Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Note 7—Unconsolidated Affiliates

Investments in unconsolidated affiliates are as follows (in millions):


		December 31, 2023				December 31, 2022
	Ownership Percentage	Carrying Value		Excess carrying value of investment over proportionate share of net assets		Carrying Value		Excess carrying value of investment over proportionate share of net assets
Orbit Private Investments L.P.	9.8%	$	211.6	$	—	$	115.3	$	—
International Financial Data Services L.P.	50.0%		68.3		31.4		85.1		34.8
Broadway Square Partners, LLP	50.0%		53.4		29.5		53.8		30.3
Pershing Road Development Company, LLC	50.0%		10.0		55.4		10.6		57.9
Other unconsolidated affiliates			1.9		—		2.1		—
Total		$	345.2	$	116.3	$	266.9	$	123.0

Investments in unconsolidated affiliates are accounted for under the equity method of accounting. The total investment in unconsolidated affiliates, including basis differences, is included in unconsolidated affiliates on the Consolidated Balance Sheets. We record our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in equity in earnings of unconsolidated affiliates, net on the Consolidated Statements of Comprehensive Income.

Equity in earnings of unconsolidated affiliates is as follows (in millions):


	Year Ended December 31,
	2023			2022			2021
Orbit Private Investments L.P.	$	96.3		$	29.3		$	—
International Financial Data Services L.P.		3.8			0.3			1.6
Pershing Road Development Company, LLC		(0.6	)		(5.4	)		(1.1	)
Broadway Square Partners, LLP		(0.4	)		1.7			1.8
Other unconsolidated affiliates		0.9			(0.1	)		23.1
Total	$	100.0		$	25.8		$	25.4

We have a 9.8% ownership interest in Orbit Private Investments L.P. (“Orbit Private Investments”), which is a provider of shareholder and pension technology. International Financial Data Services L.P. (“IFDS L.P.”) is a 50% owned joint venture with State Street Corporation with operations in Canada, Ireland and Luxembourg. Pershing Road Development Company, LLC (“PRDC LLC”) is a 50% owned special-purpose entity formed to develop and lease office space to the U.S. government. Broadway Square Partners, LLP (“Broadway Square Partners”) is a 50% owned real estate joint venture formed to purchase, finance and engage in leasing activities with us and unrelated third parties. The difference between the amount at which each of IFDS L.P., PRDC LLC and Broadway Square Partners is carried and the amount of underlying equity in net assets, will be amortized as a component of equity in earnings of unconsolidated affiliates over approximately 15 years, 28 years and 40 years, respectively.

Equity in earnings of other unconsolidated affiliates for the year ended December 31, 2021 includes a $23.4 million gain from the Kansas City Downtown Hotel Group, L.L.C unconsolidated affiliate as a result of a sale of its primary asset.

The following tables summarize related party transactions and balances outstanding with our related parties, which is primarily comprised of transactions with our unconsolidated affiliates (in millions):


	Year Ended December 31,
	2023		2022		2021
Operating revenues from related parties	$	60.5	$	65.2	$	71.7
Amounts paid to related parties (1)		46.3		46.5		50.5
Distributions received from related parties		22.6		68.7		30.1


	December 31,
	2023		2022
Outstanding advances/loans to related parties	$	1.9	$	1.9
Trade accounts receivable from related parties		11.4		11.7
Total amounts receivable from related parties	$	13.3	$	13.6

Amounts payable to related parties	$	2.7	$	1.3

(1)

Excludes amounts paid to our unconsolidated joint ventures related to loans, advancements and other capital investments.

Operating revenues from related parties were primarily generated from services provided for the use of our proprietary software and software development services. Payments to our related parties include transfer agency subcontracting services performed by IFDS L.P. and payments to other unconsolidated real estate joint ventures for rent and other facility costs.

For the year ended December 31, 2023, distributions received include $22.5 million return on investment related to our investments in IFDS L.P. and the Kansas City Downtown Hotel Group, L.L.C. During the year ended December 31, 2022, we received a distribution of $64.5 million from our unconsolidated affiliate, Pershing Road Development Company, LLC (“PRDC”), which reduced our investment in the affiliate. For the year ended December 31, 2021, distributions received include $10.0 million return on investment and $20.0 million return of investment related to our investments in IFDS L.P. and the Kansas City Downtown Hotel Group, L.L.C., respectively.