0001004434-24-000010 | 10-K | XBRL Viewer | Affiliated Managers Group INC

Print Document View Excel Document

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance, beginning of period	$ 2,648.7	$ 2,689.2
Veritable Transaction	(136.5)	0.0
Foreign currency translation	16.5	(40.5)
Other	(5.1)	0.0
Balance, end of period	$ 2,523.6	$ 2,648.7

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Expenses related to benefit plans	$ 24.8	$ 20.9	$ 19.1
Controlling Interest
Defined Benefit Plan Disclosure [Line Items]
Expenses related to benefit plans	$ 3.6	$ 3.4	$ 3.0

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Revenue and Fixed Assets, net of the Company by Geographic Location

The following table presents Consolidated revenue and Fixed assets (net) of the Company by geographic location. For Affiliates, this information is primarily based on the location of the Affiliates’ headquarters.


	For the Years Ended December 31,
	2021		2022		2023
Consolidated revenue
United States	$	1,838.7	$	1,852.6	$	1,519.3
United Kingdom	528.6		434.8		498.3
Other	45.1		42.2		40.2
Total	$	2,412.4	$	2,329.6	$	2,057.8


	December 31,
	2022		2023
Fixed assets (net)
United States	$	57.5	$	56.3
United Kingdom	10.6		10.7
Other	0.4		0.3
Total	$	68.5	$	67.3

Investments in Marketable Securities

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Investments in Marketable Securities

Equity Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in equity securities:


	December 31,
	2022		2023
Cost	$	394.4	$	35.3
Unrealized gains	59.9		2.6
Unrealized losses	(6.4)		(0.0		)
Fair value	$	447.9	$	37.9

As of December 31, 2022, investments in equity securities include ordinary shares of EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT.ST), with fair value of $405.1 million. The Company received the EQT shares through the

sale of its equity interest in Baring Private Equity Asia (“BPEA”), in connection with the strategic combination of BPEA and

EQT, which was completed in the fourth quarter of 2022.

As of December 31, 2022 and 2023, investments in equity securities include consolidated Affiliate sponsored investment products with fair values of $23.5 million and $15.8 million, respectively.

For the years ended December 31, 2022 and 2023, the Company recognized net unrealized gains on equity securities still held as of December 31, 2022 and 2023 of $35.5 million and $2.9 million, respectively.

Debt Securities

The following table summarizes the cost, unrealized gains, unrealized losses, and fair value of investments in U.S. Treasury securities classified as available-for-sale, all of which mature in 2024, and consolidated Affiliate sponsored investment products classified as trading:


	Available-for-Sale				Trading
	December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023
Cost	$	252.3	$	405.4	$	19.7	$	17.9
Unrealized gains	—		0.0		—		—
Unrealized losses	(1.3)		(0.1)		(1.7)		(0.1)
Fair value	$	251.0	$	405.3	$	18.0	$	17.8

For the year ended December 31, 2022, there were no maturities or sales of available-for-sale securities. For the year ended December 31, 2023, the Company received $511.1 million of proceeds from the maturity of available-for-sale securities.

For the years ended December 31 2022 and 2023, the Company recognized net unrealized gains (losses) on debt securities classified as trading still held as of December 31, 2022 and 2023 of $(2.2) million and $0.8 million, respectively.

Affiliate Equity (Tables)

12 Months Ended

Dec. 31, 2023

Affiliate Equity

Schedule of Affiliate Equity Compensation

The following table presents Affiliate equity compensation expense:


	For the Years Ended December 31,
	2021		2022		2023
Controlling interest	$	17.4	$	5.0	$	13.6
Non-controlling interests	45.9		46.4		39.1
Total	$	63.3	$	51.4	$	52.7

Schedule of Affiliate Equity Unrecognized Compensation Expense

The following table presents unrecognized Affiliate equity compensation expense:



Year	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
2021	$	41.9	6 years	$	294.1	7 years
2022	31.4		5 years	284.6		7 years
2023	30.6		5 years	235.7		6 years

Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity

While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests, with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate equity transactions that occurred during the applicable periods:


	For the Years Ended December 31,
	2021		2022		2023
Net income (controlling interest)	$	565.7	$	1,145.9	$	672.9
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(17.5)		(0.2)		(13.5)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(63.2)		(38.2)		(50.4)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$	485.0	$	1,107.5	$	609.0

Income Taxes - Schedule of Components of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 105.2	$ 222.9	$ 73.1
State	10.8	30.6	19.6
Foreign	37.9	72.8	67.1
Total current	153.9	326.3	159.8
Deferred:
Federal	27.3	30.4	55.9
State	7.0	9.0	13.0
Foreign	(2.9)	(7.4)	22.3
Total deferred	31.4	32.0	91.2
Income tax expense	$ 185.3	$ 358.3	$ 251.0

Share-Based Compensation - Restricted Stock Units Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant Date Value
Stocks granted, fair value	$ 86.2	$ 54.6	$ 51.7
Restricted Stock Units
Restricted Stock Units
Unvested units - beginning balance (in shares)	1,100,000
Units granted (in shares)	300,000
Units vested (in shares)	(500,000)
Units forfeited (in shares)	(0.0)
Performance condition changes (in shares)	0.0
Unvested units - ending balance (in shares)	900,000	1,100,000
Weighted Average Grant Date Value
Unvested units - beginning balance (in dollars per share)	$ 106.88
Units granted (in dollars per share)	159.51
Units vested (in dollars per share)	85.07
Units forfeited (in dollars per share)	132.81
Performance condition changes (in dollars per share)	129.15
Unvested units - ending balance (in dollars per share)	$ 138.51	$ 106.88
Stocks granted, fair value	$ 49.3	$ 47.1	$ 32.3
Shares available for future grant (in shares)	2,400,000
Restricted Stock Units \| Minimum
Weighted Average Grant Date Value
Stock vesting period	3 years
Restricted Stock Units \| Maximum
Weighted Average Grant Date Value
Stock vesting period	4 years

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:


	For the Years Ended December 31,
	2021		2022		2023
Numerator
Net income (controlling interest)	$	565.7	$	1,145.9	$	672.9
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax	—		82.9		49.0
Interest expense on junior convertible securities, net of taxes	18.5		14.0		13.4
Net income (controlling interest), as adjusted	$	584.2	$	1,242.8	$	735.3
Denominator
Average shares outstanding (basic)	41.5		38.5		35.1
Effect of dilutive instruments:
Stock options and restricted stock units	1.2		1.3		1.7

Hypothetical issuance of shares to settle Redeemable non-controlling interests	—		7.4		3.7
Junior convertible securities	2.1		1.8		1.7
Average shares outstanding (diluted)	44.8		49.0		42.2

Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share

The following is a summary of items excluded from the denominator in the table above:


	For the Years Ended December 31,
	2021	2022	2023
Stock options and restricted stock units	0.2	0.2	0.2

Shares issuable to settle Redeemable non-controlling interests	—	0.1	0.7

Payables and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 309.3	$ 378.7
Accrued income taxes	62.3	224.4
Other	256.9	175.2
Payables and accrued liabilities	$ 628.5	$ 778.3

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliate Equity [Line Items]
Distributions paid to affiliate partners	$ 271.3	$ 341.9	$ 334.3
Affiliate equity purchases	67.4	61.5	150.5
Affiliate equity issuances	13.4	15.2	117.7
Other assets	243.9	264.6
Other liabilities	466.3	461.7
Co-Investor
Affiliate Equity [Line Items]
Affiliate equity issuances			$ 99.6
Related Party
Affiliate Equity [Line Items]
Other assets	5.9	11.6
Other liabilities	$ 53.9	$ 24.5

Debt - Schedule of Convertible Securities (Details) - Junior Convertible Trust Preferred Securities - Junior convertible securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Contractual interest expense	$ 17.6	$ 18.3	$ 22.2
Amortization of debt issuance costs	0.2	0.2	0.4
Amortization of debt discount	0.0	0.0	3.1
Total	$ 17.8	$ 18.5	$ 25.7
Effective interest rate	5.21%	5.21%	5.99%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Incentive Plans

The Company has established various plans under which it is authorized to grant restricted stock, restricted stock units, stock options, and stock appreciation rights. The Company may also grant cash awards that can be notionally invested in one or more specified measurement funds, including the Company’s common stock. Awards granted under the Company’s share-based incentive plans typically participate in any dividends declared, but such amounts are deferred until delivery of the shares and are forfeitable if the requisite service is not satisfied. Dividends may accrue in cash or may be reinvested in the Company’s common stock.

Share-Based Compensation

The following table presents share-based compensation expense:


Year	Share-Based Compensation Expense		Tax Benefit
2021	$	63.4	$	8.0
2022	62.4		7.6
2023	59.4		7.4

The excess tax (deficiency) benefit recognized from share-based incentive plans was $(0.2) million, $1.8 million, and $4.4 million, for the years ended December 31, 2021, 2022, and 2023, respectively.

As of December 31, 2022, the Company had unrecognized share-based compensation expense of $64.7 million. As of December 31, 2023, the Company had unrecognized share-based compensation of $54.4 million, which will be recognized over a weighted average period of approximately two years (assuming no forfeitures).

Restricted Stock

The following table summarizes transactions in the Company’s restricted stock units:


	Restricted Stock Units		Weighted Average Grant Date Value
Unvested units–December 31, 2022	1.1		$	106.88
Units granted	0.3		159.51
Units vested	(0.5)		85.07
Units forfeited	(0.0	)	132.81
Performance condition changes	0.0		129.15
Unvested units–December 31, 2023	0.9		$	138.51

The Company granted restricted stock units with fair values of $32.3 million, $47.1 million, and $49.3 million for the years ended December 31, 2021, 2022, and 2023, respectively. These restricted stock units were valued based on the closing price of the Company’s common stock on the grant date and the number of shares expected to vest. Restricted stock units containing vesting conditions generally require service over a period of three years to four years and may also require the satisfaction of certain performance conditions. For awards with performance conditions, the number of restricted stock units expected to vest may change over time depending upon the performance level achieved.

The total fair value of shares vested was $51.7 million, $54.6 million, and $86.2 million for the years ended December 31, 2021, 2022, and 2023, respectively. As of December 31, 2023, the Company had 2.4 million shares available for grant under its plans.

Stock Options

The following table summarizes transactions in the Company’s stock options:


	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding–December 31, 2022	3.2		$	76.81
Options granted	—		—
Options exercised	(0.0	)	127.77
Options forfeited	—		—
Options expired	—		—
Performance condition changes	—		—
Unexercised options outstanding–December 31, 2023	3.2		$	76.74	2.7
Exercisable at December 31, 2023	0.0		$	119.54	2.8

The Company granted stock options with fair values of $2.0 million and $1.8 million for the years ended December 31, 2021 and 2022, respectively. The Company did not grant any stock options for the year ended December 31, 2023. Stock options generally vest over a period of three years to five years and expire seven years after the grant date. All stock options have been granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of the Company’s outstanding stock options contain both service and performance conditions. For awards with performance conditions, the number of stock options expected to vest may change over time depending upon the performance level achieved.

The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of stock options exercised for the years ended December 31, 2021, 2022, and 2023 was $13.4 million, $1.2 million, and $0.2 million, respectively. The cash received for stock options exercised was $3.6 million, $2.6 million, and zero for the years ended December 31, 2021, 2022, and 2023, respectively. As of December 31, 2023, the intrinsic value of exercisable stock options outstanding was $1.9 million, and 1.1 million options were available for grant under the Company’s option plans.

The weighted average fair value of stock options granted was $54.19 and $47.84 per option for the years ended December 31, 2021 and 2022, respectively. The Company uses the Black-Scholes option pricing model to determine the fair value of options. The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows:


	For the Years Ended December 31,
	2021		2022
Dividend yield	0.0	%	0.0	%
Expected volatility(1)	37.1	%	36.8	%
Risk-free interest rate(2)	1.0	%	1.7	%
Expected life of stock options (in years)(3)	5.7		5.7
Forfeiture rate	0.0	%	0.0	%

___________________________

(1)Expected volatility is based on historical and implied volatility.

(2)Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.

(3)Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financial Liabilities
Contingent payment obligations	$ 14.7
Fair Value Measured on a Recurring Basis
Financial Assets
Investments in equity securities	37.9	$ 447.9
Investments in debt securities	423.1	269.0
Financial Liabilities
Contingent payment obligations	14.7	21.0
Affiliate equity purchase obligations	53.9	24.5
Fair Value Measured on a Recurring Basis \| Level 1
Financial Assets
Investments in equity securities	37.9	305.6
Investments in debt securities	0.0	0.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Fair Value Measured on a Recurring Basis \| Level 2
Financial Assets
Investments in equity securities	0.0	142.3
Investments in debt securities	423.1	269.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Fair Value Measured on a Recurring Basis \| Level 3
Financial Assets
Investments in equity securities	0.0	0.0
Investments in debt securities	0.0	0.0
Financial Liabilities
Contingent payment obligations	14.7	21.0
Affiliate equity purchase obligations	$ 53.9	$ 24.5

Debt - Principal Terms of Senior and Junior Subordinated Notes (Details) $ in Millions	Dec. 31, 2023 USD ($)
Senior notes \| 2024 Senior Notes
Debt Instrument [Line Items]
Par value	$ 400.0
Stated coupon	4.25%
Effective interest rate	4.44%
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.50%
Effective interest rate	3.67%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.30%
Effective interest rate	3.39%
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300.0
Stated coupon	5.875%
Effective interest rate	5.91%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275.0
Stated coupon	4.75%
Effective interest rate	4.78%
Junior subordinated notes \| 2061 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 200.0
Stated coupon	4.20%
Effective interest rate	4.23%

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Redeemable Non-controlling Interests
Balance, beginning of period	$ 465.4	$ 673.9
Veritable Transaction	(16.8)	0.0
Decrease attributable to consolidated Affiliate sponsored investment products	(8.3)	(4.9)
Transfers to Other liabilities	(93.5)	(59.6)
Transfer (to) from Redeemable non-controlling interests	(8.9)	1.8	$ 3.9
Changes in redemption value	55.5	(145.8)
Balance, end of period	393.4	465.4	$ 673.9
Variable Interest Entity, Primary Beneficiary
Redeemable Non-controlling Interests
Balance, beginning of period	20.1
Balance, end of period	$ 11.8	$ 20.1
Minimum
Noncontrolling Interest [Line Items]
Term of conditional right put interest	5 years
Maximum
Noncontrolling Interest [Line Items]
Term of conditional right put interest	15 years

Investments in Marketable Securities - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Abstract]
Cost	$ 35.3	$ 394.4
Unrealized gains	2.6	59.9
Unrealized losses	(0.0)	(6.4)
Fair value	$ 37.9	$ 447.9

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) - Level 3 $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Contingent Payment Obligations \| Monte Carlo simulation
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 14.7	$ 21.0
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.19	0.18
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.25	0.25
Contingent Payment Obligations \| Monte Carlo simulation \| Volatility \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.21	0.18
Contingent Payment Obligations \| Monte Carlo simulation \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.06	0.06
Contingent Payment Obligations \| Monte Carlo simulation \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.06	0.06
Affiliate equity purchase obligations \| Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair Value	$ 53.9	$ 24.5
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.14	0.14
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.17	0.17
Affiliate equity purchase obligations \| Discounted cash flow \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.14	0.14
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	(0.06)	(0.03)
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.07	0.06
Affiliate equity purchase obligations \| Discounted cash flow \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.01	0.01

Goodwill and Acquired Client Relationships (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net):


	Goodwill
	2022		2023
Balance, beginning of period	$	2,689.2	$	2,648.7

Veritable Transaction(1)	—		(136.5)
Foreign currency translation	(40.5)		16.5
Other	—		(5.1)
Balance, end of period	$	2,648.7	$	2,523.6

___________________________

(1)Represents Goodwill allocated to Veritable as of the closing date, including $3.5 million attributable to the non-controlling interests.

Schedule of Changes in the Components of Acquired Client Relationships

As of September 30, 2023, the Company completed its annual impairment assessment on goodwill and no impairment was indicated.


	Acquired Client Relationships (Net)
	Definite-lived						Indefinite-lived		Total
	Gross Book Value		Accumulated Amortization		Net Book Value		Net Book Value		Net Book Value
Balance, as of December 31, 2021	$	1,364.2	$	(1,028.1)	$	336.1	$	1,630.3	$	1,966.4
Intangible amortization and impairments	—		(49.1)		(49.1)		(2.5)		(51.6)
Foreign currency translation	(9.1)		7.5		(1.6)		(37.2)		(38.8)

Balance, as of December 31, 2022	$	1,355.1	$	(1,069.7)	$	285.4	$	1,590.6	$	1,876.0

Veritable Transaction(1)	(85.1)		57.0		(28.1)		—		(28.1)
Intangible amortization and impairments	—		(48.3)		(48.3)		—		(48.3)
Foreign currency translation	0.8		(0.5)		0.3		16.6		16.9
Transfers(2)	(10.3)		10.3		—		(4.1)		(4.1)
Balance, as of December 31, 2023	$	1,260.5	$	(1,051.2)	$	209.3	$	1,603.1	$	1,812.4

___________________________

(1)Represents acquired client relationships attributable to Veritable as of the closing date, including $6.7 million attributable to the non-controlling interests.

(2)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Lease Commitments - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 39.1
2025	35.0
2026	25.9
2027	21.9
2028	21.8
Thereafter	68.3
Total undiscounted lease liabilities	212.0
Present value discounting of operating lease liabilities	$ 29.3

Investments in Marketable Securities - Debt Securities, Available-for-Sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Available-for-Sale
Cost	$ 405.4	$ 252.3
Unrealized gains	0.0	0.0
Unrealized losses	(0.1)	(1.3)
Fair value	405.3	251.0
Trading
Cost	17.9	19.7
Unrealized gains	0.0	0.0
Unrealized losses	(0.1)	(1.7)
Fair value	$ 17.8	$ 18.0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:


			Fair Value Measurements
	December 31, 2022
			Level 1		Level 2		Level 3
Financial Assets

Investments in equity securities(1)	$	447.9	$	305.6	$	142.3	$	—
Investments in debt securities(1)	269.0		—		269.0		—


Financial Liabilities(3)
Contingent payment obligations	$	21.0	$	—	$	—	$	21.0
Affiliate equity purchase obligations	24.5		—		—		24.5


			Fair Value Measurements
	December 31, 2023
			Level 1		Level 2		Level 3
Financial Assets

Investments in equity securities(1)	$	37.9	$	37.9	$	—	$	—
Investments in debt securities(1)	423.1		—		423.1		—


Financial Liabilities(3)
Contingent payment obligations	$	14.7	$	—	$	—	$	14.7
Affiliate equity purchase obligations	53.9		—		—		53.9

___________________________

(1)Amounts are recorded in Investments in marketable securities.

(2)Amounts are recorded in Other assets.

(3)Amounts are recorded in Other liabilities.

Schedule of Changes in Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:


	For the Years Ended December 31,
	2022				2023
	Contingent Payment Obligations		Affiliate Equity Purchase Obligations		Contingent Payment Obligations		Affiliate Equity Purchase Obligations
Balance, beginning of period	$	40.3	$	12.6	$	21.0	$	24.5

Purchases and issuances(1)	—		75.8		—		113.7
Settlements and reductions	—		(52.1)		—		(75.4)
Net realized and unrealized gains(2)	(19.3)		(11.8)		(6.3)		(8.9)
Balance, end of period	$	21.0	$	24.5	$	14.7	$	53.9

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1)	$	(19.3)	$	(5.9)	$	(6.3)	$	(4.0)

___________________________

(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations is included in Interest expense.

