0001004434-21-000014 | 10-K | XBRL Viewer | Affiliated Managers Group INC

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 18, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13459
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3218510
Entity Address, Address Line One	777 South Flagler Drive
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	800
Local Phone Number	345-1100
Entity Information [Line Items]
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,462,090,036
Entity Common Stock, Shares Outstanding		42,622,300
Documents Incorporated by Reference	Portions of the definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after December 31, 2020, and delivered to stockholders in connection with the registrant’s annual meeting of stockholders, are incorporated by reference into Part III.
Entity Central Index Key	0001004434
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Common Stock ($0.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
5.875% Junior Subordinated Notes due 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Entity Information [Line Items]
Title of 12(b) Security	4.750% Junior Subordinated Notes due 2060
Trading Symbol	MGRB
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Consolidated revenue	$ 2,027.5	$ 2,239.6	$ 2,378.4
Consolidated expenses:
Compensation and related expenses	883.7	943.0	987.2
Selling, general and administrative	321.4	376.8	417.7
Intangible amortization and impairments	140.5	144.5	114.8
Interest expense	92.3	76.2	80.6
Depreciation and other amortization	19.1	21.3	22.0
Other expenses (net)	52.8	57.0	69.7
Total consolidated expenses	1,509.8	1,618.8	1,692.0
Equity method loss (net)	(43.4)	(338.0)	(0.2)
Investment and other income	34.1	25.2	27.4
Income before income taxes	508.4	308.0	713.6
Income tax expense	81.4	2.9	181.3
Net income	427.0	305.1	532.3
Net income (non-controlling interests)	(224.8)	(289.4)	(288.7)
Net income (controlling interest)	$ 202.2	$ 15.7	$ 243.6
Average shares outstanding (basic) (in shares)	46.5	50.5	53.6
Average shares outstanding (diluted) (in shares)	46.7	50.6	53.8
Earnings per share (basic) (in dollars per share)	$ 4.34	$ 0.31	$ 4.55
Earnings per share (diluted) (in dollars per share)	$ 4.33	$ 0.31	$ 4.52

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 427.0	$ 305.1	$ 532.3
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	15.2	10.9	(102.1)
Change in net realized and unrealized gain (loss) on derivative financial instruments	(1.5)	1.7	(0.1)
Other comprehensive income (loss), net of tax	13.7	12.6	(102.2)
Comprehensive income	440.7	317.7	430.1
Comprehensive income (non-controlling interests)	(228.0)	(301.8)	(273.7)
Comprehensive income (controlling interest)	$ 212.7	$ 15.9	$ 156.4

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,039.7	$ 539.6
Receivables	421.6	417.1
Investments in marketable securities	74.9	59.4
Goodwill	2,661.4	2,651.7
Acquired client relationships (net)	1,048.8	1,182.0
Equity method investments in Affiliates (net)	2,074.8	2,195.6
Fixed assets (net)	79.6	92.3
Other investments	257.2	211.8
Other assets	230.9	304.0
Total assets	7,888.9	7,653.5
Liabilities and Equity
Payable and accrued liabilities	712.4	634.6
Debt	2,312.1	1,793.8
Deferred income tax liability (net)	423.4	450.2
Other liabilities	452.2	359.1
Total liabilities	3,900.1	3,237.7
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	671.5	916.7
Equity:
Common Stock, Value, Issued	0.6	0.6
Additional paid-in capital	728.9	707.2
Accumulated other comprehensive loss	(98.3)	(108.8)
Retained earnings	4,005.5	3,819.8
Total stockholders' equity before treasury stock	4,636.7	4,418.8
Treasury Stock, Value	(1,857.0)	(1,481.3)
Total stockholders' equity	2,779.7	2,937.5
Non-controlling interests	537.6	561.6
Total equity	3,317.3	3,499.1
Total liabilities and equity	$ 7,888.9	$ 7,653.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2020	Dec. 31, 2019
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)	14.5	10.4

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment [Member]	Treasury Stock at Cost	Non-controlling Interests
Beginning 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
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member
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)
Dividends	(65.3)					(65.3)
Issuance costs and other	(0.5)			(0.5)
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)
Transfers to Redeemable non-controlling interests	(44.8)								(44.8)
Capital contributions and other	17.8								17.8
Distributions to non-controlling interests	(370.5)								(370.5)
Ending balance at Dec. 31, 2018	4,134.9	$ (6.6)	0.6	835.6	(109.0)	3,876.8	$ (6.6)	(1,146.6)	677.5
Increase (Decrease) in Stockholders' Equity
Net income	305.1					15.7			289.4
Other comprehensive income (loss)	12.6				0.2				12.4
Share-based compensation	49.9			49.9
Common stock issued under share-based incentive plans	(5.4)			(34.0)				28.6
Shares repurchases	(360.8)			2.5				(363.3)
Dividends	(66.1)					(66.1)
Issuance costs and other	0.1			0.1
Affiliate equity activity:
Affiliate equity compensation	40.5			9.6					30.9
Issuances	11.2			(3.7)					14.9
Repurchases	2.9			13.2					(10.3)
Changes in redemption value of Redeemable non-controlling interests	(166.0)			(166.0)
Transfers to Redeemable non-controlling interests	(105.0)								(105.0)
Capital contributions and other	(0.3)								(0.3)
Distributions to non-controlling interests	(347.9)								(347.9)
Ending balance at Dec. 31, 2019	3,499.1		0.6	707.2	(108.8)	3,819.8		(1,481.3)	561.6
Increase (Decrease) in Stockholders' Equity
Net income	427.0					202.2			224.8
Other comprehensive income (loss)	13.7				10.5				3.2
Share-based compensation	67.4			67.4
Common stock issued under share-based incentive plans	(6.5)			(40.9)				34.4
Shares repurchases	(430.0)			(19.9)				(410.1)
Dividends	(16.5)					(16.5)
Affiliate equity activity:
Affiliate equity compensation	51.8			20.9					30.9
Issuances	20.1			(5.1)					25.2
Repurchases	44.2			58.7					(14.5)
Changes in redemption value of Redeemable non-controlling interests	(59.4)			(59.4)
Transfers to Redeemable non-controlling interests	7.8								7.8
Capital contributions and other	4.9								4.9
Distributions to non-controlling interests	(306.3)								(306.3)
Ending balance at Dec. 31, 2020	$ 3,317.3		$ 0.6	$ 728.9	$ (98.3)	$ 4,005.5		$ (1,857.0)	$ 537.6

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.35	$ 1.28	$ 1.20

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flow from (used in) operating activities:
Net income	$ 427.0	$ 305.1	$ 532.3
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	140.5	144.5	114.8
Depreciation and other amortization	19.1	21.3	22.0
Deferred income tax expense (benefit)	26.8	(55.8)	51.9
Equity method loss (net)	43.4	338.0	0.2
Distributions of earnings received from equity method investments	236.8	252.4	466.3
Share-based compensation and Affiliate equity expense	119.2	90.4	101.1
Other non-cash items	(3.0)	(17.7)	(2.7)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(110.1)	(42.3)	(190.8)
Sales of securities by consolidated Affiliate sponsored investment products	99.6	16.5	49.6
Decrease (increase) in receivables	1.1	(15.8)	14.4
(Increase) decrease in other assets	73.1	(51.4)	(11.7)
Decrease in payables, accrued liabilities and other liabilities	(64.2)	(56.1)	(6.8)
Cash flow from operating activities	1,009.3	929.1	1,140.6
Cash flow from (used in) investing activities:
Investments in Affiliates	(44.5)	(162.3)	(7.3)
Divestments of Affiliates	0.0	117.7	0.0
Purchase of fixed assets	(8.5)	(9.6)	(18.7)
Purchase of investment securities	(47.7)	(43.1)	(40.8)
Sale of investment securities	47.0	72.9	48.6
Cash flow used in investing activities	(53.7)	(24.4)	(18.2)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt, senior notes and junior subordinated notes	874.8	470.7	1,150.0
Repayments of senior bank debt	(350.0)	(510.0)	(1,180.6)
Repurchase of common stock (net)	(335.1)	(356.1)	(496.1)
Dividends paid on common stock	(16.8)	(65.3)	(64.4)
Distributions to non-controlling interests	(306.3)	(347.9)	(370.5)
Affiliate equity (repurchases) / issuances (net)	(294.9)	(135.5)	(113.7)
Subscriptions to consolidated Affiliate sponsored investment products, net of redemptions	12.9	19.0	132.8
Other financing items	(40.0)	(9.6)	(40.6)
Cash flow used in financing activities	(455.4)	(934.7)	(983.1)
Effect of foreign currency exchange rate changes on cash and cash equivalents	2.1	8.7	(10.1)
Net increase (decrease) in cash and cash equivalents	502.3	(21.3)	129.2
Cash and cash equivalents at beginning of period	539.6	565.5	439.5
Effect of deconsolidation of Affiliates and Affiliate sponsored investment products	(2.2)	(4.6)	(3.2)
Cash and cash equivalents at end of period	1,039.7	539.6	565.5
Supplemental disclosure of cash flow information:
Interest paid	88.3	84.1	76.9
Income taxes paid (refunds received), net	12.4	102.7	160.2
Lease liabilities paid	39.1	35.4	0.0
Supplemental disclosure of non-cash investing and financing activities:
Payables recorded for Affiliate equity repurchases	22.0	19.8	36.2
Payables recorded for share repurchases	105.6	10.6	6.9
Payables recorded for contingent payment arrangements	40.0	0.0	0.0
Payables recorded for investments in Affiliates	69.2	0.0	0.0
Stock issued upon vesting of restricted stock units	35.6	32.7	4.7
Stock received for tax withholdings on share-based payments	6.7	6.4	14.7
Right-of-use assets obtained in exchange for new operating leases	$ 24.4	$ 189.7	$ 0.0

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2020
Accounting Policies [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies (a)Organization and Nature of Operations Affiliated Managers Group, Inc. (the “Company”) is a leading partner to independent active investment management firms globally. AMG’s strategy is to generate long-term value by investing in a diverse array of partner-owned investment firms, referred to as “Affiliates.” The Company’s Affiliates provide a comprehensive and diverse range of active, return-oriented strategies designed to assist institutional, retail, and high net worth clients worldwide in achieving their investment objectives. The Company operates in one segment, global 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 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 and Affiliate management, while using the remainder of its revenue for operating expenses and for additional distributions to Affiliate management. The Company and Affiliate management, therefore, participate in any increase or decrease in revenue and only Affiliate management participates in any increase or decrease in expenses. Under these structured partnership interests, the Company’s contractual share of revenue generally has priority over 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 Consolidated Financial Statements of the Company have been 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 intercompany balances and transactions have been eliminated. Certain 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 Affiliates 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, and 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 such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Other investments in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in 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. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. 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 5. 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 management’s 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 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 in Additional paid-in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. 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 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. Deferred taxes recorded on intangible assets upon acquisition of an Affiliate accounted for under the equity method 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 in Income tax expense in the Consolidated Statements of Income. The Company periodically performs assessments to determine if fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than temporary. Where the Company believes that such declines may have occurred, the Company determines the amount of impairment using valuation methods, such as discounted cash flow analyses. Impairments are recorded as an expense in Equity method loss (net) to reduce the carrying value of the Affiliate to its fair value. 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’ interests are 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 included in Investment and other income. Purchases and sales of securities are presented within purchases and sales by consolidated Affiliate sponsored investment 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. Realized gains and losses are recorded on the trade date on a specific identified basis, except for consolidated Affiliate sponsored investment 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. In these valuation models, the Company is required to make judgments about growth rates of assets under management, client attrition, asset and performance based fee rates, and expenses. These valuation models also require judgments about tax benefits, credit risk, interest rates, tax rates, discount rates, and discounts for lack of marketability. 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 assesses these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived acquired client relationship 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. The Company has determined that certain of its acquired client relationships meet the criteria to be considered definite-lived assets, including investment advisory contracts between its Affiliates and their underlying investors, and are amortized over their expected period of economic benefit. The expected period of economic benefit of definite-lived acquired client relationships is a judgment based on 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 assesses for the possible impairment of indefinite and definite-lived acquired client relationships 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 considers various qualitative and quantitative factors (including market multiples) to determine if the fair value of each asset is greater than its carrying value. 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 an impairment assessment annually or more frequently whenever events or circumstances occur indicating that the carrying value of its single reporting unit is in excess of its fair value. In this assessment, the Company typically measures the fair value of its reporting unit using various qualitative and quantitative factors (including the Company’s market capitalization and market multiples for asset management businesses). If a potential impairment is more-likely-than-not, then the Company will perform a single step assessment 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 two years to ten years. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally two years 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 Leases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under Accounting Standard Update (“ASU”) 2016-02 Leases (and related ASUs), the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Company’s Consolidated Balance Sheets. Right-of-use assets and lease liabilities are reported in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) on the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right-of-use asset is amortized on a straight-line basis over the remaining lease term. Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments reported in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is reported in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently reported in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease. The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non-lease components for their equipment leases in calculating their lease liabilities. Sublease income is reported in Investment and other 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, junior subordinated notes and junior convertible securities are amortized over the expected term of the security, and are included as a reduction of Debt 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 use 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 recorded 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. The Company assesses hedge effectiveness on a quarterly basis. For interest rate swaps designated as cash flow hedges, we use a qualitative method of assessing hedge effectiveness by comparing the notional amount, timing of payments, and interest rates of the swap to the interest payments hedged. If the qualitative assessment indicates ineffectiveness, then we perform a quantitative assessment which 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 within earnings with the hedged item, unless the changes in fair value are not equal, which would result in hedge ineffectiveness which is presented within Investment and other income. Changes in the fair values of cash flow hedges are reported in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. Upon termination of cash flow hedges, any gain or loss recognized will be reclassified into earnings. 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. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are recorded in earnings and amortized on a straight-line basis over the respective period of the contracts as a reduction to Interest expense. (m)Revenue Recognition Consolidated 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. Consolidated 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 include exceeding performance benchmarks or hurdle rates that 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 within Consolidated revenue gross of any related expenses when the Company and its Affiliates are the principal in their 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 investments in Affiliates. 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 the investment in an Affiliate is consummated and records a liability in Other liabilities. 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 included in Other expenses (net) and the accretion of these obligations to their expected payment amounts are included in 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 recorded 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. The recording of 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. 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 included 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 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 Company had junior 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. The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. (s)Share-Based Compensation Plans The Company recognizes expenses for all share-based compensation arrangements based on the number of awards expected to vest. The expense for awards without performance conditions is recognized on a straight-line basis over the requisite service period, including grants that are subject to graded vesting. The Company recognizes expenses for all other arrangements on a straight-line basis for each separately vesting portion of the award. Tax windfalls or shortfalls are recorded 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 Effective January 1, 2020, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments issued by the Financial Accounting Standards Board (“FASB”). The adoption of this standard did not have a significant impact on the Company’s Consolidated Financial Statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity. The standard is effective for interim and annual periods beginning after December 15, 2021 for the Company and its consolidated Affiliates, and is effective for interim and annual periods beginning after December 15, 2023 for the Company’s Affiliates accounted for under the equity method. This standard requires use of the if-converted method for convertible instruments and the inclusion of instruments where the Company has an option to settle in cash or shares in its calculation of Earnings per share (diluted). The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In June 2020, the FASB extended the effective date of ASU 2016-02, Leases for the Company’s Affiliates accounted for under the equity method. After the extension, ASU 2016-02 is effective for annual periods beginning after December 15, 2021 and interim periods beginning after December 15, 2022. The Company does not expect the adoption of this standard by its equity method investments to have a significant impact on its Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The standard is effective for interim and annual periods beginning after December 15, 2020 for the Company and its consolidated Affiliates, and is effective for annual periods beginning after December 15, 2021 and interim periods beginning after December 15, 2022 for the Company’s Affiliates accounted for under the equity method. The Company does not expect the adoption of this standard to have a significant impact on its Consolidated Financial Statements.

