v3.26.3
FAIR VALUE OF ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value by Balance Sheet Grouping
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)September 30, 2026December 31, 2025
Cash and cash equivalents$965.5 $1,037.5 
Equity investments303.8 414.4 
Total return swap related to deferred compensation plans(20.5)7.8 
Tri-Level Hierarchy, Carrying Value
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 September 30, 2026 and December 31, 2025, respectively:

September 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)
$404.4 $404.4 $— $— 
Investments: (2)
Equity investments:
Seed capital132.0 132.0 — — 
Investments related to deferred compensation plans135.1 135.1 — — 
Other equity securities36.7 36.7 — — 
Total$708.2 $708.2 $— $— 
Liabilities:
Total return swap related to deferred compensation plans$(20.5)$— $(20.5)$— 
Total$(20.5)$— $(20.5)$— 

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 $— 
___________
(1)    The balance primarily represents cash held in affiliated money market funds.
(2)    Equity method and other investments of $1,049.7 million and $12.6 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.