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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 September 30, 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)

N/A
(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 filer☑Accelerated filer☐Non-accelerated filer☐Smaller 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 September 30, 2023, the most recent practicable date, the number of Common Shares outstanding was 449,554,399.




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
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
IGW or Invesco Great Wall— Invesco Great Wall Fund Management Company Limited
MassMutual— Massachusetts Mutual Life Insurance Company
NAV— Net asset value
Report— this Form 10-Q
S&P— Standard & Poor's
SEC— U.S. Securities and Exchange Commission
the company— Invesco Ltd. and its consolidated entities
the Parent— Invesco Ltd.
TRS— Total return swaps
UITs— 
Unit Investment Trusts
U.S. GAAP— Accounting principles generally accepted in the United States
VIEs— Variable interest entities


i
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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 data)September 30, 2023December 31, 2022
ASSETS
Cash and cash equivalents$1,241.5 $1,234.7 
Accounts receivable645.4 801.8 
Investments932.6 996.6 
Assets of consolidated investment products (CIP):
Cash and cash equivalents of CIP313.6 199.4 
Accounts receivable and other assets of CIP257.9 203.7 
Investments of CIP8,612.9 8,531.4 
Assets held for policyholders408.4 668.7 
Other assets764.1 860.5 
Property, equipment and software, net586.2 561.1 
Intangible assets, net7,100.1 7,141.2 
Goodwill8,568.8 8,557.7 
Total assets$29,431.5 $29,756.8 
LIABILITIES
Accrued compensation and benefits$733.6 $860.8 
Accounts payable and accrued expenses1,291.6 1,314.8 
Liabilities of CIP:
Debt of CIP6,981.5 6,590.4 
Other liabilities of CIP322.3 329.6 
Policyholder payables408.4 668.7 
Debt1,489.1 1,487.6 
Deferred tax liabilities, net1,613.3 1,662.7 
Total liabilities12,839.8 12,914.6 
Commitments and contingencies (See Note 10)
TEMPORARY EQUITY
Redeemable noncontrolling interests in consolidated entities754.1 998.7 
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 September 30, 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 September 30, 2023 and December 31, 2022)
113.2 113.2 
Additional paid-in-capital7,442.8 7,554.9 
Treasury shares(3,010.8)(3,040.9)
Retained earnings7,658.8 7,518.3 
Accumulated other comprehensive income/(loss), net of tax(960.6)(942.4)
Total equity attributable to Invesco Ltd.15,253.9 15,213.6 
Equity attributable to nonredeemable noncontrolling interests in consolidated entities583.7 629.9 
Total permanent equity15,837.6 15,843.5 
Total liabilities, temporary and permanent equity$29,431.5 $29,756.8 

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

Three months ended September 30,Nine months ended September 30,
 (in millions, except per common share data)2023202220232022
Operating revenues:
Investment management fees$1,041.3 $1,057.3 $3,102.7 $3,351.3 
Service and distribution fees353.5 340.2 1,030.0 1,073.0 
Performance fees2.0 3.0 27.2 13.2 
Other45.2 45.2 143.1 168.0 
Total operating revenues1,442.0 1,445.7 4,303.0 4,605.5 
Operating expenses:
Third-party distribution, service and advisory448.2 451.3 1,365.8 1,438.9 
Employee compensation478.5 420.8 1,417.0 1,260.9 
Marketing23.7 27.6 77.7 83.1 
Property, office and technology135.4 133.2 406.9 400.2 
General and administrative117.2 48.7 314.5 270.6 
Transaction, integration and restructuring— (0.6)41.6 34.8 
Amortization of intangibles11.3 14.5 38.5 44.4 
Total operating expenses1,214.3 1,095.5 3,662.0 3,532.9 
Operating income227.7 350.2 641.0 1,072.6 
Other income/(expense):
Equity in earnings of unconsolidated affiliates16.9 20.2 62.2 78.3 
Interest and dividend income10.8 3.3 26.5 6.6 
Interest expense(17.3)(18.6)(53.7)(67.6)
Other gains/(losses), net(23.3)(34.6)25.0 (170.1)
Other income/(expense) of CIP, net15.2 (65.4)(5.4)(62.5)
Income before income taxes230.0 255.1 695.6 857.3 
Income tax provision(61.3)(86.8)(196.7)(232.6)
Net income168.7 168.3 498.9 624.7 
Net (income)/loss attributable to noncontrolling interests in consolidated entities21.9 68.3 87.3 49.0 
Dividends declared on preferred shares(59.2)(59.2)(177.6)(177.6)
Net income attributable to Invesco Ltd.$131.4 $177.4 $408.6 $496.1 
Earnings per common share:
-basic$0.29 $0.39 $0.90 $1.08 
-diluted$0.29 $0.39 $0.89 $1.08 

