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Fair Value Of Assets And Liabilities (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value By Balance Sheet Grouping
The fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CIP is presented in Note 16, "Consolidated Investment Products". See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.
 
March 31, 2020
 
December 31, 2019
$ in millions
Fair Value
 
Fair Value
Cash and cash equivalents
940.5

 
1,049.0

Equity investments
334.1

 
432.5

Foreign time deposits (1)
25.8

 
32.0

Assets held for policyholders
9,137.3

 
10,835.6

Policyholder payables (1)
(9,137.3
)
 
(10,835.6
)
Contingent consideration liability
(33.6
)
 
(60.2
)
Long-term debt (1) (2)
(2,806.9
)
 
(2,281.5
)
____________
(1)
These financial instruments are not recorded on the balance sheet at fair value on a recurring basis. See the 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.
(2) All assets and liabilities are carried at fair value except debt which has a carrying value of $2,588.8 million as of March 31, 2020 (December 31, 2019: $2,080.3 million).
Tri-Level Hierarchy, Carrying Value
The following table presents, by hierarchy levels, 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 Sheets as of March 31, 2020 and December 31, 2019, respectively:
 
As of March 31, 2020
$ 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
379.9

 
379.9

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Equity investments:
 
 
 
 
 
 
 
Seed money
175.7

 
175.7

 
—

 
—

Investments related to deferred compensation plans
155.8

 
155.8

 
—

 
—

Other equity securities
2.6

 
2.6

 
—

 
—

Assets held for policyholders
9,137.3

 
9,137.3

 
—

 
—

Total
9,851.3

 
9,851.3

 
—

 
—

Liabilities:
 
 
 
 
 
 
 
Contingent consideration liability
(33.6
)
 
—

 
—

 
(33.6
)
Total
(33.6
)
 
—

 
—

 
(33.6
)


 
As of December 31, 2019
$ 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
620.9

 
620.9

 
—

 
—

Investments:*
 
 
 
 
 
 
 
Equity investments:
 
 
 
 
 
 
 
Seed money
235.5

 
235.5

 
—

 
—

Investments related to deferred compensation plans
192.4

 
192.4

 
—

 
—

Other equity securities
4.6

 
4.6

 
—

 
—

Assets held for policyholders
10,835.6

 
10,835.6

 
—

 
—

Total
11,889.0

 
11,889.0

 
—

 
—

Liabilities:
 

 
 

 
 

 
 

Contingent consideration liability
(60.2
)
 
—

 
—

 
(60.2
)
Total
(60.2
)
 
—

 
—

 
(60.2
)
____________
*
Foreign time deposits of $25.8 million (December 31, 2019: 32.0 million) are excluded from this table. Equity method and other investments of $373.0 million and $11.6 million, respectively, (December 31, 2019: $350.8 million and $14.2 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 tables show a reconciliation of the beginning and ending fair value measurements for level 3 assets and liabilities during the three months ended March 31, 2020 and March 31, 2019, which are valued using significant unobservable inputs:
 
Three months ended March 31, 2020
$ in millions
Contingent Consideration Liability
Beginning balance
(60.2
)
Revision to purchase price allocation
5.5

Net unrealized gains and losses included in other gains and losses, net*
8.2

Disposition/settlements
12.9

Ending balance
(33.6
)

 
Three months ended
March 31, 2019
$ in millions
Contingent Consideration Liability
Beginning balance
(40.9
)
Net unrealized gains and losses included in other gains and losses, net*
(1.5
)
Disposition/settlements
4.0

Ending balance
(38.4
)
_______________
*
These unrealized gains and losses are attributable to balances still held at the respective period ends.