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FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value by Balance Sheet Grouping

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, 2025						December 31, 2024
(in millions)						Fair Value						Fair 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)

Tri-Level Hierarchy, Carrying Value

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 Measurements						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds (1)			$	504.2					$	504.2					$	—					$	—
Investments: (2)
Equity investments:
Seed capital			203.4						203.4						—						—
Investments related to deferred compensation plans			125.5						125.5						—						—
Total return swap related to deferred compensation plans			26.6						—						26.6						—
Total			$	859.7					$	833.1					$	26.6					$	—

			December 31, 2024
(in millions)			Fair Value Measurements						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds (1)			$	479.3					$	479.3					$	—					$	—
Investments (2):
Equity investments:
Seed capital			151.6						151.6						—						—
Investments related to deferred compensation plans			219.6						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.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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-Topic 820
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