Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Jan. 22, 2024 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-09318 | |
Entity Registrant Name | FRANKLIN RESOURCES, INC. | |
Entity Central Index Key | 0000038777 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-2670991 | |
Entity Address, Address Line One | One Franklin Parkway | |
Entity Address, City or Town | San Mateo | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94403 | |
City Area Code | 650 | |
Local Phone Number | 312-2000 | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Trading Symbol | BEN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 526,557,923 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Revenues | ||
Operating revenues | $ 1,991.1 | $ 1,967.1 |
Operating Expenses | ||
Compensation and benefits | 968.3 | 979.2 |
Sales, distribution and marketing | 400.8 | 388.6 |
Information systems and technology | 131 | 121.4 |
Occupancy | 66.7 | 54.5 |
Amortization of intangible assets | 85.8 | 83.2 |
General, administrative and other | 132 | 146.2 |
Total operating expenses | 1,784.6 | 1,773.1 |
Operating Income | 206.5 | 194 |
Other Income (Expenses) | ||
Investment and other income, net | 173.2 | 91.1 |
Interest expense | (18.8) | (30.9) |
Expenses of consolidated investment products | 2 | 7.6 |
Other Income, Net | 124.7 | 35.1 |
Income before taxes | 331.2 | 229.1 |
Taxes on income | 74.9 | 60.3 |
Net income | 256.3 | 168.8 |
Less: net income (loss) attributable to | ||
Redeemable noncontrolling interests | 9.5 | (1.5) |
Nonredeemable noncontrolling interests | (4.5) | 4.7 |
Net income attributable to Franklin Resources, Inc. | $ 251.3 | $ 165.6 |
Earnings per Share | ||
Basic | $ 0.50 | $ 0.32 |
Diluted | $ 0.50 | $ 0.32 |
CIPs [Member] | ||
Other Income (Expenses) | ||
Investment and other income, net | $ (23.8) | $ (13.6) |
Expenses of consolidated investment products | (5.9) | (11.5) |
Less: net income (loss) attributable to | ||
Redeemable noncontrolling interests | (2.9) | (12.2) |
Investment management fees [Member] | ||
Operating Revenues | ||
Operating revenues | 1,652.2 | 1,631.8 |
Sales and distribution fees [Member] | ||
Operating Revenues | ||
Operating revenues | 296.4 | 291.9 |
Shareholder servicing fees [Member] | ||
Operating Revenues | ||
Operating revenues | 32.5 | 33.4 |
Other [Member] | ||
Operating Revenues | ||
Operating revenues | $ 10 | $ 10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 256.3 | $ 168.8 |
Other Comprehensive Income | ||
Currency translation adjustments, net of tax | 59.1 | 127.3 |
Net unrealized losses on defined benefit plans, net of tax | (0.1) | (2.6) |
Total other comprehensive income | 59 | 124.7 |
Total comprehensive income | 315.3 | 293.5 |
Less: comprehensive income (loss) attributable to | ||
Redeemable noncontrolling interests | 9.5 | (1.5) |
Nonredeemable noncontrolling interests | (4.5) | 4.7 |
Comprehensive Income Attributable to Franklin Resources, Inc. | $ 310.3 | $ 290.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Assets | ||
Receivables | $ 1,469.6 | $ 1,348.4 |
Investments | 2,317.3 | 2,222 |
Total investments, at fair value | 894.2 | 872.8 |
Property and equipment, net | 807 | 800.1 |
Goodwill | 6,012.9 | 6,003.8 |
Intangible assets, net | 4,823.4 | 4,902.2 |
Operating lease right-of-use assets | 793.7 | 406.3 |
Other | 399.2 | 398.8 |
Total Assets | 29,865.8 | 30,121.2 |
Liabilities | ||
Compensation and benefits | 1,163.9 | 1,665.1 |
Accounts payable and accrued expenses | 533.9 | 530 |
Income taxes | 620 | 513.5 |
Debt | 3,046.9 | 3,052.8 |
Deferred tax liabilities | 393.1 | 450.4 |
Operating lease liabilities | 865.4 | 467.8 |
Other | 1,219.7 | 1,286.2 |
Total liabilities | 16,149.7 | 16,547.3 |
Commitments and Contingencies (Note 10) | ||
Redeemable Noncontrolling Interests | 1,078.5 | 1,026.1 |
Stockholders’ Equity | ||
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 494,734,214 and 495,937,891 shares issued and outstanding at December 31, 2023 and September 30, 2023 | 49.5 | 49.6 |
Retained earnings | 12,402.4 | 12,376.6 |
Accumulated other comprehensive loss | (450.3) | (509.3) |
Total Franklin Resources, Inc. stockholders’ equity | 12,001.6 | 11,916.9 |
Nonredeemable noncontrolling interests | 636 | 630.9 |
Total stockholders’ equity | 12,637.6 | 12,547.8 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 29,865.8 | 30,121.2 |
CIPs [Member] | ||
Assets | ||
Cash and cash equivalents | 552.2 | 716 |
Receivables | 294 | 166.7 |
Total investments, at fair value | 9,363.1 | 9,637.2 |
Total Assets | 10,209.3 | 10,519.9 |
Liabilities | ||
Accounts payable and accrued expenses | 467.2 | 349.7 |
Debt | 7,839.6 | 8,231.8 |
Other | 24.3 | 25.1 |
Total liabilities | 8,331.1 | 8,606.6 |
Redeemable Noncontrolling Interests | 555.3 | 580.1 |
Stockholders’ Equity | ||
Total Franklin Resources, Inc. stockholders’ equity | 1,038.7 | 1,033.9 |
Nonredeemable noncontrolling interests | 284.2 | 299.3 |
Total stockholders’ equity | 1,322.9 | 1,333.2 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 10,209.3 | 10,519.9 |
Franklin Resources, Inc. [Member] | ||
Assets | ||
Cash and cash equivalents | $ 3,327.4 | $ 3,686.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Investments, at fair value | $ 894.2 | $ 872.8 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.10 | $ 0.10 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 494,734,214 | 495,937,891 |
Common Stock, Shares, Outstanding | 494,734,214 | 495,937,891 |
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] |
Beginning balance - Shares at Sep. 30, 2022 | 499.6 | ||||||
Beginning balance at Sep. 30, 2022 | $ 50 | $ 0 | $ 12,045.6 | $ (621) | $ 11,474.6 | ||
Beginning balance at Sep. 30, 2022 | $ 824.3 | ||||||
Beginning balance at Sep. 30, 2022 | $ 12,298.9 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Franklin Resources, Inc. | 165.6 | 165.6 | 165.6 | ||||
Nonredeemable noncontrolling interests | 4.7 | 4.7 | |||||
Net income | 170.3 | ||||||
Other comprehensive income (loss) | 124.7 | 124.7 | 124.7 | ||||
Dividends declared on common stock | (153.6) | (153.6) | (153.6) | ||||
Repurchase of common stock - Shares | (0.5) | ||||||
Repurchase of common stock - Amount | (14.2) | $ (0.1) | (69.1) | 55 | (14.2) | ||
Issuance of common stock - Shares | 1.2 | ||||||
Issuance of common stock - Amount | 33.6 | $ 0.1 | 33.5 | 33.6 | |||
Stock-based compensation | 35.6 | 35.6 | 35.6 | ||||
Net subscriptions (distributions) and other | 95.9 | 95.9 | |||||
Adjustment to fair value of redeemable noncontrolling interests | (35.7) | (35.7) | |||||
Ending balance - Shares at Dec. 31, 2022 | 500.3 | ||||||
Ending balance at Dec. 31, 2022 | $ 50 | 0 | 12,112.6 | (496.3) | 11,666.3 | ||
Ending balance at Dec. 31, 2022 | 889.2 | ||||||
Ending balance at Dec. 31, 2022 | 12,555.5 | ||||||
Beginning balance - Shares at Sep. 30, 2023 | 495.9 | ||||||
Beginning balance at Sep. 30, 2023 | 11,916.9 | $ 49.6 | 0 | 12,376.6 | (509.3) | 11,916.9 | |
