FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2018

FAIR VALUE MEASUREMENTS

Schedule of fair value hierarchy for assets measured at fair value on a recurring basis

The following tables present the Company’s fair value hierarchy for those assets measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017 (in millions):

	June 30, 2018
	Total		Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities	$	131.8	$	131.8	$	—	$	—
Money market funds		2.5		2.5		—		—
Total assets	$	134.3	$	134.3	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2.2	$	—	$	—	$	2.2
Total Liabilities	$	2.2	$	—	$	—	$	2.2

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities	$	47.3	$	47.3	$	—	$	—
Money market funds		2.5		2.5		—		—
Total assets	$	49.8	$	49.8	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	56.6	$	—	$	—	$	56.6
Total Liabilities	$	56.6	$	—	$	—	$	56.6

Schedule of fair value hierarchy of financial instruments held

The following table presents the Company’s fair value hierarchy for those financial instruments held by the Company as of June 30, 2018 and December 31, 2017 (in millions):

	June 30, 2018
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	140.0	$	140.0	$	—	$	—
Financial investments		131.8		131.8		—		—
Accounts receivable		252.2		252.2		—		—
Total assets	$	524.0	$	524.0	$	—	$	—
Liabilities:
Accounts payable	$	11.1	$	—	$	11.1	$	—
Section 31 fees payable		189.9		—		189.9		—
Contingent consideration liabilities		2.2		—		—		2.2
Debt		1,214.1		—		1,214.1		—
Total liabilities	$	1,417.3	$	—	$	1,415.1	$	2.2

	December 31, 2017
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	143.5	$	143.5	$	—	$	—
Financial investments		47.3		47.3		—		—
Accounts receivable		217.3		217.3		—		—
Income tax receivable		17.2		17.2		—		—
Total assets	$	425.3	$	425.3	$	—	$	—
Liabilities:
Accounts payable	$	43.2	$	—	$	43.2	$	—
Section 31 fees payable		105.6		—		105.6		—
Contingent consideration liabilities		56.6		—		—		56.6
Debt		1,237.9		—		1,237.9		—
Total liabilities	$	1,443.3	$	—	$	1,386.7	$	56.6

Summary of changes in the fair value of level 3 financial liabilities

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the six months ended June 30, 2018.

	Level 3 Financial Liabilities for the Six Months Ended  June 30, 2018
	Balance at		Realized (gains)
	Beginning of		losses during						Balance at
	Period		period		Additions		Settlements		End of Period
Liabilities
Contingent consideration liabilities	$	56.6	$	2.2	$	—	$	(56.6)	$	2.2
Total Liabilities	$	56.6	$	2.2	$	—	$	(56.6)	$	2.2