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Acquired client relationships (net)

119.3

77.8

Goodwill

2,633.4

2,662.5

1,309.9

1,449.7

Payable and accrued liabilities

2,791.0

3,304.7

Fixed assets (net)

104.3

111.0

Other investments

201.1

165.0

Other assets

94.0

58.1

Total assets

8,219.1

8,702.1

Liabilities and Equity

746.6

807.2

Senior bank debt

779.7

809.0

Senior notes

742.5

741.3

Convertible securities

307.4

304.4

Deferred income tax liability (net)

511.6

467.4

Other liabilities

162.7

182.4

Total liabilities

3,250.5

3,311.7

Commitments and contingencies (Note 10)

Redeemable non-controlling interests

^[1]

833.7

811.9

Equity:

Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares outstanding in 2017 and 2018)

0.6

Additional paid-in capital

835.6

808.6

Accumulated other comprehensive loss

(109.0)

(21.8)

Retained earnings

3,876.8

3,698.5

Total stockholders' equity before treasury stock

4,604.0

4,485.9

Less: Treasury stock, at cost (3.4 shares in 2017 and 6.5 shares in 2018)

(1,146.6)

(663.7)

Total stockholders' equity

3,457.4

3,822.2

Non-controlling interests

677.5

756.3

Total equity

4,134.9

4,578.5

Total liabilities and equity

$ 8,219.1

$ 8,702.1

[1]	As of December 31, 2017 and 2018, Redeemable non-controlling interests include Affiliate sponsored consolidated products primarily attributable to third-party investors of $39.4 million and $91.0 million, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153.0	153.0
Common stock, shares outstanding (in shares)	58.5	58.5
Treasury stock, shares (in shares)	6.5	3.4

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock at Cost	Non- controlling Interests
Beginning Balance (in shares) at Dec. 31, 2015		55.8
Beginning Balance at Dec. 31, 2015	$ 3,769.1	$ 0.6	$ 694.9	$ (18.1)	$ 2,581.6	$ (421.9)	$ 932.0
Increase (Decrease) in Stockholders' Equity
Net income	739.0				472.8		266.2
Other comprehensive income (loss)	(150.4)			(104.8)			(45.6)
Share-based compensation	39.2		39.2
Common stock issued under share-based incentive plans	15.5		(53.8)			69.3
Shares repurchases	(33.4)					(33.4)
Forward equity	5.2		5.2
Common stock issued under forward equity agreement (in shares)		2.7
Common stock issued under forward equity agreement	440.3	$ 0.0	440.3
Issuance costs and other	(3.0)		(3.0)
Affiliate equity activity:
Affiliate equity compensation	41.2		10.0				31.2
Issuances	11.9		(2.8)				14.7
Repurchases	15.3		14.9				0.4
Changes in redemption value of Redeemable non-controlling interests	(71.4)		(71.4)
Transfers to Redeemable non-controlling interests	(42.6)						(42.6)
Capital contributions by Affiliate equity holders	4.7						4.7
Distributions to non-controlling interests	(354.1)						(354.1)
Ending Balance (in shares) at Dec. 31, 2016		58.5
Ending Balance at Dec. 31, 2016	4,426.5	$ 0.6	1,073.5	(122.9)	3,054.4	(386.0)	806.9
Increase (Decrease) in Stockholders' Equity
Net income	1,008.7				689.5		319.2
Other comprehensive income (loss)	119.5			101.1			18.4
Share-based compensation	40.4		40.4
Common stock issued under share-based incentive plans	21.0		(117.6)			138.6
Shares repurchases	(416.3)					(416.3)
Issuance costs and other	0.6		0.6
Dividends ($0.80 and $1.20 per share)	(45.4)				(45.4)
Affiliate equity activity:
Affiliate equity compensation	50.0		13.2				36.8
Issuances	3.1		(0.6)				3.7
Repurchases	34.6		40.6				(6.0)
Changes in redemption value of Redeemable non-controlling interests	(241.5)		(241.5)
Transfers to Redeemable non-controlling interests	(76.8)						(76.8)
Capital contributions by Affiliate equity holders	6.3						6.3
Distributions to non-controlling interests	$ (352.2)						(352.2)
Ending Balance (in shares) at Dec. 31, 2017	58.5	58.5
Ending Balance at Dec. 31, 2017	$ 4,578.5	$ 0.6	808.6	(21.8)	3,698.5	(663.7)	756.3
Increase (Decrease) in Stockholders' Equity
Net income	532.3				243.6		288.7
Other comprehensive income (loss)	(102.2)			(87.2)			(15.0)
Share-based compensation	44.7		44.7
Common stock issued under share-based incentive plans	(5.0)		(11.6)			6.6
Shares repurchases	(489.5)					(489.5)
Issuance costs and other	(0.5)		(0.5)
Dividends ($0.80 and $1.20 per share)	(65.3)				(65.3)
Affiliate equity activity:
Affiliate equity compensation	56.4		16.7				39.7
Issuances	7.5		(6.8)				14.3
Repurchases	6.3		15.3				(9.0)
Changes in redemption value of Redeemable non-controlling interests	(30.8)		(30.8)				0.0
Transfers to Redeemable non-controlling interests	(44.8)						(44.8)
Capital contributions by Affiliate equity holders	17.8						17.8
Distributions to non-controlling interests	$ (370.5)						(370.5)
Ending Balance (in shares) at Dec. 31, 2018	58.5	58.5
Ending Balance at Dec. 31, 2018	$ 4,134.9	$ 0.6	$ 835.6	$ (109.0)	$ 3,876.8	$ (1,146.6)	$ 677.5

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 1.20	$ 0.80

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flow from (used in) operating activities:
Net income	$ 532.3	$ 1,008.7	$ 739.0
Adjustments to reconcile Net income to net cash flow from operating activities:
Intangible amortization and impairments	114.8	86.4	110.2
Depreciation and other amortization	22.0	20.3	19.5
Deferred income tax provision	51.9	(123.6)	59.3
Equity method (income) loss (net)	0.2	(302.2)	(328.8)
Distributions of earnings received from equity method investments	466.3	429.8	346.4
Share-based compensation and Affiliate equity expense	101.1	90.4	80.4
Other non-cash items	(2.7)	(26.3)	(16.1)
Changes in assets and liabilities:
Purchases of securities by Affiliate sponsored consolidated products	(190.8)	(34.1)	(86.2)
Sales of securities by Affiliate sponsored consolidated products	49.6	29.9	82.8
(Increase) decrease in receivables	14.4	(53.5)	29.6
Increase in other assets	(11.7)	(7.7)	(6.1)
Increase (decrease) in payables, accrued liabilities and other liabilities	(6.8)	52.3	20.3
Cash flow from operating activities	1,140.6	1,170.4	1,050.3
Cash flow from (used in) investing activities:
Investments in Affiliates	(7.3)	(30.6)	(1,361.3)
Purchase of fixed assets	(18.7)	(18.5)	(20.2)
Purchase of investment securities	(40.8)	(37.2)	(16.0)
Sale of investment securities	48.6	100.1	65.3
Cash flow from (used in) investing activities	(18.2)	13.8	(1,332.2)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt and senior notes	1,150.0	545.0	1,350.0
Repayments of senior bank debt and senior notes	(1,180.6)	(805.0)	(1,125.0)
Repurchase of common stock	(505.8)	(393.2)	(33.4)
Issuance of common stock	9.7	41.9	465.8
Dividends paid on common stock	(64.4)	(44.9)	0.0
Distributions to non-controlling interests	(370.5)	(352.2)	(354.1)
Affiliate equity issuances and repurchases	(113.7)	(165.7)	(104.0)
Subscriptions to Affiliate sponsored consolidated products, net of redemptions	132.8	2.7	9.1
Other financing items	(40.6)	(18.3)	(7.5)
Cash flow from (used in) financing activities	(983.1)	(1,189.7)	200.9
Effect of foreign currency exchange rate changes on cash and cash equivalents	(10.1)	14.2	(49.9)
Net increase (decrease) in cash and cash equivalents	129.2	8.7	(130.9)
Cash and cash equivalents at beginning of period	439.5	430.8	563.8
Net cash outflows upon the consolidation and deconsolidation of Affiliate sponsored products	(3.2)	0.0	(2.1)
Cash and cash equivalents at end of period	565.5	439.5	430.8
Supplemental disclosure of cash flow information:
Interest paid	76.9	82.1	85.0
Income taxes paid	160.2	165.0	152.3
Supplemental disclosure of non-cash financing activities:
Payables recorded for Affiliate equity repurchases	36.2	47.3	12.1
Payables recorded for share repurchases	6.9	23.1	0.0
Stock issued upon vesting of restricted stock units	4.7	59.3	17.2
Stock received for tax withholdings on share-based payments	14.7	20.0	9.8
Stock received for the exercise of stock options	$ 4.1	$ 30.2	$ 11.2

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Business and Summary of Significant Accounting Policies


(a)	Organization and Nature of Operations

Affiliated Managers Group, Inc. (“AMG” or the “Company”) is a global asset management company with equity investments in leading boutique investment management firms, referred to as “Affiliates.” The Company’s Affiliates provide active, return-oriented strategies to assist institutional, retail and high net worth clients worldwide in achieving their investment objectives. The Company operates in one segment, global active asset management.

Each of the Company’s Affiliates operates through distinct legal entities, which affords the Company the flexibility to design a separate operating agreement for each Affiliate. Each operating agreement reflects the specific terms of the Company’s economic participation in the Affiliate, which, in each case, uses a “structured partnership interest.”

For a majority of the Company’s Affiliates, the Company uses structured partnership interests in which the Company contractually shares in the Affiliate’s revenue without regard to expenses. In this type of structured partnership interest, the Affiliate allocates a specified percentage of its revenue to the Company, while using the remainder of its revenue for operating expenses and for distributions to Affiliate management. The Company and Affiliate management, therefore, participate in any increase or decrease in revenue and Affiliate management participates in any increase or decrease in expenses. The Company’s contractual share of revenue generally has priority over the distributions to Affiliate management.

For other Affiliates, the Company uses structured partnership interests in which the Company contractually shares in the Affiliate’s revenue less agreed-upon expenses. This type of partnership interest allows the Company to benefit from any increase in revenue or any decrease in the agreed-upon expenses, but also exposes the Company to any decrease in revenue or any increase in such expenses. The degree of the Company’s exposure to expenses from these structured partnership interests varies by Affiliate and includes Affiliates in which the Company fully shares in the expenses of the business.


(b)	Basis of Presentation and Use of Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All dollar amounts, except per share data in the text and tables herein, are stated in millions unless otherwise indicated. All material intercompany balances and transactions have been eliminated. In 2018, the Company changed its Consolidated Financial Statement presentation to present non-classified Consolidated Statements of Income. This change and other reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation.

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.


(c)	Principles of Consolidation

In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliate and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which for the Company are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE.

The Company consolidates VREs when it has control over significant operating, financial and investing decisions of the entity. When the Company lacks control, but is deemed to have significant influence, the Company accounts for the entity under the equity method. Other investments in which the Company does not have rights to exercise significant influence are recorded at fair value, with changes in fair value reflected within Investment and other income on the Consolidated Statements of Income.

The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. See Note 4 for additional information about the Company’s VREs and VIEs.

Investments in Affiliates

Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method.

When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate managements’ equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate managements’ equity ownership, along with their share of any tangible or intangible net assets, are presented within Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests on the Consolidated Balance Sheets. The Company periodically issues, sells and repurchases the Affiliate equity of its consolidated Affiliates. Because these transactions take place between entities under common control, any gains or losses attributable to these transactions are required to be included within Additional paid-in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transactions occur.

When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (loss) (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is reported in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. Any deferred taxes recorded upon acquisition of an equity method Affiliate are presented on a gross basis within Equity method investments in Affiliates (net) and Deferred income tax liability (net) in the Consolidated Balance Sheets. The Company’s share of income taxes incurred directly by Affiliates accounted for under the equity method is recorded within Income tax expense in the Consolidated Statements of Income.

The Company periodically evaluates its equity method investments for impairment. In such impairment evaluations, the Company assesses whether or not the fair value of the investment has declined below its carrying value for a period considered to be other-than-temporary. If the Company determines that a decline in fair value below the carrying value of the investment is other-than-temporary, then the carrying value of the investment is reduced to its fair value and the expense is recorded in Equity method income (loss) (net).

Affiliate Sponsored Investment Products

The Company’s Affiliates sponsor various investment products where they also act as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates.

Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset and performance based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company does not generally consolidate these products unless the Company’s or its consolidated Affiliates’ interest in the product is considered substantial. When the Company’s or its consolidated Affiliates’ interest is considered substantial and the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities in the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values reflected in Investment and other income. Purchases and sales of securities are presented within purchases and sales by Affiliate sponsored consolidated products in the Consolidated Statements of Cash Flows and the third-party investors’ interest is recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation.


(d)	Cash and Cash Equivalents

The Company considers all highly liquid investments, including money market mutual funds, with original maturities of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. Money market mutual funds with a floating net asset value (“NAV”) would not meet the definition of a cash equivalent if the fund has enacted liquidity fees or redemption gates.


(e)	Receivables

The Company’s Affiliates earn asset and performance based fees, which are billed based on the terms of the related contracts. Billed but uncollected asset and performance based fees are presented within Receivables on the Consolidated Balance Sheets and are generally short-term in nature.

Certain of the Company’s Affiliates in the UK act as intermediaries between clients and their sponsored investment products. Normal settlement periods on transactions initiated by these clients with the sponsored investment products result in unsettled fund share receivables and payables that are presented on a gross basis within Receivables and Payables and accrued liabilities on the Consolidated Balance Sheets. The gross presentation of these receivables and offsetting payables reflects the legal relationship between the underlying investor, the Company’s Affiliates and the sponsored investment products.


(f)	Investments in Marketable Securities

Realized and unrealized gains or losses on investments in marketable securities are reported within Investment and other income in the Consolidated Statements of Income. Realized gains and losses are recorded on the trade date on a specific identified basis, except for Affiliate sponsored consolidated products, which use an average cost basis.


(g)	Fair Value Measurements

The Company determines the fair value of certain investment securities and other financial and non-financial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date, utilizing a hierarchy of three different valuation techniques:

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

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs, or significant value drivers, are observable; and

Level 3 - Prices that reflect the Company’s own assumptions concerning unobservable inputs to the valuation model. These inputs require significant management judgment and reflect the Company’s assumptions that the Company believes market participants would use in pricing the asset or liability.


(h)	Acquired Client Relationships and Goodwill

Each Affiliate in which the Company makes an investment has identifiable assets arising from contractual or other legal rights with their clients (“acquired client relationships”). In determining the value of acquired client relationships, the Company analyzes the net present value of these Affiliates’ existing client relationships based on a number of factors, including: the Affiliate’s historical and potential future operating performance; the Affiliate’s historical and potential future rates of attrition of existing clients; the stability and longevity of existing client relationships; the Affiliate’s recent, as well as long-term, investment performance; the characteristics of the firm’s products and investment styles; the stability and depth of the Affiliate’s management team; and the Affiliate’s history and perceived franchise or brand value.

The Company has determined that certain of its acquired client relationships meet the criteria to be considered indefinite-lived assets because the Company expects the contracts to be renewed annually and, therefore, the cash flows generated by these contracts to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead reviews these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived assets may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred that indicate that the indefinite life criteria are no longer met. If the indefinite life criteria are no longer met, the Company would assess whether the carrying value of the assets exceeds its fair value, an expense would be recorded in an amount equal to any such excess and these assets would be reclassified to definite-lived.

The expected period of economic benefit of definite-lived acquired client relationships are determined based on an analysis of the historical and projected attrition rates of each Affiliate’s existing clients, and other factors that may influence the expected future economic benefit the Company will derive from these relationships. The expected lives of definite-lived acquired client relationships are analyzed annually or more frequently whenever events or circumstances have occurred that indicate the expected period of economic benefit may no longer be appropriate.

The Company tests for the possible impairment of indefinite and definite-lived intangible assets annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indicators exist, the Company compares the fair value of the asset to the carrying value of the asset. If the carrying value is greater than the fair value, an expense would be recorded in Intangible amortization and impairments in the Consolidated Statements of Income to reduce the carrying value of the asset to fair value.

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not separately recognized. Goodwill is not amortized, but is instead reviewed for impairment. The Company performs a qualitative impairment test at least annually to determine if the carrying value of its single reporting unit is in excess of its fair value. If a potential impairment is more likely than not, then the Company will perform a single step quantitative test with any excess of carrying value over fair value recorded as an expense in Intangible amortization and impairments.


(i)	Fixed Assets

Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from three to ten years. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally three to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease. Buildings are amortized over their expected useful lives, generally not to exceed 39 years. The costs of improvements that extend the life of a fixed asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Land and artwork are not depreciated; artwork is included in Other assets on the Consolidated Balance Sheets.


