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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-13908
Invesco_Global_Logo_Blue_Pos_RGB.jpg
Invesco Ltd.
(Exact Name of Registrant as Specified in Its Charter)
Bermuda98-0557567
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
1331 Spring Street,Suite 2500,Atlanta,GA30309
(Address of Principal Executive Offices)(Zip Code)
(404) 892-0896
(Registrant’s telephone number, including area code)

1555 Peachtree Street, N.E., Suite 1800, Atlanta, GA
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.20 par valueIVZNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No
As of March 31, 2023, the most recent practicable date, the number of Common Shares outstanding was 458,168,885.





Table of Contents
TABLE OF CONTENTS
We include cross references to captions elsewhere in this Quarterly Report on Form 10-Q, which we refer to as this “Report,” where you can find related additional information. The following table of contents tells you where to find these captions.
Page
TABLE OF CONTENTS
Glossary of Defined Terms












Table of Contents

GLOSSARY OF DEFINED TERMS
APAC— Asia-Pacific
AUM— Assets under management
bps — Basis points
CEO— 
Chief Executive Officer
CIP— Consolidated investment products
CLOs— Collateralized loan obligations
Covenant Adjusted EBITDA— Earnings before income tax, depreciation, amortization, interest expense, common share-based compensation expense, unrealized (gains)/losses from investments, net, and unusual or otherwise non-recurring gains and losses as defined in our credit agreement
EMEA— Europe, Middle East and Africa
EPS— Earnings per common share
ETFs— Exchange-traded funds
EU— European Union
IGW or Invesco Great Wall— Invesco Great Wall Fund Management Company Limited
MassMutual— Massachusetts Mutual Life Insurance Company
NAV— Net asset value
S&P— Standard & Poor's
SEC— U.S. Securities and Exchange Commission
the Parent— Invesco Ltd.
TRS— Total return swaps
UITs— 
Unit Investment Trusts
U.K. — United Kingdom
U.S. GAAP— Accounting principles generally accepted in the United States
VIEs— Variable interest entities


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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Invesco Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)

As of
$ in millions, except per share dataMarch 31, 2023December 31, 2022
ASSETS
Cash and cash equivalents889.0 1,234.7 
Accounts receivable805.7 801.8 
Investments980.7 996.6 
Assets of consolidated investment products (CIP):
Cash and cash equivalents of CIP325.9 199.4 
Accounts receivable and other assets of CIP243.8 203.7 
Investments of CIP8,551.8 8,531.4 
Assets held for policyholders648.5 668.7 
Other assets981.4 860.5 
Property, equipment and software, net572.6 561.1 
Intangible assets, net7,130.8 7,141.2 
Goodwill8,603.1 8,557.7 
Total assets29,733.3 29,756.8 
LIABILITIES
Accrued compensation and benefits434.7 860.8 
Accounts payable and accrued expenses1,465.8 1,314.8 
Liabilities of CIP:
Debt of CIP6,774.3 6,590.4 
Other liabilities of CIP420.8 329.6 
Policyholder payables648.5 668.7 
Debt1,488.1 1,487.6 
Deferred tax liabilities, net1,691.3 1,662.7 
Total liabilities12,923.5 12,914.6 
Commitments and contingencies (See Note 11)
TEMPORARY EQUITY
Redeemable noncontrolling interests in consolidated entities879.6 998.7 
PERMANENT EQUITY
Equity attributable to Invesco Ltd.:
Preferred shares ($0.20 par value; $1,000 liquidation preference; 4.0 million authorized, issued and outstanding as of March 31, 2023 and December 31, 2022)
4,010.5 4,010.5 
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of March 31, 2023 and December 31, 2022)
113.2 113.2 
Additional paid-in-capital7,412.6 7,554.9 
Treasury shares(2,888.0)(3,040.9)
Retained earnings7,577.6 7,518.3 
Accumulated other comprehensive income/(loss), net of tax(882.9)(942.4)
Total equity attributable to Invesco Ltd.15,343.0 15,213.6 
Equity attributable to nonredeemable noncontrolling interests in consolidated entities587.2 629.9 
Total permanent equity15,930.2 15,843.5 
Total liabilities, temporary and permanent equity29,733.3 29,756.8 

