FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2015

FAIR VALUE MEASUREMENTS

Schedule of assets, liabilities and redeemable noncontrolling interests measured or disclosed at fair value on a recurring basis

The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of September 30, 2015 (in millions):

	Fair value measurements using:
	Quoted prices in
	active markets for		Significant other		Significant
	identical assets		observable inputs		unobservable inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents	$	46.3	$	120.9	$	—	$	167.2
Futures	0.4		—		—		0.4
Index swaps	0.1		—		—		0.1
Trading securities:
Seeded investment products	172.5		94.8		—		267.3
Investments in advised mutual funds	4.0		—		—		4.0
Investments related to deferred compensation plans	15.8		—		—		15.8
Available-for-sale securities:
Seeded investment products	70.2		—		—		70.2
Total investment securities	262.5		94.8		—		357.3
Total assets	$	309.3	$	215.7	$	—	$	525.0
Liabilities:
Futures	$	0.2	$	—	$	—	$	0.2
Credit default swaps	0.2		—		—		0.2
Current portion of long-term debt(1)	—		154.5		—		154.5
Long-term debt(1)	—		306.6		—		306.6
Kapstream contingent consideration	—		—		5.6		5.6
VelocityShares contingent consideration	—		—		21.8		21.8
Total liabilities	$	0.4	$	461.1	$	27.4	$	488.9
Redeemable noncontrolling interests:
Consolidated seeded investment products	$	5.8	$	23.0	$	—	$	28.8
INTECH	—		—		7.5		7.5
Total redeemable noncontrolling interests	$	5.8	$	23.0	$	7.5	$	36.3

(1) Carried at amortized cost and disclosed at fair value.

The following table presents assets, liabilities and redeemable noncontrolling interests presented in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of December 31, 2014 (in millions):

	Fair value measurements using:
	Quoted prices in
	active markets for		Significant other		Significant
	identical assets		observable inputs		unobservable inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents	$	7.7	$	292.5	$	—	$	300.2
Index swaps	—		0.3		—		0.3
Trading securities:
Seeded investment products	136.6		121.7		—		258.3
Investments in advised mutual funds	4.4		—		—		4.4
Investments related to deferred compensation plans	13.0		—		—		13.0
Available-for-sale securities:
Seeded investment products	68.3		—		—		68.3
Total investment securities	222.3		121.7		—		344.0
Total assets	$	230.0	$	414.5	$	—	$	644.5
Liabilities:
Long-term debt(1)	$	—	$	558.0	$	—	$	558.0
VelocityShares contingent consideration	—		—		17.9		17.9
Index futures	1.2		—		—		1.2
Total liabilities	$	1.2	$	558.0	$	17.9	$	577.1
Redeemable noncontrolling interests in INTECH	$	—	$	—	$	5.4	$	5.4

(1) Carried at amortized cost and disclosed at fair value.

Schedule of changes in fair value of the recurring Level 3 fair value measurement

The changes in fair value of JCG’s Level 3 items for the three and nine months ended September 30, 2015 and 2014, are as follows (in millions):

	Three months ended September 30,
	2015								2014
	Redeemable  noncontrolling  interests in  INTECH			VelocityShares contingent  consideration		Kapstream  contingent  consideration			Redeemable  noncontrolling  interests in  subsidiaries
Beginning of period fair value	$	7.2		$	18.5	$	—		$	4.6
Distributions	(0.1		)	—		—			(0.2		)
Current earnings	0.1			—		—			0.1
Amortization of INTECH appreciation rights	0.8			—		—			—
Issuance	—			—		6.0			—
Foreign currency translation	—			—		(0.5		)	—
Change in fair value	(0.5		)	3.3		0.1			0.3
End of period fair value	$	7.5		$	21.8	$	5.6		$	4.8

	Nine months ended September 30,
	2015								2014
	Redeemable  noncontrolling  interests in  INTECH			VelocityShares  contingent  consideration		Kapstream  contingent  consideration			Redeemable  noncontrolling  interests in  subsidiaries
Beginning of period fair value	$	5.4		$	17.9	$	—		$	7.3
Distributions	(0.7		)	—		—			(0.7		)
Current earnings	0.4			—		—			0.4
Purchase of redeemable noncontrolling interests	—			—		—			(0.6		)
Amortization of INTECH appreciation rights	2.7			—		—			—
Issuance	—			—		6.0			—
Foreign currency translation	—			—		(0.5		)	—
Change in fair value	(0.3		)	3.9		0.1			(1.6		)
End of period fair value	$	7.5		$	21.8	$	5.6		$	4.8

Schedule of transfers from Level 1 and Level 2 classifications

Transfers are recognized at the end of each reporting period. Transfers from Level 1 and Level 2 classifications for the nine months ended September 30, 2015 and 2014, are summarized as follows (in millions):

	September 30,
	2015		2014
Transfers from Level 1 to Level 2	$	1.7	$	5.5
Transfers from Level 2 to Level 1	$	44.3	$	0.4