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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following table summarizes the Company's financial assets and liabilities that are measured at fair value on a recurring basis:

					Fair Value Measurements
	December 31, 2013
					Level 1				Level 2				Level 3
Financial Assets
Cash equivalents	$	39.0			$	39.0			$	—			$	—
Investments in marketable securities(1)
Trading securities	22.5				22.5				—				—
Available-for-sale securities	135.4				135.4				—				—
Other investments	164.3				14.1				18.4				131.8
Financial Liabilities(2)
Contingent payment arrangements	$	50.2			$	—			$	—			$	50.2
Obligations to related parties	76.9				—				—				76.9
Interest rate swaps	2.5				—				2.5				—

					Fair Value Measurements
	December 31, 2014
					Level 1				Level 2				Level 3
Financial Assets
Cash equivalents	$	59.1			$	59.1			$	—			$	—
Investments in marketable securities(1)
Trading securities	22.3				22.3				—				—
Available for sale securities	150.3				150.3				—				—
Other investments	167.2				13.6				19.4				134.2
Financial Liabilities(2)
Contingent payment arrangements	$	59.3			$	—			$	—			$	59.3
Obligations to related parties	93.1				—				—				93.1
Interest rate swaps	1.4				—				1.4				—
Foreign currency forward contracts	0.5				—				0.5				—

_______________________________________________________________________________

(1) Principally investments in equity securities.

(2) Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.

Schedule of Changes in Level 3 Financial Assets and Liabilities

The following table presents the changes in Level 3 assets and liabilities for the years ended December 31, 2013 and 2014:

	For the Years Ended December 31,
	2013												2014
	Other Investments				Contingent Payment Arrangements				Obligations to Related Parties				Other Investments				Contingent Payment Arrangements				Obligations to Related Parties
Balance, beginning of period	$	118.9			$	31.0			$	77.8			$	131.8			$	50.2			$	76.9
Net gains/losses	12.3			(1)	19.2			(2)	6.2			(3)	11.4			(1)	9.1			(2)	5.5			(3)
Purchases and issuances	18.0				—				62.9				17.4				—				96.7
Settlements and reductions	(17.4		)		—				(70.0		)		(26.4		)		—				(86.0		)
Net transfers in and/or out of Level 3	—				—				—				—				—				—
Balance, end of period	$	131.8			$	50.2			$	76.9			$	134.2			$	59.3			$	93.1
Net unrealized gains/losses relating to instruments still held at the reporting date	$	16.5			$	19.2			$	2.2			$	17.1			$	9.1			$	(0.1	)

_______________________________________________________________________________

(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.

(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 Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company's Level 3 financial liabilities:

		Quantitative Information about Level 3 Fair Value Measurements
		Valuation Techniques		Unobservable Input		Fair Value at December 31, 2013				Range at December 31, 2013		Fair Value at December 31, 2014				Range at December 31, 2014
Contingent payment arrangements		Discounted cash flow		Growth rates		$	50.2			3% - 11%		$	59.3			6%
				Discount rates						14% - 18%						15%
Affiliate equity repurchase obligations		Discounted cash flow		Growth rates		4.0				8%		21.5				5% - 9%
				Discount rates						15%						15% - 16%

Schedule of Investments

The following table summarizes, as of December 31, 2013 and 2014, the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized:

	December 31, 2013								December 31, 2014
Category of Investment	Fair Value				Unfunded Commitments				Fair Value				Unfunded Commitments
Private equity(1)	$	131.8			$	62.9			$	134.2			$	67.8
Other funds(2)	82.3				—				75.8				—
	$	214.1			$	62.9			$	210.0			$	67.8

_______________________________________________________________________________

(1) These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds.

(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.

Summary of Financial Liabilities not Carried at Fair Value

he carrying amount of cash, cash equivalents, receivables, and payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable approximates fair value because interest rates and other terms are at market rates. The carrying value of senior bank debt approximates fair value because the debt has variable interest based on selected short-term rates. The following table summarizes the Company's other financial liabilities not carried at fair value:

	December 31, 2013								December 31, 2014
	Carrying Amount				Fair Value				Carrying Amount				Fair Value				Fair Value Hierarchy
Senior notes	$	340.0			$	325.0			$	736.8			$	786.2			Level 2
Convertible securities	518.7				963.9				303.1				532.1				Level 2

X

- 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.

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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.

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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

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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

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-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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