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Senior Notes

At December 31, 2016, the Company had three senior notes outstanding, the principal terms of which are summarized below. In 2015, the Company redeemed, canceled and retired all $140.0 million principal amount outstanding of its 5.25% senior unsecured notes due 2022 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest.

2024

Senior

Notes

2025

Senior

Notes

2042

Senior

Notes

Issue date

February 2014

February 2015

August 2012

Maturity date

February 2024

August 2025

August 2042

Potential Call Date

Any Time ⁽¹⁾

August 2017

Par value (in millions)

400.0

350.0

200.0

Call Price

As Defined⁽¹⁾

At Par

Stated coupon

4.25

3.50

6.375

Coupon frequency

Semi-annually

Quarterly

__________________________


⁽¹⁾	The 2024 and 2025 senior notes may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest.

Convertible Securities

12 Months Ended

Dec. 31, 2016

Convertible Securities

At December 31, 2016, the Company had junior convertible trust preferred securities outstanding (the “junior convertible securities”).

The carrying value and principal amount at maturity of the junior convertible securities were as follows:



	December 31, 2015				December 31, 2016
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
Junior convertible securities⁽¹⁾	$	305.2	$	430.8	$	307.5	$	430.8

__________________________


⁽¹⁾	The carrying value is accreted to the principal amount at maturity over a remaining life of 21 years.

The junior convertible securities bear interest at 5.15% per annum, payable quarterly in cash. Each $50 security is convertible, at any time, into 0.25 shares of the Company’s common stock, which represents a conversion price of $200 per share, subject to customary anti-dilution adjustments. Holders of the junior convertible securities have no rights to put these securities to the Company. Upon conversion, holders will receive cash or shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities if the closing price of its common stock exceeds $260 per share for 20 trading days in a period of 30 consecutive trading days. The junior convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported interest expense. These deductions result in annual deferred tax liabilities of $10.2 million. These deferred tax liabilities will be reclassified directly to stockholders’ equity if the Company’s common stock is trading above certain thresholds at the time of the conversion of the securities.

Forward Equity and Equity Distribution Program	12 Months Ended
Forward Equity and Equity Distribution Program	Dec. 31, 2016
Forward Equity Sale Agreements
Forward Equity Sale Agreement	Forward Equity and Equity Distribution Program In 2016, the Company entered into an agreement to sell approximately 2.9 million shares of the Company’s common stock at a price of $167.25 per share on a forward basis. During the year, the Company issued 2.7 million shares to settle a portion of this forward equity sale and received proceeds of $440.3 million, and net settled 0.2 million shares for cash at an average share price of $144.59. As of December 31, 2016, no shares remain outstanding under this agreement. In 2016, the Company entered into equity distribution and forward equity agreements with several major securities firms under which the Company, from time to time, may issue and sell shares of its common stock (immediately or on a forward basis) having an aggregate sales price of up to $500.0 million (the “equity distribution program”). As of December 31, 2016, no sales have occurred under the equity distribution program.

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments From time to time, the Company seeks to offset its exposure to changing interest rates under its debt financing arrangements and certain of its Affiliates seek to offset their exposure to changing foreign exchange rates by entering into derivative contracts. For the years ended December 31, 2015 and 2016, the Company’s Affiliates realized $3.2 million and $0.2 million of gains, respectively, and $1.7 million and $1.2 million of losses, respectively, upon the settlement of certain foreign currency forward contracts. Such realized gains and losses are presented in Revenue, Operating expenses or Investment and other income, depending on the risk being hedged. At December 31, 2016, the Company’s Affiliates had unrealized gains and losses related to outstanding foreign currency forward contracts of $0.6 million and $0.5 million, respectively. Such unrealized gains and losses are presented within Accumulated other comprehensive income. There were no foreign currency forward contracts outstanding at December 31, 2015.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. Third Avenue Management LLC (“Third Avenue”), one of the Company’s consolidated Affiliates, has been named as a defendant in various legal actions relating to the liquidation and closure of the Third Avenue Focused Credit Fund. The Company has been named as a co-defendant in one of these actions, as a purported control person. In the fourth quarter of 2016, Third Avenue recorded a reserve of $15.0 million in connection with the proposed resolution of all claims, including against the Company, related to the Focused Credit Fund, which is subject to court approvals. The entire amount of the reserve would be funded by Third Avenue and, therefore, the recording of the reserve had no impact on Net income (controlling interest). The Company has committed to co-invest in certain Affiliate sponsored investment products. As of December 31, 2016, these unfunded commitments were $92.2 million and may be called in future periods. In connection with a past acquisition agreement, the Company is contractually entitled to reimbursement from a prior owner of one of the Company’s Affiliates for $11.8 million of these commitments if they are called. As of December 31, 2016, Company was contingently liable, upon achievement by certain Affiliates of specified financial targets, to make payments through 2019 of up to $84.9 million associated with its consolidated Affiliates and $312.0 million associated with its equity method Affiliates. The Company expects to make payments of $10.3 million ($3.0 million in 2017) of the $84.9 million related to consolidated Affiliates and no payments related to the Company’s equity method Affiliates. Affiliate equity interests provide holders with a conditional right to put their interests to the Company over time. See Note 20. In addition, in connection with an investment in an Affiliate accounted for under the equity method, the Company entered into an arrangement with a minority owner of the Affiliate that gives such owner the right to sell a portion of its ownership interest in the Affiliate to the Company annually beginning in 2018. The purchase price of these conditional purchases will be at fair market value on the date of the transaction. The Company and certain Affiliates operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any significant violations of such requirements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:



			Fair Value Measurements
	December 31, 2015		Fair Value Measurements
	December 31, 2015		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	65.9	$	65.9	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	19.4		19.4		—		—
Available-for-sale securities	180.5		180.5		—		—
Other investments⁽²⁾	23.3		20.7		2.6		—
Financial Liabilities⁽³⁾
Contingent payment arrangements	$	10.2	$	—	$	—	$	10.2
Affiliate equity obligations	62.3		—		—		62.3



			Fair Value Measurements
	December 31, 2016		Fair Value Measurements
	December 31, 2016		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	64.1	$	64.1	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	40.5		40.5		—		—
Available for sale securities	81.9		81.9		—		—
Other investments⁽²⁾	3.4		3.4		—		—
Foreign currency forward contracts⁽³⁾	0.6		—		0.6		—
Financial Liabilities⁽³⁾
Contingent payment arrangements	$	8.6	$	—	$	—	$	8.6
Affiliate equity obligations	12.1		—		—		12.1
Foreign currency forward contracts	0.5		—		0.5		—

__________________________


⁽¹⁾	Principally investments in equity securities.


⁽²⁾	The Company adopted ASU 2015-07 and no longer includes $126.0 million and $144.1 million as of December 31, 2015 and 2016, respectively, of investments in certain entities for which fair value was measured using NAV as a practical expedient.


⁽³⁾	Amounts are presented within Other assets or Other liabilities.

The following are descriptions of the significant financial assets and liabilities measured at fair value and the fair value methodologies used.

Cash equivalents consist primarily of highly liquid investments in daily redeeming money market funds, without enacted liquidity fees or redemption gates.

Investments in marketable securities consist primarily of investments in publicly traded securities and in funds advised by Affiliates that are valued at NAV. Publicly traded securities valued using unadjusted quoted market prices for identical instruments in active markets are classified as level 1. Publicly traded securities valued using quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active are classified as level 2.

Other investments consist primarily of funds advised by Affiliates that are valued using NAV. Investments in funds that calculate NAVs are classified as level 1. Investments in funds valued using other inputs that are observable or can be corroborated by observable market data, such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active, are classified as level 2.

Contingent payment arrangements represent the present value of the expected future settlement of contingent payment arrangements related to the Company’s investments in consolidated Affiliates. The significant unobservable inputs that are used in the fair value measurement of these obligations are growth and discount rates. Increases in the growth rate result in a higher obligation while an increase in the discount rate results in a lower obligation.

Affiliate equity obligations include agreements to repurchase Affiliate equity. The significant unobservable inputs that are used in the fair value measurement of the agreements to repurchase Affiliate equity are growth and discount rates. Increases in the growth rate result in a higher obligation while an increase in the discount rate results in a lower obligation.

Foreign currency forward contracts use model-derived valuations in which all significant inputs are observable in active markets to determine fair value and are classified as level 2.

It is the Company’s policy to value financial assets or liabilities transferred as of the beginning of the period in which the transfer occurs. There were no significant transfers of financial assets or liabilities from level 1 to level 2 in 2015 or 2016.

Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:



	For the Years Ended December 31,
	2015							2016
	Contingent Payment Arrangements				Affiliate Equity Obligations			Contingent Payment Arrangements				Affiliate Equity Obligations
Balance, beginning of period	$	59.3			$	21.5		$	10.2			$	62.3
Net (gains) losses	(40.9		)	⁽¹⁾	(1.4		)	(1.6		)	⁽¹⁾	3.1
Purchases and issuances	9.3				158.0			—				69.1
Settlements and reductions	(17.5		)		(115.8		)	—				(122.4		)
Balance, end of period	$	10.2			$	62.3		$	8.6			$	12.1

Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$	(40.9	)		$	—		$	(1.6	)		$	—

__________________________


⁽¹⁾	Accretion and changes in the expected value of the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 financial liabilities:



	Quantitative Information about Level 3 Fair Value Measurements
	Valuation Techniques	Unobservable Input	Fair Value at December 31, 2015		Range at December 31, 2015	Fair Value at December 31, 2016		Range at December 31, 2016
Contingent payment arrangements	Discounted cash flow	Growth rates	$	10.2	3% - 8%	$	8.6	3% - 8%
		Discount rates			15%			14% - 15%
Affiliate equity obligations	Discounted cash flow	Growth rates	62.3		1% - 9%	12.1		4% - 10%
		Discount rates			14% - 15%			15% - 16%

Investments in Certain Entities that Calculate Net Asset Value

The Company uses the NAV of certain investments as their fair value. The NAVs provided by the investees have been derived from the fair values of the underlying assets and liabilities as of the measurement dates. The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized:



	December 31, 2015				December 31, 2016
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity⁽¹⁾	$	126.0	$	76.8	$	137.8	$	92.2
Other funds⁽²⁾	72.3		—		36.8		—
	$	198.3	$	76.8	$	174.6	$	92.2

__________________________


⁽¹⁾	These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years. The fair value of private equity funds is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).


⁽²⁾	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily, monthly or quarterly basis.

Other Financial Assets and Liabilities Not Carried at Fair Value

The carrying amount of Receivables and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable approximates fair value because interest rates and other terms are at market rates. The carrying value of the credit facilities approximates fair value because the debt has variable interest based on selected short-term rates. The following table summarizes the Company’s other financial liabilities not carried at fair value:



	December 31, 2015				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	944.6	$	966.3	$	945.1	$	936.0	Level 2
Convertible securities	305.2		483.6		307.5		466.9		Level 2

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Business Combinations

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Business Combinations

The Company completed majority investments in Baker Street Advisors, LLC on April 1, 2015 and myCIO Wealth Partners, L.P. on October 1, 2015. The Company’s purchase price allocations used financial models that included assumptions of market performance, net client cash flows and discount rates. The consideration paid (less net tangible assets acquired) will be deductible for U.S. tax purposes over a 15-year life.

The aggregate purchase price allocation for the 2015 investments was as follows:



	Total
Consideration paid	$	76.1
Contingent payment obligations	9.3
Non-controlling interests	33.8
Enterprise value	$	119.2

Acquired client relationships	$	52.5
Tangible assets, net	2.4
Goodwill	64.3
	$	119.2

The excess of the enterprise value over the separately identifiable net assets acquired was recorded as goodwill and the segment allocation was as follows:



	Total
Institutional	14.4	%
Mutual Fund	—	%
High Net Worth	85.6	%

Unaudited pro forma financial results are set forth below, assuming these investments occurred on January 1, 2014 and the Company’s structured partnership interests had been in effect for the entire period.



	For the Years Ended December 31,
	2014 (Unaudited)		2015 (Unaudited)
Revenue	$	2,538.2	$	2,499.4
Net income (controlling interest)	436.3		511.4
Earnings per share (basic)	$	7.93	$	9.41
Earnings per share (diluted)	$	7.74	$	9.20

The unaudited pro forma financial results are not necessarily indicative of the financial results had the investments been consummated at the beginning of the periods presented, nor are they necessarily indicative of the financial results expected in future periods. The unaudited pro forma financial results do not include the impact of transaction and integration related costs or benefits that may be expected to result from these investments.

The Company’s new investments contributed $15.3 million and $1.3 million to the Company’s Revenue and Net income, respectively, during 2015.

The Company had liabilities to related parties for contingent payment arrangements in connection with certain business combinations. The total payable was $10.2 million and $8.6 million as of December 31, 2015 and 2016, respectively, and was included in Other liabilities. In 2015, the Company made $17.5 million in payments associated with these liabilities. In 2016, no such payments were made. For the years ended December 31, 2015 and 2016, the Company adjusted its estimates of contingent payment obligations and recorded gains attributable to the controlling interest of $44.7 million and $2.8 million, respectively. These amounts are included in Imputed interest expense and contingent payment arrangements.

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2016

Goodwill and Acquired Client Relationships

The following tables present the change in Goodwill and components of Acquired client relationships, net of the Company’s consolidated Affiliates:



	Goodwill
	Institutional			Mutual Fund			High Net Worth			Total
Balance, as of December 31, 2014	$	1,159.1		$	1,125.3		$	368.4		$	2,652.8
Goodwill acquired	9.2			—			55.1			64.3
Foreign currency translation	(27.0		)	(5.8		)	(15.9		)	(48.7		)
Balance, as of December 31, 2015	$	1,141.3		$	1,119.5		$	407.6		$	2,668.4
Goodwill acquired	—			—			—			—
Foreign currency translation	(5.1		)	(37.0		)	1.8			(40.3		)
Balance, as of December 31, 2016	$	1,136.2		$	1,082.5		$	409.4		$	2,628.1

During 2015 and 2016, the Company completed impairment assessments on its goodwill and no impairments were indicated. Only a substantial decline in the fair value of its reporting units would result in an indication of impairment.



