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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
 
 
 
Fair Value Measurements
 
December 31,
2016
 
 
 
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
$
64.1

 
$
64.1

 
$
—

 
$
—

Investments in marketable securities(1)
 
 
 
 
 
 
 
Trading securities
40.5

 
40.5

 
—

 
—

Available-for-sale securities
81.9

 
81.9

 
—

 
—

Other investments
3.4

 
3.4

 
—

 
—

Foreign currency forward contracts(2)
0.6

 
—

 
0.6

 
—

Financial Liabilities(2)
 
 
 
 
 
 
 
Contingent payment arrangements
$
8.6

 
$
—

 
$
—

 
$
8.6

Affiliate equity obligations
12.1

 
—

 
—

 
12.1

Foreign currency forward contracts
0.5

 
—

 
0.5

 
—



 
 
 
Fair Value Measurements
 
March 31,
2017
 
 
 
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
$
26.3

 
$
26.3

 
$
—

 
$
—

Investments in marketable securities(1)
 
 
 
 
 
 
 
Trading securities
48.7

 
48.7

 
—

 
—

Available-for-sale securities
66.8

 
66.8

 
—

 
—

Foreign currency forward contracts(2)
0.3

 
—

 
0.3

 
—

Financial Liabilities(2)
 
 
 
 
 
 
 
Contingent payment arrangements
$
8.9

 
$
—

 
$
—

 
$
8.9

Affiliate equity obligations
91.5

 
—

 
—

 
91.5

Foreign currency forward contracts
0.1

 
—

 
0.1

 
—

__________________________

(1) 
Principally investments in equity securities.

(2) 
Amounts are presented within Other assets or Other liabilities.
Schedule of Changes in Level 3 Assets and Liabilities
The following tables present the changes in level 3 liabilities:
 
For the Three Months Ended March 31,
 
2016
2017
 
Contingent Payment Arrangements
 
Affiliate Equity Obligations
 
 
Contingent Payment Arrangements
 
Affiliate Equity Obligations
Balance, beginning of period
$
10.2

 
$
62.3

 
 
$
8.6

 
$
12.1

Net (gains) losses
(2.4
)
(1) 
—

 
 
0.3

(1) 
—

Purchases and issuances
—

 
30.1

 
 
—

 
99.6

Settlements and reductions
—

 
(56.8
)
 
 
—

 
(20.2
)
Balance, end of period
$
7.8

 
$
35.6

 
 
$
8.9

 
$
91.5

 
 
 
 
 
 
 
 
 
Net change in unrealized (gains) losses relating to instruments still held at the reporting date
$
(2.4
)
(1) 
$
—

 
 
$
0.3

(1) 
$
—

___________________________

(1) 
Accretion and changes in the expected value of the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.
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,
2016
 
Range at
December 31, 2016
 
Fair Value at March 31, 2017
 
Range at March 31, 2017
Contingent payment arrangements
Discounted cash flow
 
Growth rates
 
$
8.6

 
3% - 8%
 
$
8.9

 
3% - 8%
 
 
 
Discount rates
 
 

 
14% - 15%
 
 

 
14% - 16%
Affiliate equity obligations
Discounted cash flow
 
Growth rates
 
12.1

 
4% - 10%
 
91.5

 
4% - 10%
 
 
 
Discount rates
 
 

 
15% - 16%
 
 

 
12% - 17%
Summary of Investments in Certain Entities that Calculate Net Asset Value
The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized:
 
December 31, 2016
 
March 31, 2017
Category of Investment
Fair Value
 
Unfunded
Commitments
 
Fair Value
 
Unfunded
Commitments
Private equity funds(1)
$
137.8

 
$
92.2

 
$
141.9

 
$
97.1

Other funds(2)
9.7

 
—

 
6.9

 
—

Other investments
147.5

 
92.2

 
148.8

 
97.1

Marketable securities
27.1

 
—

 
36.1

 
—

Total
$
174.6

 
$
92.2

 
$
184.9

 
$
97.1

___________________________

(1) 
To determine the fair value, the Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions). 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, which is generally up to 15 years.
(2) 
To determine the fair value, the Company uses NAV as a practical expedient. 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, monthly 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, 2016
 
March 31, 2017
 
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
 
Fair Value Hierarchy
Senior notes
$
945.1

 
$
936.0

 
$
945.3

 
$
962.2

 
Level 2
Convertible securities
307.5

 
466.9

 
308.0

 
489.5

 
Level 2