Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments are as follows (in millions):


		March 31,				December 31,
		2025				2024
Non-marketable equity securities		$	124.1			$	124.1
Seed capital investments			23.0				23.1
Marketable equity securities			18.5				21.6
Partnership interests in private equity funds			8.4				8.6
Total investments		$	174.0			$	177.4

Schedule of Realized and Unrealized Gains and Losses on Investments

nrealized gains and losses for our equity securities are as follows (in millions):


		Three Months Ended March 31,
		2025				2024
Unrealized (losses) gains on equity securities held as of the end of the period		$	(1.8	)		$	0.9

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis (in millions):


						Fair Value Measurements at Reporting Date Using
		March 31, 2025				Quoted prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Money market funds (1)		$	3,839.8			$	3,839.8			$	—			$	—
Seed capital investments (2)			23.0				23.0				—				—
Marketable equity securities (2)			18.5				18.5				—				—
Deferred compensation liabilities (3)			(9.0	)			(9.0	)			—				—
Total		$	3,872.3			$	3,872.3			$	—			$	—


						Fair Value Measurements at Reporting Date Using
		December 31, 2024				Quoted prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Money market funds (1)		$	2,637.5			$	2,637.5			$	—			$	—
Seed capital investments (2)			23.1				23.1				—				—
Marketable equity securities (2)			21.6				21.6				—				—
Deferred compensation liabilities (3)			(11.5	)			(11.5	)			—				—
Total		$	2,670.7			$	2,670.7			$	—			$	—