Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments Debt And Equity Securities [Abstract]

Summary of Investments

Investments are as follows (in millions):

	March 31,		December 31,
	2020		2019
Partnership interests in private equity funds	$	61.2	$	76.7
Marketable equity securities		29.8		37.9
Non-marketable equity securities		84.5		45.5
Total investments	$	175.5	$	160.1

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,
	2020			2019
Unrealized (losses) gains on equity securities held as of the end of the period	$	(11.1	)	$	7.3
Realized gains (losses) for equity securities sold during the period		1.4			(0.2	)
Total (losses) gains recognized in other (expense) income, net	$	(9.7	)	$	7.1

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, 2020			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)	$	658.0		$	658.0		$	—	$	—
Marketable equity securities (2)		29.8			29.8			—		—
Deferred compensation liabilities (3)		(14.1	)		(14.1	)		—		—
Total	$	673.7		$	673.7		$	—	$	—

_____________________________________________________

(1) Included in Cash and cash equivalents and Funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet.

(2) Included in Investments on the Condensed Consolidated Balance Sheet.

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

				Fair Value Measurements at Reporting Date Using
	December 31, 2019			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)	$	1,051.1		$	1,051.1		$	—	$	—
Marketable equity securities (2)		37.9			37.9			—		—
Deferred compensation liabilities (3)		(20.8	)		(20.8	)		—		—
Total	$	1,068.2		$	1,068.2		$	—	$	—

_____________________________________________________

(1) Included in Cash and cash equivalents and Funds receivable and funds held on behalf of clients on the Condensed Consolidated Balance Sheet.

(2) Included in Investments on the Condensed Consolidated Balance Sheet.

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