Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Jan. 23, 2019 | |
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, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 509,510,446 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Revenues | ||
Investment management fees | $ 971.8 | $ 1,113.6 |
Sales and distribution fees | 354.8 | 417.8 |
Shareholder servicing fees | 55.1 | 54.9 |
Other | 29.8 | 29.2 |
Total operating revenues | 1,411.5 | 1,615.5 |
Operating Expenses | ||
Sales, distribution and marketing | 444.5 | 528.7 |
Compensation and benefits | 355 | 332.5 |
Information systems and technology | 60.9 | 55 |
Occupancy | 31.2 | 29.4 |
General, administrative and other | 108.4 | 88.8 |
Total operating expenses | 1,000 | 1,034.4 |
Operating Income | 411.5 | 581.1 |
Other Income (Expenses) | ||
Investment and other income (losses), net | (59.1) | 81.3 |
Interest expense | (6.4) | (10.8) |
Other income (expenses), net | (65.5) | 70.5 |
Income before taxes | 346 | 651.6 |
Taxes on income | 86 | 1,223.5 |
Net income (loss) | 260 | (571.9) |
Less: net income (loss) attributable to | ||
Nonredeemable noncontrolling interests | (0.5) | (0.1) |
Redeemable noncontrolling interests | (15.4) | 11.5 |
Net Income (Loss) Attributable to Franklin Resources, Inc. | $ 275.9 | $ (583.3) |
Earnings (Loss) per Share | ||
Basic | $ 0.54 | $ (1.06) |
Diluted | $ 0.54 | $ (1.06) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 260 | $ (571.9) |
Other Comprehensive Income (Loss) | ||
Currency translation adjustments, net of tax | (14.6) | 15.8 |
Net unrealized losses on defined benefit plans, net of tax | (0.4) | (1.1) |
Net unrealized gains on investments, net of tax | 0 | 3.5 |
Total other comprehensive income (loss) | (15) | 18.2 |
Total comprehensive income (loss) | 245 | (553.7) |
Less: comprehensive income (loss) attributable to | ||
Nonredeemable noncontrolling interests | (0.5) | (0.1) |
Redeemable noncontrolling interests | (15.4) | 11.5 |
Comprehensive Income (Loss) Attributable to Franklin Resources, Inc. | $ 260.9 | $ (565.1) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Assets | ||
Cash and cash equivalents | $ 6,658.9 | $ 6,910.6 |
Receivables | 723.9 | 733.7 |
Investments | 1,385.9 | 1,426.5 |
Investments, at fair value | 522.4 | 551.6 |
Property and equipment, net | 541.3 | 535 |
Goodwill and other intangible assets, net | 2,326.2 | 2,333.4 |
Other | 192.5 | 220.7 |
Total Assets | 13,950.6 | 14,383.5 |
Liabilities | ||
Compensation and benefits | 218.9 | 405.6 |
Accounts payable and accrued expenses | 180.5 | 158.9 |
Dividends | 139.2 | 127.7 |
Commissions | 259.4 | 297.9 |
Income taxes | 1,071.9 | 1,034.8 |
Debt | 697.7 | 695.9 |
Deferred taxes | 132.6 | 126.5 |
Other | 179.8 | 184.1 |
Total liabilities | 2,941.6 | 3,132 |
Commitments and Contingencies (Note 10) | ||
Redeemable Noncontrolling Interests | 932.3 | 1,043.6 |
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; 511,482,401 and 519,122,574 shares issued and outstanding at December 31, 2018 and September 30, 2018 | 51.1 | 51.9 |
Retained earnings | 10,087.9 | 10,217.9 |
Accumulated other comprehensive loss | (393.6) | (370.6) |
Total Franklin Resources, Inc. stockholders’ equity | 9,745.4 | 9,899.2 |
Nonredeemable noncontrolling interests | 331.3 | 308.7 |
Total stockholders’ equity | 10,076.7 | 10,207.9 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 13,950.6 | 14,383.5 |
Consolidated Investment Products [Member] | ||
Assets | ||
Cash and cash equivalents | 228.2 | 299.8 |
Receivables | 81.7 | 114.2 |
Investments, at fair value | 2,040.2 | 2,109.4 |
Other | 0 | 1 |
Total Assets | 2,350.1 | 2,524.4 |
Liabilities | ||
Accounts payable and accrued expenses | 28.9 | 68 |
Debt | 32.7 | 32.6 |
Other | 0 | 9.3 |
Total liabilities | 61.6 | 109.9 |
Redeemable Noncontrolling Interests | 932.3 | 1,043.6 |
Stockholders’ Equity | ||
Total Franklin Resources, Inc. stockholders’ equity | 1,052.1 | 1,092.6 |
Nonredeemable noncontrolling interests | 304.1 | 278.3 |
Total stockholders’ equity | 1,356.2 | 1,370.9 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 2,350.1 | 2,524.4 |
Franklin Resources, Inc. [Member] | ||
Assets | ||
Cash and cash equivalents | $ 6,430.7 | $ 6,610.8 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Investments, at fair value | $ 522.4 | $ 551.6 |
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 | 511,482,401 | 519,122,574 |
Common stock, shares outstanding | 511,482,401 | 519,122,574 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Stockholders' Equity [Member] | Nonredeemable Noncontrolling Interests [Member] |
Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting guidance | ASU 2016-09 [Member] | $ 0.4 | $ 2.1 | $ (1.7) | $ 0.4 | |||
Beginning balance - Shares at Sep. 30, 2017 | 554.9 | ||||||
Beginning balance at Sep. 30, 2017 | $ 55.5 | 0 | 12,849.3 | $ (284.8) | 12,620 | ||
Beginning balance at Sep. 30, 2017 | $ 315.8 | ||||||
Beginning balance at Sep. 30, 2017 | 12,935.8 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (583.3) | (583.3) | (583.3) | ||||
Nonredeemable noncontrolling interests | (0.1) | (0.1) | |||||
Net income (loss) | (583.4) | ||||||
Other comprehensive income (loss) | 18.2 | 18.2 | 18.2 | ||||
Dividends declared on common stock | (127.4) | (127.4) | (127.4) | ||||
Repurchase of common stock - Shares | (4.6) | ||||||
Repurchase of common stock - Amount | (200) | $ (0.5) | (32.1) | (167.4) | (200) | ||
Issuance of common stock - Shares | 2.1 | ||||||
Issuance of common stock - Amount | 27.8 | $ 0.2 | 27.6 | 27.8 | |||
Stock-based compensation | 2.4 | 2.4 | 2.4 | ||||
Net subscriptions and other | 7 | 7 | |||||
Deconsolidation of investment product | (0.3) | (0.3) | |||||
Ending balance - Shares at Dec. 31, 2017 | 552.4 | ||||||
Ending balance at Dec. 31, 2017 | $ 55.2 | 0 | 11,969.5 | (266.6) | 11,758.1 | ||
Ending balance at Dec. 31, 2017 | 322.4 | ||||||
Ending balance at Dec. 31, 2017 | 12,080.5 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting guidance | ASU 2014-09 and 2016-01 [Member] | 14.9 | 22.9 | 14.9 | ||||
Adoption of new accounting guidance | ASU 2016-01 [Member] | (8) | ||||||
Beginning balance - Shares at Sep. 30, 2018 | 519.1 | ||||||
Beginning balance at Sep. 30, 2018 | 9,899.2 | $ 51.9 | 0 | 10,217.9 | (370.6) | 9,899.2 | |
Beginning balance at Sep. 30, 2018 | 308.7 | 308.7 | |||||
Beginning balance at Sep. 30, 2018 | 10,207.9 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 275.9 | 275.9 | 275.9 | ||||
Nonredeemable noncontrolling interests | (0.5) | (0.5) | |||||
Net income (loss) | 275.4 | ||||||
Other comprehensive income (loss) | (15) | (15) | (15) | ||||
Dividends declared on common stock | (133.8) | (133.8) | (133.8) | ||||
Repurchase of common stock - Shares | (10.7) | ||||||
Repurchase of common stock - Amount | (326.9) | $ (1.1) | (30.8) | (295) | (326.9) | ||
Issuance of common stock - Shares | 3.1 | ||||||
Issuance of common stock - Amount | 33.9 | $ 0.3 | 33.6 | 33.9 | |||
Stock-based compensation | (2.8) | (2.8) | (2.8) | ||||
Net subscriptions and other | 23.1 | 23.1 | |||||
Ending balance - Shares at Dec. 31, 2018 | 511.5 | ||||||
Ending balance at Dec. 31, 2018 | 9,745.4 | $ 51.1 | $ 0 | $ 10,087.9 | $ (393.6) | $ 9,745.4 | |
Ending balance at Dec. 31, 2018 | 331.3 | $ 331.3 | |||||
Ending balance at Dec. 31, 2018 | $ 10,076.7 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share | $ 0.26 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net cash provided by operating activities | ||
Net Income (Loss) | $ 260 | $ (571.9) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization of deferred sales commissions | 21.7 | 19.1 |
Depreciation and other amortization | 20.3 | 20.9 |
Stock-based compensation | 31.2 | 30.3 |
Losses (income) from investments in equity method investees | 37.6 | (35.2) |
Net gains on investments of consolidated investment products | (2) | (4.7) |
Deferred income taxes | 11.5 | (49.9) |
Other | 8.7 | 5.3 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in receivables and other assets | 43.1 | (33.8) |
Decrease (increase) in receivables of consolidated investment products | 19.5 | (94.8) |
Decrease in trading securities, net | 105.8 | 18.6 |
Increase in trading securities of consolidated investment products, net | (88.7) | (187.1) |
Decrease in accrued compensation and benefits | (186) | (186.1) |
Increase (decrease) in commissions payable | (38.5) | 9.1 |
Increase in income taxes payable | 37.1 | 1,232 |
Increase in accounts payable, accrued expenses and other liabilities | 15.4 | 1.5 |
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products | (30.7) | 147.1 |
Net cash provided by operating activities | 266 | 320.4 |
Net cash used in investing activities | ||
Purchase of investments | (115.7) | (39.7) |
Liquidation of investments | 73.2 | 33.9 |
Purchase of investments by consolidated investment products | (18.2) | (11) |
Liquidation of investments by consolidated investment products | 7 | 22.5 |
Additions of property and equipment, net | (25.7) | (19.2) |
Net deconsolidation of investment products | (30.9) | (45.1) |
Net cash used in investing activities | (110.3) | (58.6) |
Net cash used in financing activities | ||
Dividends paid on common stock | (122.3) | (111.7) |
Repurchase of common stock | (321.4) | (198.7) |
Proceeds from loan | 1.7 | 0 |
Payments on debt by consolidated investment products | 0 | (2.4) |
Noncontrolling interests | 45.9 | 261.7 |
Net cash used in financing activities | (396.1) | (51.1) |
Effect of exchange rate changes on cash and cash equivalents | (11.3) | 10 |
Increase (decrease) in cash and cash equivalents | (251.7) | 220.7 |
Cash and cash equivalents, beginning of period | 6,910.6 | 8,749.7 |
Cash and Cash Equivalents, End of Period | 6,658.9 | 8,970.4 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 35.8 | 38.8 |
Cash paid for interest | 6 | 14.1 |
Cash paid for interest by consolidated investment products | $ 0.5 | $ 0.7 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) 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, 2018 (“fiscal year 2018 ”). 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, 2018 . |
New Accounting Guidance
