Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
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 | SuiteĀ 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, $.20 par value |
Trading Symbol | IVZ |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 461,391,784 |
Entity Central Index Key | 0000914208 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 1,333 | $ 1,408.4 |
Unsettled fund receivables | 287.6 | 109.4 |
Accounts receivable | 736 | 741.1 |
Investments | 965.2 | 826.8 |
Cash and cash equivalents of CIP | 404.1 | 301.7 |
Accounts receivable and other assets of CIP | 488.3 | 175.5 |
Investments of CIP | 8,304.8 | 7,910 |
Assets held for policyholders | 3,415.2 | 7,582.1 |
Prepaid assets | 139.6 | 149.2 |
Other assets | 420.8 | 514.2 |
Property, equipment and software, net | 524.8 | 563.8 |
Intangible assets, net | 7,267.3 | 7,305.6 |
Goodwill | 8,961.7 | 8,916.3 |
Total assets | 33,248.4 | 36,504.1 |
LIABILITIES | ||
Accrued compensation and benefits | 742.4 | 973.7 |
Accounts payable and accrued expenses | 1,485 | 1,920.4 |
Debt of CIP | 6,750.7 | 6,714.1 |
Other liabilities of CIP | 1,118.6 | 588.6 |
Policyholder payables | 3,415.2 | 7,582.1 |
Unsettled fund payables | 286.9 | 98.4 |
Long-term debt | 2,083.8 | 2,082.6 |
Deferred tax liabilities, net | 1,575.3 | 1,523.5 |
Total liabilities | 17,457.9 | 21,483.4 |
Commitments and contingencies (See Note 11) | ||
TEMPORARY EQUITY | ||
Redeemable noncontrolling interests in consolidated entities | 363.9 | 211.8 |
Equity attributable to Invesco Ltd.: | ||
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of June 30, 2021 and December 31, 2020) | 4,010.5 | 4,010.5 |
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of June 30, 2021 and December 31, 2020) | 113.2 | 113.2 |
Additional paid-in-capital | 7,664.3 | 7,811.4 |
Treasury shares | (3,080.3) | (3,253.8) |
Retained earnings | 6,570.1 | 6,085 |
Accumulated other comprehensive income/(loss), net of tax | (369.8) | (404.5) |
Total equity attributable to Invesco Ltd. | 14,908 | 14,361.8 |
Equity attributable to nonredeemable noncontrolling interests in consolidated entities | 518.6 | 447.1 |
Total permanent equity | 15,426.6 | 14,808.9 |
Total liabilities, temporary and permanent equity | $ 33,248.4 | $ 36,504.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in usd per share) | $ 0.20 | $ 0.20 |
Liquidation preference per share (in 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating revenues: | ||||
Total operating revenues | $ 1,721.4 | $ 1,419 | $ 3,381.1 | $ 3,017.9 |
Operating expenses: | ||||
Third-party distribution, service and advisory | 539.6 | 444 | 1,062.4 | 959.1 |
Employee compensation | 487 | 454.6 | 976.2 | 876.5 |
Marketing | 24.5 | 14.4 | 40.3 | 47.1 |
Property, office and technology | 127.2 | 128.3 | 256.5 | 258.7 |
General and administrative | 103.3 | 188.9 | 199.9 | 295.2 |
Transaction, integration and restructuring | (47.1) | 56.5 | (1.3) | 116.1 |
Amortization of intangibles | 16 | 15.2 | 31.9 | 31.1 |
Total operating expenses | 1,250.5 | 1,301.9 | 2,565.9 | 2,583.8 |
Operating income | 470.9 | 117.1 | 815.2 | 434.1 |
Other income/(expense): | ||||
Equity in earnings of unconsolidated affiliates | 37.2 | 11.2 | 64.7 | 28.1 |
Interest and dividend income | 0.4 | 2.4 | 1.7 | 8.8 |
Interest expense | (24.6) | (34.8) | (48.4) | (71.1) |
Other gains and losses, net | 43.4 | 60 | 77.5 | (46.5) |
Other income/(expense) of CIP, net | 122 | (50.5) | 216.7 | (70.6) |
Income before income taxes | 649.3 | 105.4 | 1,127.4 | 282.8 |
Income tax provision | (154.2) | (43.4) | (260.7) | (100.8) |
Net income | 495.1 | 62 | 866.7 | 182 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 |
Dividends declared on preferred shares | (59.2) | (59.2) | (118.4) | (118.4) |
Net income attributable to Invesco Ltd. | $ 368.3 | $ 40.5 | $ 636.1 | $ 122 |
Earnings per common share: | ||||
- basic (usd per share) | $ 0.80 | $ 0.09 | $ 1.38 | $ 0.27 |
- diluted (usd per share) | $ 0.79 | $ 0.09 | $ 1.37 | $ 0.26 |
Investment management fees | ||||
Operating revenues: | ||||
Total operating revenues | $ 1,247.4 | $ 1,037.1 | $ 2,454 | $ 2,205.4 |
Service and distribution fees | ||||
Operating revenues: | ||||
Total operating revenues | 401 | 332.7 | 782.1 | 698.5 |
Performance fees | ||||
Operating revenues: | ||||
Total operating revenues | 10.5 | 3.5 | 17.2 | 8.3 |
Other | ||||
Operating revenues: | ||||
Total operating revenues | $ 62.5 | $ 45.7 | $ 127.8 | $ 105.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 495.1 | $ 62 | $ 866.7 | $ 182 |
Other comprehensive income/(loss), net of tax: | ||||
Currency translation differences on investments in foreign subsidiaries | 34.9 | 86.2 | 35.7 | (228.8) |
Other comprehensive income/(loss), net | 3 | 3.3 | (1) | 0.1 |
Other comprehensive income/(loss) | 37.9 | 89.5 | 34.7 | (228.7) |
Total comprehensive income/(loss) | 533 | 151.5 | 901.4 | (46.7) |
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 |
Dividends on preferred shares | (59.2) | (59.2) | (118.4) | (118.4) |
Comprehensive income/(loss) attributable to Invesco Ltd. | $ 406.2 | $ 130 | $ 670.8 | $ (106.7) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net income | $ 866.7 | $ 182 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Amortization and depreciation | 103.9 | 98.7 |
Common share-based compensation expense | 72.8 | 95.2 |
Other (gains)/losses, net | (77.5) | 46.5 |
Other (gains)/losses of CIP, net | (160.8) | 126.1 |
Equity in earnings of unconsolidated affiliates | (64.7) | (28.1) |
Distributions from equity method investees | 43 | 29.3 |
Changes in operating assets and liabilities: | ||
(Purchase)/sale of investments by CIP, net | (135.4) | (24.4) |
(Purchase)/sale of investments, net | (20.5) | 174.5 |
(Increase)/decrease in receivables | 4,090.1 | 2,391.5 |
Increase/(decrease) in payables | (4,236.8) | (2,830.4) |
Net cash provided by/(used in) operating activities | 480.8 | 260.9 |
Investing activities: | ||
Purchase of property, equipment and software | (47.2) | (47) |
Disposal of property, equipment and software | 0 | (0.2) |
Purchase of investments by CIP | (3,224.5) | (2,742.7) |
Sale of investments by CIP | 3,076.1 | 2,041.4 |
Purchase of investments | (100.6) | (73) |
Sale of investments | 76.8 | 93.5 |
Capital distributions from equity method investees | 4.4 | 13.7 |
Collateral received/(posted), net | 0 | (28.7) |
Net cash provided by/(used in) investing activities | (215) | (743) |
Financing activities: | ||
Purchases of treasury shares | (47.6) | (34.9) |
Dividends paid - preferred | (118.4) | (118.4) |
Dividends paid - common | (150.1) | (214.5) |
Third-party capital invested into CIP | 247.3 | 82.5 |
Third-party capital distributed by CIP | (117.1) | (153.4) |
Borrowings of debt by CIP | 2,138.6 | 1,075.1 |
Repayments of debt by CIP | (1,872.3) | (686.1) |
Settlement of forward contracts on treasury shares | (309.4) | (190.6) |
Collateral received/(returned), net | (104.1) | 0 |
Net borrowings/(repayments) under credit facility | 0 | 325.6 |
Payment of contingent consideration | (11.8) | (14) |
Net cash provided by/(used in) financing activities | (344.9) | 71.3 |
Increase/(decrease) in cash and cash equivalents | (79.1) | (410.8) |
Foreign exchange movement on cash and cash equivalents | (9.7) | (28.3) |
Foreign exchange movement on cash and cash equivalents of CIP | (4.7) | (0.1) |
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP | (8.7) | 9.2 |
Cash, cash equivalents and restricted cash, beginning of period | 1,839.3 | 1,701.2 |
Cash and cash equivalents, end of period | 1,737.1 | 1,271.2 |
Cash and cash equivalents | 1,333 | 987.1 |
Cash and cash equivalents of CIP | 404.1 | 284.1 |
Total cash and cash equivalents per consolidated statement of cash flows | $ 1,737.1 | $ 1,271.2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | Dec. 31, 2020USD ($) |
Statement of Cash Flows [Abstract] | |
Restricted cash | $ 129.2 |
Condensed Consolidated Statem_5
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 | Redeemable Noncontrolling Interests in Consolidated Entities Temporary Equity |
Beginning balance at Dec. 31, 2019 | $ 14,318.3 | $ 4,010.5 | $ 113.2 | $ 7,860.8 | $ (3,452.5) | $ 5,917.8 | $ (587.3) | $ 13,862.5 | $ 455.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 204.4 | 240.4 | 240.4 | (36) | ||||||
Other comprehensive income/(loss) | (228.7) | (228.7) | (228.7) | |||||||
Change in noncontrolling interests in consolidated entities, net | (54.1) | (54.1) | ||||||||
Dividends declared - preferred | (118.4) | (118.4) | (118.4) | |||||||
Dividends declared - common | (214.8) | (214.8) | (214.8) | |||||||
Common share-based compensation | 95.2 | 95.2 | 95.2 | |||||||
Vested common shares | (167) | 167 | ||||||||
Other common share awards | 0.7 | (0.6) | 1.3 | 0.7 | ||||||
Purchase of common shares | (34.9) | (34.9) | (34.9) | |||||||
Ending balance at Jun. 30, 2020 | 13,967.7 | 4,010.5 | 113.2 | 7,788.4 | (3,319.1) | 5,825 | (816) | 13,602 | 365.7 | |
Beginning balance at Dec. 31, 2019 | $ 383.5 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | (22.4) | |||||||||
Change in noncontrolling interests in consolidated entities, net | (158.3) | |||||||||
Ending balance at Jun. 30, 2020 | 202.8 | |||||||||
Beginning balance at Mar. 31, 2020 | 13,942.4 | 4,010.5 | 113.2 | 7,747.7 | (3,323.2) | 5,856.6 | (905.5) | 13,499.3 | 443.1 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 39.3 | 99.7 | 99.7 | (60.4) | ||||||
Other comprehensive income/(loss) | 89.5 | 89.5 | 89.5 | |||||||
Change in noncontrolling interests in consolidated entities, net | (17) | (17) | ||||||||
Dividends declared - preferred | (59.2) | (59.2) | (59.2) | |||||||
Dividends declared - common | (72.1) | (72.1) | (72.1) | |||||||
Common share-based compensation | 47.8 | 47.8 | 47.8 | |||||||
Vested common shares | (6.6) | 6.6 | ||||||||
Other common share awards | 0.4 | (0.5) | 0.9 | 0.4 | ||||||
Purchase of common shares | (3.4) | (3.4) | (3.4) | |||||||
Ending balance at Jun. 30, 2020 | 13,967.7 | 4,010.5 | 113.2 | 7,788.4 | (3,319.1) | 5,825 | (816) | 13,602 | 365.7 | |
Beginning balance at Mar. 31, 2020 | 176.5 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | 22.7 | |||||||||
Change in noncontrolling interests in consolidated entities, net | 3.6 | |||||||||
Ending balance at Jun. 30, 2020 | 202.8 | |||||||||
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 | 849.1 | 754.5 | 754.5 | 94.6 | ||||||
Other comprehensive income/(loss) | 34.7 | 34.7 | 34.7 | |||||||
Change in noncontrolling interests in consolidated entities, net | (23.1) | (23.1) | ||||||||
Dividends declared - preferred | (118.4) | (118.4) | (118.4) | |||||||
Dividends declared - common | (151) | (151) | (151) | |||||||
Common share-based compensation | 72.8 | 72.8 | 72.8 | |||||||
Vested common shares | (219.9) | 219.9 | ||||||||
Other common share awards | 1.2 | 0 | 1.2 | 1.2 | ||||||
Purchase of common shares | (47.6) | (47.6) | (47.6) | |||||||
Ending 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 | |
Beginning balance at Dec. 31, 2020 | 211.8 | 211.8 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | 17.6 | |||||||||
Change in noncontrolling interests in consolidated entities, net | 134.5 | |||||||||
Ending balance at Jun. 30, 2021 | 363.9 | 363.9 | ||||||||
Beginning balance at Mar. 31, 2021 | 15,029.5 | 4,010.5 | 113.2 | 7,639.6 | (3,087.7) | 6,279.9 | (407.7) | 14,547.8 | 481.7 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 479.3 | 427.5 | 427.5 | 51.8 | ||||||
Other comprehensive income/(loss) | 37.9 | 37.9 | 37.9 | |||||||
Change in noncontrolling interests in consolidated entities, net | (14.9) | (14.9) | ||||||||
Dividends declared - preferred | (59.2) | (59.2) | (59.2) | |||||||
Dividends declared - common | (78.1) | (78.1) | (78.1) | |||||||
Common share-based compensation | 34.2 | 34.2 | 34.2 | |||||||
Vested common shares | (9.5) | 9.5 | ||||||||
Other common share awards | 0.8 | 0 | 0.8 | 0.8 | ||||||
Purchase of common shares | (2.9) | (2.9) | (2.9) | |||||||
