Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2016 | Jan. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Franklin Resources Inc | |
Entity Central Index Key | 38,777 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 565,321,260 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues | ||
Investment management fees | $ 1,063.2 | $ 1,186.7 |
Sales and distribution fees | 419.3 | 478.4 |
Shareholder servicing fees | 56.6 | 61.9 |
Other | 21.7 | 31 |
Total operating revenues | 1,560.8 | 1,758 |
Operating Expenses | ||
Sales, distribution and marketing | 520 | 588.6 |
Compensation and benefits | 311.5 | 342.5 |
Information systems and technology | 51.7 | 51.2 |
Occupancy | 29.1 | 30.7 |
General, administrative and other | 61.6 | 91.4 |
Total operating expenses | 973.9 | 1,104.4 |
Operating Income | 586.9 | 653.6 |
Other Income (Expenses) | ||
Investment and other income, net | 46.1 | 30.5 |
Interest expense | (13.3) | (12) |
Other income, net | 32.8 | 18.5 |
Income before taxes | 619.7 | 672.1 |
Taxes on income | 200.9 | 209.7 |
Net income | 418.8 | 462.4 |
Less: net income (loss) attributable to | ||
Nonredeemable noncontrolling interests | 2.1 | 13.6 |
Redeemable noncontrolling interests | (23.5) | 1 |
Net Income Attributable to Franklin Resources, Inc. | $ 440.2 | $ 447.8 |
Earnings per Share | ||
Basic | $ 0.77 | $ 0.74 |
Diluted | 0.77 | 0.74 |
Dividends Declared per Share | $ 0.2 | $ 0.18 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 418.8 | $ 462.4 |
Other Comprehensive Income (Loss) | ||
Net unrealized losses on investments, net of tax | (2.4) | (5.9) |
Currency translation adjustments, net of tax | (60.9) | (23.6) |
Net unrealized gains on defined benefit plans, net of tax | 0 | 0.6 |
Total other comprehensive income (loss) | (63.3) | (28.9) |
Total comprehensive income | 355.5 | 433.5 |
Less: comprehensive income (loss) attributable to | ||
Nonredeemable noncontrolling interests | 2.1 | 13.6 |
Redeemable noncontrolling interests | (23.5) | 1 |
Comprehensive Income Attributable to Franklin Resources, Inc. | $ 376.9 | $ 418.9 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Assets | ||
Cash and cash equivalents | $ 8,454.8 | $ 8,483.3 |
Receivables | 930 | 794.3 |
Investments | 1,512.8 | 2,416.6 |
Investments, at fair value | 521.6 | 1,437.6 |
Property and equipment, net | 512.5 | 523.2 |
Goodwill and other intangible assets, net | 2,200.4 | 2,211.3 |
Other | 143.7 | 156.7 |
Total Assets | 16,210.3 | 16,098.8 |
Liabilities | ||
Compensation and benefits | 191.8 | 357.4 |
Accounts payable and accrued expenses | 214.8 | 233.3 |
Dividends | 114.6 | 104.6 |
Commissions | 292.4 | 302 |
Income taxes | 191.7 | 23 |
Debt | 1,394.4 | 1,401.2 |
Deferred taxes | 151.7 | 161.5 |
Other | 230.6 | 244.3 |
Total liabilities | 3,122.1 | 3,509.5 |
Commitments and Contingencies (Note 9) | ||
Redeemable Noncontrolling Interests | 841.2 | 61.1 |
Stockholders' Equity | ||
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 565,683,547 and 570,345,156 shares issued and outstanding at December 31, 2016 and September 30, 2016 | 56.6 | 57 |
Retained earnings | 12,326 | 12,226.2 |
Accumulated other comprehensive loss | (417.8) | (347.4) |
Total Franklin Resources, Inc. stockholders’ equity | 11,964.8 | 11,935.8 |
Nonredeemable noncontrolling interests | 282.2 | 592.4 |
Total stockholders’ equity | 12,247 | 12,528.2 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 16,210.3 | 16,098.8 |
Franklin Resources, Inc. [Member] | ||
Assets | ||
Cash and cash equivalents | 8,223.6 | 8,247.1 |
Consolidated sponsored investment products [Member] | ||
Assets | ||
Cash and cash equivalents | 231.2 | 236.2 |
Receivables | 174.1 | 47.9 |
Investments, at fair value | 2,456.1 | 1,513.4 |
Other | 0.8 | 1.4 |
Total Assets | 2,862.2 | 1,798.9 |
Liabilities | ||
Accounts payable and accrued expenses | 67.9 | 65.2 |
Debt | 340.1 | 682.2 |
Other | 7.2 | 8.5 |
Total liabilities | 415.2 | 755.9 |
Redeemable Noncontrolling Interests | 841.2 | 61.1 |
Stockholders' Equity | ||
Total Franklin Resources, Inc. stockholders’ equity | 1,349.3 | 414.1 |
Nonredeemable noncontrolling interests | 256.5 | 567.8 |
Total stockholders’ equity | 1,605.8 | 981.9 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ 2,862.2 | $ 1,798.9 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Investments, at fair value | $ 521.6 | $ 1,437.6 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 565,683,547 | 570,345,156 |
Common stock, shares outstanding | 565,683,547 | 570,345,156 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net cash provided by operating activities | ||
Net Income | $ 418.8 | $ 462.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of deferred sales commissions | 17.1 | 22.8 |
Depreciation and other amortization | 19.9 | 22.6 |
Stock-based compensation | 30.4 | 34 |
Gains on sale of assets | (0.8) | (7.2) |
Income from investments in equity method investees | (34.2) | (24.8) |
Net losses (gains) on other investments of consolidated sponsored investment products | (2) | 7.6 |
Deferred income taxes | (6.9) | (1.8) |
Other | (12.1) | 14.9 |
Changes in operating assets and liabilities: | ||
Increase in receivables, prepaid expenses and other | (19.3) | (42.5) |
Decrease in trading securities, net | 27.9 | 1.5 |
Decrease (increase) in trading securities of consolidated sponsored investment products, net | 43.9 | (102.5) |
Decrease in accrued compensation and benefits | (161.9) | (221.5) |
Decrease in commissions payable | (9.6) | (23.8) |
Increase in income taxes payable | 167.1 | 160.4 |
Decrease in other liabilities | (32.1) | (6.9) |
Net cash provided by operating activities | 446.2 | 295.2 |
Net cash provided by (used in) investing activities | ||
Purchase of investments | (28.8) | (20.9) |
Liquidation of investments | 35.2 | 128.3 |
Purchase of other investments by consolidated sponsored investment products | (69.4) | (91.6) |
Liquidation of other investments by consolidated sponsored investment products | 72.7 | 104.7 |
Additions of property and equipment, net | (12.8) | (19.1) |
Adoption of new accounting guidance | (49.2) | 0 |
Net deconsolidation of sponsored investment products | (6.1) | (12.2) |
Net Cash Provided by (Used in) Investing Activities | (58.4) | 89.2 |
Net cash used in financing activities | ||
Dividends paid on common stock | (103.4) | (91.5) |
Repurchase of common stock | (256.2) | (381.5) |
Proceeds from debt of consolidated sponsored investment products | 0.4 | 1 |
Payments on debt by consolidated sponsored investment products | (3.2) | (27.9) |
Payments on contingent consideration liability | (2.2) | (2.8) |
Noncontrolling interests | (1.3) | 39.3 |
Net cash used in financing activities | (365.9) | (463.4) |
Effect of exchange rate changes on cash and cash equivalents | (50.4) | (20.1) |
Decrease in cash and cash equivalents | (28.5) | (99.1) |
Cash and cash equivalents, beginning of period | 8,483.3 | 8,368.1 |
Cash and Cash Equivalents, End of Period | 8,454.8 | 8,269 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 33.1 | 48.1 |
Cash paid for interest | 10.1 | 8.8 |
Cash paid for interest by consolidated sponsored investment products | $ 3.3 | $ 6.7 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim financial statements of Franklin Resources, Inc. and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared by the Company in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. These financial statements should be read together with the Company’s audited financial statements included in its Form 10-K for the fiscal year ended September 30, 2016 (“fiscal year 2016”). Certain comparative amounts for the prior fiscal year period have been reclassified to conform to the financial statement presentation as of and for the period ended December 31, 2016 . |
New Accounting Guidance
New Accounting Guidance | 3 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Guidance | New Accounting Guidance Recently Adopted Accounting Guidance On October 1, 2016 , the Company adopted an amendment to the consolidation guidance issued by the Financial Accounting Standards Board (“FASB”) using the modified retrospective approach which did not require the restatement of prior year periods. The amendment modifies the consolidation framework for certain investment entities and all limited partnerships. It also eliminates certain criteria used to determine whether fees paid to a decision maker are a variable interest and results in a lower consolidation threshold for variable interest entities (“VIEs”). The adoption caused the consolidation of 24 sponsored investment products (“SIPs”) that changed from voting interest entities (“VOEs”) to VIEs and three other SIPs that are VIEs. In addition, two collateralized loan obligations (“CLOs”) for which the Company was previously the primary beneficiary and five limited partnerships were deconsolidated. The adoption resulted in net increases in total assets, redeemable noncontrolling interests and retained earnings of $180.9 million , $824.7 million and $5.8 million , and net decreases in total liabilities, nonredeemable noncontrolling interests and other equity of $317.9 million , $324.6 million and $7.1 million as of October 1, 2016. Accounting Guidance Not Yet Adopted The FASB issued an amendment to the existing stock-based compensation guidance in March 2016. The amendment requires all income tax effects of stock-based awards to be recognized as income tax expense when the awards vest or settle and clarifies the classification of these transactions within the statement of cash flows. The amendment also provides an election to account for forfeitures as they occur, which the Company expects to take. The amendment is effective for the Company on October 1, 2017 and requires varying transition approaches for the different changes to the guidance. The Company expects the adoption to increase the volatility of income tax expense as a result of fluctuations in its stock price. The FASB issued new guidance in May 2014 that requires use of a single principles-based model for recognition of revenue from contracts with customers. The core principle of the model is that revenue is recognized upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received for the goods or services. The guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements. The guidance is effective for the Company on October 1, 2018 and allows for either a full retrospective or modified approach at adoption. While the Company’s implementation efforts are ongoing, it does not expect adoption of the guidance to have a significant impact on the timing of recognition for the majority of its operating revenue. The Company is evaluating certain costs to determine if they should be capitalized or expensed based on the criteria in the guidance for costs to obtain or fulfill a contract. Additionally, it is assessing certain arrangements to determine whether it continues to act as a principal and present the related revenue gross of associated expenses. The overall impact upon adoption may differ based on further evaluation and additional facts and circumstances identified during implementation. The Company has not yet determined its transition approach. The FASB issued an amendment to the existing financial instruments guidance in January 2016. The amendment requires substantially all equity investments in nonconsolidated entities to be measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting, which will impact all equity securities currently classified as available-for-sale. The amendment also provides an election to measure equity investments that do not have a readily determinable fair value at cost less impairment, if any, which the Company expects to take. The amendment is effective for the Company on October 1, 2018 and requires a cumulative effect adjustment to retained earnings at adoption. The Company does not expect the adoption to have a material impact on its consolidated financial statements; however, this could be affected by market volatility as well as additional facts and circumstances identified during implementation. There were no other significant updates to the new accounting guidance not yet adopted by the Company as disclosed in its Form 10-K for fiscal year 2016. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Changes in total stockholders’ equity were as follows: (in millions) Franklin Resources, Inc. Stockholders’ Equity Nonredeemable Noncontrolling Interests Total Stockholders’ Equity for the three months ended December 31, 2016 Balance at October 1, 2016 $ 11,935.8 $ 592.4 $ 12,528.2 Adoption of new accounting guidance (1.3 ) (324.6 ) (325.9 ) Net income 440.2 2.1 442.3 Other comprehensive loss (63.3 ) (63.3 ) Cash dividends declared on common stock (113.4 ) (113.4 ) Repurchase of common stock (261.7 ) (261.7 ) Net subscriptions 12.3 12.3 Stock-based compensation 28.5 28.5 Balance at December 31, 2016 $ 11,964.8 $ 282.2 $ 12,247.0 (in millions) Franklin Resources, Inc. Stockholders’ Equity Nonredeemable Noncontrolling Interests Total Stockholders’ Equity for the three months ended December 31, 2015 Balance at October 1, 2015 $ 11,841.0 $ 654.8 $ 12,495.8 Net income 447.8 13.6 461.4 Other comprehensive loss (28.9 ) (28.9 ) Cash dividends declared on common stock (107.6 ) (107.6 ) Repurchase of common stock (404.1 ) (404.1 ) Net distributions (28.7 ) (28.7 ) Stock-based compensation 33.0 33.0 Balance at December 31, 2015 $ 11,781.2 $ 639.7 $ 12,420.9 During the three months ended December 31, 2016 and 2015 , the Company repurchased 7.1 million and 10.5 million shares of its common stock at a cost of $261.7 million and $404.1 million under its stock repurchase program. At December 31, 2016 , 43.6 million shares remained available for repurchase under the program, which is not subject to an expiration date. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended 2016 2015 Net income attributable to Franklin Resources, Inc. $ 440.2 $ 447.8 Less: allocation of earnings to participating nonvested stock and stock unit awards 3.0 2.7 Net Income Available to Common Stockholders $ 437.2 $ 445.1 Weighted-average shares outstanding – basic 565.1 597.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.1 0.1 Weighted-Average Shares Outstanding – Diluted 565.2 597.7 Earnings per Share Basic $ 0.77 $ 0.74 Diluted 0.77 0.74 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 0.7 million and 1.4 million for the three months ended December 31, 2016 and 2015 . |
Investments
Investments | 3 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments | Investments The disclosures below include details of the Company’s investments, excluding those of consolidated SIPs. See Note 7 – Consolidated Sponsored Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) December 31, September 30, Investment securities, trading SIPs $ 138.8 $ 844.4 Debt and other equity securities 264.2 277.5 Total investment securities, trading 403.0 1,121.9 Investment securities, available-for-sale SIPs 102.3 297.7 Debt and other equity securities 3.0 3.7 Total investment securities, available-for-sale 105.3 301.4 Investments in equity method investees 816.0 797.4 Other investments 188.5 195.9 Total $ 1,512.8 $ 2,416.6 Debt and other equity trading securities consist primarily of corporate debt. Investment securities with an aggregate carrying amount of $117.3 million were pledged as collateral at both December 31, 2016 and September 30, 2016 . Gross unrealized gains and losses relating to investment securities, available-for-sale were as follows: (in millions) Gross Unrealized as of December 31, 2016 Cost Basis Gains Losses Fair Value SIPs $ 103.2 $ 1.0 $ (1.9 ) $ 102.3 Debt and other equity securities 2.9 0.1 — 3.0 Total $ 106.1 $ 1.1 $ (1.9 ) $ 105.3 (in millions) Gross Unrealized as of September 30, 2016 Cost Basis Gains Losses Fair Value SIPs $ 289.6 $ 13.7 $ (5.6 ) $ 297.7 Debt and other equity securities 3.6 0.1 — 3.7 Total $ 293.2 $ 13.8 $ (5.6 ) $ 301.4 Gross unrealized losses relating to investment securities, available-for-sale aggregated by length of time that individual securities have been in a continuous unrealized loss position were as follows: Less Than 12 Months 12 Months or Greater Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses as of December 31, 2016 SIPs $ 19.5 $ (1.1 ) $ 5.2 $ (0.8 ) $ 24.7 $ (1.9 ) Less Than 12 Months 12 Months or Greater Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses as of September 30, 2016 SIPs $ 75.8 $ (4.3 ) $ 18.0 $ (1.3 ) $ 93.8 $ (5.6 ) The Company recognized $0.3 million and $0.4 million of other-than-temporary impairment during the three months ended December 31, 2016 and 2015 . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of consolidated SIPs. See Note 7 – Consolidated Sponsored Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets and liability measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 Total as of December 31, 2016 Assets Investment securities, trading SIPs $ 138.8 $ — $ — $ 138.8 Debt and other equity securities 3.1 75.7 185.4 264.2 Investment securities, available-for-sale SIPs 102.3 — — 102.3 Debt and other equity securities 0.9 2.1 — 3.0 Life settlement contracts — — 13.3 13.3 Total Assets Measured at Fair Value $ 245.1 $ 77.8 $ 198.7 $ 521.6 Liability Contingent consideration liability $ — $ — $ 83.7 $ 83.7 (in millions) Level 1 Level 2 Level 3 Total as of September 30, 2016 Assets Investment securities, trading SIPs $ 844.4 $ — $ — $ 844.4 Debt and other equity securities 2.6 84.1 190.8 277.5 Investment securities, available-for-sale SIPs 297.7 — — 297.7 Debt and other equity securities 1.6 2.1 — 3.7 Life settlement contracts — — 14.3 14.3 Total Assets Measured at Fair Value $ 1,146.3 $ 86.2 $ 205.1 $ 1,437.6 Liability Contingent consideration liability $ — $ — $ 98.1 $ 98.1 The fair values of all SIPs and certain other equity securities are determined based on their published net asset values and they are classified as Level 1. The fair values of certain debt and other equity securities are determined using quoted market prices, if available, or independent third-party broker or dealer price quotes, which are evaluated for reasonableness, and they are classified as Level 2. The fair values of other debt securities and all life settlement contracts are determined using discounted cash flow valuation techniques using significant unobservable inputs and they are classified as Level 3. The fair value of the contingent consideration liability, which is classified as Level 3, is determined using an income-based method which considers the net present value of anticipated future cash flows. There were no transfers between Level 1 and Level 2, or into or out of Level 3, during the three months ended December 31, 2016 and 2015 . Changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: 2016 2015 (in millions) Investments Contingent Investments Contingent for the three months ended December 31, Balance at beginning of period $ 205.1 $ (98.1 ) $ 20.7 $ (102.9 ) Total realized and unrealized gains (losses) Included in investment and other income, net 0.6 — 0.6 — Included in general, administrative and other expense — 12.2 — (16.2 ) Purchases 0.5 — 3.3 — Sales (2.4 ) — — — Settlements (1.7 ) 2.2 (0.8 ) 3.3 Foreign exchange revaluation (3.4 ) — — — Balance at End of Period $ 198.7 $ (83.7 ) $ 23.8 $ (115.8 ) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ (0.1 ) $ 12.2 $ 0.2 $ (16.2 ) Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows: (in millions) as of December 31, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Investment securities, trading – debt and other equity securities $ 185.4 Discounted cash flow Discount rate 6.5%–6.9% (6.8%) Risk premium 2.0%–17.9% (16.7%) Liquidity discount 0.0%–10.0% (9.7%) Life settlement contracts 13.3 Discounted cash flow Life expectancy 21–130 months (65) Discount rate 8.0%–20.0% (13.0%) Contingent consideration liability 83.7 Discounted cash flow AUM growth rate (1.9)%–2.8% (0.7%) EBITDA margin 6.2%–8.8% (7.9%) Discount rate 13.2% (in millions) as of September 30, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Investment securities, trading – debt and other equity securities $ 190.8 Discounted cash flow Discount rate 3.6%–6.9% (6.7%) Risk premium 2.0%–17.9% (16.5%) Liquidity discount 0.0%–10.0% (9.6%) Life settlement contracts 14.3 Discounted cash flow Life expectancy 20–132 months (65) Discount rate 3.3%–18.0% (11.5%) Contingent consideration liability 98.1 Discounted cash flow AUM growth rate 2.4%–11.5% (5.9%) EBITDA margin 14.3% Discount rate 13.2% For investment securities, trading – debt and other equity securities, a significant increase (decrease) in the discount rate, risk premium or liquidity discount in isolation would result in a significantly lower (higher) fair value measurement. For life settlement contracts, a significant increase (decrease) in the life expectancy or the discount rate in isolation would result in a significantly lower (higher) fair value measurement. For the contingent consideration liability, a significant increase (decrease) in the AUM growth rate or EBITDA margin, or decrease (increase) in the discount rate, in isolation would result in a significantly higher (lower) fair value measurement. Financial instruments that were not measured at fair value were as follows: (in millions) December 31, 2016 September 30, 2016 Fair Value Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 8,223.6 $ 8,223.6 $ 8,247.1 $ 8,247.1 Other investments Time deposits 2 128.0 128.0 131.6 131.6 Cost method investments 3 47.2 59.5 50.0 61.3 Financial Liabilities Debt Senior notes 2 1,342.8 1,365.1 1,348.5 1,412.5 Loan 2 51.6 51.5 52.7 52.7 |
Consolidated Sponsored Investme
Consolidated Sponsored Investment Products | 3 Months Ended |
Dec. 31, 2016 | |
Consolidated Sponsored Investment Products [Abstract] | |
Consolidated Sponsored Investment Products | Consolidated Sponsored Investment Products The Company consolidates SIPs, which consist of both VOEs and VIEs, when it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a VOE or when it is the primary beneficiary of a VIE. A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or they do not have defined rights and obligations normally associated with an equity investment. The Company ’ s VIEs are all investment entities, and its variable interests consist of its equity ownership interest in and certain investment management fees earned from these entities. The Company adopted new accounting guidance on October 1, 2016 that modifies the consolidation framework for certain investment entities and all limited partnerships. As a result of the modifications, certain SIPs changed from VOEs to VIEs and became subject to a lower threshold for consolidation. Additionally, there is now a single model to determine whether the Company is the primary beneficiary of a VIE. The Company is the primary beneficiary if it has the power to direct the activities that most significantly impact the VIE ’ s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service. The key estimates and assumptions used in the analyses include the amount of assets under management (“AUM”), investment management fee rates, the life of the investment product, prepayment rates and the discount rate. The new guidance did not change the consolidation framework for VOEs. Consolidated SIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, which are asset-backed financing entities collateralized by a pool of corporate debt securities. The Company consolidated 61 SIPs, including one CLO, as of December 31, 2016 and 40 SIPs, including three CLOs, as of September 30, 2016 . Amounts for prior periods have been reclassified to combine amounts previously presented separately as consolidated SIPs and consolidated VIEs. The balances of consolidated SIPs included in the Company’s condensed consolidated balance sheets were as follows: (in millions) December 31, 2016 September 30, 2016 Assets Cash and cash equivalents $ 231.2 $ 236.2 Receivables 174.1 47.9 Investments, at fair value 2,456.1 1,513.4 Other assets 0.8 1.4 Total Assets $ 2,862.2 $ 1,798.9 Liabilities Accounts payable and accrued expenses $ 67.9 $ 65.2 Debt 340.1 682.2 Other liabilities 7.2 8.5 Total liabilities 415.2 755.9 Redeemable Noncontrolling Interests 841.2 61.