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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of 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, 2018
					Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (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				—

					Fair Value Measurements
	March 31, 2019
					Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Financial Assets
Investments in marketable securities	$	36.4			$	36.4			$	—			$	—
Derivative financial instruments(1)	1.4				—				1.4				—
Financial Liabilities(2)
Contingent payment arrangements	$	2.0			$	—			$	—			$	2.0
Affiliate equity repurchase obligations	75.4				—				—				75.4
Derivative financial instruments	0.0				—				0.0				—

__________________________

⁽¹⁾  Amounts are presented within Other assets.

⁽²⁾  Amounts are presented within Other liabilities.

Schedule of Changes in Level 3 Assets and Liabilities

The following table presents the changes in level 3 liabilities:

	For the Three Months Ended March 31,
	2018								2019
	Contingent Payment Arrangements				Affiliate Equity Repurchase Obligations				Contingent Payment Arrangements				Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	9.4			$	49.2			$	1.9			$	36.2
Net realized and unrealized losses(1)	0.4				—				0.1				—
Purchases and issuances(2)	—				45.6				—				54.6
Settlements and reductions	—				(15.4		)		—				(15.4		)
Balance, end of period	$	9.8			$	79.4			$	2.0			$	75.4
Net change in unrealized losses relating to instruments still held at the reporting date	$	0.4			$	—			$	0.3			$	—

___________________________

⁽¹⁾  Accretion expense for these arrangements is recorded in Interest expense.

⁽²⁾  Includes transfers from Redeemable non-controlling interests.

Schedule of Quantitative Information used in Valuing Level 3 Liabilities

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
					December 31, 2018								March 31, 2019
	Valuation Techniques		Unobservable Input		Fair Value				Range		Weighted Average		Fair Value				Range		Weighted Average
Contingent payment arrangements	Discounted cash flow		Growth rates		$	1.9			7%		7%		$	2.0			7%		7%
			Discount rates						15%		15%						15%		15%
Affiliate equity repurchase obligations	Discounted cash flow		Growth rates		36.2				(4)% - 9%		3%		75.4				(4)% - 9%		5%
			Discount rates						14% - 16%		15%						13% - 17%		15%

Schedule of Investments in Certain Entities that Calculate Net Asset Value

The following table summarizes the fair values of these investments and unfunded commitments:

	December 31, 2018								March 31, 2019
Category of Investment	Fair Value				Unfunded Commitments				Fair Value				Unfunded Commitments
Private equity funds(1)	$	193.2			$	131.0			$	198.5			$	146.6
Other funds(2)	7.9				—				9.0				—
Other investments(3)	$	201.1			$	131.0			$	207.5			$	146.6

___________________________

⁽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 $123.2 million and $131.3 million as of December 31, 2018 and March 31, 2019, respectively.

Schedule of Financial Assets and Liabilities Not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:

	December 31, 2018								March 31, 2019
	Carrying Value				Fair Value				Carrying Value				Fair Value				Fair Value Hierarchy
Senior notes	$	746.2			$	747.5			$	746.4			$	760.6			Level 2
Junior convertible securities	312.5				391.5				313.2				436.7				Level 2
Junior subordinated notes	—				—				271.3				275.3				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 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.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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