Schedule of Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s recurring Level 3 fair value measurements:


	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2022					December 31, 2023
	Valuation Techniques	Unobservable Input	Fair Value		Range	Weighted Average(1)		Fair Value		Range	Weighted Average(1)
Contingent payment obligations	Monte Carlo simulation	Volatility	$	21.0	18% - 25%	18	%	$	14.7	19% - 25%	21	%
		Discount rates			6%	6	%			6%	6	%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$	24.5	(3)% - 6%	1	%	$	53.9	(6)% - 7%	1	%
		Discount rates			14% - 17%	14	%			14% - 17%	14	%

___________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset- and performance-based fees.

Schedule of Financial Liabilities not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:


	December 31, 2022				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	1,098.7	$	1,024.6	$	1,099.4	$	1,049.8	Level 2
Junior subordinated notes	765.9		552.3		765.9		612.0		Level 2
Junior convertible securities	341.7		346.9		341.7		340.9		Level 2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests

The following table presents the consolidated provision for income taxes:


	For the Years Ended December 31,
	2021			2022			2023
Controlling interest:
Current taxes	$	144.4		$	315.4		$	146.9
Intangible-related deferred taxes	52.5			32.0			29.8
Other deferred taxes	32.7			0.0			1.6
Total controlling interest	229.6			347.4			178.3
Non-controlling interests:
Current taxes	$	15.4		$	10.9		$	7.0
Deferred taxes	6.0			—			—
Total non-controlling interests	21.4			10.9			7.0
Income tax expense	$	251.0		$	358.3		$	185.3
Income before income taxes (controlling interest)	$	795.3		$	1,493.3		$	851.2
Effective tax rate (controlling interest)(1)	28.9		%	23.3		%	20.9		%

___________________________

(1)Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

Schedule of Consolidated Provision for Income Taxes

The consolidated provision for income taxes consisted of the following:


	For the Years Ended December 31,
	2021		2022		2023
Current:
Federal	$	73.1	$	222.9	$	105.2
State	19.6		30.6		10.8
Foreign	67.1		72.8		37.9
Total current	159.8		326.3		153.9
Deferred:
Federal	$	55.9	$	30.4	$	27.3
State	13.0		9.0		7.0
Foreign	22.3		(7.4)		(2.9)
Total deferred	91.2		32.0		31.4
Income tax expense	$	251.0	$	358.3	$	185.3

Schedule of Components of Income before Income Taxes

For financial reporting purposes, Income before income taxes consisted of the following:


	For the Years Ended December 31,
	2021		2022		2023
Domestic	$	698.2	$	639.0	$	782.3
International	442.8		1,107.4		309.1
Total	$	1,141.0	$	1,746.4	$	1,091.4

Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:


	For the Years Ended December 31,
	2021		2022		2023
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.5		3.5		3.5
Foreign operations	(1.7)		(1.7)		(4.1)
Compensation plans	2.0		0.8		1.1
Changes in tax laws	2.4		—		—
Change in valuation allowances	1.1		0.3		(0.1)
Unrecognized tax benefits	0.1		0.4		0.6
BPEA Transaction(1)	—		(1.0)		—


Changes in U.S. tax provision to return	0.4		0.0		(0.7)
Other	0.1		0.0		(0.4)
Effective tax rate (controlling interest)	28.9	%	23.3	%	20.9	%
Effect of income from non-controlling interests	(6.9)		(2.8)		(3.9)
Effective tax rate	22.0	%	20.5	%	17.0	%

___________________________

(1)The year ended December 31, 2022 is reflective of the BPEA Transaction gain of $641.9 million and realized and unrealized gains on EQT ordinary shares of $43.8 million and $57.9 million, respectively.

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s Deferred income tax liability (net) are as follows:


	December 31,
	2022		2023
Deferred Tax Assets
Deferred compensation	$	14.6	$	15.9
State loss carryforwards	16.4		14.7
Foreign loss carryforwards	20.0		19.8
Tax benefit of uncertain tax positions	12.6		10.0

Lease liabilities	6.6		4.8

Foreign tax credits	15.4		16.0
Other	0.3		0.3
Total deferred tax assets	85.9		81.5
Valuation allowance	(48.1)		(47.6)
Deferred tax assets, net of valuation allowance	$	37.8	$	33.9
Deferred Tax Liabilities
Intangible asset amortization	$	(280.9)	$	(295.8)
Non-deductible intangible amortization	(109.8)		(97.0)
Junior convertible securities interest	(72.4)		(83.1)
Right-of-use assets	(5.1)		(3.7)
Accrued expenses	(3.0)		(2.0)
Deferred income	(23.4)		(10.4)

Other	(4.4)		(2.9)
Total deferred tax liabilities	(499.0)		(494.9)
Deferred income tax liability (net)(1)	$	(461.2)	$	(461.0)

___________________________

(1)As of December 31, 2022 and 2023, foreign loss carryforwards of $20.0 million (net of a $16.5 million valuation allowance) and $19.8 million (net of a $17.0 million valuation allowance), respectively, are included in Other assets as they represent a net deferred tax asset in a foreign jurisdiction.

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the changes in unrecognized tax benefits is as follows:


	For the Years Ended December 31,
	2021		2022		2023
Balance, beginning of period	$	63.5	$	52.4	$	49.6
Additions based on current year tax positions	0.8		0.6		6.4
Additions based on prior years’ tax positions	4.6		4.4		1.0
Reduction for prior years’ tax positions	(5.6)		(1.0)		(13.5)
Lapse of the statute of limitations	(5.7)		(5.5)		(4.8)
Settlements	(5.5)		—		(1.3)
Foreign currency translation	0.3		(1.3)		0.4
Balance, end of period	$	52.4	$	49.6	$	37.8

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock at Cost	Non-controlling Interests
Beginning balance at Dec. 31, 2020	$ 3,317.3		$ 0.6	$ 728.9		$ (98.3)	$ 4,005.5		$ (1,857.0)	$ 537.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	890.1						565.7			324.4
Other comprehensive income (loss), net of tax	7.2					10.4				(3.2)
Share-based compensation	63.4			63.4
Common stock issued under share-based incentive plans	(16.7)			(53.5)					36.8
Repurchases of junior convertible securities	(7.1)			(7.1)
Share repurchases	(509.9)			17.3					(527.2)
Dividends	(1.7)						(1.7)
Investments in Affiliates	247.0									247.0
Affiliate equity activity:
Affiliate equity compensation	62.9			17.0						45.9
Issuances	103.9			(16.7)						120.6
Purchases	2.8			23.9						(21.1)
Changes in redemption value of Redeemable non-controlling interests	(121.6)			(121.6)
Transfer (to) from Redeemable non-controlling interests	(3.9)									(3.9)
Capital contributions and other	11.2									11.2
Distributions to non-controlling interests	(334.3)									(334.3)
Ending balance at Dec. 31, 2021	$ 3,710.6	$ (76.1)	0.6	651.6	$ (80.6)	(87.9)	4,569.5	$ 4.5	(2,347.4)	924.2
Affiliate equity activity:
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Net income	$ 1,388.1						1,145.9			242.2
Other comprehensive income (loss), net of tax	(142.8)					(115.5)				(27.3)
Share-based compensation	62.4			62.4
Common stock issued under share-based incentive plans	(17.1)			(38.6)					21.5
Share repurchases	(699.7)			(45.0)					(654.7)
Dividends	(1.7)						(1.7)
Affiliate equity compensation	55.9			9.5						46.4
Issuances	19.2			(12.2)						31.4
Purchases	(12.0)			2.6						(14.6)
Changes in redemption value of Redeemable non-controlling interests	145.8			145.8
Transfer (to) from Redeemable non-controlling interests	(1.8)									(1.8)
Capital contributions and other	86.7									86.7
Distributions to non-controlling interests	(341.9)									(341.9)
Ending balance at Dec. 31, 2022	4,175.6		0.6	695.5		(203.4)	5,718.2		(2,980.6)	945.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	906.1						672.9			233.2
Other comprehensive income (loss), net of tax	41.9					35.8				6.1
Share-based compensation	59.4			59.4
Common stock issued under share-based incentive plans	(31.3)			(47.2)					15.9
Share repurchases	(352.3)			59.1					(411.4)
Dividends	(1.5)						(1.5)
Affiliate equity activity:
Affiliate equity compensation	52.5			13.4						39.1
Issuances	16.4			(13.7)						30.1
Purchases	8.1			13.6						(5.5)
Changes in redemption value of Redeemable non-controlling interests	(55.5)			(55.5)
Transfer (to) from Redeemable non-controlling interests	8.9									8.9
Capital contributions and other	13.5									13.5
Distributions to non-controlling interests	(271.3)									(271.3)
Effect of deconsolidation of Affiliates	(0.4)			16.8						(17.2)
Ending balance at Dec. 31, 2023	$ 4,570.1		$ 0.6	$ 741.4		$ (167.6)	$ 6,389.6		$ (3,376.1)	$ 982.2

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The following table presents share-based compensation expense:


Year	Share-Based Compensation Expense		Tax Benefit
2021	$	63.4	$	8.0
2022	62.4		7.6
2023	59.4		7.4

Schedule of Company Restricted Stock Units Transactions

The following table summarizes transactions in the Company’s restricted stock units:


	Restricted Stock Units		Weighted Average Grant Date Value
Unvested units–December 31, 2022	1.1		$	106.88
Units granted	0.3		159.51
Units vested	(0.5)		85.07
Units forfeited	(0.0	)	132.81
Performance condition changes	0.0		129.15
Unvested units–December 31, 2023	0.9		$	138.51

Schedule of Company Stock Option Transactions

The following table summarizes transactions in the Company’s stock options:


	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding–December 31, 2022	3.2		$	76.81
Options granted	—		—
Options exercised	(0.0	)	127.77
Options forfeited	—		—
Options expired	—		—
Performance condition changes	—		—
Unexercised options outstanding–December 31, 2023	3.2		$	76.74	2.7
Exercisable at December 31, 2023	0.0		$	119.54	2.8

Schedule of Assumptions Used to Determine Fair Value of Options Granted

The weighted average grant date assumptions used to estimate the fair value of stock options granted were as follows:


	For the Years Ended December 31,
	2021		2022
Dividend yield	0.0	%	0.0	%
Expected volatility(1)	37.1	%	36.8	%
Risk-free interest rate(2)	1.0	%	1.7	%
Expected life of stock options (in years)(3)	5.7		5.7
Forfeiture rate	0.0	%	0.0	%

___________________________

(1)Expected volatility is based on historical and implied volatility.

(2)Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.

(3)Expected life of options (in years) is based on the Company’s historical and expected exercise behavior.

Affiliate Equity

12 Months Ended

Dec. 31, 2023

Affiliate Equity

Affiliate Equity

Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in place at the respective Affiliate. The Company’s Affiliates generally pay quarterly distributions to Affiliate equity holders. Distributions paid to non-controlling interest Affiliate equity holders were $334.3 million, $341.9 million, and $271.3 million for the years ended December 31, 2021, 2022, and 2023, respectively.

Affiliate equity interests provide the Company a conditional right to call (following an Affiliate equity holder’s departure) and Affiliate equity holders have a conditional right to put their interests at certain intervals (including on an annual basis following an Affiliate equity holder’s departure). The Company has the right to settle a portion of these purchases in shares of its common stock. For Affiliates accounted for under the equity method, the Company does not typically have such put and call arrangements. The purchase price of these conditional purchases are generally calculated based upon a multiple of cash flow distributions, which is intended to represent fair value. Affiliate equity holders are also permitted to sell their equity interests to other individuals or entities in certain cases, subject to the Company's approval or other restrictions. The Company, at its option, may pay for Affiliate equity purchases in cash, shares of its common stock, or other forms of consideration, and can consent to the transfer of these interests to other individuals or entities.

The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated Affiliate partners and other parties. The amount of cash paid for purchases was $150.5 million, $61.5 million, and $67.4 million for the years ended December 31, 2021, 2022, and 2023, respectively. The total amount of cash received for issuances was $117.7 million (including $99.6 million from a co-investor), $15.2 million, and $13.4 million for the years ended December 31, 2021, 2022, and 2023, respectively.

Sales and purchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to its consolidated Affiliate partners and other parties as a form of compensation. If the equity is issued for consideration below the fair value of the equity, or purchased for consideration above the fair value of the equity, the difference is recorded as compensation expense in Compensation and related expenses in the Consolidated Statements of Income over the requisite service period.

The following table presents Affiliate equity compensation expense:


	For the Years Ended December 31,
	2021		2022		2023
Controlling interest	$	17.4	$	5.0	$	13.6
Non-controlling interests	45.9		46.4		39.1
Total	$	63.3	$	51.4	$	52.7

The following table presents unrecognized Affiliate equity compensation expense:



Year	Controlling Interest		Remaining Life	Non-controlling Interests		Remaining Life
2021	$	41.9	6 years	$	294.1	7 years
2022	31.4		5 years	284.6		7 years
2023	30.6		5 years	235.7		6 years

The Company records amounts receivable from, and payable to, Affiliate equity holders in connection with the transfer of Affiliate equity interests that have not settled at the end of the period. The total receivable was $11.6 million and $5.9 million as of December 31, 2022 and 2023, respectively, and was included in Other assets. The total payable was $24.5 million and $53.9 million as of December 31, 2022 and 2023, respectively, and was included in Other liabilities.

Effects of Changes in the Company’s Ownership in Affiliates

The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recorded in the Consolidated Statements of Income or the Consolidated Statements of Comprehensive Income.


	For the Years Ended December 31,
	2021		2022		2023
Net income (controlling interest)	$	565.7	$	1,145.9	$	672.9
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(17.5)		(0.2)		(13.5)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(63.2)		(38.2)		(50.4)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$	485.0	$	1,107.5	$	609.0

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.04	$ 0.04	$ 0.04

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 906.1	$ 1,388.1	$ 890.1
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	41.1	(141.3)	6.8
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.3	(0.5)	0.4
Change in net unrealized gain (loss) on available-for-sale debt securities	0.5	(1.0)	0.0
Other comprehensive income (loss), net of tax	41.9	(142.8)	7.2
Comprehensive income	948.0	1,245.3	897.3
Comprehensive income (non-controlling interests)	(239.3)	(214.9)	(321.2)
Comprehensive income (controlling interest)	$ 708.7	$ 1,030.4	$ 576.1

Lease Commitments - Additional Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases	7 years	8 years
Weighted average discount rate - operating leases	3.00%	3.00%

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Valuation Allowance
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	$ 48.1	$ 43.9	$ 35.6
Additions Charged to Costs and Expenses	0.6	8.3	8.3
Additions (Reductions) Charged to Other Accounts	0.4	(1.1)	0.0
Deductions	(1.5)	(3.0)	0.0
Balance End of Period	47.6	48.1	43.9
Other Allowances
Reconciliation of beginning and ending balances of valuation and qualifying accounts
Balance Beginning of Period	3.5	4.8	4.8
Additions Charged to Costs and Expenses	1.5	0.0	0.0
Additions (Reductions) Charged to Other Accounts	0.0	0.0	0.0
Deductions	(1.2)	(1.3)	0.0
Balance End of Period	$ 3.8	$ 3.5	$ 4.8

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to the non-controlling interests.

The following table presents the consolidated provision for income taxes:


	For the Years Ended December 31,
	2021			2022			2023
Controlling interest:
Current taxes	$	144.4		$	315.4		$	146.9
Intangible-related deferred taxes	52.5			32.0			29.8
Other deferred taxes	32.7			0.0			1.6
Total controlling interest	229.6			347.4			178.3
Non-controlling interests:
Current taxes	$	15.4		$	10.9		$	7.0
Deferred taxes	6.0			—			—
Total non-controlling interests	21.4			10.9			7.0
Income tax expense	$	251.0		$	358.3		$	185.3
Income before income taxes (controlling interest)	$	795.3		$	1,493.3		$	851.2
Effective tax rate (controlling interest)(1)	28.9		%	23.3		%	20.9		%

___________________________

(1)Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

The consolidated provision for income taxes consisted of the following:


	For the Years Ended December 31,
	2021		2022		2023
Current:
Federal	$	73.1	$	222.9	$	105.2
State	19.6		30.6		10.8
Foreign	67.1		72.8		37.9
Total current	159.8		326.3		153.9
Deferred:
Federal	$	55.9	$	30.4	$	27.3
State	13.0		9.0		7.0
Foreign	22.3		(7.4)		(2.9)
Total deferred	91.2		32.0		31.4
Income tax expense	$	251.0	$	358.3	$	185.3

For financial reporting purposes, Income before income taxes consisted of the following:


	For the Years Ended December 31,
	2021		2022		2023
Domestic	$	698.2	$	639.0	$	782.3
International	442.8		1,107.4		309.1
Total	$	1,141.0	$	1,746.4	$	1,091.4

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:


	For the Years Ended December 31,
	2021		2022		2023
Statutory U.S. federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.5		3.5		3.5
Foreign operations	(1.7)		(1.7)		(4.1)
Compensation plans	2.0		0.8		1.1
Changes in tax laws	2.4		—		—
Change in valuation allowances	1.1		0.3		(0.1)
Unrecognized tax benefits	0.1		0.4		0.6
BPEA Transaction(1)	—		(1.0)		—


Changes in U.S. tax provision to return	0.4		0.0		(0.7)
Other	0.1		0.0		(0.4)
Effective tax rate (controlling interest)	28.9	%	23.3	%	20.9	%
Effect of income from non-controlling interests	(6.9)		(2.8)		(3.9)
Effective tax rate	22.0	%	20.5	%	17.0	%

___________________________

The Company’s effective tax rate (controlling interest) in 2021 is higher than the marginal tax rate, primarily due to non-deductible compensation expense and an increase in deferred tax expense resulting from the revaluation of certain deferred tax liabilities due to an increase in the UK tax rate enacted during 2021. The effective tax rate (controlling interest) in 2022 is lower than the marginal rate primarily due to the tax benefits of foreign operations and a state tax benefit related to the BPEA Transaction. The effective tax rate (controlling interest) in 2023 is lower than the marginal rate primarily due to discrete benefits from foreign operations.

Deferred income tax liability (net) reflects the expected future tax consequences of temporary differences between the financial reporting bases and tax bases of the Company’s assets and liabilities. The significant components of the Company’s Deferred income tax liability (net) are as follows:


	December 31,
	2022		2023
Deferred Tax Assets
Deferred compensation	$	14.6	$	15.9
State loss carryforwards	16.4		14.7
Foreign loss carryforwards	20.0		19.8
Tax benefit of uncertain tax positions	12.6		10.0

Lease liabilities	6.6		4.8

Foreign tax credits	15.4		16.0
Other	0.3		0.3
Total deferred tax assets	85.9		81.5
Valuation allowance	(48.1)		(47.6)
Deferred tax assets, net of valuation allowance	$	37.8	$	33.9
Deferred Tax Liabilities
Intangible asset amortization	$	(280.9)	$	(295.8)
Non-deductible intangible amortization	(109.8)		(97.0)
Junior convertible securities interest	(72.4)		(83.1)
Right-of-use assets	(5.1)		(3.7)
Accrued expenses	(3.0)		(2.0)
Deferred income	(23.4)		(10.4)

Other	(4.4)		(2.9)
Total deferred tax liabilities	(499.0)		(494.9)
Deferred income tax liability (net)(1)	$	(461.2)	$	(461.0)

___________________________

As of December 31, 2023, the Company had available state net operating loss carryforwards of $228.2 million, a majority of which will expire over six years to 11 years. As of December 31, 2023, the Company had foreign loss carryforwards of $74.8 million, of which $57.5 million will expire over nine years to 16 years and $17.3 million will carry forward indefinitely. As of December 31, 2023, the Company had foreign tax credit carryforwards of $16.0 million, a majority of which will expire over five years to eight years.

The Company believed it was more-likely-than-not that the benefit from certain state and foreign loss carryforwards and foreign tax credit carryforwards would not be fully realized, and, as of December 31, 2023, had valuation allowances of $14.6 million, $17.0 million, and $16.0 million on the state and foreign loss carryforwards and the foreign tax credit carryforwards, respectively. For the years ended December 31, 2022 and 2023, the Company increased its valuation allowance $4.2 million and $0.5 million, respectively.

The Company’s estimates and assumptions regarding the realization of its state and foreign loss carryforwards do not contemplate certain changes in ownership of the Company’s stock which could limit the utilization of these carryforwards.

The Company provides for U.S. income taxes on all foreign earnings. The Company does not provide for U.S. income taxes on the portion of the excess of the financial reporting bases over tax bases in the Company’s investments in foreign subsidiaries considered permanent in duration. Such amount would generally become taxable upon the repatriation of assets from, or a sale or liquidation of, the foreign subsidiaries. While a determination of the potential amount of unrecognized deferred U.S. income tax liability related to these amounts is not practicable because of the numerous assumptions associated with this hypothetical calculation, as of December 31, 2023, the estimated amount of such difference was $347.7 million.

A reconciliation of the changes in unrecognized tax benefits is as follows:


	For the Years Ended December 31,
	2021		2022		2023
Balance, beginning of period	$	63.5	$	52.4	$	49.6
Additions based on current year tax positions	0.8		0.6		6.4
Additions based on prior years’ tax positions	4.6		4.4		1.0
Reduction for prior years’ tax positions	(5.6)		(1.0)		(13.5)
Lapse of the statute of limitations	(5.7)		(5.5)		(4.8)
Settlements	(5.5)		—		(1.3)
Foreign currency translation	0.3		(1.3)		0.4
Balance, end of period	$	52.4	$	49.6	$	37.8

Included in the balance of unrecognized tax benefits as of December 31, 2021, 2022, and 2023 were $52.4 million, $49.6 million, and $37.8 million, respectively, of tax benefits that, if recognized, would favorably affect the Company’s effective tax rate (controlling interest). As of December 31, 2023 certain of these benefits, if realized, would be offset by the utilization of indirect tax benefits, for which the Company has accrued deferred tax assets of $10.0 million.

The Company records accrued interest and penalties, if any, related to unrecognized tax benefits in Income tax expense. For the years ended December 31, 2021, 2022, and 2023 interest and penalties related to unrecognized tax benefits were $(0.4) million, $2.6 million, and $0.8 million, respectively. As of December 31, 2022 and 2023, the Company accrued interest and penalties related to unrecognized tax benefits of $13.6 million and $14.4 million, respectively.

The Company is subject to U.S. federal, state and local, and foreign income tax in multiple jurisdictions and is periodically subject to tax examinations in these jurisdictions. The completion of examinations may result in the payment of additional taxes and/or the recognition of tax benefits. The Company is generally no longer subject to income tax examinations by U.S. federal, state and local, or foreign taxing authorities for periods prior to 2017.

In August 2022, the Inflation Reduction Act was enacted into law and included provisions for a 15% corporate alternative minimum income tax and a 1% excise tax on repurchases of the Company’s common stock. These provisions, which were effective for the Company beginning January 1, 2023, did not have a material impact on the Company’s Consolidated Financial Statements for the year ended December 31, 2023. The Company records the excise tax as part of the cost basis of its common stock repurchased.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from (used in) operating activities:
Net income	$ 906.1	$ 1,388.1	$ 890.1
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	48.3	51.6	35.7
Depreciation and other amortization	13.0	15.8	16.6
Deferred income tax expense	31.4	32.0	91.2
Equity method income (net)	(280.0)	(338.1)	(242.5)
Distributions received from equity method investments	490.8	393.5	337.5
Affiliate Transaction gains	(133.1)	(641.9)	0.0
Share-based compensation and Affiliate equity compensation expense	112.1	113.8	126.7
Net realized and unrealized gains on investment securities	(84.2)	(103.5)	(108.7)
Other non-cash items	(10.8)	17.8	44.2
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(45.0)	(46.7)	(109.6)
Sales of securities by consolidated Affiliate sponsored investment products	54.3	33.8	58.0
Decrease (increase) in receivables	(48.4)	87.0	31.7
Decrease in other assets	9.2	41.6	23.8
Increase (decrease) in payables, accrued liabilities, and other liabilities	(189.4)	9.9	64.5
Cash flow from operating activities	874.3	1,054.7	1,259.2
Cash flow from (used in) investing activities:
Investments in Affiliates, net of cash acquired	(294.7)	(291.1)	(562.6)
Proceeds from Affiliate Transactions	294.0	223.6	0.0
Return of capital from equity method investments	0.2	0.8	4.4
Purchase of fixed assets	(12.4)	(11.4)	(8.4)
Purchase of investment securities	(731.1)	(312.0)	(73.5)
Maturities and sales of investment securities	1,008.5	280.2	56.4
Cash flow from (used in) investing activities	264.5	(109.9)	(583.7)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	25.0	0.0	200.0
Repayments of senior bank debt and junior convertible securities	(25.0)	(60.8)	(33.0)
Repurchase of common stock (net)	(341.9)	(713.8)	(595.3)
Dividends paid on common stock	(1.5)	(1.6)	(1.7)
Distributions to non-controlling interests	(271.3)	(341.9)	(334.3)
Affiliate equity purchases	(67.4)	(61.5)	(150.5)
Affiliate equity issuances	13.4	15.2	117.7
Subscriptions (redemptions) to consolidated Affiliate sponsored investment products, net	(12.6)	13.0	40.9
Settlement of deferred payments, net	(21.7)	(201.0)	(21.7)
Other financing items	(55.3)	(50.5)	(20.4)
Cash flow used in financing activities	(758.3)	(1,402.9)	(798.3)
Effect of foreign currency exchange rate changes on cash and cash equivalents	6.9	(22.6)	(0.8)
Net (decrease) increase in cash and cash equivalents	387.4	(480.7)	(123.6)
Cash and cash equivalents at beginning of period	429.2	908.5	1,039.7
Effect of (deconsolidation) consolidation of Affiliates and Affiliate sponsored investment products	(3.0)	1.4	(7.6)
Cash and cash equivalents at end of period	813.6	429.2	908.5
Supplemental disclosure of cash flow information:
Income taxes paid, net	314.5	120.2	87.1
Interest paid	110.4	109.4	103.0
Lease liabilities paid	37.7	41.8	38.8
Supplemental disclosure of non-cash investing and financing activities:
Payables recorded for investments in Affiliates and contingent payment obligations	57.6	31.2	287.8
Right-of-use assets obtained in exchange for new operating leases	17.5	69.4	26.3
Stock issued upon vesting of restricted stock units and exercise of stock options	55.0	41.2	82.6
Stock received for tax withholdings on share-based payments	31.4	19.4	19.9
Shares received for settlement of accelerated share repurchase agreement	0.0	0.0	14.1
Payables recorded for share repurchases	12.0	0.0	16.7
Payables recorded for Affiliate equity purchases	43.0	27.2	11.0
EQT ordinary shares received from BPEA Transaction	0.0	515.2	0.0
Other investments from BPEA Transaction	$ 0.0	$ 51.7	$ 0.0

Fair Value Measurements - Other Financial Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 1,099.4	$ 1,098.7
Junior subordinated notes	765.9	765.9
Junior convertible securities	341.7	341.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	1,049.8	1,024.6
Junior subordinated notes	612.0	552.3
Junior convertible securities	$ 340.9	$ 346.9

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The following table summarizes the Company’s Debt:


	December 31,
	2022		2023
Senior bank debt	$	349.9	$	349.9
Senior notes	1,095.2		1,096.9
Junior subordinated notes	751.6		751.8
Junior convertible securities	338.6		338.9
Debt	$	2,535.3	$	2,537.5

Senior Bank Debt

The Company has a $1.25 billion revolver and a $350.0 million senior unsecured term loan facility (the “term loan” and, together with the revolver, the “credit facilities”). The revolver matures on October 25, 2027 and the term loan matures on October 23, 2026. Subject to certain conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $75.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, currently based either on an applicable term-SOFR plus a SOFR adjustment of 0.10%, or prime rate, plus a marginal rate determined based on its credit rating. As of December 31, 2023, the interest rate for the Company’s outstanding borrowings under the term loan was term-SOFR plus a SOFR adjustment of 0.10%, plus the marginal rate of 0.85%.

The credit facilities contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions, and fundamental corporate changes, and certain customary events of default.

As of December 31, 2022 and 2023, the Company had no outstanding borrowings under the revolver. As of December 31, 2022 and 2023, the Company had outstanding borrowings under the term loan of $350.0 million, and the weighted average interest rate on outstanding borrowings was 5.27% and 6.31%, respectively. The Company pays commitment fees on the unused portion of its revolver. For the years ended December 31, 2022 and 2023, these fees amounted to $1.3 million.

Senior Notes

As of December 31, 2023, the Company had senior notes outstanding, the respective principal terms and effective interest rates of which are presented below:


	2024 Senior Notes			2025 Senior Notes			2030 Senior Notes
Issue date	February 2014			February 2015			June 2020
Maturity date	February 2024			August 2025			June 2030
Par value (in millions)	$	400.0		$	350.0		$	350.0
Stated coupon	4.25		%	3.50		%	3.30		%
Coupon frequency	Semi-annually			Semi-annually			Semi-annually
Potential call date	Any time			Any time			Any time
Call price	As defined			As defined			As defined
Effective interest rate	4.44		%	3.67		%	3.39		%

The senior notes may be redeemed, in whole or in part, at any time, in the case of the 2024 and 2025 senior notes, and at any time prior to March 15, 2030, in the case of the 2030 senior notes. In each case, the senior notes may be redeemed at a make-whole redemption price, plus accrued and unpaid interest. The make-whole redemption price, in each case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the 2024 and the 2025 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes.

On February 15, 2024, the Company’s $400.0 million 4.25% senior notes due 2024 matured and were fully repaid.

Junior Subordinated Notes

As of December 31, 2023, the Company had junior subordinated notes outstanding, the respective principal terms and effective interest rates of which are presented below:

2059
Junior Subordinated Notes

2060
Junior Subordinated Notes

2061
Junior Subordinated Notes

Issue date

March 2019

September 2020

July 2021

Maturity date

March 2059

September 2060

September 2061

Par value (in millions)

300.0

275.0

200.0

Stated coupon

5.875

4.75

4.20

Coupon frequency

Quarterly

Potential call date

March 2024

September 2025

September 2026

Call price

As defined

Listing

NYSE

Effective interest rate

5.91

4.78

4.23

The junior subordinated notes may be redeemed at any time, in whole or in part, on or after March 30, 2024, in the case of the 2059 junior subordinated notes, on or after September 30, 2025, in the case of the 2060 junior subordinated notes, and on or after September 30, 2026, in the case of the 2061 junior subordinated notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the applicable notes.

The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes.

Junior Convertible Securities

As of December 31, 2023, the Company had $341.7 million of principal outstanding in its 5.15% junior convertible trust preferred securities (the “junior convertible securities”), maturing in 2037. The junior convertible securities bear interest at a rate of 5.15% per annum, payable quarterly in cash.

As of December 31, 2022 and 2023, the unamortized issuance costs related to the junior convertible securities were $3.1 million and $2.9 million, respectively.

The following table presents interest expense recorded in connection with the junior convertible securities:


	For the Years Ended December 31,
	2021			2022			2023
Contractual interest expense	$	22.2		$	18.3		$	17.6
Amortization of debt issuance costs	0.4			0.2			0.2
Amortization of debt discount	3.1			—			—
Total	$	25.7		$	18.5		$	17.8

Effective interest rate	5.99		%	5.21		%	5.21		%

Holders of the junior convertible securities have no rights to put these securities to the Company. The holder may convert the securities to 0.2558 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion price of $195.47 per share. The conversion rate is subject to adjustments as described in the Amended and Restated Declaration of Trust of AMG Capital Trust II and the related indenture, both dated October 17, 2007 and filed as exhibits to this Annual Report on Form 10-K. Upon conversion, holders will receive cash or shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities if the closing price of its common stock for 20 trading days in a period of 30 consecutive trading days exceeds 130% of the then prevailing conversion price, and may also repurchase junior convertible securities in the open market or in privately negotiated transactions from time to time at management’s discretion. The junior convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported interest expense. The Company estimates that these deductions will generate annual deferred tax liabilities of approximately $9 million. For the year ended December 31, 2022, the Company repurchased a portion of its junior convertible securities for a purchase price of $60.9 million and as a result of these repurchases, the Company reduced its Deferred income tax liability (net) by $11.4 million. The Company did not repurchase any of its junior convertible securities during the year ended December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Affiliate Equity - Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 672.9	$ 1,145.9	$ 565.7
Decrease in controlling interest paid-in capital from Affiliate equity issuances	(13.5)	(0.2)	(17.5)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(50.4)	(38.2)	(63.2)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$ 609.0	$ 1,107.5	$ 485.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share available to common stockholders:


	For the Years Ended December 31,
	2021		2022		2023
Numerator
Net income (controlling interest)	$	565.7	$	1,145.9	$	672.9
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax	—		82.9		49.0
Interest expense on junior convertible securities, net of taxes	18.5		14.0		13.4
Net income (controlling interest), as adjusted	$	584.2	$	1,242.8	$	735.3
Denominator
Average shares outstanding (basic)	41.5		38.5		35.1
Effect of dilutive instruments:
Stock options and restricted stock units	1.2		1.3		1.7

Hypothetical issuance of shares to settle Redeemable non-controlling interests	—		7.4		3.7
Junior convertible securities	2.1		1.8		1.7
Average shares outstanding (diluted)	44.8		49.0		42.2

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted). The following is a summary of items excluded from the denominator in the table above:


	For the Years Ended December 31,
	2021	2022	2023
Stock options and restricted stock units	0.2	0.2	0.2

Shares issuable to settle Redeemable non-controlling interests	—	0.1	0.7

Equity Method Investments in Affiliates - Schedule of Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,523.6	$ 2,648.7	$ 2,689.2
Equity method investments in Affiliates (net)	2,288.5	2,139.5
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Goodwill	1,323.3	1,262.4
Definite-lived acquired client relationships (net)	652.5	479.4
Indefinite-lived acquired client relationships (net)	122.6	119.0
Undistributed earnings and tangible capital	190.1	278.7
Equity method investments in Affiliates (net)	$ 2,288.5	$ 2,139.5	$ 2,134.4

- Definition

+ References + Details

Other Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Summary of Fair Value of Investments and Unfunded Commitments

The following table summarizes the fair values of these investments and any related unfunded commitments:


	December 31, 2022				December 31, 2023
	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds(1)	$	356.4	$	158.3	$	424.4	$	187.2
Investments in other strategies(2)	14.8		—		6.1		—
Total(3)	$	371.2	$	158.3	$	430.5	$	187.2

___________________________

(1)The Company accounts for the majority of its interests in private equity funds one quarter in arrears (adjusted for current period calls and distributions). These funds primarily invest in a broad range of third-party funds and direct investments. Distributions will be received as the underlying assets are liquidated over the life of the funds, which is generally up to 15 years.

(2)These are multi-disciplinary funds that invest across various asset classes and strategies, including equity and credit. Investments are generally redeemable on a daily, monthly, or quarterly basis.

(3)Fair value attributable to the controlling interest was $275.1 million and $324.9 million as of December 31, 2022 and 2023, respectively.

Schedule of Investments without Readily Determinable Fair Value

The following table summarizes the cost, cumulative unrealized gains, and carrying amount of investments without readily determinable fair values:


	December 31,
	2022		2023
Cost	$	8.5	$	8.5
Cumulative unrealized gains	41.9		41.9
Carrying amount	$	50.4	$	50.4

The following table presents the changes in Other investments:


	For the Years Ended December 31,
	2022						2023
	Measured at NAV as a Practical Expedient		Without Readily Determinable Fair Values		Total		Measured at NAV as a Practical Expedient		Without Readily Determinable Fair Values		Total
Balance, beginning of period	$	324.8	$	50.4	$	375.2	$	371.2	$	50.4	$	421.6
Net realized and unrealized gains(1)	1.7		—		1.7		34.2		—		34.2
Additions and commitments	104.3		—		104.3		82.5		—		82.5
Sales and distributions	(59.6)		—		(59.6)		(57.4)		—		(57.4)
Balance, end of period	$	371.2	$	50.4	$	421.6	$	430.5	$	50.4	$	480.9

___________________________

(1)Recorded in Investment and other income.

Equity Method Investments in Affiliates - Financial Information for Affiliates Accounted for Under the Equity Method (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net income	$ 906.1	$ 1,388.1	$ 890.1
Assets	9,059.6	8,881.0
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenues	3,115.6	3,239.5	3,228.1
Net income	1,313.0	1,358.7	$ 1,656.6
Assets	3,269.1	2,816.7
Liabilities and Non-controlling interests	$ 1,467.3	$ 1,221.4

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Income Taxes - Changes in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance, beginning of period	$ 49.6	$ 52.4	$ 63.5
Additions based on current year tax positions	6.4	0.6	0.8
Additions based on prior years’ tax positions	1.0	4.4	4.6
Reduction for prior years’ tax positions	(13.5)	(1.0)	(5.6)
Lapse of the statute of limitations	(4.8)	(5.5)	(5.7)
Settlements	(1.3)	0.0	(5.5)
Foreign currency translation	0.4	(1.3)	0.3
Balance, end of period	$ 37.8	$ 49.6	$ 52.4

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ 45.6	$ (145.9)	$ 11.2
Tax (Expense) Benefit	(3.7)	3.1	(4.0)
Other comprehensive income (loss), net of tax	41.9	(142.8)	7.2
Foreign currency translation gain
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	44.8	(144.1)	10.3
Tax (Expense) Benefit	(3.7)	2.8	(3.5)
Other comprehensive income (loss), net of tax	41.1	(141.3)	6.8
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.3	(0.5)	0.9
Tax (Expense) Benefit	0.0	0.0	(0.5)
Other comprehensive income (loss), net of tax	0.3	(0.5)	$ 0.4
Change in net unrealized gain (loss) on available-for-sale debt securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.5	(1.3)
Tax (Expense) Benefit	0.0	0.3
Other comprehensive income (loss), net of tax	$ 0.5	$ (1.0)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Equity Method Investments in Affiliates

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

In the third quarter of 2023, the Company completed a minority investment in Forbion Group Holding B.V., a private markets firm focused on investing in high-quality life sciences companies, and in the fourth quarter of 2023, the Company completed a minority investment in Ara Partners Group, LLC (“Ara Partners”), a private markets firm specializing in industrial decarbonization. The majority of the consideration paid for Ara Partners will be deductible for U.S. tax purposes over a 15-year life. The Company’s provisional purchase price allocation for each investment was measured using financial models that include assumptions of expected market performance, net client cash flows, and discount rates.

The financial results of certain Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears.

Equity method investments in Affiliates (net) consisted of the following:


	December 31,
	2022		2023
Goodwill	$	1,262.4	$	1,323.3
Definite-lived acquired client relationships (net)	479.4		652.5
Indefinite-lived acquired client relationships (net)	119.0		122.6
Undistributed earnings and tangible capital	278.7		190.1
Equity method investments in Affiliates (net)	$	2,139.5	$	2,288.5

The following table presents the change in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
	2022		2023
Balance, beginning of period	$	2,134.4	$	2,139.5
Investments in Affiliates	326.1		349.8
BPEA Transaction(1)	(150.6)		—
Earnings	497.2		375.6
Intangible amortization and impairments	(159.1)		(95.6)
Distributions of earnings	(394.7)		(492.1)
Return of capital	(0.8)		(0.2)
Foreign currency translation	(68.5)		29.3

Other	(44.5)		(17.8)
Balance, end of period	$	2,139.5	$	2,288.5

___________________________

(1)Represents the Company’s equity method investment in BPEA as of the closing date.

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships of $123.0 million, $109.1 million, and $86.0 million for the years ended December 31, 2021, 2022, and 2023, respectively. Based on relationships existing as of December 31, 2023, the Company estimates the amortization expense attributable to its Affiliates will be approximately $65 million in 2024, approximately $62 million in 2025, approximately $55 million in each of 2026 and 2027, and approximately $50 million in 2028.

For the year ended December 31, 2022, the Company recorded a $50.0 million expense to reduce the carrying value of an Affiliate to fair value. The decline in the fair value was a result of a decline in assets under management and a reduction in projected margin, which decreased the forecasted income associated with the investment. The fair value of the investment was determined using a probability-weighted discounted cash flow analysis, a Level 3 fair value measurement that included a projected compounded growth in assets under management over the first five years of 2%, long-term growth rate of 5%, discount rates of 11% and 20% for asset- and performance-based fees, respectively, and a market participant tax rate of 25%. Based on the discounted cash flow analysis, the Company concluded that the fair value of its investment had declined below its carrying value and that the decline was other-than-temporary.

For the year ended December 31, 2023, the Company recorded $9.6 million of expenses to reduce the carrying values of certain of its Affiliates because it concluded that the fair value of its investments had declined below their carrying values and that the declines were other-than-temporary.

For the year ended December 31, 2023, the Company completed its annual assessment of its investments in Affiliates accounted for under the equity method and no other impairments were indicated.

The Company had 20 and 22 Affiliates accounted for under the equity method as of December 31, 2022 and 2023, respectively. The majority of these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings, typically based upon a fixed percentage of revenue reduced by, in some cases, certain agreed-upon expenses. The partnership agreements do not define a fixed percentage for the Company’s ownership of the equity of the Affiliate. These percentages would be subject to a separate future negotiation if an Affiliate were to be sold or liquidated.

The following table presents summarized financial information for Affiliates accounted for under the equity method:


	For the Years Ended December 31,
	2021		2022		2023
Revenue(1)	$	3,228.1	$	3,239.5	$	3,115.6
Net income(1)	1,656.6		1,358.7		1,313.0


	December 31,
	2022		2023
Assets	$	2,816.7	$	3,269.1

Liabilities and Non-controlling interests	1,221.4		1,467.3

___________________________

(1)Revenue and net income include asset- and performance-based fees, the impact of consolidated sponsored investment products, and new Affiliate investments for the full-year, regardless of the date of the Company’s investment.

BPEA Transaction

In the fourth quarter of 2022, the Company completed the sale of its equity interest in BPEA, an Affiliate accounted for by the Company under the equity method, to EQT (the “BPEA Transaction”) in connection with the strategic combination of BPEA and EQT. Pursuant to the terms of the Securities Purchase and Merger Agreement with EQT, under which the Company and each of the other owners agreed to sell their respective equity interests in BPEA, the Company received $223.6 million in cash, net of transaction costs, and 28.68 million EQT ordinary shares (25% of which were subject to a six-month lock-up, which expired in April 2023), and other investments. BPEA is included in the Company’s results through the closing date, and the Company’s gain on the transaction was $641.9 million, which is recorded in Affiliate Transaction gains.

Benefit Plans	12 Months Ended
Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Benefit Plans	Benefit PlansThe Company has a defined contribution plan that is a qualified employee profit-sharing plan, covering substantially all of its employees. Under this plan, the Company is able to make discretionary contributions for the benefit of its employees that are qualified plan participants, up to Internal Revenue Service (“IRS”) limits. The Company’s consolidated Affiliates generally have their own qualified defined contribution retirement plans covering their respective employees or, for several Affiliates, had their employees covered under the Company’s plan until February or March 2023, as applicable. In each case, the relevant Affiliate was able to make discretionary contributions for the benefit of its employees, as applicable, that were qualified plan participants, up to IRS limits. Consolidated expenses related to these plans were $19.1 million, $20.9 million, and $24.8 million for the years ended December 31, 2021, 2022, and 2023, respectively. The controlling interest’s portion of expenses related to these plans were $3.0 million, $3.4 million, and $3.6 million for the years ended December 31, 2021, 2022, and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
Geographic Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Consolidated revenue	$ 2,057.8	$ 2,329.6	$ 2,412.4
Fixed assets (net)	67.3	68.5
United States
Segment Reporting Information
Consolidated revenue	1,519.3	1,852.6	1,838.7
Fixed assets (net)	56.3	57.5
United Kingdom
Segment Reporting Information
Consolidated revenue	498.3	434.8	528.6
Fixed assets (net)	10.7	10.6
Other
Segment Reporting Information
Consolidated revenue	40.2	42.2	$ 45.1
Fixed assets (net)	$ 0.3	$ 0.4

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Related Party Transactions (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transactions
Other liabilities	$ 466.3	$ 461.7
Common stock, voting rights, percent	0.05
Prior Owner \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	$ 18.5	$ 21.0

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 2,537.5	$ 2,535.3
Senior bank debt
Debt Instrument [Line Items]
Debt	349.9	349.9
Senior notes
Debt Instrument [Line Items]
Debt	1,096.9	1,095.2
Junior subordinated notes
Debt Instrument [Line Items]
Debt	751.8	751.6
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 338.9	$ 338.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company is authorized to issue up to 150.0 million shares of voting common stock and 3.0 million shares of class B non-voting common stock.

The Company’s Board of Directors authorized share repurchase programs in January 2022, October 2022, and October 2023 to repurchase up to 2.0 million, 3.0 million, and 3.3 million shares of its common stock, respectively, and these authorizations have no expiry. Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments. As of December 31, 2023, the Company had repurchased all of the shares in the repurchase program authorized in January 2022, and there were a total of 4.2 million shares available for repurchase under the Company’s share repurchase programs.

In December 2022, the Company entered into an accelerated share repurchase agreement to repurchase shares of its common stock in exchange for an upfront payment of $225.0 million. The Company received an initial share delivery of 1.1 million shares in December 2022, which represented 80% of the upfront payment based on the closing price of the Company’s common stock on the agreement date. In the second quarter of 2023, the Company received a final share delivery of 0.4 million shares. Under this agreement, the Company repurchased a total of 1.5 million shares at an average price of $147.29 per share.

The following is a summary of the Company’s share repurchase activity:


Year	Shares Repurchased	Average Price
2021	3.5	$	146.54
2022	4.5	144.45
2023	3.0	132.99

Equity Distribution Program

In the second quarter of 2022, the Company entered into equity distribution and forward equity agreements with several major securities firms under which it may, from time to time, issue and sell shares of its common stock (immediately or on a forward basis) having an aggregate sales price of up to $500.0 million (the “equity distribution program”). This equity distribution program superseded and replaced the Company’s prior equity distribution program. As of December 31, 2023, no sales had occurred under the equity distribution program.

Preferred Stock

The Company is authorized to issue up to 5.0 million shares of preferred stock. Any such preferred stock issued by the Company may rank prior to common stock as to dividend rights, liquidation preference or both, may have full or limited voting rights, and may be convertible into shares of common stock.

Financial Instruments

The Company’s junior convertible securities contain an embedded right for holders to receive shares of the Company’s common stock under certain conditions. These arrangements, as well as the equity distribution program, meet the definition of equity and are not required to be accounted for separately as derivative financial instruments.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Goodwill and Acquired Client Relationships - Additional Information (Details)	1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Intangible assets
Goodwill impairment		$ 0
Estimated Future Amortization Expense of Finite-Lived Intangibles
Cash received in Veritable Transaction	$ 287,400,000
Affiliate Transaction gain	$ 133,100,000
Third Party
Estimated Future Amortization Expense of Finite-Lived Intangibles
Subsidiary, ownership percentage sold	1	1
Acquired Client Relationships
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible impairments			$ 0
Acquired Client Relationships
Intangible assets
Amortization and impairment expenses of intangible assets			48,300,000	$ 49,100,000
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2024			30,000,000
Intangible future amortization expense in 2025			25,000,000
Intangible future amortization expense in 2026			25,000,000
Intangible future amortization expense in 2027			25,000,000
Intangible future amortization expense in 2028			25,000,000
Impairment of definite-lived intangible assets			0
Acquired Client Relationships \| Intangible Amortization and Impairments
Intangible assets
Amortization and impairment expenses of intangible assets			$ 48,300,000	$ 49,100,000	$ 35,700,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

From time to time, the Company and its Affiliates may be subject to claims, legal proceedings, and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated.

The Company has committed to co-invest in certain Affiliate sponsored investment products. As of December 31, 2023, these unfunded commitments were $187.2 million and may be called in future periods.

As of December 31, 2023, the Company was obligated to make deferred payments and was contingently liable to make payments in connection with certain of its consolidated Affiliates, which are included in Other liabilities, as follows:


							Earliest Payable
	Controlling Interest		Co-Investor		Total		2024		2025
Deferred payment obligations	$	43.3	$	—	$	43.3	$	21.7	$	21.6
Contingent payment obligations(1)	12.3		2.4		14.7		9.5		5.2

___________________________

(1)Fair value as of December 31, 2023. The Company is contingently liable to make maximum contingent payments of up to $110.0 million ($24.9 million attributable to the co-investor), of which $100.0 million and $10.0 million may become payable in 2024 and 2025, respectively.

As of December 31, 2023, the Company was obligated to make deferred payments of $59.8 million related to certain of its investments in Affiliates accounted for under the equity method, all of which is payable in 2024. Deferred payment obligations are included in Other liabilities.

As of December 31, 2023, the Company was contingently liable to make payments of $237.1 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $89.5 million may become payable in 2024 and $147.6 million may become payable from 2025 through 2029.

As of December 31, 2023, the Company agreed to provide one of its Affiliates accounted for under the equity method up to $50.0 million of contingent financing.

In the event that certain financial targets are not met, the Company may receive payments from one of its Affiliates accounted for under the equity method of up to $12.5 million and also has the option to reduce its ownership interest and receive an incremental payment of $25.0 million.

Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 17.

The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. The Company’s management is not aware of any significant violations of such requirements.

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Stock Options
Unexercised options outstanding - beginning balance (in shares) \| shares	3.2
Options granted (in shares) \| shares	0.0
Options exercised (in shares) \| shares	(0.0)
Options forfeited (in shares) \| shares	0.0
Options expired (in shares) \| shares	0.0
Performance condition changes (in shares) \| shares	0.0
Unexercised options outstanding - ending balance (in shares) \| shares	3.2
Stock Options, Exercisable at the end of the period (in shares) \| shares	0.0
Weighted Average Exercise Price
Unexercised options outstanding - beginning balance (in dollars per share) \| $ / shares	$ 76.81
Options granted (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	127.77
Options forfeited (in dollars per share) \| $ / shares	0
Options expired (in dollars per share) \| $ / shares	0
Performance condition changes (in dollars per share) \| $ / shares	0
Unexercised stock options outstanding - ending balance (in dollars per share) \| $ / shares	76.74
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 119.54
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	2 years 8 months 12 days
Exercisable at the end of the period	2 years 9 months 18 days

Equity Method Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Affiliates

Equity method investments in Affiliates (net) consisted of the following:


	December 31,
	2022		2023
Goodwill	$	1,262.4	$	1,323.3
Definite-lived acquired client relationships (net)	479.4		652.5
Indefinite-lived acquired client relationships (net)	119.0		122.6
Undistributed earnings and tangible capital	278.7		190.1
Equity method investments in Affiliates (net)	$	2,139.5	$	2,288.5

The following table presents the change in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
	2022		2023
Balance, beginning of period	$	2,134.4	$	2,139.5
Investments in Affiliates	326.1		349.8
BPEA Transaction(1)	(150.6)		—
Earnings	497.2		375.6
Intangible amortization and impairments	(159.1)		(95.6)
Distributions of earnings	(394.7)		(492.1)
Return of capital	(0.8)		(0.2)
Foreign currency translation	(68.5)		29.3

Other	(44.5)		(17.8)
Balance, end of period	$	2,139.5	$	2,288.5

___________________________

(1)Represents the Company’s equity method investment in BPEA as of the closing date.

The following table presents summarized financial information for Affiliates accounted for under the equity method:


	For the Years Ended December 31,
	2021		2022		2023
Revenue(1)	$	3,228.1	$	3,239.5	$	3,115.6
Net income(1)	1,656.6		1,358.7		1,313.0


	December 31,
	2022		2023
Assets	$	2,816.7	$	3,269.1

Liabilities and Non-controlling interests	1,221.4		1,467.3

___________________________

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153.0	153.0
Common stock, shares issued (in shares)	58.5	58.5
Treasury stock, shares (in shares)	25.3	22.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 813.6	$ 429.2
Receivables	368.4	316.0
Investments in marketable securities	461.0	716.9
Goodwill	2,523.6	2,648.7
Acquired client relationships (net)	1,812.4	1,876.0
Equity method investments in Affiliates (net)	2,288.5	2,139.5
Fixed assets (net)	67.3	68.5
Other investments	480.9	421.6
Other assets	243.9	264.6
Total assets	9,059.6	8,881.0
Liabilities and Equity
Payable and accrued liabilities	628.5	778.3
Debt	2,537.5	2,535.3
Deferred income tax liability (net)	463.8	464.7
Other liabilities	466.3	461.7
Total liabilities	4,096.1	4,240.0
Commitments and contingencies (Note 7)
Redeemable non-controlling interests	393.4	465.4
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued in 2022 and 2023)	0.6	0.6
Additional paid-in capital	741.4	695.5
Accumulated other comprehensive loss	(167.6)	(203.4)
Retained earnings	6,389.6	5,718.2
Total stockholders' equity before treasury stock	6,964.0	6,210.9
Less: Treasury stock, at cost (22.7 shares in 2022 and 25.3 shares in 2023)	(3,376.1)	(2,980.6)
Total stockholders' equity	3,587.9	3,230.3
Non-controlling interests	982.2	945.3
Total equity	4,570.1	4,175.6
Total liabilities and equity	$ 9,059.6	$ 8,881.0

Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2023 segment
Property, Plant and Equipment [Line Items]
Number of operating segments	1
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Software	2 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Software	10 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Software	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Software	10 years
Computer software \| Minimum
Property, Plant and Equipment [Line Items]
Software	2 years
Computer software \| Maximum
Property, Plant and Equipment [Line Items]
Software	5 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Software	39 years

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Consolidated revenue	$ 2,057.8	$ 2,329.6	$ 2,412.4
Consolidated expenses:
Compensation and related expenses	907.5	1,071.5	1,047.1
Selling, general and administrative	358.2	385.5	347.1
Intangible amortization and impairments	48.3	51.6	35.7
Interest expense	123.8	114.4	111.4
Depreciation and other amortization	13.0	15.8	16.6
Other expenses (net)	45.8	34.7	73.5
Total consolidated expenses	1,496.6	1,673.5	1,631.4
Equity method income (net)	280.0	338.1	242.5
Affiliate Transaction gains (Notes 8 and 9)	133.1	641.9	0.0
Investment and other income	117.1	110.3	117.6
Income before income taxes	1,091.4	1,746.4	1,141.1
Income tax expense	185.3	358.3	251.0
Net income	906.1	1,388.1	890.1
Net income (non-controlling interests)	(233.2)	(242.2)	(324.4)
Net income (controlling interest)	$ 672.9	$ 1,145.9	$ 565.7
Average shares outstanding (basic) (in shares)	35.1	38.5	41.5
Average shares outstanding (diluted) (in shares)	42.2	49.0	44.8
Earnings per share (basic) (in dollars per share)	$ 19.18	$ 29.77	$ 13.65
Earnings per share (diluted) (in dollars per share)	$ 17.42	$ 25.35	$ 13.05

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:


			Fair Value Measurements
	December 31, 2022
			Level 1		Level 2		Level 3
Financial Assets

Investments in equity securities(1)	$	447.9	$	305.6	$	142.3	$	—
Investments in debt securities(1)	269.0		—		269.0		—


Financial Liabilities(3)
Contingent payment obligations	$	21.0	$	—	$	—	$	21.0
Affiliate equity purchase obligations	24.5		—		—		24.5


			Fair Value Measurements
	December 31, 2023
			Level 1		Level 2		Level 3
Financial Assets

Investments in equity securities(1)	$	37.9	$	37.9	$	—	$	—
Investments in debt securities(1)	423.1		—		423.1		—


Financial Liabilities(3)
Contingent payment obligations	$	14.7	$	—	$	—	$	14.7
Affiliate equity purchase obligations	53.9		—		—		53.9

___________________________

(1)Amounts are recorded in Investments in marketable securities.

(2)Amounts are recorded in Other assets.

(3)Amounts are recorded in Other liabilities.

Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:


	For the Years Ended December 31,
	2022				2023
	Contingent Payment Obligations		Affiliate Equity Purchase Obligations		Contingent Payment Obligations		Affiliate Equity Purchase Obligations
Balance, beginning of period	$	40.3	$	12.6	$	21.0	$	24.5

Purchases and issuances(1)	—		75.8		—		113.7
Settlements and reductions	—		(52.1)		—		(75.4)
Net realized and unrealized gains(2)	(19.3)		(11.8)		(6.3)		(8.9)
Balance, end of period	$	21.0	$	24.5	$	14.7	$	53.9

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1)	$	(19.3)	$	(5.9)	$	(6.3)	$	(4.0)

___________________________

(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations is included in Interest expense.

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the Company’s recurring Level 3 fair value measurements:


	Quantitative Information About Level 3 Fair Value Measurements
			December 31, 2022					December 31, 2023
	Valuation Techniques	Unobservable Input	Fair Value		Range	Weighted Average(1)		Fair Value		Range	Weighted Average(1)
Contingent payment obligations	Monte Carlo simulation	Volatility	$	21.0	18% - 25%	18	%	$	14.7	19% - 25%	21	%
		Discount rates			6%	6	%			6%	6	%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$	24.5	(3)% - 6%	1	%	$	53.9	(6)% - 7%	1	%
		Discount rates			14% - 17%	14	%			14% - 17%	14	%

___________________________

(1)Calculated by comparing the relative fair value of an obligation to its respective total.

(2)Represents growth rates of asset- and performance-based fees.

Contingent payment obligations represent the fair value of the expected future settlement amounts related to the Company’s investments in its consolidated Affiliates. Changes to assumed volatility and discount rates change the fair value of contingent payment obligations. Increases to the volatility rates used would result in higher fair values, while increases to the discount rates used would result in lower fair values.

Affiliate equity purchase obligations include agreements to purchase Affiliate equity. As of December 31, 2023, there were no changes to growth or discount rates that had a significant impact to Affiliate equity purchase obligations recorded in prior periods.

