ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated Filer | ☐ | ||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||
Emerging Growth Company |
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(in billions) as of September 30, 2021 | U.S. Funds | Non-U.S. Funds | Institutional Separate Accounts | Retail Separately Managed Accounts | Other | Total | Percentage of Total AUM | |||||||||||||||||||||||||||||||||||||
Fixed Income | $ | 206.3 | $ | 55.5 | $ | 338.6 | $ | 34.3 | $ | 15.6 | $ | 650.3 | 43 | % | ||||||||||||||||||||||||||||||
Equity | 260.1 | 87.3 | 66.3 | 87.8 | 22.1 | 523.6 | 34 | % | ||||||||||||||||||||||||||||||||||||
Multi-Asset | 96.5 | 8.7 | 4.3 | 2.9 | 40.0 | 152.4 | 10 | % | ||||||||||||||||||||||||||||||||||||
Alternative | 7.4 | 10.8 | 34.2 | — | 92.8 | 145.2 | 9 | % | ||||||||||||||||||||||||||||||||||||
Cash Management | 34.9 | 22.9 | 0.8 | — | — | 58.6 | 4 | % | ||||||||||||||||||||||||||||||||||||
Total | $ | 605.2 | $ | 185.2 | $ | 444.2 | $ | 125.0 | $ | 170.5 | $ | 1,530.1 | 100 | % |
Location | Owned Square Footage | Owned Square Footage Leased to Third Parties | ||||||||||||
San Mateo, California | 743,793 | 357,383 | ||||||||||||
St. Petersburg, Florida | 560,948 | 320,477 | ||||||||||||
Rancho Cordova, California | 445,023 | 26,962 | ||||||||||||
Hyderabad, India | 379,052 | — | ||||||||||||
Poznan, Poland | 284,436 | — | ||||||||||||
Ft. Lauderdale, Florida | 102,246 | 20,264 | ||||||||||||
Edinburgh, Scotland | 87,016 | 26,210 | ||||||||||||
Other | 78,391 | 9,724 | ||||||||||||
Total | 2,680,905 | 761,020 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 2021 | 181,621 | $ | 29.55 | 181,621 | 32,899,416 | |||||||||||||||||||||
August 2021 | 1,431,110 | 32.25 | 1,431,110 | 31,468,306 | ||||||||||||||||||||||
September 2021 | 600,434 | 31.35 | 600,434 | 30,867,872 | ||||||||||||||||||||||
Total | 2,213,165 | 2,213,165 |
(in millions, except per share data) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Operating revenues | $ | 8,425.5 | $ | 5,566.5 | $ | 5,669.4 | 51 | % | (2 | %) | ||||||||||||||||||||||
Operating income | 1,875.0 | 1,048.9 | 1,466.9 | 79 | % | (28 | %) | |||||||||||||||||||||||||
Operating margin1 | 22.3 | % | 18.8 | % | 25.9 | % | ||||||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | 1,831.2 | $ | 798.9 | $ | 1,195.7 | 129 | % | (33 | %) | ||||||||||||||||||||||
Diluted earnings per share | $ | 3.57 | $ | 1.59 | $ | 2.35 | 125 | % | (32 | %) | ||||||||||||||||||||||
As adjusted (non-GAAP):2 | ||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 2,379.3 | $ | 1,491.1 | $ | 1,654.2 | 60 | % | (10 | %) | ||||||||||||||||||||||
Adjusted operating margin | 37.7 | % | 38.5 | % | 42.6 | % | ||||||||||||||||||||||||||
Adjusted net income | $ | 1,915.2 | $ | 1,311.0 | $ | 1,331.3 | 46 | % | (2 | %) | ||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 3.74 | $ | 2.61 | $ | 2.62 | 43 | % | 0 | % |
(in billions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
as of September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Fixed Income | $ | 650.3 | $ | 656.9 | $ | 250.6 | (1 | %) | 162 | % | ||||||||||||||||||||||
Equity | 523.6 | 438.1 | 263.9 | 20 | % | 66 | % | |||||||||||||||||||||||||
Multi-Asset | 152.4 | 129.4 | 123.6 | 18 | % | 5 | % | |||||||||||||||||||||||||
Alternative | 145.2 | 122.1 | 45.0 | 19 | % | 171 | % | |||||||||||||||||||||||||
Cash Management | 58.6 | 72.4 | 9.5 | (19 | %) | 662 | % | |||||||||||||||||||||||||
Total | $ | 1,530.1 | $ | 1,418.9 | $ | 692.6 | 8 | % | 105 | % | ||||||||||||||||||||||
Average for the Year | $ | 1,504.1 | $ | 832.9 | $ | 697.0 | 81 | % | 19 | % |
(in billions) | Average AUM | 2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Fixed Income | $ | 657.5 | $ | 330.5 | $ | 256.1 | 99 | % | 29 | % | ||||||||||||||||||||||
Equity | 502.9 | 290.8 | 275.5 | 73 | % | 6 | % | |||||||||||||||||||||||||
Multi-Asset | 146.4 | 122.7 | 122.2 | 19 | % | 0 | % | |||||||||||||||||||||||||
Alternative | 132.6 | 63.7 | 33.7 | 108 | % | 89 | % | |||||||||||||||||||||||||
Cash Management | 64.7 | 25.2 | 9.5 | 157 | % | 165 | % | |||||||||||||||||||||||||
Total | $ | 1,504.1 | $ | 832.9 | $ | 697.0 | 81 | % | 19 | % |
Mix of Average AUM | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Fixed Income | 44 | % | 39 | % | 37 | % | ||||||||||||||
Equity | 33 | % | 35 | % | 40 | % | ||||||||||||||
Multi-Asset | 10 | % | 15 | % | 17 | % | ||||||||||||||
Alternative | 9 | % | 8 | % | 5 | % | ||||||||||||||
Cash Management | 4 | % | 3 | % | 1 | % | ||||||||||||||
Total | 100 | % | 100 | % | 100 | % |
(in billions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Beginning AUM | $ | 1,418.9 | $ | 692.6 | $ | 717.1 | 105 | % | (3 | %) | ||||||||||||||||||||||
Long-term inflows | 364.7 | 182.4 | 175.0 | 100 | % | 4 | % | |||||||||||||||||||||||||
Long-term outflows | (389.9) | (244.0) | (206.8) | 60 | % | 18 | % | |||||||||||||||||||||||||
Long-term net flows | (25.2) | (61.6) | (31.8) | (59 | %) | 94 | % | |||||||||||||||||||||||||
Cash management net flows | (15.1) | (9.9) | 0.9 | 53 | % | NM | ||||||||||||||||||||||||||
Total net flows | (40.3) | (71.5) | (30.9) | (44 | %) | 131 | % | |||||||||||||||||||||||||
Acquisitions | 3.5 | 806.5 | 26.4 | (100 | %) | NM | ||||||||||||||||||||||||||
Net market change, distributions and other | 148.0 | (8.7) | (20.0) | NM | (57 | %) | ||||||||||||||||||||||||||
Ending AUM | $ | 1,530.1 | $ | 1,418.9 | $ | 692.6 | 8 | % | 105 | % |
(in billions) | ||||||||||||||||||||||||||||||||||||||
for the fiscal year ended September 30, 2021 | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
AUM at October 1, 2020 | $ | 656.9 | $ | 438.1 | $ | 129.4 | $ | 122.1 | $ | 72.4 | $ | 1,418.9 | ||||||||||||||||||||||||||
Long-term inflows | 176.5 | 132.1 | 36.3 | 19.8 | — | 364.7 | ||||||||||||||||||||||||||||||||
Long-term outflows | (188.2) | (154.2) | (35.7) | (11.8) | — | (389.9) | ||||||||||||||||||||||||||||||||
Long-term net flows | (11.7) | (22.1) | 0.6 | 8.0 | — | (25.2) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (15.1) | (15.1) | ||||||||||||||||||||||||||||||||
Total net flows | (11.7) | (22.1) | 0.6 | 8.0 | (15.1) | (40.3) | ||||||||||||||||||||||||||||||||
Acquisition | 3.5 | — | — | — | — | 3.5 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | 1.6 | 107.6 | 22.4 | 15.1 | 1.3 | 148.0 | ||||||||||||||||||||||||||||||||
AUM at September 30, 2021 | $ | 650.3 | $ | 523.6 | $ | 152.4 | $ | 145.2 | $ | 58.6 | $ | 1,530.1 |
(in billions) | ||||||||||||||||||||||||||||||||||||||
for the fiscal year ended September 30, 2020 | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
AUM at October 1, 2019 | $ | 250.6 | $ | 263.9 | $ | 123.6 | $ | 45.0 | $ | 9.5 | $ | 692.6 | ||||||||||||||||||||||||||
Long-term inflows | 79.7 | 64.6 | 27.5 | 10.6 | — | 182.4 | ||||||||||||||||||||||||||||||||
Long-term outflows | (112.9) | (90.6) | (33.2) | (7.3) | — | (244.0) | ||||||||||||||||||||||||||||||||
Long-term net flows | (33.2) | (26.0) | (5.7) | 3.3 | — | (61.6) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (9.9) | (9.9) | ||||||||||||||||||||||||||||||||
Total net flows | (33.2) | (26.0) | (5.7) | 3.3 | (9.9) | (71.5) | ||||||||||||||||||||||||||||||||
Acquisitions | 449.6 | 189.2 | 18.2 | 73.9 | 75.6 | 806.5 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (10.1) | 11.0 | (6.7) | (0.1) | (2.8) | (8.7) | ||||||||||||||||||||||||||||||||
AUM at September 30, 2020 | $ | 656.9 | $ | 438.1 | $ | 129.4 | $ | 122.1 | $ | 72.4 | $ | 1,418.9 |
(in billions) | ||||||||||||||||||||||||||||||||||||||
for the fiscal year ended September 30, 2019 | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
AUM at October 1, 2018 | $ | 258.5 | $ | 304.6 | $ | 126.7 | $ | 18.0 | $ | 9.3 | $ | 717.1 | ||||||||||||||||||||||||||
Long-term inflows | 75.6 | 58.5 | 34.8 | 6.1 | — | 175.0 | ||||||||||||||||||||||||||||||||
Long-term outflows | (81.9) | (83.5) | (35.9) | (5.5) | — | (206.8) | ||||||||||||||||||||||||||||||||
Long-term net flows | (6.3) | (25.0) | (1.1) | 0.6 | — | (31.8) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||
Total net flows | (6.3) | (25.0) | (1.1) | 0.6 | 0.9 | (30.9) | ||||||||||||||||||||||||||||||||
Acquisition | — | — | — | 26.4 | — | 26.4 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (1.6) | (15.7) | (2.0) | — | (0.7) | (20.0) | ||||||||||||||||||||||||||||||||
AUM at September 30, 2019 | $ | 250.6 | $ | 263.9 | $ | 123.6 | $ | 45.0 | $ | 9.5 | $ | 692.6 |
(in billions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
as of September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
United States | $ | 1,140.2 | $ | 1,024.0 | $ | 477.9 | 11 | % | 114 | % | ||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||
Asia-Pacific | 155.6 | 168.6 | 89.0 | (8 | %) | 89 | % | |||||||||||||||||||||||||
Europe, Middle East and Africa | 153.9 | 141.8 | 87.9 | 9 | % | 61 | % | |||||||||||||||||||||||||
Latin America | 53.5 | 59.4 | 13.5 | (10 | %) | 340 | % | |||||||||||||||||||||||||
Canada | 26.9 | 25.1 | 24.3 | 7 | % | 3 | % | |||||||||||||||||||||||||
Total international | $ | 389.9 | $ | 394.9 | $ | 214.7 | (1 | %) | 84 | % | ||||||||||||||||||||||
Total | $ | 1,530.1 | $ | 1,418.9 | $ | 692.6 | 8 | % | 105 | % |
(in billions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
United States | $ | 1,103.6 | $ | 587.2 | $ | 473.3 | 88 | % | 24 | % | ||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||
Asia-Pacific | 165.9 | 102.4 | 90.4 | 62 | % | 13 | % | |||||||||||||||||||||||||
Europe, Middle East and Africa | 151.7 | 97.8 | 91.5 | 55 | % | 7 | % | |||||||||||||||||||||||||
Latin America | 56.6 | 23.1 | 14.6 | 145 | % | 58 | % | |||||||||||||||||||||||||
Canada | 26.3 | 22.4 | 27.2 | 17 | % | (18 | %) | |||||||||||||||||||||||||
Total international | $ | 400.5 | $ | 245.7 | $ | 223.7 | 63 | % | 10 | % | ||||||||||||||||||||||
Total | $ | 1,504.1 | $ | 832.9 | $ | 697.0 | 81 | % | 19 | % |
Peer Group Comparison1 | Benchmark Comparison2 | |||||||||||||||||||||||||||||||||||||||||||||||||
% of Mutual Fund AUM in Top Two Peer Group Quartiles | % of Strategy Composite AUM Exceeding Benchmark | |||||||||||||||||||||||||||||||||||||||||||||||||
as of September 30, 2021 | 1-Year | 3-Year | 5-Year | 10-Year | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | 65 | % | 60 | % | 63 | % | 61 | % | 95 | % | 88 | % | 95 | % | 95 | % | ||||||||||||||||||||||||||||||||||
Equity | 41 | % | 41 | % | 41 | % | 51 | % | 40 | % | 41 | % | 41 | % | 53 | % | ||||||||||||||||||||||||||||||||||
Total AUM3 | 58 | % | 55 | % | 57 | % | 61 | % | 71 | % | 69 | % | 72 | % | 77 | % |
(in millions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Investment management fees | $ | 6,541.6 | $ | 3,981.7 | $ | 3,985.2 | 64 | % | 0 | % | ||||||||||||||||||||||
Sales and distribution fees | 1,635.5 | 1,362.0 | 1,444.6 | 20 | % | (6 | %) | |||||||||||||||||||||||||
Shareholder servicing fees | 211.2 | 195.1 | 216.3 | 8 | % | (10 | %) | |||||||||||||||||||||||||
Other | 37.2 | 27.7 | 23.3 | 34 | % | 19 | % | |||||||||||||||||||||||||
Total Operating Revenues | $ | 8,425.5 | $ | 5,566.5 | $ | 5,669.4 | 51 | % | (2 | %) |
(in basis points) | Industry Average1 | |||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Fixed Income2 | 27 | 27 | 29 | |||||||||||||||||
Equity3 | 31 | 32 | 33 | |||||||||||||||||
Multi-Asset | 37 | 37 | 38 | |||||||||||||||||
Alternative4 | 63 | 62 | 72 | |||||||||||||||||
Cash Management | 13 | 16 | 16 |
(in millions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Asset-based fees | $ | 1,302.3 | $ | 1,096.3 | $ | 1,188.2 | 19 | % | (8 | %) | ||||||||||||||||||||||
Sales-based fees | 314.6 | 245.9 | 244.0 | 28 | % | 1 | % | |||||||||||||||||||||||||
Contingent sales charges | 18.6 | 19.8 | 12.4 | (6 | %) | 60 | % | |||||||||||||||||||||||||
Sales and Distribution Fees | $ | 1,635.5 | $ | 1,362.0 | $ | 1,444.6 | 20 | % | (6 | %) |
(in millions) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||
for the fiscal years ended September 30, | ||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 2,971.3 | $ | 1,873.9 | $ | 1,584.7 | 59 | % | 18 | % | ||||||||||||||||||||||
Sales, distribution and marketing | 2,105.8 | 1,703.1 | 1,819.6 | 24 | % | (6 | %) | |||||||||||||||||||||||||
Information systems and technology | 486.1 | 288.4 | 258.5 | 69 | % | 12 | % | |||||||||||||||||||||||||
Occupancy | 218.1 | 147.9 | 133.6 | 47 | % | 11 | % | |||||||||||||||||||||||||
Amortization of intangible assets | 232.0 | 54.0 | 14.7 | 330 | % | 267 | % | |||||||||||||||||||||||||
General, administrative and other | 537.2 | 450.3 | 391.4 | 19 | % | 15 | % | |||||||||||||||||||||||||
Total Operating Expenses | $ | 6,550.5 | $ | 4,517.6 | $ | 4,202.5 | 45 | % | 7 | % |
(in millions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Salaries, wages and benefits | $ | 1,415.5 | $ | 1,051.7 | $ | 960.6 | 35 | % | 9 | % | ||||||||||||||||||||||
Variable compensation | 1,365.0 | 571.6 | 504.9 | 139 | % | 13 | % | |||||||||||||||||||||||||
Acquisition-related retention | 163.7 | 195.8 | 63.7 | (16 | %) | 207 | % | |||||||||||||||||||||||||
Special termination benefits | 27.1 | 54.8 | 55.5 | (51 | %) | (1 | %) | |||||||||||||||||||||||||
Compensation and Benefits Expenses | $ | 2,971.3 | $ | 1,873.9 | $ | 1,584.7 | 59 | % | 18 | % |
(in millions) | 2021 | 2020 | 2019 | 2021 vs. 2020 | 2020 vs. 2019 | |||||||||||||||||||||||||||
for the fiscal years ended September 30, | ||||||||||||||||||||||||||||||||
Asset-based expenses | $ | 1,714.7 | $ | 1,369.0 | $ | 1,476.0 | 25 | % | (7 | %) | ||||||||||||||||||||||
Sales-based expenses | 312.9 | 253.8 | 257.8 | 23 | % | (2 | %) | |||||||||||||||||||||||||
Amortization of deferred sales commissions | 78.2 | 80.3 | 85.8 | (3 | %) | (6 | %) | |||||||||||||||||||||||||
Sales, Distribution and Marketing | $ | 2,105.8 | $ | 1,703.1 | $ | 1,819.6 | 24 | % | (6 | %) |
(in millions) | 2021 vs. 2020 | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Investment and other income (losses), net | $ | 264.7 | $ | (38.4) | $ | 141.4 | NM | NM | ||||||||||||||||||||||||
Interest expense | (85.4) | (33.4) | (22.4) | 156 | % | 49 | % | |||||||||||||||||||||||||
Investment and other income of consolidated investment products, net | 421.1 | 70.2 | 78.8 | 500 | % | (11 | %) | |||||||||||||||||||||||||
Expenses of consolidated investment products | (31.2) | (29.4) | (16.9) | 6 | % | 74 | % | |||||||||||||||||||||||||
Other Income (Expenses), Net | $ | 569.2 | $ | (31.0) | $ | 180.9 | NM | NM |
Accounting Classification 1 | Total Direct Portfolio | |||||||||||||||||||||||||||||||||||||
(in millions) | Cash and Cash Equivalents | Investments, at Fair Value | Equity Method Investments | Other Investments | Direct Investments in CIPs | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 4,357.8 | $ | — | $ | — | $ | — | $ | — | $ | 4,357.8 | ||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Fixed Income | — | 229.4 | 66.4 | 37.7 | 247.0 | 580.5 | ||||||||||||||||||||||||||||||||
Equity | — | 205.7 | 421.6 | 42.8 | 277.0 | 947.1 | ||||||||||||||||||||||||||||||||
Multi-Asset | — | 42.9 | 5.4 | — | 94.8 | 143.1 | ||||||||||||||||||||||||||||||||
Alternative | — | 110.3 | 320.9 | 27.2 | 424.0 | 882.4 | ||||||||||||||||||||||||||||||||
Total investments | — | 588.3 | 814.3 | 107.7 | 1,042.8 | 2,553.1 | ||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Investments | $ | 4,357.8 | $ | 588.3 | $ | 814.3 | $ | 107.7 | $ | 1,042.8 | $ | 6,910.9 |
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
for the fiscal years ended September 30, | ||||||||||||||||||||
Operating income | $ | 1,875.0 | $ | 1,048.9 | $ | 1,466.9 | ||||||||||||||
Add (subtract): | ||||||||||||||||||||
Elimination of operating revenues upon consolidation of investment products¹ | 22.8 | 23.6 | 30.7 | |||||||||||||||||
Acquisition-related retention | 163.7 | 195.8 | 63.7 | |||||||||||||||||
Compensation and benefits expense from gains on deferred compensation and seed investments, net | 22.7 | 1.2 | — | |||||||||||||||||
Other acquisition-related expenses | 36.0 | 57.4 | 9.4 | |||||||||||||||||
Amortization of intangible assets | 232.0 | 54.0 | 14.7 | |||||||||||||||||
Impairment of goodwill and intangible assets | — | 55.4 | 13.3 | |||||||||||||||||
Special termination benefits | 27.1 | 54.8 | 55.5 | |||||||||||||||||
Adjusted operating income | $ | 2,379.3 | $ | 1,491.1 | $ | 1,654.2 | ||||||||||||||
Total operating revenues | $ | 8,425.5 | $ | 5,566.5 | $ | 5,669.4 | ||||||||||||||
Add (subtract): | ||||||||||||||||||||
Acquisition-related pass through performance fees | (25.3) | (9.4) | — | |||||||||||||||||
Sales and distribution fees | (1,635.5) | (1,362.0) | (1,444.6) | |||||||||||||||||
Allocation of investment management fees for sales, distribution and marketing expenses | (470.3) | (341.1) | (375.0) | |||||||||||||||||
Elimination of operating revenues upon consolidation of investment products¹ | 22.8 | 23.6 | 30.7 | |||||||||||||||||
Adjusted operating revenues | $ | 6,317.2 | $ | 3,877.6 | $ | 3,880.5 | ||||||||||||||
Operating margin | 22.3 | % | 18.8 | % | 25.9 | % | ||||||||||||||
Adjusted operating margin | 37.7 | % | 38.5 | % | 42.6 | % |
(in millions, except per share data) | 2021 | 2020 | 2019 | |||||||||||||||||
for the fiscal years ended September 30, | ||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | 1,831.2 | $ | 798.9 | $ | 1,195.7 | ||||||||||||||
Add (subtract): | ||||||||||||||||||||
Net income of consolidated investment products¹ | (2.8) | (4.6) | (3.7) | |||||||||||||||||
Acquisition-related retention | 163.7 | 195.8 | 63.7 | |||||||||||||||||
Other acquisition-related expenses | 34.0 | 58.6 | 9.4 | |||||||||||||||||
Amortization of intangible assets | 232.0 | 54.0 | 14.7 | |||||||||||||||||
Impairment of goodwill and intangible assets | — | 55.4 | 13.3 | |||||||||||||||||
Special termination benefits | 27.1 | 54.8 | 55.5 | |||||||||||||||||
Net gains on deferred compensation plan investments not offset by compensation and benefits expense | (1.2) | (0.1) | — | |||||||||||||||||
Unrealized investment losses (gains) | (285.7) | 221.0 | 20.0 | |||||||||||||||||
Interest expense for amortization of debt premium | (51.4) | (4.7) | — | |||||||||||||||||
Write-off of noncontrolling interests | — | (16.7) | — | |||||||||||||||||
Net income tax expense of adjustments | (31.7) | (101.4) | (37.3) | |||||||||||||||||
Adjusted net income | $ | 1,915.2 | $ | 1,311.0 | $ | 1,331.3 | ||||||||||||||
Diluted earnings per share | $ | 3.57 | $ | 1.59 | $ | 2.35 | ||||||||||||||
Adjusted diluted earnings per share | 3.74 | 2.61 | 2.62 |
(in millions) | 2021 | 2020 | 2019 | |||||||||||||||||
for the fiscal years ended September 30, | ||||||||||||||||||||
Elimination of operating revenues upon consolidation | $ | (22.8) | $ | (23.6) | $ | (30.7) | ||||||||||||||
Other income, net | 207.4 | 33.6 | 39.8 | |||||||||||||||||
Less: income attributable to noncontrolling interests | 181.8 | 5.4 | 5.4 | |||||||||||||||||
Net income | $ | 2.8 | $ | 4.6 | $ | 3.7 |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Operating cash flows | $ | 1,245.4 | $ | 1,083.3 | $ | 268.5 | ||||||||||||||
Investing cash flows | (2,615.9) | (4,061.9) | (1,275.4) | |||||||||||||||||
Financing cash flows | 2,030.1 | 734.4 | 339.9 |
(in millions) | ||||||||||||||||||||
as of September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 4,357.8 | $ | 3,026.8 | $ | 5,803.4 | ||||||||||||||
Receivables | 1,300.4 | 1,114.8 | 740.0 | |||||||||||||||||
Investments | 1,042.2 | 982.2 | 2,029.4 | |||||||||||||||||
Total Liquid Assets | $ | 6,700.4 | $ | 5,123.8 | $ | 8,572.8 | ||||||||||||||
Liability | ||||||||||||||||||||
Debt | $ | 3,399.4 | $ | 3,017.1 | $ | 696.9 |
(in millions) | Carrying Value | Carrying Value Assuming a 10% Increase | Carrying Value Assuming a 10% Decrease | |||||||||||||||||
Investments, at fair value | $ | 588.3 | $ | 647.1 | $ | 529.5 | ||||||||||||||
Direct investments in CIPs | 1,042.8 | 1,147.1 | 938.5 | |||||||||||||||||
Total | $ | 1,631.1 | $ | 1,794.2 | $ | 1,468.0 |
CONTENTS | Page | |||||||
Consolidated Financial Statements of Franklin Resources, Inc. and its consolidated subsidiaries: | ||||||||
(in millions, except per share data) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Operating Revenues | ||||||||||||||||||||
Investment management fees | $ | $ | $ | |||||||||||||||||
Sales and distribution fees | ||||||||||||||||||||
Shareholder servicing fees | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total operating revenues | ||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||
Sales, distribution and marketing | ||||||||||||||||||||
Information systems and technology | ||||||||||||||||||||
Occupancy | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
General, administrative and other | ||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||
Operating Income | ||||||||||||||||||||
Other Income (Expenses) | ||||||||||||||||||||
Investment and other income (losses), net | ( | |||||||||||||||||||
Interest expense | ( | ( | ( | |||||||||||||||||
Investment and other income of consolidated investment products, net | ||||||||||||||||||||
Expenses of consolidated investment products | ( | ( | ( | |||||||||||||||||
Other income (expenses), net | ( | |||||||||||||||||||
Income before taxes | ||||||||||||||||||||
Taxes on income | ||||||||||||||||||||
Net income | ||||||||||||||||||||
Less: net income (loss) attributable to | ||||||||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||||||||
Nonredeemable noncontrolling interests | ( | |||||||||||||||||||
Net Income Attributable to Franklin Resources, Inc. | $ | $ | $ | |||||||||||||||||
Earnings per Share | ||||||||||||||||||||
Basic | $ | $ | $ | |||||||||||||||||
Diluted |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Net Income | $ | $ | $ | |||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||
Currency translation adjustments, net of tax | ( | |||||||||||||||||||
Net unrealized gains (losses) on defined benefit plans, net of tax | ( | ( | ||||||||||||||||||
Net unrealized gains on investments, net of tax | ||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||
Total comprehensive income | ||||||||||||||||||||
Less: comprehensive income (loss) attributable to | ||||||||||||||||||||
Redeemable noncontrolling interests | ||||||||||||||||||||
Nonredeemable noncontrolling interests | ( | |||||||||||||||||||
Comprehensive Income Attributable to Franklin Resources, Inc. | $ | $ | $ |
(in millions, except share and per share data) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables | ||||||||||||||
Investments (including $ | ||||||||||||||
Assets of consolidated investment products | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Investments, at fair value | ||||||||||||||
Property and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Other | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Compensation and benefits | $ | $ | ||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Commissions | ||||||||||||||
Income taxes | ||||||||||||||
Debt | ||||||||||||||
Liabilities of consolidated investment products | ||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Debt | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Other | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and Contingencies (Note 16) | ||||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||||
Stockholders’ Equity | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total Franklin Resources, Inc. stockholders’ equity | ||||||||||||||
Nonredeemable noncontrolling interests | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | $ |
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
as of and for the fiscal years ended September 30, 2021, 2020 and 2019 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2018 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting guidance | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidation of investment product | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidation of investment products | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wind-down of a subsidiary | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting guidance | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidation of investment products | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable noncontrolling interests | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | $ | $ | $ | ( | $ | $ | $ |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Net Income | $ | $ | $ | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Amortization of deferred sales commissions | ||||||||||||||||||||
Depreciation and other amortization | ||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||
Impairments of intangible assets and goodwill | ||||||||||||||||||||
Net (gains) losses on investments | ( | |||||||||||||||||||
Losses (income) from investments in equity method investees | ( | |||||||||||||||||||
Net (gains) losses on investments of consolidated investment products | ( | |||||||||||||||||||
Net purchase of investments by consolidated investment products | ( | ( | ( | |||||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||||||||
