Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Affiliates

Equity method investments in Affiliates (net) consisted of the following:


	December 31,
	2020		2021
Goodwill	$	1,251.6	$	1,264.4
Definite-lived acquired client relationships (net)	479.5		470.1
Indefinite-lived acquired client relationships (net)	173.1		174.4
Undistributed earnings and tangible capital	170.6		225.5
Equity method investments in Affiliates (net)	$	2,074.8	$	2,134.4

The following table presents the change in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
	2020		2021
Balance, beginning of period	$	2,195.6	$	2,074.8
Investments in Affiliates	128.7		147.3
Earnings	288.6		417.5
Intangible amortization and impairments	(332.0)		(175.0)
Distributions of earnings	(236.8)		(337.5)
Return of capital	—		(4.4)
Foreign currency translation	5.1		12.5

Other	25.6		(0.8)
Balance, end of period	$	2,074.8	$	2,134.4

The following table presents summarized financial information for Affiliates accounted for under the equity method:


	For the Years Ended December 31,
	2019		2020		2021
Revenue(1)	$	2,760.9	$	2,659.7	$	3,228.1
Net income(1)	1,061.3		1,061.8		1,656.6


	December 31,
	2020		2021
Assets	$	2,958.9	$	3,607.7

Liabilities and Non-controlling interests	1,245.5		1,422.7

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(1)Revenue and net income include asset- and performance-based fees, the impact of consolidated sponsored investment products and investments in new Affiliates for the full-year, regardless of the date of the Company’s investment.