5.375% | ||
Carrying Value | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,487,100,000 | $ 2,085,100,000 | |
Carrying Value | Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 599,400,000 | |
Carrying Value | Unsecured Senior Notes | $600 million 4.000% - due January 30, 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 598,600,000 | 597,800,000 | |
Carrying Value | Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 497,800,000 | 497,300,000 | |
Carrying Value | Unsecured Senior Notes | $400 million 5.375% - due November 30, 2043 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 390,700,000 | 390,600,000 | |
Carrying Value | Floating rate credit facility | |||
Debt Instrument [Line Items] | |||
Credit facility capacity | 1,500,000,000 | ||
Line of credit facility, amount outstanding | 0 | 0 | |
Fair Value | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,432,000,000 | 2,325,500,000 | |
Fair Value | Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 613,800,000 | |
Fair Value | Unsecured Senior Notes | $600 million 4.000% - due January 30, 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 591,900,000 | 633,700,000 | |
Fair Value | Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 480,400,000 | 541,200,000 | |
Fair Value | Unsecured Senior Notes | $400 million 5.375% - due November 30, 2043 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 359,700,000 | 536,800,000 | |
Fair Value | Floating rate credit facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | $ 0 | $ 0 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Preferred stock par value (usd per share) | $ 0.20 | $ 0.20 |
Liquidation preference per share (usd per share) | 1,000 | $ 1,000 |
OppenheimerFunds | ||
Class of Stock [Line Items] | ||
Preferred stock par value (usd per share) | 0.20 | |
Liquidation preference per share (usd per share) | $ 1,000 | |
Preferred shares dividend rate (percent) | 5.90% |
SHARE CAPITAL - Movements In Sh
SHARE CAPITAL - Movements In Shares Issued and Outstanding (Details) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Preferred shares issued | 4 | 4 |
Preferred shares outstanding | 4 | 4 |
Preferred shares lock-up period | 5 years | |
Common shares issued | 566.1 | 566.1 |
Less: Treasury shares for which dividend and voting rights do not apply | (111.3) | (104.9) |
Common shares outstanding | 454.8 | 461.2 |
OTHER COMPREHENSIVE INCOME_(L_3
OTHER COMPREHENSIVE INCOME/(LOSS) - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Currency translation differences on investments in foreign subsidiaries | $ (330.1) | $ (108.7) | $ (690.2) | $ (73) |
Other comprehensive income, net | 0.2 | 1.2 | 0.7 | 0.2 |
Other comprehensive income/(loss), net of tax | (329.9) | (107.5) | (689.5) | (72.8) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 15,794.8 | 15,426.6 | 16,168 | 14,808.9 |
Other comprehensive income/(loss), net of tax | (329.9) | (107.5) | (689.5) | (72.8) |
Ending balance | 15,513.1 | 15,732 | 15,513.1 | 15,732 |
Foreign currency translation | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Currency translation differences on investments in foreign subsidiaries | (330.1) | (108.7) | (690.2) | (73) |
Other comprehensive income, net | 0 | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | (330.1) | (108.7) | (690.2) | (73) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (712.7) | (243.6) | (352.6) | (279.3) |
Other comprehensive income/(loss), net of tax | (330.1) | (108.7) | (690.2) | (73) |
Ending balance | (1,042.8) | (352.3) | (1,042.8) | (352.3) |
Employee benefit plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | 0 | 0 |
Other comprehensive income, net | 0.2 | 1.2 | 0.7 | 0.3 |
Other comprehensive income/(loss), net of tax | 0.2 | 1.2 | 0.7 | 0.3 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (89.1) | (126.9) | (89.6) | (126) |
Other comprehensive income/(loss), net of tax | 0.2 | 1.2 | 0.7 | 0.3 |
Ending balance | (88.9) | (125.7) | (88.9) | (125.7) |
Equity method investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | 0 | 0 |
Other comprehensive income, net | 0 | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | 0 | 0 | 0 | 0 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 0.1 | 0 | 0.1 |