Beginning balance at Sep. 30, 2023 | 630.9 | 630.9 | |||||
Beginning balance at Sep. 30, 2023 | 12,547.8 | ||||||
Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Franklin Resources, Inc. | 251.3 | 251.3 | 251.3 | ||||
Nonredeemable noncontrolling interests | (4.5) | (4.5) | |||||
Net income | 246.8 | ||||||
Other comprehensive income (loss) | 59 | 59 | 59 | ||||
Dividends declared on common stock | (167.6) | (167.6) | (167.6) | ||||
Repurchase of common stock - Shares | (2.4) | ||||||
Repurchase of common stock - Amount | (58.8) | $ (0.2) | (66.6) | 8 | (58.8) | ||
Issuance of common stock - Shares | 1.2 | ||||||
Issuance of common stock - Amount | 26.8 | $ 0.1 | 26.7 | 26.8 | |||
Stock-based compensation | 39.9 | 39.9 | 39.9 | ||||
Net subscriptions (distributions) and other | 9.6 | 9.6 | |||||
Adjustment to fair value | (65.9) | (65.9) | (65.9) | ||||
Ending balance - Shares at Dec. 31, 2023 | 494.7 | ||||||
Ending balance at Dec. 31, 2023 | 12,001.6 | $ 49.5 | $ 0 | $ 12,402.4 | $ (450.3) | $ 12,001.6 | |
Ending balance at Dec. 31, 2023 | 636 | $ 636 | |||||
Ending balance at Dec. 31, 2023 | $ 12,637.6 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share | $ 0.31 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net cash used in operating activities | ||
Net Income | $ 256.3 | $ 168.8 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Stock-based compensation | 66.8 | 69.5 |
Amortization of deferred sales commissions | 13.4 | 12.4 |
Depreciation and other amortization | 25.7 | 25.1 |
Amortization of intangible assets | 85.8 | 83.2 |
Net gains on investments | (60.1) | (45.5) |
Income from investments in equity method investees | (56.9) | (33.2) |
Net losses on investments of consolidated investment products | 66 | 72.3 |
Net purchase of investments by consolidated investment products | (147.5) | (259.2) |
Deferred income taxes | (57.7) | (122.5) |
Other | 31.6 | 17.8 |
Changes in operating assets and liabilities: | ||
Decrease (increase) in receivables and other assets | (36.7) | 14.6 |
Decrease (increase) in investments, net | 0.2 | (13.6) |
Decrease in accrued compensation and benefits | (508) | (481.6) |
Increase in income taxes payable | 107.9 | 158.8 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (39.7) | 59.8 |
Increase in accounts payable and accrued expenses of consolidated investment products | 1 | 17 |
Net cash used in operating activities | (251.9) | (256.3) |
Net cash used in investing activities | ||
Purchase of investments | (267.4) | (234.4) |
Liquidation of investments | 317.6 | 217.6 |
Purchase of investments by consolidated collateralized loan obligations | (794) | (822.5) |
Liquidation of investments by consolidated collateralized loan obligations | 697 | 328.7 |
Additions of property and equipment, net | (19.5) | (27.4) |
Acquisitions, net of cash acquired | 0 | (493.7) |
Payments of contingent consideration asset | 0 | 2.9 |
Payments of deferred consideration liability | (60.8) | 0 |
Net deconsolidation of investment products | (10.5) | (13.8) |
Net cash used in investing activities | (137.6) | (1,042.6) |
Net cash (used in) provided by financing activities | ||
Dividends paid on common stock | (155.7) | (148.4) |
Repurchase of common stock | (58.8) | (14.2) |
Proceeds from repurchase agreement | 0 | 174.8 |
Proceeds from debt of consolidated investment products | 39.8 | 955.3 |
Payments on debt of consolidated investment products | (22) | (277.9) |
Payments on contingent consideration liabilities | 0 | (2) |
Noncontrolling interests | 37.7 | 271.3 |
Net cash (used in) provided by financing activities | (159) | 958.9 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | 25.7 | 59.7 |
Decrease in cash and cash equivalents | (522.8) | (280.3) |
Cash and cash equivalents, beginning of period | 4,402.4 | 4,782.5 |
Cash and Cash Equivalents, End of Period | 3,879.6 | 4,502.2 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 26.8 | 13.2 |
Cash paid for interest | 10.6 | 4.3 |
Cash paid for interest by consolidated investment products | $ 161.6 | $ 50.5 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [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 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. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (“fiscal year 2023”). |
Earnings per Share
Earnings per Share | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended December 31, 2023 2022 Net income attributable to Franklin Resources, Inc. $ 251.3 $ 165.6 Less: allocation of earnings to participating nonvested stock and stock unit awards 9.7 7.7 Net Income Available to Common Stockholders $ 241.6 $ 157.9 Weighted-average shares outstanding – basic 487.0 489.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.9 0.6 Weighted-Average Shares Outstanding – Diluted 487.9 490.2 Earnings per Share Basic $ 0.50 $ 0.32 Diluted 0.50 0.32 Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for the three months ended December 31, 2023 and 2022. |
Revenues
Revenues | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2023 Investment management fees $ 1,260.6 $ 191.7 $ 68.5 $ 51.5 $ 79.9 $ 1,652.2 Sales and distribution fees 205.7 76.5 4.6 9.6 — 296.4 Shareholder servicing fees 24.2 7.6 0.6 0.1 — 32.5 Other 9.0 0.5 0.2 — 0.3 10.0 Total $ 1,499.5 $ 276.3 $ 73.9 $ 61.2 $ 80.2 $ 1,991.1 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2022 Investment management fees $ 1,274.8 $ 181.8 $ 67.6 $ 51.8 $ 55.8 $ 1,631.8 Sales and distribution fees 208.2 68.4 5.0 10.3 — 291.9 Shareholder servicing fees 25.3 7.7 0.4 — — 33.4 Other 9.7 — 0.3 — — 10.0 Total $ 1,518.0 $ 257.9 $ 73.3 $ 62.1 $ 55.8 $ 1,967.1 Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold. Revenues earned from sponsored funds were 83% of the Company’s total operating revenues for the three months ended December 31, 2023 and 2022. |
Investments
Investments | 3 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Investments | Investments The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 7 – Consolidated Investment Products for information related to the investments held by these entities. Investments consisted of the following: (in millions) December 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 621.1 $ 630.5 Investments related to long-term incentive plans 223.2 191.6 Other equity and debt investments 49.9 50.7 Total investments, at fair value 894.2 872.8 Investments in equity method investees 1,156.2 1,089.2 Other investments 266.9 260.0 Total $ 2,317.3 $ 2,222.0 The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of December 31, 2023, other liabilities includes repurchase agreements of $167.9 million with investments of $176.0 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2029 to 2035. