☒ | QUARTERLY 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 |
Delaware | 13-2670991 | ||||
(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 | ||||||
Common Stock, par value $0.10 per share | BEN | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||||||||
Emerging Growth Company | ☐ |
Page | |||||||||||
Financial Information | |||||||||||
Item 1. | Financial Statements (unaudited) | ||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Other Information | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 6. | |||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | 2022 | 2021 | 2022 | 2021 | (in millions, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | Operating Revenues | Operating Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | Investment management fees | $ | 1,649.2 | $ | 1,598.4 | $ | 3,409.7 | $ | 3,138.8 | Investment management fees | $ | 1,636.1 | $ | 1,697.3 | $ | 5,045.8 | $ | 4,836.1 | ||||||||||||||||||||||||||||||||||
Sales and distribution fees | Sales and distribution fees | 370.2 | 413.6 | 768.4 | 810.5 | Sales and distribution fees | 335.6 | 416.9 | 1,104.0 | 1,227.4 | ||||||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | Shareholder servicing fees | 52.2 | 55.7 | 99.9 | 105.1 | Shareholder servicing fees | 46.9 | 50.5 | 146.8 | 155.6 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 9.4 | 8.8 | 27.0 | 17.2 | Other | 12.7 | 8.2 | 39.7 | 25.4 | ||||||||||||||||||||||||||||||||||||||||||
Total operating revenues | Total operating revenues | 2,081.0 | 2,076.5 | 4,305.0 | 4,071.6 | Total operating revenues | 2,031.3 | 2,172.9 | 6,336.3 | 6,244.5 | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses | Operating Expenses | Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 752.5 | 732.3 | 1,555.1 | 1,457.8 | Compensation and benefits | 766.7 | 771.4 | 2,321.8 | 2,229.2 | ||||||||||||||||||||||||||||||||||||||||||
Sales, distribution and marketing | Sales, distribution and marketing | 482.4 | 541.8 | 992.5 | 1,048.3 | Sales, distribution and marketing | 440.3 | 531.0 | 1,432.8 | 1,579.3 | ||||||||||||||||||||||||||||||||||||||||||
Information systems and technology | Information systems and technology | 126.9 | 117.5 | 250.7 | 234.0 | Information systems and technology | 125.9 | 121.8 | 376.6 | 355.8 | ||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 53.0 | 53.8 | 109.3 | 109.5 | Occupancy | 53.8 | 54.6 | 163.1 | 164.1 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 60.4 | 57.9 | 118.7 | 116.1 | Amortization of intangible assets | 81.8 | 58.0 | 200.5 | 174.1 | ||||||||||||||||||||||||||||||||||||||||||
General, administrative and other | General, administrative and other | 142.8 | 116.9 | 258.0 | 240.5 | General, administrative and other | 158.1 | 158.0 | 416.1 | 398.5 | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 1,618.0 | 1,620.2 | 3,284.3 | 3,206.2 | Total operating expenses | 1,626.6 | 1,694.8 | 4,910.9 | 4,901.0 | ||||||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | 463.0 | 456.3 | 1,020.7 | 865.4 | Operating Income | 404.7 | 478.1 | 1,425.4 | 1,343.5 | ||||||||||||||||||||||||||||||||||||||||||
Other Income (Expenses) | Other Income (Expenses) | Other Income (Expenses) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income, net | Investment and other income, net | 27.7 | 67.1 | 84.7 | 144.3 | Investment and other income, net | 13.0 | 52.9 | 97.7 | 197.2 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (22.9) | (15.9) | (42.2) | (45.6) | Interest expense | (28.9) | (25.7) | (71.1) | (71.3) | ||||||||||||||||||||||||||||||||||||||||||
Investment and other income of consolidated investment products, net | 3.0 | 111.2 | 107.7 | 202.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income (losses) of consolidated investment products, net | Investment and other income (losses) of consolidated investment products, net | (74.4) | 61.0 | 33.3 | 263.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses of consolidated investment products | Expenses of consolidated investment products | (4.6) | (5.2) | (8.8) | (15.6) | Expenses of consolidated investment products | (1.3) | (10.9) | (10.1) | (26.5) | ||||||||||||||||||||||||||||||||||||||||||
Other income, net | 3.2 | 157.2 | 141.4 | 285.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses), net | Other income (expenses), net | (91.6) | 77.3 | 49.8 | 362.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes | Income before taxes | 466.2 | 613.5 | 1,162.1 | 1,150.8 | Income before taxes | 313.1 | 555.4 | 1,475.2 | 1,706.2 | ||||||||||||||||||||||||||||||||||||||||||
Taxes on income | Taxes on income | 107.1 | 128.1 | 258.2 | 270.6 | Taxes on income | 89.5 | 83.8 | 347.7 | 354.4 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 359.1 | 485.4 | 903.9 | 880.2 | Net income | 223.6 | 471.6 | 1,127.5 | 1,351.8 | ||||||||||||||||||||||||||||||||||||||||||
Less: net income (loss) attributable to | Less: net income (loss) attributable to | Less: net income (loss) attributable to | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (57.2) | 12.0 | (49.7) | 30.7 | Redeemable noncontrolling interests | (0.5) | 33.7 | (50.2) | 64.4 | ||||||||||||||||||||||||||||||||||||||||||
Nonredeemable noncontrolling interests | Nonredeemable noncontrolling interests | 66.7 | 91.6 | 150.8 | 122.4 | Nonredeemable noncontrolling interests | (32.3) | (0.5) | 118.5 | 121.9 | ||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Franklin Resources, Inc. | Net Income Attributable to Franklin Resources, Inc. | $ | 349.6 | $ | 381.8 | $ | 802.8 | $ | 727.1 | Net Income Attributable to Franklin Resources, Inc. | $ | 256.4 | $ | 438.4 | $ | 1,059.2 | $ | 1,165.5 | ||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share | Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.68 | $ | 0.74 | $ | 1.57 | $ | 1.42 | Basic | $ | 0.50 | $ | 0.86 | $ | 2.07 | $ | 2.27 | ||||||||||||||||||||||||||||||||||
Diluted | Diluted | 0.68 | 0.74 | 1.57 | 1.42 | Diluted | 0.50 | 0.86 | 2.07 | 2.27 |
(in millions) | (in millions) | Three Months Ended March 31, | Six Months Ended March 31, | (in millions) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | $ | 359.1 | $ | 485.4 | $ | 903.9 | $ | 880.2 | Net Income | $ | 223.6 | $ | 471.6 | $ | 1,127.5 | $ | 1,351.8 | ||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments, net of tax | Currency translation adjustments, net of tax | (16.3) | (34.8) | (23.2) | 58.7 | Currency translation adjustments, net of tax | (100.6) | 22.6 | (123.8) | 81.3 | ||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on defined benefit plans, net of tax | 5.3 | 1.0 | 0.2 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on defined benefit plans, net of tax | Net unrealized gains (losses) on defined benefit plans, net of tax | (2.4) | (0.2) | (2.2) | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (11.0) | (33.8) | (23.0) | 59.1 | Total other comprehensive income (loss) | (103.0) | 22.4 | (126.0) | 81.5 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 348.1 | 451.6 | 880.9 | 939.3 | Total comprehensive income | 120.6 | 494.0 | 1,001.5 | 1,433.3 | ||||||||||||||||||||||||||||||||||||||||||
Less: comprehensive income (loss) attributable to | Less: comprehensive income (loss) attributable to | Less: comprehensive income (loss) attributable to | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (57.2) | 12.0 | (49.7) | 30.7 | Redeemable noncontrolling interests | (0.5) | 33.7 | (50.2) | 64.4 | ||||||||||||||||||||||||||||||||||||||||||
Nonredeemable noncontrolling interests | Nonredeemable noncontrolling interests | 66.7 | 91.6 | 150.8 | 122.4 | Nonredeemable noncontrolling interests | (32.3) | (0.5) | 118.5 | 121.9 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income Attributable to Franklin Resources, Inc. | Comprehensive Income Attributable to Franklin Resources, Inc. | $ | 338.6 | $ | 348.0 | $ | 779.8 | $ | 786.2 | Comprehensive Income Attributable to Franklin Resources, Inc. | $ | 153.4 | $ | 460.8 | $ | 933.2 | $ | 1,247.0 |
(in millions, except share and per share data) | (in millions, except share and per share data) | March 31, 2022 | September 30, 2021 | (in millions, except share and per share data) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 4,411.6 | $ | 4,357.8 | Cash and cash equivalents | $ | 3,806.3 | $ | 4,357.8 | ||||||||||||||||||
Receivables | Receivables | 1,370.7 | 1,428.2 | Receivables | 1,414.8 | 1,428.2 | ||||||||||||||||||||||
Investments (including $589.3 and $588.3 at fair value at March 31, 2022 and September 30, 2021) | 1,398.4 | 1,510.3 | ||||||||||||||||||||||||||
Investments (including $660.8 and $588.3 at fair value at June 30, 2022 and September 30, 2021) | Investments (including $660.8 and $588.3 at fair value at June 30, 2022 and September 30, 2021) | 1,658.5 | 1,510.3 | |||||||||||||||||||||||||
Assets of consolidated investment products | Assets of consolidated investment products | Assets of consolidated investment products | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 603.1 | 289.4 | Cash and cash equivalents | 672.4 | 289.4 | ||||||||||||||||||||||
Investments, at fair value | Investments, at fair value | 7,134.6 | 5,820.1 | Investments, at fair value | 7,475.3 | 5,820.1 | ||||||||||||||||||||||
Property and equipment, net | Property and equipment, net | 744.0 | 770.0 | Property and equipment, net | 759.1 | 770.0 | ||||||||||||||||||||||
Goodwill | Goodwill | 4,718.2 | 4,457.7 | Goodwill | 5,807.1 | 4,457.7 | ||||||||||||||||||||||
Intangible assets, net | Intangible assets, net | 4,721.9 | 4,710.2 | Intangible assets, net | 5,177.4 | 4,710.2 | ||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 398.3 | 448.4 | Operating lease right-of-use assets | 486.8 | 448.4 | ||||||||||||||||||||||
Other | Other | 332.1 | 376.3 | Other | 338.3 | 376.3 | ||||||||||||||||||||||
Total Assets | Total Assets | $ | 25,832.9 | $ | 24,168.4 | Total Assets | $ | 27,596.0 | $ | 24,168.4 | ||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 1,014.8 | $ | 1,179.3 | Compensation and benefits | $ | 1,234.3 | $ | 1,179.3 | ||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 504.7 | 479.3 | Accounts payable and accrued expenses | 541.7 | 479.3 | ||||||||||||||||||||||
Commissions | Commissions | 229.7 | 259.8 | Commissions | 209.8 | 259.8 | ||||||||||||||||||||||
Income taxes | Income taxes | 591.8 | 693.6 | Income taxes | 521.2 | 693.6 | ||||||||||||||||||||||
Debt | Debt | 3,388.0 | 3,399.4 | Debt | 3,382.2 | 3,399.4 | ||||||||||||||||||||||
Liabilities of consolidated investment products | Liabilities of consolidated investment products | Liabilities of consolidated investment products | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 654.3 | 558.0 | Accounts payable and accrued expenses | 451.4 | 558.0 | ||||||||||||||||||||||
Debt | Debt | 5,100.1 | 3,671.0 | Debt | 5,496.5 | 3,671.0 | ||||||||||||||||||||||
Deferred tax liabilities | Deferred tax liabilities | 252.3 | 311.7 | Deferred tax liabilities | 290.9 | 311.7 | ||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 462.6 | 518.4 | Operating lease liabilities | 555.3 | 518.4 | ||||||||||||||||||||||
Other | Other | 306.9 | 354.3 | Other | 1,133.9 | 354.3 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 12,505.2 | 11,424.8 | Total liabilities | 13,817.2 | 11,424.8 | ||||||||||||||||||||||
Commitments and Contingencies (Note 10) | 0 | 0 | ||||||||||||||||||||||||||
Commitments and Contingencies (Note 11) | Commitments and Contingencies (Note 11) | 0 | 0 | |||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests | 1,138.1 | 933.0 | Redeemable Noncontrolling Interests | 1,493.7 | 933.0 | ||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | Stockholders’ Equity | ||||||||||||||||||||||||||
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | — | — | Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | — | — | ||||||||||||||||||||||
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 500,374,393 and 501,807,677 shares issued and outstanding at March 31, 2022 and September 30, 2021 | 50.0 | 50.2 | ||||||||||||||||||||||||||
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 498,356,132 and 501,807,677 shares issued and outstanding at June 30, 2022 and September 30, 2021 | Common stock, $0.10 par value, 1,000,000,000 shares authorized; 498,356,132 and 501,807,677 shares issued and outstanding at June 30, 2022 and September 30, 2021 | 49.8 | 50.2 | |||||||||||||||||||||||||
Retained earnings | Retained earnings | 11,891.3 | 11,550.8 | Retained earnings | 11,997.5 | 11,550.8 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (400.6) | (377.6) | Accumulated other comprehensive loss | (503.6) | (377.6) | ||||||||||||||||||||||
Total Franklin Resources, Inc. stockholders’ equity | Total Franklin Resources, Inc. stockholders’ equity | 11,540.7 | 11,223.4 | Total Franklin Resources, Inc. stockholders’ equity | 11,543.7 | 11,223.4 | ||||||||||||||||||||||
Nonredeemable noncontrolling interests | Nonredeemable noncontrolling interests | 648.9 | 587.2 | Nonredeemable noncontrolling interests | 741.4 | 587.2 | ||||||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 12,189.6 | 11,810.6 | Total stockholders’ equity | 12,285.1 | 11,810.6 | ||||||||||||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 25,832.9 | $ | 24,168.4 | Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 27,596.0 | $ | 24,168.4 |
