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Consolidated Investment Products (Tables)
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12 Months Ended |
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Dec. 31, 2014
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Dec. 31, 2012
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| Consolidated Investment Products [Abstract] |
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| Company's Maximum Risk Of Loss In Significant VIE's |
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At December 31, 2012, the company's maximum risk of loss in significant VIEs in which the company is not the primary beneficiary is presented in the table below. | | | | | | | | | | $ in millions | Footnote Reference | | Carrying Value | | Company's Maximum Risk of Loss | Partnership and trust investments | — |
| | 38.2 |
| | 38.2 |
| Investments in Invesco Mortgage Capital Inc. | — |
| | 32.5 |
| | 32.5 |
| Support agreements* | 19 |
| | (1.0 | ) | | 21.0 |
| Total | | 91.7 |
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| | * | As of December 31, 2012, the committed support under these agreements was $21.0 million with an internal approval mechanism to increase the maximum possible support to $66.0 million at the option of the company. |
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| VIE Balance Sheets Consolidated In Period |
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Balance Sheet
| | | | | | | For the year ended December 31, 2012 | $ in millions | | CLOs - VIEs | Current assets | | 516.5 |
| Non-current assets | | 693.3 |
| Total assets | | 1,209.8 |
| Current liabilities | | 406.2 |
| Non-current liabilities | | 803.6 |
| Total liabilities | | 1,209.8 |
| Total equity | | — |
| Total liabilities and equity | | 1,209.8 |
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| | | | | | | For the year ended December 31, 2012 | $ in millions | | CLOs - VIEs | Current assets | | 181.2 |
| Non-current assets | | 2,247.4 |
| Total assets | | 2,428.6 |
| Current liabilities | | 47.5 |
| Non-current liabilities | | 2,264.2 |
| Total liabilities | | 2,311.7 |
| Total equity | | 116.9 |
| Total liabilities and equity | | 2,428.6 |
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| Condensed Consolidating Balance Sheet [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | $ in millions | | CLOs - VIEs | | Other VIEs | | VOEs | | Adjustments(1) | | Subtotal - Impact of Consolidated Investment Products | | Invesco Ltd. Consolidated | As of December 31, 2012 | | | | | | | | | | | | | Current assets | | 266.4 |
| | 0.4 |
| | 120.9 |
| | (20.2 | ) | | 367.5 |
| | 3,907.6 |
| Non-current assets | | 3,948.0 |
| | 35.9 |
| | 607.9 |
| | (107.9 | ) | | 4,483.9 |
| | 13,584.8 |
| Total assets | | 4,214.4 |
| | 36.3 |
| | 728.8 |
| | (128.1 | ) | | 4,851.4 |
| | 17,492.4 |
| Current liabilities | | 105.3 |
| | 0.5 |
| | 2.9 |
| | (13.3 | ) | | 95.4 |
| | 2,713.0 |
| Long-term debt of consolidated investment products | | 3,980.7 |
| | — |
| | — |
| | (81.3 | ) | | 3,899.4 |
| | 3,899.4 |
| Other non-current liabilities | | — |
| | — |
| | — |
| | — |
| | — |
| | 1,831.0 |
| Total liabilities | | 4,086.0 |
| | 0.5 |
| | 2.9 |
| | (94.6 | ) | | 3,994.8 |
| | 8,443.4 |
| Retained earnings appropriated for investors in consolidated investment products | | 128.8 |
| | — |
| | — |
| | — |
| | 128.8 |
| | 128.8 |
| Other equity attributable to common shareholders | | (0.4 | ) | | (0.1 | ) | | 34.0 |
| | (33.5 | ) | | — |
| | 8,188.0 |
| Equity attributable to noncontrolling interests in consolidated entities | | — |
| | 35.9 |
| | 691.9 |
| | — |
| | 727.8 |
| | 732.2 |
| Total liabilities and equity | | 4,214.4 |
| | 36.3 |
| | 728.8 |
| | (128.1 | ) | | 4,851.4 |
| | 17,492.4 |