Ending 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 | |
Beginning balance at Mar. 31, 2021 | 338.3 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||
Net income | 15.8 | |||||||||
Change in noncontrolling interests in consolidated entities, net | 9.8 | |||||||||
Ending balance at Jun. 30, 2021 | $ 363.9 | $ 363.9 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock dividend declared (in usd per share) | $ 14.75 | $ 14.75 | $ 29.50 | $ 29.50 |
Common stock dividends declared per share (usd per share) | $ 0.170 | $ 0.155 | $ 0.325 | $ 0.465 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Corporate Information Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of global investment management capabilities. The company operates globally, and its sole business is investment management. Certain disclosures included in the companyās annual report on Form 10-K for the year ended December 31, 2020 (annual report or Form 10-K) are not required to be included on an interim basis in the companyās 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 companyās 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 Income Taxes. On January 1, 2021, the company adopted Accounting Standards Update 2019-12, āSimplifying Accounting for Income Taxesā (ASU 2019-12). The update simplifies various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. The company has adopted ASU 2019-12 using a prospective approach and determined that there is no material impact upon adoption of this standard. Pending Accounting Pronouncements None. |
Fair Value Of Assets And Liabil
Fair Value Of Assets And Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
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 12, "Consolidated Investment Products". See the companyās most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. June 30, 2021 December 31, 2020 $ in millions Fair Value Fair Value Cash and cash equivalents 1,333.0 1,408.4 Restricted cash (1) ā 129.2 Equity investments 444.9 360.3 Foreign time deposits (2) 28.3 29.9 Assets held for policyholders (2) 3,415.2 7,582.1 Policyholder payables (3,415.2) (7,582.1) Contingent consideration liability (3.4) (18.6) ____________ (1) Restricted cash is recorded in Other assets on the Condensed Consolidated Balance Sheets. (2) These financial instruments are not measured at fair value on a recurring basis. See the most recently filed Form 10-K for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. 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 companyās assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the companyās Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively: As of June 30, 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) 831.9 831.9 ā ā Investments (2) : Equity investments: Seed money 219.7 219.7 ā ā Investments related to deferred compensation plans 221.0 221.0 ā ā Other equity securities 4.2 4.2 ā ā Assets held for policyholders (3) 3,415.2 3,415.2 ā ā Total 4,692.0 4,692.0 ā ā Liabilities: Contingent consideration liability (3.4) ā ā (3.4) Total (3.4) ā ā (3.4) As of December 31, 2020 $ 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) 947.3 947.3 ā ā Investments (2) : Equity investments: Seed money 153.5 153.5 ā ā Investments related to deferred compensation plans 202.7 202.7 ā ā Other equity securities 4.1 4.1 ā ā Assets held for policyholders (3) 7,582.1 7,582.1 ā ā Total return swaps related to deferred compensation plans 5.1 ā 5.1 ā Total 8,894.8 8,889.7 5.1 ā Liabilities: Contingent consideration liability (18.6) ā ā (18.6) Total (18.6) ā ā (18.6) ____________ (1) The balance represents cash held in affiliated money market funds. (2) Foreign time dep osits of $28.3 million (December 31, 2020: $29.9 million) are excluded from this table. Equity method and other investments of $481.9 million and $10.1 million, respectively, (December 31, 2020: $426.1 million and $10.5 million, respectively) are also excluded from this table. These inves tments 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. The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and six months ended June 30, 2021 and June 30, 2020, which are valued using significant unobservable inputs: Contingent Consideration Liability $ in millions Three months ended June 30, 2021 Six months ended June 30, 2021 Beginning balance (4.4) (18.6) Purchases/acquisitions (1.3) (1.3) Net unrealized gains and losses included in other gains and losses, net (1.0) 4.7 Disposition/settlements 3.3 11.8 Ending balance (3.4) (3.4) Contingent Consideration Liability $ in millions Three months ended June 30, 2020 Six months ended Beginning balance (33.6) (60.2) Revision to purchase price allocation ā 5.5 Net unrealized gains and losses included in other gains and losses, net 3.2 11.4 Disposition/settlements 1.1 14.0 Ending balance (29.3) (29.3) Total Return Swaps In addition to holding equity investments, the company has a total return swap (TRS) to hedge economically certain deferred compensation liabilities. T he notional value of the total return swap at June 30, 2021 was $368.6 million. During the three and six months ended June 30, 2021, market valuation gains of $16.8 million and $26.0 million were recognized in other gains and losses, net (three and six months ended June 30, 2020: $30.1 million net gains and $1.3 million net loss respectively). |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The disclosures below include details of the companyās investments. Investments held by CIP are detailed in Note 12, "Consolidated Investment Products". $ in millions June 30, 2021 December 31, 2020 Equity investments: Seed money 219.7 153.5 Investments related to deferred compensation plans 221.0 202.7 Other equity securities 4.2 4.1 Equity method investments 481.9 426.1 Foreign time deposits 28.3 29.9 Other 10.1 10.5 Total investments (1) 965.2 826.8 (1) The majority of the companyās investment balances relate to balances held in affiliated funds. Equity investments The unrealized gains and losses for the three and six months ended June 30, 2021 that relate to equity investments still held at June 30, 2021, wer e a $33.0 million net gain and $44.5 million net gain |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The disclosures below include details of the companyās debt. Debt of CIP is detailed in Note 12, "Consolidated Investment Products". June 30, 2021 December 31, 2020 $ in millions Carrying Value (3) Fair Value Carrying Value (3) Fair Value $1.5 billion floating rate credit facility expiring April 26, 2026 (1) ā ā ā ā Unsecured Senior Notes (2) : $600 million 3.125% - due November 30, 2022 599.1 623.2 598.7 632.9 $600 million 4.000% - due January 30, 2024 597.3 649.9 596.8 660.2 $500 million 3.750% - due January 15, 2026 497.0 553.9 496.7 564.8 $400 million 5.375% - due November 30, 2043 390.4 524.5 390.4 517.8 Long-term debt 2,083.8 2,351.5 2,082.6 2,375.7 ____________ (1) On April 26, 2021, Invesco Ltd. and its indirect subsidiary, Invesco Finance PLC, amended and restated the $1.5 billion floating rate credit facility, extending the expiration date from August 11, 2022 to April 26, 2026. (2) The companyās senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. (3) The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts. The company maintains approximately $2.8 million in letters of credit from a variety of banks. The letters of credit are generally one-year automatically-renewable facilities and are maintained for various commercial reasons. |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL The preferred shares issued in connection with the acquisition of OppenheimerFunds 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 June 30, 2021 December 31, 2020 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 of 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 June 30, 2021 December 31, 2020 Common shares issued 566.1 566.1 Less: Treasury shares for which dividend and voting rights do not apply (104.7) (107.0) Common shares outstanding 461.4 459.1 __________ In 2019, the company entered into three forward contracts to purchase 25.8 million of its common shares. The forward contract entered on May 13, 2019 settled on January 4, 2021 for $117.0 million, the forward contract entered on July 2, 2019 settled on April 1, 2021 for $120.0 million and the forward contract entered on August 27, 2019 settled on April 1, 2021 for $72.3 million. As the forward contracts have been fully settled and the corresponding collateral received has been returned to the counterparty as of June 30, 2021, there was no liability on the forward contracts and no corresponding net collateral (December 31, 2020: total liability related to the forward contracts was $309.0 million and the corresponding net collateral received was $104.1 million). |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 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 34.9 ā ā ā 34.9 Other comprehensive income, net ā 3.1 ā (0.1) 3.0 Other comprehensive income/(loss), net of tax 34.9 3.1 ā (0.1) 37.9 Beginning balance (278.5) (130.0) 0.1 0.7 (407.7) Other comprehensive income/(loss), net of tax 34.9 3.1 ā (0.1) 37.9 Ending balance (243.6) (126.9) 0.1 0.6 (369.8) For the six months ended June 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 35.7 ā ā ā 35.7 Other comprehensive income, net ā (0.9) ā (0.1) (1.0) Other comprehensive income/(loss), net of tax 35.7 (0.9) ā (0.1) 34.7 Beginning balance (279.3) (126.0) 0.1 0.7 (404.5) Other comprehensive income/(loss), net of tax 35.7 (0.9) ā (0.1) 34.7 Ending balance (243.6) (126.9) 0.1 0.6 (369.8) For the three months ended June 30, 2020 $ 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 86.2 ā ā ā 86.2 Other comprehensive income, net ā 3.3 ā ā 3.3 Other comprehensive income/(loss), net of tax 86.2 3.3 ā ā 89.5 Beginning balance (777.0) (129.2) 0.1 0.6 (905.5) Other comprehensive income/(loss), net of tax 86.2 3.3 ā ā 89.5 Ending balance (690.8) (125.9) 0.1 0.6 (816.0) For the six months ended June 30, 2020 $ 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 (228.8) ā ā ā (228.8) Other comprehensive income, net ā 0.2 ā (0.1) 0.1 Other comprehensive income/(loss), net of tax (228.8) 0.2 ā (0.1) (228.7) Beginning balance (462.0) (126.1) 0.1 0.7 (587.3) Other comprehensive income/(loss), net of tax (228.8) 0.2 ā (0.1) (228.7) Ending balance (690.8) (125.9) 0.1 0.6 (816.0) 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 June 30, 2021 and December 31, 2020, Ā£130 million ($182.4 million and $174.5 million , respectively) of intercompany debt was designated as a net investment hedge. For the three and six months ended June 30, 2021, the company recognized foreign currency losses of $2.2 million and $7.9 million (three and six months ended June 30, 2020: losses and gains of $1.9 million and $9.4 million, respectively) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in Other comprehensive income. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The geographic disaggregation of revenue for the three and six months ended June 30, 2021 and 2020 are presented below. There are no revenues attributed to the companyās country of domicile, Bermuda. For the three months ended June 30, $ in millions 2021 2020 Americas 1,282.3 1,057.2 UK 164.7 146.0 EMEA ex UK (Europe, Middle East and Africa) 184.2 145.7 Asia Pacific 90.2 70.1 Total operating revenues 1,721.4 1,419.0 For the six months ended June 30, $ in millions 2021 2020 Americas 2,513.0 2,237.9 UK 328.3 316.8 EMEA ex UK (Europe, Middle East and Africa) 360.5 310.1 Asia Pacific 179.3 153.1 Total operating revenues 3,381.1 3,017.9 The opening and closing balances of deferred carried interest liabilities for the six months ended June 30, 2021 were $58.0 million and $59.8 million, respectively (December 31, 2020: $45.8 million and $58.0 million, respectively). During the three and six months ended June 30, 2021, no performance fee revenue was recognized that had been included in the deferred carried interest liability balance at the beginning of the period (June 30, 2020: none). 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 six months ended June 30, 2021, yield support waivers resulted in a reduction of total gross operating revenues of approximately $41.4 million and $70.4 million, respectively (three and six months ended June 30, 2020: $8.7 million and $10.7 million, respectively). 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 | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