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total 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 | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2022 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2022 | for the nine months ended June 30, 2022 | Shares | Amount | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2021 | Balance at October 1, 2021 | 501.8 | $ | 50.2 | $ | — | $ | 11,550.8 | $ | (377.6) | $ | 11,223.4 | $ | 587.2 | $ | 11,810.6 | Balance at October 1, 2021 | 501.8 | $ | 50.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 453.2 | 453.2 | 84.1 | 537.3 | Net income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (12.0) | (12.0) | (12.0) | Other comprehensive loss | (12.0) | (12.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.29 per share) | Dividends declared on common stock ($0.29 per share) | (148.9) | (148.9) | (148.9) | Dividends declared on common stock ($0.29 per share) | (148.9) | (148.9) | (148.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (0.7) | — | (58.8) | 37.1 | (21.7) | (21.7) | Repurchase of common stock | (0.7) | — | (58.8) | 37.1 | (21.7) | (21.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 1.4 | 0.1 | 47.6 | 47.7 | 47.7 | Issuance of common stock | 1.4 | 0.1 | 47.6 | 47.7 | 47.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 11.2 | 11.2 | 11.2 | Stock-based compensation | 11.2 | 11.2 | 11.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net distributions and other | Net distributions and other | (27.8) | (27.8) | Net distributions and other | (27.8) | (27.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | 502.5 | $ | 50.3 | $ | — | $ | 11,892.2 | $ | (389.6) | $ | 11,552.9 | $ | 643.5 | $ | 12,196.4 | Balance at December 31, 2021 | 502.5 | $ | 50.3 | $ | — | $ | 11,892.2 | $ | (389.6) | $ | 11,552.9 | $ | 643.5 | $ | 12,196.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 349.6 | 349.6 | 66.7 | 416.3 | Net income | 349.6 | 349.6 | 66.7 | 416.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (11.0) | (11.0) | (11.0) | Other comprehensive loss | (11.0) | (11.0) | (11.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.29 per share) | Dividends declared on common stock ($0.29 per share) | (148.3) | (148.3) | (148.3) | Dividends declared on common stock ($0.29 per share) | (148.3) | (148.3) | (148.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (2.7) | (0.4) | (66.7) | (13.7) | (80.8) | (80.8) | Repurchase of common stock | (2.7) | (0.4) | (66.7) | (13.7) | (80.8) | (80.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 0.6 | 0.1 | 18.5 | 18.6 | 18.6 | Issuance of common stock | 0.6 | 0.1 | 18.5 | 18.6 | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 48.2 | 48.2 | 48.2 | Stock-based compensation | 48.2 | 48.2 | 48.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net distributions and other | Net distributions and other | (21.7) | (21.7) | Net distributions and other | (21.7) | (21.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidation of investment products | Net deconsolidation of investment products | (39.6) | (39.6) | Net deconsolidation of investment products | (39.6) | (39.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable noncontrolling interests | Adjustment to fair value of redeemable noncontrolling interests | (188.5) | (188.5) | (188.5) | Adjustment to fair value of redeemable noncontrolling interests | (188.5) | (188.5) | (188.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 500.4 | $ | 50.0 | $ | — | $ | 11,891.3 | $ | (400.6) | $ | 11,540.7 | $ | 648.9 | $ | 12,189.6 | Balance at March 31, 2022 | 500.4 | $ | 50.0 | $ | — | $ | 11,891.3 | $ | (400.6) | $ | 11,540.7 | $ | 648.9 | $ | 12,189.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 256.4 | 256.4 | (32.3) | 224.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (103.0) | (103.0) | (103.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.29 per share) | Dividends declared on common stock ($0.29 per share) | (147.7) | (147.7) | (147.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (2.0) | (0.2) | (48.3) | (2.5) | (51.0) | (51.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | — | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 46.5 | 46.5 | 46.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net distributions and other | Net distributions and other | (24.8) | (24.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidation of investment products | Net deconsolidation of investment products | (0.3) | (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition | 149.9 | 149.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 498.4 | $ | 49.8 | $ | — | $ | 11,997.5 | $ | (503.6) | $ | 11,543.7 | $ | 741.4 | $ | 12,285.1 |
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total 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 | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2021 | for the nine months ended June 30, 2021 | Shares | Amount | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2020 | Balance at October 1, 2020 | 495.1 | $ | 49.5 | $ | — | $ | 10,472.6 | $ | (407.6) | $ | 10,114.5 | $ | 754.6 | $ | 10,869.1 | Balance at October 1, 2020 | 495.1 | $ | 49.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of new accounting guidance | Adoption of new accounting guidance | (3.3) | (3.3) | (3.3) | Adoption of new accounting guidance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 345.3 | 345.3 | 30.8 | 376.1 | Net income | 345.3 | 345.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 92.9 | 92.9 | 92.9 | Other comprehensive income | 92.9 | 92.9 | 92.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.28 per share) | Dividends declared on common stock ($0.28 per share) | (144.0) | (144.0) | (144.0) | Dividends declared on common stock ($0.28 per share) | (144.0) | (144.0) | (144.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (2.1) | (0.2) | (39.9) | (5.5) | (45.6) | (45.6) | Repurchase of common stock | (2.1) | (0.2) | (39.9) | (5.5) | (45.6) | (45.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 12.5 | 1.2 | 32.5 | 33.7 | 33.7 | Issuance of common stock | 12.5 | 1.2 | 32.5 | 33.7 | 33.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 7.4 | 7.4 | 7.4 | Stock-based compensation | 7.4 | 7.4 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | Net subscriptions and other | 93.3 | 93.3 | Net subscriptions and other | 93.3 | 93.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | 505.5 | $ | 50.5 | $ | — | $ | 10,665.1 | $ | (314.7) | $ | 10,400.9 | $ | 878.7 | $ | 11,279.6 | Balance at December 31, 2020 | 505.5 | $ | 50.5 | $ | — | $ | 10,665.1 | $ | (314.7) | $ | 10,400.9 | $ | 878.7 | $ | 11,279.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 381.8 | 381.8 | 91.6 | 473.4 | Net income | 381.8 | 381.8 | 91.6 | 473.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (33.8) | (33.8) | (33.8) | Other comprehensive loss | (33.8) | (33.8) | (33.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.28 per share) | Dividends declared on common stock ($0.28 per share) | (143.7) | (143.7) | (143.7) | Dividends declared on common stock ($0.28 per share) | (143.7) | (143.7) | (143.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (1.7) | (0.2) | (56.2) | 10.6 | (45.8) | (45.8) | Repurchase of common stock | (1.7) | (0.2) | (56.2) | 10.6 | (45.8) | (45.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 0.5 | 0.1 | 14.1 | 14.2 | 14.2 | Issuance of common stock | 0.5 | 0.1 | 14.1 | 14.2 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 42.1 | 42.1 | 42.1 | Stock-based compensation | 42.1 | 42.1 | 42.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | Net subscriptions and other | 16.5 | 16.5 | Net subscriptions and other | 16.5 | 16.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidation of investment products | Net deconsolidation of investment products | (31.6) | (31.6) | Net deconsolidation of investment products | (31.6) | (31.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable noncontrolling interests | Adjustment to fair value of redeemable noncontrolling interests | (52.3) | (52.3) | (52.3) | Adjustment to fair value of redeemable noncontrolling interests | (52.3) | (52.3) | (52.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | 504.3 | $ | 50.4 | $ | — | $ | 10,861.5 | $ | (348.5) | $ | 10,563.4 | $ | 955.2 | $ | 11,518.6 | Balance at March 31, 2021 | 504.3 | $ | 50.4 | $ | — | $ | 10,861.5 | $ | (348.5) | $ | 10,563.4 | $ | 955.2 | $ | 11,518.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 438.4 | 438.4 | (0.5) | 437.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 22.4 | 22.4 | 22.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.28 per share) | Dividends declared on common stock ($0.28 per share) | (143.3) | (143.3) | (143.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (1.4) | (0.1) | (40.7) | (5.6) | (46.4) | (46.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | — | — | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 40.5 | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | Net subscriptions and other | 87.9 | 87.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deconsolidation of investment products | Net deconsolidation of investment products | (487.0) | (487.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 502.9 | $ | 50.3 | $ | — | $ | 11,151.0 | $ | (326.1) | $ | 10,875.2 | $ | 555.6 | $ | 11,430.8 |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Net Income | Net Income | $ | 903.9 | $ | 880.2 | Net Income | $ | 1,127.5 | $ | 1,351.8 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 112.5 | 86.2 | Stock-based compensation | 160.9 | 126.6 | ||||||||||||||||||||||
Amortization of deferred sales commissions | Amortization of deferred sales commissions | 35.0 | 38.4 | Amortization of deferred sales commissions | 49.6 | 58.8 | ||||||||||||||||||||||
Depreciation and other amortization | Depreciation and other amortization | 42.7 | 44.8 | Depreciation and other amortization | 68.8 | 70.9 | ||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 118.7 | 116.1 | Amortization of intangible assets | 200.5 | 174.1 | ||||||||||||||||||||||
Net gains on investments | (2.7) | (51.5) | ||||||||||||||||||||||||||
Net losses (gains) on investments | Net losses (gains) on investments | 32.9 | (67.7) | |||||||||||||||||||||||||
Income from investments in equity method investees | Income from investments in equity method investees | (51.7) | (84.4) | Income from investments in equity method investees | (51.6) | (123.8) | ||||||||||||||||||||||
Net gains on investments of consolidated investment products | (62.6) | (140.5) | ||||||||||||||||||||||||||
Net losses (gains) on investments of consolidated investment products | Net losses (gains) on investments of consolidated investment products | 22.0 | (176.1) | |||||||||||||||||||||||||
Net purchase of investments by consolidated investment products | Net purchase of investments by consolidated investment products | (321.8) | (242.5) | Net purchase of investments by consolidated investment products | (312.2) | (434.4) | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 3.3 | (16.0) | Deferred income taxes | 55.9 | (42.3) | ||||||||||||||||||||||
Other | Other | 10.0 | (8.6) | Other | 33.0 | 12.3 | ||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Increase in receivables and other assets | Increase in receivables and other assets | (121.6) | (112.7) | Increase in receivables and other assets | (97.3) | (115.2) | ||||||||||||||||||||||
Decrease (increase) in investments, net | Decrease (increase) in investments, net | (21.3) | 8.5 | Decrease (increase) in investments, net | (33.2) | 15.6 | ||||||||||||||||||||||
Decrease in accrued compensation and benefits | (162.2) | (12.5) | ||||||||||||||||||||||||||
Increase (decrease) in accrued compensation and benefits | Increase (decrease) in accrued compensation and benefits | 45.1 | (88.9) | |||||||||||||||||||||||||
Increase (decrease) in commissions payable | Increase (decrease) in commissions payable | (30.1) | 11.3 | Increase (decrease) in commissions payable | (50.0) | 14.2 | ||||||||||||||||||||||
Decrease in income taxes payable | Decrease in income taxes payable | (104.9) | (38.9) | Decrease in income taxes payable | (176.3) | (50.4) | ||||||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | Increase (decrease) in accounts payable, accrued expenses and other liabilities | (59.9) | 45.6 | Increase (decrease) in accounts payable, accrued expenses and other liabilities | 40.9 | (1.7) | ||||||||||||||||||||||
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products | Increase (decrease) in accounts payable and accrued expenses of consolidated investment products | (16.8) | 22.8 | Increase (decrease) in accounts payable and accrued expenses of consolidated investment products | (26.2) | 15.5 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 270.5 | 546.3 | Net cash provided by operating activities | 1,090.3 | 739.3 | ||||||||||||||||||||||
Purchase of investments | Purchase of investments | (375.9) | (368.5) | Purchase of investments | (676.5) | (624.8) | ||||||||||||||||||||||
Liquidation of investments | Liquidation of investments | 726.0 | 207.8 | Liquidation of investments | 872.0 | 383.7 | ||||||||||||||||||||||
Purchase of investments by consolidated collateralized loan obligations | Purchase of investments by consolidated collateralized loan obligations | (2,170.2) | (1,656.0) | Purchase of investments by consolidated collateralized loan obligations | (3,198.4) | (2,731.1) | ||||||||||||||||||||||
Liquidation of investments by consolidated collateralized loan obligations | Liquidation of investments by consolidated collateralized loan obligations | 1,058.8 | 524.7 | Liquidation of investments by consolidated collateralized loan obligations | 1,501.4 | 1,148.7 | ||||||||||||||||||||||
Decrease in loans receivable, net | Decrease in loans receivable, net | — | 42.7 | Decrease in loans receivable, net | — | 42.7 | ||||||||||||||||||||||
Additions of property and equipment, net | Additions of property and equipment, net | (42.5) | (20.8) | Additions of property and equipment, net | (55.6) | (34.9) | ||||||||||||||||||||||
Acquisitions, net of cash acquired | Acquisitions, net of cash acquired | (372.3) | — | Acquisitions, net of cash acquired | (1,354.7) | — | ||||||||||||||||||||||
Payments of contingent consideration asset | Payments of contingent consideration asset | 12.6 | 10.6 | Payments of contingent consideration asset | 20.9 | 15.6 | ||||||||||||||||||||||
Net consolidation (deconsolidation) of investment products | Net consolidation (deconsolidation) of investment products | 12.2 | (18.4) | Net consolidation (deconsolidation) of investment products | 211.0 | (135.9) | ||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (1,151.3) | (1,277.9) | Net cash used in investing activities | (2,679.9) | (1,936.0) |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | $ | 13.6 | $ | 11.0 | Issuance of common stock | $ | 13.6 | $ | 11.0 | ||||||||||||||||||
Dividends paid on common stock | Dividends paid on common stock | (290.5) | (276.8) | Dividends paid on common stock | (437.1) | (418.6) | ||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (104.3) | (90.4) | Repurchase of common stock | (154.0) | (135.8) | ||||||||||||||||||||||
