FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value by Balance Sheet Grouping

The fair value of financial instruments are presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 19, "Consolidated Investment Products."

	December 31, 2023		December 31, 2022
(in millions)	Fair Value		Fair Value
Cash and cash equivalents	$	1,469.2	$	1,234.7
Equity investments	272.4		325.0
Foreign time deposits (1)	—		25.7
Assets held for policyholders	393.9		668.7
Policyholder payables (1)	(393.9)		(668.7)
Total return swap related to deferred compensation plans	4.9		(1.6)

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(1)These financial instruments are not measured at fair value on a recurring basis. Foreign time deposits are measured at cost plus accrued interest, which approximates fair value, and are accordingly classified as Level 2 securities. Policyholder payables are indexed to the value of the assets held for policyholders and changes in fair value are recorded and offset to zero in other operating revenues.

Tri-Level Hierarchy, Carrying Value

The following table presents, for each of the hierarchy levels described above, the carrying value of the company's assets and liabilities, including major security type for equity and debt securities, which are measured at fair value on the company's Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022, respectively:

	As of December 31, 2023
(in millions)	Fair Value Measurements		Quoted 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)	$	927.8	$	927.8	$	—	$	—
Investments: (2)
Equity investments:
Seed capital	75.7		75.7		—		—
Investments related to deferred compensation plans	196.7		196.7		—		—
Assets held for policyholders (3)	393.9		393.9		—		—
Total return swap related to deferred compensation plans	$	4.9	$	—	$	4.9	$	—
Total	$	1,599.0	$	1,594.1	$	4.9	$	—
Liabilities:
Contingent consideration liability	$	(1.3)	$	—	$	—	$	(1.3)
Total	$	(1.3)	$	—	$	—	$	(1.3)

	As of December 31, 2022
(in millions)	Fair Value Measurements		Quoted 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)	$	760.8	$	760.8	$	—	$	—
Investments: (2)
Equity investments:
Seed capital	177.9		177.9		—		—
Investments related to deferred compensation plans	146.1		146.1		—		—
Other equity securities	1.0		1.0		—		—
Assets held for policyholders (3)	668.7		668.7		—		—
Total	$	1,754.5	$	1,754.5	$	—	$	—
Liabilities:
Total return swap related to deferred compensation plans	(1.6)		—		(1.6)		—
Contingent consideration liability	$	(1.3)	$	—	$	—	$	(1.3)
Total	$	(2.9)	$	—	$	(1.6)	$	(1.3)

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(1)The balance primarily represents cash held in affiliated money market funds.

(2)Equity method and other investments of $631.8 million and $14.9 million, respectively, as of December 31, 2023 (December 31, 2022: $621.2 million and $24.7 million, respectively) are also excluded from this table. These investments are not measured at fair value, in accordance with applicable accounting standards.

(3)The majority of Assets held for policyholders are held in affiliated funds.