	Acquired Client Relationships
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2014	$	1,255.1		$	(565.0	)	$	690.1		$	1,088.3		$	1,778.4
New Investments	52.5			—			52.5			—			52.5
Intangible amortization and impairments	—			(115.4		)	(115.4		)	—			(115.4		)
Foreign currency translation	(5.8		)	—			(5.8		)	(23.3		)	(29.1		)
Balance, as of December 31, 2015	$	1,301.8		$	(680.4	)	$	621.4		$	1,065.0		$	1,686.4
New Investments	—			—			—			—			—
Intangible amortization and impairments	—			(107.7		)	(107.7		)	(2.5		)	(110.2		)
Foreign currency translation	(11.8		)	—			(11.8		)	(67.0		)	(78.8		)
Balance, as of December 31, 2016	$	1,290.0		$	(788.1	)	$	501.9		$	995.5		$	1,497.4

Definite-lived acquired client relationships are amortized over their expected useful lives. As of December 31, 2016, these relationships were being amortized over a weighted average life of approximately ten years. The Company recorded amortization expense for these relationships of $115.4 million for the year ended December 31, 2015, as compared to $107.7 million for the year ended December 31, 2016, in Intangible amortization and impairments. Based on relationships existing as of December 31, 2016, the Company estimates that its consolidated annual amortization expense will be approximately $100 million for each of the next five years.

During 2015 and 2016, the Company completed impairment assessments on its definite-lived and indefinite-lived acquired client relationships and no impairments were indicated.

As of December 31, 2016, the fair values of the indefinite-lived intangible assets at two of the Company’s Affiliates, both managers of global equity funds, have recently experienced declines, and further declines in the fair values of these assets could result in future impairments.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

12 Months Ended

Dec. 31, 2016

Equity Investments in Affiliates

Equity Method Investments in Affiliates

The following table presents the change in Equity method investments in Affiliates:



	Total
Balance, December 31, 2014	$	1,783.5
Equity method earnings	323.2
Equity method intangible amortization	(34.3		)
Distributions from equity method investments	(346.1		)
Consideration for new investments	223.4
Foreign currency translation	(4.7		)
Other⁽¹⁾	(7.9		)
Balance, December 31, 2015	$	1,937.1
Equity method earnings	388.0
Equity method intangible amortization	(59.2		)
Distributions from equity method investments	(346.4		)
Consideration for new investments	1,361.3
Foreign currency translation	8.0
Other⁽¹⁾	79.5
Balance, December 31, 2016	$	3,368.3

__________________________


⁽¹⁾	Includes incremental basis related to deferred income taxes of $4.3 million and $93.3 million in 2015 and 2016, respectively.

In 2015, the Company completed minority investments in Abax Investments (Pty) Ltd and Ivory Investment Management, L.P. On January 4, 2016, the Company completed minority investments in Systematica Investments L.P. and Baring Private Equity Asia. The Company completed minority investments in Capula Investment Management LLP and CapeView Capital LLP on July 1, 2016, Partner Fund Management, L.P. on September 30, 2016 and Winton Group Ltd. on October 4, 2016. The purchase price allocations were measured using financial models that include assumptions of expected market performance, net client flows and discount rates. The majority of the consideration paid (less net tangible assets acquired) will be deductible for U.S. tax purposes over a 15-year life.

In 2015, the Company paid $23.3 million to settle a contingent payment related to an equity method Affiliate investment. The payment increased the Company’s carrying value of the Affiliate investment.

A portion of the purchase price attributable to the Company’s equity method Affiliates relates to definite-lived acquired client relationships. As of December 31, 2016, the definite-lived acquired relationships were being amortized over a weighted average life of approximately fourteen years. The Company recorded amortization expense in Income from equity method investments for these relationships of $34.3 million for the year ended December 31, 2015, as compared to $59.2 million for the year ended December 31, 2016. Based on relationships existing as of December 31, 2016, the Company estimates the annual amortization expense attributable to its current equity-method Affiliates to be approximately $80 million for each of the next five years.

As of December 31, 2016, the fair value of one of the Company’s Affiliates, which is a firm with a fundamental value-based investment approach, had recently experienced a decline, and further declines in the fair value of the Affiliate could result in a future impairment.

The following table presents summarized financial information for Affiliates accounted for under the equity method:



	For the Years Ended December 31,
	2014⁽¹⁾⁽²⁾		2015⁽¹⁾⁽²⁾		2016⁽²⁾
Revenue	$	1,869.3	$	2,217.1	$	2,200.9
Net income	253.8		431.5		1,068.9



	December 31,
	2015⁽³⁾		2016
Assets	$	30,663.4	$	1,915.3
Liabilities and Non-controlling interest	29,434.7		862.4

__________________________


⁽¹⁾	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.


⁽²⁾	Revenue and Net income reflect investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.


⁽³⁾	Assets consist primarily of investment securities in consolidated investment partnerships, which are generally held by non-controlling interests.

The Company’s share of undistributed earnings from equity method investments was $134.3 million as of December 31, 2016.

Fixed Assets and Lease Commitments

12 Months Ended

Dec. 31, 2016

Fixed Assets and Lease Commitments [Abstract]

Fixed Assets and Lease Commitments

Fixed assets consisted of the following:



	December 31,
	2015			2016
Building and leasehold improvements	$	104.7		$	103.5
Software	45.4			52.5
Equipment	39.9			39.5
Furniture and fixtures	22.4			20.8
Land, improvements and other	18.6			17.9
Fixed assets, at cost	231.0			234.2
Accumulated depreciation and amortization	(116.9		)	(124.1		)
Fixed assets, net	$	114.1		$	110.1

The Company and its consolidated Affiliates lease office space and equipment for their operations. At December 31, 2016, the Company’s aggregate future minimum payments for operating leases having initial or non-cancelable lease terms greater than one year were payable as follows:



	Required Minimum Payments ⁽¹⁾
2017	$	37.7
2018	34.7
2019	31.7
2020	30.0
2021	27.4
Thereafter	57.4

__________________________


⁽¹⁾	The controlling interest portion is $11.5 million through 2017, $11.4 million in 2018, $10.8 million in 2019, $10.0 million in 2020, $9.3 million in 2021 and $29.3 million thereafter.

Consolidated rent expense for 2014, 2015 and 2016 was $30.5 million, $36.3 million and $35.5 million, respectively.

Payables and Accrued Liabilities

12 Months Ended

Dec. 31, 2016

Payables and Accruals [Abstract]

Payables and Accrued Liabilities

Payables and accrued liabilities consisted of the following:



	December 31,
	2015		2016
Accrued compensation	$	455.0	$	418.5
Unsettled fund share payables	76.6		83.2
Accrued income taxes	67.9		87.7
Accrued professional fees	31.4		26.1
Other	98.5		113.8
Payables and accrued liabilities	$	729.4	$	729.3

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s Affiliates retained an interest in certain of the Affiliate’s private equity investment partnerships. The prior owner’s interest is presented in the Company’s Consolidated Balance Sheets as either a liability in Other liabilities or as Non-controlling interests, depending on the structure of the prior owner’s investments in the partnerships. The total liability was $75.0 million and $67.8 million at December 31, 2015 and 2016, respectively. The total non-controlling interest was $5.1 million and $2.5 million at December 31, 2015 and 2016, respectively. In certain cases, Affiliate management owners and Company officers may serve as trustees or directors of certain mutual funds from which the Affiliate earns advisory fee revenue. The Company has related party transactions in association with its business combinations, as more fully described in Note 12, as well as Affiliate equity transactions, as more fully described in Notes 20 and 21.

Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

The Company is authorized to issue up to 5.0 million shares of Preferred Stock. Any such Preferred Stock issued by the Company may rank prior to common stock as to dividend rights, liquidation preference or both, may have full or limited voting rights and may be convertible into shares of common stock.

Common Stock

The Company is authorized to issue up to 150.0 million shares of Voting Common Stock and 3.0 million shares of Class B Non-Voting Common Stock. As more fully described in Note 8, the Company is party to an equity distribution program under which the Company may sell shares of its common stock.

The Company’s Board of Directors authorized share repurchase programs in January 2017 and May 2015, authorizing the Company to repurchase up to 1.9 million and 3.0 million, respectively, shares of its common stock, which do not expire. In 2016, the Company repurchased 0.2 million shares at an average price per share of $161.16.

The following is a summary of the Company’s recent share repurchase activity:



Period	Shares Repurchased	Average Price
2014	1.2	$	204.72
2015	1.7	209.39
2016	0.2	161.16

Financial Instruments

The Company’s junior convertible securities contain an embedded right for holders to receive shares of the Company’s common stock under certain conditions. These arrangements, as well as the equity distribution program, meet the definition of equity and are not required to be accounted for separately as derivative instruments.

Share-Based Compensation

12 Months Ended

Dec. 31, 2016

Share-Based Compensation

Share-Based Incentive Plans

The Company has established various plans under which it is authorized to grant restricted stock, restricted stock units, stock options and stock appreciation rights. Compensation payable under these plans is intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code. The Company may also grant cash awards that can be notionally invested in one or more specified measurement funds, including the Company’s common stock. Awards granted under the Company’s share-based incentive plans typically participate in any dividends declared, but such amounts are deferred until delivery of the shares and are forfeitable if the requisite service is not satisfied. Dividends may be paid in cash or may be reinvested in the Company’s common stock.

Share-Based Incentive Compensation

The following is a summary of share-based compensation expense:



Period	Share-Based Compensation Expense		Tax Benefit
2014	$	29.3	$	11.3
2015	34.2		13.2
2016	39.2		15.1

The excess tax benefit recognized from share-based incentive plans was $44.5 million and $5.1 million during the years ended December 31, 2015 and 2016, respectively. The excess tax benefit for the year ended December 31, 2015 was recorded as an increase to Additional paid-in capital and the excess tax benefit for the year ended December 31, 2016 was recorded as a reduction to Income taxes. The excess tax benefit for the year ended December 31, 2015 was classified as a financing cash flow and the excess tax benefit for the year ended December 31, 2016 was classified as an operating cash flow.

There was $70.6 million and $66.4 million of unrecognized compensation expense related to share-based compensation arrangements as of December 31, 2015 and 2016, respectively. The unrecognized compensation expense at December 31, 2016 will be recognized over a weighted average period of approximately three years (assuming no forfeitures).

Stock Options

The following table summarizes the transactions of the Company’s stock options:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—January 1, 2016	1.4		$	96.18
Options granted	0.4		122.82
Options exercised	(0.4	)	81.08
Options forfeited	(0.0	)	131.91
Unexercised options outstanding—December 31, 2016	1.4		108.53		2.8
Exercisable at December 31, 2016	0.9		101.38		1.3

The Company granted stock options with fair values of $0.6 million, $1.0 million, and $16.4 million in 2014, 2015 and 2016, respectively. Stock options generally vest over a period of three to five years and expire seven to ten years after the grant date. All options have been granted with exercise prices equal to the fair market value of the Company’s common stock on the date of grant.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of options exercised during the years ended December 31, 2014, 2015 and 2016 was $92.6 million, $130.2 million and $27.7 million, respectively. The cash received for options exercised was $57.8 million and $25.6 million during the years ended December 31, 2015 and 2016, respectively. As of December 31, 2016, the intrinsic value of exercisable options outstanding was $43.1 million, and 3.1 million options were available for grant under the Company’s option plans.

The fair value of options granted was estimated using the Black-Scholes option pricing model. The weighted average fair value of options granted during the years ended December 31, 2014, 2015 and 2016 was $60.20, $54.92, and $39.02 per option, respectively, based on the weighted-average grant date assumptions stated below.



	For the Years Ended December 31,
	2014		2015		2016
Dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility⁽¹⁾	29.7	%	26.7	%	30.7	%
Risk-free interest rate⁽²⁾	1.8	%	1.5	%	1.6	%
Expected life of options (in years)⁽³⁾	5.0		5.0		5.7
Forfeiture rate⁽³⁾	0.0	%	0.0	%	0.0	%

__________________________


⁽¹⁾	Expected volatility is based on historical and implied volatility.


⁽²⁾	Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.


⁽³⁾	Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

Restricted Stock

The following table summarizes the transactions of the Company’s restricted stock:



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—January 1, 2016	0.6		$	192.04
Units granted	0.2		122.59
Units vested	(0.2	)	181.87
Units forfeited	(0.0	)	171.51
Unvested units—December 31, 2016	0.6		168.84

The Company granted awards with fair values of $8.0 million, $50.7 million, and $28.0 million in 2014, 2015 and 2016, respectively. These awards were valued based on the closing price of the Company’s common stock on the date of grant and contain vesting conditions requiring service over a period of four years. In certain circumstances, awards also require certain performance conditions to be satisfied, and the Company may elect to settle the awards in shares of the Company’s common stock or cash.

As of December 31, 2016, the Company had 1.3 million shares available for grant under its plans.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Redeemable Non-Controlling Interests

Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2016

Noncontrolling Interest [Abstract]

Affiliate equity interests provide holders with a ratable portion of ownership in one of the Company’s consolidated Affiliates. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five and fifteen years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). The current redemption value of the Company’s Affiliate equity interests is presented as Redeemable non-controlling interests on the Consolidated Balance Sheets. Changes in the current redemption value are recorded to Additional paid-in capital. The following table presents the changes in Redeemable non-controlling interests:



	December 31,
	2015			2016
Balance, as of January 1	$	645.5		$	612.5
Repurchases of redeemable Affiliate equity	(161.3		)	(69.1		)
Transfers from Non-controlling interests	49.5			42.6
Changes in redemption value	81.6			71.4
Changes attributable to consolidated products	(2.8		)	16.1
Balance, as of December 31	$	612.5		$	673.5

Affiliate Equity

12 Months Ended

Dec. 31, 2016

Affiliate Equity

Affiliate Equity

Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. Distributions paid to Affiliate equity holders were $569.4 million, $431.4 million and $354.1 million for the years ended December 31, 2014, 2015 and 2016, respectively.