Proceeds from issuance of debt | Proceeds from issuance of debt | — | 748.3 | Proceeds from issuance of debt | — | 748.3 | ||||||||||||||||||||||
Payment of debt issuance costs | Payment of debt issuance costs | — | (6.7) | Payment of debt issuance costs | — | (6.7) | ||||||||||||||||||||||
Payment on debt | Payment on debt | — | (250.0) | Payment on debt | — | (250.0) | ||||||||||||||||||||||
Proceeds from debt of consolidated investment products | Proceeds from debt of consolidated investment products | 3,016.9 | 1,496.8 | Proceeds from debt of consolidated investment products | 4,345.2 | 1,636.2 | ||||||||||||||||||||||
Payments on debt of consolidated investment products | Payments on debt of consolidated investment products | (1,609.9) | (488.7) | Payments on debt of consolidated investment products | (2,469.3) | (488.7) | ||||||||||||||||||||||
Payments on contingent consideration liabilities | Payments on contingent consideration liabilities | (4.1) | — | Payments on contingent consideration liabilities | (4.1) | — | ||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 254.2 | 187.3 | Noncontrolling interests | 194.9 | 447.2 | ||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 1,275.9 | 1,330.8 | Net cash provided by financing activities | 1,489.2 | 1,542.9 | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | Effect of exchange rate changes on cash and cash equivalents | (27.6) | 14.9 | Effect of exchange rate changes on cash and cash equivalents | (68.1) | 25.1 | ||||||||||||||||||||||
Increase in cash and cash equivalents | 367.5 | 614.1 | ||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | Increase (decrease) in cash and cash equivalents | (168.5) | 371.3 | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | 4,647.2 | 3,989.8 | Cash and cash equivalents, beginning of period | 4,647.2 | 3,989.8 | ||||||||||||||||||||||
Cash and Cash Equivalents, End of Period | Cash and Cash Equivalents, End of Period | $ | 5,014.7 | $ | 4,603.9 | Cash and Cash Equivalents, End of Period | $ | 4,478.7 | $ | 4,361.1 | ||||||||||||||||||
Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | Supplemental Disclosure of Cash Flow Information | ||||||||||||||||||||||||||
Cash paid for income taxes | Cash paid for income taxes | $ | 350.1 | $ | 319.2 | Cash paid for income taxes | $ | 456.7 | $ | 434.6 | ||||||||||||||||||
Cash paid for interest | Cash paid for interest | 54.7 | 62.8 | Cash paid for interest | 61.8 | 76.2 | ||||||||||||||||||||||
Cash paid for interest by consolidated investment products | Cash paid for interest by consolidated investment products | 65.7 | 44.3 | Cash paid for interest by consolidated investment products | 107.0 | 75.7 |
(in millions) | As Reported | Adjustments | As Revised | |||||||||||||||||
Net cash provided by operating activities | $ | 505.4 | $ | 40.9 | $ | 546.3 | ||||||||||||||
Net cash used in investing activities | (773.0) | (504.9) | (1,277.9) | |||||||||||||||||
Net cash provided by financing activities | 659.9 | 670.9 | 1,330.8 |
(in millions) | Estimated Fair Value | |||||||
as of April 1, 2022 | ||||||||
Goodwill | $ | 1,105.3 | ||||||
Definite-lived intangible assets | 552.0 | |||||||
Investments | 163.0 | |||||||
Operating lease right-of-use assets | 84.4 | |||||||
Other assets and liabilities, net | 28.1 | |||||||
Operating lease liabilities | (91.8) | |||||||
Nonredeemable noncontrolling interests | (149.9) | |||||||
Total Identifiable Net Assets | $ | 1,691.1 |
(in millions) | ||||||||
for the fiscal years ending September 30, | Amount | |||||||
2022 (remainder of year) | $ | 21.3 | ||||||
2023 | 85.3 | |||||||
2024 | 85.3 | |||||||
2025 | 85.3 | |||||||
2026 | 85.3 | |||||||
Thereafter | 168.2 | |||||||
Total | $ | 530.7 |
(in millions, except per share data) | (in millions, except per share data) | Three Months Ended March 31, | Six Months Ended March 31, | (in millions, except per share data) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | Net income attributable to Franklin Resources, Inc. | $ | 349.6 | $ | 381.8 | $ | 802.8 | $ | 727.1 | Net income attributable to Franklin Resources, Inc. | $ | 256.4 | $ | 438.4 | $ | 1,059.2 | $ | 1,165.5 | ||||||||||||||||||||||||||||||||||
Less: allocation of earnings to participating nonvested stock and stock unit awards | Less: allocation of earnings to participating nonvested stock and stock unit awards | 15.1 | 16.9 | 34.3 | 31.3 | Less: allocation of earnings to participating nonvested stock and stock unit awards | 11.2 | 19.4 | 45.6 | 50.6 | ||||||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | Net Income Available to Common Stockholders | $ | 334.5 | $ | 364.9 | $ | 768.5 | $ | 695.8 | Net Income Available to Common Stockholders | $ | 245.2 | $ | 419.0 | $ | 1,013.6 | $ | 1,114.9 | ||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding – basic | Weighted-average shares outstanding – basic | 490.0 | 490.5 | 489.9 | 490.8 | Weighted-average shares outstanding – basic | 487.5 | 489.2 | 489.1 | 490.3 | ||||||||||||||||||||||||||||||||||||||||||
Dilutive effect of nonparticipating nonvested stock unit awards | Dilutive effect of nonparticipating nonvested stock unit awards | 0.5 | 0.4 | 0.6 | 0.5 | Dilutive effect of nonparticipating nonvested stock unit awards | 0.4 | 0.7 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Shares Outstanding – Diluted | Weighted-Average Shares Outstanding – Diluted | 490.5 | 490.9 | 490.5 | 491.3 | Weighted-Average Shares Outstanding – Diluted | 487.9 | 489.9 | 489.7 | 490.9 | ||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share | Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.68 | $ | 0.74 | $ | 1.57 | $ | 1.42 | Basic | $ | 0.50 | $ | 0.86 | $ | 2.07 | $ | 2.27 | ||||||||||||||||||||||||||||||||||
Diluted | Diluted | 0.68 | 0.74 | 1.57 | 1.42 | Diluted | 0.50 | 0.86 | 2.07 | 2.27 |
(in millions) | (in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | (in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended June 30, 2022 | for the three months ended June 30, 2022 | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | Investment management fees | $ | 1,202.1 | $ | 237.2 | $ | 89.5 | $ | 64.6 | $ | 55.8 | $ | 1,649.2 | Investment management fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and distribution fees | Sales and distribution fees | 261.6 | 89.3 | 6.6 | 12.7 | — | 370.2 | Sales and distribution fees | 238.1 | 80.2 | 5.8 | 11.5 | — | 335.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | Shareholder servicing fees | 42.1 | 9.3 | 0.3 | — | 0.5 | 52.2 | Shareholder servicing fees | 37.5 | 8.5 | 0.4 | 0.1 | 0.4 | 46.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 9.1 | 0.2 | 0.1 | — | — | 9.4 | Other | 12.0 | 0.3 | 0.2 | — | 0.2 | 12.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,514.9 | $ | 336.0 | $ | 96.5 | $ | 77.3 | $ | 56.3 | $ | 2,081.0 | Total | $ | 1,522.3 | $ | 300.6 | $ | 77.6 | $ | 71.0 | $ | 59.8 | $ | 2,031.3 |
(in millions) | (in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | (in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2022 | for the nine months ended June 30, 2022 | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | Investment management fees | $ | 2,486.1 | $ | 495.6 | $ | 171.3 | $ | 134.9 | $ | 121.8 | $ | 3,409.7 | Investment management fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and distribution fees | Sales and distribution fees | 540.0 | 188.1 | 14.2 | 26.1 | — | 768.4 | Sales and distribution fees | 778.1 | 268.3 | 20.0 | 37.6 | — | 1,104.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | Shareholder servicing fees | 78.9 | 19.4 | 0.7 | 0.1 | 0.8 | 99.9 | Shareholder servicing fees | 116.4 | 27.9 | 1.1 | 0.2 | 1.2 | 146.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 26.2 | 0.5 | 0.3 | — | — | 27.0 | Other | 38.2 | 0.8 | 0.5 | — | 0.2 | 39.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,131.2 | $ | 703.6 | $ | 186.5 | $ | 161.1 | $ | 122.6 | $ | 4,305.0 | Total | $ | 4,653.5 | $ | 1,004.2 | $ | 264.1 | $ | 232.1 | $ | 182.4 | $ | 6,336.3 |
(in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 1,213.0 | $ | 269.9 | $ | 85.7 | $ | 73.1 | $ | 55.6 | $ | 1,697.3 | ||||||||||||||||||||||||||
Sales and distribution fees | 293.7 | 100.5 | 8.4 | 14.0 | 0.3 | 416.9 | ||||||||||||||||||||||||||||||||
Shareholder servicing fees | 38.3 | 10.1 | 2.0 | 0.1 | — | 50.5 | ||||||||||||||||||||||||||||||||
Other | 7.8 | 0.3 | 0.1 | — | — | 8.2 | ||||||||||||||||||||||||||||||||
Total | $ | 1,552.8 | $ | 380.8 | $ | 96.2 | $ | 87.2 | $ | 55.9 | $ | 2,172.9 |
(in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 1,091.0 | $ | 311.5 | $ | 83.6 | $ | 69.6 | $ | 42.7 | $ | 1,598.4 | ||||||||||||||||||||||||||
Sales and distribution fees | 280.8 | 104.9 | 15.0 | 12.6 | 0.3 | 413.6 | ||||||||||||||||||||||||||||||||
Shareholder servicing fees | 43.6 | 10.1 | 2.0 | — | — | 55.7 | ||||||||||||||||||||||||||||||||
Other | 3.6 | 0.2 | 1.2 | — | 3.8 | 8.8 | ||||||||||||||||||||||||||||||||
Total | $ | 1,419.0 | $ | 426.7 | $ | 101.8 | $ | 82.2 | $ | 46.8 | $ | 2,076.5 |
(in millions) | (in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | (in millions) | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2021 | for the nine months ended June 30, 2021 | United States | Luxembourg | Asia-Pacific | Americas Excluding United States | Europe, Middle East and Africa, Excluding Luxembourg | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | Investment management fees | $ | 2,203.1 | $ | 533.3 | $ | 162.3 | $ | 139.6 | $ | 100.5 | $ | 3,138.8 | Investment management fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and distribution fees | Sales and distribution fees | 558.7 | 194.7 | 29.0 | 24.9 | 3.2 | 810.5 | Sales and distribution fees | 852.4 | 295.2 | 37.4 | 38.9 | 3.5 | 1,227.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | Shareholder servicing fees | 81.6 | 15.9 | 3.9 | 0.1 | 3.6 | 105.1 | Shareholder servicing fees | 119.9 | 26.0 | 5.9 | 0.2 | 3.6 | 155.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 10.1 | 0.5 | 1.5 | — | 5.1 | 17.2 | Other | 17.9 | 0.8 | 1.6 | — | 5.1 | 25.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,853.5 | $ | 744.4 | $ | 196.7 | $ | 164.6 | $ | 112.4 | $ | 4,071.6 | Total | $ | 4,406.3 | $ | 1,125.2 | $ | 292.9 | $ | 251.8 | $ | 168.3 | $ | 6,244.5 |
(in millions) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Investments, at fair value | Investments, at fair value | Investments, at fair value | ||||||||||||||||||||||||||
Sponsored funds and separate accounts | Sponsored funds and separate accounts | $ | 351.7 | $ | 368.3 | Sponsored funds and separate accounts | $ | 463.5 | $ | 368.3 | ||||||||||||||||||
Investments related to long-term incentive plans | Investments related to long-term incentive plans | 185.8 | 160.0 | Investments related to long-term incentive plans | 141.0 | 160.0 | ||||||||||||||||||||||
Other equity and debt investments | Other equity and debt investments | 51.8 | 60.0 | Other equity and debt investments | 56.3 | 60.0 | ||||||||||||||||||||||
Total investments, at fair value | Total investments, at fair value | 589.3 | 588.3 | Total investments, at fair value | 660.8 | 588.3 | ||||||||||||||||||||||
Investments in equity method investees | Investments in equity method investees | 593.0 | 814.3 | Investments in equity method investees | 744.5 | 814.3 | ||||||||||||||||||||||
Other investments | Other investments | 216.1 | 107.7 | Other investments | 253.2 | 107.7 | ||||||||||||||||||||||
Total | Total | $ | 1,398.4 | $ | 1,510.3 | Total | $ | 1,658.5 | $ | 1,510.3 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of March 31, 2022 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||||||||||||||
Sponsored funds and separate accounts | $ | 220.4 | $ | 34.7 | $ | 21.9 | $ | 74.7 | $ | 351.7 | ||||||||||||||||||||||
Investments related to long-term incentive plans | 185.8 | — | — | — | 185.8 | |||||||||||||||||||||||||||
Other equity and debt investments | 3.6 | 17.0 | — | 31.2 | 51.8 | |||||||||||||||||||||||||||
Contingent consideration asset | — | — | 17.1 | — | 17.1 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 409.8 | $ | 51.7 | $ | 39.0 | $ | 105.9 | $ | 606.4 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration liabilities | $ | — | $ | — | $ | 56.5 | $ | — | $ | 56.5 |
(in millions) | (in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | (in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
as of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of June 30, 2022 | as of June 30, 2022 | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, at fair value | Investments, at fair value | Investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsored funds and separate accounts | Sponsored funds and separate accounts | $ | 241.3 | $ | 18.4 | $ | 24.6 | $ | 84.0 | $ | 368.3 | Sponsored funds and separate accounts | $ | 334.2 | $ | 48.4 | $ | 19.2 | $ | 61.7 | $ | 463.5 | ||||||||||||||||||||||||||||||||||||||||||
Investments related to long-term incentive plans | Investments related to long-term incentive plans | 160.0 | — | — | — | 160.0 | Investments related to long-term incentive plans | 141.0 | — | — | — | 141.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other equity and debt investments | Other equity and debt investments | 3.3 | 13.3 | — | 43.4 | 60.0 | Other equity and debt investments | 3.2 | 19.5 | — | 33.6 | 56.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration asset | Contingent consideration asset | — | — | 19.4 | — | 19.4 | Contingent consideration asset | — | — | 8.8 | — | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets Measured at Fair Value | Total Assets Measured at Fair Value | $ | 404.6 | $ | 31.7 | $ | 44.0 | $ | 127.4 | $ | 607.7 | Total Assets Measured at Fair Value | $ | 478.4 | $ | 67.9 | $ | 28.0 | $ | 95.3 | $ | 669.6 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent consideration liabilities | Contingent consideration liabilities | $ | — | $ | — | $ | 42.4 | $ | — | $ | 42.4 | Contingent consideration liabilities | $ | — | $ | — | $ | 60.1 | $ | — | $ | 60.1 |
(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) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Nonredeemable investments1 | Nonredeemable investments1 | Nonredeemable investments1 | ||||||||||||||||||||||||||