Other | ( | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Decrease (increase) in receivables and other assets | ( | ( | ||||||||||||||||||
Decrease in investments, net | ||||||||||||||||||||
Increase (decrease) in accrued compensation and benefits | ( | |||||||||||||||||||
Decrease in commissions payable | ( | ( | ( | |||||||||||||||||
Decrease in income taxes payable | ( | ( | ( | |||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | ( | ( | ||||||||||||||||||
Increase in accounts payable and accrued expenses of consolidated investment products | ||||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Purchase of investments | ( | ( | ( | |||||||||||||||||
Liquidation of investments | ||||||||||||||||||||
Purchase of investments by consolidated collateralized loan obligations | ( | ( | ( | |||||||||||||||||
Liquidation of investments by consolidated collateralized loan obligations | ||||||||||||||||||||
Decrease (increase) in loan receivables, net | ( | |||||||||||||||||||
Additions of property and equipment, net | ( | ( | ( | |||||||||||||||||
Acquisitions, net of cash acquired | ( | ( | ( | |||||||||||||||||
Payments of contingent consideration asset | ||||||||||||||||||||
Net (deconsolidation) consolidation of investment products | ( | ( | ||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | |||||||||||||||||
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Issuance of common stock | $ | $ | $ | |||||||||||||||||
Dividends paid on common stock | ( | ( | ( | |||||||||||||||||
Repurchase of common stock | ( | ( | ( | |||||||||||||||||
Proceeds from issuance of debt | ||||||||||||||||||||
Payment of debt issuance costs | ( | |||||||||||||||||||
Payments on debt | ( | |||||||||||||||||||
Proceeds from loan | ||||||||||||||||||||
Payments on loan | ( | ( | ||||||||||||||||||
Proceeds from debt of consolidated investment products | ||||||||||||||||||||
Payments on debt by consolidated investment products | ( | ( | ( | |||||||||||||||||
Payments on contingent consideration liabilities | ( | ( | ||||||||||||||||||
Noncontrolling interests | ||||||||||||||||||||
Net cash provided by financing activities | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | ( | ( | ||||||||||||||||||
Cash and cash equivalents, beginning of year | ||||||||||||||||||||
Cash and Cash Equivalents, End of Year | $ | $ | $ | |||||||||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||
Cash paid for income taxes | $ | $ | $ | |||||||||||||||||
Cash paid for interest | ||||||||||||||||||||
Cash paid for interest by consolidated investment products |
(in millions) | As Reported | Adjustments | As Revised | |||||||||||||||||
Receivables | $ | $ | $ | |||||||||||||||||
Investments | ||||||||||||||||||||
Assets of consolidated investment products | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||
Total Assets | ||||||||||||||||||||
Liabilities of consolidated investment products | ||||||||||||||||||||
Accounts payable and accrued expenses | $ | $ | $ | |||||||||||||||||
Debt | ||||||||||||||||||||
Total Liabilities | ||||||||||||||||||||
Nonredeemable noncontrolling interests | $ | $ | ( | $ | ||||||||||||||||
Stockholders’ equity | ( | |||||||||||||||||||
Total Liabilities, Redeemable Noncontrolling Interest and Stockholders’ Equity |
(in millions) for the fiscal years ended September 30, | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
As Reported | Adjustments | As Revised | As Reported | Adjustments | As Revised | |||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | ( |
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities, which may include published net asset values (“NAV”) for fund products. | ||||
Level 2 | Observable inputs other than Level 1 quoted prices, such as non-binding quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, or model-based valuation methodologies that utilize significant assumptions that are observable or corroborated by observable market data. | ||||
Level 3 | Unobservable inputs that are supported by little or no market activity. These inputs require significant management judgment and reflect the Company’s estimation of assumptions that market participants would use in pricing the asset or liability. |
(in millions) | Initial Estimated Fair Value | Adjustments | Revised Estimated Fair Value | |||||||||||||||||
as of July 31, 2020 | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Cash and cash equivalents of consolidated investment products | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Investments of consolidated investment products | ||||||||||||||||||||
Receivables | ||||||||||||||||||||
Indefinite-lived intangible assets | ||||||||||||||||||||
Definite-lived intangible assets1 | ||||||||||||||||||||
Goodwill | ( | |||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||
Other assets | ||||||||||||||||||||
Debt | ( | ( | ||||||||||||||||||
Debt of consolidated investment products | ( | ( | ||||||||||||||||||
Compensation and benefits | ( | ( | ||||||||||||||||||
Deferred tax liabilities | ( | ( | ||||||||||||||||||
Other liabilities | ( | ( | ( | |||||||||||||||||
Redeemable noncontrolling interests | ( | ( | ||||||||||||||||||
Nonredeemable noncontrolling interests | ( | ( | ||||||||||||||||||
Total Identifiable Net Assets | $ | $ | $ |
(in millions) | ||||||||||||||
for the fiscal year ended September 30, | 2020 | 2019 | ||||||||||||
Revenues | $ | $ | ||||||||||||
Net Income Attributable to Franklin Resources, Inc. |
(in millions, except per share data) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | $ | $ | |||||||||||||||||
Less: allocation of earnings to participating nonvested stock and stock unit awards | ||||||||||||||||||||
Net Income Available to Common Stockholders | $ | $ | $ | |||||||||||||||||
Weighted-average shares outstanding – basic | ||||||||||||||||||||
Dilutive effect of nonparticipating nonvested stock unit awards | ||||||||||||||||||||
Weighted-Average Shares Outstanding – Diluted | ||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||
Basic | $ | $ | $ | |||||||||||||||||
Diluted |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia- Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the fiscal year ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Sales and distribution fees | ||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia- Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the fiscal year ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Sales and distribution fees | ||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia- Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the fiscal year ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Sales and distribution fees | ||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | ||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Investments, at fair value | ||||||||||||||
Sponsored funds and separate accounts | $ | $ | ||||||||||||
Investments related to long-term incentive plans | ||||||||||||||
Other equity and debt investments | ||||||||||||||
Total investments, at fair value | ||||||||||||||
Investments in equity method investees | ||||||||||||||
Other investments | ||||||||||||||
Total | $ | $ |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of September 30, 2021 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||||||||||||||
Sponsored funds and separate accounts | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Investments related to long-term incentive plans | ||||||||||||||||||||||||||||||||
Other equity and debt investments | ||||||||||||||||||||||||||||||||
Contingent consideration asset | — | |||||||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration liabilities | $ | $ | $ | $ | — | $ |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of September 30, 2020 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||||||||||||||
Sponsored funds and separate accounts | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Investments related to long-term incentive plans | ||||||||||||||||||||||||||||||||
Other equity and debt investments | ||||||||||||||||||||||||||||||||
Contingent consideration asset | — | |||||||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration liabilities | $ | $ | $ | $ | — | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Nonredeemable investments1 | ||||||||||||||
Investments with known liquidation periods | $ | $ | ||||||||||||
Investments with unknown liquidation periods | ||||||||||||||
Redeemable investments2 | ||||||||||||||
Unfunded commitments |
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | ||||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||
Acquisitions | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||||
Included in investment and other income (losses), net | ||||||||||||||||||||||||||||||||||||||
Included in general, administrative and other expense | ( | |||||||||||||||||||||||||||||||||||||
Purchases | ||||||||||||||||||||||||||||||||||||||
Sales | ( | ( | ||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Consolidation of investment product | — | — | ( | — | — | |||||||||||||||||||||||||||||||||
Transfers into Level 3 | ||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | ( | |||||||||||||||||||||||||||||||||||||
Balance at End of Year | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year | $ | $ | $ | ( | $ | ( | $ | $ |
Fair Value Level | 2021 | 2020 | ||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||||||||||||||||
as of September 30, | ||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||||||||
Time deposits | 2 | |||||||||||||||||||||||||||||||
Equity securities | 3 | |||||||||||||||||||||||||||||||
Loans receivable | 3 | |||||||||||||||||||||||||||||||
Financial Liability | ||||||||||||||||||||||||||||||||
Debt | 2 | $ | $ | $ | $ |
(in millions) | Useful Lives In Years | |||||||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||||||||
Buildings and leasehold improvements | $ | $ | ||||||||||||||||||
Software | ||||||||||||||||||||
Equipment and furniture | ||||||||||||||||||||
Land | N/A | |||||||||||||||||||
Total cost | ||||||||||||||||||||
Less: accumulated depreciation and amortization | ( | ( | ||||||||||||||||||
Property and Equipment, Net | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Goodwill | $ | $ | ||||||||||||
Indefinite-lived intangible assets | ||||||||||||||
Definite-lived intangible assets, net | ||||||||||||||
Goodwill and Other Intangible Assets, Net | $ | $ |
(in millions) | ||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | ||||||||||||
Balance at beginning of year | $ | $ | ||||||||||||
Acquisitions | ||||||||||||||
Impairment | ( | |||||||||||||
Purchase price allocation adjustment1 | ( | |||||||||||||
Foreign exchange revaluation | ||||||||||||||
Balance at End of Year | $ | $ |
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||||
as of September 30, | ||||||||||||||||||||||||||||||||||||||
Management contracts | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Trade names | ( | ( | ||||||||||||||||||||||||||||||||||||
Developed software | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
(in millions) | ||||||||
for the fiscal years ending September 30, | Amount | |||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total | $ |
(in millions) | 2021 | Effective Interest Rate | 2020 | Effective Interest Rate | ||||||||||||||||||||||
as of September 30, | ||||||||||||||||||||||||||
Notes issued by Franklin Resources, Inc. | ||||||||||||||||||||||||||
$ | $ | % | $ | % | ||||||||||||||||||||||
$ | % | % | ||||||||||||||||||||||||
$ | % | N/A | ||||||||||||||||||||||||
$ | % | N/A | ||||||||||||||||||||||||
Total notes issued by Franklin Resources, Inc. | ||||||||||||||||||||||||||
Notes issued by Legg Mason (a subsidiary of Franklin) | ||||||||||||||||||||||||||
$ | % | % | ||||||||||||||||||||||||
$ | % | % | ||||||||||||||||||||||||
$ | % | % | ||||||||||||||||||||||||
$ | N/A | % | ||||||||||||||||||||||||
$ | N/A | % | ||||||||||||||||||||||||
Total notes issued by Legg Mason | ||||||||||||||||||||||||||
Debt issuance costs | ( | ( | ||||||||||||||||||||||||
Total | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables | ||||||||||||||
Investments, at fair value | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities | ||||||||||||||
Accounts payable and accrued expenses | $ | $ | ||||||||||||
Debt | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||||
Stockholders’ Equity | ||||||||||||||
Franklin Resources, Inc.’s interests | ||||||||||||||
Nonredeemable noncontrolling interests | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | $ |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of September 30, 2021 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents of CLOs | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Receivables of CLOs | — | |||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
Equity and debt securities | ||||||||||||||||||||||||||||||||
Loans | — | |||||||||||||||||||||||||||||||
Real Estate | — | |||||||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | $ | $ | $ | $ |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of September 30, 2020 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents of CLOs | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
Receivables of CLOs | — | |||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
Equity and debt securities | ||||||||||||||||||||||||||||||||
Loans | — | |||||||||||||||||||||||||||||||
Real estate | — | |||||||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | $ | $ | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Nonredeemable investments1 | ||||||||||||||
Investments with known liquidation periods | $ | $ | ||||||||||||
Redeemable investments2 | ||||||||||||||
Unfunded commitments3 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the fiscal year ended September 30, 2021 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Realized and unrealized gains included in investment and other income of consolidated investment products, net | ||||||||||||||||||||||||||
Purchases | ||||||||||||||||||||||||||
Sales and settlements | ( | ( | ( | |||||||||||||||||||||||
Deconsolidations | ( | ( | ( | |||||||||||||||||||||||
Transfers into Level 3 | ||||||||||||||||||||||||||
Transfers out of Level 3 | ( | ( | ||||||||||||||||||||||||
Foreign exchange revaluation | ||||||||||||||||||||||||||
Balance at End of Year | $ | $ | $ | $ | ||||||||||||||||||||||
Change in unrealized gains included in net income relating to assets held at end of year | $ | $ | $ | $ |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the fiscal year ended September 30, 2020 | ||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||
Realized and unrealized losses included in investment and other income of consolidated investment products, net | ( | ( | ( | ( | ||||||||||||||||||||||
Purchases | ||||||||||||||||||||||||||
Sales and settlements | ( | ( | ( | |||||||||||||||||||||||
Deconsolidations | ( | ( | ||||||||||||||||||||||||
Transfers into Level 3 | ||||||||||||||||||||||||||
Transfers out of Level 3 | ( | ( | ||||||||||||||||||||||||
Foreign exchange revaluation | ||||||||||||||||||||||||||
Balance at End of Year | $ | $ | $ | $ | ||||||||||||||||||||||
Change in unrealized losses included in net income relating to assets held at end of year | $ | ( | $ | ( | $ | ( | $ | ( |
(in millions) | ||||||||||||||||||||||||||
as of September 30, 2021 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||||||||||||||||||
Equity and debt securities | $ | Market pricing | Private sale pricing | $ | ||||||||||||||||||||||
Market comparable companies | Enterprise value/ EBITDA multiple | |||||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||||
Enterprise value/ Revenue multiple | ||||||||||||||||||||||||||
Price-to-book value ratio | ||||||||||||||||||||||||||
Control premium | ||||||||||||||||||||||||||
Price-to-earnings ratio | ||||||||||||||||||||||||||
Discounted cash flow | Discount rate | |||||||||||||||||||||||||
Real estate | Discounted cash flow | Discount rate | ||||||||||||||||||||||||
Exit capitalization rate |
(in millions) | ||||||||||||||||||||||||||
as of September 30, 2020 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||||||||||||||||||
Equity and debt securities | $ | Discounted cash flow | Discount rate | |||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||||
Risk premium | ||||||||||||||||||||||||||
Market comparable companies | Enterprise value/ EBITDA multiple | |||||||||||||||||||||||||
Discount for lack of marketability | ||||||||||||||||||||||||||
Price-to-earnings ratio | ||||||||||||||||||||||||||
Risk premium | ||||||||||||||||||||||||||
Enterprise value/ Revenue multiple | ||||||||||||||||||||||||||
Market pricing | Private sale pricing | $ | ||||||||||||||||||||||||
Real estate | Discounted cash flow | Discount rate | ||||||||||||||||||||||||
Exit capitalization rate | ||||||||||||||||||||||||||
Yield capitalization | Equivalent yield |
(in millions) | Fair Value Level | 2021 | 2020 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
as of September 30, | ||||||||||||||||||||||||||||||||
Financial Asset | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | $ | $ | $ | |||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Debt of CLOs1 | 2 or 3 | |||||||||||||||||||||||||||||||
Other debt | 3 |
(in millions) as of September 30, | 2021 | 2020 | ||||||||||||||||||||||||
Amount | Weighted- Average Effective Interest Rate | Amount | Weighted- Average Effective Interest Rate | |||||||||||||||||||||||
Debt of CLOs | $ | $ | ||||||||||||||||||||||||
Other debt | ||||||||||||||||||||||||||
Total | $ | $ |
(in millions) | ||||||||
for the fiscal years ending September 30, | Amount | |||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Unpaid principal balance | $ | $ | ||||||||||||
Difference between unpaid principal balance and fair value | ( | |||||||||||||
Fair Value | $ | $ |
(in millions) for the fiscal years ended September 30, | 2021 | 2020 | 20191 | |||||||||||||||||||||||||||||||||||||||||
CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||||||||||||||||||||||||
Business divestiture | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions (distributions) and other | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net deconsolidations | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Adjustment to fair value | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at End of Year | $ | $ | $ | $ | $ | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Investments | $ | $ | ||||||||||||
Receivables | ||||||||||||||
Loans receivable | ||||||||||||||
Total | $ | $ |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Current expense | ||||||||||||||||||||
Federal | $ | $ | $ | |||||||||||||||||
State | ||||||||||||||||||||
Non-U.S. | ||||||||||||||||||||
Deferred expense (benefit) | ( | ( | ||||||||||||||||||
Total | $ | $ | $ |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
U.S. | $ | $ | $ | |||||||||||||||||
Non-U.S. | ||||||||||||||||||||
Total | $ | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Deferred Tax Assets | ||||||||||||||
Capitalized mixed service costs | $ | $ | ||||||||||||
Net operating loss and state credit carry-forwards | ||||||||||||||
Deferred compensation and benefits | ||||||||||||||
Foreign tax credit carry-forwards | ||||||||||||||
Debt premium | ||||||||||||||
Other | ||||||||||||||
Total deferred tax assets | ||||||||||||||
Valuation allowance | ( | ( | ||||||||||||
Deferred tax assets, net of valuation allowance | ||||||||||||||
Deferred Tax Liabilities | ||||||||||||||
Goodwill and other purchased intangibles | ||||||||||||||
Other | ||||||||||||||
Total deferred tax liabilities | ||||||||||||||
Net Deferred Tax Liability | $ | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Other assets | $ | $ | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Net Deferred Tax Liability | $ | $ |
(in millions) | ||||||||||||||||||||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Federal taxes at statutory rate | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||
Transition tax on deemed repatriation of undistributed foreign earnings | % | |||||||||||||||||||||||||||||||||||||
State taxes, net of federal tax effect | % | % | % | |||||||||||||||||||||||||||||||||||
Tax reserve release on audit settlement, net of valuation allowance1 | ( | ( | %) | |||||||||||||||||||||||||||||||||||
Effect of net income (loss) attributable to noncontrolling interests | ( | ( | %) | % | ( | ( | %) | |||||||||||||||||||||||||||||||
Effect of non-U.S. operations | ( | ( | %) | % | ( | ( | %) | |||||||||||||||||||||||||||||||
Capital loss on investments, net of valuation allowance2 | ( | ( | %) | ( | ( | %) | ||||||||||||||||||||||||||||||||
Other | % | % | ||||||||||||||||||||||||||||||||||||
Tax Provision | $ | % | $ | % | $ | % |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | |||||||||||||||||
Additions from business combinations | ||||||||||||||||||||
Additions for tax positions of prior years | ||||||||||||||||||||
Reductions for tax positions of prior years | ( | ( | ( | |||||||||||||||||
Tax positions related to the current year | ||||||||||||||||||||
Settlements with taxing authorities | ( | ( | ( | |||||||||||||||||
Expirations of statute of limitations | ( | ( | ( | |||||||||||||||||
Balance at End of Year | $ | $ | $ |
(in millions) | Amount | |||||||
for the fiscal years ending September 30, | ||||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Total | $ |
(in millions) | ||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | ||||||||||||
Operating lease cost1 | $ | $ | ||||||||||||
Variable lease cost | ||||||||||||||
Finance lease cost | ||||||||||||||
Less: sublease income | ( | ( | ||||||||||||
Total lease expense | $ | $ |
(in millions) | ||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | ||||||||||||
Operating cash flows from operating leases included in the measurement of operating lease liabilities | $ | $ | ||||||||||||
ROU assets obtained in exchange for new/modified operating lease liabilities |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Weighted-average remaining lease term | ||||||||||||||
Weighted-average discount rate | % | % |
(in millions) | Amount | |||||||
for the fiscal years ending September 30, | ||||||||
2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: interest | ( | |||||||
Operating lease liabilities | $ |
(in millions) | Subleases | Leases | ||||||||||||
for the fiscal years ending September 30, | ||||||||||||||
2022 | $ | $ | ||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
2026 | ||||||||||||||
Thereafter | ||||||||||||||
Total | $ | $ | ||||||||||||
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Stock and stock unit awards | $ | $ | $ | |||||||||||||||||
Employee stock investment plan | ||||||||||||||||||||
Phantom unit awards | ||||||||||||||||||||
Total | $ | $ | $ |
(shares in thousands) | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||||||||||||
for the fiscal year ended September 30, 2021 | ||||||||||||||||||||||||||
Nonvested balance at September 30, 2020 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Vested | ( | ( | ( | |||||||||||||||||||||||
Forfeited/canceled | ( | ( | ( | |||||||||||||||||||||||
Modified | ( | n/a | ||||||||||||||||||||||||
Nonvested balance at September 30, 2021 | $ |
(in millions) | ||||||||||||||
as of September 30, | 2021 | 2020 | ||||||||||||
Property and Equipment, Net | ||||||||||||||
United States | $ | $ | ||||||||||||
Europe, Middle East and Africa | ||||||||||||||
Asia-Pacific | ||||||||||||||
Americas excluding United States | ||||||||||||||
Total | $ | $ |
(in millions) | ||||||||||||||||||||
for the fiscal years ended September 30, | 2021 | 2020 | 2019 | |||||||||||||||||
Dividend income | $ | $ | $ | |||||||||||||||||
Interest income | ||||||||||||||||||||
Gains (losses) on investments, net | ( | ( | ||||||||||||||||||
Income (losses) from investments in equity method investees | ( | ( | ||||||||||||||||||
Gains (losses) on derivatives, net | ( | |||||||||||||||||||
Rental income | ||||||||||||||||||||
Foreign currency exchange (losses) gains, net | ( | ( | ||||||||||||||||||
Other, net | ||||||||||||||||||||
Investment and Other Income (Losses), Net | $ | $ | ( | $ |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains on Investments | Total | ||||||||||||||||||||||
as of and for the fiscal years ended September 30, 2021, 2020 and 2019 | ||||||||||||||||||||||||||
Balance at October 1, 2018 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Adoption of new accounting guidance | ( | ( | ||||||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | ( | ( | ( | ( | ||||||||||||||||||||||
Reclassifications to compensation and benefits expense, net of tax | ||||||||||||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | ||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance at September 30, 2019 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | ( | ( | ||||||||||||||||||||||||
Reclassifications to compensation and benefits expense, net of tax | ||||||||||||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | ||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
