Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On December 31, 2013, the company completed the sale of Atlantic Trust to the Canadian Imperial Bank of Commerce (CIBC) for a base purchase price of $210 million less certain working capital and cash funding requirements.Net cash proceeds of $137.0 million were received in 2013 with further cash proceeds of $60.8 million received in 2014.

The results of Atlantic Trust, together with expenses and the gain associated with the sale, are reflected as discontinued operations in the Consolidated Statements of Income and are therefore excluded from the continuing operations of Invesco. Comparative periods shown in the Consolidated Statements of Income have been adjusted to conform with this presentation. 

The following table presents the major classes of assets and liabilities that were disposed of on December 31, 2013:

	As of
$ in millions	December 31, 2013
Assets
Receivables and other assets	52.0
Property and equipment, net	13.7
Intangible assets, net	2.2
Goodwill	74.5
Total assets	142.4
Liabilities
Accrued expenses	24.3
Total liabilities	24.3

The components of income from discontinued operations, net of tax, were as follows for the twelve months ended December 31, 2014, 2013, and 2012, respectively.

	Years ended December 31,
$ in millions	2014		2013		2012
Operating revenue	0.3		162.6		126.6
Operating expenses	(7.0	)	(139.2	)	(97.7	)
Gain on sale	1.4		77.5		—
Income/(loss) from discontinued operations before income taxes	(5.3	)	100.9		28.9
Income tax provision	1.9		(36.4	)	(10.8	)
Income/(loss) from discontinued operations, net of taxes	(3.4	)	64.5		18.1

In conjunction with the sale, the company recorded a pre-tax gain of $77.5 million, which is included within discontinued operations, net of taxes, in the accompanying Consolidated Statement of Income for the year ended December 31, 2013.