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 7 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities. The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 353.6 $ 208.2 $ 14.9 $ 44.4 $ 621.1 Investments related to long-term incentive plans 198.1 — — 25.1 223.2 Other equity and debt investments 3.4 12.0 1.0 33.5 49.9 Total Assets Measured at Fair Value $ 555.1 $ 220.2 $ 15.9 $ 103.0 $ 894.2 Liabilities Securities sold short $ 155.2 $ — $ — $ — $ 155.2 Contingent consideration liabilities — — 53.5 — 53.5 Total Liabilities Measured at Fair Value $ 155.2 $ — $ 53.5 $ — $ 208.7 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 356.5 $ 211.9 $ 18.5 $ 43.6 $ 630.5 Investments related to long-term incentive plans 168.2 — — 23.4 191.6 Other equity and debt investments 3.4 11.3 3.3 32.7 50.7 Total Assets Measured at Fair Value $ 528.1 $ 223.2 $ 21.8 $ 99.7 $ 872.8 Liabilities Securities sold short $ 158.3 $ — $ — $ — $ 158.3 Contingent consideration liabilities — — 55.0 — 55.0 Total Liabilities Measured at Fair Value $ 158.3 $ — $ 55.0 $ — $ 213.3 Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity and private real estate funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 32.4 $ 32.1 Investments with unknown liquidation periods 17.3 17.4 Redeemable investments 2 53.3 50.2 Unfunded commitments 43.1 43.1 _______________ 1 The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 3.1 years and 2.9 years at December 31, 2023 and September 30, 2023. 2 Investments are redeemable on a semi-monthly, monthly and quarterly basis. Financial instruments that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2023 September 30, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,327.4 $ 3,327.4 $ 3,686.4 $ 3,686.4 Other investments Time deposits 2 10.5 10.5 9.9 9.9 Equity securities 3 256.4 256.4 250.1 250.1 Financial Liability Debt 2 $ 3,046.9 $ 2,566.4 $ 3,052.8 $ 2,419.4 |
Consolidated Investment Product
Consolidated Investment Products | 3 Months Ended |
Dec. 31, 2023 | |
Consolidated Investment Products [Abstract] | |
Consolidated Investment Products | Consolidated Investment Products CIPs consist of mutual and other investment funds, limited partnerships and similar structures and CLOs, all of which are sponsored by the Company, and include both voting interest entities and variable interest entities (“VIEs”). The Company had 69 CIPs, including 19 CLOs, as of December 31, 2023 and 70 CIPs, including 20 CLOs, as of September 30, 2023. The balances related to CIPs included in the Company’s consolidated balance sheets were as follows: (in millions) December 31, September 30, Assets Cash and cash equivalents $ 552.2 $ 716.0 Receivables 294.0 166.7 Investments, at fair value 9,363.1 9,637.2 Total Assets $ 10,209.3 $ 10,519.9 Liabilities Accounts payable and accrued expenses $ 467.2 $ 349.7 Debt 7,839.6 8,231.8 Other liabilities 24.3 25.1 Total liabilities 8,331.1 8,606.6 Redeemable Noncontrolling Interests 555.3 580.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,038.7 1,033.9 Nonredeemable noncontrolling interests 284.2 299.3 Total stockholders’ equity 1,322.9 1,333.2 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 10,209.3 $ 10,519.9 The CIPs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2023 and 2022. The Company has no right to the CIPs’ assets, other than its direct equity investments in them and investment management and other fees earned from them. The debt holders of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment; therefore the Company bears no other risks associated with the CIPs’ liabilities. Fair Value Measurements Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2023 Assets Cash and cash equivalents of CLOs $ 296.2 $ — $ — $ — $ 296.2 Receivables of CLOs — 207.2 — — 207.2 Investments Equity and debt securities 146.7 765.1 551.5 139.0 1,602.3 Loans — 7,760.2 0.6 — 7,760.8 Total Assets Measured at Fair Value $ 442.9 $ 8,732.5 $ 552.1 $ 139.0 $ 9,866.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Cash and cash equivalents of CLOs $ 352.3 $ — $ — $ — $ 352.3 Receivables of CLOs — 116.7 — — 116.7 Investments Equity and debt securities 210.9 642.6 584.9 154.0 1,592.4 Loans — 8,044.8 — — 8,044.8 Total Assets Measured at Fair Value $ 563.2 $ 8,804.1 $ 584.9 $ 154.0 $ 10,106.2 Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 21.9 $ 21.8 Redeemable investments 2 117.1 132.2 _______________ 1 The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. 2 Investments are redeemable on a monthly basis and liquidation periods are unknown. Changes in Level 3 assets were as follows: (in millions) Equity and Debt Loans Total for the three months ended December 31, 2023 Balance at October 1, 2023 $ 584.9 $ — $ 584.9 Losses included in investment and other losses of consolidated investment products, net (38.1) — (38.1) Purchases 3.8 — 3.8 Sales (0.2) — (0.2) Transfers into Level 3 1.1 0.6 1.7 Balance at December 31, 2023 $ 551.5 $ 0.6 $ 552.1 Change in unrealized losses included in net income relating to assets held at December 31, 2023 $ (37.8) $ — $ (37.8) (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2022 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other losses of consolidated investment products, net (6.3) 3.7 0.1 (2.5) Purchases 9.0 85.7 27.5 122.2 Sales (5.6) — (0.2) (5.8) Net (deconsolidations) and consolidations 2.9 — (202.1) (199.2) Balance at December 31, 2022 $ 555.8 $ 358.0 $ 64.7 $ 978.5 Change in unrealized gains included in net income relating to assets held at December 31, 2022 $ 2.0 $ 3.7 $ 0.1 $ 5.8 Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows: (in millions) as of December 31, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 290.4 Market pricing Private sale pricing $0.37–$1,000.00 ($27.23) per share Discount for lack of marketability 17.2% 261.1 Market comparable companies Enterprise value/ Revenue multiple 1.2–31.2 (15.5) Discount for lack of marketability 8.3%–12.0% (9.9%) (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% 238.9 Market comparable companies Enterprise value/ Revenue multiple 11.4–13.5 (12.1) Discount for lack of marketability 11.2%–13.6% (12.2%) __________________ 1 Based on the relative fair value of the instruments. If the relevant significant inputs used in the valuations, other than discount for lack of marketability, were independently higher (lower) as of December 31, 2023, the resulting fair value of the assets would be higher (lower). If the relevant significant inputs used in the discount for lack of marketability were independently higher (lower) as of December 31, 2023, the resulting fair value of the assets would be lower (higher). Financial instruments of CIPs that were not measured at fair value were as follows: (in millions) Fair Value December 31, 2023 September 30, 2023 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 256.0 $ 256.0 $ 363.7 $ 363.