New Accounting Guidance | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Guidance | New Accounting Guidance On October 1, 2018 , the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) 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 Company adopted the new guidance using the modified retrospective approach which did not require the restatement of prior periods, and recognized a cumulative effect adjustment resulting in decreases in total assets, total liabilities and retained earnings of $9.1 million , $2.2 million and $6.9 million . The adoption of the guidance had no impact on operating income or net income. Individual line items in the consolidated statement of income were impacted as follows: (in millions) As Reported Adoption Impact Amount Without Adoption for the three months ended December 31, 2018 Operating Revenues Investment management fees $ 971.8 $ 15.5 $ 987.3 Sales and distribution fees 354.8 (15.5 ) 339.3 Shareholder servicing fees 55.1 (2.2 ) 52.9 Operating Expenses General, administrative and other $ 108.4 $ (2.2 ) $ 106.2 On October 1, 2018 , the Company adopted an amendment to the financial instruments guidance issued by the FASB that 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 impacted all equity securities previously classified as available-for-sale and investments in fund products for which fair value was estimated using net asset value (“NAV”) as a practical expedient. The amendment also provides an election to measure equity investments that do not have a readily determinable fair value at cost adjusted for observable price changes and impairment, if any, which the Company made. The Company adopted the amendment using the modified retrospective approach and recognized a cumulative effect adjustment resulting in increases in investments, retained earnings and accumulated other comprehensive loss of $21.8 million , $29.8 million and $8.0 million . There were no significant updates to the new accounting guidance that the Company has not yet adopted as disclosed in its Form 10-K for fiscal year 2018. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Earnings (Loss) per Share The components of basic and diluted earnings (loss) per share were as follows: (in millions, except per share data) Three Months Ended 2018 2017 Net income (loss) attributable to Franklin Resources, Inc. $ 275.9 $ (583.3 ) Less: allocation of earnings to participating nonvested stock and stock unit awards 2.5 1.0 Net Income (Loss) Available to Common Stockholders $ 273.4 $ (584.3 ) Weighted-average shares outstanding – basic 510.3 550.7 Dilutive effect of nonparticipating nonvested stock unit awards 0.5 — Weighted-Average Shares Outstanding – Diluted 510.8 550.7 Earnings (Loss) per Share Basic $ 0.54 $ (1.06 ) Diluted 0.54 (1.06 ) Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings (loss) per share because their effect would have been antidilutive were 0.3 million and 1.9 million for the three months ended December 31, 2018 and 2017 . |
Revenues
Revenues | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct. Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of assets under management (“AUM”), primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods. Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods. Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time. AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of the underlying securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM. Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers. Operating revenues by geographic area were as follows: Earned From Contracts With Customers Not Earned From Contracts With Customers 1 Total (in millions) United States Luxembourg Americas Excluding United States Asia-Pacific Europe, Middle East and Africa, Excluding Luxembourg for the three months ended Investment management fees $ 533.1 $ 267.7 $ 85.6 $ 61.4 $ 24.0 $ — $ 971.8 Sales and distribution fees 233.0 104.3 16.6 0.5 0.4 — 354.8 Shareholder servicing fees 44.9 7.7 — 2.5 — — 55.1 Other 3.0 0.3 — 0.1 0.3 26.1 29.8 Total $ 814.0 $ 380.0 $ 102.2 $ 64.5 $ 24.7 $ 26.1 $ 1,411.5 __________________ 1 Consists of interest and dividend income from consolidated investment products. Operating revenues are attributed to geographic areas based on the locations of the Company’s subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. |
Investments
Investments | 3 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investments | Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products. See Note 7 – Consolidated Investment Products for information related to the investments held by these entities. The Company adopted new accounting guidance on October 1, 2018 that 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. The new guidance did not change the accounting for investments in non-equity securities. Investments consisted of the following: (in millions) December 31, Equity securities, at fair value Sponsored funds $ 309.7 Other equity securities 110.0 Total equity securities, at fair value 419.7 Debt securities Trading 79.8 Available-for-sale 11.0 Total debt securities 90.8 Investments in equity method investees 819.8 Other investments 55.6 Total $ 1,385.9 (in millions) September 30, 2018 Investment securities, trading Sponsored funds $ 248.1 Debt and other equity securities 97.6 Total investment securities, trading 345.7 Investment securities, available-for-sale Sponsored funds 178.6 Debt and other equity securities 15.5 Total investment securities, available-for-sale 194.1 Investments in equity method investees 780.8 Other investments 105.9 Total $ 1,426.5 Equity securities, at fair value include trading investment securities and investments that were classified as available-for-sale or carried at cost prior to adoption of the new guidance. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair value of funds is determined based on their published NAV or estimated using NAV as a practical expedient. The fair value of equity securities other than funds is determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs. As of October 1, 2018, equity investments that do not have a readily determinable fair value are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The impairment assessment for these investments considers qualitative factors, including the financial condition and specific events related to the investee, that may indicate the fair value of the investment is less than its carrying value. Investment balances and related changes for the prior year have not been reclassified to conform to the financial statement presentation as of and for the period ended December 31, 2018 . Investment securities with aggregate carrying amounts of $1.2 million were pledged as collateral at December 31, 2018 and September 30, 2018 . Gross unrealized gains and losses relating to investment securities, available-for-sale were as follows: (in millions) Cost Basis Gross Unrealized Fair Value Gains Losses as of December 31, 2018 Debt securities $ 13.0 $ — $ (2.0 ) $ 11.0 as of September 30, 2018 Sponsored funds $ 172.9 $ 8.3 $ (2.6 ) $ 178.6 Debt and other equity securities 16.8 0.5 (1.8 ) 15.5 Total $ 189.7 $ 8.8 $ (4.4 ) $ 194.1 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: (in millions) Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses as of December 31, 2018 Debt securities $ 10.7 $ (2.0 ) $ — $ — $ 10.7 $ (2.0 ) as of September 30, 2018 Sponsored funds $ 48.8 $ (2.1 ) $ 21.0 $ (0.5 ) $ 69.8 $ (2.6 ) Debt and other equity securities 10.9 (1.8 ) — — 10.9 (1.8 ) Total $ 59.7 $ (3.9 ) $ 21.0 $ (0.5 ) $ 80.7 $ (4.4 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2018 | |
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 investment products. See Note 7 – Consolidated 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 NAV as a Practical Expedient Total as of December 31, 2018 Assets Equity securities, at fair value Sponsored funds $ 286.2 $ — $ — $ 23.5 $ 309.7 Other equity securities 21.2 0.3 0.7 87.8 110.0 Debt securities Trading 2.5 61.2 16.1 — 79.8 Available-for-sale — 10.7 0.3 — 11.0 Life settlement contracts — — 11.9 — 11.9 Total Assets Measured at Fair Value $ 309.9 $ 72.2 $ 29.0 $ 111.3 $ 522.4 Liability Contingent consideration liability $ — $ — $ 40.0 $ — $ 40.0 (in millions) Level 1 Level 2 Level 3 Total as of September 30, 2018 Assets Investment securities, trading Sponsored funds $ 248.1 $ — $ — $ 248.1 Debt and other equity securities 26.6 50.5 20.5 97.6 Investment securities, available-for-sale Sponsored funds 178.6 — — 178.6 Debt and other equity securities 4.4 10.8 0.3 15.5 Life settlement contracts — — 11.8 11.8 Total Assets Measured at Fair Value $ 457.7 $ 61.3 $ 32.6 $ 551.6 Liability Contingent consideration liability $ — $ — $ 38.7 $ 38.7 Level 1 assets consist primarily of sponsored funds and other equity securities for which the fair values are based on published NAV or quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of debt and equity securities and life settlement contracts for which the fair values are based on discounted cash flows using significant unobservable inputs. The fair value of the contingent consideration liability is determined using the net present value of anticipated future cash flows based on estimated future revenue and profits and timing of payments. Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private debt, equity and infrastructure funds. These investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. The expected weighted-average life for $54.1 million of the investments was 2.1 years at December 31, 2018 . The liquidation period for a $50.0 million investment in a nonredeemable private debt fund is unknown. The Company’s unfunded commitments to these funds totaled $5.0 million at December 31, 2018 . Changes in the Level 3 assets and liability were as follows: 2018 2017 (in millions) Investments Contingent Investments Contingent for the three months ended December 31, Balance at beginning of period $ 32.6 $ (38.7 ) $ 199.9 $ (51.0 ) Total realized and unrealized gains (losses) Included in investment and other income (losses), net 2.8 — 1.2 — Included in general, administrative and other expense — (1.3 ) — (4.0 ) Purchases — — 5.3 — Sales (4.3 ) — — — Transfers out of Level 3 (2.1 ) — — — Foreign exchange revaluation and other — — 3.7 (7.0 ) Balance at End of Period $ 29.0 $ (40.0 ) $ 210.1 $ (62.0 ) Change in unrealized gains (losses) included in net income (loss) relating to assets and liability held at end of period $ 2.8 $ (1.3 ) $ 1.2 $ (4.0 ) There were no transfers into Level 3 during the three months ended December 31, 2018 and 2017 . Valuation techniques and significant unobservable inputs used in the Level 3 fair value measurements were as follows: (in millions) as of December 31, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Debt securities, trading $ 16.1 Discounted cash flow Discount rate 4.0%–12.7% (6.3%) Risk premium 2.0%–6.0% (2.9%) Life settlement contracts 11.9 Discounted cash flow Life expectancy 20–113 months (59) Discount rate 8.0%–20.0% (13.2%) Contingent consideration liability 40.0 Discounted cash flow Discount rate 12.3% __________________ 1 Based on the relative fair value of the instruments. (in millions) as of September 30, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Investment securities, trading – debt and other equity securities $ 20.5 Discounted cash flow Discount rate 4.1%–12.3% (5.8%) Risk premium 2.0%–6.7% (3.6%) Life settlement contracts 11.8 Discounted cash flow Life expectancy 20–115 months (61) Discount rate 8.0%–20.0% (13.1%) Contingent consideration liability 38.7 Discounted cash flow Discount rate 13.0% If the relevant significant inputs used in the discounted cash flow valuations were independently higher (lower) as of December 31, 2018 , the resulting fair value of the assets or liability would be lower (higher). Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2018 September 30, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 6,430.7 $ 6,430.7 $ 6,610.8 $ 6,610.8 Other investments Time deposits 2 15.1 15.1 12.3 12.3 Equity securities 3 28.6 28.6 81.8 103.6 Financial Liability Debt 2 $ 697.7 $ 675.2 $ 695.9 $ 671.1 |