(j)	Leases

The Company and its Affiliates currently lease office space and equipment under various leasing arrangements. As these leases expire, it can be expected that in the normal course of business they will be renewed or replaced. Leases are classified as either capital leases or operating leases, as appropriate. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses or other inducements provided by the landlord. Rent expense is accrued to recognize lease escalation provisions and inducements provided by the landlord, if any, on a straight-line basis over the lease term and is reported in Other expenses (net) on the Consolidated Statements of Income.


(k)	Issuance Costs

Issuance costs related to the Company’s senior bank debt are amortized over the remaining term of the senior unsecured multicurrency revolving credit facility (the “revolver”) and the senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”), which approximates the effective interest method. Issuance costs associated with the revolver are included in Other assets. Issuance costs associated with the term loan are included as a reduction of the related debt balance. Issuance costs associated with the Company’s senior notes are amortized over the shorter of the period to the first investor put date or the Company’s estimate of the expected term of the security, and are included as a reduction of the related debt balance in the Consolidated Balance Sheets. The expense resulting from the amortization of these issuance costs is reported in Interest expense in the Consolidated Statements of Income.


(l)	Derivative Financial Instruments

The Company and its Affiliates may utilize derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates and markets. The Company records derivatives in the Consolidated Balance Sheets at fair value. If the Company’s or its Affiliates’ derivative financial instruments do not qualify as cash flow, net investment or fair value hedges, changes in the fair value of the derivatives are recognized as a gain or loss in Investment and other income.

If the Company’s or its Affiliates’ derivative financial instruments qualify as cash flow or net investment hedges, the effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss) as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. For cash flow hedges, hedge effectiveness is generally measured by comparing the present value of the cumulative change in the expected future cash flows of the hedged contract with the present value of the cumulative change in the expected future cash flows of the hedged item. For net investment hedges, hedge effectiveness is measured using the spot rate method. For fair value hedges, the entire change in the fair value of the hedging instrument is presented in earnings with the hedged item, unless the changes in fair value are not equal, which would result in hedge ineffectiveness. Any hedge ineffectiveness is recorded in Investment and other income. The Company assesses hedge effectiveness on a quarterly basis.

Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are amortized over the period of the designated hedge.


(m)	Revenue Recognition

Revenue primarily represents asset and performance based fees earned by the Company and its Affiliates for managing the assets of clients. Substantially all of the Company’s and its Affiliates’ contracts contain a single performance obligation, which is the provision of investment management services. Investment management, broker-dealer and administrative services are performed and consumed simultaneously and, therefore, the Company recognizes these asset based fees ratably over time. Substantially all the Company’s asset based fees for services are based on the value of client assets over time, which are typically determined using observable market data. Services may be invoiced in advance or in arrears and are payable upon receipt. Any asset based fees collected in advance are deferred and recognized as the services are performed and consumed. Revenue recognized by the Company is adjusted for any expense reimbursement arrangements.

Performance based fees, including carried interests, are recognized only upon the satisfaction of performance obligations, the resolution of any constraints (which may extend over one or more reporting periods) and when it is improbable that there will be a significant reversal in the amount of revenue recognized. As a result, any performance based fees or carried interest recognized in the current reporting period may relate to performance obligations satisfied in a previous reporting period.

The Company and its Affiliates have contractual arrangements with third parties to provide distribution-related services. Fees received and expenses incurred under these arrangements are primarily based on the value of client assets over time. Distribution-related fees are presented in revenue gross of any related expenses when the Company and its Affiliates are the principal in its role as primary obligor under their distribution-related services arrangements. Distribution-related expenses are presented within Selling, general and administrative expenses in the Consolidated Statements of Income.

The Company and its Affiliates may enter into contracts for which the costs to obtain or fulfill the contract are based upon a percentage of the value of a client’s future assets under management. The Company records these variable costs when incurred because they are subject to market volatility and are not estimable upon the inception of a contract with a client. Any expenses paid in advance are capitalized and amortized on a systematic basis, consistent with the transfer of services, which is the equivalent of recognizing the costs as incurred.


(n)	Contingent Payment Arrangements

The Company periodically enters into contingent payment arrangements in connection with its business combinations. In these arrangements, the Company agrees to pay additional consideration to the sellers to the extent that certain specified financial targets are achieved. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time a business combination is consummated and records a liability in Other liabilities on the Consolidated Balance Sheet. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company’s expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss, respectively. Gains and losses resulting from changes to expected payments are reflected in Other expenses (net) and the accretion of these obligations to their expected payment amounts are reflected within Interest expense. For Affiliates accounted for under the equity method of accounting, the Company records a liability in Payables and accrued liabilities when a payment becomes probable, with a corresponding increase to the carrying value of the Affiliate in Equity method investments in Affiliates (net).


(o)	Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial reporting bases of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Income tax expense in the period when the change is enacted.

The Company regularly assesses the recoverability of its deferred income tax assets to determine whether these assets are more-likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. If the Company determines it would not be able to realize its deferred tax assets, it records a valuation allowance to reflect the deferred tax assets at their current value. Adjustments to the valuation allowance will increase or decrease Income tax expense.

The Company records unrecognized tax benefits based on whether it is more-likely-than-not that the uncertain tax positions will be sustained on the basis of the technical merits of the position. If it is determined that an uncertain tax position is more-likely-than-not to be sustained, the Company records the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority in Income tax expense. Interest and penalties related to unrecognized tax benefits are also recorded in Income tax expense.

On December 22, 2017, changes in U.S. tax laws were enacted, which significantly revised U.S. corporate income tax by, among other things, lowering corporate income tax rates, implementing a modified territorial tax system and imposing a one-time transition tax on deemed repatriated foreign earnings and profits. The U.S. Securities and Exchange Commission (the “SEC”) issued Staff Accounting Bulletin No. 118 to address the application of GAAP in situations when a company did not have the necessary information available, prepared or analyzed to complete the accounting for certain income tax effects of the changes in U.S. tax laws as of December 31, 2017 and allowed companies to record provisional amounts. Changes to provisional amounts or new amounts resulting from new guidance, interpretations or other information or from further evaluation of the impact of the changes in U.S. tax laws are recorded in subsequent reporting periods not to extend beyond one year from the enactment date. The Company finalized its accounting for the impact of changes in U.S. tax laws in the three months ended December 31, 2018. No significant adjustments to the provisional amount were made. The Company has elected to treat taxes due on U.S. inclusions in taxable income related to Global Intangible Low Taxed Income (“GILTI”) as a current period expense when incurred (the “period cost method”).


(p)	Foreign Currency Translation

Assets and liabilities denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expenses denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using average exchange rates for the relevant period. Because of the long-term nature of the Company’s investments in its Affiliates, net translation exchange gains and losses resulting from foreign currency translation are recorded in Accumulated other comprehensive loss as a separate component of stockholders’ equity on the Consolidated Balance Sheets. Foreign currency transaction gains and losses are reflected in Investment and other income.


(q)	Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and derivative financial instruments. The Company and its Affiliates maintain cash and cash equivalents, investments and, at times, certain derivative financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which the Company and its Affiliates operate. For the Company and certain of its Affiliates, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits.


(r)	Earnings Per Share

The calculation of basic earnings per share is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The Company had convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.


(s)	Share-Based Compensation Plans

The Company recognizes expenses for all share-based payments based on their grant date fair values over the requisite service period. The Company records these expenses only for awards that are expected to vest.

Tax windfalls or shortfalls are recognized in Income tax expense and have been classified as operating activities in the Consolidated Statements of Cash Flows. Taxes paid by the Company when it withholds shares to satisfy tax withholding obligations are classified as a financing activity in the Consolidated Statements of Cash Flows.


(t)	Recent Accounting Developments

During the year ended December 31, 2018, the Company adopted several Accounting Standard Updates (“ASUs”) as follows:

Effective January 1, 2018:

•ASU 2014-09, Revenue from Contracts with Customers;


•	ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities;

•ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments;

•ASU 2017-01, Clarifying the Definition of a Business;

•ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment,

•ASU 2017-09, Compensation - Stock Compensation; and

•ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities

Effective September 1, 2018:


•	ASU 2018-13, Fair Value Measurements: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

None of these ASUs had a significant impact on the Company’s Consolidated Financial Statements.

While the Company and the Company’s consolidated Affiliates adopted ASU 2014-09 on January 1, 2018, the standard is effective for the Company’s equity method Affiliates for interim and annual periods beginning after December 15, 2018. The Company does not expect a significant impact to its Consolidated Financial Statements upon adoption of the standard by its equity method Affiliates. Also, on September 1, 2018, the Company early adopted the eliminated and modified disclosures of ASU 2018-13 and, as a result, updated its financial statement disclosures accordingly. A modified narrative description of measurement uncertainty for level 3 fair value measurements was applied prospectively, with all other amendments applied retrospectively. As permitted by ASU 2018-13, the Company will present the additional disclosures required in the interim and annual periods beginning after December 15, 2019.

In February 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases, and subsequently issued several related amendments. The standard requires lessees to record right-of-use assets and lease liabilities arising from most operating leases on their statement of financial position. The standard is effective for interim and annual periods beginning after December 15, 2018 for the Company and its consolidated Affiliates, and for interim and annual periods beginning after December 15, 2019 for the Company’s equity method Affiliates. The Company plans to adopt the standard using a modified retrospective method. The Company does not expect the adoption to significantly impact its Consolidated Statements of Income or its Consolidated Statements of Cash Flows. The Company anticipates recording a lease liability and a corresponding right-of-use asset of approximately $200 million on its Consolidated Balance Sheets. The Company will elect the transition practical expedients provided by ASU 2016-02, which allows the Company to carryforward its historical lease classification. As permitted under ASU 2016-02, the Company will elect not to record short-term leases with an initial lease term less than 12-months on its Consolidated Balance Sheets. Additionally, the Company will make an accounting policy election to include non-lease components for real estate leases and to separate non-lease components for non-real estate leases for the calculation of its lease liabilities. The Company will continue to assess the impact of adoption for its equity method Affiliates.

Investments in Marketable Securities

12 Months Ended

Dec. 31, 2018

Marketable Securities [Abstract]

Investments in Marketable Securities

Investments in marketable securities at December 31, 2017 and 2018 were $77.8 million and $119.3 million, respectively. The following is a summary of the cost, gross unrealized gains and losses and fair value of Investments in marketable securities:



	December 31,
	2017			2018
Cost	$	67.1		$	126.8
Unrealized gains	13.0			1.1
Unrealized losses	(2.3		)	(8.6		)
Fair value	$	77.8		$	119.3

For the years ended December 31, 2017 and 2018, the Company received proceeds of $112.2 million and $81.4 million, respectively, from the sale of investments in marketable securities and recorded net gains of $35.8 million and $6.9 million, respectively.

Other Investments	12 Months Ended
Other Investments	Dec. 31, 2018
Investments, All Other Investments [Abstract]
Other Investments	Other Investments Other investments consist of investments in funds advised by the Company’s Affiliates that are carried at fair value. The income or loss related to these investments is recorded in Investment and other income. See Note 11 for additional information.

Investments in Affiliates and Affiliate Sponsored Investment Products

12 Months Ended

Dec. 31, 2018

Variable Interest Entities

Investments in Affiliates and Affiliate Sponsored Investment Products

Investments in Affiliates

The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying structure of and relationship with each Affiliate.

Substantially all of the Company’s consolidated Affiliates are considered VIEs. The unconsolidated assets, net of liabilities and non-controlling interests of equity method Affiliates considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:



	December 31, 2017				December 31, 2018
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method	$	1,594.4	$	2,765.7	$	1,102.9	$	2,277.8

As of December 31, 2017 and 2018, the carrying value and maximum exposure to loss for all of the Company’s equity method Affiliates was $3,304.7 million and $2,791.0 million, including equity method Affiliates considered VREs of $539.0 million and $513.2 million, respectively.

Affiliate Sponsored Investment Products

The net assets of Affiliate sponsored investment products that were considered VIEs accounted for under the equity method and the Company’s carrying value and maximum exposure to loss were as follows:



	December 31, 2017				December 31, 2018
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products	$	2,154.6	$	10.2	$	2,216.5	$	1.1

Senior Bank Debt	12 Months Ended
Senior Bank Debt	Dec. 31, 2018
Debt Disclosure [Abstract]
Senior Bank Debt	Senior Bank Debt The Company has a senior unsecured multicurrency revolving credit facility and a senior unsecured term loan facility. As of December 31, 2018, the borrowing capacity under the revolver was $1.45 billion, with the ability, subject to certain conditions, to further increase commitments by up to $350.0 million. During 2018, the Company amended its term loan to increase the borrowings to $450.0 million, with the ability to borrow an additional $75.0 million, subject to certain conditions. The credit facilities contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions and fundamental corporate changes, and certain customary events of default. The revolver matures on September 30, 2020 and the term loan matures on May 31, 2021. As of December 31, 2017 and 2018, the Company had outstanding borrowings under the revolver of $425.0 million and $330.0 million, respectively, and the weighted-average interest rate on outstanding borrowings was 2.76% and 3.92%, respectively. As of December 31, 2017 and 2018, the Company had outstanding borrowings under the term loan of $385.0 million and $450.0 million, and the weighted-average interest rate on outstanding borrowings was 2.69% and 3.33%, respectively. The Company pays commitment fees on the unused portion of its revolver. For the years ended December 31, 2017 and 2018, these fees amounted to $1.5 million and $1.6 million, respectively.

Senior Notes

12 Months Ended

Dec. 31, 2018

Senior Notes

In 2017, the Company redeemed, canceled and retired all $200.0 million principal amount outstanding of its 6.375% senior unsecured notes due 2042 at a redemption price equal to 100% of the principal amount. At December 31, 2018, the Company had two senior notes outstanding. The carrying value of the senior notes is accreted to the principal amount at maturity over a remaining life of the underlying instrument. The respective principal terms of the senior notes are presented below:



	2024 Senior Notes			2025 Senior Notes
Issue date	February 2014			February 2015
Maturity date	February 2024			August 2025
Potential Call Date⁽¹⁾	Any Time			Any Time
Par value (in millions)	$	400.0		$	350.0
Call Price⁽¹⁾	As Defined			As Defined
Stated coupon	4.25		%	3.50		%
Coupon frequency	Semi-annually			Semi-annually

__________________________

⁽¹⁾

The senior notes may be redeemed at any time, in whole or in part, at a make-whole redemption price plus accrued and unpaid interest. The make-whole redemption price, in each case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%.

Convertible Securities

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Convertible Securities

At December 31, 2018, 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, 2017				December 31, 2018
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
Junior convertible securities⁽¹⁾	$	309.9	$	430.8	$	312.5	$	430.8

__________________________


⁽¹⁾	The carrying value is accreted to the principal amount at maturity over a remaining life of 19 years.

The junior convertible securities bear interest at a rate of 5.15% per annum, payable quarterly in cash. Effective August 10, 2018 and in accordance with the convertible securities indenture, the Company adjusted the conversion rate of the junior convertible securities from 0.2500 shares of common stock to 0.2525 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion price of $198.02 per share of common stock. The adjustment was the result of the Company’s cumulative declared dividends on its common stock since the initiation of its dividend through August 2018. 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 $257.43 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 will generate annual deferred tax liabilities of $7.8 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.

Equity Distribution Program	12 Months Ended
Equity Distribution Program	Dec. 31, 2018
Forward Equity Sale Agreements
Equity Distribution Program	Equity Distribution Program The Company has equity distribution and forward equity agreements with several major securities firms under which it may, from time to time, 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, 2018, no sales had occurred under the equity distribution program.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2018

Derivative Financial Instruments

The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates and markets.

In 2018, the Company entered into two separate pound sterling-denominated forward foreign currency contracts (the “forward contracts”) with a large financial institution (the “counterparty”). Concurrent to entering into each of the forward contracts, the Company also entered into two separate collar contracts (the “collar contracts”) with the same counterparty for the same notional amounts and expiration dates as each of the forward contracts. Under one of the forward contracts, the Company will deliver £285.8 million for $400.0 million in 2024 and under the other forward contract, the Company will deliver £325.3 million for $450.0 million in 2021. Under one of the collar contracts, the Company sold a put option with a lower strike price of 1.288 U.S. dollars per one pound sterling and purchased a call option with an upper strike price of 1.535 U.S. dollars per one pound sterling. Under the other collar contract, the Company sold a put option with a lower strike price of 1.318 U.S. dollars per one pound sterling and purchased a call option with an upper strike price of 1.448 U.S. dollars per one pound sterling. The forward contracts and the collar contracts provide net settlement rights and require the parties to post collateral throughout the term of the contracts.

The combination of the forward contracts and the collar contracts were designated as net investment hedges against fluctuations in foreign currency exchange rates on certain of the Company’s investments in Affiliates with the pound sterling as their functional currency.

