Affiliate Equity

Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. Distributions paid to Affiliate equity holders were $569.4 million, $431.4 million and $354.1 million for the years ended December 31, 2014, 2015 and 2016, respectively.

Affiliate equity interests provide the Company a conditional right to call (on an annual basis following an Affiliate equity holder’s departure) and Affiliate equity holders have a conditional right to put their interests at certain intervals (between five and fifteen years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). Affiliate equity holders are also permitted to sell their equity interests to other individuals or entities in certain cases, subject to the Company's approval or other restrictions. The purchase price of these conditional purchases are generally calculated based upon a multiple of cash flow distributions, which is intended to represent fair value. The Company, at its option, may pay for Affiliate equity purchases in cash, shares of its common stock or other forms of consideration and can consent to the transfer of these interests to other individuals or entities.

The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from its Affiliate equity holders. The amount of cash paid for repurchases was $32.6 million, $130.8 million and $115.8 million for the years ended December 31, 2014, 2015 and 2016, respectively. The total amount of cash received for issuances was $11.0 million, $6.1 million and $11.8 million for the years ended December 31, 2014, 2015 and 2016, 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 requisite service period.

The following is a summary of Affiliate equity expense:



	2014		2015		2016
Controlling interest	$	47.4	$	16.9	$	10.0
Non-controlling interest	37.0		51.6		31.2
Total	$	84.4	$	68.5	$	41.2

The following is a summary of unrecognized Affiliate equity expense:



	Unrecognized Affiliate Equity Expense
Period	Controlling Interest		Remaining Life	Non-Controlling Interest		Remaining Life
2014	$	29.5	3 years	$	41.6	6 years
2015	22.4		3 years	51.9		5 years
2016	31.3		4 years	70.7		5 years

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 $22.9 million at December 31, 2015 and 2016, respectively, and was included in Other assets. The total payable was $62.3 million and $12.1 million as of December 31, 2015 and 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 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 Years Ended December 31,
	2014			2015			2016
Net income (controlling interest)	$	433.9		$	509.5		$	472.8
Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances	4.1			0.9			1.6
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(33.2		)	(87.6		)	(38.0		)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$	404.8		$	422.8		$	436.4