Investments in Marketable Securities

12 Months Ended

Dec. 31, 2020

Marketable Securities [Abstract]

Investments in Marketable Securities

Investments in Marketable SecuritiesThe following is a summary of the cost, gross unrealized gains, unrealized losses, and fair value of Investments in marketable securities:


	December 31,
	2019		2020
Cost	$	57.9	$	69.4
Unrealized gains	2.1		5.5
Unrealized losses	(0.6)		(0.0)
Fair value	$	59.4	$	74.9

As of December 31, 2019 and 2020, Investments in marketable securities include consolidated Affiliate sponsored investment products with fair values of $38.1 million and $52.3 million, respectively.

Other Investments

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Other Investments

Other investments consist of investments in funds advised by the Company’s Affiliates that are carried at NAV as a practical expedient and investments without readily determinable fair values. The income or loss related to these investments is recorded in Investment and other income.

Investments Measured at NAV as a Practical Expedient

The Company’s Affiliates sponsor investment products in which the Company and its consolidated Affiliates may make general partner and seed capital investments. The Company uses the NAV of these investments as a practical expedient for their fair values. The following table summarizes the fair values of these investments and any related unfunded commitments:


	December 31, 2019				December 31, 2020
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds(1)	$	203.3	$	127.2	$	235.4	$	122.2
Investments in other strategies(2)	8.5		—		8.0		—
Total(3)	$	211.8	$	127.2	$	243.4	$	122.2

__________________________

(1)The Company accounts for its interests in private equity funds under the equity method of accounting and, therefore, 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 third-party funds and 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 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 $137.6 million and $164.4 million as of December 31, 2019 and 2020, respectively.

As of December 31, 2019 and 2020, the Company held investments without readily determinable fair values of zero and $13.8 million, respectively. The carrying value of these investments included an upward adjustment of $5.3 million based on an observable price change during the fourth quarter of 2020.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

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, 2019
			Level 1		Level 2		Level 3
Financial Assets

Investments in marketable securities	$	59.4	$	24.4	$	35.0	$	—

Derivative financial instruments(1)	7.9		—		7.9		—
Financial Liabilities(2)

Affiliate equity repurchase obligations	$	19.8	$	—	$	—	$	19.8

Derivative financial instruments	1.0		—		1.0		—


			Fair Value Measurements
	December 31, 2020
			Level 1		Level 2		Level 3
Financial Assets

Investments in marketable securities	$	74.9	$	25.7	$	49.2	$	—

Derivative financial instruments(1)	3.5		—		3.5		—
Financial Liabilities(2)

Affiliate equity repurchase obligations	$	22.0	$	—	$	—	$	22.0

Derivative financial instruments	4.2		—		4.2		—

__________________________

(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 assets and liabilities for Affiliate equity repurchase obligations:


	For the Years Ended December 31,
	2019		2020

Balance, beginning of period	$	36.2	$	19.8
Net realized and unrealized (gains) losses(1)	0.1		(4.3)
Purchases and issuances(2)	118.6		310.6
Settlements and reductions	(135.1)		(304.1)
Balance, end of period	$	19.8	$	22.0

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

__________________________

(1)Accretion expense for these arrangements and obligations is 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 recurring level 3 fair value measurements:


	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2019				December 31, 2020
	Valuation Techniques	Unobservable Input	Fair Value		Range	Weighted Average(1)	Fair Value		Range	Weighted Average(1)


Affiliate equity repurchase obligations	Discounted cash flow	Growth rates(2)	$	19.8	(9)% - 7%	5%	$	22.0	(5)% - 8%	3	%
		Discount rates			14% - 17%	15%			14% - 16%	15	%

__________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset and performance based fees.

Affiliate equity repurchase obligations include agreements to repurchase Affiliate equity. As of December 31, 2020, there were no changes to growth or discount rates that had a significant impact to Affiliate equity repurchase obligations recorded in prior periods.

Other Financial Assets and Liabilities Not Carried at Fair Value

The Company has other financial assets and liabilities, which are not required to be carried at fair value, but the Company is required to disclose their fair values. 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 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, 2019				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	746.8	$	797.4	$	1,097.3	$	1,206.6	Level 2
Junior convertible securities	315.4		415.7		318.4		427.6		Level 2
Junior subordinated notes	290.7		327.7		565.7		623.1		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

Investments in Affiliates and Affiliate Sponsored Investment Products

12 Months Ended

Dec. 31, 2020

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 Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2019				December 31, 2020
	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	$	1,141.4	$	1,843.0	$	1,384.2	$	1,962.1

As of December 31, 2019 and 2020, the carrying value and maximum exposure to loss for all of the Company’s Affiliates accounted for under the equity method was $2,195.6 million and $2,074.8 million, respectively, including Affiliates accounted for under the equity method considered VREs of $352.6 million and $112.7 million, respectively.

Affiliate Sponsored Investment Products

The Company’s carrying value, and maximum exposure to loss from unconsolidated Affiliate sponsored investment products is its, or its consolidated Affiliates’, interest in the unconsolidated net assets of the respective products. The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2019				December 31, 2020
	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	$	2,282.1	$	0.9	$	2,378.2	$	0.9

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s Debt:


	December 31,
	2019		2020
Senior bank debt	$	449.7	$	349.8
Senior notes	743.8		1,091.9
Junior convertible securities	310.6		314.0
Junior subordinated notes	289.7		556.4
Debt	$	1,793.8	$	2,312.1

The Company’s senior notes, junior convertible securities, and junior subordinated notes are carried at amortized cost. Unamortized discounts and debt issuance costs are presented within the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt. As of December 31, 2020, Debt with a par value of $400.0 million and $350.0 million matures in 2024 and 2025, respectively.

Senior Bank Debt

The Company has a $1.25 billion senior unsecured multicurrency revolving credit facility and a $350.0 million senior unsecured term loan facility. The revolver matures on January 18, 2024, and the term loan, as amended, matures on January 18, 2026. Subject to certain conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $75.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on its credit rating. As of December 31, 2020, the interest rate for the Company’s outstanding borrowings under the credit facilities was LIBOR plus 0.875%.

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.

As of December 31, 2019 and 2020, the Company had no outstanding borrowings under the revolver. As of December 31, 2019 and 2020, the Company had outstanding borrowings under the term loan of $450.0 million and $350.0 million, respectively, and the weighted-average interest rate on outstanding borrowings was 2.66% and 1.02%, respectively. The Company pays commitment fees on the unused portion of its revolver. For the years ended December 31, 2019 and 2020, these fees amounted to $1.5 million.

On January 8, 2021, the Company amended and refinanced the term loan to adjust the marginal rate by 0.075% to 0.950% and to extend the maturity by three years from January 18, 2023 to January 18, 2026. The commercial terms of the term loan otherwise remained the same.

Senior Notes and Junior Subordinated Notes

As of December 31, 2020, the Company had senior notes and junior subordinated notes outstanding. The carrying value of the senior notes and junior subordinated notes is accreted to the principal amount at maturity over the remaining life of the underlying instrument.

The principal terms of the senior notes and junior subordinated notes were as follows:

2024
Senior Notes

2025
Senior Notes

2030
Senior Notes

2059
Junior Subordinated Notes

2060
Junior Subordinated Notes

Issue date

February 2014

February 2015

June 2020

March 2019

September 2020

Maturity date

February 2024

August 2025

June 2030

March 2059

September 2060

Par value (in millions)

400.0

350.0

300.0

275.0

Stated coupon

4.25

3.50

3.30

5.875

4.750

Coupon frequency

Semi-annually

Quarterly(3)

Potential call date

Any time(1)

March 2024(2)

September 2025(2)

Call price

As defined(1)

As defined(2)

Listing

N.A.

NYSE

__________________________

(1)The 2024, 2025 and 2030 senior notes may be redeemed, in whole or in part, at any time, in the case of the 2024 and 2025 senior notes, and at any time prior to March 15, 2030, in the case of the 2030 senior notes. In each case, the senior notes may be redeemed 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%, in the case of the 2024 and the 2025 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes.

(2)The 2059 and 2060 junior subordinated notes may be redeemed at any time, in whole or in part, on or after March 30, 2024, in the case of the 2059 junior subordinated notes, and on or after September 30, 2025, in the case of the 2060 junior subordinated notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the applicable notes.

(3)The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes.

As of December 31, 2020, the effective interest rates of the 2024, the 2025 and the 2030 senior notes were 4.42%, 3.66% and 3.39%, respectively. As of December 31, 2020, the effective interest rates of the 2059 and the 2060 junior subordinated notes were 5.90% and 4.83%, respectively.

Junior Convertible Securities

The following table summarizes the Company’s 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, 2019				December 31, 2020
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
Junior convertible securities(1)	$	315.4	$	430.8	$	318.4	$	430.8

__________________________

(1)The carrying value is accreted to the principal amount at maturity over a remaining life of 17 years.

The junior convertible securities bear interest at a rate of 5.15% per annum, payable quarterly in cash. 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 common stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities, subject to the stock trading at or above certain specified levels over specified times periods, and may also

repurchase junior subordinated notes in the open market or in privately negotiated transactions from time to time at management’s discretion. 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. The Company estimates that these deductions will generate annual deferred tax liabilities of approximately $9 million. Assuming no redemptions or repurchases, 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. If the Company redeems the securities or repurchases the notes at a price below such thresholds, all or a portion of these deferred tax liabilities may be reclassified to income taxes payable which is presented within Other liabilities. In August 2019, in accordance with the convertible securities indenture, the Company adjusted the conversion rate of the junior convertible securities to 0.2558 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion price of $195.47 per share of common stock. The adjustment was the result of the Company’s cumulative declared dividends on its common stock since the prior adjustment. The Company may redeem the junior convertible securities if the closing price of its common stock exceeds $254.10 per share for 20 trading days in a period of 30 consecutive trading days.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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. The combinations 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.

In the first quarter of 2020, the Company terminated the forward contracts and the corresponding collar contracts, and upon settlement received net proceeds of $24.9 million. The net proceeds from the termination of the contracts are presented within sale of investment securities in the Consolidated Statements of Cash Flows. The Company’s forward contracts and collar contracts with the counterparty were governed by an International Swaps and Derivative Association Master Agreement, which provided for legally enforceable rights to set-off. The terms of the contracts also required the Company and the counterparty to post cash collateral in certain circumstances throughout the duration of the contracts. As of December 31, 2019, the Company held $8.7 million of cash collateral from the counterparty, and the counterparty held no cash collateral from the Company.

In the first quarter of 2020, the Company entered into an interest rate swap contract (the “interest rate swap”) with a large financial institution (the “swap counterparty”), which will expire in March 2023. The interest rate swap, which is designated as a cash flow hedge, is used to exchange a portion of the Company’s LIBOR-based interest payments for fixed rate interest payments. Under the contract, the Company receives payments based on one month LIBOR and makes payments based on an annual fixed rate of 0.5135% on a notional amount of $250.0 million. The terms of the contract also require the Company and the swap counterparty to post cash collateral in certain circumstances throughout the duration of the contract. As of December 31, 2020, the Company held no cash collateral from the swap counterparty, and the swap counterparty held $2.2 million of cash collateral from the Company.

Certain of the Company’s Affiliates use forward foreign currency contracts to hedge the risk of foreign currency exchange rate movements, which were not significant.

The following table summarizes the Company’s and its Affiliates’ derivative financial instruments measured at fair value on a recurring basis:


	December 31, 2019				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
Forward contracts	$	23.8	$	(1.0)	$	3.5	$	(2.3)
Put options	—		(31.0)		—		—
Call options	15.1		—		—		—
Interest rate swap	—		—		—		(1.9)
Total	$	38.9	$	(32.0)	$	3.5	$	(4.2)

The forward and collar contracts entered into in 2018 included a set-off right and were therefore, presented on a net basis in Other assets; they were $5.7 million as of December 31, 2019. The Company and certain of its consolidated Affiliates have also entered into contracts that do not include set-off rights and are, therefore, presented on a gross basis in Other assets and

Other liabilities; they were $2.2 million and $1.0 million, respectively, as of December 31, 2019, and $3.5 million and $4.2 million, respectively, as of December 31, 2020.

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 Years Ended December 31,
	2019						2020
	Gain (Loss) Recorded in Other Comprehensive Income		Gain Reclassified from Accumulated Other Comprehensive Income into Earnings		Gain Recorded in Earnings from Excluded Components(1)		Gain (Loss) Recorded in Other Comprehensive Income (Loss)		Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings		Gain Recorded in Earnings from Excluded Components(1)
Forward contracts	$	(21.7)	$	0.5	$	13.9	$	65.4	$	0.6	$	2.8
Put options	29.3		—		—		(47.7)		—		—
Call options	(19.0)		—		—		(1.3)		—		—
Interest rate swap	—		—		—		(1.9)		—		—
Total	$	(11.4)	$	0.5	$	13.9	$	14.5	$	0.6	$	2.8

__________________________

(1)The excluded components of the forward contracts were recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
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, 2020, these unfunded commitments were $122.2 million and may be called in future periods. In addition, as of December 31, 2020, the Company was contingently liable to make payments related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which, $37.5 million may become payable in 2022 and $77.5 million from 2023 through 2025. As of December 31, 2020, the Company expected to make payments of approximately $13 million. In the event certain financial targets are not met at one of the Company’s Affiliates, the Company may receive payments of up to $12.5 million and also has the option to reduce its ownership interest and receive an incremental payment of $25.0 million. Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 18. In connection with one of the Company’s investments in an Affiliate accounted for under the equity method, a minority owner has the right to elect to sell a portion of its ownership interest in the Affiliate to the Company annually. As of December 31, 2020, the minority owner maintains a 14% ownership interest in the Affiliate. In the fourth quarter of 2020, 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 close in the first half of 2021; however, the Company cannot currently predict the amount that may be paid to settle this commitment. If the minority owners sells its interest to the Company, then the Company 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.

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2020

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
	2019		2020
Balance, beginning of period	$	2,633.4	$	2,651.7


Foreign currency translation	18.3		11.6
Other	—		(1.9)
Balance, end of period	$	2,651.7	$	2,661.4

As of September 30, 2020, the Company completed its impairment assessment on goodwill and no impairment was 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, 2018	$	1,279.8	$	(976.2)	$	303.6	$	1,006.3	$	1,309.9

Intangible amortization and impairments	—		(93.4)		(93.4)		(51.1)		(144.5)
Foreign currency translation	5.1		(5.5)		(0.4)		17.0		16.6
Transfers(1)	(36.1)		36.1		—		—		—
Balance, as of December 31, 2019	$	1,248.8	$	(1,039.0)	$	209.8	$	972.2	$	1,182.0

Intangible amortization and impairments	—		(69.8)		(69.8)		(70.7)		(140.5)
Foreign currency translation	3.5		(3.7)		(0.2)		7.5		7.3
Transfers(1)	(85.7)		85.7		—		—		—
Balance, as of December 31, 2020	$	1,166.6	$	(1,026.8)	$	139.8	$	909.0	$	1,048.8

__________________________

(1)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments for these relationships of $114.4 million, $93.4 million and $55.3 million for the years ended December 31, 2018, 2019 and 2020, respectively. Based on relationships existing as of December 31, 2020, the Company estimates that its consolidated amortization expense will be approximately $30 million in each of 2021, 2022, and 2023, approximately $20 million in 2024 and approximately $10 million in 2025.