Other Financial Assets and Liabilities Not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:


	December 31, 2022				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value		Fair Value Hierarchy
Senior notes	$	1,098.7	$	1,024.6	$	1,099.4	$	1,049.8	Level 2
Junior subordinated notes	765.9		552.3		765.9		612.0		Level 2
Junior convertible securities	341.7		346.9		341.7		340.9		Level 2

The Company has other financial assets and liabilities that are not required to be carried at fair value, but are required to be disclosed at fair value. The carrying amount of Cash and cash equivalents, Receivables, Payables and accrued liabilities, and certain Other liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of the credit facilities (as defined in Note 6) approximates fair value because the credit facilities have variable interest based on selected short-term rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Payables and Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Payables and Accrued Liabilities

Payables and accrued liabilities consisted of the following:


	December 31,
	2022		2023
Accrued compensation	$	378.7	$	309.3

Accrued income taxes	224.4		62.3







Other	175.2		256.9
Payables and accrued liabilities	$	778.3	$	628.5

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Sponsored Investment Products (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	$ 5,788.3	$ 4,878.6
Carrying Value and Maximum Exposure to Loss	$ 29.8	$ 15.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.2	0.2	0.2
Shares issuable to settle Redeemable non-controlling interests
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0.7	0.1	0.0

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13459
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3218510
Entity Address, Address Line One	777 South Flagler Drive
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	800
Local Phone Number	345-1100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Entity Public Float			$ 5,227,465,462
Entity Common Stock, Shares Outstanding (in shares)		32,794,127
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after December 31, 2023, and delivered to stockholders in connection with the registrant’s annual meeting of stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001004434
Amendment Flag	false
Document Fiscal Period Focus	FY
Common Stock ($0.01 par value)
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
5.875% Junior Subordinated Notes due 2059
Entity Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Entity Information [Line Items]
Title of 12(b) Security	4.750% Junior Subordinated Notes due 2060
Trading Symbol	MGRB
Security Exchange Name	NYSE
2061 Junior Subordinated Notes
Entity Information [Line Items]
Title of 12(b) Security	4.200% Junior Subordinated Notes due 2061
Trading Symbol	MGRD
Security Exchange Name	NYSE

Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 782.3	$ 639.0	$ 698.2
International	309.1	1,107.4	442.8
Total	$ 1,091.4	$ 1,746.4	$ 1,141.0

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contingent Payment Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 21.0	$ 40.3
Purchases and issuances	0.0	0.0
Settlements and reductions	0.0	0.0
Net realized and unrealized gains	(6.3)	(19.3)
Balance, end of period	14.7	21.0
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	(6.3)	(19.3)
Affiliate Equity Purchase Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	24.5	12.6
Purchases and issuances	113.7	75.8
Settlements and reductions	(75.4)	(52.1)
Net realized and unrealized gains	(8.9)	(11.8)
Balance, end of period	53.9	24.5
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$ (4.0)	$ (5.9)

Debt - Additional Information (Details)	12 Months Ended
Debt - Additional Information (Details)	Dec. 31, 2023 USD ($) d $ / shares	Dec. 31, 2022 USD ($)	Feb. 15, 2024 USD ($)
Debt Instrument [Line Items]
Debt	$ 2,537,500,000	$ 2,535,300,000
Senior bank debt
Debt Instrument [Line Items]
Debt	349,900,000	349,900,000
Senior bank debt \| Revolver
Debt Instrument [Line Items]
Available borrowing	1,250,000,000
Additional borrowing amount	500,000,000
Outstanding borrowings	0	0
Commitment fee amount	1,300,000	1,300,000
Senior bank debt \| Term Loan
Debt Instrument [Line Items]
Available borrowing	350,000,000
Additional borrowing amount	75,000,000
Debt	$ 350,000,000	$ 350,000,000
Weighted average interest rate on amount outstanding	6.31%	5.27%
Senior bank debt \| Term Loan \| SOFR Adjustment
Debt Instrument [Line Items]
Basis spread over variable debt rate	0.10%
Senior bank debt \| Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread over variable debt rate	0.85%
Senior notes
Debt Instrument [Line Items]
Debt	$ 1,096,900,000	$ 1,095,200,000
Senior notes \| 2024 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Par value	$ 400,000,000.0
Stated interest rate	4.25%
Senior notes \| 2024 Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Par value			$ 400,000,000
Stated interest rate			4.25%
Senior notes \| 2024 Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
Senior notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Par value	$ 350,000,000.0
Stated interest rate	3.50%
Senior notes \| 2025 Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.25%
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Par value	$ 350,000,000.0
Stated interest rate	3.30%
Senior notes \| 2030 Senior Notes \| Treasury Rate
Debt Instrument [Line Items]
Applicable basis spread over redemption price percentage	0.40%
Junior subordinated notes
Debt Instrument [Line Items]
Debt	$ 751,800,000	751,600,000
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300,000,000.0
Stated interest rate	5.875%
Junior subordinated notes \| 2059 Junior Subordinated Notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2059 Junior Subordinated Notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2059 Junior Subordinated Notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275,000,000.0
Stated interest rate	4.75%
Junior subordinated notes \| 2060 Junior Subordinated Notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2060 Junior Subordinated Notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2060 Junior Subordinated Notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
Junior subordinated notes \| 2061 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 200,000,000.0
Stated interest rate	4.20%
Junior subordinated notes \| 2061 Junior Subordinated Notes \| On or after September 30, 2026
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2061 Junior Subordinated Notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| 2061 Junior Subordinated Notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
Junior convertible securities
Debt Instrument [Line Items]
Debt	$ 338,900,000	338,600,000
Junior convertible securities \| Junior Convertible Trust Preferred Securities
Debt Instrument [Line Items]
Debt	$ 341,700,000
Stated interest rate	5.15%
Unamortized debt issuance expense	$ 2,900,000	3,100,000
Conversion ratio (in shares)	0.2558
Face amount of convertible security (in dollars per share) \| $ / shares	$ 50.00
Conversion price (in dollars per share) \| $ / shares	$ 195.47
Number of trading days closing price has exceeded threshold \| d	20
Number of consecutive trading days \| d	30
Debt instrument, convertible, threshold percentage	1.30
Deferred tax liability	$ 9,000,000
Repayments of convertible debt		60,900,000
Deferred tax liabilities, net, decrease resulting from repurchase of junior convertible securities		$ 11,400,000

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

Fixed assets (net) consisted of the following:


	December 31,
	2022		2023
Buildings and leasehold improvements	$	111.9	$	108.6
Software	51.7		45.7
Equipment	25.6		20.7
Furniture and fixtures	19.9		17.5
Land, improvements and other	20.8		20.8
Fixed assets, at cost	229.9		213.3
Accumulated depreciation and amortization	(161.4)		(146.0)
Fixed assets (net)	$	68.5	$	67.3

Equity Method Investments in Affiliates - Additional Information (Details) shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) yr affiliate shares	Dec. 31, 2023 USD ($) affiliate	Dec. 31, 2022 USD ($) yr affiliate	Dec. 31, 2021 USD ($)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Number of affiliates accounted for under the equity method \| affiliate	20	22	20
BPEA Transaction gain	$ 641.9	$ 133.1	$ 641.9	$ 0.0
Baring Private Equity Asia (“BPEA”) \| EQT AB (“EQT”)
Estimated Future Amortization Expense of Finite-Lived Intangibles
Merger agreement, cash proceeds	$ 223.6
Merger agreement, equity interests issuable, number of shares (in shares) \| shares	28,680
Percentage of shares restricted	0.25
Term of restricted shares	6 months
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Intangible amortization expense		48.3	49.1
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2024		30.0
Intangible future amortization expense in 2025		25.0
Intangible future amortization expense in 2026		25.0
Intangible future amortization expense in 2027		25.0
Intangible future amortization expense in 2028		25.0
Equity Method Investee
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment expense		9.6	$ 50.0
Equity Method Investee \| Growth rate period
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input \| yr	5		5
Equity Method Investee \| Growth rate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input	0.02		0.02
Equity Method Investee \| Long-term growth rate
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input	0.05		0.05
Equity Method Investee \| Discount rates, asset based fees
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input	0.11		0.11
Equity Method Investee \| Discount rates, performance based fees
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input	0.20		0.20
Equity Method Investee \| Market participant tax rates
Estimated Future Amortization Expense of Finite-Lived Intangibles
Measurement input	0.25		0.25
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Intangible amortization expense		86.0	$ 109.1	$ 123.0
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense in 2024		65.0
Intangible future amortization expense in 2025		62.0
Intangible future amortization expense in 2026		55.0
Intangible future amortization expense in 2027		55.0
Intangible future amortization expense in 2028		$ 50.0

Stockholders' Equity - Share Repurchase Activity (Details) - $ / shares shares in Millions	7 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Shares Repurchased (in shares)	1.5
Average Price (in dollars per share)	$ 147.29
Common Stock
Class of Stock [Line Items]
Shares Repurchased (in shares)		3.0	4.5	3.5
Average Price (in dollars per share)		$ 132.99	$ 144.45	$ 146.54

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Comprehensive Income

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):


	For the Year Ended December 31, 2021
	Pre-Tax		Tax Expense		Net of Tax
Foreign currency translation gain	$	10.3	$	(3.5)	$	6.8
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.9		(0.5)		0.4

Other comprehensive income	$	11.2	$	(4.0)	$	7.2


	For the Year Ended December 31, 2022
	Pre-Tax		Tax Benefit		Net of Tax
Foreign currency translation loss	$	(144.1)	$	2.8	$	(141.3)
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.5)		0.0		(0.5)
Change in net unrealized gain (loss) on available-for-sale debt securities	(1.3)		0.3		(1.0)
Other comprehensive loss	$	(145.9)	$	3.1	$	(142.8)


	For the Year Ended December 31, 2023
	Pre-Tax		Tax (Expense) Benefit		Net of Tax
Foreign currency translation gain	$	44.8	$	(3.7)	$	41.1
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.3		0.0		0.3
Change in net unrealized gain (loss) on available-for-sale debt securities	0.5		0.0		0.5
Other comprehensive income	$	45.6	$	(3.7)	$	41.9

The components of accumulated other comprehensive income (loss), net of taxes, were as follows:


	Foreign Currency Translation Adjustment		Realized and Unrealized Gains (Losses) on Derivative Financial Instruments		Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Total
Balance, as of December 31, 2021	$	(155.1)	$	0.1	$	—	$	(155.0)
Other comprehensive income (loss) before reclassifications	(141.3)		0.5		(1.0)		(141.8)
Amounts reclassified	—		(1.0)		—		(1.0)
Net other comprehensive loss	(141.3)		(0.5)		(1.0)		(142.8)
Balance, as of December 31, 2022	$	(296.4)	$	(0.4)	$	(1.0)	$	(297.8)
Other comprehensive income before reclassifications	41.1		1.9		0.5		43.5
Amounts reclassified	—		(1.6)		—		(1.6)
Net other comprehensive income	41.1		0.3		0.5		41.9
Balance, as of December 31, 2023	$	(255.3)	$	(0.1)	$	(0.5)	$	(255.9)

Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income (controlling interest)	$ 672.9	$ 1,145.9	$ 565.7
Income from hypothetical settlement of Redeemable non-controlling interests, net of tax	49.0	82.9	0.0
Interest expense on junior convertible securities, net of taxes	13.4	14.0	18.5
Net income (controlling interest), as adjusted	$ 735.3	$ 1,242.8	$ 584.2
Denominator
Average shares outstanding (basic) (in shares)	35.1	38.5	41.5
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	1.7	1.3	1.2
Hypothetical issuance of shares to settle Redeemable non-controlling interests (in shares)	3.7	7.4	0.0
Junior convertible securities (in shares)	1.7	1.8	2.1
Average shares outstanding (diluted) (in shares)	42.2	49.0	44.8

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contingent Consideration


							Earliest Payable
	Controlling Interest		Co-Investor		Total		2024		2025
Deferred payment obligations	$	43.3	$	—	$	43.3	$	21.7	$	21.6
Contingent payment obligations(1)	12.3		2.4		14.7		9.5		5.2

___________________________

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Share Repurchase Activity

The following is a summary of the Company’s share repurchase activity:


Year	Shares Repurchased	Average Price
2021	3.5	$	146.54
2022	4.5	144.45
2023	3.0	132.99

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets
Deferred compensation	$ 15.9	$ 14.6
State loss carryforwards	14.7	16.4
Foreign loss carryforwards	19.8	20.0
Tax benefit of uncertain tax positions	10.0	12.6
Lease liabilities	4.8	6.6
Foreign tax credits	16.0	15.4
Other	0.3	0.3
Total deferred tax assets	81.5	85.9
Valuation allowance	(47.6)	(48.1)
Deferred tax assets, net of valuation allowance	33.9	37.8
Deferred Tax Liabilities
Intangible asset amortization	(295.8)	(280.9)
Non-deductible intangible amortization	(97.0)	(109.8)
Junior convertible securities interest	(83.1)	(72.4)
Right-of-use assets	(3.7)	(5.1)
Accrued expenses	(2.0)	(3.0)
Deferred income	(10.4)	(23.4)
Other	(2.9)	(4.4)
Total deferred tax liabilities	(494.9)	(499.0)
Deferred income tax liability (net)	(461.0)	(461.2)
Other Assets
Deferred Tax Assets
Foreign loss carryforwards	19.8	20.0
Deferred Tax Liabilities
Carryforwards valuation allowance	$ 17.0	$ 16.5

Investments in Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Schedule of Investments in Marketable Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in equity securities:


	December 31,
	2022		2023
Cost	$	394.4	$	35.3
Unrealized gains	59.9		2.6
Unrealized losses	(6.4)		(0.0		)
Fair value	$	447.9	$	37.9


	Available-for-Sale				Trading
	December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023
Cost	$	252.3	$	405.4	$	19.7	$	17.9
Unrealized gains	—		0.0		—		—
Unrealized losses	(1.3)		(0.1)		(1.7)		(0.1)
Fair value	$	251.0	$	405.3	$	18.0	$	17.8

Redeemable Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Non-Controlling Interests

The following table presents the changes in Redeemable non-controlling interests:


	Redeemable Non-controlling Interests
	2022		2023
Balance, beginning of period	$	673.9	$	465.4
Veritable Transaction	—		(16.8)
Decrease attributable to consolidated Affiliate sponsored investment products	(4.9)		(8.3)
Transfers to Other liabilities	(59.6)		(93.5)
Transfers from (to) Non-controlling interests	1.8		(8.9)
Changes in redemption value	(145.8)		55.5
Balance, end of period(1)	$	465.4	$	393.4

__________________________

(1) As of December 31, 2022 and 2023, Redeemable non-controlling interests include consolidated Affiliate sponsored investment products primarily attributable to third-party investors of $20.1 million and $11.8 million, respectively.

Other Investments - Investments without Readily Determinable Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Cost	$ 8,500,000	$ 8,500,000
Cumulative unrealized gains	41,900,000	41,900,000
Carrying amount	50,400,000	$ 50,400,000	$ 50,400,000
Upward adjustments	$ 0

Goodwill and Acquired Client Relationships

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

The following tables present the changes in the Company’s consolidated Affiliates’ Goodwill and components of Acquired client relationships (net):


	Goodwill
	2022		2023
Balance, beginning of period	$	2,689.2	$	2,648.7

Veritable Transaction(1)	—		(136.5)
Foreign currency translation	(40.5)		16.5
Other	—		(5.1)
Balance, end of period	$	2,648.7	$	2,523.6

___________________________

(1)Represents Goodwill allocated to Veritable as of the closing date, including $3.5 million attributable to the non-controlling interests.

As of September 30, 2023, the Company completed its annual impairment assessment on goodwill and no impairment was indicated.


	Acquired Client Relationships (Net)
	Definite-lived						Indefinite-lived		Total
	Gross Book Value		Accumulated Amortization		Net Book Value		Net Book Value		Net Book Value
Balance, as of December 31, 2021	$	1,364.2	$	(1,028.1)	$	336.1	$	1,630.3	$	1,966.4
Intangible amortization and impairments	—		(49.1)		(49.1)		(2.5)		(51.6)
Foreign currency translation	(9.1)		7.5		(1.6)		(37.2)		(38.8)

Balance, as of December 31, 2022	$	1,355.1	$	(1,069.7)	$	285.4	$	1,590.6	$	1,876.0

Veritable Transaction(1)	(85.1)		57.0		(28.1)		—		(28.1)
Intangible amortization and impairments	—		(48.3)		(48.3)		—		(48.3)
Foreign currency translation	0.8		(0.5)		0.3		16.6		16.9
Transfers(2)	(10.3)		10.3		—		(4.1)		(4.1)
Balance, as of December 31, 2023	$	1,260.5	$	(1,051.2)	$	209.3	$	1,603.1	$	1,812.4

___________________________

(1)Represents acquired client relationships attributable to Veritable as of the closing date, including $6.7 million attributable to the non-controlling interests.

(2)Transfers include acquired client relationships at Affiliates that were deconsolidated during the period.

Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments for these relationships of $35.7 million, $49.1 million, and $48.3 million for the years ended December 31, 2021, 2022, and 2023, respectively. Based on relationships existing as of December 31, 2023, the Company estimates that its consolidated amortization expense will be approximately $30 million in 2024 and approximately $25 million in each of 2025, 2026, 2027, and 2028. As of December 31, 2023, no impairments of definite-lived acquired client relationships were indicated.

As of December 31, 2023, no impairments of indefinite-lived acquired client relationships were indicated.

Veritable Transaction

In the third quarter of 2023, the Company completed the sale of its equity interest in Veritable, LP (“Veritable”), one of the Company’s consolidated Affiliates, (the “Veritable Transaction”). Pursuant to the terms of the agreement, under which a third party acquired 100% of the outstanding equity interests in Veritable, the Company received $287.4 million in cash, net of transaction costs. Veritable is included in the Company’s results through the closing date, and the Company’s gain on the transaction was $133.1 million, which is recorded in Affiliate Transaction gains in the Consolidated Statements of Income.

Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Geographic Information


	For the Years Ended December 31,
	2021		2022		2023
Consolidated revenue
United States	$	1,838.7	$	1,852.6	$	1,519.3
United Kingdom	528.6		434.8		498.3
Other	45.1		42.2		40.2
Total	$	2,412.4	$	2,329.6	$	2,057.8


	December 31,
	2022		2023
Fixed assets (net)
United States	$	57.5	$	56.3
United Kingdom	10.6		10.7
Other	0.4		0.3
Total	$	68.5	$	67.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Investments in Marketable Securities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Equity securities, FV-NI	$ 37.9	$ 447.9
Unrealized gains on equity securities	2.9	35.5
Proceeds from maturity of AFS securities	511.1	0.0
Debt securities net unrealized (loss) gain	0.8	(2.2)
Variable Interest Entity, Primary Beneficiary
Investments in and Advances to Affiliates [Line Items]
Equity securities, FV-NI	$ 15.8	23.5
EQT AB (“EQT”)
Investments in and Advances to Affiliates [Line Items]
Equity securities, FV-NI		$ 405.1

Lease Commitments - Total Lease Costs (Net) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease costs	$ 36.4	$ 38.5	$ 33.8
Short-term lease costs	1.1	1.0	0.8
Variable lease costs	0.0	0.0	0.0
Sublease income	(6.5)	(7.7)	(7.9)
Total lease costs (net)	$ 31.0	$ 31.8	$ 26.7

Investments in Affiliates and Affiliate Sponsored Investment Products

12 Months Ended

Dec. 31, 2023

Variable Interest Entities

Investments in Affiliates and Affiliate Sponsored Investment Products

Investments in Affiliates

The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying structure of and relationship with each Affiliate.

Substantially all of the Company’s consolidated Affiliates are considered VIEs. The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2022				December 31, 2023
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method	$	1,273.5	$	2,051.6	$	1,492.4	$	2,198.2

As of December 31, 2022 and 2023, the carrying value and maximum exposure to loss for all of the Company’s Affiliates accounted for under the equity method was $2,139.5 million and $2,288.5 million, respectively, including Affiliates accounted for under the equity method considered VREs of $87.9 million and $90.3 million, respectively.

Affiliate Sponsored Investment Products

The Company’s carrying value and maximum exposure to loss from unconsolidated Affiliate sponsored investment products, is its or its consolidated Affiliates’ interests in the unconsolidated net assets of the respective products. The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2022				December 31, 2023
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products	$	4,878.6	$	15.3	$	5,788.3	$	29.8

Commitments and Contingencies - Schedule of Contingent Consideration (Details) $ in Millions	Dec. 31, 2023 USD ($)
Deferred payment obligations
Total	$ 43.3
2024	21.7
2025	21.6
Contingent payment obligations
Total	14.7
2024	9.5
2025	5.2
Co-Investor
Deferred payment obligations
Total	0.0
Contingent payment obligations
Total	2.4
Co-Investor \| Maximum
Contingent payment obligations
Total	24.9
Controlling Interest
Deferred payment obligations
Total	43.3
Contingent payment obligations
Total	12.3
Controlling Interest \| Maximum
Contingent payment obligations
Total	110.0
2024	100.0
2025	$ 10.0

Redeemable Non-Controlling Interests

12 Months Ended

Dec. 31, 2023

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Affiliate equity interests provide holders with an equity interest in one of the Company’s Affiliates, consistent with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional right to put their interests to the Company at certain intervals (between five years and 15 years from the date the equity interest is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to becoming redeemable, the Company’s Affiliate equity is included in Non-controlling interests. Upon becoming redeemable, these interests are reclassified to Redeemable non-controlling interests at their current redemption values. Changes in the current redemption value are recorded to Additional paid-in capital. When the Company has an unconditional obligation to purchase Affiliate equity interests, the interests are reclassified from Redeemable non-controlling interest to Other liabilities at current fair value. Changes in fair value are recorded to Other expenses (net).

