Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments are as follows (in millions):

	March 31,		December 31,
	2023		2022
Non-marketable equity securities	$	124.0	$	124.0
Seed capital investments		31.3		30.6
Marketable equity securities		24.4		24.3
Partnership interests in private equity funds		13.2		15.0
Total investments	$	192.9	$	193.9

Schedule of Realized and Unrealized Gains and Losses on Investments

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

	Three Months Ended March 31,
	2023		2022
Unrealized gains (losses) on equity securities held as of the end of the period	$	2.3	$	(3.9	)
Realized losses for equity securities sold during the period		—		(0.1	)
Total gains (losses) recognized in other income, net	$	2.3	$	(4.0	)

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, 2023			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)	$	293.5		$	293.5		$	—	$	—
Seed capital investments (2)		31.3			31.3			—		—
Marketable equity securities (2)		24.4			24.4			—		—
Deferred compensation liabilities (3)		(13.0	)		(13.0	)		—		—
Total	$	336.2		$	336.2		$	—	$	—

				Fair Value Measurements at Reporting Date Using
	December 31, 2022			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)	$	674.5		$	674.5		$	—	$	—
Seed capital investments (2)		30.6			30.6			—		—
Marketable equity securities (2)		24.3			24.3			—		—
Deferred compensation liabilities (3)		(13.6	)		(13.6	)		—		—
Total	$	715.8		$	715.8		$	—	$	—