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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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, 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				—

 

						Fair Value Measurements
		December 31, 2019
						Level 1				Level 2				Level 3
Financial Assets
Investments in marketable securities		$	59.4			$	24.4			$	35.0			$	—
Derivative financial instruments(1)		7.9				—				7.9				—
Financial Liabilities(2)
Affiliate equity repurchase obligations		$	19.8			$	—			$	—			$	19.8
Derivative financial instruments		1.0				—				1.0				—

__________________________

⁽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,
		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)		1.3				—				0.1				0.1
Purchases and issuances(2)		—				105.4				—				118.6
Settlements and reductions		(8.8		)		(118.4		)		(2.0		)		(135.1		)
Balance, end of period		$	1.9			$	36.2			$	—			$	19.8
Net change in unrealized losses relating to instruments still held at the reporting date		$	0.2			$	—			$	—			$	—

__________________________

⁽¹⁾  Accretion expense for these arrangements is 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 recurring level 3 fair value measurements:

		Quantitative Information About Level 3 Fair Value Measurements
						December 31, 2018								December 31, 2019
		Valuation Techniques		Unobservable Input		Fair Value				Range		Weighted Average(1)		Fair Value				Range			Weighted Average(1)
Contingent payment arrangements		Discounted cash flow		Growth rates(2)		$	1.9			7%		7%		$	—			—			—
				Discount rates						15%		15%						—			—
Affiliate equity repurchase obligations		Discounted cash flow		Growth rates(2)		36.2				(4)% - 9%		3%		19.8				(9)% - 7%			5%
				Discount rates						14% - 16%		15%						14% - 17%			15%

__________________________

⁽¹⁾  Calculated by comparing the relative fair value of an arrangement or obligation to its respective total.

⁽²⁾ 

Represents growth rates of asset and performance based fees.

Schedule of Investments

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

		December 31, 2018								December 31, 2019
Category of Investment		Fair Value				Unfunded Commitments				Fair Value				Unfunded Commitments
Private equity(1)		$	193.2			$	131.0			$	203.3			$	127.2
Other funds(2)		7.9				—				8.5				—
Other investments(3)		$	201.1			$	131.0			$	211.8			$	127.2

__________________________

⁽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 third-party funds and 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 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 $137.6 million as of December 31, 2018 and 2019, 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, 2018								December 31, 2019
		Carrying Value				Fair Value				Carrying Value				Fair Value				Fair Value Hierarchy
Senior notes		$	746.2			$	747.5			$	746.8			$	797.4			Level 2
Junior convertible securities		312.5				391.5				315.4				415.7				Level 2
Junior subordinated notes		—				—				290.7				327.7				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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-Publisher FASB
-Name Accounting Standards Codification
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