See accompanying notes.
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Invesco Ltd.
Condensed Consolidated Statements of Income
(Unaudited)

Three months ended March 31,
$ in millions, except per common share data20232022
Operating revenues:
Investment management fees1,027.9 1,180.5 
Service and distribution fees334.2 379.0 
Performance fees5.6 1.0 
Other50.5 68.9 
Total operating revenues1,418.2 1,629.4 
Operating expenses:
Third-party distribution, service and advisory455.1 512.6 
Employee compensation462.8 432.9 
Marketing25.0 21.7 
Property, office and technology134.4 132.0 
General and administrative75.7 102.2 
Transaction, integration and restructuring41.6 35.2 
Amortization of intangibles14.1 15.1 
Total operating expenses1,208.7 1,251.7 
Operating income209.5 377.7 
Other income/(expense):
Equity in earnings of unconsolidated affiliates26.1 33.4 
Interest and dividend income8.6 1.2 
Interest expense(18.0)(23.2)
Other gains/(losses), net27.4 (45.5)
Other income/(expense) of CIP, net(17.9)(23.3)
Income before income taxes235.7 320.3 
Income tax provision(69.9)(82.8)
Net income165.8 237.5 
Net (income)/loss attributable to noncontrolling interests in consolidated entities38.4 19.4 
Dividends declared on preferred shares(59.2)(59.2)
Net income attributable to Invesco Ltd.145.0 197.7 
Earnings per common share:
-basic$0.32 $0.43 
-diluted$0.32 $0.43 

See accompanying notes.

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Invesco Ltd.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three months ended March 31,
$ in millions20232022
Net income165.8 237.5 
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries55.1 (67.2)
 Other comprehensive income/(loss), net of tax4.4 0.2 
Other comprehensive income/(loss)59.5 (67.0)
Total comprehensive income/(loss)225.3 170.5 
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities38.4 19.4 
Dividends declared on preferred shares(59.2)(59.2)
Comprehensive income/(loss) attributable to Invesco Ltd.204.5 130.7 

See accompanying notes.


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Invesco Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three months ended March 31,
$ in millions20232022
Operating activities:
Net income
165.8 237.5 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Amortization and depreciation46.8 49.5 
Common share-based compensation expense37.8 29.5 
Other (gains)/losses, net(27.4)45.5 
Other (gains)/losses of CIP, net63.2 55.3 
Equity in earnings of unconsolidated affiliates(26.1)(33.4)
Distributions from equity method investees2.7 2.8 
Changes in operating assets and liabilities:
(Purchase)/sale of investments by CIP, net32.7 (127.0)
(Purchase)/sale of investments, net2.9 (2.7)
(Increase)/decrease in receivables(70.7)137.7 
Increase/(decrease) in payables(326.6)(770.1)
Net cash provided by/(used in) operating activities(98.9)(375.4)
Investing activities:
Purchase of property, equipment and software(38.1)(23.9)
Purchase of investments by CIP(562.6)(1,034.2)
Sale of investments by CIP669.5 1,019.9 
Purchase of investments(40.7)(69.8)
Sale of investments21.0 21.2 
Capital distribution from equity method investees7.0 3.0 
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP(10.6)4.7 
Net cash provided by/(used in) investing activities45.5 (79.1)
Financing activities:
Purchases of treasury shares(27.7)(232.5)
Dividends paid - preferred(59.2)(59.2)
Dividends paid - common(85.7)(77.8)
Third-party capital invested into CIP27.5 276.8 
Third-party capital distributed by CIP(67.9)(59.5)
Borrowings of debt of CIP39.7 98.3 
Repayments of debt of CIP(5.2)(1.4)
Net cash provided by/(used in) financing activities(178.5)(55.3)
Increase/(decrease) in cash and cash equivalents(231.9)(509.8)
Foreign exchange movement on cash and cash equivalents11.7(20.4)
Foreign exchange movement on cash and cash equivalents of CIP1.0(2.8)
Cash and cash equivalents, beginning of period1,434.12,147.1
Cash and cash equivalents, end of period1,214.91,614.1
Cash and cash equivalents889.01,309.6
Cash and cash equivalents of CIP325.9304.5
Total cash and cash equivalents per condensed consolidated statement of cash flows1,214.91,614.1
______________________________________________________________________________________________________


