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Equity Securities | 6 Months Ended
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Jun. 30, 2025
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) |  | June 30, 2025 |  |  | December 31, 2024 |
Marketable equity securities |  | $ | 396.0 |  |  | $ | 386.8 |
Non-marketable equity securities |  |  | 218.3 |  |  |  | 202.4 |
Equity method investments |  |  | 101.1 |  |  |  | 102.1 |
|  | $ | 715.4 |  |  | $ | 691.3 |
Investments in marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  | Unrealized (losses) gains |  |  | Estimated fair value |
June 30, 2025 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 393.7 |  |  | $ | (9.5 | ) |  | $ | 384.2 |
Preferred stocks |  |  | 11.4 |  |  |  | 0.4 |  |  |  | 11.8 |
|  | $ | 405.1 |  |  | $ | (9.1 | ) |  | $ | 396.0 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Common stocks |  | $ | 397.3 |  |  | $ | (22.6 | ) |  | $ | 374.7 |
Preferred stocks |  |  | 12.0 |  |  |  | 0.1 |  |  |  | 12.1 |
|  | $ | 409.3 |  |  | $ | (22.5 | ) |  | $ | 386.8 |
Net gains of $26.1 million and $19.1 million resulting from changes in the fair values of marketable equity securities were recognized for the three and six months ended June 30, 2025, respectively, which included net unrealized gains of $26.0 million and $19.3 million on securities still held at June 30, 2025, respectively. Net losses of $12.2 million and $1.3 million resulting from changes in the fair values of marketable equity securities were recognized for the three and six months ended June 30, 2024, respectively, which included net unrealized losses of $13.2 million and $2.7 million on securities still held at June 30, 2024, respectively. 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 six months ended June 30, 2025 and 2024, is as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Carrying amount, beginning of period |  | $ | 216.6 |  |  | $ | 226.1 |  |  | $ | 202.4 |  |  | $ | 224.1 |
Net additions |  |  | 0.2 |  |  |  | 1.3 |  |  |  | 15.2 |  |  |  | 3.1 |
Gross unrealized gains |  |  | 1.5 |  |  |  | 1.2 |  |  |  | 1.5 |  |  |  | 1.4 |
Gross unrealized losses and impairments |  |  | — |  |  |  | (2.8 | ) |  |  | (0.8 | ) |  |  | (2.8 | )
Carrying amount, end of period |  | $ | 218.3 |  |  | $ | 225.8 |  |  | $ | 218.3 |  |  | $ | 225.8 |
Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at June 30, 2025 and December 31, 2024, are summarized as follows:
(in millions) |  | June 30, 2025 |  |  | December 31, 2024 |
Cumulative gross unrealized gains |  | $ | 246.3 |  |  | $ | 244.8 |
Cumulative gross unrealized losses and impairments |  | $ | 352.4 |  |  | $ | 351.6 |

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