The forward contracts’ excluded component is recognized in earnings on a straight-line basis over the respective periods of the forward contracts as a reduction to Interest expense. All other changes in the fair values of the effective net investment hedges are reported in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. The Company assesses hedge effectiveness on a quarterly basis.

The Company’s Affiliates use forward foreign currency contracts to hedge the risk of foreign currency exchange rate movements, none of which were significant.

Derivative financial instruments are presented in Other assets when in an unrealized gain position and in Other liabilities when in an unrealized loss position. When a right to offset exists between derivative financial instruments they are presented net in the Consolidated Balance Sheets. The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis. As of December 31, 2017, the Company and its Affiliates did not have any significant derivative financial instruments.



	December 31, 2018
	Assets		Liabilities
Forward contracts	$	32.0	$	(1.4	)
Put options	—		(60.3		)
Call options	34.1		—
Total	$	66.1	$	(61.7	)

The following table summarizes the effect of the derivative financial instruments on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income:



	For the Year Ended December 31, 2018
	Gain (Loss) Recognized in Other Comprehensive Income			Gain (Loss) Recognized in Earnings from Excluded Components⁽¹⁾
Forward contracts	$	27.2		$	3.8
Put options	(17.8		)	—
Call options	(8.4		)	—
Total	$	1.0		$	3.8

⁽¹⁾ The excluded components are recorded as a reduction in Interest expense.

As of December 31, 2018, the Company and its Affiliates did not have any significant gains (losses) reclassified from accumulated other comprehensive income (loss) into earnings.

The terms of the Company’s forward contracts and collar contracts require the Company and the counterparty to post cash collateral in certain circumstances throughout the duration of the contracts. As of December 31, 2018, the Company held $3.1 million of cash collateral from the counterparty, and the counterparty held $28.0 million of cash collateral from the Company.

The counterparty to the Company’s derivative contracts is a large financial institution. The derivative contracts are governed by an International Swaps and Derivative Association (“ISDA”) Master Agreement with the counterparty, which provides for settlement netting and close-out netting between the Company and the counterparty, which are legally enforceable rights to setoff. The Company also actively monitors its counterparty credit risk related to derivative financial instruments. The Company’s derivative contracts include provisions to protect against counterparty rating downgrades, which in certain cases may result in the counterparty posting additional collateral to the Company, or give rise to a termination right. The Company considers set-off rights and counterparty credit risk in the valuation of its positions, and recognizes a credit valuation adjustment as appropriate. The Company’s forward contracts and collar contracts include contingent features that could require the Company or the counterparty to post additional collateral, or give rise to termination rights, if certain specified rating downgrades were to occur. As of December 31, 2018, there were no derivative arrangements with a contingent feature that were in a net liability position.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2018
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. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of December 31, 2018, these unfunded commitments were $131.0 million and may be called in future periods. As of December 31, 2018, the Company was contingently liable, upon achievement by certain of its Affiliates of specified financial targets, to make payments through 2020 related to the Company’s investments in these Affiliates. For its consolidated Affiliates, the Company was contingently liable for up to $2.5 million, and expected to make payments of $1.9 million (all of which are expected to be made in 2019). The present value of the total expected payments was $1.9 million. For its equity method Affiliates, the Company was contingently liable to make payments up to $150.0 million through 2020, and expected to make no payments. Affiliate equity interests provide holders with a conditional right to put their interests to the Company over time. See Note 20 for additional information. In addition, in connection with one of the Company’s investments in a non-U.S. alternative 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 elect to sell a portion of its 19% ownership interest in the Affiliate to the Company annually. The purchase price of these conditional purchases will be at fair market value. During the three months ended December 31, 2018, the Company was notified by the minority owner that it may, after determining the fair market value of its interest, elect to sell a 5% ownership interest in the Affiliate to the Company. If the minority owner elects to sell this interest, the transaction is expected to be completed during the first half of 2019; however, the Company cannot currently predict the amount that may be paid to settle this commitment. If the Company acquires the minority owner’s interest over time, it will continue to account for the Affiliate under the equity method. The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. Management is not aware of any significant violations of such requirements.

Fair Value Measurements

12 Months Ended

Dec. 31, 2018

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, 2017		Fair Value Measurements
	December 31, 2017		Level 1		Level 2		Level 3
Financial Assets
Investments in marketable securities	$	77.8	$	77.8	$	—	$	—
Derivative financial instruments⁽¹⁾	0.2		—		0.2		—
Financial Liabilities⁽²⁾
Contingent payment arrangements	$	9.4	$	—	$	—	$	9.4
Affiliate equity repurchase obligations	49.2		—		—		49.2
Derivative financial instruments	0.6		—		0.6		—



			Fair Value Measurements
	December 31, 2018		Fair Value Measurements
	December 31, 2018		Level 1		Level 2		Level 3
Financial Assets
Investments in marketable securities	$	119.3	$	119.3	$	—	$	—
Derivative financial instruments⁽¹⁾	5.8		—		5.8		—
Financial Liabilities⁽²⁾
Contingent payment arrangements	$	1.9	$	—	$	—	$	1.9
Affiliate equity repurchase obligations	36.2		—		—		36.2
Derivative financial instruments	1.4		—		1.4		—

__________________________


⁽¹⁾	Amounts are presented within Other assets.


⁽²⁾	Amounts are presented within Other liabilities.

Level 3 Financial Assets and Liabilities

The following table presents the changes in level 3 liabilities:



	For the Years Ended December 31,
	2017						2018
	Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations			Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	8.6		$	12.1		$	9.4		$	49.2
Net realized and unrealized losses⁽¹⁾	7.6			5.5			1.3			—
Purchases and issuances⁽²⁾	—			206.1			—			105.4
Settlements and reductions	(6.8		)	(174.5		)	(8.8		)	(118.4		)
Balance, end of period	$	9.4		$	49.2		$	1.9		$	36.2

Net change in unrealized losses relating to instruments still held at the reporting date⁽¹⁾	$	2.8		$	—		$	0.2		$	—

__________________________

⁽¹⁾

For the years ended December 31, 2017 and 2018, net realized and unrealized losses resulting from changes to contingent payment arrangements were $6.6 million and $0.6 million, respectively, and were recorded in Other expenses (net). For the years ended December 31, 2017 and 2018, the accretion expense for these arrangements was $1.0 million and $0.7 million, respectively, and was recorded in Interest expense.


⁽²⁾	Includes transfers from Redeemable non-controlling interests.

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



	Quantitative Information about Level 3 Fair Value Measurements
	Valuation Techniques	Unobservable Input	Fair Value at December 31, 2017		Range at December 31, 2017	Weighted Average at December 31, 2017	Fair Value at December 31, 2018		Range at December 31, 2018	Weighted Average at December 31, 2018
Contingent payment arrangements	Discounted cash flow	Growth rates	$	9.4	7% - 8%	7%	$	1.9	7%	7%
		Discount rates			15% - 16%	15%			15%	15%
Affiliate equity repurchase obligations	Discounted cash flow	Growth rates	49.2		0% - 11%	6%	36.2		(4)% - 9%	3%
		Discount rates			12% - 16%	14%			14% - 16%	15%

Contingent payment arrangements represents the present value of the expected future settlement amounts related to the Company’s investments in consolidated Affiliates. As of December 31, 2018, there were no changes to growth rates or discount rates that had a significant impact to contingent payment arrangements.

Affiliate equity repurchase obligations include agreements to repurchase Affiliate equity. As of December 31, 2018, there were no changes to growth or discount rates that had a significant impact to Affiliate equity repurchase obligations recorded in prior periods.

Investments Measured at NAV as a Practical Expedient

The Company’s Affiliates sponsor investment products in which the Company and its Affiliates may make general partner and seed capital investments. The Company uses the NAV of these investments as a practical expedient for their fair value and reports these products within Other investments. The following table summarizes the nature of the Company’s investments, unfunded commitments, and any related liquidity restrictions or other factors that may impact the ultimate value realized:



	December 31, 2017				December 31, 2018
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity⁽¹⁾	$	156.1	$	98.8	$	193.2	$	131.0
Other funds⁽²⁾	8.9		—		7.9		—
Other investments⁽³⁾	$	165.0	$	98.8	$	201.1	$	131.0

__________________________


⁽¹⁾	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making 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.


⁽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.


⁽³⁾	Fair value attributable to the controlling interest was $80.1 million and $123.2 million as of December 31, 2017 and 2018, respectively.

Other Financial Assets and Liabilities Not Carried at Fair Value

The carrying amount of Cash and cash equivalents, Receivables and Payables and accrued liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of notes receivable, which is reported in Other assets, approximates fair value because interest rates and other terms are at market rates. The carrying value of the credit facilities, which is reported in Senior bank debt in the Consolidated Balance Sheets, approximates fair value because the credit facilities have 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, 2017				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	745.7	$	765.2	$	746.2	$	747.5	Level 2
Convertible securities	309.9		549.8		312.5		391.5		Level 2

- Definition

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.

+ References + Details

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

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



	Goodwill
	2017		2018
Balance, beginning of period	$	2,628.1	$	2,662.5
Foreign currency translation	34.4		(29.1		)
Balance, end of period	$	2,662.5	$	2,633.4

As of September 30, 2018, the Company completed its impairment assessment on goodwill and no impairments were indicated.



	Acquired Client Relationships (Net)
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2016	$	1,290.0		$	(788.1	)	$	501.9		$	995.5		$	1,497.4
Intangible amortization and impairments	—			(86.4		)	(86.4		)	—			(86.4		)
Foreign currency translation	5.5			—			5.5			33.2			38.7
Balance, as of December 31, 2017	$	1,295.5		$	(874.5	)	$	421.0		$	1,028.7		$	1,449.7
Intangible amortization and impairments	—			(114.4		)	(114.4		)	(0.4		)	(114.8		)
Foreign currency translation	(3.0		)	—			(3.0		)	(22.0		)	(25.0		)
Balance, as of December 31, 2018	$	1,292.5		$	(988.9	)	$	303.6		$	1,006.3		$	1,309.9

Definite-lived acquired client relationships are amortized over their expected period of economic benefit. The Company recorded amortization expense within Intangible amortization and impairments for these relationships of $107.7 million, $86.4 million and $114.4 million, respectively, for the years ended December 31, 2016, 2017 and 2018. Based on relationships existing as of December 31, 2018, the Company estimates that its consolidated annual amortization expense will be approximately $110 million in 2019, $55 million in 2020, and $30 million in 2021, 2022 and 2023.

During 2018, the Company completed impairment assessments on its definite-lived and indefinite-lived acquired client relationships and no impairments were indicated.

Equity Method Investments in Affiliates

12 Months Ended

Dec. 31, 2018

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments in Affiliates

Equity Method Investments in Affiliates

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



	Equity Method Investments in Affiliates (Net)
	2017			2018
Balance, beginning of period	$	3,368.3		$	3,304.7
Equity method earnings	501.4			370.6
Equity method intangible amortization and impairments	(199.2		)	(370.8		)
Distributions of earnings from equity method investments	(429.8		)	(466.3		)
Investments	29.8			7.3
Foreign currency translation	62.3			(34.5		)
Other⁽¹⁾	(28.1		)	(20.0		)
Balance, end of period	$	3,304.7		$	2,791.0

__________________________


⁽¹⁾	Primarily reflects the Company’s share of entity level taxes.

Definite-lived acquired relationships at the Company’s equity method Affiliates are amortized over their expected period of economic benefit. The Company recognized amortization expense for these relationships of $59.2 million, $106.1 million and $97.5 million, respectively, for the years ended December 31, 2016, 2017 and 2018. Based on relationships existing as of December 31, 2018, the Company estimates the annual amortization expense attributable to its equity method Affiliates will be approximately $95 million in 2019, 2020 and 2021 and $75 million in 2022 and 2023.

For the year ended December 31, 2017, the Company determined that the fair value of a U.S. alternative Affiliate had declined below its carrying value. The decline in the fair value of this Affiliate was the result of a cumulative decline in assets under management, coupled with the recent loss of a significant client, which had decreased the forecasted revenue of the Affiliate. The fair value of this Affiliate was determined using a discounted cash flow analysis, a level 3 fair value measurement, that projected future cash flows associated with the investment and discount rates that were developed with input from valuation experts. The significant assumptions used in the cash flow analysis include a projected growth rate of 10.0%, discount rates of 14.0% and 25.0% for asset and performance based fees, respectively, and a market participant tax rate of 25.0%. The Company considered the decline in fair value to be other-than-temporary and, accordingly, the Company recognized a $93.1 million expense to reduce the asset to fair value.

For the year ended December 31, 2018, the Company determined that the fair value of the U.S. alternative Affiliate and the fair value of one of its non-U.S. alternative Affiliates had declined below their respective carrying values. The decline in the fair values of these Affiliates was caused by declines in assets under management as a result of client redemptions, coupled with recent negative investment returns, which resulted in the decrease of forecasted performance based fees for these Affiliates. For the U.S. alternative Affiliate for which the Company recorded an expense to reduce the carrying value to fair value in 2017, the Company recorded an additional $33.3 million expense to reduce the carrying value of this Affiliate to zero as the business was liquidated. For the non-U.S. alternative Affiliate, the Company determined the fair value using a discounted cash flow analysis, a level 3 fair value measurement, that projected future cash flows associated with the investment and discount rates that were developed with input from valuation experts. The significant assumptions used in the cash flow analysis include a projected growth rate of 2.5%, discount rates of 11.0% and 20.0% for asset and performance based fees, respectively, and a market participant tax rate of 25.0%. The Company considered the decline in fair value to be other-than-temporary and, accordingly, the Company recognized a $240.0 million expense to reduce the asset to fair value.

For the Company’s remaining equity method investments in Affiliates, the Company completed its annual evaluations as of December 31, 2017 and 2018 and no other impairments were identified.

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



	For the Years Ended December 31,
	2016⁽²⁾		2017		2018
Revenue⁽¹⁾	$	2,200.9	$	3,126.3	$	3,231.7
Net income⁽¹⁾	1,068.9		2,182.7		1,286.1



	December 31,
	2017		2018
Assets	$	3,324.9	$	2,730.4
Liabilities and Non-controlling interests	1,405.5		1,235.1

__________________________


⁽¹⁾	Revenue and the associated net income include asset and performance based fees and the impact of consolidated investment products.


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

The Company’s share of undistributed earnings from equity method investments was $92.4 million as of December 31, 2018.

The Company has determined that one of its equity method Affiliates is significant under Rule 10-01(b)(1) of Regulation S-X. For the years ended December 31, 2017 and 2018, this equity method Affiliate recognized revenue of $1,317.8 million and $1,137.5 million, respectively, and net income of $806.6 million and $524.5 million, respectively.

Fixed Assets and Lease Commitments

12 Months Ended

Dec. 31, 2018

Fixed Assets and Lease Commitments [Abstract]

Fixed Assets and Lease Commitments

Fixed assets (net) consisted of the following:



	December 31,
	2017			2018
Building and leasehold improvements	$	111.9		$	117.8
Software	50.8			51.0
Equipment	44.5			42.3
Furniture and fixtures	21.4			21.0
Land, improvements and other	18.7			18.6
Fixed assets, at cost	247.3			250.7
Accumulated depreciation and amortization	(136.3		)	(146.4		)
Fixed assets (net)	$	111.0		$	104.3

The Company and its consolidated Affiliates lease office space and equipment for their operations. At December 31, 2018, 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:



Year	Required Minimum Payments
2019	$	35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	75.2

Consolidated rent expense for 2016, 2017 and 2018 was $35.5 million, $37.5 million and $40.5 million, respectively.

Payables and Accrued Liabilities

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Payables and Accrued Liabilities

Payables and accrued liabilities consisted of the following:



	December 31,
	2017		2018
Accrued compensation	$	472.5	$	463.2
Accrued income taxes	93.0		42.9
Other	241.7		240.5
Payables and accrued liabilities	$	807.2	$	746.6

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retained an interest in certain of the Affiliate’s private equity investment partnerships. The prior owner’s interests are presented in Other liabilities and were $61.2 million and $49.7 million at December 31, 2017 and 2018, respectively. The Company and its Affiliates earn asset and performance based fees and incur distribution and other expenses for services provided to Affiliate sponsored investment products. In addition, Affiliate management owners and Company officers may serve as trustees or directors of certain investment vehicles from which an Affiliate earns fees. The Company had liabilities to related parties for contingent payment arrangements in connection with certain business combinations. The net present value of the total amounts payable were $9.4 million and $1.9 million as of December 31, 2017 and 2018, respectively, and were included in Other liabilities. For the years ended December 31, 2017 and 2018, the Company made $6.8 million and $8.8 million of payments associated with these liabilities, respectively. For the years ended December 31, 2017 and 2018, the Company adjusted its estimates of contingent payment arrangements and recorded expenses of $6.6 million and $0.6 million, respectively. These amounts are included in Other expenses (net). The Company has related party transactions in association with its Affiliate equity transactions, as more fully described in Notes 19 and 20.

Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

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 2018 and January 2017, authorizing the Company to repurchase up to 3.4 million and 1.9 million shares of its common stock, respectively, and these authorizations have no expiry. For the year ended December 31, 2018, the Company repurchased 3.3 million shares of this total authorized amount, at an average price per share of $150.31. As of December 31, 2018, 1.7 million shares remained available for repurchase under the January 2018 share repurchase program and no shares remained available for repurchase under the January 2017 program.

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



Year	Shares Repurchased	Average Price
2016	0.2	$	161.16
2017	2.4	173.19
2018	3.3	150.31

Forward Equity and Equity Distribution Program

In 2016, the Company entered into an agreement to sell approximately 2.9 million shares of its common stock at a price of $167.25 per share on a forward basis. In 2016, 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. This agreement is no longer in effect.

In 2016, the Company entered into separate equity distribution and forward equity agreements with several major securities firms under which the Company may, from time to time, 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, 2018, no sales had occurred under the equity distribution program.

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.

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 financial instruments.

Share-Based Compensation

12 Months Ended

Dec. 31, 2018

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

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. 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.

The total fair value of share-based compensation awards that vested was $20.7 million, $59.4 million and $5.9 million during the years ended December 31, 2016, 2017 and 2018, respectively.

Share-Based Incentive Compensation

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



Year	Share-Based Compensation Expense		Tax Benefit
2016	$	39.2	$	15.1
2017	40.4		13.6
2018	44.7		11.2

The excess tax benefit recognized from share-based incentive plans was $10.9 million and $0.7 million during the years ended December 31, 2017 and 2018, respectively, and classified as an operating cash flow.

As of December 31, 2017, the Company had $63.5 million of unrecognized share-based compensation expense. As of December 31, 2018, the Company had $54.1 million of unrecognized share-based compensation, which will be recognized over a weighted average period of approximately two years (assuming no forfeitures).

Stock Options

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



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—December 31, 2017	0.6		$	122.04
Options granted	0.0		179.54
Options exercised	(0.1	)	99.57
Options forfeited	(0.0	)	122.40
Unexercised options outstanding—December 31, 2018	0.5		130.81		3.7
Exercisable at December 31, 2018	0.1		138.97		2.3

The Company granted stock options with fair values of $16.4 million, $0.8 million and $1.0 million for the years ended December 31, 2016, 2017 and 2018, respectively. Stock options generally vest over a period of three to four years and expire seven years after the grant date. All options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. In certain circumstances, option awards also require certain performance conditions to be satisfied in order for the options to be exercised.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of options exercised during the years ended December 31, 2016, 2017 and 2018 was $27.7 million, $50.8 million and $8.2 million, respectively. The cash received for options exercised was $25.6 million, $41.9 million and $9.7 million during the years ended December 31, 2016, 2017 and 2018, respectively. As of December 31, 2018, the intrinsic value of exercisable options outstanding was $0.3 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 and were $39.02, $48.05 and $48.64, per option, for the years ended December 31, 2016, 2017 and 2018, respectively. The weighted average grant date assumptions used to estimate the fair value of options granted were as follows:



	For the Years Ended December 31,
	2016		2017		2018
Dividend yield	0.0	%	0.5	%	0.8	%
Expected volatility⁽¹⁾	30.7	%	28.0	%	25.5	%
Risk-free interest rate⁽²⁾	1.6	%	2.1	%	2.8	%
Expected life of options (in years)⁽³⁾	5.7		5.7		5.7
Forfeiture rate	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 in the Company’s restricted stock units:



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—December 31, 2017	0.4		$	162.32
Units granted	0.2		201.75
Units vested	(0.0	)	188.93
Units forfeited	(0.0	)	154.92
Unvested units—December 31, 2018	0.6		172.74

The Company granted awards with fair values of $28.0 million, $36.9 million and $37.7 million for the years ended December 31, 2016, 2017 and 2018, respectively. These awards were valued based on the closing price of the Company’s common stock on the grant date and the number of awards expected to be delivered. Awards containing vesting conditions generally require service over a period of three to four years and may also require the satisfaction of certain performance conditions. In certain cases, awards with performance conditions may use structures whereby the number of shares of the Company’s common stock that an employee ultimately receives at vesting will be equal to the base number of restricted stock units granted, multiplied by a predetermined percentage determined in accordance with the level of attainment of Company performance measures during the performance period and could be higher or lower than the original restricted stock unit grant. During the years ended December 31, 2017 and 2018, there were no changes in the Company’s estimate of the number of shares expected to be delivered.

As of December 31, 2018, the Company had 0.9 million shares available for grant under its plans.

Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Affiliate equity interests provide holders with an equity interest in one of the Company’s Affiliates, consistent with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five and 15 years from the date the equity interest is received or on an annual basis following an Affiliate equity holder’s departure). Prior to becoming redeemable, the value of the Company’s Affiliate equity is presented within Non-controlling interests. Upon becoming redeemable, the value of these interests is reclassified and the current redemption value of these interests is presented as Redeemable non-controlling interests. Changes in the current redemption value are recorded to Additional paid-in capital. When the Company receives a put notice and, therefore, has an unconditional obligation to repurchase Affiliate equity interests, they are reclassified to Other liabilities. The following table presents the changes in Redeemable non-controlling interests:



	Redeemable Non-controlling Interests
	2017			2018
Balance, beginning of period	$	673.5		$	811.9
Changes attributable to Affiliate sponsored consolidated products	12.4			51.6
Transfers to Other liabilities	(192.3		)	(105.4		)
Transfers from Non-controlling interests	76.8			44.8
Changes in redemption value	241.5			30.8
Balance, end of period⁽¹⁾	$	811.9		$	833.7

__________________________


⁽¹⁾	As of December 31, 2017 and 2018, Redeemable non-controlling interests include Affiliate sponsored consolidated products primarily attributable to third-party investors of $39.4 million and $91.0 million, respectively.

Affiliate Equity

12 Months Ended

Dec. 31, 2018

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 (non-controlling interests) were $354.1 million, $352.2 million and $370.5 million for the years ended December 31, 2016, 2017 and 2018, 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 15 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 repurchases Affiliate equity interests from and issues Affiliate equity interests to its Affiliate partners and its officers. The amount of cash paid for repurchases was $115.8 million, $174.7 million and $120.0 million for the years ended December 31, 2016, 2017 and 2018, respectively. The total amount of cash received for issuances was $11.8 million, $9.0 million and $6.3 million for the years ended December 31, 2016, 2017 and 2018, respectively.

Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its Affiliate partners and its 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 in Compensation and related expenses in the Consolidated Statements of Income over the requisite service period.

The following table presents Affiliate equity compensation expense:



	For the Years Ended December 31,
	2016		2017		2018
Controlling interest	$	10.0	$	13.2	$	16.7
Non-controlling interests	31.2		36.8		39.7
Total	$	41.2	$	50.0	$	56.4

The following table presents unrecognized Affiliate equity compensation expense:



Year	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
2016	$	31.3	4 years	$	70.7	5 years
2017	33.3		5 years	95.9		6 years
2018	38.7		5 years	118.3		6 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 $12.4 million and $16.2 million at December 31, 2017 and 2018, respectively, and was included in Other assets. The total payable was $49.2 million and $36.2 million as of December 31, 2017 and 2018, 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 the Consolidated Statements of 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 presents 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,
	2016			2017			2018
Net income (controlling interest)	$	472.8		$	689.5		$	243.6
Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances	1.6			(1.0		)	(5.0		)
Decrease in controlling interest paid-in capital from Affiliate equity repurchases	(38.0		)	(116.2		)	(67.9		)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$	436.4		$	572.3		$	170.7

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2018
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans The Company has a defined contribution plan that is a qualified employee profit-sharing plan, covering substantially all of its employees. Under this plan, the Company is able to make discretionary contributions for the benefit of its employees that are qualified plan participants, up to Internal Revenue Service limits. The Company’s consolidated Affiliates have their own qualified defined contribution retirement plans covering their respective employees or, for several Affiliates, have their employees covered under the Company’s plan. In each case, the relevant Affiliate is able to make discretionary contributions for the benefit of its employees, as applicable, that are qualified plan participants, up to Internal Revenue Service limits. Consolidated expenses related to these plans were $18.9 million, $20.1 million and $20.8 million for the years ended December 31, 2016, 2017 and 2018, respectively. The controlling interest’s portion of expenses related to these plans were $3.7 million, $3.9 million and $4.8 million for the years ended December 31, 2016, 2017 and 2018, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to non-controlling interests.

The following table presents the consolidated provision for income taxes:



	For the Years Ended December 31,
	2016			2017			2018
Controlling interest:
Current tax	$	168.1		$	173.8		$	117.2
Intangible-related deferred taxes	84.3			(98.5		)	79.7
Other deferred taxes	(23.2		)	(24.9		)	(27.5		)
Total controlling interest	229.2			50.4			169.4
Non-controlling interests:
Current tax	$	8.2		$	8.2		$	12.2
Deferred taxes	(1.8		)	(0.2		)	(0.3		)
Total non-controlling interests	6.4			8.0			11.9
Income tax expense	$	235.6		$	58.4		$	181.3
Income before income taxes (controlling interest)	$	702.0		$	739.9		$	413.0
Effective tax rate (controlling interest)⁽¹⁾	32.6		%	6.8		%	41.0		%

__________________________


⁽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,
	2016			2017			2018
Current:
Federal	$	103.4		$	109.0		$	52.2
State	22.9			18.9			28.6
Foreign	50.0			54.1			48.6
Total current	176.3			182.0			129.4
Deferred:
Federal	62.3			(124.9		)	51.3
State	10.0			10.4			13.2
Foreign	(13.0		)	(9.1		)	(12.6		)
Total deferred	59.3			(123.6		)	51.9
Income tax expense	$	235.6		$	58.4		$	181.3

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



	For the Years Ended December 31,
	2016		2017		2018
Domestic	$	688.1	$	756.5	$	637.3
International	286.5		310.6		76.3
	$	974.6	$	1,067.1	$	713.6

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



	For the Years Ended December 31,
	2016		2017		2018
Statutory U.S. federal tax rate	35.0	%	35.0	%	21.0	%
State income taxes, net of federal benefit	2.9		2.7		3.7
Effect of foreign operations	(4.6	)	(5.4	)	1.3
Effect of changes in tax law, rates	(0.3	)	(25.2	)	—
Reduction in carrying value of an equity method investment	—		—		13.0
Other	(0.4	)	(0.3	)	2.0
Effective tax rate (controlling interest)	32.6	%	6.8	%	41.0	%
Effect of income from non-controlling interests	(8.4	)	(1.3	)	(15.6	)
Effective tax rate	24.2	%	5.5	%	25.4	%

For the year ended December 31, 2018, the effective tax rate (controlling interest) was 41.0% compared to 6.8% for the year ended December 31, 2017. The increase in the effective tax rate (controlling interest) in 2018 was primarily due to a provisional one-time benefit of $194.1 million recorded in 2017 as a result of changes in U.S. tax laws, which did not recur in 2018. The provisional one-time benefit was primarily due to a $216.9 million benefit from the re-measurement of the Company’s deferred tax liabilities associated with its intangible assets and convertible securities, partially offset by a $22.8 million transition tax on deemed repatriated foreign earnings. The increase in the effective tax rate (controlling interest) in 2018 was also due to a $240.0 million expense recorded to reduce the carrying value to fair value of one of the Company’s non-U.S. alternative Affiliates accounted for under the equity method for which the Company did not recognize an income tax benefit under GAAP. The Company finalized its accounting for the changes in U.S. tax laws in the three months ended December 31, 2018 and no significant adjustments were made to the provisional amount.

For the year ended December 31, 2017, the effective tax rate (controlling interest) was 6.8% compared to 32.6% for the year ended December 31, 2016. The decrease in the effective tax rate (controlling interest) in 2017 was primarily due to the provisional one-time benefit recorded for the changes in U.S. tax laws.

Deferred income tax liability (net) reflects 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 tax liability (net) are as follows:



	December 31,
	2017			2018
Deferred Tax Assets
Deferred compensation	$	10.4		$	18.0
State net operating loss carryforwards	16.8			18.2
Foreign loss carryforwards	16.3			16.7
Tax benefit of uncertain tax positions	11.4			10.9
Deferred income	—			8.8
Accrued expenses	1.3			3.6
Other	—			1.5
Total deferred tax assets	56.2			77.7
Valuation allowance	(24.1		)	(24.1		)
Deferred tax assets, net of valuation allowance	$	32.1		$	53.6
Deferred Tax Liabilities
Intangible asset amortization	$	(258.6	)	$	(337.1	)
Convertible securities interest	(77.9		)	(84.5		)
Non-deductible intangible amortization	(150.8		)	(141.0		)
Deferred income	(5.9		)	—
Other	(6.3		)	(2.6		)
Total deferred tax liabilities	(499.5		)	(565.2		)
Deferred income tax liability (net)	$	(467.4	)	$	(511.6	)

At December 31, 2018, the Company had available state net operating loss carryforwards of $455.0 million, a majority of which will expire over a 15-to-20-year period. At December 31, 2018, the Company had foreign loss carryforwards of $63.1 million, of which $54.1 million will expire over a 20-year period and the balance will carry forward indefinitely.

The Company believes that it is more-likely-than-not that the benefit from its state and foreign loss carryforwards will not be fully realized and recorded a valuation allowance of $9.8 million and $14.3 million on the state and foreign loss carryforwards, respectively. For the year ended December 31, 2017, the Company increased its valuation allowance $2.0 million. For the year ended December 31, 2018, the Company made no adjustments to the valuation allowance.

The Company continues not to provide for U.S. income taxes on the excess of the financial reporting bases over tax bases 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 foreign subsidiaries. While a 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, as of December 31, 2018, the estimated amount of such difference was $225.4 million.

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



	For the Years Ended December 31,
	2016			2017			2018
Balance, beginning of period	$	26.9		$	26.8		$	32.4
Additions based on current year tax positions	3.8			6.0			2.4
Additions based on prior years’ tax positions	0.6			1.5			8.4
Reduction for prior years’ tax positions	—			—			(2.0		)
Reductions related to lapses of statutes of limitations	(4.7		)	(2.3		)	(6.3		)
Settlements	—			—			(1.3		)
Additions (reductions) related to foreign exchange rates	0.2			0.4			(0.5		)
Balance, end of period	$	26.8		$	32.4		$	33.1

Included in the balance of unrecognized tax benefits at December 31, 2016, 2017 and 2018 were $26.0 million, $32.4 million and $33.1 million, respectively, of tax benefits that, if recognized, would favorably affect the Company’s effective tax rate (controlling interest).

The Company records accrued interest and penalties, if any, related to unrecognized tax benefits in Income tax expense. The Company had $1.4 million, $1.7 million and $2.1 million in interest related to unrecognized tax benefits accrued at December 31, 2016, 2017 and 2018, respectively, which are included in the table above. For the years ended December 31, 2016, 2017 and 2018, no significant penalties were recorded in Income tax expense.

The Company does not expect any significant changes to its liability for unrecognized tax benefits during the next 12 months.

The Company is subject to U.S. federal, state and local, and foreign income tax in multiple jurisdictions and 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 2012.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. 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,
	2016		2017		2018
Numerator
Net income (controlling interest)	$	472.8	$	689.5	$	243.6
Interest expense on convertible securities, net of taxes	15.5		15.5		—
Net income (controlling interest), as adjusted	$	488.3	$	705.0	$	243.6
Denominator
Average shares outstanding (basic)	54.2		56.0		53.6
Effect of dilutive instruments:
Stock options and restricted stock units	0.6		0.4		0.2
Convertible securities	2.2		2.2		—
Average shares outstanding (diluted)	57.0		58.6		53.8

Average shares outstanding (diluted) in the table above excludes share-based awards that have not satisfied performance conditions and the anti-dilutive effect of the following:



	For the Years Ended December 31,
	2016	2017	2018
Stock options and restricted stock units	0.6	0.1	0.2
Convertible securities	—	—	2.2

The Company may settle portions of its Affiliate equity purchases in shares of its common stock. Because it is the Company’s intention to settle these potential purchases in cash, the calculation of Average shares outstanding (diluted) excludes any potential dilutive effect from possible share settlements of Affiliate equity purchases.