Affiliate equity interests provide the Company a conditional right to call (on an annual basis following an Affiliate equity holder’s departure) and Affiliate equity holders have a conditional right to put their interests at certain intervals (between five and fifteen years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). Affiliate equity holders are also permitted to sell their equity interests to other individuals or entities in certain cases, subject to the Company's approval or other restrictions. The purchase price of these conditional purchases are generally calculated based upon a multiple of cash flow distributions, which is intended to represent fair value. The Company, at its option, may pay for Affiliate equity purchases in cash, shares of its common stock or other forms of consideration and can consent to the transfer of these interests to other individuals or entities.

The Company periodically issues Affiliate equity interests to and repurchases Affiliate equity interests from its Affiliate equity holders. The amount of cash paid for repurchases was $32.6 million, $130.8 million and $115.8 million for the years ended December 31, 2014, 2015 and 2016, respectively. The total amount of cash received for issuances was $11.0 million, $6.1 million and $11.8 million for the years ended December 31, 2014, 2015 and 2016, respectively.

Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its Affiliate partners, employees and officers as a form of compensation. If the equity is issued for consideration below the fair value of the equity or repurchased for consideration above the fair value of the equity, then such difference is recorded as compensation expense over the requisite service period.

The following is a summary of Affiliate equity expense:



	2014		2015		2016
Controlling interest	$	47.4	$	16.9	$	10.0
Non-controlling interest	37.0		51.6		31.2
Total	$	84.4	$	68.5	$	41.2

The following is a summary of unrecognized Affiliate equity expense:



	Unrecognized Affiliate Equity Expense
Period	Controlling Interest		Remaining Life	Non-Controlling Interest		Remaining Life
2014	$	29.5	3 years	$	41.6	6 years
2015	22.4		3 years	51.9		5 years
2016	31.3		4 years	70.7		5 years

The Company records amounts receivable from and payable to Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total receivable was $22.6 million and $22.9 million at December 31, 2015 and 2016, respectively, and was included in Other assets. The total payable was $62.3 million and $12.1 million as of December 31, 2015 and 2016, respectively, and was included in Other liabilities.

Effects of Changes in the Company’s Ownership in Affiliates

The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recognized in the Consolidated Statements of Income or Comprehensive Income.

While the Company presents the current redemption value of Affiliate equity within Redeemable Non-Controlling Interests with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table discloses the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that settled during the periods:



	For the Years Ended December 31,
	2014			2015			2016
Net income (controlling interest)	$	433.9		$	509.5		$	472.8
Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances	4.1			0.9			1.6
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(33.2		)	(87.6		)	(38.0		)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$	404.8		$	422.8		$	436.4

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Benefit Plans	Benefit Plans The Company has three defined contribution plans consisting of a qualified employee profit-sharing plan covering substantially all of its full-time employees and several of its Affiliates, and non-qualified plans for certain senior employees. AMG’s other Affiliates generally have separate defined contribution retirement plans. Under each of the qualified plans, AMG and each participating Affiliate, as the case may be, are able to make discretionary contributions for the benefit of qualified plan participants up to Internal Revenue Service limits. The Company has a Deferred Compensation Plan that provides officers and directors of the Company the opportunity to voluntarily defer base salary, bonus payments and director fees, as applicable, on a pre-tax basis, and invest such deferred amounts in one or more specified measurement funds. While the Company has no obligation to do so, the Deferred Compensation Plan also provides the Company the opportunity to make discretionary contributions; in the event any such contributions are made, contributed amounts will be subject to vesting and forfeiture provisions. Consolidated expenses related to the Company’s benefit plans in 2014, 2015 and 2016 were $17.2 million, $18.7 million and $18.9 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

The consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to non-controlling interests is as follows:



	For the Years Ended December 31,
	2014			2015			2016
Controlling interests:
Current tax	$	149.8		$	152.4		$	168.1
Intangible-related deferred taxes	47.8			77.7			84.3
Other deferred taxes	34.0			27.7			(23.2		)
Total controlling interests	231.6			257.8			229.2
Non-controlling interests:
Current tax	$	15.3		$	9.8		$	8.2
Deferred taxes	(0.8		)	(4.2		)	(1.8		)
Total non-controlling interests	14.5			5.6			6.4
Provision for income taxes	$	246.1		$	263.4		$	235.6
Income before income taxes (controlling interest)	$	665.5		$	767.3		$	702.0
Effective tax rate attributable to controlling interests⁽¹⁾	34.8		%	33.6		%	32.6		%

__________________________


⁽¹⁾	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

The consolidated provision for income taxes consisted of the following:



	For the Years Ended December 31,
	2014			2015			2016
Current:
Federal	$	93.8		$	106.3		$	103.4
State	27.1			18.3			22.9
Foreign	44.2			37.6			50.0
Total current	165.1			162.2			176.3
Deferred:
Federal	89.0			103.8			62.3
State	2.8			14.8			10.0
Foreign	(10.8		)	(17.4		)	(13.0		)
Total deferred	81.0			101.2			59.3
Provision for income taxes	$	246.1		$	263.4		$	235.6

For financial reporting purposes, Income before income taxes consisted of the following:



	For the Years Ended December 31,
	2014		2015		2016
Domestic	$	784.1	$	827.6	$	688.1
International	229.5		263.0		286.5
	$	1,013.6	$	1,090.6	$	974.6

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:



	For the Years Ended December 31,
	2014		2015		2016
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	2.3		2.6		2.9
Effect of foreign operations⁽¹⁾	(5.3	)	(3.5	)	(4.6	)
Equity Compensation	2.5		0.8		(0.4	)
Effect of changes in tax law, rates⁽²⁾	—		(0.8	)	(0.3	)
Other	0.3		(0.5	)	—
Effective tax rate (controlling interest)	34.8	%	33.6	%	32.6	%
Effect of income from non-controlling interests	(9.6	)	(9.2	)	(8.4	)
Effective tax rate	25.2	%	24.4	%	24.2	%

__________________________


⁽¹⁾	Effect of foreign operations includes the effect of undistributed foreign earnings the Company deems indefinitely reinvested in foreign operations, and the effect of differences in the financial reporting basis over tax basis in the Company’s investments in foreign subsidiaries considered permanent in duration.


⁽²⁾	Effect of changes in tax law, rates reflects the impact of the reduction in the UK tax rates in years 2015 and 2016.

Deferred income taxes reflect the expected future tax consequences of temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities. The significant components of the Company’s deferred income taxes are as follows:



	December 31,
	2015			2016
Deferred Tax Assets
Deferred compensation	$	30.5		$	34.1
State net operating loss carryforwards	17.1			17.4
Foreign loss carryforwards	12.3			14.6
Tax benefit of uncertain tax positions	14.6			12.1
Foreign tax credits	—			10.0
Accrued expenses	4.4			3.9
Total deferred tax assets	78.9			92.1
Valuation allowance	(20.5		)	(22.1		)
Deferred tax assets, net of valuation allowance	$	58.4		$	70.0
Deferred Tax Liabilities
Intangible asset amortization	$	(320.2	)	$	(396.8	)
Non-deductible intangible amortization	(109.8		)	(177.0		)
Convertible securities interest	(99.8		)	(109.0		)
Deferred income	(92.8		)	(47.2		)
Other	(1.5		)	(0.8		)
Total deferred tax liabilities	(624.1		)	(730.8		)
Net deferred tax liability	$	(565.7	)	$	(660.8	)

At December 31, 2016, the Company had available state net operating loss carryforwards of $489.7 million, which will expire over a 19-year period. At December 31, 2016, the Company had foreign loss carryforwards of $55.1 million, of which $47.7 million will expire over a 20-year period and the balance will carry forward indefinitely. At December 31, 2016, the Company had foreign tax credits of $10.0 million, which will expire in 2026.

The Company believes that it is more-likely-than-not that the benefit from a portion of the state and foreign loss carryforwards will not be realized and has, therefore, recorded a valuation allowance of $22.1 million on the deferred tax assets related to these state and foreign loss carryforwards. For the years ended December 31, 2015 and 2016, the Company increased its valuation allowance $2.1 million and $1.6 million, respectively, related to an increase in the loss carryforwards that are not expected to be realized.

The Company does not provide for U.S. income taxes on the excess of the financial reporting basis over tax basis in the Company’s investments in foreign subsidiaries considered permanent in duration. Such amount would generally become taxable upon the repatriation of assets from, or a sale or liquidation of, the subsidiaries. As of December 31, 2016, the amount of such difference was $222.9 million. The Company also considers certain undistributed earnings of a foreign subsidiary to be indefinitely reinvested and, accordingly, has not provided U.S. income taxes on these earnings. As of December 31, 2016, the cumulative amount of indefinitely reinvested foreign earnings was $65.0 million. Determination of the potential amount of unrecognized deferred U.S. income tax liability related to these amounts is not practicable because of the numerous assumptions associated with this hypothetical calculation. However, foreign tax credits would be available to reduce some portion of the deferred U.S. income tax liability.

A reconciliation of the changes in unrecognized tax benefits is as follows:



	For the Years Ended December 31,
	2014			2015			2016
Balance, as of January 1	$	20.4		$	28.8		$	26.9
Additions based on current year tax positions	2.6			2.2			3.8
Additions based on prior years’ tax positions	10.8			1.6			0.6
Reductions related to lapses of statutes of limitations	(4.1		)	(4.3		)	(4.7		)
Additions (reductions) related to foreign exchange rates	(0.9		)	(1.4		)	0.2
Balance, as of December 31	$	28.8		$	26.9		$	26.8

Included in the balance of unrecognized tax benefits at December 31, 2014, 2015 and 2016 are $26.4 million, $25.3 million, and $26.0 million, respectively, of tax benefits that, if recognized, would favorably affect the Company’s effective tax rate.

The Company records accrued interest and penalties, if any, related to unrecognized tax benefits in Income taxes. The Company had $1.6 million, $1.8 million and $1.4 million in interest related to unrecognized tax benefits accrued at December 31, 2014, 2015 and 2016, respectively, which are included in the table above. For the years ended December 31, 2014, 2015 and 2016, no significant interest or penalties were recorded in Income taxes.

The Company is subject to U.S. federal, state and local, and foreign income tax in multiple jurisdictions. The Company is also periodically subject to tax examinations in these jurisdictions. The completion of examinations may result in the payment of additional taxes and/or the recognition of tax benefits. The Company is generally no longer subject to income tax examinations by U.S. federal, state and local, or foreign taxing authorities for periods prior to 2011.

The Company does not expect any significant changes to its liability for tax benefits during the next twelve months.

Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:



	For the Years Ended December 31,
	2014		2015		2016
Numerator
Net income (controlling interest)	$	433.9	$	509.5	$	472.8
Interest expense on convertible securities, net of taxes	15.2		15.3		15.5
Net income (controlling interest), as adjusted	$	449.1	$	524.8	$	488.3
Denominator
Average shares outstanding (basic)	55.0		54.3		54.2
Effect of dilutive instruments:
Stock options and restricted stock	1.2		0.7		0.6
Forward sale agreement	0.0		—		—
Junior convertible securities	2.2		2.2		2.2
Average shares outstanding (diluted)	58.4		57.2		57.0

Average shares outstanding (diluted) in the table above exclude the anti-dilutive effect of the following shares:



	For the Years Ended December 31,
	2014	2015	2016
Stock options and restricted stock units	0.0	0.0	0.6
Junior convertible securities	0.4	—	—

As discussed further in Note 21, the Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intent to settle these potential repurchases in cash, the calculation of diluted earnings per share excludes any potential dilutive effect from possible share settlements.

Comprehensive Income

12 Months Ended

Dec. 31, 2016

Comprehensive Income

The following tables show the tax effects allocated to each component of Other comprehensive income:



	For the Year Ended December 31, 2014
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(62.0	)	$	—		$	(62.0	)
Change in net realized and unrealized gain (loss) on derivative securities	0.6			(0.3		)	0.3
Change in net unrealized gain (loss) on investment securities	5.6			(2.2		)	3.4
Other comprehensive income (loss)	$	(55.8	)	$	(2.5	)	$	(58.3	)



	For the Year Ended December 31, 2015
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(93.2	)	$	—		$	(93.2	)
Change in net realized and unrealized gain (loss) on derivative securities	2.3			(0.4		)	1.9
Change in net unrealized gain (loss) on investment securities	34.8			(12.7		)	22.1
Other comprehensive income (loss)	$	(56.1	)	$	(13.1	)	$	(69.2	)



	For the Year Ended December 31, 2016
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(115.3	)	$	—		$	(115.3	)
Change in net realized and unrealized gain (loss) on derivative securities	0.3			(0.2		)	0.1
Change in net unrealized gain (loss) on investment securities	(58.3		)	23.1			(35.2		)
Other comprehensive income (loss)	$	(173.3	)	$	22.9		$	(150.4	)

The components of accumulated other comprehensive income (loss), net of taxes, were as follows:



	Foreign Currency Translation Adjustment			Realized and Unrealized Losses on Derivative Securities			Unrealized Gain (Loss) on Investment Securities ⁽¹⁾			Total
Balance, as of December 31, 2014	$	(5.4	)	$	(1.6	)	$	22.9		$	15.9
Other comprehensive income (loss) before reclassifications	(93.2		)	0.8			13.5			(78.9		)
Amounts reclassified from other comprehensive income	—			1.1			8.6			9.7
Net other comprehensive income (loss)	(93.2		)	1.9			22.1			(69.2		)
Balance, as of December 31, 2015	$	(98.6	)	$	0.3		$	45.0		$	(53.3	)
Other comprehensive income (loss) before reclassifications	(115.3		)	(1.0		)	(22.5		)	(138.8		)
Amounts reclassified from other comprehensive income	—			1.1			(12.7		)	(11.6		)
Net other comprehensive income (loss)	(115.3		)	0.1			(35.2		)	(150.4		)
Balance, as of December 31, 2016	$	(213.9	)	$	0.4		$	9.8		$	(203.7	)

__________________________


⁽¹⁾	See Note 2 for amounts reclassified from Other comprehensive income.

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6522872

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Selected Quarterly Financial Data (Unaudited)

The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2015 and 2016.



