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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flow from (used in) operating activities:    
Net income $ 398.2 $ 103.4
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 16.4 101.5
Depreciation and other amortization 8.4 10.1
Deferred income tax (benefit) expense 68.2 (19.5)
Equity method loss (income) (net) (89.2) 95.8
Distributions of earnings received from equity method investments 226.6 160.2
Share-based compensation and Affiliate equity expense 58.0 57.5
Other non-cash items (40.5) 24.3
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (60.1) (64.8)
Sales of securities by consolidated Affiliate sponsored investment products 38.8 62.3
Increase in receivables (293.3) (92.5)
Decrease (increase) in other assets (15.0) 14.0
(Decrease) increase in payables, accrued liabilities, and other liabilities 234.4 (76.9)
Cash flow from operating activities 550.9 375.4
Cash flow from (used in) investing activities:    
Investments in Affiliates (144.8) (2.4)
Purchase of fixed assets (2.1) (4.5)
Purchase of investment securities (39.9) (23.5)
Sale of investment securities 16.1 33.5
Cash flow from (used in) investing activities (170.7) 3.1
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt, senior notes, and junior subordinated notes 0.0 599.8
Repayments of senior bank debt and junior convertible securities (22.8) (350.0)
Repurchases of common stock (net) (394.9) (113.3)
Dividends paid on common stock (0.9) (15.8)
Distributions to non-controlling interests (193.5) (171.7)
Affiliate equity (purchases) / issuances (net) (44.8) (143.5)
Other financing items 14.9 (31.8)
Cash flow used in financing activities (642.0) (226.3)
Effect of foreign currency exchange rate changes on cash and cash equivalents 3.9 (10.2)
Net increase (decrease) in cash and cash equivalents (257.9) 142.0
Cash and cash equivalents at beginning of period 1,039.7 539.6
.    
Effect of deconsolidation of Affiliate sponsored investment products (3.9) 0.0
Cash and cash equivalents at end of period $ 777.9 $ 681.6