v3.26.1
FAIR VALUE OF ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF ASSETS AND LIABILITIES FAIR VALUE OF ASSETS AND LIABILITIES
The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP is presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

(in millions)June 30, 2026December 31, 2025
Cash and cash equivalents$915.4 $1,037.5 
Equity investments388.5 414.4 
Total return swap related to deferred compensation plans52.5 7.8 
The following table presents, by hierarchy levels, the carrying value of the company’s assets and liabilities, including by major security type for equity investments, which are measured at fair value on the company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively:

June 30, 2026
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds (1)
$361.3 $361.3 $— $— 
Investments: (2)
Equity investments:
Seed capital187.4 187.4 — — 
Investments related to deferred compensation plans136.7 136.7 — — 
Other equity securities64.4 64.4 — — 
Total return swap related to deferred compensation plans52.5 — 52.5 — 
Total$802.3 $749.8 $52.5 $— 

December 31, 2025
(in millions)Fair Value MeasurementsQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Cash equivalents:
Money market funds (1)
$477.9 $477.9 $— $— 
Investments (2):
Equity investments:
Seed capital286.2 139.8 146.4 — 
Investments related to deferred compensation plans128.2 128.2 — — 
Total return swap related to deferred compensation plans7.8 — 7.8 — 
Total$900.1 $745.9 $154.2 $— 
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(1)    The balance primarily represents cash held in affiliated money market funds.
(2)    Equity method and other investments of $1,054.6 million and $11.5 million, respectively, are excluded from this table (December 31, 2025: $937.1 million and $29.6 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards.

Total Return Swap (TRS)

In addition to holding equity investments, the company has a TRS to hedge economically certain deferred compensation liabilities. The notional value of the TRS at June 30, 2026 was $554.7 million, and the fair value of the TRS was an asset of $52.5 million (December 31, 2025 notional value was $553.0 million and the fair value was an asset of $7.8 million). The company’s collateral position related to the TRS was $50.4 million at June 30, 2026. During the three and six months ended June 30, 2026, market valuation gains related to the TRS were $60.8 million and $51.2 million, respectively (three and six months ended June 30, 2025: net gains of $38.7 million and $25.3 million, respectively).
The fair value of the TRS was determined under the market approach using quoted prices of the underlying investments and, as such, is classified as level 2 of the valuation hierarchy. The TRS is not designated as a hedging instrument for accounting purposes.