	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	635.0	$	646.6	$	613.1	$	589.8
Operating income	231.4		195.2		215.2		193.2
Income before income taxes	290.3		262.0		249.1		289.2
Net income (controlling interest)	126.7		127.6		107.7		147.5
Earnings per share (diluted)	$	2.26	$	2.29	$	1.96	$	2.67



	2016
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	545.4	$	554.1	$	544.7	$	550.3
Operating income	178.8		181.8		171.0		173.8
Income before income taxes	230.5		235.9		226.2		281.9
Net income (controlling interest)	104.0		108.3		110.2		150.2
Earnings per share (diluted)	$	1.90	$	1.98	$	2.02	$	2.67

Segment and Geographic Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment and Geographic Information



	As of and for the Year Ended December 31, 2014
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	1,022.8	$	1,242.6	$	245.5	$	2,510.9
Net income (controlling interest)	217.9		172.9		43.1		433.9
Total assets	3,731.4		3,077.5		874.6		7,683.5
Goodwill	1,159.1		1,125.3		368.4		2,652.8
Equity method investments in Affiliates	1,533.8		150.3		99.4		1,783.5



	As of and for the Year Ended December 31, 2015
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	979.4	$	1,238.2	$	266.9	$	2,484.5
Net income (controlling interest)	226.4		226.8		56.3		509.5
Total assets	3,717.1		3,070.5		981.8		7,769.4
Goodwill	1,141.3		1,119.5		407.6		2,668.4
Equity method investments in Affiliates	1,609.3		185.7		142.1		1,937.1



	As of and for the Year Ended December 31, 2016
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	878.5	$	1,036.0	$	280.1	$	2,194.6
Net income (controlling interest)	246.7		177.8		48.3		472.8
Total assets	4,386.4		3,360.4		1,002.3		8,749.1
Goodwill	1,136.2		1,082.5		409.4		2,628.1
Equity method investments in Affiliates	2,796.9		412.2		159.2		3,368.3

The following table presents Revenue and Fixed Assets, net of the Company by geographic location. Revenue by geographic location is primarily based on the location of an Affiliate.



	For the Years Ended December 31,
	2014		2015		2016
Revenue
United States	$	1,731.5	$	1,657.2	$	1,477.5
United Kingdom	567.1		645.3		566.4
Other	212.3		182.0		150.7
Total	$	2,510.9	$	2,484.5	$	2,194.6



	December 31,
	2014		2015		2016
Fixed Assets, net
United States	$	80.2	$	98.6	$	97.3
United Kingdom	11.9		12.3		9.9
Other	3.3		3.2		2.9
Total	$	95.4	$	114.1	$	110.1

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Valuation and Qualifying Accounts [Abstract]

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 5, 2017, the Company completed a minority investment in Forbes Family Trust. On January 30, 2017, the Company announced the initiation of a quarterly cash dividend program, and declared a $0.20 per share dividend, paid on February 23, 2017 to all holders of record of the Company’s common stock as of February 9, 2017. As of February 21, 2017, the Company had repurchased 0.4 million shares of common stock, at an average share price of $159.91 in 2017.

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2016

Schedule II Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts



(in millions)	Balance Beginning of Period		Additions Charged to Costs and Expenses		Additions Charged to Other Accounts		Deductions		Balance End of Period
Income Tax Valuation Allowance
Year Ending December 31,
2016	$	20.5	$	1.3	$	0.3	$	—	$	22.1
2015	18.4		2.1		—		—		20.5
2014	36.6		—		—		18.2		18.4

Other Allowances⁽¹⁾
Year Ending December 31,
2016	$	10.6	$	5.0	$	—	$	5.3	$	10.3
2015	12.1		0.7		—		2.2		10.6
2014	8.8		4.7		—		1.4		12.1

__________________________


⁽¹⁾	Other Allowances represented reserves on notes received in connection with transfers of our interests in certain Affiliates as well as other receivable amounts, which we considered uncollectible.

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Principles of Consolidation

Investments in Affiliates

Affiliate Sponsored Investment Vehicles

Cash and Cash Equivalents

Receivables

Investments in Marketable Securities

Fair Value Measurements

Level 1 - Unadjusted quoted market prices for identical instruments in active markets;

Fixed Assets

Leases

Equity Investments in Affiliates

Equity Method Investments in Affiliates

Acquired Client Relationships and Goodwill

Issuance Costs

Derivative Financial Instruments

Contingent Payment Arrangements

Income Taxes

Foreign Currency Translation

Concentration of Credit Risk

Revenue Recognition

Earnings Per Share

Share-Based Compensation Plans

Segment Information

Recent Accounting Developments

Effective January 1, 2016, the Company adopted several updates to accounting standards as follows:


•	ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis (“ASU 2015-02: Consolidation”);


•	ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs;


•	ASU 2015-07, Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent);


•	ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments; and


•	ASU 2016-09, Stock Compensation: Improvements to Employee Share-Based Payment Accounting.

The adoption of these updates did not have a significant impact on the Company’s Consolidated Financial Statements.

Fair Value of Financial Instruments

The following are descriptions of the significant financial assets and liabilities measured at fair value and the fair value methodologies used.

Cash equivalents consist primarily of highly liquid investments in daily redeeming money market funds, without enacted liquidity fees or redemption gates.

Foreign currency forward contracts use model-derived valuations in which all significant inputs are observable in active markets to determine fair value and are classified as level 2.

It is the Company’s policy to value financial assets or liabilities transferred as of the beginning of the period in which the transfer occurs.

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2016

Marketable Securities [Abstract]

Summary of the Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments

The following is a summary of the cost, gross unrealized gains and losses and fair value of investments classified as available-for-sale and trading:



	Available-for-Sale						Trading
	December 31, 2015			December 31, 2016			December 31, 2015			December 31, 2016
Cost	$	104.7		$	66.1		$	19.8		$	34.4
Unrealized Gains	77.6			17.6			1.9			6.6
Unrealized Losses	(1.8		)	(1.8		)	(2.3		)	(0.5		)
Fair Value	$	180.5		$	81.9		$	19.4		$	40.5

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

Schedule of Net Assets and Liabilities and Maximum Risk of Losses Related to Unconsolidated VIEs

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2016

Variable Interest Entities

The net assets and liabilities of unconsolidated VIEs and the Company’s maximum risk of loss were as follows:



	December 31, 2015				December 31, 2016
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Risk of Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Risk of Loss
Sponsored investment funds	$	6,688.9	$	1.4	$	1,756.6	$	9.4

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Senior Notes (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Principal Terms of Senior Notes

2024

Senior

Notes

2025

Senior

Notes

2042

Senior

Notes

Issue date

February 2014

February 2015

August 2012

Maturity date

February 2024

August 2025

August 2042

Potential Call Date

Any Time ⁽¹⁾

August 2017

Par value (in millions)

400.0

350.0

200.0

Call Price

As Defined⁽¹⁾

At Par

Stated coupon

4.25

3.50

6.375

Coupon frequency

Semi-annually

Quarterly

__________________________


⁽¹⁾	The 2024 and 2025 senior notes may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest.

Convertible Securities (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Carrying Value of Convertible Securities

The carrying value and principal amount at maturity of the junior convertible securities were as follows:



	December 31, 2015				December 31, 2016
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
Junior convertible securities⁽¹⁾	$	305.2	$	430.8	$	307.5	$	430.8

__________________________


⁽¹⁾	The carrying value is accreted to the principal amount at maturity over a remaining life of 21 years.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:



			Fair Value Measurements
	December 31, 2015		Fair Value Measurements
	December 31, 2015		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	65.9	$	65.9	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	19.4		19.4		—		—
Available-for-sale securities	180.5		180.5		—		—
Other investments⁽²⁾	23.3		20.7		2.6		—
Financial Liabilities⁽³⁾
Contingent payment arrangements	$	10.2	$	—	$	—	$	10.2
Affiliate equity obligations	62.3		—		—		62.3



			Fair Value Measurements
	December 31, 2016		Fair Value Measurements
	December 31, 2016		Level 1		Level 2		Level 3
Financial Assets
Cash equivalents	$	64.1	$	64.1	$	—	$	—
Investments in marketable securities⁽¹⁾
Trading securities	40.5		40.5		—		—
Available for sale securities	81.9		81.9		—		—
Other investments⁽²⁾	3.4		3.4		—		—
Foreign currency forward contracts⁽³⁾	0.6		—		0.6		—
Financial Liabilities⁽³⁾
Contingent payment arrangements	$	8.6	$	—	$	—	$	8.6
Affiliate equity obligations	12.1		—		—		12.1
Foreign currency forward contracts	0.5		—		0.5		—

__________________________


⁽¹⁾	Principally investments in equity securities.


⁽²⁾	The Company adopted ASU 2015-07 and no longer includes $126.0 million and $144.1 million as of December 31, 2015 and 2016, respectively, of investments in certain entities for which fair value was measured using NAV as a practical expedient.


⁽³⁾	Amounts are presented within Other assets or Other liabilities.

Schedule of Changes in Level 3 Financial Assets and Liabilities

The following table presents the changes in Level 3 liabilities:



	For the Years Ended December 31,
	2015							2016
	Contingent Payment Arrangements				Affiliate Equity Obligations			Contingent Payment Arrangements				Affiliate Equity Obligations
Balance, beginning of period	$	59.3			$	21.5		$	10.2			$	62.3
Net (gains) losses	(40.9		)	⁽¹⁾	(1.4		)	(1.6		)	⁽¹⁾	3.1
Purchases and issuances	9.3				158.0			—				69.1
Settlements and reductions	(17.5		)		(115.8		)	—				(122.4		)
Balance, end of period	$	10.2			$	62.3		$	8.6			$	12.1

Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$	(40.9	)		$	—		$	(1.6	)		$	—

__________________________


⁽¹⁾	Accretion and changes in the expected value of the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.

Schedule of Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s level 3 financial liabilities:



	Quantitative Information about Level 3 Fair Value Measurements
	Valuation Techniques	Unobservable Input	Fair Value at December 31, 2015		Range at December 31, 2015	Fair Value at December 31, 2016		Range at December 31, 2016
Contingent payment arrangements	Discounted cash flow	Growth rates	$	10.2	3% - 8%	$	8.6	3% - 8%
		Discount rates			15%			14% - 15%
Affiliate equity obligations	Discounted cash flow	Growth rates	62.3		1% - 9%	12.1		4% - 10%
		Discount rates			14% - 15%			15% - 16%

Schedule of Investments

The following table summarizes the nature of these investments and any related liquidity restrictions or other factors that may impact the ultimate value realized:



	December 31, 2015				December 31, 2016
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity⁽¹⁾	$	126.0	$	76.8	$	137.8	$	92.2
Other funds⁽²⁾	72.3		—		36.8		—
	$	198.3	$	76.8	$	174.6	$	92.2

__________________________


⁽¹⁾	These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years. The fair value of private equity funds is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).


⁽²⁾	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily, monthly or quarterly basis.

Summary of Financial Liabilities not Carried at Fair Value



	December 31, 2015				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	944.6	$	966.3	$	945.1	$	936.0	Level 2
Convertible securities	305.2		483.6		307.5		466.9		Level 2

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Purchase Price Allocation for Investments

The aggregate purchase price allocation for the 2015 investments was as follows:



	Total
Consideration paid	$	76.1
Contingent payment obligations	9.3
Non-controlling interests	33.8
Enterprise value	$	119.2

Acquired client relationships	$	52.5
Tangible assets, net	2.4
Goodwill	64.3
	$	119.2

Schedule of Goodwill Allocation by Segment

The excess of the enterprise value over the separately identifiable net assets acquired was recorded as goodwill and the segment allocation was as follows:



	Total
Institutional	14.4	%
Mutual Fund	—	%
High Net Worth	85.6	%

Schedule of Unaudited Pro Forma Financial Results



	For the Years Ended December 31,
	2014 (Unaudited)		2015 (Unaudited)
Revenue	$	2,538.2	$	2,499.4
Net income (controlling interest)	436.3		511.4
Earnings per share (basic)	$	7.93	$	9.41
Earnings per share (diluted)	$	7.74	$	9.20

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following tables present the change in Goodwill and components of Acquired client relationships, net of the Company’s consolidated Affiliates:



	Goodwill
	Institutional			Mutual Fund			High Net Worth			Total
Balance, as of December 31, 2014	$	1,159.1		$	1,125.3		$	368.4		$	2,652.8
Goodwill acquired	9.2			—			55.1			64.3
Foreign currency translation	(27.0		)	(5.8		)	(15.9		)	(48.7		)
Balance, as of December 31, 2015	$	1,141.3		$	1,119.5		$	407.6		$	2,668.4
Goodwill acquired	—			—			—			—
Foreign currency translation	(5.1		)	(37.0		)	1.8			(40.3		)
Balance, as of December 31, 2016	$	1,136.2		$	1,082.5		$	409.4		$	2,628.1

Schedule of Changes in, and the Components of, Acquired Client Relationships



	Acquired Client Relationships
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2014	$	1,255.1		$	(565.0	)	$	690.1		$	1,088.3		$	1,778.4
New Investments	52.5			—			52.5			—			52.5
Intangible amortization and impairments	—			(115.4		)	(115.4		)	—			(115.4		)
Foreign currency translation	(5.8		)	—			(5.8		)	(23.3		)	(29.1		)
Balance, as of December 31, 2015	$	1,301.8		$	(680.4	)	$	621.4		$	1,065.0		$	1,686.4
New Investments	—			—			—			—			—
Intangible amortization and impairments	—			(107.7		)	(107.7		)	(2.5		)	(110.2		)
Foreign currency translation	(11.8		)	—			(11.8		)	(67.0		)	(78.8		)
Balance, as of December 31, 2016	$	1,290.0		$	(788.1	)	$	501.9		$	995.5		$	1,497.4

Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments in Affiliates

The following table presents summarized financial information for Affiliates accounted for under the equity method:



	For the Years Ended December 31,
	2014⁽¹⁾⁽²⁾		2015⁽¹⁾⁽²⁾		2016⁽²⁾
Revenue	$	1,869.3	$	2,217.1	$	2,200.9
Net income	253.8		431.5		1,068.9



	December 31,
	2015⁽³⁾		2016
Assets	$	30,663.4	$	1,915.3
Liabilities and Non-controlling interest	29,434.7		862.4

__________________________


⁽¹⁾	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.


⁽²⁾	Revenue and Net income reflect investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.


