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Fair Value Of Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value Inputs, Assets And Liabilities, Quantitative Information [Table Text Block]
The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities:
Assets and Liabilities *
 
Fair Value at December 31, 2012 ($ in millions)
 
Valuation Technique
 
Unobservable Inputs
 
Range
CLOs
 
2.4
 
Discounted Cash Flow- Euro
 
Probability of Default
 
3% - 5%
 
 
 
 
 
 
Spread over Euribor
 
2975 - 3050
 
 
 
 
Discounted Cash Flow- USD
 
Probability of Default
 
1% - 3%
 
 
 
 
 
 
Spread over Libor
 
1350 - 1400

____________

*
Other debt securities of $6.3 million are not included in the table above as they are valued using a cost valuation technique. The note payable of $3.4 million is also not included in the table above as its value is linked to the underlying value of consolidated funds. Both items are more fully discussed in the "Available-for-sale investments" and "Note payable" disclosures above.
Fair Value Of Financial Instruments Held By Consolidated Investments

The carrying value and fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by consolidated investment products is presented in Note 20, "Consolidated Investment Products."
 
December 31, 2012
 
December 31, 2011
$ in millions
Footnote Reference
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Cash and cash equivalents
1
 
835.5

 
835.5

 
727.4

 
727.4

Available for sale investments
4
 
122.1

 
122.1

 
63.5

 
63.5

Assets held for policyholders
1
 
1,153.6

 
1,153.6

 
1,243.5

 
1,243.5

Trading investments
4
 
218.7

 
218.7

 
187.5

 
187.5

Foreign time deposits*
4
 
31.3

 
31.3

 
32.2

 
32.2

Support agreements*
19, 20
 
(1.0
)
 
(1.0
)
 
(1.0
)
 
(1.0
)
Policyholder payables
1
 
(1,153.6
)
 
(1,153.6
)
 
(1,243.5
)
 
(1,243.5
)
UIT-related financial instruments sold, not yet purchased
3
 
(1.5
)
 
(1.5
)
 
(1.0
)
 
(1.0
)
Note Payable
3
 
(3.4
)
 
(3.4
)
 
(16.8
)
 
(16.8
)
Total debt*
9
 
(1,186.0
)
 
(1,204.8
)
 
(1,284.7
)
 
(1,307.5
)

____________

*
These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes for additional information about the carrying and fair values of these financial instruments. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities.
Tri-Level Hierarchy, Carrying Value
The following table presents, for each of the hierarchy levels described above, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the face of the statement of financial position as of December 31, 2012:
 
As of December 31, 2012
$ in millions
Fair Value Measurements
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Current assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
292.2

 
292.2

 
—

 
—

Investments:*

 

 

 
 
Available-for-sale:
 
 
 
 
 
 
 
Seed money
113.4

 
113.4

 
—

 
—

Trading investments:
 
 
 
 
 
 
 
Investments related to deferred compensation plans
213.5

 
213.5

 
—

 
—

Other equity securities
0.3

 
0.3

 
—

 
—

UIT-related equity and debt securities:
 
 
 
 
 
 
 
Corporate stock
1.5

 
1.5

 
—

 
—

UITs
1.6

 
1.6

 
—

 
—

Municipal securities
1.8

 
—

 
1.8

 
—

Assets held for policyholders
1,153.6

 
1,153.6

 
—

 
—

Total current assets
1,777.9

 
1,776.1

 
1.8

 
—

Non-current assets:
 
 
 
 
 
 
 
Investments — available-for-sale*:
 
 
 
 
 
 
 
CLOs
2.4

 
—

 
—

 
2.4

Other debt securities
6.3

 
—

 
—

 
6.3

Total assets at fair value
1,786.6

 
1,776.1

 
1.8

 
8.7

Current liabilities:
 
 
 
 
 
 
 
Policyholder payables
(1,153.6
)
 
(1,153.6
)
 
—

 
—

UIT-related financial instruments sold, not yet purchased:
 
 
 
 
 
 
 
Corporate equities
(1.5
)
 
(1.5
)
 
—

 
—

Note payable
(3.4
)
 
—

 
—

 
(3.4
)
Total liabilities at fair value
(1,158.5
)
 
(1,155.1
)
 
—

 
(3.4
)

____________

*
Current foreign time deposits of $31.3 million and other current investments of $0.5 million are excluded from this table. Other non-current equity and other investments of $228.2 million and $9.9 million, respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards.
The following table presents, for each of the hierarchy levels described above, the carrying value of the company's assets and liabilities that are measured at fair value as of December 31, 2011:
 
