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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,061.2 $ 1,078.7
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation, amortization and impairment of property, equipment and software 132.9 126.3
Amortization and impairment of acquisition-related assets and retention arrangements 116.4 124.1
Stock-based compensation expense 96.9 112.6
Net gains recognized on investments (173.8) (213.4)
Net redemptions in investment products used to economically hedge deferred compensation liabilities 71.3 15.1
Net change in securities held by consolidated investment products (409.5) (218.0)
Other changes in assets and liabilities 267.4 289.6
Net cash provided by operating activities 1,162.8 1,315.0
Cash flows from investing activities    
Purchases of sponsored investment products (114.0) (43.5)
Dispositions of sponsored investment products 223.5 210.9
Net cash of investment products upon consolidation (deconsolidation) (1.1) (13.1)
Additions to property, equipment and software (144.2) (205.8)
Other investing activity (21.0) (41.9)
Net cash used in investing activities (56.8) (93.4)
Cash flows from financing activities    
Repurchases of common stock (328.3) (195.5)
Common share issuances under stock-based compensation plans 16.5 16.3
Dividends paid to common stockholders and equity-unit holders (575.1) (569.7)
Net contributions (distributions) to non-controlling interests in consolidated entities (5.5) 2.5
Net subscriptions from redeemable non-controlling interest holders 205.1 170.9
Net cash used in financing activities (687.3) (575.5)
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products (1.1) (1.1)
Net change in cash and cash equivalents during period 417.6 645.0
Cash and cash equivalents at beginning of period, including $63.1 million at December 31, 2024, and $77.2 million at December 31, 2023, held by consolidated investment products 2,712.9 2,143.8
Cash and cash equivalents at end of period, including $71.6 million at June 30, 2025, and $73.9 million at June 30, 2024, held by consolidated investment products $ 3,130.5 $ 2,788.8