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 7,839.6 $ 7,618.9 $ 8,210.0 $ 8,013.2 Other debt 3 — — 21.8 8.6 __________________ 1 Substantially all was Level 2. Debt Debt of CIPs consisted of the following: December 31, 2023 September 30, 2023 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 7,839.6 7.41% $ 8,210.0 7.12% Other debt — N/A 21.8 6.00% Total $ 7,839.6 $ 8,231.8 The debt of CIPs had fixed and floating interest rates ranging from 2.39% to 15.77% at December 31, 2023, and from 2.39% to 15.49% at September 30, 2023. The floating rates were based on the Secured Overnight Financing Rate. The contractual maturities for the debt of CIPs at December 31, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 (remainder of year) $ 59.8 2025 — 2026 — 2027 — 2028 — Thereafter 7,779.8 Total $ 7,839.6 Collateralized Loan Obligations The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 7,937.2 $ 8,317.5 Difference between unpaid principal balance and fair value (35.7) (120.7) Fair Value $ 7,901.5 $ 8,196.8 Investments 90 days or more past due were immaterial at December 31, 2023 and September 30, 2023. The Company recognized $20.8 million of net gains and $2.3 million of net losses during the three months ended December 31, 2023 and 2022, related to its own economic interests in the CLOs. The aggregate principal amount due of the debt of CLOs was $7,811.1 million and $8,281.5 million at December 31, 2023 and September 30, 2023. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 3 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure | Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests were as follows: (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended December 31, Balance at beginning of period $ 580.1 $ 446.0 $ 1,026.1 $ 942.2 $ 583.6 $ 1,525.8 Net income (loss) (2.9) 12.4 9.5 (12.2) 10.7 (1.5) Net subscriptions (distributions) and other 38.1 (1.1) 37.0 178.4 5.2 183.6 Net consolidations (deconsolidations) (60.0) — (60.0) 271.3 — 271.3 Adjustment to fair value — 65.9 65.9 — — — Balance at End of Period $ 555.3 $ 523.2 $ 1,078.5 $ 1,379.7 $ 599.5 $ 1,979.2 |
Nonconsolidated Variable Intere
Nonconsolidated Variable Interest Entities | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nonconsolidated Variable Interest Entities | Nonconsolidated Variable Interest Entities VIEs for which the Company is not the primary beneficiary consist of sponsored funds and other investment products in which the Company has an equity ownership interest. The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: (in millions) December 31, September 30, Investments $ 997.2 $ 925.9 Receivables 222.8 206.1 Total $ 1,220.0 $ 1,132.0 While the Company has no legal or contractual obligation to do so, it routinely makes cash investments in the course of launching sponsored funds. As it has done in the past, the Company also may voluntarily elect to provide its sponsored funds with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its sponsored funds assessed as VIEs during the three months ended December 31, 2023 or fiscal year 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings India Credit Fund Closure Matters . During the three months ended December 31, 2023, there were no significant changes from the disclosure in the Form 10‑K for the fiscal year ended September 30, 2023. Other Litigation Matters. The Company is from time to time involved in other litigation relating to claims arising in the normal course of business. Management is of the opinion that the ultimate resolution of such claims will not materially affect the Company’s business, financial position, results of operations or liquidity. In management’s opinion, an adequate accrual has been made as of December 31, 2023 to provide for any probable losses that may arise from such matters for which the Company could reasonably estimate an amount. Indemnifications and Guarantees In the ordinary course of business or in connection with certain acquisition agreements, the Company enters into contracts that provide for indemnifications by the Company in certain circumstances. In addition, certain Company entities guarantee certain financial and performance-related obligations of various Franklin subsidiaries. The Company is also subject to certain legal requirements and agreements providing for indemnifications of directors, officers and personnel against liabilities and expenses they may incur under certain circumstances in connection with their service. The terms of these indemnities and guarantees vary pursuant to applicable facts and circumstances, and from agreement to agreement. Future payments for claims against the Company under these indemnities or guarantees could negatively impact the Company’s financial condition. In management’s opinion, no material loss was deemed probable or reasonably possible pursuant to such indemnification agreements and/or guarantees as of December 31, 2023. Other Commitments and Contingencies On November 1, 2023, the Company took possession of office space in New York City located at One Madison Avenue. At the time of possession, the Company recognized an operating lease right-of-use asset and a corresponding operating lease liability of $396.6 million. The lease agreement is over sixteen years with an aggregate expected commitment of $707.3 million and is part of a corporate initiative to consolidate existing office space in New York City. At December 31, 2023, there were no other material changes in the other commitments and contingencies as reported in the Company’s Annual Report on Form 10-K for fiscal year 2023. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the three months ended December 31, 2023 Nonvested balance at October 1, 2023 12,782 3,099 15,881 $ 23.09 Granted 7,038 442 7,480 23.60 Vested (965) (162) (1,127) 23.06 Forfeited/canceled (192) (148) (340) 21.25 Nonvested Balance at December 31, 2023 18,663 3,231 21,894 $ 23.29 Total unrecognized compensation expense related to nonvested stock and stock unit awards was $280.0 million at December 31, 2023. This expense is expected to be recognized over a remaining weighted-average vesting period of 2.0 years. |
Investment and Other Income, Ne
Investment and Other Income, Net | 3 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income (Expenses) | Investment and Other Income, Net Investment and other income, net consisted of the following: Three Months Ended December 31, (in millions) 2023 2022 Dividend and interest income $ 54.8 $ 36.5 Gains on investments, net 60.1 45.5 Income from investments in equity method investees 56.9 33.2 Rental income 10.8 10.6 Foreign currency exchange losses, net (7.4) (27.1) Other, net (2.0) (7.6) Investment and other income, net $ 173.2 $ 91.1 Net gains recognized on equity securities measured at fair value and trading debt securities that were held by the Company were $68.5 million for the three months ended December 31, 2023 and $68.3 million for the three months ended December 31, 2022. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On January 1, 2024, the Company acquired Putnam Investments (“Putnam”) from Great-West Lifeco Inc. (“Great-West”) for 31.6 million shares of its common stock (excludes shares to be granted under deferred compensation program), cash consideration paid at close of approximately $220 million for investments and other purchase-related amounts, and deferred cash consideration of $100.0 million to be paid during the third quarter of fiscal year 2024. In addition, the Company will pay up to $375.0 million between the third and seventh anniversaries of the closing date related to revenue growth targets from the strategic partnership with Great-West and its affiliates which will be recognized in operating income. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Components of basic and diluted earnings per share | The components of basic and diluted earnings per share were as follows: (in millions, except per share data) Three Months Ended December 31, 2023 2022 Net income attributable to Franklin Resources, Inc. $ 251.3 $ 165.6 Less: allocation of earnings to participating nonvested stock and stock unit awards 9.7 7.7 Net Income Available to Common Stockholders $ 241.6 $ 157.9 Weighted-average shares outstanding – basic 487.0 489.6 Dilutive effect of nonparticipating nonvested stock unit awards 0.9 0.6 Weighted-Average Shares Outstanding – Diluted 487.9 490.2 Earnings per Share Basic $ 0.50 $ 0.32 Diluted 0.50 0.32 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Operating revenues by geographic area | Operating revenues by geographic area were as follows: (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2023 Investment management fees $ 1,260.6 $ 191.7 $ 68.5 $ 51.5 $ 79.9 $ 1,652.2 Sales and distribution fees 205.7 76.5 4.6 9.6 — 296.4 Shareholder servicing fees 24.2 7.6 0.6 0.1 — 32.5 Other 9.0 0.5 0.2 — 0.3 10.0 Total $ 1,499.5 $ 276.3 $ 73.9 $ 61.2 $ 80.2 $ 1,991.1 (in millions) United States Luxembourg Asia-Pacific Americas Europe, Total for the three months ended December 31, 2022 Investment management fees $ 1,274.8 $ 181.8 $ 67.6 $ 51.8 $ 55.8 $ 1,631.8 Sales and distribution fees 208.2 68.4 5.0 10.3 — 291.9 Shareholder servicing fees 25.3 7.7 0.4 — — 33.4 Other 9.7 — 0.3 — — 10.0 Total $ 1,518.0 $ 257.9 $ 73.3 $ 62.1 $ 55.8 $ 1,967.1 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Investments [Abstract] | |
Summary of investments | Investments consisted of the following: (in millions) December 31, September 30, Investments, at fair value Sponsored funds and separate accounts $ 621.1 $ 630.5 Investments related to long-term incentive plans 223.2 191.6 Other equity and debt investments 49.9 50.7 Total investments, at fair value 894.2 872.8 Investments in equity method investees 1,156.2 1,089.2 Other investments 266.9 260.0 Total $ 2,317.3 $ 2,222.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The assets and liabilities measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 353.6 $ 208.2 $ 14.9 $ 44.4 $ 621.1 Investments related to long-term incentive plans 198.1 — — 25.1 223.2 Other equity and debt investments 3.4 12.0 1.0 33.5 49.9 Total Assets Measured at Fair Value $ 555.1 $ 220.2 $ 15.9 $ 103.0 $ 894.2 Liabilities Securities sold short $ 155.2 $ — $ — $ — $ 155.2 Contingent consideration liabilities — — 53.5 — 53.5 Total Liabilities Measured at Fair Value $ 155.2 $ — $ 53.5 $ — $ 208.7 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Investments, at fair value Sponsored funds and separate accounts $ 356.5 $ 211.9 $ 18.5 $ 43.6 $ 630.5 Investments related to long-term incentive plans 168.2 — — 23.4 191.6 Other equity and debt investments 3.4 11.3 3.3 32.7 50.7 Total Assets Measured at Fair Value $ 528.1 $ 223.2 $ 21.8 $ 99.7 $ 872.8 Liabilities Securities sold short $ 158.3 $ — $ — $ — $ 158.3 Contingent consideration liabilities — — 55.0 — 55.0 Total Liabilities Measured at Fair Value $ 158.3 $ — $ 55.0 $ — $ 213.3 |
Schedule of investments measured at NAV | Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity and private real estate funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with known liquidation periods $ 32.4 $ 32.1 Investments with unknown liquidation periods 17.3 17.4 Redeemable investments 2 53.3 50.2 Unfunded commitments 43.1 43.1 |
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 December 31, 2023 September 30, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial Assets Cash and cash equivalents 1 $ 3,327.4 $ 3,327.4 $ 3,686.4 $ 3,686.4 Other investments Time deposits 2 10.5 10.5 9.9 9.9 Equity securities 3 256.4 256.4 250.1 250.1 Financial Liability Debt 2 $ 3,046.9 $ 2,566.4 $ 3,052.8 $ 2,419.4 |
Consolidated Investment Produ_2
Consolidated Investment Products (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
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, Assets Cash and cash equivalents $ 552.2 $ 716.0 Receivables 294.0 166.7 Investments, at fair value 9,363.1 9,637.2 Total Assets $ 10,209.3 $ 10,519.9 Liabilities Accounts payable and accrued expenses $ 467.2 $ 349.7 Debt 7,839.6 8,231.8 Other liabilities 24.3 25.1 Total liabilities 8,331.1 8,606.6 Redeemable Noncontrolling Interests 555.3 580.1 Stockholders ’ Equity Franklin Resources, Inc.’s interests 1,038.7 1,033.9 Nonredeemable noncontrolling interests 284.2 299.3 Total stockholders’ equity 1,322.9 1,333.2 Total Liabilities, Redeemable Noncontrolling Interests and Stockholders ’ Equity $ 10,209.3 $ 10,519.9 |
Schedule of assets measured at fair value on a recurring basis | Assets of CIPs measured at fair value on a recurring basis were as follows: (in millions) Level 1 Level 2 Level 3 NAV as a Total as of December 31, 2023 Assets Cash and cash equivalents of CLOs $ 296.2 $ — $ — $ — $ 296.2 Receivables of CLOs — 207.2 — — 207.2 Investments Equity and debt securities 146.7 765.1 551.5 139.0 1,602.3 Loans — 7,760.2 0.6 — 7,760.8 Total Assets Measured at Fair Value $ 442.9 $ 8,732.5 $ 552.1 $ 139.0 $ 9,866.5 (in millions) Level 1 Level 2 Level 3 NAV as a Total as of September 30, 2023 Assets Cash and cash equivalents of CLOs $ 352.3 $ — $ — $ — $ 352.3 Receivables of CLOs — 116.7 — — 116.7 Investments Equity and debt securities 210.9 642.6 584.9 154.0 1,592.4 Loans — 8,044.8 — — 8,044.8 Total Assets Measured at Fair Value $ 563.2 $ 8,804.1 $ 584.9 $ 154.0 $ 10,106.2 |
Schedule of CIPs investments measured at NAV | Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable global hedge fund, a redeemable U.S. equity fund and nonredeemable private equity funds. These investments were as follows: (in millions) December 31, September 30, Nonredeemable investments 1 Investments with unknown liquidation periods $ 21.9 $ 21.8 Redeemable investments 2 117.1 132.2 |
Schedule of changes in Level 3 assets of CIPs | Changes in Level 3 assets were as follows: (in millions) Equity and Debt Loans Total for the three months ended December 31, 2023 Balance at October 1, 2023 $ 584.9 $ — $ 584.9 Losses included in investment and other losses of consolidated investment products, net (38.1) — (38.1) Purchases 3.8 — 3.8 Sales (0.2) — (0.2) Transfers into Level 3 1.1 0.6 1.7 Balance at December 31, 2023 $ 551.5 $ 0.6 $ 552.1 Change in unrealized losses included in net income relating to assets held at December 31, 2023 $ (37.8) $ — $ (37.8) (in millions) Equity and Debt Real Estate Loans Total for the three months ended December 31, 2022 Balance at October 1, 2022 $ 555.8 $ 268.6 $ 239.4 $ 1,063.8 Gains (losses) included in investment and other losses of consolidated investment products, net (6.3) 3.7 0.1 (2.5) Purchases 9.0 85.7 27.5 122.2 Sales (5.6) — (0.2) (5.8) Net (deconsolidations) and consolidations 2.9 — (202.1) (199.2) Balance at December 31, 2022 $ 555.8 $ 358.0 $ 64.7 $ 978.5 Change in unrealized gains included in net income relating to assets held at December 31, 2022 $ 2.0 $ 3.7 $ 0.1 $ 5.8 |
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, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 290.4 Market pricing Private sale pricing $0.37–$1,000.00 ($27.23) per share Discount for lack of marketability 17.2% 261.1 Market comparable companies Enterprise value/ Revenue multiple 1.2–31.2 (15.5) Discount for lack of marketability 8.3%–12.0% (9.9%) (in millions) as of September 30, 2023 Fair Value Valuation Technique Significant Unobservable Inputs Range (Weighted Average 1 ) Equity and debt securities $ 346.0 Market pricing Private sale pricing $0.01–$1,000.00 ($23.88) per share Discount for lack of marketability 21.9% 238.9 Market comparable companies Enterprise value/ Revenue multiple 11.4–13.5 (12.1) Discount for lack of marketability 11.2%–13.6% (12.2%) |
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 December 31, 2023 September 30, 2023 Carrying Estimated Carrying Estimated Financial Asset Cash and cash equivalents 1 $ 256.0 $ 256.0 $ 363.7 $ 363.7 Financial Liabilities Debt of CLOs 1 2 or 3 $ 7,839.6 $ 7,618.9 $ 8,210.0 $ 8,013.2 Other debt 3 — — 21.8 8.6 |
Schedule of debt of CIPs | Debt of CIPs consisted of the following: December 31, 2023 September 30, 2023 (in millions) Amount Weighted- Amount Weighted- Debt of CLOs $ 7,839.6 7.41% $ 8,210.0 7.12% Other debt — N/A 21.8 6.00% Total $ 7,839.6 $ 8,231.8 |
Schedule of contractual maturities for debt of CIPs | The contractual maturities for the debt of CIPs at December 31, 2023 were as follows: (in millions) for the fiscal years ending September 30, Amount 2024 (remainder of year) $ 59.8 2025 — 2026 — 2027 — 2028 — Thereafter 7,779.8 Total $ 7,839.6 |
Schedule of unpaid principal balance and fair value of investments of CLOs | The unpaid principal balance and fair value of the investments of CLOs were as follows: (in millions) December 31, September 30, Unpaid principal balance $ 7,937.2 $ 8,317.5 Difference between unpaid principal balance and fair value (35.7) (120.7) Fair Value $ 7,901.5 $ 8,196.8 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of changes in redeemable noncontrolling interests of CIPs | Changes in redeemable noncontrolling interests were as follows: (in millions) 2023 2022 CIPs Minority Interests Total CIPs Minority Interests Total for the three months ended December 31, Balance at beginning of period $ 580.1 $ 446.0 $ 1,026.1 $ 942.2 $ 583.6 $ 1,525.8 Net income (loss) (2.9) 12.4 9.5 (12.2) 10.7 (1.5) Net subscriptions (distributions) and other 38.1 (1.1) 37.0 178.4 5.2 183.6 Net consolidations (deconsolidations) (60.0) — (60.0) 271.3 — 271.3 Adjustment to fair value — 65.9 65.9 — — — Balance at End of Period $ 555.3 $ 523.2 $ 1,078.5 $ 1,379.7 $ 599.5 $ 1,979.2 |
Nonconsolidated Variable Inte_2
Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of maximum exposure to loss from nonconsolidated VIEs | The Company’s maximum exposure to loss from these VIEs consists of equity investments, investment management and other fee receivables as follows: (in millions) December 31, September 30, Investments $ 997.2 $ 925.9 Receivables 222.8 206.1 Total $ 1,220.0 $ 1,132.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of stock and stock unit award activity | Stock and stock unit award activity was as follows: (shares in thousands) Time-Based Performance- Total Weighted- for the three months ended December 31, 2023 Nonvested balance at October 1, 2023 12,782 3,099 15,881 $ 23.09 Granted 7,038 442 7,480 23.60 Vested (965) (162) (1,127) 23.06 Forfeited/canceled (192) (148) (340) 21.25 Nonvested Balance at December 31, 2023 18,663 3,231 21,894 $ 23.29 |
Investment and Other Income, _2
Investment and Other Income, Net (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of investment and other income (losses), net | Investment and other income, net consisted of the following: Three Months Ended December 31, (in millions) 2023 2022 Dividend and interest income $ 54.8 $ 36.5 Gains on investments, net 60.1 45.5 Income from investments in equity method investees 56.9 33.2 Rental income 10.8 10.6 Foreign currency exchange losses, net (7.4) (27.1) Other, net (2.0) (7.6) Investment and other income, net $ 173.2 $ 91.1 |
Earnings per Share - Components
Earnings per Share - Components of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income attributable to Franklin Resources, Inc. | $ 251.3 | $ 165.6 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - basic | 9.7 | 7.7 |
Less: allocation of earnings to participating nonvested stock and stock unit awards - diluted | 9.7 | 7.7 |
Net Income Available to Common Stockholders - basic | 241.6 | 157.9 |
Net Income Available to Common Stockholders - diluted | $ 241.6 | $ 157.9 |
Weighted-average shares outstanding – basic | 487 | 489.6 |
Dilutive effect of nonparticipating nonvested stock unit awards | 0.9 | 0.6 |
Weighted-Average Shares Outstanding – Diluted | 487.9 | 490.2 |
Earnings per Share [Abstract] | ||
Basic | $ 0.50 | $ 0.32 |
Diluted | $ 0.50 | $ 0.32 |
Revenues Narratives (Details)
Revenues Narratives (Details) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue From Sponsored Funds | 83% | 83% |
Revenues - Schedule of Operatin
Revenues - Schedule of Operating Revenues by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | $ 1,991.1 | $ 1,967.1 |
Investment management fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 1,652.2 | 1,631.8 |
Sales and distribution fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 296.4 | 291.9 |
Shareholder servicing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 32.5 | 33.4 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 10 | 10 |
United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 1,499.5 | 1,518 |
United States [Member] | Investment management fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 1,260.6 | 1,274.8 |
United States [Member] | Sales and distribution fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 205.7 | 208.2 |
United States [Member] | Shareholder servicing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 24.2 | 25.3 |
United States [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 9 | 9.7 |
Luxembourg [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 276.3 | 257.9 |
Luxembourg [Member] | Investment management fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 191.7 | 181.8 |