See accompanying notes.

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Invesco Ltd.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three months ended September 30,Nine months ended September 30,
  (in millions)2023202220232022
Net income$168.7 $168.3 $498.9 $624.7 
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries(143.0)(330.1)(24.1)(690.2)
 Other comprehensive income/(loss), net of tax0.7 0.2 5.9 0.7 
Other comprehensive income/(loss)(142.3)(329.9)(18.2)(689.5)
Total comprehensive income/(loss)26.4 (161.6)480.7 (64.8)
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities21.9 68.3 87.3 49.0 
Dividends declared on preferred shares(59.2)(59.2)(177.6)(177.6)
Comprehensive income/(loss) attributable to Invesco Ltd.$(10.9)$(152.5)$390.4 $(193.4)

See accompanying notes.


3
Table of Contents
Invesco Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Nine months ended September 30,
 (in millions)20232022
Operating activities:
Net income
$498.9 $624.7 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Amortization and depreciation136.4 146.7 
Common share-based compensation expense93.7 83.1 
Other (gains)/losses, net(23.0)170.1 
Other (gains)/losses of CIP, net167.8 173.2 
Equity in earnings of unconsolidated affiliates(62.2)(78.3)
Distributions from equity method investees67.8 64.3 
Changes in operating assets and liabilities:
(Purchase)/sale of investments by CIP, net(377.7)(397.2)
(Purchase)/sale of investments, net17.2 (20.5)
(Increase)/decrease in receivables503.5 721.9 
Increase/(decrease) in payables(435.9)(1,248.3)
Net cash provided by/(used in) operating activities586.5 239.7 
Investing activities:
Purchase of property, equipment and software(124.0)(119.8)
Purchase of investments by CIP(1,982.1)(2,335.7)
Sale of investments by CIP2,149.7 2,274.5 
Purchase of investments(85.1)(173.5)
Sale of investments50.8 73.4 
Capital distribution from equity method investees18.5 38.7 
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP(10.5)4.4 
Net cash provided by/(used in) investing activities17.3 (238.0)
Financing activities:
Purchases of treasury shares(183.1)(240.1)
Dividends paid - preferred(177.6)(177.6)
Dividends paid - common(267.7)(249.1)
Third-party capital invested into CIP120.5 608.8 
Third-party capital distributed by CIP(196.2)(191.2)
Borrowings of debt of CIP545.1 54.3 
Repayments of debt of CIP(316.1)(3.9)
Repayments of senior notes — (600.0)
Net cash provided by/(used in) financing activities(475.1)(798.8)
Increase/(decrease) in cash and cash equivalents128.7 (797.1)
Foreign exchange movement on cash and cash equivalents(7.3)(114.0)
Foreign exchange movement on cash and cash equivalents of CIP(0.4)(10.0)
Cash and cash equivalents, beginning of period1,434.12,147.1
Cash and cash equivalents, end of period$1,555.1 $1,226.0 
Cash and cash equivalents$1,241.5 $1,023.6 
Cash and cash equivalents of CIP313.6202.4
Total cash and cash equivalents per condensed consolidated statement of cash flows$1,555.1 $1,226.0 