The following table presents the changes in Redeemable non-controlling interests:


	Redeemable Non-controlling Interests
	2022		2023
Balance, beginning of period	$	673.9	$	465.4
Veritable Transaction	—		(16.8)
Decrease attributable to consolidated Affiliate sponsored investment products	(4.9)		(8.3)
Transfers to Other liabilities	(59.6)		(93.5)
Transfers from (to) Non-controlling interests	1.8		(8.9)
Changes in redemption value	(145.8)		55.5
Balance, end of period(1)	$	465.4	$	393.4

__________________________

Other Investments - Investments Measured at NAV as a Practical Expedient (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NAV of investments at fair value
Unfunded Commitments	$ 187.2	$ 158.3
Life of funds (generally up to)	15 years
Private equity funds
NAV of investments at fair value
Unfunded Commitments	$ 187.2	158.3
investments in other strategies
NAV of investments at fair value
Unfunded Commitments	0.0	0.0
Fair Value Measured at NAV
NAV of investments at fair value
Fair Value	430.5	371.2
Fair Value Measured at NAV \| Controlling Interest
NAV of investments at fair value
Fair Value	324.9	275.1
Fair Value Measured at NAV \| Private equity funds
NAV of investments at fair value
Fair Value	424.4	356.4
Fair Value Measured at NAV \| investments in other strategies
NAV of investments at fair value
Fair Value	$ 6.1	$ 14.8

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Foreign tax credits	$ 16.0	$ 15.4
Valuation allowance for deferred tax assets	47.6	48.1
Amount of temporary difference due to repatriation of earnings from sale or liquidation of subsidiary	347.7
Unrecognized tax benefits that, if recognized, would affect effective tax rate	37.8	49.6	$ 52.4
Accrued deferred tax assets for indirect tax benefits associated with uncertain tax positions	10.0	12.6
Interest and penalties related to unrecognized tax benefits	0.8	2.6	$ (0.4)
Accrued income tax interest and related charges	14.4	13.6
Income Tax Valuation Allowance
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 0.5	$ 4.2
Minimum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period	6 years
Foreign operating loss carryforwards, expiration period	9 years
Foreign tax credits, expiration period	5 years
Maximum
Operating Loss Carryforwards [Line Items]
State net operating loss carryforwards, expiration period	11 years
Foreign operating loss carryforwards, expiration period	16 years
Foreign tax credits, expiration period	8 years
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 228.2
State \| Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	14.6
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	74.8
Foreign operating loss carryforward indefinitely	17.3
Foreign \| Operating Loss Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	17.0
Foreign \| Foreign Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	16.0
Foreign \| Expire over a 20-year period
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 57.5

Investments in Affiliates and Affiliate Sponsored Investment Products (Tables)

12 Months Ended

Dec. 31, 2023

Variable Interest Entities

Schedule of Unconsolidated Assets and Liabilities of Equity Method Investments and Company's Risk of Loss

The unconsolidated assets, net of liabilities and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2022				December 31, 2023
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method	$	1,273.5	$	2,051.6	$	1,492.4	$	2,198.2

The net assets of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and maximum exposure to loss, were as follows:


	December 31, 2022				December 31, 2023
	Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss		Unconsolidated VIE Net Assets		Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products	$	4,878.6	$	15.3	$	5,788.3	$	29.8

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 52.7	$ 51.4	$ 63.3
Non-controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	$ 39.1	$ 46.4	$ 45.9
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life	6 years	7 years	7 years
Non-controlling Interests	$ 235.7	$ 284.6	$ 294.1
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	13.6	5.0	17.4
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 30.6	$ 31.4	$ 41.9
Remaining Life	5 years	5 years	6 years

Payables and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Payables and accrued liabilities consisted of the following:


	December 31,
	2022		2023
Accrued compensation	$	378.7	$	309.3

Accrued income taxes	224.4		62.3







Other	175.2		256.9
Payables and accrued liabilities	$	778.3	$	628.5

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s Debt:


	December 31,
	2022		2023
Senior bank debt	$	349.9	$	349.9
Senior notes	1,095.2		1,096.9
Junior subordinated notes	751.6		751.8
Junior convertible securities	338.6		338.9
Debt	$	2,535.3	$	2,537.5

Schedule of Principal Terms of Senior and Junior Subordinated Notes

As of December 31, 2023, the Company had senior notes outstanding, the respective principal terms and effective interest rates of which are presented below:


	2024 Senior Notes			2025 Senior Notes			2030 Senior Notes
Issue date	February 2014			February 2015			June 2020
Maturity date	February 2024			August 2025			June 2030
Par value (in millions)	$	400.0		$	350.0		$	350.0
Stated coupon	4.25		%	3.50		%	3.30		%
Coupon frequency	Semi-annually			Semi-annually			Semi-annually
Potential call date	Any time			Any time			Any time
Call price	As defined			As defined			As defined
Effective interest rate	4.44		%	3.67		%	3.39		%

As of December 31, 2023, the Company had junior subordinated notes outstanding, the respective principal terms and effective interest rates of which are presented below:

2059
Junior Subordinated Notes

2060
Junior Subordinated Notes

2061
Junior Subordinated Notes

Issue date

March 2019

September 2020

July 2021

Maturity date

March 2059

September 2060

September 2061

Par value (in millions)

300.0

275.0

200.0

Stated coupon

5.875

4.75

4.20

Coupon frequency

Quarterly

Potential call date

March 2024

September 2025

September 2026

Call price

As defined

Listing

NYSE

Effective interest rate

5.91

4.78

4.23

Schedule of Convertible Securities

The following table presents interest expense recorded in connection with the junior convertible securities:


	For the Years Ended December 31,
	2021			2022			2023
Contractual interest expense	$	22.2		$	18.3		$	17.6
Amortization of debt issuance costs	0.4			0.2			0.2
Amortization of debt discount	3.1			—			—
Total	$	25.7		$	18.5		$	17.8

Effective interest rate	5.99		%	5.21		%	5.21		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 4,175.6	$ 3,710.6	$ 3,317.3
Other comprehensive income (loss) before reclassifications	43.5	(141.8)
Amounts reclassified	(1.6)	(1.0)
Other comprehensive income (loss), net of tax	41.9	(142.8)	7.2
Ending balance	4,570.1	4,175.6	3,710.6
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(297.8)	(155.0)
Ending balance	(255.9)	(297.8)	(155.0)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(296.4)	(155.1)
Other comprehensive income (loss) before reclassifications	41.1	(141.3)
Amounts reclassified	0.0	0.0
Other comprehensive income (loss), net of tax	41.1	(141.3)	6.8
Ending balance	(255.3)	(296.4)	(155.1)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(0.4)	0.1
Other comprehensive income (loss) before reclassifications	1.9	0.5
Amounts reclassified	(1.6)	(1.0)
Other comprehensive income (loss), net of tax	0.3	(0.5)	0.4
Ending balance	(0.1)	(0.4)	0.1
Unrealized Gains (Losses) on Available-for-Sale Debt Securities
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(1.0)	0.0
Other comprehensive income (loss) before reclassifications	0.5	(1.0)
Amounts reclassified	0.0	0.0
Other comprehensive income (loss), net of tax	0.5	(1.0)
Ending balance	$ (0.5)	$ (1.0)	$ 0.0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15

Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16

Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

+ Details

Goodwill and Acquired Client Relationships - Schedule of Changes in Acquired Client Relationships (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets
Impairment Of Intangible Asset Indefinite Lived Excluding Goodwill, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag	Indefinite-lived
Net Book Value
Beginning balance, net book value	$ 1,876.0
Intangible amortization and impairments	(48.3)	$ (51.6)	$ (35.7)
Ending balance, net book value	1,812.4	1,876.0
Non-controlling interests:
Net Book Value
Finite-lived intangible assets deconsolidated	3.5
Acquired client relationships
Indefinite-lived
Beginning balance, net book value	1,590.6	1,630.3
Foreign currency translation	16.6	(37.2)
Transfers, net book value	(4.1)
Ending balance, net book value	1,603.1	1,590.6	1,630.3
Net Book Value
Intangible amortization and impairments		(2.5)
Acquired client relationships
Definite-lived
Beginning balance, gross book value	1,355.1	1,364.2
Beginning balance, accumulated amortization	(1,069.7)	(1,028.1)
Beginning balance, net book value	285.4	336.1
Intangible amortization and impairments	(48.3)	(49.1)
Foreign currency translation, gross book value	0.8	(9.1)
Foreign currency translation, accumulated depreciation	(0.5)	7.5
Foreign currency translation, net book value	0.3	(1.6)
Veritable Transaction, gross book value	(85.1)
Veritable Transaction, accumulated amortization	57.0
Veritable Transaction, net book value	(28.1)
Transfers, gross book value	(10.3)
Transfers, accumulated amortization	10.3
Ending balance, gross book value	1,260.5	1,355.1	1,364.2
Ending balance, accumulated amortization	(1,051.2)	(1,069.7)	(1,028.1)
Ending balance, net book value	209.3	285.4	336.1
Net Book Value
Beginning balance, net book value	1,876.0	1,966.4
Veritable Transaction	(28.1)
Intangible amortization and impairments	(48.3)	(51.6)
Foreign currency translation	16.9	(38.8)
Transfers, net book value	(4.1)
Ending balance, net book value	1,812.4	$ 1,876.0	$ 1,966.4
Acquired client relationships \| Non-controlling interests:
Net Book Value
Finite-lived intangible assets deconsolidated	$ 6.7

Fixed Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 213.3	$ 229.9
Accumulated depreciation and amortization	(146.0)	(161.4)
Fixed assets (net)	67.3	68.5
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	108.6	111.9
Software
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	45.7	51.7
Office equipment
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	20.7	25.6
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	17.5	19.9
Land, improvements and other
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 20.8	$ 20.8

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Carrying value of equity method investment in affiliate	$ 2,288.5	$ 2,139.5
Carrying amount and maximum exposure to loss equity method investments considered VREs	90.3	87.9
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unconsolidated VIE Net Assets	1,492.4	1,273.5
Carrying Value and Maximum Exposure to Loss	$ 2,198.2	$ 2,051.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Investments

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Other Investments

Other investments consists primarily of investments in funds advised by the Company’s Affiliates that are carried at NAV as a practical expedient and other investments without readily determinable fair values. Any gain or loss related to these investments is recorded in Investment and other income.

Investments Measured at NAV as a Practical Expedient

The Company’s Affiliates sponsor funds in which the Company and its Affiliates may make general partner and seed capital investments. These funds operate in partnership form and apply the specialized fair value accounting for investment companies. The Company accounts for its interests in these funds using the equity method of accounting and is required to retain the specialized accounting of the investment companies. Because the funds’ investments do not have readily determinable fair values, the Company uses the NAV of these investments as a practical expedient for their fair values. The following table summarizes the fair values of these investments and any related unfunded commitments:


	December 31, 2022				December 31, 2023
	Fair Value		Unfunded Commitments		Fair Value		Unfunded Commitments
Private equity funds(1)	$	356.4	$	158.3	$	424.4	$	187.2
Investments in other strategies(2)	14.8		—		6.1		—
Total(3)	$	371.2	$	158.3	$	430.5	$	187.2

___________________________

(3)Fair value attributable to the controlling interest was $275.1 million and $324.9 million as of December 31, 2022 and 2023, respectively.

Investments Without Readily Determinable Fair Values

The Company made an investment in a private corporation where it does not exercise significant influence. Because this investment does not have a readily determinable fair value, the Company has elected to measure this investment at its cost minus impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments in the private corporation. The following table summarizes the cost, cumulative unrealized gains, and carrying amount of investments without readily determinable fair values:


	December 31,
	2022		2023
Cost	$	8.5	$	8.5
Cumulative unrealized gains	41.9		41.9
Carrying amount	$	50.4	$	50.4

For the year ended December 31, 2023, the Company recorded no gains or losses on the underlying investment.

The following table presents the changes in Other investments:


	For the Years Ended December 31,
	2022						2023
	Measured at NAV as a Practical Expedient		Without Readily Determinable Fair Values		Total		Measured at NAV as a Practical Expedient		Without Readily Determinable Fair Values		Total
Balance, beginning of period	$	324.8	$	50.4	$	375.2	$	371.2	$	50.4	$	421.6
Net realized and unrealized gains(1)	1.7		—		1.7		34.2		—		34.2
Additions and commitments	104.3		—		104.3		82.5		—		82.5
Sales and distributions	(59.6)		—		(59.6)		(57.4)		—		(57.4)
Balance, end of period	$	371.2	$	50.4	$	421.6	$	430.5	$	50.4	$	480.9

___________________________

(1)Recorded in Investment and other income.

Income Taxes - Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax provision
Current taxes	$ 153.9	$ 326.3	$ 159.8
Deferred taxes	31.4	32.0	91.2
Income tax expense	$ 185.3	$ 358.3	$ 251.0
Effective tax rate	17.00%	20.50%	22.00%
Non-controlling interests:
Income tax provision
Current taxes	$ 7.0	$ 10.9	$ 15.4
Deferred taxes	0.0	0.0	6.0
Income tax expense	7.0	10.9	21.4
Controlling Interest
Income tax provision
Current taxes	146.9	315.4	144.4
Intangible-related deferred taxes	29.8	32.0	52.5
Other deferred taxes	1.6	0.0	32.7
Income tax expense	178.3	347.4	229.6
Income before income taxes (controlling interest)	$ 851.2	$ 1,493.3	$ 795.3
Effective tax rate	20.90%	23.30%	28.90%

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation Expense	$ 59.4	$ 62.4	$ 63.4
Tax Benefit	7.4	7.6	8.0
Excess tax benefit (deficiency) recognized from share-based incentive plans	4.4	1.8	$ (0.2)
Compensation expense related to share-based compensation	$ 54.4	$ 64.7
Weighted average period over which compensation expense will be recognized	2 years

Fixed Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Fixed Assets

Fixed assets (net) consisted of the following:


	December 31,
	2022		2023
Buildings and leasehold improvements	$	111.9	$	108.6
Software	51.7		45.7
Equipment	25.6		20.7
Furniture and fixtures	19.9		17.5
Land, improvements and other	20.8		20.8
Fixed assets, at cost	229.9		213.3
Accumulated depreciation and amortization	(161.4)		(146.0)
Fixed assets (net)	$	68.5	$	67.3

Income Taxes - Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax provision
Effective tax rate		17.00%	20.50%	22.00%
BPEA Transaction gain	$ 641.9	$ 133.1	$ 641.9	$ 0.0
Unrealized gains		$ 2.6	59.9
EQT AB (“EQT”)
Income tax provision
Equity securities, realized gain			43.8
Unrealized gains			$ 57.9
Controlling Interest
Income tax provision
Statutory U.S. federal tax rate		21.00%	21.00%	21.00%
State income taxes, net of federal benefit		3.50%	3.50%	3.50%
Foreign operations		(4.10%)	(1.70%)	(1.70%)
Compensation plans		1.10%	0.80%	2.00%
Changes in tax laws		0.00%	0.00%	2.40%
Change in valuation allowances		(0.10%)	0.30%	1.10%
Unrecognized tax benefits		0.60%	0.40%	0.10%
BPEA Transaction		0.00%	(1.00%)	0.00%
Changes in U.S. tax provision to return		(0.70%)	0.00%	0.40%
Other		(0.40%)	0.00%	0.10%
Effective tax rate		20.90%	23.30%	28.90%
Non-controlling interests:
Income tax provision
Effect of income from non-controlling interests		(3.90%)	(2.80%)	(6.90%)

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A prior owner of one of the Company’s consolidated Affiliates retains interests in certain of the Affiliate’s private equity partnerships and, as a result, is a related party of the Company. The prior owner’s interests are included in Other liabilities and were $21.0 million and $18.5 million as of December 31, 2022 and 2023, respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company’s executive officers and directors may invest from time to time in funds advised or products offered by its Affiliates, or receive other investment services provided by its Affiliates, on substantially the same terms as other participating investors. In addition, the Company and its Affiliates earn asset- and performance-based fees and incur distribution and other expenses for services provided to Affiliate sponsored investment products. Affiliate management owners and the Company’s officers may serve as trustees or directors of certain investment vehicles from which the Company or an Affiliate earns fees. Also, from time to time, the Company may enter into ordinary course engagements for capital markets, banking, brokerage, and other services with beneficial owners of 5% or more of the Company’s voting securities. The Company has related party transactions in association with its deferred and contingent payment obligations, and Affiliate equity transactions, as more fully described in Notes 7, 9, 16, and 17.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Share-Based Compensation - Fair Value Options Granted and Assumptions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation
Stock options granted, fair value	$ 0.0	$ 1.8	$ 2.0
Intrinsic value of options exercised	0.2	1.2	13.4
Cash received for options exercised	0.0	$ 2.6	$ 3.6
Intrinsic value of exercisable options outstanding	$ 1.9
Stock options granted, weighted average fair value (in dollars per share)		$ 47.84	$ 54.19
Stock Options
Share-based Compensation
Shares available for future grant (in shares)	1.1
Assumptions used to determine fair value of options granted
Dividend yield		0.00%	0.00%
Expected volatility		36.80%	37.10%
Risk-free interest rate		1.70%	1.00%
Expected life of options (in years)		5 years 8 months 12 days	5 years 8 months 12 days
Forfeiture rate		0.00%	0.00%
Stock Options \| Minimum
Share-based Compensation
Stock vesting period	3 years
Stock options, expiration period	7 years
Stock Options \| Maximum
Share-based Compensation
Stock vesting period	5 years

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Commitments and Contingencies
Co-investment commitments in partnership	$ 187.2
Equity Method Investee \| Other Liabilities
Commitments and Contingencies
Total contingent payments	59.8
Payments for Achievement of Financial Targets
Commitments and Contingencies
Total contingent payments	237.1
Contingent payments in year one	89.5
Contingent payments year two through six	147.6
Payment contingent on not meeting financial targets (up to)	12.5
Payment contingent on exercise of option to reduce ownership percentage	25.0
Payments for Contingent Financing
Commitments and Contingencies
Total contingent payments	$ 50.0

Equity Method Investments in Affiliates - Change in Equity Method Investments in Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, beginning of period	$ 2,139.5
Distributions of earnings	(490.8)	$ (393.5)	$ (337.5)
Return of capital	(0.2)	(0.8)	(4.4)
Balance, end of period	2,288.5	2,139.5
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, beginning of period	2,139.5	2,134.4
Investments in Affiliates	349.8	326.1
BPEA	0.0	(150.6)
Earnings	375.6	497.2
Intangible amortization and impairments	(95.6)	(159.1)
Distributions of earnings	(492.1)	(394.7)
Return of capital	(0.2)	(0.8)
Foreign currency translation	29.3	(68.5)
Other	(17.8)	(44.5)
Balance, end of period	$ 2,288.5	$ 2,139.5	$ 2,134.4

Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Total Lease Costs (Net)

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements. The following table presents total lease costs (net):


	For the Years Ended December 31,
	2021		2022		2023
Operating lease costs	$	33.8	$	38.5	$	36.4
Short-term lease costs	0.8		1.0		1.1
Variable lease costs	0.0		0.0		0.0
Sublease income	(7.9)		(7.7)		(6.5)
Total lease costs (net)	$	26.7	$	31.8	$	31.0

Schedule of the Company's Maturity of Lease Liabilities

As of December 31, 2023, the maturities of lease liabilities were as follows:


Year	Operating Leases
2024	$	39.1
2025	35.0
2026	25.9
2027	21.9
2028	21.8
Thereafter	68.3
Total undiscounted lease liabilities(1)	$	212.0

___________________________

(1)Total undiscounted lease liabilities were $29.3 million greater than the operating leases recorded in Other liabilities primarily due to present value discounting. Both amounts exclude leases with initial terms of 12 months or less and leases that have not yet commenced.

