XML 57 R31.htm IDEA: XBRL DOCUMENT v3.20.2

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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, 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	$	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				—

					Fair Value Measurements
	June 30, 2020
					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	$	61.4			$	26.3			$	35.1			$	—
Other investments	8.5				—				—				8.5
Derivative financial instruments(1)	1.0				—				1.0				—
Financial Liabilities(2)
Affiliate equity repurchase obligations	$	73.3			$	—			$	—			$	73.3
Derivative financial instruments	2.6				—				2.6				—

__________________________

⁽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 tables present the changes in level 3 assets and liabilities:

	For the Three Months Ended June 30,
	2019								2020
	Contingent Payment Arrangements				Affiliate Equity Repurchase Obligations				Other Investments				Contingent Payment Arrangements				Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	2.0			$	75.4			$	8.5			$	—			$	115.1
Net realized and unrealized losses(1)	—				(0.1		)		—				—				(2.4		)
Purchases and issuances(2)	—				18.4				—				—				13.0
Settlements and reductions	(2.0		)		(36.3		)		—				—				(52.4		)
Balance, end of period	$	—			$	57.4			$	8.5			$	—			$	73.3
Net change in unrealized gains (losses) relating to instruments still held at the reporting date	$	—			$	—			$	—			$	—			$	—

	For the Six Months Ended June 30,
	2019								2020
	Contingent Payment Arrangements				Affiliate Equity Repurchase Obligations				Other Investments				Contingent Payment Arrangements				Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	1.9			$	36.2			$	—			$	—			$	19.8
Net realized and unrealized losses(1)	0.1				(0.1		)		—				—				(3.9		)
Purchases and issuances(2)	—				73.0				8.5				—				207.0
Settlements and reductions	(2.0		)		(51.7		)		—				—				(149.6		)
Balance, end of period	$	—			$	57.4			$	8.5			$	—			$	73.3
Net change in unrealized gains (losses) relating to instruments still held at the reporting date	$	—			$	—			$	—			$	—			$	—

___________________________

⁽¹⁾  Accretion expense for these arrangements and obligations 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, 2019								June 30, 2020
	Valuation Techniques		Unobservable Input		Fair Value			Range		Weighted Average(1)			Fair Value			Range		Weighted Average(1)
Affiliate equity repurchase obligations	Discounted cash flow		Growth rates(2)		19.8			(9)% - 7%		5	%		73.3			(1)% - 10%		9	%
			Discount rates					14% - 17%		15	%					15% - 16%		15	%

___________________________

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

⁽²⁾ 

Represents growth rates of asset and performance based fees.

Schedule of Other Investments and Unfunded Commitments

The following table summarizes the fair value of Other investments and any related unfunded commitments:

	December 31, 2019								June 30, 2020
Category of Investment	Fair Value				Unfunded Commitments				Fair Value				Unfunded Commitments
Private equity funds(1)	$	203.3			$	127.2			$	190.2			$	135.3
Investments in other strategies(2)	8.5				—				5.3				—
Investments measured at NAV as a practical expedient	$	211.8			$	127.2			$	195.5			$	135.3
Other	—				—				8.5				—
Other investments(3)	$	211.8			$	127.2			$	204.0			$	135.3

___________________________

⁽¹⁾  The Company accounts for its interests in private equity funds under the equity method of accounting and, therefore, 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 $137.6 million and $140.9 million as of December 31, 2019 and June 30, 2020, 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, 2019								June 30, 2020
	Carrying Value				Fair Value				Carrying Value				Fair Value				Fair Value Hierarchy
Senior notes	$	746.8			$	797.4			$	1,097.0			$	1,165.8			Level 2
Junior convertible securities	315.4				415.7				316.9				277.3				Level 2
Junior subordinated notes	290.7				327.7				290.7				322.0				Level 2

X

- Definition

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.

+ References

No definition available.

+ Details

Name:	amg_FairValueMeasurementInputsBasedOnNetAssetsTableTextBlock
Namespace Prefix:	amg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Summary of Other Financial Liabilities Not Carried at Fair Value [Table Text Block]

+ References

No definition available.

+ Details

Name:	amg_SummaryofOtherFinancialLiabilitiesNotCarriedatFairValueTableTextBlock
Namespace Prefix:	amg_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration