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Equity Securities | 9 Months Ended
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Sep. 30, 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) |  | September 30, 2024 |  |  | December 31, 2023 |
Marketable equity securities |  | $ | 404.8 |  |  | $ | 436.9 |
Non-marketable equity securities |  |  | 219.1 |  |  |  | 224.1 |
Equity method investments |  |  | 101.1 |  |  |  | 74.6 |
|  | $ | 725.0 |  |  | $ | 735.6 |
Investments in marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized losses |  |  | Estimated fair value |
September 30, 2024 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 400.3 |  |  | $ | (8.1 | ) |  | $ | 392.2 |
Preferred stocks |  |  | 12.8 |  |  |  | (0.2 | ) |  |  | 12.6 |
|  | $ | 413.1 |  |  | $ | (8.3 | ) |  | $ | 404.8 |
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 $19.5 million and $18.2 million resulting from changes in the fair values of marketable equity securities were recognized for the three and nine months ended September 30, 2024, respectively, which included net unrealized gains of $17.6 million and $14.9 million on securities still held at September 30, 2024, respectively. Included in net gains during the three and nine months ended September 30, 2024, were unrealized losses of $1.8 million and $31.7 million, respectively, related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. Net losses of $29.4 million and net gains of $20.5 million resulting from changes in the fair values of marketable equity securities were recognized for the three and nine months ended September 30, 2023, respectively, which included net unrealized losses of $32.2 million and net unrealized gains of $19.0 million on securities still held at September 30, 2023, respectively. Included in net losses/gains during the three and nine months ended September 30, 2023, were unrealized losses of $16.4 million and unrealized gains of $10.2 million, respectively, related to the Company's investment in Offerpad. 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 and nine months ended September 30, 2024 and 2023, is as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in millions) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Carrying amount, beginning of period |  | $ | 225.8 |  |  | $ | 362.9 |  |  | $ | 224.1 |  |  | $ | 395.8 |
Net additions (disposals) |  |  | 2.4 |  |  |  | (6.0 | ) |  |  | 5.5 |  |  |  | 0.8 |
Gross unrealized gains |  |  | 0.1 |  |  |  | — |  |  |  | 1.5 |  |  |  | — |
Gross unrealized losses and impairments |  |  | (9.2 | ) |  |  | (130.2 | ) |  |  | (12.0 | ) |  |  | (169.9 | )
Carrying amount, end of period |  | $ | 219.1 |  |  | $ | 226.7 |  |  | $ | 219.1 |  |  | $ | 226.7 |
Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at September 30, 2024 and December 31, 2023, are summarized as follows:
(in millions) |  | September 30, 2024 |  |  | December 31, 2023 |
Cumulative gross unrealized gains |  | $ | 244.8 |  |  | $ | 243.3 |
Cumulative gross unrealized losses and impairments |  | $ | 334.4 |  |  | $ | 322.4 |

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