⁽³⁾	Assets consist primarily of investment securities in consolidated investment partnerships, which are generally held by non-controlling interests.

The following table presents the change in Equity method investments in Affiliates:



	Total
Balance, December 31, 2014	$	1,783.5
Equity method earnings	323.2
Equity method intangible amortization	(34.3		)
Distributions from equity method investments	(346.1		)
Consideration for new investments	223.4
Foreign currency translation	(4.7		)
Other⁽¹⁾	(7.9		)
Balance, December 31, 2015	$	1,937.1
Equity method earnings	388.0
Equity method intangible amortization	(59.2		)
Distributions from equity method investments	(346.4		)
Consideration for new investments	1,361.3
Foreign currency translation	8.0
Other⁽¹⁾	79.5
Balance, December 31, 2016	$	3,368.3

__________________________


⁽¹⁾	Includes incremental basis related to deferred income taxes of $4.3 million and $93.3 million in 2015 and 2016, respectively.

Schedule of Financial Information for Affiliates Accounted for Under the Equity Method

The following table presents summarized financial information for Affiliates accounted for under the equity method:



	For the Years Ended December 31,
	2014⁽¹⁾⁽²⁾		2015⁽¹⁾⁽²⁾		2016⁽²⁾
Revenue	$	1,869.3	$	2,217.1	$	2,200.9
Net income	253.8		431.5		1,068.9



	December 31,
	2015⁽³⁾		2016
Assets	$	30,663.4	$	1,915.3
Liabilities and Non-controlling interest	29,434.7		862.4

__________________________


⁽¹⁾	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.


⁽²⁾	Revenue and Net income reflect investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.


⁽³⁾	Assets consist primarily of investment securities in consolidated investment partnerships, which are generally held by non-controlling interests.

The following table presents the change in Equity method investments in Affiliates:



	Total
Balance, December 31, 2014	$	1,783.5
Equity method earnings	323.2
Equity method intangible amortization	(34.3		)
Distributions from equity method investments	(346.1		)
Consideration for new investments	223.4
Foreign currency translation	(4.7		)
Other⁽¹⁾	(7.9		)
Balance, December 31, 2015	$	1,937.1
Equity method earnings	388.0
Equity method intangible amortization	(59.2		)
Distributions from equity method investments	(346.4		)
Consideration for new investments	1,361.3
Foreign currency translation	8.0
Other⁽¹⁾	79.5
Balance, December 31, 2016	$	3,368.3

__________________________


⁽¹⁾	Includes incremental basis related to deferred income taxes of $4.3 million and $93.3 million in 2015 and 2016, respectively.

Fixed Assets and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2016

Fixed Assets and Lease Commitments [Abstract]

Schedule of Fixed Assets

Fixed assets consisted of the following:



	December 31,
	2015			2016
Building and leasehold improvements	$	104.7		$	103.5
Software	45.4			52.5
Equipment	39.9			39.5
Furniture and fixtures	22.4			20.8
Land, improvements and other	18.6			17.9
Fixed assets, at cost	231.0			234.2
Accumulated depreciation and amortization	(116.9		)	(124.1		)
Fixed assets, net	$	114.1		$	110.1

Schedule of Aggregate Future Minimum Payments for Operating Leases

At December 31, 2016, the Company’s aggregate future minimum payments for operating leases having initial or non-cancelable lease terms greater than one year were payable as follows:



	Required Minimum Payments ⁽¹⁾
2017	$	37.7
2018	34.7
2019	31.7
2020	30.0
2021	27.4
Thereafter	57.4

__________________________


⁽¹⁾	The controlling interest portion is $11.5 million through 2017, $11.4 million in 2018, $10.8 million in 2019, $10.0 million in 2020, $9.3 million in 2021 and $29.3 million thereafter.

Payables and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Payables and accrued liabilities consisted of the following:



	December 31,
	2015		2016
Accrued compensation	$	455.0	$	418.5
Unsettled fund share payables	76.6		83.2
Accrued income taxes	67.9		87.7
Accrued professional fees	31.4		26.1
Other	98.5		113.8
Payables and accrued liabilities	$	729.4	$	729.3

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Recent Share Repurchase Activity

The following is a summary of the Company’s recent share repurchase activity:



Period	Shares Repurchased	Average Price
2014	1.2	$	204.72
2015	1.7	209.39
2016	0.2	161.16

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Recent Share-Based Compensation Expense

The following is a summary of share-based compensation expense:



Period	Share-Based Compensation Expense		Tax Benefit
2014	$	29.3	$	11.3
2015	34.2		13.2
2016	39.2		15.1

Schedule of Transactions of the Company's Stock Options

The following table summarizes the transactions of the Company’s stock options:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—January 1, 2016	1.4		$	96.18
Options granted	0.4		122.82
Options exercised	(0.4	)	81.08
Options forfeited	(0.0	)	131.91
Unexercised options outstanding—December 31, 2016	1.4		108.53		2.8
Exercisable at December 31, 2016	0.9		101.38		1.3

Schedule of Assumptions Used to Determine Fair Value of Options Granted



	For the Years Ended December 31,
	2014		2015		2016
Dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility⁽¹⁾	29.7	%	26.7	%	30.7	%
Risk-free interest rate⁽²⁾	1.8	%	1.5	%	1.6	%
Expected life of options (in years)⁽³⁾	5.0		5.0		5.7
Forfeiture rate⁽³⁾	0.0	%	0.0	%	0.0	%

__________________________


⁽¹⁾	Expected volatility is based on historical and implied volatility.


⁽²⁾	Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.


⁽³⁾	Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

Summary of Transactions of the Company's Restricted Stock

The following table summarizes the transactions of the Company’s restricted stock:



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—January 1, 2016	0.6		$	192.04
Units granted	0.2		122.59
Units vested	(0.2	)	181.87
Units forfeited	(0.0	)	171.51
Unvested units—December 31, 2016	0.6		168.84

Redeemable Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2016

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Non-Controlling Interests

The following table presents the changes in Redeemable non-controlling interests:



	December 31,
	2015			2016
Balance, as of January 1	$	645.5		$	612.5
Repurchases of redeemable Affiliate equity	(161.3		)	(69.1		)
Transfers from Non-controlling interests	49.5			42.6
Changes in redemption value	81.6			71.4
Changes attributable to consolidated products	(2.8		)	16.1
Balance, as of December 31	$	612.5		$	673.5

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2016

Affiliate Equity

Summary of Affiliate Equity Expense

The following is a summary of Affiliate equity expense:



	2014		2015		2016
Controlling interest	$	47.4	$	16.9	$	10.0
Non-controlling interest	37.0		51.6		31.2
Total	$	84.4	$	68.5	$	41.2

Summary of Affiliate Equity Unrecognized Expense

The following is a summary of unrecognized Affiliate equity expense:



	Unrecognized Affiliate Equity Expense
Period	Controlling Interest		Remaining Life	Non-Controlling Interest		Remaining Life
2014	$	29.5	3 years	$	41.6	6 years
2015	22.4		3 years	51.9		5 years
2016	31.3		4 years	70.7		5 years

Schedule of the Effect of Changes in the Company's Ownership Interest in its Affiliates on the Controlling Interest's Equity



	For the Years Ended December 31,
	2014			2015			2016
Net income (controlling interest)	$	433.9		$	509.5		$	472.8
Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances	4.1			0.9			1.6
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases	(33.2		)	(87.6		)	(38.0		)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests	$	404.8		$	422.8		$	436.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision Attributable to Controlling and Non-Controlling Interests

The consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to non-controlling interests is as follows:



	For the Years Ended December 31,
	2014			2015			2016
Controlling interests:
Current tax	$	149.8		$	152.4		$	168.1
Intangible-related deferred taxes	47.8			77.7			84.3
Other deferred taxes	34.0			27.7			(23.2		)
Total controlling interests	231.6			257.8			229.2
Non-controlling interests:
Current tax	$	15.3		$	9.8		$	8.2
Deferred taxes	(0.8		)	(4.2		)	(1.8		)
Total non-controlling interests	14.5			5.6			6.4
Provision for income taxes	$	246.1		$	263.4		$	235.6
Income before income taxes (controlling interest)	$	665.5		$	767.3		$	702.0
Effective tax rate attributable to controlling interests⁽¹⁾	34.8		%	33.6		%	32.6		%

__________________________


⁽¹⁾	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Schedule of Consolidated Provision for Income Taxes

The consolidated provision for income taxes consisted of the following:



	For the Years Ended December 31,
	2014			2015			2016
Current:
Federal	$	93.8		$	106.3		$	103.4
State	27.1			18.3			22.9
Foreign	44.2			37.6			50.0
Total current	165.1			162.2			176.3
Deferred:
Federal	89.0			103.8			62.3
State	2.8			14.8			10.0
Foreign	(10.8		)	(17.4		)	(13.0		)
Total deferred	81.0			101.2			59.3
Provision for income taxes	$	246.1		$	263.4		$	235.6

Schedule of Components of Income before Income Taxes

For financial reporting purposes, Income before income taxes consisted of the following:



	For the Years Ended December 31,
	2014		2015		2016
Domestic	$	784.1	$	827.6	$	688.1
International	229.5		263.0		286.5
	$	1,013.6	$	1,090.6	$	974.6

Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:



	For the Years Ended December 31,
	2014		2015		2016
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	2.3		2.6		2.9
Effect of foreign operations⁽¹⁾	(5.3	)	(3.5	)	(4.6	)
Equity Compensation	2.5		0.8		(0.4	)
Effect of changes in tax law, rates⁽²⁾	—		(0.8	)	(0.3	)
Other	0.3		(0.5	)	—
Effective tax rate (controlling interest)	34.8	%	33.6	%	32.6	%
Effect of income from non-controlling interests	(9.6	)	(9.2	)	(8.4	)
Effective tax rate	25.2	%	24.4	%	24.2	%

__________________________


⁽¹⁾	Effect of foreign operations includes the effect of undistributed foreign earnings the Company deems indefinitely reinvested in foreign operations, and the effect of differences in the financial reporting basis over tax basis in the Company’s investments in foreign subsidiaries considered permanent in duration.

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred income taxes are as follows:



	December 31,
	2015			2016
Deferred Tax Assets
Deferred compensation	$	30.5		$	34.1
State net operating loss carryforwards	17.1			17.4
Foreign loss carryforwards	12.3			14.6
Tax benefit of uncertain tax positions	14.6			12.1
Foreign tax credits	—			10.0
Accrued expenses	4.4			3.9
Total deferred tax assets	78.9			92.1
Valuation allowance	(20.5		)	(22.1		)
Deferred tax assets, net of valuation allowance	$	58.4		$	70.0
Deferred Tax Liabilities
Intangible asset amortization	$	(320.2	)	$	(396.8	)
Non-deductible intangible amortization	(109.8		)	(177.0		)
Convertible securities interest	(99.8		)	(109.0		)
Deferred income	(92.8		)	(47.2		)
Other	(1.5		)	(0.8		)
Total deferred tax liabilities	(624.1		)	(730.8		)
Net deferred tax liability	$	(565.7	)	$	(660.8	)

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the changes in unrecognized tax benefits is as follows:



	For the Years Ended December 31,
	2014			2015			2016
Balance, as of January 1	$	20.4		$	28.8		$	26.9
Additions based on current year tax positions	2.6			2.2			3.8
Additions based on prior years’ tax positions	10.8			1.6			0.6
Reductions related to lapses of statutes of limitations	(4.1		)	(4.3		)	(4.7		)
Additions (reductions) related to foreign exchange rates	(0.9		)	(1.4		)	0.2
Balance, as of December 31	$	28.8		$	26.9		$	26.8

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator used in the Calculation of Basic and Diluted Earnings per Share

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:



	For the Years Ended December 31,
	2014		2015		2016
Numerator
Net income (controlling interest)	$	433.9	$	509.5	$	472.8
Interest expense on convertible securities, net of taxes	15.2		15.3		15.5
Net income (controlling interest), as adjusted	$	449.1	$	524.8	$	488.3
Denominator
Average shares outstanding (basic)	55.0		54.3		54.2
Effect of dilutive instruments:
Stock options and restricted stock	1.2		0.7		0.6
Forward sale agreement	0.0		—		—
Junior convertible securities	2.2		2.2		2.2
Average shares outstanding (diluted)	58.4		57.2		57.0

Diluted Earnings per Share Calculations Excluding the Anti-dilutive Effect of Shares

anti-dilutive effect of the following shares:



	For the Years Ended December 31,
	2014	2015	2016
Stock options and restricted stock units	0.0	0.0	0.6
Junior convertible securities	0.4	—	—

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2016

Summary of the Tax Effects Allocated to each Component of Other Comprehensive Income

The following tables show the tax effects allocated to each component of Other comprehensive income:



	For the Year Ended December 31, 2014
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(62.0	)	$	—		$	(62.0	)
Change in net realized and unrealized gain (loss) on derivative securities	0.6			(0.3		)	0.3
Change in net unrealized gain (loss) on investment securities	5.6			(2.2		)	3.4
Other comprehensive income (loss)	$	(55.8	)	$	(2.5	)	$	(58.3	)



	For the Year Ended December 31, 2015
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(93.2	)	$	—		$	(93.2	)
Change in net realized and unrealized gain (loss) on derivative securities	2.3			(0.4		)	1.9
Change in net unrealized gain (loss) on investment securities	34.8			(12.7		)	22.1
Other comprehensive income (loss)	$	(56.1	)	$	(13.1	)	$	(69.2	)



	For the Year Ended December 31, 2016
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation gain (loss)	$	(115.3	)	$	—		$	(115.3	)
Change in net realized and unrealized gain (loss) on derivative securities	0.3			(0.2		)	0.1
Change in net unrealized gain (loss) on investment securities	(58.3		)	23.1			(35.2		)
Other comprehensive income (loss)	$	(173.3	)	$	22.9		$	(150.4	)

Schedule of Components of Accumulated Other Comprehensive Income, Net of Taxes

The components of accumulated other comprehensive income (loss), net of taxes, were as follows:



	Foreign Currency Translation Adjustment			Realized and Unrealized Losses on Derivative Securities			Unrealized Gain (Loss) on Investment Securities ⁽¹⁾			Total
Balance, as of December 31, 2014	$	(5.4	)	$	(1.6	)	$	22.9		$	15.9
Other comprehensive income (loss) before reclassifications	(93.2		)	0.8			13.5			(78.9		)
Amounts reclassified from other comprehensive income	—			1.1			8.6			9.7
Net other comprehensive income (loss)	(93.2		)	1.9			22.1			(69.2		)
Balance, as of December 31, 2015	$	(98.6	)	$	0.3		$	45.0		$	(53.3	)
Other comprehensive income (loss) before reclassifications	(115.3		)	(1.0		)	(22.5		)	(138.8		)
Amounts reclassified from other comprehensive income	—			1.1			(12.7		)	(11.6		)
Net other comprehensive income (loss)	(115.3		)	0.1			(35.2		)	(150.4		)
Balance, as of December 31, 2016	$	(213.9	)	$	0.4		$	9.8		$	(203.7	)

__________________________


⁽¹⁾	See Note 2 for amounts reclassified from Other comprehensive income.