Consolidated Investment Product
Consolidated Investment Products | 3 Months Ended |
Dec. 31, 2018 | |
Consolidated Investment Products [Abstract] | |
Consolidated Investment Products | Consolidated Investment Products Consolidated investment products (“CIPs”) consist of mutual and other investment funds, limited partnerships and similar structures, substantially all of which are sponsored by the Company, and include both voting interest entities and variable interest entities. The Company had 57 and 53 CIPs as of December 31, 2018 and September 30, 2018 . The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, 2018 Assets Cash and cash equivalents $ 228.2 $ 299.8 Receivables 81.7 114.2 Investments, at fair value 2,040.2 2,109.4 Other assets — 1.0 Total Assets $ 2,350.1 $ 2,524.4 Liabilities Accounts payable and accrued expenses $ 28.9 $ 68.0 Debt 32.7 32.6 Other liabilities — 9.3 Total liabilities 61.6 109.9 Redeemable Noncontrolling Interests 932.3 1,043.6 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,052.1 1,092.6 Nonredeemable noncontrolling interests 304.1 278.3 Total stockholders’ equity 1,356.2 1,370.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 2,350.1 $ 2,524.4 The CIPs did not have a significant impact on net income (loss) attributable to the Company during the three months ended December 31, 2018 and 2017 . The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs’ liabilities. Investment products 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 these products subsequent to deconsolidation are accounted for as either equity method investments or equity securities measured at fair value with changes recognized in earnings depending on the structure of the product and the Company’s role and level of ownership. Investments Investments of CIPs consisted of the following: (in millions) December 31, September 30, 2018 Investment securities, trading $ 1,570.5 $ 1,651.8 Other equity securities 329.6 311.0 Other debt securities 140.1 146.6 Total $ 2,040.2 $ 2,109.4 Investment securities, trading consist of debt and equity securities that are traded in active markets. Other equity securities consist of equity securities of entities in emerging markets and fund products. Other debt securities consist of debt securities of entities in emerging markets and other debt instruments. Fair Value Measurements Assets and liabilities of CIPs 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, 2018 Assets Investments Equity securities $ 155.4 $ 233.8 $ 193.6 $ 137.5 $ 720.3 Debt securities 0.3 1,179.5 140.1 — 1,319.9 Total Assets Measured at Fair Value $ 155.7 $ 1,413.3 $ 333.7 $ 137.5 $ 2,040.2 (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of September 30, 2018 Assets Investments Equity securities $ 270.7 $ 154.8 $ 199.7 $ 113.8 $ 739.0 Debt securities 0.6 1,219.5 150.3 — 1,370.4 Total Assets Measured at Fair Value $ 271.3 $ 1,374.3 $ 350.0 $ 113.8 $ 2,109.4 Liabilities Other liabilities $ 0.6 $ 8.7 $ — $ — $ 9.3 Level 1 assets consist of equity and debt securities for which the fair values are based on quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of equity and debt securities of entities in emerging markets and other debt instruments for which the fair values are determined using significant unobservable inputs in either a market-based or income-based approach. Investments for which fair value was estimated using reported NAV as a practical expedient consist of nonredeemable real estate and private equity funds. These investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets over a weighted-average period of 4.0 years and 3.5 years at December 31, 2018 and September 30, 2018 . The CIPs’ unfunded commitments to these funds totaled $62.8 million and $1.9 million , of which the Company was contractually obligated to fund $19.0 million and $0.4 million based on its ownership percentage in the CIPs, at December 31, 2018 and September 30, 2018 . Changes in Level 3 assets were as follows: 2018 2017 (in millions) Equity Debt Total Equity Debt Total for the three months ended December 31, Balance at beginning of period $ 199.7 $ 150.3 $ 350.0 $ 160.7 $ 135.4 $ 296.1 Realized and unrealized gains (losses) included in investment and other income (losses), net 11.4 (8.2 ) 3.2 1.9 0.1 2.0 Purchases 9.7 8.2 17.9 11.1 — 11.1 Sales (0.1 ) (6.2 ) (6.3 ) (14.9 ) — (14.9 ) Settlements (1.0 ) (0.1 ) (1.1 ) — — — Transfers into Level 3 0.1 — 0.1 — — — Transfers out of Level 3 (25.4 ) (3.6 ) (29.0 ) — — — Foreign exchange revaluation (0.8 ) (0.3 ) (1.1 ) 0.8 0.7 1.5 Balance at End of Period $ 193.6 $ 140.1 $ 333.7 $ 159.6 $ 136.2 $ 295.8 Change in unrealized gains (losses) included in net income (loss) relating to assets held at end of period $ 11.7 $ (1.4 ) $ 10.3 $ 1.0 $ 0.1 $ 1.1 Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 165.3 Market comparable companies EBITDA multiple 5.0–13.6 (9.1) 28.3 Discounted cash flow Discount rate 8.0%–16.5% (13.8%) Debt securities 116.6 Discounted cash flow Discount rate 7.0%–14.8% (10.8%) Loss-adjusted discount rate 3.0%–22.7% (13.2%) 23.5 Comparable trading multiple Price-to-earnings ratio 10.0 Enterprise value/ 20.9 __________________ 1 Based on the relative fair value of the instruments. (in millions) as of September 30, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Equity securities $ 171.9 Market comparable companies EBITDA multiple 5.0–13.6 (9.3) 27.8 Discounted cash flow Discount rate 8.0%–16.5% (14.1%) Debt securities 111.0 Discounted cash flow Discount rate 7.0%–14.8% (10.8%) Loss-adjusted discount rate 3.0%–22.7% (12.0%) 33.9 Comparable trading multiple Price-to-earnings ratio 10.0 Enterprise value/ 20.9 5.4 Market pricing Private sale pricing $42 per $100 of par If the relevant significant inputs used in the market-based valuations were independently higher (lower) as of December 31, 2018 , the resulting fair value of the securities would be higher (lower). If the relevant significant inputs used in the discounted cash flow valuations were independently higher (lower) as of December 31, 2018 , the resulting fair value of the securities would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2018 September 30, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Asset Cash and cash equivalents 1 $ 228.2 $ 228.2 $ 299.8 $ 299.8 Financial Liability Debt 3 $ 32.7 $ 32.6 $ 32.6 $ 32.4 Debt Debt of CIPs totaled $32.7 million and $32.6 million at December 31, 2018 and September 30, 2018 . The debt had fixed and floating interest rates ranging from 3.07% to 7.90% with a weighted-average effective interest rate of 6.81% at December 31, 2018 , and from 3.07% to 7.88% with a weighted-average effective interest rate of 6.79% at September 30, 2018 . The debt matures in fiscal year 2019. Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests of CIPs were as follows: (in millions) for the three months ended December 31, 2018 2017 Balance at beginning of period $ 1,043.6 $ 1,941.9 Net income (loss) (15.4 ) 11.5 Net subscriptions and other 22.8 254.7 Net deconsolidations (118.7 ) — Balance at End of Period $ 932.3 $ 2,208.1 |
Nonconsolidated Variable Intere
Nonconsolidated Variable Interest Entities | 3 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nonconsolidated Variable Interest Entities | Nonconsolidated Variable Interest Entities Variable interest entities (“VIEs”) for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments and investment management and other fee receivables as follows: (in millions) December 31, September 30, 2018 Investments $ 228.0 $ 161.8 Receivables 133.1 140.1 Total $ 361.1 $ 301.9 While the Company has no contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. The Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds during the three months ended December 31, 2018 . During fiscal year 2018 , the Company purchased $32.6 million of certain equity and debt securities from two sponsored funds. None of the purchases occurred during the three months ended December 31, 2017 . |
Taxes on Income
Taxes on Income | 3 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Taxes on Income | Taxes on Income The Tax Cuts and Jobs Act (the “Tax Act”), which was enacted into law in the U.S. in December 2017, includes various changes to the tax law, including a permanent reduction in the corporate income tax rate to 21% and assessment of a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiaries’ earnings. The Company completed its analysis of the Tax Act impact during the quarter ended December 31, 2018 with no significant adjustment to the provisional amounts previously recorded. The transition tax liability of $982.8 million at December 31, 2018 is net of an $87.6 million tax benefit related to U.S. taxation of deemed foreign dividends. This benefit may be reduced or eliminated by future regulation or legislation. The transition tax liability may also be adjusted in the future upon issuance of state legislative updates on tax reform and the completion of the Company’s tax return filings for fiscal year 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings In July 2016, a former employee filed a class action lawsuit captioned Cryer v. Franklin Resources, Inc., et al. in the United States District Court for the Northern District of California against Franklin, the Franklin Templeton 401(k) Retirement Plan (“Plan”) Investment Committee (“Investment Committee”), and unnamed Investment Committee members. The plaintiff asserts a claim for breach of fiduciary duty under the Employee Retirement Income Security Act (“ERISA”), 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. In November 2017, a second former employee, represented by the same law firm, filed another class action lawsuit relating to the Plan in the same court, captioned Fernandez v. Franklin Resources, Inc., et al. The plaintiff filed an amended complaint in February 2018, naming the same defendants as those named in the Cryer action, as well as the Franklin Board of Directors, the Plan Administrative Committee, individual current and former Franklin directors, and individual current and former Investment Committee members. The plaintiff in this second lawsuit asserts the same ERISA breach of fiduciary duty claim asserted in the Cryer action, as well as claims for alleged prohibited transactions by virtue of the Plan’s investments in the Funds and for an alleged failure to monitor the performance of the Investment Committee. The plaintiff alleges that Plan losses exceed $60.0 million and seeks the same relief sought in the Cryer action. In April 2018, the court consolidated the Fernandez action with the existing Cryer action. While management strongly believes that the claims asserted in the consolidated litigation are without merit, in order to avoid protracted litigation, on December 3, 2018, Franklin elected to enter into an agreement-in-principle to resolve the matter for a cash payment of $13.9 million , which the Company accrued as of December 31, 2018 . In addition, Franklin agreed, among other Plan changes, to increase its existing matching contributions from 75% to 85% for eligible participant salary deferrals for a period of three years. The agreement is subject to court approval. 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, 2018 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, 2018 , there were no material changes in the other commitments and contingencies as reported in the Company’s Form 10-K for fiscal year 2018 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 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, 2018 Nonvested balance at October 1, 2018 2,678 1,813 4,491 $ 39.08 Granted 3,305 890 4,195 30.79 Vested (251 ) (606 ) (857 ) 38.07 Forfeited/canceled (51 ) (163 ) (214 ) 39.86 Nonvested Balance at December 31, 2018 5,681 1,934 7,615 $ 34.61 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $211.0 million at December 31, 2018 . This expense is expected to be recognized over a remaining weighted-average vesting period of 2.1 years . |
