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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flow from (used in) operating activities:    
Net income $ 519.5 $ 661.9
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 21.8 37.5
Depreciation and other amortization 9.4 10.0
Deferred income tax expense 59.5 13.0
Equity method income (net) (188.3) (154.3)
Affiliate Transaction gain 0.0 (133.1)
Distributions received from equity method investments 357.3 421.7
Share-based compensation and Affiliate equity compensation expense 88.6 83.4
Net realized and unrealized gains on investment securities (30.7) (68.7)
Other non-cash items (3.8) (3.7)
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate sponsored investment products (61.8) (32.6)
Sales of securities by consolidated Affiliate sponsored investment products 48.1 38.9
Increase in receivables (76.5) (116.4)
Decrease in other assets 13.8 23.3
Decrease in payables, accrued liabilities, and other liabilities (37.3) (161.5)
Cash flow from operating activities 719.6 619.4
Cash flow from (used in) investing activities:    
Investments in Affiliates, net of cash acquired (5.9) (93.8)
Proceeds from Affiliate Transaction 0.0 294.0
Purchase of fixed assets (2.3) (6.6)
Purchase of investment securities (496.4) (477.6)
Maturities and sales of investment securities 875.2 761.9
Cash flow from investing activities 370.6 477.9
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt, senior notes, and junior subordinated notes 847.6 25.0
Repayments of senior bank debt and senior notes (750.0) (25.0)
Repurchases of common stock (net) (589.5) (213.6)
Dividends paid on common stock (1.0) (1.2)
Distributions to non-controlling interests (206.5) (216.4)
Affiliate equity purchases (net) (54.1) (28.3)
Redemptions of consolidated Affiliate sponsored investment products (net) (6.3) (9.7)
Other financing items (144.3) (54.8)
Cash flow used in financing activities (904.1) (524.0)
Effect of foreign currency exchange rate changes on cash and cash equivalents 5.7 (0.2)
Net increase in cash and cash equivalents 191.8 573.1
Cash and cash equivalents at beginning of period 813.6 429.2
Effect of (deconsolidation) consolidation of Affiliates and Affiliate sponsored investment products 5.3 (3.1)
Cash and cash equivalents at end of period $ 1,010.7 $ 999.2