See accompanying notes.
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Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three months ended March 31, 2023
Equity Attributable to Invesco Ltd.
$ in millions, except per share dataPreferred SharesCommon SharesAdditional Paid-in-CapitalTreasury SharesRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Equity Attributable to Invesco Ltd.Nonredeemable Noncontrolling Interests in Consolidated EntitiesTotal Permanent EquityRedeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
January 1, 20234,010.5 113.2 7,554.9 (3,040.9)7,518.3 (942.4)15,213.6 629.9 15,843.5 998.7 
Net income— — — — 204.2 — 204.2 (24.8)179.4 (13.6)
Other comprehensive income/(loss)— — — — — 59.5 59.5 — 59.5 — 
Change in noncontrolling interests in consolidated entities, net
— — — — — — — (17.9)(17.9)(105.5)
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.1875 per share)
— — — — (85.7)— (85.7)— (85.7)— 
Employee common share plans:
Common share-based compensation
— — 37.8 — — — 37.8 — 37.8 — 
Vested common shares
— — (180.6)180.6 — — — — — — 
Other common share awards
— — 0.5 — — — 0.5 — 0.5 — 
Purchase of common shares— — — (27.7)— — (27.7)— (27.7)— 
March 31, 20234,010.5 113.2 7,412.6 (2,888.0)7,577.6 (882.9)15,343.0 587.2 15,930.2 879.6 
Three months ended March 31, 2022
Equity Attributable to Invesco Ltd.
$ in millions, except per share dataPreferred SharesCommon SharesAdditional Paid-in-CapitalTreasury SharesRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Equity Attributable to Invesco Ltd.Nonredeemable Noncontrolling Interests in Consolidated EntitiesTotal Permanent EquityRedeemable Noncontrolling Interests in Consolidated Entities Temporary Equity
January 1, 20224,010.5 113.2 7,688.0 (3,043.6)7,169.2 (441.5)15,495.8 672.2 16,168.0 510.8 
Net income— — — — 256.9 — 256.9 (8.2)248.7 (11.2)
Other comprehensive income/(loss)— — — — — (67.0)(67.0)— (67.0)— 
Change in noncontrolling interests in consolidated entities, net
— — — — — — — (22.8)(22.8)301.5 
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.17 per share)
— — — — (79.0)— (79.0)— (79.0)— 
Employee common share plans:
Common share-based compensation
— — 29.5 — — — 29.5 — 29.5 — 
Vested common shares
— — (171.0)171.0 — — — — — — 
Other common share awards
— — 0.5  — — 0.5 — 0.5 — 
Purchase of common shares— — — (232.5)— — (232.5)— (232.5)— 
March 31, 20224,010.5 113.2 7,547.0 (3,105.1)7,287.9 (508.5)15,345.0 641.2 15,986.2 801.1 
See accompanying notes.
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Invesco Ltd.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.  ACCOUNTING POLICIES

Corporate Information

Invesco Ltd. (the Parent) and its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of investment management capabilities. The company operates globally and its sole business is investment management.

Certain disclosures included in the company’s annual report on Form 10-K for the year ended December 31, 2022 (annual report or Form 10-K) are not required to be included on an interim basis in the company’s quarterly reports on Forms 10-Q (Report). The company has condensed or omitted these disclosures. Therefore, this Report should be read in conjunction with the company’s annual report.

Basis of Accounting and Consolidation

The unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with rules and regulations of the U.S. Securities and Exchange Commission (SEC) and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the periods presented. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

Accounting Pronouncements Recently Adopted

None.

