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Fair Value Of Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
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 CSIP and CIP are presented in Note 19, "Consolidated Sponsored Investment Products" and Note 20, "Consolidated Investment Products."
 
 
 
December 31, 2014
 
December 31, 2013
$ in millions
Footnote Reference
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Cash and cash equivalents
1
 
1,514.2

 
1,514.2

 
1,331.2

 
1,331.2

Available-for-sale investments
3
 
255.9

 
255.9

 
244.1

 
244.1

Trading investments
3
 
263.2

 
263.2

 
253.0

 
253.0

Foreign time deposits *
3
 
29.6

 
29.6

 
28.8

 
28.8

Assets held for policyholders
1
 
1,697.9

 
1,697.9

 
1,416.0

 
1,416.0

Policyholder payables *
1
 
(1,697.9
)
 
(1,697.9
)
 
(1,416.0
)
 
(1,416.0
)
UIT-related financial instruments sold, not yet purchased

 
(1.4
)
 
(1.4
)
 
(1.7
)
 
(1.7
)
Note payable

 
—

 
—

 
(0.3
)
 
(0.3
)
Long-term debt *
8
 
(1,589.3
)
 
(1,695.8
)
 
(1,588.6
)
 
(1,544.7
)

____________

*
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 company's Consolidated Balance Sheet as of December 31, 2014:
 
As of December 31, 2014
$ 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)
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
474.9

 
474.9

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
Seed money
246.2

 
246.2

 
—

 
—

CLOs
3.4

 
—

 
—

 
3.4

Other debt securities
6.3

 
—

 
—

 
6.3

Trading investments:
 
 
 
 
 
 
 
Investments related to deferred compensation plans
162.6

 
162.6

 
—

 
—

          Seed money
68.2

 
68.2

 
—

 
—

Other equity securities
29.0

 
29.0

 
—

 
—

UIT-related equity and debt securities:
 
 
 
 
 
 
 
Corporate equities
1.4

 
1.4

 
—

 
—

UITs
1.6

 
1.6

 
—

 
—

Municipal securities
0.4

 
—

 
0.4

 
—

Assets held for policyholders
1,697.9

 
1,697.9

 
—

 
—

Total
2,691.9

 
2,681.8

 
0.4

 
9.7

Liabilities:
 
 
 
 
 
 
 
UIT-related financial instruments sold, not yet purchased:
 
 
 
 
 
 
 
Corporate equities
(1.4
)
 
(1.4
)
 
—

 
—

Total
(1.4
)
 
(1.4
)
 
—

 
—


____________

*
Foreign time deposits of $29.6 million are excluded from this table. Equity and other investments of $332.1 million and $4.6 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, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheet as of December 31, 2013:
 
As of December 31, 2013
$ 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)
Assets:
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
447.8

 
447.8

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
Seed money
233.8

 
233.8

 
—

 
—

CLOs
4.0

 
—

 
—

 
4.0

Other debt securities
6.3

 
—

 
—

 
6.3

Trading investments:
 
 
 
 
 
 
 
Investments related to deferred compensation plans
249.7

 
249.7

 
—

 
—

UIT-related equity and debt securities:
 
 
 
 
 
 
 
Corporate equities
2.1

 
2.1

 
—

 
—

UITs
1.2

 
1.2

 
—

 
—

Assets held for policyholders
1,416.0

 
1,416.0

 
—

 
—

Total
2,360.9

 
2,350.6

 
—

 
10.3

Liabilities:
 

 
 

 
 

 
 

UIT-related financial instruments sold, not yet purchased:
 

 
 

 
 

 
 

Corporate equities
(1.7
)
 
(1.7
)
 
—

 
—

Note payable
(0.3
)
 
—

 
—

 
(0.3
)
Total
(2.0
)
 
(1.7
)
 
—

 
(0.3
)

____________

*
Foreign time deposits of $28.8 million are excluded from this table. Equity and other investments of $308.2 million and $5.6 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
*
Foreign time deposits of $28.8 million are excluded from this table. Equity and other investments of $308.2 million and $5.6 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 shows a reconciliation of the beginning and ending fair value measurem