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies (a)Organization and Nature of Operations Affiliated Managers Group, Inc. (“AMG” or the “Company”) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in a diverse array of high-quality independent partner-owned firms, referred to as “Affiliates.” The Company’s Affiliates provide a comprehensive and diverse range of differentiated investment strategies designed to assist institutional and wealth clients worldwide in achieving their investment objectives. The Company operates in one segment, global investment management. Each of the Company’s Affiliates operates through distinct legal entities, which affords the Company the flexibility to design a separate operating agreement for each Affiliate. Each operating agreement reflects the specific terms of the Company’s economic participation in the Affiliate, which, in each case, uses a “structured partnership interest.” The form of the Company’s structured partnership interests in Affiliates differs from Affiliate to Affiliate and ranges from structures where the Company contractually shares in the Affiliate’s revenue without regard to expenses, comprising Affiliates that contribute a majority of the Company’s Consolidated revenue, to others where the Company contractually shares in the Affiliate’s revenue less agreed-upon expenses. Further, the structure at a particular Affiliate, or the expenses that the Company agrees to share in, may change during the course of the Company’s investment. Where the Company shares in the Affiliate’s revenue without regard to expenses, the Affiliate allocates a specified percentage of its revenue to the Company and Affiliate management, while using the remainder for operating expenses and additional distributions to Affiliate management. The Company and Affiliate management, therefore, participate in any increase or decrease in revenue and only Affiliate management participates in any increase or decrease in expenses. Under these structured partnership interests, the Company’s contractual share of revenue generally has priority over distributions to Affiliate management. Where the Company shares in the Affiliate’s revenue less agreed-upon expenses, the Company benefits from any increase in revenue or any decrease in the agreed-upon expenses, but also has exposure to any decrease in revenue or any increase in such agreed-upon expenses. The degree of the Company’s exposure to agreed-upon expenses from these structured partnership interests varies by Affiliate, and includes several Affiliates in which the Company fully shares in the expenses of the business. (b)Basis of Presentation and Use of Estimates The Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All dollar amounts, except per share data in the text and tables herein, are stated in millions unless otherwise indicated. All intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. (c)Principles of Consolidation In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Investments with readily determinable fair values in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income on the Consolidated Statements of Income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. See Note 5. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s and any co-investor’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of any tangible or intangible net assets, are included in Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests or Other liabilities on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is recorded in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than-temporary. The Company performs these assessments if certain triggering events occur or annually during the fourth quarter. The Company first considers whether certain qualitative factors indicate an increased likelihood of a decline in the fair value of an Affiliate during the reporting period. If such a decline is identified, and it is likely that an investment’s fair value may have declined below its carrying value, the Company performs a quantitative assessment to determine if an impairment exists. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the Affiliate to its fair value. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the VIE that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant third-party investors. When the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities on the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are included in purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows, respectively, and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation. (d)Cash and Cash Equivalents The Company considers certain highly liquid investments, including money market mutual funds, with original maturities of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. Money market mutual funds with a floating net asset value (“NAV”) would not meet the definition of a cash equivalent if the fund has enacted liquidity fees or redemption gates. (e)Receivables The Company’s Affiliates earn asset- and performance-based fees, which are billed based on the terms of the related contracts. Billed but uncollected asset- and performance-based fees are recorded in Receivables on the Consolidated Balance Sheets and are generally short-term in nature. Certain of the Company’s Affiliates in the UK act as intermediaries between clients and their sponsored investment products. Normal settlement periods on transactions initiated by these clients with the sponsored investment products result in unsettled fund share receivables and payables that are presented on a gross basis within Receivables and Payables and accrued liabilities on the Consolidated Balance Sheets. The gross presentation of these receivables and offsetting payables reflects the legal relationship between the underlying investor, the Company’s Affiliates, and the sponsored investment products. (f)Investments in Marketable Securities Equity securities Realized and unrealized gains or losses on investments in equity securities are recorded in Investment and other income. Realized gains and losses are recorded on the trade date on a specific identified basis, except for consolidated Affiliate sponsored investment products which use an average cost basis. Debt securities Investments in debt securities are classified as either trading, available-for-sale, or held-to-maturity based on the Company’s intent and ability to hold the security to maturity. Securities classified as trading are measured at fair value with unrealized gains and losses recorded in Investment and other income. Securities classified as available-for-sale are measured at fair value with unrealized gains and losses recorded in Accumulated other comprehensive loss as a separate component of stockholders’ equity on the Consolidated Balance Sheets. Securities classified as held-to-maturity are measured at amortized cost. Realized gains and losses on debt securities are recorded in Investment and other income. (g)Fair Value Measurements The Company determines the fair value of certain investment securities and other financial and non-financial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date, utilizing a hierarchy of three different valuation techniques: Level 1 - Unadjusted quoted market prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs, or significant value drivers, are observable; and Level 3 - Prices that reflect the Company’s own assumptions concerning unobservable inputs to the valuation model. In these valuation models, the Company is required to make judgments about growth rates of assets under management, client attrition, asset- and performance-based fee rates, and expenses. These valuation models also require judgments about tax benefits, credit risk, interest rates, tax rates, discount rates, volatility, and discounts for lack of marketability. These inputs require significant management judgment and reflect the Company’s assumptions that the Company believes market participants would use in pricing the asset or liability. (h)Acquired Client Relationships and Goodwill Each Affiliate in which the Company makes an investment has identifiable assets arising from contractual or other legal rights with their clients (“acquired client relationships”). In determining the value of acquired client relationships, the Company analyzes the net present value of these Affiliates’ existing client relationships based on a number of factors, including: the Affiliate’s historical and potential future operating performance; the Affiliate’s historical and potential future rates of attrition of existing clients; the stability and longevity of existing client relationships; the Affiliate’s recent, as well as long-term, investment performance; the characteristics of the firm’s products and investment styles; the stability and depth of the Affiliate’s management team; and the Affiliate’s history and perceived franchise or brand value. The Company has determined that certain of its acquired client relationships meet the criteria to be considered indefinite-lived assets because the Company expects the contracts to be renewed annually and, therefore, the cash flows generated by these contracts to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead assesses these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived acquired client relationship may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred that indicate that the indefinite life criteria are no longer met. The Company has determined that certain of its acquired client relationships meet the criteria to be considered definite-lived assets, including investment advisory contracts between its Affiliates and their underlying investors, and are amortized over their expected period of economic benefit. The expected period of economic benefit of definite-lived acquired client relationships is a judgment based on the historical and projected attrition rates of each Affiliate’s existing clients, and other factors that may influence the expected future economic benefit the Company will derive from these relationships. The expected lives of definite-lived acquired client relationships are analyzed annually or more frequently whenever events or circumstances have occurred that indicate the expected period of economic benefit may no longer be appropriate. The Company assesses for the possible impairment of indefinite- and definite-lived acquired client relationships annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indicators exist, the Company considers various qualitative and quantitative factors (including market multiples) to determine if the fair value of each asset is greater than its carrying value. If the carrying value is greater than the fair value, an expense would be recorded in Intangible amortization and impairments in the Consolidated Statements of Income to reduce the carrying value of the asset to fair value. Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not separately recognized. Goodwill is not amortized, but is instead reviewed for impairment. The Company performs an impairment assessment annually or more frequently whenever events or circumstances occur indicating that the carrying value of its single reporting unit is in excess of its fair value. In this assessment, the Company typically measures the fair value of its reporting unit using various qualitative and quantitative factors (including the Company’s market capitalization and market multiples for asset management businesses). If a potential impairment is more-likely-than-not, then the Company will perform a single step assessment with any excess of carrying value over fair value recorded as an expense in Intangible amortization and impairments. (i)Fixed Assets Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from two years to ten years and three years to ten years, respectively. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally two years to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease. Buildings are amortized over their expected useful lives, generally not to exceed 39 years. The costs of improvements that extend the life of a fixed asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Land and artwork are not depreciated; artwork is included in Other assets on the Consolidated Balance Sheets. (j)Leases Leases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under Accounting Standard Update (“ASU”) 2016-02 Leases (and related ASUs), the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Consolidated Balance Sheets. Right-of-use assets and lease liabilities are included in Other assets and Other liabilities, respectively. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease, and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) in the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right-of-use asset is amortized on a straight-line basis over the remaining lease term. Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments recorded in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses, or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is recorded in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently recorded in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease. The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non-lease components for their equipment leases in calculating their lease liabilities. Sublease income is recorded in Investment and other income. (k)Debt The Company’s debt instruments are carried at amortized cost. Unamortized discounts and debt issuance costs associated with its debt instruments, with the exception of the Company’s senior unsecured multicurrency revolving credit facility (the “revolver”), are presented on the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt. The carrying value of the debt is accreted to the principal amount at maturity over the remaining life of the underlying debt. The accretion of the debt and the amortization of debt issuance costs, are recorded in Interest expense in the Consolidated Statements of Income, using the effective interest method. Unamortized issuance costs associated with the revolver are recorded in Other assets and amortized over the remaining term of the revolver to Interest expense. Gains and losses on repurchases or settlement of debt are recorded in Interest expense. (l)Derivative Financial Instruments The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates, and markets. The Company records derivatives on the Consolidated Balance Sheets at fair value. The Company assesses hedge effectiveness at derivative inception and on a quarterly basis. Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are recorded in earnings on a straight-line basis over the respective period of the contracts. For derivative financial instruments designated as cash flow hedges, the Company uses a qualitative method of assessing hedge effectiveness by comparing the notional amounts, timing of payments, currencies (for forward foreign currency contracts), and interest rates (for interest rate swaps). The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss), net of tax as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. If the qualitative assessment indicates ineffectiveness, then the Company performs a quantitative assessment which is generally measured by comparing the present value of the cumulative change in the expected future cash flows of the hedged contract with the present value of the cumulative change in the expected future cash flows of the hedged item. Upon termination of these instruments or the repayment of the Company’s outstanding Secured Overnight Financing Rate (“SOFR”)-based borrowings, any gain or loss recorded in Accumulated other comprehensive loss will be reclassified into earnings. Changes in the fair values of cash flow hedges are recorded in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. For net investment hedges, hedge effectiveness is measured using the spot rate method. The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss) as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. Changes in the fair values of the effective net investment hedges are recorded in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. If the Company’s or its Affiliates’ derivative financial instruments do not qualify as effective hedges, changes in the fair value of the derivatives are recorded as a gain or loss in Investment and other income. (m)Revenue Recognition Consolidated revenue primarily represents asset- and performance-based fees earned by the Company and its consolidated Affiliates for managing the assets of clients. Substantially all of the Company’s and its Affiliates’ contracts contain a single performance obligation, which is the provision of investment management services. Investment management, broker-dealer, and administrative services are performed and consumed simultaneously and, therefore, the Company recognizes these asset-based fees ratably over time. Substantially all the Company’s asset-based fees for services are based on the value of client assets over time, which are typically determined using observable market data, or on committed capital. Services may be invoiced in advance or in arrears and are payable upon receipt. Any asset-based fees collected in advance are deferred and recognized as the services are performed and consumed. Consolidated revenue recognized by the Company is adjusted for any expense reimbursement arrangements. The Company’s Affiliates may periodically either waive or reduce fees in order to attract or retain client assets or for other reasons. Fee waivers or reductions are presented as a reduction to Consolidated revenue in the Consolidated Statements of Income. Performance-based fees, including carried interests, are recognized upon the satisfaction of performance obligations, the resolution of any constraints, which include exceeding performance benchmarks or hurdle rates that may extend over one or more reporting periods, and when it is improbable that there will be a significant reversal in the amount of revenue recognized. As a result, any performance-based fees or carried interest recognized in the current reporting period may relate to performance obligations satisfied in a previous reporting period. The Company and its Affiliates have contractual arrangements with third-parties to provide distribution-related services. Fees received and expenses incurred under these arrangements are primarily based on the value of client assets over time. Distribution-related fees are recorded in Consolidated revenue gross of any related expenses when the Company and its consolidated Affiliates are the principal in their role as primary obligor under their distribution-related services arrangements. Distribution-related expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Income. The Company and its Affiliates may enter into contracts for which the costs to obtain or fulfill the contract are based upon a percentage of the value of a client’s future assets under management. The Company records these variable costs when incurred because they are subject to market volatility and are not estimable upon the inception of a contract with a client. Any expenses paid in advance are capitalized and amortized on a systematic basis, consistent with the transfer of services, which is the equivalent of recognizing the costs as incurred. (n)Contingent Payment Obligations The Company periodically enters into contingent payment obligations in connection with its investments in Affiliates. In these obligations, the Company agrees to pay additional consideration to the sellers to the extent that certain specified financial targets are achieved. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time the investment in an Affiliate is consummated and records a liability in Other liabilities. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company’s expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss, respectively. Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations to their expected payment amounts are included in Interest expense. For Affiliates accounted for under the equity method, the Company records a liability in Other liabilities when a payment becomes probable, with a corresponding increase to the carrying value of the Affiliate in Equity method investments in Affiliates (net). (o)Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial reporting bases of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in Income tax expense in the period when the change is enacted. The Company regularly assesses the recoverability of its deferred income tax assets to determine whether these assets are more-likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If the Company determines it would not be able to realize its deferred tax assets, it records a valuation allowance to reflect the deferred tax assets at their current value. The recording of adjustments to the valuation allowance will increase or decrease Income tax expense. The Company records unrecognized tax benefits based on whether it is more-likely-than-not that the uncertain tax positions will be sustained on the basis of the technical merits of the position. If it is determined that an uncertain tax position is more-likely-than-not to be sustained, the Company records the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority in Income tax expense. Interest and penalties related to unrecognized tax benefits are also recorded in Income tax expense. The Company has elected to treat taxes due on U.S. inclusions in taxable income related to Global Intangible Low Taxed Income (“GILTI”) as a current period expense when incurred (the “period cost method”). (p)Foreign Currency Translation Assets and liabilities denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expenses denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using average exchange rates for the relevant period. Because of the long-term nature of the Company’s investments in its Affiliates, net translation exchange gains and losses resulting from foreign currency translation are recorded in Accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in Investment and other income. (q)Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and derivative financial instruments. The Company and its Affiliates maintain cash and cash equivalents, investments, and, at times, certain derivative financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which the Company and its Affiliates operate. For the Company and certain of its Affiliates, cash deposits at a financial institution may, from time to time, exceed insurance limits (similar to Federal Deposit Insurance Corporation insurance limits). (r)Earnings Per Share The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. Prior to 2022, the Company excluded any potential dilutive effect from possible share settlements of Redeemable non-controlling interests as the Company currently intends to settle in cash. Upon adoption of ASU 2020-06, the Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share. The Company had junior convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share. (s)Share-Based Compensation Plans The Company recognizes expenses for all share-based compensation arrangements based on the number of awards expected to vest. The expense for awards without performance conditions is recognized on a straight-line basis over the requisite service period, including grants that are subject to graded vesting. The Company recognizes expenses for all other arrangements on a straight-line basis for each separately vesting portion of the award. Tax windfalls or shortfalls are recorded in Income tax expense and have been classified as operating activities in the Consolidated Statements of Cash Flows. Taxes paid by the Company when it withholds shares to satisfy tax withholding obligations are classified as a financing activity in the Consolidated Statements of Cash Flows. (t)Recent Accounting Developments In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The standard is effective for interim and annual periods beginning after December 15, 2023 for the Company, and is effective for interim and annual periods beginning after December 15, 2024 for the Company’s Affiliates. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company does not currently expect the adoption to have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. The Company does not currently expect the adoption to have a material impact on its Consolidated Financial Statements.

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):


	For the Year Ended December 31, 2021
	Pre-Tax		Tax Expense		Net of Tax
Foreign currency translation gain	$	10.3	$	(3.5)	$	6.8
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.9		(0.5)		0.4

Other comprehensive income	$	11.2	$	(4.0)	$	7.2


	For the Year Ended December 31, 2022
	Pre-Tax		Tax Benefit		Net of Tax
Foreign currency translation loss	$	(144.1)	$	2.8	$	(141.3)
Change in net realized and unrealized gain (loss) on derivative financial instruments	(0.5)		0.0		(0.5)
Change in net unrealized gain (loss) on available-for-sale debt securities	(1.3)		0.3		(1.0)
Other comprehensive loss	$	(145.9)	$	3.1	$	(142.8)


	For the Year Ended December 31, 2023
	Pre-Tax		Tax (Expense) Benefit		Net of Tax
Foreign currency translation gain	$	44.8	$	(3.7)	$	41.1
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.3		0.0		0.3
Change in net unrealized gain (loss) on available-for-sale debt securities	0.5		0.0		0.5
Other comprehensive income	$	45.6	$	(3.7)	$	41.9

Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive income (loss), net of taxes, were as follows:


	Foreign Currency Translation Adjustment		Realized and Unrealized Gains (Losses) on Derivative Financial Instruments		Unrealized Gains (Losses) on Available-for-Sale Debt Securities		Total
Balance, as of December 31, 2021	$	(155.1)	$	0.1	$	—	$	(155.0)
Other comprehensive income (loss) before reclassifications	(141.3)		0.5		(1.0)		(141.8)
Amounts reclassified	—		(1.0)		—		(1.0)
Net other comprehensive loss	(141.3)		(0.5)		(1.0)		(142.8)
Balance, as of December 31, 2022	$	(296.4)	$	(0.4)	$	(1.0)	$	(297.8)
Other comprehensive income before reclassifications	41.1		1.9		0.5		43.5
Amounts reclassified	—		(1.6)		—		(1.6)
Net other comprehensive income	41.1		0.3		0.5		41.9
Balance, as of December 31, 2023	$	(255.3)	$	(0.1)	$	(0.5)	$	(255.9)

