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Equity Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of Investments in Equity Securities, by Accounting Classification | Investments in equity securities, by accounting classification, are summarized as follows:
|  | December 31, |
(in millions) |  | 2023 |  |  | 2022 |
Marketable equity securities |  | $ | 436.9 |  |  | $ | 279.5 |
Non-marketable equity securities |  |  | 224.1 |  |  |  | 395.8 |
Equity method investments |  |  | 74.6 |  |  |  | 78.9 |
|  | $ | 735.6 |  |  | $ | 754.2 |
Summary of Investments in Marketable Equity Securities | Investments in marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized losses |  |  | Estimated fair value |
December 31, 2023 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 429.4 |  |  | $ | (4.9 | ) |  | $ | 424.5 |
Preferred stocks |  |  | 15.7 |  |  |  | (3.3 | ) |  |  | 12.4 |
|  | $ | 445.1 |  |  | $ | (8.2 | ) |  | $ | 436.9 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 323.7 |  |  | $ | (55.6 | ) |  | $ | 268.1 |
Preferred stocks |  |  | 15.3 |  |  |  | (3.9 | ) |  |  | 11.4 |
|  | $ | 339.0 |  |  | $ | (59.5 | ) |  | $ | 279.5 |
Summary of Changes in Carrying Amount of Non-Marketable Equity Securities | A summary of the changes in the carrying amount of non-marketable equity securities for the years ended December 31, 2023 and 2022, is as follows:
|  | Year ended December 31, |
(in millions) |  | 2023 |  |  | 2022 |
Carrying amount, beginning of period |  | $ | 395.8 |  |  | $ | 441.3 |
Net (sales) additions |  |  | (4.0 | ) |  |  | 91.8 |
Gross unrealized gains |  |  | 1.5 |  |  |  | 16.1 |
Gross unrealized losses and impairments |  |  | (169.2 | ) |  |  | (153.4 | )
Carrying amount, end of period |  | $ | 224.1 |  |  | $ | 395.8 |

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- Definition Tabular disclosure of investment in equity security without readily determinable fair value. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-3 + Details
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