Pending Accounting Pronouncements

None.
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2. FAIR VALUE OF ASSETS AND LIABILITIES

The fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 12, "Consolidated Investment Products". See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

March 31, 2023December 31, 2022
$ in millionsFair ValueFair Value
Cash and cash equivalents889.0 1,234.7 
Equity investments272.1 325.0 
Foreign time deposits (1)
25.9 25.7 
Assets held for policyholders 648.5 668.7 
Policyholder payables (2)
(648.5)(668.7)
Total return swaps related to deferred compensation plans11.8 (1.6)
____________
(1)    These financial instruments are not measured at fair value on a recurring basis. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities.
(2) These financial instruments are not measured at fair value on a recurring basis. Policyholder payables are indexed to the value of the assets held for policyholders and changes in fair value are recorded and offset to zero in other operating revenues.
The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022, respectively:

As of March 31, 2023
$ in millionsFair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds (1)
468.9 468.9   
Investments: (2)
Equity investments:
Seed capital107.9 107.9   
Investments related to deferred compensation plans163.1 163.1   
Other equity securities1.1 1.1   
Assets held for policyholders (3)
648.5 648.5   
Total return swaps related to deferred compensation plans11.8  11.8  
Total1,401.3 1,389.5 11.8  
Liabilities:
Contingent consideration liability(1.3)  (1.3)
Total(1.3)  (1.3)
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As of December 31, 2022
$ in millionsFair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds (1)
760.8 760.8   
Investments (2):
Equity investments:
Seed capital177.9 177.9   
Investments related to deferred compensation plans146.1 146.1   
Other equity securities1.0 1.0   
Assets held for policyholders (3)
668.7 668.7   
Total1,754.5 1,754.5   
Liabilities:    
Total return swaps related to deferred compensation plans(1.6) (1.6) 
Contingent consideration liability(1.3)  (1.3)
Total(2.9) (1.6)(1.3)
____________
(1)    The balance primarily represents cash held in affiliated money market funds.
(2)    Foreign time deposits of $25.9 million (December 31, 2022: $25.7 million) are excluded from this table. Equity method and other investments of $658.0 million and $24.7 million, respectively, (December 31, 2022: $621.2 million and $24.7 million, respectively) are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards.
(3)    The majority of assets held for policyholders are held in affiliated funds.

Total Return Swaps (TRS)

In addition to holding equity investments, the company has TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at March 31, 2023 was $384.9 million, and the fair value of the TRS was an asset of $11.8 million (December 31, 2022 notional value was $326.6 million and the fair value was a liability of $1.6 million). During the three months ended March 31, 2023, market valuation gains related to the TRS of $13.1 million were recognized in Other gains/(losses), net (three months ended March 31, 2022: $21.8 million net losses).






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3.  INVESTMENTS

The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 12, "Consolidated Investment Products".
$ in millionsMarch 31, 2023December 31, 2022
Equity investments:
Seed capital107.9 177.9 
Investments related to deferred compensation plans163.1 146.1 
Other equity securities1.1 1.0 
Equity method investments658.0 621.2 
Foreign time deposits25.9 25.7 
Other24.7 24.7 
Total investments (1)
980.7 996.6 
____________
(1)    The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees.

Equity investments

The unrealized gains and losses for the three months ended March 31, 2023 that relate to equity investments still held at March 31, 2023, were a $6.7 million net gain (three months ended March 31, 2022: $29.1 million net loss).

4.  DEBT

The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 12, "Consolidated Investment Products".
March 31, 2023December 31, 2022
$ in millions
Carrying Value (2)
Fair Value
Carrying Value (2)
Fair Value
$1.5 billion floating rate credit facility expiring April 26, 2026
    
Unsecured Senior Notes: (1)
$600 million 4.000% - due January 30, 2024
599.1 592.3 598.8 591.5 
$500 million 3.750% - due January 15, 2026
498.1 486.2 497.9 486.4 
$400 million 5.375% - due November 30, 2043
390.9 398.0 390.9 397.3 
Debt1,488.1 1,476.5 1,487.6 1,475.2 
____________
(1)    The company’s senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures.
(2)    The difference between the principal amounts and the carrying values of the senior notes in the table above reflect the unamortized debt issuance costs and discounts.

5.  SHARE CAPITAL

The number of preferred shares issued and outstanding is represented in the table below:
As of
in millionsMarch 31, 2023December 31, 2022
Preferred shares issued (1)
4.04.0 
Preferred shares outstanding (1)
4.04.0 
__________
(1)    Preferred shares are held by Massachusetts Mutual Life Insurance Company (MassMutual) and are subject to a lock-up period of five years, which prohibits the sale of the preferred shares by MassMutual until May 24, 2024.



