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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flow from (used in) operating activities:    
Net income $ 103.4 $ 47.2
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 101.5 50.9
Depreciation and other amortization 10.1 10.6
Deferred income tax benefit (19.5) (80.5)
Equity method loss (net) 95.8 328.8
Distributions of earnings received from equity method investments 160.2 155.9
Share-based compensation and Affiliate equity expense 57.5 42.0
Other non-cash items 24.3 (8.8)
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (64.8) 0.0
Sales of securities by consolidated Affiliate sponsored investment products 62.3 3.2
Increase in receivables (92.5) (126.5)
(Increase) decrease in other assets 14.0 (0.8)
Decrease in payables, accrued liabilities and other liabilities (76.9) (112.8)
Cash flow from operating activities 375.4 309.2
Cash flow from (used in) investing activities:    
Investments in Affiliates (2.4) (59.8)
Divestments of Affiliates 0.0 28.8
Purchase of fixed assets (4.5) (6.3)
Purchase of investment securities (23.5) (30.7)
Sale of investment securities 33.5 25.0
Cash flow from (used) in investing activities 3.1 (43.0)
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt and senior notes 599.8 420.7
Repayments of senior bank debt (350.0) (460.0)
Repurchases of common stock (net) (113.3) (141.8)
Dividends paid on common stock (15.8) (33.4)
Distributions to non-controlling interests (171.7) (192.7)
Affiliate equity repurchases and issuances (net) (143.5) (41.9)
Other financing items (31.8) (21.3)
Cash flow used in financing activities (226.3) (470.4)
Effect of foreign currency exchange rate changes on cash and cash equivalents (10.2) 1.3
Net increase (decrease) in cash and cash equivalents 142.0 (202.9)
Cash and cash equivalents at beginning of period 539.6 565.5
Effect of deconsolidation of Affiliate sponsored investment products 0.0 (2.6)
Cash and cash equivalents at end of period $ 681.6 $ 360.0