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Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2012
Fair Value Measurements |
Schedule of fair value of financial assets and financial liabilities measured on a recurring basis |
|  |  |  | Fair Value Measurements |
--- | --- | --- | --- | --- | ---
|  | December 31, 2011 |
|  | Level 1 |  | Level 2 |  | Level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 23.2 |  | $ | 23.2 |  | $ | — |  | $ | — |
Investments in marketable securities(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities |  |  | 14.1 |  |  | 14.1 |  |  | — |  |  | — |
Available-for-sale securities |  |  | 86.3 |  |  | 86.3 |  |  | — |  |  | — |
Other investments(2) |  |  | 145.3 |  |  | 31.1 |  |  | 10.8 |  |  | 103.4 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements(3) |  | $ | 87.1 |  | $ | — |  | $ | — |  | $ | 87.1 |
Obligations to related parties(4) |  |  | 92.0 |  |  | — |  |  | — |  |  | 92.0 |
Interest rate derivatives(5) |  |  | 2.9 |  |  | — |  |  | 2.9 |  |  | — |
|  |  |  | Fair Value Measurements |
--- | --- | --- | --- | --- | ---
|  | September 30, 2012 |
|  | Level 1 |  | Level 2 |  | Level 3 |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 18.7 |  | $ | 18.7 |  | $ | — |  | $ | — |
Investments in marketable securities(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Trading securities |  |  | 21.1 |  |  | 21.1 |  |  | — |  |  | — |
Available-for-sale securities |  |  | 88.8 |  |  | 88.8 |  |  | — |  |  | — |
Other investments(2) |  |  | 153.6 |  |  | 18.2 |  |  | 18.7 |  |  | 116.7 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements(3) |  | $ | 66.0 |  | $ | — |  | $ | — |  | $ | 66.0 |
Obligations to related parties(4) |  |  | 75.8 |  |  | — |  |  | — |  |  | 75.8 |
Interest rate derivatives(5) |  |  | 4.3 |  |  | — |  |  | 4.3 |  |  | — |
(1) Principally investments in equity securities. (2) Other investments are reported within Prepaid expenses and other current assets and Other assets. (3) Net present value of expected payments under contingent payment arrangements are reported in Accounts payable and accrued liabilities and Other long-term liabilities. (4) Obligations to related parties are presented within Payables to related party and Other long-term liabilities. (5) Interest rate derivatives are presented within Other long-term liabilities.
Schedule of presents certain quantitative information about the significant unobservable inputs used in valuing our Level 3 financial liabilities: |
|  | Quantitative Information about Level 3 Fair Value Measurements
--- | --- | ---
|  | Fair Value at September 30, 2012 |  | Valuation Techniques |  | Unobservable Input |  | Range
Contingent payment arrangements |  | $ | 66.0 |  | Discounted cash flow |  | Growth rates |  | 2.0% - 10.0%
|  |  |  |  |  |  | Discount rates |  | 15.0% - 18.0%
Affiliate equity repurchase obligations |  |  | 9.8 |  | Discounted cash flow |  | Growth rates |  | (10.0%) - 17.0%
|  |  |  |  |  |  | Discount rates |  | 17.5% - 24.0%
Schedule of changes in Level 3 financial assets and financial liabilities |
|  | Level 3 Financial Assets and Financial Liabilities at Fair Value |
--- | --- | --- | ---
Three Months Ended September 30, 2011 |  | Balance, beginning of period |  | Net realized gains/losses |  | Net unrealized gains/losses relating to instruments still held at the reporting date |  | Purchases and issuances |  | Settlements and reductions |  | Net transfers in and/or out of Level 3 |  | Balance, end of period |
Other investments |  | $ | 102.0 |  | $ | (0.3 | )(1) | $ | 3.5 | (1) | $ | 4.2 |  | $ | (2.1 | ) | $ | — |  | $ | 107.3 |
Contingent payment arrangements |  |  | 85.3 |  |  | — |  |  | 2.0 | (2) |  | — |  |  | — |  |  | — |  |  | 87.3 |
Obligations to related parties |  |  | 71.2 |  |  | 0.8 | (3) |  | (0.4 | )(3) |  | 8.5 |  |  | (8.5 | ) |  | — |  |  | 71.6 |
|  | Level 3 Financial Assets and Financial Liabilities at Fair Value |