As of December 31, 2011
$ in millions
Fair Value Measurements
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Current assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
257.7

 
257.7

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
Seed money
63.5

 
63.5

 
—

 
—

Trading investments:
 
 
 
 
 
 
 
Investments related to deferred compensation plans
184.4

 
184.4

 
—

 
—

UIT-related equity and debt securities:
 
 
 
 
 
 
 
Corporate stock
1.1

 
1.1

 
—

 
—

UITs
0.9

 
0.9

 
—

 
—

Municipal securities
1.1

 
—

 
1.1

 
—

Assets held for policyholders
1,243.5

 
1,243.5

 
—

 
—

Total assets at fair value
1,752.2

 
1,751.1

 
1.1

 
—

Current liabilities:
 

 
 

 
 

 
 

Policyholder payables
(1,243.5
)
 
(1,243.5
)
 
—

 
—

UIT-related financial instruments sold, not yet purchased:
 

 
 

 
 

 
 

Corporate equities
(1.0
)
 
(1.0
)
 
—

 
—

Non-current liabilities:
 

 
 

 
 

 
 

Note payable
(16.8
)
 
—

 
—

 
(16.8
)
Total liabilities at fair value
(1,261.3
)
 
(1,244.5
)
 
—

 
(16.8
)

____________

*
Current foreign time deposits of $32.2 million and other current investments of $0.5 million are excluded from this table. Other non-current equity and other investments of $193.1 million and $7.7 million, respectively, are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards.
Reconciliation of Balance, Fair Value Measurement, Level 3
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the year ending December 31, 2012 and December 31, 2011, which are valued using significant unobservable inputs:
 
For the year ended December 31, 2012
 
For the year ended December 31, 2011
$ in millions
CLOs
 
Other Debt Securities
 
Note Payable
 
CLOs
 
Note Payable
Beginning balance
—

 
—

 
(16.8
)
 
0.5

 
(18.9
)
Purchases
—

 
1.7

 
—

 
—

 
—

Returns of capital
(0.2
)

—

 
—

—

(0.5
)
—

—

Settlements
—

 
—

 
8.5

 
—

 
2.9

Deconsolidation of consolidated investment products
2.5

 
—

 
—

 
—

 
—

Net unrealized gains and losses included in earnings*
—

 
—

 
3.7

 
—

 
—

Net unrealized gains and losses included in accumulated other comprehensive income/(loss)*
0.1

 
—

 
—

 
—

 
—

Foreign exchange gains/(losses)
—

 
—

 
1.2

 
—

 
(0.8
)
Reclassification
—

 
4.6

 
—

 
—

 
—

Ending balance
2.4

 
6.3

 
(3.4
)
 
—

 
(16.8
)

____________

*
Included in other gains and losses, net in the Consolidated Statement of Income for the year ended December 31, 2012 are $3.7 million in net unrealized gains (year ended December 31, 2011: none) attributable to the note payable still held at December 31, 2012. Of the net unrealized gains and losses included in accumulated other comprehensive income (loss) for the year ended December 31, 2012, $0.1 million in gains (year ended December 31, 2011: none) is attributed to the change in unrealized gains and losses related to assets still held at December 31, 2012.

Quantitative Information about Level 3 Fair Value Measurements
The following table shows significant unobservable inputs used in the fair value measurement of level 3 assets and liabilities:
Assets and Liabilities *
 
Fair Value at December 31, 2012 ($ in millions)
 
Valuation Technique
 
Unobservable Inputs
 
Range
CLOs
 
2.4
 
Discounted Cash Flow- Euro
 
Probability of Default
 
3% - 5%
 
 
 
 
 
 
Spread over Euribor
 
2975 - 3050
 
 
 
 
Discounted Cash Flow- USD
 
Probability of Default
 
1% - 3%
 
 
 
 
 
 
Spread over Libor
 
1350 - 1400

____________

*
Other debt securities of $6.3 million are not included in the table above as they are valued using a cost valuation technique. The note payable of $3.4 million is also not included in the table above as its value is linked to the underlying value of consolidated funds. Both items are more fully discussed in the "Available-for-sale investments" and "Note payable" disclosures above.

For CLO Notes, a change in the assumption used for spreads is generally accompanied by a directionally similar change in default rate. Significant increases in any of these inputs in isolation would result in a significant lower fair value measurements. A directionally-opposite impact would apply for significant decreases in these inputs.