In the fourth quarter of 2019, the Company completed an impairment assessment of the indefinite-lived acquired client relationships at one of its Affiliates, and determined that the fair value of the asset had declined below its carrying value. Accordingly, the Company recorded an expense in Intangible amortization and impairments of $31.2 million attributable to the controlling interest ($35.0 million in aggregate) to reduce the carrying value of the asset to fair value. The decline in the fair value was a result of a projected decline in assets under management that decreased the forecasted revenue associated with the asset. The fair value of the asset was determined using a probability-weighted discounted cash flow analysis, a level 3 fair value measurement that included a projected growth rate of (9)% for assets under management, discount rate of 14.5% for asset based fees, and a market participant tax rate of 25%. No other impairments of indefinite-lived acquired client relationships were indicated.

In addition, in the fourth quarter of 2019, the Company recorded an expense in Intangible amortization and impairments of $16.1 million attributable to the controlling interest and in aggregate to reduce the carrying value of an indefinite-lived acquired client relationship to zero due to the closure of certain retail investment products on its U.S. retail distribution platform.

In the second quarter of 2020, the Company agreed with a consolidated Affiliate to strategically reposition their business and to sell its equity interest in the Affiliate. The Company recorded an expense in Intangible amortization and impairments of $32.8 million attributable to the controlling interest ($60.3 million in aggregate) to reduce the carrying value of the Affiliate’s acquired client relationships to zero as of June 30, 2020. In the third quarter of 2020, the Company sold its interest in the Affiliate and the Company recorded no significant gain or loss on the transaction.

In the third quarter of 2020, the Company completed an impairment assessment of the indefinite-lived acquired client relationships at one of its Affiliates, and determined that the fair value of the asset had declined below its carrying value. Accordingly, the Company recorded an expense in Intangible amortization and impairments of $12.5 million attributable to the controlling interest ($14.0 million in aggregate) to reduce the carrying value of the asset to fair value. The decline in the fair value was a result of a projected decline in assets under management that decreased the forecasted revenue associated with the asset. The fair value of the asset was determined using a probability-weighted discounted cash flow analysis, a level 3 fair value measurement that included a projected growth rate of (14)% for assets under management, discount rate of 15% for asset based fees, and a market participant tax rate of 25%.

In addition, in the third quarter of 2020, the Company recorded an expense in Intangible amortization and impairments of $7.4 million attributable to the controlling interest ($10.9 million in aggregate) to reduce the carrying value of an indefinite-lived acquired client relationship to zero due to the closure of one of its Affiliate’s retail investment products.

As of December 31, 2020, no other impairments of indefinite-lived acquired client relationships were indicated. If financial markets become depressed for a prolonged period as a result of the novel coronavirus global pandemic (“COVID-19”) or other factors, the fair values of these assets could drop below their carrying values resulting in future impairments.

Equity Method Investments in Affiliates

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

In the first, third and fourth quarters of 2020, the Company completed minority investments in Comvest Partners, Inclusive Capital Partners LP and Jackson Square Partners LLC (“Jackson Square”), respectively. The majority of the consideration paid for Jackson Square is deductible for U.S. tax purposes over a 15 year life. The Company’s purchase price allocation for each investment was measured using financial models that included assumptions of expected market performance, net client cash flows, and discount rates.

The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears.

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


	Equity Method Investments in Affiliates (Net)
	2019		2020
Balance, beginning of period	$	2,791.0	$	2,195.6
Earnings	289.4		288.6
Intangible amortization and impairments	(627.4)		(332.0)
Distributions of earnings	(252.4)		(236.8)
Foreign currency translation	(40.0)		5.1
Investments in Affiliates	162.3		128.7
Divestments of Affiliates	(117.7)		—
Other	(9.6)		25.6
Balance, end of period	$	2,195.6	$	2,074.8

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships of $97.5 million, $142.4 million and $147.0 million for the years ended December 31, 2018, 2019 and 2020, respectively. Based on relationships existing as of December 31, 2020, the Company estimates the annual amortization expense attributable to its Affiliates will be approximately $120 million in 2021 and approximately $50 million in each of 2022, 2023, 2024 and 2025.

In the first quarter of 2019, the Company recorded a $415.0 million expense to reduce the carrying value of an Affiliate to fair value. In March 2019, the Company concluded that the growth expectations of the Affiliate had declined and determined that the estimated fair value of the Affiliate had also declined meaningfully. Therefore, the Company performed a valuation to determine whether the fair value of the Affiliate had declined below its carrying value. The fair value of the investment was determined using a probability-weighted discounted cash flow analysis, a level 3 fair value measurement, that included a projected compounded asset based fee growth over the first five years of (13)%, discount rates of 11% and 20% for asset and performance based fees, respectively, and a market participant tax rate of 25%. Based on the probability-weighted discounted

cash flow analysis, the Company concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-temporary. In October 2019, the Company sold its interest in the Affiliate.

In the third quarter of 2019, the Company recorded a $10.0 million expense to reduce the carrying value of an Affiliate to fair value. The fair value of the investment was determined using a probability-weighted discounted cash flow analysis, a level 3 fair value measurement, that included a projected growth rate of (20)%, discount rates of 11% and 20% for asset and performance based fees, respectively, and a market participant tax rate of 25%. Based on the discounted cash flow analysis, the Company concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-temporary.

In the fourth quarter of 2019, the Company recorded a $60.0 million expense to reduce the carrying value of an Affiliate to fair value. The decline in the fair value was a result of a decline in assets under management and a reduction in projected growth, which decreased the forecasted revenue associated with the investment. The fair value of the investment was determined using a discounted cash flow analysis, a level 3 fair value measurement that included a projected growth rate of 9% for assets under management, discount rates of 11% and 20% for asset and performance based fees, respectively, and a market participant tax rate of 25%. Based on the discounted cash flow analysis, the Company concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-temporary.

In the first and fourth quarters of 2020, the Company recorded expenses of $140.0 million and $45.0 million, respectively, to reduce the carrying value of an Affiliate to fair value. The decline in the fair values was a result of declines in assets under management and reductions in projected growth, which decreased the forecasted revenues associated with the investment. The fair values of the investment were determined using probability-weighted discounted cash flow analyses, level 3 fair value measurements that included projected compounded growth in assets under management over the first five years of (2)% and (5)% for the first and fourth quarters of 2020, respectively, discount rates of 11% for asset based fees, discount rates of 20% for performance based fees, and market participant tax rates of 25%. Based on the discounted cash flow analyses, the Company concluded that the fair value of its investment had declined below its carrying value at each of the respective measurement dates and that the decline was other-than-temporary.

For the year ended December 31, 2020, the Company completed its annual assessment of its investments in Affiliates accounted for under the equity method and no other impairments were indicated. If financial markets become depressed for a prolonged period as a result of COVID-19 or other factors, or the financial performance of an Affiliate worsens as a result of net client cash outflows or performance, regardless of the performance of financial markets, the fair values of these assets could drop below their carrying values for periods considered other than temporary, resulting in future impairments.

In connection with one of the Company’s investments in an Affiliate, a minority owner has the right to elect to sell a portion of its ownership interest in the Affiliate to the Company annually. In the second quarter of 2019, the minority owner sold a 5% ownership interest in the Affiliate to the Company for $25.7 million.

In the fourth quarter of 2020, the Company recorded a liability in Other liabilities of $40.0 million, with a corresponding increase to the carrying value of the Affiliate in Equity method investments in Affiliates (net), related to the achievement of specified financial targets by the Affiliate. This payment is expected to settle in 2022.

As of December 31, 2020, the Company was obligated to make payments related to an investment in an Affiliate accounted for under the equity method. The maximum the company is obligated to pay is $35.0 million in 2021 and $37.5 million in 2022.

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


	For the Years Ended December 31,
	2018		2019		2020
Revenue(1)	$	3,231.7	$	2,760.9	$	2,659.7
Net income(1)	1,286.1		1,061.3		1,061.8


	December 31,
	2019		2020
Assets	$	2,718.5	$	2,958.9

Liabilities and Non-controlling interests	1,212.7		1,245.5

__________________________

(1)Revenue and net income include asset and performance based fees, the impact of consolidated sponsored investment products and 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 is recorded in Equity method investments in Affiliates (net) and was $170.6 million as of December 31, 2020.

Lease Commitments

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Commitments

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements. For the year ended December 31, 2018, consolidated lease costs were $40.5 million. The following table presents total lease costs (net) for 2019 and 2020:


	For the Years Ended December 31,
	2019		2020
Operating lease costs	$	41.7	$	37.6
Short-term lease costs	2.1		0.8
Variable lease costs	0.1		0.0
Sublease income	(4.4)		(5.0)
Total lease costs (net)	$	39.5	$	33.4

For the years ended December 31, 2019 and 2020, new right-of-use assets obtained in exchange for lease liabilities were $26.1 million and $24.4 million, respectively. As of December 31, 2019 and 2020, the Company’s and its Affiliates’ weighted average operating lease term was eight years and seven years, respectively, and the weighted average operating lease discount rate was 4% as of both December 31, 2019 and 2020.

As of December 31, 2020, the maturities of lease liabilities were as follows:


Year	Operating Leases
2021	$	40.5
2022	36.7
2023	32.0
2024	25.9
2025	21.3
Thereafter	59.6
Total undiscounted lease liabilities(1)	$	216.0

__________________________

(1)Total undiscounted lease liabilities were $34.9 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

In the fourth quarter of 2019, the Company recorded an $8.1 million expense to reduce the carrying value to fair value of certain of the Company’s right-of-use assets related to a reduction in leased office space. The fair values of the right-of-use assets were determined using a discounted cash flow analysis, a Level 3 fair value measurement that included market rental rates ranging from $13 to $68 per square foot (a weighted-average of $46 per square foot), weighted-average discount rates ranging from 3.3% to 5.5% and a market participant tax rate of 25%. In 2020, no impairments of right-of-use assets were indicated.

Fixed Assets

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Fixed Assets

Fixed Assets Fixed assets (net) consisted of the following:


	December 31,
	2019		2020
Buildings and leasehold improvements	$	116.3	$	116.5
Software	52.6		55.3
Equipment	43.0		44.3
Furniture and fixtures	21.3		21.0
Land, improvements and other	17.9		18.0
Fixed assets, at cost	251.1		255.1
Accumulated depreciation and amortization	(158.8)		(175.5)
Fixed assets (net)	$	92.3	$	79.6

Payables and Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Payables and Accrued Liabilities

Payables and Accrued LiabilitiesPayables and accrued liabilities consisted of the following:


	December 31,
	2019		2020
Accrued compensation	$	421.5	$	400.0









Other	213.1		312.4
Payables and accrued liabilities	$	634.6	$	712.4

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retains interests in certain of the Affiliate’s private equity partnerships and, as a result, is a related party of the Company. The prior owner’s interests are presented within Other liabilities and were $38.5 million and $35.4 million as of December 31, 2019 and 2020, respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company’s executive officers and directors may invest from time to time in funds advised or products offered by its Affiliates on substantially the same terms as other investors. In addition, 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. Affiliate management owners and the Company’s officers may serve as trustees or directors of certain investment vehicles from which the Company or an Affiliate earns fees. The Company has related party transactions in association with its contingent payment arrangements and Affiliate equity transactions, as more fully described in Notes 8, 10, 17 and 18.

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

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.

The Company’s Board of Directors authorized share repurchase programs in October 2019 and January 2019 to repurchase up to 6.0 million and 3.3 million shares of its common stock, respectively, and these authorizations have no expiry. Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments. As of December 31, 2020, the Company had repurchased all of the shares of the January 2019 program, and there were a total of 1.9 million shares available for repurchase under the Company’s October 2019 share repurchase program.

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


Year	Shares Repurchased	Average Price
2018	3.3	$	150.31
2019	4.1	88.73
2020	5.0	86.35

Between January 1 and February 18, 2021, the Company repurchased 1.2 million shares of its common stock for $151.9 million, including shares repurchased in the open market, through a 10b5-1 trading plan, and pursuant to an accelerated share repurchase 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, 2020, 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, 2020

Share-based Payment Arrangement [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 accrue in cash or may be reinvested in the Company’s common stock.

Share-Based Compensation

The following table presents share-based compensation expense:


Year	Share-Based Compensation Expense		Tax Benefit
2018	$	44.7	$	11.2
2019	49.9		8.2
2020	67.4		10.3

The excess tax benefit (deficiency) recognized from share-based incentive plans was $0.7 million, $(3.2) million, and $(3.9) million, for the years ended December 31, 2018, 2019, and 2020, respectively.

As of December 31, 2019, the Company had unrecognized share-based compensation expense of $106.6 million. As of December 31, 2020, the Company had $86.2 million of unrecognized share-based compensation, which will be recognized over a weighted average period of approximately three years (assuming no forfeitures).

Restricted Stock

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


	Restricted Stock Units	Weighted Average Grant Date Value
Unvested units—December 31, 2019	1.1	$	123.70
Units granted	0.4	73.75
Units vested	(0.4)	141.67
Units forfeited	(0.0)	134.52
Performance condition changes	0.1	105.92
Unvested units—December 31, 2020	1.2	99.46

The Company granted restricted stock unit awards with fair values of $37.7 million, $59.7 million, and $31.8 million for the years ended December 31, 2018, 2019, and 2020, respectively. These restricted stock units were valued based on the closing price of the Company’s common stock on the grant date and the number of shares expected to vest. Restricted stock units containing vesting conditions generally require service over a period of three years to four years and may also require the satisfaction of certain performance conditions. For awards with performance conditions, the number of restricted stock units expected to vest may change over time depending upon the performance level achieved.

The total fair value of shares vested was $5.9 million, $18.9 million, and $24.1 million during the years ended December 31, 2018, 2019, and 2020, respectively. As of December 31, 2020, the Company had 3.3 million shares available for grant under its plans.

Stock Options

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


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding—December 31, 2019	2.3	$	85.58
Options granted	0.2	74.31
Options exercised	(0.0)	86.78
Options forfeited	(0.0)	147.77
Performance condition changes	0.4	74.42
Unexercised options outstanding—December 31, 2020	2.9	82.14		5.1
Exercisable at December 31, 2020	0.4	126.95		1.7

The Company granted stock options with fair values of $1.0 million, $34.2 million, and $4.4 million for the years ended December 31, 2018, 2019, and 2020, respectively. Stock options generally vest over a period of three years to five years and expire seven years after the grant date. All stock options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of the Company’s outstanding stock options contain both service and performance conditions. For awards with performance conditions, the number of stock options expected to vest may change over time depending upon the performance level achieved.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of stock options exercised during the years ended December 31, 2018, 2019, and 2020 was $8.2 million, $0.2 million, and $0.0 million, respectively. The cash received for stock options exercised was $9.7 million, $0.9 million, and zero during the years ended December 31, 2018, 2019, and 2020, respectively. As of December 31, 2020, the intrinsic value of exercisable stock options outstanding was $0.5 million, and 1.2 million options were available for grant under the Company’s option plans.

The weighted average fair value of stock options was $48.64, $18.36, and $18.33, per option, for the years ended December 31, 2018, 2019, and 2020, respectively. The Company uses the Black-Scholes option pricing model to determine the fair value of options. The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows:


	For the Years Ended December 31,
	2018		2019		2020
Dividend yield	0.8	%	1.7	%	1.6	%
Expected volatility(1)	25.5	%	29.4	%	30.5	%
Risk-free interest rate(2)	2.8	%	1.5	%	0.9	%
Expected life of stock 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.

Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2020

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 years and 15 years from the date the equity interest is received by the Affiliate equity holder 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
	2019		2020
Balance, beginning of period(1)	$	833.7	$	916.7
(Decreases) increases attributable to consolidated Affiliate sponsored investment products	(69.4)		13.8
Transfers to Other liabilities	(118.6)		(310.6)
Transfers from (to) Non-controlling interests	105.0		(7.8)
Changes in redemption value	166.0		59.4
Balance, end of period(1)	$	916.7	$	671.5

__________________________

(1) As of December 31, 2019 and 2020, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $21.6 million and $35.4 million, respectively.

