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Fair Value Measurements
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value MeasurementsThe 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,
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$74.9 $25.7 $49.2 $— 
Derivative financial instruments(1)
3.5 — 3.5 — 
Financial Liabilities(2)
    
Affiliate equity purchase obligations$22.0 $— $— $22.0 
Derivative financial instruments4.2 — 4.2 — 
  Fair Value Measurements
 September 30,
2021
 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$75.8 $61.1 $14.7 $— 
Derivative financial instruments(1)
1.0 — 1.0 — 
Financial Liabilities(2)
    
Affiliate equity purchase obligations$47.7 $— $— $47.7 
Derivative financial instruments2.5 — 2.5 — 
__________________________
(1)Amounts are presented within Other assets on the Consolidated Balance Sheets.
(2)Amounts are presented within Other liabilities on the Consolidated Balance Sheets.
Level 3 Financial Liabilities
The following table presents the changes in level 3 liabilities for Affiliate equity purchase obligations:
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
2020202120202021
Balance, beginning of period$73.3 $47.9 $19.8 $22.0 
Net realized and unrealized (gains) losses(1)
(0.2)— (4.1)2.2 
Purchases and issuances(2)
85.8 3.3 292.8 86.3 
Settlements and reductions(89.0)(3.5)(238.6)(62.8)
Balance, end of period$69.9 $47.7 $69.9 $47.7 
Net change in unrealized (gains) losses relating to instruments still held at the reporting date$— $— $— $— 
___________________________
(1)Accretion expense for these arrangements and obligations is recorded in Interest expense in the Consolidated Statements of Income.
(2)Includes transfers from Redeemable non-controlling interests.
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, 2020September 30, 2021
 Valuation
Techniques		Unobservable
Input		Fair ValueRange
Weighted Average(1)
Fair Value Range
Weighted Average(1)
Affiliate equity purchase obligationsDiscounted cash flow
Growth rates(2)
$22.0 
(5)% - 8%
3 %$47.7 
1% - 8%
5 %
 Discount rates 
14% - 16%
15 % 
15% - 17%
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.
Affiliate equity purchase obligations include agreements to purchase Affiliate equity. As of September 30, 2021, there were no changes to growth or discount rates that had a significant impact to Affiliate equity purchase obligations recorded in prior periods.
Other Financial Assets and Liabilities Not Carried at Fair Value
The Company has other financial assets and liabilities that are not required to be carried at fair value, but are required to be disclosed at fair value. The carrying amount of Cash and cash equivalents, Receivables, and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable, which is reported in Other assets, approximates fair value because interest rates and other terms are at market rates. The carrying value of the credit facilities approximates fair value because the credit facilities have variable interest based on selected short-term rates.
The following table summarizes the Company’s other financial liabilities not carried at fair value:
 December 31, 2020September 30, 2021
Carrying ValueFair ValueCarrying ValueFair ValueFair Value Hierarchy
Senior notes$1,097.3 $1,206.6 $1,097.8 $1,180.7 Level 2
Junior subordinated notes565.7 623.1 765.8 804.3 Level 2
Junior convertible securities318.4 427.6 301.4 457.7 Level 2