Other Income (Expenses)
Other Income (Expenses) | 3 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses) | Other Income (Expenses) Other income (expenses) consisted of the following: Three Months Ended (in millions) 2018 2017 Investment and Other Income (Losses), Net Dividend income $ 25.6 $ 4.7 Interest income 9.0 23.8 Gains (losses) on investments, net (15.8 ) 0.6 Income (losses) from investments in equity method investees (37.6 ) 35.2 Gains (losses) on investments of CIPs, net (49.0 ) 16.0 Rental income 4.9 3.7 Foreign currency exchange gains (losses), net 4.7 (2.9 ) Other, net (0.9 ) 0.2 Total (59.1 ) 81.3 Interest Expense (6.4 ) (10.8 ) Other Income (Expenses), Net $ (65.5 ) $ 70.5 Substantially all dividend income was generated by investments in nonconsolidated funds. Interest income was primarily generated by cash equivalents and debt securities. Gains (losses) on investments, net consists primarily of realized and unrealized gains (losses) on trading investment securities and other equity securities measured at fair value through profit and loss. Proceeds from the sale of available-for-sale securities were $16.0 million for the three months ended December 31, 2017 . There were no sales of available-for-sale securities in the current fiscal year. Net losses recognized on trading investment securities and other equity securities that were held by the Company at December 31, 2018 were $12.1 million , and net gains recognized on trading investment securities that were held by the Company at December 31, 2017 were $1.3 million . Net gains (losses) recognized on trading investment securities of CIPs that were held at December 31, 2018 and 2017 were $(31.2) million and $20.0 million . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2018 | |
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) Currency Unrealized Unrealized Total for the three months ended December 31, 2018 Balance at October 1, 2018 $ (372.9 ) $ (4.2 ) $ 6.5 $ (370.6 ) Adoption of new accounting guidance — — (8.0 ) (8.0 ) Other comprehensive loss Other comprehensive loss before reclassifications, net of tax (14.4 ) (0.4 ) — (14.8 ) Reclassifications to net investment and other income (losses), net of tax (0.2 ) — — (0.2 ) Total other comprehensive loss (14.6 ) (0.4 ) — (15.0 ) Balance at December 31, 2018 $ (387.5 ) $ (4.6 ) $ (1.5 ) $ (393.6 ) (in millions) Currency Unrealized Unrealized Total for the three months ended December 31, 2017 Balance at October 1, 2017 $ (281.0 ) $ (6.0 ) $ 2.2 $ (284.8 ) Other comprehensive income (loss) 15.8 (1.1 ) 3.5 18.2 Balance at December 31, 2017 $ (265.2 ) $ (7.1 ) $ 5.7 $ (266.6 ) There were no reclassifications from accumulated other comprehensive income (loss) for the three months ended December 31, 2017 . |
Subsequent Event
Subsequent Event | 3 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On January 29, 2019 , the Company offered a voluntary buyout to certain U.S. employees who meet specific criteria related to age and years of service. The impact of this voluntary termination plan is unknown but is expected to result in increased compensation and benefits expense during the remainder of fiscal year 2019 . |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenues | The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct. Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of assets under management (“AUM”), primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods. Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods. Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time. AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of the underlying securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM. Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers. |
Investments | Equity securities, at fair value include trading investment securities and investments that were classified as available-for-sale or carried at cost prior to adoption of the new guidance. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair value of funds is determined based on their published NAV or estimated using NAV as a practical expedient. The fair value of equity securities other than funds is determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs. As of October 1, 2018, equity investments that do not have a readily determinable fair value are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The impairment assessment for these investments considers qualitative factors, including the financial condition and specific events related to the investee, that may indicate the fair value of the investment is less than its carrying value. |
Schedule Of Consolidated Investment Products [Line Items] | |
Fair Value Measurements | Level 1 assets consist primarily of sponsored funds and other equity securities for which the fair values are based on published NAV or quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of debt and equity securities and life settlement contracts for which the fair values are based on discounted cash flows using significant unobservable inputs. The fair value of the contingent consideration liability is determined using the net present value of anticipated future cash flows based on estimated future revenue and profits and timing of payments. |
Consolidated Investment Products [Member] | |
Schedule Of Consolidated Investment Products [Line Items] | |
Fair Value Measurements | Level 1 assets consist of equity and debt securities for which the fair values are based on quoted market prices. Level 2 assets consist of debt and equity securities for which the fair values are determined using independent third-party broker or dealer price quotes. Level 3 assets consist of equity and debt securities of entities in emerging markets and other debt instruments for which the fair values are determined using significant unobservable inputs in either a market-based or income-based approach. |
New Accounting Guidance (Tables
New Accounting Guidance (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption impact in Consolidated Statement of Income | The adoption of the guidance had no impact on operating income or net income. Individual line items in the consolidated statement of income were impacted as follows: (in millions) As Reported Adoption Impact Amount Without Adoption for the three months ended December 31, 2018 Operating Revenues Investment management fees $ 971.8 $ 15.5 $ 987.3 Sales and distribution fees 354.8 (15.5 ) 339.3 Shareholder servicing fees 55.1 (2.2 ) 52.9 Operating Expenses General, administrative and other $ 108.4 $ (2.2 ) $ 106.2 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Components of basic and diluted earnings (loss) per share | The components of basic and diluted earnings (loss) per share were as follows: (in millions, except per share data) Three Months Ended 2018 2017 Net income (loss) attributable to Franklin Resources, Inc. $ 275.9 $ (583.3 ) Less: allocation of earnings to participating nonvested stock and stock unit awards 2.5 1.0 Net Income (Loss) Available to Common Stockholders $ 273.4 $ (584.3 ) Weighted-average shares outstanding – basic 510.3 550.7 Dilutive effect of nonparticipating nonvested stock unit awards 0.5 — Weighted-Average Shares Outstanding – Diluted 510.8 550.7 Earnings (Loss) per Share Basic $ 0.54 $ (1.06 ) Diluted 0.54 (1.06 ) |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Operating revenues by geographic area | Operating revenues by geographic area were as follows: Earned From Contracts With Customers Not Earned From Contracts With Customers 1 Total (in millions) United States Luxembourg Americas Excluding United States Asia-Pacific Europe, Middle East and Africa, Excluding Luxembourg for the three months ended Investment management fees $ 533.1 $ 267.7 $ 85.6 $ 61.4 $ 24.0 $ — $ 971.8 Sales and distribution fees 233.0 104.3 16.6 0.5 0.4 — 354.8 Shareholder servicing fees 44.9 7.7 — 2.5 — — 55.1 Other 3.0 0.3 — 0.1 0.3 26.1 29.8 Total $ 814.0 $ 380.0 $ 102.2 $ 64.5 $ 24.7 $ 26.1 $ 1,411.5 __________________ 1 Consists of interest and dividend income from consolidated investment products. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Summary of investments | Investments consisted of the following: (in millions) December 31, Equity securities, at fair value Sponsored funds $ 309.7 Other equity securities 110.0 Total equity securities, at fair value 419.7 Debt securities Trading 79.8 Available-for-sale 11.0 Total debt securities 90.8 Investments in equity method investees 819.8 Other investments 55.6 Total $ 1,385.9 (in millions) September 30, 2018 Investment securities, trading Sponsored funds $ 248.1 Debt and other equity securities 97.6 Total investment securities, trading 345.7 Investment securities, available-for-sale Sponsored funds 178.6 Debt and other equity securities 15.5 Total investment securities, available-for-sale 194.1 Investments in equity method investees 780.8 Other investments 105.9 Total $ 1,426.5 |
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) Cost Basis Gross Unrealized Fair Value Gains Losses as of December 31, 2018 Debt securities $ 13.0 $ — $ (2.0 ) $ 11.0 as of September 30, 2018 Sponsored funds $ 172.9 $ 8.3 $ (2.6 ) $ 178.6 Debt and other equity securities 16.8 0.5 (1.8 ) 15.5 Total $ 189.7 $ 8.8 $ (4.4 ) $ 194.1 |