Affiliate Equity

12 Months Ended

Dec. 31, 2020

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 $370.5 million, $347.9 million, and $306.3 million for the years ended December 31, 2018, 2019, and 2020, 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 years and 15 years from the date the equity interest is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). For Affiliates accounted for under the equity method, we do not typically have such put and call arrangements. 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. 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 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 from and issues Affiliate equity to the Company’s consolidated Affiliate partners and its officers. The amount of cash paid for repurchases was $120.0 million, $146.0 million, and $315.1 million for the years ended December 31, 2018, 2019, and 2020, respectively. The total amount of cash received for issuances was $6.3 million, $10.5 million, and $20.2 million for the years ended December 31, 2018, 2019, and 2020, respectively.

Sales and repurchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its consolidated 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, the 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,
	2018		2019		2020
Controlling interest	$	16.7	$	9.6	$	20.9
Non-controlling interests	39.7		30.9		30.9
Total	$	56.4	$	40.5	$	51.8

The following table presents unrecognized Affiliate equity compensation expense:



Year	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
2018	$	38.7	5 years	$	118.3	6 years
2019	40.9		4 years	124.6		6 years
2020	35.9		4 years	109.7		5 years

The Company records amounts receivable from, and payable to, Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period and other related transactions. The total receivable was $14.8 million and $9.6 million as of December 31, 2019 and 2020, respectively, and was included in Other assets. The total payable was $19.8 million and $22.0 million as of December 31, 2019 and 2020, 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 recorded 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 applicable periods:


	For the Years Ended December 31,
	2018		2019		2020
Net income (controlling interest)	$	243.6	$	15.7	$	202.2
(Decrease) increase in controlling interest paid-in capital from Affiliate equity issuances	(5.0)		(3.1)		1.1
Decrease in controlling interest paid-in capital from Affiliate equity repurchases	(67.9)		(50.8)		(239.1)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$	170.7	$	(38.2)	$	(35.8)

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Benefit Plans	Benefit PlansThe 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 generally 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 $20.8 million, $19.4 million, and $17.6 million for the years ended December 31, 2018, 2019, and 2020, respectively. The controlling interest’s portion of expenses related to these plans were $4.8 million, $3.6 million, and $3.0 million for the years ended December 31, 2018, 2019, and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

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,
	2018			2019			2020
Controlling interest:
Current taxes	$	117.2		$	46.5		$	44.6
Intangible-related deferred taxes	79.7			(51.3)			(9.9)
Other deferred taxes	(27.5)			(4.3)			34.8
Total controlling interest	169.4			(9.1)			69.5
Non-controlling interests:
Current taxes	$	12.2		$	12.2		$	10.0
Deferred taxes	(0.3)			(0.2)			1.9
Total non-controlling interests	11.9			12.0			11.9
Income tax expense	$	181.3		$	2.9		$	81.4
Income before income taxes (controlling interest)	$	413.0		$	6.6		$	271.7
Effective tax rate (controlling interest)(1)	41.0		%	(137.0)		%	25.6		%

__________________________

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

The consolidated provision for income taxes consisted of the following:


	For the Years Ended December 31,
	2018		2019		2020
Current:
Federal	$	52.2	$	(18.2)	$	(9.6)
State	28.6		(8.8)		17.0
Foreign	48.6		85.7		47.2
Total current	129.4		58.7		54.6
Deferred:
Federal	$	51.3	$	(23.9)	$	20.1
State	13.2		3.4		5.4
Foreign	(12.6)		(35.3)		1.3
Total deferred	51.9		(55.8)		26.8
Income tax expense	$	181.3	$	2.9	$	81.4

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


	For the Years Ended December 31,
	2018		2019		2020
Domestic	$	637.3	$	152.2	$	446.1
International	76.3		155.8		62.2
Total	$	713.6	$	308.0	$	508.3

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


	For the Years Ended December 31,
	2018		2019		2020
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.7		3.5		3.5
Foreign operations	1.3		(471.2)		(8.5)
Compensation plans	1.6		240.6		5.8
Changes in tax laws	—		—		3.0
Change in valuation allowances	0.0		(107.2)		6.9
Unrecognized tax benefits	0.5		420.4		(1.1)
Affiliate divestments	—		(120.4)		(6.2)
Reduction in carrying value of Affiliates	13.0		—		—
Changes in U.S. tax provision to return	(1.0)		(195.7)		0.8
Other	0.9		72.0		0.4
Effective tax rate (controlling interest)	41.0	%	(137.0)	%	25.6	%
Effect of income from non-controlling interests	(15.6)		137.9		(9.6)
Effective tax rate	25.4	%	0.9	%	16.0	%

The Company’s effective tax rate (controlling interest) in 2018 is higher than the marginal tax rate primarily due to a $240.0 million expense recorded to reduce the carrying value of one of the Company’s Affiliates to fair value for which the Company did not recognize an income tax benefit. The effective tax rate (controlling interest) in 2019 is lower than the marginal tax rate primarily due to lower Income before income taxes, as a result of increased Intangible amortization and impairments expense, and tax benefits related to an Affiliate divestment. The effective tax rate (controlling interest) in 2020 is not significantly different from the marginal tax rate.

Deferred income tax liability (net) reflects the expected future tax consequences of temporary differences between the financial reporting bases and tax bases of the Company’s assets and liabilities. The significant components of the Company’s Deferred income tax liability (net) are as follows:


	December 31,
	2019		2020
Deferred Tax Assets
Deferred compensation	$	13.8	$	15.4
State loss carryforwards	15.9		17.0
Foreign loss carryforwards	17.7		19.7
Tax benefit of uncertain tax positions	27.4		26.3
Deferred income	3.0		—
Lease liabilities	12.3		10.0

Foreign tax credits	—		8.2
Other	2.6		—
Total deferred tax assets	92.7		96.6
Valuation allowance	(16.9)		(35.6)
Deferred tax assets, net of valuation allowance	$	75.8	$	61.0
Deferred Tax Liabilities
Intangible asset amortization	$	(293.7)	$	(235.6)
Non-deductible intangible amortization	(110.9)		(116.6)
Junior convertible securities interest	(91.6)		(99.3)
Right-of-use assets	(10.3)		(7.3)

Deferred income	—		(10.7)

Other	(4.1)		(8.5)
Total deferred tax liabilities	(510.6)		(478.0)
Deferred income tax liability (net)(1)	$	(434.8)	$	(417.0)

__________________________

(1)As of December 31, 2019 and 2020, foreign loss carryforwards of $17.7 million and $19.7 million, respectively, net of a $2.3 million and a $13.3 million valuation allowance, respectively, are presented within Other assets as they represent a net deferred tax asset in a foreign jurisdiction.

As of December 31, 2020, the Company had available state net operating loss carryforwards of $243.7 million, a majority of which will expire over ten years to 15 years. As of December 31, 2020, the Company had foreign loss carryforwards of $74.2 million, of which $64.6 million will expire over 11 years to 19 years and $9.6 million will carry forward indefinitely. As of December 31, 2020, the Company had foreign tax credit carryforwards of $8.2 million which will expire over eight years to ten years.

The Company believed it was more-likely-than-not that the benefit from certain state and foreign loss carryforwards and foreign tax credit carryforwards would not be fully realized, and, as of December 31, 2020, had valuation allowances of $14.1 million, $13.3 million, and $8.2 million on the state and foreign loss carryforwards and the foreign tax credit carryforwards, respectively. For the years ended December 31, 2019 and 2020, there was a $7.2 million reduction and an $18.7 million increase in the valuation allowances, respectively.

The Company’s estimates and assumptions regarding the realization of its state and foreign loss carryforwards do not contemplate certain changes in ownership of the Company’s stock which could limit the utilization of these carryforwards.

The Company does not 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, 2020, the estimated amount of such difference was $317.1 million.

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


	For the Years Ended December 31,
	2018		2019		2020
Balance, beginning of period	$	32.4	$	33.1	$	65.4
Additions based on current year tax positions	2.4		39.8		1.1
Additions based on prior years’ tax positions	8.4		3.2		1.7
Reduction for prior years’ tax positions	(2.0)		(3.5)		(0.4)
Lapse of the statute of limitations	(6.3)		(4.0)		(7.6)
Settlements	(1.3)		(0.4)		—
Foreign currency translation	(0.5)		(2.8)		3.3
Balance, end of period	$	33.1	$	65.4	$	63.5

Included in the balance of unrecognized tax benefits as of December 31, 2018, 2019, and 2020 were $33.1 million, $65.4 million, and $63.5 million, respectively, of tax benefits that, if recognized, would favorably affect the Company’s effective tax rate (controlling interest). As of December 31, 2020, certain of these benefits, if realized, would be offset by the utilization of indirect tax benefits, for which the Company has accrued deferred tax assets of $26.3 million.

The Company records accrued interest and penalties, if any, related to unrecognized tax benefits in Income tax expense. For the years ended December 31, 2018, 2019, and 2020, interest and penalties related to unrecognized tax benefits were $0.4 million, $8.4 million, and $0.8 million, respectively. As of December 31, 2019 and 2020, the Company had accrued interest and penalties related to unrecognized tax benefits of $10.5 million and $11.4 million, respectively.

The Company is subject to U.S. federal, state and local, and foreign income tax in multiple jurisdictions and is 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 2016.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

12 Months Ended

Dec. 31, 2020

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,
	2018		2019		2020
Numerator
Net income (controlling interest)	$	243.6	$	15.7	$	202.2
Interest expense on junior convertible securities, net of taxes	—		—		—
Net income (controlling interest), as adjusted	$	243.6	$	15.7	$	202.2
Denominator
Average shares outstanding (basic)	53.6		50.5		46.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.2		0.1		0.2

Junior convertible securities	—		—		—
Average shares outstanding (diluted)	53.8		50.6		46.7

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and items that have an anti-dilutive effect on Earnings per share (diluted). The following is a summary of items excluded from the denominator in the table above:


	For the Years Ended December 31,
	2018	2019	2020
Stock options and restricted stock units	0.2	2.6	2.9
Junior convertible securities	2.2	2.2	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, 2020

Other Comprehensive Income (Loss), Net of Tax [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, 2018
	Pre-Tax		Tax Expense		Net of Tax
Foreign currency translation loss	$	(87.0)	$	(15.1)	$	(102.1)
Change in net realized and unrealized loss on derivative financial instruments	(0.1)		—		(0.1)

Other comprehensive loss	$	(87.1)	$	(15.1)	$	(102.2)


	For the Year Ended December 31, 2019
	Pre-Tax		Tax Benefit		Net of Tax
Foreign currency translation gain (loss)	$	(11.4)	$	22.3	$	10.9
Change in net realized and unrealized gain on derivative financial instruments	1.7		—		1.7

Other comprehensive income (loss)	$	(9.7)	$	22.3	$	12.6


	For the Year Ended December 31, 2020
	Pre-Tax		Tax (Expense) Benefit		Net of Tax
Foreign currency translation gain (loss)	$	25.5	$	(10.3)	$	15.2
Change in net realized and unrealized gain (loss) on derivative financial instruments	(1.9)		0.4		(1.5)

Other comprehensive income (loss)	$	23.6	$	(9.9)	$	13.7

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		Total
Balance, as of December 31, 2018	$	(188.0)	$	(0.5)	$	(188.5)
Other comprehensive income before reclassifications	10.9		2.2		13.1
Amounts reclassified	—		(0.5)		(0.5)
Net other comprehensive income	10.9		1.7		12.6
Balance, as of December 31, 2019	$	(177.1)	$	1.2	$	(175.9)
Other comprehensive income (loss) before reclassifications	15.2		(0.9)		14.3
Amounts reclassified	—		(0.6)		(0.6)
Net other comprehensive income (loss)	15.2		(1.5)		13.7
Balance, as of December 31, 2020	$	(161.9)	$	(0.3)	$	(162.2)

In connection with the adoption of ASU 2018-02 in 2019, the Company elected to reclassify to Retained earnings $6.6 million of tax effects stranded in Accumulated other comprehensive loss as a result of the enactment of the Tax Cuts and Jobs Act on December 22, 2017.

Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Geographic Information

Geographic InformationThe following table presents Consolidated revenue and Fixed assets (net) of the Company by geographic location. For Affiliates, this information is primarily based on the location of the Affiliates’ headquarters.


	For the Years Ended December 31,
	2018		2019		2020
Consolidated revenue
United States	$	1,611.7	$	1,642.2	$	1,524.0
United Kingdom	628.8		515.2		462.3
Other	137.9		82.2		41.2
Total	$	2,378.4	$	2,239.6	$	2,027.5


	December 31,
	2019		2020
Fixed assets (net)
United States	$	75.6	$	64.2
United Kingdom	15.8		14.6
Other	0.9		0.8
Total	$	92.3	$	79.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

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,
2020	$	16.9	$	18.4	$	0.3	$	—	$	35.6
2019	24.1		4.9		—		12.1		16.9
2018	24.1		0.6		—		0.6		24.1

Other Allowances(1)
Year Ending December 31,
2020	$	4.1	$	3.8	$	—	$	3.1	$	4.8
2019	5.0		1.0		—		1.9		4.1
2018	3.6		6.4		—		5.0		5.0

__________________________

(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 represented the reversal of such reserves upon collection of the amounts due.

