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Equity Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
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:
(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 |
Summary of Investments in Marketable Equity Securities | 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 |
Summary of Changes in Carrying Amounts of Non-Marketable Equity Securities | 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 |
Summary of Cumulative Gross Unrealized Gains and Cumulative Gross Unrealized Losses and Impairments | 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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