Investments with unknown liquidation periods | Investments with unknown liquidation periods | $ | 46.8 | $ | 46.6 | Investments with unknown liquidation periods | $ | 35.8 | $ | 46.6 | ||||||||||||||||||
Investments with known liquidation periods | Investments with known liquidation periods | 32.2 | 53.9 | Investments with known liquidation periods | 33.9 | 53.9 | ||||||||||||||||||||||
Redeemable investments2 | Redeemable investments2 | 26.9 | 26.9 | Redeemable investments2 | 25.6 | 26.9 | ||||||||||||||||||||||
Unfunded commitments | Unfunded commitments | 51.7 | 51.8 | Unfunded commitments | 51.4 | 51.8 |
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | (in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended June 30, | for the three months ended June 30, | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 18.2 | $ | 15.5 | $ | (56.7) | $ | 17.8 | $ | 36.9 | $ | (25.5) | Balance at beginning of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | Total realized and unrealized gains (losses) | Total realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in investment and other income, net | Included in investment and other income, net | (1.8) | — | — | (0.1) | — | — | Included in investment and other income, net | 1.2 | — | — | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in general, administrative and other expense | Included in general, administrative and other expense | — | 10.3 | — | — | — | — | Included in general, administrative and other expense | — | — | (3.7) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | 6.8 | — | — | 3.0 | — | — | Purchases | 3.8 | — | — | 5.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | (1.3) | — | — | (1.2) | — | — | Sales | (1.6) | — | — | (0.3) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | Settlements | — | (8.7) | 0.1 | — | (7.8) | — | Settlements | (1.1) | (8.3) | — | — | (5.0) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation of investment product | Consolidation of investment product | (5.0) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange revaluation | Foreign exchange revaluation | — | — | 0.1 | — | — | 0.2 | Foreign exchange revaluation | — | — | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | 21.9 | $ | 17.1 | $ | (56.5) | $ | 19.5 | $ | 29.1 | $ | (25.3) | Balance at End of Period | $ | 19.2 | $ | 8.8 | $ | (60.1) | $ | 24.7 | $ | 24.1 | $ | (25.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | (0.2) | $ | 10.3 | $ | — | $ | (0.1) | $ | — | $ | — | Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | (0.3) | $ | — | $ | (3.7) | $ | 0.2 | $ | — | $ | — |
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | ||||||||||||||||||||||||||||||||
for the nine months ended June 30, | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24.6 | $ | 19.4 | $ | (42.4) | $ | 17.4 | $ | 39.7 | $ | (25.3) | ||||||||||||||||||||||||||
Acquisitions | — | — | (24.5) | — | — | — | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||||
Included in investment and other income, net | (0.4) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Included in general, administrative and other expense | — | 10.3 | (2.6) | — | — | — | ||||||||||||||||||||||||||||||||
Purchases | 14.1 | — | — | 13.8 | — | — | ||||||||||||||||||||||||||||||||
Sales | (7.9) | — | — | (5.8) | — | — | ||||||||||||||||||||||||||||||||
Settlements | (4.3) | (20.9) | 9.1 | (0.5) | (15.6) | — | ||||||||||||||||||||||||||||||||
Consolidation of investment product | (5.0) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (1.9) | — | — | (0.2) | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange revaluation | — | — | 0.3 | — | — | — | ||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 19.2 | $ | 8.8 | $ | (60.1) | $ | 24.7 | $ | 24.1 | $ | (25.3) | ||||||||||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | (0.7) | $ | 10.3 | $ | (2.4) | $ | — | $ | — | $ | — |
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
(in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | ||||||||||||||||||||||||||||||||
for the six months ended March 31, | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 24.6 | $ | 19.4 | $ | (42.4) | $ | 17.4 | $ | 39.7 | $ | (25.3) | ||||||||||||||||||||||||||
Acquisitions | — | — | (24.5) | — | — | — | ||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||||
Included in investment and other income, net | (1.6) | — | — | (0.2) | — | — | ||||||||||||||||||||||||||||||||
Included in general, administrative and other expense | — | 10.3 | 1.1 | — | — | — | ||||||||||||||||||||||||||||||||
Purchases | 10.3 | — | — | 8.5 | — | — | ||||||||||||||||||||||||||||||||
Sales | (6.3) | — | — | (5.5) | — | — | ||||||||||||||||||||||||||||||||
Settlements | (3.2) | (12.6) | 9.1 | (0.5) | (10.6) | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (1.9) | — | — | (0.2) | — | — | ||||||||||||||||||||||||||||||||
Foreign exchange revaluation | — | — | 0.2 | — | — | — | ||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 21.9 | $ | 17.1 | $ | (56.5) | $ | 19.5 | $ | 29.1 | $ | (25.3) | ||||||||||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | (0.4) | $ | 10.3 | $ | 1.3 | $ | (0.2) | $ | — | $ | — |
(in millions) | (in millions) | Fair Value Level | March 31, 2022 | September 30, 2021 | (in millions) | Fair Value Level | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 1 | $ | 4,411.6 | $ | 4,411.6 | $ | 4,357.8 | $ | 4,357.8 | Cash and cash equivalents | 1 | $ | 3,806.3 | $ | 3,806.3 | $ | 4,357.8 | $ | 4,357.8 | ||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | Other investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 2 | 12.7 | 12.7 | 13.2 | 13.2 | Time deposits | 2 | 10.8 | 10.8 | 13.2 | 13.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 3 | 203.4 | 203.4 | 94.5 | 99.1 | Equity securities | 3 | 242.4 | 242.4 | 94.5 | 99.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liability | Financial Liability | Financial Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt | 2 | $ | 3,388.0 | $ | 3,121.9 | $ | 3,399.4 | $ | 3,434.1 | Debt | 2 | $ | 3,382.2 | $ | 2,878.6 | $ | 3,399.4 | $ | 3,434.1 |
(in millions) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 603.1 | $ | 289.4 | Cash and cash equivalents | $ | 672.4 | $ | 289.4 | ||||||||||||||||||
Receivables | Receivables | 130.6 | 127.8 | Receivables | 178.8 | 127.8 | ||||||||||||||||||||||
Investments, at fair value | Investments, at fair value | 7,134.6 | 5,820.1 | Investments, at fair value | 7,475.3 | 5,820.1 | ||||||||||||||||||||||
Total Assets | Total Assets | $ | 7,868.3 | $ | 6,237.3 | Total Assets | $ | 8,326.5 | $ | 6,237.3 | ||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | $ | 654.3 | $ | 558.0 | Accounts payable and accrued expenses | $ | 451.4 | $ | 558.0 | ||||||||||||||||||
Debt | Debt | 5,100.1 | 3,671.0 | Debt | 5,496.5 | 3,671.0 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 19.7 | 13.8 | Other liabilities | 22.5 | 13.8 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 5,774.1 | 4,242.8 | Total liabilities | 5,970.4 | 4,242.8 | ||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests | 625.3 | 622.5 | Redeemable Noncontrolling Interests | 994.5 | 622.5 | ||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity | Stockholders’ Equity | ||||||||||||||||||||||||||
Franklin Resources, Inc.’s interests | Franklin Resources, Inc.’s interests | 1,017.4 | 1,000.7 | Franklin Resources, Inc.’s interests | 957.7 | 1,000.7 | ||||||||||||||||||||||
Nonredeemable noncontrolling interests | Nonredeemable noncontrolling interests | 451.5 | 371.3 | Nonredeemable noncontrolling interests | 403.9 | 371.3 | ||||||||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 1,468.9 | 1,372.0 | Total stockholders’ equity | 1,361.6 | 1,372.0 | ||||||||||||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 7,868.3 | $ | 6,237.3 | Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 8,326.5 | $ | 6,237.3 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of March 31, 2022 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents of CLOs | $ | 438.3 | $ | — | $ | — | $ | — | $ | 438.3 | ||||||||||||||||||||||
Receivables of CLOs | — | 58.8 | — | — | 58.8 | |||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
Equity and debt securities | 164.0 | 699.1 | 595.4 | 246.0 | 1,704.5 | |||||||||||||||||||||||||||
Loans | — | 5,221.1 | 33.6 | — | 5,254.7 | |||||||||||||||||||||||||||
Real estate | — | — | 175.4 | — | 175.4 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 602.3 | $ | 5,979.0 | $ | 804.4 | $ | 246.0 | $ | 7,631.7 | ||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of June 30, 2022 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents of CLOs | $ | 299.5 | $ | — | $ | — | $ | — | $ | 299.5 | ||||||||||||||||||||||
Receivables of CLOs | — | 105.0 | — | — | 105.0 | |||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
Equity and debt securities | 79.5 | 875.2 | 557.0 | 217.7 | 1,729.4 | |||||||||||||||||||||||||||
Loans | — | 5,467.8 | 37.6 | — | 5,505.4 | |||||||||||||||||||||||||||
Real estate | — | — | 240.5 | — | 240.5 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 379.0 | $ | 6,448.0 | $ | 835.1 | $ | 217.7 | $ | 7,879.8 | ||||||||||||||||||||||
(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 | $ | 145.4 | $ | — | $ | — | $ | — | $ | 145.4 | ||||||||||||||||||||||
Receivables of CLOs | — | 84.0 | — | — | 84.0 | |||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
Equity and debt securities | 310.8 | 647.3 | 453.3 | 343.5 | 1,754.9 | |||||||||||||||||||||||||||
Loans | — | 3,955.3 | 20.5 | — | 3,975.8 | |||||||||||||||||||||||||||
Real estate | — | — | 89.4 | — | 89.4 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 456.2 | $ | 4,686.6 | $ | 563.2 | $ | 343.5 | $ | 6,049.5 | ||||||||||||||||||||||
(in millions) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Nonredeemable investments1 | Nonredeemable investments1 | Nonredeemable investments1 | ||||||||||||||||||||||||||
Investments with known liquidation periods | Investments with known liquidation periods | $ | 46.0 | $ | 141.4 | Investments with known liquidation periods | $ | 38.2 | $ | 141.4 | ||||||||||||||||||
Investments with unknown liquidation periods | Investments with unknown liquidation periods | 12.0 | — | Investments with unknown liquidation periods | 12.2 | — | ||||||||||||||||||||||
Redeemable investments2 | Redeemable investments2 | 188.0 | 202.1 | Redeemable investments2 | 167.3 | 202.1 | ||||||||||||||||||||||
Unfunded commitments3 | Unfunded commitments3 | 0.5 | 0.5 | Unfunded commitments3 | 0.2 | 0.5 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the three months ended March 31, 2022 | ||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | 539.0 | $ | 98.9 | $ | 34.2 | $ | 672.1 | ||||||||||||||||||
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net | 78.0 | 5.7 | (0.3) | 83.4 | ||||||||||||||||||||||
Purchases | 115.3 | 70.8 | 0.1 | 186.2 | ||||||||||||||||||||||
Sales and settlements | (81.9) | — | (0.4) | (82.3) | ||||||||||||||||||||||
Deconsolidations | (55.0) | — | — | (55.0) | ||||||||||||||||||||||
Balance at March 31, 2022 | $ | 595.4 | $ | 175.4 | $ | 33.6 | $ | 804.4 | ||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2022 | $ | 73.6 | $ | 5.7 | $ | (0.3) | $ | 79.0 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the three months ended June 30, 2022 | ||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | 595.4 | $ | 175.4 | $ | 33.6 | $ | 804.4 | ||||||||||||||||||
Realized and unrealized gains (losses) included in investment and other income (losses) of consolidated investment products, net | (31.7) | 4.1 | 0.2 | (27.4) | ||||||||||||||||||||||
Purchases | 6.5 | 61.0 | (0.1) | 67.4 | ||||||||||||||||||||||
Sales and settlements | (13.1) | — | (0.1) | (13.2) | ||||||||||||||||||||||
Deconsolidations | — | — | (1.7) | (1.7) | ||||||||||||||||||||||
Transfers into Level 3 | — | — | 5.7 | 5.7 | ||||||||||||||||||||||
Transfers out of Level 3 | (0.1) | — | — | (0.1) | ||||||||||||||||||||||
Balance at June 30, 2022 | $ | 557.0 | $ | 240.5 | $ | 37.6 | $ | 835.1 | ||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2022 | $ | (32.2) | $ | 4.1 | $ | 0.2 | $ | (27.9) |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the nine months ended June 30, 2022 | ||||||||||||||||||||||||||
Balance at October 1, 2021 | $ | 453.3 | $ | 89.4 | $ | 20.5 | $ | 563.2 | ||||||||||||||||||
Realized and unrealized gains (losses) included in investment and other income (losses) of consolidated investment products, net | 138.6 | 18.4 | 0.2 | 157.2 | ||||||||||||||||||||||
Purchases | 140.0 | 132.7 | 14.0 | 286.7 | ||||||||||||||||||||||
Sales and settlements | (118.9) | — | (1.1) | (120.0) | ||||||||||||||||||||||
Deconsolidations | (55.0) | — | (1.7) | (56.7) | ||||||||||||||||||||||
Transfers into Level 3 | 0.1 | — | 5.7 | 5.8 | ||||||||||||||||||||||
Transfers out of Level 3 | (1.1) | — | — | (1.1) | ||||||||||||||||||||||
Balance at June 30, 2022 | $ | 557.0 | $ | 240.5 | $ | 37.6 | $ | 835.1 | ||||||||||||||||||
Change in unrealized gains included in net income relating to assets held at June 30, 2022 | $ | 126.6 | $ | 18.4 | $ | — | $ | 145.0 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the six months ended March 31, 2022 | ||||||||||||||||||||||||||
Balance at October 1, 2021 | $ | 453.3 | $ | 89.4 | $ | 20.5 | $ | 563.2 | ||||||||||||||||||
Realized and unrealized gains (losses) included in investment and other income of consolidated investment products, net | 170.3 | 14.3 | — | 184.6 | ||||||||||||||||||||||
Purchases | 133.5 | 71.7 | 14.1 | 219.3 | ||||||||||||||||||||||
Sales and settlements | (105.8) | — | (1.0) | (106.8) | ||||||||||||||||||||||
Deconsolidations | (55.0) | — | — | (55.0) | ||||||||||||||||||||||
Transfers into Level 3 | 0.1 | — | — | 0.1 | ||||||||||||||||||||||
Transfers out of Level 3 | (1.0) | — | — | (1.0) | ||||||||||||||||||||||
Balance at March 31, 2022 | $ | 595.4 | $ | 175.4 | $ | 33.6 | $ | 804.4 | ||||||||||||||||||
Change in unrealized gains included in net income relating to assets held at March 31, 2022 | $ | 166.1 | $ | 14.3 | $ | — | $ | 180.4 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 356.0 | $ | 407.8 | $ | 23.5 | $ | 787.3 | ||||||||||||||||||
Realized and unrealized gains included in investment and other income of consolidated investment products, net | 1.0 | 1.2 | — | 2.2 | ||||||||||||||||||||||