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The number of common shares and common share equivalents issued are represented in the table below:

As of
in millionsMarch 31, 2023December 31, 2022
Common shares issued566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
(107.9)(111.3)
Common shares outstanding458.2 454.8 

6.  OTHER COMPREHENSIVE INCOME/(LOSS)

The components of accumulated other comprehensive income/(loss) were as follows:
For the three months ended March 31, 2023
$ in millionsForeign currency translationEmployee benefit plansTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
55.1  55.1 
Other comprehensive income/(loss), net 4.4 4.4 
Other comprehensive income/(loss), net of tax55.1 4.4 59.5 
Beginning balance(815.0)(127.4)(942.4)
Other comprehensive income/(loss), net of tax55.1 4.4 59.5 
Ending balance(759.9)(123.0)(882.9)

For the three months ended March 31, 2022
$ in millionsForeign currency translationEmployee benefit plansTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
(67.2) (67.2)
Other comprehensive income/(loss), net 0.2 0.2 
Other comprehensive income/(loss), net of tax(67.2)0.2 (67.0)
Beginning balance(351.9)(89.6)(441.5)
Other comprehensive income/(loss), net of tax(67.2)0.2 (67.0)
Ending balance(419.1)(89.4)(508.5)


7. REVENUE

The geographic disaggregation of revenue for the three months ended March 31, 2023 and 2022 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.
For the three months ended March 31,
$ in millions20232022
Americas1,083.41,244.8
Asia-Pacific (APAC)69.985.2
Europe, Middle East and Africa (EMEA)264.9299.4
Total operating revenues1,418.21,629.4

8.  COMMON SHARE-BASED COMPENSATION

The company recognized total compensation expense of $37.8 million and $29.5 million related to equity-settled common share-based payment transactions in the three months ended March 31, 2023 and 2022, respectively.
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Movements on employee common share awards during the periods ended March 31 are detailed below:
For the three months ended March 31, 2023For the three months ended March 31, 2022
Millions of common shares, except fair valuesTime- VestedPerformance- VestedWeighted Average Grant Date Fair Value ($)Time- VestedPerformance- Vested
Unvested at the beginning of period
10.3 2.1 19.03 13.5 1.9 
Granted during the period4.3 0.7 17.74 3.6 1.0 
Forfeited during the period (0.2)14.89  (0.1)
Vested and distributed during the period
(4.5)(0.5)18.12 (4.8)(0.4)
Unvested at the end of the period
10.1 2.1 18.96 12.3 2.4 
The total fair value of common shares that vested during the three months ended March 31, 2023 was $87.3 million (three months ended March 31, 2022: $108.3 million). The weighted average grant date fair value of the U.S dollar share awards that were granted during the three months ended March 31, 2023 was $17.74 (three months ended March 31, 2022: $21.24).

At March 31, 2023, there was $186.7 million of total unrecognized compensation cost related to non-vested common share awards; that cost is expected to be recognized over a weighted average period of 2.69 years.

9. RESTRUCTURING

In the first quarter of 2023, we completed our strategic evaluation of the business.We continue to remain focused on identifying areas of expense improvement that will deliver positive operating leverage as we continue to grow the business.

Restructuring expenses related to the strategic evaluation were $44.3 million for the three months ended March 31, 2023 (three months ended March 31, 2022: $22.3 million). Restructuring expenses are recorded to transaction, integration and restructuring expenses on the Condensed Consolidated Statements of Income.

The following table shows the roll-forward of the restructuring liability as of March 31, 2023 and the total restructuring charges for the period ending March 31, 2023 and December 31, 2022. The company recorded the liability to accrued compensation and benefits and accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets.

$ in millionsFor the three month period ended March 31, 2023For the twelve month period ended December 31, 2022
Beginning balance7.1 34.8 
Accrued charges29.7 13.9 
Payments(3.8)(41.6)
Ending balance33.0 7.1 
Cumulative non-cash charges (1)
89.174.5
Cumulative charges incurred304.8 260.5 
__________
(1) Non-cash charges include stock-based compensation, accelerated depreciation of certain assets and location strategy costs (including impairment charges).

