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Fair Value Measurements (Tables)

12 Months Ended

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				—

__________________________

⁽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			$	—

__________________________

⁽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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Tabular disclosure of investments that rely on net asset value as their fair value, including the nature of the investment and any related liquidation restrictions.

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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).

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