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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flow from (used in) operating activities:    
Net income $ 231.2 $ 209.3
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 133.4 72.0
Depreciation and other amortization 14.7 16.7
Deferred income tax (benefit) expense 10.6 (77.0)
Equity method loss (net) 78.8 318.5
Distributions of earnings received from equity method investments 197.2 210.4
Share-based compensation and Affiliate equity expense 82.7 62.9
Other non-cash items 20.3 (11.5)
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (83.5) 0.0
Sales of securities by consolidated Affiliate sponsored investment products 77.6 5.5
(Increase) decrease in receivables 9.0 (91.5)
Increase in other assets (8.5) (4.0)
Decrease in payables, accrued liabilities and other liabilities (136.7) (94.7)
Cash flow from operating activities 626.8 616.6
Cash flow from (used in) investing activities:    
Investments in Affiliates (2.4) (162.3)
Divestments of Affiliates 0.0 28.8
Purchase of fixed assets (6.8) (6.4)
Purchase of investment securities (35.7) (33.1)
Sale of investment securities 36.9 33.1
Cash flow used in investing activities (8.0) (139.9)
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt and senior notes 874.8 470.7
Repayments of senior bank debt (350.0) (510.0)
Repurchases of common stock (net) (213.0) (223.4)
Dividends paid on common stock (16.3) (49.6)
Distributions to non-controlling interests (249.1) (276.6)
Affiliate equity repurchases and issuances (net) (232.5) (74.8)
Other financing items (35.4) 29.5
Cash flow used in financing activities (221.5) (634.2)
Effect of foreign currency exchange rate changes on cash and cash equivalents (5.3) (2.9)
Net (decrease) increase in cash and cash equivalents 392.0 (160.4)
Cash and cash equivalents at beginning of period 539.6 565.5
Effect of deconsolidation of Affiliates and Affiliate sponsored investment products (2.2) (2.6)
Cash and cash equivalents at end of period $ 929.4 $ 402.5