Other comprehensive income before reclassifications, net of tax | ||||||||||||||||||||||||||
Reclassifications to compensation and benefits expense, net of tax | ( | ( | ||||||||||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | ||||||||||||||||||||||||||
Total other comprehensive income | ||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | $ | ( | $ | $ | ( |
(a)(1) | The financial statements filed as part of this report are listed in Item 8 of this Annual Report. | ||||
(a)(2) | No financial statement schedules are required to be filed as part of this report because all such schedules have been omitted. Such omission has been made on the basis that information is provided in the financial statements, or in the related notes thereto, in Item 8 of this Annual Report or is not required to be filed as the information is not applicable. | ||||
(a)(3) | The exhibits listed on the Exhibit Index to this Annual Report are incorporated herein by reference. |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 |
Exhibit No. | Description | |||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
4.14 | ||||||||
4.15 | Officer’s Certificate, dated August 12, 2021 (inclusive of the form of additional note of Registrant’s 1.600% Notes due 2030 and form of note of Registrant’s 2.950% Notes due 2051), incorporated by reference to Exhibit 4.3 to our Current Report on Form 8-K filed on August 12, 2021 (File No. 011-09318) | |||||||
4.16 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 |
Exhibit No. | Description | |||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
21 | ||||||||
23 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from Registrant’s Annual Report on Form 10‑K for the fiscal year ended September 30, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL), include: (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related notes (filed herewith) | |||||||
104 | Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101) |
* | Management contract or compensatory plan or arrangement |
FRANKLIN RESOURCES, INC. | |||||||||||
Date: | November 19, 2021 | By: | /s/ Matthew Nicholls | ||||||||
Matthew Nicholls, Executive Vice President and Chief Financial Officer | |||||||||||
Date: | November 19, 2021 | By: | /s/ Gwen L. Shaneyfelt | ||||||||
Gwen L. Shaneyfelt, Chief Accounting Officer |
Date: | November 19, 2021 | By: | /s/ Jennifer M. Johnson | ||||||||
Jennifer M. Johnson, President, Chief Executive Officer and Director (Principal Executive Officer) | |||||||||||
Date: | November 19, 2021 | By: | /s/ Matthew Nicholls | ||||||||
Matthew Nicholls, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: | November 19, 2021 | By: | /s/ Gwen L. Shaneyfelt | ||||||||
Gwen L. Shaneyfelt, Chief Accounting Officer (Principal Accounting Officer) | |||||||||||
Date: | November 19, 2021 | By: | /s/ Mariann Byerwalter | ||||||||
Mariann Byerwalter, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Alexander S. Friedman | ||||||||
Alexander S. Friedman, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Gregory E. Johnson | ||||||||
Gregory E. Johnson, Executive Chairman, Chairman of the Board and Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Rupert H. Johnson, Jr. | ||||||||
Rupert H. Johnson, Jr., Vice Chairman and Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ John Y. Kim | ||||||||
John Y. Kim, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Karen M. King | ||||||||
Karen M. King, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Anthony J. Noto | ||||||||
Anthony J. Noto, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ John W. Thiel | ||||||||
John W. Thiel, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Seth H. Waugh | ||||||||
Seth H. Waugh, Director | |||||||||||
Date: | November 19, 2021 | By: | /s/ Geoffrey Y. Yang | ||||||||
Geoffrey Y. Yang, Director |
PLEASE NOTE: Where indicated below, certain of your award terms are set forth in your [_______________] electronic account (“BenefitsOnline”). Such award terms are incorporated herein by this reference. |
Award Date: | See BenefitsOnline | ||||
Total Number of Units Awarded: | See BenefitsOnline | ||||
Vesting Schedule: | See BenefitsOnline | ||||
Restrictive Covenants Apply: | Yes |
RESTRICTIVE COVENANTS |
PLEASE NOTE: Where indicated below, certain of your award terms are set forth in your [_______________] electronic account (“BenefitsOnline”). Such award terms are incorporated herein by this reference. |
Award Date: | See BenefitsOnline | ||||
Total Number of Units Awarded: | See BenefitsOnline | ||||
Performance Vesting Schedule: | See Schedule 1 attached hereto and the additional terms set forth below | ||||
Restrictive Covenants Apply: | Yes |
RESTRICTIVE COVENANTS |
Date of Grant: | September 2, 2020 | ||||
Total Number of Restricted Shares (the “Shares”) Awarded: | 263,578 |
SPOUSAL CONSENT To the extent that Participant’s spouse and Participant are domiciled in Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin, or are otherwise entitled to the benefits of the statutes of such states, Participant’s spouse indicates by the execution of this Agreement his or her consent to be bound by the terms herein as to his or her interests, whether as community property or otherwise, if any, in the Shares. | |||||
Name | Signature Date |
Name** | State or Jurisdiction of Incorporation or Organization | |||||||
AdvisorEngine Inc. | Delaware | |||||||
Alumcreek Holdings LLC | Delaware | |||||||
Balanced Equity Management Pty. Limited | Australia | |||||||
Brandywine Global Investment Management Europe Limited | United Kingdom | |||||||
CCPF GP Holdco No.2 Limited | United Kingdom | |||||||
CCPF No.2 (GP) Limited | United Kingdom | |||||||
CCPF No.2 LP | United Kingdom | |||||||
Clarion Gramercy Limited | Jersey (Channel Islands) | |||||||
Clarion Gramercy (Deutschland) GmbH | Germany | |||||||
Clarion Gramercy (UK) Limited | United Kingdom | |||||||
Clarion Partners Europe, Ltd. | United Kingdom | |||||||
Clarion Partners Holdings LLC | Delaware | |||||||
Clarion Partners, LLC | New York | |||||||
Clarion Partners Securities, LLC | Delaware | |||||||
Clarion REIM South America Holdings, LLC | Delaware | |||||||
Clarion REIM South America Invsetimentos Imobiliarios Ltda | Brazil | |||||||
ClearBridge Investments Limited | Australia | |||||||
ClearBridge Investments (North America) Pty Limited | Australia | |||||||
ClearBridge RARE Infrastructure International Pty Limited | Australia | |||||||
CP Industrial Management, LLC | Delaware | |||||||
CP Intermediate Holdco, Inc. | Delaware | |||||||
CRM Software, LLC | Delaware | |||||||
Fiduciary International Holding, Inc. | New York | |||||||
Fiduciary Investment Management International, Inc. | Delaware | |||||||
Fiduciary Trust Company International | New York | |||||||
Fiduciary Trust Company International of Pennsylvania | Pennsylvania | |||||||
Fiduciary Trust Company of Canada | Canada | |||||||
Fiduciary Trust International, LLC | Delaware | |||||||
Fiduciary Trust International of California | California | |||||||
Fiduciary Trust International of Delaware | Delaware | |||||||
Fiduciary Trust International of the South | Florida | |||||||
Franklin Advisers GP, LLC | Delaware | |||||||
Franklin Advisers, Inc. | California | |||||||
Franklin Advisory Services, LLC | Delaware | |||||||
Franklin Distributors, LLC | Delaware | |||||||
Franklin Holdings, LLC | Delaware | |||||||
Franklin Marketplace Loan GP, LLC | Delaware | |||||||
Franklin Mutual Advisers, LLC | Delaware | |||||||
Franklin SystematiQ Advisers, LLC | Delaware | |||||||
Franklin Templeton Alternative Investments (India) Private Limited | India |
Name** | State or Jurisdiction of Incorporation or Organization | |||||||
Franklin Templeton Asset Management (India) Private Limited | India | |||||||
Franklin Templeton Asset Management (Malaysia) Sdn. Bhd. | Malaysia | |||||||
Franklin Templeton Asset Management Mexico, S.A. de C.V., Sociedad Operadora de Fondos de Inversion | Mexico | |||||||
Franklin Templeton Austria GmbH | Austria | |||||||
Franklin Templeton Blockchain GP, LLC | Delaware | |||||||
Franklin Templeton Capital Holdings Private Limited | Singapore | |||||||
Franklin Templeton Chile SpA. V. | Chile | |||||||
Franklin Templeton Companies, LLC | Delaware | |||||||
Franklin Templeton Digital Advisory Services GmbH | Germany | |||||||
Franklin Templeton Fund Management Limited | United Kingdom | |||||||
Franklin Templeton Global Investors Limited | United Kingdom | |||||||
Franklin Templeton GSC Asset Management Sdn. Bhd. | Malaysia | |||||||
Franklin Templeton Holding Limited | Mauritius | |||||||
Franklin Templeton International Services (India) Private Limited | India | |||||||
Franklin Templeton International Services S.à r.l. | Luxembourg | |||||||
Franklin Templeton Investímentos (Brasil) Ltda. | Brazil | |||||||
Franklin Templeton Investment Advisors Korea Co., Ltd. | South Korea | |||||||
Franklin Templeton Investment Management Limited | United Kingdom | |||||||
Franklin Templeton Investment Management (Shanghai) Limited | China | |||||||
Franklin Templeton Investment Services Mexico S. de R.L. | Mexico | |||||||
Franklin Templeton Investments (Asia) Limited | Hong Kong | |||||||
Franklin Templeton Investments Australia Limited | Australia | |||||||
Franklin Templeton Investments Corp. | Canada | |||||||
Franklin Templeton Investments (ME) Limited | Dubai, U.A.E. | |||||||
Franklin Templeton Investments Poland sp. z o.o. | Poland | |||||||
Franklin Templeton Investments South Africa (Pty) Ltd | South Africa | |||||||
Franklin Templeton Investor Services, LLC | Delaware | |||||||
Franklin Templeton Luxembourg S.A. | Luxembourg | |||||||
Franklin Templeton Magyarorszag Kft. | Hungary | |||||||
Franklin Templeton Management Luxembourg S.A. | Luxembourg | |||||||
Franklin Templeton Overseas Investment Fund Management (Shanghai) Co., Limited | China | |||||||
Franklin Templeton Private Equity, LLC | Delaware | |||||||
Franklin Templeton Services, LLC | Delaware | |||||||
Franklin Templeton Services (India) Private Limited | India | |||||||
Franklin Templeton Servicios de Asesoria Mexico, S. de R.L. de C.V. | Mexico | |||||||
Franklin Templeton Slovakia, s.r.o. | Slovakia | |||||||
Franklin Templeton Social Infrastructure GP, S.à r.l. | Luxembourg | |||||||
Franklin Templeton Strategic Investments Ltd. | Cayman Islands | |||||||
Franklin Templeton Switzerland Ltd. | Switzerland | |||||||
Franklin Templeton Trustee Services Private Limited | India | |||||||
Franklin Templeton Turkey Advisory Services A.S. | Turkey | |||||||
Franklin Templeton UK Property Limited | United Kingdom | |||||||
Franklin Templeton Uruguay S.A. | Uruguay | |||||||
Franklin Venture Partners, LLC | Delaware |
Name** | State or Jurisdiction of Incorporation or Organization | |||||||
Franklin Venture Partners (Talos Cayman GP), LLC | Delaware | |||||||
FT FinTech Holdings, LLC | Delaware | |||||||
FTC Investor Services Inc. | Canada | |||||||
FTCI (Cayman) Ltd. | Cayman Islands | |||||||
FTPE Advisers, LLC | Delaware | |||||||
Legg Mason Asset Management Australia Limited | Australia | |||||||
Legg Mason Asset Management Hong Kong Limited | Hong Kong | |||||||
Legg Mason Asset Management Singapore Pte. Limited | Singapore | |||||||
Legg Mason Australia Holdings Pty Limited | Australia | |||||||
Legg Mason (Chile) Inversiones Holdings Limitada | Chile | |||||||
Legg Mason & Co (UK) Limited | United Kingdom | |||||||
Legg Mason & Co., LLC | Maryland | |||||||
Legg Mason Holding (Switzerland) GmbH | Switzerland | |||||||
Legg Mason, Inc. | Maryland | |||||||
Legg Mason Investments (Europe) Limited | United Kingdom | |||||||
Legg Mason Investment Funds Limited | United Kingdom | |||||||
Legg Mason Investments (Switzerland) GmbH | Switzerland | |||||||
Legg Mason Overseas Investment Fund Management (Shanghai) Co., Ltd. | China | |||||||
Legg Mason Partners Fund Advisor, LLC | Delaware | |||||||
Legg Mason Royce Holdings, LLC | Delaware | |||||||
LM (BVI) Limited | British Virgin Islands | |||||||
LM Holdings Limited | United Kingdom | |||||||
LM Holdings 2 Limited | United Kingdom | |||||||
LM International Holding LP | Cayman Islands | |||||||
Onsa Inc. | Delaware | |||||||
Random Forest Capital, LLC | California | |||||||
RARE IP Trust | Australia | |||||||
REDROSE Caesar S.à r.l. | Luxembourg | |||||||
Riva Financial Systems Limited | Isle of Man | |||||||
Royce & Associates GP, LLC | Delaware | |||||||
Royce & Associates, LP | Delaware | |||||||
Royce Fund Services, LLC | New York | |||||||
Royce Management Company, LLC | Delaware | |||||||
Templeton Asset Management Ltd. | Singapore | |||||||
Templeton Asset Management (Poland) TFI S.A. | Poland | |||||||
Templeton do Brasil Ltda. | Brazil | |||||||
Templeton Global Advisors Limited | The Bahamas | |||||||
Templeton Global Holdings Ltd. | The Bahamas | |||||||
Templeton Hana Asset Management Co., Ltd. | South Korea | |||||||
Templeton International, Inc. | Delaware | |||||||
Templeton Investment Counsel, LLC | Delaware | |||||||
Templeton Restructured Investments, L.L.C. | Delaware | |||||||
Templeton Restructured Investments III, Ltd. | Cayman Islands | |||||||
Templeton Restructured Investments IV, Ltd. | Cayman Islands | |||||||
Templeton Turkey Fund GP Ltd. | Cayman Islands |
Name** | State or Jurisdiction of Incorporation or Organization | |||||||
Templeton Worldwide, Inc. | Delaware | |||||||
Templeton/Franklin Investment Services, Inc. | Delaware | |||||||
TSEMF III (Jersey) Limited | Jersey (Channel Islands) | |||||||
TSEMF IV (Jersey) Limited | Jersey (Channel Islands) | |||||||
Western Asset Holdings (Australia) Pty Ltd | Australia | |||||||
Western Asset Management (Brazil) Holdings Limitada | Brazil | |||||||
Western Asset Management (Cayman) Holdings Limited | Cayman Islands | |||||||
Western Asset Management Company Distribuidora de Titulos e Valores Mobiliarios Limitada | Brazil | |||||||
Western Asset Management Company Limited | United Kingdom | |||||||
Western Asset Management Company, LLC | California | |||||||
Western Asset Management Company Pte Ltd. | Singapore | |||||||
Western Asset Management Company Pty Ltd | Australia | |||||||
WHITEROSE Caesar S.à r.l. | Luxembourg |
Date: | November 19, 2021 | /s/ Jennifer M. Johnson | |||||||||
Jennifer M. Johnson President and Chief Executive Officer |
Date: | November 19, 2021 | /s/ MATTHEW NICHOLLS | |||||||||
Matthew Nicholls Executive Vice President and Chief Financial Officer |
Dated: | November 19, 2021 | /s/ Jennifer M. Johnson | |||||||||
Jennifer M. Johnson President and Chief Executive Officer |
Dated: | November 19, 2021 | /s/ MATTHEW NICHOLLS | |||||||||
Matthew Nicholls Executive Vice President and Chief Financial Officer |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 2,094.6 | $ 787.1 | $ 1,205.5 |
Other Comprehensive Income (Loss) | |||
Currency translation adjustments, net of tax | 29.1 | 25.8 | (52.5) |
Net unrealized gains (losses) on defined benefit plans, net of tax | 0.9 | (1.8) | (2.0) |
Net unrealized gains on investments, net of tax | 0.0 | 0.0 | 1.5 |
Total other comprehensive income (loss) | 30.0 | 24.0 | (53.0) |
Total comprehensive income | 2,124.6 | 811.1 | 1,152.5 |
Less: comprehensive income (loss) attributable to | |||
Redeemable noncontrolling interests | 94.1 | 48.6 | 6.2 |
Nonredeemable noncontrolling interests | 169.3 | (60.4) | 3.6 |
Comprehensive Income Attributable to Franklin Resources, Inc. | $ 1,861.2 | $ 822.9 | $ 1,142.7 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investments, at fair value | $ 588.3 | $ 504.8 |
Preferred stock, par value | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 501,807,677 | 495,116,677 |
Common stock, shares issued | 501,807,677 | 495,116,677 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share | $ 1.12 | $ 1.08 | $ 1.04 |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | Significant Accounting Policies Business. Franklin is a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names. The Company provides investment management and related services to investors in jurisdictions worldwide through investment products which include sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles. In addition to investment management, the Company’s services include fund administration, sales and distribution, and shareholder servicing. Basis of Presentation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Management believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. Certain comparative amounts for prior fiscal years have been reclassified to conform to the financial statement presentation as of and for the fiscal year ended September 30, 2021 (“fiscal year 2021”). During the quarter ended June 30, 2021, the Company identified an error related to the accounting of its indirect interests in certain collateralized loan obligations (“CLOs”) held through a limited partnership and the Company’s conclusion to consolidate that limited partnership. In accordance with U.S. GAAP, the Company should have consolidated the CLOs as the Company is the primary beneficiary of these entities and should not have consolidated the limited partnership. The error resulted in the misstatement of previously reported assets and liabilities and resulting cash flows. The consolidation of the CLOs results in increases to total assets and liabilities partially offset by the deconsolidation of the limited partnership which results in a reduction to total assets and stockholders’ equity. The error had no impact to net income attributable to the Company, earnings per share, retained earnings, or total Franklin Resources, Inc. stockholders’ equity. The Company determined that the error did not result in a material misstatement to its previously issued consolidated financial statements. Nonetheless, for comparability, the Company has revised the comparative prior period amounts included in the consolidated balance sheets, consolidated statements of cash flows, and related footnote disclosures. The impact of the error on the consolidated balance sheet as of September 30, 2020 is as follows:
The impact of the error on the consolidated statements of cash flows for the fiscal year ended September 30, 2020 and September 30, 2019 is as follows:
Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and CIPs in which it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a voting interest entity (“VOE”) or is the primary beneficiary of a variable interest entity (“VIE”). Intercompany accounts and transactions have been eliminated. A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or do not have defined rights and obligations normally associated with an equity investment. The Company’s VIEs are primarily investment products, and its variable interests consist of its equity ownership interests in and investment management fees earned from these products. The Company is the primary beneficiary of a VIE if it has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service. The key assumption used in the analysis includes the amount of assets under management (“AUM”). Related Parties include sponsored funds and equity method investees. A substantial amount of the Company’s operating revenues and receivables are from related parties. Earnings per Share. Basic and diluted earnings per share are computed using the two-class method, which considers participating securities as a separate class of shares. The Company’s participating securities consist of its nonvested stock and stock unit awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per share is computed by dividing net income available to the Company’s common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of these identifiable assets and liabilities is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed due to new information about facts that existed as of the acquisition date, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Intangible assets acquired in business combinations consist primarily of investment management contracts and trade names. The fair values of the acquired management contracts are based on the net present value of estimated future cash flows attributable to the contracts, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. The fair value of trade names is determined using the relief from royalty method based on net present value of estimated future cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. The management contract intangible assets are amortized over their estimated useful lives, which range from to 15 years, using the straight-line method, unless the asset is determined to have an indefinite useful life. Indefinite-lived intangible assets represent contracts to manage investment assets for which there is no foreseeable limit on the contract period. Trade names intangible assets are amortized over their estimated useful lives which range from five to twenty years using the straight-line method. Goodwill and indefinite-lived intangible assets are tested for impairment annually as of August 1 and when an event occurs or circumstances change that more likely than not reduce the fair value of the related reporting unit or indefinite-lived intangible asset below its carrying value. The Company has one reporting unit, investment management and related services, consistent with its single operating segment, to which all goodwill has been assigned. Amortization and impairment are recognized in general, administrative and other expense. Goodwill and indefinite-lived intangible assets may first be assessed for qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The qualitative analysis considers entity-specific and macroeconomic factors and their potential impact on the key assumptions used in the determination of the fair value of the reporting unit or indefinite-lived intangible asset. A quantitative impairment test is performed if the results of the qualitative assessment indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value or an indefinite-lived intangible asset is impaired, or if a qualitative assessment is not performed. The fair values of the reporting unit and indefinite-lived intangible assets are based on the net present value of estimated future cash flows, which include assumptions about the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. If a quantitative goodwill impairment test indicates that the carrying value of the reporting unit exceeds its fair value, impairment is recognized in the amount of the difference in values not to exceed the total amount of goodwill allocated to the reporting unit. If a quantitative indefinite-lived intangible assets impairment test indicates that the carrying value of the asset exceeds the fair value, impairment is recognized in the amount of the difference in values. Definite-lived intangible assets are tested for impairment quarterly. Impairment is indicated when the carrying value of an asset is not recoverable and exceeds its fair value. Recoverability is evaluated based on estimated undiscounted future cash flows using assumptions about the AUM growth rate, pre-tax profit margin, average effective fee rate and expected useful lives as well as royalty rate for trade name intangible assets. If the carrying value of an asset is not recoverable through undiscounted cash flows, impairment is recognized in the amount by which the carrying value exceeds the asset’s fair value, as determined by discounted cash flows or other methods as appropriate for the asset type. Fair Value Measurements. The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Quoted market prices may be adjusted if events occur, such as significant price changes in proxies traded in relevant markets after the close of corresponding markets, trade halts or suspensions, or unscheduled market closures. These proxies consist of correlated country-specific exchange-traded securities, such as futures, American Depositary Receipts indices or exchange-traded funds. The price adjustments are primarily determined based on third-party factors derived from model-based valuation techniques for which the significant assumptions are observable in the market. The Company’s investments are primarily recorded at fair value or amounts that approximate fair value on a recurring basis. Investments in fund products for which fair value is estimated using NAV as a practical expedient (when the NAV is available to the Company as an investor but is not publicly available) are not classified in the fair value hierarchy. Fair values are estimated for disclosure purposes for financial instruments that are not measured at fair value. Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value. The Company maintains cash and cash equivalents with financial institutions in various countries, limits the amount of credit exposure with any given financial institution and conducts ongoing evaluations of the creditworthiness of the financial institutions with which it does business. Receivables consist primarily of fees receivable from investment products and are carried at invoiced amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value. Investments consist of investments in sponsored funds and separate accounts, investments related to long-term incentive plans, other equity and debt securities, investments in equity method investees and other investments. Sponsored funds and separate accounts consist primarily of nonconsolidated sponsored funds and to a lesser extent, separate accounts. Sponsored funds and separate accounts are carried at fair value with changes in the fair value recognized as gains and losses in earnings. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. The fair values of the underlying investments of the separate accounts are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. Investments related to long-term incentive plans consist primarily of investments in sponsored funds related to certain compensation plans that have vesting provision and are carried at fair value. Changes in fair value are recognized as gains and losses in earnings. The fair values of the investments are determined based on the sponsored funds’ published NAV or estimated using NAV as a practical expedient. Other equity and debt securities consist of equity investment securities and debt securities carried at fair value. Changes in the fair value of equity securities are recognized as gains and losses in earnings. The fair values of equity and debt securities are determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs. Investments in Equity Method Investees consist of equity investments in entities, including sponsored funds, over which the Company is able to exercise significant influence, but not control. Significant influence is generally considered to exist when the Company’s ownership interest in the investee is between 20% and 50%, although other factors, such as representation on the investee’s board of directors and the impact of commercial arrangements, also are considered in determining whether the equity method of accounting is appropriate. Investments in limited partnerships and limited liability companies are accounted for using the equity method when the Company’s investment is more than minor or when the Company is the general partner. Under the equity method of accounting, the investments are initially carried at cost and subsequently adjusted by the Company’s proportionate share of the entities’ net income, which is recognized in earnings. Other Investments consist of equity investments in entities over which the Company is unable to exercise significant influence and do not have a readily determinable fair value, and time deposits with maturities greater than three months from the date of purchase. The equity investments are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The fair value of the entities is generally estimated using significant unobservable inputs in either a market-based or income-based approach. The time deposits are carried at cost, which approximates fair value due to their short-term nature and liquidity. Impairment of Investments. Investments in equity method investees and equity investments that do not have a readily determinable fair value are evaluated for impairment on a quarterly basis. The evaluation of equity investments considers qualitative factors, including the financial condition and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. Impairment of equity securities is recognized in earnings. Cash and Cash Equivalents of CIPs consist of highly liquid investments, including money market funds, which are readily convertible into cash, and deposits with financial institutions, and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value. Receivables of CIPs consist of investment and share transaction related receivables and are carried at transacted amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value. Investments of CIPs consist of marketable debt and equity securities and other investments that are not generally traded in active markets and are carried at fair value. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair values of marketable securities are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. The investments that are not generally traded in active markets consist of equity and debt securities of entities in emerging markets, fund products, other equity and debt instruments, real estate and loans. The fair values are determined using significant unobservable inputs in either a market-based or income-based approach, except for fund products, for which fair values are estimated using NAV as a practical expedient. Property and Equipment, net are recorded at cost and depreciated using the straight-line method over their estimated useful lives which range from to 35 years. Expenditures for repairs and maintenance are charged to expense when incurred. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or the lease term, whichever is shorter. Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and amortized over the shorter of the estimated useful lives of the software or the license terms, beginning when the software project is complete and the application is put into production. Property and equipment are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined to not be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted future cash flows models, appraisals or other applicable methods. Leases consist primarily of operating leases relating to real estate. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of twelve months or less. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. Lease and nonlease payment components are accounted for separately. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Debt consists of senior notes and junior notes which are carried at amortized cost. The fair value is estimated using quoted market prices, independent third-party broker or dealer price quotes, or prices of publicly traded debt with similar maturities, credit risk and interest rates. Amortization of debt premium and discount are recognized over the terms of the notes in interest expense. Debt of CIPs is carried at amortized cost. The fair value is estimated using a discounted cash flow model that considers current interest rate levels, the quality of the underlying collateral and current economic conditions. Debt of CIPs also included debt of consolidated collateralized loan obligations (“CLOs”) which was measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs. Noncontrolling Interests consist of third-party equity interests in CIPs and minority interests in certain subsidiaries. Noncontrolling interests that are redeemable or convertible for cash or other assets at the option of the holder are classified as temporary equity at the higher of fair value on reporting date or issuance-date fair value. Changes in fair value of redeemable noncontrolling interest is recognized as an adjustment to retained earnings. Nonredeemable noncontrolling interests are classified as a component of equity. Net income (loss) attributable to third-party investors is reflected as net income (loss) attributable to nonredeemable and redeemable noncontrolling interests in the consolidated statements of income. Sales and redemptions of shares of CIPs by third-party investors are a component of the change in noncontrolling interests included in financing activities in the consolidated statements of cash flows. The fair values of third-party equity interests in CIPs are determined based on the published NAV or estimated using NAV a practical expedient. The fair values of redeemable noncontrolling interests related to minority interest in certain subsidiaries are determined using discounted cash flows and guideline public company methods, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate and public company earnings multiples. Revenues. The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct. Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods. Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods. Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time. AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM. Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers. Costs of obtaining a contract with a customer include internal and external sales commissions paid upon inception of a contract. The cost to obtain a contract is capitalized if it is incremental and would not have been incurred if the contract had not been obtained. Capitalized contract costs are amortized based on average investor tenure, which range from to 10 years. Stock-Based Compensation. The fair value of stock-based payment awards is estimated on the date of grant based on the market price of the underlying shares of the Company’s common stock and is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally three years. Expense relating to awards subject to performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. Forfeitures are accounted for as they occur. The fair value of cash-settled phantom stock awards is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally four years, and the related liability is carried at fair value. Postretirement Benefits. Defined contribution plan costs are expensed as incurred. Income Taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. In assessing whether a valuation allowance should be established against a deferred income tax asset, the Company considers all positive and negative evidence, which includes timing of expiration, projected sources of taxable income, limitations on utilization under the statute and the effectiveness of prudent and feasible tax planning strategies among other factors. For each tax position taken or expected to be taken in a tax return, the Company utilizes significant judgment related to the range of possible favorable or unfavorable outcomes to determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Interest on tax matters is recognized in interest expense and penalties in other operating expenses. The Company operates in numerous countries, states and other taxing jurisdictions. The income tax laws are complex and subject to different interpretations by the taxpayer and the relevant taxing authorities. Significant judgment is required in the determination of the Company’s annual income tax provisions, which includes the assessment of deferred tax assets and uncertain tax positions, as well as the interpretation and application of existing and newly enacted tax laws, regulation changes, and new judicial rulings. The Company repatriates foreign earnings that are in excess of regulatory, capital or operational requirements of all of its non-U.S. subsidiaries. Foreign Currency Translation and Transactions. Assets and liabilities of non-U.S. subsidiaries for which the local currency is the functional currency are translated at current exchange rates as of the end of the accounting period. The related revenues and expenses are translated at average exchange rates in effect during the period. Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss). Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.
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New Accounting Guidance |
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Accounting Changes and Error Corrections [Abstract] | |
New Accounting Guidance | New Accounting Guidance Recently Adopted Accounting GuidanceOn October 1, 2020, the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) for credit losses. The new guidance requires the application of a current expected credit loss model for financial assets measured at amortized cost, including receivables, and an allowance for credit loss model for available-for-sale debt securities. The Company adopted the new guidance using the modified retrospective approach and recognized a cumulative effect adjustment resulting in a decrease of $4.1 million in receivables, net, offset by decreases of $0.8 million in deferred tax liabilities and $3.3 million in retained earnings as of October 1, 2020 |
Acquisition |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition Legg Mason, Inc. On July 31, 2020, the Company acquired all outstanding shares of Legg Mason, Inc. (“Legg Mason”) common stock for a purchase consideration of $4.5 billion in cash and $0.2 billion related to the settlement of historical compensation arrangements. Legg Mason had outstanding debt with an aggregate principal amount due of $2.0 billion on the acquisition date. The acquisition of Legg Mason, a global investment management organization, established the Company as of one of the world’s largest independent, specialized global investment managers, significantly deepened the Company’s presence in key geographies and created an expansive investment platform that is well balanced between institutional and retail client AUM. The EnTrust business was acquired by its management concurrent with the closing of the acquisition. The initial and revised estimated fair values of the assets acquired and liabilities and noncontrolling interests assumed were as follows:
______________ 1Includes $1,123.2 million related to management contracts and $230.6 million related to trade names. The adjustments to the initial estimated fair values are a result of new information obtained about facts that existed as of the acquisition date. The goodwill is primarily attributable to expected growth opportunities and synergies from the combined operations and is not deductible for tax purposes. The intangible assets relate to acquired investment management contracts and trade names. Indefinite-lived intangible assets represent contracts for which there is no foreseeable limit on the contract period. Definite-lived intangible assets are amortized over their estimated useful lives, which range from 5.0 years to 7.0 years for those related to the contracts and 5.0 years to 20.0 years for those related to trade names. The definite-lived intangible assets related to the contracts and trade names had estimated weighted-average useful lives of 5.9 years and 14.5 years, respectively, at acquisition. The Legg Mason debt was recorded at fair value on acquisition-date and included a premium of $324.4 million. Transaction costs incurred in connection with the acquisition were $6.7 million and $57.4 million in fiscal years 2021 and 2020. These costs were primarily comprised of professional fees, recorded in general, administrative and other expenses. The Company also incurred $13.0 million and $119.6 million of acquisition-related compensation and benefits expense in fiscal years 2021 and 2020, primarily related to the acceleration of expense for historical Legg Mason compensation arrangements and retention bonuses. Revenue and net income (loss) of Legg Mason included in total operating revenues and net income attributable to Franklin Resources, Inc. in the accompanying consolidated statements of income were $1,500.8 million and $291.4 million for the six month period ended March 31, 2021 and were $475.7 million and $(28.7) million from the acquisition date through September 30, 2020. Due to the continued integration of the combined businesses, it is no longer practicable to separately report total revenue and net income of Legg Mason for periods subsequent to March 31, 2021. The following unaudited pro forma summary presents combined results of operations of the Company as if the Legg Mason acquisition and concurrent divestiture of EnTrust business had occurred on October 1, 2018. The pro forma adjustments include acquisition-related costs, adjustments to intangible amortization expense, and interest expense related to debt assumed. These pro forma results are not indicative of future results of operations that would have been achieved nor are they indicative of future results of operations of the combined entity.
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The components of basic and diluted earnings per share were as follows:
Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 0.5 million for fiscal year 2020, and 0.2 million for the fiscal year ended September 30, 2019 (“fiscal year 2019”). No nonparticipating nonvested stock unit awards were excluded for fiscal 2021.
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Revenues |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Operating revenues by geographic area were as follows:
Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. Revenues earned from sponsored funds were 81%, 89% and 92% of the Company’s total operating revenues for the fiscal years 2021, 2020 and 2019.
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Investments |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The disclosures below include details of the Company’s investments, excluding those of CIPs. See Note 11 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following:
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Fair Value Measurements |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 11 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets and liabilities measured at fair value on a recurring basis were as follows:
Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate funds. These investments were as follows:
_______________ 1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 4.0 years and 1.9 years at September 30, 2021 and 2020. 2 Investments are redeemable on a monthly and quarterly basis. Changes in the Level 3 assets and liabilities were as follows:
Financial instruments that were not measured at fair value were as follows:
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Property and Equipment |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment, net consisted of the following:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets, net consisted of the following:
Changes in the carrying value of goodwill were as follows:
1Refer to Note 3 - Acquisitions During fiscal years 2021 and 2019, no impairment of goodwill was recognized. During the fiscal year 2020, a $23.7 million impairment of goodwill was recognized due to the decision to wind-down operations of Onsa Inc (formerly known as TokenVault, Inc.). No impairment of indefinite-lived intangible assets was recognized during fiscal year 2021. The Company recognized impairments of indefinite-lived intangible assets of $30.0 million and $9.3 million during fiscal years 2020 and 2019. The impairment in fiscal year 2020 was primarily attributable to a Benefit Street Partners L.L.C. related management contract due to declines in revenue growth rates. The impairment in fiscal year 2019 was related to Canadian management contracts due to revised estimates of future pre-tax profit margins and AUM growth rates for the associated fund products. Definite-lived intangible assets were as follows:
No impairment of definite-lived intangible assets was recognized during fiscal year 2021. The Company recognized impairment of definite-lived intangible assets of $1.7 million and $4.0 million during fiscal years 2020 and 2019, primarily due to investor redemptions. Definite-lived intangible assets had a weighted-average remaining useful life of 6.7 years at September 30, 2021, with estimated remaining amortization expense as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The disclosures below include details of the Company’s debt, excluding that of CIPs. See Note 11 – Consolidated Investment Products for information related to the debt of these entities. Debt consisted of the following:
On September 15, 2021, the Company redeemed all of the outstanding $500.0 million 5.450% junior notes due in September 2056 issued by Legg Mason at the principal amount plus accrued and unpaid interest of $6.8 million. On August 12, 2021, the Company completed its offering and sale of $350.0 million in aggregate principal amount of 2.950% senior unsecured unsubordinated notes due August 2051. The Company incurred $4.1 million of debt issuance costs and the notes were issued at a discount of $2.2 million. On March 15, 2021, the Company redeemed all of the outstanding $250.0 million 6.375% junior notes due in March 2056 issued by Legg Mason at the principal amount plus accrued and unpaid interest of $4.0 million. On October 19, 2020, the Company completed its offering and sale of $750.0 million in aggregate principal amount of 1.600% senior unsecured unsubordinated notes due October 2030 (“1.600% Senior Notes”). On August 12, 2021, the Company issued an additional $100.0 million in aggregate principal of 1.600% Senior Notes. The Company incurred $7.7 million in debt issuance costs in total and the notes were issued at an aggregate discount of $3.9 million. At September 30, 2021, Franklin’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,900.0 million. The notes have fixed interest rates with interest payable semi-annually. At September 30, 2021, Legg Mason’s outstanding senior unsecured unsubordinated notes had an aggregate principal amount due of $1,250.0 million. The notes have fixed interest rates with interest payable semi-annually. Effective August 2, 2021, Franklin has agreed to unconditionally and irrevocably guarantee all of the outstanding notes issued by Legg Mason. The Franklin and Legg Mason senior notes contain an optional redemption feature that allows the Company to redeem each series of notes prior to maturity in whole or in part at any time, at a make-whole redemption price. The indentures governing the senior notes contain limitations on the Company’s ability and the ability of its subsidiaries to pledge voting stock or profit participating equity interests in its subsidiaries to secure other debt without similarly securing the notes equally and ratably. In addition, the indentures include requirements that must be met if the Company consolidates or merges with, or sells all or substantially all of its assets to, another entity. The Company was in compliance with all debt covenants at September 30, 2021. At September 30, 2021, the Company had $500.0 million of short-term commercial paper available for issuance under an uncommitted private placement program which has been inactive since 2012.
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Consolidated Investment Products |
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Consolidated Investment Products [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Investment Products | Consolidated Investment Products CIPs consist of mutual and other investment funds, limited partnerships and similar structures, and CLOs, all of which are sponsored by the Company, and include both VOEs and VIEs. The Company had 60 CIPs, including ten CLOs, as of September 30, 2021 and 75 CIPs, including eight CLOs, as of September 30, 2020. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
The CIPs did not have a significant impact on net income attributable to the Company in fiscal years 2021, 2020 and 2019. The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities. Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows:
Investments for which fair value was estimated using reported NAV as a practical expedient consist of redeemable global hedge fund, nonredeemable private equity funds and redeemable U.S. equity fund. These investments were as follows:
_______________ 1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments have an expected weighted-average life of 1.3 years and 4.2 years at September 30, 2021 and 2020. 2Investments are redeemable on a monthly basis and liquidation periods are unknown. 3Of the total unfunded commitments, the Company was contractually obligated to fund $0.2 million and $11.4 million based on its ownership percentage in the CIPs, at September 30, 2021 and 2020. Changes in Level 3 assets were as follows:
Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
1Based on the relative fair value of the instruments. If the relevant significant inputs used in the market-based valuations, other than the discount for lack of marketability and risk premium, were independently higher (lower), the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discounted cash flow or yield capitalization valuations, as well as the discount for lack of marketability and risk premium in the market-based valuations, were independently higher (lower) as of September 30, 2021, the resulting fair value of the assets would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows:
__________________ 1Substantially all was Level 2. Debt Debt of CIPs consisted of the following:
The debt of CLOs had fixed and floating interest rates ranging from 1.00% to 8.22% at September 30, 2021 and from 1.43% to 8.34% at September 30, 2020. The other debt had floating interest rates ranging from 1.63% to 2.42% at September 30, 2021, and fixed and floating rates from 1.00% to 5.81% at September 30, 2020. The floating rates were primarily based on LIBOR. The contractual maturities for debt of CIPs at September 30, 2021 were as follows:
Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows:
There were no investments 90 days or more past due at September 30, 2021 and 2020. During fiscal years 2021 and 2020, the Company recognized $15.4 million of net gains and $1.3 million of net losses related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $3,629.9 million and $2,803.1 million at September 30, 2021 and 2020.