COMMON SHARE-BASED COMPENSATION | COMMON SHARE-BASED COMPENSATION The company recognized total expenses o f $72.8 million and $95.2 million related to equity-settled common share-based payment transactions in the six months ended June 30, 2021 and 2020, respectively. Movements on common share awards during the periods ended June 30, are detailed below: For the six months ended June 30, 2021 For the six months ended June 30, 2020 millions of common shares, except fair values Time- Vested Performance- Vested Weighted Average Grant Date Fair Value ($) Time- Vested Performance- Vested Unvested at the beginning of period 18.1 1.6 19.11 18.7 1.1 Granted during the period 3.4 0.6 22.60 8.1 0.9 Forfeited during the period (0.2) ā 18.74 (0.2) ā Vested and distributed during the period (6.4) (0.5) 21.85 (6.3) (0.2) Unvested at the end of the period 14.9 1.7 18.82 20.3 1.8 The total fair value of common shares that vested during the six months ended June 30, 2021 w as $152.3 million (six months ended June 30, 2020: $94.3 million). The weighted average grant date fair value of the common share awards that were granted during the six months ended June 30, 2021 wa s $22.60 ( six months ended June 30, 2020: $14.09). At June 30, 2021, there was $231.1 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 2.45 years. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2021 | |
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 $20.1 million and $50.1 million, respectively, for the three and six months ended June 30, 2021 (three and six months ended June 30, 2020: none). Restructuring expenses are recorded to transaction, integration and restructuring expenses on the Condensed Consolidated Statements of Income. The company estimates $80 million to $105 million of remaining restructuring expenses related to the strategic evaluation through the end of 2022, of which approximately 40% will be employee compensation costs with the remainder comprised of property, office and technology costs and general and administrative costs. A substantial portion of these expenses will result in future cash expenditures. The following table shows the rollforward of the restructuring liability and the total restructuring charges as of and for the period ending June 30, 2021 and December 31, 2020. The company recorded the liability to accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets. $ in millions Employee Other Expenses Total Balance as of July 1, 2020 ā ā ā Accrued charges 85.0 9.1 94.1 Payments (40.5) (9.1) (49.6) Balance as of December 31, 2020 44.5 ā 44.5 Accrued charges 19.8 4.1 23.9 Payments (40.2) (1.1) (41.3) Balance as of March 31, 2021 24.1 3.0 27.1 Accrued charges 12.8 3.1 15.9 Payments (20.4) (4.3) (24.7) Balance as of June 30, 2021 16.5 1.8 18.3 Non-cash charges (1) Six months ended December 31, 2020 19.5 5.4 24.9 Six months ended June 30, 2021 7.5 2.8 10.3 Total non-cash charges 27.0 8.2 35.2 Cumulative charges incurred through June 30, 2021 144.6 24.5 169.1 (1) Non-cash charges include stock-based compensation, accelerated depreciation of certain assets and location strategy costs. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, For the six months ended June 30, in millions, except per share data 2021 2020 2021 2020 Net income attributable to Invesco Ltd. 368.3 40.5 636.1 122.0 Invesco Ltd: Weighted average common shares outstanding - basic 462.8 460.1 462.2 457.9 Dilutive effect of non-participating common share-based awards 3.4 3.0 3.1 3.1 Weighted average common shares outstanding - diluted 466.2 463.1 465.3 461.0 Earnings per common share: -basic $0.80 $0.09 $1.38 $0.27 -diluted $0.79 $0.09 $1.37 $0.26 See Note 8, "Common Share-Based Compensation", for a summary of common share awards outstanding under the companyās common share-based compensation programs. These programs could result in the issuance of common shares from time to time that would affect the measurement of basic and diluted earnings per common share. There were no common shares of performance-vested awards excluded from the computation of diluted earnings per common share during the three and six months ended June 30, 2021, due to their inclusion being anti-dilutive (three and six months ended June 30, 2020: 0.3 million). There were no common shares of time-vested awards excluded from the computation of diluted earnings per common share during three and six months ended June 30, 2021 (three and six months ended June 30, 2020: none). |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, the companyās undrawn capital commitments were $427.7 million (December 31, 2020: $453.5 million). The Parent and various company subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Pursuant to an agreement entered into at the consummation of the acquisition of OppenheimerFunds, MassMutual, as the holder of seed capital investments in certain funds and accounts included in the acquisition, has the right to redeem its seed capital investments in accordance with an agreed upon schedule. In the event MassMutual exercises its redemption rights and the applicable fund or account is unable to meet such redemption (for example, due to illiquid investments or the need to maintain a level of investment in the fund), the company would be required to fund such redemption to MassMutual and seek reimbursement from the applicable fund or account at a later time when the fund or account is able to fulfill a redemption request. At June 30, 2021, the total amount of seed capital subject to this agreement is approximately $281 million. Since December 31, 2020, MassMutual exercised its redemption rights and redeemed a portion of the seed capital per the agreed upon schedule. The company does not anticipate having to fund any material seed capital redemptions subject to this agreement. 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 managementās opinion, adequate accrual has been made as of June 30, 2021 to provide for any such losses that may arise from matters for which the company could reasonably estimate an amount. Management is of the opinion that the ultimate resolution of such claims will not materially affect the companyās business, financial position, results of operation or liquidity. Furthermore, in managementās opinion, it is not possible to estimate a range of reasonably possible losses with respect to other litigation contingencies. The investment management industry also is subject to extensive levels of ongoing regulatory oversight and examination. In the United States, United Kingdom and other jurisdictions in which the company operates, governmental authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to the companyās 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 companyās future financial results and its ability to grow its business. OppenheimerFunds acquisition-related matter In the fourth quarter of 2019, the company identified an accounting matter which required a restatement of the historical financial statements for the following funds: (1) the Invesco Steelpath MLP Income Fund; (2) the Invesco Steelpath MLP Select 40 Fund; (3) the Invesco Steelpath MLP Alpha Fund; and (4) the Invesco Steelpath MLP Alpha Plus Fund (each a Fund and together the Funds). The company acquired sponsorship and management of the Funds on May 24, 2019 as part of its acquisition of OppenheimerFunds. Remediation payments will be made to certain shareholders of the Funds negatively impacted by the restatement described above. The company expects to bear all or at least some portion of these and other remediation costs. Uncertainties remain as of the date of this report regarding the nature, scope and amounts of such costs, as well as the degree to which the company will ultimately be financially responsible for bearing such costs. Set forth below is a more detailed description of this matter, based on information available as of the date of this report. The Funds invest substantially all their assets in entities that are structured as MLPs for tax purposes. As a result, the Funds are taxable as corporate entities versus as flow through entities, which is more typical for a mutual fund. Since these Funds are treated as corporate entities that are subject to the corporate tax rules, the Funds have tax attributes, including deferred tax assets and deferred tax liabilities, and must make assessments as to the amount of deferred tax assets that may be realizable in accordance with ASC 740 Income Taxes (ASC 740). In preparing their financial statements for the fiscal year ended November 30, 2019, questions arose as to whether the Fundsā previously issued financial statements for certain years failed to include appropriate valuation allowances against the Fundsā deferred tax assets in accordance with ASC 740. Following a regulatory consultation on these matters, the Funds determined that financial statements issued between 2015 through 2019, and the daily net asset values recorded therein had to be restated. Remediating these matters has, will or may produce the following costs: ā¢ Costs of processing the restated historical financial statements, and related costs of communicating with present and former Fund shareholders; ā¢ Costs of reimbursing shareholders for transactions in Fund shares made at incorrect NAVs; and ā¢ Certain additional costs in connection with these matters. As stated above, uncertainties remain regarding the nature, scope and amount of these costs. Furthermore, there is uncertainty as to the degree to which the company will become ultimately responsible to absorb some or all such costs. The sources of such uncertainties include, among other things, the following: ā¢ Implementation of the process and method for determining such remediation is not yet complete and remain subject to factors that are not yet certain and information that is not yet readily available . ā¢ The company and/or the Funds may be entitled to seek reimbursement for certain of such costs under applicable insurance policies (subject to the terms of such policies, including applicable deductibles and policy limits). ā¢ The company may be entitled to seek indemnification for certain of such costs from MassMutual under the OppenheimerFunds acquisition agreement (subject to the terms of such indemnification, including the specified deductible and limit). The company continues to make progress in its remediation program, including obtaining fund shareholder information from certain omnibus accounts. Based on information that is currently available, we have reduced our estimated liability to $300.0 million (year ended December 31, 2020: $387.8 million). The estimated liability excludes any amounts that may be recovered through indemnification and insurance recoveries, as well as other remediation costs related to the matter, such as legal and consulting costs, or the costs of communicating with fund shareholders. The original estimate was based primarily on assumptions around the activity of the underlying fund shareholders in the omnibus accounts. Our analysis of the patterns of actual underlying fund shareholder activity has resulted in a decrease to the estimated liability during the three months ended June 30, 2021. Estimation of the liability involves significant judgment, and we continue to analyze the data to determine the appropriate fund shareholder reimbursement amounts. Therefore, the estimated liability may increase or decrease in future periods. We expect fund shareholder reimbursement payments to be made during the fourth quarter of 2021. The measurement period for this acquisition