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10.  EARNINGS PER COMMON SHARE

The calculation of earnings per share (EPS) is as follows:
For the three months ended March 31,
In millions, except per share data20232022
Net income attributable to Invesco Ltd.145.0 197.7 
Invesco Ltd:
Weighted average common shares outstanding - basic458.1 459.5 
Dilutive effect of non-participating common share-based awards0.8 2.9 
Weighted average common shares outstanding - diluted458.9 462.4 
Earnings per common share:
-basic$0.32 $0.43 
-diluted$0.32 $0.43 
See Note 8, "Common Share-Based Compensation," for a summary of common share awards outstanding under the company’s common share-based payment programs. These programs could result in the issuance of common shares that would affect the measurement of basic and diluted EPS.

11.  COMMITMENTS AND CONTINGENCIES

Commitments and contingencies may arise in the ordinary course of business.

The company has committed to co-invest in certain investment products, which may be called in future periods. At March 31, 2023, the company’s undrawn co-invest capital commitments were $453.0 million (December 31, 2022: $336.1 million).

Certain of our managed investment products have entered into revolving credit facilities with financial institutions. Pursuant to these arrangements, the company provided equity commitments and guarantees to certain of these investment products that are temporary in nature. The revolving credit facilities look first to the respective investment products for repayment and servicing. The company’s equity commitment or guarantee would only be called in the event a particular investment product is unable to meet its obligation. The company believes the likelihood of being required to fund its equity commitments or guarantees under these arrangements to be remote. To date, the company has not been required to fund any equity commitments or guarantees under these arrangements. The maximum amount of future payments under the commitments is $274.7 million and under the guarantees is $30.0 million. The fair value of the guarantee liability is not significant to the consolidated financial statements.

The company and some of its subsidiaries have entered into agreements with financial institutions to guarantee certain obligations of other company subsidiaries. The company would be required to perform under these guarantees in the event of certain defaults. The company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Legal Contingencies

The company is from time to time involved in pending or threatened litigation relating to claims arising in the ordinary course of its business. The nature and progression of litigation can make it difficult to predict the impact a particular lawsuit or claim will have on the company. There are many reasons that the company cannot make these assessments, including, among others, one or more of the following: the proceeding is in its early stages (or merely threatened); the damages sought are unspecified, unsupportable, unexplained or uncertain; the claimant is seeking relief other than compensatory damages; the matter presents novel legal claims or other meaningful legal uncertainties; discovery has not started or is not complete; there are significant facts in dispute; and there are other parties who may share in any ultimate liability.

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In assessing the impact that a legal or regulatory matter will have on the company, management evaluates the need for an accrual on a case-by-case basis. If the likelihood of a loss is deemed probable and is reasonably estimable, the estimated loss is accrued. If the likelihood of a loss is assessed as less than probable, or an amount or range of loss cannot be reasonably estimated, a loss is not accrued. In management’s opinion, adequate accrual has been made as of March 31, 2023 to provide for any such losses that may arise from matters for which the company could reasonably estimate an amount and are deemed probable. Management is of the opinion that the ultimate resolution of claims will not materially affect the company’s business, revenue, net income or liquidity.

12.  CONSOLIDATED INVESTMENT PRODUCTS

The balances related to CIP are identified on the Consolidated Balance Sheets. At March 31, 2023, the company’s net investment in and net receivables from CIP were $460.3 million (December 31, 2022: $386.6 million). The consolidation of investment products had no impact on net income attributable to the company during the three months ended March 31, 2023.
The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of March 31, 2023 and December 31, 2022:
As of March 31, 2023
$ 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 loans6,433.5  6,186.6 246.9  
Bonds735.6 5.0 730.6   
Equity securities227.6 89.2 42.3 96.1  
Equity and fixed income mutual funds195.3 26.6 168.7   
Investments in other private equity funds429.9   8.3 421.6 
Real estate investments529.9    529.9 
Total assets at fair value