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations

The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2015 and 2016.



	2015
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	635.0	$	646.6	$	613.1	$	589.8
Operating income	231.4		195.2		215.2		193.2
Income before income taxes	290.3		262.0		249.1		289.2
Net income (controlling interest)	126.7		127.6		107.7		147.5
Earnings per share (diluted)	$	2.26	$	2.29	$	1.96	$	2.67



	2016
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Revenue	$	545.4	$	554.1	$	544.7	$	550.3
Operating income	178.8		181.8		171.0		173.8
Income before income taxes	230.5		235.9		226.2		281.9
Net income (controlling interest)	104.0		108.3		110.2		150.2
Earnings per share (diluted)	$	1.90	$	1.98	$	2.02	$	2.67

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Segment Information

The following table summarizes the Company’s financial results for each of the distribution channels:



	As of and for the Year Ended December 31, 2014
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	1,022.8	$	1,242.6	$	245.5	$	2,510.9
Net income (controlling interest)	217.9		172.9		43.1		433.9
Total assets	3,731.4		3,077.5		874.6		7,683.5
Goodwill	1,159.1		1,125.3		368.4		2,652.8
Equity method investments in Affiliates	1,533.8		150.3		99.4		1,783.5



	As of and for the Year Ended December 31, 2015
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	979.4	$	1,238.2	$	266.9	$	2,484.5
Net income (controlling interest)	226.4		226.8		56.3		509.5
Total assets	3,717.1		3,070.5		981.8		7,769.4
Goodwill	1,141.3		1,119.5		407.6		2,668.4
Equity method investments in Affiliates	1,609.3		185.7		142.1		1,937.1



	As of and for the Year Ended December 31, 2016
	Institutional		Mutual Fund		High Net Worth		Total
Revenue	$	878.5	$	1,036.0	$	280.1	$	2,194.6
Net income (controlling interest)	246.7		177.8		48.3		472.8
Total assets	4,386.4		3,360.4		1,002.3		8,749.1
Goodwill	1,136.2		1,082.5		409.4		2,628.1
Equity method investments in Affiliates	2,796.9		412.2		159.2		3,368.3

Schedule of Revenue and Fixed Assets, net of the Company by Geographic Location

The following table presents Revenue and Fixed Assets, net of the Company by geographic location. Revenue by geographic location is primarily based on the location of an Affiliate.



	For the Years Ended December 31,
	2014		2015		2016
Revenue
United States	$	1,731.5	$	1,657.2	$	1,477.5
United Kingdom	567.1		645.3		566.4
Other	212.3		182.0		150.7
Total	$	2,510.9	$	2,484.5	$	2,194.6



	December 31,
	2014		2015		2016
Fixed Assets, net
United States	$	80.2	$	98.6	$	97.3
United Kingdom	11.9		12.3		9.9
Other	3.3		3.2		2.9
Total	$	95.4	$	114.1	$	110.1

Business and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2016 segment channel
Segment Information [Abstract]
Number of operating segments \| segment	3
Number of principal distribution channels \| channel	3
Office Equipment and Furniture and Fixtures \| Minimum
Fixed Assets
Estimated useful life	3 years
Office Equipment and Furniture and Fixtures \| Maximum
Fixed Assets
Estimated useful life	10 years
Computer software \| Minimum
Fixed Assets
Estimated useful life	3 years
Computer software \| Maximum
Fixed Assets
Estimated useful life	7 years

Business and Summary of Significant Accounting Policies - Revision of Prior Periods (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements of Income
Income taxes									$ 235.6	$ 263.4	$ 246.1
Net income									739.0	827.2	767.4
Net income (controlling interest)	$ 150.2	$ 110.2	$ 108.3	$ 104.0	$ 147.5	$ 107.7	$ 127.6	$ 126.7	$ 472.8	$ 509.5	$ 433.9
Earnings per share - basic (in dollars per share)									$ 8.73	$ 9.37	$ 7.89
Earnings per share - diluted (in dollars per share)	$ 2.67	$ 2.02	$ 1.98	$ 1.90	$ 2.67	$ 1.96	$ 2.29	$ 2.26	$ 8.57	$ 9.17	$ 7.70
Consolidated Balance Sheet
Additional paid-in capital	$ 1,073.5				$ 694.9				$ 1,073.5	$ 694.9
Retained earnings	$ 3,054.4				2,581.6				3,054.4	2,581.6
Consolidated Statements of Cash Flows
Net income									739.0	827.2	$ 767.4
Deferred income tax provision									$ 59.3	101.2	81.0
Adjustment for Deferred Tax Benefit \| Scenario, Previously Reported
Consolidated Statements of Income
Income taxes										256.9	227.9
Net income										833.7	785.6
Net income (controlling interest)										$ 516.0	$ 452.1
Earnings per share - basic (in dollars per share)										$ 9.49	$ 8.22
Earnings per share - diluted (in dollars per share)										$ 9.28	$ 8.01
Consolidated Balance Sheet
Additional paid-in capital					597.2					$ 597.2
Retained earnings					2,679.3					2,679.3
Consolidated Statements of Cash Flows
Net income										833.7	$ 785.6
Deferred income tax provision										94.7	62.8
Adjustment for Deferred Tax Benefit \| Restatement Adjustment
Consolidated Statements of Income
Income taxes										6.5	18.2
Net income										(6.5)	(18.2)
Net income (controlling interest)										$ (6.5)	$ (18.2)
Earnings per share - basic (in dollars per share)										$ (0.12)	$ (0.33)
Earnings per share - diluted (in dollars per share)										$ (0.11)	$ (0.31)
Consolidated Balance Sheet
Additional paid-in capital					97.7					$ 97.7
Retained earnings					$ (97.7)					(97.7)
Consolidated Statements of Cash Flows
Net income										(6.5)	$ (18.2)
Deferred income tax provision										$ 6.5	$ 18.2

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cost of investments in marketable securities, gross unrealized gains and losses
Investments in marketable securities	$ 122.4	$ 199.9
Proceeds from sale of investment classified as available-for-sale	61.1	18.1
Realized gains (losses) on available-for-sale securities	19.9	8.8
Realized gains on trading securities	4.4	0.8
Realized losses on trading securities	$ 3.4	$ 0.1

Investments in Marketable Securities - Summary of the Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - Equity Securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Available-for-Sale
Cost	$ 66.1	$ 104.7
Unrealized Gains	17.6	77.6
Unrealized Losses	(1.8)	(1.8)
Fair Value	81.9	180.5
Trading
Cost	34.4	19.8
Unrealized Gains	6.6	1.9
Unrealized Losses	(0.5)	(2.3)
Fair Value	$ 40.5	$ 19.4

Variable Interest Entities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entities
Equity method investments in Affiliates	$ 3,368.3	$ 1,937.1	$ 1,783.5
Sponsored Investment Funds
Variable Interest Entities
Unconsolidated VIE net assets	1,756.6	6,688.9
Carrying value and maximum exposure to loss	9.4	1.4
Variable Interest Entities Previously Accounted for Under the Equity Method
Variable Interest Entities
Unconsolidated VIE net assets	1,000.0	1,200.0
Equity method investments in Affiliates	$ 2,800.0	$ 1,900.0

Senior Bank Debt (Details) - USD ($) $ in Millions	12 Months Ended
Senior Bank Debt (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2016
Debt Instrument
Term loan outstanding	$ 868.6	$ 643.3
Senior Unsecured Multicurrency Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	1,450.0		$ 1,300.0
Maximum borrowing capacity, additional amount	350.0
Line of credit facility amount outstanding	$ 485.0	$ 295.0
Weighted average interest rate	1.88%	2.52%
Commitment fee amount	$ 1.0	$ 1.9
Senior Unsecured Term Loan
Debt Instrument
Principal Amount at Maturity	385.0		$ 350.0
Maximum borrowing capacity, additional amount	65.0
Term loan outstanding	$ 385.0	$ 350.0
Weighted average interest rate on amount outstanding	1.87%	1.45%

Senior Notes - Additional Information (Details)	12 Months Ended
Senior Notes - Additional Information (Details)	Dec. 31, 2016 USD ($) senior_note
Debt Instrument
Number of senior notes outstanding \| senior_note	3
2022 Senior Notes
Debt Instrument
Notes redeemed, canceled and retired \| $	$ 140,000,000.0
Stated interest rate	5.25%
Redemption price (as percentage)	100.00%

Senior Notes - Summary of Principle Terms of Senior Notes (Details) - Senior Notes
$ in Millions

Dec. 31, 2016

USD ($)

2024 Senior Notes

Par value (in millions)

$ 400.0

^[1]

Stated coupon

4.25%

^[1]

2025 Senior Notes

Par value (in millions)

$ 350.0

^[1]

Stated coupon

3.50%

^[1]

2042 Senior Notes

Par value (in millions)

$ 200.0

Stated coupon

6.375%

[1]	The 2024 and 2025 senior notes may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest.

Convertible Securities - Schedule of Carrying Value of Convertible Securities (Details) - Junior Convertible Securities - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Principal Amount at Maturity

Carrying value

^[1]

$ 307.5

$ 305.2

^[1]

$ 430.8

Debt instrument term

21 years

[1]	The carrying value is accreted to the principal amount at maturity over a remaining life of 21 years

Convertible Securities - Additional Information (Details) - Junior Convertible Securities	12 Months Ended
	Dec. 31, 2016 USD ($) trading_day $ / shares
Debt Instrument
Stated interest rate	5.15%
Principal amount at maturity \| $	$ 50
Conversion ratio (in shares)	0.25
Conversion price (in usd per share) \| $ / shares	$ 200
Redemption closing price trigger \| $ / shares	$ 260
Number of trading days closing price has exceeded threshold \| trading_day	20
Consecutive trading days	30 days
Deferred tax liability \| $	$ 10,200,000

Forward Equity and Equity Distribution Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock
Proceeds from issuance of common stock		$ 465.8	$ 57.8	$ 41.4
Common stock, shares outstanding (in shares)		58,500,000	55,800,000	55,800,000	53,900,000
Equity Distribution Program
Class of Stock
Maximum number of shares available for sale under agreement (in shares)	2,900,000
Common stock price (in dollars per share)		$ 167.25
Number of common shares issued (in shares)		2,700,000
Proceeds from issuance of common stock		$ 440.3
Number of shares net settled for cash (in shares)		200,000
Average share price of shares net settled for cash (in dollars per share)		$ 144.59
Common stock, shares outstanding (in shares)		0
Stock repurchase program, maximum amount authorized		$ 500.0

Derivative Financial Instruments (Details) - Foreign Currency Forward Contract $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) instrument
Derivative Instruments, Gain (Loss) [Line Items]
Number of contracts outstanding \| instrument		0
Affiliate Partners
Derivative Instruments, Gain (Loss) [Line Items]
Gains realized upon settlement of foreign currency forward contracts	$ 0.2	$ 3.2
Losses realized upon settlement of foreign currency forward contract on Derivative	1.2	$ 1.7
Unrealized gains related to outstanding foreign currency contracts	0.6
Unrealized losses related to outstanding foreign currency contracts	$ 0.5

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) claim
Commitments and Contingencies
Co-investment commitments in partnership		$ 92,200,000
Prior Owner
Commitments and Contingencies
Reimbursable amount of investment commitments		11,800,000
Affiliate Partners
Commitments and Contingencies
Acquisition agreements contingency liability		84,900,000
Contingent payment obligations		10,300,000
Affiliate Partners \| Scenario, Forecast
Commitments and Contingencies
Contingent payment obligations	$ 3,000,000
Equity Method Investee
Commitments and Contingencies
Acquisition agreements contingency liability		312,000,000
Contingent payment obligations		$ 0
Third Avenue Focused Credit Fund \| Affiliate Partners
Commitments and Contingencies
Number of actions pending \| claim		1
Loss contingency reserve		$ 15,000,000

Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Millions

Dec. 31, 2016

Dec. 31, 2015

Fair Value Measured on a Recurring Basis | ASU 2015-07

$ 174.6

$ 198.3

Fair Value Measured on a Recurring Basis | Level 1

144.1

126.0

64.1

65.9

^[1]

40.5

19.4

^[1]

81.9

180.5

^[2]

3.4

20.7

^[3]

0.0

^[3]

0.0

^[3]

0.0

Fair Value Measured on a Recurring Basis | Level 2

^[3]

0.0

0.0

^[1]

0.0

^[1]

0.0

^[2]

0.0

2.6

^[3]

0.6

^[3]

0.0

^[3]

0.0

Fair Value Measured on a Recurring Basis | Level 3

^[3]

0.5

0.0

^[1]

0.0

^[1]

0.0

^[2]

0.0

^[3]

0.0

^[3]

8.6

10.2

^[3]

12.1

62.3

Fair Value Measured on a Recurring Basis | Fair Value

^[3]

0.0

64.1

65.9

^[1]

40.5

19.4

^[1]

81.9

180.5

^[2]

3.4

23.3

^[3]

0.6

^[3]

8.6

10.2

^[3]

12.1

$ 62.3

Contingent Payment Arrangements

^[3]

$ 0.5

[1]	Principally investments in equity securities.
[2]	Amounts are presented within Other assets or Other liabilities.
[3]	Amounts are presented within Other assets or Other liabilities.

