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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2017
Fair Value Disclosures [Abstract] |
Summary of partnership's assets and liabilities measured at fair value on recurring basis | The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of March 31, 2017:
(Dollars in millions) | Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | 10.8 |
Bonds | — |  |  | — |  |  | 417.6 |  |  | 417.6 |
Loans | — |  |  | — |  |  | 3,473.2 |  |  | 3,473.2 |
Other | — |  |  | — |  |  | 1.5 |  |  | 1.5 |
| — |  |  | — |  |  | 3,903.1 |  |  | 3,903.1 |
Investments in CLOs and other | — |  |  | — |  |  | 155.9 |  |  | 155.9 |
Corporate treasury investments |  |  |  |  |  |  |
Bonds | — |  |  | 87.8 |  |  | — |  |  | 87.8 |
Commercial paper and other | — |  |  | 61.1 |  |  | — |  |  | 61.1 |
| — |  |  | 148.9 |  |  | — |  |  | 148.9 |
Foreign currency forward contracts | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Total | $ | — |  |  | $ | 152.3 |  |  | $ | 4,059.0 |  |  | $ | 4,211.3 |
Liabilities |  |  |  |  |  |  |
Loans payable of Consolidated Funds(1) | $ | — |  |  | $ | — |  |  | $ | 3,587.5 |  |  | $ | 3,587.5 |
Contingent consideration(2) | — |  |  | — |  |  | 1.5 |  |  | 1.5 |
Loans payable of a consolidated real estate VIE | — |  |  | — |  |  | 77.8 |  |  | 77.8 |
Foreign currency forward contracts | — |  |  | 6.0 |  |  | — |  |  | 6.0 |
Total | $ | — |  |  | $ | 6.0 |  |  | $ | 3,666.8 |  |  | $ | 3,672.8 |
(1) | Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.
(2) | Related to contingent consideration associated with the Partnership's acquisitions, excluding employment-based contingent consideration (see Note 8).
The following table summarizes the Partnership’s assets and liabilities measured at fair value on a recurring basis by the above fair value hierarchy levels as of December 31, 2016:
(Dollars in millions) | Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | 10.3 |  |  | $ | 10.3 |
Bonds | — |  |  | — |  |  | 396.4 |  |  | 396.4 |
Loans | — |  |  | — |  |  | 3,485.6 |  |  | 3,485.6 |
Other | — |  |  | — |  |  | 1.4 |  |  | 1.4 |
| — |  |  | — |  |  | 3,893.7 |  |  | 3,893.7 |
Investments in CLOs and other | — |  |  | — |  |  | 152.6 |  |  | 152.6 |
Corporate treasury investments |  |  |  |  |  |  |
Bonds | — |  |  | 91.3 |  |  | — |  |  | 91.3 |
Commercial paper and other | — |  |  | 98.9 |  |  | — |  |  | 98.9 |
| — |  |  | 190.2 |  |  | — |  |  | 190.2 |
Foreign currency forward contracts | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Total | $ | — |  |  | $ | 192.7 |  |  | $ | 4,046.3 |  |  | $ | 4,239.0 |
Liabilities |  |  |  |  |  |  |
Loans payable of Consolidated Funds(1) | $ | — |  |  | $ | — |  |  | $ | 3,866.3 |  |  | $ | 3,866.3 |
Contingent consideration(2) | — |  |  | — |  |  | 1.5 |  |  | 1.5 |
Loans payable of a consolidated real estate VIE | — |  |  | — |  |  | 79.4 |  |  | 79.4 |
Foreign currency forward contracts | — |  |  | 10.0 |  |  | — |  |  | 10.0 |
Total | $ | — |  |  | $ | 10.0 |  |  | $ | 3,947.2 |  |  | $ | 3,957.2 |
(1) | Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets, less (i) the fair value of any beneficial interests held by the Partnership and (ii) the carrying value of any beneficial interests that represent compensation for services.
(2) | Related to contingent consideration associated with the Partnership's acquisitions, excluding employment-based contingent consideration (see Note 8).