Comprehensive Income

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):



	For the Year Ended December 31, 2016
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(115.3	)	$	—		$	(115.3	)
Change in net realized and unrealized gain (loss) on derivative financial instruments	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	)



	For the Year Ended December 31, 2017
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	128.0		$	—		$	128.0
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.7		)	(0.1		)	(0.8		)
Change in net unrealized gain (loss) on investment securities	(15.0		)	7.3			(7.7		)
Other comprehensive income (loss)	$	112.3		$	7.2		$	119.5



	For the Year Ended December 31, 2018
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(87.0	)	$	(15.1	)	$	(102.1	)
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.1		)	—			(0.1		)
Other comprehensive income (loss)	$	(87.1	)	$	(15.1	)	$	(102.2	)

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



	Foreign Currency Translation Adjustment			Realized and Unrealized Gains (Losses) on Derivative Financial Instruments			Unrealized Gains (Losses) on Investment Securities ⁽¹⁾			Total
Balance, as of December 31, 2016	$	(213.9	)	$	0.4		$	9.8		$	(203.7	)
Other comprehensive income (loss) before reclassifications	128.0			(1.6		)	15.7			142.1
Amounts reclassified	—			0.8			(23.4		)	(22.6		)
Net other comprehensive income (loss)	128.0			(0.8		)	(7.7		)	119.5
Balance, as of December 31, 2017	$	(85.9	)	$	(0.4	)	$	2.1		$	(84.2	)
Other comprehensive income (loss) before reclassifications	(102.1		)	(0.2		)	—			(102.3		)
Amounts reclassified	—			0.1			(2.1		)	(2.0		)
Net other comprehensive income (loss)	(102.1		)	(0.1		)	(2.1		)	(104.3		)
Balance, as of December 31, 2018	$	(188.0	)	$	(0.5	)	$	—		$	(188.5	)

__________________________


⁽¹⁾	In connection with the Company’s adoption of ASU 2016-01, the unrealized gains on investment securities, which related to the non-controlling interests, were reclassified to Non-controlling interests.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

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, 2017 and 2018:



	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter⁽¹⁾
Consolidated revenue	$	544.3	$	570.9	$	585.7	$	604.1
Income before income taxes	253.3		266.9		282.9		264.0
Net income	193.7		204.4		216.8		393.8
Net income (controlling interest)	122.5		126.3		125.4		315.4
Earnings per share (diluted)	$	2.13	$	2.22	$	2.22	$	5.50



	2018
	First Quarter		Second Quarter		Third Quarter⁽²⁾		Fourth Quarter⁽²⁾
Consolidated revenue	$	612.5	$	600.2	$	601.3	$	564.4
Income (loss) before income taxes	287.5		239.3		250.4		(63.6		)
Net income (loss)	224.0		205.2		201.9		(98.8		)
Net income (loss) (controlling interest)	153.0		117.0		124.9		(151.3		)
Earnings (loss) per share (diluted)	$	2.77	$	2.16	$	2.34	$	(2.88	)

__________________________


⁽¹⁾	In the fourth quarter of 2017, the Company recorded a one-time net benefit from changes in U.S. tax laws (see Note 22 for additional information) and an expense to reduce the carrying value of one of its U.S. alternative Affiliates accounted for under the equity method (see Note 13 for additional information).


⁽²⁾	For the year ended December 31, 2018, the Company recorded expenses to reduce the carrying value of the U.S. alternative Affiliate to zero and one of its non-U.S. alternative Affiliates accounted for under the equity method to fair value (see Note 13 for additional information).

Geographic Information

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Geographic Information

The following table presents Consolidated revenue and Fixed assets (net) of the Company by geographic location. This information is primarily based on the location of the headquarters of the Affiliate.



	For the Years Ended December 31,
	2016		2017		2018
Consolidated revenue
United States	$	1,477.5	$	1,571.4	$	1,611.7
United Kingdom	566.4		587.3		628.8
Other	150.7		146.3		137.9
Total	$	2,194.6	$	2,305.0	$	2,378.4



	December 31,
	2016		2017		2018
Fixed Assets (net)
United States	$	97.3	$	97.8	$	87.1
United Kingdom	9.9		11.4		15.7
Other	2.9		1.8		1.5
Total	$	110.1	$	111.0	$	104.3

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

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,
2018	$	24.1	$	0.6	$	—	$	0.6	$	24.1
2017	22.1		1.1		0.9		—		24.1
2016	20.5		1.3		0.3		—		22.1

Other Allowances⁽¹⁾
Year Ending December 31,
2018	$	3.6	$	6.4	$	—	$	5.0	$	5.0
2017	10.3		0.6		—		7.3		3.6
2016	10.6		5.0		—		5.3		10.3

__________________________


⁽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. Deductions represent the reversal of such reserves upon collection of the amounts due.

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Use of Estimates

Use of Estimates

Principles of Consolidation

Investments in Affiliates

Affiliate Sponsored Investment Products

Cash and Cash Equivalents

Receivables

Investments in Marketable Securities

Fair Value Measurements

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

Acquired Client Relationships and Goodwill

Fixed Assets

Leases

Issuance Costs

Derivative Financial Instruments

Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are amortized over the period of the designated hedge.

Revenue Recognition

Contingent Payment Arrangements

Income Taxes

Foreign Currency Translation

Concentration of Credit Risk

Earnings Per Share

Share-Based Compensation Plans

Recent Accounting Developments

During the year ended December 31, 2018, the Company adopted several Accounting Standard Updates (“ASUs”) as follows:

Effective January 1, 2018:

•ASU 2014-09, Revenue from Contracts with Customers;


•	ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities;

•ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments;

•ASU 2017-01, Clarifying the Definition of a Business;

•ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Accounting for Goodwill Impairment,

•ASU 2017-09, Compensation - Stock Compensation; and

•ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities

Effective September 1, 2018:


•	ASU 2018-13, Fair Value Measurements: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

None of these ASUs had a significant impact on the Company’s Consolidated Financial Statements.

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2018

Marketable Securities [Abstract]

Schedule of 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 in marketable securities:



	December 31,
	2017			2018
Cost	$	67.1		$	126.8
Unrealized gains	13.0			1.1
Unrealized losses	(2.3		)	(8.6		)
Fair value	$	77.8		$	119.3

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)

12 Months Ended

Dec. 31, 2018

Variable Interest Entities

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



	December 31, 2017				December 31, 2018
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products	$	2,154.6	$	10.2	$	2,216.5	$	1.1



	December 31, 2017				December 31, 2018
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method	$	1,594.4	$	2,765.7	$	1,102.9	$	2,277.8

- Definition

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.

+ References + Details

Senior Notes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Principal Terms of Senior Notes Outstanding

At December 31, 2018, the Company had two senior notes outstanding. The carrying value of the senior notes is accreted to the principal amount at maturity over a remaining life of the underlying instrument. The respective principal terms of the senior notes are presented below:



	2024 Senior Notes			2025 Senior Notes
Issue date	February 2014			February 2015
Maturity date	February 2024			August 2025
Potential Call Date⁽¹⁾	Any Time			Any Time
Par value (in millions)	$	400.0		$	350.0
Call Price⁽¹⁾	As Defined			As Defined
Stated coupon	4.25		%	3.50		%
Coupon frequency	Semi-annually			Semi-annually

__________________________

⁽¹⁾

Convertible Securities (Tables)

12 Months Ended

Dec. 31, 2018

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, 2017				December 31, 2018
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
Junior convertible securities⁽¹⁾	$	309.9	$	430.8	$	312.5	$	430.8

__________________________


⁽¹⁾	The carrying value is accreted to the principal amount at maturity over a remaining life of 19 years.

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Company's Derivative Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis. As of December 31, 2017, the Company and its Affiliates did not have any significant derivative financial instruments.



	December 31, 2018
	Assets		Liabilities
Forward contracts	$	32.0	$	(1.4	)
Put options	—		(60.3		)
Call options	34.1		—
Total	$	66.1	$	(61.7	)

Schedule of Effect of Derivative Financial Instruments on the Consolidated Statements of Comprehensive Income and Statements of Income

The following table summarizes the effect of the derivative financial instruments on the Consolidated Statements of Comprehensive Income and the Consolidated Statements of Income:



	For the Year Ended December 31, 2018
	Gain (Loss) Recognized in Other Comprehensive Income			Gain (Loss) Recognized in Earnings from Excluded Components⁽¹⁾
Forward contracts	$	27.2		$	3.8
Put options	(17.8		)	—
Call options	(8.4		)	—
Total	$	1.0		$	3.8

⁽¹⁾ The excluded components are recorded as a reduction in Interest expense.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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, 2017		Fair Value Measurements
	December 31, 2017		Level 1		Level 2		Level 3
Financial Assets
Investments in marketable securities	$	77.8	$	77.8	$	—	$	—
Derivative financial instruments⁽¹⁾	0.2		—		0.2		—
Financial Liabilities⁽²⁾
Contingent payment arrangements	$	9.4	$	—	$	—	$	9.4
Affiliate equity repurchase obligations	49.2		—		—		49.2
Derivative financial instruments	0.6		—		0.6		—



			Fair Value Measurements
	December 31, 2018		Fair Value Measurements
	December 31, 2018		Level 1		Level 2		Level 3
Financial Assets
Investments in marketable securities	$	119.3	$	119.3	$	—	$	—
Derivative financial instruments⁽¹⁾	5.8		—		5.8		—
Financial Liabilities⁽²⁾
Contingent payment arrangements	$	1.9	$	—	$	—	$	1.9
Affiliate equity repurchase obligations	36.2		—		—		36.2
Derivative financial instruments	1.4		—		1.4		—

__________________________


⁽¹⁾	Amounts are presented within Other assets.


⁽²⁾	Amounts are presented within 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,
	2017						2018
	Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations			Contingent Payment Arrangements			Affiliate Equity Repurchase Obligations
Balance, beginning of period	$	8.6		$	12.1		$	9.4		$	49.2
Net realized and unrealized losses⁽¹⁾	7.6			5.5			1.3			—
Purchases and issuances⁽²⁾	—			206.1			—			105.4
Settlements and reductions	(6.8		)	(174.5		)	(8.8		)	(118.4		)
Balance, end of period	$	9.4		$	49.2		$	1.9		$	36.2

Net change in unrealized losses relating to instruments still held at the reporting date⁽¹⁾	$	2.8		$	—		$	0.2		$	—

__________________________

⁽¹⁾


⁽²⁾	Includes transfers from Redeemable non-controlling interests.

Schedule of Quantitative Information

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



	Quantitative Information about Level 3 Fair Value Measurements
	Valuation Techniques	Unobservable Input	Fair Value at December 31, 2017		Range at December 31, 2017	Weighted Average at December 31, 2017	Fair Value at December 31, 2018		Range at December 31, 2018	Weighted Average at December 31, 2018
Contingent payment arrangements	Discounted cash flow	Growth rates	$	9.4	7% - 8%	7%	$	1.9	7%	7%
		Discount rates			15% - 16%	15%			15%	15%
Affiliate equity repurchase obligations	Discounted cash flow	Growth rates	49.2		0% - 11%	6%	36.2		(4)% - 9%	3%
		Discount rates			12% - 16%	14%			14% - 16%	15%

Schedule of Investments

The following table summarizes the nature of the Company’s investments, unfunded commitments, and any related liquidity restrictions or other factors that may impact the ultimate value realized:



	December 31, 2017				December 31, 2018
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity⁽¹⁾	$	156.1	$	98.8	$	193.2	$	131.0
Other funds⁽²⁾	8.9		—		7.9		—
Other investments⁽³⁾	$	165.0	$	98.8	$	201.1	$	131.0

__________________________


⁽¹⁾	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making 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.


⁽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.


⁽³⁾	Fair value attributable to the controlling interest was $80.1 million and $123.2 million as of December 31, 2017 and 2018, respectively.

Schedule of Financial Liabilities not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:



	December 31, 2017				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	745.7	$	765.2	$	746.2	$	747.5	Level 2
Convertible securities	309.9		549.8		312.5		391.5		Level 2

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

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



	Goodwill
	2017		2018
Balance, beginning of period	$	2,628.1	$	2,662.5
Foreign currency translation	34.4		(29.1		)
Balance, end of period	$	2,662.5	$	2,633.4

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



	Acquired Client Relationships (Net)
	Definite-lived									Indefinite-lived			Total
	Gross Book Value			Accumulated Amortization			Net Book Value			Net Book Value			Net Book Value
Balance, as of December 31, 2016	$	1,290.0		$	(788.1	)	$	501.9		$	995.5		$	1,497.4
Intangible amortization and impairments	—			(86.4		)	(86.4		)	—			(86.4		)
Foreign currency translation	5.5			—			5.5			33.2			38.7
Balance, as of December 31, 2017	$	1,295.5		$	(874.5	)	$	421.0		$	1,028.7		$	1,449.7
Intangible amortization and impairments	—			(114.4		)	(114.4		)	(0.4		)	(114.8		)
Foreign currency translation	(3.0		)	—			(3.0		)	(22.0		)	(25.0		)
Balance, as of December 31, 2018	$	1,292.5		$	(988.9	)	$	303.6		$	1,006.3		$	1,309.9

Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2016⁽²⁾		2017		2018
Revenue⁽¹⁾	$	2,200.9	$	3,126.3	$	3,231.7
Net income⁽¹⁾	1,068.9		2,182.7		1,286.1



	December 31,
	2017		2018
Assets	$	3,324.9	$	2,730.4
Liabilities and Non-controlling interests	1,405.5		1,235.1

__________________________


⁽¹⁾	Revenue and the associated net income include asset and performance based fees and the impact of consolidated investment products.


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

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



	Equity Method Investments in Affiliates (Net)
	2017			2018
Balance, beginning of period	$	3,368.3		$	3,304.7
Equity method earnings	501.4			370.6
Equity method intangible amortization and impairments	(199.2		)	(370.8		)
Distributions of earnings from equity method investments	(429.8		)	(466.3		)
Investments	29.8			7.3
Foreign currency translation	62.3			(34.5		)
Other⁽¹⁾	(28.1		)	(20.0		)
Balance, end of period	$	3,304.7		$	2,791.0

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,
	2016⁽²⁾		2017		2018
Revenue⁽¹⁾	$	2,200.9	$	3,126.3	$	3,231.7
Net income⁽¹⁾	1,068.9		2,182.7		1,286.1



	December 31,
	2017		2018
Assets	$	3,324.9	$	2,730.4
Liabilities and Non-controlling interests	1,405.5		1,235.1

__________________________


⁽¹⁾	Revenue and the associated net income include asset and performance based fees and the impact of consolidated investment products.


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

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



	Equity Method Investments in Affiliates (Net)
	2017			2018
Balance, beginning of period	$	3,368.3		$	3,304.7
Equity method earnings	501.4			370.6
Equity method intangible amortization and impairments	(199.2		)	(370.8		)
Distributions of earnings from equity method investments	(429.8		)	(466.3		)
Investments	29.8			7.3
Foreign currency translation	62.3			(34.5		)
Other⁽¹⁾	(28.1		)	(20.0		)
Balance, end of period	$	3,304.7		$	2,791.0

Fixed Assets and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2018

Fixed Assets and Lease Commitments [Abstract]

Schedule of Fixed Assets

Fixed assets (net) consisted of the following:



	December 31,
	2017			2018
Building and leasehold improvements	$	111.9		$	117.8
Software	50.8			51.0
Equipment	44.5			42.3
Furniture and fixtures	21.4			21.0
Land, improvements and other	18.7			18.6
Fixed assets, at cost	247.3			250.7
Accumulated depreciation and amortization	(136.3		)	(146.4		)
Fixed assets (net)	$	111.0		$	104.3

Schedule of Aggregate Future Minimum Payments for Operating Leases

At December 31, 2018, 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:



Year	Required Minimum Payments
2019	$	35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	75.2

Payables and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Payables and accrued liabilities consisted of the following:



	December 31,
	2017		2018
Accrued compensation	$	472.5	$	463.2
Accrued income taxes	93.0		42.9
Other	241.7		240.5
Payables and accrued liabilities	$	807.2	$	746.6

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Recent Share Repurchase Activity

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



Year	Shares Repurchased	Average Price
2016	0.2	$	161.16
2017	2.4	173.19
2018	3.3	150.31

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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

Schedule of Recent Share-Based Compensation Expense

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



Year	Share-Based Compensation Expense		Tax Benefit
2016	$	39.2	$	15.1
2017	40.4		13.6
2018	44.7		11.2

Schedule of Transactions of the Company's Stock Options

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



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—December 31, 2017	0.6		$	122.04
Options granted	0.0		179.54
Options exercised	(0.1	)	99.57
Options forfeited	(0.0	)	122.40
Unexercised options outstanding—December 31, 2018	0.5		130.81		3.7
Exercisable at December 31, 2018	0.1		138.97		2.3

Schedule of Assumptions Used to Determine Fair Value of Options Granted



	For the Years Ended December 31,
	2016		2017		2018
Dividend yield	0.0	%	0.5	%	0.8	%
Expected volatility⁽¹⁾	30.7	%	28.0	%	25.5	%
Risk-free interest rate⁽²⁾	1.6	%	2.1	%	2.8	%
Expected life of options (in years)⁽³⁾	5.7		5.7		5.7
Forfeiture rate	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.