See accompanying notes.
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Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three months ended September 30, 2023
Equity Attributable to Invesco Ltd.
(in millions, except per share data)Preferred 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
July 1, 20234,010.5 113.2 $7,433.0 $(3,027.4)$7,617.9 $(818.3)$15,328.9 $537.8 $15,866.7 $841.9 
Net income— — — — 190.6 — 190.6 3.6 194.2 (25.5)
Other comprehensive income/(loss)— — — — — (142.3)(142.3)— (142.3)— 
Change in noncontrolling interests in consolidated entities, net— — — — (0.4)— (0.4)42.3 41.9 (62.3)
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.20 per share)
— — — — (90.1)— (90.1)— (90.1)— 
Employee common share plans:
Common share-based compensation— — 23.9 — — — 23.9 — 23.9 — 
Vested common shares— — (8.3)8.3 — — — — — — 
Other common share awards— — (5.8)12.2 — — 6.4 — 6.4 — 
Purchase of common shares— — — (3.9)— — (3.9)— (3.9)— 
September 30, 20234,010.5 113.2 $7,442.8 $(3,010.8)$7,658.8 $(960.6)$15,253.9 $583.7 $15,837.6 $754.1 
Three months ended September 30, 2022
Equity Attributable to Invesco Ltd.
(in millions, except per share data)Preferred 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
July 1, 20224,010.5 113.2 $7,563.2 $(3,095.3)$7,323.2 $(801.1)$15,113.7 $681.1 $15,794.8 $892.8 
Net income— — — — 236.6 — 236.6 (59.6)177.0 (8.7)
Other comprehensive income/(loss)— — — — — (329.9)(329.9)— (329.9)— 
Change in noncontrolling interests in consolidated entities, net— — — — — — — (12.1)(12.1)106.3 
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.1875 per share)
— — — — (84.4)— (84.4)— (84.4)— 
Employee common share plans:
Common share-based compensation— — 26.0 — — — 26.0 — 26.0 — 
Vested common shares— — (36.6)36.6 — — — — — — 
Other common share awards— — (5.6)12.2 — — 6.6 — 6.6 — 
Purchase of common shares— — — (5.7)— — (5.7)— (5.7)— 
September 30, 20224,010.5 113.2 $7,547.0 $(3,052.2)$7,416.2 $(1,131.0)$14,903.7 $609.4 $15,513.1 $990.4 
See accompanying notes.
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Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine months ended September 30, 2023
Equity Attributable to Invesco Ltd.
(in millions, except per share data)Preferred 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— — — — 586.2 — 586.2 (35.1)551.1 (52.2)
Other comprehensive income/(loss)— — — — — (18.2)(18.2)— (18.2)— 
Change in noncontrolling interests in consolidated entities, net— — — — (0.4)— (0.4)(11.1)(11.5)(192.4)
Dividends declared - preferred ( $44.25 per share)
— — — — (177.6)— (177.6)— (177.6)— 
Dividends declared - common ($0.5875 per share)
— — — — (267.7)— (267.7)— (267.7)— 
Employee common share plans:
Common share-based compensation— — 93.7 — — — 93.7 — 93.7 — 
Vested common shares— — (196.6)196.6 — — — — — — 
Other common share awards— — (9.2)16.6 — — 7.4 — 7.4 — 
Purchase of common shares— — — (183.1)— — (183.1)— (183.1)— 
September 30, 20234,010.5 113.2 $7,442.8 $(3,010.8)$7,658.8 $(960.6)$15,253.9 $583.7 $15,837.6 $754.1 
 Nine months ended September 30, 2022
Equity Attributable to Invesco Ltd.
(in millions, except per share data)Preferred 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— — — — 673.7 — 673.7 (6.9)666.8 (42.1)
Other comprehensive income/(loss)— — — — — (689.5)(689.5)— (689.5)— 
Change in noncontrolling interests in consolidated entities, net
— — — — — — — (55.9)(55.9)521.7 
Dividends declared - preferred ($44.25 per share)
— — — — (177.6)— (177.6)— (177.6)— 
Dividends declared - common ($0.5450 per share)
— — — — (249.1)— (249.1)— (249.1)— 
Employee common share plans:
Common share-based compensation
— — 83.1 — — — 83.1 — 83.1 — 
Vested common shares
— — (219.3)219.3 — — — — — — 
Other common share awards
— — (4.8)12.2 — — 7.4 — 7.4 — 
Purchase of common shares— — — (240.1)— — (240.1)— (240.1)— 
September 30, 20224,010.5 113.2 $7,547.0 $(3,052.2)$7,416.2 $(1,131.0)$14,903.7 $609.4 $15,513.1 $990.4 
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.

