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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2018
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, 2017 |
|  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |
Investments in marketable securities |  | $ | 77.8 |  |  | $ | 77.8 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments(1) |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |
Financial Liabilities(2) |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements |  | $ | 9.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.4 |
Affiliate equity repurchase obligations |  | 49.2 |  |  | — |  |  | — |  |  | 49.2 |
Derivative financial instruments |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |
|  |  |  | Fair Value Measurements
|  | December 31, 2018 |
|  | Level 1 |  | Level 2 |  | Level 3
Financial Assets |  |  |  |  |  |  |  |
Investments in marketable securities |  | $ | 119.3 |  |  | $ | 119.3 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments(1) |  | 5.8 |  |  | — |  |  | 5.8 |  |  | — |
Financial Liabilities(2) |  |  |  |  |  |  |  |  |  |  |  |
Contingent payment arrangements |  | $ | 1.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.9 |
Affiliate equity repurchase obligations |  | 36.2 |  |  | — |  |  | — |  |  | 36.2 |
Derivative financial instruments |  | 1.4 |  |  | — |  |  | 1.4 |  |  | — |
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(1) | Amounts are presented within Other assets.
(2) | Amounts are presented within 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,
|  | 2017 |  | 2018
|  | Contingent Payment Arrangements |  | Affiliate Equity Repurchase Obligations |  | Contingent Payment Arrangements |  | Affiliate Equity Repurchase Obligations
Balance, beginning of period |  | $ | 8.6 |  |  | $ | 12.1 |  |  | $ | 9.4 |  |  | $ | 49.2 |
Net realized and unrealized losses(1) |  | 7.6 |  |  | 5.5 |  |  | 1.3 |  |  | — |
Purchases and issuances(2) |  | — |  |  | 206.1 |  |  | — |  |  | 105.4 |
Settlements and reductions |  | (6.8 | ) |  | (174.5 | ) |  | (8.8 | ) |  | (118.4 | )
Balance, end of period |  | $ | 9.4 |  |  | $ | 49.2 |  |  | $ | 1.9 |  |  | $ | 36.2 |
Net change in unrealized losses relating to instruments still held at the reporting date(1) |  | $ | 2.8 |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | — |
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(1) | For the years ended December 31, 2017 and 2018, net realized and unrealized losses resulting from changes to contingent payment arrangements were $6.6 million and $0.6 million, respectively, and were recorded in Other expenses (net). For the years ended December 31, 2017 and 2018, the accretion expense for these arrangements was $1.0 million and $0.7 million, respectively, and was recorded in Interest expense.
(2) | Includes transfers from Redeemable non-controlling interests.
Schedule of Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 fair value measurements:
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | Valuation Techniques |  | Unobservable Input |  | Fair Value at December 31, 2017 |  | Range at December 31, 2017 |  | Weighted Average at December 31, 2017 |  | Fair Value at December 31, 2018 |  | Range at December 31, 2018 |  | Weighted Average at December 31, 2018
Contingent payment arrangements |  | Discounted cash flow |  | Growth rates |  | $ | 9.4 |  |  | 7% - 8% |  | 7% |  | $ | 1.9 |  |  | 7% |  | 7%
|  |  |  | Discount rates |  |  |  |  | 15% - 16% |  | 15% |  |  |  | 15% |  | 15%
Affiliate equity repurchase obligations |  | Discounted cash flow |  | Growth rates |  | 49.2 |  |  | 0% - 11% |  | 6% |  | 36.2 |  |  | (4)% - 9% |  | 3%
|  |  |  | Discount rates |  |  |  |  | 12% - 16% |  | 14% |  |  |  | 14% - 16% |  | 15%
Schedule of Investments | The following table summarizes the nature of the Company’s investments, unfunded commitments, and any related liquidity restrictions or other factors that may impact the ultimate value realized:
|  | December 31, 2017 |  | December 31, 2018
Category of Investment |  | Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Private equity(1) |  | $ | 156.1 |  |  | $ | 98.8 |  |  | $ | 193.2 |  |  | $ | 131.0 |
Other funds(2) |  | 8.9 |  |  | — |  |  | 7.9 |  |  | — |
Other investments(3) |  | $ | 165.0 |  |  | $ | 98.8 |  |  | $ | 201.1 |  |  | $ | 131.0 |
__________________________
(1) | The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making 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.
(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.
(3) | Fair value attributable to the controlling interest was $80.1 million and $123.2 million as of December 31, 2017 and 2018, respectively.
Schedule of Financial Liabilities not Carried at Fair Value | The following table summarizes the Company’s other financial liabilities not carried at fair value:
|  | December 31, 2017 |  | December 31, 2018 |  |
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Fair Value Hierarchy
Senior notes |  | $ | 745.7 |  |  | $ | 765.2 |  |  | $ | 746.2 |  |  | $ | 747.5 |  |  | Level 2
Convertible securities |  | 309.9 |  |  | 549.8 |  |  | 312.5 |  |  | 391.5 |  |  | Level 2

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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