Luxembourg [Member] | Sales and distribution fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 76.5 | 68.4 |
Luxembourg [Member] | Shareholder servicing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 7.6 | 7.7 |
Luxembourg [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0.5 | 0 |
Asia-Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 73.9 | 73.3 |
Asia-Pacific [Member] | Investment management fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 68.5 | 67.6 |
Asia-Pacific [Member] | Sales and distribution fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 4.6 | 5 |
Asia-Pacific [Member] | Shareholder servicing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0.6 | 0.4 |
Asia-Pacific [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0.2 | 0.3 |
Americas Excluding United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 61.2 | 62.1 |
Americas Excluding United States [Member] | Investment management fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 51.5 | 51.8 |
Americas Excluding United States [Member] | Sales and distribution fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 9.6 | 10.3 |
Americas Excluding United States [Member] | Shareholder servicing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0.1 | 0 |
Americas Excluding United States [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0 | 0 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 80.2 | 55.8 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Investment management fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 79.9 | 55.8 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Sales and distribution fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0 | 0 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Shareholder servicing fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | 0 | 0 |
Europe, Middle East and Africa, Excluding Luxembourg [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues by geographic area | $ 0.3 | $ 0 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Investments [Abstract] | |
Securities Sold under Agreements to Repurchase | $ 167.9 |
Securities Borrowed, Fair Value of Collateral | $ 176 |
Investments - Summary of Invest
Investments - Summary of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Investment Holdings [Line Items] | ||
Total investments, at fair value | $ 894.2 | $ 872.8 |
Investments in equity method investees | 1,156.2 | 1,089.2 |
Other investments | 266.9 | 260 |
Total | 2,317.3 | 2,222 |
Sponsored funds and separate accounts [Member] | ||
Investment Holdings [Line Items] | ||
Investments, at fair value | 621.1 | 630.5 |
Investments related to long-term incentive plans [Member] | ||
Investment Holdings [Line Items] | ||
Investments, at fair value | 223.2 | 191.6 |
Other equity and debt investments [Member] | ||
Investment Holdings [Line Items] | ||
Investments, at fair value | $ 49.9 | $ 50.7 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Sponsored funds and separate accounts [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | $ 621.1 | $ 630.5 |
Investments related to long-term incentive plans [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 223.2 | 191.6 |
Other equity and debt investments [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 49.9 | 50.7 |
Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 894.2 | 872.8 |
Liability [Abstract] | ||
Securities sold short | 155.2 | 158.3 |
Contingent consideration liabilities | 53.5 | 55 |
Total Liabilities Measured at Fair Value | 208.7 | 213.3 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 555.1 | 528.1 |
Liability [Abstract] | ||
Securities sold short | 155.2 | 158.3 |
Contingent consideration liabilities | 0 | 0 |
Total Liabilities Measured at Fair Value | 155.2 | 158.3 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 220.2 | 223.2 |
Liability [Abstract] | ||
Securities sold short | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total Liabilities Measured at Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 15.9 | 21.8 |
Liability [Abstract] | ||
Securities sold short | 0 | 0 |
Contingent consideration liabilities | 53.5 | 55 |
Total Liabilities Measured at Fair Value | 53.5 | 55 |
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 103 | 99.7 |
Liability [Abstract] | ||
Securities sold short | 0 | 0 |
Contingent consideration liabilities | 0 | 0 |
Total Liabilities Measured at Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 621.1 | 630.5 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 353.6 | 356.5 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 208.2 | 211.9 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 14.9 | 18.5 |
Fair Value, Recurring [Member] | Sponsored funds and separate accounts [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 44.4 | 43.6 |
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 223.2 | 191.6 |
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 198.1 | 168.2 |
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Investments related to long-term incentive plans [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 25.1 | 23.4 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 49.9 | 50.7 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 3.4 | 3.4 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 12 | 11.3 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 1 | 3.3 |
Fair Value, Recurring [Member] | Other equity and debt investments [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | $ 33.5 | $ 32.7 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of investments measured at NAV (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unfunded commitments | $ 43.1 | $ 43.1 | |
Nonredeemable investments with unknown liquidation periods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Alternative Investment | [1] | 17.3 | 17.4 |
Nonredeemable investments with known liquidation periods | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Alternative Investment | [1] | $ 32.4 | $ 32.1 |
Liquidation weighted-average period | 3 years 1 month 6 days | 2 years 10 months 24 days | |
Redeemable Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Alternative Investment | [2] | $ 53.3 | $ 50.2 |
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 3.1 years and 2.9 years at December 31, 2023 and September 30, 2023. Investments are redeemable on a semi-monthly, monthly and quarterly basis. |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Financial Assets [Abstract] | ||
Other investments | $ 266.9 | $ 260 |
Financial Liability [Abstract] | ||
Debt | 3,046.9 | 3,052.8 |
Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 3,327.4 | 3,686.4 |
Time deposits | 10.5 | 9.9 |
Financial Liability [Abstract] | ||
Debt | 3,046.9 | 3,052.8 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Financial Assets [Abstract] | ||
Cash and cash equivalents | 3,327.4 | 3,686.4 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Financial Assets [Abstract] | ||
Time deposits | 10.5 | 9.9 |
