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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2016
Fair Value Disclosures [Abstract] |
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 |
|  | 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
| September 30, 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 | $ | 39.7 |  |  | $ | 39.7 |  |  | $ | — |  |  | $ | — |
Investments in marketable securities(1) |  |  |  |  |  |  |
Trading securities | 106.7 |  |  | 100.1 |  |  | 6.6 |  |  | — |
Available-for-sale securities | 106.5 |  |  | 106.5 |  |  | — |  |  | — |
Other investments(2) | 7.2 |  |  | 4.5 |  |  | 2.7 |  |  | — |
Financial Liabilities |  |  |  |  |  |  |
Contingent payment arrangements(3) | $ | 8.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.2 |
Affiliate equity obligations(3)(4) | 26.7 |  |  | — |  |  | — |  |  | 26.7 |
Foreign currency forward contracts(3) | 0.7 |  |  | — |  |  | 0.7 |  |  | — |
__________________________
(1) | Principally investments in equity securities.
(2) | The Company adopted ASU 2015-07 and no longer includes $126.0 million and $136.8 million as of December 31, 2015 and September 30, 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 $72.1 million as of December 31, 2015 and September 30, 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.
Schedule of Changes in Level 3 Assets and Liabilities | The following tables present the changes in Level 3 liabilities:
| For the Three Months Ended September 30,
| 2015 | 2016
| Contingent Payment Arrangements |  | Affiliate Equity Obligations |  |  | Contingent Payment Arrangements |  | Affiliate Equity Obligations
Balance, beginning of period | $ | 6.7 |  |  | $ | 58.3 |  |  |  | $ | 8.0 |  |  | $ | 27.0 |
Net (gains) losses | 0.4 |  | (1) | (0.5 | ) |  |  | 0.2 |  | (1) | 0.1 |
Purchases and issuances | — |  |  | 30.7 |  |  |  | — |  |  | 8.4 |
Settlements and reductions | — |  |  | (56.7 | ) |  |  | — |  |  | (8.8 | )
Balance, end of period | $ | 7.1 |  |  | $ | 31.8 |  |  |  | $ | 8.2 |  |  | $ | 26.7 |
Net change in unrealized (gains) losses relating to instruments still held at the reporting date | $ | 0.4 |  | (1) | $ | — |  |  |  | $ | 0.2 |  | (1) | $ | — |
| For the Nine Months Ended September 30,
| 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 | (41.2 | ) | (1) | (0.5 | ) |  |  | (2.0 | ) | (1) | 0.1 |
Purchases and issuances | 6.5 |  |  | 95.7 |  |  |  | — |  |  | 48.2 |
Settlements and reductions | (17.5 | ) |  | (84.9 | ) |  |  | — |  |  | (83.9 | )
Balance, end of period | $ | 7.1 |  |  | $ | 31.8 |  |  |  | $ | 8.2 |  |  | $ | 26.7 |
Net change in unrealized (gains) losses relating to instruments still held at the reporting date | $ | (41.2 | ) | (1) | $ | — |  |  |  | (2.0 | ) | (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 September 30, 2016 |  | Range at September 30, 2016
Contingent payment arrangements | Discounted cash flow |  | Growth rates |  | $ | 10.2 |  |  | 3% - 8% |  | $ | 8.2 |  |  | 5% - 8%
|  |  | Discount rates |  |  |  |  | 15% |  |  |  |  | 15% - 16%
Affiliate equity obligations | Discounted cash flow |  | Growth rates |  | 62.3 |  |  | 1% - 9% |  | 26.7 |  |  | 2% - 11%
|  |  | Discount rates |  |  |  |  | 14% - 15% |  |  |  |  | 12% - 17%
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 that may impact the ultimate value realized:
| December 31, 2015 |  | September 30, 2016
Category of Investment | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Private equity funds(1) | $ | 126.0 |  |  | $ | 76.8 |  |  | $ | 136.8 |  |  | $ | 91.8 |
Other funds(2) | 72.3 |  |  | — |  |  | 41.4 |  |  | — |
| $ | 198.3 |  |  | $ | 76.8 |  |  | $ | 178.2 |  |  | $ | 91.8 |
___________________________
(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, which is generally up to 15 years. The fair value of private equity funds is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).
(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 |  | September 30, 2016 |  |
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Fair Value Hierarchy
Senior notes | $ | 944.6 |  |  | $ | 966.3 |  |  | $ | 945.0 |  |  | $ | 977.7 |  |  | Level 2
Convertible securities | 305.2 |  |  | 483.6 |  |  | 306.9 |  |  | 465.8 |  |  | Level 2

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 (loss) 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, issues, 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 liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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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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