Other comprehensive income/(loss), net of tax | 0 | 0 | 0 | 0 |
Ending balance | 0 | 0.1 | 0 | 0.1 |
Available-for-sale investments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Currency translation differences on investments in foreign subsidiaries | 0 | 0 | 0 | 0 |
Other comprehensive income, net | 0 | 0 | 0 | (0.1) |
Other comprehensive income/(loss), net of tax | 0 | 0 | 0 | (0.1) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0.7 | 0.6 | 0.7 | 0.7 |
Other comprehensive income/(loss), net of tax | 0 | 0 | 0 | (0.1) |
Ending balance | 0.7 | 0.6 | 0.7 | 0.6 |
Total | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income/(loss), net of tax | (329.9) | (107.5) | (689.5) | (72.8) |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (801.1) | (369.8) | (441.5) | (404.5) |
Other comprehensive income/(loss), net of tax | (329.9) | (107.5) | (689.5) | (72.8) |
Ending balance | $ (1,131) | $ (477.3) | $ (1,131) | $ (477.3) |
OTHER COMPREHENSIVE INCOME_(L_4
OTHER COMPREHENSIVE INCOME/(LOSS) - Narrative (Details) £ in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 GBP (£) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Foreign currency transaction and translation gain (loss) | $ 12.8 | $ 3.6 | $ (4.3) | $ 28.5 | ||||
Designated as Hedging Instrument | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Intercompany debt | £ 130 | $ 147.6 | £ 130 | $ 176.1 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | $ 1,445.7 | $ 1,750 | $ 4,605.5 | $ 5,131.1 |
Bermuda | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | 0 | 0 | ||
Americas | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | 1,125.1 | 1,329.8 | 3,553.2 | 3,842.8 |
Asia Pacific | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | 63.2 | 81.5 | 218.7 | 260.8 |
EMEA | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | 257.4 | 338.7 | 833.6 | 1,027.5 |
UK | ||||
Revenue, Major Customer [Line Items] | ||||
Total operating revenues | $ 124.3 | $ 157.7 | $ 404.7 | $ 486 |
REVENUE - Market Fee Waivers (D
REVENUE - Market Fee Waivers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue, Major Customer [Line Items] | ||||
Reduction in investment management and service and distribution fees, gross | $ (1,445.7) | $ (1,750) | $ (4,605.5) | $ (5,131.1) |
Investment management and Services and distribution fees | ||||
Revenue, Major Customer [Line Items] | ||||
Reduction in investment management and service and distribution fees, gross | $ 1.4 | $ 40.8 | $ 33.7 | $ 111.2 |
COMMON SHARE-BASED COMPENSATI_3
COMMON SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Common share-based compensation expense | $ 83.1 | $ 106 |
Fair value of vested shares | $ 131.7 | $ 182.9 |
Weighted average fair value of shares granted (usd per share) | $ 21.23 | $ 22.61 |
Unrecognized compensation cost related to non-vested shares | $ 168.6 | |
Weighted average non-vested shares compensation cost expected to recognize | 2 years 4 months 24 days |
COMMON SHARE-BASED COMPENSATI_4
COMMON SHARE-BASED COMPENSATION - Movements on Share Awards (Details) - $ / shares shares in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Weighted Average Grant Date Fair Value ($) | ||
Unvested at the beginning of period (usd per share) | $ 18.88 | |
Granted during the period (usd per share) | 21.23 | $ 22.61 |
Forfeited during the period (usd per share) | 19.33 | |
Vested and distributed during the period (usd per share) | 20.20 | |
Unvested at the end of the period (usd per share) | $ 19.02 | |
Time- Vested | ||
Number of Shares | ||
Unvested at the beginning of period (shares) | 13.5 | 18.1 |
Granted during the period (shares) | 3.6 | 3.4 |
Forfeited during the period (shares) | (0.3) | (0.4) |
Vested and distributed during the period (shares) | (6.2) | (7.3) |
Unvested at the end of the period (shares) | 10.6 | 13.8 |
Performance- Vested | ||
Number of Shares | ||
Unvested at the beginning of period (shares) | 1.9 | 1.6 |
Granted during the period (shares) | 1 | 0.6 |
Forfeited during the period (shares) | (0.1) | 0 |
Vested and distributed during the period (shares) | (0.4) | (0.3) |
