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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2025
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, 2024 |
|  | 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 equity securities(1) | $32.3 |  | $32.3 |  | $— |  | $—
Investments in debt securities(1) | 24.3 |  | — |  | 24.3 |  | —
Financial Liabilities(2) |  |  |  |  |  |  |
Contingent payment obligations | $5.7 |  | $— |  | $— |  | $5.7
Affiliate equity purchase obligations | 54.8 |  | — |  | — |  | 54.8
|  |  | Fair Value Measurements
| March 31, 2025 |
|  | 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 equity securities(1) | $41.3 |  | $41.3 |  | $— |  | $—
Investments in debt securities(1) | 25.2 |  | — |  | 25.2 |  | —
Financial Liabilities(2) |  |  |  |  |  |  |
Contingent payment obligations | $5.6 |  | $— |  | $— |  | $5.6
Affiliate equity purchase obligations | 48.4 |  | — |  | — |  | 48.4
___________________________ (1)Amounts are recorded in Investments on the Consolidated Balance Sheets. (2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets. Level 3 Financial Liabilities The following table presents the changes in Level 3 liabilities:
|  | For the Three Months Ended March 31,
|  | 2024 |  | 2025
|  | Contingent Payment Obligations |  | Affiliate Equity Purchase Obligations |  | Contingent Payment Obligations |  | Affiliate Equity Purchase Obligations
Balance, beginning of period |  | $14.7 |  | $53.9 |  | $5.7 |  | $54.8
Purchases and issuances(1) |  | — |  | 24.9 |  | — |  | 22.0
Settlements and reductions |  | — |  | (40.5) |  | — |  | (29.7)
Net realized and unrealized (gains) losses(2) |  | (5.1) |  | (0.6) |  | (0.1) |  | 1.3
Balance, end of period |  | $9.6 |  | $37.7 |  | $5.6 |  | $48.4
Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) |  | $(5.1) |  | $(0.6) |  | $(0.1) |  | $1.3
___________________________ (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) in the Consolidated Statements of Income and the accretion of these obligations is included in Interest expense in the Consolidated Statements of Income. 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, 2024 |  | March 31, 2025
| Valuation Techniques |  | Unobservable Input |  | Fair Value |  | Range |  | Weighted Average(1) |  | Fair Value |  | Range |  | Weighted Average(1)
Contingent payment obligations | Monte Carlo Simulation |  | Volatility |  | $5.7 |  | 18% |  | 18% |  | $5.6 |  | 18% |  | 18%
|  |  | Discount rates |  |  |  | 4% |  | 4% |  |  |  | 4% |  | 4%
Affiliate equity purchase obligations | Discounted cash flow |  | Growth rates(2) |  | $54.8 |  | (4)% - 9% |  | 1% |  | $48.4 |  | (4)% - 8% |  | 2%
|  |  | Discount rates |  |  |  | 12% - 19% |  | 14% |  |  |  | 12% - 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. 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 and represent the fair value of the expected future settlement amounts. Changes to assumed growth rates and discount rates change the fair value of the Affiliate equity purchase obligations. Increases to the assumed growth rates used would result in higher fair values, while increases to the discount rates used would result in lower fair values. 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, 2024 |  | March 31, 2025 |  |
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Fair Value Hierarchy
Senior notes | $1,097.4 |  | $1,062.9 |  | $1,097.5 |  | $1,066.1 |  | Level 2
Junior subordinated notes | 1,216.0 |  | 1,035.6 |  | 1,216.0 |  | 1,004.3 |  | Level 2
Junior convertible securities | 341.7 |  | 372.2 |  | 341.7 |  | 361.4 |  | 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 instrument s. The carrying value of the revolver (as defined in Note 6) approximates fair value because the revolver has variable interest based on selected short-term rates.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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