Changes in financial assets measured at fair value for which the Partnership has used Level III inputs | The changes in financial instruments measured at fair value for which the Partnership has used Level III inputs to determine fair value are as follows (Dollars in millions):
| Financial Assets
| Three Months Ended March 31, 2017
| Investments of Consolidated Funds |  |  |  |
| Equity securities |  | Bonds |  | Loans |  | Other |  | Investments in CLOs and other |  | Total
Balance, beginning of period | $ | 10.3 |  |  | $ | 396.4 |  |  | $ | 3,485.6 |  |  | $ | 1.4 |  |  | $ | 152.6 |  |  | $ | 4,046.3 |
Purchases | — |  |  | 66.1 |  |  | 625.4 |  |  | — |  |  | — |  |  | 691.5 |
Sales and distributions | — |  |  | (56.4 | ) |  | (408.1 | ) |  | — |  |  | (2.1 | ) |  | (466.6 | )
Settlements | — |  |  | — |  |  | (291.1 | ) |  | — |  |  | — |  |  | (291.1 | )
Realized and unrealized gains (losses), net |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 0.3 |  |  | 5.3 |  |  | 31.0 |  |  | 0.1 |  |  | 2.9 |  |  | 39.6 |
Included in other comprehensive income | 0.2 |  |  | 6.2 |  |  | 30.4 |  |  | — |  |  | 2.5 |  |  | 39.3 |
Balance, end of period | $ | 10.8 |  |  | $ | 417.6 |  |  | $ | 3,473.2 |  |  | $ | 1.5 |  |  | $ | 155.9 |  |  | $ | 4,059.0 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ | 0.3 |  |  | $ | 5.1 |  |  | $ | 28.4 |  |  | $ | 0.1 |  |  | $ | 2.9 |  |  | $ | 36.8 |
| Financial Assets
| Three Months Ended March 31, 2016
| Investments of Consolidated Funds |  |  |  |  |  |
| Equity securities |  | Bonds |  | Loans |  | Partnership and LLC interests(2) |  | Other |  | Investments in CLOs and other |  | Restricted securities of Consolidated Funds |  | Total
Balance, beginning of period | $ | 575.3 |  |  | $ | 1,180.9 |  |  | $ | 15,686.7 |  |  | $ | 59.6 |  |  | $ | 5.0 |  |  | $ | 1.4 |  |  | $ | 8.7 |  |  | $ | 17,517.6 |
Deconsolidation of funds(1) | (562.1 | ) |  | (890.7 | ) |  | (13,506.9 | ) |  | — |  |  | (5.0 | ) |  | 123.8 |  |  | (8.7 | ) |  | (14,849.6 | )
Purchases | 8.9 |  |  | 47.9 |  |  | 251.8 |  |  | 12.3 |  |  | — |  |  | — |  |  | — |  |  | 320.9 |
Sales and distributions | (5.1 | ) |  | (12.5 | ) |  | (59.3 | ) |  | — |  |  | — |  |  | (2.6 | ) |  | — |  |  | (79.5 | )
Settlements | — |  |  | — |  |  | (100.7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (100.7 | )
Realized and unrealized gains (losses), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | (6.0 | ) |  | (8.0 | ) |  | (61.7 | ) |  | 2.4 |  |  | 0.2 |  |  | 4.0 |  |  | — |  |  | (69.1 | )
Included in other comprehensive income | 0.5 |  |  | 14.3 |  |  | 54.0 |  |  | — |  |  | — |  |  | (2.4 | ) |  | — |  |  | 66.4 |
Balance, end of period | $ | 11.5 |  |  | $ | 331.9 |  |  | $ | 2,263.9 |  |  | $ | 74.3 |  |  | $ | 0.2 |  |  | $ | 124.2 |  |  | $ | — |  |  | $ | 2,806.0 |
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date | $ | (5.7 | ) |  | $ | (8.0 | ) |  | $ | (60.1 | ) |  | $ | 2.4 |  |  | $ | 0.3 |  |  | $ | 4.0 |  |  | $ | — |  |  | $ | (67.1 | )
(1) | As a result of the adoption of ASU 2015-2 and the deconsolidation of certain CLOs on January 1, 2016, $123.8 million of investments that the Partnership held in those CLOs are no longer eliminated in consolidation and are now included in investments in CLOs and other for the three months ended March 31, 2016.
(2) | As a result of the retrospective adoption of ASU 2015-7, the beginning balance of Partnership and LLC interests that are measured at fair value using the NAV per share practical expedient have been revised to reflect their exclusion from the fair value hierarchy.