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of EstimatesThe Consolidated Financial Statements of the Company have been 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 intercompany balances and transactions have been eliminated.
Reclassifications	Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates 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, and 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 such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Other investments in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in 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. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. 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 5. 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 management’s 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 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 in Additional paid-in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. 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 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. Deferred taxes recorded on intangible assets upon acquisition of an Affiliate accounted for under the equity method 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 in Income tax expense in the Consolidated Statements of Income. The Company periodically performs assessments to determine if fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than temporary. Where the Company believes that such declines may have occurred, the Company determines the amount of impairment using valuation methods, such as discounted cash flow analyses. Impairments are recorded as an expense in Equity method loss (net) to reduce the carrying value of the Affiliate to its fair value. 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’ interests are 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 included in Investment and other income. Purchases and sales of securities are presented within purchases and sales by consolidated Affiliate sponsored investment 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.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe 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.
Receivables	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.
Investments in Marketable Securities	Investments in Marketable SecuritiesRealized and unrealized gains or losses on investments in marketable securities are reported within Investment and other income. Realized gains and losses are recorded on the trade date on a specific identified basis, except for consolidated Affiliate sponsored investment products, which use an average cost basis.
Fair Value Measurements	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. In these valuation models, the Company is required to make judgments about growth rates of assets under management, client attrition, asset and performance based fee rates, and expenses. These valuation models also require judgments about tax benefits, credit risk, interest rates, tax rates, discount rates, and discounts for lack of marketability. 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.
Acquired Client Relationships and Goodwill	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 assesses these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived acquired client relationship 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. The Company has determined that certain of its acquired client relationships meet the criteria to be considered definite-lived assets, including investment advisory contracts between its Affiliates and their underlying investors, and are amortized over their expected period of economic benefit. The expected period of economic benefit of definite-lived acquired client relationships is a judgment based on 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 assesses for the possible impairment of indefinite and definite-lived acquired client relationships 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 considers various qualitative and quantitative factors (including market multiples) to determine if the fair value of each asset is greater than its carrying value. 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 an impairment assessment annually or more frequently whenever events or circumstances occur indicating that the carrying value of its single reporting unit is in excess of its fair value. In this assessment, the Company typically measures the fair value of its reporting unit using various qualitative and quantitative factors (including the Company’s market capitalization and market multiples for asset management businesses). If a potential impairment is more-likely-than-not, then the Company will perform a single step assessment with any excess of carrying value over fair value recorded as an expense in Intangible amortization and impairments.
Fixed Assets	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 two years to ten years. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally two years 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.
Leases	LeasesLeases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under Accounting Standard Update (“ASU”) 2016-02 Leases (and related ASUs), the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Company’s Consolidated Balance Sheets. Right-of-use assets and lease liabilities are reported in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) on the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right-of-use asset is amortized on a straight-line basis over the remaining lease term. Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments reported in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is reported in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently reported in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease. The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non-lease components for their equipment leases in calculating their lease liabilities. Sublease income is reported in Investment and other income.
Issuance Costs	Issuance CostsIssuance 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, junior subordinated notes and junior convertible securities are amortized over the expected term of the security, and are included as a reduction of Debt 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.
Derivative Financial Instruments	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. 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 recorded 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. The Company assesses hedge effectiveness on a quarterly basis. For interest rate swaps designated as cash flow hedges, we use a qualitative method of assessing hedge effectiveness by comparing the notional amount, timing of payments, and interest rates of the swap to the interest payments hedged. If the qualitative assessment indicates ineffectiveness, then we perform a quantitative assessment which 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 within earnings with the hedged item, unless the changes in fair value are not equal, which would result in hedge ineffectiveness which is presented within Investment and other income. Changes in the fair values of cash flow hedges are reported in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. Upon termination of cash flow hedges, any gain or loss recognized will be reclassified into earnings. 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. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are recorded in earnings and amortized on a straight-line basis over the respective period of the contracts as a reduction to Interest expense.
Revenue Recognition	Revenue RecognitionConsolidated 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. Consolidated 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 include exceeding performance benchmarks or hurdle rates that 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 within Consolidated revenue gross of any related expenses when the Company and its Affiliates are the principal in their 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.
Contingent Payment Arrangements	Contingent Payment Arrangements The Company periodically enters into contingent payment arrangements in connection with its investments in Affiliates. 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 the investment in an Affiliate is consummated and records a liability in Other liabilities. 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 included in Other expenses (net) and the accretion of these obligations to their expected payment amounts are included in 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).
Income Taxes	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 recorded 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. The recording of 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. 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”).
Foreign Currency Translation	Foreign Currency TranslationAssets 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 included in Investment and other income.
Concentration of Credit Risk	Concentration of Credit RiskFinancial 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.
Earnings Per Share	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 Company had junior 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. The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period.
Share-Based Compensation Plans	Share-Based Compensation Plans The Company recognizes expenses for all share-based compensation arrangements based on the number of awards expected to vest. The expense for awards without performance conditions is recognized on a straight-line basis over the requisite service period, including grants that are subject to graded vesting. The Company recognizes expenses for all other arrangements on a straight-line basis for each separately vesting portion of the award. Tax windfalls or shortfalls are recorded 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.
Recent Accounting Developments	Recent Accounting Developments Effective January 1, 2020, the Company adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments issued by the Financial Accounting Standards Board (“FASB”). The adoption of this standard did not have a significant impact on the Company’s Consolidated Financial Statements. In August 2020, the FASB issued ASU 2020-06, Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity. The standard is effective for interim and annual periods beginning after December 15, 2021 for the Company and its consolidated Affiliates, and is effective for interim and annual periods beginning after December 15, 2023 for the Company’s Affiliates accounted for under the equity method. This standard requires use of the if-converted method for convertible instruments and the inclusion of instruments where the Company has an option to settle in cash or shares in its calculation of Earnings per share (diluted). The Company is evaluating the impact of this standard on its Consolidated Financial Statements. In June 2020, the FASB extended the effective date of ASU 2016-02, Leases for the Company’s Affiliates accounted for under the equity method. After the extension, ASU 2016-02 is effective for annual periods beginning after December 15, 2021 and interim periods beginning after December 15, 2022. The Company does not expect the adoption of this standard by its equity method investments to have a significant impact on its Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The standard is effective for interim and annual periods beginning after December 15, 2020 for the Company and its consolidated Affiliates, and is effective for annual periods beginning after December 15, 2021 and interim periods beginning after December 15, 2022 for the Company’s Affiliates accounted for under the equity method. The Company does not expect the adoption of this standard to have a significant impact on its Consolidated Financial Statements.

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2020

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, unrealized losses, and fair value of Investments in marketable securities:


	December 31,
	2019		2020
Cost	$	57.9	$	69.4
Unrealized gains	2.1		5.5
Unrealized losses	(0.6)		(0.0)
Fair value	$	59.4	$	74.9

Other Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Summary of Fair Value of Investments and Unfunded Commitments

The following table summarizes the fair values of these investments and any related unfunded commitments:


	December 31, 2019				December 31, 2020
Category of Investment	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds(1)	$	203.3	$	127.2	$	235.4	$	122.2
Investments in other strategies(2)	8.5		—		8.0		—
Total(3)	$	211.8	$	127.2	$	243.4	$	122.2

__________________________

(3)Fair value attributable to the controlling interest was $137.6 million and $164.4 million as of December 31, 2019 and 2020, respectively.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2019
			Level 1		Level 2		Level 3
Financial Assets

Investments in marketable securities	$	59.4	$	24.4	$	35.0	$	—

Derivative financial instruments(1)	7.9		—		7.9		—
Financial Liabilities(2)

Affiliate equity repurchase obligations	$	19.8	$	—	$	—	$	19.8

Derivative financial instruments	1.0		—		1.0		—


			Fair Value Measurements
	December 31, 2020
			Level 1		Level 2		Level 3
Financial Assets

Investments in marketable securities	$	74.9	$	25.7	$	49.2	$	—

Derivative financial instruments(1)	3.5		—		3.5		—
Financial Liabilities(2)

Affiliate equity repurchase obligations	$	22.0	$	—	$	—	$	22.0

Derivative financial instruments	4.2		—		4.2		—

__________________________

(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 assets and liabilities for Affiliate equity repurchase obligations:


	For the Years Ended December 31,
	2019		2020

Balance, beginning of period	$	36.2	$	19.8
Net realized and unrealized (gains) losses(1)	0.1		(4.3)
Purchases and issuances(2)	118.6		310.6
Settlements and reductions	(135.1)		(304.1)
Balance, end of period	$	19.8	$	22.0

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

__________________________

(1)Accretion expense for these arrangements and obligations is recorded in Interest expense.

(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 recurring level 3 fair value measurements:


	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2019				December 31, 2020
	Valuation Techniques	Unobservable Input	Fair Value		Range	Weighted Average(1)	Fair Value		Range	Weighted Average(1)


Affiliate equity repurchase obligations	Discounted cash flow	Growth rates(2)	$	19.8	(9)% - 7%	5%	$	22.0	(5)% - 8%	3	%
		Discount rates			14% - 17%	15%			14% - 16%	15	%

__________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset and performance based fees.

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, 2019				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	746.8	$	797.4	$	1,097.3	$	1,206.6	Level 2
Junior convertible securities	315.4		415.7		318.4		427.6		Level 2
Junior subordinated notes	290.7		327.7		565.7		623.1		Level 2

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)

12 Months Ended

Dec. 31, 2020

Variable Interest Entities

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

The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2019				December 31, 2020
	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	$	1,141.4	$	1,843.0	$	1,384.2	$	1,962.1

The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2019				December 31, 2020
	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	$	2,282.1	$	0.9	$	2,378.2	$	0.9

- 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

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Company's Debt

The following table summarizes the Company’s Debt:


	December 31,
	2019		2020
Senior bank debt	$	449.7	$	349.8
Senior notes	743.8		1,091.9
Junior convertible securities	310.6		314.0
Junior subordinated notes	289.7		556.4
Debt	$	1,793.8	$	2,312.1

Schedule of Principal Terms of Senior and Junior Subordinated Notes

The principal terms of the senior notes and junior subordinated notes were as follows:

2024
Senior Notes

2025
Senior Notes

2030
Senior Notes

2059
Junior Subordinated Notes

2060
Junior Subordinated Notes

Issue date

February 2014

February 2015

June 2020

March 2019

September 2020

Maturity date

February 2024

August 2025

June 2030

March 2059

September 2060

Par value (in millions)

400.0

350.0

300.0

275.0

Stated coupon

4.25

3.50

3.30

5.875

4.750

Coupon frequency

Semi-annually

Quarterly(3)

Potential call date

Any time(1)

March 2024(2)

September 2025(2)

Call price

As defined(1)

As defined(2)

Listing

N.A.

NYSE

__________________________

(3)The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes.

Schedule of Carrying Value of and Principal Amount at Maturity of Convertible Securities

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


	December 31, 2019				December 31, 2020
	Carrying Value		Principal Amount at Maturity		Carrying Value		Principal Amount at Maturity
Junior convertible securities(1)	$	315.4	$	430.8	$	318.4	$	430.8

__________________________(1)The carrying value is accreted to the principal amount at maturity over a remaining life of 17 years.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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:


	December 31, 2019				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
Forward contracts	$	23.8	$	(1.0)	$	3.5	$	(2.3)
Put options	—		(31.0)		—		—
Call options	15.1		—		—		—
Interest rate swap	—		—		—		(1.9)
Total	$	38.9	$	(32.0)	$	3.5	$	(4.2)

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 Years Ended December 31,
	2019						2020
	Gain (Loss) Recorded in Other Comprehensive Income		Gain Reclassified from Accumulated Other Comprehensive Income into Earnings		Gain Recorded in Earnings from Excluded Components(1)		Gain (Loss) Recorded in Other Comprehensive Income (Loss)		Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings		Gain Recorded in Earnings from Excluded Components(1)
Forward contracts	$	(21.7)	$	0.5	$	13.9	$	65.4	$	0.6	$	2.8
Put options	29.3		—		—		(47.7)		—		—
Call options	(19.0)		—		—		(1.3)		—		—
Interest rate swap	—		—		—		(1.9)		—		—
Total	$	(11.4)	$	0.5	$	13.9	$	14.5	$	0.6	$	2.8

__________________________(1)The excluded components of the forward contracts were recognized in earnings on a straight-line basis over the respective period of the contracts as a reduction to Interest expense.

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2020

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
	2019		2020
Balance, beginning of period	$	2,633.4	$	2,651.7


Foreign currency translation	18.3		11.6
Other	—		(1.9)
Balance, end of period	$	2,651.7	$	2,661.4

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, 2018	$	1,279.8	$	(976.2)	$	303.6	$	1,006.3	$	1,309.9

Intangible amortization and impairments	—		(93.4)		(93.4)		(51.1)		(144.5)
Foreign currency translation	5.1		(5.5)		(0.4)		17.0		16.6
Transfers(1)	(36.1)		36.1		—		—		—
Balance, as of December 31, 2019	$	1,248.8	$	(1,039.0)	$	209.8	$	972.2	$	1,182.0

Intangible amortization and impairments	—		(69.8)		(69.8)		(70.7)		(140.5)
Foreign currency translation	3.5		(3.7)		(0.2)		7.5		7.3
Transfers(1)	(85.7)		85.7		—		—		—
Balance, as of December 31, 2020	$	1,166.6	$	(1,026.8)	$	139.8	$	909.0	$	1,048.8

__________________________

(1)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments in Affiliates

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


	Equity Method Investments in Affiliates (Net)
	2019		2020
Balance, beginning of period	$	2,791.0	$	2,195.6
Earnings	289.4		288.6
Intangible amortization and impairments	(627.4)		(332.0)
Distributions of earnings	(252.4)		(236.8)
Foreign currency translation	(40.0)		5.1
Investments in Affiliates	162.3		128.7
Divestments of Affiliates	(117.7)		—
Other	(9.6)		25.6
Balance, end of period	$	2,195.6	$	2,074.8

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


	For the Years Ended December 31,
	2018		2019		2020
Revenue(1)	$	3,231.7	$	2,760.9	$	2,659.7
Net income(1)	1,286.1		1,061.3		1,061.8


	December 31,
	2019		2020
Assets	$	2,718.5	$	2,958.9

Liabilities and Non-controlling interests	1,212.7		1,245.5

__________________________(1)Revenue and net income include asset and performance based fees, the impact of consolidated sponsored investment products and investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Total Lease Costs (Net)


	For the Years Ended December 31,
	2019		2020
Operating lease costs	$	41.7	$	37.6
Short-term lease costs	2.1		0.8
Variable lease costs	0.1		0.0
Sublease income	(4.4)		(5.0)
Total lease costs (net)	$	39.5	$	33.4

Schedule of the Company's Maturity of Lease Liabilities

As of December 31, 2020, the maturities of lease liabilities were as follows:


Year	Operating Leases
2021	$	40.5
2022	36.7
2023	32.0
2024	25.9
2025	21.3
Thereafter	59.6
Total undiscounted lease liabilities(1)	$	216.0

__________________________(1)Total undiscounted lease liabilities were $34.9 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets (net) consisted of the following:


	December 31,
	2019		2020
Buildings and leasehold improvements	$	116.3	$	116.5
Software	52.6		55.3
Equipment	43.0		44.3
Furniture and fixtures	21.3		21.0
Land, improvements and other	17.9		18.0
Fixed assets, at cost	251.1		255.1
Accumulated depreciation and amortization	(158.8)		(175.5)
Fixed assets (net)	$	92.3	$	79.6

Payables and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Payables and accrued liabilities consisted of the following:


	December 31,
	2019		2020
Accrued compensation	$	421.5	$	400.0









Other	213.1		312.4
Payables and accrued liabilities	$	634.6	$	712.4

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

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
2018	3.3	$	150.31
2019	4.1	88.73
2020	5.0	86.35

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The following table presents share-based compensation expense:


Year	Share-Based Compensation Expense		Tax Benefit
2018	$	44.7	$	11.2
2019	49.9		8.2
2020	67.4		10.3

Schedule of Transactions in the Company's Restricted Stock

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


	Restricted Stock Units	Weighted Average Grant Date Value
Unvested units—December 31, 2019	1.1	$	123.70
Units granted	0.4	73.75
Units vested	(0.4)	141.67
Units forfeited	(0.0)	134.52
Performance condition changes	0.1	105.92
Unvested units—December 31, 2020	1.2	99.46

Schedule of Transactions in the Company's Stock Options

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


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding—December 31, 2019	2.3	$	85.58
Options granted	0.2	74.31
Options exercised	(0.0)	86.78
Options forfeited	(0.0)	147.77
Performance condition changes	0.4	74.42
Unexercised options outstanding—December 31, 2020	2.9	82.14		5.1
Exercisable at December 31, 2020	0.4	126.95		1.7

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows:


	For the Years Ended December 31,
	2018		2019		2020
Dividend yield	0.8	%	1.7	%	1.6	%
Expected volatility(1)	25.5	%	29.4	%	30.5	%
Risk-free interest rate(2)	2.8	%	1.5	%	0.9	%
Expected life of stock 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.

