Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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, 2014		Fair Value Measurements
	December 31, 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	$	59.1	$	59.1	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	22.3		22.3		—		—
Available-for-sale securities	150.3		150.3		—		—
Other investments	167.2		13.6		19.4		134.2
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	59.3	$	—	$	—	$	59.3
Obligations to related parties⁽²⁾	93.1		—		—		93.1
Interest rate swaps	1.4		—		1.4		—
Foreign currency forward contracts	0.5		—		0.5		—



			Fair Value Measurements
	March 31, 2015		Fair Value Measurements
	March 31, 2015		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	$	35.0	$	35.0	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	25.0		25.0		—		—
Available-for-sale securities	167.9		167.9		—		—
Other investments	158.0		14.2		10.0		133.8
Foreign currency forward contracts	3.2		—		3.2		—
Financial Liabilities
Contingent payment arrangements⁽²⁾	$	31.5	$	—	$	—	$	31.5
Obligations to related parties⁽²⁾	86.1		—		—		86.1
Interest rate swaps	1.2		—		1.2		—
Foreign currency forward contracts	0.9		—		0.9		—

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⁽¹⁾	Principally investments in equity securities.


⁽²⁾	Amounts are presented within Other liabilities in the accompanying Consolidated Balance Sheets.

Schedule of Changes in Level 3 Assets and Liabilities

The following table presents the changes in Level 3 assets and liabilities for the three months ended March 31, 2014 and 2015:



	For the Three Months Ended March 31,
	2014											2015
	Other Investments				Contingent Payment Arrangements			Obligations to Related Parties				Other Investments				Contingent Payment Arrangements				Obligations to Related Parties
Balance, beginning of period	$	131.8			$	50.2		$	76.9			$	134.2			$	59.3			$	93.1
Net gains/losses	5.8			⁽¹⁾	3.0		⁽²⁾	2.5			⁽³⁾	(4.2		)	⁽¹⁾	(27.8		)	⁽²⁾	(0.1		)	⁽³⁾
Purchases and issuances	3.7				—			59.4				2.5				—				16.8
Settlements and reductions	(5.4		)		—			(6.9		)		(5.2		)		—				(23.7		)
Net transfers in and/or out of Level 3	—				—			—				6.5				—				—
Balance, end of period	$	135.9			$	53.2		$	131.9			$	133.8			$	31.5			$	86.1

Net unrealized gains/losses relating to instruments still held at the reporting date	$	6.9		⁽¹⁾	$	3.0	⁽²⁾	$	0.9		⁽³⁾	$	(1.2	)	⁽¹⁾	$	(27.8	)	⁽²⁾	$	(4.0	)	⁽³⁾

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⁽¹⁾	Gains and losses on Other investments are recorded in Investment and other income.


⁽²⁾	Accretion and changes to the Company's contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.


⁽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, 2014		Range at December 31, 2014	Fair Value at March 31, 2015		Range at March 31, 2015
Contingent payment arrangements	Discounted cash flow	Growth rates	$	59.3	6%	$	31.5	5%
		Discount rates			15%			13% - 15%
Affiliate equity obligations	Discounted cash flow	Growth rates	21.5		5% - 9%	16.8		1% - 10%
		Discount rates			15% - 16%			12% - 16%

Summary of Investments in Certain Entities that Calculate Net Asset Value

The following table summarizes, as of December 31, 2014 and March 31, 2015, the nature of these investments and any related liquidity restrictions or other factors which may impact the ultimate value realized:



	December 31, 2014				March 31, 2015
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds⁽¹⁾	$	134.2	$	67.8	$	133.8	$	66.4
Other funds⁽²⁾	75.8		—		87.8		—
	$	210.0	$	67.8	$	221.6	$	66.4

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⁽¹⁾	These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years.


⁽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, 2014				March 31, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	736.8	$	786.2	$	1,084.2	$	1,136.1	Level 2
Convertible securities	303.1		532.1		303.6		525.6		Level 2