Affiliate Equity

A summary of Affiliate equity expense is as follows:



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2013		2014		2013		2014
Affiliate equity expense	$	7.9	$	14.1	$	31.6	$	60.0
Tax benefit	2.2		2.4		7.8		9.6

Affiliate equity expense attributable to the non-controlling interests was $2.2 million and $11.3 million, respectively, in the three and nine months ended September 30, 2013 as compared to $7.9 million and $35.1 million, respectively, in the three and nine months ended September 30, 2014. As of December 31, 2013 and September 30, 2014, the Company had $68.2 million and $76.1 million, respectively, of unrecognized Affiliate equity expense, which will be recognized over a weighted average period of approximately four years (assuming no forfeitures). Of this unrecognized expense, $32.1 million and $43.2 million is attributable to the non-controlling interests, respectively.

The Company has a conditional right to call and holders of non-controlling interests have a conditional right to put their equity interests at certain intervals. The current redemption value of these interests has been presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. Changes in the current redemption value are recorded to Additional paid-in capital. The following table presents the changes in Redeemable non-controlling interests during the period:



	Redeemable Non-controlling Interests
Balance, as of December 31, 2013	$	641.9
Transactions in Redeemable non-controlling interests	(39.6		)
Changes in redemption value	101.4
Balance, as of September 30, 2014	$	703.7

During the three and nine months ended September 30, 2013 and 2014, the Company acquired interests from, and transferred interests to, Affiliate management partners. The following schedule discloses the effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity:



	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2013		2014			2013			2014
Net income (controlling interest)	$	75.2	$	104.3		$	202.3		$	281.5
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity	0.9		(3.6		)	(23.1		)	(17.1		)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$	76.1	$	100.7		$	179.2		$	264.4