Purchases | 7.5 | 21.2 | — | 28.7 | ||||||||||||||||||||||
Sales and settlements | (56.0) | — | (1.1) | (57.1) | ||||||||||||||||||||||
Deconsolidations | (36.2) | — | — | (36.2) | ||||||||||||||||||||||
Transfers into Level 3 | 1.2 | — | — | 1.2 | ||||||||||||||||||||||
Foreign exchange revaluation | (2.3) | (6.7) | — | (9.0) | ||||||||||||||||||||||
Balance at March 31, 2021 | $ | 271.2 | $ | 423.5 | $ | 22.4 | $ | 717.1 | ||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2021 | $ | 1.2 | $ | 1.2 | $ | (0.1) | $ | 2.3 |
(in millions) | (in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | (in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2020 | $ | 322.3 | $ | 339.2 | $ | 24.9 | $ | 686.4 | ||||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains included in investment and other income of consolidated investment products, net | 20.1 | 2.7 | — | 22.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended June 30, 2021 | for the three months ended June 30, 2021 | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | Balance at April 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net | Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net | 6.2 | 2.4 | 0.2 | 8.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Purchases | 20.1 | 72.3 | — | 92.4 | Purchases | 14.0 | 44.2 | — | 58.2 | ||||||||||||||||||||||||||||||||||||||||||
Sales and settlements | Sales and settlements | (57.0) | — | (2.5) | (59.5) | Sales and settlements | (2.4) | — | (1.2) | (3.6) | ||||||||||||||||||||||||||||||||||||||||||
Deconsolidations | Deconsolidations | (36.2) | — | — | (36.2) | Deconsolidations | — | (448.8) | — | (448.8) | ||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | Transfers into Level 3 | 1.2 | — | — | 1.2 | Transfers into Level 3 | 0.9 | — | — | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | Transfers out of Level 3 | (1.0) | — | — | (1.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange revaluation | Foreign exchange revaluation | 0.7 | 9.3 | — | 10.0 | Foreign exchange revaluation | — | 1.2 | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 271.2 | $ | 423.5 | $ | 22.4 | $ | 717.1 | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains included in net income relating to assets held at March 31, 2021 | $ | 19.7 | $ | 2.7 | $ | 0.1 | $ | 22.5 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 288.9 | $ | 22.5 | $ | 21.4 | $ | 332.8 | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021 | Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2021 | $ | 6.2 | $ | (0.5) | $ | 0.2 | $ | 5.9 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the nine months ended June 30, 2021 | ||||||||||||||||||||||||||
Balance at October 1, 2020 | $ | 322.3 | $ | 339.2 | $ | 24.9 | $ | 686.4 | ||||||||||||||||||
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net | 26.3 | 5.1 | 0.2 | 31.6 | ||||||||||||||||||||||
Purchases | 34.1 | 116.5 | — | 150.6 | ||||||||||||||||||||||
Sales and settlements | (59.4) | — | (3.7) | (63.1) | ||||||||||||||||||||||
Deconsolidations | (36.2) | (448.8) | — | (485.0) | ||||||||||||||||||||||
Transfers into Level 3 | 2.1 | — | — | 2.1 | ||||||||||||||||||||||
Transfers out of Level 3 | (1.0) | — | — | (1.0) | ||||||||||||||||||||||
Foreign exchange revaluation | 0.7 | 10.5 | — | 11.2 | ||||||||||||||||||||||
Balance at June 30, 2021 | $ | 288.9 | $ | 22.5 | $ | 21.4 | $ | 332.8 | ||||||||||||||||||
Change in unrealized gains included in net income relating to assets held at June 30, 2021 | $ | 25.9 | $ | 2.2 | $ | 0.3 | $ | 28.4 |
(in millions) | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
as of March 31, 2022 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||||||||||||||||||||||||||||||||||||||||||||
as of June 30, 2022 | as of June 30, 2022 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | |||||||||||||||||||||||||||||||||||||||||||||||
Equity and debt securities | Equity and debt securities | $ | 529.3 | Market pricing | Private sale pricing | $0.39–td,704.16 (td32.63) per share | Equity and debt securities | $ | 492.7 | Market pricing | Private sale pricing | $0.39–$789.78 ($45.27) per share | ||||||||||||||||||||||||||||||||||||||||
66.1 | Market comparable companies | Enterprise value/ EBITDA multiple | 14.7 | 64.3 | Market comparable companies | Enterprise value/ EBITDA multiple | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||
Discount for lack of marketability | 25.0% | Discount for lack of marketability | 14.6%–25.0% (19.4%) | |||||||||||||||||||||||||||||||||||||||||||||||||
Price-to-book value ratio | 1.2 | Price-to-book value ratio | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | Real estate | 175.4 | Discounted cash flow | Discount rate | 5.5%–6.3% (6.0%) | Real estate | 240.5 | Discounted cash flow | Discount rate | 5.5%–6.3% (6.0%) | ||||||||||||||||||||||||||||||||||||||||||
Exit capitalization rate | 4.5%–5.5% (4.9%) | Exit capitalization rate | 4.5%–5.5% (4.9%) |
(in millions) | ||||||||||||||||||||||||||
as of September 30, 2021 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||||||||||||||||||
Equity and debt securities | $ | 301.1 | Market pricing | Private sale pricing | $0.39-$100.00 ($19.34) per share | |||||||||||||||||||||
102.3 | Market comparable companies | Enterprise value/ EBITDA multiple | 6.0–20.6 (13.7) | |||||||||||||||||||||||
Discount for lack of marketability | 6.0%–25.5% (17.6%) | |||||||||||||||||||||||||
Enterprise value/ Revenue multiple | 0.6–7.2 (5.1) | |||||||||||||||||||||||||
Price-to-book value ratio | 0.7–1.8 (1.4) | |||||||||||||||||||||||||
Control premium | 20% | |||||||||||||||||||||||||
Price-to-earnings ratio | 28.8 | |||||||||||||||||||||||||
49.9 | Discounted cash flow | Discount rate | 3.3%–6.3% (4.3%) | |||||||||||||||||||||||
Real estate | 89.4 | Discounted cash flow | Discount rate | 5.8%–6.0% (5.9%) | ||||||||||||||||||||||
Exit capitalization rate | 5.0%–5.3% (5.1%) |
(in millions) | (in millions) | Fair Value Level | March 31, 2022 | September 30, 2021 | (in millions) | Fair Value Level | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Asset | Financial Asset | Financial Asset | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 1 | $ | 164.8 | $ | 164.8 | $ | 144.0 | $ | 144.0 | Cash and cash equivalents | 1 | $ | 372.9 | $ | 372.9 | $ | 144.0 | $ | 144.0 | ||||||||||||||||||||||||||||||||||||||||||||
Receivables of CLOs | Receivables of CLOs | 2 | 16.7 | 16.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt of CLOs1 | Debt of CLOs1 | 2 or 3 | $ | 5,029.6 | $ | 5,067.3 | $ | 3,634.1 | $ | 3,610.6 | Debt of CLOs1 | 2 or 3 | $ | 5,396.8 | $ | 5,437.8 | $ | 3,634.1 | $ | 3,610.6 | ||||||||||||||||||||||||||||||||||||||||||||
Other debt | Other debt | 3 | 70.5 | 66.1 | 36.9 | 36.6 | Other debt | 3 | 99.7 | 92.9 | 36.9 | 36.6 |
March 31, 2022 | September 30, 2021 | June 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Amount | Weighted- Average Effective Interest Rate | Amount | Weighted- Average Effective Interest Rate | (in millions) | Amount | Weighted- Average Effective Interest Rate | Amount | Weighted- Average Effective Interest Rate | ||||||||||||||||||||||||||||||||||||||||||
Debt of CLOs | Debt of CLOs | $ | 5,029.6 | 1.86% | $ | 3,634.1 | 2.11% | Debt of CLOs | $ | 5,396.8 | 2.03% | $ | 3,634.1 | 2.11% | ||||||||||||||||||||||||||||||||||||||
Other debt | Other debt | 70.5 | 2.52% | 36.9 | 1.95% | Other debt | 99.7 | 3.73% | 36.9 | 1.95% | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,100.1 | $ | 3,671.0 | Total | $ | 5,496.5 | $ | 3,671.0 |
(in millions) | (in millions) | (in millions) | ||||||||||||||
for the fiscal years ending September 30, | for the fiscal years ending September 30, | Amount | for the fiscal years ending September 30, | Amount | ||||||||||||
2022 (remainder of year) | 2022 (remainder of year) | $ | 19.6 | 2022 (remainder of year) | $ | 99.4 | ||||||||||
2023 | 2023 | — | 2023 | 21.9 | ||||||||||||
2024 | 2024 | 98.9 | 2024 | 84.2 | ||||||||||||
2025 | 2025 | — | 2025 | — | ||||||||||||
2026 | 2026 | — | 2026 | — | ||||||||||||
Thereafter | Thereafter | 4,981.6 | Thereafter | 5,291.0 | ||||||||||||
Total | Total | $ | 5,100.1 | Total | $ | 5,496.5 |
(in millions) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Unpaid principal balance | Unpaid principal balance | $ | 5,235.2 | $ | 3,951.1 | Unpaid principal balance | $ | 5,549.5 | $ | 3,951.1 | ||||||||||||||||||
Difference between unpaid principal balance and fair value | Difference between unpaid principal balance and fair value | 9.5 | 20.9 | Difference between unpaid principal balance and fair value | (46.9) | 20.9 | ||||||||||||||||||||||
Fair Value | Fair Value | $ | 5,244.7 | $ | 3,972.0 | Fair Value | $ | 5,502.6 | $ | 3,972.0 |
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended June 30, | for the three months ended June 30, | CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 662.5 | $ | 320.9 | $ | 983.4 | $ | 465.3 | $ | 150.3 | $ | 615.6 | Balance at beginning of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (69.6) | 12.4 | (57.2) | 6.4 | 5.6 | 12.0 | Net income (loss) | (16.5) | 16.0 | (0.5) | 23.5 | 10.2 | 33.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions (distributions) and other | Net subscriptions (distributions) and other | 148.3 | (9.0) | 139.3 | 109.8 | (2.4) | 107.4 | Net subscriptions (distributions) and other | 5.4 | (29.6) | (24.2) | 190.1 | (18.1) | 172.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidations (deconsolidations) | (115.9) | — | (115.9) | 28.4 | — | 28.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value | — | 188.5 | 188.5 | — | 52.3 | 52.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidations | Net consolidations | 380.3 | — | 380.3 | 31.3 | — | 31.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | 625.3 | $ | 512.8 | $ | 1,138.1 | $ | 609.9 | $ | 205.8 | $ | 815.7 | Balance at End of Period | $ | 994.5 | $ | 499.2 | $ | 1,493.7 | $ | 854.8 | $ | 197.9 | $ | 1,052.7 |
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, | for the nine months ended June 30, | CIPs | Minority Interests | Total | CIPs | Minority Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 622.5 | $ | 310.5 | $ | 933.0 | $ | 397.3 | $ | 144.6 | $ | 541.9 | Balance at beginning of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (74.4) | 24.7 | (49.7) | 19.4 | 11.3 | 30.7 | Net income (loss) | (90.9) | 40.7 | (50.2) | 42.9 | 21.5 | 64.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions (distributions) and other | Net subscriptions (distributions) and other | 314.6 | (10.9) | 303.7 | 79.9 | (2.4) | 77.5 | Net subscriptions (distributions) and other | 320.0 | (40.5) | 279.5 | 270.0 | (20.5) | 249.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidations (deconsolidations) | (237.4) | — | (237.4) | 113.3 | — | 113.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net consolidations | Net consolidations | 142.9 | — | 142.9 | 144.6 | — | 144.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value | Adjustment to fair value | — | 188.5 | 188.5 | — | 52.3 | 52.3 | Adjustment to fair value | — | 188.5 | 188.5 | — | 52.3 | 52.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at End of Period | Balance at End of Period | $ | 625.3 | $ | 512.8 | $ | 1,138.1 | $ | 609.9 | $ | 205.8 | $ | 815.7 | Balance at End of Period | $ | 994.5 | $ | 499.2 | $ | 1,493.7 | $ | 854.8 | $ | 197.9 | $ | 1,052.7 |
(in millions) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Investments | Investments | $ | 535.0 | $ | 639.2 | Investments | $ | 728.7 | $ | 639.2 | ||||||||||||||||||
Receivables | Receivables | 153.4 | 172.1 | Receivables | 175.9 | 172.1 | ||||||||||||||||||||||
Total | Total | $ | 688.4 | $ | 811.3 | Total | $ | 904.6 | $ | 811.3 |
(shares in thousands) | (shares in thousands) | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted- Average Grant-Date Fair Value | (shares in thousands) | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2022 | for the nine months ended June 30, 2022 | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted- Average Grant-Date Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
Nonvested balance at October 1, 2021 | Nonvested balance at October 1, 2021 | 14,176 | 3,658 | 17,834 | $ | 22.27 | Nonvested balance at October 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | 4,465 | 227 | 4,692 | 34.89 | Granted | 4,713 | 227 | 4,940 | 34.36 | ||||||||||||||||||||||||||||||||||||||||||
Vested | Vested | (1,834) | (98) | (1,932) | 25.26 | Vested | (1,891) | (98) | (1,989) | 25.43 | ||||||||||||||||||||||||||||||||||||||||||
Forfeited/canceled | Forfeited/canceled | (301) | (166) | (467) | 25.48 | Forfeited/canceled | (435) | (188) | (623) | 26.20 | ||||||||||||||||||||||||||||||||||||||||||
Nonvested Balance at March 31, 2022 | 16,506 | 3,621 | 20,127 | $ | 24.54 | |||||||||||||||||||||||||||||||||||||||||||||||
Nonvested Balance at June 30, 2022 | Nonvested Balance at June 30, 2022 | 16,563 | 3,599 | 20,162 | $ | 24.48 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Dividend and interest income | $ | 5.1 | $ | 3.9 | $ | 11.2 | $ | 9.0 | ||||||||||||||||||
Gains (losses) on investments, net | (23.1) | 10.2 | 2.7 | 58.9 | ||||||||||||||||||||||
Income from investments in equity method investees | 27.0 | 45.9 | 51.7 | 84.4 | ||||||||||||||||||||||
Gains (losses) on derivatives, net | 6.7 | (6.1) | (2.3) | (16.1) | ||||||||||||||||||||||
Rental income | 8.6 | 7.8 | 18.3 | 15.5 | ||||||||||||||||||||||
Foreign currency exchange gains (losses), net | 5.8 | 6.5 | 9.7 | (10.0) | ||||||||||||||||||||||
Other, net | (2.4) | (1.1) | (6.6) | 2.6 | ||||||||||||||||||||||
Investment and other income, net | $ | 27.7 | $ | 67.1 | $ | 84.7 | $ | 144.3 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Dividend and interest income | $ | 6.3 | $ | 3.4 | $ | 17.5 | $ | 12.4 | ||||||||||||||||||
Gains (losses) on investments, net | (35.6) | 17.3 | (32.9) | 76.2 | ||||||||||||||||||||||
Income (losses) from investments in equity method investees | (0.1) | 39.4 | 51.6 | 123.8 | ||||||||||||||||||||||
Gains (losses) on derivatives, net | 17.5 | (9.1) | 15.2 | (25.2) | ||||||||||||||||||||||
Rental income | 9.6 | 7.2 | 27.9 | 22.7 | ||||||||||||||||||||||
Foreign currency exchange gains (losses), net | 14.5 | (7.2) | 24.2 | (17.2) | ||||||||||||||||||||||
