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Equity Securities (Tables)
9 Months Ended
Sep. 30, 2025
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,
2025

 

 

December 31,
2024

 

Marketable equity securities

 

$

407.2

 

 

$

386.8

 

Non-marketable equity securities

 

 

231.4

 

 

 

202.4

 

Equity method investments

 

 

103.8

 

 

 

102.1

 

 

$

742.4

 

 

$

691.3

 

Summary of Investments in Marketable Equity Securities

Investments in marketable equity securities are summarized as follows:

 

(in millions)

 

Cost

 

 

Unrealized gains
(losses)

 

 

Estimated
fair value

 

September 30, 2025

 

 

 

 

 

 

 

 

 

Common stocks

 

$

379.3

 

 

$

17.5

 

 

$

396.8

 

Preferred stocks

 

 

9.7

 

 

 

0.7

 

 

 

10.4

 

 

$

389.0

 

 

$

18.2

 

 

$

407.2

 

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

 

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, 2025 and 2024, is as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

(in millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Carrying amount, beginning of period

 

$

218.3

 

 

$

225.8

 

 

$

202.4

 

 

$

224.1

 

Net additions

 

 

16.0

 

 

 

2.4

 

 

 

31.2

 

 

 

5.5

 

Gross unrealized gains

 

 

1.0

 

 

 

0.1

 

 

 

2.5

 

 

 

1.5

 

Gross unrealized losses and impairments

 

 

(3.9

)

 

 

(9.2

)

 

 

(4.7

)

 

 

(12.0

)

Carrying amount, end of period

 

$

231.4

 

 

$

219.1

 

 

$

231.4

 

 

$

219.1

 

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, 2025 and December 31, 2024, are summarized as follows:

(in millions)

 

September 30,
2025

 

 

December 31,
2024

 

Cumulative gross unrealized gains

 

$

247.3

 

 

$

244.8

 

Cumulative gross unrealized losses and impairments

 

$

356.3

 

 

$

351.6