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Investments | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Note 3—Investments Investments are as follows (in millions):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Non-marketable equity securities |  | $ | 124.1 |  |  | $ | 124.1 |
Seed capital investments |  |  | 23.0 |  |  |  | 23.1 |
Marketable equity securities |  |  | 18.5 |  |  |  | 21.6 |
Partnership interests in private equity funds |  |  | 8.4 |  |  |  | 8.6 |
Total investments |  | $ | 174.0 |  |  | $ | 177.4 |
U nrealized gains and losses for our equity securities are as follows (in millions):
|  | Three Months Ended March 31, |  |
|  | 2025 |  |  | 2024 |  |
Unrealized (losses) gains on equity securities held as of the end of the period |  | $ | (1.8 | ) |  | $ | 0.9 |  |
Fair Value Measurement Authoritative accounting guidance on fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of March 31, 2025 and December 31, 2024, we held certain investment assets and certain liabilities that are required to be measured at fair value on a recurring basis. These investments include money market funds and marketable equity securities where fair value is determined using quoted prices in active markets. Accordingly, the fair value measurements of these investments have been classified as Level 1 in the tables below. Investments for which we elected net asset value as a practical expedient for fair value and investments measured using the fair value measurement alternative are excluded from the tables below. Fair value for deferred compensation liabilities that are credited with deemed gains or losses of the underlying hypothetical investments, primarily equity securities, have been classified as Level 1 in the tables below. The fair values of cash, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. The following tables present assets and liabilities measured at fair value on a recurring basis (in millions):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | March 31, 2025 |  |  | 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) |  | $ | 3,839.8 |  |  | $ | 3,839.8 |  |  | $ | — |  |  | $ | — |
Seed capital investments (2) |  |  | 23.0 |  |  |  | 23.0 |  |  |  | — |  |  |  | — |
Marketable equity securities (2) |  |  | 18.5 |  |  |  | 18.5 |  |  |  | — |  |  |  | — |
Deferred compensation liabilities (3) |  |  | (9.0 | ) |  |  | (9.0 | ) |  |  | — |  |  |  | — |
Total |  | $ | 3,872.3 |  |  | $ | 3,872.3 |  |  | $ | — |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | December 31, 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) |  | $ | 2,637.5 |  |  | $ | 2,637.5 |  |  | $ | — |  |  | $ | — |
Seed capital investments (2) |  |  | 23.1 |  |  |  | 23.1 |  |  |  | — |  |  |  | — |
Marketable equity securities (2) |  |  | 21.6 |  |  |  | 21.6 |  |  |  | — |  |  |  | — |
Deferred compensation liabilities (3) |  |  | (11.5 | ) |  |  | (11.5 | ) |  |  | — |  |  |  | — |
Total |  | $ | 2,670.7 |  |  | $ | 2,670.7 |  |  | $ | — |  |  | $ | — |
(1) As of March 31, 2025, included $173.3 million of cash and cash equivalents, $1.0 million of restricted cash and $3,665.5 million of funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet. As of December 31, 2024, included $184.2 million of cash and cash equivalents, $2.5 million of restricted cash and $2,450.8 million of funds receivable and funds held on behalf of clients on the Co ndensed Consolidated Balance Sheet. (2) Included in Investments on the Condensed Consolidated Balance Sheet. (3) Included in Other long-term liabilities on the Condensed Consolidated Balance Sheet. We have par tnership interests in various private equity funds that are not included in the tables above. Our investments in private equity funds were $8.4 million and $8.6 million at March 31, 2025 and December 31, 2024, respectively, of which $7.2 million and $7.3 million, respectively, were measured using net asset value as a practical expedient for fair value and $1.2 million and $1.3 million, respectively, were accounted for under the equity method of accounting. The investments in private equity funds represent underlying investments in domestic and international markets across various industry sectors. Generally, our investments in private equity funds are non-transferable or are subject to long holding periods, and withdrawals from the private equity firm partnerships are typically not permitted. The maximum risk of loss related to our private equity fund investments is limited to the carrying value of its investments in the entities.

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