Other, net | 0.8 | 1.9 | (5.8) | 4.5 | ||||||||||||||||||||||
Investment and other income, net | $ | 13.0 | $ | 52.9 | $ | 97.7 | $ | 197.2 |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||||||||
for the three months ended March 31, 2022 | ||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | (377.4) | $ | (12.2) | $ | (389.6) | ||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (17.4) | 5.4 | (12.0) | |||||||||||||||||||||||
Reclassifications to compensation and benefits expense, net of tax | — | (0.1) | (0.1) | |||||||||||||||||||||||
Reclassifications to net investment and other income, net of tax | 1.1 | — | 1.1 | |||||||||||||||||||||||
Total other comprehensive income (loss) | (16.3) | 5.3 | (11.0) | |||||||||||||||||||||||
Balance at March 31, 2022 | $ | (393.7) | $ | (6.9) | $ | (400.6) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||||||||
for the three months ended June 30, 2022 | ||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | (393.7) | $ | (6.9) | $ | (400.6) | ||||||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (101.5) | (2.4) | (103.9) | |||||||||||||||||||||||
Reclassifications to net investment and other income, net of tax | 0.9 | — | 0.9 | |||||||||||||||||||||||
Total other comprehensive loss | (100.6) | (2.4) | (103.0) | |||||||||||||||||||||||
Balance at June 30, 2022 | $ | (494.3) | $ | (9.3) | $ | (503.6) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||||||||
for the six months ended March 31, 2022 | ||||||||||||||||||||||||||
Balance at October 1, 2021 | $ | (370.5) | $ | (7.1) | $ | (377.6) | ||||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (24.3) | 0.8 | (23.5) | |||||||||||||||||||||||
Reclassifications to compensation and benefits expense, net of tax | — | (0.6) | (0.6) | |||||||||||||||||||||||
Reclassifications to net investment and other income, net of tax | 1.1 | — | 1.1 | |||||||||||||||||||||||
Total other comprehensive income (loss) | (23.2) | 0.2 | (23.0) | |||||||||||||||||||||||
Balance at March 31, 2022 | $ | (393.7) | $ | (6.9) | $ | (400.6) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||
Balance at January 1, 2021 | $ | (306.1) | $ | (8.6) | $ | (314.7) | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (35.6) | 1.0 | (34.6) | |||||||||||||||||
Reclassifications to net investment and other income, net of tax | 0.8 | — | 0.8 | |||||||||||||||||
Total other comprehensive income (loss) | (34.8) | 1.0 | (33.8) | |||||||||||||||||
Balance at March 31, 2021 | $ | (340.9) | $ | (7.6) | $ | (348.5) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||
Balance at October 1, 2020 | $ | (399.6) | $ | (8.0) | $ | (407.6) | ||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Other comprehensive income before reclassifications, net of tax | 57.8 | 0.4 | 58.2 | |||||||||||||||||
Reclassifications to net investment and other income, net of tax | 0.9 | — | 0.9 | |||||||||||||||||
Total other comprehensive income | 58.7 | 0.4 | 59.1 | |||||||||||||||||
Balance at March 31, 2021 | $ | (340.9) | $ | (7.6) | $ | (348.5) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||||||||
for the nine months ended June 30, 2022 | ||||||||||||||||||||||||||
Balance at October 1, 2021 | $ | (370.5) | $ | (7.1) | $ | (377.6) | ||||||||||||||||||||
Other comprehensive loss | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (125.8) | (1.6) | (127.4) | |||||||||||||||||||||||
Reclassifications to compensation and benefits expense, net of tax | — | (0.6) | (0.6) | |||||||||||||||||||||||
Reclassifications to net investment and other income, net of tax | 2.0 | — | 2.0 | |||||||||||||||||||||||
Total other comprehensive loss | (123.8) | (2.2) | (126.0) | |||||||||||||||||||||||
Balance at June 30, 2022 | $ | (494.3) | $ | (9.3) | $ | (503.6) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||
for the three months ended June 30, 2021 | ||||||||||||||||||||
Balance at April 1, 2021 | $ | (340.9) | $ | (7.6) | $ | (348.5) | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 21.5 | (0.2) | 21.3 | |||||||||||||||||
Reclassifications to net investment and other income, net of tax | 1.1 | — | 1.1 | |||||||||||||||||
Total other comprehensive income (loss) | 22.6 | (0.2) | 22.4 | |||||||||||||||||
Balance at June 30, 2021 | $ | (318.3) | $ | (7.8) | $ | (326.1) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||
for the nine months ended June 30, 2021 | ||||||||||||||||||||
Balance at October 1, 2020 | $ | (399.6) | $ | (8.0) | $ | (407.6) | ||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Other comprehensive income before reclassifications, net of tax | 79.3 | 0.2 | 79.5 | |||||||||||||||||
Reclassifications to net investment and other income, net of tax | 2.0 | — | 2.0 | |||||||||||||||||
Total other comprehensive income | 81.3 | 0.2 | 81.5 | |||||||||||||||||
Balance at June 30, 2021 | $ | (318.3) | $ | (7.8) | $ | (326.1) |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) | (in millions, except per share data) | 2022 | 2021 | 2022 | 2021 | (in millions, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating revenues | Operating revenues | $ | 2,081.0 | $ | 2,076.5 | 0 | % | $ | 4,305.0 | $ | 4,071.6 | 6 | % | Operating revenues | $ | 2,031.3 | $ | 2,172.9 | (7 | %) | $ | 6,336.3 | $ | 6,244.5 | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 463.0 | 456.3 | 1 | % | 1,020.7 | 865.4 | 18 | % | Operating income | 404.7 | 478.1 | (15 | %) | 1,425.4 | 1,343.5 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin1 | Operating margin1 | 22.2 | % | 22.0 | % | 23.7 | % | 21.3 | % | Operating margin1 | 19.9 | % | 22.0 | % | 22.5 | % | 21.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | Net income attributable to Franklin Resources, Inc. | $ | 349.6 | $ | 381.8 | (8 | %) | $ | 802.8 | $ | 727.1 | 10 | % | Net income attributable to Franklin Resources, Inc. | $ | 256.4 | $ | 438.4 | (42 | %) | $ | 1,059.2 | $ | 1,165.5 | (9 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | 0.68 | 0.74 | (8 | %) | 1.57 | 1.42 | 11 | % | Diluted earnings per share | 0.50 | 0.86 | (42 | %) | 2.07 | 2.27 | (9 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As adjusted (non-GAAP):2 | As adjusted (non-GAAP):2 | As adjusted (non-GAAP):2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | Adjusted operating income | $ | 576.6 | $ | 581.1 | (1 | %) | $ | 1,262.5 | $ | 1,131.0 | 12 | % | Adjusted operating income | $ | 566.9 | $ | 601.2 | (6 | %) | $ | 1,829.4 | $ | 1,732.2 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | Adjusted operating margin | 35.7 | % | 38.0 | % | 37.8 | % | 37.6 | % | Adjusted operating margin | 35.3 | % | 36.5 | % | 37.0 | % | 37.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | Adjusted net income | $ | 491.6 | $ | 403.5 | 22 | % | $ | 1,045.2 | $ | 776.9 | 35 | % | Adjusted net income | $ | 416.0 | $ | 493.7 | (16 | %) | $ | 1,461.2 | $ | 1,270.6 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share | Adjusted diluted earnings per share | 0.96 | 0.79 | 22 | % | 2.04 | 1.51 | 35 | % | Adjusted diluted earnings per share | 0.82 | 0.96 | (15 | %) | 2.86 | 2.48 | 15 | % |
(in billions) | (in billions) | March 31, 2022 | March 31, 2021 | Percent Change | (in billions) | June 30, 2022 | June 30, 2021 | Percent Change | ||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | $ | 595.0 | $ | 642.3 | (7 | %) | Fixed Income | $ | 536.3 | $ | 658.1 | (19 | %) | ||||||||||||||||||||||||||
Equity | Equity | 515.4 | 511.9 | 1 | % | Equity | 424.9 | 536.9 | (21 | %) | ||||||||||||||||||||||||||||||
Alternative | Alternative | 157.9 | 131.1 | 20 | % | Alternative | 224.8 | 140.8 | 60 | % | ||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 151.9 | 148.2 | 2 | % | Multi-Asset | 136.2 | 153.0 | (11 | %) | ||||||||||||||||||||||||||||||
Cash Management | Cash Management | 57.3 | 65.4 | (12 | %) | Cash Management | 57.6 | 63.3 | (9 | %) | ||||||||||||||||||||||||||||||
Total | Total | $ | 1,477.5 | $ | 1,498.9 | (1 | %) | Total | $ | 1,379.8 | $ | 1,552.1 | (11 | %) |
(in billions) | (in billions) | Average AUM | Percent Change | Mix of Average AUM | (in billions) | Average AUM | Percent Change | Mix of Average AUM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended March 31, | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended June 30, | for the three months ended June 30, | 2022 | 2021 | Percent Change | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | $ | 619.0 | $ | 658.6 | (6 | %) | 41 | % | 44 | % | Fixed Income | $ | 563.4 | $ | 651.5 | 39 | % | 42 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 528.7 | 500.2 | 6 | % | 35 | % | 33 | % | Equity | 467.8 | 529.0 | (12 | %) | 33 | % | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alternative | Alternative | 155.5 | 129.0 | 21 | % | 10 | % | 9 | % | Alternative | 205.4 | 135.3 | 52 | % | 14 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 151.5 | 143.4 | 6 | % | 10 | % | 10 | % | Multi-Asset | 144.4 | 152.0 | (5 | %) | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Management | Cash Management | 61.4 | 66.7 | (8 | %) | 4 | % | 4 | % | Cash Management | 58.8 | 63.2 | (7 | %) | 4 | % | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,516.1 | $ | 1,497.9 | 1 | % | 100 | % | 100 | % | Total | $ | 1,439.8 | $ | 1,531.0 | (6 | %) | 100 | % | 100 | % |
(in billions) | (in billions) | Average AUM | Percent Change | Mix of Average AUM | (in billions) | Average AUM | Percent Change | Mix of Average AUM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the nine months ended June 30, | for the nine months ended June 30, | 2022 | 2021 | Percent Change | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | $ | 629.0 | $ | 658.7 | (5 | %) | 41 | % | 45 | % | Fixed Income | $ | 606.2 | $ | 657.5 | 40 | % | 44 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 535.5 | 475.0 | 13 | % | 35 | % | 32 | % | Equity | 510.4 | 492.9 | 4 | % | 34 | % | 33 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Alternative | Alternative | 152.2 | 125.9 | 21 | % | 10 | % | 9 | % | Alternative | 172.9 | 129.1 | 34 | % | 12 | % | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | 151.3 | 140.2 | 8 | % | 10 | % | 10 | % | Multi-Asset | 148.4 | 144.1 | 3 | % | 10 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Management | Cash Management | 61.0 | 67.2 | (9 | %) | 4 | % | 4 | % | Cash Management | 60.5 | 65.8 | (8 | %) | 4 | % | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,529.0 | $ | 1,467.0 | 4 | % | 100 | % | 100 | % | Total | $ | 1,498.4 | $ | 1,489.4 | 1 | % | 100 | % | 100 | % |
(in billions) | (in billions) | Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | (in billions) | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning AUM | Beginning AUM | $ | 1,578.1 | $ | 1,498.0 | 5 | % | $ | 1,530.1 | $ | 1,418.9 | 8 | % | Beginning AUM | $ | 1,477.5 | $ | 1,498.9 | (1 | %) | $ | 1,530.1 | $ | 1,418.9 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | Long-term inflows | 76.1 | 101.7 | (25 | %) | 183.1 | 197.8 | (7 | %) | Long-term inflows | 77.4 | 83.7 | (8 | %) | 260.5 | 281.5 | (7 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | Long-term outflows | (87.8) | (105.9) | (17 | %) | (170.7) | (206.5) | (17 | %) | Long-term outflows | (97.2) | (90.3) | 8 | % | (267.9) | (296.8) | (10 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term net flows | Long-term net flows | (11.7) | (4.2) | 179 | % | 12.4 | (8.7) | NM | Long-term net flows | (19.8) | (6.6) | 200 | % | (7.4) | (15.3) | (52%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash management net flows | Cash management net flows | (7.1) | 1.2 | NM | (1.3) | (9.0) | (86%) | Cash management net flows | 0.4 | (2.2) | NM | (0.9) | (11.2) | (92%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | Total net flows | (18.8) | (3.0) | 527 | % | 11.1 | (17.7) | NM | Total net flows | (19.4) | (8.8) | 120 | % | (8.3) | (26.5) | (69%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions | — | — | NM | 7.7 | — | NM | Acquisitions | 57.2 | — | NM | 64.9 | — | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net market change, distributions and other | Net market change, distributions and other | (81.8) | 3.9 | NM | (71.4) | 97.7 | NM | Net market change, distributions and other | (135.5) | 62.0 | NM | (206.9) | 159.7 | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending AUM | Ending AUM | $ | 1,477.5 | $ | 1,498.9 | (1 | %) | $ | 1,477.5 | $ | 1,498.9 | (1 | %) | Ending AUM | $ | 1,379.8 | $ | 1,552.1 | (11 | %) | $ | 1,379.8 | $ | 1,552.1 | (11 | %) |
(in billions) | (in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | (in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AUM at January 1, 2022 | $ | 642.1 | $ | 563.4 | $ | 154.3 | $ | 154.0 | $ | 64.3 | $ | 1,578.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
for the three months ended June 30, 2022 | for the three months ended June 30, 2022 | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AUM at April 1, 2022 | AUM at April 1, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term inflows | Long-term inflows | 33.3 | 29.8 | 4.6 | 8.4 | — | 76.1 | Long-term inflows | 35.2 | 24.5 | 5.9 | 11.8 | — | 77.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term outflows | Long-term outflows | (41.2) | (35.9) | (4.6) | (6.1) | — | (87.8) | Long-term outflows | (49.5) | (33.7) | (3.8) | (10.2) | — | (97.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term net flows | Long-term net flows | (7.9) | (6.1) | — | 2.3 | — | (11.7) | Long-term net flows | (14.3) | (9.2) | 2.1 | 1.6 | — | (19.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash management net flows | Cash management net flows | — | — | — | — | (7.1) | (7.1) | Cash management net flows | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net flows | Total net flows | (7.9) | (6.1) | — | 2.3 | (7.1) | (18.8) | Total net flows | (14.3) | (9.2) | 2.1 | 1.6 | 0.4 | (19.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | Acquisition | — | — | 57.2 | — | — | 57.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net market change, distributions and other | Net market change, distributions and other | (39.2) | (41.9) | 3.6 | (4.4) | 0.1 | (81.8) | Net market change, distributions and other | (44.4) | (81.3) | 7.6 | (17.3) | (0.1) | (135.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AUM at March 31, 2022 | $ | 595.0 | $ | 515.4 | $ | 157.9 | $ | 151.9 | $ | 57.3 | $ | 1,477.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AUM at June 30, 2022 | AUM at June 30, 2022 | $ | 536.3 | $ | 424.9 | $ | 224.8 | $ | 136.2 | $ | 57.6 | $ | 1,379.8 |