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: (in millions) Less Than 12 Months 12 Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses as of December 31, 2018 Debt securities $ 10.7 $ (2.0 ) $ — $ — $ 10.7 $ (2.0 ) as of September 30, 2018 Sponsored funds $ 48.8 $ (2.1 ) $ 21.0 $ (0.5 ) $ 69.8 $ (2.6 ) Debt and other equity securities 10.9 (1.8 ) — — 10.9 (1.8 ) Total $ 59.7 $ (3.9 ) $ 21.0 $ (0.5 ) $ 80.7 $ (4.4 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liability 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 NAV as a Practical Expedient Total as of December 31, 2018 Assets Equity securities, at fair value Sponsored funds $ 286.2 $ — $ — $ 23.5 $ 309.7 Other equity securities 21.2 0.3 0.7 87.8 110.0 Debt securities Trading 2.5 61.2 16.1 — 79.8 Available-for-sale — 10.7 0.3 — 11.0 Life settlement contracts — — 11.9 — 11.9 Total Assets Measured at Fair Value $ 309.9 $ 72.2 $ 29.0 $ 111.3 $ 522.4 Liability Contingent consideration liability $ — $ — $ 40.0 $ — $ 40.0 (in millions) Level 1 Level 2 Level 3 Total as of September 30, 2018 Assets Investment securities, trading Sponsored funds $ 248.1 $ — $ — $ 248.1 Debt and other equity securities 26.6 50.5 20.5 97.6 Investment securities, available-for-sale Sponsored funds 178.6 — — 178.6 Debt and other equity securities 4.4 10.8 0.3 15.5 Life settlement contracts — — 11.8 11.8 Total Assets Measured at Fair Value $ 457.7 $ 61.3 $ 32.6 $ 551.6 Liability Contingent consideration liability $ — $ — $ 38.7 $ 38.7 |
Schedule of changes in Level 3 assets and liabilities | Changes in the Level 3 assets and liability were as follows: 2018 2017 (in millions) Investments Contingent Investments Contingent for the three months ended December 31, Balance at beginning of period $ 32.6 $ (38.7 ) $ 199.9 $ (51.0 ) Total realized and unrealized gains (losses) Included in investment and other income (losses), net 2.8 — 1.2 — Included in general, administrative and other expense — (1.3 ) — (4.0 ) Purchases — — 5.3 — Sales (4.3 ) — — — Transfers out of Level 3 (2.1 ) — — — Foreign exchange revaluation and other — — 3.7 (7.0 ) Balance at End of Period $ 29.0 $ (40.0 ) $ 210.1 $ (62.0 ) Change in unrealized gains (losses) included in net income (loss) relating to assets and liability held at end of period $ 2.8 $ (1.3 ) $ 1.2 $ (4.0 ) |
Schedule of valuation techniques and significant unobservable inputs used in level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in the Level 3 fair value measurements were as follows: (in millions) as of December 31, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Debt securities, trading $ 16.1 Discounted cash flow Discount rate 4.0%–12.7% (6.3%) Risk premium 2.0%–6.0% (2.9%) Life settlement contracts 11.9 Discounted cash flow Life expectancy 20–113 months (59) Discount rate 8.0%–20.0% (13.2%) Contingent consideration liability 40.0 Discounted cash flow Discount rate 12.3% __________________ 1 Based on the relative fair value of the instruments. (in millions) as of September 30, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Investment securities, trading – debt and other equity securities $ 20.5 Discounted cash flow Discount rate 4.1%–12.3% (5.8%) Risk premium 2.0%–6.7% (3.6%) Life settlement contracts 11.8 Discounted cash flow Life expectancy 20–115 months (61) Discount rate 8.0%–20.0% (13.1%) Contingent consideration liability 38.7 Discounted cash flow Discount rate 13.0% |
Schedule of financial instruments not measured at fair value | Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2018 September 30, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 6,430.7 $ 6,430.7 $ 6,610.8 $ 6,610.8 Other investments Time deposits 2 15.1 15.1 12.3 12.3 Equity securities 3 28.6 28.6 81.8 103.6 Financial Liability Debt 2 $ 697.7 $ 675.2 $ 695.9 $ 671.1 |
Consolidated Investment Produ_2
Consolidated Investment Products (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Consolidated Investment Products [Abstract] | |
Schedule of balances of CIPs | The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, 2018 Assets Cash and cash equivalents $ 228.2 $ 299.8 Receivables 81.7 114.2 Investments, at fair value 2,040.2 2,109.4 Other assets — 1.0 Total Assets $ 2,350.1 $ 2,524.4 Liabilities Accounts payable and accrued expenses $ 28.9 $ 68.0 Debt 32.7 32.6 Other liabilities — 9.3 Total liabilities 61.6 109.9 Redeemable Noncontrolling Interests 932.3 1,043.6 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,052.1 1,092.6 Nonredeemable noncontrolling interests 304.1 278.3 Total stockholders’ equity 1,356.2 1,370.9 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 2,350.1 $ 2,524.4 |
Schedule of investments of CIPs | Investments of CIPs consisted of the following: (in millions) December 31, September 30, 2018 Investment securities, trading $ 1,570.5 $ 1,651.8 Other equity securities 329.6 311.0 Other debt securities 140.1 146.6 Total $ 2,040.2 $ 2,109.4 |
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities of CIPs 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, 2018 Assets Investments Equity securities $ 155.4 $ 233.8 $ 193.6 $ 137.5 $ 720.3 Debt securities 0.3 1,179.5 140.1 — 1,319.9 Total Assets Measured at Fair Value $ 155.7 $ 1,413.3 $ 333.7 $ 137.5 $ 2,040.2 (in millions) Level 1 Level 2 Level 3 NAV as a Practical Expedient Total as of September 30, 2018 Assets Investments Equity securities $ 270.7 $ 154.8 $ 199.7 $ 113.8 $ 739.0 Debt securities 0.6 1,219.5 150.3 — 1,370.4 Total Assets Measured at Fair Value $ 271.3 $ 1,374.3 $ 350.0 $ 113.8 $ 2,109.4 Liabilities Other liabilities $ 0.6 $ 8.7 $ — $ — $ 9.3 |
Schedule of changes in Level 3 assets of CIPs | Changes in Level 3 assets were as follows: 2018 2017 (in millions) Equity Debt Total Equity Debt Total for the three months ended December 31, Balance at beginning of period $ 199.7 $ 150.3 $ 350.0 $ 160.7 $ 135.4 $ 296.1 Realized and unrealized gains (losses) included in investment and other income (losses), net 11.4 (8.2 ) 3.2 1.9 0.1 2.0 Purchases 9.7 8.2 17.9 11.1 — 11.1 Sales (0.1 ) (6.2 ) (6.3 ) (14.9 ) — (14.9 ) Settlements (1.0 ) (0.1 ) (1.1 ) — — — Transfers into Level 3 0.1 — 0.1 — — — Transfers out of Level 3 (25.4 ) (3.6 ) (29.0 ) — — — Foreign exchange revaluation (0.8 ) (0.3 ) (1.1 ) 0.8 0.7 1.5 Balance at End of Period $ 193.6 $ 140.1 $ 333.7 $ 159.6 $ 136.2 $ 295.8 Change in unrealized gains (losses) included in net income (loss) relating to assets held at end of period $ 11.7 $ (1.4 ) $ 10.3 $ 1.0 $ 0.1 $ 1.1 |
Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity securities $ 165.3 Market comparable companies EBITDA multiple 5.0–13.6 (9.1) 28.3 Discounted cash flow Discount rate 8.0%–16.5% (13.8%) Debt securities 116.6 Discounted cash flow Discount rate 7.0%–14.8% (10.8%) Loss-adjusted discount rate 3.0%–22.7% (13.2%) 23.5 Comparable trading multiple Price-to-earnings ratio 10.0 Enterprise value/ 20.9 __________________ 1 Based on the relative fair value of the instruments. (in millions) as of September 30, 2018 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average) Equity securities $ 171.9 Market comparable companies EBITDA multiple 5.0–13.6 (9.3) 27.8 Discounted cash flow Discount rate 8.0%–16.5% (14.1%) Debt securities 111.0 Discounted cash flow Discount rate 7.0%–14.8% (10.8%) Loss-adjusted discount rate 3.0%–22.7% (12.0%) 33.9 Comparable trading multiple Price-to-earnings ratio 10.0 Enterprise value/ 20.9 5.4 Market pricing Private sale pricing $42 per $100 of par |
Schedule of financial instruments of CIPs not measured at fair value | Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value Level December 31, 2018 September 30, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Asset Cash and cash equivalents 1 $ 228.2 $ 228.2 $ 299.8 $ 299.8 Financial Liability Debt 3 $ 32.7 $ 32.6 $ 32.6 $ 32.4 |
Schedule of changes in redeemable noncontrolling interests of CIPs | Changes in redeemable noncontrolling interests of CIPs were as follows: (in millions) for the three months ended December 31, 2018 2017 Balance at beginning of period $ 1,043.6 $ 1,941.9 Net income (loss) (15.4 ) 11.5 Net subscriptions and other 22.8 254.7 Net deconsolidations (118.7 ) — Balance at End of Period $ 932.3 $ 2,208.1 |
Nonconsolidated Variable Inte_2
Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
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 and other fee receivables as follows: (in millions) December 31, September 30, 2018 Investments $ 228.0 $ 161.8 Receivables 133.1 140.1 Total $ 361.1 $ 301.9 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Summary of 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, 2018 Nonvested balance at October 1, 2018 2,678 1,813 4,491 $ 39.08 Granted 3,305 890 4,195 30.79 Vested (251 ) (606 ) (857 ) 38.07 Forfeited/canceled (51 ) (163 ) (214 ) 39.86 Nonvested Balance at December 31, 2018 5,681 1,934 7,615 $ 34.61 |
Other Income (Expenses) (Tables
Other Income (Expenses) (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of other income (expenses) | Other income (expenses) consisted of the following: Three Months Ended (in millions) 2018 2017 Investment and Other Income (Losses), Net Dividend income $ 25.6 $ 4.7 Interest income 9.0 23.8 Gains (losses) on investments, net (15.8 ) 0.6 Income (losses) from investments in equity method investees (37.6 ) 35.2 Gains (losses) on investments of CIPs, net (49.0 ) 16.0 Rental income 4.9 3.7 Foreign currency exchange gains (losses), net 4.7 (2.9 ) Other, net (0.9 ) 0.2 Total (59.1 ) 81.3 Interest Expense (6.4 ) (10.8 ) Other Income (Expenses), Net $ (65.5 ) $ 70.5 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
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) Currency Unrealized Unrealized Total for the three months ended December 31, 2018 Balance at October 1, 2018 $ (372.9 ) $ (4.2 ) $ 6.5 $ (370.6 ) Adoption of new accounting guidance — — (8.0 ) (8.0 ) Other comprehensive loss Other comprehensive loss before reclassifications, net of tax (14.4 ) (0.4 ) — (14.8 ) Reclassifications to net investment and other income (losses), net of tax (0.2 ) — — (0.2 ) Total other comprehensive loss (14.6 ) (0.4 ) — (15.0 ) Balance at December 31, 2018 $ (387.5 ) $ (4.6 ) $ (1.5 ) $ (393.6 ) (in millions) Currency Unrealized Unrealized Total for the three months ended December 31, 2017 Balance at October 1, 2017 $ (281.0 ) $ (6.0 ) $ 2.2 $ (284.8 ) Other comprehensive income (loss) 15.8 (1.1 ) 3.5 18.2 Balance at December 31, 2017 $ (265.2 ) $ (7.1 ) $ 5.7 $ (266.6 ) |
New Accounting Guidance - Narra
New Accounting Guidance - Narrative (Details) $ in Millions | Oct. 01, 2018USD ($) |
ASU 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | $ (8) |
Investments [Member] | ASU 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | (21.8) |
Assets [Member] | ASU 2014-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | 9.1 |
Liabilities [Member] | ASU 2014-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | 2.2 |
Retained Earnings [Member] | ASU 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | 29.8 |
