v3.25.2
Fair Value Measurement of Investments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Measurements
The tables below present information about items that are measured at fair value:

 Fair Value as ofLevel within the Fair Value Hierarchy as of June 30, 2025
(in millions)June 30, 2025Level 1Level 2Level 3
Cash equivalents$70.6 $70.6 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds32.9 32.9 — — 
Marketable debt securities1.4 1.4 — — 
Investments in unconsolidated entities:
Non-current investment in Wealth Advisors27.3 27.3 — — 
Total$132.2 $132.2 $— $— 

 Fair Value as ofLevel within the Fair Value Hierarchy as of December 31, 2024
(in millions)December 31, 2024Level 1Level 2Level 3
Cash equivalents$43.5 $43.5 $— $— 
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds42.3 42.3 — — 
Marketable debt securities2.4 2.4 — — 
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions24.7 — — 24.7 
Non-current investment in Wealth Advisors24.9 24.9 — — 
Total$137.8 $113.1 $— $24.7 
In 2024, our investment in SmartX Advisory Solutions was measured at fair value on a nonrecurring basis due to the identification of an impairment trigger, leading to $12.4 million of impairment losses. The fair value was estimated using an income approach with significant, unobservable inputs, which include the extent and timing of future cash flows, revenue growth rates, and discount rates.