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Redeemable Noncontrolling Interests |
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Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows:
______________ 1Represents redeemable noncontrolling interests of CIPs.
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Nonconsolidated Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonconsolidated Variable Interest Entities | Nonconsolidated Variable Interest Entities VIEs for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables, and loans and related interest receivable as follows:
While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. In April 2020, the Company authorized loans aggregating up to 5.0 billion Indian Rupees (approximately $66.2 million) to certain sponsored funds in India that had experienced increased liquidity risks and redemptions and which are in the process of winding up. See Note 16 – Commitments and Contingencies for further information. The Company did not provide financial or other support to its sponsored funds, except for the outstanding loans which were fully repaid during the second quarter of fiscal year 2021.
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Taxes on Income |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes on Income | Taxes on Income Taxes on income were as follows:
Income before taxes consisted of the following:
The Company’s income in certain countries is subject to reduced tax rates due to tax rulings and incentives. The impact of the reduced rates on income tax expense was $3.2 million or $0.01 per diluted share for fiscal year 2021, $2.7 million or $0.01 per diluted share for fiscal year 2020, and $4.1 million or $0.01 per diluted share for fiscal year 2019. One tax incentive remained in effect at September 30, 2021 which will expire in December 2023. The significant components of deferred tax assets and deferred tax liabilities were as follows:
Deferred income tax assets and liabilities that relate to the same tax jurisdiction are presented net on the consolidated balance sheets. The components of the net deferred tax liability were classified in the consolidated balance sheets as follows:
Included in the Company’s net deferred tax liability were the deferred tax effects associated with the fair value of assets acquired and liabilities assumed from the acquisition of Legg Mason and acquired attributes that carry over to post-acquisition tax periods, including U.S. state and foreign net operating losses and foreign tax credits. Utilization of the U.S. state net operating losses and federal credit carry-forwards may be subject to annual limitations due to ownership change provisions under Section 382 of the Internal Revenue Code. Foreign tax credits can only be used to offset tax attributable to foreign source income. At September 30, 2021, there were $98.5 million of non-U.S. tax effected net operating loss carry-forwards which expires between fiscal years 2022 and 2041. In addition, there were $206.1 million in tax effected state net operating loss carry-forwards that expire between fiscal years 2022 and 2042, with some having an indefinite carry-forward period. The Company also has federal net operating losses of $9.9 million, majority of which will carry-forward indefinitely and $128.0 million of foreign tax credit carry-forwards that expire between fiscal years 2022 and 2029. The valuation allowance decreased $1.3 million in fiscal year 2021 and increased $293.7 million in fiscal year 2020 primarily related to carry-forward assets recognized in connection with the acquisition of Legg Mason. At September 30, 2021, the valuation allowance of $319.3 million was related to $195.1 million for federal, state, and foreign net operating loss carry-forwards, $73.1 million due to uncertainty of realizing the benefit of foreign tax credits, $37.8 million for capital losses, and $13.3 million for other foreign deferred taxes. A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows:
______________ 1The Company released a tax reserve in fiscal year 2021 following the close of an IRS audit of the transition tax for fiscal year 2018. 2The Company recognized a tax benefit in fiscal years 2021 and 2020 for capital losses that were realized from sales of investments. During fiscal year 2020, the sale of investments were subsequent to the change in corporate tax structure of a foreign holding company to a U.S. branch. These capital losses can be carried forward, for which the Company has assessed for realizability. A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
If recognized, $173.4 million for 2021, $303.1 million for 2020 and $202.6 million for 2019, net of any deferred tax benefits, would favorably affect the Company’s effective income tax rate in future periods. The Company accrues interest and penalties related to unrecognized tax benefits in interest expense and general, administrative and other expenses. Accrued interest on uncertain tax positions at September 30, 2021 and 2020 was $25.7 million and $21.7 million, and is not presented in the unrecognized tax benefits table above. Accrued penalties at September 30, 2021 and 2020 was $3.9 million and $2.9 million. The Company files a consolidated U.S. federal income tax return, multiple U.S. state and local income tax returns, and income tax returns in multiple non-U.S. jurisdictions. The Company is subject to examination by the taxing authorities in these jurisdictions. The Company’s major tax jurisdictions and the tax years for which the statutes of limitations have not expired are as follows: India 2003 to 2021; Brazil 2008 to 2021, Canada 2011 to 2021; Australia 2017 to 2021, Hong Kong 2015 to 2021; Singapore 2016 to 2021; Luxembourg and the U.K. 2019 to 2021; U.S. federal 2017 to 2021; the City of New York 2012 to 2021; the States of California, Maryland, Massachusetts, Minnesota, New York, and Pennsylvania 2017 to 2021. The Company has ongoing litigations and examinations in various stages, in the State of Wisconsin, and in Brazil, Canada, France, Germany, and India. Examination outcomes and the timing of settlements are subject to significant uncertainty. Such settlements may involve some or all of the following: the payment of additional taxes, the adjustment of deferred taxes and/or the recognition of unrecognized tax benefits. The Company has recognized a tax benefit only for those positions that meet the more-likely-than-not recognition threshold. It is reasonably possible that the total unrecognized tax benefit as of September 30, 2021 could decrease by an estimated $33.6 million within the next twelve months as a result of the expiration of statutes of limitations in the U.S. federal and certain U.S. state and local and non-U.S. tax jurisdictions, and potential settlements with U.S. states and non-U.S. taxing authorities. The Tax Cuts and Jobs Act which was enacted into law in the U.S. in December 2017, includes various changes to the tax law, including a permanent reduction in the corporate income tax rate and assessment of a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiaries’ earnings. The payment for the Company’s remaining federal portion of the transition tax liability were as follows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lessee Arrangements The Company’s leases generally include one or more options to renew. Lease expense was as follows:
1Substantially all operating lease cost is included in occupancy expense. Supplemental cash flow information related to leases was as follows:
The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows:
The maturities of the liabilities were as follows:
Lessor Arrangements The Company leases excess owned space in its San Mateo, California corporate headquarters and other office buildings, primarily in the U.S., to third parties, and generally include one or more options to renew. The Company subleases excess leased office spaces to various firms, primarily in the U.S., and generally include options to renew or terminate within a specified period. The maturities of lease payments due to the Company as of September 30, 2021 were as follows:
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Commitments and Contingencies |
12 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters. Effective April 24, 2020, Franklin Templeton Trustee Services Private Limited (“FTTS”), a subsidiary of Franklin, announced its decision to wind up six fixed income mutual fund schemes of the Franklin Templeton Mutual Fund in India (referred to herein as the “Funds”), closing the Funds to redemptions. At the time, the Funds had collective assets under management of approximately $3.4 billion. In connection with the wind-up decision, FTTS sought to convene unitholder meetings for the Funds to approve the appointment of a liquidator and the asset management company to the Funds, Franklin Templeton Asset Management (India) Private Limited (“FTAMI”), ceased earning investment management fees on the Funds. In May and June 2020, certain Fund unitholders and others commenced multiple writ petition actions in different courts in India against a number of respondents, including Franklin, its subsidiaries FTTS, FTAMI, and Templeton International, Inc., as sponsor of the Franklin Templeton Mutual Fund, and related individuals (collectively, the “Company Respondents”), the Securities and Exchange Board of India (“SEBI”), and other governmental entities. The petitioners challenged the decision to wind up the Funds and alleged that the Company Respondents violated various SEBI regulations, mismanaged the Funds, misrepresented or omitted certain information relating to the Funds, and/or engaged in other alleged misconduct. The petitioners requested a wide range of relief, including, among other items, an order quashing the winding up notices and blocking the unitholder votes, initiating investigations into the Company Respondents, and allowing the unitholder petitioners to redeem their investments with interest. One of the petitioners obtained an interim injunction order staying the operation and implementation of the unitholder voting process. Following appeals to the Supreme Court of India, the petitions were transferred to the High Court of Karnataka for further consolidated proceedings. In October 2020, the High Court of Karnataka issued its judgment, in which it upheld the decision taken by FTTS to wind up the Funds and held that there was “nothing wrong with the decision making process,” but determined that, under applicable regulations, unitholder approval is required to implement the decision. Certain Company Respondents and other parties filed cross-appeals to the Supreme Court of India, and certain intervenors filed applications, challenging aspects of the High Court’s judgment. In December 2020, with the approval of the Supreme Court, and without prejudice to its arguments on appeal that unitholder approval of the wind-up decision is not required, FTTS proceeded to obtain approval from the majority of the voting unitholders for winding up the six Funds. In February 2021, the Supreme Court issued a decision confirming the results of the unitholder votes and appointed a third-party asset manager to serve as the liquidator and begin cash distributions to unitholders. In July 2021, the Supreme Court issued a ruling interpreting applicable regulations to require unitholder consent to effect a trustee’s decision to wind up a fund, while finding that, upon the trustee’s publication of its decision to unitholders under applicable regulations, fund business activities, including redemptions, are suspended pending the results of the unitholder vote. The Supreme Court further found that FTTS’ April 2020 publication to unitholders of its wind-up decision complied with applicable regulations, effectively freezing redemptions. Further hearings are anticipated to be scheduled in connection with the remaining issues on appeal. FTAMI continues to cooperate with the court-appointed liquidator in its work to liquidate the Funds’ remaining investments and distribute proceeds to unitholders. As of September 2021, approximately $3.2 billion has been distributed to Fund unitholders. Separately, following the completion of a forensic audit/inspection, in late November and early December 2020, SEBI initiated regulatory proceedings by issuing show cause notices against FTAMI, FTTS and certain FTAMI employees (including in their officer or director capacities), alleging certain deficiencies and areas of non-compliance in the management of the Funds. In June 2021, SEBI issued orders against FTAMI, FTTS, and the FTAMI employee respondents, finding violations of certain regulatory provisions, including with respect to similarity in investment strategies among the Funds, calculation of duration and valuation of portfolio securities, deficiencies in documentation relating to investment diligence and investment terms, and portfolio risk management. SEBI’s orders include, as applicable, aggregate monetary penalties of INR 20.0 crore (approximately $2.7 million); disgorgement of investment management and advisory fees, together with interest through the date of SEBI’s order, totaling INR 512.5 crore (approximately $69.1 million), with continuing accrual of 12% interest until paid; and a prohibition on FTAMI from launching new fixed income funds in India for a two-year period. The respondents filed appeals, as well as applications to stay enforcement of SEBI’s orders pending resolution of the appeals, with the Securities Appellate Tribunal (the “SAT”) in India. In June 2021, the SAT granted the stay requested by FTAMI, subject to FTAMI’s deposit of INR 250.0 crore (approximately $33.7 million) into an escrow account, which has been deposited. In July 2021, SEBI appealed the SAT’s stay order to the Supreme Court of India. Based on FTAMI’s submission that it would not launch new fixed income schemes in India pending resolution of its appeal, the Supreme Court of India did not interfere with the SAT’s stay order with respect to the monetary amounts and disposed of SEBI’s appeal. In July 2021, the SAT also granted the stay requests of FTTS and the FTAMI employee respondents, subject to the deposit of an aggregate of INR 7.5 crore (approximately $1.0 million) into an escrow account. The SAT appeals remain pending. The Company is also responding to related inquiries and investigations commenced by certain governmental agencies in India, including the previously-reported “first information report” (the preliminary step in an investigation) registered by the Economic Offences Wing of the Chennai police department against certain of the Company Respondents in connection with a complaint by two Fund unitholders, as well as a related investigation by India’s Enforcement Directorate commenced in or around April 2021. The Company is cooperating in these matters. The Company strongly believes that the decision taken by FTTS to wind up the Funds was in the best interests of unitholders. The Company further believes that it has meritorious defenses to the outstanding claims in the pending proceedings and intends to continue vigorously defending against the claims. The Company cannot at this time predict the eventual outcome of the matters described above or reasonably estimate the possible loss or range of loss that may arise from any final outcome of such matters, including due to the complexities and uncertainty involved in the appeals and the various questions of law and fact at issue. Other Litigation Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of September 30, 2021 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Indemnifications and Guarantees In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service in those positions. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of September 30, 2021. Other Commitments and Contingencies While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. At September 30, 2021, the Company had $285.1 million of committed capital contributions which relate to discretionary commitments to invest in sponsored funds and other investment products and entities, including CIPs. These unfunded commitments are not recorded in the Company’s consolidated balance sheet.
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Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation plans consist of the Amended and Restated Annual Incentive Compensation Plan (the “AIP”), the 2002 Universal Stock Incentive Plan, as amended and restated (the “USIP”) and the amended and restated Franklin Resources, Inc. 1998 Employee Stock Investment Plan (the “ESIP”). In connection with the acquisition of Legg Mason, the Company assumed the Legg Mason 2017 Equity Incentive Plan, which was amended and restated as the Amended and Restated Franklin Resources, Inc. 2017 Equity Incentive Plan (the “EIP”). The Compensation Committee of the Board of Directors determines the terms and conditions of awards under the AIP, the USIP, the ESIP and the EIP. Stock-based compensation expenses were as follows:
Stock and Stock Unit Awards Under the terms of the AIP, eligible employees may receive cash, equity awards and/or mutual fund unit awards generally based on the performance of the Company and/or its funds, and the individual employee. The USIP and EIP provide for the issuance of the Company’s common stock for various stock-related awards to officers, directors and employees. In February 2021, the Company’s stockholders approved an amendment and restatement of the USIP increasing the number of shares authorized by 20.0 million shares to a total of 140.0 million shares. There are 23.0 million shares authorized under the EIP. At September 30, 2021, 23.4 million shares and 14.4 million shares were available for grant under the USIP and EIP. Stock awards entitle holders to the right to sell the underlying shares of the Company’s common stock once the awards vest. Stock unit awards entitle holders to receive the underlying shares of common stock once the awards vest. Awards vest based on the passage of time or the achievement of predetermined Company financial performance goals. Stock and stock unit award activity was as follows:
Total unrecognized compensation expense related to nonvested stock and stock unit awards was $282.5 million at September 30, 2021. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.5 years. The weighted-average grant-date fair values of stock awards and stock unit awards granted during fiscal years 2021, 2020 and 2019 were $21.08, $23.05 and $30.75 per share. The total fair value of stock and stock unit awards vested during the same periods was $121.2 million, $72.2 million and $84.2 million. The Company generally does not repurchase shares upon vesting of stock and stock unit awards. However, in order to pay taxes due in connection with the vesting of employee and executive officer stock and stock unit awards, shares are repurchased using a net stock issuance method. Employee Stock Investment Plan The ESIP allows eligible participants to buy shares of the Company’s common stock at a discount of its market value on defined dates. A total of 1.1 million shares were issued under the ESIP during fiscal year 2021, and 4.8 million shares were reserved for future issuance at September 30, 2021.
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Defined Contribution Plans |
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Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plans | Defined Contribution Plans The Company sponsors a 401(k) plan which covers substantially all U.S. employees meeting certain employment requirements. Participants may contribute up to 50% of their eligible salary and up to 100% of the cash portion of their year-end bonus, as defined by the plan and subject to Internal Revenue Code limitations, each year to the plan. The Company increased its matching contribution rate from 75% to 85% for a period of three years beginning January 1, 2020. Certain of the Company’s non-U.S. subsidiaries also sponsor defined contribution plans primarily for the purpose of providing deferred compensation incentives for employees and to comply with local regulatory requirements. The total expenses recognized for defined contribution plans were $81.4 million, $59.2 million and $52.2 million for fiscal years 2021, 2020 and 2019. |
Segment and Geographic Information |
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Segment and Geographic Information | Segment and Geographic Information The Company has one operating segment, investment management and related services. See Note 5 – Revenues for total operating revenues disaggregated by geographic location.
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Investment and Other Income (Losses), Net |
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Other Income and Other Expense Disclosure [Text Block] | Investment and Other Income (Losses), Net Investment and other income (losses), net consisted of the following:
Substantially all dividend income was generated by investments in nonconsolidated sponsored funds. Gains (losses) on investments, net consists primarily of realized and unrealized gains (losses) on equity securities measured at fair value. Net gains (losses) recognized on equity securities measured at fair value and trading debt securities that were held by the Company at September 30, 2021, 2020 and 2019 were $46.5 million, $(2.6) million, and $(0.1) million.
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Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows:
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Pending Acquisitions |
12 Months Ended |
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Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Pending Business Combination Disclosure | Pending Acquisitions In September 2021, the Company entered into an agreement to acquire all of the outstanding ownership interest in O’Shaughnessy Asset Management, a leading quantitative asset management firm, for cash consideration to be paid at closing of approximately $300.0 million, excluding future payments to be made upon the attainment of certain performance measures. The acquisition is expected to be completed in the first quarter of the fiscal year ended September 30, 2022 (“fiscal year 2022”). In November 2021, the Company entered into an agreement to acquire all of the outstanding ownership interest in Lexington Partners L.P., a leading global manager of secondary private equity and co-investment funds, for cash consideration to be paid at closing of approximately $1.0 billion and additional cash payments totaling $750.0 million to be paid over the next three years. The acquisition is expected to be completed in the second quarter of fiscal year 2022.
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business | Business. Franklin is a holding company with subsidiaries operating under its Franklin Templeton and/or subsidiary brand names. The Company provides investment management and related services to investors in jurisdictions worldwide through investment products which include sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products, and other investment vehicles. In addition to investment management, the Company’s services include fund administration, sales and distribution, and shareholder servicing. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Management believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. Certain comparative amounts for prior fiscal years have been reclassified to conform to the financial statement presentation as of and for the fiscal year ended September 30, 2021 (“fiscal year 2021”). During the quarter ended June 30, 2021, the Company identified an error related to the accounting of its indirect interests in certain collateralized loan obligations (“CLOs”) held through a limited partnership and the Company’s conclusion to consolidate that limited partnership. In accordance with U.S. GAAP, the Company should have consolidated the CLOs as the Company is the primary beneficiary of these entities and should not have consolidated the limited partnership. The error resulted in the misstatement of previously reported assets and liabilities and resulting cash flows. The consolidation of the CLOs results in increases to total assets and liabilities partially offset by the deconsolidation of the limited partnership which results in a reduction to total assets and stockholders’ equity. The error had no impact to net income attributable to the Company, earnings per share, retained earnings, or total Franklin Resources, Inc. stockholders’ equity. The Company determined that the error did not result in a material misstatement to its previously issued consolidated financial statements. Nonetheless, for comparability, the Company has revised the comparative prior period amounts included in the consolidated balance sheets, consolidated statements of cash flows, and related footnote disclosures. The impact of the error on the consolidated balance sheet as of September 30, 2020 is as follows:
The impact of the error on the consolidated statements of cash flows for the fiscal year ended September 30, 2020 and September 30, 2019 is as follows:
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Consolidation | Consolidation. The consolidated financial statements include the accounts of Franklin and its subsidiaries and CIPs in which it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a voting interest entity (“VOE”) or is the primary beneficiary of a variable interest entity (“VIE”). Intercompany accounts and transactions have been eliminated. A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or do not have defined rights and obligations normally associated with an equity investment. The Company’s VIEs are primarily investment products, and its variable interests consist of its equity ownership interests in and investment management fees earned from these products. The Company is the primary beneficiary of a VIE if it has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service. The key assumption used in the analysis includes the amount of assets under management (“AUM”).
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Related Parties | Related Parties include sponsored funds and equity method investees. A substantial amount of the Company’s operating revenues and receivables are from related parties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share. Basic and diluted earnings per share are computed using the two-class method, which considers participating securities as a separate class of shares. The Company’s participating securities consist of its nonvested stock and stock unit awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per share is computed by dividing net income available to the Company’s common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combinations | Business combinations are accounted for by recognizing the acquired assets, including separately identifiable intangible assets, and assumed liabilities at their acquisition-date estimated fair values. Any excess of the purchase consideration over the acquisition-date fair values of these identifiable assets and liabilities is recognized as goodwill. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed due to new information about facts that existed as of the acquisition date, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Intangible assets acquired in business combinations consist primarily of investment management contracts and trade names. The fair values of the acquired management contracts are based on the net present value of estimated future cash flows attributable to the contracts, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. The fair value of trade names is determined using the relief from royalty method based on net present value of estimated future cash flows, which include significant assumptions about royalty rate, revenue growth rate, discount rate and effective tax rate. The management contract intangible assets are amortized over their estimated useful lives, which range from to 15 years, using the straight-line method, unless the asset is determined to have an indefinite useful life. Indefinite-lived intangible assets represent contracts to manage investment assets for which there is no foreseeable limit on the contract period. Trade names intangible assets are amortized over their estimated useful lives which range from five to twenty years using the straight-line method. Goodwill and indefinite-lived intangible assets are tested for impairment annually as of August 1 and when an event occurs or circumstances change that more likely than not reduce the fair value of the related reporting unit or indefinite-lived intangible asset below its carrying value. The Company has one reporting unit, investment management and related services, consistent with its single operating segment, to which all goodwill has been assigned. Amortization and impairment are recognized in general, administrative and other expense. Goodwill and indefinite-lived intangible assets may first be assessed for qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The qualitative analysis considers entity-specific and macroeconomic factors and their potential impact on the key assumptions used in the determination of the fair value of the reporting unit or indefinite-lived intangible asset. A quantitative impairment test is performed if the results of the qualitative assessment indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value or an indefinite-lived intangible asset is impaired, or if a qualitative assessment is not performed. The fair values of the reporting unit and indefinite-lived intangible assets are based on the net present value of estimated future cash flows, which include assumptions about the AUM growth rate, pre-tax profit margin, discount rate, average effective fee rate and effective tax rate. If a quantitative goodwill impairment test indicates that the carrying value of the reporting unit exceeds its fair value, impairment is recognized in the amount of the difference in values not to exceed the total amount of goodwill allocated to the reporting unit. If a quantitative indefinite-lived intangible assets impairment test indicates that the carrying value of the asset exceeds the fair value, impairment is recognized in the amount of the difference in values. Definite-lived intangible assets are tested for impairment quarterly. Impairment is indicated when the carrying value of an asset is not recoverable and exceeds its fair value. Recoverability is evaluated based on estimated undiscounted future cash flows using assumptions about the AUM growth rate, pre-tax profit margin, average effective fee rate and expected useful lives as well as royalty rate for trade name intangible assets. If the carrying value of an asset is not recoverable through undiscounted cash flows, impairment is recognized in the amount by which the carrying value exceeds the asset’s fair value, as determined by discounted cash flows or other methods as appropriate for the asset type.
