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FAIR VALUE OF ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF ASSETS AND LIABILITIES FAIR VALUE OF ASSETS AND LIABILITIES
The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP is presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

September 30, 2025December 31, 2024
 (in millions)Fair ValueFair Value
Cash and cash equivalents$973.1 $986.5 
Equity investments$328.9 $371.2 
Total return swap related to deferred compensation plans$26.6 $(9.4)

The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including by major security type for equity investments, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, respectively:

September 30, 2025
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds (1)
$504.2 $504.2 $— $— 
Investments: (2)
Equity investments:
Seed capital203.4 203.4 — — 
Investments related to deferred compensation plans125.5 125.5 — — 
Total return swap related to deferred compensation plans26.6 — 26.6 — 
Total$859.7 $833.1 $26.6 $— 

December 31, 2024
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds (1)
$479.3 $479.3 $— $— 
Investments (2):
Equity investments:
Seed capital151.6 151.6 — — 
Investments related to deferred compensation plans219.6 219.6 — — 
Total$850.5 $850.5 $— $— 
Liabilities:    
Total return swap related to deferred compensation plans$(9.4)$— $(9.4)$— 
Contingent consideration liability(1.3)— — (1.3)
Total$(10.7)$— $(9.4)$(1.3)
____________
(1)    The balance primarily represents cash held in affiliated money market funds.
(2)    Equity method and other investments of $805.8 million and $29.5 million, respectively, are excluded from this table (December 31, 2024: $854.5 million and $14.3 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards.
Total Return Swap (TRS)

In addition to holding equity investments, the company has a TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at September 30, 2025 was $581.3 million, and the fair value of the TRS was an asset of $26.6 million (December 31, 2024 notional value was $421.2 million and the fair value was a liability of $9.4 million). During the three months ended September 30, 2025, market valuation gains related to the TRS were $26.2 million and during the nine months ended September 30, 2025 gains related to TRS were $51.4 million (three and nine months ended September 30, 2024: $15.8 million net gains and $32.6 million net gains).

The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The TRS is not designated as a hedging instrument for accounting purposes.