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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following table summarizes the Company's financial assets and liabilities that are measured at fair value on a recurring basis:
 
 
 
Fair Value Measurements
 
December 31,
2013
 
 
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Other Unobservable Inputs (Level 3)
Financial Assets
 
 
 
 
 
 
 
Cash equivalents
$
39.0

 
$
39.0

 
$
—

 
$
—

Investments in marketable securities(1)
 
 
 
 
 
 
 
Trading securities
22.5

 
22.5

 
—

 
—

Available-for-sale securities
135.4

 
135.4

 
—

 
—

Other investments
164.3

 
14.1

 
18.4

 
131.8

Financial Liabilities
 
 
 
 
 
 
 
Contingent payment arrangements(2)
$
50.2

 
$
—

 
$
—

 
$
50.2

Obligations to related parties(2)
76.9

 
—

 
—

 
76.9

Interest rate swaps(3)
2.5

 
—

 
2.5

 
—

 
 
 
Fair Value Measurements
 
September 30,
2014
 
 
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Other Unobservable Inputs (Level 3)
Financial Assets
 
 
 
 
 
 
 
Cash equivalents
$
32.4

 
$
32.4

 
$
—

 
$
—

Investments in marketable securities(1)
 
 
 
 
 
 
 
Trading securities
22.1

 
22.1

 
—

 
—

Available-for-sale securities
136.0

 
136.0

 
—

 
—

Other investments
171.1

 
20.3

 
13.1

 
137.7

Financial Liabilities
 
 
 
 
 
 
 
Contingent payment arrangements(2)
$
57.0

 
$
—

 
$
—

 
$
57.0

Obligations to related parties(2)
92.7

 
—

 
—

 
92.7

Interest rate swaps(3)
1.6

 
—

 
1.6

 
—

___________________________________________________________

(1)
Principally investments in equity securities.
(2)
Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.
(3)
The fair value of the Company's interest rate swaps is presented within Other liabilities in the accompanying Consolidated Balance Sheets. As of December 31, 2013 and September 30, 2014, the Company had posted collateral with its counterparties of $3.6 million and $3.0 million, respectively. Gains (losses) on these interest rate swaps for the three and nine months ended September 30, 2013 were $(0.0) million and $1.3 million, respectively, and $0.5 million and $0.9 million, respectively, for the three and nine months ended September 30, 2014. These gains have been reported in the Consolidated Statements of Comprehensive Income.
Schedule of Changes in Level 3 Assets and Liabilities
The following table presents the changes in Level 3 assets and liabilities for the three and nine months ended September 30, 2013 and 2014:
 
For the Three Months Ended September 30,
 
 
2013
 
 
2014
 
 
Other Investments
 
Contingent Payment Arrangements
 
Obligations to Related Parties
 
 
Other Investments
 
Contingent Payment Arrangements
 
Obligations to Related Parties
 
Balance, beginning of period
$
124.4

 
$
44.3

 
$
96.6

 
 
$
139.5

 
$
55.1

 
$
98.4

 
Net gains/losses
4.2

(1) 
1.8

(2) 
1.0

(3) 
 
2.7

(1) 
1.9

(2) 
1.3

(3) 
Purchases and issuances
2.2

 
—

 
23.1

 
 
3.7

 
—

 
11.1

 
Settlements and reductions
(4.5
)
 
—

 
(22.0
)
 
 
(8.2
)
 
—

 
(18.1
)
 
Net transfers in and/or out of Level 3
—

 
—

 
—

 
 
—

 
—

 
—

 
Balance, end of period
$
126.3

 
$
46.1

 
$
98.7

 
 
$
137.7

 
$
57.0

 
$
92.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/losses relating to instruments still held at the reporting date
$
4.7

 
$
1.8

 
$
(0.1
)
 
 
$
4.4

 
$
1.9

 
$
0.2

 

 
For the Nine Months Ended September 30,
 
 
2013
 
 
2014
 
 
Other Investments
 
Contingent Payment Arrangements
 
Obligations to Related Parties
 
 
Other Investments
 
Contingent Payment Arrangements
 
Obligations to Related Parties
 
Balance, beginning of period
$
118.9

 
$
31.0

 
$
77.8

 
 
$
131.8

 
$
50.2

 
$
76.9

 
Net gains/losses
9.2

(1) 
15.1

(2) 
3.2

(3) 
 
13.7

(1) 
6.8

(2) 
5.8

(3) 
Purchases and issuances
9.9

 
—

 
55.1

 
 
10.5

 
—

 
72.1

 
Settlements and reductions
(11.7
)
 
—

 
(37.4
)
 
 
(18.3
)
 
—

 
(62.1
)
 
Net transfers in and/or out of Level 3
—

 
—

 
—

 
 
—

 
—

 
—

 
Balance, end of period
$
126.3

 
$
46.1

 
$
98.7

 
 
$
137.7

 
$
57.0

 
$
92.7

 
Net unrealized gains/losses relating to instruments still held at the reporting date
$
11.1

 
$
15.1

 
$
0.1

 
 
$
17.1

 
$
6.8

 
$
2.2

 
___________________________________________________________

(1)
Gains and losses on Other investments are recorded in Investment and other income.
(2)
Accretion and changes to payment estimates under the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements and foreign currency translation adjustments related to such arrangements are recorded as Other comprehensive income.
(3)
Gains and losses associated with agreements to repurchase Affiliate equity are recorded in Imputed interest expense and contingent payment arrangements. Gains and losses related to liabilities offsetting certain investments are recorded in Investment and other income.
Schedule of Quantitative Information used in Valuing Level 3 Liabilities
The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company's Level 3 financial liabilities:
 
Quantitative Information about Level 3 Fair Value Measurements
 
Valuation
Techniques
 
Unobservable
Input
 
Fair Value at
December 31,
2013
 
Range at
December 31, 2013
 
Fair Value at September 30, 2014
 
Range at September 30, 2014
Contingent payment arrangements
Discounted cash flow
 
Growth rates
 
$
50.2

 
3% – 11%
 
$
57.0

 
1% – 9%
 
 
 
Discount rates
 
 

 
14% – 18%
 
 

 
12% – 17%
Affiliate equity repurchase obligations
Discounted cash flow
 
Growth rates
 
4.0

 
8%
 
20.5

 
3% – 10%
 
 
 
Discount rates
 
 

 
15%
 
 

 
15% – 16%
Summary of Investments in Certain Entities that Calculate Net Asset Value
The following table summarizes, as of December 31, 2013 and September 30, 2014, the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized:
 
December 31, 2013
 
September 30, 2014
Category of Investment
Fair Value
 
Unfunded
Commitments
 
Fair Value
 
Unfunded
Commitments
Private equity fund-of-funds(1)
$
131.8

 
$
62.9

 
$
137.7

 
$
70.6

Other funds(2)
82.3

 
—

 
81.0

 
—

 
$
214.1

 
$
62.9

 
$
218.7

 
$
70.6

___________________________________________________________

(1)
These funds primarily invest in a broad range of private equity funds, as well as making direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds.  
(2)
These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily or quarterly basis.
Summary of 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, 2013
 
September 30, 2014
 
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
 
Fair Value Hierarchy
Senior notes
$
340.0

 
$
325.0

 
$
736.7

 
$
764.0

 
Level 2
Convertible securities
518.7

 
963.9

 
302.6

 
533.1

 
Level 2