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Fair Value Measurements | Fair Value Measurements. The Company uses a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based on whether the inputs to those valuation techniques are observable or unobservable. The three levels of fair value hierarchy are set forth below. The assessment of the hierarchy level of the assets or liabilities measured at fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Quoted market prices may be adjusted if events occur, such as significant price changes in proxies traded in relevant markets after the close of corresponding markets, trade halts or suspensions, or unscheduled market closures. These proxies consist of correlated country-specific exchange-traded securities, such as futures, American Depositary Receipts indices or exchange-traded funds. The price adjustments are primarily determined based on third-party factors derived from model-based valuation techniques for which the significant assumptions are observable in the market. The Company’s investments are primarily recorded at fair value or amounts that approximate fair value on a recurring basis. Investments in fund products for which fair value is estimated using NAV as a practical expedient (when the NAV is available to the Company as an investor but is not publicly available) are not classified in the fair value hierarchy. Fair values are estimated for disclosure purposes for financial instruments that are not measured at fair value.
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Cash and Cash Equivalents | Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value.The Company maintains cash and cash equivalents with financial institutions in various countries, limits the amount of credit exposure with any given financial institution and conducts ongoing evaluations of the creditworthiness of the financial institutions with which it does business. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables | Receivables consist primarily of fees receivable from investment products and are carried at invoiced amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments consist of investments in sponsored funds and separate accounts, investments related to long-term incentive plans, other equity and debt securities, investments in equity method investees and other investments. Sponsored funds and separate accounts consist primarily of nonconsolidated sponsored funds and to a lesser extent, separate accounts. Sponsored funds and separate accounts are carried at fair value with changes in the fair value recognized as gains and losses in earnings. The fair values of fund products are determined based on their published NAV or estimated using NAV as a practical expedient. The fair values of the underlying investments of the separate accounts are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. Investments related to long-term incentive plans consist primarily of investments in sponsored funds related to certain compensation plans that have vesting provision and are carried at fair value. Changes in fair value are recognized as gains and losses in earnings. The fair values of the investments are determined based on the sponsored funds’ published NAV or estimated using NAV as a practical expedient. Other equity and debt securities consist of equity investment securities and debt securities carried at fair value. Changes in the fair value of equity securities are recognized as gains and losses in earnings. The fair values of equity and debt securities are determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs. Investments in Equity Method Investees consist of equity investments in entities, including sponsored funds, over which the Company is able to exercise significant influence, but not control. Significant influence is generally considered to exist when the Company’s ownership interest in the investee is between 20% and 50%, although other factors, such as representation on the investee’s board of directors and the impact of commercial arrangements, also are considered in determining whether the equity method of accounting is appropriate. Investments in limited partnerships and limited liability companies are accounted for using the equity method when the Company’s investment is more than minor or when the Company is the general partner. Under the equity method of accounting, the investments are initially carried at cost and subsequently adjusted by the Company’s proportionate share of the entities’ net income, which is recognized in earnings. Other Investments consist of equity investments in entities over which the Company is unable to exercise significant influence and do not have a readily determinable fair value, and time deposits with maturities greater than three months from the date of purchase. The equity investments are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The fair value of the entities is generally estimated using significant unobservable inputs in either a market-based or income-based approach. The time deposits are carried at cost, which approximates fair value due to their short-term nature and liquidity. Impairment of Investments. Investments in equity method investees and equity investments that do not have a readily determinable fair value are evaluated for impairment on a quarterly basis. The evaluation of equity investments considers qualitative factors, including the financial condition and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. Impairment of equity securities is recognized in earnings.
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Cash and Cash Equivalents of CIPs | Cash and Cash Equivalents of CIPs consist of highly liquid investments, including money market funds, which are readily convertible into cash, and deposits with financial institutions, and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables of CIPs | Receivables of CIPs consist of investment and share transaction related receivables and are carried at transacted amounts. Due to the short-term nature and liquidity of the receivables, their carrying values approximate fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments of CIPs | Investments of CIPs consist of marketable debt and equity securities and other investments that are not generally traded in active markets and are carried at fair value. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair values of marketable securities are determined using quoted market prices, or independent third-party broker or dealer price quotes if quoted market prices are not available. The investments that are not generally traded in active markets consist of equity and debt securities of entities in emerging markets, fund products, other equity and debt instruments, real estate and loans. The fair values are determined using significant unobservable inputs in either a market-based or income-based approach, except for fund products, for which fair values are estimated using NAV as a practical expedient.
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Property and Equipment, net | Property and Equipment, net are recorded at cost and depreciated using the straight-line method over their estimated useful lives which range from to 35 years. Expenditures for repairs and maintenance are charged to expense when incurred. Leasehold improvements are amortized using the straight-line method over their estimated useful lives or the lease term, whichever is shorter. Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and amortized over the shorter of the estimated useful lives of the software or the license terms, beginning when the software project is complete and the application is put into production. Property and equipment are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Carrying values are not recoverable when the undiscounted cash flows estimated to be generated by the assets are less than their carrying values. When an asset is determined to not be recoverable, the impairment is measured based on the excess, if any, of the carrying value of the asset over its respective fair value. Fair value is determined by discounted future cash flows models, appraisals or other applicable methods.
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Leases | Leases consist primarily of operating leases relating to real estate. At the inception of a contract, the Company determines whether it is or contains a lease, which includes consideration of whether there are identified assets in the contract and if the Company has control over such assets. Right-of-use (“ROU”) assets and lease liabilities are recognized for all arrangements that qualify as a lease, except for those with original lease terms of twelve months or less. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments using an incremental borrowing rate estimated on a collateralized basis with similar terms for the specific interest rate environment. Leases with fixed payments are expensed on a straight-line basis over the lease term. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred. The lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised. Lease and nonlease payment components are accounted for separately. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable.
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Debt | Debt consists of senior notes and junior notes which are carried at amortized cost. The fair value is estimated using quoted market prices, independent third-party broker or dealer price quotes, or prices of publicly traded debt with similar maturities, credit risk and interest rates. Amortization of debt premium and discount are recognized over the terms of the notes in interest expense. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt of CIPs | Debt of CIPs is carried at amortized cost. The fair value is estimated using a discounted cash flow model that considers current interest rate levels, the quality of the underlying collateral and current economic conditions. Debt of CIPs also included debt of consolidated collateralized loan obligations (“CLOs”) which was measured primarily based on the fair value of the assets of the CLOs less the fair value of the Company’s own economic interests in the CLOs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests consist of third-party equity interests in CIPs and minority interests in certain subsidiaries. Noncontrolling interests that are redeemable or convertible for cash or other assets at the option of the holder are classified as temporary equity at the higher of fair value on reporting date or issuance-date fair value. Changes in fair value of redeemable noncontrolling interest is recognized as an adjustment to retained earnings. Nonredeemable noncontrolling interests are classified as a component of equity. Net income (loss) attributable to third-party investors is reflected as net income (loss) attributable to nonredeemable and redeemable noncontrolling interests in the consolidated statements of income. Sales and redemptions of shares of CIPs by third-party investors are a component of the change in noncontrolling interests included in financing activities in the consolidated statements of cash flows.The fair values of third-party equity interests in CIPs are determined based on the published NAV or estimated using NAV a practical expedient. The fair values of redeemable noncontrolling interests related to minority interest in certain subsidiaries are determined using discounted cash flows and guideline public company methods, which include significant assumptions about forecasts of the AUM growth rate, pre-tax profit margin, discount rate and public company earnings multiples. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues. The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct. Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods. Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods. Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time. AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM. Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers. Costs of obtaining a contract with a customer include internal and external sales commissions paid upon inception of a contract. The cost to obtain a contract is capitalized if it is incremental and would not have been incurred if the contract had not been obtained. Capitalized contract costs are amortized based on average investor tenure, which range from to 10 years.
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Stock-Based Compensation | Stock-Based Compensation. The fair value of stock-based payment awards is estimated on the date of grant based on the market price of the underlying shares of the Company’s common stock and is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally three years. Expense relating to awards subject to performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. Forfeitures are accounted for as they occur. The fair value of cash-settled phantom stock awards is amortized to compensation expense on a straight-line basis over the related vesting period, which is generally four years, and the related liability is carried at fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | Postretirement Benefits. Defined contribution plan costs are expensed as incurred. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts in the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled, respectively. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying values of deferred tax assets to the amount that is more likely than not to be realized. In assessing whether a valuation allowance should be established against a deferred income tax asset, the Company considers all positive and negative evidence, which includes timing of expiration, projected sources of taxable income, limitations on utilization under the statute and the effectiveness of prudent and feasible tax planning strategies among other factors. For each tax position taken or expected to be taken in a tax return, the Company utilizes significant judgment related to the range of possible favorable or unfavorable outcomes to determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Interest on tax matters is recognized in interest expense and penalties in other operating expenses. The Company operates in numerous countries, states and other taxing jurisdictions. The income tax laws are complex and subject to different interpretations by the taxpayer and the relevant taxing authorities. Significant judgment is required in the determination of the Company’s annual income tax provisions, which includes the assessment of deferred tax assets and uncertain tax positions, as well as the interpretation and application of existing and newly enacted tax laws, regulation changes, and new judicial rulings. The Company repatriates foreign earnings that are in excess of regulatory, capital or operational requirements of all of its non-U.S. subsidiaries.
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Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions. Assets and liabilities of non-U.S. subsidiaries for which the local currency is the functional currency are translated at current exchange rates as of the end of the accounting period. The related revenues and expenses are translated at average exchange rates in effect during the period. Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss). Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings. |
Significant Accounting Policies Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of the changes to the previously reported statements of income | The impact of the error on the consolidated balance sheet as of September 30, 2020 is as follows:
The impact of the error on the consolidated statements of cash flows for the fiscal year ended September 30, 2020 and September 30, 2019 is as follows:
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Acquisition (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allocation of estimated fair values | The initial and revised estimated fair values of the assets acquired and liabilities and noncontrolling interests assumed were as follows:
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Schedule of unaudited pro forma information | The pro forma adjustments include acquisition-related costs, adjustments to intangible amortization expense, and interest expense related to debt assumed. These pro forma results are not indicative of future results of operations that would have been achieved nor are they indicative of future results of operations of the combined entity.
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Earnings per Share (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of basic and diluted earnings per share | The components of basic and diluted earnings per share were as follows:
|
Revenues (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues by geographic area | Operating revenues by geographic area were as follows:
|
Investments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of investments | Investments consisted of the following:
|
Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | The assets and liabilities measured at fair value on a recurring basis were as follows:
|
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Schedule of investments measured at NAV | Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds, and redeemable global equity and private real estate funds. These investments were as follows:
|
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Schedule of changes in Level 3 assets and liabilities | Changes in the Level 3 assets and liabilities were as follows:
|
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Schedule of financial instruments not measured at fair value | Financial instruments that were not measured at fair value were as follows:
|
Property and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of property and equipment | Property and equipment, net consisted of the following:
|
Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill and other intangible assets | Goodwill and other intangible assets, net consisted of the following:
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Schedule of changes in carrying value of goodwill | Changes in the carrying value of goodwill were as follows:
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Schedule of definite-lived intangible assets | Definite-lived intangible assets were as follows:
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Schedule of estimated remaining amortization expense | Definite-lived intangible assets had a weighted-average remaining useful life of 6.7 years at September 30, 2021, with estimated remaining amortization expense as follows:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding debt | Debt consisted of the following:
Debt of CIPs consisted of the following:
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Consolidated Investment Products (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Investment Products [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balances of CIPs | The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
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Schedule of assets and liabilities measured at fair value on a recurring basis | Assets of CIPs measured at fair value on a recurring basis were as follows:
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Schedule of CIPs investments measured at NAV | Investments for which fair value was estimated using reported NAV as a practical expedient consist of redeemable global hedge fund, nonredeemable private equity funds and redeemable U.S. equity fund. These investments were as follows:
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Schedule of changes in Level 3 assets of CIPs | Changes in Level 3 assets were as follows:
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Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
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Schedule of financial instruments of CIPs not measured at fair value | Financial instruments of CIPs that were not measured at fair value were as follows:
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Schedule of debt of CIPs | Debt consisted of the following:
Debt of CIPs consisted of the following:
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Schedule of contractual maturities for debt of CIPs | The contractual maturities for debt of CIPs at September 30, 2021 were as follows:
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Schedule of unpaid principal balance and fair value of investments of CLOs | The unpaid principal balance and fair value of the investments of CLOs were as follows:
|
Redeemable Noncontrolling Interests (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | Changes in redeemable noncontrolling interests were as follows:
|
Nonconsolidated Variable Interest Entities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of maximum exposure to loss from nonconsolidated VIEs | The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables, and loans and related interest receivable as follows:
|
Taxes on Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of taxes on income | Taxes on income were as follows:
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Schedule of income before taxes | Income before taxes consisted of the following:
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Components of deferred tax assets and liabilities | The significant components of deferred tax assets and deferred tax liabilities were as follows:
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Components of net deferred tax liability as classified in the consolidated balance sheets | The components of the net deferred tax liability were classified in the consolidated balance sheets as follows:
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Reconciliation of the amount of tax expense at the federal statutory rate and taxes on income | A reconciliation of the amount of tax expense at the federal statutory rate and taxes on income as reflected in the consolidated statements of income is as follows:
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Reconciliation of gross unrecognized tax benefits | A reconciliation of the beginning and ending balances of gross unrecognized tax benefits is as follows:
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Schedule of transition tax payable | The payment for the Company’s remaining federal portion of the transition tax liability were as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of lease expenses | Lease expense was as follows:
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Supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows:
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Schedule of lease quantitative disclosure of operating leases | The weighted-average remaining lease term and weighted-average discount rate for operating lease liabilities were as follows:
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Schedule of maturities of operating lease liabilities | The maturities of the liabilities were as follows:
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Schedule of operating lease income | The maturities of lease payments due to the Company as of September 30, 2021 were as follows:
|
Stock-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of stock-based compensation expenses | Stock-based compensation expenses were as follows:
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Summary of stock and stock unit award activity | Stock and stock unit award activity was as follows:
|
Segment and Geographic Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of geographic information | The Company has one operating segment, investment management and related services. See Note 5 – Revenues for total operating revenues disaggregated by geographic location.
|
Investment and Other Income (Losses), Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investment and other income (losses), net | Investment and other income (losses), net consisted of the following:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) by component | Changes in accumulated other comprehensive income (loss) by component were as follows:
|
Significant Accounting Policies - Narrative (Details) |
12 Months Ended |
---|---|
Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |
Number of reporting unit | 1 |
Stock-based compensation awards vesting period | 3 years |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible assets, estimated useful lives | 3 years |
Property and equipment, estimated useful lives | 3 years |
Capitalized Contract Cost, Amortization Period | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible assets, estimated useful lives | 15 years |
Property and equipment, estimated useful lives | 35 years |
Capitalized Contract Cost, Amortization Period | 10 years |
New Accounting Guidance - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Oct. 01, 2020 |
Sep. 30, 2020 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables | $ 1,428.2 | $ 1,233.1 | |
Deferred tax liabilities | 311.7 | 305.3 | |
Retained earnings | $ 11,550.8 | $ 10,472.6 | |
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Receivables | $ 4.1 | ||
Deferred tax liabilities | 0.8 | ||
Retained earnings | $ 3.3 |
Acquisition - Unaudited Pro Forma Information (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Business Combinations [Abstract] | |||
Pro Forma Revenue | $ 1,500.8 | $ 7,862.0 | $ 8,436.0 |
Pro Forma Net Income | $ 291.4 | $ 967.5 | $ 886.6 |
Earnings per Share - Narrative (Details) - shares shares in Millions |
12 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS | 0.5 | 0.2 |
Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share Reconciliation [Abstract] | |||
Net income attributable to Franklin Resources, Inc. | $ 1,831.2 | $ 798.9 | $ 1,195.7 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic | 77.7 | 15.3 | 10.9 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted | 77.7 | 15.3 | 10.9 |
Net Income Available to Common Stockholders - basic | 1,753.5 | 783.6 | 1,184.8 |
Net Income Available to Common Stockholders - diluted | $ 1,753.5 | $ 783.6 | $ 1,184.8 |
Weighted-average shares outstanding – basic | 489.9 | 491.9 | 503.6 |
Dilutive effect of nonparticipating nonvested stock unit awards | 0.7 | 0.5 | 0.7 |
Weighted-Average Shares Outstanding – Diluted | 490.6 | 492.4 | 504.3 |
Earnings per Share [Abstract] | |||
Basic | $ 3.58 | $ 1.59 | $ 2.35 |
Diluted | $ 3.57 | $ 1.59 | $ 2.35 |
Revenue Narratives (Details) |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Revenue from Contract with Customer [Abstract] | |||
Revenue From Sponsored Funds | 81.00% | 89.00% | 92.00% |
Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | $ 8,425.5 | $ 5,566.5 | $ 5,669.4 |
Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 6,541.6 | 3,981.7 | 3,985.2 |
Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 1,635.5 | 1,362.0 | 1,444.6 |
Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 211.2 | 195.1 | 216.3 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 37.2 | 27.7 | 23.3 |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 5,979.0 | 3,594.8 | 3,396.2 |
United States [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 4,647.7 | 2,482.5 | 2,260.6 |
United States [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 1,137.4 | 928.8 | 941.3 |
United States [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 164.7 | 158.6 | 175.7 |
United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 29.2 | 24.9 | 18.6 |
Luxembourg [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 1,507.9 | 1,302.9 | 1,533.5 |
Luxembourg [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 1,075.0 | 910.1 | 1,064.7 |
Luxembourg [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 395.8 | 366.1 | 437.2 |
Luxembourg [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 36.1 | 25.5 | 30.1 |
Luxembourg [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 1.0 | 1.2 | 1.5 |
Americas Excluding United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 338.3 | 321.4 | 388.8 |
Americas Excluding United States [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 285.6 | 269.2 | 325.4 |
Americas Excluding United States [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 52.5 | 51.9 | 63.3 |
Americas Excluding United States [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0.2 | 0.3 | 0.1 |
Americas Excluding United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0.0 | 0.0 | 0.0 |
Asia-Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 387.9 | 240.2 | 254.5 |
Asia-Pacific [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 333.3 | 217.6 | 241.8 |
Asia-Pacific [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 46.1 | 13.6 | 1.3 |
Asia-Pacific [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 6.6 | 8.4 | 10.4 |
Asia-Pacific [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 1.9 | 0.6 | 1.0 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 212.4 | 107.2 | 96.4 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 200.0 | 102.3 | 92.7 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 3.7 | 1.6 | 1.5 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 3.6 | 2.3 | 0.0 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | $ 5.1 | $ 1.0 | $ 2.2 |
Investments - Summary of Investments (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Investment Holdings [Line Items] | ||
Total investments, at fair value | $ 588.3 | $ 504.8 |
Investments in equity method investees | 814.3 | 716.2 |
Other investments | 107.7 | 83.5 |
Total | 1,510.3 | 1,304.5 |
Sponsored funds and separate accounts [Member] | ||
Investment Holdings [Line Items] | ||
Investments, at fair value | 368.3 | 303.4 |
Investment related to long-term incentive plans [Member] | ||
Investment Holdings [Line Items] | ||
Investments, at fair value | 160.0 | 146.6 |
Other equity and debt investments [Member] | ||
Investment Holdings [Line Items] | ||
Investments, at fair value | $ 60.0 | $ 54.8 |
Fair Value Measurement - Narrative (Details) |
12 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Nonredeemable Investments with known liquidation periods | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liquidation weighted-average period | 4 years | 1 year 10 months 24 days |
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Sponsored funds and separate accounts [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | $ 368.3 | $ 303.4 |
Investment related to long-term incentive plans [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 160.0 | 146.6 |
Other equity and debt investments [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 60.0 | 54.8 |
Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Contingent consideration asset | 19.4 | 39.7 |
Total Assets Measured at Fair Value | 607.7 | 544.5 |
Liability [Abstract] | ||
Contingent consideration liabilities | 42.4 | 25.3 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Contingent consideration asset | 0.0 | 0.0 |
Total Assets Measured at Fair Value | 404.6 | 323.9 |
Liability [Abstract] | ||
Contingent consideration liabilities | 0.0 | 0.0 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Contingent consideration asset | 0.0 | 0.0 |
Total Assets Measured at Fair Value | 31.7 | 42.4 |
Liability [Abstract] | ||
Contingent consideration liabilities | 0.0 | 0.0 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Contingent consideration asset | 19.4 | 39.7 |
Total Assets Measured at Fair Value | 44.0 | 57.1 |
Liability [Abstract] | ||
Contingent consideration liabilities | 42.4 | 25.3 |
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 127.4 | 121.1 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 368.3 | 303.4 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 241.3 | 176.3 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 18.4 | 40.9 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 24.6 | 17.4 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 84.0 | 68.8 |
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 160.0 | 146.6 |
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 160.0 | 145.5 |
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 0.0 |
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 0.0 |
Fair Value, Recurring [Member] | Investment related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 1.1 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 60.0 | 54.8 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 3.3 | 2.1 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 13.3 | 1.5 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 0.0 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | $ 43.4 | $ 51.2 |
Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
||||
---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Unfunded commitments | $ 51.8 | $ 9.5 | ||||
Nonredeemable Investments with known liquidation periods | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Alternative Investment | [1] | 53.9 | 51.2 | |||
Nonredeemable Investments With Unknown Liquidation Periods | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Alternative Investment | [1] | 46.6 | 42.6 | |||
Redeemable Investments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Alternative Investment | [2] | $ 26.9 | $ 27.3 | |||
|
Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Contingent Consideration Liabilities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of year - liabilities | $ (25.3) | $ 0.0 |
Acquisitions - liabilities | (13.0) | (27.9) |
Purchases - liabilities | 0.0 | 0.0 |
Sales - liabilities | 0.0 | 0.0 |
Settlements - liabilities | 0.0 | 0.6 |
Transfers into Level 3 - liabilities | 0.0 | 0.0 |
Transfers out of level 3 - liability | 0.0 | 0.0 |
Balance at End of Year - liabilities | (42.4) | (25.3) |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year - liability | (4.1) | 0.0 |
Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of year - assets | 17.4 | 32.1 |
Purchases - assets | 17.6 | 22.6 |
Sales - assets | (6.0) | (19.0) |
Settlements - assets | (3.5) | (8.4) |
Consolidation of investment product | 0.0 | (10.0) |
Transfers into Level 3 - assets | 1.9 | 0.1 |
Transfers out of level 3 - assets | (3.1) | 0.0 |
Balance at End of Year - assets | 24.6 | 17.4 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year - assets | 0.3 | (1.4) |
Contingent Consideration Asset [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of year - assets | 39.7 | 0.0 |
Acquisition - asset | 0.0 | 39.7 |
Purchases - assets | 0.0 | 0.0 |
Sales - assets | 0.0 | |
Settlements - assets | (20.3) | 0.0 |
Transfers into Level 3 - assets | 0.0 | 0.0 |
Transfers out of level 3 - assets | 0.0 | 0.0 |
Balance at End of Year - assets | 19.4 | 39.7 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year - assets | 0.0 | 0.0 |
Investment and other income (losses), net [Member] | Contingent Consideration Liabilities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | 0.0 | 0.0 |
Investment and other income (losses), net [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | 0.3 | 0.0 |
Investment and other income (losses), net [Member] | Contingent Consideration Asset [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | 0.0 | 0.0 |
General, administrative and other expense [Member] | Contingent Consideration Liabilities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | (4.1) | 2.0 |
General, administrative and other expense [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | 0.0 | 0.0 |
General, administrative and other expense [Member] | Contingent Consideration Asset [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | $ 0.0 | $ 0.0 |
Fair Value Measurements - Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2018 |
---|---|---|---|---|
Financial Assets [Abstract] | ||||
Cash and cash equivalents | $ 4,647.2 | $ 3,989.8 | $ 6,206.6 | $ 6,910.6 |
Other investments | 107.7 | 83.5 | ||
Carrying Value [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 4,357.8 | 3,026.8 | ||
Time deposits | 13.2 | 19.2 | ||
Loans receivable | 0.0 | 42.4 | ||
Financial Liability [Abstract] | ||||
Debt | 3,399.4 | 3,017.1 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 4,357.8 | 3,026.8 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets [Abstract] | ||||
Time deposits | 13.2 | 19.2 | ||
Financial Liability [Abstract] | ||||
Debt | 3,434.1 | 3,086.5 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets [Abstract] | ||||
Loans receivable | 0.0 | 42.4 | ||
Equity securities [Member] | Carrying Value [Member] | ||||
Financial Assets [Abstract] | ||||
Other investments | 94.5 | 64.3 | ||
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets [Abstract] | ||||
Other investments | $ 99.1 | $ 67.3 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Property, Plant and Equipment, Net [Abstract] | |||
Depreciation and amortization | $ 124.4 | $ 95.2 | $ 83.2 |
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Total cost | $ 1,950.7 | $ 1,910.6 |
Less: accumulated depreciation and amortization | (1,180.7) | (1,096.8) |
Property and Equipment, Net | $ 770.0 | 813.8 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 35 years | |
Buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Total cost | $ 868.2 | 877.4 |
Buildings and leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Buildings and leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 35 years | |
Software [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Total cost | $ 609.4 | 576.2 |
Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Equipment and Furniture [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Total cost | $ 390.6 | 374.0 |
Equipment and Furniture [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment and Furniture [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Land [Member] | ||
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Total cost | $ 82.5 | $ 83.0 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of goodwill | $ 0.0 | $ 23.7 | |
Impairment of indefinite-lived intangible assets | 30.0 | $ 9.3 | |
Impairment of definite-lived intangible assets | $ 1.7 | $ 4.0 | |
Definite-lived intangible assets weighted-average remaining useful life | 6 years 8 months 12 days |
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 4,457.7 | $ 4,500.8 | $ 2,130.3 |
Indefinite-lived intangible assets | 3,527.8 | 3,500.8 | |
Definite-lived intangible assets, net | 1,182.4 | 1,413.4 | |
Goodwill and Other Intangible Assets, Net | $ 9,167.9 | $ 9,415.0 |
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Balance at beginning of year | $ 4,500.8 | $ 2,130.3 | ||
Acquisitions | 0.0 | 2,389.1 | ||
Impairment | 0.0 | (23.7) | ||
Purchase price allocation adjustment | [1] | (52.4) | 0.0 | |
Foreign exchange revaluation | 9.3 | 5.1 | ||
Balance at End of Year | $ 4,457.7 | $ 4,500.8 | ||
|
Goodwill and Other Intangible Assets - Schedule of Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,477.1 | $ 1,476.2 |
Accumulated Amortization | (294.7) | (62.8) |
Total | 1,182.4 | 1,413.4 |
Management contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,232.0 | 1,231.2 |
Accumulated Amortization | (262.6) | (57.6) |
Total | 969.4 | 1,173.6 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 230.7 | 230.6 |
Accumulated Amortization | (28.0) | (4.0) |
Total | 202.7 | 226.6 |
Developed software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 14.4 | 14.4 |
Accumulated Amortization | (4.1) | (1.2) |
Total | $ 10.3 | $ 13.2 |
Goodwill and Other Intangible Assets - Schedule of Estimated Remaining Amortization Expense (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 | $ 231.5 | |
2023 | 231.5 | |
2024 | 224.7 | |
2025 | 212.5 | |
2026 | 146.0 | |
Thereafter | 136.2 | |
Total | $ 1,182.4 | $ 1,413.4 |
Debt - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 15, 2021 |
Aug. 12, 2021 |
Mar. 15, 2021 |
Oct. 19, 2020 |
Sep. 30, 2020 |
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs | $ 12.6 | $ 2.1 | ||||
Franklin Resources, Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecure debt | 1,900.0 | |||||
Legg Mason [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecure debt | 1,250.0 | |||||
Notes Due September 2056 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 500.0 | |||||
Stated Interest Rate | 5.45% | |||||
Interest Payable | $ 6.8 | |||||
Notes Due September 2056 [Member] | Legg Mason [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 500.0 | |||||
Stated Interest Rate | 5.45% | |||||
Notes Due August 2051 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 350.0 | |||||
Stated Interest Rate | 2.95% | |||||
Debt Issuance Costs | $ 4.1 | |||||
Debt Instrument, Unamortized Discount | 2.2 | |||||
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 350.0 | |||||
Stated Interest Rate | 2.95% | |||||
Notes Due March 2056 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 250.0 | |||||
Stated Interest Rate | 6.375% | |||||
Interest Payable | $ 4.0 | |||||
Notes Due March 2056 [Member] | Legg Mason [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 250.0 | |||||
Stated Interest Rate | 6.375% | |||||
Notes Due October 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 100.0 | $ 750.0 | ||||
Stated Interest Rate | 1.60% | 1.60% | ||||
Debt Issuance Costs | $ 7.7 | |||||
Debt Instrument, Unamortized Discount | $ 3.9 | |||||
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Face Amount | $ 850.0 | |||||
Stated Interest Rate | 1.60% | |||||
Commercial Paper [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit Facility, maximum Borrowing capacity | $ 500.0 |
Debt - Outstanding Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 15, 2021 |
Aug. 12, 2021 |
Mar. 15, 2021 |
Oct. 19, 2020 |
Sep. 30, 2020 |
Jul. 31, 2020 |
---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||
Total | $ 3,399.4 | $ 3,017.1 | $ 2,000.0 | ||||
Debt issuance costs | (12.6) | (2.1) | |||||
Franklin Resources, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | 1,893.7 | 699.5 | |||||
Legg Mason [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total | 1,518.3 | 2,319.7 | |||||
Notes Due September 2022 [Member] | Franklin Resources, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 299.9 | $ 299.8 | |||||
Effective Interest Rate | 2.93% | 2.93% | |||||
Debt Face Amount | $ 300.0 | ||||||
Stated Interest Rate | 2.80% | ||||||
Notes Due March 2025 [Member] | Franklin Resources, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 399.7 | $ 399.7 | |||||
Effective Interest Rate | 2.97% | 2.97% | |||||
Debt Face Amount | $ 400.0 | ||||||
Stated Interest Rate | 2.85% | ||||||
Notes Due October 2030 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ (7.7) | ||||||
Debt Face Amount | $ 100.0 | $ 750.0 | |||||
Stated Interest Rate | 1.60% | 1.60% | |||||
Notes Due October 2030 [Member] | Franklin Resources, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 846.3 | $ 0.0 | |||||
Effective Interest Rate | 1.74% | ||||||
Debt Face Amount | $ 850.0 | ||||||
Stated Interest Rate | 1.60% | ||||||
Notes Due August 2051 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ (4.1) | ||||||
Debt Face Amount | $ 350.0 | ||||||
Stated Interest Rate | 2.95% | ||||||
Notes Due August 2051 [Member] | Franklin Resources, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 347.8 | 0.0 | |||||
Effective Interest Rate | 3.00% | ||||||
Debt Face Amount | $ 350.0 | ||||||
Stated Interest Rate | 2.95% | ||||||
Notes Due July 2024 [Member] | Legg Mason [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 266.5 | $ 272.4 | |||||
Effective Interest Rate | 1.53% | 1.53% | |||||
Debt Face Amount | $ 250.0 | ||||||
Stated Interest Rate | 3.95% | ||||||
Notes Due March 2026 [Member] | Legg Mason [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 509.6 | $ 523.0 | |||||
Effective Interest Rate | 1.80% | 1.80% | |||||
Debt Face Amount | $ 450.0 | ||||||
Stated Interest Rate | 4.75% | ||||||
Notes Due January 2044 [Member] | Legg Mason [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 742.2 | $ 747.5 | |||||
Effective Interest Rate | 3.38% | 3.38% | |||||
Debt Face Amount | $ 550.0 | ||||||
Stated Interest Rate | 5.625% | ||||||
Notes Due March 2056 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Face Amount | $ 250.0 | ||||||
Stated Interest Rate | 6.375% | ||||||
Notes Due March 2056 [Member] | Legg Mason [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Junior Subordinated Notes | $ 0.0 | $ 260.7 | |||||
Effective Interest Rate | 6.08% | ||||||
Debt Face Amount | $ 250.0 | ||||||
Stated Interest Rate | 6.375% | ||||||
Notes Due September 2056 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Face Amount | $ 500.0 | ||||||
Stated Interest Rate | 5.45% | ||||||
Notes Due September 2056 [Member] | Legg Mason [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Junior Subordinated Notes | $ 0.0 | $ 516.1 | |||||
Effective Interest Rate | 5.25% | ||||||
Debt Face Amount | $ 500.0 | ||||||
Stated Interest Rate | 5.45% |
Consolidated Investment Products - Narrative (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021
USD ($)
CIPs
|
Sep. 30, 2020
USD ($)
CIPs
|
Jul. 31, 2020
USD ($)
|
|
Consolidated Investment Products [Abstract] | |||
Number of consolidated investment products | CIPs | 60 | 75 | |
Number of CLOs | 10 | 8 | |
Schedule Of Consolidated Investment Products [Line Items] | |||
Debt, unpaid principal balance | $ 3,399.4 | $ 3,017.1 | $ 2,000.0 |
CIPs [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Unfunded commitments Company contractually obligated to fund | 0.2 | 11.4 | |
Debt, unpaid principal balance | $ 3,671.0 | $ 2,800.6 | |
CIPs [Member] | Nonredeemable Funds [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Liquidation weighted-average period | 1 year 3 months 18 days | 4 years 2 months 12 days | |
CIPs [Member] | Minimum [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Stated Interest Rate | 1.63% | 1.00% | |
CIPs [Member] | Maximum [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Stated Interest Rate | 2.42% | 5.81% | |
Collateralized Loan Obligations [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Net gains/losses related to its own economic interests | $ 15.4 | $ 1.3 | |
Debt, unpaid principal balance | 3,629.9 | 2,803.1 | |
Collateralized Loan Obligations [Member] | CIPs [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Debt, unpaid principal balance | $ 3,634.1 | $ 2,646.9 | |
Collateralized Loan Obligations [Member] | CIPs [Member] | Minimum [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Stated Interest Rate | 1.00% | 1.43% | |
Collateralized Loan Obligations [Member] | CIPs [Member] | Maximum [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Stated Interest Rate | 8.22% | 8.34% |
Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
Jul. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2018 |
---|---|---|---|---|---|
Assets [Abstract] | |||||
Cash and cash equivalents | $ 4,647.2 | $ 3,989.8 | $ 6,206.6 | $ 6,910.6 | |
Receivables | 1,428.2 | 1,233.1 | |||
Investments, at fair value | 588.3 | 504.8 | |||
Total Assets | 24,168.4 | 21,684.5 | |||
Liabilities [Abstract] | |||||
Accounts payable and accrued expenses | 479.3 | 426.9 | |||
Debt | 3,399.4 | 3,017.1 | $ 2,000.0 | ||
Other liabilities | 354.3 | 456.1 | |||
Total liabilities | 11,424.8 | 10,273.5 | |||
Redeemable Noncontrolling Interests | 933.0 | 541.9 | |||
Stockholders' Equity [Abstract] | |||||
Franklin Resources, Inc.’s interests | 11,223.4 | 10,114.5 | |||
Nonredeemable noncontrolling interests | 587.2 | 754.6 | |||
Total stockholders’ equity | 11,810.6 | 10,869.1 | 10,541.5 | $ 10,207.9 | |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 24,168.4 | 21,684.5 | |||
CIPs [Member] | |||||
Assets [Abstract] | |||||
Cash and cash equivalents | 289.4 | 963.0 | |||
Receivables | 127.8 | 118.3 | |||
Investments, at fair value | 5,820.1 | 4,074.0 | |||
Total Assets | 6,237.3 | 5,155.3 | |||
Liabilities [Abstract] | |||||
Accounts payable and accrued expenses | 558.0 | 611.2 | |||
Debt | 3,671.0 | 2,800.6 | |||
Other liabilities | 13.8 | 12.1 | |||
Total liabilities | 4,242.8 | 3,423.9 | |||
Redeemable Noncontrolling Interests | 622.5 | 397.3 | $ 746.7 | ||
Stockholders' Equity [Abstract] | |||||
Franklin Resources, Inc.’s interests | 1,000.7 | 754.4 | |||
Nonredeemable noncontrolling interests | 371.3 | 579.7 | |||
Total stockholders’ equity | 1,372.0 | 1,334.1 | |||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ 6,237.3 | $ 5,155.3 |
Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Assets [Abstract] | ||
Investments, at fair value | $ 588.3 | $ 504.8 |
CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 5,820.1 | 4,074.0 |
Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 607.7 | 544.5 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 404.6 | 323.9 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 31.7 | 42.4 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 44.0 | 57.1 |
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 127.4 | 121.1 |
Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 6,049.5 | 4,659.1 |
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 456.2 | 704.9 |
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 4,686.6 | 3,006.7 |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 563.2 | 686.4 |
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 343.5 | 261.1 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 1,754.9 | 1,046.7 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 310.8 | 177.6 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 647.3 | 285.7 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 453.3 | 322.3 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 343.5 | 261.1 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 3,975.8 | 2,688.1 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 0.0 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 3,955.3 | 2,663.2 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 20.5 | 24.9 |
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 89.4 | 339.2 |
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 0.0 |
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.0 | 0.0 |
Real estate [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 89.4 | 339.2 |
Collateralized Loan Obligations [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 3,972.0 | 2,663.2 |
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 145.4 | 527.3 |
Receivables of CLOs | 84.0 | 57.8 |
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 145.4 | 527.3 |
Receivables of CLOs | 0.0 | 0.0 |
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 0.0 | 0.0 |
Receivables of CLOs | 84.0 | 57.8 |
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 0.0 | 0.0 |
Receivables of CLOs | $ 0.0 | $ 0.0 |
Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Schedule Of Consolidated Investment Products [Line Items] | ||||||||||||
Unfunded commitments | $ 51.8 | $ 9.5 | ||||||||||
Nonredeemable Investments with known liquidation periods | ||||||||||||
Schedule Of Consolidated Investment Products [Line Items] | ||||||||||||
Alternative Investment | [1] | 53.9 | 51.2 | |||||||||
Redeemable Investments [Member] | ||||||||||||
Schedule Of Consolidated Investment Products [Line Items] | ||||||||||||
Alternative Investment | [2] | 26.9 | 27.3 | |||||||||
Consolidated Investment Products [Member] | ||||||||||||
Schedule Of Consolidated Investment Products [Line Items] | ||||||||||||
Unfunded commitments | [3] | 0.5 | 94.0 | |||||||||
Consolidated Investment Products [Member] | Nonredeemable Investments with known liquidation periods | ||||||||||||
Schedule Of Consolidated Investment Products [Line Items] | ||||||||||||
Alternative Investment | [4] | 141.4 | 261.1 | |||||||||
Consolidated Investment Products [Member] | Redeemable Investments [Member] | ||||||||||||
Schedule Of Consolidated Investment Products [Line Items] | ||||||||||||
Alternative Investment | [5] | $ 202.1 | $ 0.0 | |||||||||
|
Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of year - assets | $ 686.4 | $ 503.1 |
Acquisition | 37.9 | |
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net | 131.4 | (54.2) |
Purchases | 267.4 | 238.9 |
Sales and settlements | (67.5) | (12.5) |
Deconsolidations | (485.0) | (47.8) |
Transfers into Level 3 - assets | 21.2 | 2.2 |
Transfers out of level 3 - assets | (1.9) | (1.1) |
Foreign exchange revaluation | 11.2 | 19.9 |
Balance at End of Year - assets | 563.2 | 686.4 |
Change in unrealized losses included in net income relating to assets held at end of year | 129.8 | (54.2) |
Equity and debt securities [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of year - assets | 322.3 | 333.8 |
Acquisition | 0.0 | |
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net | 122.8 | (47.2) |
Purchases | 105.7 | 84.0 |
Sales and settlements | (62.8) | (5.0) |
Deconsolidations | (36.2) | (47.8) |
Transfers into Level 3 - assets | 2.7 | 2.2 |
Transfers out of level 3 - assets | (1.9) | (1.1) |
Foreign exchange revaluation | 0.7 | 3.4 |
Balance at End of Year - assets | 453.3 | 322.3 |
Change in unrealized losses included in net income relating to assets held at end of year | 123.9 | (47.2) |
Real estate [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of year - assets | 339.2 | 152.7 |
Acquisition | 20.3 | |
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net | 8.3 | (5.2) |
Purchases | 161.7 | 154.9 |
Sales and settlements | 0.0 | 0.0 |
Deconsolidations | (448.8) | 0.0 |
Transfers into Level 3 - assets | 18.5 | 0.0 |
Transfers out of level 3 - assets | 0.0 | 0.0 |
Foreign exchange revaluation | 10.5 | 16.5 |
Balance at End of Year - assets | 89.4 | 339.2 |
Change in unrealized losses included in net income relating to assets held at end of year | 5.4 | (5.2) |