Redeemable Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2020

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
	2019		2020
Balance, beginning of period(1)	$	833.7	$	916.7
(Decreases) increases attributable to consolidated Affiliate sponsored investment products	(69.4)		13.8
Transfers to Other liabilities	(118.6)		(310.6)
Transfers from (to) Non-controlling interests	105.0		(7.8)
Changes in redemption value	166.0		59.4
Balance, end of period(1)	$	916.7	$	671.5

__________________________

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2020

Affiliate Equity

Schedule of Affiliate Equity Compensation Expense

The following table presents Affiliate equity compensation expense:


	For the Years Ended December 31,
	2018		2019		2020
Controlling interest	$	16.7	$	9.6	$	20.9
Non-controlling interests	39.7		30.9		30.9
Total	$	56.4	$	40.5	$	51.8

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
2018	$	38.7	5 years	$	118.3	6 years
2019	40.9		4 years	124.6		6 years
2020	35.9		4 years	109.7		5 years

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


	For the Years Ended December 31,
	2018		2019		2020
Net income (controlling interest)	$	243.6	$	15.7	$	202.2
(Decrease) increase in controlling interest paid-in capital from Affiliate equity issuances	(5.0)		(3.1)		1.1
Decrease in controlling interest paid-in capital from Affiliate equity repurchases	(67.9)		(50.8)		(239.1)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$	170.7	$	(38.2)	$	(35.8)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2018			2019			2020
Controlling interest:
Current taxes	$	117.2		$	46.5		$	44.6
Intangible-related deferred taxes	79.7			(51.3)			(9.9)
Other deferred taxes	(27.5)			(4.3)			34.8
Total controlling interest	169.4			(9.1)			69.5
Non-controlling interests:
Current taxes	$	12.2		$	12.2		$	10.0
Deferred taxes	(0.3)			(0.2)			1.9
Total non-controlling interests	11.9			12.0			11.9
Income tax expense	$	181.3		$	2.9		$	81.4
Income before income taxes (controlling interest)	$	413.0		$	6.6		$	271.7
Effective tax rate (controlling interest)(1)	41.0		%	(137.0)		%	25.6		%

__________________________

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

Schedule of Consolidated Provision for Income Taxes

The consolidated provision for income taxes consisted of the following:


	For the Years Ended December 31,
	2018		2019		2020
Current:
Federal	$	52.2	$	(18.2)	$	(9.6)
State	28.6		(8.8)		17.0
Foreign	48.6		85.7		47.2
Total current	129.4		58.7		54.6
Deferred:
Federal	$	51.3	$	(23.9)	$	20.1
State	13.2		3.4		5.4
Foreign	(12.6)		(35.3)		1.3
Total deferred	51.9		(55.8)		26.8
Income tax expense	$	181.3	$	2.9	$	81.4

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,
	2018		2019		2020
Domestic	$	637.3	$	152.2	$	446.1
International	76.3		155.8		62.2
Total	$	713.6	$	308.0	$	508.3

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,
	2018		2019		2020
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.7		3.5		3.5
Foreign operations	1.3		(471.2)		(8.5)
Compensation plans	1.6		240.6		5.8
Changes in tax laws	—		—		3.0
Change in valuation allowances	0.0		(107.2)		6.9
Unrecognized tax benefits	0.5		420.4		(1.1)
Affiliate divestments	—		(120.4)		(6.2)
Reduction in carrying value of Affiliates	13.0		—		—
Changes in U.S. tax provision to return	(1.0)		(195.7)		0.8
Other	0.9		72.0		0.4
Effective tax rate (controlling interest)	41.0	%	(137.0)	%	25.6	%
Effect of income from non-controlling interests	(15.6)		137.9		(9.6)
Effective tax rate	25.4	%	0.9	%	16.0	%

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,
	2019		2020
Deferred Tax Assets
Deferred compensation	$	13.8	$	15.4
State loss carryforwards	15.9		17.0
Foreign loss carryforwards	17.7		19.7
Tax benefit of uncertain tax positions	27.4		26.3
Deferred income	3.0		—
Lease liabilities	12.3		10.0

Foreign tax credits	—		8.2
Other	2.6		—
Total deferred tax assets	92.7		96.6
Valuation allowance	(16.9)		(35.6)
Deferred tax assets, net of valuation allowance	$	75.8	$	61.0
Deferred Tax Liabilities
Intangible asset amortization	$	(293.7)	$	(235.6)
Non-deductible intangible amortization	(110.9)		(116.6)
Junior convertible securities interest	(91.6)		(99.3)
Right-of-use assets	(10.3)		(7.3)

Deferred income	—		(10.7)

Other	(4.1)		(8.5)
Total deferred tax liabilities	(510.6)		(478.0)
Deferred income tax liability (net)(1)	$	(434.8)	$	(417.0)

__________________________

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,
	2018		2019		2020
Balance, beginning of period	$	32.4	$	33.1	$	65.4
Additions based on current year tax positions	2.4		39.8		1.1
Additions based on prior years’ tax positions	8.4		3.2		1.7
Reduction for prior years’ tax positions	(2.0)		(3.5)		(0.4)
Lapse of the statute of limitations	(6.3)		(4.0)		(7.6)
Settlements	(1.3)		(0.4)		—
Foreign currency translation	(0.5)		(2.8)		3.3
Balance, end of period	$	33.1	$	65.4	$	63.5

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2018		2019		2020
Numerator
Net income (controlling interest)	$	243.6	$	15.7	$	202.2
Interest expense on junior convertible securities, net of taxes	—		—		—
Net income (controlling interest), as adjusted	$	243.6	$	15.7	$	202.2
Denominator
Average shares outstanding (basic)	53.6		50.5		46.5
Effect of dilutive instruments:
Stock options and restricted stock units	0.2		0.1		0.2

Junior convertible securities	—		—		—
Average shares outstanding (diluted)	53.8		50.6		46.7

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

The following is a summary of items excluded from the denominator in the table above:


	For the Years Ended December 31,
	2018	2019	2020
Stock options and restricted stock units	0.2	2.6	2.9
Junior convertible securities	2.2	2.2	2.2

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Tax Effects Allocated to each Component of Other Comprehensive Income (Loss)

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


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

Other comprehensive loss	$	(87.1)	$	(15.1)	$	(102.2)


	For the Year Ended December 31, 2019
	Pre-Tax		Tax Benefit		Net of Tax
Foreign currency translation gain (loss)	$	(11.4)	$	22.3	$	10.9
Change in net realized and unrealized gain on derivative financial instruments	1.7		—		1.7

Other comprehensive income (loss)	$	(9.7)	$	22.3	$	12.6


	For the Year Ended December 31, 2020
	Pre-Tax		Tax (Expense) Benefit		Net of Tax
Foreign currency translation gain (loss)	$	25.5	$	(10.3)	$	15.2
Change in net realized and unrealized gain (loss) on derivative financial instruments	(1.9)		0.4		(1.5)

Other comprehensive income (loss)	$	23.6	$	(9.9)	$	13.7

Schedule of Components of Accumulated Other Comprehensive Income (Loss), 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		Total
Balance, as of December 31, 2018	$	(188.0)	$	(0.5)	$	(188.5)
Other comprehensive income before reclassifications	10.9		2.2		13.1
Amounts reclassified	—		(0.5)		(0.5)
Net other comprehensive income	10.9		1.7		12.6
Balance, as of December 31, 2019	$	(177.1)	$	1.2	$	(175.9)
Other comprehensive income (loss) before reclassifications	15.2		(0.9)		14.3
Amounts reclassified	—		(0.6)		(0.6)
Net other comprehensive income (loss)	15.2		(1.5)		13.7
Balance, as of December 31, 2020	$	(161.9)	$	(0.3)	$	(162.2)

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

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

The following table presents Consolidated revenue and Fixed assets (net) of the Company by geographic location. For Affiliates, this information is primarily based on the location of the Affiliates’ headquarters.


	For the Years Ended December 31,
	2018		2019		2020
Consolidated revenue
United States	$	1,611.7	$	1,642.2	$	1,524.0
United Kingdom	628.8		515.2		462.3
Other	137.9		82.2		41.2
Total	$	2,378.4	$	2,239.6	$	2,027.5


	December 31,
	2019		2020
Fixed assets (net)
United States	$	75.6	$	64.2
United Kingdom	15.8		14.6
Other	0.9		0.8
Total	$	92.3	$	79.6

Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2020 segment
Fixed Assets
Number of operating segments	1
Equipment \| Minimum
Fixed Assets
Estimated useful lives of fixed assets	2 years
Equipment \| Maximum
Fixed Assets
Estimated useful lives of fixed assets	10 years
Computer software \| Minimum
Fixed Assets
Estimated useful lives of fixed assets	2 years
Computer software \| Maximum
Fixed Assets
Estimated useful lives of fixed assets	5 years
Buildings \| Maximum
Fixed Assets
Estimated useful lives of fixed assets	39 years

Investments in Marketable Securities - Summary of the Cost, Gross Unrealized Gains and Losses, and Fair Value of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Marketable Securities [Abstract]
Cost	$ 69.4	$ 57.9
Unrealized gains	5.5	2.1
Unrealized losses	(0.0)	(0.6)
Fair value	$ 74.9	$ 59.4

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity, Primary Beneficiary
Marketable Securities [Line Items]
Fair value of deconsolidated affiliate	$ 52.3	$ 38.1

Other Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
Other Investments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
NAV of investments at fair value
Life of funds		15 years
Investment without a readily determinable fair value	$ 13,800,000	$ 13,800,000	$ 0
Investment without a readily determinable fair value, upward price adjustment	5,300,000
Private equity
NAV of investments at fair value
Unfunded Commitments	122,200,000	122,200,000	127,200,000
Other Funds
NAV of investments at fair value
Unfunded Commitments	0	0	0
Other investments
NAV of investments at fair value
Unfunded Commitments	122,200,000	122,200,000	127,200,000
Other investments \| Parent Company
NAV of investments at fair value
Fair Value	164,400,000	164,400,000	137,600,000
Fair Value Measured at NAV \| Private equity
NAV of investments at fair value
Fair Value	235,400,000	235,400,000	203,300,000
Fair Value Measured at NAV \| Other Funds
NAV of investments at fair value
Fair Value	8,000,000.0	8,000,000.0	8,500,000
Fair Value Measured at NAV \| Other investments
NAV of investments at fair value
Fair Value	$ 243,400,000	$ 243,400,000	$ 211,800,000

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, 2020	Dec. 31, 2019
Financial Assets
Investments in marketable securities	$ 74.9	$ 59.4
Derivative financial instruments	3.5	7.9
Financial Liabilities
Affiliate equity repurchase obligations	22.0	19.8
Derivative financial instruments	4.2	1.0
Level 1
Financial Assets
Investments in marketable securities	25.7	24.4
Derivative financial instruments	0.0	0.0
Financial Liabilities
Affiliate equity repurchase obligations	0.0	0.0
Derivative financial instruments	0.0	0.0
Level 2
Financial Assets
Investments in marketable securities	49.2	35.0
Derivative financial instruments	3.5	7.9
Financial Liabilities
Affiliate equity repurchase obligations	0.0	0.0
Derivative financial instruments	4.2	1.0
Level 3
Financial Assets
Investments in marketable securities	0.0	0.0
Derivative financial instruments	0.0	0.0
Financial Liabilities
Affiliate equity repurchase obligations	22.0	19.8
Derivative financial instruments	$ 0.0	$ 0.0

Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities (Details) - Affiliate Equity Repurchase Obligations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in level 3 assets and liabilities
Balance, beginning of period	$ 19.8	$ 36.2
Net realized and unrealized (gains) losses	(4.3)	0.1
Purchases and issuances	310.6	118.6
Settlements and reductions	(304.1)	(135.1)
Balance, end of period	22.0	19.8
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$ 0.0	$ 0.0

Fair Value Measurements - Quantitative Information About Level 3 (Details) - Level 3 - Affiliate equity repurchase obligations - Discounted cash flow $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 22.0	$ 19.8
Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	(0.05)	(0.09)
Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.08	0.07
Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.03	0.05
Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.14	0.14
Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.16	0.17
Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.15	15

Fair Value Measurements - Financial Liabilities not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,097.3	$ 746.8
Junior convertible securities	318.4	315.4
Junior subordinated notes	565.7	290.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	1,206.6	797.4
Junior convertible securities	427.6	415.7
Junior subordinated notes	$ 623.1	$ 327.7

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliate Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Equity method investments in Affiliates (net)	$ 2,074.8	$ 2,195.6
Carrying amount and maximum exposure to loss of equity method affiliates	112.7	352.6
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	1,384.2	1,141.4
Carrying Value and Maximum Exposure to Loss	1,962.1	1,843.0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	$ 2,378.2	$ 2,282.1

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	$ 2,378.2	$ 2,282.1
Carrying Value and Maximum Exposure to Loss	$ 0.9	$ 0.9

Debt - Summary of Company's Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt	$ 2,312.1	$ 1,793.8
Senior bank debt
Debt Instrument [Line Items]
Debt	349.8	449.7
Senior notes
Debt Instrument [Line Items]
Debt	1,091.9	743.8
Junior convertible securities
Debt Instrument [Line Items]
Debt	314.0	310.6
Junior subordinated notes
Debt Instrument [Line Items]
Debt	$ 556.4	$ 289.7

Debt - Additional Information (Details)		1 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Jan. 08, 2021	Aug. 31, 2019 $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Debt, par value, maturing in 2024			$ 400,000,000.0
Debt, par value, maturing in 2025			350,000,000.0
Term loan outstanding			2,312,100,000	$ 1,793,800,000
Senior bank debt
Debt Instrument [Line Items]
Term loan outstanding			349,800,000	449,700,000
Senior bank debt \| Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			1,250,000,000
Maximum borrowing capacity, additional amount			500,000,000.0
Outstanding borrowings			0	0
Commitment fee amount			1,500,000	1,500,000
Senior bank debt \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			350,000,000.0
Maximum borrowing capacity, additional amount			75,000,000.0
Term loan outstanding			$ 350,000,000.0	$ 450,000,000.0
Weighted average interest rate on amount outstanding			1.02%	2.66%
Senior bank debt \| Term Loan \| LIBOR
Debt Instrument [Line Items]
Basis spread over variable debt rate			0.875%
Senior bank debt \| Term Loan \| LIBOR \| Subsequent Event
Debt Instrument [Line Items]
Basis spread over variable debt rate	0.95%
Increase to marginal rate	0.075%
Senior notes
Debt Instrument [Line Items]
Term loan outstanding			$ 1,091,900,000	$ 743,800,000
Senior notes \| 2024 Senior Notes
Debt Instrument [Line Items]
Effective interest rate			4.42%
Stated interest rate			4.25%
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Effective interest rate			3.66%
Stated interest rate			3.50%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Effective interest rate			3.39%
Stated interest rate			3.30%
Junior subordinated notes
Debt Instrument [Line Items]
Term loan outstanding			$ 556,400,000	289,700,000
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Effective interest rate			5.90%
Stated interest rate			5.875%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Effective interest rate			4.83%
Stated interest rate			4.75%
Junior convertible securities
Debt Instrument [Line Items]
Term loan outstanding			$ 314,000,000.0	$ 310,600,000
Stated interest rate			5.15%
Deferred tax liability			$ 9,000,000
Conversion ratio (in shares)		0.2558
Principal amount at maturity (in dollars per share) \| $ / shares		$ 50.00
Conversion price (in dollars per share) \| $ / shares		$ 195.47
Redemption closing price trigger (in dollars per share) \| $ / shares			$ 254.10
Number of trading days closing price has exceeded threshold			20
Number of consecutive trading days			30

Debt - Principal Terms of Senior and Junior Subordinated Notes (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Senior notes \| 2024 Senior Notes
Debt Instrument [Line Items]
Principal Amount at Maturity	$ 400.0
Stated coupon	4.25%
Redemption price percentage	100.00%
Senior notes \| 2024 Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Principal Amount at Maturity	$ 350.0
Stated coupon	3.50%
Redemption price percentage	100.00%
Senior notes \| 2025 Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Principal Amount at Maturity	$ 350.0
Stated coupon	3.30%
Redemption price percentage	100.00%
Senior notes \| 2030 Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.40%
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Principal Amount at Maturity	$ 300.0
Stated coupon	5.875%
Junior subordinated notes \| 2059 Junior Subordinated Notes \| On or after March 30. 2024
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2059 Junior Subordinated Notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2059 Junior Subordinated Notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Principal Amount at Maturity	$ 275.0
Stated coupon	4.75%
Junior subordinated notes \| 2060 Junior Subordinated Notes \| On or after March 30. 2024
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2060 Junior Subordinated Notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2060 Junior Subordinated Notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%