Retained Earnings [Member] | ASU 2014-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | (6.9) |
Comprehensive Income [Member] | ASU 2016-01 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of new accounting guidance | $ (8) |
New Accounting Guidance - Adopt
New Accounting Guidance - Adoption impact in Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Investment management fees | $ 971.8 | $ 1,113.6 |
Sales and distribution fees | 354.8 | 417.8 |
Shareholder servicing fees | 55.1 | 54.9 |
General, administrative and other | 108.4 | $ 88.8 |
Adoption Impact | ASU 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Investment management fees | 15.5 | |
Sales and distribution fees | (15.5) | |
Shareholder servicing fees | (2.2) | |
General, administrative and other | (2.2) | |
Amount Without Adoption | ASU 2014-09 [Member] | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Investment management fees | 987.3 | |
Sales and distribution fees | 339.3 | |
Shareholder servicing fees | 52.9 | |
General, administrative and other | $ 106.2 |
Earnings (Loss) per Share - Nar
Earnings (Loss) per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS | 0.3 | 1.9 |
Earnings (Loss) per Share - Com
Earnings (Loss) per Share - Components of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income (loss) attributable to Franklin Resources, Inc. | $ 275.9 | $ (583.3) |
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic | 2.5 | 1 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted | 2.5 | 1 |
Net Income (Loss) Available to Common Stockholders - basic | 273.4 | (584.3) |
Net Income (Loss) Available to Common Stockholders - diluted | $ 273.4 | $ (584.3) |
Weighted-average shares outstanding – basic | 510.3 | 550.7 |
Dilutive effect of nonparticipating nonvested stock unit awards | 0.5 | 0 |
Weighted-Average Shares Outstanding – Diluted | 510.8 | 550.7 |
Earnings (Loss) per Share [Abstract] | ||
Basic | $ 0.54 | $ (1.06) |
Diluted | $ 0.54 | $ (1.06) |
Revenues - Schedule of Operatin
Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disaggregation of Revenue [Line Items] | |||
Not Earned From Contracts With Customers | [1] | $ 26.1 | |
Investment management fees | 971.8 | $ 1,113.6 | |
Sales and distribution fees | 354.8 | 417.8 | |
Shareholder servicing fees | 55.1 | 54.9 | |
Other | 29.8 | 29.2 | |
Total | 1,411.5 | $ 1,615.5 | |
Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Not Earned From Contracts With Customers | [1] | 0 | |
Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Not Earned From Contracts With Customers | [1] | 0 | |
Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Not Earned From Contracts With Customers | [1] | 0 | |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Not Earned From Contracts With Customers | [1] | 26.1 | |
United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 814 | ||
United States [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 533.1 | ||
United States [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 233 | ||
United States [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 44.9 | ||
United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 3 | ||
Luxembourg [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 380 | ||
Luxembourg [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 267.7 | ||
Luxembourg [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 104.3 | ||
Luxembourg [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 7.7 | ||
Luxembourg [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0.3 | ||
Americas Excluding United States [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 102.2 | ||
Americas Excluding United States [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 85.6 | ||
Americas Excluding United States [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 16.6 | ||
Americas Excluding United States [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0 | ||
Americas Excluding United States [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0 | ||
Asia-Pacific [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 64.5 | ||
Asia-Pacific [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 61.4 | ||
Asia-Pacific [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0.5 | ||
Asia-Pacific [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 2.5 | ||
Asia-Pacific [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0.1 | ||
Europe, Middle East and Africa, Excluding Luxembourg [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 24.7 | ||
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 24 | ||
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0.4 | ||
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | 0 | ||
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Earned From Contracts With Customers | $ 0.3 | ||
[1] | Consists of interest and dividend income from consolidated investment products. |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Millions | Dec. 31, 2018USD ($) |
Investments [Abstract] | |
Aggregate carrying amounts of investment securities pledged as collateral | $ 1.2 |
Investments - Summary of Invest
Investments - Summary of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Investment Holdings [Line Items] | ||
Equity securities, at fair value | $ 419.7 | |
Investment securities, trading | $ 345.7 | |
Debt securities, trading | 79.8 | |
Debt securities, available-for-sale | 11 | |
Total debt securities | 90.8 | |
Available-for-sale securities | 194.1 | |
Investments in equity method investees | 819.8 | 780.8 |
Other investments | 55.6 | 105.9 |
Total | 1,385.9 | 1,426.5 |
Sponsored Funds [Member] | ||
Investment Holdings [Line Items] | ||
Equity securities, at fair value | 309.7 | |
Investment securities, trading | 248.1 | |
Available-for-sale securities | 178.6 | |
Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Equity securities, at fair value | $ 110 | |
Debt and Other Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Investment securities, trading | 97.6 | |
Available-for-sale securities | $ 15.5 |
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, 2018 | Sep. 30, 2018 |
Investment Holdings [Line Items] | ||
Cost Basis | $ 13 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (2) | |
Fair Value | $ 11 | |
Cost Basis | $ 189.7 | |
Gross Unrealized Gains | 8.8 | |
Gross Unrealized Losses | (4.4) | |
Fair Value | 194.1 | |
Sponsored Funds [Member] | ||
Investment Holdings [Line Items] | ||
Cost Basis | 172.9 | |
Gross Unrealized Gains | 8.3 | |
Gross Unrealized Losses | (2.6) | |
Fair Value | 178.6 | |
Debt and Other Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Cost Basis | 16.8 | |
Gross Unrealized Gains | 0.5 | |
Gross Unrealized Losses | (1.8) | |
Fair Value | $ 15.5 |
Investments - Summary of Gros_2
Investments - Summary of Gross Unrealized Losses, AFS, Continuous Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 59.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (3.9) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 21 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | (0.5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 80.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | (4.4) | |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 10.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 10.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | $ (2) | |
Sponsored Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 48.8 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (2.1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 21 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | (0.5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 69.8 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | (2.6) | |
Debt and Other Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 10.9 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (1.8) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 10.9 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | $ (1.8) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Transfers into Level 3 - assets | $ 0 | $ 0 |
Transfers into Level 3 - liabilities | 0 | $ 0 |
Nonredeemable Equity and Infrastructure Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
NAV as a practical expedient | $ 54.1 | |
Liquidation weighted-average period | 2 years 1 month | |
Unfunded commitments | $ 5 | |
Private Debt Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
NAV as a practical expedient | $ 50 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liability Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Assets [Abstract] | ||
Equity securities, at fair value | $ 419.7 | |
Debt securities, trading | 79.8 | |
Debt securities, available-for-sale | 11 | |
Investment securities, trading | $ 345.7 | |
Available-for-sale securities | 194.1 | |
Sponsored Funds [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 309.7 | |
Investment securities, trading | 248.1 | |
Available-for-sale securities | 178.6 | |
Equity Securities [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 110 | |
Debt and Other Equity Securities [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 97.6 | |
Available-for-sale securities | 15.5 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Debt securities, trading | 79.8 | |
Debt securities, available-for-sale | 11 | |
Life settlement contracts | 11.9 | 11.8 |
NAV as a Practical Expedient | 111.3 | |
Total Assets Measured at Fair Value | 522.4 | 551.6 |
Liability [Abstract] | ||
Contingent consideration liability | 40 | 38.7 |
Fair Value, Measurements, Recurring [Member] | Sponsored Funds [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 309.7 | |
Investment securities, trading | 248.1 | |
Available-for-sale securities | 178.6 | |
NAV as a Practical Expedient | 23.5 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 110 | |
NAV as a Practical Expedient | 87.8 | |
Fair Value, Measurements, Recurring [Member] | Debt and Other Equity Securities [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 97.6 | |
Available-for-sale securities | 15.5 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Debt securities, trading | 2.5 | |
Debt securities, available-for-sale | 0 | |
Life settlement contracts | 0 | 0 |
Total Assets Measured at Fair Value | 309.9 | 457.7 |
Liability [Abstract] | ||
Contingent consideration liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Sponsored Funds [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 286.2 | |
Investment securities, trading | 248.1 | |
Available-for-sale securities | 178.6 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Securities [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 21.2 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Debt and Other Equity Securities [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 26.6 | |
Available-for-sale securities | 4.4 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Debt securities, trading | 61.2 | |
