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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2016
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, 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(2) |  | 23.3 |  |  | 20.7 |  |  | 2.6 |  |  | — |
Financial Liabilities(3) |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements |  | $ | 10.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.2 |
Affiliate equity obligations |  | 62.3 |  |  | — |  |  | — |  |  | 62.3 |
|  |  |  | Fair Value Measurements
|  | December 31, 2016 |
|  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 64.1 |  |  | $ | 64.1 |  |  | $ | — |  |  | $ | — |
Investments in marketable securities(1) |  |  |  |  |  |  |  |  |  |  |  |
Trading securities |  | 40.5 |  |  | 40.5 |  |  | — |  |  | — |
Available for sale securities |  | 81.9 |  |  | 81.9 |  |  | — |  |  | — |
Other investments(2) |  | 3.4 |  |  | 3.4 |  |  | — |  |  | — |
Foreign currency forward contracts(3) |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
Financial Liabilities(3) |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements |  | $ | 8.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.6 |
Affiliate equity obligations |  | 12.1 |  |  | — |  |  | — |  |  | 12.1 |
Foreign currency forward contracts |  | 0.5 |  |  | — |  |  | 0.5 |  |  | — |
__________________________
(1) | Principally investments in equity securities.
(2) | The Company adopted ASU 2015-07 and no longer includes $126.0 million and $144.1 million as of December 31, 2015 and 2016, respectively, of investments in certain entities for which fair value was measured using NAV as a practical expedient.
(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 liabilities:
|  | For the Years Ended December 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 |  | (40.9 | ) | (1) | (1.4 | ) |  | (1.6 | ) | (1) | 3.1 |
Purchases and issuances |  | 9.3 |  |  | 158.0 |  |  | — |  |  | 69.1 |
Settlements and reductions |  | (17.5 | ) |  | (115.8 | ) |  | — |  |  | (122.4 | )
Balance, end of period |  | $ | 10.2 |  |  | $ | 62.3 |  |  | $ | 8.6 |  |  | $ | 12.1 |
Net change in unrealized (gains) losses relating to instruments still held at the reporting date |  | $ | (40.9 | ) |  | $ | — |  |  | $ | (1.6 | ) |  | $ | — |
__________________________
(1) | Accretion and changes in the expected value of the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.
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, 2015 |  | Range at December 31, 2015 |  | Fair Value at December 31, 2016 |  | Range at December 31, 2016
Contingent payment arrangements |  | Discounted cash flow |  | Growth rates |  | $ | 10.2 |  |  | 3% - 8% |  | $ | 8.6 |  |  | 3% - 8%
|  |  |  | Discount rates |  |  |  |  | 15% |  |  |  | 14% - 15%
Affiliate equity obligations |  | Discounted cash flow |  | Growth rates |  | 62.3 |  |  | 1% - 9% |  | 12.1 |  |  | 4% - 10%
|  |  |  | Discount rates |  |  |  |  | 14% - 15% |  |  |  | 15% - 16%
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, 2015 |  | December 31, 2016
Category of Investment |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Private equity(1) |  | $ | 126.0 |  |  | $ | 76.8 |  |  | $ | 137.8 |  |  | $ | 92.2 |
Other funds(2) |  | 72.3 |  |  | — |  |  | 36.8 |  |  | — |
|  | $ | 198.3 |  |  | $ | 76.8 |  |  | $ | 174.6 |  |  | $ | 92.2 |
__________________________
(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. 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 Liabilities not Carried at Fair Value |
|  | December 31, 2015 |  | December 31, 2016 |  |
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Fair Value Hierarchy
Senior notes |  | $ | 944.6 |  |  | $ | 966.3 |  |  | $ | 945.1 |  |  | $ | 936.0 |  |  | Level 2
Convertible securities |  | 305.2 |  |  | 483.6 |  |  | 307.5 |  |  | 466.9 |  |  | 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=66048111&loc=d3e19190-110258 + Details
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