Changes in financial liabilities measured at fair value for which the Partnership has used Level III inputs |
| Financial Liabilities
| Three Months Ended March 31, 2017
| Loans Payable of Consolidated Funds |  | Contingent Consideration |  | Loans Payable of a consolidated real estate VIE |  | Total
Balance, beginning of period | $ | 3,866.3 |  |  | $ | 1.5 |  |  | $ | 79.4 |  |  | $ | 3,947.2 |
Borrowings | 431.5 |  |  | — |  |  | — |  |  | 431.5 |
Paydowns | (762.0 | ) |  | — |  |  | (7.4 | ) |  | (769.4 | )
Realized and unrealized (gains) losses, net |  |  |  |  |  |  |
Included in earnings | 18.1 |  |  | — |  |  | 5.3 |  |  | 23.4 |
Included in other comprehensive income | 33.6 |  |  | — |  |  | 0.5 |  |  | 34.1 |
Balance, end of period | $ | 3,587.5 |  |  | $ | 1.5 |  |  | $ | 77.8 |  |  | $ | 3,666.8 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ | 26.4 |  |  | $ | — |  |  | $ | 5.3 |  |  | $ | 31.7 |
| Financial Liabilities
| Three Months Ended March 31, 2016
| Loans Payable of Consolidated Funds |  | Derivative Instruments of Consolidated Funds |  | Contingent Consideration |  | Loans Payable of a consolidated real estate VIE |  | Total
Balance, beginning of period | $ | 17,046.7 |  |  | $ | 29.1 |  |  | $ | 20.8 |  |  | $ | 75.4 |  |  | $ | 17,172.0 |
Deconsolidation of funds | (14,600.3 | ) |  | (29.0 | ) |  | — |  |  | — |  |  | (14,629.3 | )
Borrowings | 12.7 |  |  | — |  |  | — |  |  | — |  |  | 12.7 |
Paydowns | (5.1 | ) |  | — |  |  | (0.3 | ) |  | (9.4 | ) |  | (14.8 | )
Realized and unrealized (gains) losses, net |  |  |  |  |  |  |  |  |
Included in earnings | (59.3 | ) |  | (0.1 | ) |  | 3.8 |  |  | 7.1 |  |  | (48.5 | )
Included in other comprehensive income | 64.3 |  |  | — |  |  | — |  |  | 0.4 |  |  | 64.7 |
Balance, end of period | $ | 2,459.0 |  |  | $ | — |  |  | $ | 24.3 |  |  | $ | 73.5 |  |  | $ | 2,556.8 |
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date | $ | (70.5 | ) |  | $ | — |  |  | $ | 3.8 |  |  | $ | 7.1 |  |  | $ | (59.6 | )
Summary of quantitative information about Partnership's Level III inputs | The following table summarizes quantitative information about the Partnership’s Level III inputs as of March 31, 2017:
| Fair Value at |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
(Dollars in millions) | March 31, 2017 |  |  |
Assets |  |  |  |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |
Equity securities | $ | 9.8 |  |  | Discounted Cash Flow |  | Discount Rates |  | 9% - 10% (9%)
|  |  |  |  | Exit Cap Rate |  | 7% - 10% (7%)
| 1.0 |  |  | Consensus Pricing |  | Indicative Quotes ($ per share) |  | 15 - 15 (15)
Bonds | 417.6 |  |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 78 - 109 (101)
Loans | 3,473.2 |  |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 49 - 103 (99)
Other | 1.5 |  |  | Counterparty Pricing |  | Indicative Quotes (% of Notional Amount) |  | 6 - 7 (7)
| 3,903.1 |  |  |  |  |  |  |
Investments in CLOs and other: |  |  |  |  |  |  |
Senior secured notes | 119.0 |  |  | Discounted Cash Flow with Consensus Pricing |  | Discount Rates |  | 1% - 10% (2%)
|  |  |  |  | Default Rates |  | 1% - 3% (2%)
|  |  |  |  | Recovery Rates |  | 45% - 75% (60%)
|  |  |  |  | Indicative Quotes (% of Par) |  | 88 - 102 (100)
Subordinated notes and preferred shares | 35.2 |  |  | Discounted Cash Flow with Consensus Pricing |  | Discount Rates |  | 8% - 13% (10%)
|  |  |  |  | Default Rates |  | 1% - 10% (2%)
|  |  |  |  | Recovery Rates |  | 20% - 75% (60%)
|  |  |  |  | Indicative Quotes (% of Par) |  | 0 - 98 (93)
Other | 1.7 |  |  | Comparable Multiple |  | LTM EBITDA Multiple |  | 5.7x - 5.7x (5.7x)
Total | $ | 4,059.0 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Loans payable of Consolidated Funds: |  |  |  |  |  |  |
Senior secured notes (1) | $ | 3,384.2 |  |  | Other |  | N/A |  | N/A
Subordinated notes and preferred shares (1) | 50.9 |  |  | Other |  | N/A |  | N/A
| 152.4 |  |  | Discounted Cash Flow with Consensus Pricing |  | Discount Rates |  | 8% - 13% (10%)
|  |  |  |  | Default Rates |  | 1% - 3% (2%)
|  |  |  |  | Recovery Rates |  | 45% - 75% (60%)
|  |  |  |  | Indicative Quotes (% of Par) |  | 7 - 97 (79)
Loans payable of a consolidated real estate VIE | 77.8 |  |  | Discounted Cash Flow |  | Discount to Expected Payment |  | 10% - 55% (35%)
|  |  |  |  | Discount Rate |  | 20% - 30% (23%)
Contingent consideration(2) | 1.5 |  |  | Other |  | N/A |  | N/A
Total | $ | 3,666.8 |  |  |  |  |  |  |
(1) | Beginning on January 1, 2016, CLO loan payables held by third party beneficial interest holders are measured on the basis of the fair value of the financial assets of the CLO and the beneficial interests held by the Partnership.
