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Equity Securities | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Equity Securities | Note 4 – Equity Securities Investments in equity securities, by accounting classification, are summarized as follows:
(in millions) |  | March 31, 2024 |  |  | December 31, 2023 |
Marketable equity securities |  | $ | 415.0 |  |  | $ | 436.9 |
Non-marketable equity securities |  |  | 226.1 |  |  |  | 224.1 |
Equity method investments |  |  | 91.9 |  |  |  | 74.6 |
|  | $ | 733.0 |  |  | $ | 735.6 |
Investments in marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized losses |  |  | Estimated fair value |
March 31, 2024 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 409.8 |  |  | $ | (8.8 | ) |  | $ | 401.0 |
Preferred stocks |  |  | 15.3 |  |  |  | (1.3 | ) |  |  | 14.0 |
|  | $ | 425.1 |  |  | $ | (10.1 | ) |  | $ | 415.0 |
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 |
Net gains of $10.9 million and $12.4 million resulting from changes in the fair values of marketable equity securities were recognized for the three months ended March 31, 2024 and 2023, respectively, which included net unrealized gains of $10.5 million and $11.7 million on securities still held at March 31, 2024 and 2023, respectively. Included in net gains for the three months ended March 31, 2024 were unrealized losses of $11.0 million related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. A summary of the changes in the carrying amounts of non-marketable equity securities, which primarily relate to the Company's venture investment portfolio, for the three months ended March 31, 2024 and 2023, is as follows:
|  | Three Months Ended March 31, |
(in millions) |  | 2024 |  |  | 2023 |
Carrying amount, beginning of period |  | $ | 224.1 |  |  | $ | 395.8 |
Net additions |  |  | 1.8 |  |  |  | 6.1 |
Gross unrealized gains |  |  | 0.2 |  |  |  | — |
Gross unrealized losses and impairments |  |  | — |  |  |  | (17.2 | )
Carrying amount, end of period |  | $ | 226.1 |  |  | $ | 384.7 |
Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at March 31, 2024 and December 31, 2023, are as follows:
(in millions) |  | March 31, 2024 |  |  | December 31, 2023 |
Cumulative gross unrealized gains |  | $ | 243.5 |  |  | $ | 243.3 |
Cumulative gross unrealized losses and impairments |  | $ | 322.4 |  |  | $ | 322.4 |

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