(in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
AUM at April 1, 2021 | $ | 642.3 | $ | 511.9 | $ | 131.1 | $ | 148.2 | $ | 65.4 | $ | 1,498.9 | ||||||||||||||||||||||||||
Long-term inflows | 40.2 | 29.1 | 5.8 | 8.6 | — | 83.7 | ||||||||||||||||||||||||||||||||
Long-term outflows | (38.1) | (40.6) | (2.7) | (8.9) | — | (90.3) | ||||||||||||||||||||||||||||||||
Long-term net flows | 2.1 | (11.5) | 3.1 | (0.3) | — | (6.6) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (2.2) | (2.2) | ||||||||||||||||||||||||||||||||
Total net flows | 2.1 | (11.5) | 3.1 | (0.3) | (2.2) | (8.8) | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | 13.7 | 36.5 | 6.6 | 5.1 | 0.1 | 62.0 | ||||||||||||||||||||||||||||||||
AUM at June 30, 2021 | $ | 658.1 | $ | 536.9 | $ | 140.8 | $ | 153.0 | $ | 63.3 | $ | 1,552.1 |
(in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
AUM at October 1, 2021 | $ | 650.3 | $ | 523.6 | $ | 145.2 | $ | 152.4 | $ | 58.6 | $ | 1,530.1 | ||||||||||||||||||||||||||
Long-term inflows | 112.2 | 100.4 | 16.6 | 31.3 | — | 260.5 | ||||||||||||||||||||||||||||||||
Long-term outflows | (126.3) | (103.0) | (11.5) | (27.1) | — | (267.9) | ||||||||||||||||||||||||||||||||
Long-term net flows | (14.1) | (2.6) | 5.1 | 4.2 | — | (7.4) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (0.9) | (0.9) | ||||||||||||||||||||||||||||||||
Total net flows | (14.1) | (2.6) | 5.1 | 4.2 | (0.9) | (8.3) | ||||||||||||||||||||||||||||||||
Acquisitions | — | 4.6 | 58.0 | 2.3 | — | 64.9 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (99.9) | (100.7) | 16.5 | (22.7) | (0.1) | (206.9) | ||||||||||||||||||||||||||||||||
AUM at June 30, 2022 | $ | 536.3 | $ | 424.9 | $ | 224.8 | $ | 136.2 | $ | 57.6 | $ | 1,379.8 |
(in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
AUM at January 1, 2021 | $ | 669.9 | $ | 495.7 | $ | 127.1 | $ | 141.1 | $ | 64.2 | $ | 1,498.0 | ||||||||||||||||||||||||||
Long-term inflows | 53.5 | 32.4 | 6.2 | 9.6 | — | 101.7 | ||||||||||||||||||||||||||||||||
Long-term outflows | (56.1) | (38.0) | (3.3) | (8.5) | — | (105.9) | ||||||||||||||||||||||||||||||||
Long-term net flows | (2.6) | (5.6) | 2.9 | 1.1 | — | (4.2) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | 1.2 | 1.2 | ||||||||||||||||||||||||||||||||
Total net flows | (2.6) | (5.6) | 2.9 | 1.1 | 1.2 | (3.0) | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (25.0) | 21.8 | 1.1 | 6.0 | — | 3.9 | ||||||||||||||||||||||||||||||||
AUM at March 31, 2021 | $ | 642.3 | $ | 511.9 | $ | 131.1 | $ | 148.2 | $ | 65.4 | $ | 1,498.9 |
(in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the nine months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
AUM at October 1, 2020 | $ | 656.9 | $ | 438.1 | $ | 122.1 | $ | 129.4 | $ | 72.4 | $ | 1,418.9 | ||||||||||||||||||||||||||
Long-term inflows | 135.7 | 103.0 | 15.3 | 27.5 | — | 281.5 | ||||||||||||||||||||||||||||||||
Long-term outflows | (142.1) | (118.8) | (8.9) | (27.0) | — | (296.8) | ||||||||||||||||||||||||||||||||
Long-term net flows | (6.4) | (15.8) | 6.4 | 0.5 | — | (15.3) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (11.2) | (11.2) | ||||||||||||||||||||||||||||||||
Total net flows | (6.4) | (15.8) | 6.4 | 0.5 | (11.2) | (26.5) | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | 7.6 | 114.6 | 12.3 | 23.1 | 2.1 | 159.7 | ||||||||||||||||||||||||||||||||
AUM at June 30, 2021 | $ | 658.1 | $ | 536.9 | $ | 140.8 | $ | 153.0 | $ | 63.3 | $ | 1,552.1 |
(in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the six months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||
AUM at October 1, 2021 | $ | 650.3 | $ | 523.6 | $ | 145.2 | $ | 152.4 | $ | 58.6 | $ | 1,530.1 | ||||||||||||||||||||||||||
Long-term inflows | 77.0 | 75.9 | 10.7 | 19.5 | — | 183.1 | ||||||||||||||||||||||||||||||||
Long-term outflows | (76.8) | (69.3) | (7.7) | (16.9) | — | (170.7) | ||||||||||||||||||||||||||||||||
Long-term net flows | 0.2 | 6.6 | 3.0 | 2.6 | — | 12.4 | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (1.3) | (1.3) | ||||||||||||||||||||||||||||||||
Total net flows | 0.2 | 6.6 | 3.0 | 2.6 | (1.3) | 11.1 | ||||||||||||||||||||||||||||||||
Acquisitions | — | 4.6 | 0.8 | 2.3 | — | 7.7 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (55.5) | (19.4) | 8.9 | (5.4) | — | (71.4) | ||||||||||||||||||||||||||||||||
AUM at March 31, 2022 | $ | 595.0 | $ | 515.4 | $ | 157.9 | $ | 151.9 | $ | 57.3 | $ | 1,477.5 |
(in billions) | Fixed Income | Equity | Alternative | Multi-Asset | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
AUM at October 1, 2020 | $ | 656.9 | $ | 438.1 | $ | 122.1 | $ | 129.4 | $ | 72.4 | $ | 1,418.9 | ||||||||||||||||||||||||||
Long-term inflows | 95.5 | 73.9 | 9.5 | 18.9 | — | 197.8 | ||||||||||||||||||||||||||||||||
Long-term outflows | (104.0) | (78.2) | (6.2) | (18.1) | — | (206.5) | ||||||||||||||||||||||||||||||||
Long-term net flows | (8.5) | (4.3) | 3.3 | 0.8 | — | (8.7) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (9.0) | (9.0) | ||||||||||||||||||||||||||||||||
Total net flows | (8.5) | (4.3) | 3.3 | 0.8 | (9.0) | (17.7) | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (6.1) | 78.1 | 5.7 | 18.0 | 2.0 | 97.7 | ||||||||||||||||||||||||||||||||
AUM at March 31, 2021 | $ | 642.3 | $ | 511.9 | $ | 131.1 | $ | 148.2 | $ | 65.4 | $ | 1,498.9 |
(in billions) | (in billions) | March 31, 2022 | March 31, 2021 | Percent Change | (in billions) | June 30, 2022 | June 30, 2021 | Percent Change | ||||||||||||||||||||||||||||||||
United States | United States | $ | 1,107.2 | $ | 1,100.5 | 1 | % | United States | $ | 1,034.3 | $ | 1,151.2 | (10 | %) | ||||||||||||||||||||||||||
International | International | International | ||||||||||||||||||||||||||||||||||||||
Asia-Pacific | Asia-Pacific | 148.3 | 164.5 | (10 | %) | Asia-Pacific | 131.1 | 161.1 | (19 | %) | ||||||||||||||||||||||||||||||
Europe, Middle East and Africa | Europe, Middle East and Africa | 143.4 | 150.1 | (4 | %) | Europe, Middle East and Africa | 133.6 | 156.2 | (14 | %) | ||||||||||||||||||||||||||||||
Americas, excl. U.S. | Americas, excl. U.S. | 78.6 | 83.8 | (6 | %) | Americas, excl. U.S. | 80.8 | 83.6 | (3 | %) | ||||||||||||||||||||||||||||||
Total international | Total international | 370.3 | 398.4 | (7 | %) | Total international | 345.5 | 400.9 | (14 | %) | ||||||||||||||||||||||||||||||
Total | Total | $ | 1,477.5 | $ | 1,498.9 | (1 | %) | Total | $ | 1,379.8 | $ | 1,552.1 | (11 | %) |
Peer Group Comparison1 | Benchmark Comparison2 | Peer Group Comparison1 | Benchmark Comparison2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Mutual Fund AUM in Top Two Peer Group Quartiles | % of Strategy Composite AUM Exceeding Benchmark | % of Mutual Fund AUM in Top Two Peer Group Quartiles | % of Strategy Composite AUM Exceeding Benchmark | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of March 31, 2022 | 1-Year | 3-Year | 5-Year | 10-Year | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of June 30, 2022 | as of June 30, 2022 | 1-Year | 3-Year | 5-Year | 10-Year | 1-Year | 3-Year | 5-Year | 10-Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | 38 | % | 41 | % | 60 | % | 65 | % | 42 | % | 88 | % | 90 | % | 95 | % | Fixed Income | 38 | % | 38 | % | 32 | % | 68 | % | 18 | % | 48 | % | 84 | % | 95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 48 | % | 28 | % | 54 | % | 49 | % | 25 | % | 32 | % | 37 | % | 51 | % | Equity | 46 | % | 27 | % | 55 | % | 50 | % | 41 | % | 34 | % | 42 | % | 40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total AUM3 | Total AUM3 | 52 | % | 43 | % | 61 | % | 63 | % | 39 | % | 65 | % | 68 | % | 77 | % | Total AUM3 | 52 | % | 42 | % | 54 | % | 50 | % | 35 | % | 49 | % | 69 | % | 73 | % |
(in millions) | (in millions) | Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | (in millions) | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment management fees | Investment management fees | $ | 1,649.2 | $ | 1,598.4 | 3 | % | $ | 3,409.7 | $ | 3,138.8 | 9 | % | Investment management fees | $ | 1,636.1 | $ | 1,697.3 | (4 | %) | $ | 5,045.8 | $ | 4,836.1 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and distribution fees | Sales and distribution fees | 370.2 | 413.6 | (10 | %) | 768.4 | 810.5 | (5 | %) | Sales and distribution fees | 335.6 | 416.9 | (20 | %) | 1,104.0 | 1,227.4 | (10 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder servicing fees | Shareholder servicing fees | 52.2 | 55.7 | (6 | %) | 99.9 | 105.1 | (5 | %) | Shareholder servicing fees | 46.9 | 50.5 | (7 | %) | 146.8 | 155.6 | (6 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 9.4 | 8.8 | 7 | % | 27.0 | 17.2 | 57 | % | Other | 12.7 | 8.2 | 55 | % | 39.7 | 25.4 | 56 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Revenues | Total Operating Revenues | $ | 2,081.0 | $ | 2,076.5 | 0 | % | $ | 4,305.0 | $ | 4,071.6 | 6 | % | Total Operating Revenues | $ | 2,031.3 | $ | 2,172.9 | (7 | %) | $ | 6,336.3 | $ | 6,244.5 | 1 | % |
(in millions) | (in millions) | Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | (in millions) | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-based fees | Asset-based fees | $ | 296.1 | $ | 322.2 | (8 | %) | $ | 618.0 | $ | 639.2 | (3 | %) | Asset-based fees | $ | 272.5 | $ | 332.0 | (18 | %) | $ | 890.5 | $ | 971.2 | (8 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-based fees | Sales-based fees | 70.6 | 86.4 | (18 | %) | 143.2 | 160.0 | (11 | %) | Sales-based fees | 59.4 | 80.9 | (27 | %) | 202.6 | 240.9 | (16 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent sales charges | Contingent sales charges | 3.5 | 5.0 | (30 | %) | 7.2 | 11.3 | (36 | %) | Contingent sales charges | 3.7 | 4.0 | (8 | %) | 10.9 | 15.3 | (29 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and Distribution Fees | Sales and Distribution Fees | $ | 370.2 | $ | 413.6 | (10 | %) | $ | 768.4 | $ | 810.5 | (5 | %) | Sales and Distribution Fees | $ | 335.6 | $ | 416.9 | (20 | %) | $ | 1,104.0 | $ | 1,227.4 | (10 | %) |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 752.5 | $ | 732.3 | 3 | % | $ | 1,555.1 | $ | 1,457.8 | 7 | % | Compensation and benefits | $ | 766.7 | $ | 771.4 | (1 | %) | $ | 2,321.8 | $ | 2,229.2 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, distribution and marketing | Sales, distribution and marketing | 482.4 | 541.8 | (11 | %) | 992.5 | 1,048.3 | (5 | %) | Sales, distribution and marketing | 440.3 | 531.0 | (17 | %) | 1,432.8 | 1,579.3 | (9 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information systems and technology | Information systems and technology | 126.9 | 117.5 | 8 | % | 250.7 | 234.0 | 7 | % | Information systems and technology | 125.9 | 121.8 | 3 | % | 376.6 | 355.8 | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy | Occupancy | 53.0 | 53.8 | (1 | %) | 109.3 | 109.5 | 0 | % | Occupancy | 53.8 | 54.6 | (1 | %) | 163.1 | 164.1 | (1 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 60.4 | 57.9 | 4 | % | 118.7 | 116.1 | 2 | % | Amortization of intangible assets | 81.8 | 58.0 | 41 | % | 200.5 | 174.1 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General, administrative and other | General, administrative and other | 142.8 | 116.9 | 22 | % | 258.0 | 240.5 | 7 | % | General, administrative and other | 158.1 | 158.0 | 0 | % | 416.1 | 398.5 | 4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | Total Operating Expenses | $ | 1,618.0 | $ | 1,620.2 | 0 | % | $ | 3,284.3 | $ | 3,206.2 | 2 | % | Total Operating Expenses | $ | 1,626.6 | $ | 1,694.8 | (4 | %) | $ | 4,910.9 | $ | 4,901.0 | 0 | % |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages and benefits | Salaries, wages and benefits | $ | 358.2 | $ | 361.3 | (1 | %) | $ | 703.9 | $ | 719.0 | (2 | %) | Salaries, wages and benefits | $ | 366.5 | $ | 366.7 | 0 | % | $ | 1,078.9 | $ | 1,091.1 | (1 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Incentive compensation | Incentive compensation | 355.7 | 313.9 | 13 | % | 769.9 | 630.8 | 22 | % | Incentive compensation | 364.3 | 352.1 | 3 | % | 1,136.8 | 963.2 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related retention | Acquisition-related retention | 34.2 | 46.6 | (27 | %) | 74.2 | 90.1 | (18 | %) | Acquisition-related retention | 44.2 | 39.1 | 13 | % | 118.4 | 129.2 | (8 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special termination benefits | 4.4 | 10.5 | (58 | %) | 7.1 | 17.9 | (60 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other1 | Other1 | (8.3) | 13.5 | NM | (12.3) | 45.7 | NM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Benefits Expenses | Compensation and Benefits Expenses | $ | 752.5 | $ | 732.3 | 3 | % | $ | 1,555.1 | $ | 1,457.8 | 7 | % | Compensation and Benefits Expenses | $ | 766.7 | $ | 771.4 | (1 | %) | $ | 2,321.8 | $ | 2,229.2 | 4 | % |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-based expenses | Asset-based expenses | $ | 396.2 | $ | 437.3 | (9 | %) | $ | 815.8 | $ | 851.6 | (4 | %) | Asset-based expenses | $ | 367.0 | $ | 430.7 | (15 | %) | $ | 1,182.8 | $ | 1,282.3 | (8 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-based expenses | Sales-based expenses | 69.6 | 85.1 | (18 | %) | 141.7 | 158.3 | (10 | %) | Sales-based expenses | 58.7 | 79.9 | (27 | %) | 200.4 | 238.2 | (16 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred sales commissions | Amortization of deferred sales commissions | 16.6 | 19.4 | (14 | %) | 35.0 | 38.4 | (9 | %) | Amortization of deferred sales commissions | 14.6 | 20.4 | (28 | %) | 49.6 | 58.8 | (16 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, Distribution and Marketing | Sales, Distribution and Marketing | $ | 482.4 | $ | 541.8 | (11 | %) | $ | 992.5 | $ | 1,048.3 | (5 | %) | Sales, Distribution and Marketing | $ | 440.3 | $ | 531.0 | (17 | %) | $ | 1,432.8 | $ | 1,579.3 | (9 | %) |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income, net | Investment and other income, net | $ | 27.7 | $ | 67.1 | (59 | %) | $ | 84.7 | $ | 144.3 | (41 | %) | Investment and other income, net | $ | 13.0 | $ | 52.9 | (75 | %) | $ | 97.7 | $ | 197.2 | (50 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (22.9) | (15.9) | 44 | % | (42.2) | (45.6) | (7 | %) | Interest expense | (28.9) | (25.7) | 12 | % | (71.1) | (71.3) | 0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income of consolidated investment products, net | 3.0 | 111.2 | (97 | %) | 107.7 | 202.3 | (47 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment and other income (losses) of consolidated investment products, net | Investment and other income (losses) of consolidated investment products, net | (74.4) | 61.0 | NM | 33.3 | 263.3 | (87 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses of consolidated investment products | Expenses of consolidated investment products | (4.6) | (5.2) | (12 | %) | (8.8) | (15.6) | (44 | %) | Expenses of consolidated investment products | (1.3) | (10.9) | (88 | %) | (10.1) | (26.5) | (62 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income, Net | $ | 3.2 | $ | 157.2 | (98 | %) | $ | 141.4 | $ | 285.4 | (50 | %) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expenses), Net | Other Income (Expenses), Net | $ | (91.6) | $ | 77.3 | NM | $ | 49.8 | $ | 362.7 | (86 | %) |
