Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Fair Value of 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, 2015		Fair Value Measurements
	December 31, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (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⁽²⁾	23.3		20.7		2.6		—
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	10.2	$	—	$	—	$	10.2
Affiliate equity obligations⁽³⁾⁽⁴⁾	62.3		—		—		62.3



			Fair Value Measurements
	March 31, 2016		Fair Value Measurements
	March 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Financial Assets
Cash equivalents	$	28.3	$	28.3	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	56.5		56.5		—		—
Available-for-sale securities	151.7		151.7		—		—
Other investments⁽²⁾	6.9		4.3		2.6		—
Financial Liabilities
Contingent payment arrangements⁽³⁾	$	7.8	$	—	$	—	$	7.8
Affiliate equity obligations⁽³⁾⁽⁴⁾	35.6		—		—		35.6
Foreign currency forward contracts⁽⁵⁾	1.2		—		1.2		—

__________________________


⁽¹⁾	Principally investments in equity securities.


⁽²⁾	The Company adopted ASU 2015-07 and no longer includes $126.0 million and $137.3 million as of December 31, 2015 and March 31, 2016, respectively, of investments in certain entities for which fair value was measured using net asset value (“NAV”) as a practical expedient.


⁽³⁾	Amounts are presented within Other liabilities.


⁽⁴⁾	The Company adopted ASU 2015-07 and no longer includes $75.0 million and $80.1 million as of December 31, 2015 and March 31, 2016, respectively, of liabilities for which fair value was measured using NAV as a practical expedient. These liabilities were previously included in Obligations to related parties and upon removal, the remaining liabilities were re-labeled Affiliate equity obligations.


⁽⁵⁾	Amounts are presented within Other assets or Other liabilities.

Schedule of Changes in Level 3 Assets and Liabilities

The following tables present the changes in Level 3 liabilities:



	For the Three Months Ended March 31,
	2015							2016
	Contingent Payment Arrangements				Affiliate Equity Obligations			Contingent Payment Arrangements				Affiliate Equity Obligations
Balance, beginning of period	$	59.3			$	21.5		$	10.2			$	62.3
Net (gains) losses	(27.8		)	⁽¹⁾	—			(2.4		)	⁽¹⁾	—
Purchases and issuances	—				15.4			—				30.1
Settlements and reductions	—				(20.1		)	—				(56.8		)
Balance, end of period	$	31.5			$	16.8		$	7.8			$	35.6

Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$	(27.8	)	⁽¹⁾	$	—		$	(2.4	)	⁽¹⁾	$	—

___________________________


⁽¹⁾	Accretion and changes to the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.

Schedule of Quantitative Information used in Valuing Level 3 Liabilities

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, 2015		Range at December 31, 2015	Fair Value at March 31, 2016		Range at March 31, 2016
Contingent payment arrangements	Discounted cash flow	Growth rates	$	10.2	3% - 8%	$	7.8	4% - 8%
		Discount rates			15%			14% - 15%
Affiliate equity obligations	Discounted cash flow	Growth rates	62.3		1% - 9%	35.6		(1)% - 11%
		Discount rates			14% - 15%			15% - 16%

Summary of Investments in Certain Entities that Calculate Net Asset Value

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



	December 31, 2015				March 31, 2016
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds⁽¹⁾	$	126.0	$	76.8	$	137.3	$	77.2
Other funds⁽²⁾	72.3		—		42.9		—
	$	198.3	$	76.8	$	180.2	$	77.2

___________________________


⁽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, which is generally up to 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, monthly or quarterly basis.

Summary of Financial Assets and Liabilities Not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:



	December 31, 2015				March 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	944.6	$	966.3	$	944.7	$	954.6	Level 2
Convertible securities	305.2		483.6		305.8		476.1		Level 2