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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flow from (used in) operating activities:    
Net income $ 188.5 $ 218.7
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 12.5 12.6
Depreciation and other amortization 3.7 3.4
Deferred income tax expense 11.3 20.2
Equity method income (net) (58.6) (48.6)
Distributions of earnings received from equity method investments 305.5 173.1
Share-based compensation and Affiliate equity expense 25.3 30.9
Net realized and unrealized gains on investment securities (32.9) (12.9)
Other non-cash items 8.0 (0.4)
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (9.8) (11.8)
Sales of securities by consolidated Affiliate sponsored investment products 12.4 10.3
Increase in receivables (92.2) (52.2)
(Increase) decrease in other assets 2.9 (1.8)
Decrease in payables, accrued liabilities, and other liabilities (141.8) (196.5)
Cash flow from operating activities 234.8 145.0
Cash flow from (used in) investing activities:    
Investments in Affiliates, net of cash acquired 0.0 (147.8)
Purchase of fixed assets (1.9) (3.7)
Purchase of investment securities (109.8) (15.4)
Maturities and sales of investment securities 399.7 9.5
Cash flow from (used in) investing activities 288.0 (157.4)
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt 25.0 0.0
Repayments of senior bank debt and junior convertible securities (25.0) (16.5)
Repurchases of common stock (net) 0.0 (201.3)
Dividends paid on common stock (0.4) (0.4)
Distributions to non-controlling interests (79.5) (122.5)
Affiliate equity issuances (net) 7.3 6.3
Subscriptions (redemptions) to consolidated Affiliate sponsored investment products, net (2.7) 4.4
Other financing items (41.6) (58.9)
Cash flow used in financing activities (116.9) (388.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents 2.6 (6.2)
Net (decrease) increase in cash and cash equivalents 408.5 (407.5)
Cash and cash equivalents at beginning of period 429.2 908.5
Effect of deconsolidation of Affiliates (4.9) 0.0
Cash and cash equivalents at end of period $ 832.8 $ 501.0