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,349.3 414.1 Nonredeemable noncontrolling interests 256.5 567.8 Total stockholders’ equity 1,605.8 981.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 2,862.2 $ 1,798.9 The consolidated SIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2016 and 2015 . The Company has no right to the consolidated SIPs’ assets, other than its direct equity investments in them and investment management fees earned from them. The debt holders of the consolidated SIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the SIPs’ liabilities. SIPs are typically consolidated when the Company makes an initial investment in a newly launched investment entity. They are typically deconsolidated when the Company no longer has a controlling financial interest due to redemptions of its investment or increases in third-party investments. The Company’s investments in SIPs subsequent to deconsolidation are accounted for as trading or available-for-sale investment securities, or equity method or cost method investments depending on the structure of the SIP and the Company’s role and level of ownership. Investments Investments of consolidated SIPs consisted of the following: (in millions) December 31, September 30, Investment securities, trading $ 1,810.3 $ 287.8 Other debt securities 366.9 618.3 Other equity securities 278.9 607.3 Total $ 2,456.1 $ 1,513.4 Investment securities, trading consist of equity and debt securities that are traded in active markets. Other debt securities consist of corporate debt securities held by CLOs and debt securities of entities in emerging markets. Other equity securities consist of equity securities of entities in emerging markets and fund products. Investments in fund products for which fair value was estimated using reported net asset value (“NAV”) as a practical expedient were as follows: (in millions) Redemption Frequency December 31, September 30, Real estate and private equity funds Nonredeemable $ 146.3 $ 444.2 Hedge funds Monthly, quarterly or triennially — 1.8 Total $ 146.3 $ 446.0 The investments in real estate and private equity funds are expected to be returned through distributions as a result of liquidations of the funds’ underlying assets over a weighted-average period of 5.2 years and 3.2 years at December 31, 2016 and September 30, 2016 . The consolidated SIPs’ unfunded commitments to these funds totaled $2.0 million and $74.4 million at December 31, 2016 and September 30, 2016 , of which the Company was contractually obligated to fund $0.4 million and $2.2 million based on its ownership percentage in the SIPs. Fair Value Measurements Assets and liabilities of consolidated SIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of December 31, 2016 Assets Cash and cash equivalents of CLO $ 54.8 $ — $ — $ — $ 54.8 Receivables of CLO — 2.0 — — 2.0 Investments Equity securities 272.2 93.5 131.6 146.3 643.6 Debt securities 0.2 1,687.9 124.4 — 1,812.5 Total Assets Measured at Fair Value $ 327.2 $ 1,783.4 $ 256.0 $ 146.3 $ 2,512.9 Liabilities Other liabilities $ 0.2 $ 7.0 $ — $ — $ 7.2 (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of September 30, 2016 Assets Cash and cash equivalents of CLOs $ 146.4 $ — $ — $ — $ 146.4 Receivables of CLOs — 23.6 — — 23.6 Investments Equity securities 155.4 0.5 160.3 446.0 762.2 Debt securities — 618.9 132.3 — 751.2 Total Assets Measured at Fair Value $ 301.8 $ 643.0 $ 292.6 $ 446.0 $ 1,683.4 Liabilities Other liabilities $ 0.1 $ 8.4 $ — $ — $ 8.5 Investments in fund products for which fair value was estimated using NAV as a practical expedient are not classified in the fair value hierarchy. There were no transfers between Level 1 and Level 2, or into or out of Level 3, during the three months ended December 31, 2016 and 2015 . Changes in Level 3 assets measured at fair value on a recurring basis were as follows: 2016 2015 (in millions) Equity Securities Debt Securities Total Level 3 Assets Equity Debt Total for the three months ended December 31, Balance at beginning of period $ 160.3 $ 132.3 $ 292.6 $ 191.6 $ 130.2 $ 321.8 Adoption of new accounting guidance (45.4 ) (0.5 ) (45.9 ) — — — Realized and unrealized gains (losses) included in investment and other income, net (3.3 ) (0.3 ) (3.6 ) (1.1 ) 1.1 — Purchases 21.0 2.2 23.2 — 2.5 2.5 Sales (0.1 ) (6.4 ) (6.5 ) — (9.6 ) (9.6 ) Foreign exchange revaluation (0.9 ) (2.9 ) (3.8 ) (2.4 ) (0.3 ) (2.7 ) Balance at End of Period $ 131.6 $ 124.4 $ 256.0 $ 188.1 $ 123.9 $ 312.0 Change in unrealized gains (losses) included in net income relating to assets held at end of period $ (3.4 ) $ (0.2 ) $ (3.6 ) $ (1.1 ) $ 0.3 $ (0.8 ) Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows: (in millions) as of December 31, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Equity securities $ 83.9 Market comparable companies EBITDA multiple 5.0–14.2 (11.0) Discount for lack of marketability 50.0% 24.3 Discounted cash flow Discount rate 5.0%–19.0% (13.7%) 23.4 Market pricing Price to book value ratio 1.8–2.3 (2.0) Debt securities 112.6 Discounted cash flow Discount rate 6.0%–50.0% (13.0%) Risk premium 0.0%–28.0% (9.5%) 11.8 Market pricing Private sale pricing $57 per $100 of par (in millions) as of September 30, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Equity securities $ 113.1 Market comparable companies EBITDA multiple 5.0–14.2 (10.3) Discount for lack of marketability 25.0%–50.0% (36.6%) 24.3 Discounted cash flow Discount rate 5.0%–19.0% (13.7%) 22.9 Market pricing Price to book value ratio 1.8–2.3 (2.0) Debt securities 119.7 Discounted cash flow Discount rate 6.0%–15.0% (10.4%) Risk premium 0.0%–28.0% (9.7%) EBITDA multiple 5.5 12.6 Market pricing Private sale pricing $57 per $100 of par Following are descriptions of the sensitivity of the Level 3 recurring fair value measurements to changes in the significant unobservable inputs presented in the above tables. For securities utilizing the market comparable companies valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the discount for lack of marketability in isolation would result in a significantly lower (higher) fair value measurement. The discount for lack of marketability used to determine fair value may include other factors such as liquidity or credit risk. For securities utilizing the discounted cash flow valuation technique, a significant increase (decrease) in the discount rate or risk premium in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the discount rate is accompanied by a directionally similar change in the risk premium. A significant increase (decrease) in the EBITDA multiple in isolation would result in a significantly higher (lower) fair value measurement. For securities utilizing a market pricing valuation technique, a significant increase (decrease) in the price to book value ratio would result in a significantly higher (lower) fair value measurement. Financial instruments of consolidated SIPs that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2016 September 30, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 176.4 $ 176.4 $ 89.8 $ 89.8 Financial Liabilities Debt of CLOs 1 2 or 3 285.5 279.4 607.2 594.5 Other debt 3 54.6 54.3 75.0 74.6 _________________ 1 Substantially all is Level 2. Debt Debt of consolidated SIPs consisted of the following: December 31, 2016 September 30, 2016 (in millions) Amount Effective Interest Rate Amount Effective Interest Rate Debt of CLOs $ 285.5 3.18% $ 607.2 2.24% Other debt 54.6 5.59% 75.0 4.79% Total $ 340.1 $ 682.2 The debt of CLOs had floating interest rates ranging from 2.38% to 10.36% at December 31, 2016 , and from 1.02% to 10.16% at September 30, 2016 . The debt matures in fiscal year 2024 at December 31, 2016 , and from fiscal years 2018 to 2024 at September 30, 2016 . The other debt had fixed and floating interest rates ranging from 2.36% to 6.38% at December 31, 2016 , and from 2.36% to 6.19% at September 30, 2016 . The debt maturities ranged from fiscal years 2017 to 2019 at both December 31, 2016 and September 30, 2016 . At December 31, 2016 , maturities for debt of consolidated SIPs were as follows: (in millions) Carrying Amount for the fiscal years ending September 30, 2017 $ 20.8 2018 5.8 2019 28.0 2020 — 2021 — Thereafter 285.5 Total $ 340.1 Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests of consolidated SIPs were as follows: (in millions) for the three months ended December 31, 2016 2015 Balance at beginning of period $ 61.1 $ 59.6 Adoption of new accounting guidance 824.7 — Net income (loss) (23.5 ) 1.0 Net subscriptions (distributions) and other (13.6 ) 68.0 Net deconsolidations (7.5 ) (75.4 ) Balance at End of Period $ 841.2 $ 53.2 Collateralized Loan Obligations The Company recognized $1.1 million and $0.1 million of net gains related to its own economic interests in the CLOs during the three months ended December 31, 2016 and 2015 . The unpaid principal balance and fair value of the investments of the CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 244.3 $ 496.0 Difference between unpaid principal balance and fair value — (8.2 ) Fair Value $ 244.3 $ 487.8 There were no investments 90 days or more past due at December 31, 2016 or September 30, 2016 . The unpaid principal balance of the debt of the CLOs was $274.9 million and $653.8 million at December 31, 2016 and September 30, 2016 . |
Nonconsolidated Variable Intere
Nonconsolidated Variable Interest Entities | 3 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nonconsolidated Variable Interest Entities | Nonconsolidated Variable Interest Entities VIEs for which the Company is not the primary beneficiary consist of SIPs and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments and investment management fee receivables as follows: (in millions) December 31, September 30, Investments $ 229.9 $ 77.3 Receivables 100.7 21.4 Total $ 330.6 $ 98.7 While the Company has no contractual obligation to do so, it routinely makes cash investments in the course of launching SIPs. The Company also may voluntarily elect to provide its SIPs with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its SIPs during the three months ended December 31, 2016 . During fiscal year 2016, the Company purchased $182.7 million of certain debt securities from six SIPs domiciled in India in order to provide additional liquidity to the SIPs. None of these purchases occurred during the three months ended December 31, 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings On July 28, 2016, a putative class action lawsuit captioned Cryer v. Franklin Resources, Inc., et al. was filed in the United States District Court for the Northern District of California against Franklin, the Franklin Templeton 401(k) Retirement Plan (“Plan”) Investment Committee, and unnamed Investment Committee members. The plaintiff asserts a claim for breach of fiduciary duty under the Employee Retirement Income Security Act, alleging that the defendants selected mutual funds sponsored and managed by the Company (the “Funds”) as investment options for the Plan when allegedly lower-cost and better performing non-proprietary investment vehicles were available. The plaintiff also claims that the total Plan costs, inclusive of investment management and administrative fees, are excessive. The plaintiff alleges that Plan losses exceed $79.0 million and seeks, among other things, damages, disgorgement, rescission of the Plan’s investments in the Funds, attorneys’ fees and costs, and pre- and post-judgment interest. Franklin’s motion to dismiss and motion for summary adjudication were denied on January 17, 2017. Management strongly believes that the claims made in the lawsuit are without merit and intends to defend against them vigorously. Franklin cannot predict with certainty, however, the eventual outcome of the lawsuit or whether it will have a material negative impact on the Company. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of December 31, 2016 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Other Commitments and Contingencies At December 31, 2016 , there were no material changes in the other commitments and contingencies as reported in the Company’s Form 10-K for fiscal year 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock awards generally entitle holders to the right to sell the underlying shares of the Company’s common stock once the awards vest. Stock unit awards generally entitle holders to receive the underlying shares of common stock once the awards vest. Awards generally vest based on the passage of time or the achievement of predetermined Company financial performance goals. In the event a performance measure is not achieved at or above a specified threshold level, the portion of the award tied to such performance measure is forfeited. Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Shares Performance- Based Shares Total Shares Weighted-Average Grant-Date Fair Value for the three months ended December 31, 2016 Nonvested balance at October 1, 2016 2,369 1,288 3,657 $ 45.67 Granted 2,696 1,110 3,806 34.11 Vested (26 ) (353 ) (379 ) 49.71 Forfeited/canceled (114 ) (274 ) (388 ) 44.18 Nonvested Balance at December 31, 2016 4,925 1,771 6,696 $ 38.96 Total unrecognized compensation expense related to nonvested stock and stock unit awards, net of estimated forfeitures, was $197.8 million at December 31, 2016 . This expense is expected to be recognized over a remaining weighted-average vesting period of 2.0 years . |
