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CONSOLIDATED INVESTMENT PRODUCTS (Tables)
 12 Months Ended
Dec. 31, 2021
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 millionsDecember 31, 2021December 31, 2020
Cash and cash equivalents of CIP250.7 301.7 
Accounts receivable and other assets of CIP532.6 175.5 
Investments of CIP9,042.5 7,910.0 
Less: Debt of CIP(7,336.1)(6,714.1)
Less: Other liabilities of CIP(846.3)(588.6)
Less: Retained earnings0.1 0.1 
Less: Equity attributable to redeemable noncontrolling interests(510.8)(211.8)
Less: Equity attributable to nonredeemable noncontrolling interests(671.5)(446.3)
Invesco's net interests in CIP461.2 426.5 
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 Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019.

Summary of Income Statement Impact of CIP
Years ended December 31,
$ in millions202120202019
Total operating revenues(42.4)(39.8)(33.5)
Total operating expenses25.3 22.2 28.1 
Operating income(67.7)(62.0)(61.6)
Equity in earnings of unconsolidated affiliates(95.5)(12.0)5.1 
Interest and dividend income— (0.3)(4.6)
Other gains and losses, net(6.2)(10.3)(40.8)
Interest and dividend income of CIP279.7 302.3 345.4 
Interest expense of CIP(160.7)(194.5)(228.5)
Other gains/(losses) of CIP, net390.0 32.1 32.9 
Income before income taxes339.6 55.3 47.9 
Income tax provision— — — 
Net income339.6 55.3 47.9 
Net (income)/loss attributable to noncontrolling interests in consolidated entities(339.6)(45.9)(49.5)
Net income attributable to Invesco Ltd.— 9.4 (1.6)
Changes to Consolidated Summary Balance Sheets The tables below illustrate the net impact of these consolidation changes to our consolidated summary balance sheets.
For the year ended December 31, 2021For the year ended December 31, 2020
$ in millions (1)
VIEsVOEsVIEsVOEs
Net increase (decrease) in assets of CIP174.8 (4.5)(258.2)(118.1)
Net increase (decrease) in liabilities of CIP66.1 0.9 110.8 — 
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, 2021 and December 31, 2020:
As of December 31, 2021
$ in millionsFair Value MeasurementsQuoted 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 loans7,132.4 — 6,993.6 138.8 — 
Bonds714.9 22.3 692.4 0.2 — 
Equity securities219.1 103.9 29.7 85.5 — 
Equity and fixed income mutual funds243.2 20.1 223.1 — — 
Investments in other private equity funds454.9 — — 8.1 446.8 
Real estate investments278.0 — — — 278.0 
Total assets at fair value9,042.5 146.3 7,938.8 232.6 724.8 

 As of December 31, 2020
$ in millionsFair Value MeasurementsQuoted 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 loans6,864.5 — 6,864.5 — — 
Bonds539.0 0.6 538.4 — — 
Equity securities137.2 61.3 75.9 — — 
Equity and fixed income mutual funds103.0 91.2 11.8 — — 
Investments in other private equity funds266.3 — 8.1 — 258.2 
Total assets at fair value7,910.0 153.1 7,498.7 — 258.2 
Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products
The table below summarizes as of December 31, 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.
December 31, 2021December 31, 2020
in millions, except term dataFair ValueTotal Unfunded Commitments
Weighted Average Remaining Term (3)
Fair ValueTotal Unfunded Commitments
Weighted Average Remaining Term (3)
Private equity funds (1)
446.861.76.9 years258.2110.16.7 years
Real estate investments (2)
278.047.3N/A——N/A
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(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 subject to a redemption notice period that requires at least 45 days, and the frequency of redemptions is either quarterly or best efforts.

(3)    These investments are expected to be returned through distributions because of liquidations of the funds’ underlying assets over the weighted average periods indicated.