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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

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 1						Level 2						Level 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 obligations						12.6						—						—						12.6
Derivative financial instruments						0.8						—						0.8						—

												Fair Value Measurements
						December 31, 2022
												Level 1						Level 2						Level 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 obligations						24.5						—						—						24.5
Derivative financial instruments						0.9						—						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.

Schedule of Changes in Level 3 Financial Liabilities

The following table presents the changes in level 3 liabilities:

						For the Years Ended December 31,
						2021												2022
						Contingent Payment Obligations						Affiliate Equity Purchase Obligations						Contingent Payment Obligations						Affiliate 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.

Schedule of Quantitative Information

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, 2021																		December 31, 2022
						Valuation Techniques						Unobservable Input						Fair Value						Range						Weighted Average(1)						Fair Value						Range						Weighted Average(1)
Contingent payment obligations						Monte Carlo simulation						Volatility						$	40.3					13% - 25%						13		%				$	21.0					18% - 25%						18		%
												Discount rates												1% - 2%						2		%										6%						6		%
Affiliate equity purchase obligations						Discounted cash flow						Growth rates(2)						$	12.6					(13)% - 7%						2		%				$	24.5					(3)% - 6%						1		%
												Discount rates												15% - 18%						15		%										14% - 17%						14		%

__________________________

(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 Financial Liabilities not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:

						December 31, 2021												December 31, 2022
						Carrying Value						Fair Value						Carrying Value						Fair Value						Fair Value Hierarchy
Senior notes						$	1,098.0					$	1,165.6					$	1,098.7					$	1,024.6					Level 2
Junior subordinated notes						765.8						809.1						765.9						552.3						Level 2
Junior convertible securities						299.5						461.4						341.7						346.9						Level 2

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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
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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
-Subparagraph (b)
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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