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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 June 30, 2024
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 June 30, 2024, the most recent practicable date, the number of Common Shares outstanding was 450,032,426.




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— A financial measure set forth in covenants in our credit agreement, which is defined to be 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
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 swap
UITs— 
Unit Investment Trusts
U.K.— United Kingdom
U.S.— United States
U.S. GAAP— Accounting principles generally accepted in the United States
VIEs— Variable interest entities


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

As of
(in millions, except per share data)June 30, 2024December 31, 2023
ASSETS
Cash and cash equivalents$878.5 $1,469.2 
Accounts receivable677.1 701.5 
Investments980.0 919.1 
Assets of consolidated investment products (CIP):
Cash and cash equivalents of CIP662.8 462.4 
Accounts receivable and other assets of CIP342.2 250.1 
Investments of CIP7,793.5 8,765.9 
Assets held for policyholders— 393.9 
Other assets834.4 832.6 
Property, equipment and software, net574.4 599.5 
Intangible assets, net5,818.8 5,848.1 
Goodwill8,605.9 8,691.5 
Total assets$27,167.6 $28,933.8 
LIABILITIES
Accrued compensation and benefits$589.7 $900.4 
Accounts payable and accrued expenses1,362.9 1,294.4 
Liabilities of CIP:
Debt of CIP6,671.1 7,121.8 
Other liabilities of CIP531.8 492.1 
Policyholder payables— 393.9 
Debt890.1 1,489.5 
Deferred tax liabilities, net1,356.6 1,325.7 
Total liabilities11,402.2 13,017.8 
Commitments and contingencies (See Note 10)
TEMPORARY EQUITY
Redeemable noncontrolling interests in consolidated entities568.9 745.7 
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 June 30, 2024 and December 31, 2023)
4,010.5 4,010.5 
Common shares ($0.20 par value; 1,050.0 million authorized; 566.1 million shares issued as of June 30, 2024 and December 31, 2023)
113.2 113.2 
Additional paid-in-capital7,316.3 7,451.6 
Treasury shares(2,850.1)(3,002.6)
Retained earnings6,917.0 6,826.7 
Accumulated other comprehensive income/(loss), net of tax(921.9)(801.8)
Total equity attributable to Invesco Ltd.14,585.0 14,597.6 
Equity attributable to nonredeemable noncontrolling interests in consolidated entities611.5 572.7 
Total permanent equity15,196.5 15,170.3 
Total liabilities, temporary and permanent equity$27,167.6 $28,933.8 

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

Three months ended June 30,Six months ended June 30,
 (in millions, except per common share data)2024202320242023
Operating revenues:
Investment management fees$1,065.8 $1,033.5 $2,114.5 $2,061.4 
Service and distribution fees361.6 342.3 738.6 676.5 
Performance fees8.7 19.6 9.5 25.2 
Other47.2 47.4 96.0 97.9 
Total operating revenues1,483.3 1,442.8 2,958.6 2,861.0 
Operating expenses:
Third-party distribution, service and advisory495.4 462.5 999.4 917.6 
Employee compensation452.3 475.7 925.0 938.5 
Marketing20.6 23.1 38.7 42.7 
Property, office and technology116.4 112.7 234.0 223.2 
General and administrative180.4 151.9 318.9 256.9 
Transaction, integration and restructuring— — — 41.6 
Amortization of intangible assets11.4 13.1 22.7 27.2 
Total operating expenses1,276.5 1,239.0 2,538.7 2,447.7 
Operating income206.8 203.8 419.9 413.3 
Other income/(expense):
Equity in earnings of unconsolidated affiliates13.9 19.2 20.8 45.3 
Interest and dividend income11.0 7.1 23.4 15.7 
Interest expense(16.3)(18.4)(32.2)(36.4)
Other gains/(losses), net3.6 20.9 39.5 48.3 
Other income/(expense) of CIP, net40.9 (2.7)71.4 (20.6)
Income before income taxes259.9 229.9 542.8 465.6 
Income tax provision(64.0)(65.5)(132.7)(135.4)
Net income195.9 164.4 410.1 330.2 
Net (income)/loss attributable to noncontrolling interests in consolidated entities(4.5)27.0 (18.0)65.4 
Dividends declared on preferred shares(59.2)(59.2)(118.4)(118.4)
Net income attributable to Invesco Ltd.$132.2 $132.2 $273.7 $277.2 
Earnings per common share:
-basic$0.29 $0.29 $0.60 $0.61 
-diluted$0.29 $0.29 $0.60 $0.60 

See accompanying notes.

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

Three months ended June 30,Six months ended June 30
  (in millions)2024202320242023
Net income$195.9 $164.4 $410.1 $330.2 
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries(25.8)63.8 (122.1)118.9 
 Other comprehensive income/(loss), net of tax1.0 0.8 2.0 5.2 
Other comprehensive income/(loss)(24.8)64.6 (120.1)124.1 
Total comprehensive income/(loss)171.1 229.0 290.0 454.3 
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities(4.5)27.0 (18.0)65.4 
Dividends declared on preferred shares(59.2)(59.2)(118.4)(118.4)
Comprehensive income/(loss) attributable to Invesco Ltd.$107.4 $196.8 $153.6 $401.3 

See accompanying notes.


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

Six months ended June 30,
 (in millions)20242023
Operating activities:
Net income
$410.1 $330.2 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Amortization and depreciation91.5 94.2 
Common share-based compensation expense39.5 69.8 
Other (gains)/losses, net(38.9)(48.3)
Other (gains)/losses of CIP, net12.0 120.0 
Equity in earnings of unconsolidated affiliates(20.8)(45.3)
Distributions from equity method investees28.2 6.5 
Changes in operating assets and liabilities:
(Purchase)/sale of investments by CIP, net47.6 (164.3)
(Purchase)/sale of investments, net(1.7)5.8 
(Increase)/decrease in receivables397.7 397.0 
Increase/(decrease) in payables(530.5)(533.2)
Net cash provided by/(used in) operating activities434.7 232.4 
Investing activities:
Purchase of property, equipment and software(47.7)(84.8)
Purchase of investments by CIP(1,661.4)(1,190.9)
Sale of investments by CIP1,725.8 1,251.7 
Purchase of investments(39.3)(62.0)
Sale of investments0.1 35.1 
Capital distribution from equity method investees121.2 12.3 
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP(41.3)(10.6)
Net cash provided by/(used in) investing activities57.4 (49.2)
Financing activities:
Purchases of treasury shares(23.1)(179.2)
Dividends paid - preferred(118.4)(118.4)
Dividends paid - common(183.4)(177.6)
Third-party capital invested into CIP105.7 51.5 
Third-party capital distributed by CIP(108.5)(150.0)
Borrowings of debt of CIP307.7 251.8 
Repayments of debt of CIP(240.0)(27.7)
Borrowings of credit agreement1,436.3 — 
Repayments of credit agreement(1,436.3)— 
Repayment of senior notes(600.0)— 
Net cash provided by/(used in) financing activities(860.0)(349.6)
Increase/(decrease) in cash and cash equivalents(367.9)(166.4)
Foreign exchange movement on cash and cash equivalents(19.3)18.2
Foreign exchange movement on cash and cash equivalents of CIP(3.1)1.2
Cash and cash equivalents, beginning of period1,931.61,434.1
Cash and cash equivalents, end of period$1,541.3 $1,287.1 
Cash and cash equivalents$878.5 $1,009.9 
Cash and cash equivalents of CIP662.8277.2
Total cash and cash equivalents per condensed consolidated statement of cash flows$1,541.3 $1,287.1 

See accompanying notes.
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Table of Contents
Invesco Ltd.    
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three months ended June 30, 2024
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
April 1, 2024$4,010.5 $113.2 $7,314.6 $(2,864.4)$6,878.0 $(897.1)$14,554.8 $630.2 $15,185.0 $667.8 
Net income— — — — 191.4 — 191.4 20.9 212.3 (16.4)
Other comprehensive income/(loss)— — — — — (24.8)(24.8)— (24.8)— 
Change in noncontrolling interests in consolidated entities, net— — — — — — — (39.6)(39.6)(82.5)
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.205 per share)
— — — — (93.2)— (93.2)— (93.2)— 
Employee common share plans:
Common share-based compensation— — 18.4 — — — 18.4 — 18.4 — 
Vested common shares— — (17.0)17.0 — — — — — — 
Other common share awards— — 0.3 — — — 0.3 — 0.3 — 
Purchase of common shares— — — (2.7)— — (2.7)— (2.7)— 
June 30, 2024$4,010.5 $113.2 $7,316.3 $(2,850.1)$6,917.0 $(921.9)$14,585.0 $611.5 $15,196.5 $568.9 
Three months ended June 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
April 1, 2023$4,010.5 $113.2 $7,412.6 $(2,888.0)$7,577.6 $(882.9)$15,343.0 $587.2 $15,930.2 $879.6 
Net income— — — — 191.4 — 191.4 (13.9)177.5 (13.1)
Other comprehensive income/(loss)— — — — — 64.6 64.6 — 64.6 — 
Change in noncontrolling interests in consolidated entities, net— — — — — — — (35.5)(35.5)(24.6)
Dividends declared - preferred ($14.75per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.20 per share)
— — — — (91.9)— (91.9)— (91.9)— 
Employee common share plans:
Common share-based compensation— — 32.0 — — — 32.0 — 32.0 — 
Vested common shares— — (7.7)7.7 — — — — — — 
Other common share awards— — (3.9)4.4 — — 0.5 — 0.5 — 
Purchase of common shares— — — (151.5)— — (151.5)— (151.5)— 
June 30, 2023$4,010.5 $113.2 $7,433.0 $(3,027.4)$7,617.9 $(818.3)$15,328.9 $537.8 $15,866.7 $841.9 
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Table of Contents
Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six months ended June 30, 2024
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, 2024$4,010.5 $113.2 $7,451.6 $(3,002.6)$6,826.7 $(801.8)$14,597.6 $572.7 $15,170.3 $745.7 
Net income— — — — 392.1 — 392.1 58.8 450.9 (40.8)
Other comprehensive income/(loss)— — — — — (120.1)(120.1)— (120.1)— 
Change in noncontrolling interests in consolidated entities, net— — — — — — — (20.0)(20.0)(136.0)
Dividends declared - preferred ($29.50 share)
— — — — (118.4)— (118.4)— (118.4)— 
Dividends declared - common ($0.405 per share)
— — — — (183.4)— (183.4)— (183.4)— 
Employee common share plans:
Common share-based compensation— — 39.5 — — — 39.5 — 39.5 — 
Vested common shares— — (175.4)175.4 — — — — — — 
Other common share awards— — 0.6 0.2 — — 0.8 — 0.8 — 
Purchase of common shares— — — (23.1)— — (23.1)— (23.1)— 
June 30, 2024$4,010.5 $113.2 $7,316.3 $(2,850.1)$6,917.0 $(921.9)$14,585.0 $611.5 $15,196.5 $568.9 
Six months ended June 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, 2023$4,010.5 $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— — — — 395.6 — 395.6 (38.7)356.9 (26.7)
Other comprehensive income/(loss)— — — — — 124.1 124.1 — 124.1 — 
Change in noncontrolling interests in consolidated entities, net— — — — — — — (53.4)(53.4)(130.1)
Dividends declared - preferred ($29.50 per share)
— — — — (118.4)— (118.4)— (118.4)— 
Dividends declared - common ($0.3875 per share)
— — — — (177.6)— (177.6)— (177.6)— 
Employee common share plans:
Common share-based compensation— — 69.8 — — — 69.8 — 69.8 — 
Vested common shares— — (188.3)188.3 — — — — — — 
Other common share awards— — (3.4)4.4 — — 1.0 — 1.0 — 
Purchase of common shares— — — (179.2)— — (179.2)— (179.2)— 
June 30, 2023$4,010.5 $113.2 $7,433.0 $(3,027.4)$7,617.9 $(818.3)$15,328.9 $537.8 $15,866.7 $841.9 
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, 2023 (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.

Reclassifications

Beginning in the quarter ended March 31, 2024, expenses for client-related travel and entertainment and outsourced services were reclassified to General and administrative expenses. The impact of this reclassification on the Consolidated Statements of Income is as follows:

• For the three months ended June 30, 2024: decreased Marketing and Property, office and technology expenses by $7.7 million and $22.8 million, respectively, and increased General and administrative by $30.5 million.

• For the three months ended June 30, 2023: decreased Marketing and Property, office and technology expenses by $5.9 million and $24.4 million, respectively, and increased General and administrative by $30.3 million.

• For the six months ended June 30, 2024: decreased Marketing and Property, office and technology expenses by $14.4 million and $46.4 million, respectively, and increased General and administrative by $60.8 million.

• For the six months ended June 30, 2023: decreased Marketing and Property, office and technology expenses by $11.3 million and $48.3 million, respectively, and increased General and administrative by $59.6 million.

The reclassification had no impact on our reported Operating revenues, Operating income, Net income, or any internal performance measure on which management is compensated.

Accounting Pronouncements Recently Adopted

None.

Pending Accounting Pronouncements

Refer to the most recent Form 10-K filed with the SEC.

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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.

June 30, 2024December 31, 2023
 (in millions)Fair ValueFair Value
Cash and cash equivalents$878.5 $1,469.2 
Equity investments320.3 272.4 
Assets held for policyholders — 393.9 
Policyholder payables (1)
— (393.9)
Total return swap related to deferred compensation plans6.9 4.9 
____________
(1)    These financial instruments are not measured at fair value on a recurring basis. Policyholder payables were indexed to the value of the assets held for policyholders and changes in fair value were recorded and offset to zero in other operating revenues. In January 2024, all funds were distributed to customers.

The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including major security type for equity investments, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively:

As of June 30, 2024
(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)
$430.8 $430.8 $— $— 
Investments: (2)
Equity investments:
Seed capital106.1 106.1 — — 
Investments related to deferred compensation plans214.2 214.2 — — 
Total return swap related to deferred compensation plans6.9 — 6.9 — 
Total$758.0 $751.1 $6.9 $— 
Liabilities:
Contingent consideration liability$(1.3)$— $— $(1.3)
Total$(1.3)$— $— $(1.3)
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As of December 31, 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)
$927.8 $927.8 $— $— 
Investments (2):
Equity investments:
Seed capital75.7 75.7 — — 
Investments related to deferred compensation plans196.7 196.7 — — 
Assets held for policyholders (3)
393.9 393.9 — — 
Total return swap related to deferred compensation plans4.9 — 4.9 — 
Total$1,599.0 $1,594.1 $4.9 $— 
Liabilities:    
Contingent consideration liability$(1.3)$— $— $(1.3)
Total$(1.3)$— $— $(1.3)
____________
(1)    The balance primarily represents cash held in affiliated money market funds.
(2)    Equity method and other investments of $644.9 million and $14.8 million, respectively, are excluded from this table (December 31, 2023: $631.8 million and $14.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards.
(3)    The majority of Assets held for policyholders were held in affiliated funds.

Total Return Swap (TRS)

In addition to holding equity investments, the company has a TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at June 30, 2024 was $424.4 million, and the fair value of the TRS was an asset of $6.9 million (December 31, 2023 notional value was $393.0 million and the fair value was an asset of $4.9 million). During the three months ended June 30, 2024, market valuation losses related to the TRS were $1.2 million and during the six months ended June 30, 2024 gains related to the TRS were $16.8 million (three and six months ended June 30, 2023: $7.3 million and $20.3 million net gain).

The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The TRS is not designated for hedge accounting.

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)June 30, 2024December 31, 2023
Equity investments:
Seed capital$106.1 $75.7 
Investments related to deferred compensation plans214.2 196.7 
Equity method investments644.9 631.8 
Other14.8 14.9 
Total investments (1)
$980.0 $919.1 
_________
(1) The majority of the company’s investment balances relate to balances held in affiliated funds and equity method investees.
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Equity investments

The unrealized gains and losses for the three and six months ended June 30, 2024 that relate to equity investments still held at June 30, 2024 were a $13.2 million net gain and $19.8 million net gain (three and six months ended June 30, 2023: $9.6 million net gain $22.9 million net gain).

4.  DEBT

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

June 30, 2024December 31, 2023
(in millions)
Carrying Value (3)
Fair Value
Carrying Value (3)
Fair Value
$2.0 billion floating rate credit agreement expiring April 26, 2028
$— $— $— $— 
Unsecured Senior Notes: (1)
$600 million 4.000% - due January 30, 2024 (2)
— — 599.9 599.1 
$500 million 3.750% - due January 15, 2026
498.9 489.7 498.6 489.1 
$400 million 5.375% - due November 30, 2043
391.2 380.9 391.0 409.6 
Debt$890.1 $870.6 $1,489.5 $1,497.8 
____________
(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)     On January 30, 2024, the outstanding balance of the $600.0 million senior notes was paid in full.
(3)    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 millions)June 30, 2024December 31, 2023
Preferred shares issued (1)
4.04.0 
Preferred shares outstanding (1)
4.04.0 
____________
(1)    Substantially all the preferred shares are held by Massachusetts Mutual Life Insurance Company (MassMutual). The five-year lock-up period which prohibited the sale of the preferred shares by MassMutual expired on May 24, 2024.

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

As of
(in millions)June 30, 2024December 31, 2023
Common shares issued566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
(116.1)(116.6)
Common shares outstanding450.0 449.5 

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6.  OTHER COMPREHENSIVE INCOME/(LOSS)

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

Three months ended June 30, 2024Three months ended June 30, 2023
(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
$(25.8)$— $(25.8)$63.8 $— $63.8 
Other comprehensive income/(loss), net— 1.0 1.0 — 0.8 0.8 
Other comprehensive income/(loss), net of tax(25.8)1.0 (24.8)63.8 0.8 64.6 
Beginning balance(766.4)(130.7)(897.1)(759.9)(123.0)(882.9)
Other comprehensive income/(loss), net of tax(25.8)1.0 (24.8)63.8 0.8 64.6 
Ending balance$(792.2)$(129.7)$(921.9)$(696.1)$(122.2)$(818.3)

Six months ended June 30, 2024 Six months ended June 30, 2023
(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
$(122.1)$— $(122.1)$118.9 $— $118.9 
Other comprehensive income/(loss), net— 2.0 2.0 — 5.2 5.2 
Other comprehensive income/(loss), net of tax(122.1)2.0 (120.1)118.9 5.2 124.1 
Beginning balance(670.1)(131.7)(801.8)(815.0)(127.4)(942.4)
Other comprehensive income/(loss), net of tax(122.1)2.0 (120.1)118.9 5.2 124.1 
Ending balance$(792.2)$(129.7)$(921.9)$(696.1)$(122.2)$(818.3)

7. REVENUE

The geographic disaggregation of revenue for the three and six months ended June 30, 2024 and 2023 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.

Three months ended June 30,
(in millions)20242023
Americas$1,145.5 $1,108.1 
Asia-Pacific (APAC)62.163.7
Europe, Middle East and Africa (EMEA)275.7271.0
Total operating revenues$1,483.3 $1,442.8 

Six months ended June 30,
(in millions)20242023
Americas$2,286.1 $2,191.5 
Asia-Pacific (APAC)130.8133.6
Europe, Middle East and Africa (EMEA)541.7535.9
Total operating revenues$2,958.6 $2,861.0 



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8.  COMMON SHARE-BASED COMPENSATION

The company recognized total compensation expense of $39.5 million and $69.8 million related to equity-settled common share-based compensation in the six months ended June 30, 2024 and 2023, respectively.

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

Six months ended June 30, 2024 Six months ended June 30, 2023
(in millions of common shares, except fair values)Time- VestedPerformance- VestedWeighted Average Grant Date Fair ValueTime- VestedPerformance- Vested
Unvested at the beginning of period
10.4 1.6 $18.84 10.3 2.1 
Granted during the period4.9 0.9 15.13 4.3 0.7 
Forfeited during the period(0.4)(0.1)17.91 (0.1)(0.2)
Vested and distributed during the period
(4.6)(0.5)18.29 (4.8)(0.5)
Unvested at the end of the period
10.3 1.9 $17.37 9.7 2.1 

The total fair value of common shares that vested during the six months ended June 30, 2024 was $77.7 million (six months ended June 30, 2023: $91.3 million). The weighted average grant date fair value of the United States (U.S.) dollar share awards that were granted during the six months ended June 30, 2024 was $15.13 (six months ended June 30, 2023: $17.73).

At June 30, 2024, there was $161.1 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 2.74 years.

9.  EARNINGS PER COMMON SHARE

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

Three months ended June 30,Six months ended June 30
(in millions, except per share data)2024202320242023
Net income attributable to Invesco Ltd.$132.2 $132.2 $273.7 $277.2 
Invesco Ltd:
Weighted average common shares outstanding - basic455.5 457.9 457.1 458.0 
Dilutive effect of non-participating common share-based awards0.6 0.9 0.4 0.9 
Weighted average common shares outstanding - diluted456.1 458.8 457.5 458.9 
Earnings per common share:
-basic$0.29 $0.29 $0.60 $0.61 
-diluted$0.29 $0.29 $0.60 $0.60 

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.

10.  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 June 30, 2024, the company’s undrawn co-invest capital commitments were $750.4 million (December 31, 2023: $623.3 million).

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Certain of our managed investment products have entered into revolving credit facilities with financial institutions. The company provided equity commitments and guarantees to the financial institutions for certain of these revolving credit facilities 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 $221.1 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.

The company and certain related entities have in recent years been subject to various regulatory inquiries, reviews and investigations and legal proceedings, including civil litigation, regulatory investigations and enforcement actions. These actions can arise from normal business operations and/or matters that have been the subject of previous regulatory reviews. As a global company with investment products registered in numerous countries and subject to the jurisdiction of one or more regulators in each country, at any given time, our business operations may be subject to review, investigation, or disciplinary action.

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, a loss is not accrued. If a loss is deemed probable but an amount or range of loss cannot be reasonably estimated, a loss is not accrued but the matter is disclosed.

The company accrued a $50.0 million liability in the second quarter in connection with a previously disclosed investigation by the SEC into compliance with electronic business communications recordkeeping requirements and a separate regulatory matter, neither of which is expected to have a material impact on the company.

In management’s opinion, adequate accrual has been made as of June 30, 2024 to provide for any losses that may arise from matters for which the company could reasonably estimate an amount and are deemed probable. Management believes that the ultimate resolution of claims or regulatory matters will not materially affect the company’s business, revenue, net income or liquidity.

Further, the investment management industry also is generally subject to extensive levels of ongoing regulatory oversight and examination. In the U.S., United Kingdom (U.K.) and other jurisdictions in which the company operates, governmental authorities regularly make inquiries, hold investigations and administer market conduct examinations with respect to the company’s compliance with applicable laws and regulations. Additional lawsuits or regulatory enforcement actions arising out of these inquiries may in the future be filed against the company, related entities and individuals in the U.S., U.K. and other jurisdictions in which the company and its affiliates operate. Any material loss of investor and/or client confidence as a result of such inquiries and/or litigation could result in a significant decline in assets under management (AUM), which would have an adverse effect on the company’s future financial results and its ability to grow its business.

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11.  CONSOLIDATED INVESTMENT PRODUCTS

The balances related to CIP are identified on the Consolidated Balance Sheets. At June 30, 2024, the company’s net investment in and net receivables from CIP were $415.3 million (December 31, 2023: $546.2 million). The consolidation of CIP had no impact on net income attributable to the company during the three and six months ended June 30, 2024.

The following tables present the fair value hierarchy levels of certain CIP balances which are measured at fair value as of June 30, 2024 and December 31, 2023:

As of June 30, 2024
(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)		Investments Measured at NAV as a practical expedient
Assets:
Bank loans$6,069.8 $— $5,819.3 $250.5