Fair Value Measurements - Schedule of Changes in Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Changes in level 3 assets and liabilities

Balance, beginning of period

$ 10.2

$ 59.3

Net (gains) losses

^[1]

(1.6)

(40.9)

Purchases and issuances

0.0

9.3

Settlements and reductions

0.0

(17.5)

Balance, end of period

8.6

10.2

Net change in unrealized (gains) losses relating to instruments still held at the reporting date

(1.6)

(40.9)

Obligations to Related Parties

Changes in level 3 assets and liabilities

Balance, beginning of period

62.3

21.5

Net (gains) losses

3.1

(1.4)

Purchases and issuances

69.1

158.0

Settlements and reductions

(122.4)

(115.8)

Balance, end of period

12.1

62.3

Net change in unrealized (gains) losses relating to instruments still held at the reporting date

$ 0.0

[1]	Accretion and changes in the expected value of the Company’s contingent payment arrangements are recorded in Imputed interest expense and contingent payment arrangements.

Fair Value Measurements - Schedule of Quantitative Information (Details) - Discounted Cash Flow - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Contingent Payment Arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 8.6	$ 10.2
Growth rate (as a percent)		3.00%
Discount rate (as a percent)		15.00%
Contingent Payment Arrangements \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	3.00%
Discount rate (as a percent)	14.00%
Contingent Payment Arrangements \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	8.00%	8.00%
Discount rate (as a percent)	15.00%
Affiliate Equity Repurchase Obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value Liabilities	$ 12.1	$ 62.3
Affiliate Equity Repurchase Obligations \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	4.00%	1.00%
Discount rate (as a percent)	15.00%	14.00%
Affiliate Equity Repurchase Obligations \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Growth rate (as a percent)	9.00%	9.00%
Discount rate (as a percent)	16.00%	15.00%

Fair Value Measurements - Schedule of Investments (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

NAV of investments at fair value

Fair value

$ 174.6

$ 198.3

Unfunded commitments

$ 92.2

76.8

Life of funds (in years)

15 years

Private Equity Fund-of-Funds

NAV of investments at fair value

Fair value

^[1]

$ 137.8

126.0

Unfunded commitments

^[1]

92.2

76.8

Other Funds

NAV of investments at fair value

Fair value

^[2]

36.8

72.3

Unfunded commitments

^[2]

$ 0.0

[1]	These funds primarily invest in a broad range of private equity funds, as well as make direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years. The fair value of private equity funds is determined using NAV one quarter in arrears (adjusted for current period calls and distributions).
[2]	These are multi-disciplinary funds that invest across various asset classes and strategies, including long/short equity, credit and real estate. Investments are generally redeemable on a daily, monthly or quarterly basis.

Fair Value Measurements - Summary of Financial Liabilities not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 945.1	$ 944.6
Convertible securities	307.5	305.2
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	936.0	966.3
Convertible securities	$ 466.9	$ 483.6

Business Combinations - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition
Amortization period for tax deductible goodwill		15 years
Payments to related party for contingent payment arrangements	$ 0	$ 17,500,000.0
Gain or loss recognized in changes of related party contingent liability	2,800,000	44,700,000
New Affiliates
Business Acquisition
New affiliate investments contributed revenue	15,300,000
New affiliate investments contributed earnings	1,300,000
Other Liabilities \| Affiliated Entity
Business Acquisition
Contingent payment obligations	$ 8,600,000	$ 10,200,000

Business Combinations - Schedule of Purchase Price Allocation for Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014
Business Acquisition
Goodwill	$ 2,668.4	$ 2,628.1	$ 2,652.8
Baker Street Advisors, LLC and myCIO Wealth Partners, L.P.
Business Acquisition
Consideration paid	76.1
Contingent payment obligations	9.3
Non-controlling interests	33.8
Enterprise value	119.2
Acquired client relationships	52.5
Tangible assets, net	2.4
Goodwill	64.3
Total	$ 119.2

Business Combinations - Schedule of Goodwill Allocation by Segment (Details) - Baker Street Advisors, LLC and myCIO Wealth Partners, L.P.	Dec. 31, 2016
Institutional
Business Acquisition
Goodwill allocation to business segments (percent)	14.40%
Mutual Fund
Business Acquisition
Goodwill allocation to business segments (percent)	0.00%
High Net Worth
Business Acquisition
Goodwill allocation to business segments (percent)	85.60%

Business Combinations - Schedule of Unaudited Pro Forma Financial Results (Details) - Baker Street Advisors, LLC and myCIO Wealth Partners, L.P. - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition
Revenue	$ 2,499.4	$ 2,538.2
Net income (controlling interest)	$ 511.4	$ 436.3
Earnings per share—basic (in dollars per share)	$ 9.41	$ 7.93
Earnings per share—diluted (in dollars per share)	$ 9.20	$ 7.74

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill
Goodwill impairment	$ 0	$ 0
Changes in goodwill
Balance at the beginning of the period	2,668,400,000	2,652,800,000
Goodwill acquired	0	64,300,000
Foreign currency translation	(40,300,000)	(48,700,000)
Balance at the end of the period	2,628,100,000	2,668,400,000
Institutional
Changes in goodwill
Balance at the beginning of the period	1,141,300,000	1,159,100,000
Goodwill acquired	0	9,200,000
Foreign currency translation	(5,100,000)	(27,000,000)
Balance at the end of the period	1,136,200,000	1,141,300,000
Mutual Fund
Changes in goodwill
Balance at the beginning of the period	1,119,500,000	1,125,300,000
Goodwill acquired	0	0
Foreign currency translation	(37,000,000)	(5,800,000)
Balance at the end of the period	1,082,500,000	1,119,500,000
High Net Worth
Changes in goodwill
Balance at the beginning of the period	407,600,000	368,400,000
Goodwill acquired	0	55,100,000
Foreign currency translation	1,800,000	(15,900,000)
Balance at the end of the period	$ 409,400,000	$ 407,600,000

Goodwill and Acquired Client Relationships - Schedule of Changes in, and the Components of, Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Book Value
Net book value balance at the beginning of the period	$ 1,686.4
Intangible amortization and impairments	(110.2)	$ (115.4)	$ (122.2)
Net book value balance at the end of the period	1,497.4	1,686.4
Customer Relationships
Definite-lived
Gross book value, balance at the beginning of the period	1,301.8	1,255.1
Accumulated amortization, balance at the beginning of the period	(680.4)	(565.0)
Net book value, balance at the beginning of the period	621.4	690.1
New Investments	0.0	52.5
Intangible amortization and impairments	(107.7)	(115.4)
Foreign currency translation	(11.8)	(5.8)
Gross book value, balance at the end of the period	1,290.0	1,301.8	1,255.1
Accumulated amortization, balance at the end of the period	(788.1)	(680.4)	(565.0)
Net book value, balance at the end of the period	501.9	621.4	690.1
Indefinite-lived
Net book value, balance at the beginning of the period	1,065.0	1,088.3
New investments	0.0	0.0
Impairment	(2.5)	0.0
Foreign currency translation	(67.0)	(23.3)
Net book value, balance at the end of the period	995.5	1,065.0	1,088.3
Net Book Value
Net book value balance at the beginning of the period	1,686.4	1,778.4
New investments	0.0	52.5
Intangible amortization and impairments	(110.2)	(115.4)
Foreign currency translation	(78.8)	(29.1)
Net book value balance at the end of the period	$ 1,497.4	$ 1,686.4	$ 1,778.4

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill
Intangible amortization and impairments	$ 110,200,000	$ 115,400,000	$ 122,200,000
Definite-lived and indefinite-lived intangibles impairments	$ 0	0
Customer Relationships
Goodwill
Weighted average life	10 years
Intangible amortization and impairments	$ 107,700,000	$ 115,400,000
Intangible Future Annual Amortization Expense, Year 1	100,000,000
Intangible Future Annual Amortization Expense, Year 2	100,000,000
Intangible Future Annual Amortization Expense, Year 3	100,000,000
Intangible Future Annual Amortization Expense, Year 4	100,000,000
Intangible Future Annual Amortization Expense, Year 5	$ 100,000,000

Equity Method Investments in Affiliates - Change in Equity Method Investments in Affiliates (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Change in Equity Method Investments in Affiliates [Roll Forward]

Balance at the beginning of the year

$ 1,937.1

$ 1,783.5

Equity method earnings

388.0

323.2

Equity method intangible amortization

(59.2)

(34.3)

Distributions from equity method investments

(346.4)

(346.1)

$ (366.9)

Consideration for new investments

1,361.3

223.4

Foreign currency translation

8.0

(4.7)

Other

^[1]

79.5

(7.9)

Balance at the end of the year

3,368.3

1,937.1

$ 1,783.5

Incremental basis related to income taxes

$ 93.3

$ 4.3

[1]	Includes incremental basis related to deferred income taxes of $4.3 million and $93.3 million in 2015 and 2016, respectively.

Equity Method Investments in Affiliates - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments
Amortization period for tax deductible goodwill		15 years
Amortization expense during the period	$ 110.2	$ 115.4	$ 122.2
Undistributed earnings from equity method affiliates	$ 134.3
Acquired Client Relationships Under Equity Method Investments
Schedule of Equity Method Investments
Amortization period for tax deductible goodwill	15 years
Payment of contingent payment liability	$ 23.3
Weighted average life	14 years
Amortization expense during the period	$ 59.2	$ 34.3
Annual amortization expense Year 1	80.0
Annual amortization expense Year 2	80.0
Annual amortization expense Year 3	80.0
Annual amortization expense Year 4	80.0
Annual amortization expense Year 5	$ 80.0

Equity Method Investments in Affiliates - Schedule of Financial Information for Affiliates Accounted for Under the Equity Method (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

^[2]

Equity Method Investments and Joint Ventures [Abstract]

Revenue

^[1]

$ 2,200.9

$ 2,217.1

^[2]

$ 1,869.3

Net income

1,068.9

431.5

^[1],[2]

$ 253.8

^[1]

Assets

1,915.3

30,663.4

Liabilities and Non-controlling interest

$ 862.4

$ 29,434.7

[1]	Revenue and Net income reflect investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.
[2]	Revenue includes advisory fees for asset management services and net investment income from consolidated investment partnerships.

Fixed Assets and Lease Commitments - Schedule of Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fixed assets
Fixed assets, at cost	$ 234.2	$ 231.0
Accumulated depreciation and amortization	(124.1)	(116.9)
Fixed assets, net	110.1	114.1	$ 95.4
Building and Leasehold Improvements
Fixed assets
Fixed assets, at cost	103.5	104.7
Software
Fixed assets
Fixed assets, at cost	52.5	45.4
Equipment
Fixed assets
Fixed assets, at cost	39.5	39.9
Furniture and Fixtures
Fixed assets
Fixed assets, at cost	20.8	22.4
Land and Improvements
Fixed assets
Fixed assets, at cost	$ 17.9	$ 18.6

Fixed Assets and Lease Commitments - Schedule of Aggregate Future Minimum Payments for Operating Leases (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Operating Leased Assets [Line Items]

2017

^[1]

$ 37.7

2018

^[1]

34.7

2019

^[1]

31.7

2020

^[1]

30.0

2021

^[1]

27.4

Thereafter

^[1]

57.4

Consolidated rent expense

35.5

$ 36.3

$ 30.5

Majority Shareholder

Operating Leased Assets [Line Items]

11.5

11.4

10.8

10.0

9.3

$ 29.3

[1]	The controlling interest portion is $11.5 million through 2017, $11.4 million in 2018, $10.8 million in 2019, $10.0 million in 2020, $9.3 million in 2021 and $29.3 million thereafter.

Payables and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued compensation	$ 418.5	$ 455.0
Unsettled fund share payables	83.2	76.6
Accrued income taxes	87.7	67.9
Accrued professional fees	26.1	31.4
Other	113.8	98.5
Accounts payable and accrued liabilities	$ 729.3	$ 729.4

Related Party Transactions (Details) - Prior Owner - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Other Liabilities
Related Party Transactions
Investment partnerships with prior owners	$ 67.8	$ 75.0
Non-Controlling Interests
Related Party Transactions
Investment partnerships with prior owners	$ 2.5	$ 5.1

Stockholders' Equity (Details) - $ / shares	2 Months Ended	12 Months Ended
Stockholders' Equity (Details) - $ / shares	Feb. 21, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2017	May 31, 2015
Stockholders' equity
Common stock, shares authorized (in shares)		153,000,000	153,000,000
Subsequent Event
Share repurchase activity
Shares repurchased (in shares)	400,000
Average price (in usd per share)	$ 159.91
Preferred Stock
Stockholders' equity
Preferred stock, shares authorized (in shares)		5,000,000.0
Common Stock
Share repurchase activity
Shares repurchased (in shares)		200,000	1,700,000	1,200,000
Average price (in usd per share)		$ 161.16	$ 209.39	$ 204.72
Common Stock \| 2017 Authorization
Stockholders' equity
Stock repurchase program, authorized amount (in shares)		200,000
Share repurchase activity
Average price (in usd per share)		$ 161.16
Common Stock \| 2017 Authorization \| Subsequent Event
Stockholders' equity
Stock repurchase program, authorized amount (in shares)					1,900,000
Common Stock \| 2015 Authorization
Stockholders' equity
Stock repurchase program, authorized amount (in shares)						3,000,000
Voting Common Stock
Stockholders' equity
Common stock, shares authorized (in shares)		150,000,000
Class B Non-Voting Common Stock
Stockholders' equity
Common stock, shares authorized (in shares)		3,000,000.0

Share-Based Compensation - Summary of Recent Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation expense	$ 39.2	$ 34.2	$ 29.3
Tax benefit	15.1	13.2	$ 11.3
Cash received from stock options exercised	25.6	57.8
Tax benefit realized from exercise of stock options	5.1	44.5
Total compensation cost not yet recognized	$ 66.4	$ 70.6
Weighted average period for recognition (in years)	3 years