--- | --- | --- | ---
Three Months Ended September 30, 2012 |  | Balance, beginning of period |  | Net realized gains/losses |  | Net unrealized gains/losses relating to instruments still held at the reporting date |  | Purchases and issuances |  | Settlements and reductions |  | Net transfers in and/or out of Level 3 |  | Balance, end of period |
Other investments |  | $ | 113.0 |  | $ | (0.1 | )(1) | $ | 1.6 | (1) | $ | 3.5 |  | $ | (1.3 | ) | $ | — |  | $ | 116.7 |
Contingent payment arrangements |  |  | 62.5 |  |  | — |  |  | 3.5 | (2) |  | — |  |  | — |  |  | — |  |  | 66.0 |
Obligations to related parties |  |  | 79.5 |  |  | 0.5 | (3) |  | 0.2 | (3) |  | 1.7 |  |  | (6.1 | ) |  | — |  |  | 75.8 |
|  | Level 3 Financial Assets and Financial Liabilities at Fair Value |
--- | --- | --- | ---
Nine Months Ended September 30, 2011 |  | Balance, beginning of period |  | Net realized gains/losses |  | Net unrealized gains/losses relating to instruments still held at the reporting date |  | Purchases and issuances |  | Settlements and reductions |  | Net transfers in and/or out of Level 3 |  | Balance, end of period |
Other investments |  | $ | 85.8 |  | $ | 0.7 | (1) | $ | 14.0 | (1) | $ | 12.8 |  | $ | (6.0 | ) | $ | — |  | $ | 107.3 |
Contingent payment arrangements |  |  | 77.6 |  |  | — |  |  | 11.4 | (2) |  | — |  |  | (1.7 | ) |  | — |  |  | 87.3 |
Obligations to related parties |  |  | 79.6 |  |  | 1.4 | (3) |  | 3.2 | (3) |  | 21.5 |  |  | (34.1 | ) |  | — |  |  | 71.6 |
|  | Level 3 Financial Assets and Financial Liabilities at Fair Value |
--- | --- | --- | ---
Nine Months Ended September 30, 2012 |  | Balance, beginning of period |  | Net realized gains/losses |  | Net unrealized gains/losses relating to instruments still held at the reporting date |  | Purchases and issuances |  | Settlements and reductions |  | Net transfers in and/or out of Level 3 |  | Balance, end of period |
Other investments |  | $ | 103.4 |  | $ | (1.7 | )(1) | $ | 7.7 | (1) | $ | 13.4 |  | $ | (6.1 | ) | $ | — |  | $ | 116.7 |
Contingent payment arrangements |  |  | 87.1 |  |  | — |  |  | (45.9 | )(2) |  | 24.8 |  |  | — |  |  | — |  |  | 66.0 |
Obligations to related parties |  |  | 92.0 |  |  | 0.9 | (3) |  | 0.9 | (3) |  | 22.1 |  |  | (40.1 | ) |  | — |  |  | 75.8 |
(1) Gains and losses on Other investments are recorded in Investment and other income. (2) Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income. (3) Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.
Schedule of investments |
|  | December 31, 2011 |  | September 30, 2012 |
--- | --- | --- | --- | --- | ---
Category of Investment |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments |
Private equity fund-of-funds(1) |  | $ | 103.4 |  | $ | 80.5 |  | $ | 116.7 |  | $ | 75.1 |
Other funds(2) |  |  | 47.2 |  |  | — |  |  | 71.1 |  |  | — |
|  | $ | 150.6 |  | $ | 80.5 |  | $ | 187.8 |  | $ | 75.1 |
(1) These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, generally 15 years. (2) These are multi-disciplinary funds that invest across various asset classes and strategies including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.

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- Definition Tabular disclosure of the fair value measurement of assets and liabilities 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, 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, issuances, 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 No definition available. + Details
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- Definition Tabular disclosure of investments that rely on net asset value as their fair value, including the nature of the investment and any related liquidation restrictions. + References No definition available. + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=7578670&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=7578670&loc=d3e19190-110258 + Details
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