Accounting Pronouncements Recently Adopted

None.

Pending Accounting Pronouncements

None.

2. FAIR VALUE OF ASSETS AND LIABILITIES

The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 11, "Consolidated Investment Products". See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

September 30, 2023December 31, 2022
 (in millions)Fair ValueFair Value
Cash and cash equivalents$1,241.5 $1,234.7 
Equity investments271.0 325.0 
Foreign time deposits (1)
— 25.7 
Assets held for policyholders 408.4 668.7 
Policyholder payables (1)
(408.4)(668.7)
Total return swaps related to deferred compensation plans(10.1)(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. 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.
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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 September 30, 2023 and December 31, 2022, respectively:

As of September 30, 2023
(in millions)Fair 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)
$711.3 $711.3 $— $— 
Investments: (2)
Equity investments:
Seed capital90.0 90.0 — — 
Investments related to deferred compensation plans179.6 179.6 — — 
Other equity securities1.4 1.4 — — 
Assets held for policyholders (3)
408.4 408.4 — — 
Total$1,390.7 $1,390.7 $— $— 
Liabilities:
Total return swaps related to deferred compensation plans(10.1)— (10.1)— 
Contingent consideration liability$(1.3)$— $— $(1.3)
Total$(11.4)$— $(10.1)$(1.3)

As of December 31, 2022
(in millions)Fair 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 — — 
Total$1,754.5 $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)    Equity method and other investments of $637.0 million and $24.6 million, respectively, are excluded from this table (December 31, 2022: $621.2 million and $24.7 million, respectively). 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.
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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 September 30, 2023 was $366.2 million, and the fair value of the TRS was a liability of $10.1 million (December 31, 2022 notional value was $326.6 million and the fair value was a liability of $1.6 million). The company’s net collateral paid balance related to the TRS was $11.9 million at September 30, 2023 (December 31, 2022: $0.0 million). During the three months ended September 30, 2023, market valuation losses related to the TRS of $16.6 million were recognized in Other gains/(losses), net (three months ended September 30, 2022: $19.8 million net loss). During the nine months ended September 30, 2023, market valuation gains related to the TRS of $3.8 million were recognized in Other gains/(losses), net (nine months ended September 30, 2022: $91.9 million net loss).


3.  INVESTMENTS

The disclosures below include details of the company’s investments. Investments held by CIP are detailed in Note 11, "Consolidated Investment Products".

(in millions)September 30, 2023December 31, 2022
Equity investments:
Seed capital$90.0 $177.9 
Investments related to deferred compensation plans179.6 146.1 
Other equity securities1.4 1.0 
Equity method investments637.0 621.2 
Foreign time deposits— 25.7 
Other24.6 24.7 
Total investments (1)
$932.6 $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 and nine months ended September 30, 2023 that relate to equity investments still held at September 30, 2023, were a $10.8 million net loss and $13.2 million net gain (three and nine months ended September 30, 2022: $14.4 million net loss and $84.1 million net loss).

4.  DEBT

The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 11, "Consolidated Investment Products".

September 30, 2023December 31, 2022
(in millions)
Carrying Value (2)
Fair Value
Carrying Value (2)
Fair Value
$2.0 billion floating rate credit facility expiring April 26, 2028
$— $— $— $— 
Unsecured Senior Notes: (1)
$600 million 4.000% - due January 30, 2024
599.6 596.0 598.8 591.5 
$500 million 3.750% - due January 15, 2026
498.4 479.2 497.9 486.4 
$400 million 5.375% - due November 30, 2043
391.1 358.9 390.9 397.3 
Debt$1,489.1 $1,434.1 $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.
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5.  SHARE CAPITAL

The number of preferred shares issued and outstanding is represented in the table below:

As of
(in millions)September 30, 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.