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| | | | | | | | | | | | | | | | | | | | $ in millions | | CLOs - VIEs | | Other VIEs | | VOEs | | Adjustments(1) | | Subtotal - Impact of Consolidated Investment Products | | Invesco Ltd. Consolidated | As of December 31, 2011 | | | | | | | | | | | | | Current assets | | 394.5 |
| | 3.1 |
| | 113.7 |
| | (29.9 | ) | | 481.4 |
| | 3,834.1 |
| Non-current assets | | 5,682.3 |
| | 42.8 |
| | 903.8 |
| | (92.5 | ) | | 6,536.4 |
| | 15,512.9 |
| Total assets | | 6,076.8 |
| | 45.9 |
| | 1,017.5 |
| | (122.4 | ) | | 7,017.8 |
| | 19,347.0 |
| Current liabilities | | 179.2 |
| | 0.4 |
| | 5.8 |
| | (29.9 | ) | | 155.5 |
| | 2,974.4 |
| Long-term debt of consolidated investment products | | 5,563.3 |
| | — |
| | — |
| | (50.4 | ) | | 5,512.9 |
| | 5,512.9 |
| Other non-current liabilities | | — |
| | — |
| | — |
| | — |
| | — |
| | 1,722.1 |
| Total liabilities | | 5,742.5 |
| | 0.4 |
| | 5.8 |
| | (80.3 | ) | | 5,668.4 |
| | 10,209.4 |
| Retained earnings appropriated for investors in consolidated investment products | | 334.3 |
| | — |
| | — |
| | — |
| | 334.3 |
| | 334.3 |
| Other equity attributable to common shareholders | | — |
| | 0.1 |
| | 43.1 |
| | (42.1 | ) | | 1.1 |
| | 7,784.8 |
| Equity attributable to noncontrolling interests in consolidated entities | | — |
| | 45.4 |
| | 968.6 |
| | — |
| | 1,014.0 |
| | 1,018.5 |
| Total liabilities and equity | | 6,076.8 |
| | 45.9 |
| | 1,017.5 |
| | (122.4 | ) | | 7,017.8 |
| | 19,347.0 |
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| | (1) | Adjustments include the elimination of intercompany transactions between the company and its consolidated investment products, primarily the elimination of the company's equity at risk recorded as investments by the company (before consolidation) against either equity (private equity and real estate partnership funds) or subordinated debt (CLOs) of the funds. |
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| Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income |
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| | | | | | | | | | | | | | | | | | | | $ in millions | | CLOs - VIEs | | Other VIEs | | VOEs | | Adjustments(1) | | Subtotal - Impact of Consolidated Investment Products | | Invesco Ltd. Consolidated | Year ended December 31, 2012 | | | | | | | | | | | | | Total operating revenues | | — |
| | — |
| | — |
| | (41.0 | ) | | (41.0 | ) | | 4,177.0 |
| Total operating expenses | | 48.2 |
| | 0.9 |
| | 23.4 |
| | (41.0 | ) | | 31.5 |
| | 3,305.5 |
| Operating income | | (48.2 | ) | | (0.9 | ) | | (23.4 | ) | | — |
| | (72.5 | ) | | 871.5 |
| Equity in earnings of unconsolidated affiliates | | — |
| | — |
| | — |
| | 0.5 |
| | 0.5 |
| | 29.7 |
| Interest and dividend income | | 260.7 |
| | — |
| | — |
| | (14.5 | ) | | 246.2 |
| | 268.3 |
| Other investment income/(losses) | | (112.2 | ) | | 2.4 |
| | 13.7 |
| | (10.3 | ) | | (106.4 | ) | | (89.4 | ) | Interest expense | | (182.8 | ) | | — |
| | — |
| | 14.5 |
| | (168.3 | ) | | (220.6 | ) | Income before income taxes | | (82.5 | ) | | 1.5 |
| | (9.7 | ) | | (9.8 | ) | | (100.5 | ) | | 859.5 |
| Income tax provision | | — |
| | — |
| | — |
| | — |
| | — |
| | (272.2 | ) | Net income | | (82.5 | ) | | 1.5 |
| | (9.7 | ) | | (9.8 | ) | | (100.5 | ) | | 587.3 |
| (Gains)/losses attributable to noncontrolling interests in consolidated entities, net | | 82.2 |
| | (1.5 | ) | | 9.1 |
| | — |
| | 89.8 |
| | 89.8 |
| Net income attributable to common shareholders | | (0.3 | ) | | — |
| | (0.6 | ) | | (9.8 | ) | | (10.7 | ) | | 677.1 |
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| | | | | | | | | | | | | | | | | | | | $ in millions | | CLOs - VIEs | | Other VIEs | | VOEs | | Adjustments(1) | | Subtotal - Impact of Consolidated Investment Products | | Invesco Ltd. Consolidated | Year ended December 31, 2011 | | | | | | | | | | | | | Total operating revenues | | — |
