Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2022		2023
Goodwill	$	1,262.4	$	1,323.3
Definite-lived acquired client relationships (net)	479.4		652.5
Indefinite-lived acquired client relationships (net)	119.0		122.6
Undistributed earnings and tangible capital	278.7		190.1
Equity method investments in Affiliates (net)	$	2,139.5	$	2,288.5

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


	Equity Method Investments in Affiliates (Net)
	2022		2023
Balance, beginning of period	$	2,134.4	$	2,139.5
Investments in Affiliates	326.1		349.8
BPEA Transaction(1)	(150.6)		—
Earnings	497.2		375.6
Intangible amortization and impairments	(159.1)		(95.6)
Distributions of earnings	(394.7)		(492.1)
Return of capital	(0.8)		(0.2)
Foreign currency translation	(68.5)		29.3

Other	(44.5)		(17.8)
Balance, end of period	$	2,139.5	$	2,288.5

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(1)Represents the Company’s equity method investment in BPEA as of the closing date.

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


	For the Years Ended December 31,
	2021		2022		2023
Revenue(1)	$	3,228.1	$	3,239.5	$	3,115.6
Net income(1)	1,656.6		1,358.7		1,313.0


	December 31,
	2022		2023
Assets	$	2,816.7	$	3,269.1

Liabilities and Non-controlling interests	1,221.4		1,467.3

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