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:  

(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	$	241.3	$	18.4	$	24.6	$	84.0	$	368.3
Investments related to long-term incentive plans	160.0		—		—		—		160.0
Other equity and debt investments	3.3		13.3		—		43.4		60.0
Contingent consideration asset	—		—		19.4		—		19.4
Total Assets Measured at Fair Value	$	404.6	$	31.7	$	44.0	$	127.4	$	607.7
Liabilities
Contingent consideration liabilities	$	—	$	—	$	42.4	$	—	$	42.4

(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	$	176.3	$	40.9	$	17.4	$	68.8	$	303.4
Investments related to long-term incentive plans	145.5		—		—		1.1		146.6
Other equity and debt investments	2.1		1.5		—		51.2		54.8
Contingent consideration asset	—		—		39.7		—		39.7
Total Assets Measured at Fair Value	$	323.9	$	42.4	$	57.1	$	121.1	$	544.5
Liabilities
Contingent consideration liabilities	$	—	$	—	$	25.3	$	—	$	25.3

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:

(in millions)
as of September 30,	2021		2020
Nonredeemable investments1
Investments with known liquidation periods	$	53.9	$	51.2
Investments with unknown liquidation periods	46.6		42.6
Redeemable investments2	26.9		27.3
Unfunded commitments	51.8		9.5

Schedule of changes in Level 3 assets and liabilities

Changes in the Level 3 assets and liabilities were as follows:

	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	$	17.4	$	39.7	$	(25.3)	$	32.1	$	—	$	—
Acquisitions	—		—		(13.0)		—		39.7		(27.9)
Total realized and unrealized gains (losses)
Included in investment and other income (losses), net	0.3		—		—		—		—		—
Included in general, administrative and other expense	—		—		(4.1)		—		—		2.0
Purchases	17.6		—		—		22.6		—		—
Sales	(6.0)		—		—		(19.0)		—		—
Settlements	(3.5)		(20.3)		—		(8.4)		—		0.6
Consolidation of investment product	—		—		—		(10.0)		—		—
Transfers into Level 3	1.9		—		—		0.1		—		—
Transfers out of Level 3	(3.1)		—		—		—		—		—
Balance at End of Year	$	24.6	$	19.4	$	(42.4)	$	17.4	$	39.7	$	(25.3)
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of year	$	0.3	$	—	$	(4.1)	$	(1.4)	$	—	$	—

Schedule of financial instruments not measured at fair value

Financial instruments that were not measured at fair value were as follows:

	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	$	4,357.8	$	4,357.8	$	3,026.8	$	3,026.8
Other investments
Time deposits	2	13.2		13.2		19.2		19.2
Equity securities	3	94.5		99.1		64.3		67.3
Loans receivable	3	—		—		42.4		42.4
Financial Liability
Debt	2	$	3,399.4	$	3,434.1	$	3,017.1	$	3,086.5