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

As of
(in millions)September 30, 2023December 31, 2022
Common shares issued566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
(116.5)(111.3)
Common shares outstanding449.6 454.8 

6.  OTHER COMPREHENSIVE INCOME/(LOSS)

The components of accumulated other comprehensive income/(loss) were as follows:

Three months ended September 30, 2023Three months ended September 30, 2022
(in millions)Foreign currency translationEmployee benefit plansTotalForeign currency translationEmployee benefit plansTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
$(143.0)$— $(143.0)$(330.1)$— $(330.1)
Other comprehensive income/(loss), net— 0.7 0.7 — 0.2 0.2 
Other comprehensive income/(loss), net of tax(143.0)0.7 (142.3)(330.1)0.2 (329.9)
Beginning balance(696.1)(122.2)(818.3)(712.0)(89.1)(801.1)
Other comprehensive income/(loss), net of tax(143.0)0.7 (142.3)(330.1)0.2 (329.9)
Ending balance$(839.1)$(121.5)$(960.6)$(1,042.1)$(88.9)$(1,131.0)

Nine months ended September 30, 2023Nine months ended September 30, 2022
(in millions)Foreign currency translationEmployee benefit plansTotalForeign currency translationEmployee benefit plansTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
$(24.1)$— $(24.1)$(690.2)$— $(690.2)
Other comprehensive income/(loss), net— 5.9 5.9 — 0.7 0.7 
Other comprehensive income/(loss), net of tax(24.1)5.9 (18.2)(690.2)0.7 (689.5)
Beginning balance(815.0)(127.4)(942.4)(351.9)(89.6)(441.5)
Other comprehensive income/(loss), net of tax(24.1)5.9 (18.2)(690.2)0.7 (689.5)
Ending balance$(839.1)$(121.5)$(960.6)$(1,042.1)$(88.9)$(1,131.0)

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7. REVENUE

The geographic disaggregation of revenue for the three and nine months ended September 30, 2023 and 2022 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.

Three months ended September 30,
(in millions)20232022
Americas$1,107.3 $1,125.1 
Asia-Pacific (APAC)64.663.2
Europe, Middle East and Africa (EMEA)270.1257.4
Total operating revenues$1,442.0 $1,445.7 

Nine months ended September 30,
(in millions)20232022
Americas$3,298.8 $3,553.2 
Asia-Pacific (APAC)$198.2 $218.7 
Europe, Middle East and Africa (EMEA)$806.0 $833.6 
Total operating revenues$4,303.0 $4,605.5 

8.  COMMON SHARE-BASED COMPENSATION

The company recognized total compensation expense of $93.7 million and $83.1 million related to equity-settled common share-based payment transactions in the nine months ended September 30, 2023 and 2022, respectively.

Movements on employee common share awards during the periods ended September 30 are detailed below:

Nine months ended September 30, 2023Nine months ended September 30, 2022
(in millions of common shares, except fair values)Time- VestedPerformance- VestedWeighted Average Grant Date Fair ValueTime- VestedPerformance- Vested
Unvested at the beginning of period
10.3 2.1 $19.03 13.5 1.9 
Granted during the period5.2 0.7 17.64 3.6 1.0 
Forfeited during the period(0.2)(0.2)16.49 (0.3)(0.1)
Vested and distributed during the period
(5.0)(0.5)18.02 (6.2)(0.4)
Unvested at the end of the period
10.3 2.1 $18.90 10.6 2.4 

The total fair value of common shares that vested during the nine months ended September 30, 2023 was $96.3 million (nine months ended September 30, 2022: $131.7 million). The weighted average grant date fair value of the U.S. dollar share awards that were granted during the nine months ended September 30, 2023 was $17.64 (nine months ended September 30, 2022: $21.23).

At September 30, 2023, there was $143.4 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 2.55 years.

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9.  EARNINGS PER COMMON SHARE

The calculation of earnings per common share (EPS) is as follows:

Three months ended September 30,Nine months ended September 30,
(in millions, except per share data)2023202220232022
Net income attributable to Invesco Ltd.$131.4 $177.4 $408.6 $496.1 
Invesco Ltd:
Weighted average common shares outstanding - basic451.7 457.0 455.9 457.7 
Dilutive effect of non-participating common share-based awards1.4 2.5 1.3 2.3 
Weighted average common shares outstanding - diluted453.1 459.5 457.2 460.0 
Earnings per common share:
-basic$0.29 $0.39 $0.90 $1.08 
-diluted$0.29 $0.39 $0.89 $