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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:

				Fair Value Measurements
		December 31, 2023
				Level 1		Level 2		Level 3
Financial Assets
Investments in equity securities(1) . . . . . . . . . . . . . . . . . . . .		$37.9		$37.9		$—		$—
Investments in debt securities(1) . . . . . . . . . . . . . . . . . . . . . .		423.1		—		423.1		—
Financial Liabilities(2)
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .		$14.7		$—		$—		$14.7
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .		53.9		—		—		53.9

				Fair Value Measurements
		December 31, 2024
				Level 1		Level 2		Level 3
Financial Assets
Investments in equity securities(1) . . . . . . . . . . . . . . . . . . . .		$32.3		$32.3		$—		$—
Investments in debt securities(1) . . . . . . . . . . . . . . . . . . . . . .		24.3		—		24.3		—
Financial Liabilities(2)
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .		$5.7		$—		$—		$5.7
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .		54.8		—		—		54.8

___________________________

(1)Amounts are recorded in Investments.

(2)Amounts are recorded in Other liabilities.

Schedule of Changes in Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:

		For the Years Ended December 31,
		2023				2024
		Contingent Payment Obligations		Affiliate Equity Purchase Obligations		Contingent Payment Obligations		Affiliate Equity Purchase Obligations
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . .		$21.0		$24.5		$14.7		$53.9
Purchases and issuances(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . .		—		113.7		—		110.0
Settlements and reductions . . . . . . . . . . . . . . . . . . . . . . . . . . .		—		(75.4)		—		(108.7)
Net realized and unrealized gains(2) . . . . . . . . . . . . . . . . . . . .		(6.3)		(8.9)		(9.0)		(0.4)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$14.7		$53.9		$5.7		$54.8
Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) . . . . . . . . . . . . .		$(6.3)		$(4.0)		$(9.0)		$0.1

___________________________

(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of

these obligations is included in Interest expense.

Schedule of Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the

Company’s recurring Level 3 fair value measurements:

		Quantitative Information About Level 3 Fair Value Measurements
						December 31, 2023						December 31, 2024
		Valuation Techniques		Unobservable Input		Fair Value		Range		Weighted Average(1)		Fair Value		Range		Weighted Average(1)
Contingent payment obligations . . . . . . . . .		Monte Carlo simulation		Volatility		$14.7		19% - 25%		21%		$5.7		18%		18%
				Discount rates				6%		6%				4%		4%
Affiliate equity purchase obligations . .		Discounted cash flow		Growth rates(2)		$53.9		(6)% - 7%		1%		$54.8		(4)% - 9%		1%
				Discount rates				14% - 17%		14%				12% - 19%		14%

___________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset- and performance-based fees.

Schedule of Financial Liabilities not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:

		December 31, 2023				December 31, 2024
		Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . .		$1,099.4		$1,049.8		$1,097.4		$1,062.9		Level 2
Junior subordinated notes . . . . . . . . . . . . . . .		765.9		612.0		1,216.0		1,035.6		Level 2
Junior convertible securities . . . . . . . . . . . . .		341.7		340.9		341.7		372.2		Level 2

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Summary of Other Financial Liabilities Not Carried at Fair Value [Table Text Block]

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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