closed during the three months ended June 30, 2020; therefore, the adjustment made during the three months ended June 30, 2021 as well as any further adjustments to the estimate, including any recoveries from insurance or indemnification, are and will be recorded through earnings in transaction, integration and restructuring expense. Remediation costs of $1.9 million and $3.3 million, respectively, have been incurred during the three and six months ended June 30, 2021 (year ended December 31, 2020: $11.6 million) and recorded as transaction, integration and restructuring expense. Fund Rebalancing Matter During the second quarter of 2020, the company discovered and corrected an error with respect to two funds: the Invesco Equally-Weighted S&P 500 Fund and Invesco V.I. Equally-Weighted S&P 500 Fund (the Funds). The Funds are passive funds that are managed to track the S&P 500 Equal Weight Index (the Index). In March 2020, due to volatility in the equity markets, S&P Dow Jones Indices communicated the decision to delay, and ultimately to separate, the rebalancing dates for its indices and noted some indices would be rebalanced in April and others in June. The company noted this delay but not the separation of rebalance dates and omitted rebalancing the Funds on April 24, 2020 when S&P rebalanced the Index. The company discovered this omission and rebalanced the Funds on April 29, 2020. The company has paid the Funds $105.3 million to compensate them for the performance difference that arose from market movements between April 24 and April 29. This amount was recorded as a general and administrative expense during the year ended December 31, 2020. The company is seeking reimbursement of this loss under applicable insurance coverages (subject to the terms of such policies, including applicable deductibles and policy limits); however, the amount and timing of any recovery is uncertain as of June 30, 2021. |
Consolidated Investment Product
Consolidated Investment Products (CIP) | 6 Months Ended |
Jun. 30, 2021 | |
Consolidated Investment Products [Abstract] | |
CONSOLIDATED INVESTMENT PRODUCTS (CIP) | CONSOLIDATED INVESTMENT PRODUCTS (CIP) The following table presents the balances related to CIP that are included on the Condensed Consolidated Balance Sheets as well as Invescoās net interest in the CIP for each period presented. See the companyās most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. As of $ in millions June 30, 2021 December 31, 2020 Cash and cash equivalents of CIP 404.1 301.7 Accounts receivable and other assets of CIP 488.3 175.5 Investments of CIP 8,304.8 7,910.0 Less: Debt of CIP (6,750.7) (6,714.1) Less: Other liabilities of CIP (1,118.6) (588.6) Less: Retained earnings 0.1 0.1 Less: Accumulated other comprehensive income, net of tax ā ā Less: Equity attributable to redeemable noncontrolling interests (363.9) (211.8) Less: Equity attributable to nonredeemable noncontrolling interests (517.9) (446.3) Invescoās net interests in CIP 446.2 426.5 The following table reflects the impact of consolidation of investment products into the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, $ in millions 2021 2020 2021 2020 Total operating revenues (10.2) (10.5) (20.3) (19.4) Total operating expenses 9.0 1.5 15.9 18.5 Operating income (19.2) (12.0) (36.2) (37.9) Equity in earnings of unconsolidated affiliates (27.2) 53.4 (61.5) 36.8 Interest and dividend income ā (0.1) ā (0.3) Other gains and losses, net (8.0) (28.6) (6.8) 13.4 Interest and dividend income of CIP 66.5 79.7 135.2 164.9 Interest expense of CIP (38.4) (52.5) (79.3) (109.4) Other gains/(losses) of CIP, net 93.9 (77.7) 160.8 (126.1) Income before income taxes 67.6 (37.8) 112.2 (58.6) Income tax provision ā ā ā ā Net income 67.6 (37.8) 112.2 (58.6) Net (income)/loss attributable to noncontrolling interests in consolidated entities (67.6) 37.7 (112.2) 58.4 Net income attributable to Invesco Ltd. ā (0.1) ā (0.2) Non-consolidated VIEs At June 30, 2021, the companyās carrying value and maximum risk of loss with respect to variable interest entities (VIEs) in which the company is not the primary beneficiary was $154.6 million (December 31, 2020: $152.0 million). Balance Sheet information - newly consolidated VIEs/VOEs During the six months ended June 30, 2021, there were six newly consolidated variable interest entities (VIEs) and three newly consolidated voting rights entities (VOEs) (June 30, 2020: there were four newly consolidated VIEs and no newly consolidated VOEs). The table below illustrates the summary balance sheet amounts related to these products before consolidation into the company. The balances below are reflective of the balances existing at the consolidation date after the initial funding of the investments by the company and unrelated third-party investors. The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the companyās Condensed Consolidated Financial Statements. For the six months ended June 30, 2021 For the six months ended June 30, 2020 $ in millions VIEs VOEs VIEs VOEs Cash and cash equivalents of CIP 7.7 ā 9.1 ā Accounts receivable and other assets of CIP 3.4 1.0 1.2 ā Investments of CIP 242.9 131.4 114.2 ā Total assets 254.0 132.4 124.5 ā Debt of CIP 34.1 ā 75.8 ā Other liabilities of CIP 206.2 1.0 37.8 ā Total liabilities 240.3 1.0 113.6 ā Total equity 13.7 131.4 10.9 ā Total liabilities and equity 254.0 132.4 124.5 ā Balance Sheet information - deconsolidated VIEs/VOEs During the six months ended June 30, 2021, the company determined that it was no longer the primary beneficiary of five VIEs and no longer held the majority voting interest in four VOEs (June 30, 2020: the company determined that it was no longer the primary beneficiary of six VIEs and no longer held the majority voting interest in eleven VOEs). The amounts deconsolidated from the Condensed Consolidated Balance Sheets are illustrated in the table below. There was no net impact to the Condensed Consolidated Statements of Income for the six months ended June 30, 2021 and 2020 from the deconsolidation of these investment products. For the six months ended June 30, 2021 For the six months ended June 30, 2020 $ in millions VIEs VOEs VIEs VOEs Cash and cash equivalents of CIP 6.1 0.1 0.3 0.2 Accounts receivable and other assets of CIP 1.8 0.1 2.8 1.1 Investments of CIP 284.4 27.6 216.8 134.1 Total assets 292.3 27.8 219.9 135.4 Debt of CIP 258.3 ā ā ā Other liabilities of CIP 17.3 ā 2.0 ā Total liabilities 275.6 ā 2.0 ā Total equity 16.7 27.8 217.9 135.4 Total liabilities and equity 292.3 27.8 219.9 135.4 The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of June 30, 2021 and December 31, 2020: As of June 30, 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 7,053.8 ā 7,053.8 ā ā Bonds 562.2 ā 562.2 ā ā Equity securities 343.7 258.1 85.6 ā ā Equity and fixed income mutual funds 33.5 14.6 18.9 ā ā Investments in other private equity funds 311.6 ā 8.1 ā 303.5 Total assets at fair value 8,304.8 272.7 7,728.6 ā 303.5 As of December 31, 2020 $ 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 6,864.5 ā 6,864.5 ā ā Bonds 539.0 0.6 538.4 ā ā Equity securities 137.2 61.3 75.9 ā ā Equity and fixed income mutual funds 103.0 91.2 11.8 ā ā Investments in other private equity funds 266.3 ā 8.1 ā 258.2 Total assets at fair value 7,910.0 153.1 7,498.7 ā 258.2 The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs: Three months ended June 30, 2020 Six months ended June 30, 2020 $ in millions Level 3 Asset Level 3 Assets Beginning balance 89.4 78.6 Deconsolidation of CIP (89.4) (89.4) Gains and losses included in the Condensed Consolidated Statements of Income ā 10.8 Ending balance ā ā The collateral assets held by consolidated CLOs are primarily invested in senior secured bank loans, bonds and equity securities. Bank loan investments of $7,043.2 million, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans from a variety of industries, including but not limited to the aerospace and defense, broadcasting, technology, utilities, household products, healthcare, oil and gas and finance industries. Bank loan investments mature at various dates between 2021 and 2029, pay interest at LIBOR plus a spread of up to 12.0% and typically range in S&P credit rating categories from BBB down to unrated. Approximately less than 0.61% of the collateral assets were in default as of June 30, 2021 and 2020. Interest income on bank loans and bonds is recognized based on the unpaid principal balance and stated interest rate of these investments on an accrual basis. At June 30, 2021, the unpaid principal balance exceeds the fair value of the senior secured bank loans and bonds by approximately $84.2 million (December 31, 2020: the unpaid principal balance exceeded the fair value of the senior secured bank loans and bonds by approximately $208.6 million). These investments are accounted for on a one-month lag based on the availability of fund financial information, which means the second quarter fair value reflects a valuation as of May 31, 2021. CLO investments are valued based on price quotations provided by third-party pricing sources. These third-party sources aggregate indicative price quotations to provide the comp any with a price for the CLO investments. The company has developed internal controls to review the reasonableness and complete ness of these price quotations. If necessary, price quotations are challenged through a third-party pricing challenge process. Notes issued by consolidated CLOs mature at various dates between 2030 and 2034 and have a weighted average maturity of 10.83 years. The notes are issued in various tranches with different risk profiles. The interest rates are generally variable rates based on LIBOR plus a pre-defined spread, which varies from 0.40% for the more senior tranches to 8.51% for the more subordinated tranches. The investors in this debt are not affiliated with the company and have no recourse to the general credit of the company for this debt. The table below summarizes as of June 30, 2021 and December 31, 2020, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized. These investments are valued on a three-month lag based on the availability of fund financial information. June 30, 2021 December 31, 2020 in millions, except term data Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Private equity funds (1) $303.5 $87.4 6.6 years $258.2 $110.1 6.7 years ____________ (1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. (2) These investments are expected to be returned through distributions because of liquidations of the fundsā underlying assets over the weighted average periods indicated. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | RELATED PARTIES As a result of the OppenheimerFunds acquisition, MassMutual has an approximate 16.5% 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 Invescoās 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, āRelated Party Disclosures.ā Related parties include those defined in the companyās proxy statement. Revenue for services provided to related managed funds are as follows: Three months ended June 30, Six months ended June 30, $ in millions 2021 2020 2021 2020 Affiliated operating revenues: Investment management fees 1,128.3 932.1 2,218.3 1,988.0 Service and distribution fees 379.6 316.7 745.9 665.9 Performance fees 4.2 2.4 5.8 3.4 Other 60.2 43.6 122.1 103.0 Total affiliated operating revenues 1,572.3 1,294.8 3,092.1 2,760.3 Receivables and Payables with Affiliated entities: Due from affiliates , which is included within accounts receivables, unsettled fund receivables and other assets on the consolidated balance sheet is $822.6 million and $612.0 million at June 30, 2021 and December 31, 2020 respectively, primarily comprised of receivables from affiliated Invesco funds, accrued income and other balances receivable from related parties and receivables from employees. Due to affiliates , which is included within accounts payable, accrued compensation and unsettled fund payables on the consolidated balance sheet is $368.9 million and $171.6 million at June 30, 2021 and December 31, 2020, respectively, primarily comprised of payables to affiliated Invesco funds and other payables to all related parties, which mostly include balances due to employees (i.e., deferred compensation liabilities, vacation accruals, bonus accrual, etc.) and other balances include defined benefit obligations and deferred carried interest. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn JulyĀ 27, 2021, the company announced a second quarter 2021 dividend of $0.17 per common share, payable on SeptemberĀ 1, 2021, to common shareholders of record at the close of business on AugustĀ 13, 2021 with an ex-dividend date of AugustĀ 12, 2021.On JulyĀ 27, 2021, the company declared a preferred dividend of $14.75 per share representing the period from June 1, 2021 through August 31, 2021. The preferred dividend is payable on SeptemberĀ 1, 2021 to preferred shareholders of record at the close of business on AugustĀ 16, 2021. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Consolidation | Basis of Accounting and ConsolidationThe unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the Securities and Exchange Commission and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair statement of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. |
