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Fair Value Of Assets And Liabilities (Tables)
 6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value By Balance Sheet Grouping
The carrying value and fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CSIP (for the prior period) and CIP are presented in Notes 12, "Consolidated Sponsored Investment Products" and 13, "Consolidated Investment Products," respectively.
 
 
 
June 30, 2016
 
December 31, 2015
$ in millions
Footnote Reference
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Cash and cash equivalents
 
 
1,446.2

 
1,446.2

 
1,851.4

 
1,851.4

Available-for-sale investments
3
 
188.5

 
188.5

 
233.2

 
233.2

Trading investments
3
 
396.8

 
396.8

 
402.7

 
402.7

Foreign time deposits *
3
 
15.0

 
15.0

 
24.7

 
24.7

Assets held for policyholders
 
 
6,620.4

 
6,620.4

 
6,051.5

 
6,051.5

Policyholder payables *
 
 
(6,620.4
)
 
(6,620.4
)
 
(6,051.5
)
 
(6,051.5
)
Put option contracts

 
14.1

 
14.1

 
1.4

 
1.4

UIT-related financial instruments sold, not yet purchased
 
 
(1.5
)
 
(1.5
)
 
(2.5
)
 
(2.5
)
Contingent consideration liability
 
 
(89.3
)
 
(89.3
)
 
(83.9
)
 
(83.9
)
Long-term debt *
4
 
(2,072.7
)
 
(2,266.9
)
 
(2,072.8
)
 
(2,161.3
)
____________
*
These financial instruments are not measured at fair value on a recurring basis. See the indicated footnotes or most recently filed Form 10-K 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 Condensed Consolidated Balance Sheet as of June 30, 2016:
 
As of June 30, 2016
$ 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
328.1

 
328.1

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
Seed money
173.7

 
173.7

 
—

 
—

CLOs
11.5

 
—

 
—

 
11.5

Other debt securities
3.3

 
—

 
—

 
3.3

Trading investments:
 
 
 
 
 
 
 
Investments related to deferred compensation plans
168.5

 
168.5

 
—

 
—

Seed money
193.1

 
193.1

 
—

 
—

Other equity securities
31.4

 
31.4

 
—

 
—

UIT-related equity and debt securities:
 
 
 
 
 
 
 
Corporate equities
1.7

 
1.7

 
—

 
—

UITs
0.3

 
0.3

 
—

 
—

Municipal securities
1.8

 
—

 
1.8

 
—

Assets held for policyholders
6,620.4

 
6,620.4

 
—

 
—

Put option contracts
14.1

 
—

 
14.1

 
—

Total
7,547.9

 
7,517.2

 
15.9

 
14.8

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

 
—

Contingent consideration liability
(89.3
)
 
—

 
—

 
(89.3
)
Total
(90.8
)
 
(1.5
)
 
—

 
(89.3
)
____________
*
Foreign time deposits of $15.0 million are excluded from this table. Equity method and other investments of $286.0 million and $5.7 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 Condensed Consolidated Balance Sheet as of December 31, 2015:
 
As of December 31, 2015
$ 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
383.3

 
383.3

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Available-for-sale:
 
 
 
 
 
 
 
Seed money
225.9

 
225.9

 
—

 
—

CLOs
1.4

 
—

 
—

 
1.4

Other debt securities
5.9

 
—

 
—

 
5.9

Trading investments:
 
 
 
 
 
 
 
Investments related to deferred compensation plans
158.8

 
158.8

 
—

 
—

Seed Money
191.2

 
191.2

 
—

 
—

Other equity securities
48.1

 
48.1

 
—

 
—

UIT-related equity and debt securities:
 
 
 
 
 
 
 
Corporate equities
1.8

 
1.8

 
—

 
—

UITs
1.5

 
1.5

 
—

 
—

Municipal securities
1.3

 
—

 
1.3

 
—

Assets held for policyholders
6,051.5

 
6,051.5

 
—

 
—

Put option contracts
1.4

 
—

 
1.4

 
—

Total
7,072.1

 
7,062.1

 
2.7

 
7.3

Liabilities:
 
 
 
 
 
 
 
UIT-related financial instruments sold, not yet purchased:
 
 
 
 
 
 
 
Corporate equities
(2.5
)
 
(2.5
)
 
—

 
—

Contingent consideration liability
(83.9
)
 
—

 
—

 
(83.9
)
Total
(86.4
)
 
(2.5
)
 
—

 
(83.9
)
____________
*
Foreign time deposits of $24.7 million are excluded from this table. Equity method and other investments of $352.8 million and $5.7 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 three and six months ended June 30, 2016 and June 30, 2015, which are valued using significant unobservable inputs:
 
Three months ended June 30, 2016
 
Six months ended June 30, 2016
$ in millions
Contingent Consideration Liability
 
CLOs
 
Other Debt Securities
 
Contingent Consideration Liability
 
CLOs
 
Other Debt Securities
Beginning balance
(77.2
)
 
11.8

 
4.3

 
(83.9
)
 
1.4

 
5.9

Adjustment for adoption of ASU 2015-02
—

 
—

 
—

 
—

 
11.5

 
—

Beginning balance, as adjusted
(77.2
)
 
11.8

 
4.3

 
(83.9
)
 
12.9

 
5.9

Returns of capital
—

 
(0.8
)
 
(1.0
)
 
—

 
(1.3
)
 
(2.6
)
Net unrealized gains and losses included in other gains and losses, net*
(15.1
)
 
—

 
—

 
(11.6
)
 
—

 
—

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

 
0.5

 
—

 
—

 
(0.1
)
 
—

Disposition/settlements
3.0

 
—

 
—

 
6.2

 
—

 
—

Ending balance
(89.3
)
 
11.5

 
3.3

 
(89.3
)
 
11.5

 
3.3


 
Three months ended June 30, 2015
 
Six months ended June 30, 2015
$ in millions
Contingent Consideration Liability
 
CLOs
 
Other Debt Securities
 
Contingent Consideration Liability
 
CLOs
 
Other Debt Securities
Beginning balance
(119.3
)
 
2.5

 
6.3

 
—

 
3.4

 
6.3

Acquisition
—

 
—

 
—

 
(119.3
)
 
—

 
—

Returns of capital
—

 
—

 
—

 
—

 
(0.1
)
 
—

Disposition/settlements
1.5

 
(1.2
)
 
—

 
1.5

 
(2.0
)
 
—

Ending balance
(117.8
)
 
1.3

 
6.3

 
(117.8
)
 
1.3

 
6.3

_______________
*
These unrealized gains and losses are attributable to balances still held at the respective period ends.