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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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
			September 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			$	68.2					$	27.5					$	40.7					$	—
Derivative financial instruments(1)			2.6						—						2.6						—
Financial Liabilities(2)
Affiliate equity repurchase obligations			$	69.9					$	—					$	—					$	69.9
Derivative financial instruments			4.0						—						4.0						—

__________________________

(1)Amounts are presented within Other assets.

(2)Amounts are presented within Other liabilities.

Schedule of Changes in Level 3 Assets and Liabilities for Affiliate equity repurchase obligation

The following tables present the changes in level 3 assets and liabilities for Affiliate equity repurchase obligations:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2019						2020						2019						2020
Balance, beginning of period			$	57.4					$	73.3					$	36.2					$	19.8
Net realized and unrealized (gains) losses(1)			0.7						(0.2)						0.6						(4.1)
Purchases and issuances(2)			12.1						85.8						85.1						292.8
Settlements and reductions			(33.4)						(89.0)						(85.1)						(238.6)
Balance, end of period			$	36.8					$	69.9					$	36.8					$	69.9
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																		September 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%						$	69.9					(1)% - 8%						7%
									Discount rates												14% - 17%						15%												14% - 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 these investments and any related unfunded commitments:

			December 31, 2019												September 30, 2020
Category of Investment			Fair Value						Unfunded Commitments						Fair Value						Unfunded Commitments
Private equity funds(1)			$	203.3					$	127.2					$	208.7					$	129.4
Investments in other strategies(2)			8.5						—						6.3						—
Total(3)			$	211.8					$	127.2					$	215.0					$	129.4

___________________________

(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 $145.9 million as of December 31, 2019 and September 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												September 30, 2020
			Carrying Value						Fair Value						Carrying Value						Fair Value						Fair Value Hierarchy
Senior notes			$	746.8					$	797.4					$	1,097.2					$	1,197.2					Level 2
Junior convertible securities			315.4						415.7						317.7						390.4						Level 2
Junior subordinated notes			290.7						327.7						565.7						607.9						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
-Topic 820
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-Section 50
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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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Section 50
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