Accounting Pronouncements Recently Adopted and Pending Accounting Pronouncements | Accounting Pronouncements Recently Adopted Income Taxes. On January 1, 2021, the company adopted Accounting Standards Update 2019-12, āSimplifying Accounting for Income Taxesā (ASU 2019-12). The update simplifies various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. The company has adopted ASU 2019-12 using a prospective approach and determined that there is no material impact upon adoption of this standard. Pending Accounting Pronouncements None. |
Fair Value Of Assets And Liab_2
Fair Value Of Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 12, "Consolidated Investment Products". See the companyās most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. June 30, 2021 December 31, 2020 $ in millions Fair Value Fair Value Cash and cash equivalents 1,333.0 1,408.4 Restricted cash (1) ā 129.2 Equity investments 444.9 360.3 Foreign time deposits (2) 28.3 29.9 Assets held for policyholders (2) 3,415.2 7,582.1 Policyholder payables (3,415.2) (7,582.1) Contingent consideration liability (3.4) (18.6) ____________ (1) Restricted cash is recorded in Other assets on the Condensed Consolidated Balance Sheets. (2) These financial instruments are not measured at fair value on a recurring basis. See the most recently filed Form 10-K for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. 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 companyās assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the companyās Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively: As of June 30, 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) 831.9 831.9 ā ā Investments (2) : Equity investments: Seed money 219.7 219.7 ā ā Investments related to deferred compensation plans 221.0 221.0 ā ā Other equity securities 4.2 4.2 ā ā Assets held for policyholders (3) 3,415.2 3,415.2 ā ā Total 4,692.0 4,692.0 ā ā Liabilities: Contingent consideration liability (3.4) ā ā (3.4) Total (3.4) ā ā (3.4) As of December 31, 2020 $ 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) 947.3 947.3 ā ā Investments (2) : Equity investments: Seed money 153.5 153.5 ā ā Investments related to deferred compensation plans 202.7 202.7 ā ā Other equity securities 4.1 4.1 ā ā Assets held for policyholders (3) 7,582.1 7,582.1 ā ā Total return swaps related to deferred compensation plans 5.1 ā 5.1 ā Total 8,894.8 8,889.7 5.1 ā Liabilities: Contingent consideration liability (18.6) ā ā (18.6) Total (18.6) ā ā (18.6) ____________ (1) The balance represents cash held in affiliated money market funds. (2) Foreign time dep osits of $28.3 million (December 31, 2020: $29.9 million) are excluded from this table. Equity method and other investments of $481.9 million and $10.1 million, respectively, (December 31, 2020: $426.1 million and $10.5 million, respectively) are also excluded from this table. These inves tments 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. |
Reconciliation of Balance, Fair Value Measurement, Level 3 | The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three and six months ended June 30, 2021 and June 30, 2020, which are valued using significant unobservable inputs: Contingent Consideration Liability $ in millions Three months ended June 30, 2021 Six months ended June 30, 2021 Beginning balance (4.4) (18.6) Purchases/acquisitions (1.3) (1.3) Net unrealized gains and losses included in other gains and losses, net (1.0) 4.7 Disposition/settlements 3.3 11.8 Ending balance (3.4) (3.4) Contingent Consideration Liability $ in millions Three months ended June 30, 2020 Six months ended Beginning balance (33.6) (60.2) Revision to purchase price allocation ā 5.5 Net unrealized gains and losses included in other gains and losses, net 3.2 11.4 Disposition/settlements 1.1 14.0 Ending balance (29.3) (29.3) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Marketable securities | The disclosures below include details of the companyās investments. Investments held by CIP are detailed in Note 12, "Consolidated Investment Products". $ in millions June 30, 2021 December 31, 2020 Equity investments: Seed money 219.7 153.5 Investments related to deferred compensation plans 221.0 202.7 Other equity securities 4.2 4.1 Equity method investments 481.9 426.1 Foreign time deposits 28.3 29.9 Other 10.1 10.5 Total investments (1) 965.2 826.8 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt Instruments | The disclosures below include details of the companyās debt. Debt of CIP is detailed in Note 12, "Consolidated Investment Products". June 30, 2021 December 31, 2020 $ in millions Carrying Value (3) Fair Value Carrying Value (3) Fair Value $1.5 billion floating rate credit facility expiring April 26, 2026 (1) ā ā ā ā Unsecured Senior Notes (2) : $600 million 3.125% - due November 30, 2022 599.1 623.2 598.7 632.9 $600 million 4.000% - due January 30, 2024 597.3 649.9 596.8 660.2 $500 million 3.750% - due January 15, 2026 497.0 553.9 496.7 564.8 $400 million 5.375% - due November 30, 2043 390.4 524.5 390.4 517.8 Long-term debt 2,083.8 2,351.5 2,082.6 2,375.7 ____________ (1) On April 26, 2021, Invesco Ltd. and its indirect subsidiary, Invesco Finance PLC, amended and restated the $1.5 billion floating rate credit facility, extending the expiration date from August 11, 2022 to April 26, 2026. (2) The companyās senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures. (3) The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts. |
Share Capital (Tables)
Share Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 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 of 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 June 30, 2021 December 31, 2020 Common shares issued 566.1 566.1 Less: Treasury shares for which dividend and voting rights do not apply (104.7) (107.0) Common shares outstanding 461.4 459.1 __________ |
Other Comprehensive Income_(L_2
Other Comprehensive Income/(Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income/(loss) were as follows: For the three months ended June 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 34.9 ā ā ā 34.9 Other comprehensive income, net ā 3.1 ā (0.1) 3.0 Other comprehensive income/(loss), net of tax 34.9 3.1 ā (0.1) 37.9 Beginning balance (278.5) (130.0) 0.1 0.7 (407.7) Other comprehensive income/(loss), net of tax 34.9 3.1 ā (0.1) 37.9 Ending balance (243.6) (126.9) 0.1 0.6 (369.8) For the six months ended June 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 35.7 ā ā ā 35.7 Other comprehensive income, net ā (0.9) ā (0.1) (1.0) Other comprehensive income/(loss), net of tax 35.7 (0.9) ā (0.1) 34.7 Beginning balance (279.3) (126.0) 0.1 0.7 (404.5) Other comprehensive income/(loss), net of tax 35.7 (0.9) ā (0.1) 34.7 Ending balance (243.6) (126.9) 0.1 0.6 (369.8) For the three months ended June 30, 2020 $ 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 86.2 ā ā ā 86.2 Other comprehensive income, net ā 3.3 ā ā 3.3 Other comprehensive income/(loss), net of tax 86.2 3.3 ā ā 89.5 Beginning balance (777.0) (129.2) 0.1 0.6 (905.5) Other comprehensive income/(loss), net of tax 86.2 3.3 ā ā 89.5 Ending balance (690.8) (125.9) 0.1 0.6 (816.0) For the six months ended June 30, 2020 $ 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 (228.8) ā ā ā (228.8) Other comprehensive income, net ā 0.2 ā (0.1) 0.1 Other comprehensive income/(loss), net of tax (228.8) 0.2 ā (0.1) (228.7) Beginning balance (462.0) (126.1) 0.1 0.7 (587.3) Other comprehensive income/(loss), net of tax (228.8) 0.2 ā (0.1) (228.7) Ending balance (690.8) (125.9) 0.1 0.6 (816.0) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Geographic disaggregation of revenue | The geographic disaggregation of revenue for the three and six months ended June 30, 2021 and 2020 are presented below. There are no revenues attributed to the companyās country of domicile, Bermuda. For the three months ended June 30, $ in millions 2021 2020 Americas 1,282.3 1,057.2 UK 164.7 146.0 EMEA ex UK (Europe, Middle East and Africa) 184.2 145.7 Asia Pacific 90.2 70.1 Total operating revenues 1,721.4 1,419.0 For the six months ended June 30, $ in millions 2021 2020 Americas 2,513.0 2,237.9 UK 328.3 316.8 EMEA ex UK (Europe, Middle East and Africa) 360.5 310.1 Asia Pacific 179.3 153.1 Total operating revenues 3,381.1 3,017.9 |
Common Share-Based Compensati_2
Common Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Movements Of Share Awards | Movements on common share awards during the periods ended June 30, are detailed below: For the six months ended June 30, 2021 For the six months ended June 30, 2020 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 18.1 1.6 19.11 18.7 1.1 Granted during the period 3.4 0.6 22.60 8.1 0.9 Forfeited during the period (0.2) ā 18.74 (0.2) ā Vested and distributed during the period (6.4) (0.5) 21.85 (6.3) (0.2) Unvested at the end of the period 14.9 1.7 18.82 20.3 1.8 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Rollforward of Restructuring Liability | The following table shows the rollforward of the restructuring liability and the total restructuring charges as of and for the period ending June 30, 2021 and December 31, 2020. The company recorded the liability to accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets. $ in millions Employee Other Expenses Total Balance as of July 1, 2020 ā ā ā Accrued charges 85.0 9.1 94.1 Payments (40.5) (9.1) (49.6) Balance as of December 31, 2020 44.5 ā 44.5 Accrued charges 19.8 4.1 23.9 Payments (40.2) (1.1) (41.3) Balance as of March 31, 2021 24.1 3.0 27.1 Accrued charges 12.8 3.1 15.9 Payments (20.4) (4.3) (24.7) Balance as of June 30, 2021 16.5 1.8 18.3 Non-cash charges (1) Six months ended December 31, 2020 19.5 5.4 24.9 Six months ended June 30, 2021 7.5 2.8 10.3 Total non-cash charges 27.0 8.2 35.2 Cumulative charges incurred through June 30, 2021 144.6 24.5 169.1 (1) Non-cash charges include stock-based compensation, accelerated depreciation of certain assets and location strategy costs. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation Of Earnings Per Share | The calculation of earnings per common share is as follows: For the three months ended June 30, For the six months ended June 30, in millions, except per share data 2021 2020 2021 2020 Net income attributable to Invesco Ltd. 368.3 40.5 636.1 122.0 Invesco Ltd: Weighted average common shares outstanding - basic 462.8 460.1 462.2 457.9 Dilutive effect of non-participating common share-based awards 3.4 3.0 3.1 3.1 Weighted average common shares outstanding - diluted 466.2 463.1 465.3 461.0 Earnings per common share: -basic $0.80 $0.09 $1.38 $0.27 -diluted $0.79 $0.09 $1.37 $0.26 |
Consolidated Investment Produ_2