(2) | Relates to contingent consideration associated with the Partnership's acquisitions (see Note 8).
The following table summarizes quantitative information about the Partnership’s Level III inputs as of December 31, 2016:
| Fair Value at |  | Valuation Technique(s) |  | Unobservable Input(s) |  | Range (Weighted Average)
(Dollars in millions) | December 31, 2016 |  |  |
Assets |  |  |  |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |
Equity securities | $ | 9.6 |  |  | Discounted Cash Flow |  | Discount Rates |  | 9% - 10% (9%)
|  |  |  |  |  | Exit Cap Rate |  | 7% - 9% (7%)
| 0.7 |  |  | Consensus Pricing |  | Indicative Quotes ($ per share) |  | 10 - 10 (10)
Bonds | 396.4 |  |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 74 - 108 (99)
Loans | 3,485.6 |  |  | Consensus Pricing |  | Indicative Quotes (% of Par) |  | 31 - 102 (99)
Other | 1.4 |  |  | Counterparty Pricing |  | Indicative Quotes (% of Notional Amount) |  | 6 - 8 (7)
| 3,893.7 |  |  |  |  |  |  |
Investments in CLOs and other |  |  |  |  |  |  |
Senior secured notes | 115.9 |  |  | Discounted Cash Flow with Consensus Pricing |  | Discount Rate |  | 1% - 11% (2%)
|  |  |  |  | Default Rates |  | 1% - 3% (2%)
|  |  |  |  | Recovery Rates |  | 50% - 74% (71%)
|  |  |  |  | Indicative Quotes (% of Par) |  | 82 - 102 (99)
Subordinated notes and preferred shares | 35.4 |  |  | Discounted Cash Flow with Consensus Pricing |  | Discount Rate |  | 9% - 14% (12%)
|  |  |  |  | Default Rates |  | 1% - 10% (2%)
|  |  |  |  | Recovery Rates |  | 50% - 74% (64%)
|  |  |  |  | Indicative Quotes (% of Par) |  | 2 - 101 (96)
Other | 1.3 |  |  | Comparable Multiple |  | LTM EBITDA Multiple |  | 5.7 x - 5.7x (5.7x)
Total | $ | 4,046.3 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Loans payable of Consolidated Funds: |  |  |  |  |  |  |
Senior secured notes(1) | $ | 3,672.5 |  |  | Other |  | N/A |  | N/A
Subordinated notes and preferred shares(1) | 26.9 |  |  | Other |  | N/A |  | N/A
| 166.9 |  |  | Discounted Cash Flow with Consensus Pricing |  | Discount Rates |  | 9% - 14% (12%)
|  |  |  |  | Default Rates |  | 1% - 3% (2%)
|  |  |  |  | Recovery Rates |  | 50% - 74% (66%)
|  |  |  |  | Indicative Quotes (% of Par) |  | 7 - 90 (68)
Loans payable of a consolidated real estate VIE | 79.4 |  |  | Discounted Cash Flow |  | Discount to Expected Payment |  | 10% - 55% (37%)
|  |  |  |  | Discount Rate |  | 20% - 30% (23%)
Contingent consideration(2) | 1.5 |  |  | Other |  | N/A |  | N/A
Total | $ | 3,947.2 |  |  |  |  |  |  |
(1) | Beginning on January 1, 2016, CLO loan payables held by third party beneficial interest holders are measured on the basis of the fair value of the financial assets of the CLOs and the beneficial interests held by the Partnership.
(2) | Relates to contingent consideration associated with the Partnership's acquisitions (see Note 8).

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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