Schedule of Transactions of the Company's Restricted Stock

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



	Restricted Stock		Weighted Average Grant Date Value
Unvested units—December 31, 2017	0.4		$	162.32
Units granted	0.2		201.75
Units vested	(0.0	)	188.93
Units forfeited	(0.0	)	154.92
Unvested units—December 31, 2018	0.6		172.74

Redeemable Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Non-Controlling Interests

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



	Redeemable Non-controlling Interests
	2017			2018
Balance, beginning of period	$	673.5		$	811.9
Changes attributable to Affiliate sponsored consolidated products	12.4			51.6
Transfers to Other liabilities	(192.3		)	(105.4		)
Transfers from Non-controlling interests	76.8			44.8
Changes in redemption value	241.5			30.8
Balance, end of period⁽¹⁾	$	811.9		$	833.7

__________________________


⁽¹⁾	As of December 31, 2017 and 2018, Redeemable non-controlling interests include Affiliate sponsored consolidated products primarily attributable to third-party investors of $39.4 million and $91.0 million, respectively.

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2018

Affiliate Equity

Schedule of Affiliate Equity Compensation Expense

The following table presents Affiliate equity compensation expense:



	For the Years Ended December 31,
	2016		2017		2018
Controlling interest	$	10.0	$	13.2	$	16.7
Non-controlling interests	31.2		36.8		39.7
Total	$	41.2	$	50.0	$	56.4

Schedule of Affiliate Equity Unrecognized Compensation Expense

The following table presents unrecognized Affiliate equity compensation expense:



Year	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
2016	$	31.3	4 years	$	70.7	5 years
2017	33.3		5 years	95.9		6 years
2018	38.7		5 years	118.3		6 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,
	2016			2017			2018
Net income (controlling interest)	$	472.8		$	689.5		$	243.6
Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances	1.6			(1.0		)	(5.0		)
Decrease in controlling interest paid-in capital from Affiliate equity repurchases	(38.0		)	(116.2		)	(67.9		)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$	436.4		$	572.3		$	170.7

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

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

The following table presents the consolidated provision for income taxes:



	For the Years Ended December 31,
	2016			2017			2018
Controlling interest:
Current tax	$	168.1		$	173.8		$	117.2
Intangible-related deferred taxes	84.3			(98.5		)	79.7
Other deferred taxes	(23.2		)	(24.9		)	(27.5		)
Total controlling interest	229.2			50.4			169.4
Non-controlling interests:
Current tax	$	8.2		$	8.2		$	12.2
Deferred taxes	(1.8		)	(0.2		)	(0.3		)
Total non-controlling interests	6.4			8.0			11.9
Income tax expense	$	235.6		$	58.4		$	181.3
Income before income taxes (controlling interest)	$	702.0		$	739.9		$	413.0
Effective tax rate (controlling interest)⁽¹⁾	32.6		%	6.8		%	41.0		%

__________________________


⁽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,
	2016			2017			2018
Current:
Federal	$	103.4		$	109.0		$	52.2
State	22.9			18.9			28.6
Foreign	50.0			54.1			48.6
Total current	176.3			182.0			129.4
Deferred:
Federal	62.3			(124.9		)	51.3
State	10.0			10.4			13.2
Foreign	(13.0		)	(9.1		)	(12.6		)
Total deferred	59.3			(123.6		)	51.9
Income tax expense	$	235.6		$	58.4		$	181.3

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,
	2016		2017		2018
Domestic	$	688.1	$	756.5	$	637.3
International	286.5		310.6		76.3
	$	974.6	$	1,067.1	$	713.6

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,
	2016		2017		2018
Statutory U.S. federal tax rate	35.0	%	35.0	%	21.0	%
State income taxes, net of federal benefit	2.9		2.7		3.7
Effect of foreign operations	(4.6	)	(5.4	)	1.3
Effect of changes in tax law, rates	(0.3	)	(25.2	)	—
Reduction in carrying value of an equity method investment	—		—		13.0
Other	(0.4	)	(0.3	)	2.0
Effective tax rate (controlling interest)	32.6	%	6.8	%	41.0	%
Effect of income from non-controlling interests	(8.4	)	(1.3	)	(15.6	)
Effective tax rate	24.2	%	5.5	%	25.4	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s Deferred income tax liability (net) are as follows:



	December 31,
	2017			2018
Deferred Tax Assets
Deferred compensation	$	10.4		$	18.0
State net operating loss carryforwards	16.8			18.2
Foreign loss carryforwards	16.3			16.7
Tax benefit of uncertain tax positions	11.4			10.9
Deferred income	—			8.8
Accrued expenses	1.3			3.6
Other	—			1.5
Total deferred tax assets	56.2			77.7
Valuation allowance	(24.1		)	(24.1		)
Deferred tax assets, net of valuation allowance	$	32.1		$	53.6
Deferred Tax Liabilities
Intangible asset amortization	$	(258.6	)	$	(337.1	)
Convertible securities interest	(77.9		)	(84.5		)
Non-deductible intangible amortization	(150.8		)	(141.0		)
Deferred income	(5.9		)	—
Other	(6.3		)	(2.6		)
Total deferred tax liabilities	(499.5		)	(565.2		)
Deferred income tax liability (net)	$	(467.4	)	$	(511.6	)

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,
	2016			2017			2018
Balance, beginning of period	$	26.9		$	26.8		$	32.4
Additions based on current year tax positions	3.8			6.0			2.4
Additions based on prior years’ tax positions	0.6			1.5			8.4
Reduction for prior years’ tax positions	—			—			(2.0		)
Reductions related to lapses of statutes of limitations	(4.7		)	(2.3		)	(6.3		)
Settlements	—			—			(1.3		)
Additions (reductions) related to foreign exchange rates	0.2			0.4			(0.5		)
Balance, end of period	$	26.8		$	32.4		$	33.1

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2016		2017		2018
Numerator
Net income (controlling interest)	$	472.8	$	689.5	$	243.6
Interest expense on convertible securities, net of taxes	15.5		15.5		—
Net income (controlling interest), as adjusted	$	488.3	$	705.0	$	243.6
Denominator
Average shares outstanding (basic)	54.2		56.0		53.6
Effect of dilutive instruments:
Stock options and restricted stock units	0.6		0.4		0.2
Convertible securities	2.2		2.2		—
Average shares outstanding (diluted)	57.0		58.6		53.8

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

Average shares outstanding (diluted) in the table above excludes share-based awards that have not satisfied performance conditions and the anti-dilutive effect of the following:



	For the Years Ended December 31,
	2016	2017	2018
Stock options and restricted stock units	0.6	0.1	0.2
Convertible securities	—	—	2.2

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Schedule of Tax Effects Allocated to each Component of Other Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):



	For the Year Ended December 31, 2016
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(115.3	)	$	—		$	(115.3	)
Change in net realized and unrealized gain (loss) on derivative financial instruments	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	)



	For the Year Ended December 31, 2017
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	128.0		$	—		$	128.0
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.7		)	(0.1		)	(0.8		)
Change in net unrealized gain (loss) on investment securities	(15.0		)	7.3			(7.7		)
Other comprehensive income (loss)	$	112.3		$	7.2		$	119.5



	For the Year Ended December 31, 2018
	Pre-Tax			Tax Benefit (Expense)			Net of Tax
Foreign currency translation adjustment	$	(87.0	)	$	(15.1	)	$	(102.1	)
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.1		)	—			(0.1		)
Other comprehensive income (loss)	$	(87.1	)	$	(15.1	)	$	(102.2	)

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 Gains (Losses) on Derivative Financial Instruments			Unrealized Gains (Losses) on Investment Securities ⁽¹⁾			Total
Balance, as of December 31, 2016	$	(213.9	)	$	0.4		$	9.8		$	(203.7	)
Other comprehensive income (loss) before reclassifications	128.0			(1.6		)	15.7			142.1
Amounts reclassified	—			0.8			(23.4		)	(22.6		)
Net other comprehensive income (loss)	128.0			(0.8		)	(7.7		)	119.5
Balance, as of December 31, 2017	$	(85.9	)	$	(0.4	)	$	2.1		$	(84.2	)
Other comprehensive income (loss) before reclassifications	(102.1		)	(0.2		)	—			(102.3		)
Amounts reclassified	—			0.1			(2.1		)	(2.0		)
Net other comprehensive income (loss)	(102.1		)	(0.1		)	(2.1		)	(104.3		)
Balance, as of December 31, 2018	$	(188.0	)	$	(0.5	)	$	—		$	(188.5	)

__________________________


⁽¹⁾	In connection with the Company’s adoption of ASU 2016-01, the unrealized gains on investment securities, which related to the non-controlling interests, were reclassified to Non-controlling interests.

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

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, 2017 and 2018:



	2017
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter⁽¹⁾
Consolidated revenue	$	544.3	$	570.9	$	585.7	$	604.1
Income before income taxes	253.3		266.9		282.9		264.0
Net income	193.7		204.4		216.8		393.8
Net income (controlling interest)	122.5		126.3		125.4		315.4
Earnings per share (diluted)	$	2.13	$	2.22	$	2.22	$	5.50



	2018
	First Quarter		Second Quarter		Third Quarter⁽²⁾		Fourth Quarter⁽²⁾
Consolidated revenue	$	612.5	$	600.2	$	601.3	$	564.4
Income (loss) before income taxes	287.5		239.3		250.4		(63.6		)
Net income (loss)	224.0		205.2		201.9		(98.8		)
Net income (loss) (controlling interest)	153.0		117.0		124.9		(151.3		)
Earnings (loss) per share (diluted)	$	2.77	$	2.16	$	2.34	$	(2.88	)

__________________________


⁽¹⁾	In the fourth quarter of 2017, the Company recorded a one-time net benefit from changes in U.S. tax laws (see Note 22 for additional information) and an expense to reduce the carrying value of one of its U.S. alternative Affiliates accounted for under the equity method (see Note 13 for additional information).


⁽²⁾	For the year ended December 31, 2018, the Company recorded expenses to reduce the carrying value of the U.S. alternative Affiliate to zero and one of its non-U.S. alternative Affiliates accounted for under the equity method to fair value (see Note 13 for additional information).

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

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



	For the Years Ended December 31,
	2016		2017		2018
Consolidated revenue
United States	$	1,477.5	$	1,571.4	$	1,611.7
United Kingdom	566.4		587.3		628.8
Other	150.7		146.3		137.9
Total	$	2,194.6	$	2,305.0	$	2,378.4



	December 31,
	2016		2017		2018
Fixed Assets (net)
United States	$	97.3	$	97.8	$	87.1
United Kingdom	9.9		11.4		15.7
Other	2.9		1.8		1.5
Total	$	110.1	$	111.0	$	104.3

Business and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 segment	Jan. 01, 2019 USD ($)
Fixed Assets
Number of operating segments \| segment	1
ASU 2016-02 \| Scenario, Forecast
Fixed Assets
Lease liability		$ 200
Right-of-use asset		$ 200
Equipment \| Minimum
Fixed Assets
Estimated useful lives of office equipment, furniture and fixtures	3 years
Equipment \| Maximum
Fixed Assets
Estimated useful lives of office equipment, furniture and fixtures	10 years
Computer software \| Minimum
Fixed Assets
Estimated useful lives of office equipment, furniture and fixtures	3 years
Computer software \| Maximum
Fixed Assets
Estimated useful lives of office equipment, furniture and fixtures	5 years
Buildings \| Maximum
Fixed Assets
Estimated useful lives of office equipment, furniture and fixtures	39 years

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Marketable Securities [Abstract]
Investments in marketable securities	$ 119.3	$ 77.8
Proceeds from sale of investments in marketable securities	81.4	112.2
Net gains on sales of marketable securities	$ 6.9	$ 35.8

Investments in Marketable Securities - Summary of the Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Marketable Securities [Abstract]
Cost	$ 126.8	$ 67.1
Unrealized gains	1.1	13.0
Unrealized losses	(8.6)	(2.3)
Fair value	$ 119.3	$ 77.8

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliate Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Equity method investments in Affiliates (net)	$ 2,791.0	$ 3,304.7
Carrying amount and maximum exposure to loss of equity method affiliates	513.2	539.0
Affiliates accounted for under the equity method
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	1,102.9	1,594.4
Carrying Value and Maximum Exposure to Loss	$ 2,277.8	$ 2,765.7

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Affiliate sponsored investment products - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	$ 2,216.5	$ 2,154.6
Carrying Value and Maximum Exposure to Loss	$ 1.1	$ 10.2

Senior Bank Debt (Details) - USD ($)	12 Months Ended
Senior Bank Debt (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument
Term loan outstanding	$ 779,700,000	$ 809,000,000
Unsecured Debt \| Revolver
Debt Instrument
Maximum borrowing capacity	1,450,000,000.00
Maximum borrowing capacity, additional amount	350,000,000
Outstanding borrowings	$ 330,000,000	$ 425,000,000
Weighted average interest rate	3.92%	2.76%
Commitment fee amount	$ 1,600,000	$ 1,500,000
Unsecured Debt \| Term Loan
Debt Instrument
Maximum borrowing capacity	450,000,000.0
Maximum borrowing capacity, additional amount	75,000,000.0
Term loan outstanding	$ 450,000,000	$ 385,000,000
Weighted average interest rate on amount outstanding	3.33%	2.69%

Senior Notes - Additional Information (Details)	12 Months Ended
Senior Notes - Additional Information (Details)	Dec. 31, 2018 USD ($) note
Debt Instrument
Number of senior notes outstanding \| note	2
2022 Senior Notes
Debt Instrument
Notes redeemed, canceled and retired \| $	$ 200,000,000.0
Stated interest rate	6.375%
Redemption price percentage	100.00%

Senior Notes - Principal Terms of Senior Notes Outstanding (Details) - Senior Notes

12 Months Ended

Dec. 31, 2018

USD ($)

2024 Senior Notes

Redemption price percentage

Par value (in millions)

$ 400,000,000

^[1]

Stated coupon

4.25%

^[1]

100.00%

2024 Senior Notes | Treasury Rate

Applicable basis spread over redemption price percentage

0.25%

2025 Senior Notes

Redemption price percentage

Par value (in millions)

$ 350,000,000

^[1]

Stated coupon

3.50%

^[1]

100.00%

2025 Senior Notes | Treasury Rate

Applicable basis spread over redemption price percentage

0.25%

[1]	The 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 - Carrying Value and Principal Amount of Junior Convertible Securities (Details) - Junior convertible securities - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument
Carrying Value	$ 312,500,000	$ 309,900,000
Principal Amount at Maturity	$ 430,800,000.0	$ 430,800,000.0
Debt instrument term	19 years

Convertible Securities - Additional Information (Details) - Junior Convertible Securities	Aug. 10, 2018 USD ($) trading_day $ / shares	Aug. 09, 2018	Dec. 31, 2018 USD ($)
Debt Instrument
Stated interest rate			5.15%
Principal amount at maturity \| $	$ 50.00
Conversion ratio (in shares)	0.2525	0.2500
Conversion price (in usd per share) \| $ / shares	$ 198.02
Redemption closing price trigger (in usd per share) \| $ / shares	$ 257.43
Number of trading days closing price has exceeded threshold \| trading_day	20
Number of consecutive trading days \| trading_day	30
Deferred tax liability \| $			$ 7,800,000

Equity Distribution Program (Details) - USD ($)	12 Months Ended
Equity Distribution Program (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 9,700,000	$ 41,900,000	$ 465,800,000
Equity Distribution Program
Class of Stock [Line Items]
Stock program, maximum amount authorized			$ 500,000,000
Proceeds from issuance of common stock	$ 0

Derivative Financial Instruments - Additional Information (Details) - Dec. 31, 2018 £ in Millions, $ in Millions	USD ($) derivative $ / unit	GBP (£) derivative $ / unit
Derivative [Line Items]
Number of contracts with a contingent feature in a net liability position \| derivative	0	0
Forward contracts
Derivative [Line Items]
Derivative, number of contracts \| derivative	2	2
Cash collateral held from counterparty \| $	$ 3.1
Cash collateral held at counterparty \| $	$ 28.0
Collar contracts
Derivative [Line Items]
Derivative, number of contracts \| derivative	2	2
Designated as Hedging Instrument \| Net Investment Hedging \| Forward contract expiring 2024
Derivative [Line Items]
Derivative, notional amount	$ 400.0	£ 285.8
Designated as Hedging Instrument \| Net Investment Hedging \| Forward contract expiring 2021
Derivative [Line Items]
Derivative, notional amount	$ 450.0	£ 325.3
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-call option \| Minimum
Derivative [Line Items]
Derivative, option strike price (in dollars per unit)	1.288	1.288
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-call option \| Maximum
Derivative [Line Items]
Derivative, option strike price (in dollars per unit)	1.535	1.535
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-put option \| Minimum
Derivative [Line Items]
Derivative, option strike price (in dollars per unit)	1.318	1.318
Designated as Hedging Instrument \| Net Investment Hedging \| Collar contract-put option \| Maximum
Derivative [Line Items]
Derivative, option strike price (in dollars per unit)	1.448	1.448

Derivative Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Designated as Hedging Instrument - Derivatives in Net Investment Hedging Relationship $ in Millions	Dec. 31, 2018 USD ($)
Other Investments
Derivative [Line Items]
Assets	$ 66.1
Other Liabilities
Derivative [Line Items]
Liabilities	(61.7)
Forward contracts \| Other Investments
Derivative [Line Items]
Assets	32.0
Forward contracts \| Other Liabilities
Derivative [Line Items]
Liabilities	(1.4)
Put options \| Other Investments
Derivative [Line Items]
Assets	0.0
Put options \| Other Liabilities
Derivative [Line Items]
Liabilities	(60.3)
Call options \| Other Investments
Derivative [Line Items]
Assets	34.1
Call options \| Other Liabilities
Derivative [Line Items]
Liabilities	$ 0.0

Derivative Financial Instruments - Effect on Statement of Comprehensive Income and Statement of Income (Details) - Designated as Hedging Instrument - Derivatives in Net Investment Hedging Relationship
$ in Millions

12 Months Ended

Dec. 31, 2018

USD ($)

Gain (Loss) Recognized in Other Comprehensive Income

$ 1.0

Interest Expense

Gain (Loss) Recognized in Earnings from Excluded Components

3.8

^[1]

Forward contracts

Gain (Loss) Recognized in Other Comprehensive Income

27.2

Forward contracts | Interest Expense

Gain (Loss) Recognized in Earnings from Excluded Components

3.8

^[1]

Put options

Gain (Loss) Recognized in Other Comprehensive Income

(17.8)

Put options | Interest Expense

Gain (Loss) Recognized in Earnings from Excluded Components

0.0

^[1]

Call options

Gain (Loss) Recognized in Other Comprehensive Income

(8.4)

Call options | Interest Expense

Gain (Loss) Recognized in Earnings from Excluded Components

$ 0.0

^[1]

[1]	The excluded components are recorded as a reduction in Interest expense.

Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies
Co-investment commitments in partnership		$ 131,000,000
Noncontrolling interest, sale of ownership percentage		5.00%
Consolidated Affiliates
Commitments and Contingencies
Other commitments		$ 2,500,000
Other commitment, expected payments		1,900,000
Other commitments, present value of expected payments		$ 1,900,000
Equity Method Investee \| Scenario, Forecast
Commitments and Contingencies
Other commitments	$ 150,000,000
Other commitment, expected payments	$ 0
Equity Method Investee \| Non-US
Commitments and Contingencies
Ownership percentage held by minority interest in affiliated to the Company		19.00%

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

Dec. 31, 2018

Dec. 31, 2017

$ 119.3

$ 77.8

5.8

^[1]

0.2

1.9

^[2]

9.4

36.2

^[2]

49.2

1.4

^[2]

0.6

Level 1

119.3

77.8

0.0

^[1]

0.0

0.0

^[2]

0.0

0.0

^[2]

0.0

0.0

^[2]

0.0

Level 2

0.0

5.8

^[1]

0.2

0.0

^[2]

0.0

0.0

^[2]

0.0

1.4

^[2]

0.6

Level 3

0.0

0.0

^[1]

0.0

1.9

^[2]

9.4

36.2

^[2]

49.2

$ 0.0

^[2]

$ 0.0

[1]	Amounts are presented within Other assets.
[2]	Amounts are presented within Other liabilities.

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Other Expense, Net

Losses resulting from changes in expected payments

$ 0.6

$ 6.6

Interest Expense

Contingent Payment Arrangements

Accretion expenses

0.7

1.0

Net realized and unrealized (gains) losses

9.4

8.6

^[1]

1.3

7.6

Purchases and issuances

^[2]

0.0

Settlements and reductions

(8.8)

(6.8)

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

1.9

9.4

^[1]

0.2

2.8

Affiliate Equity Repurchase Obligations

Net realized and unrealized (gains) losses

49.2

12.1

^[1]

0.0

5.5

Purchases and issuances

^[2]

105.4

206.1

Settlements and reductions

(118.4)

(174.5)

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

36.2

49.2

^[1]

$ 0.0

[1]

[2]

Includes transfers from Redeemable non-controlling interests.

Fair Value Measurements - Quantitative Information About Level 3 (Details) - Discounted cash flow $ in Millions	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Contingent payment arrangements \| Growth rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input	0.07
Contingent payment arrangements \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input		0.07
Contingent payment arrangements \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input		0.08
Contingent payment arrangements \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input	0.07	0.07
Contingent payment arrangements \| Discount rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input	0.15
Contingent payment arrangements \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input		0.15
Contingent payment arrangements \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input		0.16
Contingent payment arrangements \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment arrangement, measurement input		0.15
Affiliate equity repurchase obligations \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	(0.04)	0.00
Affiliate equity repurchase obligations \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.09	0.11
Affiliate equity repurchase obligations \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.03	0.06
Affiliate equity repurchase obligations \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.14	0.12
Affiliate equity repurchase obligations \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.16	0.16
Affiliate equity repurchase obligations \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.15	0.14
Level 3 \| Contingent payment arrangements
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value liabilities	$ 1.9	$ 9.4
Level 3 \| Affiliate equity repurchase obligations
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value liabilities	$ 36.2	$ 49.2

Fair Value Measurements - Nature of Investments and Related Liquidity (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Life of funds (in years)

15 years

Private equity

Unfunded Commitments

^[1]

$ 131.0

$ 98.8

Other funds

Unfunded Commitments

^[2]

0.0

Other investments

Other investments | Controlling interests

Unfunded Commitments

^[3]

131.0

98.8

Fair Value Measured at Net Asset Value Per Share [Member] | Private equity

123.2

80.1

Fair Value Measured at Net Asset Value Per Share [Member] | Other funds

^[1]

193.2

156.1

Fair Value Measured at Net Asset Value Per Share [Member] | Other investments

^[2]

7.9

8.9

Change in Equity Method Investments in Affiliates [Roll Forward]

^[3]

$ 201.1

$ 165.0

[1]	The Company uses NAV as a practical expedient one quarter in arrears (adjusted for current period calls and distributions) to determine the fair value. These funds primarily invest in a broad range of private equity funds, as well as making 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.
[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.
[3]	Fair value attributable to the controlling interest was $80.1 million and $123.2 million as of December 31, 2017 and 2018, respectively.

Fair Value Measurements - Financial Liabilities not Carried at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 746.2	$ 745.7
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	747.5	765.2
Convertible securities	$ 391.5	$ 549.8

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in goodwill
Balance, beginning of period	$ 2,662.5	$ 2,628.1
Foreign currency translation	(29.1)	34.4
Balance, end of period	$ 2,633.4	$ 2,662.5

Goodwill and Acquired Client Relationships - Schedule of Changes in Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Book Value
Beginning balance, net book value	$ 1,449.7
Intangible amortization and impairments	(114.8)	$ (86.4)	$ (110.2)
Ending balance, net book value	1,309.9	1,449.7
Acquired Client Relationships (Net)
Definite-lived
Beginning balance, gross book value	1,295.5	1,290.0
Beginning balance, accumulated amortization	(874.5)	(788.1)
Beginning balance, net book value	421.0	501.9
Intangible amortization and impairments	(114.4)	(86.4)
Foreign currency translation	(3.0)	5.5
Ending balance, gross book value	1,292.5	1,295.5	1,290.0
Ending balance, accumulated amortization	(988.9)	(874.5)	(788.1)
Ending balance, net book value	303.6	421.0	501.9
Indefinite-lived
Beginning balance, net book value	1,028.7	995.5
Intangible amortization and impairments	(0.4)	0.0
Foreign currency translation	(22.0)	33.2
Ending balance, net book value	1,006.3	1,028.7	995.5
Net Book Value
Beginning balance, net book value	1,449.7	1,497.4
Intangible amortization and impairments	(114.8)	(86.4)
Foreign currency translation	(25.0)	38.7
Ending balance, net book value	$ 1,309.9	$ 1,449.7	$ 1,497.4

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill
Goodwill impairment	$ 0
Definite-lived and indefinite-lived intangibles impairments		$ 0
Acquired Client Relationships (Net)
Goodwill
Intangible amortization expense		114,400,000	$ 86,400,000	$ 107,700,000
Intangible future amortization expense in 2019		110,000,000
Intangible future amortization expense in 2020		55,000,000
Intangible future amortization expense in 2021		30,000,000
Intangible future amortization expense in 2022		30,000,000
Intangible future amortization expense in 2023		$ 30,000,000

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Distributions of earnings from equity method investments

$ 3,304.7

(466.3)

$ (429.8)

$ (346.4)

Change in Equity Method Investments in Affiliates [Roll Forward]

2,791.0

3,304.7

Equity Method Investee

Equity method intangible amortization and impairments

3,304.7

3,368.3

Equity method earnings

370.6

501.4

(370.8)

(199.2)

Distributions of earnings from equity method investments

(466.3)

(429.8)

Investments

7.3

29.8

Foreign currency translation

(34.5)

62.3

Other

^[1]

(20.0)

(28.1)

Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]

$ 2,791.0

$ 3,304.7

$ 3,368.3

[1]	Primarily reflects the Company’s share of entity level taxes.

Equity Method Investments in Affiliates - Additional Information (Details) - USD ($)

3 Months Ended

12 Months Ended

Jun. 30, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Fair value assumptions, average projected growth rate

2.50%

10.00%

Fair value assumptions, discount rate for asset based fees

11.00%

14.00%

Fair value assumptions, discount rate for performance based fees

20.00%

25.00%

Fair value assumptions, market participant tax rate

25.00%

Impairment of equity method investment

$ 240,000,000

$ 93,100,000

Equity method and cost method impairments

2,791,000,000

3,304,700,000

Undistributed earnings from equity method affiliates

92,400,000

Revenue of equity method investment affiliate investment

^[1]

3,231,700,000

3,126,300,000

$ 2,200,900,000

^[2]

Net income of equity method affiliate investment

^[1]

1,286,100,000

2,182,700,000

1,068,900,000

^[2]

Equity Method Investee

Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]

Revenue of equity method investment affiliate investment

2,791,000,000

3,304,700,000

3,368,300,000

1,137,500,000

1,317,800,000

Net income of equity method affiliate investment

524,500,000

806,600,000

Equity Method Investee | Investment One

Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]

Impairment of equity method investment

$ 33,300,000

Acquired Client Relationships Under Equity Method Investments

$ 0

Schedule of Equity Method Investments [Line Items]

Intangible amortization expense

97,500,000

$ 106,100,000

$ 59,200,000

Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]

Intangible future amortization expense in 2019

95,000,000

Intangible future amortization expense in 2020

95,000,000

Intangible future amortization expense in 2021

95,000,000

Intangible future amortization expense in 2022

75,000,000

Intangible future amortization expense in 2023

$ 75,000,000

[1]	Revenue and the associated net income include asset and performance based fees and the impact of consolidated investment products.
[2]	Revenue and net income reflect investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

^[2]

Equity Method Investments and Joint Ventures [Abstract]

Revenue

^[1]

$ 3,231.7

$ 3,126.3

$ 2,200.9

Net income

^[1]

1,286.1

2,182.7

$ 1,068.9

Assets

2,730.4

3,324.9

Liabilities and Non-controlling interests

$ 1,235.1

$ 1,405.5

[1]	Revenue and the associated net income include asset and performance based fees and the impact of consolidated investment products.
[2]	Revenue and net income reflect investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.

Fixed Assets and Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fixed assets
Fixed assets, at cost	$ 250.7	$ 247.3
Accumulated depreciation and amortization	(146.4)	(136.3)
Fixed assets (net)	104.3	111.0	$ 110.1
Building and leasehold improvements
Fixed assets
Fixed assets, at cost	117.8	111.9
Software
Fixed assets
Fixed assets, at cost	51.0	50.8
Equipment
Fixed assets
Fixed assets, at cost	42.3	44.5
Furniture and fixtures
Fixed assets
Fixed assets, at cost	21.0	21.4
Land, improvements and other
Fixed assets
Fixed assets, at cost	$ 18.6	$ 18.7

Fixed Assets and Lease Commitments - Aggregate Future Minimum Payments for Operating Leases and Rent Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fixed Assets and Lease Commitments [Abstract]
2019	$ 35.5
2020	36.9
2021	34.8
2022	27.7
2023	23.4
Thereafter	75.2
Consolidated rent expense	$ 40.5	$ 37.5	$ 35.5

Payables and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued compensation	$ 463.2	$ 472.5
Accrued income taxes	42.9	93.0
Other	240.5	241.7
Payables and accrued liabilities	$ 746.6	$ 807.2

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Prior Owner \| Other Liabilities
Related Party Transactions
Investment partnerships with prior owners	$ 49,700,000	$ 61,200,000
Affiliated Entity
Related Party Transactions
Imputed interest expenses of contingent payment arrangements	600,000	6,600,000
Affiliated Entity \| Other Liabilities
Related Party Transactions
Contingent liabilities arrangements to related parties	1,900,000	9,400,000
Payments associated with contingent liabilities arrangements to related parties	$ 8,800,000	$ 6,800,000.0

Stockholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2018	Jan. 31, 2017
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	153,000,000	153,000,000
Proceeds from issuance of common stock	$ 9,700,000	$ 41,900,000	$ 465,800,000
Common stock, shares outstanding (in shares)	58,500,000	58,500,000
Forward Equity Agreement
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 0
Stock program, maximum amount authorized			$ 500,000,000
Voting Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	150,000,000.0
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	3,000,000.0
Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	3,300,000	2,400,000	200,000
Average price of stock repurchased (in dollars per share)	$ 150.31	$ 173.19	$ 161.16
Common Stock \| Forward Equity Agreement
Class of Stock [Line Items]
Maximum number of shares available for sale under agreement (in shares)			2,900,000
Average share price on forward basis (in dollars per share)			$ 167.25
Number of shares issued to settle portion of forward equity sale (in shares)			2,700,000
Proceeds from issuance of common stock			$ 440,300,000
Number of shares issued to settle portion of forward equity sale in cash (in shares)			200,000
Average share price of shares settled in cash (in dollars per share)			$ 144.59
Common stock, shares outstanding (in shares)			0
Common Stock \| January 2018 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)				3,400,000.0
Stock repurchase plan, number of remaining shares to be repurchased (in shares)	1,700,000
Common Stock \| January 2017 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)					1,900,000.0
Stock repurchase plan, number of remaining shares to be repurchased (in shares)	0
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,000,000.0

Stockholders' Equity - Share Repurchase Activity (Details) - Common Stock - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Shares repurchased (in shares)	3.3	2.4	0.2
Average price of stock repurchased (in dollars per share)	$ 150.31	$ 173.19	$ 161.16

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total fair value of share-based compensation awards vested	$ 5.9	$ 59.4	$ 20.7
Excess tax benefit recognized from share-based incentive plans	0.7	10.9
Total compensation cost not yet recognized	$ 54.1	$ 63.5
Weighted average period for recognition (in years)	2 years

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Expense	$ 44.7	$ 40.4	$ 39.2
Tax Benefit	$ 11.2	$ 13.6	$ 15.1

Share-Based Compensation - Transactions of the Company's Stock Options (Details) shares in Millions	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Stock Options
Unexercised options outstanding - December 31, 2017 (in shares) \| shares	0.6
Options granted (in shares) \| shares	0.0
Options exercised (in shares) \| shares	(0.1)
Options forfeited (in shares) \| shares	0.0
Unexercised options outstanding - December 31, 2018 (in shares) \| shares	0.5
Exercisable at December 31, 2018 (in shares) \| shares	0.1
Weighted Average Exercise Price
Unexercised options outstanding - December 31, 2017 (in usd per share) \| $ / shares	$ 122.04
Options granted (in usd per share) \| $ / shares	179.54
Options exercised (in usd per share) \| $ / shares	99.57
Options forfeited (in usd per share) \| $ / shares	122.40
Unexercised stock options outstanding - December 31, 2018 (in usd per share) \| $ / shares	130.81
Exercisable stock options at December 31, 2018 (in usd per share) \| $ / shares	$ 138.97
Weighted Average Remaining Contractual Life (years)
Stock options outstanding at December 31, 2018 (in years)	3 years 8 months 12 days
Exercisable stock options at December 31, 2018 (in years)	2 years 3 months 18 days

Share-Based Compensation - Stock Options Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of stock options granted	$ 1.0	$ 0.8	$ 16.4
Total intrinsic value of options exercised	8.2	50.8	27.7
Cash received for options exercised	9.7	$ 41.9	$ 25.6
Intrinsic value of exercisable options outstanding	$ 0.3
Weighted average fair value of options granted (in usd per share)	$ 48.64	$ 48.05	$ 39.02
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Options available for future grant under the Company's option plans (in shares)	3.1
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period of options	3 years
Expiration period of options	7 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period of options	4 years

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Assumptions used to determine fair value of options granted

Dividend yield

0.80%

0.50%

0.00%

Expected volatility

^[1]

25.50%

28.00%

30.70%

Risk-free interest rate

^[2]

2.80%

2.10%

1.60%

Expected life of options (in years)

^[3]

5 years 8 months 12 days

Forfeiture rate

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 - Transactions of the Company's Restricted Stock (Details) - Restricted Stock shares in Millions	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Restricted Stock
Unvested units - December 31, 2017 (in shares) \| shares	0.4
Units granted (in shares) \| shares	0.2
Units vested (in shares) \| shares	0.0
Units forfeited (in shares) \| shares	0.0
Unvested units - December 31, 2018 (in shares) \| shares	0.6
Weighted Average Grant Date Value
Unvested units - December 31, 2017 (in usd per share) \| $ / shares	$ 162.32
Units granted (in usd per share) \| $ / shares	201.75
Units vested (in usd per share) \| $ / shares	188.93
Units forfeited (in usd per share) \| $ / shares	154.92
Unvested units - December 31, 2018 (in usd per share) \| $ / shares	$ 172.74

Share-Based Compensation - Restricted Stock Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of restricted stocks granted	$ 5.9	$ 59.4	$ 20.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of restricted stocks granted	$ 37.7	$ 36.9	$ 28.0
Restricted stocks available for future grant under the Company's option plans (in shares)	900,000.0
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period of restricted stocks	3 years
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period of restricted stocks	4 years

Redeemable Non-Controlling Interests (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Redeemable Non-controlling Interests

Changes attributable to Affiliate sponsored consolidated products

$ 811.9

^[1]

$ 673.5

51.6

12.4

Transfers to Other liabilities

(105.4)

(192.3)

Transfers from Non-controlling interests

44.8

76.8

Changes in redemption value

30.8

241.5

$ 71.4

Affiliate sponsored investment products

833.7

^[1]

811.9

^[1]

$ 673.5

Redeemable Non-controlling Interests

^[1]

39.4

Noncontrolling Interest [Line Items]

^[1]

$ 91.0

$ 39.4

Minimum

Term of conditional right put interest

5 years

Maximum

Noncontrolling Interest [Line Items]

Term of conditional right put interest

15 years

[1]	As of December 31, 2017 and 2018, Redeemable non-controlling interests include Affiliate sponsored consolidated products primarily attributable to third-party investors of $39.4 million and $91.0 million, respectively.