| | — |
| | 0.1 |
| | (47.3 | ) | | (47.2 | ) | | 4,092.2 |
| Total operating expenses | | 46.7 |
| | 1.0 |
| | 12.6 |
| | (47.3 | ) | | 13.0 |
| | 3,194.1 |
| Operating income | | (46.7 | ) | | (1.0 | ) | | (12.5 | ) | | — |
| | (60.2 | ) | | 898.1 |
| Equity in earnings of unconsolidated affiliates | | — |
| | — |
| | — |
| | (0.2 | ) | | (0.2 | ) | | 30.5 |
| Interest and dividend income | | 307.2 |
| | — |
| | — |
| | (8.3 | ) | | 298.9 |
| | 318.2 |
| Other investment income/(losses) | | (235.1 | ) | | 1.0 |
| | 74.9 |
| | 20.3 |
| | (138.9 | ) | | (89.9 | ) | Interest expense | | (195.3 | ) | | — |
| | — |
| | 8.3 |
| | (187.0 | ) | | (248.8 | ) | Income before income taxes | | (169.9 | ) | | — |
| | 62.4 |
| | 20.1 |
| | (87.4 | ) | | 908.1 |
| Income tax provision | | — |
| | — |
| | — |
| | — |
| | — |
| | (286.1 | ) | Net income | | (169.9 | ) | | — |
| | 62.4 |
| | 20.1 |
| | (87.4 | ) | | 622.0 |
| (Gains)/losses attributable to noncontrolling interests in consolidated entities, net | | 169.9 |
| | — |
| | (62.3 | ) | | — |
| | 107.6 |
| | 107.7 |
| Net income attributable to common shareholders | | — |
| | — |
| | 0.1 |
| | 20.1 |
| | 20.2 |
| | 729.7 |
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| | | | | | | | | | | | | | | | | | | | $ in millions | | CLOs - VIEs | | VIEs | | VOEs | | Adjustments(1) | | Subtotal - Impact of Consolidated Investment Products | | Invesco Ltd. Consolidated | Year ended December 31, 2010 | | | | | | | | | | | | | Total operating revenues | | — |
| | — |
| | 0.3 |
| | (45.3 | ) | | (45.0 | ) | | 3,487.7 |
| Total operating expenses | | 41.4 |
| | 1.6 |
| | 12.3 |
| | (45.3 | ) | | 10.0 |
| | 2,897.8 |
| Operating income | | (41.4 | ) | | (1.6 | ) | | (12.0 | ) | | — |
| | (55.0 | ) | | 589.9 |
| Equity in earnings of unconsolidated affiliates | | — |
| | — |
| | — |
| | (0.6 | ) | | (0.6 | ) | | 40.2 |
| Interest and dividend income | | 246.0 |
| | — |
| | — |
| | (5.1 | ) | | 240.9 |
| | 251.3 |
| Other investment income/(losses) | | (3.8 | ) | | 6.9 |
| | 104.5 |
| | 6.4 |
| | 114.0 |
| | 129.6 |
| Interest expense | | (123.7 | ) | | — |
| | — |
| | 5.1 |
| | (118.6 | ) | | (177.2 | ) | Income before income taxes | | 77.1 |
| | 5.3 |
| | 92.5 |
| | 5.8 |
| | 180.7 |
| | 833.8 |
| Income tax provision | | — |
| | — |
| | — |
| | — |
| | — |
| | (197.0 | ) | Net income/(loss) | | 77.1 |
| | 5.3 |
| | 92.5 |
| | 5.8 |
| | 180.7 |
| | 636.8 |
| (Gains)/losses attributable to noncontrolling interests in consolidated entities, net | | (77.1 | ) | | (5.3 | ) | | (88.4 | ) | | (0.1 | ) | | (170.9 | ) | | (171.1 | ) | Net income attributable to common shareholders | | — |
| | — |
| | 4.1 |
| | 5.7 |
| | 9.8 |
| | 465.7 |
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| | (1) | Adjustments include the elimination of intercompany transactions between the company and its consolidated investment products, primarily the elimination of management fees expensed by the funds and recorded as operating revenues (before consolidation) by the company. |
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| Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products |
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The following tables present the fair value hierarchy levels of investments held, derivative contracts, and notes issued by consolidated investment products, which are measured at fair value as of December 31, 2012 and December 31, 2011: | | | | | | | | | | | | | | As of December 31, 2012 | $ in millions | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Assets: | | | | | | | | CLO collateral assets: | | | | | | | | Bank loans | 3,709.3 |
| | — |
| | 3,709.3 |
| | — |
| Bonds | 185.4 |
| | — |
| | 185.4 |
| | — |
| Equity securities | 12.1 |
| | — |
| | 12.1 |
| | — |
| Private equity fund assets: |
| | | | | | | Equity securities | 124.4 |
