Affiliate Equity

The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. For the six months ended June 30, 2015 and 2016, distributions paid to Affiliate equity holders were $230.0 million and $189.0 million, respectively.

Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its Affiliate partners, employees and officers as a form of compensation. If the equity is issued for consideration below the fair value of the equity or repurchased for consideration above the fair value of the equity, then such difference is recorded as compensation expense over the service period.

The following is a summary of Affiliate equity expense:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2016			2015			2016
Controlling interest	$	2.8		$	2.4		$	6.7		$	4.5
Tax benefit	(1.1		)	(0.9		)	(2.6		)	(1.7		)
Controlling interest, net	1.7			1.5			4.1			2.8
Non-controlling interests	37.9			4.8			43.3			8.7
Total	$	39.6		$	6.3		$	47.4		$	11.5

The following is a summary of unrecognized Affiliate equity expense:



Period	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
December 31, 2015	$	22.4	3 years	$	51.9	5 years
June 30, 2016	30.5		4 years	72.7		6 years

The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from Affiliate equity holders. For the six months end June 30, 2015 and 2016, the amount of cash paid for repurchases was $31.1 million and $75.3 million, respectively. For the six months ended June 30, 2015 and 2016, the total amount of cash received for issuances was $6.0 million and $3.6 million, respectively.

The Company records amounts receivable from and payable to Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total receivable was $22.6 million and $16.9 million at December 31, 2015 and June 30, 2016, respectively, and was included in Other assets. The total payable was $62.3 million and $27.0 million as of December 31, 2015 and June 30, 2016, respectively, and was included in Other liabilities.

Effects of Changes in the Company’s Ownership in Affiliates

The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recognized in the Company’s Consolidated Statements of Income or Comprehensive Income.

While the Company presents the current redemption value of Affiliate equity within Redeemable Non-Controlling Interests with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table discloses the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the periods:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2016			2015			2016
Net income (controlling interest)	$	128.7		$	107.4		$	256.7		$	212.0
Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances	0.5			(2.5		)	1.0			(3.4		)
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(29.1		)	(3.8		)	(32.6		)	(21.3		)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$	100.1		$	101.1		$	225.1		$	187.3