FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value by Balance Sheet Grouping

The fair value of financial instruments is presented in the below summary table. The fair value of financial instruments held by CIP are presented in Note 11, "Consolidated Investment Products." See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.

	March 31, 2024		December 31, 2023
(in millions)	Fair Value		Fair Value
Cash and cash equivalents	$	895.7	$	1,469.2
Equity investments	297.2		272.4
Assets held for policyholders	—		393.9
Policyholder payables (1)	—		(393.9)
Total return swap related to deferred compensation plans	8.1		4.9

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(1)    These financial instruments are not measured at fair value on a recurring basis. Policyholder payables were indexed to the value of the assets held for policyholders and changes in fair value were recorded and offset to zero in other operating revenues. In January 2024, all funds were distributed to customers.

Tri-Level Hierarchy, Carrying Value

The following table presents, by hierarchy levels, 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 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively:

	As of March 31, 2024
(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)	$	434.7	$	434.7	$	—	$	—
Investments: (2)
Equity investments:
Seed capital	86.0		86.0		—		—
Investments related to deferred compensation plans	211.2		211.2		—		—
Total return swap related to deferred compensation plans	8.1		—		8.1		—
Total	$	740.0	$	731.9	$	8.1	$	—
Liabilities:
Contingent consideration liability	$	(1.3)	$	—	$	—	$	(1.3)
Total	$	(1.3)	$	—	$	—	$	(1.3)

	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)

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

(2)    Equity method and other investments of $651.4 million and $14.9 million, respectively, are excluded from this table (December 31, 2023: $631.8 million and $14.9 million, respectively). These investments are not measured at fair value, in accordance with applicable accounting standards.

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