Other Income (Expenses)
Other Income (Expenses) | 3 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses) | Other Income (Expenses) Other income (expenses) consisted of the following: Three Months Ended (in millions) 2016 2015 Investment and Other Income, Net Dividend income $ 2.4 $ 2.8 Interest income 13.6 3.6 Gains (losses) on trading investment securities, net 2.0 (7.3 ) Realized gains on sale of investment securities, available-for-sale 0.6 7.8 Realized losses on sale of investment securities, available-for-sale (0.7 ) (0.8 ) Income from investments in equity method investees 34.2 24.8 Other-than-temporary impairment of investments (0.3 ) (0.4 ) Losses on investments of consolidated SIPs, net (29.9 ) (5.7 ) Foreign currency exchange gains, net 19.8 3.5 Other, net 4.4 2.2 Total 46.1 30.5 Interest Expense (13.3 ) (12.0 ) Other Income, Net $ 32.8 $ 18.5 Substantially all of the Company’s dividend income and realized gains and losses on sale of available-for-sale securities were generated by investments in its nonconsolidated SIPs. Interest income was primarily generated by trading investment securities and cash equivalents. Proceeds from the sale of available-for-sale securities were $8.6 million and $106.6 million for the three months ended December 31, 2016 and 2015 . Net gains (losses) recognized on the Company’s trading investment securities that were held at December 31, 2016 and 2015 were $0.2 million and $(5.7) million . Net gains (losses) recognized on trading investment securities of consolidated SIPs that were held at December 31, 2016 and 2015 were $(18.5) million and $2.3 million . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Unrealized Currency Translation Adjustments Unrealized Losses on Defined Benefit Plans Total for the three months ended December 31, 2016 Balance at October 1, 2016 $ 6.8 $ (346.1 ) $ (8.1 ) $ (347.4 ) Adoption of new accounting guidance (6.8 ) (0.3 ) — (7.1 ) Other comprehensive loss: Other comprehensive loss before reclassifications, net of tax (2.6 ) (60.9 ) — (63.5 ) Reclassifications to net investment and other income, net of tax 0.2 — — 0.2 Total other comprehensive loss (2.4 ) (60.9 ) — (63.3 ) Balance at December 31, 2016 $ (2.4 ) $ (407.3 ) $ (8.1 ) $ (417.8 ) (in millions) Unrealized Currency Translation Adjustments Unrealized Losses on Defined Benefit Plans Total for the three months ended December 31, 2015 Balance at October 1, 2015 $ 19.3 $ (327.8 ) $ (5.7 ) $ (314.2 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassifications, net of tax 0.8 (23.6 ) 0.6 (22.2 ) Reclassifications to net investment and other income, net of tax (6.7 ) — — (6.7 ) Total other comprehensive income (loss) (5.9 ) (23.6 ) 0.6 (28.9 ) Balance at December 31, 2015 $ 13.4 $ (351.4 ) $ (5.1 ) $ (343.1 ) |
Fair Value Measurements Account
Fair Value Measurements Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Fair Value Measurements | The fair values of all SIPs and certain other equity securities are determined based on their published net asset values and they are classified as Level 1. The fair values of certain debt and other equity securities are determined using quoted market prices, if available, or independent third-party broker or dealer price quotes, which are evaluated for reasonableness, and they are classified as Level 2. The fair values of other debt securities and all life settlement contracts are determined using discounted cash flow valuation techniques using significant unobservable inputs and they are classified as Level 3. The fair value of the contingent consideration liability, which is classified as Level 3, is determined using an income-based method which considers the net present value of anticipated future cash flows. |
Consolidation | The Company consolidates SIPs, which consist of both VOEs and VIEs, when it has a controlling financial interest. The Company has a controlling financial interest when it owns a majority of the voting interest in a VOE or when it is the primary beneficiary of a VIE. A VIE is an entity in which the equity investment holders have not contributed sufficient capital to finance its activities or they do not have defined rights and obligations normally associated with an equity investment. The Company ’ s VIEs are all investment entities, and its variable interests consist of its equity ownership interest in and certain investment management fees earned from these entities. The Company adopted new accounting guidance on October 1, 2016 that modifies the consolidation framework for certain investment entities and all limited partnerships. As a result of the modifications, certain SIPs changed from VOEs to VIEs and became subject to a lower threshold for consolidation. Additionally, there is now a single model to determine whether the Company is the primary beneficiary of a VIE. The Company is the primary beneficiary if it has the power to direct the activities that most significantly impact the VIE ’ s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. Investment management fees earned from VIEs are excluded from the primary beneficiary determination if they are deemed to be at market and commensurate with service. The key estimates and assumptions used in the analyses include the amount of assets under management (“AUM”), investment management fee rates, the life of the investment product, prepayment rates and the discount rate. The new guidance did not change the consolidation framework for VOEs. Consolidated SIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, which are asset-backed financing entities collateralized by a pool of corporate debt securities. The Company consolidated 61 SIPs, including one CLO, as of December 31, 2016 and 40 SIPs, including three CLOs, as of September 30, 2016 . Amounts for prior periods have been reclassified to combine amounts previously presented separately as consolidated SIPs and consolidated VIEs. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Changes in total stockholders' equity | Changes in total stockholders’ equity were as follows: (in millions) Franklin Resources, Inc. Stockholders’ Equity Nonredeemable Noncontrolling Interests Total Stockholders’ Equity for the three months ended December 31, 2016 Balance at October 1, 2016 $ 11,935.8 $ 592.4 $ 12,528.2 Adoption of new accounting guidance (1.3 ) (324.6 ) (325.9 ) Net income 440.2 2.1 442.3 Other comprehensive loss (63.3 ) (63.3 ) Cash dividends declared on common stock (113.4 ) (113.4 ) Repurchase of common stock (261.7 ) (261.7 ) Net subscriptions 12.3 12.3 Stock-based compensation 28.5 28.5 Balance at December 31, 2016 $ 11,964.8 $ 282.2 $ 12,247.0 (in millions) Franklin Resources, Inc. Stockholders’ Equity Nonredeemable Noncontrolling Interests Total Stockholders’ Equity for the three months ended December 31, 2015 Balance at October 1, 2015 $ 11,841.0 $ 654.8 $ 12,495.8 Net income 447.8 13.6 461.4 Other comprehensive loss (28.9 ) (28.9 ) Cash dividends declared on common stock (107.6 ) (107.6 ) Repurchase of common stock (404.1 ) (404.1 ) Net distributions (28.7 ) (28.7 ) Stock-based compensation 33.0 33.0 Balance at December 31, 2015 $ 11,781.2 $ 639.7 $ 12,420.9 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Components of basic and diluted earnings per share | The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended 2016 2015 Net income attributable to Franklin Resources, Inc. $ 440.2 $ 447.8 Less: allocation of earnings to participating nonvested stock and stock unit awards 3.0 2.7 Net Income Available to Common Stockholders $ 437.2 $ 445.1 Weighted-average shares outstanding – basic 565.1 597.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.1 0.1 Weighted-Average Shares Outstanding – Diluted 565.2 597.7 Earnings per Share Basic $ 0.77 $ 0.74 Diluted 0.77 0.74 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Summary of investments | Investments consisted of the following: (in millions) December 31, September 30, Investment securities, trading SIPs $ 138.8 $ 844.4 Debt and other equity securities 264.2 277.5 Total investment securities, trading 403.0 1,121.9 Investment securities, available-for-sale SIPs 102.3 297.7 Debt and other equity securities 3.0 3.7 Total investment securities, available-for-sale 105.3 301.4 Investments in equity method investees 816.0 797.4 Other investments 188.5 195.9 Total $ 1,512.8 $ 2,416.6 |
Summary of the gross unrealized gains and losses relating to investment securities, available-for-sale | Gross unrealized gains and losses relating to investment securities, available-for-sale were as follows: (in millions) Gross Unrealized as of December 31, 2016 Cost Basis Gains Losses Fair Value SIPs $ 103.2 $ 1.0 $ (1.9 ) $ 102.3 Debt and other equity securities 2.9 0.1 — 3.0 Total $ 106.1 $ 1.1 $ (1.9 ) $ 105.3 (in millions) Gross Unrealized as of September 30, 2016 Cost Basis Gains Losses Fair Value SIPs $ 289.6 $ 13.7 $ (5.6 ) $ 297.7 Debt and other equity securities 3.6 0.1 — 3.7 Total $ 293.2 $ 13.8 $ (5.6 ) $ 301.4 |
Summary of gross unrealized losses and fair values of investment securities in a continuous unrealized loss position | Gross unrealized losses relating to investment securities, available-for-sale aggregated by length of time that individual securities have been in a continuous unrealized loss position were as follows: Less Than 12 Months 12 Months or Greater Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses as of December 31, 2016 SIPs $ 19.5 $ (1.1 ) $ 5.2 $ (0.8 ) $ 24.7 $ (1.9 ) Less Than 12 Months 12 Months or Greater Total (in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses as of September 30, 2016 SIPs $ 75.8 $ (4.3 ) $ 18.0 $ (1.3 ) $ 93.8 $ (5.6 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The assets and liability measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 Total as of December 31, 2016 Assets Investment securities, trading SIPs $ 138.8 $ — $ — $ 138.8 Debt and other equity securities 3.1 75.7 185.4 264.2 Investment securities, available-for-sale SIPs 102.3 — — 102.3 Debt and other equity securities 0.9 2.1 — 3.0 Life settlement contracts — — 13.3 13.3 Total Assets Measured at Fair Value $ 245.1 $ 77.8 $ 198.7 $ 521.6 Liability Contingent consideration liability $ — $ — $ 83.7 $ 83.7 (in millions) Level 1 Level 2 Level 3 Total as of September 30, 2016 Assets Investment securities, trading SIPs $ 844.4 $ — $ — $ 844.4 Debt and other equity securities 2.6 84.1 190.8 277.5 Investment securities, available-for-sale SIPs 297.7 — — 297.7 Debt and other equity securities 1.6 2.1 — 3.7 Life settlement contracts — — 14.3 14.3 Total Assets Measured at Fair Value $ 1,146.3 $ 86.2 $ 205.1 $ 1,437.6 Liability Contingent consideration liability $ — $ — $ 98.1 $ 98.1 |
