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Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Summary of Investments | Investments are as follows (in millions):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Non-marketable equity securities |  | $ | 124.0 |  |  | $ | 124.0 |
Seed capital investments |  |  | 25.9 |  |  |  | 26.1 |
Marketable equity securities |  |  | 20.6 |  |  |  | 23.1 |
Partnership interests in private equity funds |  |  | 10.7 |  |  |  | 11.5 |
Total investments |  | $ | 181.2 |  |  | $ | 184.7 |
Schedule of Realized and Unrealized Gains and Losses on Investments | Unrealized gains for our equity securities are as follows (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Unrealized (losses) gains on equity securities held as of the end of the period |  | $ | (0.7 | ) |  | $ | 0.9 |  |  | $ | 0.2 |  |  | $ | 3.2 |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis (in millions):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | June 30, 2024 |  |  | Quoted prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Money market funds (1) |  | $ | 1,420.2 |  |  | $ | 1,420.2 |  |  | $ | — |  |  | $ | — |
Seed capital investments (2) |  |  | 25.9 |  |  |  | 25.9 |  |  |  | — |  |  |  | — |
Marketable equity securities (2) |  |  | 20.6 |  |  |  | 20.6 |  |  |  | — |  |  |  | — |
Deferred compensation liabilities (3) |  |  | (11.6 | ) |  |  | (11.6 | ) |  |  | — |  |  |  | — |
Total |  | $ | 1,455.1 |  |  | $ | 1,455.1 |  |  | $ | — |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | December 31, 2023 |  |  | Quoted prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Money market funds (1) |  | $ | 2,212.6 |  |  | $ | 2,212.6 |  |  | $ | — |  |  | $ | — |
Seed capital investments (2) |  |  | 26.1 |  |  |  | 26.1 |  |  |  | — |  |  |  | — |
Marketable equity securities (2) |  |  | 23.1 |  |  |  | 23.1 |  |  |  | — |  |  |  | — |
Deferred compensation liabilities (3) |  |  | (11.7 | ) |  |  | (11.7 | ) |  |  | — |  |  |  | — |
Total |  | $ | 2,250.1 |  |  | $ | 2,250.1 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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