Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investments

Investments are as follows (in millions):

	December 31,
	2024		2023
Non-marketable equity securities	$	124.1	$	124.0
Seed capital investments		23.1		26.1
Marketable equity securities		21.6		23.1
Partnership interests in private equity funds		8.6		11.5
Total investments	$	177.4	$	184.7

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):

	Year Ended December 31,
	2024		2023		2022
Unrealized gains on equity securities held as of the end of the period	$	2.6	$	2.9	$	25.8
Realized gains (losses) for equity securities sold during the period		0.3		0.7		(1.1	)
Total gains recognized in other income, net	$	2.9	$	3.6	$	24.7

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
	December 31, 2024			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)	$	2,637.5		$	2,637.5		$	—	$	—
Seed capital investments (2)		23.1			23.1			—		—
Marketable equity securities (2)		21.6			21.6			—		—
Deferred compensation liabilities (3)		(11.5	)		(11.5	)		—		—
Total	$	2,670.7		$	2,670.7		$	—	$	—

				Fair Value Measurements at Reporting Date Using
	December 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)	$	2,212.6		$	2,212.6		$	—	$	—
Seed capital investments (2)		26.1			26.1			—		—
Marketable equity securities (2)		23.1			23.1			—		—
Deferred compensation liabilities (3)		(11.7	)		(11.7	)		—		—
Total	$	2,250.1		$	2,250.1		$	—	$	—

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(1)As of December 31, 2024, included $184.2 million of cash and cash equivalents, $2.5 million of restricted cash and cash equivalents and $2,450.8 million of funds receivable and funds held on behalf of clients on the Consolidated Balance Sheet. As of December 31, 2023, included $131.7 million of cash and cash equivalents, $1.8 million of restricted cash and cash equivalents and $2,079.1 million of funds receivable and funds held on behalf of clients on the Consolidated Balance Sheet.

(2)Included in investments on the Consolidated Balance Sheet.

(3)Included in other long-term liabilities on the Consolidated Balance Sheet.