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | Changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: 2016 2015 (in millions) Investments Contingent Investments Contingent for the three months ended December 31, Balance at beginning of period $ 205.1 $ (98.1 ) $ 20.7 $ (102.9 ) Total realized and unrealized gains (losses) Included in investment and other income, net 0.6 — 0.6 — Included in general, administrative and other expense — 12.2 — (16.2 ) Purchases 0.5 — 3.3 — Sales (2.4 ) — — — Settlements (1.7 ) 2.2 (0.8 ) 3.3 Foreign exchange revaluation (3.4 ) — — — Balance at End of Period $ 198.7 $ (83.7 ) $ 23.8 $ (115.8 ) Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period $ (0.1 ) $ 12.2 $ 0.2 $ (16.2 ) |
Schedule of valuation techniques and significant unobservable inputs used in level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows: (in millions) as of December 31, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Investment securities, trading – debt and other equity securities $ 185.4 Discounted cash flow Discount rate 6.5%–6.9% (6.8%) Risk premium 2.0%–17.9% (16.7%) Liquidity discount 0.0%–10.0% (9.7%) Life settlement contracts 13.3 Discounted cash flow Life expectancy 21–130 months (65) Discount rate 8.0%–20.0% (13.0%) Contingent consideration liability 83.7 Discounted cash flow AUM growth rate (1.9)%–2.8% (0.7%) EBITDA margin 6.2%–8.8% (7.9%) Discount rate 13.2% (in millions) as of September 30, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Investment securities, trading – debt and other equity securities $ 190.8 Discounted cash flow Discount rate 3.6%–6.9% (6.7%) Risk premium 2.0%–17.9% (16.5%) Liquidity discount 0.0%–10.0% (9.6%) Life settlement contracts 14.3 Discounted cash flow Life expectancy 20–132 months (65) Discount rate 3.3%–18.0% (11.5%) Contingent consideration liability 98.1 Discounted cash flow AUM growth rate 2.4%–11.5% (5.9%) EBITDA margin 14.3% Discount rate 13.2% |
Schedule of financial instruments not measured at fair value | Financial instruments that were not measured at fair value were as follows: (in millions) December 31, 2016 September 30, 2016 Fair Value Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 8,223.6 $ 8,223.6 $ 8,247.1 $ 8,247.1 Other investments Time deposits 2 128.0 128.0 131.6 131.6 Cost method investments 3 47.2 59.5 50.0 61.3 Financial Liabilities Debt Senior notes 2 1,342.8 1,365.1 1,348.5 1,412.5 Loan 2 51.6 51.5 52.7 52.7 |
Consolidated Sponsored Invest24
Consolidated Sponsored Investment Products (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Consolidated Sponsored Investment Products [Abstract] | |
Schedule of balances of CSIPs | The balances of consolidated SIPs included in the Company’s condensed consolidated balance sheets were as follows: (in millions) December 31, 2016 September 30, 2016 Assets Cash and cash equivalents $ 231.2 $ 236.2 Receivables 174.1 47.9 Investments, at fair value 2,456.1 1,513.4 Other assets 0.8 1.4 Total Assets $ 2,862.2 $ 1,798.9 Liabilities Accounts payable and accrued expenses $ 67.9 $ 65.2 Debt 340.1 682.2 Other liabilities 7.2 8.5 Total liabilities 415.2 755.9 Redeemable Noncontrolling Interests 841.2 61.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,349.3 414.1 Nonredeemable noncontrolling interests 256.5 567.8 Total stockholders’ equity 1,605.8 981.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 2,862.2 $ 1,798.9 |
Schedule of investments of CSIPs | Investments of consolidated SIPs consisted of the following: (in millions) December 31, September 30, Investment securities, trading $ 1,810.3 $ 287.8 Other debt securities 366.9 618.3 Other equity securities 278.9 607.3 Total $ 2,456.1 $ 1,513.4 |
Schedule of investments in fund products for which fair value was estimated using NAV as a practical expedient | Investments in fund products for which fair value was estimated using reported net asset value (“NAV”) as a practical expedient were as follows: (in millions) Redemption Frequency December 31, September 30, Real estate and private equity funds Nonredeemable $ 146.3 $ 444.2 Hedge funds Monthly, quarterly or triennially — 1.8 Total $ 146.3 $ 446.0 |
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities of consolidated SIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of December 31, 2016 Assets Cash and cash equivalents of CLO $ 54.8 $ — $ — $ — $ 54.8 Receivables of CLO — 2.0 — — 2.0 Investments Equity securities 272.2 93.5 131.6 146.3 643.6 Debt securities 0.2 1,687.9 124.4 — 1,812.5 Total Assets Measured at Fair Value $ 327.2 $ 1,783.4 $ 256.0 $ 146.3 $ 2,512.9 Liabilities Other liabilities $ 0.2 $ 7.0 $ — $ — $ 7.2 (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of September 30, 2016 Assets Cash and cash equivalents of CLOs $ 146.4 $ — $ — $ — $ 146.4 Receivables of CLOs — 23.6 — — 23.6 Investments Equity securities 155.4 0.5 160.3 446.0 762.2 Debt securities — 618.9 132.3 — 751.2 Total Assets Measured at Fair Value $ 301.8 $ 643.0 $ 292.6 $ 446.0 $ 1,683.4 Liabilities Other liabilities $ 0.1 $ 8.4 $ — $ — $ 8.5 |
Schedule of changes in Level 3 assets and liabilities of CSIPs on a recurring basis | Changes in Level 3 assets measured at fair value on a recurring basis were as follows: 2016 2015 (in millions) Equity Securities Debt Securities Total Level 3 Assets Equity Debt Total for the three months ended December 31, Balance at beginning of period $ 160.3 $ 132.3 $ 292.6 $ 191.6 $ 130.2 $ 321.8 Adoption of new accounting guidance (45.4 ) (0.5 ) (45.9 ) — — — Realized and unrealized gains (losses) included in investment and other income, net (3.3 ) (0.3 ) (3.6 ) (1.1 ) 1.1 — Purchases 21.0 2.2 23.2 — 2.5 2.5 Sales (0.1 ) (6.4 ) (6.5 ) — (9.6 ) (9.6 ) Foreign exchange revaluation (0.9 ) (2.9 ) (3.8 ) (2.4 ) (0.3 ) (2.7 ) Balance at End of Period $ 131.6 $ 124.4 $ 256.0 $ 188.1 $ 123.9 $ 312.0 Change in unrealized gains (losses) included in net income relating to assets held at end of period $ (3.4 ) $ (0.2 ) $ (3.6 ) $ (1.1 ) $ 0.3 $ (0.8 ) |
Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows: (in millions) as of December 31, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Equity securities $ 83.9 Market comparable companies EBITDA multiple 5.0–14.2 (11.0) Discount for lack of marketability 50.0% 24.3 Discounted cash flow Discount rate 5.0%–19.0% (13.7%) 23.4 Market pricing Price to book value ratio 1.8–2.3 (2.0) Debt securities 112.6 Discounted cash flow Discount rate 6.0%–50.0% (13.0%) Risk premium 0.0%–28.0% (9.5%) 11.8 Market pricing Private sale pricing $57 per $100 of par (in millions) as of September 30, 2016 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Equity securities $ 113.1 Market comparable companies EBITDA multiple 5.0–14.2 (10.3) Discount for lack of marketability 25.0%–50.0% (36.6%) 24.3 Discounted cash flow Discount rate 5.0%–19.0% (13.7%) 22.9 Market pricing Price to book value ratio 1.8–2.3 (2.0) Debt securities 119.7 Discounted cash flow Discount rate 6.0%–15.0% (10.4%) Risk premium 0.0%–28.0% (9.7%) EBITDA multiple 5.5 12.6 Market pricing Private sale pricing $57 per $100 of par |
Schedule of financial instruments of CSIPs not measured at fair value | Financial instruments of consolidated SIPs that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2016 September 30, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 176.4 $ 176.4 $ 89.8 $ 89.8 Financial Liabilities Debt of CLOs 1 2 or 3 285.5 279.4 607.2 594.5 Other debt 3 54.6 54.3 75.0 74.6 _________________ 1 Substantially all is Level 2. |
Schedule of debt | Debt of consolidated SIPs consisted of the following: December 31, 2016 September 30, 2016 (in millions) Amount Effective Interest Rate Amount Effective Interest Rate Debt of CLOs $ 285.5 3.18% $ 607.2 2.24% Other debt 54.6 5.59% 75.0 4.79% Total $ 340.1 $ 682.2 |
Schedule of contractual maturities for debt of CSIPs | At December 31, 2016 , maturities for debt of consolidated SIPs were as follows: (in millions) Carrying Amount for the fiscal years ending September 30, 2017 $ 20.8 2018 5.8 2019 28.0 2020 — 2021 — Thereafter 285.5 Total $ 340.1 |
Schedule of changes in redeemable noncontrolling interests of CSIPs | Changes in redeemable noncontrolling interests of consolidated SIPs were as follows: (in millions) for the three months ended December 31, 2016 2015 Balance at beginning of period $ 61.1 $ 59.6 Adoption of new accounting guidance 824.7 — Net income (loss) (23.5 ) 1.0 Net subscriptions (distributions) and other (13.6 ) 68.0 Net deconsolidations (7.5 ) (75.4 ) Balance at End of Period $ 841.2 $ 53.2 |
Schedule of unpaid principal balance and fair value of investments and debt of CLOs | The unpaid principal balance and fair value of the investments of the CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 244.3 $ 496.0 Difference between unpaid principal balance and fair value — (8.2 ) Fair Value $ 244.3 $ 487.8 |
Nonconsolidated Variable Inte25
Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of maximum exposure loss from nonconsolidated VIEs | The Company’s maximum exposure to loss from these VIEs consists of equity investments and investment management fee receivables as follows: (in millions) December 31, September 30, Investments $ 229.9 $ 77.3 Receivables 100.7 21.4 Total $ 330.6 $ 98.7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary of nonvested stock and stock unit award activity | Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Shares Performance- Based Shares Total Shares Weighted-Average Grant-Date Fair Value for the three months ended December 31, 2016 Nonvested balance at October 1, 2016 2,369 1,288 3,657 $ 45.67 Granted 2,696 1,110 3,806 34.11 Vested (26 ) (353 ) (379 ) 49.71 Forfeited/canceled (114 ) (274 ) (388 ) 44.18 Nonvested Balance at December 31, 2016 4,925 1,771 6,696 $ 38.96 |
Other Income (Expenses) (Tables
Other Income (Expenses) (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of other income (expenses) | Other income (expenses) consisted of the following: Three Months Ended (in millions) 2016 2015 Investment and Other Income, Net Dividend income $ 2.4 $ 2.8 Interest income 13.6 3.6 Gains (losses) on trading investment securities, net 2.0 (7.3 ) Realized gains on sale of investment securities, available-for-sale 0.6 7.8 Realized losses on sale of investment securities, available-for-sale (0.7 ) (0.8 ) Income from investments in equity method investees 34.2 24.8 Other-than-temporary impairment of investments (0.3 ) (0.4 ) Losses on investments of consolidated SIPs, net (29.9 ) (5.7 ) Foreign currency exchange gains, net 19.8 3.5 Other, net 4.4 2.2 Total 46.1 30.5 Interest Expense (13.3 ) (12.0 ) Other Income, Net $ 32.8 $ 18.5 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in accumulated other comprehensive income (loss) by component | Changes in accumulated other comprehensive income (loss) by component were as follows: (in millions) Unrealized Currency Translation Adjustments Unrealized Losses on Defined Benefit Plans Total for the three months ended December 31, 2016 Balance at October 1, 2016 $ 6.8 $ (346.1 ) $ (8.1 ) $ (347.4 ) Adoption of new accounting guidance (6.8 ) (0.3 ) — (7.1 ) Other comprehensive loss: Other comprehensive loss before reclassifications, net of tax (2.6 ) (60.9 ) — (63.5 ) Reclassifications to net investment and other income, net of tax 0.2 — — 0.2 Total other comprehensive loss (2.4 ) (60.9 ) — (63.3 ) Balance at December 31, 2016 $ (2.4 ) $ (407.3 ) $ (8.1 ) $ (417.8 ) (in millions) Unrealized Currency Translation Adjustments Unrealized Losses on Defined Benefit Plans Total for the three months ended December 31, 2015 Balance at October 1, 2015 $ 19.3 $ (327.8 ) $ (5.7 ) $ (314.2 ) Other comprehensive income (loss): Other comprehensive income (loss) before reclassifications, net of tax 0.8 (23.6 ) 0.6 (22.2 ) Reclassifications to net investment and other income, net of tax (6.7 ) — — (6.7 ) Total other comprehensive income (loss) (5.9 ) (23.6 ) 0.6 (28.9 ) Balance at December 31, 2015 $ 13.4 $ (351.4 ) $ (5.1 ) $ (343.1 ) |
