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Consolidated Investment Products (Tables)
12 Months Ended
Dec. 31, 2019
Consolidated Investment Products [Abstract]  
Balances Related To CIP The following table presents the balances related to CIP that are included on the Consolidated Balance Sheets as well as Invesco's net interest in the CIP for each period presented.
 
As of
$ in millions
December 31, 2019
 
December 31, 2018
Cash and cash equivalents of CIP
652.2

 
657.7

Accounts receivable and other assets of CIP
172.9

 
110.8

Investments of CIP
7,808.0

 
6,213.5

Less: Debt of CIP
(6,234.6
)
 
(5,226.0
)
Less: Other liabilities of CIP
(949.6
)
 
(387.6
)
Less: Retained earnings
9.5

 
7.9

Less: Accumulated other comprehensive income, net of tax
(9.4
)
 
(7.8
)
Less: Equity attributable to redeemable noncontrolling interests
(383.5
)
 
(396.2
)
Less: Equity attributable to nonredeemable noncontrolling interests
(454.9
)
 
(356.5
)
Invesco's net interests in CIP
610.6

 
615.8


Condensed Consolidating Statement Of Income Line Items Reflecting Impact Of Consolidation Of Investment Products Into The Condensed Consolidated Statements Of Income
The following table reflects the impact of consolidation of investment products into the Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017.

Summary of Income Statement Impact of CIP
 
 
Years ended December 31,
$ in millions
 
2019
 
2018
 
2017
Total operating revenues
 
(33.5
)
 
(28.6
)
 
(32.4
)
Total operating expenses
 
28.1

 
16.2

 
10.5

Operating income
 
(61.6
)
 
(44.8
)
 
(42.9
)
Equity in earnings of unconsolidated affiliates
 
5.1

 
(10.2
)
 
(20.0
)
Interest and dividend income
 
(4.6
)
 

 

Other gains and losses, net
 
(40.8
)
 
34.5

 
(38.4
)
Interest and dividend income of CIP
 
345.4

 
275.4

 
211.6

Interest expense of CIP
 
(228.5
)
 
(190.7
)
 
(155.3
)
Other gains/(losses) of CIP, net
 
32.9

 
(55.1
)
 
81.0

Income before income taxes
 
47.9

 
9.1

 
36.0

Income tax provision
 

 

 

Net income
 
47.9

 
9.1

 
36.0

Net (income)/loss attributable to noncontrolling interests in consolidated entities
 
(49.5
)
 
(0.3
)
 
(33.7
)
Net income attributable to Invesco Ltd.
 
(1.6
)
 
8.8

 
2.3


VIE Balance Sheets Consolidated In Period The current period activity for the consolidated funds, including the initial funding and subsequent investment of initial cash balances into underlying investments of CIP, is reflected in the company’s Consolidated Financial Statements.


 
 
For the year ended December 31, 2019
 
For the year ended December 31, 2018
$ in millions
 
VIEs
 
VOEs
 
VIEs
 
VOEs
Cash and cash equivalents of CIP
 
9.8

 
0.2

 
400.7

 

Accounts receivable and other assets of CIP
 
3.1

 
0.3

 
6.6

 
1.9

Investments of CIP
 
508.7

 
25.5

 
914.8

 
172.6

Total assets
 
521.6

 
26.0

 
1,322.1

 
174.5

 
 
 
 
 
 
 
 
 
Debt of CIP
 
188.8

 

 
1,017.1

 

Other liabilities of CIP
 
332.8

 

 
38.5

 

Total liabilities
 
521.6

 

 
1,055.6

 

Total equity
 

 
26.0

 
266.5

 
174.5

Total liabilities and equity
 
521.6

 
26.0

 
1,322.1

 
174.5


 
 
For the year ended December 31, 2019
 
For the year ended December 31, 2018
$ in millions
 
VIEs
 
VOEs
 
VIEs
 
VOEs
Cash and cash equivalents of CIP
 
7.6

 