Unvested at the end of the period (shares) | 2.4 | 1.9 |
RETIREMENT BENEFIT PLANS (Detai
RETIREMENT BENEFIT PLANS (Details) - Jun. 28, 2022 £ in Millions, $ in Millions | GBP (£) | USD ($) |
Retirement Benefits [Abstract] | ||
Plan asset transfers | £ 88.8 | $ 107.4 |
RESTRUCTURING - Narrative (Deta
RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring expense | $ 5.4 | $ 17.9 | $ 32.4 | $ 68 |
RESTRUCTURING - Rollforward of
RESTRUCTURING - Rollforward of Restructuring Liability (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||
Balance as of beginning of period | $ 34.8 | $ 44.5 |
Accrued charges | 78 | |
Payments | (87.7) | |
Balance as of end of period | 34.8 | |
Non-cash charges | 47.4 | |
Cumulative charges incurred | 219.5 | |
44834 | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of beginning of period | 34.8 | |
Accrued charges | 7.2 | |
Payments | (38.4) | |
Balance as of end of period | 3.6 | $ 34.8 |
Non-cash charges | 72.6 | |
Cumulative charges incurred | $ 251.9 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Invesco Ltd. | $ 177.4 | $ 330.1 | $ 496.1 | $ 966.2 |
Weighted average common shares outstanding - basic (shares) | 457 | 463.3 | 457.7 | 462.6 |
Dilutive effect of non-participating common share-based awards (shares) | 2.5 | 2.7 | 2.3 | 3 |
Weighted average common shares outstanding - diluted (shares) | 459.5 | 466 | 460 | 465.6 |
Earnings per common share: | ||||
- basic (usd per share) | $ 0.39 | $ 0.71 | $ 1.08 | $ 2.09 |
- diluted (usd per share) | $ 0.39 | $ 0.71 | $ 1.08 | $ 2.08 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Undrawn capital commitments | $ 346.5 | $ 488.8 |
Maximum | ||
Loss Contingencies [Line Items] | ||
Commitments | 270.1 | |
Equity Commitment | ||
Loss Contingencies [Line Items] | ||
Maximum guarantee | $ 30 |
CONSOLIDATED INVESTMENT PRODU_3
CONSOLIDATED INVESTMENT PRODUCTS (CIP) - Narrative (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 USD ($) entity | Sep. 30, 2021 entity | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | |||
Net interests in CIP | $ | $ 443.6 | $ 461.2 | |
Number of entities no longer consolidated | 3 | ||
Number of deconsolidated VOEs | 4 | 4 | |
Number of deconsolidated VIEs | 5 | ||
De-consolidated | |||
Variable Interest Entity [Line Items] | |||
Carrying value and maximum risk of loss with respect to VIEs in which the Company is not primary beneficiary | $ | $ 132.5 | $ 134.1 | |
VIEs | |||
Variable Interest Entity [Line Items] | |||
Number of consolidated VIEs | 5 | 9 | |
Number of consolidated VOEs | 1 | 3 |
CONSOLIDATED INVESTMENT PRODU_4
CONSOLIDATED INVESTMENT PRODUCTS (CIP) - VIE Change in Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
VIEs | ||
Variable Interest Entity [Line Items] | ||
Net increase (decrease) in assets of CIP | $ 178.4 | $ 244.8 |
Net increase (decrease) in liabilities of CIP | 3.3 | 67.1 |
Consolidated VOEs | ||
Variable Interest Entity [Line Items] | ||
Net increase (decrease) in assets of CIP | (22.2) | 104.6 |
Net increase (decrease) in liabilities of CIP | $ 0 | $ 1 |
CONSOLIDATED INVESTMENT PRODU_5
CONSOLIDATED INVESTMENT PRODUCTS (CIP) - Fair Value Hierarchy Levels of Investments Held and Notes Issued by Consolidated Investment Products (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | $ 8,497.1 | $ 9,042.5 |
VIEs | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Real estate investments | 562.3 | 278 |
Total assets at fair value | 8,497.1 | 9,042.5 |
VIEs | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Real estate investments | 0 | 0 |
Total assets at fair value | 176.8 | 146.3 |
VIEs | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Real estate investments | 0 | 0 |
Total assets at fair value | 6,984.1 | 7,938.8 |
VIEs | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Real estate investments | 0 | 0 |
Total assets at fair value | 328.8 | 232.6 |
VIEs | Investments Measured at NAV as a practical expedient | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Real estate investments | 562.3 | 278 |
Total assets at fair value | 1,007.4 | 724.8 |
VIEs | Bank loans | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 6,251.4 | 7,132.4 |