New Accounting Guidance - Narra
New Accounting Guidance - Narrative (Details) $ in Millions | Dec. 31, 2016 | Oct. 01, 2016USD ($) | Sep. 30, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of consolidated sponsored investment products | 61 | 40 | |
Number of deconsolidated collateralized loan obligations (“CLOs”) | 1 | 3 | |
ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of consolidated sponsored investment products | 24 | ||
Number of other SIPs that are consolidated VIEs | 3 | ||
Number of deconsolidated collateralized loan obligations (“CLOs”) | 2 | ||
Number of deconsolidated limited partnerships | 5 | ||
Adoption of new accounting guidance | $ (325.9) | ||
Liability [Member] | ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of new accounting guidance | (317.9) | ||
Redeemable noncontrolling interest [Member] | ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of new accounting guidance | 824.7 | ||
Retained earnings [Member] | ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of new accounting guidance | 5.8 | ||
Nonredeemable noncontrolling interests [Member] | ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of new accounting guidance | (324.6) | ||
Other equity [Member] | ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of new accounting guidance | (7.1) | ||
Assets [Member] | ASU 2015-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of new accounting guidance | $ 180.9 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | ||
Number of shares repurchased during period | 7.1 | 10.5 |
Cost of shares repurchased during period | $ 261.7 | $ 404.1 |
Remaining number of shares authorized to be repurchased | 43.6 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Stockholders' Equity Rollforward | |||
Beginning balance - Franklin Resources, Inc. Stockholders' Equity | $ 11,935.8 | ||
Beginning balance - Nonredeemable Noncontrolling Interests | 592.4 | ||
Beginning balance - Total Stockholders' Equity | 12,528.2 | $ 12,495.8 | |
Net income attributable to Franklin Resources, Inc. | 440.2 | 447.8 | |
Nonredeemable noncontrolling interests | 2.1 | 13.6 | |
Net Income | 442.3 | 461.4 | |
Other comprehensive loss | (63.3) | (28.9) | |
Cash dividends declared on common stock | (113.4) | (107.6) | |
Repurchase of common stock | (261.7) | (404.1) | |
Net subscriptions (distribution) | 12.3 | (28.7) | |
Stock-based compensation | 28.5 | 33 | |
Ending balance - Franklin Resources, Inc. Stockholders' Equity | 11,964.8 | ||
Ending balance - Nonredeemable Noncontrolling Interests | 282.2 | ||
Ending balance - Total Stockholders' Equity | 12,247 | 12,420.9 | |
ASU 2015-02 [Member] | |||
Stockholders' Equity Rollforward | |||
Adoption of new accounting guidance | $ (325.9) | ||
Franklin Resources, Inc. Stockholders' Equity [Member] | |||
Stockholders' Equity Rollforward | |||
Beginning balance - Franklin Resources, Inc. Stockholders' Equity | 11,935.8 | 11,841 | |
Net income attributable to Franklin Resources, Inc. | 440.2 | 447.8 | |
Other comprehensive loss | (63.3) | (28.9) | |
Cash dividends declared on common stock | (113.4) | (107.6) | |
Repurchase of common stock | (261.7) | (404.1) | |
Stock-based compensation | 28.5 | 33 | |
Ending balance - Franklin Resources, Inc. Stockholders' Equity | 11,964.8 | 11,781.2 | |
Franklin Resources, Inc. Stockholders' Equity [Member] | ASU 2015-02 [Member] | |||
Stockholders' Equity Rollforward | |||
Adoption of new accounting guidance | (1.3) | ||
Nonredeemable noncontrolling interests [Member] | |||
Stockholders' Equity Rollforward | |||
Beginning balance - Nonredeemable Noncontrolling Interests | 592.4 | 654.8 | |
Nonredeemable noncontrolling interests | 2.1 | 13.6 | |
Net subscriptions (distribution) | 12.3 | (28.7) | |
Ending balance - Nonredeemable Noncontrolling Interests | $ 282.2 | $ 639.7 | |
Nonredeemable noncontrolling interests [Member] | ASU 2015-02 [Member] | |||
Stockholders' Equity Rollforward | |||
Adoption of new accounting guidance | $ (324.6) |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS | 0.7 | 1.4 |
Earnings per Share - Components
Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income attributable to Franklin Resources, Inc. | $ 440.2 | $ 447.8 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic | 3 | 2.7 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted | 3 | 2.7 |
Net Income Available to Common Stockholders - basic | 437.2 | 445.1 |
Net Income Available to Common Stockholders - diluted | $ 437.2 | $ 445.1 |
Weighted-average shares outstanding – basic | 565.1 | 597.6 |
Dilutive effect of nonparticipating nonvested stock unit awards | 0.1 | 0.1 |
Weighted-Average Shares Outstanding – Diluted | 565.2 | 597.7 |
Earnings per Share [Abstract] | ||
Basic | $ 0.77 | $ 0.74 |
Diluted | $ 0.77 | $ 0.74 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Investments [Abstract] | |||
Aggregate carrying values of investment securities pledged as collateral | $ 117.3 | $ 117.3 | |
Other-than-temporary impairment of investments | $ 0.3 | $ 0.4 |
Investments - Summary of Invest
Investments - Summary of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Investment Holdings [Line Items] | ||
Investment securities, trading | $ 403 | $ 1,121.9 |
Investment securities, available-for-sale | 105.3 | 301.4 |
Investments in equity method investees | 816 | 797.4 |
Other investments | 188.5 | 195.9 |
Total | 1,512.8 | 2,416.6 |
SIPs [Member] | ||
Investment Holdings [Line Items] | ||
Investment securities, trading | 138.8 | 844.4 |
Investment securities, available-for-sale | 102.3 | 297.7 |
Debt and Other Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Investment securities, trading | 264.2 | 277.5 |
Investment securities, available-for-sale | $ 3 | $ 3.7 |
Investments - Summary of Gross
Investments - Summary of Gross Unrealized Gains and Losses Relating to Investment Securities, Available-for-Sale (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Investment Holdings [Line Items] | ||
Cost Basis | $ 106.1 | $ 293.2 |
Gross Unrealized Gains | 1.1 | 13.8 |
Gross Unrealized Losses | (1.9) | (5.6) |
Fair Value | 105.3 | 301.4 |
SIPs [Member] | ||
Investment Holdings [Line Items] | ||
Cost Basis | 103.2 | 289.6 |
Gross Unrealized Gains | 1 | 13.7 |
Gross Unrealized Losses | (1.9) | (5.6) |
Fair Value | 102.3 | 297.7 |
Debt and Other Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Cost Basis | 2.9 | 3.6 |
Gross Unrealized Gains | 0.1 | 0.1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 3 | $ 3.7 |
Investments - Summary of Gros37
Investments - Summary of Gross Unrealized Losses, AFS, Continuous Loss Position (Details) - SIPs [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 19.5 | $ 75.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (1.1) | (4.3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 5.2 | 18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | (0.8) | (1.3) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 24.7 | 93.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | $ (1.9) | $ (5.6) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Transfers into Level 1 from Level 2 - assets | $ 0 | $ 0 |
Transfers into Level 2 from Level 1 - assets | 0 | 0 |
Transfers into Level 1 from Level 2 - liabilities | 0 | 0 |
Transfers into Level 2 from Level 1 - liabilities | 0 | 0 |
Transfers into Level 3 - assets | 0 | 0 |
Transfers into Level 3 - liabilities | 0 | 0 |
Transfers out of Level 3 - assets | 0 | 0 |
Transfers out of Level 3 - liabilities | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Assets [Abstract] | ||
Investment securities, trading | $ 403 | $ 1,121.9 |
Investment securities, available-for-sale | 105.3 | 301.4 |
Life settlement contracts | 13.3 | 14.3 |
Total Assets Measured at Fair Value | 521.6 | 1,437.6 |
Liability [Abstract] | ||
Contingent consideration liability | 83.7 | 98.1 |
Level 1 [Member] | ||
Assets [Abstract] | ||
Life settlement contracts | 0 | 0 |
Total Assets Measured at Fair Value | 245.1 | 1,146.3 |
Liability [Abstract] | ||
Contingent consideration liability | 0 | 0 |
Level 2 [Member] | ||
Assets [Abstract] | ||
Life settlement contracts | 0 | 0 |
Total Assets Measured at Fair Value | 77.8 | 86.2 |
Liability [Abstract] | ||
Contingent consideration liability | 0 | 0 |
Level 3 [Member] | ||
Assets [Abstract] | ||
Life settlement contracts | 13.3 | 14.3 |
Total Assets Measured at Fair Value | 198.7 | 205.1 |
Liability [Abstract] | ||
Contingent consideration liability | 83.7 | 98.1 |
SIPs [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 138.8 | 844.4 |
Investment securities, available-for-sale | 102.3 | 297.7 |
SIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 138.8 | 844.4 |
Investment securities, available-for-sale | 102.3 | 297.7 |
SIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 0 | 0 |
Investment securities, available-for-sale | 0 | 0 |
SIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 0 | 0 |
Investment securities, available-for-sale | 0 | 0 |
Debt and Other Equity Securities [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 264.2 | 277.5 |
Investment securities, available-for-sale | 3 | 3.7 |
Debt and Other Equity Securities [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 3.1 | 2.6 |
Investment securities, available-for-sale | 0.9 | 1.6 |
Debt and Other Equity Securities [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 75.7 | 84.1 |
Investment securities, available-for-sale | 2.1 | 2.1 |
Debt and Other Equity Securities [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 185.4 | 190.8 |
Investment securities, available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Sch40
Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - assets | $ 292.6 | $ 321.8 |
Total realized and unrealized gains (losses) - assets | (3.6) | 0 |
Purchases - assets | 23.2 | 2.5 |
Sales - assets | (6.5) | (9.6) |
Foreign exchange revaluation | (3.8) | (2.7) |
Balance at End of Period - assets | 256 | 312 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (3.6) | (0.8) |
Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - assets | 205.1 | 20.7 |
Purchases - assets | 0.5 | 3.3 |
Sales - assets | (2.4) | 0 |
Settlements - assets | (1.7) | (0.8) |
Foreign exchange revaluation | (3.4) | 0 |
Balance at End of Period - assets | 198.7 | 23.8 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (0.1) | 0.2 |
Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - liabilities | (98.1) | (102.9) |
Purchases - liabilities | 0 | 0 |
Sales - liabilities | 0 | 0 |
Settlements - liabilities | 2.2 | 3.3 |
Foreign exchange revaluation | 0 | 0 |
Balance at End of Period - liabilities | (83.7) | (115.8) |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | 12.2 | (16.2) |
Investment and other income [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | 0.6 | 0.6 |
Investment and other income [Member] | Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | 0 | 0 |
General, administrative and other expense [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | 0 | 0 |
General, administrative and other expense [Member] | Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | $ 12.2 | $ (16.2) |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Level 3 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Sep. 30, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment securities, trading | $ 403 | $ 1,121.9 |
Life settlement contracts | 13.3 | 14.3 |
Contingent consideration liability | 83.7 | 98.1 |
Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Life settlement contracts | 13.3 | 14.3 |
Contingent consideration liability | 83.7 | 98.1 |
Discounted cash flow [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Life settlement contracts | 13.3 | 14.3 |
Contingent consideration liability | $ 83.7 | $ 98.1 |
Contingent Consideration Liability [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
AUM growth rate | (1.90%) | 2.40% |
EBITDA margin | 6.20% | |
Contingent Consideration Liability [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
AUM growth rate | 2.80% | 11.50% |
EBITDA margin | 8.80% | |