Consolidated Investment Products (CIP) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Consolidated Investment Products [Abstract] | |
Balances Related To CIP | The following table presents the balances related to CIP that are included on the Condensed Consolidated Balance Sheets as well as Invescoās net interest in the CIP for each period presented. See the companyās most recently filed Form 10-K for additional disclosures on valuation methodology and fair value. As of $ in millions June 30, 2021 December 31, 2020 Cash and cash equivalents of CIP 404.1 301.7 Accounts receivable and other assets of CIP 488.3 175.5 Investments of CIP 8,304.8 7,910.0 Less: Debt of CIP (6,750.7) (6,714.1) Less: Other liabilities of CIP (1,118.6) (588.6) Less: Retained earnings 0.1 0.1 Less: Accumulated other comprehensive income, net of tax ā ā Less: Equity attributable to redeemable noncontrolling interests (363.9) (211.8) Less: Equity attributable to nonredeemable noncontrolling interests (517.9) (446.3) Invescoās net interests in CIP 446.2 426.5 |
Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income | The following table reflects the impact of consolidation of investment products into the Condensed Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020: Three months ended June 30, Six months ended June 30, $ in millions 2021 2020 2021 2020 Total operating revenues (10.2) (10.5) (20.3) (19.4) Total operating expenses 9.0 1.5 15.9 18.5 Operating income (19.2) (12.0) (36.2) (37.9) Equity in earnings of unconsolidated affiliates (27.2) 53.4 (61.5) 36.8 Interest and dividend income ā (0.1) ā (0.3) Other gains and losses, net (8.0) (28.6) (6.8) 13.4 Interest and dividend income of CIP 66.5 79.7 135.2 164.9 Interest expense of CIP (38.4) (52.5) (79.3) (109.4) Other gains/(losses) of CIP, net 93.9 (77.7) 160.8 (126.1) Income before income taxes 67.6 (37.8) 112.2 (58.6) Income tax provision ā ā ā ā Net income 67.6 (37.8) 112.2 (58.6) Net (income)/loss attributable to noncontrolling interests in consolidated entities (67.6) 37.7 (112.2) 58.4 Net income attributable to Invesco Ltd. ā (0.1) ā (0.2) |
VIE Balance Sheets Consolidated In Period | The table below illustrates the summary balance sheet amounts related to these products before consolidation into the company. The balances below are reflective of the balances existing at the consolidation date after the initial funding of the investments by the company and unrelated third-party investors. The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the companyās Condensed Consolidated Financial Statements. For the six months ended June 30, 2021 For the six months ended June 30, 2020 $ in millions VIEs VOEs VIEs VOEs Cash and cash equivalents of CIP 7.7 ā 9.1 ā Accounts receivable and other assets of CIP 3.4 1.0 1.2 ā Investments of CIP 242.9 131.4 114.2 ā Total assets 254.0 132.4 124.5 ā Debt of CIP 34.1 ā 75.8 ā Other liabilities of CIP 206.2 1.0 37.8 ā Total liabilities 240.3 1.0 113.6 ā Total equity 13.7 131.4 10.9 ā Total liabilities and equity 254.0 132.4 124.5 ā For the six months ended June 30, 2021 For the six months ended June 30, 2020 $ in millions VIEs VOEs VIEs VOEs Cash and cash equivalents of CIP 6.1 0.1 0.3 0.2 Accounts receivable and other assets of CIP 1.8 0.1 2.8 1.1 Investments of CIP 284.4 27.6 216.8 134.1 Total assets 292.3 27.8 219.9 135.4 Debt of CIP 258.3 ā ā ā Other liabilities of CIP 17.3 ā 2.0 ā Total liabilities 275.6 ā 2.0 ā Total equity 16.7 27.8 217.9 135.4 Total liabilities and equity 292.3 27.8 219.9 135.4 |
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 June 30, 2021 and December 31, 2020: As of June 30, 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 7,053.8 ā 7,053.8 ā ā Bonds 562.2 ā 562.2 ā ā Equity securities 343.7 258.1 85.6 ā ā Equity and fixed income mutual funds 33.5 14.6 18.9 ā ā Investments in other private equity funds 311.6 ā 8.1 ā 303.5 Total assets at fair value 8,304.8 272.7 7,728.6 ā 303.5 As of December 31, 2020 $ 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 6,864.5 ā 6,864.5 ā ā Bonds 539.0 0.6 538.4 ā ā Equity securities 137.2 61.3 75.9 ā ā Equity and fixed income mutual funds 103.0 91.2 11.8 ā ā Investments in other private equity funds 266.3 ā 8.1 ā 258.2 Total assets at fair value 7,910.0 153.1 7,498.7 ā 258.2 |
Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities | The following tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs: Three months ended June 30, 2020 Six months ended June 30, 2020 $ in millions Level 3 Asset Level 3 Assets Beginning balance 89.4 78.6 Deconsolidation of CIP (89.4) (89.4) Gains and losses included in the Condensed Consolidated Statements of Income ā 10.8 Ending balance ā ā |
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products | The table below summarizes as of June 30, 2021 and December 31, 2020, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized. These investments are valued on a three-month lag based on the availability of fund financial information. June 30, 2021 December 31, 2020 in millions, except term data Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Fair Value Total Unfunded Commitments Weighted Average Remaining Term (2) Private equity funds (1) $303.5 $87.4 6.6 years $258.2 $110.1 6.7 years ____________ (1) These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds. (2) These investments are expected to be returned through distributions because of liquidations of the fundsā underlying assets over the weighted average periods indicated. |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Revenue for services provided to related managed funds are as follows: Three months ended June 30, Six months ended June 30, $ in millions 2021 2020 2021 2020 Affiliated operating revenues: Investment management fees 1,128.3 932.1 2,218.3 1,988.0 Service and distribution fees 379.6 316.7 745.9 665.9 Performance fees 4.2 2.4 5.8 3.4 Other 60.2 43.6 122.1 103.0 Total affiliated operating revenues 1,572.3 1,294.8 3,092.1 2,760.3 |
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 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 1,333 | $ 1,408.4 | $ 987.1 |
Restricted cash | 129.2 | ||
Foreign time deposits | 28.3 | 29.9 | |
Policyholder payables | (3,415.2) | (7,582.1) | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,333 | 1,408.4 | |
Restricted cash | 0 | 129.2 | |
Equity investments | 444.9 | 360.3 | |
Foreign time deposits | 28.3 | 29.9 | |
Assets held for policyholders | 3,415.2 | 7,582.1 | |
Policyholder payables | (3,415.2) | (7,582.1) | |
Contingent consideration liability | $ (3.4) | $ (18.6) |
Fair Value Of Assets And Liab_4
Fair Value Of Assets And Liabilities - Tri-Level Hierarchy, Carrying Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for policyholders | $ 3,415.2 | $ 7,582.1 |
Total return swaps related to deferred compensation plans | 5.1 | |
Total | 4,692 | 8,894.8 |
Total | (3.4) | (18.6) |
Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (3.4) | (18.6) |
Money market funds (1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 831.9 | 947.3 |
Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 219.7 | 153.5 |
Investments related to deferred compensation plans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 221 | 202.7 |
Other equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 4.2 | 4.1 |
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 | 3,415.2 | 7,582.1 |
Total return swaps related to deferred compensation plans | 0 | |
Total | 4,692 | 8,889.7 |
Total | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds (1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 831.9 | 947.3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Seed money | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments | 219.7 | 153.5 |
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 | 221 | 202.7 |
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 | 4.2 | 4.1 |
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 | 5.1 | |
Total | 0 | 5.1 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds (1) | ||
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 | (3.4) | (18.6) |
Significant Unobservable Inputs (Level 3) | Contingent consideration liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration liability | (3.4) | (18.6) |
Significant Unobservable Inputs (Level 3) | Money market funds (1) | ||
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity method investments | $ 481.9 | $ 481.9 | $ 426.1 | ||
Other investments | 10.1 | 10.1 | $ 10.5 | ||
Total Return Swap | Designated as Hedging Instrument | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative notional amount | 368.6 | 368.6 | |||
Market valuation gain (loss) recognized | $ 16.8 | $ 30.1 | $ 26 | $ (1.3) |
Fair Value Of Assets And Liab_6
Fair Value Of Assets And Liabilities - Reconciliation Of Balance, Fair Value Measurement, Level 3 (Details) - Contingent consideration liability - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance (Liability) | $ (4.4) | $ (33.6) | $ (18.6) | $ (60.2) |
Purchases/acquisitions | (1.3) | (1.3) | ||
Revision to purchase price allocation | 0 | (5.5) | ||
Net unrealized gains and losses included in other gains and losses, net | (1) | 3.2 | 4.7 | 11.4 |
Disposition/settlements | 3.3 | 1.1 | 11.8 | 14 |
Ending balance (Liability) | $ (3.4) | $ (29.3) | $ (3.4) | $ (29.3) |
Investments - Details Of Compan
Investments - Details Of Company Investments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Equity method investments | $ 481.9 | $ 426.1 |
Foreign time deposits | 28.3 | 29.9 |
Other | 10.1 | 10.5 |
Total investments | 965.2 | 826.8 |
Seed money | ||
Investment Holdings [Line Items] | ||
Equity investments | 219.7 | 153.5 |
Investments related to deferred compensation plans | ||
Investment Holdings [Line Items] | ||
Equity investments | 221 | 202.7 |
Other equity securities | ||
Investment Holdings [Line Items] | ||
Equity investments | $ 4.2 | $ 4.1 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Investments | $ 965.2 | $ 965.2 | $ 826.8 | ||
Short-term Investments | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Net gains (loss) | $ 33 | $ 61.1 | $ 44.5 | $ (38.4) |
Long-Term Debt - Schedule Of Lo
Long-Term Debt - Schedule Of Long-Term Debt Instruments (Details) - USD ($) | Jun. 30, 2021 | Apr. 26, 2021 | Dec. 31, 2020 |
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% | ||
Unsecured Senior Notes | $600 million 4.000%Ā - due January 30, 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 600,000,000 | ||
Debt instrument, interest rate, stated percentage | 4.00% | ||
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%Ā - 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 | $ 2,083,800,000 | $ 2,082,600,000 | |
Carrying Value | Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 599,100,000 | 598,700,000 | |
Carrying Value | Unsecured Senior Notes | $600 million 4.000%Ā - due January 30, 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 597,300,000 | 596,800,000 | |
Carrying Value | Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 497,000,000 | 496,700,000 | |
Carrying Value | Unsecured Senior Notes | $400 million 5.375%Ā - due November 30, 2043 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 390,400,000 | 390,400,000 | |
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 | 2,351,500,000 | 2,375,700,000 | |
Fair Value | Unsecured Senior Notes | $600 million 3.125% - due November 30, 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 623,200,000 | 632,900,000 | |
Fair Value | Unsecured Senior Notes | $600 million 4.000%Ā - due January 30, 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 649,900,000 | 660,200,000 | |
Fair Value | Unsecured Senior Notes | $500 million 3.750% - due January 15, 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 553,900,000 | 564,800,000 | |
Fair Value | Unsecured Senior Notes | $400 million 5.375%Ā - due November 30, 2043 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 524,500,000 | 517,800,000 | |