Share-Based Compensation - Schedule of Transactions of the Company's Stock Options (Details) - Stock Options and Other Awards shares in Millions	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Stock Options
Stock options outstanding at the beginning of the period (in shares) \| shares	1.4
Options granted (in shares) \| shares	0.4
Options exercised (in shares) \| shares	(0.4)
Options forfeited (in shares) \| shares	0.0
Stock options outstanding at the end of the period (in shares) \| shares	1.4
Exercisable stock options, at the end of the period (in shares) \| shares	0.9
Weighted Average Exercise Price
Stock options outstanding, at the beginning of the period (in usd per share) \| $ / shares	$ 96.18
Options granted (in usd per share) \| $ / shares	122.82
Options exercised (in usd per share) \| $ / shares	81.08
Options forfeited (in usd per share) \| $ / shares	131.91
Stock options outstanding, at the end of the period (in usd per share) \| $ / shares	108.53
Exercisable stock options, at the end of the period (in usd per share) \| $ / shares	$ 101.38
Weighted Average Remaining Contractual Life (years)
Stock options outstanding, at the end of the period (in years)	2 years 9 months
Exercisable stock options, at the end of the period (in years)	1 year 3 months

Share-Based Compensation - Stock Options (Details) - Stock Options and Other Awards - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of stock options granted	$ 16.4	$ 1.0	$ 0.6
Intrinsic value of stock options exercised	27.7	$ 130.2	$ 92.6
Intrinsic value of exercisable options outstanding	$ 43.1
Options available for future grant under the Company's option plans (in shares)	3.1
Weighted average fair value of options granted (in usd per share)	$ 39.02	$ 54.92	$ 60.20
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	3 years
Expiration Period	7 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	5 years
Expiration Period	10 years

Share-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Options Granted (Details) - Stock Options and Other Awards

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Assumptions used to determine fair value of options granted

Dividend yield

0.00%

Expected volatility

^[1]

30.70%

26.70%

29.70%

Risk-free interest rate

^[2]

1.60%

1.50%

1.80%

Expected life of options (in years)

^[3]

5 years 8 months 12 days

5 years

Forfeiture rate

^[3]

0.00%

[1]	Expected volatility is based on historical and implied volatility.
[2]	Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.
[3]	Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

Share-Based Compensation - Summary of Transactions of the Company's Restricted Stock (Details) - Restricted Stock shares in Millions	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Restricted Stock
Units outstanding at the beginning of the period (in shares) \| shares	0.6
Units granted (in shares) \| shares	0.2
Units vested (in shares) \| shares	(0.2)
Units forfeited (in shares) \| shares	0.0
Units outstanding at the end of the period (in shares) \| shares	0.6
Weighted Average Grant Date Value
Units outstanding at the beginning of the period (in usd per share) \| $ / shares	$ 192.04
Units granted (in usd per share) \| $ / shares	122.59
Units vested (in usd per share) \| $ / shares	181.87
Units forfeited (in usd per share) \| $ / shares	171.51
Units outstanding at the end of the period (in usd per share) \| $ / shares	$ 168.84

Share-Based Compensation - Restricted Stock (Details) - Restricted Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award
Award fair value	$ 28.0	$ 50.7	$ 8.0
Options available for future grant under the Company's option plans (in shares)	1,300,000.0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting Period	4 years

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in redeemable non-controlling interests during the period
Beginning balance	$ 612.5	$ 645.5
Repurchases of redeemable Affiliate equity	(69.1)	(161.3)
Repurchases of redeemable Affiliate equity	(42.6)	(49.5)
Changes in redemption value	71.4	81.6	$ 43.0
Changes attributable to consolidated products	16.1	(2.8)
Ending balance	$ 673.5	$ 612.5	$ 645.5

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Affiliate Equity
Distributions paid to affiliate partners		$ 354.1	$ 431.4	$ 569.4
Payments to acquire interest in Affiliates		115.8	130.8	32.6
Issuance of interest in Affiliates		11.8	6.1	$ 11.0
Other Assets
Affiliate Equity
Due from Affiliates		22.9	22.6
Other Liabilities
Affiliate Equity
Due to Affiliates		$ 12.1	$ 62.3
Minimum
Affiliate Equity
Affiliate equity, conditional right to put interest, period	5 years
Maximum
Affiliate Equity
Affiliate equity, conditional right to put interest, period	15 years

Affiliate Equity - Summary of Affiliate Equity Expense (Recognized and Unrecognized) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Affiliate Equity
Non-controlling interest	$ 31.2	$ 51.6	$ 37.0
Total	41.2	68.5	84.4
Non-Controlling Interests
Affiliate Equity
Total	31.2	51.6	37.0
Unrecognized Affiliate Equity Expense
Non-Controlling Interest	$ 70.7	$ 51.9	$ 41.6
Remaining Life	5 years	5 years	6 years
Affiliate Partners
Affiliate Equity
Controlling interest	$ 10.0	$ 16.9	$ 47.4
Unrecognized Affiliate Equity Expense
Controlling Interest	$ 31.3	$ 22.4	$ 29.5
Remaining Life	4 years	3 years	3 years

Afilliate Equity - Schedule of the Effect of Changes in the Company's Ownership Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 150.2	$ 110.2	$ 108.3	$ 104.0	$ 147.5	$ 107.7	$ 127.6	$ 126.7	$ 472.8	$ 509.5	$ 433.9
Increase in controlling interest paid-in capital from purchases and sales of Affiliate equity issuances									1.6	0.9	4.1
Decrease in controlling interest paid-in capital related to Affiliate equity repurchases									(38.0)	(87.6)	(33.2)
Net income attributable to controlling interest and transfers (to) or from Non-controlling interests									$ 436.4	$ 422.8	$ 404.8

Benefit Plans (Details) $ in Millions	12 Months Ended
Benefit Plans (Details) $ in Millions	Dec. 31, 2016 USD ($) plan	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Compensation and Retirement Disclosure [Abstract]
Number of defined contribution plans \| plan	3
Consolidated expenses related to benefit plans \| $	$ 18.9	$ 18.7	$ 17.2

Income Taxes - Schedule of Income Tax Provision Attributable to Controlling and Non-Controlling Interests (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Provision for income taxes

Current tax

$ 176.3

$ 162.2

$ 165.1

Deferred taxes

59.3

101.2

81.0

$ 235.6

$ 263.4

$ 246.1

Effective tax rate attributable to controlling interests

32.60%

33.60%

34.80%

Parent

Intangible-related deferred taxes

Current tax

$ 168.1

$ 152.4

$ 149.8

84.3

77.7

47.8

Other deferred taxes

(23.2)

27.7

34.0

Provision for income taxes

229.2

257.8

231.6

Income before income taxes (controlling interest)

$ 702.0

$ 767.3

$ 665.5

Effective tax rate attributable to controlling interests

^[1]

32.60%

33.60%

34.80%

Non-Controlling Interests

Provision for income taxes

Current tax

$ 8.2

$ 9.8

$ 15.3

Deferred taxes

(1.8)

(4.2)

(0.8)

$ 6.4

$ 5.6

$ 14.5

[1]	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 103.4	$ 106.3	$ 93.8
State	22.9	18.3	27.1
Foreign	50.0	37.6	44.2
Total current	176.3	162.2	165.1
Deferred:
Federal	62.3	103.8	89.0
State	10.0	14.8	2.8
Foreign	(13.0)	(17.4)	(10.8)
Total deferred	59.3	101.2	81.0
Provision for income taxes	$ 235.6	$ 263.4	$ 246.1

Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Domestic	$ 688.1	$ 827.6	$ 784.1
International	286.5	263.0	229.5
Total	$ 974.6	$ 1,090.6	$ 1,013.6

Income Taxes - Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate (Details)

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Statutory U.S. federal tax rate

35.00%

State income taxes, net of federal benefit

2.90%

2.60%

2.30%

Effect of foreign operations

^[1]

(4.60%)

(3.50%)

(5.30%)

Equity Compensation

(0.40%)

0.80%

2.50%

Effect of changes in tax law, rates

^[2]

(0.30%)

(0.80%)

(0.00%)

Other

0.00%

(0.50%)

0.30%

Effective tax rate (controlling interest)

32.60%

33.60%

34.80%

Parent

Effective tax rate (controlling interest)

^[3]

32.60%

33.60%

34.80%

Effective tax rate

24.20%

24.40%

25.20%

Non-Controlling Interests

Effect of income from non-controlling interests

(8.40%)

(9.20%)

(9.60%)

[1]	Effect of foreign operations includes the effect of undistributed foreign earnings the Company deems indefinitely reinvested in foreign operations, and the effect of differences in the financial reporting basis over tax basis in the Company’s investments in foreign subsidiaries considered permanent in duration.
[2]	Effect of changes in tax law, rates reflects the impact of the reduction in the UK tax rates in years 2015 and 2016.
[3]	Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Assets
Deferred compensation	$ 34.1	$ 30.5
State net operating loss carryforwards	17.4	17.1
Foreign loss carryforwards	14.6	12.3
Tax benefit of uncertain tax positions	12.1	14.6
Foreign tax credits	10.0	0.0
Accrued expenses	3.9	4.4
Total deferred tax assets	92.1	78.9
Valuation allowance	(22.1)	(20.5)
Deferred tax assets, net of valuation allowance	70.0	58.4
Deferred Tax Liabilities
Intangible asset amortization	(396.8)	(320.2)
Non-deductible intangible amortization	(177.0)	(109.8)
Convertible securities interest	(109.0)	(99.8)
Deferred income	(47.2)	(92.8)
Other	(0.8)	(1.5)
Total deferred tax liabilities	(730.8)	(624.1)
Net deferred tax liability	$ (660.8)	$ (565.7)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period	19 years
Foreign operating loss carryforwards, expiration period	20 years
Operating loss carryforwards, valuation allowance	$ 22.1	$ 20.5
Amount of deferred taxes not recognized	65.0
Amount of temporary difference due to repatriation of earnings from sale or liquidation of subsidiary	222.9
Unrecognized tax benefits that, if recognized, would affect effective tax rate	26.0	25.3	$ 26.4
Accrued income tax interest and related charges	1.4	1.8	$ 1.6
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	489.7
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	55.1
Tax credit carryforward	10.0
Foreign Tax Authority \| Valuation Allowance, Operating Loss Carryforwards
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, valuation allowance	22.1
Increase (decrease) in valuation allowance, state net operating loss carryforward and realized deferred tax benefit	(1.6)	$ (2.1)
Foreign Tax Authority \| Expire in 2036 Tax Year
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 47.7

Income Taxes - Schedule of Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of beginning and ending amount of unrecognized tax benefits
Beginning balance	$ 26.9	$ 28.8	$ 20.4
Additions based on current year tax positions	3.8	2.2	2.6
Additions based on prior years’ tax positions	0.6	1.6	10.8
Reductions related to lapses of statutes of limitations	(4.7)	(4.3)	(4.1)
Additions (reductions) related to foreign exchange rates	(0.2)	1.4	0.9
Ending balance	$ 26.8	$ 26.9	$ 28.8

Earnings Per Share - Schedule of Reconciliation of the Numerator and Denominator used in the Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net income (controlling interest)	$ 150.2	$ 110.2	$ 108.3	$ 104.0	$ 147.5	$ 107.7	$ 127.6	$ 126.7	$ 472.8	$ 509.5	$ 433.9
Interest expense on convertible securities, net of taxes									15.5	15.3	15.2
Net income (controlling interest), as adjusted									$ 488.3	$ 524.8	$ 449.1
Denominator
Average shares outstanding - basic (in shares)									54.2	54.3	55.0
Effect of dilutive instruments:
Stock options and other awards (in shares)									0.6	0.7	1.2
Forward sale (in shares)									0.0	0.0	0.0
Junior convertible securities (in shares)									2.2	2.2	2.2
Average shares outstanding - diluted (in shares)									57.0	57.2	58.4

Earnings Per Share - Diluted Earnings per Share Calculations Excluding the Anti-dilutive Effect of Shares (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Options and Other Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.6	0.0	0.0
Junior Convertible Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.0	0.0	0.4

Comprehensive Income - Summary of the Tax Effects Allocated to each Component of Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Comprehensive Income (Loss), Pre-Tax
Foreign currency translation gain (loss)	$ (115.3)	$ (93.2)	$ (62.0)
Change in net realized and unrealized gain (loss) on derivative securities	0.3	2.3	0.6
Change in net unrealized gain (loss) on investment securities	(58.3)	34.8	5.6
Other comprehensive income (loss)	(173.3)	(56.1)	(55.8)
Other Comprehensive Income (Loss), Tax Benefit (Expense)
Foreign currency translation gain (loss)	0.0	0.0	0.0
Change in net realized and unrealized gain (loss) on derivative securities	(0.2)	(0.4)	(0.3)
Change in net unrealized gain (loss) on investment securities	23.1	(12.7)	(2.2)
Other comprehensive income (loss)	22.9	(13.1)	(2.5)
Other Comprehensive Income (Loss), Net of Tax
Foreign currency translation gain (loss)	(115.3)	(93.2)	(62.0)
Change in net realized and unrealized gain (loss) on derivative securities	0.1	1.9	0.3
Change in net unrealized gain (loss) on investment securities	(35.2)	22.1	3.4
Other comprehensive income (loss)	$ (150.4)	$ (69.2)	$ (58.3)

Comprehensive Income - Schedule of Components of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

$ 3,769.1

$ 3,643.2

$ 3,144.6

(138.8)

(78.9)

Amounts reclassified from other comprehensive income

(11.6)

9.7

(150.4)

(69.2)

(58.3)

Foreign Currency Translation Adjustment

4,426.5

3,769.1

3,643.2

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(98.6)

(5.4)

(115.3)

(93.2)

Amounts reclassified from other comprehensive income

0.0

(115.3)

(93.2)

Realized and Unrealized Losses on Derivative Securities

(213.9)

(98.6)

(5.4)

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

0.3

(1.6)

(1.0)

0.8

Amounts reclassified from other comprehensive income

1.1

0.1

1.9

Unrealized Gain (Loss) on Investment Securities

0.4

0.3

(1.6)

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

^[1]

45.0

22.9

^[1]

(22.5)

13.5

Amounts reclassified from other comprehensive income

^[1]

(12.7)

8.6

^[1]

(35.2)

22.1

Accumulated Other Comprehensive Income (Loss)

^[1]

9.8

45.0

22.9

Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]

(53.3)

15.9