Contingent Consideration Liability [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 13.20% | 13.20% |
AUM growth rate | 0.70% | 5.90% |
EBITDA margin | 7.90% | 14.30% |
Life Settlement Contracts [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 8.00% | 3.30% |
Life expectancy (in months) | 21 months | 20 months |
Life Settlement Contracts [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 20.00% | 18.00% |
Life expectancy (in months) | 130 months | 132 months |
Life Settlement Contracts [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 13.00% | 11.50% |
Life expectancy (in months) | 65 months | 65 months |
Debt and Other Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment securities, trading | $ 264.2 | $ 277.5 |
Debt and Other Equity Securities [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment securities, trading | 185.4 | 190.8 |
Debt and Other Equity Securities [Member] | Discounted cash flow [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment securities, trading | $ 185.4 | $ 190.8 |
Debt and Other Equity Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 6.50% | 3.60% |
Risk premium | 2.00% | 2.00% |
Liquidity discount | 0.00% | 0.00% |
Debt and Other Equity Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 6.90% | 6.90% |
Risk premium | 17.90% | 17.90% |
Liquidity discount | 10.00% | 10.00% |
Debt and Other Equity Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 6.80% | 6.70% |
Risk premium | 16.70% | 16.50% |
Liquidity discount | 9.70% | 9.60% |
Fair Value Measurements - Sch42
Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 8,454.8 | $ 8,483.3 | $ 8,269 | $ 8,368.1 |
Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 8,223.6 | 8,247.1 | ||
Other investments | 128 | 131.6 | ||
Cost method investments | 47.2 | 50 | ||
Senior notes | 1,342.8 | 1,348.5 | ||
Loan | 51.6 | 52.7 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 8,223.6 | 8,247.1 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other investments | 128 | 131.6 | ||
Senior notes | 1,365.1 | 1,412.5 | ||
Loan | 51.5 | 52.7 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost method investments | $ 59.5 | $ 61.3 |
Consolidated Sponsored Invest43
Consolidated Sponsored Investment Products - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($) | |
Consolidated Sponsored Investment Products [Abstract] | |||
Number of consolidated sponsored investment products | 61 | 40 | |
Number of CLOs | 1 | 3 | |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Transfers into Level 2 from Level 1 - assets | $ 0 | $ 0 | |
Transfers into Level 2 from Level 1 - liabilities | 0 | 0 | |
Transfers into Level 1 from Level 2 - assets | 0 | 0 | |
Transfers into Level 1 from Level 2 - liabilities | 0 | 0 | |
Transfers into Level 3 - assets | 0 | 0 | |
Transfers out of Level 3 - assets | 0 | 0 | |
Transfers into Level 3 - liabilities | 0 | 0 | |
Transfers out of Level 3 - liabilities | 0 | 0 | |
Debt, unpaid principal balance | 1,394.4 | $ 1,401.2 | |
Unfunded commitments company contractually obligated to fund | $ 0.4 | $ 2.2 | |
CLOs [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Interest Rate, Minimum | 2.38% | 1.02% | |
Interest Rate, Maximum | 10.36% | 10.16% | |
Net gains related to its own economic interests | $ 1.1 | 0.1 | |
Debt, unpaid principal balance | 274.9 | $ 653.8 | |
Consolidated SIPs [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Consolidated SIPs' unfunded commitments | 2 | $ 74.4 | |
Transfers into Level 2 from Level 1 - assets | 0 | 0 | |
Transfers into Level 2 from Level 1 - liabilities | 0 | 0 | |
Transfers into Level 1 from Level 2 - assets | 0 | 0 | |
Transfers into Level 1 from Level 2 - liabilities | 0 | 0 | |
Transfers into Level 3 - assets | 0 | 0 | |
Transfers out of Level 3 - assets | 0 | 0 | |
Transfers into Level 3 - liabilities | 0 | 0 | |
Transfers out of Level 3 - liabilities | $ 0 | $ 0 | |
Interest Rate, Minimum | 2.36% | 2.36% | |
Interest Rate, Maximum | 6.38% | 6.19% | |
Debt, unpaid principal balance | $ 340.1 | $ 682.2 | |
Consolidated SIPs [Member] | CLOs [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Debt, unpaid principal balance | $ 285.5 | $ 607.2 | |
Real Estate and Private Equity Funds [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Liquidation weighted average period | 5 years 2 months | 3 years 2 months |
Consolidated Sponsored Invest44
Consolidated Sponsored Investment Products - Schedule of Balances of CSIPs (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Assets [Abstract] | ||||
Cash and cash equivalents | $ 8,454.8 | $ 8,483.3 | $ 8,269 | $ 8,368.1 |
Receivables | 930 | 794.3 | ||
Investments, at fair value | 521.6 | 1,437.6 | ||
Other assets | 143.7 | 156.7 | ||
Total Assets | 16,210.3 | 16,098.8 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued expenses | 214.8 | 233.3 | ||
Debt | 1,394.4 | 1,401.2 | ||
Other liabilities | 230.6 | 244.3 | ||
Total liabilities | 3,122.1 | 3,509.5 | ||
Redeemable Noncontrolling Interests | 841.2 | 61.1 | 53.2 | 59.6 |
Stockholders' Equity [Abstract] | ||||
Franklin Resources, Inc.’s interests | 11,964.8 | 11,935.8 | ||
Nonredeemable noncontrolling interests | 282.2 | 592.4 | ||
Total stockholders’ equity | 12,247 | 12,528.2 | $ 12,420.9 | $ 12,495.8 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 16,210.3 | 16,098.8 | ||
Consolidated SIPs [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 231.2 | 236.2 | ||
Receivables | 174.1 | 47.9 | ||
Investments, at fair value | 2,456.1 | 1,513.4 | ||
Other assets | 0.8 | 1.4 | ||
Total Assets | 2,862.2 | 1,798.9 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued expenses | 67.9 | 65.2 | ||
Debt | 340.1 | 682.2 | ||
Other liabilities | 7.2 | 8.5 | ||
Total liabilities | 415.2 | 755.9 | ||
Redeemable Noncontrolling Interests | 841.2 | 61.1 | ||
Stockholders' Equity [Abstract] | ||||
Franklin Resources, Inc.’s interests | 1,349.3 | 414.1 | ||
Nonredeemable noncontrolling interests | 256.5 | 567.8 | ||
Total stockholders’ equity | 1,605.8 | 981.9 | ||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ 2,862.2 | $ 1,798.9 |
Consolidated Sponsored Invest45
Consolidated Sponsored Investment Products - Schedule of Investments of CSIPs (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Investment securities, trading | $ 403 | $ 1,121.9 |
Fair value | 521.6 | 1,437.6 |
Consolidated SIPs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Investment securities, trading | 1,810.3 | 287.8 |
Other debt securities | 366.9 | 618.3 |
Other equity securities | 278.9 | 607.3 |
Fair value | $ 2,456.1 | $ 1,513.4 |
Consolidated Sponsored Invest46
Consolidated Sponsored Investment Products - Schedule of Investments in Fund Products for which Fair Value was Estimated using NAV as a Practical Expedient (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | $ 146.3 | $ 446 |
Real Estate and Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | 146.3 | 444.2 |
Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | $ 0 | $ 1.8 |
Consolidated Sponsored Invest47
Consolidated Sponsored Investment Products - Schedule of Balances of Assets and Liabilities of CSIPs Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Total Assets Measured at Fair Value | $ 521.6 | $ 1,437.6 |
NAV as a Practical Expedient | 146.3 | 446 |
Level 1 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Total Assets Measured at Fair Value | 245.1 | 1,146.3 |
Level 2 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Total Assets Measured at Fair Value | 77.8 | 86.2 |
Level 3 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Total Assets Measured at Fair Value | 198.7 | 205.1 |
Consolidated sponsored investment products [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 278.9 | 607.3 |
Debt securities | 366.9 | 618.3 |
Fair Value, Measurements, Recurring [Member] | CLOs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 54.8 | 146.4 |
Receivables of consolidated VIEs | 2 | 23.6 |
Fair Value, Measurements, Recurring [Member] | CLOs [Member] | Level 1 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 54.8 | 146.4 |
Receivables of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | CLOs [Member] | Level 2 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Receivables of consolidated VIEs | 2 | 23.6 |
Fair Value, Measurements, Recurring [Member] | CLOs [Member] | Level 3 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Receivables of consolidated VIEs | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Consolidated sponsored investment products [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 643.6 | 762.2 |
Debt securities | 1,812.5 | 751.2 |
Total Assets Measured at Fair Value | 2,512.9 | 1,683.4 |
Other liabilities of consolidated SIPs | 7.2 | 8.5 |
NAV as a Practical Expedient | 146.3 | 446 |
Fair Value, Measurements, Recurring [Member] | Consolidated sponsored investment products [Member] | Level 1 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 272.2 | 155.4 |
Debt securities | 0.2 | 0 |
Total Assets Measured at Fair Value | 327.2 | 301.8 |
Other liabilities of consolidated SIPs | 0.2 | 0.1 |
Fair Value, Measurements, Recurring [Member] | Consolidated sponsored investment products [Member] | Level 2 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 93.5 | 0.5 |
Debt securities | 1,687.9 | 618.9 |
Total Assets Measured at Fair Value | 1,783.4 | 643 |
Other liabilities of consolidated SIPs | 7 | 8.4 |
Fair Value, Measurements, Recurring [Member] | Consolidated sponsored investment products [Member] | Level 3 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 131.6 | 160.3 |
Debt securities | 124.4 | 132.3 |
Total Assets Measured at Fair Value | 256 | 292.6 |
Other liabilities of consolidated SIPs | 0 | 0 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Consolidated sponsored investment products [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
NAV as a Practical Expedient | $ 146.3 | $ 446 |
Consolidated Sponsored Invest48
Consolidated Sponsored Investment Products - Schedule of Changes in Level 3 Assets and Liabilities of CSIPs (Details) - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Balance at beginning of period - assets | $ 292.6 | $ 321.8 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | (3.6) | 0 | |
Purchases - assets | 23.2 | 2.5 | |
Sales - assets | (6.5) | (9.6) | |
Foreign exchange revaluation | (3.8) | (2.7) | |
Balance at End of Period - assets | 256 | 312 | |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (3.6) | (0.8) | |
Equity Securities [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Balance at beginning of period - assets | 160.3 | 191.6 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | (3.3) | (1.1) | |
Purchases - assets | 21 | 0 | |
Sales - assets | (0.1) | 0 | |
Foreign exchange revaluation | (0.9) | (2.4) | |
Balance at End of Period - assets | 131.6 | 188.1 | |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (3.4) | (1.1) | |
Debt Securities [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Balance at beginning of period - assets | 132.3 | 130.2 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | (0.3) | 1.1 | |
Purchases - assets | 2.2 | 2.5 | |
Sales - assets | (6.4) | (9.6) | |
Foreign exchange revaluation | (2.9) | (0.3) | |
Balance at End of Period - assets | 124.4 | 123.9 | |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | $ (0.2) | $ 0.3 | |
ASU 2015-02 [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Adoption of new accounting guidance | $ (45.9) | ||
ASU 2015-02 [Member] | Equity Securities [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Adoption of new accounting guidance | (45.4) | ||
ASU 2015-02 [Member] | Debt Securities [Member] | |||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||
Adoption of new accounting guidance | $ (0.5) |
Consolidated Sponsored Invest49
Consolidated Sponsored Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Recurring Level 3 Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Sep. 30, 2016 | |
Equity Securities [Member] | Minimum [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 5 | 5 |