Fair Value | Floating rate credit facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | $ 0 | $ 0 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - Letter of Credit $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Capacity on letters of credit | $ 2.8 |
Letters of credit, renewable term | 1 year |
Share Capital - Narrative (Deta
Share Capital - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Apr. 01, 2021 | Jan. 04, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||||
Preferred stock par value (in usd per share) | $ 0.20 | $ 0.20 | ||||
Liquidation preference per share (in usd per share) | $ 1,000 | $ 1,000 | ||||
Preferred shares lock-up period | 5 years | |||||
Immediate payment applied from collateral already paid | $ 309.4 | $ 190.6 | ||||
Forward contract | ||||||
Class of Stock [Line Items] | ||||||
Common shares purchased (shares) | 25.8 | |||||
Derivative liability | 0 | $ 309 | ||||
Net collateral paid balance | $ 0 | $ 104.1 | ||||
OppenheimerFunds | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock par value (in usd per share) | $ 0.20 | |||||
Liquidation preference per share (in usd per share) | $ 1,000 | |||||
Preferred shares dividend rate (percent) | 5.90% | |||||
Forward Contract, $200 Million, Entered On May 13th, 2019 | Forward contract | ||||||
Class of Stock [Line Items] | ||||||
Immediate payment applied from collateral already paid | $ 117 | |||||
Forward Contract, $200 Million, Entered On July 2nd, 2019 | Forward contract | ||||||
Class of Stock [Line Items] | ||||||
Immediate payment applied from collateral already paid | $ 120 | |||||
Forward Contract, $100 Million, Entered On August 27th, 2019 | Forward contract | ||||||
Class of Stock [Line Items] | ||||||
Immediate payment applied from collateral already paid | $ 72.3 |
Share Capital - Movements In Sh
Share Capital - Movements In Shares Issued And Outstanding (Details) - shares shares in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Preferred shares issued (shares) | 4 | 4 |
Preferred shares outstanding (shares) | 4 | 4 |
Common shares issued (shares) | 566.1 | 566.1 |
Less: Treasury shares for which dividend and voting rights do not apply (shares) | (104.7) | (107) |
Common shares outstanding (shares) | 461.4 | 459.1 |
Other Comprehensive Income_(L_3
Other Comprehensive Income/(Loss) - Accumulated Other Comprehensive Income (Details) Ā£ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021GBP (Ā£) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (Ā£) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | $ 34.9 | $ 86.2 | $ 35.7 | $ (228.8) | |||
Other comprehensive income, net | 3 | 3.3 | (1) | 0.1 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 15,029.5 | 13,942.4 | 14,808.9 | 14,318.3 | |||
Other comprehensive income/(loss) | 37.9 | 89.5 | 34.7 | (228.7) | |||
Ending balance | 15,426.6 | 13,967.7 | 15,426.6 | 13,967.7 | |||
Foreign currency transaction and translation gain (loss) | (2.2) | (1.9) | (7.9) | 9.4 | |||
Foreign currency translation | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Currency translation differences on investments in foreign subsidiaries | 34.9 | 86.2 | 35.7 | (228.8) | |||
Other comprehensive income, net | 0 | 0 | 0 | 0 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (278.5) | (777) | (279.3) | (462) | |||
Other comprehensive income/(loss) | 34.9 | 86.2 | 35.7 | (228.8) | |||
Ending balance | (243.6) | (690.8) | (243.6) | (690.8) | |||
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 | 3.1 | 3.3 | (0.9) | 0.2 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (130) | (129.2) | (126) | (126.1) | |||
Other comprehensive income/(loss) | 3.1 | 3.3 | (0.9) | 0.2 | |||
Ending balance | (126.9) | (125.9) | (126.9) | (125.9) | |||
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 | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 0.1 | 0.1 | 0.1 | 0.1 | |||
Other comprehensive income/(loss) | 0 | 0 | 0 | 0 | |||
Ending balance | 0.1 | 0.1 | 0.1 | 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 | (0.1) | 0 | (0.1) | (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) | (0.1) | 0 | (0.1) | (0.1) | |||
Ending balance | 0.6 | 0.6 | 0.6 | 0.6 | |||
Accumulated Other Comprehensive Income/(Loss) | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (407.7) | (905.5) | (404.5) | (587.3) | |||
Other comprehensive income/(loss) | 37.9 | 89.5 | 34.7 | (228.7) | |||
Ending balance | (369.8) | $ (816) | (369.8) | $ (816) | |||
Designated as Hedging Instrument | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Intercompany debt | $ 182.4 | $ 182.4 | Ā£ 130 | $ 174.5 | Ā£ 130 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Major Customer [Line Items] | ||||||
Total operating revenues | $ 1,721,400,000 | $ 1,419,000,000 | $ 3,381,100,000 | $ 3,017,900,000 | ||
Deferred carried interest liabilities | 59,800,000 | 59,800,000 | $ 58,000,000 | $ 45,800,000 | ||
Performance revenue recognized | 0 | 0 | ||||
Bermuda | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total operating revenues | 0 | 0 | ||||
Americas | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total operating revenues | 1,282,300,000 | 1,057,200,000 | 2,513,000,000 | 2,237,900,000 | ||
UK | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total operating revenues | 164,700,000 | 146,000,000 | 328,300,000 | 316,800,000 | ||
EMEA ex UK (Europe, Middle East and Africa) | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total operating revenues | 184,200,000 | 145,700,000 | 360,500,000 | 310,100,000 | ||
Asia Pacific | ||||||
Revenue, Major Customer [Line Items] | ||||||
Total operating revenues | $ 90,200,000 | $ 70,100,000 | $ 179,300,000 | $ 153,100,000 |
Revenue - Market Fee Waivers (D
Revenue - Market Fee Waivers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Reduction in investment management and service and distribution fees, gross | $ (1,721.4) | $ (1,419) | $ (3,381.1) | $ (3,017.9) |
Investment management and Services and distribution fees | ||||
Revenue, Major Customer [Line Items] | ||||
Reduction in investment management and service and distribution fees, gross | $ 41.4 | $ 8.7 | $ 70.4 | $ 10.7 |
Common Share-Based Compensati_3
Common Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Common share-based compensation expense | $ 72.8 | $ 95.2 |
Fair value of vested shares | $ 152.3 | $ 94.3 |
Weighted average fair value of shares granted (usd per share) | $ 22.60 | $ 14.09 |
Unrecognized compensation cost related to non-vested shares | $ 231.1 | |
Weighted average non-vested shares compensation cost expected to recognize | 2 years 5 months 12 days |
Common Share-Based Compensati_4
Common Share-Based Compensation - Movements On Share Awards (Details) - $ / shares shares in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Unvested at beginning of year Weighted Average Grant Date Fair Value (usd per share) | $ 19.11 | |
Granted during period Weighted Average Grant Date Fair Value (usd per share) | 22.60 | $ 14.09 |
Forfeited during period Weighted Average Grant Date Fair Value (usd per share) | 18.74 | |
Vested and distributed during the period Weighted Average Grant Date Fair Value (usd per share) | 21.85 | |
Unvested at the end of the year Weighted Average Grant Date Fair Value (usd per share) | $ 18.82 | |
Time- Vested | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (shares) | 18.1 | 18.7 |
Granted during the year (shares) | 3.4 | 8.1 |
Forfeited during the period (shares) | (0.2) | (0.2) |
Vested and distributed during the year (shares) | (6.4) | (6.3) |
Unvested at the end of the year (shares) | 14.9 | 20.3 |
Performance- Vested | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested at the beginning of year (shares) | 1.6 | 1.1 |
Granted during the year (shares) | 0.6 | 0.9 |
Forfeited during the period (shares) | 0 | 0 |
Vested and distributed during the year (shares) | (0.5) | (0.2) |
Unvested at the end of the year (shares) | 1.7 | 1.8 |
Restructuring (Rollforward of R
Restructuring (Rollforward of Restructuring Liability) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Total charges | $ 20.1 | $ 0 | $ 50.1 | $ 0 | |||
Restructuring Reserve [Roll Forward] | |||||||
Balance as of beginning of period | 27.1 | $ 44.5 | 44.5 | $ 0 | $ 0 | ||
Accrued charges | 15.9 | 23.9 | 94.1 | ||||
Payments | (24.7) | (41.3) | (49.6) | ||||
Balance as of end of period | 18.3 | 27.1 | 0 | 18.3 | 44.5 | 0 | 18.3 |
Total non-cash charges | 10.3 | 24.9 | 35.2 | ||||
Cumulative charges incurred through June 30, 2021 | 169.1 | 169.1 | 169.1 | ||||
Minimum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Estimated restructuring expenses remaining | 80 | 80 | 80 | ||||
Maximum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Estimated restructuring expenses remaining | $ 105 | $ 105 | $ 105 | ||||
Employee Compensation | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Estimated restructuring expenses remaining (percent) | 40.00% | 40.00% | 40.00% | ||||
Restructuring Reserve [Roll Forward] | |||||||
Balance as of beginning of period | $ 24.1 | 44.5 | $ 44.5 | 0 | $ 0 | ||
Accrued charges | 12.8 | 19.8 | 85 | ||||
Payments | (20.4) | (40.2) | (40.5) | ||||
Balance as of end of period | 16.5 | 24.1 | 0 | 16.5 | 44.5 | 0 | 16.5 |
Total non-cash charges | 7.5 | 19.5 | 27 | ||||
Cumulative charges incurred through June 30, 2021 | 144.6 | 144.6 | 144.6 | ||||
Other Expenses | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance as of beginning of period | 3 | 0 | 0 | 0 | 0 | ||
Accrued charges | 3.1 | 4.1 | 9.1 | ||||
Payments | (4.3) | (1.1) | (9.1) | ||||
Balance as of end of period | 1.8 | $ 3 | $ 0 | 1.8 | 0 | $ 0 | 1.8 |
Total non-cash charges | 2.8 | $ 5.4 | 8.2 | ||||
Cumulative charges incurred through June 30, 2021 | $ 24.5 | $ 24.5 | $ 24.5 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation Of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Invesco Ltd. | $ 368.3 | $ 40.5 | $ 636.1 | $ 122 |
Weighted average shares outstanding - basic (in shares) | 462.8 | 460.1 | 462.2 | 457.9 |
Dilutive effect of non-participating common share-based awards (in shares) | 3.4 | 3 | 3.1 | 3.1 |
Weighted average shares outstanding - diluted (in shares) | 466.2 | 463.1 | 465.3 | 461 |
Earnings per common share: | ||||
- basic (usd per share) | $ 0.80 | $ 0.09 | $ 1.38 | $ 0.27 |
- diluted (usd per share) | $ 0.79 | $ 0.09 | $ 1.37 | $ 0.26 |
Earnings Per Common Share - Nar
Earnings Per Common Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Performance- Vested | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 300,000 | 0 | 300,000 |
Time- Vested | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2020fund | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | ||||
Undrawn capital commitments | $ 427.7 | $ 453.5 | ||
Seed Capital Subject To Massmutual Redemption Agreement | ||||
Loss Contingencies [Line Items] | ||||
Seed capital subject to redemption agreement | $ 281 | 281 | ||
OppenheimerFunds Acquisition-related Matter | ||||
Loss Contingencies [Line Items] | ||||
Estimated liability recognized | 300 | 300 | 387.8 | |
Remediation costs | $ 1.9 | $ 3.3 | 11.6 | |
Rebalancing Correction Matter | ||||
Loss Contingencies [Line Items] | ||||
Number of funds affected in the rebalancing correction matter | fund | 2 | |||
Payment to compensate for performance differences | $ 105.3 |
Consolidated Investment Produ_3
Consolidated Investment Products (CIP) - Balances Related To CIP (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents of CIP | $ 404.1 | $ 301.7 | $ 284.1 |
Accounts receivable and other assets of CIP | 488.3 | 175.5 | |
Investments of CIP | 8,304.8 | 7,910 | |
Less: Debt of CIP | (6,750.7) | (6,714.1) | |
Less: Other liabilities of CIP | (1,118.6) | (588.6) | |
Consolidated | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents of CIP | 404.1 | 301.7 | |
Accounts receivable and other assets of CIP | 488.3 | 175.5 | |
Investments of CIP | 8,304.8 | 7,910 | |
Less: Debt of CIP | (6,750.7) | (6,714.1) | |
Less: Other liabilities of CIP | (1,118.6) | (588.6) | |
Less: Retained earnings | 0.1 | 0.1 | |
