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Fair Value Measurements (Tables)
 12 Months Ended
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