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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flow from (used in) operating activities:    
Net income $ 198.7 $ 188.5
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 7.3 12.5
Depreciation and other amortization 3.0 3.7
Deferred income tax expense 23.5 11.3
Equity method income (net) (117.5) (58.6)
Distributions received from equity method investments 211.5 305.5
Share-based compensation and Affiliate equity compensation expense 38.8 25.3
Net realized and unrealized gains on investment securities (9.1) (32.9)
Other non-cash items (3.3) 8.0
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (12.7) (9.8)
Sales of securities by consolidated Affiliate sponsored investment products 21.5 12.4
Increase in receivables (159.5) (92.2)
Decrease in other assets 6.1 2.9
(Decrease) increase in payables, accrued liabilities, and other liabilities 0.9 (141.8)
Cash flow from operating activities 209.2 234.8
Cash flow from (used in) investing activities:    
Purchase of fixed assets (1.0) (1.9)
Purchase of investment securities (359.1) (109.8)
Maturities and sales of investment securities 434.6 399.7
Cash flow from investing activities 74.5 288.0
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt and junior subordinated notes 450.0 25.0
Repayments of senior bank debt and senior notes (450.0) (25.0)
Repurchases of common stock (net) (152.5) 0.0
Dividends paid on common stock (0.3) (0.4)
Distributions to non-controlling interests (81.8) (79.5)
Affiliate equity issuances (purchases) (net) (33.0) 7.3
Redemptions of consolidated Affiliate sponsored investment products (net) (8.6) (2.7)
Other financing items (26.1) (41.6)
Cash flow used in financing activities (302.3) (116.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents (1.6) 2.6
Net increase (decrease) in cash and cash equivalents (20.2) 408.5
Cash and cash equivalents at beginning of period 813.6 429.2
Effect of deconsolidation of Affiliates 0.0 (4.9)
Cash and cash equivalents at end of period $ 793.4 $ 832.8