| | 20.4 |
| | 9.9 |
| | 94.1 |
| Investments in other private equity funds | 503.5 |
| | — |
| | — |
| | 503.5 |
| Debt securities issued by the U.S. Treasury | 10.0 |
| | 10.0 |
| | — |
| | — |
| Real estate investments | 5.3 |
| | — |
| | — |
| | 5.3 |
| Total assets at fair value | 4,550.0 |
| | 30.4 |
| | 3,916.7 |
| | 602.9 |
| Liabilities: | | | |
| | |
| | |
| CLO notes | (3,899.4 | ) | | — |
| | — |
| | (3,899.4 | ) | Total liabilities at fair value | (3,899.4 | ) | | — |
| | — |
| | (3,899.4 | ) |
| | | | | | | | | | | | | | As of December 31, 2011 | $ in millions | Fair Value Measurements | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other
Observable Inputs (Level 2) | | Significant
Unobservable Inputs (Level 3) | Assets: | | | | | | | | CLO collateral assets: | | | | | | | | Bank loans | 5,354.3 |
| | — |
| | 5,354.3 |
| | — |
| Bonds | 292.8 |
| | — |
| | 292.8 |
| | — |
| Equity securities | 35.3 |
| | — |
| | 35.3 |
| | — |
| CLO-related derivative assets | 10.8 |
| | — |
| | 10.8 |
| | — |
| Private equity fund assets: |
| | | | | | | Equity securities | 138.2 |
| | 11.4 |
| | 0.1 |
| | 126.7 |
| Debt Securities | 10.0 |
| | — |
| | — |
| | 10.0 |
| Investments in other private equity funds | 559.5 |
| | — |
| | — |
| | 559.5 |
| Debt securities issued by the U.S. Treasury | 6.0 |
| | 6.0 |
| | — |
| | — |
| Real estate investments | 232.9 |
| | — |
| | — |
| | 232.9 |
| Total assets at fair value | 6,639.8 |
| | 17.4 |
| | 5,693.3 |
| | 929.1 |
| Liabilities: | | | | | | | | CLO notes | (5,512.9 | ) | | — |
| | — |
| | (5,512.9 | ) | CLO-related derivative liabilities | (5.8 | ) | | — |
| | (5.8 | ) | | — |
| Total liabilities at fair value | (5,518.7 | ) | | — |
| | (5.8 | ) | | (5,512.9 | ) |
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| Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities |
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The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities using significant unobservable inputs: | | | | | | | | | | | | | | Year ended December 31, 2012 | | Year ended December 31, 2011 | $ in millions | Level 3 Assets | | Level 3 Liabilities | | Level 3 Assets | | Level 3 Liabilities | Beginning balance | 929.1 |
| | (5,512.9 | ) | | 972.8 |
| | (5,865.4 | ) | Purchases | 8.9 |
| | — |
| | 52.2 |
| | — |
| Sales | (334.5 | ) | | — |
| | (187.6 | ) | | — |
| Issuances | — |
| | (792.5 | ) | | — |
| | — |
| Settlements |
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| | 619.9 |
| | — |
| | 530.4 |
| Deconsolidation of consolidated investment products | — |
| | 2,123.7 |
| | — |
| | — |
| Gains and losses included in the Consolidated Statements of Income* | 12.4 |
| | (349.2 | ) | | 81.1 |
| | (74.1 | ) | Transfers, net** | (9.9 | ) | | — |
| | — |
| | — |
| Foreign exchange | (3.1 | ) | | 11.6 |
| | 10.6 |
| | (103.8 | ) | Ending balance | 602.9 |
| | (3,899.4 | ) | | 929.1 |
| | (5,512.9 | ) |
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| | * | Included in gains and losses of consolidated investment products in the Consolidated Statement of Income for the year ended December 31, 2012 are $28.3 million in net unrealized gains attributable to investments still held at December 31, 2012 by consolidated investment products (year ended December 31, 2011: $24.1 million net unrealized gains attributable to investments still held at December 31, 2011). |
| | ** | During the year ended December 31, 2012, $9.9 million of equity securities held by consolidated private equity funds were transferred from Level 3 to Level 2 due to the legal lock up requirements of public offering of securities in the underlying companies. For transfers due to public offerings, the company's policy is to use the fair value of the transferred security on the offering date. |
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