Discount for lack of marketability | 25.00% | |
Equity Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 5.00% | 5.00% |
Equity Securities [Member] | Minimum [Member] | Market Pricing Valuation Approach [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Price to book value ratio | $ 1.8 | $ 1.8 |
Equity Securities [Member] | Maximum [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 14.2 | 14.2 |
Discount for lack of marketability | 50.00% | |
Equity Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 19.00% | 19.00% |
Equity Securities [Member] | Maximum [Member] | Market Pricing Valuation Approach [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Price to book value ratio | $ 2.3 | $ 2.3 |
Equity Securities [Member] | Weighted Average [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 11 | 10.3 |
Discount for lack of marketability | 50.00% | 36.60% |
Equity Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 13.70% | 13.70% |
Equity Securities [Member] | Weighted Average [Member] | Market Pricing Valuation Approach [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Price to book value ratio | $ 2 | $ 2 |
Debt Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 6.00% | 6.00% |
Risk premium | 0.00% | 0.00% |
Debt Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 50.00% | 15.00% |
Risk premium | 28.00% | 28.00% |
Debt Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 5.5 | |
Discount rate | 13.00% | 10.40% |
Risk premium | 9.50% | 9.70% |
Debt Securities [Member] | Weighted Average [Member] | Market Pricing Valuation Approach [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Private Sales Pricing | $ 0.57 | $ 0.57 |
Consolidated SIPs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | $ 278.9 | $ 607.3 |
Debt securities | 366.9 | 618.3 |
Consolidated SIPs [Member] | Level 3 [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 83.9 | 113.1 |
Consolidated SIPs [Member] | Level 3 [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 24.3 | 24.3 |
Debt securities | 112.6 | 119.7 |
Consolidated SIPs [Member] | Level 3 [Member] | Market Pricing Valuation Approach [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 23.4 | 22.9 |
Debt securities | 11.8 | 12.6 |
Fair Value, Measurements, Recurring [Member] | Consolidated SIPs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 643.6 | 762.2 |
Debt securities | 1,812.5 | 751.2 |
Fair Value, Measurements, Recurring [Member] | Consolidated SIPs [Member] | Level 3 [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 131.6 | 160.3 |
Debt securities | $ 124.4 | $ 132.3 |
Consolidated Sponsored Invest50
Consolidated Sponsored Investment Products - Schedule of Financial Instruments of CSIPs not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Cash and cash equivalents | $ 8,454.8 | $ 8,483.3 | $ 8,269 | $ 8,368.1 | |
Debt | 1,394.4 | 1,401.2 | |||
CLOs [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Debt | 274.9 | 653.8 | |||
Consolidated sponsored investment products [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Cash and cash equivalents | 231.2 | 236.2 | |||
Debt | 340.1 | 682.2 | |||
Other debt | 54.6 | 75 | |||
Consolidated sponsored investment products [Member] | CLOs [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Debt | 285.5 | 607.2 | |||
Carrying Value [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Cash and cash equivalents | 8,223.6 | 8,247.1 | |||
Carrying Value [Member] | Consolidated sponsored investment products [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Cash and cash equivalents | 176.4 | 89.8 | |||
Other debt | 54.6 | 75 | |||
Carrying Value [Member] | Consolidated sponsored investment products [Member] | CLOs [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Debt | [1] | 285.5 | 607.2 | ||
Estimated Fair Value [Member] | Level 1 [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Cash and cash equivalents | 8,223.6 | 8,247.1 | |||
Estimated Fair Value [Member] | Consolidated sponsored investment products [Member] | Level 1 [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Cash and cash equivalents | 176.4 | 89.8 | |||
Estimated Fair Value [Member] | Consolidated sponsored investment products [Member] | Level 3 [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Other debt | 54.3 | 74.6 | |||
Estimated Fair Value [Member] | Consolidated sponsored investment products [Member] | Fair Value Inputs Level 2 and Level 3 [Member] | |||||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | |||||
Debt | [1] | $ 279.4 | $ 594.5 | ||
[1] | Substantially all is Level 2. |
Consolidated Sponsored Invest51
Consolidated Sponsored Investment Products - Schedule of Debt of CSIPs (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Debt | $ 1,394.4 | $ 1,401.2 |
CLOs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Debt | $ 274.9 | $ 653.8 |
Consolidated sponsored investment products [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Effective Interest Rate | 5.59% | 4.79% |
Other debt | $ 54.6 | $ 75 |
Debt | $ 340.1 | $ 682.2 |
Consolidated sponsored investment products [Member] | CLOs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Effective Interest Rate | 3.18% | 2.24% |
Debt | $ 285.5 | $ 607.2 |
Consolidated Sponsored Invest52
Consolidated Sponsored Investment Products - Schedule of Contractual Maturities for Debt of CSIPs (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Debt | $ 1,394.4 | $ 1,401.2 |
Consolidated SIPs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
2,017 | 20.8 | |
2,018 | 5.8 | |
2,019 | 28 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 285.5 | |
Debt | $ 340.1 | $ 682.2 |
Consolidated Sponsored Invest53
Consolidated Sponsored Investment Products - Schedule of Redeemable Noncontrolling Interest of CSIPs (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Temporary Equity [Line Items] | |||
Balance at beginning of period | $ 61.1 | $ 59.6 | |
Net income (loss) | (23.5) | 1 | |
Net subscriptions (distributions) and other | 12.3 | (28.7) | |
Balance at End of Period | 841.2 | 53.2 | |
Redeemable noncontrolling interest [Member] | |||
Temporary Equity [Line Items] | |||
Net subscriptions (distributions) and other | (13.6) | 68 | |
Net deconsolidations | $ (7.5) | $ (75.4) | |
ASU 2015-02 [Member] | |||
Temporary Equity [Line Items] | |||
Adoption of new accounting guidance | $ (325.9) | ||
ASU 2015-02 [Member] | Redeemable noncontrolling interest [Member] | |||
Temporary Equity [Line Items] | |||
Adoption of new accounting guidance | $ 824.7 |
Consolidated Sponsored Invest54
Consolidated Sponsored Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments and Debt of CLOs (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Unpaid principal balance | $ 1,512.8 | $ 2,416.6 |
Investments, at fair value | 521.6 | 1,437.6 |
CLOs [Member] | ||
Schedule Of Consolidated Sponsored Investment Products [Line Items] | ||
Unpaid principal balance | 244.3 | 496 |
Difference between unpaid principal balance and fair value | 0 | (8.2) |
Investments, at fair value | $ 244.3 | $ 487.8 |
Nonconsolidated Variable Inte55
Nonconsolidated Variable Interest Entities - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Sep. 30, 2016USD ($) | |
Debt Securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Purchase of debt securities | $ 182.7 | |
INDIA | ||
Variable Interest Entity [Line Items] | ||
Number of SIPs | 6 |
Nonconsolidated Variable Inte56
Nonconsolidated Variable Interest Entities (Details) - Nonconsolidated VIEs [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 330.6 | $ 98.7 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 229.9 | 77.3 |
Receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 100.7 | $ 21.4 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
The plaintiff alleges that plan losses exceed | $ 79 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation [Abstract] | |
Unrecognized compensation expense related to nonvested stock and stock unit awards, net of estimated forfeitures | $ 197.8 |
Remaining weighted-average vesting period | 2 years |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) shares in Thousands | 3 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested balance at October 1, 2016 | 3,657 |
Granted | 3,806 |
Vested | (379) |
Forfeited/canceled | (388) |
Nonvested Balance at December 31, 2016 | 6,696 |
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 45.67 |
Weighted Average Grant Date Fair Value of shares granted | $ / shares | 34.11 |
Weighted Average Grant Date Fair Value of shares vested | $ / shares | 49.71 |
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares | 44.18 |
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 38.96 |
Time-Based Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested balance at October 1, 2016 | 2,369 |
Granted | 2,696 |
Vested | (26) |
Forfeited/canceled | (114) |
Nonvested Balance at December 31, 2016 | 4,925 |
Performance-Based Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested balance at October 1, 2016 | 1,288 |
Granted | 1,110 |
Vested | (353) |
Forfeited/canceled | (274) |
Nonvested Balance at December 31, 2016 | 1,771 |
Other Income (Expenses) - Narra
Other Income (Expenses) - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Proceeds from the sale of available-for-sale securities | $ 8.6 | $ 106.6 |
Net gains (losses) recognized on trading investment securities | 0.2 | (5.7) |
Net gains (losses) recognized on trading investment securities of consolidated SIPs | $ (18.5) | $ 2.3 |
Other Income (Expenses) - Sched
Other Income (Expenses) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Dividend income | $ 2.4 | $ 2.8 |
Interest income | 13.6 | 3.6 |
Gains (losses) on trading investment securities, net | 2 | (7.3) |
Realized gains on sale of investment securities, available-for-sale | 0.6 | 7.8 |
Realized losses on sale of investment securities, available-for-sale | (0.7) | (0.8) |
Income from investments in equity method investees | 34.2 | 24.8 |
Other-than-temporary impairment of investments | (0.3) | (0.4) |
Losses on investments of consolidated SIPs, net | (29.9) | (5.7) |
Foreign currency exchange gains, net | 19.8 | 3.5 |
Other, net | 4.4 | 2.2 |
Total | 46.1 | 30.5 |
Interest expense | (13.3) | (12) |
Other income, net | $ 32.8 | $ 18.5 |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (347.4) | $ (314.2) | |
Other comprehensive loss before reclassifications, net of tax | (63.5) | (22.2) | |
Reclassifications to net investment and other income, net of tax | 0.2 | (6.7) | |
Total other comprehensive income (loss) | (63.3) | (28.9) | |
Balance at end of period | (417.8) | (343.1) | |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 6.8 | 19.3 | |
Other comprehensive loss before reclassifications, net of tax | (2.6) | 0.8 | |
Reclassifications to net investment and other income, net of tax | 0.2 | (6.7) | |
Total other comprehensive income (loss) | (2.4) | (5.9) | |
Balance at end of period | (2.4) | 13.4 | |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (346.1) | (327.8) | |
Other comprehensive loss before reclassifications, net of tax | (60.9) | (23.6) | |
Reclassifications to net investment and other income, net of tax | 0 | 0 | |
Total other comprehensive income (loss) | (60.9) | (23.6) | |
Balance at end of period | (407.3) | (351.4) | |
Unrealized Losses on Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (8.1) | (5.7) | |
Other comprehensive loss before reclassifications, net of tax | 0 | 0.6 | |
Reclassifications to net investment and other income, net of tax | 0 | 0 | |
Total other comprehensive income (loss) | 0 | 0.6 | |
Balance at end of period | $ (8.1) | $ (5.1) | |
ASU 2015-02 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | $ (325.9) | ||
ASU 2015-02 [Member] | Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | (6.8) | ||
ASU 2015-02 [Member] | Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | (0.3) | ||
ASU 2015-02 [Member] | Unrealized Losses on Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | 0 | ||
ASU 2015-02 [Member] | Other equity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | $ (7.1) |