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Equity Securities (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Investments in Equity Securities, by Accounting Classification

Investments in equity securities, by accounting classification, are summarized as follows:

 

(in millions)

 

June 30,
2024

 

 

December 31,
2023

 

Marketable equity securities

 

$

389.9

 

 

$

436.9

 

Non-marketable equity securities

 

 

225.8

 

 

 

224.1

 

Equity method investments

 

 

94.4

 

 

 

74.6

 

 

$

710.1

 

 

$

735.6

 
Summary of Investments in Marketable Equity Securities

Investments in marketable equity securities are summarized as follows:

 

(in millions)

 

Cost

 

 

Unrealized losses

 

 

Estimated
fair value

 

June 30, 2024

 

 

 

 

 

 

 

 

 

Common stocks

 

$

402.4

 

 

$

(25.7

)

 

$

376.7

 

Preferred stocks

 

 

13.8

 

 

 

(0.6

)

 

 

13.2

 

 

$

416.2

 

 

$

(26.3

)

 

$

389.9

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Common stocks

 

$

429.4

 

 

$

(4.9

)

 

$

424.5

 

Preferred stocks

 

 

15.7

 

 

 

(3.3

)

 

 

12.4

 

 

$

445.1

 

 

$

(8.2

)

 

$

436.9

 
Summary of Changes in Carrying Amounts of Non-Marketable Equity Securities

A summary of the changes in the carrying amounts of non-marketable equity securities, which primarily relate to the Company's venture investment portfolio, for the three and six months ended June 30, 2024 and 2023, is as follows:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(in millions)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Carrying amount, beginning of period

 

$

226.1

 

 

$

384.7

 

 

$

224.1

 

 

$

395.8

 

Net additions

 

 

1.3

 

 

 

0.8

 

 

 

3.1

 

 

 

6.8

 

Gross unrealized gains

 

 

1.2

 

 

 

—

 

 

 

1.4

 

 

 

—

 

Gross unrealized losses and impairments

 

 

(2.8

)

 

 

(22.6

)

 

 

(2.8

)

 

 

(39.7

)

Carrying amount, end of period

 

$

225.8

 

 

$

362.9

 

 

$

225.8

 

 

$

362.9

 
Summary of Cumulative Gross Unrealized Gains and Cumulative Gross Unrealized Losses and Impairments

Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at June 30, 2024 and December 31, 2023, are summarized as follows:

(in millions)

 

June 30,
2024

 

 

December 31,
2023

 

Cumulative gross unrealized gains

 

$

244.8

 

 

$

243.3

 

Cumulative gross unrealized losses and impairments

 

$

325.2

 

 

$

322.4