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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
|  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements(2) |  | $ | 59.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 59.3 |
Obligations to related parties(2) |  | 93.1 |  |  | — |  |  | — |  |  | 93.1 |
Interest rate swaps |  | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
Foreign currency forward contracts(3) |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
|  |  |  | Fair Value Measurements
|  | December 31, 2015 |
|  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 65.9 |  |  | $ | 65.9 |  |  | $ | — |  |  | $ | — |
Investments in marketable securities(1) |  |  |  |  |  |  |  |  |  |  |  |
Trading securities |  | 19.4 |  |  | 19.4 |  |  | — |  |  | — |
Available for sale securities |  | 180.5 |  |  | 180.5 |  |  | — |  |  | — |
Other investments |  | 149.3 |  |  | 20.7 |  |  | 2.6 |  |  | 126.0 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements(2) |  | $ | 10.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.2 |
Obligations to related parties(2) |  | 137.3 |  |  | — |  |  | — |  |  | 137.3 |
__________________________
(1) | Principally investments in equity securities.
(2) | Amounts are presented within Other liabilities.
(3) | Amounts are presented within Other assets or Other liabilities.
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, |
|  | 2014 |  | 2015 |
|  | Other Investments |  | Contingent Payment Arrangements |  | Obligations to Related Parties |  | Other Investments |  | Contingent Payment Arrangements |  | Obligations to Related Parties |
Balance, beginning of period |  | $ | 131.8 |  |  | $ | 50.2 |  |  | $ | 76.9 |  |  | $ | 134.2 |  |  | $ | 59.3 |  |  | $ | 93.1 |  |
Net gains/losses |  | 11.4 |  | (1) | 9.1 |  | (2) | 5.5 |  | (3) | (5.5 | ) | (1) | (40.9 | ) | (2) | 4.6 |  | (3)
Purchases and issuances |  | 17.4 |  |  | — |  |  | 96.7 |  |  | 16.3 |  |  | 9.3 |  |  | 164.1 |  |
Settlements and reductions |  | (26.4 | ) |  | — |  |  | (86.0 | ) |  | (25.5 | ) |  | (17.5 | ) |  | (124.5 | ) |
Net transfers in and/or out of Level 3 |  | — |  |  | — |  |  | — |  |  | 6.5 |  |  | — |  |  | — |  |
Balance, end of period |  | $ | 134.2 |  |  | $ | 59.3 |  |  | $ | 93.1 |  |  | $ | 126.0 |  |  | $ | 10.2 |  |  | $ | 137.3 |  |
Net change in unrealized gains/losses relating to instruments still held at the reporting date |  | $ | 17.1 |  |  | $ | 9.1 |  |  | $ | (0.1 | ) |  | $ | 6.1 |  |  | $ | (40.9 | ) |  | $ | (7.3 | ) |
__________________________
(1) | Gains and losses on Other investments are recorded in Investment and other (income) expense.
(2) | Accretion and changes to 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) expense.
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, 2014 |  | Range at December 31, 2014 |  | Fair Value at December 31, 2015 |  | Range at December 31, 2015
Contingent payment arrangements |  | Discounted cash flow |  | Growth rates |  | $ | 59.3 |  |  | 6% |  | $ | 10.2 |  |  | 3% - 8%
|  |  |  | Discount rates |  |  |  |  | 15% |  |  |  | 15%
Affiliate equity repurchase obligations |  | Discounted cash flow |  | Growth rates |  | 21.5 |  |  | 5% - 9% |  | 62.3 |  |  | 1% - 9%
|  |  |  | Discount rates |  |  |  |  | 15% - 16% |  |  |  | 14% - 15%
Schedule of Investments | The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized:
|  | December 31, 2014 |  | December 31, 2015
Category of Investment |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Private equity(1) |  | $ | 134.2 |  |  | $ | 67.8 |  |  | $ | 126.0 |  |  | $ | 76.8 |
Other funds(2) |  | 75.8 |  |  | — |  |  | 72.3 |  |  | — |
|  | $ | 210.0 |  |  | $ | 67.8 |  |  | $ | 198.3 |  |  | $ | 76.8 |
__________________________
(1) | These funds primarily invest in a broad range of private equity funds and make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is 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.
Summary of Financial Liabilities not Carried at Fair Value | The following table summarizes the Company’s other financial liabilities not carried at fair value:
|  | December 31, 2014 |  | December 31, 2015 |  |
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  | Fair Value Hierarchy
Senior notes |  | $ | 736.8 |  |  | $ | 786.2 |  |  | $ | 944.6 |  |  | $ | 966.3 |  |  | Level 2
Convertible securities |  | 303.1 |  |  | 532.1 |  |  | 305.2 |  |  | 483.6 |  |  | Level 2

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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=36462937&loc=d3e19190-110258 + Details
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