Debt - Carrying Value and Principal Amount at Maturity of Junior Convertible Securities (Details) - Junior convertible securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying Value	$ 318.4	$ 315.4
Principal Amount at Maturity	$ 430.8	$ 430.8
Debt instrument term	17 years

Derivative Financial Instruments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 derivative
Other Assets
Derivative [Line Items]
Derivative asset, gross		$ 3,500,000	$ 2,200,000
Other Liabilities
Derivative [Line Items]
Derivative liability, gross		4,200,000	1,000,000.0
Forward contracts
Derivative [Line Items]
Cash collateral held from counterparty			8,700,000
Cash collateral held at counterparty			0
Foreign contracts and collar contracts
Derivative [Line Items]
Proceeds from contract termination	$ 24,900,000
Foreign contracts and collar contracts \| Other Assets
Derivative [Line Items]
Derivative asset, net			$ 5,700,000
Interest rate swap
Derivative [Line Items]
Cash collateral held from counterparty		0
Cash collateral held at counterparty		$ 2,200,000
Net Investment Hedging \| Forward contracts
Derivative [Line Items]
Derivative, number of contracts \| derivative				2
Net Investment Hedging \| Collar contracts
Derivative [Line Items]
Derivative, number of contracts \| derivative				2
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swap
Derivative [Line Items]
Derivative, notional amount	$ 250,000,000.0
Fixed interest rate	0.5135%

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 - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Assets	$ 3.5	$ 38.9
Liabilities	(4.2)	(32.0)
Forward contracts
Derivative [Line Items]
Assets	3.5	23.8
Liabilities	(2.3)	(1.0)
Put options
Derivative [Line Items]
Assets	0.0	0.0
Liabilities	0.0	(31.0)
Call options
Derivative [Line Items]
Assets	0.0	15.1
Liabilities	0.0	0.0
Interest rate swap
Derivative [Line Items]
Assets	0.0	0.0
Liabilities	$ (1.9)	$ 0.0

Derivative Financial Instruments - Effect on Statement of Comprehensive Income and Statement of Income (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivatives in Net Investment Hedging Relationship
Derivative [Line Items]
Gain (Loss) Recorded in Other Comprehensive Income	$ 14.5	$ (11.4)
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.6	0.5
Gain (Loss) Recorded in Earnings from Excluded Components	2.8	13.9
Derivatives in Net Investment Hedging Relationship \| Forward contracts
Derivative [Line Items]
Gain (Loss) Recorded in Other Comprehensive Income	65.4	(21.7)
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.6	0.5
Gain (Loss) Recorded in Earnings from Excluded Components	2.8	13.9
Derivatives in Net Investment Hedging Relationship \| Put options
Derivative [Line Items]
Gain (Loss) Recorded in Other Comprehensive Income	(47.7)	29.3
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.0	0.0
Gain (Loss) Recorded in Earnings from Excluded Components	0.0	0.0
Derivatives in Net Investment Hedging Relationship \| Call options
Derivative [Line Items]
Gain (Loss) Recorded in Other Comprehensive Income	(1.3)	(19.0)
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.0	0.0
Gain (Loss) Recorded in Earnings from Excluded Components	0.0	0.0
Cash Flow Hedging \| Interest rate swap
Derivative [Line Items]
Gain (Loss) Recorded in Other Comprehensive Income	(1.9)	0.0
Gain Reclassified from Accumulated Other Comprehensive Loss into Earnings	0.0	0.0
Gain (Loss) Recorded in Earnings from Excluded Components	$ 0.0	$ 0.0

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2020 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 122.2
Payments for Achievement of Financial Targets
Contingent payments due
2022	37.5
2023 - 2025	77.5
Expected payments	13.0
Payment contingent on not meeting financial targets (up to)	12.5
Payment contingent on exercise of option to reduce ownership percentage	25.0
Equity Method Investee
Contingent payments due
2022	$ 37.5
Equity Method Investee \| Undisclosed Affiliate
Contingent payments due
Ownership percentage held by minority interest in affiliated	14.00%
Noncontrolling interest, sale of ownership percentage	5.00%

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in goodwill
Balance, beginning of period	$ 2,651.7	$ 2,633.4
Foreign currency translation	11.6	18.3
Other	(1.9)	0.0
Balance, end of period	$ 2,661.4	$ 2,651.7

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill impairment				$ 0
Acquired Client Relationships
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles			$ 35,000,000.0
Fair value assumptions, average projected growth rate			(9.00%)
Fair value assumptions, discount rate for asset based fees			14.50%
Fair value assumptions, market participant tax rate			25.00%
Acquired Client Relationships \| Closure Of Certain Retail Investment Products
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles			$ 16,100,000
Carrying value of indefinite-lived intangibles	$ 0	$ 0	0	$ 0		$ 0
Acquired Client Relationships \| Parent Company
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles			31,200,000
Acquired Client Relationships \| Parent Company \| Closure Of Certain Retail Investment Products
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles			16,100,000
Acquired Client Relationships
Goodwill
Intangible amortization expense					$ 69,800,000	93,400,000
Estimated Future Amortization Expense of Finite-Lived Intangibles
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
Intangible future amortization expense in 2024					20,000,000
Intangible future amortization expense in 2025					10,000,000
Impairment of indefinite-lived intangibles	$ 14,000,000.0	60,300,000			70,700,000	51,100,000
Fair value assumptions, average projected growth rate	(14.00%)
Fair value assumptions, discount rate for asset based fees	15.00%
Fair value assumptions, market participant tax rate	25.00%
Carrying value of indefinite-lived intangibles			$ 972,200,000		909,000,000.0	972,200,000	$ 1,006,300,000
Acquired Client Relationships \| Intangible Amortization and Impairments
Goodwill
Intangible amortization expense					$ 55,300,000	$ 93,400,000	$ 114,400,000
Acquired Client Relationships \| Closure Of Certain Retail Investment Products
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles	$ 10,900,000
Acquired Client Relationships \| Parent Company
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles	12,500,000	$ 32,800,000
Acquired Client Relationships \| Parent Company \| Closure Of Certain Retail Investment Products
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of indefinite-lived intangibles	$ 7,400,000

Goodwill and Acquired Client Relationships - Schedule of Changes in Acquired Client Relationships (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Definite-lived
Foreign currency translation, accumulated depreciation			$ (3.7)	$ (5.5)
Net Book Value
Beginning balance, net book value			1,182.0
Intangible amortization and impairments			(140.5)	(144.5)	$ (114.8)
Ending balance, net book value			1,048.8	1,182.0
Acquired Client Relationships (Net)
Definite-lived
Beginning balance, gross book value			1,248.8	1,279.8
Beginning balance, accumulated amortization			(1,039.0)	(976.2)
Beginning balance, net book value			209.8	303.6
Intangible amortization and impairments			(69.8)	(93.4)
Foreign currency translation, gross book value			3.5	5.1
Foreign currency translation, net book value			(0.2)	(0.4)
Transfers, gross book value			(85.7)	(36.1)
Transfers, accumulated amortization			85.7	36.1
Ending balance, gross book value			1,166.6	1,248.8	1,279.8
Ending balance, accumulated amortization			(1,026.8)	(1,039.0)	(976.2)
Ending balance, net book value			139.8	209.8	303.6
Indefinite-lived
Beginning balance, net book value			972.2	1,006.3
Intangible impairments	$ (14.0)	$ (60.3)	(70.7)	(51.1)
Foreign currency translation			7.5	17.0
Ending balance, net book value			909.0	972.2	1,006.3
Net Book Value
Beginning balance, net book value			1,182.0	1,309.9
Intangible amortization and impairments			(140.5)	(144.5)
Foreign currency translation			7.3	16.6
Ending balance, net book value			$ 1,048.8	$ 1,182.0	$ 1,309.9

Equity Method Investments in Affiliates - Change in Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, beginning of period	$ 2,195.6
Distributions of earnings	(236.8)	$ (252.4)	$ (466.3)
Balance, end of period	2,074.8	2,195.6
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, beginning of period	2,195.6	2,791.0
Earnings	288.6	289.4
Intangible amortization and impairments	(332.0)	(627.4)
Distributions of earnings	(236.8)	(252.4)
Foreign currency translation	5.1	(40.0)
Investments in Affiliates	128.7	162.3
Divestments of Affiliates	0.0	(117.7)
Other	25.6	(9.6)
Balance, end of period	$ 2,074.8	$ 2,195.6	$ 2,791.0

Equity Method Investments in Affiliates - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended						12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investments in Affiliates (net)	$ 2,074.8		$ 2,195.6				$ 2,074.8	$ 2,195.6
Other liabilities	452.2		359.1				452.2	359.1
Equity method loss (net)							(43.4)	(338.0)	$ (0.2)
Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment of equity method investment	$ 45.0	$ 140.0	$ 60.0	$ 10.0		$ 415.0
Fair value assumptions, average projected growth period	5 years	5 years				5 years
Fair value assumptions, average projected growth rate			9.00%	(20.00%)		(13.00%)
Fair value assumptions, discount rate for asset based fees			11.00%	11.00%		11.00%
Fair value assumptions, discount rate for performance based fees			20.00%	20.00%		20.00%
Fair value assumptions, market participant tax rate			25.00%	25.00%		25.00%
Equity method investments in Affiliates (net)	$ 2,074.8		$ 2,195.6				2,074.8	2,195.6	2,791.0
Undistributed earnings from equity method affiliates	170.6						170.6
Contingent payments due
2021	35.0						35.0
2022	37.5						37.5
Equity Method Investee \| Achievement of Specified Financial Targets
Estimated Future Amortization Expense of Finite-Lived Intangibles
Equity method investments in Affiliates (net)	40.0						40.0
Other liabilities	$ 40.0						40.0
Equity Method Investee \| Minimum
Estimated Future Amortization Expense of Finite-Lived Intangibles
Fair value assumptions, average projected growth rate		(2.00%)
Fair value assumptions, discount rate for asset based fees	11.00%	11.00%
Fair value assumptions, discount rate for performance based fees	20.00%	20.00%
Fair value assumptions, market participant tax rate	25.00%	25.00%
Equity Method Investee \| Maximum
Estimated Future Amortization Expense of Finite-Lived Intangibles
Fair value assumptions, average projected growth rate	(5.00%)
Acquired Client Relationships Under Equity Method Investments \| Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Intangible amortization expense							147.0	$ 142.4	$ 97.5
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2021	$ 120.0						120.0
Intangible future amortization expense in 2022	50.0						50.0
Intangible future amortization expense in 2023	50.0						50.0
Intangible future amortization expense in 2024	50.0						50.0
Intangible future amortization expense in 2025	$ 50.0						$ 50.0
Non-US \| Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Noncontrolling interest, sale of ownership percentage					5.00%
Payments to noncontrolling interests					$ 25.7

Equity Method Investments in Affiliates - Financial Information for Affiliates Accounted for Under the Equity Method (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Net income	$ 427.0	$ 305.1	$ 532.3
Assets	7,888.9	7,653.5
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenues	2,659.7	2,760.9	3,231.7
Net income	1,061.8	1,061.3	$ 1,286.1
Assets	2,958.9	2,718.5
Liabilities and Non-controlling interests	$ 1,245.5	$ 1,212.7

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Lease Commitments - Additional Information (Details)	3 Months Ended	12 Months Ended
Lease Commitments - Additional Information (Details)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Leases [Abstract]
Consolidated rent expense				$ 40,500,000
Right-of-use assets obtained in exchange for new operating leases after adoption of ASC 842		$ 24,400,000	$ 26,100,000
Weighted average remaining lease term - operating leases	8 years	7 years	8 years
Weighted average discount rate - operating leases	4.00%	4.00%	4.00%
Expense recorded to reduce carrying value of right-of-use assets to fair value	$ 8,100,000	$ 0
Level 3 \| Discounted Cash Flow \| Price per square foot \| Minimum
Lessee, Lease, Description [Line Items]
Right-of-use assets, measurement input	13
Level 3 \| Discounted Cash Flow \| Price per square foot \| Maximum
Lessee, Lease, Description [Line Items]
Right-of-use assets, measurement input	68
Level 3 \| Discounted Cash Flow \| Price per square foot \| Weighted Average
Lessee, Lease, Description [Line Items]
Right-of-use assets, measurement input	46
Level 3 \| Discounted Cash Flow \| Discount rate \| Minimum
Lessee, Lease, Description [Line Items]
Right-of-use assets, measurement input	0.033
Level 3 \| Discounted Cash Flow \| Discount rate \| Maximum
Lessee, Lease, Description [Line Items]
Right-of-use assets, measurement input	0.055
Level 3 \| Discounted Cash Flow \| Tax rate
Lessee, Lease, Description [Line Items]
Right-of-use assets, measurement input	0.25

Lease Commitments - Total Lease Costs (Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease costs	$ 37.6	$ 41.7
Short-term lease costs	0.8	2.1
Variable lease costs	0.0	0.1
Sublease income	(5.0)	(4.4)
Total lease costs (net)	$ 33.4	$ 39.5

Lease Commitments - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 40.5
2022	36.7
2023	32.0
2024	25.9
2025	21.3
Thereafter	59.6
Total undiscounted lease liabilities	216.0
Present value discounting of operating lease liabilities	$ 34.9

Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fixed assets
Fixed assets, at cost	$ 255.1	$ 251.1
Accumulated depreciation and amortization	(175.5)	(158.8)
Fixed assets (net)	79.6	92.3
Buildings and leasehold improvements
Fixed assets
Fixed assets, at cost	116.5	116.3
Software
Fixed assets
Fixed assets, at cost	55.3	52.6
Equipment
Fixed assets
Fixed assets, at cost	44.3	43.0
Furniture and fixtures
Fixed assets
Fixed assets, at cost	21.0	21.3
Land, improvements and other
Fixed assets
Fixed assets, at cost	$ 18.0	$ 17.9

Payables and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation	$ 400.0	$ 421.5
Other	312.4	213.1
Payables and accrued liabilities	$ 712.4	$ 634.6

Related Party Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Related Party Transactions
Other liabilities	$ 452.2	$ 359.1
Private Equity Investment Partnerships of Affiliate \| Prior Owner
Related Party Transactions
Other liabilities	$ 35.4	$ 38.5

Stockholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Oct. 31, 2019	Jan. 31, 2019
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	153,000,000.0	153,000,000.0
Equity Distribution Program
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 500,000,000.0
Stock program, maximum amount authorized	$ 0
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 \| January 2019 and October 2019 Programs
Class of Stock [Line Items]
Stock repurchase plan, number of remaining shares to be repurchased (in shares)	1,900,000
Common Stock \| October 2019 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)			6,000,000.0
Common Stock \| January 2019 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)				3,300,000
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 - USD ($) $ / shares in Units, shares in Millions, $ in Millions	2 Months Ended	12 Months Ended
	Feb. 18, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares Repurchased (in shares)		5.0	4.1	3.3
Average Price (in dollars per share)		$ 86.35	$ 88.73	$ 150.31
Subsequent Event
Class of Stock [Line Items]
Shares Repurchased (in shares)	1.2
Stock repurchased during period, value	$ 151.9

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Excess tax benefit (deficiency) recognized from share-based incentive plans	$ (3.9)	$ (3.2)	$ 0.7
Total compensation cost not yet recognized	$ 86.2	$ 106.6
Weighted average period for recognition (assuming no forfeitures)	3 years

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Share-Based Compensation Expense	$ 67.4	$ 49.9	$ 44.7
Tax Benefit	$ 10.3	$ 8.2	$ 11.2

