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Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Redeemable Non-Controlling Interests

Affiliate equity interests provide holders with an equity interest in one of the Company’s Affiliates, consistent with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five years and 15 years from the date the equity interest is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to becoming redeemable, the value of the Company’s Affiliate equity is presented within Non-controlling interests. Upon becoming redeemable, the value of these interests is reclassified and the current redemption value of these interests is presented as Redeemable non-controlling interests. Changes in the current redemption value are recorded to Additional paid-in capital. When the Company receives a put notice, and, therefore, has an unconditional obligation to repurchase Affiliate equity interests, they are reclassified to Other liabilities.

The following table presents the changes in Redeemable non-controlling interests:

			Redeemable Non-controlling Interests
			2019						2020
Balance, beginning of period(1)			$	833.7					$	916.7
(Decreases) increases attributable to consolidated Affiliate sponsored investment products			(69.4)						13.8
Transfers to Other liabilities			(118.6)						(310.6)
Transfers from (to) Non-controlling interests			105.0						(7.8)
Changes in redemption value			166.0						59.4
Balance, end of period(1)			$	916.7					$	671.5

__________________________

(1)     As of December 31, 2019 and 2020, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $21.6 million and $35.4 million, respectively.

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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