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Note 6 - Derivative Instruments | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | N ote 6 — Derivative Instruments Derivative Instruments Used to Hedge Seeded Investment Products We maintain an economic hedge program that uses derivative instruments to mitigate against market exposure of certain seeded investments by using index and commodity futures (“futures”), contracts for difference, credit default swaps and total return swaps. Certain foreign currency exposures associated with our seeded investment products are also hedged by using foreign currency forward contracts. We were party to the following derivative instruments as of December 31, 2024 and 2023 (in millions):
​ |  | Notional value |
​ |  | December 31, 2024 |  |  | December 31, 2023 |
Futures and contracts for difference |  | $ | 789.0 |  |  | $ | 1,018.0 |
Credit default swaps |  |  | 148.5 |  |  |  | 199.7 |
Total return swaps |  |  | 69.7 |  |  |  | 51.8 |
Foreign currency forward contracts |  |  | 328.2 |  |  |  | 176.2 |
The derivative instruments are not designated as hedges for accounting purposes. Changes in fair value of the derivatives are recognized in investment gains (losses), net in our Consolidated Statements of Comprehensive Income. The changes in fair value of the derivative instruments for the years ended December 31, 2024, 2023 and 2022, are summarized as follows (in millions):
​ |  | Year ended December 31, |
​ |  | 2024 |  |  | 2023 |  |  | 2022 |
Futures and contracts for difference |  | $ | (10.5 | ) |  | $ | (7.0 | ) |  | $ | 40.8 |
Credit default swaps |  |  | (3.0 | ) |  |  | (6.5 | ) |  |  | 3.7 |
Total return swaps |  |  | (9.3 | ) |  |  | (12.8 | ) |  |  | 21.3 |
Foreign currency forward contracts |  |  | 6.4 |  |  |  | 8.4 |  |  |  | (9.6 | )
Total gains (losses) from derivative instruments |  | $ | (16.4 | ) |  | $ | (17.9 | ) |  | $ | 56.2 |
Derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Consolidated Balance Sheets. The derivative assets and liabilities as of December 31, 2024 and 2023, are summarized as follows (in millions):
|  | Fair value |
​ |  | December 31, 2024 |  |  | December 31, 2023 |
Derivative assets |  | $ | 8.8 |  |  | $ | 1.8 |
Derivative liabilities |  |  | 8.5 |  |  |  | 16.7 |
Derivative Instruments Used in Consolidated Seeded Investment Products Certain of our consolidated seeded investment products use derivative instruments to contribute to the achievement of defined investment objectives. These derivative instruments are classified within other current assets or in accounts payable and accrued liabilities in our Consolidated Balance Sheets. Gains and losses on these derivative instruments are classified within investment gains (losses), net in our Consolidated Statements of Comprehensive Income. Our consolidated seeded investment products were party to the following derivative instruments as of December 31, 2024 and 2023 (in millions): ​
​ |  | Notional value |
​ |  | December 31, 2024 |  |  | December 31, 2023 |
Futures and contracts for difference |  | $ | 160.5 |  |  | $ | 1,555.1 |
Credit default swaps |  |  | 4.3 |  |  |  | 13.2 |
Total return swaps |  |  | 10.3 |  |  |  | 0.3 |
Interest rate swaps |  |  | 13.9 |  |  |  | 2.2 |
Foreign currency forward contracts |  |  | 196.6 |  |  |  | 135.3 |
Other |  |  | — |  |  |  | 0.3 |
As of December 31, 2024 and 2023, the derivative assets and liabilities in our Consolidated Balance Sheets were insignificant. Derivative Instruments — Foreign Currency Hedging Program ​ We maintain a foreign currency hedging program to take reasonable measures to minimize the income statement effects of foreign currency remeasurement of monetary balance sheet accounts. The program uses foreign currency forward contracts and swaps to achieve its objectives, and it is considered an economic hedge for accounting purposes. ​ The notional value of the foreign currency forward contracts and swaps as of December 31, 2024 and 2023, is summarized as follows (in millions): ​
​ |  | Notional value |
​ |  | December 31, 2024 |  |  | December 31, 2023 |
Foreign currency forward contracts and swaps |  | $ | 38.4 |  |  | $ | 65.3 |
The derivative assets and liabilities are generally recognized on a gross basis and included in other current assets or in accounts payable and accrued liabilities in our Consolidated Balance Sheets. As of December 31, 2024 and 2023, the derivative assets and liabilities in our Consolidated Balance Sheets were insignificant. ​ Changes in fair value of the derivatives are recognized in other non-operating income (expense), net in our Consolidated Statements of Comprehensive Income. Foreign currency remeasurement is also recognized in other non-operating income (expense), net in our Consolidated Statements of Comprehensive Income. For the years ended December 31, 2024, 2023 and 2022, the change in fair value of the foreign currency forward contracts and swaps was insignificant. ​ ​ ​

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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