Loans [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of year - assets | 24.9 | 16.6 |
Acquisition | 17.6 | |
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net | 0.3 | (1.8) |
Purchases | 0.0 | 0.0 |
Sales and settlements | (4.7) | (7.5) |
Deconsolidations | 0.0 | 0.0 |
Transfers into Level 3 - assets | 0.0 | 0.0 |
Transfers out of level 3 - assets | 0.0 | 0.0 |
Foreign exchange revaluation | 0.0 | 0.0 |
Balance at End of Year - assets | 20.5 | 24.9 |
Change in unrealized losses included in net income relating to assets held at end of year | $ 0.5 | $ (1.8) |
Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) $ in Millions |
Sep. 30, 2021
USD ($)
$ / shares
|
Sep. 30, 2020
USD ($)
$ / shares
|
||
---|---|---|---|---|
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 588.3 | $ 504.8 | ||
CIPs [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | 5,820.1 | 4,074.0 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | 1,754.9 | 1,046.7 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Real estate [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | 89.4 | 339.2 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | 453.3 | 322.3 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 301.1 | $ 94.0 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | $ / shares | 0.39 | 0.02 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | $ / shares | 100.00 | 100.00 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | $ / shares | [1] | 19.34 | 13.01 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 102.3 | $ 108.5 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 6.0 | 7.0 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 20.6 | 19.1 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 13.7 | 10.8 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.060 | 0.200 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.255 | 0.252 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.176 | 0.219 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.6 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 7.2 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Revenue multiple [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 5.1 | 7.5 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.7 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 1.8 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-book value ratio | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 1.4 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Control premium [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.20 | 0.550 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 9.4 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 10.0 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Price-to-earnings ratio [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 28.8 | 9.7 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 49.9 | $ 119.8 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount for lack of marketability [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.170 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Control premium [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.097 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Control premium [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.193 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Control premium [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.167 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.033 | 0.040 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.063 | 0.230 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.043 | 0.114 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 89.4 | $ 339.2 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 89.4 | $ 231.8 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.058 | 0.045 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.060 | 0.065 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Discount rate [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.059 | 0.052 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Exit Capitalization Rate [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.050 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Exit Capitalization Rate [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.053 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Valuation, Income Approach [Member] | Exit Capitalization Rate [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.051 | 0.060 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Yield Capitalization Valuation Technique [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, at fair value | $ 107.4 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.043 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.061 | |||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Real estate [Member] | Yield Capitalization Valuation Technique [Member] | Equivalent yield [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | [1] | 0.052 | ||
|
Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
Jul. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|||
---|---|---|---|---|---|---|---|---|
Financial Assets [Abstract] | ||||||||
Cash and cash equivalents | $ 4,647.2 | $ 3,989.8 | $ 6,206.6 | $ 6,910.6 | ||||
Financial Liability [Abstract] | ||||||||
Debt | 3,399.4 | 3,017.1 | $ 2,000.0 | |||||
CIPs [Member] | ||||||||
Financial Assets [Abstract] | ||||||||
Cash and cash equivalents | 289.4 | 963.0 | ||||||
Financial Liability [Abstract] | ||||||||
Debt | 3,671.0 | 2,800.6 | ||||||
Carrying Value [Member] | ||||||||
Financial Assets [Abstract] | ||||||||
Cash and cash equivalents | 4,357.8 | 3,026.8 | ||||||
Carrying Value [Member] | CIPs [Member] | ||||||||
Financial Assets [Abstract] | ||||||||
Cash and cash equivalents | 144.0 | 435.7 | ||||||
Financial Liability [Abstract] | ||||||||
Debt | 36.9 | 153.7 | ||||||
Estimated Fair Value [Member] | Level 1 [Member] | ||||||||
Financial Assets [Abstract] | ||||||||
Cash and cash equivalents | 4,357.8 | 3,026.8 | ||||||
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member] | ||||||||
Financial Assets [Abstract] | ||||||||
Cash and cash equivalents | 144.0 | 435.7 | ||||||
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member] | ||||||||
Financial Liability [Abstract] | ||||||||
Debt | 36.6 | 155.2 | ||||||
Collateralized Loan Obligations [Member] | ||||||||
Financial Liability [Abstract] | ||||||||
Debt | 3,629.9 | 2,803.1 | ||||||
Collateralized Loan Obligations [Member] | CIPs [Member] | ||||||||
Financial Liability [Abstract] | ||||||||
Debt | 3,634.1 | 2,646.9 | ||||||
Collateralized Loan Obligations [Member] | Carrying Value [Member] | CIPs [Member] | ||||||||
Financial Liability [Abstract] | ||||||||
Debt | 3,634.1 | 2,646.9 | ||||||
Collateralized Loan Obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member] | ||||||||
Financial Liability [Abstract] | ||||||||
Debt | $ 3,610.6 | [1] | $ 2,683.2 | |||||
|
Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
Jul. 31, 2020 |
---|---|---|---|
Schedule Of Consolidated Investment Products [Line Items] | |||
Debt | $ 3,399.4 | $ 3,017.1 | $ 2,000.0 |
Consolidated Investment Products [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Debt | 3,671.0 | 2,800.6 | |
Other debt | $ 36.9 | $ 153.7 | |
Effective Interest Rate | 1.95% | 2.97% | |
Collateralized Loan Obligations [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Debt | $ 3,629.9 | $ 2,803.1 | |
Collateralized Loan Obligations [Member] | Consolidated Investment Products [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Debt | $ 3,634.1 | $ 2,646.9 | |
Effective Interest Rate | 2.11% | 2.99% |
Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
Jul. 31, 2020 |
---|---|---|---|
Schedule Of Consolidated Investment Products [Line Items] | |||
Total | $ 3,399.4 | $ 3,017.1 | $ 2,000.0 |
CIPs [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
2022 | 72.9 | ||
2023 | 0.0 | ||
2024 | 0.0 | ||
2025 | 9.8 | ||
2026 | 0.0 | ||
Thereafter | 3,588.3 | ||
Total | $ 3,671.0 |
Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments and Debt of CLOs (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Schedule Of Consolidated Investment Products [Line Items] | ||
Unpaid principal balance | $ 1,510.3 | $ 1,304.5 |
Investments, at fair value | 588.3 | 504.8 |
Collateralized Loan Obligations [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Unpaid principal balance | 3,951.1 | 2,809.8 |
Difference between unpaid principal balance and fair value | 20.9 | (146.6) |
Investments, at fair value | $ 3,972.0 | $ 2,663.2 |
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||
Noncontrolling Interest [Line Items] | |||||||
Balance at beginning of year | $ 541.9 | ||||||
Acquisition | $ 39.1 | $ 194.8 | |||||
Business divestiture | 16.7 | ||||||
Net income | 94.1 | 48.6 | 6.2 | ||||
Net subscriptions (distributions) and other | 213.6 | 164.4 | 103.6 | ||||
Net deconsolidations | (552.4) | (6.8) | 24.3 | ||||
Adjustment to fair value | (159.2) | ||||||
Balance at End of Year | 933.0 | 541.9 | |||||
Minority Interests [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Balance at beginning of year | 144.6 | 0.0 | |||||
Acquisition | 0.0 | 164.3 | |||||
Business divestiture | 0.0 | (21.3) | |||||
Net income | 30.3 | 3.6 | |||||
Net subscriptions (distributions) and other | (23.6) | (2.0) | |||||
Net deconsolidations | 0.0 | 0.0 | |||||
Adjustment to fair value | 159.2 | ||||||
Balance at End of Year | 310.5 | 144.6 | 0.0 | ||||
Redeemable Noncontrolling Interest [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Balance at beginning of year | 541.9 | 746.7 | [1] | 1,043.6 | [1] | ||
Acquisition | 0.0 | 186.4 | 0.0 | [1] | |||
Business divestiture | 0.0 | (21.3) | 0.0 | [1] | |||
Net income | 94.1 | 48.6 | 6.2 | [1] | |||
Net subscriptions (distributions) and other | 507.8 | 245.1 | 1,046.6 | [1] | |||
Net deconsolidations | (370.0) | (663.6) | (1,349.7) | [1] | |||
Adjustment to fair value | 159.2 | ||||||
Balance at End of Year | 933.0 | 541.9 | 746.7 | [1] | |||
Consolidated Investment Products [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Balance at beginning of year | 397.3 | 746.7 | |||||
Acquisition | 0.0 | 22.1 | |||||
Business divestiture | 0.0 | 0.0 | |||||
Net income | 63.8 | 45.0 | |||||
Net subscriptions (distributions) and other | 531.4 | 247.1 | |||||
Net deconsolidations | (370.0) | (663.6) | |||||
Balance at End of Year | $ 622.5 | $ 397.3 | $ 746.7 | ||||
|
Nonconsolidated Variable Interest Entities - Narrative (Details) - 12 months ended Sep. 30, 2021 $ in Millions, ₨ in Billions |
INR (₨) |
USD ($) |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Authorized loan | ₨ 5.0 | $ 66.2 |
Nonconsolidated Variable Interest Entities (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 811.3 | $ 649.6 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 639.2 | 439.2 |
Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 172.1 | 168.0 |
Loans Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 0.0 | $ 42.4 |
Taxes on Income - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax Examination [Line Items] | |||
Net operating loss and state credit carry-forwards | $ 318.5 | $ 317.0 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 173.4 | 303.1 | |
Foreign tax credit carry-forwards | 128.0 | 103.0 | |
Impact of reduced rates on income tax expense | $ 3.2 | $ 2.7 | $ 4.1 |
Impact of reduced rates on income tax expense, per diluted share | $ 0.01 | $ 0.01 | $ 0.01 |
Increase (decrease) in valuation allowance | $ (1.3) | $ 293.7 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 173.4 | 303.1 | |
Accrued interest on uncertain tax positions | 25.7 | 21.7 | |
Accrued penalties on uncertain tax positions | 3.9 | $ 2.9 | |
Estimated decrease in unrecognized tax benefits within the next twelve months | 33.6 | ||
Domestic Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Net operating loss and state credit carry-forwards | 9.9 | ||
Foreign Tax Authority [Member] | |||
Income Tax Examination [Line Items] | |||
Net operating loss and state credit carry-forwards | 98.5 | ||
State [Member] | |||
Income Tax Examination [Line Items] | |||
Net operating loss and state credit carry-forwards | $ 206.1 |
Taxes on Income - Narrative - Valuation Allowance (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 319.3 | $ 320.6 |
Capital loss [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 37.8 | |
Domestic, State and Foreign Jurisdiction [Member] | Operating loss carryforward [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 195.1 | |
Foreign Tax Authority [Member] | Tax credit carryforward [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 73.1 | |
Foreign Tax Authority [Member] | Other tax carryforward [Member] | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 13.3 |
Taxes on Income - Schedule of Taxes on Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Current expense [Abstract] | |||
Federal | $ 226.7 | $ 154.9 | $ 343.4 |
State | 50.3 | 28.8 | 37.0 |
Non-U.S. | 68.9 | 54.2 | 66.8 |
Deferred expense (benefit) | 3.7 | (7.1) | (4.9) |
Total | $ 349.6 | $ 230.8 | $ 442.3 |
Taxes on Income - Schedule of Income Before Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax Disclosure [Abstract] | |||
U.S. | $ 1,682.6 | $ 771.7 | $ 1,151.1 |
Non-U.S. | 761.6 | 246.2 | 496.7 |
Total | $ 2,444.2 | $ 1,017.9 | $ 1,647.8 |
Taxes on Income - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Deferred Tax Assets [Abstract] | ||
Capitalized mixed service costs | $ 297.5 | $ 326.1 |
Net operating loss and state credit carry-forwards | 318.5 | 317.0 |
Deferred compensation and benefits | 222.3 | 160.6 |
Foreign tax credit carry-forwards | 128.0 | 103.0 |
Debt premium | 72.1 | 81.9 |
Other | 131.4 | 148.7 |
Total deferred tax assets | 1,169.8 | 1,137.3 |
Valuation allowance | (319.3) | (320.6) |
Deferred tax assets, net of valuation allowance | 850.5 | 816.7 |
Deferred Tax Liabilities [Abstract] | ||
Goodwill and other purchased intangibles | 961.6 | 1,009.4 |
Other | 68.7 | 68.5 |
Total deferred tax liabilities | 1,030.3 | 1,077.9 |
Net Deferred Tax Liability | $ 179.8 | $ 261.2 |
Taxes on Income - Components of Net Deferred Tax Liability as Classified in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Other assets | $ 131.9 | $ 44.1 |
Deferred tax liabilities | 311.7 | 305.3 |
Net Deferred Tax Liability | $ 179.8 | $ 261.2 |
Taxes on Income - Reconciliation of the Amount of Tax Expense at the Federal Statutory Rate and Taxes on Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||
Income Tax Disclosure [Abstract] | |||||||
Federal taxes at statutory rate | $ 513.3 | $ 213.8 | $ 346.0 | ||||
Federal statutory rate | 21.00% | 21.00% | 21.00% | ||||
Transition tax on deemed repatriation of undistributed foreign earnings | $ 0.0 | $ 0.0 | $ 86.0 | ||||
Transition tax on deemed repatriation of undistributed foreign earnings percent | 0 | 0 | 0.052 | ||||
State taxes, net of federal tax effect | $ 60.8 | $ 28.2 | $ 29.7 | ||||
State taxes, net of federal tax effect rate | 2.50% | 2.80% | 1.80% | ||||
Tax reserve release on audit settlement, net of valuation allowance | [1] | $ (126.8) | $ 0.0 | $ 0.0 | |||
Tax reserve release on audit settlement, net of valuation allowance rate | [1] | (5.20%) | 0.00% | 0.00% | |||
Effect of net income (loss) attributable to noncontrolling interests | $ (55.3) | $ 2.5 | $ (2.1) | ||||
Effect of net income attributable to noncontrolling interest rate | (2.30%) | 0.20% | (0.10%) | ||||
Effect of non-U.S. operations | $ (30.4) | $ 6.9 | $ (21.3) | ||||
Effect of non-U.S. operation rate | (1.20%) | 0.70% | (1.30%) | ||||
Capital loss on investment, net of valuation allowance | [2] | $ (12.4) | $ (27.0) | $ 0.0 | |||
Capital loss on investment, net of valuation allowance rate | [2] | (0.50%) | (2.70%) | 0.00% | |||
Other | $ 0.4 | $ 6.4 | $ 4.0 | ||||
Other rate | 0.00% | 0.70% | 0.20% | ||||
Tax Provision | $ 349.6 | $ 230.8 | $ 442.3 | ||||
Effective Tax Rate | 14.30% | 22.70% | 26.80% | ||||
|
Taxes on Income - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 342.9 | $ 202.6 | $ 77.5 |
Additions from business combinations | 0.0 | 141.8 | 0.0 |
Additions for tax positions of prior years | 4.2 | 0.9 | 131.8 |
Reductions for tax positions of prior years | (163.6) | (0.6) | (2.9) |
Tax positions related to the current year | 22.2 | 12.2 | 10.7 |
Settlements with taxing authorities | (3.2) | (0.3) | (2.2) |
Expirations of statute of limitations | (18.2) | (13.7) | (12.3) |
Balance at End of Year | $ 184.3 | $ 342.9 | $ 202.6 |
Taxes on Income - Schedule of Transition Tax Payable (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
2022 | $ 42.4 |
2023 | 74.1 |
2024 | 138.9 |
2025 | 185.2 |
2026 | 231.6 |
Total | $ 672.2 |
Leases - Lease Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
||||
Lease, Cost [Abstract] | |||||
Operating lease cost | $ 141.4 | [1] | $ 72.5 | ||
Variable lease cost | 21.2 | 6.0 | |||
Finance lease cost | 0.4 | 0.5 | |||
Sublease income | (24.6) | (4.2) | |||
Total lease expense | $ 138.4 | $ 74.8 | |||
|
Leases - Cash Flow Supplemental Disclosure (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Supplemental Cash Flow Information [Abstract] | ||
Operating cash flows from operating leases included in the measurement of operating lease liabilities | $ 133.7 | $ 65.1 |
ROU assets obtained in exchange for new/modified operating lease liabilities | $ 18.7 | $ 13.7 |
Leases - Quantitative Disclosure Of Operating Leases (Details) |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term | 6 years 1 month 6 days | 6 years 6 months |
Weighted-average discount rate | 2.10% | 3.50% |
Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Leases [Abstract] | ||
2022 | $ 129.3 | |
2023 | 122.9 | |
2024 | 88.3 | |
2025 | 52.9 | |
2026 | 38.1 | |
Thereafter | 121.9 | |
Total lease payments | 553.4 | |
Less: interest | (35.0) | |
Operating lease liabilities | $ 518.4 | $ 621.0 |
Leases - Lessor Operating Lease Payments (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Subleases [Member] | |
Lessor, Lease, Description [Line Items] | |
2022 | $ 23.2 |
2023 | 21.5 |
2024 | 9.2 |
2025 | 0.3 |
2026 | 0.1 |
Thereafter | 0.1 |
Total Leases | 54.4 |
Leases [Member] | |
Lessor, Lease, Description [Line Items] | |
2022 | 31.0 |
2023 | 32.4 |
2024 | 32.9 |
2025 | 32.5 |
2026 | 32.1 |
Thereafter | 41.9 |
Total Leases | $ 202.8 |
Commitments and Contingencies - Narrative (Details) ₨ in Millions, $ in Millions |
Sep. 30, 2021
INR (₨)
|
Sep. 30, 2021
USD ($)
|
Jul. 31, 2021
INR (₨)
|
Jul. 31, 2021
USD ($)
|
Apr. 24, 2020
USD ($)
|
---|---|---|---|---|---|
Commitments and Contingencies Disclosure [Abstract] | |||||
Assets under Management | $ 3,400.0 | ||||
Distribution To Unitholders, India Fixed Income Mutual Funds | $ 3,200.0 | ||||
Aggregate Monetary Penalties | ₨ 200.0 | 2.7 | |||
Disgorgement Of Revenue | ₨ 5,125.0 | $ 69.1 | |||
Interest Accrued On Disgorgement Of Revenue | 12.00% | 12.00% | |||
Escrow Deposit | ₨ 2,500.0 | $ 33.7 | ₨ 75.0 | $ 1.0 | |
Committed capital contributions | $ 285.1 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to nonvested stock and stock unit awards | $ 282.5 | ||
Remaining weighted-average vesting period | 2 years 6 months | ||
Weighted-average grant-date fair values of stock awards and stock unit awards granted | $ 21.08 | $ 23.05 | $ 30.75 |
Fair value of stock awards and stock unit awards vested | $ 121.2 | $ 72.2 | $ 84.2 |
Total shares issued under ESIP | 1.1 | ||
Shares reserved for future issuance under ESIP | 4.8 | ||
Universal Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Additional Shares Authorized | 20.0 | ||
Number of shares authorized for issuance under the stock plan | 140.0 | ||
Number of shares available for grant under stock plan | 23.4 | ||
Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance under the stock plan | 23.0 | ||
Number of shares available for grant under stock plan | 14.4 |
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expenses | $ 202.3 | $ 125.0 | $ 113.2 |
Employee stock investment plan [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expenses | 6.7 | 5.2 | 5.8 |
Phantom Share Units (PSUs) | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expenses | 30.4 | 2.7 | 1.7 |
Stock and stock unit awards [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expenses | $ 165.2 | $ 117.1 | $ 105.7 |
Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested balance at September 30, 2020 | 16,949 | ||
Granted | 6,146 | ||
Vested | (4,119) | ||
Forfeited/canceled | (1,142) | ||
Modified | 0 | ||
Nonvested balance at September 30, 2021 | 17,834 | 16,949 | |
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ 24.30 | ||
Weighted Average Grant Date Fair Value of shares granted | 21.08 | $ 23.05 | $ 30.75 |
Weighted Average Grant Date Fair Value of shares vested | 26.56 | ||
Weighted Average Grant Date Fair Value of shares forfeited/canceled | 30.61 | ||
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ 22.27 | $ 24.30 | |
Time-Based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested balance at September 30, 2020 | 12,141 | ||
Granted | 5,906 | ||
Vested | (3,500) | ||
Forfeited/canceled | (570) | ||
Modified | 199 | ||
Nonvested balance at September 30, 2021 | 14,176 | 12,141 | |
Performance-Based Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested balance at September 30, 2020 | 4,808 | ||
Granted | 240 | ||
Vested | (619) | ||
Forfeited/canceled | (572) | ||
Modified | (199) | ||
Nonvested balance at September 30, 2021 | 3,658 | 4,808 |
Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Retirement Benefits [Abstract] | |||
Participants annual maximum contribution to defined contribution plan, pre-tax | 50.00% | ||
Percentage of annual bonus eligible for defined contribution to plan | 100.00% | ||
Loss Contingencies [Line Items] | |||
Plan's employer matching contribution | 75.00% | ||
Expenses recognized for defined contribution plans | $ 81.4 | $ 59.2 | $ 52.2 |
Other Plan Changes [Member] | |||
Loss Contingencies [Line Items] | |||
Plan's employer matching contribution | 85.00% |
Segment and Geographic Information - Narrative (Details) |
12 Months Ended |
---|---|
Sep. 30, 2021
segments
| |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment and Geographic Information - Schedule of Operating Revenues, Property and Equipment by Geographic Areas (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment, Net | $ 770.0 | $ 813.8 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment, Net | 596.6 | 634.4 |
Europe, Middle East and Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment, Net | 132.1 | 133.0 |
Asia-Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment, Net | 34.5 | 37.7 |
Americas excluding United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property and Equipment, Net | $ 6.8 | $ 8.7 |
Investment and Other Income (Losses), Net - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Other Income and Expenses [Abstract] | |||
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities | $ 46.5 | $ (2.6) | $ (0.1) |
Investment and Other Income (Losses), Net - Schedule of Investment and Other Income (Losses), Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Other Income and Expenses [Abstract] | |||
Dividend income | $ 8.8 | $ 48.9 | $ 97.0 |
Interest income | 8.8 | 14.3 | 31.0 |
Gains (losses) on investments, net | 90.9 | (16.8) | (9.7) |
Income (losses) from investments in equity method investees | 154.3 | (98.1) | (10.4) |
Gains (losses) on derivatives, net | (23.2) | 3.0 | 0.0 |
Rental income | 28.8 | 30.0 | 19.8 |
Foreign currency exchange (losses) gains, net | (11.9) | (22.3) | 13.1 |
Other, net | 8.2 | 2.6 | 0.6 |
Investment and Other Income (Losses), Net | $ 264.7 | $ (38.4) | $ 141.4 |
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | $ (407.6) | $ (431.6) | $ (370.6) | |
Adoption of new accounting guidance | 11,223.4 | 10,114.5 | ||
Other comprehensive income before reclassifications, net of tax | 28.7 | 20.4 | (61.7) | |
Reclassifications to compensation and benefits expense, net of tax | (0.7) | 0.3 | 0.4 | |
Reclassifications to net investment and other income (losses), net of tax | 2.0 | 3.3 | 8.3 | |
Total other comprehensive income (loss) | 30.0 | 24.0 | (53.0) | |
Balance at end of year | (377.6) | (407.6) | (431.6) | |
ASU 2016-01 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of new accounting guidance | $ (8.0) | |||
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | (399.6) | (425.4) | (372.9) | |
Other comprehensive income before reclassifications, net of tax | 27.1 | 23.8 | (53.9) | |
Reclassifications to compensation and benefits expense, net of tax | 0.0 | 0.0 | 0.0 | |
Reclassifications to net investment and other income (losses), net of tax | 2.0 | 2.0 | 1.4 | |
Total other comprehensive income (loss) | 29.1 | 25.8 | (52.5) | |
Balance at end of year | (370.5) | (399.6) | (425.4) | |
Currency Translation Adjustments [Member] | ASU 2016-01 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of new accounting guidance | 0.0 | |||
Unrealized Losses on Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | (8.0) | (6.2) | (4.2) | |
Other comprehensive income before reclassifications, net of tax | 1.6 | (2.1) | (2.4) | |
Reclassifications to compensation and benefits expense, net of tax | (0.7) | 0.3 | 0.4 | |
Reclassifications to net investment and other income (losses), net of tax | 0.0 | 0.0 | 0.0 | |
Total other comprehensive income (loss) | 0.9 | (1.8) | (2.0) | |
Balance at end of year | (7.1) | (8.0) | (6.2) | |
Unrealized Losses on Defined Benefit Plans [Member] | ASU 2016-01 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of new accounting guidance | 0.0 | |||
Unrealized Gains on Investments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of year | 0.0 | 0.0 | 6.5 | |
Other comprehensive income before reclassifications, net of tax | 0.0 | (1.3) | (5.4) | |
Reclassifications to compensation and benefits expense, net of tax | 0.0 | 0.0 | 0.0 | |
Reclassifications to net investment and other income (losses), net of tax | 0.0 | 1.3 | 6.9 | |
Total other comprehensive income (loss) | 0.0 | 0.0 | 1.5 | |
Balance at end of year | $ 0.0 | $ 0.0 | $ 0.0 | |
Unrealized Gains on Investments [Member] | ASU 2016-01 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Adoption of new accounting guidance | $ (8.0) |
Pending Acquisitions - Narratives (Details) - USD ($) $ in Millions |
1 Months Ended | ||
---|---|---|---|
Nov. 01, 2021 |
Jul. 31, 2020 |
Sep. 30, 2021 |
|
Pending Acquisitions [Line Items] | |||
Purchase consideration in cash | $ 4,500.0 | ||
O’Shaughnessy Asset Management | |||
Pending Acquisitions [Line Items] | |||
Purchase consideration in cash | $ 300.0 | ||
Lexington Partners L.P. | Subsequent Event [Member] | |||
Pending Acquisitions [Line Items] | |||
Purchase consideration in cash | $ 1,000.0 | ||
PlannedPaymentsToAcquireBusinessesGross | $ 750.0 |
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