XML 30 R12.htm IDEA: XBRL DOCUMENT v3.22.0.1
BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
On May 24, 2019, the company acquired OppenheimerFunds, an investment management subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual).

Transaction and integration costs related to the OppenheimerFunds acquisition included within the Transaction, integration and restructuring line item on the Consolidated Statements of Income were a benefit of $190.7 million for the year ended December 31, 2021 (year ended December 31, 2020: $183.2 million expense). See Note 20, "Commitments and Contingencies," for additional details regarding the OppenheimerFunds acquisition-related matter.

Supplemental Pro Forma Information

The following unaudited pro forma summary presents consolidated information of the company as if the business combination had occurred on January 1, 2019, the earliest period presented herein.
For the year ended December 31,
$ in millions2019
Operating revenues6,935.1 
Net income683.4 
The pro forma adjustments include dividends on preferred shares, transaction costs and adjustments to depreciation and intangible asset amortization expense. Cost savings or operating synergies expected to result from the acquisition are not included in the pro forma results. These pro forma results are not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations.