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

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
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
ivz-20220331_g1.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.)
1555 Peachtree Street, N.E.,Suite 1800,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, $.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, 2022, the most recent practicable date, the number of Common Shares outstanding was 455,025,440.





                                    
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.

2




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

As of
$ in millions, except per share dataMarch 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents1,309.6 1,896.4 
Accounts receivable756.3 785.0 
Investments966.8 926.3 
Assets of consolidated investment products (CIP):
Cash and cash equivalents of CIP304.5 250.7 
Accounts receivable and other assets of CIP403.6 532.6 
Investments of CIP9,044.6 9,042.5 
Assets held for policyholders1,662.1 1,893.6 
Other assets853.1 729.9 
Property, equipment and software, net499.6 518.1 
Intangible assets, net7,206.2 7,228.0 
Goodwill8,847.4 8,882.5 
Total assets31,853.8 32,685.6 
LIABILITIES
Accrued compensation and benefits495.4 1,062.3 
Accounts payable and accrued expenses1,271.3 1,157.1 
Liabilities of CIP:
Debt of CIP7,084.4 7,336.1 
Other liabilities of CIP763.1 846.3 
Policyholder payables1,662.1 1,893.6 
Debt2,085.7 2,085.1 
Deferred tax liabilities, net1,704.5 1,626.3 
Total liabilities15,066.5 16,006.8 
Commitments and contingencies (See Note 11)
TEMPORARY EQUITY
Redeemable noncontrolling interests in consolidated entities801.1 510.8 
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, 2022 and December 31, 2021)
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, 2022 and December 31, 2021)
113.2 113.2 
Additional paid-in-capital7,547.0 7,688.0 
Treasury shares(3,105.1)(3,043.6)
Retained earnings7,287.9 7,169.2 
Accumulated other comprehensive income/(loss), net of tax(508.5)(441.5)
Total equity attributable to Invesco Ltd.15,345.0 15,495.8 
Equity attributable to nonredeemable noncontrolling interests in consolidated entities641.2 672.2 
Total permanent equity15,986.2 16,168.0 
Total liabilities, temporary and permanent equity31,853.8 32,685.6 

See accompanying notes.
3




                                    
Invesco Ltd.
Condensed Consolidated Statements of Income
(Unaudited)

Three months ended March 31,
$ in millions, except per common share data20222021
Operating revenues:
Investment management fees1,180.5 1,206.6 
Service and distribution fees379.0 381.1 
Performance fees1.0 6.7 
Other68.9 65.3 
Total operating revenues1,629.4 1,659.7 
Operating expenses:
Third-party distribution, service and advisory512.6 522.8 
Employee compensation432.9 489.2 
Marketing21.7 15.8 
Property, office and technology132.0 129.3 
General and administrative102.2 96.6 
Transaction, integration and restructuring35.2 45.8 
Amortization of intangibles15.1 15.9 
Total operating expenses1,251.7 1,315.4 
Operating income377.7 344.3 
Other income/(expense):
Equity in earnings of unconsolidated affiliates33.4 27.5 
Interest and dividend income1.2 1.3 
Interest expense(23.2)(23.8)
Other gains/(losses), net(45.5)34.1 
Other income/(expense) of CIP, net(23.3)94.7 
Income before income taxes320.3 478.1 
Income tax provision(82.8)(106.5)
Net income237.5 371.6 
Net (income)/loss attributable to noncontrolling interests in consolidated entities19.4 (44.6)
Dividends declared on preferred shares(59.2)(59.2)
Net income attributable to Invesco Ltd.197.7 267.8 
Earnings per common share:
-basic$0.43 $0.58 
-diluted$0.43 $0.58 

See accompanying notes.

4




                                    
Invesco Ltd.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three months ended March 31,
$ in millions20222021
Net income237.5 371.6 
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries(67.2)0.8 
Other comprehensive income/(loss), net of tax0.2 (4.0)
Other comprehensive income/(loss)(67.0)(3.2)
Total comprehensive income/(loss)170.5 368.4 
Comprehensive loss/(income) attributable to noncontrolling interests in consolidated entities19.4 (44.6)
Dividends declared on preferred shares(59.2)(59.2)
Comprehensive income/(loss) attributable to Invesco Ltd.130.7 264.6 

See accompanying notes.


5




                                    
Invesco Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three months ended March 31,
$ in millions20222021
Operating activities:
Net income
237.5 371.6
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Amortization and depreciation49.5 51.1 
Common share-based compensation expense29.5 38.6 
Other (gains)/losses, net45.5 (34.1)
Other (gains)/losses of CIP, net55.3 (66.9)
Equity in earnings of unconsolidated affiliates(33.4)(27.5)
Distributions from equity method investees2.8 2.3 
Changes in operating assets and liabilities:
(Purchase)/sale of investments by CIP, net(127.0)(130.3)
(Purchase)/sale of investments, net(2.7)43.5 
(Increase)/decrease in receivables137.7 1,742.9 
Increase/(decrease) in payables(770.1)(2,018.1)
Net cash provided by/(used in) operating activities(375.4)(26.9)
Investing activities:
Purchase of property, equipment and software(23.9)(20.3)
Purchase of investments by CIP(1,034.2)(1,407.6)
Sale of investments by CIP1,019.9 1,303.1 
Purchase of investments(69.8)(53.4)
Sale of investments21.2 46.8 
Capital distributions from equity method investees3.0 0.2 
Net cash inflows/(outflows) upon consolidation/deconsolidation of CIP4.7 (8.7)
Net cash provided by/(used in) investing activities(79.1)(139.9)
Financing activities:
Purchases of treasury shares(232.5)(44.7)
Dividends paid - preferred(59.2)(59.2)
Dividends paid - common(77.8)(71.5)
Third-party capital invested into CIP276.8 205.8 
Third-party capital distributed by CIP(59.5)(71.7)
Borrowings of debt by CIP98.3 354.9 
Repayments of debt by CIP(1.4)(129.1)
Settlement of forward contracts on treasury shares (117.0)
Collateral received/(returned), net 78.8 
Payment of contingent consideration  (8.5)
Net cash provided by/(used in) financing activities(55.3)137.8 
Increase/(decrease) in cash and cash equivalents(509.8)(29.0)
Foreign exchange movement on cash and cash equivalents(20.4)(8.6)
Foreign exchange movement on cash and cash equivalents of CIP(2.8)(5.8)
Cash, cash equivalents and restricted cash, beginning of period2,147.11,839.3
Cash, cash equivalents and restricted cash, end of period1,614.11,795.9
Cash and cash equivalents1,309.61,158.3
Restricted cash (1)
208.0
Cash and cash equivalents of CIP304.5429.6
Total cash and cash equivalents and restricted cash per condensed consolidated statement of cash flows1,614.11,795.9
______________________________________________________________________________________________________
(1) Restricted cash of $208.0 million as of March 31, 2021 is recorded in Other assets on the Condensed Consolidated Balance Sheets. There was no restricted cash at the end of the period for the three months ended March 31, 2022.

See accompanying notes.
6




                                    
Invesco Ltd.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three months ended March 31, 2022
Equity Attributable to Invesco Ltd.
$ in millions, except 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 
Three months ended March 31, 2021
Equity Attributable to Invesco Ltd.
$ in millions, except 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, 20214,010.5 113.2 7,811.4 (3,253.8)6,085.0 (404.5)14,361.8 447.1 14,808.9 211.8 
Net income— — — — 327.0 — 327.0 42.8 369.8 1.8 
Other comprehensive income/(loss)— — — — — (3.2)(3.2)— (3.2)— 
Change in noncontrolling interests in consolidated entities, net
— — — — — — — (8.2)(8.2)124.7 
Dividends declared - preferred ($14.75 per share)
— — — — (59.2)— (59.2)— (59.2)— 
Dividends declared - common ($0.155 per share)
— — — — (72.9)— (72.9)— (72.9)— 
Employee common share plans:
Common share-based compensation
— — 38.6 — — — 38.6 — 38.6 — 
Vested common shares
— — (210.4)210.4 — — — — — — 
Other common share awards
— — — 0.4 — — 0.4 — 0.4 — 
Purchase of common shares— — — (44.7)— — (44.7)— (44.7)— 
March 31, 20214,010.5 113.2 7,639.6 (3,087.7)6,279.9 (407.7)14,547.8 481.7 15,029.5 338.3 
See accompanying notes
7




                                    
Invesco Ltd.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.  ACCOUNTING POLICIES

Corporate Information

Invesco Ltd. (Parent) and all of its consolidated entities (collectively, the company or Invesco) provide retail and institutional clients with an array of global 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, 2021 (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 Securities and Exchange Commission and consolidate the financial statements of the Parent and all of its controlled subsidiaries. In the opinion of management, the financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair statement 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.
8




                                    
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 is 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, 2022December 31, 2021
$ in millionsFair ValueFair Value
Cash and cash equivalents1,309.6 1,896.4 
Equity investments306.1 337.9 
Foreign time deposits (1)
29.3 30.4 
Assets held for policyholders 1,662.1 1,893.6 
Policyholder payables (1)
(1,662.1)(1,893.6)
Total return swaps related to deferred compensation plans(27.9)1.6
Contingent consideration liability(1.3)(1.3)
____________
(1)    These financial instruments are not measured at fair value. See the most recently filed Form 10-K for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value. Policyholder payables are indexed to the value of the assets held for policyholders.

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, 2022 and December 31, 2021, respectively:

As of March 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)
848.1 848.1   
Investments (2):
Equity investments:
Seed money98.8 98.8   
Investments related to deferred compensation plans205.8 205.8   
Other equity securities1.5 1.5   
Assets held for policyholders (3)
1,662.1 1,662.1   
Total2,816.3 2,816.3   
Liabilities:
Total return swaps related to deferred compensation plans(27.9) (27.9) 
Contingent consideration liability(1.3)  (1.3)
Total(29.2) (27.9)(1.3)
9




                                    

As of December 31, 2021
$ 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)
1,270.0 1,270.0   
Investments (2):
Equity investments:
Seed money109.4 109.4   
Investments related to deferred compensation plans226.6 226.6   
Other equity securities1.9 1.9   
Assets held for policyholders (3)
1,893.6 1,893.6   
Total return swaps related to deferred compensation plans1.6  1.6  
Total3,503.1 3,501.5 1.6  
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)    Foreign time deposits of $29.3 million (December 31, 2021: $30.4 million) are excluded from this table. Equity method and other investments of $623.7 million and $7.7 million, respectively, (December 31, 2021: $550.1 million and $7.9 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

In addition to holding equity investments, the company has a total return swap (TRS) to hedge economically certain deferred compensation liabilities. The notional value of the total return swap at March 31, 2022 was $392.2 million, and the fair value of the TRS was a liability of $27.9 million (December 31, 2021 notional value was $343.1 million and the fair value was an asset of $1.6 million). The company’s net collateral paid balance related to the total return swap was $39.4 million at March 31, 2022 (December 31, 2021: $20.5 million). During the three months ended March 31, 2022, market valuation losses related to the TRS of $21.8 million were recognized in Other gains/(losses), net (three months ended March 31, 2021: $9.2 million net gains).






10




                                    
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, 2022December 31, 2021
Equity investments:
Seed money98.8 109.4 
Investments related to deferred compensation plans205.8 226.6 
Other equity securities1.5 1.9 
Equity method investments623.7 550.1 
Foreign time deposits29.3 30.4 
Other7.7 7.9 
Total investments (1)
966.8 926.3 
____________
(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, 2022 that relate to equity investments still held at March 31, 2022, were a $29.1 million net loss (three months ended March 31, 2021: $11.5 million net gain).

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, 2022December 31, 2021
$ in millions
Carrying Value (3)
Fair Value
Carrying Value (3)
Fair Value
$1.5 billion floating rate credit facility expiring April 26, 2026
    
Unsecured Senior Notes (1):
$600 million 3.125% - due November 30, 2022 (2)
599.5 605.7 599.4 613.8 
$600 million 4.000% - due January 30, 2024
598.0 614.5 597.8 633.7 
$500 million 3.750% - due January 15, 2026
497.5 512.3 497.3 541.2 
$400 million 5.375% - due November 30, 2043
390.7 467.9 390.6 536.8 
Debt2,085.7 2,200.4 2,085.1 2,325.5 
____________
(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 April 6, 2022, Invesco Finance PLC, an indirect subsidiary of Invesco Ltd., issued a notice of redemption to redeem on May 6, 2022 the outstanding $600 million of notes due November 30, 2022.

(3)    The difference between the principal amounts and the carrying values of the senior notes reflects the unamortized debt issuance costs and discounts.

5.  SHARE CAPITAL

The preferred shares have a $0.20 par value, liquidation preference of $1,000 per share and fixed cash dividend rate of 5.90% per annum, payable quarterly on a non-cumulative basis. Shares of preferred stock are not redeemable prior to the 21st anniversary of their original issue date of May 24, 2019.


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The number of preferred shares issued and outstanding is represented in the table below:
As of
in millionsMarch 31, 2022December 31, 2021
Preferred shares issued (1)
4.04.0 
Preferred shares outstanding (1)
4.04.0 
__________
(1)    Preferred shares are held by MassMutual and are subject to a lock-up period of five years, which disallows the sale of preferred shares by MassMutual during the five-year period beginning on the original issue date of May 24, 2019.

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

As of
in millionsMarch 31, 2022December 31, 2021
Common shares issued566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
(111.1)(104.9)
Common shares outstanding455.0 461.2 

6.  OTHER COMPREHENSIVE INCOME/(LOSS)

The components of accumulated other comprehensive income/(loss) were as follows:
For the three months ended March 31, 2022
$ in millionsForeign currency translationEmployee benefit plansEquity method investmentsAvailable-for-sale investmentsTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
(67.2)   (67.2)
Other comprehensive income, net
 0.2   0.2 
Other comprehensive income/(loss), net of tax(67.2)0.2   (67.0)
Beginning balance(352.6)(89.6) 0.7 (441.5)
Other comprehensive income/(loss), net of tax(67.2)0.2   (67.0)
Ending balance(419.8)(89.4) 0.7 (508.5)

For the three months ended March 31, 2021
$ in millionsForeign currency translationEmployee benefit plansEquity method investmentsAvailable-for-sale investmentsTotal
Other comprehensive income/(loss), net of tax:
Currency translation differences on investments in foreign subsidiaries
0.8    0.8 
Other comprehensive income/(loss), net (4.0)  (4.0)
Other comprehensive income/(loss), net of tax0.8 (4.0)  (3.2)
Beginning balance(279.3)(126.0)0.1 0.7 (404.5)
Other comprehensive income/(loss), net of tax0.8 (4.0)  (3.2)
Ending balance(278.5)(130.0)0.1 0.7 (407.7)

Net Investment Hedge

The company designated certain intercompany debt as a non-derivative net investment hedging instrument against foreign currency exposure related to its net investment in foreign operations. At March 31, 2022 and December 31, 2021, £130 million ($171.2 million and $176.1 million, respectively) of intercompany debt was designated as a net investment hedge. For the three months ended March 31, 2022, the company recognized foreign currency gains of $4.9 million (three months ended March 31,
12


2021: losses of $5.7 million) resulting from the net investment hedge within currency translation differences on investments in foreign subsidiaries in Other comprehensive income.

7. REVENUE

The geographic disaggregation of revenue for the three months ended March 31, 2022 and 2021 are presented below. There are no revenues attributed to the company’s country of domicile, Bermuda.
For the three months ended March 31,
$ in millions20222021
Americas1,244.81,230.4
Asia Pacific85.289.2
EMEA ex UK (Europe, Middle East and Africa)153.8176.4
UK145.6163.7
Total operating revenues1,629.41,659.7

Money Market Fee Waivers

The company is currently providing voluntary yield support waivers of its revenues on certain money market funds to ensure that they maintain a minimum level of daily net investment income. During the three months ended March 31, 2022, yield support waivers resulted in a reduction of total gross operating revenues of $26.3 million (three months ended March 31, 2021: $29.0 million). A significant portion of our money market AUM arises from the institutional distribution channel, where relationships with our distribution partners allow us to share the waiver impact. Gross waivers are partially offset by a reduction of payments to these intermediaries, which are included in third-party distribution, service and advisory expenses.

8.  COMMON SHARE-BASED COMPENSATION

The company recognized total expenses of $29.5 million and $38.6 million related to equity-settled common share-based payment transactions in the three months ended March 31, 2022 and 2021, respectively.

Movements on common share awards during the periods ended March 31, are detailed below:
For the three months ended March 31, 2022For the three months ended March 31, 2021
millions of common shares, except fair valuesTime- VestedPerformance- VestedWeighted Average Grant Date Fair Value ($)Time- VestedPerformance- Vested
Unvested at the beginning of period
13.5 1.9 18.88 18.1 1.6 
Granted during the period3.6 1.0 21.24 3.3 0.6 
Forfeited during the period (0.1)19.44 (0.1) 
Vested and distributed during the period
(4.8)(0.4)20.35 (6.1)(0.5)
Unvested at the end of the period
12.3 2.4 19.09 15.2 1.7 
The total fair value of common shares that vested during the three months ended March 31, 2022 was $108.3 million (three months ended March 31, 2021: $97.4 million). The weighted average grant date fair value of the common share awards that were granted during the three months ended March 31, 2022 was $21.24 (three months ended March 31, 2021: $21.19).

At March 31, 2022, there was $234.4 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 2.67 years.

13


9. RESTRUCTURING

In 2020, the company initiated a strategic evaluation focusing on four key areas of our expense base: our organizational model, our real estate footprint, management of third-party spend and technology and operations efficiency.

Restructuring expenses related to the strategic evaluation were $22.3 million for the three months ended March 31, 2022 (three months ended March 31, 2021: $30.0 million). Restructuring expenses are recorded to transaction, integration and restructuring expenses on the Condensed Consolidated Statements of Income.

The company estimates up to $35 million of remaining restructuring expenses related to the strategic evaluation through the end of 2022, primarily comprised of property, office and technology costs and general and administrative costs.

The following table shows the rollforward of the restructuring liability as of March 31, 2022 and the total restructuring charges for the period ending March 31, 2022 and December 31, 2021. The company recorded the liability to accrued compensation and benefits, and accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets.

$ in millionsEmployee
Compensation
Other ExpensesTotal
Balance as of July 1, 2020