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Affiliate Equity
Distributions paid to affiliate partners	$ 370.5	$ 352.2	$ 354.1
Payments to acquire interest in affiliates	120.0	174.7	115.8
Issuance of interest in affiliates	6.3	9.0	$ 11.8
Other Assets
Affiliate Equity
Due from affiliates	16.2	12.4
Other Liabilities
Affiliate Equity
Due to affiliates	$ 36.2	$ 49.2
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 - Recognized and Unrecognized Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Affiliate Equity Expense
Total	$ 56.4	$ 50.0	$ 41.2
Non- controlling Interests
Affiliate Equity Expense
Non-controlling interests	39.7	36.8	31.2
Total	$ 39.7	$ 36.8	$ 31.2
Unrecognized Affiliate Equity Expense
Remaining Life	6 years	6 years	5 years
Non-controlling Interests	$ 118.3	$ 95.9	$ 70.7
Controlling Interest
Affiliate Equity Expense
Controlling interest	16.7	13.2	10.0
Unrecognized Affiliate Equity Expense
Controlling Interest	$ 38.7	$ 33.3	$ 31.3
Remaining Life	5 years	5 years	4 years

Affiliate Equity - 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, 2018

^[1]

Sep. 30, 2018

^[1]

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

^[2]

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Affiliate Equity [Abstract]

Net income (controlling interest)

$ (151.3)

$ 124.9

$ 117.0

$ 153.0

$ 315.4

$ 125.4

$ 126.3

$ 122.5

$ 243.6

$ 689.5

$ 472.8

Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances

(5.0)

(1.0)

1.6

Decrease in controlling interest paid-in capital from Affiliate equity repurchases

(67.9)

(116.2)

(38.0)

Net income (controlling interest) including the net impact of Affiliate equity transactions

$ 170.7

$ 572.3

$ 436.4

[1]	For the year ended December 31, 2018, the Company recorded expenses to reduce the carrying value of the U.S. alternative Affiliate to zero and one of its non-U.S. alternative Affiliates accounted for under the equity method to fair value (see Note 13 for additional information).
[2]	In the fourth quarter of 2017, the Company recorded a one-time net benefit from changes in U.S. tax laws (see Note 22 for additional information) and an expense to reduce the carrying value of one of its U.S. alternative Affiliates accounted for under the equity method (see Note 13 for additional information).

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Benefit Plans Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions to benefit plans	$ 20.8	$ 20.1	$ 18.9
Non- controlling Interests
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions to benefit plans	$ 4.8	$ 3.9	$ 3.7

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Current tax

$ 129.4

$ 182.0

$ 176.3

Deferred taxes

51.9

(123.6)

59.3

Income tax expense

$ 181.3

$ 58.4

$ 235.6

41.00%

6.80%

32.60%

Controlling interests

Intangible-related deferred taxes

Current tax

$ 117.2

$ 173.8

$ 168.1

79.7

(98.5)

84.3

Other deferred taxes

(27.5)

(24.9)

(23.2)

Income tax expense

169.4

50.4

229.2

Income before income taxes (controlling interest)

$ 413.0

$ 739.9

$ 702.0

Non-Controlling Interests

^[1]

41.00%

6.80%

32.60%

Current tax

$ 12.2

$ 8.2

Deferred taxes

(0.3)

(0.2)

(1.8)

Income tax expense

$ 11.9

$ 8.0

$ 6.4

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

Income Taxes - Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 52.2	$ 109.0	$ 103.4
State	28.6	18.9	22.9
Foreign	48.6	54.1	50.0
Total current	129.4	182.0	176.3
Deferred:
Federal	51.3	(124.9)	62.3
State	13.2	10.4	10.0
Foreign	(12.6)	(9.1)	(13.0)
Total deferred	51.9	(123.6)	59.3
Income tax expense	$ 181.3	$ 58.4	$ 235.6

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Domestic	$ 637.3	$ 756.5	$ 688.1
International	76.3	310.6	286.5
Total	$ 713.6	$ 1,067.1	$ 974.6

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Details)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Statutory U.S. federal tax rate

21.00%

35.00%

State income taxes, net of federal benefit

3.70%

2.70%

2.90%

Effect of foreign operations

1.30%

(5.40%)

(4.60%)

Effect of changes in tax law, rates

(0.00%)

(25.20%)

(0.30%)

Reduction in carrying value of an equity method investment

13.00%

0.00%

Other

2.00%

(0.30%)

(0.40%)

Non-Controlling Interests

41.00%

6.80%

32.60%

Effect of income from non-controlling interests

(15.60%)

(1.30%)

(8.40%)

Controlling interests

^[1]

41.00%

6.80%

32.60%

Effective tax rate

25.40%

5.50%

24.20%

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

Income Taxes - Additional Information (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Provisional one-time net benefit from changes in U.S. tax laws

41.00%

6.80%

32.60%

$ 194,100,000

Net income tax benefit resulting from re-measurement of Company's deferred tax assets and liabilities

216,900,000

Transition tax deemed on repatriated foreign earnings and profits

22,800,000

Income tax benefit related to equity method investment fair value adjustment

$ (181,300,000)

(58,400,000)

$ (235,600,000)

Foreign operating loss carryforwards, expiration period

20 years

Operating loss carryforwards, valuation allowance

$ 24,100,000

24,100,000

Amount of temporary difference due to repatriation of earnings from sale or liquidation of subsidiary

225,400,000

Unrecognized tax benefits that, if recognized, would affect effective tax rate

33,100,000

32,400,000

26,000,000

Accrued income tax interest and related charges

2,100,000

1,700,000

1,400,000

Valuation Allowance, Operating Loss Carryforwards

Increase in valuation allowance on deferred tax assets

$ 0

Minimum

State net operating loss carryforwards, expiration period

15 years

Maximum

State net operating loss carryforwards, expiration period

20 years

Non-US

Expense recorded to reduce the carrying value of equity method affiliate

$ 240,000,000

State and Local Jurisdiction

Operating loss carryforwards

455,000,000

State and Local Jurisdiction | Valuation Allowance, Operating Loss Carryforwards

Increase in valuation allowance on deferred tax assets

9,800,000

Foreign Tax Authority

Operating loss carryforwards

63,100,000

Foreign Tax Authority | Valuation Allowance, Operating Loss Carryforwards

Increase in valuation allowance on deferred tax assets

14,300,000

2,000,000

Foreign Tax Authority | Expire over a 20-year period

Operating loss carryforwards

54,100,000

Non- controlling Interests

Income tax benefit related to equity method investment fair value adjustment

$ (11,900,000)

$ (8,000,000)

$ (6,400,000)

Non- controlling Interests | Non-US

Income tax benefit related to equity method investment fair value adjustment

$ 0

Controlling interests

Income tax benefit related to equity method investment fair value adjustment

^[1]

41.00%

6.80%

32.60%

$ (169,400,000)

$ (50,400,000)

$ (229,200,000)

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

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets
Deferred compensation	$ 18.0	$ 10.4
State net operating loss carryforwards	18.2	16.8
Foreign loss carryforwards	16.7	16.3
Tax benefit of uncertain tax positions	10.9	11.4
Deferred income	8.8	0.0
Accrued expenses	3.6	1.3
Other	1.5	0.0
Total deferred tax assets	77.7	56.2
Valuation allowance	(24.1)	(24.1)
Deferred tax assets, net of valuation allowance	53.6	32.1
Deferred Tax Liabilities
Intangible asset amortization	(337.1)	(258.6)
Convertible securities interest	(84.5)	(77.9)
Non-deductible intangible amortization	(141.0)	(150.8)
Deferred income	0.0	(5.9)
Other	(2.6)	(6.3)
Total deferred tax liabilities	(565.2)	(499.5)
Deferred income tax liability (net)	$ (511.6)	$ (467.4)

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance, beginning of period	$ 32.4	$ 26.8	$ 26.9
Additions based on current year tax positions	2.4	6.0	3.8
Additions based on prior years’ tax positions	8.4	1.5	0.6
Reduction for prior years’ tax positions	(2.0)	0.0	0.0
Reductions related to lapses of statutes of limitations	(6.3)	(2.3)	(4.7)
Settlements	(1.3)	0.0	0.0
Additions (reductions) related to foreign exchange rates	(0.5)	0.4	0.2
Balance, end of period	$ 33.1	$ 32.4	$ 26.8

Earnings Per Share - 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, 2018

^[1]

Sep. 30, 2018

^[1]

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

^[2]

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Numerator

Net income (controlling interest)

$ (151.3)

$ 124.9

$ 117.0

$ 153.0

$ 315.4

$ 125.4

$ 126.3

$ 122.5

$ 243.6

$ 689.5

$ 472.8

Interest expense on convertible securities, net of taxes

0.0

15.5

Net income (controlling interest), as adjusted

$ 243.6

$ 705.0

$ 488.3

Denominator

Average shares outstanding (basic) (in shares)

53.6

56.0

54.2

Effect of dilutive instruments:

Stock options and restricted stock units (in shares)

0.2

0.4

0.6

Convertible securities (in shares)

0.0

2.2

Average shares outstanding (diluted) (in shares)

53.8

58.6

57.0

[1]	For the year ended December 31, 2018, the Company recorded expenses to reduce the carrying value of the U.S. alternative Affiliate to zero and one of its non-U.S. alternative Affiliates accounted for under the equity method to fair value (see Note 13 for additional information).
[2]	In the fourth quarter of 2017, the Company recorded a one-time net benefit from changes in U.S. tax laws (see Note 22 for additional information) and an expense to reduce the carrying value of one of its U.S. alternative Affiliates accounted for under the equity method (see Note 13 for additional information).

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.1	0.6
Convertible securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	2.2	0.0	0.0

Comprehensive Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ (87.1)

$ 112.3

$ (173.3)

(15.1)

7.2

22.9

Foreign currency translation adjustment

(102.2)

119.5

(150.4)

(87.0)

128.0

(115.3)

(15.1)

0.0

Change in net realized and unrealized gain (loss) on derivative financial instruments

(102.1)

128.0

(115.3)

(0.1)

(0.7)

0.3

0.0

(0.1)

(0.2)

Change in net unrealized gain (loss) on investment securities

$ (0.1)

(0.8)

0.1

(15.0)

(58.3)

7.3

23.1

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

$ (7.7)

^[1]

$ (35.2)

[1]	In connection with the Company’s adoption of ASU 2016-01, the unrealized gains on investment securities, which related to the non-controlling interests, were reclassified to Non-controlling interests.

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

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ 4,578.5

$ 4,426.5

$ 3,769.1

(102.2)

119.5

(150.4)

Foreign Currency Translation Adjustment

4,134.9

4,578.5

4,426.5

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

Other comprehensive income (loss) before reclassifications

(85.9)

(213.9)

(102.1)

128.0

0.0

(102.1)

128.0

(115.3)

Realized and Unrealized Gains (Losses) on Derivative Financial Instruments

(188.0)

(85.9)

(213.9)

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

Other comprehensive income (loss) before reclassifications

(0.4)

0.4

(0.2)

(1.6)

0.1

0.8

(0.1)

(0.8)

0.1

Change in net unrealized gain (loss) on investment securities

(0.5)

(0.4)

0.4

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

Other comprehensive income (loss) before reclassifications

^[1]

9.8

^[1]

15.7

^[1]

(23.4)

(7.7)

^[1]

(35.2)

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

^[1]

9.8

Noncontrolling Interest

Other comprehensive income (loss) before reclassifications

^[1]

2.1

^[1]

0.0

^[1]

(2.1)

^[1]

(2.1)

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

^[1]

0.0

2.1

Total

Other comprehensive income (loss) before reclassifications

(84.2)

(203.7)

(102.3)

142.1

(2.0)

(22.6)

(104.3)

119.5

Quarterly Financial Information Disclosure [Abstract]

$ (188.5)

$ (84.2)

$ (203.7)

[1]	In connection with the Company’s adoption of ASU 2016-01, the unrealized gains on investment securities, which related to the non-controlling interests, were reclassified to Non-controlling interests.

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

^[1]

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Income before income taxes

$ 564,400,000

^[1]

$ 601,300,000

$ 600,200,000

$ 612,500,000

$ 604,100,000

^[2]

$ 585,700,000

$ 570,900,000

$ 544,300,000

$ 2,378,400,000

$ 2,305,000,000

$ 2,194,600,000

(63,600,000)

^[1]

250,400,000

239,300,000

287,500,000

264,000,000

^[2]

282,900,000

266,900,000

253,300,000

713,600,000

1,067,100,000

974,600,000

Net income

(98,800,000)

^[1]

201,900,000

205,200,000

224,000,000

393,800,000

^[2]

216,800,000

204,400,000

193,700,000

532,300,000

1,008,700,000

739,000,000

Net income (controlling interest)

$ (151,300,000)

^[1]

$ 124,900,000

$ 117,000,000

$ 153,000,000

$ 315,400,000

^[2]

$ 125,400,000

$ 126,300,000

$ 122,500,000

$ 243,600,000

$ 689,500,000

$ 472,800,000

Earnings per share (diluted) (in dollars per share)

$ (2.88)

^[1]

$ 2.34

$ 2.16

$ 2.77

$ 5.50

^[2]

$ 2.22

$ 2.13

$ 4.52

$ 12.03

$ 8.57

Effect of Fourth Quarter Events [Line Items]

Effect of Fourth Quarter Events [Line Items]

$ 2,791,000,000

$ 3,304,700,000

$ 2,791,000,000

$ 3,304,700,000

Equity Method Investee

Investment One | Equity Method Investee

2,791,000,000

$ 3,304,700,000

2,791,000,000

$ 3,304,700,000

$ 3,368,300,000

Effect of Fourth Quarter Events [Line Items]

$ 0

[1]	For the year ended December 31, 2018, the Company recorded expenses to reduce the carrying value of the U.S. alternative Affiliate to zero and one of its non-U.S. alternative Affiliates accounted for under the equity method to fair value (see Note 13 for additional information).
[2]	In the fourth quarter of 2017, the Company recorded a one-time net benefit from changes in U.S. tax laws (see Note 22 for additional information) and an expense to reduce the carrying value of one of its U.S. alternative Affiliates accounted for under the equity method (see Note 13 for additional information).

Geographic Information (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

^[1]

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

$ 564.4

^[1]

$ 601.3

$ 600.2

$ 612.5

$ 604.1

^[2]

$ 585.7

$ 570.9

$ 544.3

$ 2,378.4

$ 2,305.0

$ 2,194.6

104.3

111.0

104.3

111.0

110.1

United States

1,611.7

1,571.4

1,477.5

87.1

97.8

87.1

97.8

97.3

United Kingdom

628.8

587.3

566.4

15.7

11.4

15.7

11.4

9.9

Other

137.9

146.3

150.7