Consolidated Investment Products (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020	December 31, 2019
Cash and cash equivalents of CIP	301.7	652.2
Accounts receivable and other assets of CIP	175.5	172.9
Investments of CIP	7,910.0	7,808.0
Less: Debt of CIP	(6,714.1)	(6,234.6)
Less: Other liabilities of CIP	(588.6)	(949.6)
Less: Retained earnings	0.1	9.5
Less: Accumulated other comprehensive income, net of tax	—	(9.4)
Less: Equity attributable to redeemable noncontrolling interests	(211.8)	(383.5)
Less: Equity attributable to nonredeemable noncontrolling interests	(446.3)	(454.9)
Invesco's net interests in CIP	426.5	610.6

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, 2020, 2019 and 2018.

Summary of Income Statement Impact of CIP

	Years ended December 31,
$ in millions	2020	2019	2018
Total operating revenues	(39.8)	(33.5)	(28.6)
Total operating expenses	22.2	28.1	16.2
Operating income	(62.0)	(61.6)	(44.8)
Equity in earnings of unconsolidated affiliates	(12.0)	5.1	(10.2)
Interest and dividend income	(0.3)	(4.6)	—
Other gains and losses, net	(10.3)	(40.8)	34.5
Interest and dividend income of CIP	302.3	345.4	275.4
Interest expense of CIP	(194.5)	(228.5)	(190.7)
Other gains/(losses) of CIP, net	32.1	32.9	(55.1)
Income before income taxes	55.3	47.9	9.1
Income tax provision	—	—	—
Net income	55.3	47.9	9.1
Net (income)/loss attributable to noncontrolling interests in consolidated entities	(45.9)	(49.5)	(0.3)
Net income attributable to Invesco Ltd.	9.4	(1.6)	8.8

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, 2020		For the year ended December 31, 2019
$ in millions	VIEs	VOEs	VIEs	VOEs
Cash and cash equivalents of CIP	9.1	0.1	9.8	0.2
Accounts receivable and other assets of CIP	1.2	0.1	3.1	0.3
Investments of CIP	114.2	17.1	508.7	25.5
Total assets	124.5	17.3	521.6	26.0
Debt of CIP	75.8	—	188.8	—
Other liabilities of CIP	37.8	—	332.8	—
Total liabilities	113.6	—	521.6	—
Total equity	10.9	17.3	—	26.0
Total liabilities and equity	124.5	17.3	521.6	26.0

	For the year ended December 31, 2020		For the year ended December 31, 2019
$ in millions	VIEs	VOEs	VIEs	VOEs
Cash and cash equivalents of CIP	4.0	0.2	7.6	—
Accounts receivable and other assets of CIP	5.0	1.1	22.3	0.6
Investments of CIP	373.7	134.1	626.1	94.3
Total assets	382.7	135.4	656.0	94.9
		—
Debt of CIP	—	—	526.2	—
Other liabilities of CIP	2.8	—	22.2	—
Total liabilities	2.8	—	548.4	—
Total equity	379.9	135.4	107.6	94.9
Total liabilities and equity	382.7	135.4	656.0	94.9

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, 2020 and December 31, 2019:

	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 (Level 3)	Investments Measured at NAV as a practical expedient
Assets:
Bank loans	6,864.5	—	6,864.5	—	—
Bonds	539.0	0.6	538.4	—	—
Equity securities	137.2	61.3	75.9	—	—
Equity and fixed income mutual funds	103.0	91.2	11.8	—	—
Investments in other private equity funds	266.3	—	8.1	—	258.2
Total assets at fair value	7,910.0	153.1	7,498.7	—	258.2

	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

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, 2020	Year ended December 31, 2019
$ in millions	Level 3 Assets	Level 3 Assets
Beginning balance	78.6	11.8
Purchases	—	58.9
Deconsolidation of CIP	(89.4)	—
Gains and losses included in the Consolidated Statements of Income(1)	10.8	7.9
Ending balance	—	78.6

____________

(1)Included in gains/(losses) of CIP, net in the Consolidated Statements of Income for the year ended December 31, 2020 are $10.8 million in net unrealized gains attributable to investments still held at December 31, 2020 by CIP (year ended December 31, 2019: $7.9 million net unrealized gains attributable to investments still held at December 31, 2019).

Fair Value Inputs, Assets and Liabilities, Quantitative Information, Consolidated Investment Products

The table below summarizes as of December 31, 2020 and December 31, 2019, 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, 2020			December 31, 2019
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)	$258.2	$110.1	6.7 years	$213.4	$78.3	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 as a result of liquidations of the funds' underlying assets over the weighted average periods indicated.