VIEs | Bank loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0 |
VIEs | Bank loans | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 6,029.8 | 6,993.6 |
VIEs | Bank loans | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 221.6 | 138.8 |
VIEs | Bank loans | Investments Measured at NAV as a practical expedient | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0 |
VIEs | Bonds | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 750 | 714.9 |
VIEs | Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 40.5 | 22.3 |
VIEs | Bonds | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 709.5 | 692.4 |
VIEs | Bonds | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0.2 |
VIEs | Bonds | Investments Measured at NAV as a practical expedient | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0 |
VIEs | Equity securities, Equity and fixed income mutual funds | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 271.9 | 219.1 |
Equity and fixed income mutual funds, and investments in other private equity funds | 208.8 | 243.2 |
VIEs | Equity securities, Equity and fixed income mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 132 | 103.9 |
Equity and fixed income mutual funds, and investments in other private equity funds | 4.3 | 20.1 |
VIEs | Equity securities, Equity and fixed income mutual funds | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 40.3 | 29.7 |
Equity and fixed income mutual funds, and investments in other private equity funds | 204.5 | 223.1 |
VIEs | Equity securities, Equity and fixed income mutual funds | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 99.6 | 85.5 |
Equity and fixed income mutual funds, and investments in other private equity funds | 0 | 0 |
VIEs | Equity securities, Equity and fixed income mutual funds | Investments Measured at NAV as a practical expedient | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0 |
Equity and fixed income mutual funds, and investments in other private equity funds | 0 | 0 |
VIEs | Investments in other private equity funds | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Equity and fixed income mutual funds, and investments in other private equity funds | 452.7 | 454.9 |
VIEs | Investments in other private equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Equity and fixed income mutual funds, and investments in other private equity funds | 0 | 0 |
VIEs | Investments in other private equity funds | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Equity and fixed income mutual funds, and investments in other private equity funds | 0 | 0 |
VIEs | Investments in other private equity funds | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Equity and fixed income mutual funds, and investments in other private equity funds | 7.6 | 8.1 |
VIEs | Investments in other private equity funds | Investments Measured at NAV as a practical expedient | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Equity and fixed income mutual funds, and investments in other private equity funds | $ 445.1 | $ 446.8 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transactions [Line Items] | |||||
Due from affiliates | $ 716.5 | $ 716.5 | $ 681.4 | ||
Due to affiliates | 131.2 | 131.2 | $ 146.5 | ||
Affiliated Entity | |||||
Related Party Transactions [Line Items] | |||||
Operating revenues | $ 1,321.3 | $ 1,604.6 | 4,201.8 | $ 4,696.7 | |
Preferred Shares | OppenheimerFunds | |||||
Related Party Transactions [Line Items] | |||||
Stock consideration | $ 4,000 | ||||
MassMutual | Preferred Shares | OppenheimerFunds | |||||
Related Party Transactions [Line Items] | |||||
Approximate stake help in common stock of combined firm (percent) | 17.90% | 17.90% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Oct. 25, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | |||||
Common stock dividends declared per share (usd per share) | $ 0.1875 | $ 0.170 | $ 0.5450 | $ 0.495 | |
Preferred stock dividend declared (usd per share) | $ 14.75 | $ 14.75 | $ 44.25 | $ 44.25 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock dividends declared per share (usd per share) | $ 0.1875 | ||||
Preferred stock dividend declared (usd per share) | $ 14.75 |