v3.26.1
Equity Securities (Tables)
6 Months Ended
Jun. 30, 2026
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)

 

June 30,
2026

 

 

December 31,
2025

 

Marketable equity securities

 

$

494.5

 

 

$

477.6

 

Non-marketable equity securities

 

 

214.4

 

 

 

253.1

 

Equity method investments

 

 

146.8

 

 

 

118.4

 

 

$

855.7

 

 

$

849.1

 

Summary of Investments in Marketable Equity Securities

Investments in marketable equity securities are summarized as follows:

 

(in millions)

 

Cost

 

 

Unrealized gains

 

 

Estimated
fair value

 

June 30, 2026

 

 

 

 

 

 

 

 

 

Common stocks

 

$

447.7

 

 

$

37.0

 

 

$

484.7

 

Preferred stocks

 

 

8.6

 

 

 

1.2

 

 

 

9.8

 

 

$

456.3

 

 

$

38.2

 

 

$

494.5

 

December 31, 2025

 

 

 

 

 

 

 

 

 

Common stocks

 

$

457.9

 

 

$

9.8

 

 

$

467.7

 

Preferred stocks

 

 

9.0

 

 

 

0.9

 

 

 

9.9

 

 

$

466.9

 

 

$

10.7

 

 

$

477.6

 

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 six months ended June 30, 2026 and 2025, is as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in millions)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Carrying amount, beginning of period

 

$

257.6

 

 

$

216.6

 

 

$

253.1

 

 

$

202.4

 

Net additions (transfers)

 

 

(0.6

)

 

 

0.2

 

 

 

4.4

 

 

 

15.2

 

Gross unrealized gains

 

 

0.4

 

 

 

1.5

 

 

 

0.4

 

 

 

1.5

 

Gross unrealized losses and impairments

 

 

(43.0

)

 

 

 

 

 

(43.5

)

 

 

(0.8

)

Carrying amount, end of period

 

$

214.4

 

 

$

218.3

 

 

$

214.4

 

 

$

218.3

 

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 June 30, 2026 and December 31, 2025, are summarized as follows:

(in millions)

 

June 30,
2026

 

 

December 31,
2025

 

Cumulative gross unrealized gains

 

$

280.5

 

 

$

280.1

 

Cumulative gross unrealized losses and impairments

 

$

404.3

 

 

$

360.8