 
104.8

 

Accounts receivable and other assets of CIP
 
22.3

 
0.6

 
26.3

 
0.1

Investments of CIP
 
626.1

 
94.3

 
917.4

 
5.9

Total assets
 
656.0

 
94.9

 
1,048.5

 
6.0

 
 
 
 

 
 
 
 
Debt of CIP
 
526.2

 

 
938.4

 

Other liabilities of CIP
 
22.2

 

 
8.9

 

Total liabilities
 
548.4

 

 
947.3

 

Total equity
 
107.6

 
94.9

 
101.2

 
6.0

Total liabilities and equity
 
656.0

 
94.9

 
1,048.5

 
6.0


Fair Value Hierarchy Levels Of Investments Held And Notes Issued By Consolidated Investment Products
The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of December 31, 2019 and December 31, 2018:
 
As of December 31, 2019
$ in millions
Fair Value Measurements
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Investments Measured at NAV as a practical expedient
Assets:
 
 
 
 
 
 
 
 
 
Bank loans
6,504.4

 

 
6,504.4

 

 

Bonds
705.9

 
0.5

 
705.4

 

 

Equity securities
275.9

 
204.4

 
71.5

 

 

Equity and fixed income mutual funds
29.8

 
20.3

 
9.5

 

 

Investments in other private equity funds
213.4

 

 

 

 
213.4

Real estate investments
78.6

 

 

 
78.6

 

Total assets at fair value
7,808.0

 
225.2

 
7,290.8

 
78.6

 
213.4


 
As of December 31, 2018
$ in millions
Fair Value Measurements
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Investments Measured at NAV as a Practical expedient
Assets:
 
 
 
 
 
 
 
 
 
Bank loans
5,117.0

 

 
5,117.0

 

 

Bonds
636.0

 

 
636.0

 

 

Equity securities
241.2

 
208.1

 
33.1

 

 

Equity and fixed income mutual funds
18.8

 
18.8

 

 

 

Investments in other private equity funds
188.7

 

 

 

 
188.7

Real estate investments
11.8

 

 

 
11.8

 

Total assets at fair value
6,213.5

 
226.9

 
5,786.1

 
11.8

 
188.7


Beginning And Ending Fair Value Measurements For Level 3 Assets And Liabilities
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs:
 
Year ended December 31, 2019
 
Year ended December 31, 2018
$ in millions
Level 3 Assets
 
Level 3 Assets
Beginning balance
11.8

 
76.2

Purchases
58.9

 
13.0

Sales

 
(84.8
)
Gains and losses included in the Consolidated Statements of Income(1)
7.9

 
7.4

Ending balance
78.6

 
11.8

____________

(1)
Included in gains/(losses) of CIP, net in the Consolidated Statement of Income for the year ended December 31, 2019 are $7.9 million in net unrealized gains attributable to investments still held at December 31, 2019 by CIP (year ended December 31, 2018: $1.1 million net unrealized losses attributable to investments still held at December 31, 2018).
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products
The table below summarizes as of December 31, 2019 and December 31, 2018, the nature of investments that are valued using the NAV as a practical expedient and any related liquidation restrictions or other factors which may impact the ultimate value realized:
 
 
December 31, 2019
 
December 31, 2018
in millions, except term data
 
Fair Value
 
Total Unfunded Commitments
 
Weighted Average Remaining Term (2)
 
Fair Value
 
Total Unfunded Commitments
 
Weighted Average Remaining Term (2)
Private equity funds (1)
 
$213.4
 
$78.3
 
6.7 years
 
$188.7
 
$101.9
 
6.1 years
____________

(1)
These investments are not subject to redemption; however, for certain funds, the investors may sell or transfer their interest, which may require approval by the general partner of the underlying funds.

(2)
These investments are expected to be returned through distributions as a result of liquidations of the funds' underlying assets over the weighted average periods indicated.