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Use of EstimatesThe Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). All dollar amounts, except per share data in the text and tables herein, are stated in millions unless otherwise indicated. All intercompany balances and transactions have been eliminated.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Investments with readily determinable fair values in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income on the Consolidated Statements of Income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. See Note 5. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s and any co-investor’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of any tangible or intangible net assets, are included in Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests or Other liabilities on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities under common control, any gains or losses attributable to these transactions are required to be included in Additional paid-in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of amortization and impairments, is included in Equity method income (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is recorded in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than-temporary. The Company performs these assessments if certain triggering events occur or annually during the fourth quarter. The Company first considers whether certain qualitative factors indicate an increased likelihood of a decline in the fair value of an Affiliate during the reporting period. If such a decline is identified, and it is likely that an investment’s fair value may have declined below its carrying value, the Company performs a quantitative assessment to determine if an impairment exists. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the Affiliate to its fair value. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the VIE that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant third-party investors. When the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments in marketable securities on the Consolidated Balance Sheets, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are included in purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows, respectively, and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers certain highly liquid investments, including money market mutual funds, with original maturities of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. Money market mutual funds with a floating net asset value (“NAV”) would not meet the definition of a cash equivalent if the fund has enacted liquidity fees or redemption gates.
Receivables	Receivables The Company’s Affiliates earn asset- and performance-based fees, which are billed based on the terms of the related contracts. Billed but uncollected asset- and performance-based fees are recorded in Receivables on the Consolidated Balance Sheets and are generally short-term in nature. Certain of the Company’s Affiliates in the UK act as intermediaries between clients and their sponsored investment products. Normal settlement periods on transactions initiated by these clients with the sponsored investment products result in unsettled fund share receivables and payables that are presented on a gross basis within Receivables and Payables and accrued liabilities on the Consolidated Balance Sheets. The gross presentation of these receivables and offsetting payables reflects the legal relationship between the underlying investor, the Company’s Affiliates, and the sponsored investment products.
Investments in Marketable Securities	Investments in Marketable Securities Equity securities Realized and unrealized gains or losses on investments in equity securities are recorded in Investment and other income. Realized gains and losses are recorded on the trade date on a specific identified basis, except for consolidated Affiliate sponsored investment products which use an average cost basis. Debt securities Investments in debt securities are classified as either trading, available-for-sale, or held-to-maturity based on the Company’s intent and ability to hold the security to maturity. Securities classified as trading are measured at fair value with unrealized gains and losses recorded in Investment and other income. Securities classified as available-for-sale are measured at fair value with unrealized gains and losses recorded in Accumulated other comprehensive loss as a separate component of stockholders’ equity on the Consolidated Balance Sheets. Securities classified as held-to-maturity are measured at amortized cost. Realized gains and losses on debt securities are recorded in Investment and other income.
Fair Value Measurements	Fair Value Measurements The Company determines the fair value of certain investment securities and other financial and non-financial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market at the measurement date, utilizing a hierarchy of three different valuation techniques: Level 1 - Unadjusted quoted market prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs, or significant value drivers, are observable; and Level 3 - Prices that reflect the Company’s own assumptions concerning unobservable inputs to the valuation model. In these valuation models, the Company is required to make judgments about growth rates of assets under management, client attrition, asset- and performance-based fee rates, and expenses. These valuation models also require judgments about tax benefits, credit risk, interest rates, tax rates, discount rates, volatility, and discounts for lack of marketability. These inputs require significant management judgment and reflect the Company’s assumptions that the Company believes market participants would use in pricing the asset or liability.
Acquired Client Relationships and Goodwill	Acquired Client Relationships and Goodwill Each Affiliate in which the Company makes an investment has identifiable assets arising from contractual or other legal rights with their clients (“acquired client relationships”). In determining the value of acquired client relationships, the Company analyzes the net present value of these Affiliates’ existing client relationships based on a number of factors, including: the Affiliate’s historical and potential future operating performance; the Affiliate’s historical and potential future rates of attrition of existing clients; the stability and longevity of existing client relationships; the Affiliate’s recent, as well as long-term, investment performance; the characteristics of the firm’s products and investment styles; the stability and depth of the Affiliate’s management team; and the Affiliate’s history and perceived franchise or brand value. The Company has determined that certain of its acquired client relationships meet the criteria to be considered indefinite-lived assets because the Company expects the contracts to be renewed annually and, therefore, the cash flows generated by these contracts to continue indefinitely. Accordingly, the Company does not amortize these intangible assets, but instead assesses these assets annually or more frequently whenever events or circumstances occur indicating that the recorded indefinite-lived acquired client relationship may be impaired. Each reporting period, the Company assesses whether events or circumstances have occurred that indicate that the indefinite life criteria are no longer met. The Company has determined that certain of its acquired client relationships meet the criteria to be considered definite-lived assets, including investment advisory contracts between its Affiliates and their underlying investors, and are amortized over their expected period of economic benefit. The expected period of economic benefit of definite-lived acquired client relationships is a judgment based on the historical and projected attrition rates of each Affiliate’s existing clients, and other factors that may influence the expected future economic benefit the Company will derive from these relationships. The expected lives of definite-lived acquired client relationships are analyzed annually or more frequently whenever events or circumstances have occurred that indicate the expected period of economic benefit may no longer be appropriate. The Company assesses for the possible impairment of indefinite- and definite-lived acquired client relationships annually or more frequently whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If such indicators exist, the Company considers various qualitative and quantitative factors (including market multiples) to determine if the fair value of each asset is greater than its carrying value. If the carrying value is greater than the fair value, an expense would be recorded in Intangible amortization and impairments in the Consolidated Statements of Income to reduce the carrying value of the asset to fair value. Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not separately recognized. Goodwill is not amortized, but is instead reviewed for impairment. The Company performs an impairment assessment annually or more frequently whenever events or circumstances occur indicating that the carrying value of its single reporting unit is in excess of its fair value. In this assessment, the Company typically measures the fair value of its reporting unit using various qualitative and quantitative factors (including the Company’s market capitalization and market multiples for asset management businesses). If a potential impairment is more-likely-than-not, then the Company will perform a single step assessment with any excess of carrying value over fair value recorded as an expense in Intangible amortization and impairments.
Fixed Assets	Fixed Assets Fixed assets are recorded at cost and depreciated using the straight-line method over their estimated useful lives. The estimated useful lives of office equipment and furniture and fixtures range from two years to ten years and three years to ten years, respectively. Computer software developed or obtained for internal use is amortized over the estimated useful life of the software, generally two years to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease. Buildings are amortized over their expected useful lives, generally not to exceed 39 years. The costs of improvements that extend the life of a fixed asset are capitalized, while the cost of repairs and maintenance are expensed as incurred. Land and artwork are not depreciated; artwork is included in Other assets on the Consolidated Balance Sheets.
Leases	Leases Leases are classified as either operating leases or finance leases. The Company and its Affiliates currently lease office space and equipment primarily under operating lease arrangements. As these leases expire, it is expected that, in the normal course of business, they will be renewed or replaced. Whether a lease is classified as an operating lease or a finance lease, the Company and its Affiliates must record a right-of-use asset and a lease liability at the commencement date of the lease, other than for leases with an initial term of 12 months or less. As permitted under Accounting Standard Update (“ASU”) 2016-02 Leases (and related ASUs), the Company and its Affiliates elect not to record short-term leases with an initial lease term less than 12 months on the Consolidated Balance Sheets. Right-of-use assets and lease liabilities are included in Other assets and Other liabilities, respectively. A lease liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering into the lease as of the commencement date. A right-of-use asset is initially reported at the present value of the corresponding lease liability plus any prepaid lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a right-of-use asset is reported at the present value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease, and any impairments of the right-of-use asset. The Company and its Affiliates test for possible impairments of right-of-use assets annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a right-of-use asset may exceed its fair value. If the carrying value of the right-of-use asset exceeds its fair value, then the carrying value of the right-of-use asset is reduced to its fair value and the expense is recorded in Other expenses (net) in the Consolidated Statements of Income. Subsequent to an impairment, the carrying value of the right-of-use asset is amortized on a straight-line basis over the remaining lease term. Lease liabilities and right-of-use assets based on variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date with any subsequent changes in variable lease payments recorded in Other expenses (net) as incurred. Most lease agreements for office space that are classified as operating leases contain renewal options, rent escalation clauses, or other lease incentives provided by the lessor. Lease expense is accrued to recognize lease escalation provisions and renewal options that are reasonably certain to be exercised, as well as lease incentives provided by the lessor, on a straight-line basis over the lease term and is recorded in Other expenses (net). If a right-of-use asset is impaired, the lease expense is subsequently recorded in Other expenses (net) as the straight-line amortization of the right-of-use asset and the accretion of the lease liability, thereby transitioning to a front-loaded expense recognition profile for the associated lease. The Company and its Affiliates combine lease and non-lease components for their office space leases and separate non-lease components for their equipment leases in calculating their lease liabilities. Sublease income is recorded in Investment and other income.
Debt	Debt The Company’s debt instruments are carried at amortized cost. Unamortized discounts and debt issuance costs associated with its debt instruments, with the exception of the Company’s senior unsecured multicurrency revolving credit facility (the “revolver”), are presented on the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt. The carrying value of the debt is accreted to the principal amount at maturity over the remaining life of the underlying debt. The accretion of the debt and the amortization of debt issuance costs, are recorded in Interest expense in the Consolidated Statements of Income, using the effective interest method. Unamortized issuance costs associated with the revolver are recorded in Other assets and amortized over the remaining term of the revolver to Interest expense. Gains and losses on repurchases or settlement of debt are recorded in Interest expense.
Derivative Financial Instruments	Derivative Financial Instruments The Company and its Affiliates may use derivative financial instruments to offset exposure to changes in interest rates, foreign currency exchange rates, and markets. The Company records derivatives on the Consolidated Balance Sheets at fair value. The Company assesses hedge effectiveness at derivative inception and on a quarterly basis. Changes in fair value of a hedging instrument that are excluded from the assessment of hedge effectiveness, also known as excluded components, are recorded in earnings on a straight-line basis over the respective period of the contracts. For derivative financial instruments designated as cash flow hedges, the Company uses a qualitative method of assessing hedge effectiveness by comparing the notional amounts, timing of payments, currencies (for forward foreign currency contracts), and interest rates (for interest rate swaps). The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss), net of tax as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. If the qualitative assessment indicates ineffectiveness, then the Company performs a quantitative assessment which is generally measured by comparing the present value of the cumulative change in the expected future cash flows of the hedged contract with the present value of the cumulative change in the expected future cash flows of the hedged item. Upon termination of these instruments or the repayment of the Company’s outstanding Secured Overnight Financing Rate (“SOFR”)-based borrowings, any gain or loss recorded in Accumulated other comprehensive loss will be reclassified into earnings. Changes in the fair values of cash flow hedges are recorded in Change in net realized and unrealized gain (loss) on derivative financial instruments in the Consolidated Statements of Comprehensive Income. For net investment hedges, hedge effectiveness is measured using the spot rate method. The effective portion of the unrealized gain or loss is recorded in Other comprehensive income (loss) as a separate component of stockholders’ equity and reclassified to earnings with the hedged item. Changes in the fair values of the effective net investment hedges are recorded in Foreign currency translation gain (loss) in the Consolidated Statements of Comprehensive Income. Upon the sale or liquidation of the underlying investment, any gain or loss remaining in Accumulated other comprehensive loss will be reclassified to earnings. If the Company’s or its Affiliates’ derivative financial instruments do not qualify as effective hedges, changes in the fair value of the derivatives are recorded as a gain or loss in Investment and other income.
Revenue Recognition	Revenue Recognition Consolidated revenue primarily represents asset- and performance-based fees earned by the Company and its consolidated Affiliates for managing the assets of clients. Substantially all of the Company’s and its Affiliates’ contracts contain a single performance obligation, which is the provision of investment management services. Investment management, broker-dealer, and administrative services are performed and consumed simultaneously and, therefore, the Company recognizes these asset-based fees ratably over time. Substantially all the Company’s asset-based fees for services are based on the value of client assets over time, which are typically determined using observable market data, or on committed capital. Services may be invoiced in advance or in arrears and are payable upon receipt. Any asset-based fees collected in advance are deferred and recognized as the services are performed and consumed. Consolidated revenue recognized by the Company is adjusted for any expense reimbursement arrangements. The Company’s Affiliates may periodically either waive or reduce fees in order to attract or retain client assets or for other reasons. Fee waivers or reductions are presented as a reduction to Consolidated revenue in the Consolidated Statements of Income. Performance-based fees, including carried interests, are recognized upon the satisfaction of performance obligations, the resolution of any constraints, which include exceeding performance benchmarks or hurdle rates that may extend over one or more reporting periods, and when it is improbable that there will be a significant reversal in the amount of revenue recognized. As a result, any performance-based fees or carried interest recognized in the current reporting period may relate to performance obligations satisfied in a previous reporting period. The Company and its Affiliates have contractual arrangements with third-parties to provide distribution-related services. Fees received and expenses incurred under these arrangements are primarily based on the value of client assets over time. Distribution-related fees are recorded in Consolidated revenue gross of any related expenses when the Company and its consolidated Affiliates are the principal in their role as primary obligor under their distribution-related services arrangements. Distribution-related expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Income. The Company and its Affiliates may enter into contracts for which the costs to obtain or fulfill the contract are based upon a percentage of the value of a client’s future assets under management. The Company records these variable costs when incurred because they are subject to market volatility and are not estimable upon the inception of a contract with a client. Any expenses paid in advance are capitalized and amortized on a systematic basis, consistent with the transfer of services, which is the equivalent of recognizing the costs as incurred.
Contingent Payment Obligations	Contingent Payment Obligations The Company periodically enters into contingent payment obligations in connection with its investments in Affiliates. In these obligations, the Company agrees to pay additional consideration to the sellers to the extent that certain specified financial targets are achieved. For consolidated Affiliates, the Company estimates the fair value of these potential future obligations at the time the investment in an Affiliate is consummated and records a liability in Other liabilities. The Company then accretes the obligation to its expected payment amount over the period until the arrangement is measured. If the Company’s expected payment amount subsequently changes, the obligation is reduced or increased in the current period resulting in a gain or loss, respectively. Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of these obligations to their expected payment amounts are included in Interest expense. For Affiliates accounted for under the equity method, the Company records a liability in Other liabilities when a payment becomes probable, with a corresponding increase to the carrying value of the Affiliate in Equity method investments in Affiliates (net).
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of differences between the financial reporting bases of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recorded in Income tax expense in the period when the change is enacted. The Company regularly assesses the recoverability of its deferred income tax assets to determine whether these assets are more-likely-than-not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If the Company determines it would not be able to realize its deferred tax assets, it records a valuation allowance to reflect the deferred tax assets at their current value. The recording of adjustments to the valuation allowance will increase or decrease Income tax expense. The Company records unrecognized tax benefits based on whether it is more-likely-than-not that the uncertain tax positions will be sustained on the basis of the technical merits of the position. If it is determined that an uncertain tax position is more-likely-than-not to be sustained, the Company records the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority in Income tax expense. Interest and penalties related to unrecognized tax benefits are also recorded in Income tax expense. The Company has elected to treat taxes due on U.S. inclusions in taxable income related to Global Intangible Low Taxed Income (“GILTI”) as a current period expense when incurred (the “period cost method”).
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates in effect as of the balance sheet date. Revenue and expenses denominated in a functional currency other than the U.S. dollar are translated into U.S. dollars using average exchange rates for the relevant period. Because of the long-term nature of the Company’s investments in its Affiliates, net translation exchange gains and losses resulting from foreign currency translation are recorded in Accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in Investment and other income.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and derivative financial instruments. The Company and its Affiliates maintain cash and cash equivalents, investments, and, at times, certain derivative financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which the Company and its Affiliates operate. For the Company and certain of its Affiliates, cash deposits at a financial institution may, from time to time, exceed insurance limits (similar to Federal Deposit Insurance Corporation insurance limits).
Earnings Per Share	Earnings Per Share The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock. The Company had share-based compensation awards outstanding during the periods presented with vesting provisions subject to certain performance conditions. These awards are excluded from the calculation of Earnings per share (diluted) if the performance condition has not been met as of the end of the reporting period. The Company has agreements with Affiliate equity holders that provide the Company a conditional right to call and holders a conditional right to put their interests to the Company at certain intervals. These arrangements are presented at their current redemption value as Redeemable non-controlling interests. The Company may settle these interests in cash or, subject to the terms of the applicable agreement, shares of its common stock, or other forms of consideration, at its option. Prior to 2022, the Company excluded any potential dilutive effect from possible share settlements of Redeemable non-controlling interests as the Company currently intends to settle in cash. Upon adoption of ASU 2020-06, the Company must assume the settlement of all of its Redeemable non-controlling interests using the maximum number of shares permitted under its arrangements. Purchases are assumed to occur at the beginning of the reporting period. The Company acquires the rights to the underlying Affiliate equity when purchased, and therefore, the earnings that would be acquired (net of tax) are assumed to increase Net income (controlling interest) in the computation of Earnings per share (diluted). The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share. The Company had junior convertible securities outstanding during the periods presented and is required to apply the if-converted method to these securities in its calculation of Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into the Company’s common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
Share-Based Compensation Plans	Share-Based Compensation Plans The Company recognizes expenses for all share-based compensation arrangements based on the number of awards expected to vest. The expense for awards without performance conditions is recognized on a straight-line basis over the requisite service period, including grants that are subject to graded vesting. The Company recognizes expenses for all other arrangements on a straight-line basis for each separately vesting portion of the award. Tax windfalls or shortfalls are recorded in Income tax expense and have been classified as operating activities in the Consolidated Statements of Cash Flows. Taxes paid by the Company when it withholds shares to satisfy tax withholding obligations are classified as a financing activity in the Consolidated Statements of Cash Flows.
Recent Accounting Developments	Recent Accounting Developments In June 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. The standard is effective for interim and annual periods beginning after December 15, 2023 for the Company, and is effective for interim and annual periods beginning after December 15, 2024 for the Company’s Affiliates. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company does not currently expect the adoption to have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The standard is effective for annual periods beginning after December 15, 2024. The Company does not currently expect the adoption to have a material impact on its Consolidated Financial Statements.

Other Investments - Schedule of Changes in Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Investments [Roll Forward]
Balance, beginning of period	$ 421.6	$ 375.2
Net realized and unrealized gains	34.2	1.7
Additions and commitments	82.5	104.3
Sales and distributions	(57.4)	(59.6)
Balance, end of period	480.9	421.6
Without Readily Determinable Fair Values
Balance, beginning of period	50.4	50.4
Net realized and unrealized gains	0.0	0.0
Additions and commitments	0.0	0.0
Sales and distributions	0.0	0.0
Balance, end of period	50.4	50.4
Fair Value Measured at NAV
Other Investments [Roll Forward]
Balance, beginning of period	371.2	324.8
Net realized and unrealized gains	34.2	1.7
Additions and commitments	82.5	104.3
Sales and distributions	(57.4)	(59.6)
Balance, end of period	$ 430.5	$ 371.2

Stockholders' Equity - Additional Information (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		7 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Jun. 30, 2023 shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Jan. 31, 2023 shares	Oct. 31, 2022 shares	Jan. 31, 2022 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	153.0				153.0	153.0
Stock repurchase plan, number of remaining shares to be repurchased (in shares)					4.2
Accelerated share repurchase, upfront payment \| $	$ 225,000,000
Accelerated share repurchase, stock delivered (in shares)	1.1	0.4
Percentage of shares delivered	0.80					0.80
Shares repurchased (in shares)				1.5
Average price of stock repurchased (in dollars per share) \| $ / shares				$ 147.29
Equity Distribution Program
Class of Stock [Line Items]
Proceeds from issuance of common stock \| $			$ 500,000,000
Stock program, maximum amount authorized \| $					$ 0
Voting Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					150.0
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					3.0
Common Stock
Class of Stock [Line Items]
Shares repurchased (in shares)					3.0	4.5	3.5
Average price of stock repurchased (in dollars per share) \| $ / shares					$ 132.99	$ 144.45	$ 146.54
Common Stock \| January 2022 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)										2.0
Common Stock \| October 2022 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)									3.0
Common Stock \| January 2023 Program
Class of Stock [Line Items]
Stock repurchase program, number of shares authorized (in shares)								3.3
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)					5.0

Lease Commitments

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Commitments

The Company and its Affiliates currently lease office space and equipment under various operating leasing arrangements. The following table presents total lease costs (net):


	For the Years Ended December 31,
	2021		2022		2023
Operating lease costs	$	33.8	$	38.5	$	36.4
Short-term lease costs	0.8		1.0		1.1
Variable lease costs	0.0		0.0		0.0
Sublease income	(7.9)		(7.7)		(6.5)
Total lease costs (net)	$	26.7	$	31.8	$	31.0

As of December 31, 2022 and 2023, the Company’s and its Affiliates’ weighted average operating lease term was eight years and seven years, respectively, and the weighted average operating lease discount rate was 3%.

As of December 31, 2023, the maturities of lease liabilities were as follows:


Year	Operating Leases
2024	$	39.1
2025	35.0
2026	25.9
2027	21.9
2028	21.8
Thereafter	68.3
Total undiscounted lease liabilities(1)	$	212.0

___________________________

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II

Valuation and Qualifying Accounts


(in millions)	Balance Beginning of Period		Additions Charged to Costs and Expenses		Additions (Reductions) Charged to Other Accounts		Deductions		Balance End of Period
Income Tax Valuation Allowance
Year Ending December 31,
2021	$	35.6	$	8.3	$	—	$	—	$	43.9
2022	43.9		8.3		(1.1)		(3.0)		48.1
2023	48.1		0.6		0.4		(1.5)		47.6

Other Allowances(1)
Year Ending December 31,
2021	$	4.8	$	—	$	—	$	—	$	4.8
2022	4.8		—		—		(1.3)		3.5
2023	3.5		1.5		—		(1.2)		3.8

___________________________

(1)Other allowances primarily represents reserves on notes received in connection with transfers of the Company’s interests in certain Affiliates, as well as other receivable amounts, which the Company considered uncollectible. Deductions represented the reversal of such reserves upon collection of the amounts due.