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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flow from (used in) operating activities:    
Net income $ 606.7 $ 231.2
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 25.3 133.4
Depreciation and other amortization 12.5 14.7
Deferred income tax expense 87.6 10.6
Equity method loss (income) (net) (125.1) 78.8
Distributions of earnings received from equity method investments 288.1 197.2
Share-based compensation and Affiliate equity expense 90.9 82.7
Other non-cash items (69.1) 20.3
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (91.1) (83.5)
Sales of securities by consolidated Affiliate sponsored investment products 49.9 77.6
Decrease (increase) in receivables (81.0) 9.0
(Increase) decrease in other assets 22.5 (8.5)
(Decrease) increase in payables, accrued liabilities, and other liabilities 80.1 (136.7)
Cash flow from operating activities 897.3 626.8
Cash flow from (used in) investing activities:    
Investments in Affiliates (144.9) (2.4)
Return of capital from equity method investments 3.4 0.0
Purchase of fixed assets (4.9) (6.8)
Purchase of investment securities (57.4) (35.7)
Sale of investment securities 26.0 36.9
Cash flow used in investing activities (177.8) (8.0)
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt, senior notes, and junior subordinated notes 200.0 874.8
Repayments of senior bank debt and junior convertible securities (26.1) (350.0)
Repurchases of common stock (net) (493.0) (213.0)
Dividends paid on common stock (1.3) (16.3)
Distributions to non-controlling interests (260.9) (249.1)
Affiliate equity (purchases) / issuances (net) (47.8) (232.5)
Other financing items 3.6 (35.4)
Cash flow used in financing activities (625.5) (221.5)
Effect of foreign currency exchange rate changes on cash and cash equivalents (1.8) (5.3)
Net increase in cash and cash equivalents 92.2 392.0
Cash and cash equivalents at beginning of period 1,039.7 539.6
.    
Effect of deconsolidation of Affiliates and Affiliate sponsored investment products (3.9) (2.2)
Cash and cash equivalents at end of period $ 1,128.0 $ 929.4