Accounting Classification1 | Total Direct Portfolio | Accounting Classification1 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Cash and Cash Equivalents | Investments at Fair Value | Equity Method Investments | Other Investments | Direct Investments in CIPs | (in millions) | Cash and Cash Equivalents | Investments at Fair Value | Equity Method Investments | Other Investments | Direct Investments in CIPs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | $ | 4,411.6 | $ | — | $ | — | $ | — | $ | — | $ | 4,411.6 | Cash and Cash Equivalents | $ | 3,806.3 | $ | — | $ | — | $ | — | $ | — | $ | 3,806.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alternative | Alternative | — | 94.7 | 346.3 | 61.9 | 457.9 | 960.8 | Alternative | — | 99.0 | 517.9 | 65.7 | 478.0 | 1,160.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | — | 227.8 | 208.9 | 116.9 | 199.6 | 753.2 | Equity | — | 315.3 | 191.0 | 150.0 | 139.1 | 795.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income | Fixed Income | — | 226.7 | 24.1 | 37.3 | 280.6 | 568.7 | Fixed Income | — | 206.2 | 22.0 | 37.5 | 269.5 | 535.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Asset | Multi-Asset | — | 40.1 | 13.7 | — | 84.6 | 138.4 | Multi-Asset | — | 40.3 | 13.6 | — | 75.0 | 128.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments | Total investments | — | 589.3 | 593.0 | 216.1 | 1,022.7 | 2,421.1 | Total investments | — | 660.8 | 744.5 | 253.2 | 961.6 | 2,620.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Investments2 | $ | 4,411.6 | $ | 589.3 | $ | 593.0 | $ | 216.1 | $ | 1,022.7 | $ | 6,832.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Investments2, 3 | Total Cash and Cash Equivalents and Investments2, 3 | $ | 3,806.3 | $ | 660.8 | $ | 744.5 | $ | 253.2 | $ | 961.6 | $ | 6,426.4 |
(in millions) | (in millions) | Three Months Ended March 31, | Six Months Ended March 31, | (in millions) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | $ | 463.0 | $ | 456.3 | $ | 1,020.7 | $ | 865.4 | Operating income | $ | 404.7 | $ | 478.1 | $ | 1,425.4 | $ | 1,343.5 | ||||||||||||||||||||||||||||||||||
Add (subtract): | Add (subtract): | Add (subtract): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of operating revenues upon consolidation of investment products1 | Elimination of operating revenues upon consolidation of investment products1 | 17.2 | 5.8 | 25.5 | 11.5 | Elimination of operating revenues upon consolidation of investment products1 | 13.0 | 5.2 | 38.5 | 16.7 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition-related retention | Acquisition-related retention | 34.2 | 46.6 | 74.2 | 90.1 | Acquisition-related retention | 44.2 | 39.1 | 118.4 | 129.2 | ||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense from gains (losses) on deferred compensation and seed investments, net | Compensation and benefits expense from gains (losses) on deferred compensation and seed investments, net | (15.3) | 0.2 | (11.1) | 14.3 | Compensation and benefits expense from gains (losses) on deferred compensation and seed investments, net | (19.3) | 9.6 | (30.4) | 23.9 | ||||||||||||||||||||||||||||||||||||||||||
Other acquisition-related expenses | Other acquisition-related expenses | 12.7 | 3.8 | 27.4 | 15.7 | Other acquisition-related expenses | 31.5 | 7.3 | 58.9 | 23.0 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 60.4 | 57.9 | 118.7 | 116.1 | Amortization of intangible assets | 81.8 | 58.0 | 200.5 | 174.1 | ||||||||||||||||||||||||||||||||||||||||||
Special termination benefits | Special termination benefits | 4.4 | 10.5 | 7.1 | 17.9 | Special termination benefits | 0.7 | 3.9 | 7.8 | 21.8 | ||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits expense related to minority interests in certain subsidiaries | Compensation and benefits expense related to minority interests in certain subsidiaries | 10.3 | — | 10.3 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | Adjusted operating income | $ | 576.6 | $ | 581.1 | $ | 1,262.5 | $ | 1,131.0 | Adjusted operating income | $ | 566.9 | $ | 601.2 | $ | 1,829.4 | $ | 1,732.2 | ||||||||||||||||||||||||||||||||||
Total operating revenues | Total operating revenues | $ | 2,081.0 | $ | 2,076.5 | $ | 4,305.0 | $ | 4,071.6 | Total operating revenues | $ | 2,031.3 | $ | 2,172.9 | $ | 6,336.3 | $ | 6,244.5 | ||||||||||||||||||||||||||||||||||
Add (subtract): | Add (subtract): | Add (subtract): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition-related pass through performance fees | Acquisition-related pass through performance fees | — | (9.3) | (0.4) | (25.3) | Acquisition-related pass through performance fees | — | — | (0.4) | (25.3) | ||||||||||||||||||||||||||||||||||||||||||
Sales and distribution fees | Sales and distribution fees | (370.2) | (413.6) | (768.4) | (810.5) | Sales and distribution fees | (335.6) | (416.9) | (1,104.0) | (1,227.4) | ||||||||||||||||||||||||||||||||||||||||||
Allocation of investment management fees for sales, distribution and marketing expenses | Allocation of investment management fees for sales, distribution and marketing expenses | (112.2) | (128.2) | (224.1) | (237.8) | Allocation of investment management fees for sales, distribution and marketing expenses | (104.7) | (114.1) | (328.8) | (351.9) | ||||||||||||||||||||||||||||||||||||||||||
Elimination of operating revenues upon consolidation of investment products1 | Elimination of operating revenues upon consolidation of investment products1 | 17.2 | 5.8 | 25.5 | 11.5 | Elimination of operating revenues upon consolidation of investment products1 | 13.0 | 5.2 | 38.5 | 16.7 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating revenues | Adjusted operating revenues | $ | 1,615.8 | $ | 1,531.2 | $ | 3,337.6 | $ | 3,009.5 | Adjusted operating revenues | $ | 1,604.0 | $ | 1,647.1 | $ | 4,941.6 | $ | 4,656.6 | ||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 22.2% | 22.0% | 23.7% | 21.3% | Operating margin | 19.9% | 22.0% | 22.5% | 21.5% | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | Adjusted operating margin | 35.7% | 38.0% | 37.8% | 37.6% | Adjusted operating margin | 35.3% | 36.5% | 37.0% | 37.2% |
(in millions, except per share data) | (in millions, except per share data) | Three Months Ended March 31, | Six Months Ended March 31, | (in millions, except per share data) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | Net income attributable to Franklin Resources, Inc. | $ | 349.6 | $ | 381.8 | $ | 802.8 | $ | 727.1 | Net income attributable to Franklin Resources, Inc. | $ | 256.4 | $ | 438.4 | $ | 1,059.2 | $ | 1,165.5 | ||||||||||||||||||||||||||||||||||
Add (subtract): | Add (subtract): | Add (subtract): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (income) loss of consolidated investment products1 | Net (income) loss of consolidated investment products1 | 0.1 | (6.3) | 10.1 | 14.9 | Net (income) loss of consolidated investment products1 | (6.8) | (0.6) | 3.3 | 14.3 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition-related retention | Acquisition-related retention | 34.2 | 46.6 | 74.2 | 90.1 | Acquisition-related retention | 44.2 | 39.1 | 118.4 | 129.2 | ||||||||||||||||||||||||||||||||||||||||||
Other acquisition-related expenses | Other acquisition-related expenses | 12.7 | 3.7 | 27.8 | 13.8 | Other acquisition-related expenses | 37.6 | 7.2 | 65.4 | 21.0 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 60.4 | 57.9 | 118.7 | 116.1 | Amortization of intangible assets | 81.8 | 58.0 | 200.5 | 174.1 | ||||||||||||||||||||||||||||||||||||||||||
Special termination benefits | Special termination benefits | 4.4 | 10.5 | 7.1 | 17.9 | Special termination benefits | 0.7 | 3.9 | 7.8 | 21.8 | ||||||||||||||||||||||||||||||||||||||||||
Net (gains) losses on deferred compensation plan investments not offset by compensation and benefits expense | Net (gains) losses on deferred compensation plan investments not offset by compensation and benefits expense | 2.8 | (0.2) | 2.5 | (1.4) | Net (gains) losses on deferred compensation plan investments not offset by compensation and benefits expense | 6.1 | (0.9) | 8.6 | (2.3) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized investment losses (gains) | Unrealized investment losses (gains) | 70.3 | (60.6) | 72.1 | (156.5) | Unrealized investment losses (gains) | 45.7 | (30.1) | 117.8 | (186.6) | ||||||||||||||||||||||||||||||||||||||||||
Interest expense for amortization of debt premium | Interest expense for amortization of debt premium | (6.3) | (16.9) | (12.6) | (22.9) | Interest expense for amortization of debt premium | (6.3) | (6.4) | (18.9) | (29.3) | ||||||||||||||||||||||||||||||||||||||||||
Net compensation and benefits expense related to minority interests in certain subsidiaries not offset by net income (loss) attributable to redeemable noncontrolling interests | Net compensation and benefits expense related to minority interests in certain subsidiaries not offset by net income (loss) attributable to redeemable noncontrolling interests | 0.5 | — | 0.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net income tax expense of adjustments | Net income tax expense of adjustments | (36.6) | (13.0) | (57.5) | (22.2) | Net income tax expense of adjustments | (43.9) | (14.9) | (101.4) | (37.1) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | Adjusted net income | $ | 491.6 | $ | 403.5 | $ | 1,045.2 | $ | 776.9 | Adjusted net income | $ | 416.0 | $ | 493.7 | $ | 1,461.2 | $ | 1,270.6 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.68 | $ | 0.74 | $ | 1.57 | $ | 1.42 | Diluted earnings per share | $ | 0.50 | $ | 0.86 | $ | 2.07 | $ | 2.27 | ||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share | Adjusted diluted earnings per share | 0.96 | 0.79 | 2.04 | 1.51 | Adjusted diluted earnings per share | 0.82 | 0.96 | 2.86 | 2.48 |
(in millions) | (in millions) | Three Months Ended March 31, | Six Months Ended March 31, | (in millions) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Elimination of operating revenues upon consolidation | Elimination of operating revenues upon consolidation | $ | (17.2) | $ | (5.8) | $ | (25.5) | $ | (11.5) | Elimination of operating revenues upon consolidation | $ | (13.0) | $ | (5.2) | $ | (38.5) | $ | (16.7) | ||||||||||||||||||||||||||||||||||
Other income, net | 9.9 | 95.6 | 82.4 | 115.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expenses), net | Other income (expenses), net | (33.6) | 13.1 | 48.8 | 129.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: income (loss) attributable to noncontrolling interests | Less: income (loss) attributable to noncontrolling interests | (7.2) | 83.5 | 67.0 | 119.3 | Less: income (loss) attributable to noncontrolling interests | (53.4) | 7.3 | 13.6 | 126.6 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (0.1) | $ | 6.3 | $ | (10.1) | $ | (14.9) | Net income (loss) | $ | 6.8 | $ | 0.6 | $ | (3.3) | $ | (14.3) |
Six Months Ended March 31, | Nine Months Ended June 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Operating cash flows | Operating cash flows | $ | 270.5 | $ | 546.3 | Operating cash flows | $ | 1,090.3 | $ | 739.3 | ||||||||||||||||||
Investing cash flows | Investing cash flows | (1,151.3) | (1,277.9) | Investing cash flows | (2,679.9) | (1,936.0) | ||||||||||||||||||||||
Financing cash flows | Financing cash flows | 1,275.9 | 1,330.8 | Financing cash flows | 1,489.2 | 1,542.9 |
(in millions) | (in millions) | March 31, 2022 | September 30, 2021 | (in millions) | June 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 4,303.7 | $ | 4,357.8 | Cash and cash equivalents | $ | 3,697.5 | $ | 4,357.8 | ||||||||||||||||||
Receivables | Receivables | 1,240.1 | 1,300.4 | Receivables | 1,236.0 | 1,300.4 | ||||||||||||||||||||||
Investments | Investments | 809.6 | 1,042.2 | Investments | 859.5 | 1,042.2 | ||||||||||||||||||||||
Total Liquid Assets | Total Liquid Assets | $ | 6,353.4 | $ | 6,700.4 | Total Liquid Assets | $ | 5,793.0 | $ | 6,700.4 | ||||||||||||||||||
Liability | Liability | Liability | ||||||||||||||||||||||||||
Debt | Debt | $ | 3,388.0 | $ | 3,399.4 | Debt | $ | 3,382.2 | $ | 3,399.4 |
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 | ||||||||||||||||||||||
January 2022 | 469,554 | $ | 33.38 | 469,554 | 29,717,806 | |||||||||||||||||||||
February 2022 | 754,482 | 30.44 | 754,482 | 28,963,324 | ||||||||||||||||||||||
March 2022 | 1,508,934 | 27.96 | 1,508,934 | 27,454,390 | ||||||||||||||||||||||
Total | 2,732,970 | 2,732,970 |
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 | ||||||||||||||||||||||
April 2022 | 580,651 | $ | 26.40 | 580,651 | 26,873,739 | |||||||||||||||||||||
May 2022 | 1,039,302 | 24.68 | 1,039,302 | 25,834,437 | ||||||||||||||||||||||
June 2022 | 404,784 | 24.75 | 404,784 | 25,429,653 | ||||||||||||||||||||||
Total | 2,024,737 | 2,024,737 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
3.6 | ||||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from Registrant’s Quarterly Report on Form 10-Q for the quarter ended | |||||||
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: | By: | /s/ Matthew Nicholls | ||||||||||||
Matthew Nicholls | ||||||||||||||
Executive Vice President, Chief Financial Officer and Chief Operating Officer | ||||||||||||||
Date: | By: | /s/ Gwen L. Shaneyfelt | ||||||||||||
Gwen L. Shaneyfelt | ||||||||||||||
Chief Accounting Officer |