Debt securities, available-for-sale | 10.7 | |
Life settlement contracts | 0 | 0 |
Total Assets Measured at Fair Value | 72.2 | 61.3 |
Liability [Abstract] | ||
Contingent consideration liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Sponsored Funds [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 0 | |
Investment securities, trading | 0 | |
Available-for-sale securities | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt and Other Equity Securities [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 50.5 | |
Available-for-sale securities | 10.8 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Debt securities, trading | 16.1 | |
Debt securities, available-for-sale | 0.3 | |
Life settlement contracts | 11.9 | 11.8 |
Total Assets Measured at Fair Value | 29 | 32.6 |
Liability [Abstract] | ||
Contingent consideration liability | 40 | 38.7 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Sponsored Funds [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | 0 | |
Investment securities, trading | 0 | |
Available-for-sale securities | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity Securities [Member] | ||
Assets [Abstract] | ||
Equity securities, at fair value | $ 0.7 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Debt and Other Equity Securities [Member] | ||
Assets [Abstract] | ||
Investment securities, trading | 20.5 | |
Available-for-sale securities | $ 0.3 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Changes in Level 3 Assets and Liabilities (Details) - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - assets | $ 350 | $ 296.1 |
Total realized and unrealized gains (losses) - assets | 3.2 | 2 |
Purchases - assets | 17.9 | 11.1 |
Sales - assets | (6.3) | (14.9) |
Transfers out of Level 3 - assets | (29) | 0 |
Balance at End of Period - assets | 333.7 | 295.8 |
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - assets | 10.3 | 1.1 |
Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - assets | 32.6 | 199.9 |
Purchases - assets | 0 | 5.3 |
Sales - assets | (4.3) | 0 |
Transfers out of Level 3 - assets | (2.1) | 0 |
Foreign exchange revaluation and other | 0 | 3.7 |
Balance at End of Period - assets | 29 | 210.1 |
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - assets | 2.8 | 1.2 |
Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - liability | (38.7) | (51) |
Purchases - liability | 0 | 0 |
Sales - liability | 0 | 0 |
Transfers out of Level 3 - liability | 0 | 0 |
Foreign exchange revaluation and other | 0 | (7) |
Balance at End of Period - liability | (40) | (62) |
Change in unrealized gains (losses) included in net income relating to assets and liability held at end of period - liability | (1.3) | (4) |
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 | 2.8 | 1.2 |
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) - liability | 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) - liability | $ (1.3) | $ (4) |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Debt securities, trading | $ 79.8 | |
Investment securities, trading | $ 345.7 | |
Contingent Consideration Liability [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 12.30% | 13.00% |
Life Settlement Contracts [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 8.00% | 8.00% |
Life expectancy | 20 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% | 20.00% |
Life expectancy | 113 months | 115 months |
Life Settlement Contracts [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 13.20% | 13.10% |
Life expectancy | 59 months | 61 months |
Debt And Equity Securities [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investment securities, trading | $ 97.6 | |
Debt And Equity Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 4.10% | |
Risk premium | 2.00% | |
Debt And Equity Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 12.30% | |
Risk premium | 6.70% | |
Debt And Equity Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 5.80% | |
Risk premium | 3.60% | |
Debt Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 4.00% | |
Risk premium | 2.00% | |
Debt Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 12.70% | |
Risk premium | 6.00% | |
Debt Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rate | 6.30% | |
Risk premium | 2.90% |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financial Assets [Abstract] | ||||
Cash and cash equivalents | $ 6,658.9 | $ 6,910.6 | $ 8,970.4 | $ 8,749.7 |
Other investments | 55.6 | 105.9 | ||
Carrying Value [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 6,430.7 | 6,610.8 | ||
Time deposits | 15.1 | 12.3 | ||
Financial Liability [Abstract] | ||||
Debt | 697.7 | 695.9 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 6,430.7 | 6,610.8 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets [Abstract] | ||||
Time deposits | 15.1 | 12.3 | ||
Financial Liability [Abstract] | ||||
Debt | 675.2 | 671.1 | ||
Equity Securities [Member] | Carrying Value [Member] | ||||
Financial Assets [Abstract] | ||||
Other investments | 28.6 | 81.8 | ||
Equity Securities [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets [Abstract] | ||||
Other investments | $ 28.6 | $ 103.6 |
Consolidated Investment Produ_3
Consolidated Investment Products - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | |
Consolidated Investment Products [Abstract] | ||
Number of consolidated investment products | 57 | 53 |
Schedule Of Consolidated Investment Products [Line Items] | ||
Debt | $ 697.7 | $ 695.9 |
Nonredeemable Equity and Infrastructure Funds [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Liquidation weighted-average period | 2 years 1 month | |
CIPs' unfunded commitments | $ 5 | |
CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Debt | $ 32.7 | $ 32.6 |
Effective Interest Rate | 6.81% | 6.79% |
CIPs [Member] | Nonredeemable Equity and Infrastructure Funds [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Liquidation weighted-average period | 4 years | 3 years 6 months |
CIPs' unfunded commitments | $ 62.8 | $ 1.9 |
Unfunded commitments Company contractually obligated to fund | $ 19 | $ 0.4 |
CIPs [Member] | Minimum [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Stated interest rate | 3.07% | 3.07% |
CIPs [Member] | Maximum [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Stated interest rate | 7.90% | 7.88% |
Consolidated Investment Produ_4
Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Assets [Abstract] | ||||
Cash and cash equivalents | $ 6,658.9 | $ 6,910.6 | $ 8,970.4 | $ 8,749.7 |
Receivables | 723.9 | 733.7 | ||
Investments, at fair value | 522.4 | 551.6 | ||
Other assets | 192.5 | 220.7 | ||
Total Assets | 13,950.6 | 14,383.5 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued expenses | 180.5 | 158.9 | ||
Debt | 697.7 | 695.9 | ||
Other liabilities | 179.8 | 184.1 | ||
Total liabilities | 2,941.6 | 3,132 | ||
Redeemable Noncontrolling Interests | 932.3 | 1,043.6 | 2,208.1 | 1,941.9 |
Stockholders' Equity [Abstract] | ||||
Franklin Resources, Inc.’s interests | 9,745.4 | 9,899.2 | ||
Nonredeemable noncontrolling interests | 331.3 | 308.7 | ||
Total stockholders’ equity | 10,076.7 | 10,207.9 | $ 12,080.5 | $ 12,935.8 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 13,950.6 | 14,383.5 | ||
CIPs [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 228.2 | 299.8 | ||
Receivables | 81.7 | 114.2 | ||
Investments, at fair value | 2,040.2 | 2,109.4 | ||
Other assets | 0 | 1 | ||
Total Assets | 2,350.1 | 2,524.4 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued expenses | 28.9 | 68 | ||
Debt | 32.7 | 32.6 | ||
Other liabilities | 0 | 9.3 | ||
Total liabilities | 61.6 | 109.9 | ||
Redeemable Noncontrolling Interests | 932.3 | 1,043.6 | ||
Stockholders' Equity [Abstract] | ||||
Franklin Resources, Inc.’s interests | 1,052.1 | 1,092.6 | ||
Nonredeemable noncontrolling interests | 304.1 | 278.3 | ||
Total stockholders’ equity | 1,356.2 | 1,370.9 | ||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ 2,350.1 | $ 2,524.4 |
Consolidated Investment Produ_5
Consolidated Investment Products - Schedule of Investments of CIPs (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Schedule Of Consolidated Investment Products [Line Items] | ||
Investment securities, trading | $ 345.7 | |
Other investments | $ 55.6 | 105.9 |
Total | 522.4 | 551.6 |
CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investment securities, trading | 1,570.5 | 1,651.8 |
Total | 2,040.2 | 2,109.4 |
Equity Securities [Member] | CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Other investments | 329.6 | 311 |
Debt Securities [Member] | CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Other investments | $ 140.1 | $ 146.6 |
Consolidated Investment Produ_6
Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Assets [Abstract] | ||
Investments, at fair value | $ 522.4 | $ 551.6 |
CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 2,040.2 | 2,109.4 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 522.4 | 551.6 |
Liability [Abstract] | ||
NAV as a Practical Expedient | 111.3 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 309.9 | 457.7 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 72.2 | 61.3 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 29 | 32.6 |
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 2,040.2 | 2,109.4 |
Liability [Abstract] | ||
Other liabilities | 9.3 | |
NAV as a Practical Expedient | 137.5 | 113.8 |
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 155.7 | 271.3 |
Liability [Abstract] | ||
Other liabilities | 0.6 | |
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 1,413.3 | 1,374.3 |
Liability [Abstract] | ||
Other liabilities | 8.7 | |
Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 333.7 | 350 |
Liability [Abstract] | ||
Other liabilities | 0 | |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 720.3 | 739 |
Liability [Abstract] | ||
NAV as a Practical Expedient | 137.5 | 113.8 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 155.4 | 270.7 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 233.8 | 154.8 |
Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 193.6 | 199.7 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 1,319.9 | 1,370.4 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.3 | 0.6 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 1,179.5 | 1,219.5 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | $ 140.1 | $ 150.3 |
Consolidated Investment Produ_7
Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Consolidated Investment Products [Line Items] | ||
Transfers into Level 3 | $ 0 | $ 0 |
Level 3 [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | 350 | 296.1 |
Realized and unrealized gains (losses) included in investment and other income, net | 3.2 | 2 |
Purchases | 17.9 | 11.1 |
Sales | (6.3) | (14.9) |
Settlements | (1.1) | 0 |
Transfers into Level 3 | 0.1 | 0 |
Transfers out of Level 3 | (29) | 0 |
Foreign exchange revaluation | (1.1) | 1.5 |
