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Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:
  Fair Value Measurements
 December 31, 2021
 Level 1Level 2Level 3
Financial Assets    
Investments in equity securities(1)
$64.5 $64.5 $— $— 
Investments in debt securities(1)
14.0 — 14.0 — 
Derivative financial instruments(2)
0.9 — 0.9 — 
Financial Liabilities(3)
    
Contingent payment obligations$40.3 $— $— $40.3 
Affiliate equity purchase obligations12.6 — — 12.6 
Derivative financial instruments0.8 — 0.8 — 
  Fair Value Measurements
 December 31, 2022
 Level 1Level 2Level 3
Financial Assets    
Investments in equity securities(1)
$447.9 $305.6 $142.3 $— 
Investments in debt securities(1)
269.0 — 269.0 — 
Derivative financial instruments(2)
0.5 — 0.5 — 
Financial Liabilities(3)
    
Contingent payment obligations$21.0 $— $— $21.0 
Affiliate equity purchase obligations24.5 — — 24.5 
Derivative financial instruments0.9 — 0.9 — 
__________________________
(1)Amounts are presented within Investments in marketable securities.
(2)Amounts are presented within Other assets.
(3)Amounts are presented within Other liabilities.
Level 3 Financial Liabilities
The following table presents the changes in level 3 liabilities:
For the Years Ended December 31,
20212022
Contingent Payment ObligationsAffiliate
Equity Purchase Obligations		Contingent Payment ObligationsAffiliate
Equity Purchase Obligations
Balance, beginning of period$— $22.0 $40.3 $12.6 
Purchases and issuances(1)
23.7 112.7 — 75.8 
Settlements and reductions— (120.7)— (52.1)
Net realized and unrealized (gains) losses(2)
16.6 (1.4)(19.3)(11.8)
Balance, end of period$40.3 $12.6 $21.0 $24.5 
Net change in unrealized gains relating to instruments still held at the reporting date$— $— $(19.3)$(5.9)
__________________________
(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.
(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations is included in Interest expense.
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, 2021December 31, 2022
 Valuation
Techniques		Unobservable InputFair ValueRange
Weighted Average(1)
Fair ValueRange
Weighted Average(1)
Contingent payment obligationsMonte Carlo simulationVolatility$40.3 
13% - 25%
13 %$21.0 
18% - 25%
18 %
 Discount rates 
1% - 2%
2 %
6%
6 %
Affiliate equity purchase obligationsDiscounted cash flow
Growth rates(2)
$12.6 
(13)% - 7%
2 %$24.5 
(3)% - 6%
1 %
 Discount rates 
15% - 18%
15 %
14% - 17%
14 %
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(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.
Contingent payment obligations represent the fair value of the expected future settlement amounts related to the Company’s investments in its consolidated Affiliates. Changes to assumed volatility and discount rates change the fair value of contingent payment obligations. Increases to the volatility rates used would result in higher fair values, while increases to the discount rates used would result in lower fair values.
Affiliate equity purchase obligations include agreements to purchase Affiliate equity. As of December 31, 2022, 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 following table summarizes the Company’s other financial liabilities not carried at fair value:
 December 31, 2021December 31, 2022
Carrying ValueFair ValueCarrying ValueFair ValueFair Value Hierarchy
Senior notes$1,098.0 $1,165.6 $1,098.7 $1,024.6 Level 2
Junior subordinated notes765.8 809.1 765.9 552.3 Level 2
Junior convertible securities299.5 461.4 341.7 346.9 Level 2
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, Payables and accrued liabilities, and certain Other 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 (as defined in Note 6) approximates fair value because the credit facilities have variable interest based on selected short-term rates.