Less: Accumulated other comprehensive income, net of tax | 0 | 0 | |
Less: Equity attributable to redeemable noncontrolling interests | (363.9) | (211.8) | |
Less: Equity attributable to nonredeemable noncontrolling interests | (517.9) | (446.3) | |
Invescoās net interests in CIP | $ 446.2 | $ 426.5 |
Consolidated Investment Produ_4
Consolidated Investment Products (CIP) - Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||||
Total operating expenses | $ 1,250.5 | $ 1,301.9 | $ 2,565.9 | $ 2,583.8 |
Operating income | 470.9 | 117.1 | 815.2 | 434.1 |
Equity in earnings of unconsolidated affiliates | 37.2 | 11.2 | 64.7 | 28.1 |
Interest and dividend income | 0.4 | 2.4 | 1.7 | 8.8 |
Other gains and losses, net | 43.4 | 60 | 77.5 | (46.5) |
Other gains/(losses) of CIP, net | 122 | (50.5) | 216.7 | (70.6) |
Income before income taxes | 649.3 | 105.4 | 1,127.4 | 282.8 |
Income tax provision | (154.2) | (43.4) | (260.7) | (100.8) |
Net income | 495.1 | 62 | 866.7 | 182 |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 |
Net income attributable to Invesco Ltd. | 368.3 | 40.5 | 636.1 | 122 |
Consolidated | ||||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||||
Total operating revenues | (10.2) | (10.5) | (20.3) | (19.4) |
Total operating expenses | 9 | 1.5 | 15.9 | 18.5 |
Operating income | (19.2) | (12) | (36.2) | (37.9) |
Equity in earnings of unconsolidated affiliates | (27.2) | 53.4 | (61.5) | 36.8 |
Interest and dividend income | 0 | (0.1) | 0 | (0.3) |
Other gains and losses, net | (8) | (28.6) | (6.8) | 13.4 |
Interest and dividend income of CIP | 66.5 | 79.7 | 135.2 | 164.9 |
Interest expense of CIP | (38.4) | (52.5) | (79.3) | (109.4) |
Other gains/(losses) of CIP, net | 93.9 | (77.7) | 160.8 | (126.1) |
Income before income taxes | 67.6 | (37.8) | 112.2 | (58.6) |
Income tax provision | 0 | 0 | 0 | 0 |
Net income | 67.6 | (37.8) | 112.2 | (58.6) |
Net (income)/loss attributable to noncontrolling interests in consolidated entities | (67.6) | 37.7 | (112.2) | 58.4 |
Net income attributable to Invesco Ltd. | $ 0 | $ (0.1) | $ 0 | $ (0.2) |
Consolidated Investment Produ_5
Consolidated Investment Products (CIP) - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)entity | Jun. 30, 2020USD ($)entity | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Variable Interest Entity [Line Items] | ||||||
Number of entities no longer consolidated | entity | 5 | 6 | ||||
Number of deconsolidated voting right entities | entity | 4 | 11 | ||||
Pay interest at Libor or Euribor plus (percent) | 12.00% | |||||
Collateral assets in default (percent) | 0.61% | |||||
Weighted average maturity (years) | 10 years 9 months 29 days | |||||
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread low | 0.40% | |||||
Notes issued by collateralized loan obligations terms of arrangements interest rate margin spread high | 8.51% | |||||
Investments of CIP | $ 8,304,800,000 | $ 7,910,000,000 | ||||
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 | 154,600,000 | 152,000,000 | ||||
Gain (loss) on deconsolidation | 0 | |||||
Investments of CIP | $ 216,800,000 | $ 284,400,000 | $ 216,800,000 | |||
Consolidated | ||||||
Variable Interest Entity [Line Items] | ||||||
Number of consolidated VIEs | entity | 6 | 4 | ||||
Number of consolidated voting right entities | entity | 3 | 0 | ||||
Investments of CIP | $ 8,304,800,000 | 7,910,000,000 | ||||
Bank loans | ||||||
Variable Interest Entity [Line Items] | ||||||
CLO Collateral Assets | 7,043,200,000 | |||||
Bank loans | Consolidated | ||||||
Variable Interest Entity [Line Items] | ||||||
CLO Collateral Assets | 7,053,800,000 | 6,864,500,000 | ||||
Senior Secured Bank Loans And Bonds | ||||||
Variable Interest Entity [Line Items] | ||||||
Fair value, option, aggregate differences, long-term debt instruments | 84,200,000 | 208,600,000 | ||||
Significant Unobservable Inputs (Level 3) | ||||||
Variable Interest Entity [Line Items] | ||||||
Gains and losses included in the Condensed Consolidated Statements of Income | 0 | $ 10,800,000 | ||||
Real Estate Investments, Net | $ 0 | $ 0 | $ 89,400,000 | $ 78,600,000 | ||
Significant Unobservable Inputs (Level 3) | Consolidated | ||||||
Variable Interest Entity [Line Items] | ||||||
Investments of CIP | 0 | 0 | ||||
Significant Unobservable Inputs (Level 3) | Bank loans | Consolidated | ||||||
Variable Interest Entity [Line Items] | ||||||
CLO Collateral Assets | $ 0 | $ 0 |
Consolidated Investment Produ_6
Consolidated Investment Products (CIP) - VIE Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents of CIP | $ 404.1 | $ 301.7 | $ 284.1 | |||
Accounts receivable and other assets of CIP | 488.3 | 175.5 | ||||
Investments of CIP | 8,304.8 | 7,910 | ||||
Total assets | 33,248.4 | 36,504.1 | ||||
Debt of CIP | 6,750.7 | 6,714.1 | ||||
Other liabilities of CIP | 1,118.6 | 588.6 | ||||
Total liabilities | 17,457.9 | 21,483.4 | ||||
Total equity | 15,426.6 | $ 15,029.5 | 14,808.9 | 13,967.7 | $ 13,942.4 | $ 14,318.3 |
Total liabilities, temporary and permanent equity | 33,248.4 | $ 36,504.1 | ||||
VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents of CIP | 7.7 | 9.1 | ||||
Accounts receivable and other assets of CIP | 3.4 | 1.2 | ||||
Investments of CIP | 242.9 | 114.2 | ||||
Total assets | 254 | 124.5 | ||||
Debt of CIP | 34.1 | 75.8 | ||||
Other liabilities of CIP | 206.2 | 37.8 | ||||
Total liabilities | 240.3 | 113.6 | ||||
Total equity | 13.7 | 10.9 | ||||
Total liabilities, temporary and permanent equity | 254 | 124.5 | ||||
VOEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents of CIP | 0 | 0 | ||||
Accounts receivable and other assets of CIP | 1 | 0 | ||||
Investments of CIP | 131.4 | 0 | ||||
Total assets | 132.4 | 0 | ||||
Debt of CIP | 0 | 0 | ||||
Other liabilities of CIP | 1 | 0 | ||||
Total liabilities | 1 | 0 | ||||
Total equity | 131.4 | 0 | ||||
Total liabilities, temporary and permanent equity | 132.4 | 0 | ||||
Deconsolidated VIEs | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents of CIP | 6.1 | 0.3 | ||||
Accounts receivable and other assets of CIP | 1.8 | 2.8 | ||||
Investments of CIP | 284.4 | 216.8 | ||||
Total assets | 292.3 | 219.9 | ||||
Debt of CIP | 258.3 | 0 | ||||
Other liabilities of CIP | 17.3 | 2 | ||||
Total liabilities | 275.6 | 2 | ||||
Total equity | 16.7 | 217.9 | ||||
Total liabilities, temporary and permanent equity | 292.3 | 219.9 | ||||
Deconsolidated Voes's | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash and cash equivalents of CIP | 0.1 | 0.2 | ||||
Accounts receivable and other assets of CIP | 0.1 | 1.1 | ||||
Investments of CIP | 27.6 | 134.1 | ||||
Total assets | 27.8 | 135.4 | ||||
Debt of CIP | 0 | 0 | ||||
Other liabilities of CIP | 0 | 0 | ||||
Total liabilities | 0 | 0 | ||||
Total equity | 27.8 | 135.4 | ||||
Total liabilities, temporary and permanent equity | $ 27.8 | $ 135.4 |
Consolidated Investment Produ_7
Consolidated Investment Products (CIP) - Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | $ 8,304.8 | $ 7,910 |
Bank loans | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 7,043.2 | |
Consolidated | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | 8,304.8 | 7,910 |
Consolidated | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | 272.7 | 153.1 |
Consolidated | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | 7,728.6 | 7,498.7 |
Consolidated | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | 0 | 0 |
Consolidated | Investments Measured at NAV as a practical expedient | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Total assets at fair value | 303.5 | 258.2 |
Consolidated | Bank loans | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 7,053.8 | 6,864.5 |
Consolidated | 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 |
Consolidated | Bank loans | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 7,053.8 | 6,864.5 |
Consolidated | Bank loans | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0 |
Consolidated | 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 |
Consolidated | Bonds | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 562.2 | 539 |
Consolidated | 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 | 0 | 0.6 |
Consolidated | Bonds | Significant Other Observable Inputs (Level 2) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 562.2 | 538.4 |
Consolidated | Bonds | Significant Unobservable Inputs (Level 3) | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 0 | 0 |
Consolidated | 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 |
Consolidated | Equity securities, Equity and fixed income mutual funds | ||
Segment Reporting, Other Significant Reconciling Items [Line Items] | ||
Bank loan, bonds and equity securities | 343.7 | 137.2 |
Equity and fixed income mutual funds, and investments in other private equity funds | 33.5 | 103 |
Consolidated | 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 | 258.1 | 61.3 |
Equity and fixed income mutual funds, and investments in other private equity funds | 14.6 | 91.2 |
Consolidated | 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 | 85.6 | 75.9 |
Equity and fixed income mutual funds, and investments in other private equity funds | 18.9 | 11.8 |
Consolidated | 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 | 0 | 0 |
Equity and fixed income mutual funds, and investments in other private equity funds | 0 | 0 |
Consolidated | 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 |
Consolidated | 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 | 311.6 | 266.3 |
Consolidated | 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 |
Consolidated | 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 | 8.1 | 8.1 |
Consolidated | 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 | 0 | 0 |
Consolidated | 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 | $ 303.5 | $ 258.2 |
Consolidated Investment Produ_8
Consolidated Investment Products (CIP) - Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance (Asset) | $ 89.4 | $ 78.6 |
Deconsolidation of CIP (Asset) | (89.4) | (89.4) |
Gains and losses included in the Condensed Consolidated Statements of Income (Asset) | 0 | 10.8 |
Ending balance (Asset) | $ 0 | $ 0 |
Consolidated Investment Produ_9
Consolidated Investment Products (CIP) - Investments Measured at NAV as a practical expedient (Details) - Investments in other private equity funds - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||
Fair Value | $ 303.5 | $ 258.2 |
Total Unfunded Commitments | $ 87.4 | $ 110.1 |
Weighted Average Remaining Term | 6 years 7 months 6 days | 6 years 8 months 12 days |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Line Items] | ||
Due from Affiliates | $ 822.6 | $ 612 |
Due to Affiliate | 368.9 | $ 171.6 |
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) | 16.50% |
Related Parties (Details)
Related Parties (Details) - Affiliated Entity - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Line Items] | ||||
Total operating revenues | $ 1,572.3 | $ 1,294.8 | $ 3,092.1 | $ 2,760.3 |
Investment management fees | ||||
Related Party Transactions [Line Items] | ||||
Total operating revenues | 1,128.3 | 932.1 | 2,218.3 | 1,988 |
Service and distribution fees | ||||
Related Party Transactions [Line Items] | ||||
Total operating revenues | 379.6 | 316.7 | 745.9 | 665.9 |
Performance fees | ||||
Related Party Transactions [Line Items] | ||||
Total operating revenues | 4.2 | 2.4 | 5.8 | 3.4 |
Other | ||||
Related Party Transactions [Line Items] | ||||
Total operating revenues | $ 60.2 | $ 43.6 | $ 122.1 | $ 103 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jul. 27, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Event [Line Items] | |||||
Common stock dividends declared per share (usd per share) | $ 0.170 | $ 0.155 | $ 0.325 | $ 0.465 | |
Preferred stock dividend declared (in usd per share) | $ 14.75 | $ 14.75 | $ 29.50 | $ 29.50 | |
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock dividends declared per share (usd per share) | $ 0.17 | ||||
Preferred stock dividend declared (in usd per share) | $ 14.75 |