Balance at End of Period - assets | 333.7 | 295.8 |
Change in unrealized gains (losses) included in net income (loss) relating to assets held at end of period | 10.3 | 1.1 |
Level 3 [Member] | Equity Securities [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | 199.7 | 160.7 |
Realized and unrealized gains (losses) included in investment and other income, net | 11.4 | 1.9 |
Purchases | 9.7 | 11.1 |
Sales | (0.1) | (14.9) |
Settlements | (1) | 0 |
Transfers into Level 3 | 0.1 | 0 |
Transfers out of Level 3 | (25.4) | 0 |
Foreign exchange revaluation | (0.8) | 0.8 |
Balance at End of Period - assets | 193.6 | 159.6 |
Change in unrealized gains (losses) included in net income (loss) relating to assets held at end of period | 11.7 | 1 |
Level 3 [Member] | Debt Securities [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | 150.3 | 135.4 |
Realized and unrealized gains (losses) included in investment and other income, net | (8.2) | 0.1 |
Purchases | 8.2 | 0 |
Sales | (6.2) | 0 |
Settlements | (0.1) | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (3.6) | 0 |
Foreign exchange revaluation | (0.3) | 0.7 |
Balance at End of Period - assets | 140.1 | 136.2 |
Change in unrealized gains (losses) included in net income (loss) relating to assets held at end of period | $ (1.4) | $ 0.1 |
Consolidated Investment Produ_8
Consolidated Investment Products - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Level 3 Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 522.4 | $ 551.6 |
CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 2,040.2 | $ 2,109.4 |
Equity Securities [Member] | Minimum [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
EBITDA multiple | 5 | 5 |
Equity Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 8.00% | 8.00% |
Equity Securities [Member] | Maximum [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
EBITDA multiple | 13.6 | 13.6 |
Equity Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 16.50% | 16.50% |
Equity Securities [Member] | Weighted Average [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
EBITDA multiple | 9.1 | 9.3 |
Equity Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 13.80% | 14.10% |
Equity Securities [Member] | CIPs [Member] | Level 3 [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 165.3 | $ 171.9 |
Equity Securities [Member] | CIPs [Member] | Level 3 [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 28.3 | $ 27.8 |
Debt Securities [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 7.00% | 7.00% |
Debt Securities [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 14.80% | 14.80% |
Debt Securities [Member] | Weighted Average [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
EBITDA multiple | 20.9 | 20.9 |
Price-to-earnings ratio | $ 10 | $ 10 |
Debt Securities [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 10.80% | 10.80% |
Debt Securities [Member] | Weighted Average [Member] | Market Pricing [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Private sale pricing | $ 0.42 | |
Debt Securities [Member] | CIPs [Member] | Level 3 [Member] | Market comparable companies [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 23.5 | $ 33.9 |
Debt Securities [Member] | CIPs [Member] | Level 3 [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 116.6 | 111 |
Debt Securities [Member] | CIPs [Member] | Level 3 [Member] | Market Pricing [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Investments, at fair value | $ 5.4 | |
Other Debt Obligations [Member] | Minimum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 3.00% | 3.00% |
Other Debt Obligations [Member] | Maximum [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 22.70% | 22.70% |
Other Debt Obligations [Member] | Weighted Average [Member] | Discounted cash flow [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Discount rate | 13.20% | 12.00% |
Consolidated Investment Produ_9
Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Financial Assets [Abstract] | ||||
Cash and cash equivalents | $ 6,658.9 | $ 6,910.6 | $ 8,970.4 | $ 8,749.7 |
Financial Liability [Abstract] | ||||
Debt | 697.7 | 695.9 | ||
CIPs [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 228.2 | 299.8 | ||
Financial Liability [Abstract] | ||||
Debt | 32.7 | 32.6 | ||
Carrying Value [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 6,430.7 | 6,610.8 | ||
Carrying Value [Member] | CIPs [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 228.2 | 299.8 | ||
Financial Liability [Abstract] | ||||
Debt | 32.7 | 32.6 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 6,430.7 | 6,610.8 | ||
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member] | ||||
Financial Assets [Abstract] | ||||
Cash and cash equivalents | 228.2 | 299.8 | ||
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member] | ||||
Financial Liability [Abstract] | ||||
Debt | $ 32.6 | $ 32.4 |
Consolidated Investment Prod_10
Consolidated Investment Products - Schedule of Redeemable Noncontrolling Interest of CIPs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Temporary Equity [Line Items] | ||
Balance at beginning of period | $ 1,043.6 | $ 1,941.9 |
Net income (loss) | (15.4) | 11.5 |
Net subscriptions and other | 23.1 | 7 |
Net deconsolidations | (0.3) | |
Balance at End of Period | 932.3 | 2,208.1 |
Redeemable Noncontrolling Interests [Member] | ||
Temporary Equity [Line Items] | ||
Net subscriptions and other | 22.8 | 254.7 |
Net deconsolidations | $ (118.7) | $ 0 |
Nonconsolidated Variable Inte_3
Nonconsolidated Variable Interest Entities - Narrative (Details) - Nonconsolidated VIEs [Member] $ in Millions | 12 Months Ended |
Sep. 30, 2018USD ($) | |
Variable Interest Entity [Line Items] | |
Number of sponsored funds | 2 |
Debt and Other Equity Securities [Member] | |
Variable Interest Entity [Line Items] | |
Purchase of certain equity and debt securities | $ 32.6 |
Nonconsolidated Variable Inte_4
Nonconsolidated Variable Interest Entities (Details) - Nonconsolidated VIEs [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Sep. 30, 2018 |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 361.1 | $ 301.9 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 228 | 161.8 |
Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 133.1 | $ 140.1 |
Taxes on Income - Narrative (De
Taxes on Income - Narrative (Details) $ in Millions | Dec. 31, 2018USD ($) |
Income Tax Disclosure [Abstract] | |
Transition tax liability | $ 982.8 |
Net tax benefit | $ 87.6 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | |
Accrued cash settlement payment | $ 13.9 |
Plan's employer matching contributions | 75.00% |
Plaintiff Cryer 401K Plan [Member] | |
Loss Contingencies [Line Items] | |
The plaintiff alleges that plan losses exceed | $ 79 |
Plaintiff Fernandez 401K Plan [Member] | |
Loss Contingencies [Line Items] | |
The plaintiff alleges that plan losses exceed | $ 60 |
Other Plan Changes [Member] | |
Loss Contingencies [Line Items] | |
Plan's employer matching contributions | 85.00% |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Share-based Compensation [Abstract] | |
Unrecognized compensation expense related to nonvested stock and stock unit awards | $ 211 |
Remaining weighted-average vesting period | 2 years 1 month |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) shares in Thousands | 3 Months Ended |
Dec. 31, 2018$ / 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, 2018 | 4,491 |
Granted | 4,195 |
Vested | (857) |
Forfeited/canceled | (214) |
Nonvested Balance at December 31, 2018 | 7,615 |
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 39.08 |
Weighted Average Grant Date Fair Value of shares granted | $ / shares | 30.79 |
Weighted Average Grant Date Fair Value of shares vested | $ / shares | 38.07 |
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares | 39.86 |
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 34.61 |
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, 2018 | 2,678 |
Granted | 3,305 |
Vested | (251) |
Forfeited/canceled | (51) |
Nonvested Balance at December 31, 2018 | 5,681 |
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, 2018 | 1,813 |
Granted | 890 |
Vested | (606) |
Forfeited/canceled | (163) |
Nonvested Balance at December 31, 2018 | 1,934 |
Other Income (Expenses) - Narra
Other Income (Expenses) - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | ||
Proceeds from the sale of available-for-sale securities | $ 16 | |
Net losses recognized on trading investment securities and other equity securities | $ 12.1 | |
Net gains recognized on trading investment securities | 1.3 | |
Net gains (losses) recognized on trading investment securities of CIPs | $ (31.2) | $ 20 |
Other Income (Expenses) - Sched
Other Income (Expenses) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | ||
Dividend income | $ 25.6 | $ 4.7 |
Interest income | 9 | 23.8 |
Gains (losses) on investments, net | (15.8) | 0.6 |
Income (losses) from investments in equity method investees | (37.6) | 35.2 |
Gains (losses) on investments of CIPs, net | (49) | 16 |
Rental income | 4.9 | 3.7 |
Foreign currency exchange gains (losses), net | 4.7 | (2.9) |
Other income, net | 0.2 | |
Other expense, net | (0.9) | |
Total | (59.1) | 81.3 |
Interest Expense | (6.4) | (10.8) |
Other Income (Expenses), Net | $ (65.5) | $ 70.5 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (370.6) | $ (284.8) | |
Other comprehensive loss before reclassifications, net of tax | (14.8) | 18.2 | |
Reclassifications to net investment and other income (losses), net of tax | (0.2) | 0 | |
Total other comprehensive income (loss) | (15) | 18.2 | |
Balance at end of period | (393.6) | (266.6) | |
ASU 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | $ (8) | ||
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (372.9) | (281) | |
Other comprehensive loss before reclassifications, net of tax | (14.4) | 15.8 | |
Reclassifications to net investment and other income (losses), net of tax | (0.2) | 0 | |
Total other comprehensive income (loss) | (14.6) | 15.8 | |
Balance at end of period | (387.5) | (265.2) | |
Unrealized Losses on Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (4.2) | (6) | |
Other comprehensive loss before reclassifications, net of tax | (0.4) | (1.1) | |
Reclassifications to net investment and other income (losses), net of tax | 0 | 0 | |
Total other comprehensive income (loss) | (0.4) | (1.1) | |
Balance at end of period | (4.6) | (7.1) | |
Unrealized Gains (Losses) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 6.5 | 2.2 | |
Other comprehensive loss before reclassifications, net of tax | 0 | 3.5 | |
Reclassifications to net investment and other income (losses), net of tax | 0 | 0 | |
Total other comprehensive income (loss) | 0 | 3.5 | |
Balance at end of period | $ (1.5) | $ 5.7 | |
Unrealized Gains (Losses) on Investments [Member] | ASU 2016-01 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adoption of new accounting guidance | $ (8) |