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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2012
Commitments and Contingencies |
Commitments and Contingencies |
7. Commitments and Contingencies The Company and its Affiliates are subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. Management believes that any liability in excess of these accruals upon the ultimate resolution of these matters will not have a material adverse effect on the Company. Certain Affiliates operate under regulatory authorities which require that they maintain minimum financial or capital requirements. Management is not aware of any significant violations of such financial requirements occurring during the period. In connection with its investment in Pantheon Ventures, the Company has committed to co-invest in certain investment partnerships where it serves as the general partner. As of June 30, 2012, these commitments totaled approximately $73.0 million and may be called in future periods. Russell Investments (Pantheon Ventures' former owner) is contractually obligated to reimburse the Company for $39.8 million of these commitments if they are called. Under past acquisition agreements, the Company is contingently liable, upon achievement of specified financial targets, to make payments of up to $568.1 million through 2017. As of June 30, 2012, the Company expects to make payments of $95.8 million to settle these contingent obligations from 2012 to 2017 (these expected payments have a net present value of $65.7 million), of which $43.2 million is expected to be settled in the fourth quarter of 2012 and the remainder to be settled between 2015 and 2017. For the three months ended June 30, 2012, the Company reduced its current estimate of payments to be made under these agreements and recognized a gain of $47.4 million ($34.6 million attributable to the controlling interest). For the six months ended June 30, 2012, the Company recognized a gain of $57.3 million ($39.6 million attributable to the controlling interest). These gains have been classified within Imputed interest expense and contingent payment arrangements in the Consolidated Statements of Income.

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