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Other Investments | 6 Months Ended
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Jun. 30, 2023
Investments, All Other Investments [Abstract] |
Other Investments | Other Investments Other investments consists primarily of investments in funds advised by the Company’s Affiliates that are carried at net asset value (“NAV”) as a practical expedient and other investments without readily determinable fair values. Any gain or loss related to these investments is recorded in Investment and other income on the Consolidated Statements of Income. Investments Measured at NAV as a Practical Expedient The Company’s Affiliates sponsor funds in which the Company and its Affiliates may make general partner and seed capital investments. These funds operate in partnership form and apply the specialized fair value accounting for investment companies. The Company accounts for its interests in these funds using the equity method of accounting and is required to retain the specialized fair value accounting of the investment companies. Because the funds’ investments do not have readily determinable fair values, the Company uses the NAV of these investments as a practical expedient for their fair values. The following table summarizes the fair values of these investments and any related unfunded commitments:
| December 31, 2022 |  | June 30, 2023
| Fair Value |  | Unfunded Commitments |  | Fair Value |  | Unfunded Commitments
Private equity funds(1) | $ | 356.4 |  |  | $ | 158.3 |  |  | $ | 378.5 |  |  | $ | 154.3 |
Investments in other strategies(2) | 14.8 |  |  | — |  |  | 28.1 |  |  | — |
Total(3) | $ | 371.2 |  |  | $ | 158.3 |  |  | $ | 406.6 |  |  | $ | 154.3 |
___________________________ (1)The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current period calls and distributions). These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years. (2)These are multi-disciplinary funds that invest across various asset classes and strategies, including equity, credit, and real estate. Investments are generally redeemable on a daily, monthly, or quarterly basis. (3)Fair value attributable to the controlling interest was $275.1 million and $295.7 million as of December 31, 2022 and June 30, 2023, respectively. Investments Without Readily Determinable Fair Values The Company made an investment in a private corporation where it does not exercise significant influence. Because this investment does not have a readily determinable fair value, the Company has elected to measure this investment at its cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments in the private corporation. The following table summarizes the cost, cumulative unrealized gains, and carrying amount of investments without readily determinable fair values:
|  |  |  |  | December 31, 2022 |  | June 30, 2023
Cost |  |  |  |  | $ | 8.5 |  |  | $ | 8.5 |
Cumulative unrealized gains |  |  |  |  | 41.9 |  |  | 41.9 |
Carrying amount |  |  |  |  | $ | 50.4 |  |  | $ | 50.4 |
For the three and six months ended June 30, 2023, the Company recorded no gains or losses on the underlying investment. The following table presents the changes in Other investments:
|  | For the Three Months Ended June 30,
|  | 2022 |  | 2023
|  | Measured at NAV as a Practical Expedient |  | Without Readily Determinable Fair Values |  | Total |  | Measured at NAV as a Practical Expedient |  | Without Readily Determinable Fair Values |  | Total
Balance, beginning of period |  | $ | 343.7 |  |  | $ | 50.4 |  |  | $ | 394.1 |  |  | $ | 375.6 |  |  | $ | 50.4 |  |  | $ | 426.0 |
Purchases and commitments |  | 12.1 |  |  | — |  |  | 12.1 |  |  | 36.2 |  |  | — |  |  | 36.2 |
Sales and distributions |  | (7.8) |  |  | — |  |  | (7.8) |  |  | (17.4) |  |  | — |  |  | (17.4) |
Net realized and unrealized (losses) gains |  | (13.7) |  |  | — |  |  | (13.7) |  |  | $ | 12.2 |  |  | $ | — |  |  | $ | 12.2 |
Balance, end of period |  | $ | 334.3 |  |  | $ | 50.4 |  |  | $ | 384.7 |  |  | $ | 406.6 |  |  | $ | 50.4 |  |  | $ | 457.0 |
|  | For the Six Months Ended June 30,
|  | 2022 |  | 2023
|  | Measured at NAV as a Practical Expedient |  | Without Readily Determinable Fair Values |  | Total |  | Measured at NAV as a Practical Expedient |  | Without Readily Determinable Fair Values |  | Total
Balance, beginning of period |  | $ | 324.8 |  |  | $ | 50.4 |  |  | $ | 375.2 |  |  | $ | 371.2 |  |  | $ | 50.4 |  |  | $ | 421.6 |
Purchases and commitments |  | 27.1 |  |  | — |  |  | 27.1 |  |  | 46.0 |  |  | — |  |  | 46.0 |
Sales and distributions |  | (19.3) |  |  | — |  |  | (19.3) |  |  | (28.9) |  |  | — |  |  | (28.9) |
Net realized and unrealized gains |  | 1.7 |  |  | — |  |  | 1.7 |  |  | $ | 18.3 |  |  | $ | — |  |  | $ | 18.3 |
Balance, end of period |  | $ | 334.3 |  |  | $ | 50.4 |  |  | $ | 384.7 |  |  | $ | 406.6 |  |  | $ | 50.4 |  |  | $ | 457.0 |

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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- References No definition available. + Details
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