Share-Based Compensation - Transactions in the Company's Restricted Stock Units (Details) - Restricted Stock Units shares in Millions	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Restricted Stock Units
Unvested units - beginning balance (in shares) \| shares	1.1
Units granted (in shares) \| shares	0.4
Units vested (in shares) \| shares	(0.4)
Units forfeited (in shares) \| shares	(0.0)
Performance condition changes (in shares) \| shares	0.1
Unvested units - ending balance (in shares) \| shares	1.2
Weighted Average Grant Date Value
Unvested units - beginning balance (in dollars per share) \| $ / shares	$ 123.70
Units granted (in dollars per share) \| $ / shares	73.75
Units vested (in dollars per share) \| $ / shares	141.67
Units forfeited (in dollars per share) \| $ / shares	134.52
Performance condition changes (in dollars per share) \| $ / shares	105.92
Unvested units - ending balance (in dollars per share) \| $ / shares	$ 99.46

Share-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of restricted stocks granted	$ 24.1	$ 18.9	$ 5.9
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of restricted stocks granted	$ 31.8	$ 59.7	$ 37.7
Restricted stocks available for future grant under the Company's option plans (in shares)	3,300,000
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period of restricted stocks	3 years
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period of restricted stocks	4 years

Share-Based Compensation - Transactions of the Company's Stock Options (Details) shares in Millions	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Stock Options
Unexercised options outstanding - beginning balance (in shares) \| shares	2.3
Options granted (in shares) \| shares	0.2
Options exercised (in shares) \| shares	(0.0)
Options forfeited (in shares) \| shares	(0.0)
Performance condition changes (in shares) \| shares	0.4
Unexercised options outstanding - ending balance (in shares) \| shares	2.9
Stock Options, Exercisable at the end of the period (in shares) \| shares	0.4
Weighted Average Exercise Price
Unexercised options outstanding - beginning balance (in dollars per share) \| $ / shares	$ 85.58
Options granted (in dollars per share) \| $ / shares	74.31
Options exercised (in dollars per share) \| $ / shares	86.78
Options forfeited (in dollars per share) \| $ / shares	147.77
Performance condition changes (in dollars per share) \| $ / shares	74.42
Unexercised stock options outstanding - ending balance (in dollars per share) \| $ / shares	82.14
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 126.95
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	5 years 1 month 6 days
Exercisable at the end of the period	1 year 8 months 12 days

Share-Based Compensation - Stock Options Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Fair value of stock options granted	$ 4,400,000	$ 34,200,000	$ 1,000,000.0
Total intrinsic value of options exercised	0.0	200,000	8,200,000
Cash received for options exercised	0	$ 900,000	$ 9,700,000
Intrinsic value of exercisable options outstanding	$ 500,000
Weighted average fair value of options granted (in dollars per share)	$ 18.33	$ 18.36	$ 48.64
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Options available for future grant under the Company's option plans (in shares)	1.2
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	5 years

Share-Based Compensation - Assumptions Used to Determine Fair Value of Options Granted (Details) - Stock Options	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assumptions used to determine fair value of options granted
Dividend yield	1.60%	1.70%	0.80%
Expected volatility	30.50%	29.40%	25.50%
Risk-free interest rate	0.90%	1.50%	2.80%
Expected life of options (in years)	5 years 8 months 12 days	5 years 8 months 12 days	5 years 8 months 12 days
Forfeiture rate	0.00%	0.00%	0.00%

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Redeemable Non-controlling Interests
Balance, beginning of period	$ 916.7	$ 833.7
(Decreases) increases attributable to consolidated Affiliate sponsored investment products	13.8	(69.4)
Transfers to Other liabilities	(310.6)	(118.6)
Transfers from (to) Non-controlling interests	(7.8)	105.0	$ 44.8
Changes in redemption value	59.4	166.0
Balance, end of period	671.5	916.7	$ 833.7
Variable Interest Entity, Primary Beneficiary
Redeemable Non-controlling Interests
Balance, beginning of period	21.6
Balance, end of period	$ 35.4	$ 21.6
Minimum
Noncontrolling Interest [Line Items]
Term of conditional right put interest	5 years
Maximum
Noncontrolling Interest [Line Items]
Term of conditional right put interest	15 years

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Affiliate Equity
Distributions paid to affiliate partners	$ 306.3	$ 347.9	$ 370.5
Payments to acquire interest in affiliates	315.1	146.0	120.0
Issuance of interest in affiliates	20.2	10.5	$ 6.3
Other Assets
Affiliate Equity
Due from affiliates	9.6	14.8
Other Liabilities
Affiliate Equity
Due to affiliates	$ 22.0	$ 19.8
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Affiliate Equity Expense
Affiliate equity compensation expense	$ 51.8	$ 40.5	$ 56.4
Non-controlling Interests
Affiliate Equity Expense
Non-controlling interests	$ 30.9	$ 30.9	$ 39.7
Unrecognized Affiliate Equity Expense
Remaining Life	5 years	6 years	6 years
Non-controlling Interests	$ 109.7	$ 124.6	$ 118.3
Affiliated Entity
Affiliate Equity Expense
Controlling interest	20.9	9.6	16.7
Unrecognized Affiliate Equity Expense
Controlling Interest	$ 35.9	$ 40.9	$ 38.7
Remaining Life	4 years	4 years	5 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 202.2	$ 15.7	$ 243.6
(Decrease) increase in controlling interest paid-in capital from Affiliate equity issuances	1.1	(3.1)	(5.0)
Decrease in controlling interest paid-in capital from Affiliate equity repurchases	(239.1)	(50.8)	(67.9)
Net income (loss) (controlling interest) including the net impact of Affiliate equity transactions	$ (35.8)	$ (38.2)	$ 170.7

- Definition

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

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+ Details

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions to benefit plans	$ 17.6	$ 19.4	$ 20.8
Parent Company
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions to benefit plans	$ 3.0	$ 3.6	$ 4.8

Income Taxes - Consolidated Provision Attributable to Controlling and Non-Controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax provision
Current taxes	$ 54.6	$ 58.7	$ 129.4
Deferred taxes	26.8	(55.8)	51.9
Income tax expense	$ 81.4	$ 2.9	$ 181.3
Effective tax rate	16.00%	0.90%	25.40%
Parent Company
Income tax provision
Current taxes	$ 44.6	$ 46.5	$ 117.2
Intangible-related deferred taxes	(9.9)	(51.3)	79.7
Other deferred taxes	34.8	(4.3)	(27.5)
Income tax expense	69.5	(9.1)	169.4
Income before income taxes (controlling interest)	$ 271.7	$ 6.6	$ 413.0
Effective tax rate	25.60%	(137.00%)	41.00%
Non-Controlling Interests
Income tax provision
Current taxes	$ 10.0	$ 12.2	$ 12.2
Deferred taxes	1.9	(0.2)	(0.3)
Income tax expense	$ 11.9	$ 12.0	$ 11.9

Income Taxes - Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ (9.6)	$ (18.2)	$ 52.2
State	17.0	(8.8)	28.6
Foreign	47.2	85.7	48.6
Total current	54.6	58.7	129.4
Deferred:
Federal	20.1	(23.9)	51.3
State	5.4	3.4	13.2
Foreign	1.3	(35.3)	(12.6)
Total deferred	26.8	(55.8)	51.9
Income tax expense	$ 81.4	$ 2.9	$ 181.3

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ 446.1	$ 152.2	$ 637.3
International	62.2	155.8	76.3
Total	$ 508.3	$ 308.0	$ 713.6

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income tax provision
Statutory U.S. federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	3.50%	3.50%	3.70%
Foreign operations	(8.50%)	(471.20%)	1.30%
Compensation plans	5.80%	240.60%	1.60%
Changes in tax laws	3.00%	0.00%	0.00%
Change in valuation allowances	6.90%	(107.20%)	0.00%
Unrecognized tax benefits	(1.10%)	420.40%	0.50%
Affiliate divestments	(6.20%)	(120.40%)	0.00%
Reduction in carrying value of Affiliates	0.00%	0.00%	13.00%
Changes in U.S. tax provision to return	0.80%	(195.70%)	(1.00%)
Other	0.40%	72.00%	0.90%
Effective tax rate	16.00%	0.90%	25.40%
Parent Company
Income tax provision
Effective tax rate	25.60%	(137.00%)	41.00%
Non-Controlling Interests
Income tax provision
Effect of income from non-controlling interests	(9.60%)	137.90%	(15.60%)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Foreign tax credits	$ 8.2		$ 0.0			$ 8.2	$ 0.0
Valuation allowance for deferred tax assets	35.6		16.9			35.6	16.9
Amount of temporary difference due to repatriation of earnings from sale or liquidation of subsidiary	317.1					317.1
Unrecognized tax benefits that, if recognized, would affect effective tax rate	63.5		65.4			63.5	65.4	$ 33.1
Accrued deferred tax assets for indirect tax benefits associated with uncertain tax positions	26.3		27.4			26.3	27.4
Interest and penalties related to unrecognized tax benefits						0.8	8.4	0.4
Accrued income tax interest and related charges	$ 11.4		$ 10.5			11.4	10.5
Equity Method Investee
Operating Loss Carryforwards [Line Items]
Fair value assumptions, discount rate for performance based fees			20.00%	20.00%	20.00%
Income Tax Valuation Allowance
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance for deferred tax assets						$ 18.7	$ (7.2)
Minimum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period						10 years
Foreign operating loss carryforwards, expiration period						11 years
Foreign tax credits, expiration period						8 years
Minimum \| Equity Method Investee
Operating Loss Carryforwards [Line Items]
Fair value assumptions, discount rate for performance based fees	20.00%	20.00%
Maximum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period						15 years
Foreign operating loss carryforwards, expiration period						19 years
Foreign tax credits, expiration period						10 years
Non-US
Operating Loss Carryforwards [Line Items]
Expense recorded to reduce the carrying value of equity method affiliate								$ 240.0
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 243.7					$ 243.7
State \| Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	14.1					14.1
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	74.2					74.2
Foreign operating loss carryforward indefinitely	9.6					9.6
Foreign \| Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	13.3					13.3
Foreign \| Foreign Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	8.2					8.2
Foreign \| Expire over a 20-year period
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 64.6					$ 64.6

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Deferred compensation	$ 15.4	$ 13.8
State loss carryforwards	17.0	15.9
Foreign loss carryforwards	19.7	17.7
Tax benefit of uncertain tax positions	26.3	27.4
Deferred income	0.0	3.0
Lease liabilities	10.0	12.3
Foreign tax credits	8.2	0.0
Other	0.0	2.6
Total deferred tax assets	96.6	92.7
Valuation allowance	(35.6)	(16.9)
Deferred tax assets, net of valuation allowance	61.0	75.8
Deferred Tax Liabilities
Intangible asset amortization	(235.6)	(293.7)
Non-deductible intangible amortization	(116.6)	(110.9)
Junior convertible securities interest	(99.3)	(91.6)
Right-of-use assets	(7.3)	(10.3)
Deferred income	(10.7)	0.0
Other	(8.5)	(4.1)
Total deferred tax liabilities	(478.0)	(510.6)
Deferred income tax liability (net)	(417.0)	(434.8)
Other Assets
Deferred Tax Assets
Foreign loss carryforwards	19.7	17.7
Deferred Tax Liabilities
Carryforwards valuation allowance	$ 13.3	$ 2.3

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance, beginning of period	$ 65.4	$ 33.1	$ 32.4
Additions based on current year tax positions	1.1	39.8	2.4
Additions based on prior years’ tax positions	1.7	3.2	8.4
Reduction for prior years’ tax positions	(0.4)	(3.5)	(2.0)
Lapse of the statute of limitations	(7.6)	(4.0)	(6.3)
Settlements	0.0	(0.4)	(1.3)
Foreign currency translation	3.3	(2.8)	(0.5)
Balance, end of period	$ 63.5	$ 65.4	$ 33.1

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator
Net income (controlling interest)	$ 202.2	$ 15.7	$ 243.6
Interest expense on junior convertible securities, net of taxes	0.0	0.0	0.0
Net income (controlling interest), as adjusted	$ 202.2	$ 15.7	$ 243.6
Denominator
Average shares outstanding (basic) (in shares)	46.5	50.5	53.6
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	0.2	0.1	0.2
Convertible securities (in shares)	0.0	0.0	0.0
Average shares outstanding (diluted) (in shares)	46.7	50.6	53.8

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, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	2.9	2.6	0.2
Junior convertible securities
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	2.2	2.2	2.2

Comprehensive Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 23.6	$ (9.7)	$ (87.1)
Tax Expense	(9.9)	22.3	(15.1)
Other comprehensive income (loss), net of tax	13.7	12.6	(102.2)
Foreign currency translation loss
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	25.5	(11.4)	(87.0)
Tax Expense	(10.3)	22.3	(15.1)
Other comprehensive income (loss), net of tax	15.2	10.9	(102.1)
Change in net realized and unrealized loss on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(1.9)	1.7	(0.1)
Tax Expense	0.4	0.0	0.0
Other comprehensive income (loss), net of tax	$ (1.5)	$ 1.7	$ (0.1)

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

Comprehensive Income - Components of Other Comprehensive Income (Loss), Net of Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Beginning balance	$ 3,499.1	$ 4,134.9	$ 4,578.5
Other comprehensive income (loss) before reclassifications	14.3	13.1
Amounts reclassified	(0.6)	(0.5)
Other comprehensive income (loss)	13.7	12.6	(102.2)
Ending balance	3,317.3	3,499.1	4,134.9
Total
Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Beginning balance	(175.9)	(188.5)
Ending balance	(162.2)	(175.9)	(188.5)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Beginning balance	(177.1)	(188.0)
Other comprehensive income (loss) before reclassifications	15.2	10.9
Amounts reclassified	0.0	0.0
Other comprehensive income (loss)	15.2	10.9	(102.1)
Ending balance	(161.9)	(177.1)	(188.0)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) Net of Tax [Roll Forward]
Beginning balance	1.2	(0.5)
Other comprehensive income (loss) before reclassifications	(0.9)	2.2
Amounts reclassified	(0.6)	(0.5)
Other comprehensive income (loss)	(1.5)	1.7	(0.1)
Ending balance	$ (0.3)	$ 1.2	$ (0.5)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-Paragraph 1
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+ Details

Comprehensive Income - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
ASU 2018-02
Accumulated Other Comprehensive Income (Loss)
Reclassification to retained earnings of tax effects stranded in AOCI as result of enactment of Tax Cuts and Jobs Act	$ 6.6

Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
Geographic Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information
Consolidated revenue	$ 2,027.5	$ 2,239.6	$ 2,378.4
Fixed assets (net)	79.6	92.3
United States
Segment Reporting Information
Consolidated revenue	1,524.0	1,642.2	1,611.7
Fixed assets (net)	64.2	75.6
United Kingdom
Segment Reporting Information
Consolidated revenue	462.3	515.2	628.8
Fixed assets (net)	14.6	15.8
Other
Segment Reporting Information
Consolidated revenue	41.2	82.2	$ 137.9
Fixed assets (net)	$ 0.8	$ 0.9

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Valuation Allowance
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	$ 16.9	$ 24.1	$ 24.1
Additions Charged to Costs and Expenses	18.4	4.9	0.6
Additions Charged to Other Accounts	0.3	0.0	0.0
Deductions	0.0	12.1	0.6
Balance End of Period	35.6	16.9	24.1
Other Allowances
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	4.1	5.0	3.6
Additions Charged to Costs and Expenses	3.8	1.0	6.4
Additions Charged to Other Accounts	0.0	0.0	0.0
Deductions	3.1	1.9	5.0
Balance End of Period	$ 4.8	$ 4.1	$ 5.0