Financial Liability [Abstract] | ||
Debt | 2,566.4 | 2,419.4 |
Equity securities [Member] | Carrying Value [Member] | ||
Financial Assets [Abstract] | ||
Other investments | 256.4 | 250.1 |
Equity securities [Member] | Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial Assets [Abstract] | ||
Other investments | $ 256.4 | $ 250.1 |
Consolidated Investment Produ_3
Consolidated Investment Products - Narrative (Details) $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 USD ($) CIPs | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) CIPs | |
Consolidated Investment Products [Abstract] | |||
Number of consolidated investment products | CIPs | 69 | 70 | |
Number of CLOs | CIPs | 19 | 20 | |
Collateralized loan obligations [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Net gains related to its own economic interests. | $ | $ 20.8 | $ 2.3 | |
Debt, unpaid principal balance | $ | $ 7,811.1 | $ 8,281.5 | |
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Stated interest rate | 2.39% | 2.39% | |
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member] | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Stated interest rate | 15.77% | 15.49% |
Consolidated Investment Produ_4
Consolidated Investment Products - Schedule of Balances of CIPs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets [Abstract] | ||||
Receivables | $ 1,469.6 | $ 1,348.4 | ||
Investments, at fair value | 894.2 | 872.8 | ||
Total Assets | 29,865.8 | 30,121.2 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued expenses | 533.9 | 530 | ||
Debt | 3,046.9 | 3,052.8 | ||
Other liabilities | 1,219.7 | 1,286.2 | ||
Total liabilities | 16,149.7 | 16,547.3 | ||
Redeemable Noncontrolling Interests | 1,078.5 | 1,026.1 | ||
Stockholders' Equity [Abstract] | ||||
Franklin Resources, Inc.’s interests | 12,001.6 | 11,916.9 | ||
Nonredeemable noncontrolling interests | 636 | 630.9 | ||
Total stockholders’ equity | 12,637.6 | 12,547.8 | $ 12,555.5 | $ 12,298.9 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 29,865.8 | 30,121.2 | ||
CIPs [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 552.2 | 716 | ||
Receivables | 294 | 166.7 | ||
Investments, at fair value | 9,363.1 | 9,637.2 | ||
Total Assets | 10,209.3 | 10,519.9 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued expenses | 467.2 | 349.7 | ||
Debt | 7,839.6 | 8,231.8 | ||
Other liabilities | 24.3 | 25.1 | ||
Total liabilities | 8,331.1 | 8,606.6 | ||
Redeemable Noncontrolling Interests | 555.3 | 580.1 | $ 1,379.7 | $ 942.2 |
Stockholders' Equity [Abstract] | ||||
Franklin Resources, Inc.’s interests | 1,038.7 | 1,033.9 | ||
Nonredeemable noncontrolling interests | 284.2 | 299.3 | ||
Total stockholders’ equity | 1,322.9 | 1,333.2 | ||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ 10,209.3 | $ 10,519.9 |
Consolidated Investment Produ_5
Consolidated Investment Products - Schedule of Balances of Assets and Liabilities of CIPs Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Assets [Abstract] | ||
Investments, at fair value | $ 894.2 | $ 872.8 |
CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 9,363.1 | 9,637.2 |
Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 894.2 | 872.8 |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 555.1 | 528.1 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 220.2 | 223.2 |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 15.9 | 21.8 |
Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 103 | 99.7 |
Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 9,866.5 | 10,106.2 |
Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 442.9 | 563.2 |
Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 8,732.5 | 8,804.1 |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 552.1 | 584.9 |
Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Total Assets Measured at Fair Value | 139 | 154 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 1,602.3 | 1,592.4 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 146.7 | 210.9 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 765.1 | 642.6 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 551.5 | 584.9 |
Equity and debt securities [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 139 | 154 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 7,760.8 | 8,044.8 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0 | 0 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 7,760.2 | 8,044.8 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0.6 | 0 |
Loans [Member] | Fair Value, Recurring [Member] | CIPs [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 0 | 0 |
Collateralized loan obligations [Member] | ||
Assets [Abstract] | ||
Investments, at fair value | 7,901.5 | 8,196.8 |
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 296.2 | 352.3 |
Receivables of CLOs | 207.2 | 116.7 |
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 1 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 296.2 | 352.3 |
Receivables of CLOs | 0 | 0 |
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 0 | 0 |
Receivables of CLOs | 207.2 | 116.7 |
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | Level 3 [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 0 | 0 |
Receivables of CLOs | 0 | 0 |
Collateralized loan obligations [Member] | Fair Value, Recurring [Member] | NAV as a Practical Expedient [Member] | ||
Assets [Abstract] | ||
Cash and cash equivalents of CLOs | 0 | 0 |
Receivables of CLOs | $ 0 | $ 0 |
Consolidated Investment Produ_6
Consolidated Investment Products - Schedule of Investments measured at NAV (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | ||
Schedule Of Consolidated Investment Products [Line Items] | |||
Unfunded commitments | $ 43.1 | $ 43.1 | |
Nonredeemable investments with known liquidation periods | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Alternative Investment | [1] | $ 32.4 | $ 32.1 |
Liquidation weighted-average period | 3 years 1 month 6 days | 2 years 10 months 24 days | |
Nonredeemable investments with unknown liquidation periods | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Alternative Investment | [1] | $ 17.3 | $ 17.4 |
Redeemable Funds | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Alternative Investment | [2] | 53.3 | 50.2 |
CIPs [Member] | Nonredeemable investments with unknown liquidation periods | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Alternative Investment | [3] | 21.9 | 21.8 |
CIPs [Member] | Redeemable Funds | |||
Schedule Of Consolidated Investment Products [Line Items] | |||
Alternative Investment | [4] | $ 117.1 | $ 132.2 |
[1] The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 3.1 years and 2.9 years at December 31, 2023 and September 30, 2023. Investments are redeemable on a semi-monthly, monthly and quarterly basis. The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments are redeemable on a monthly basis and liquidation periods are unknown. |
Consolidated Investment Produ_7
Consolidated Investment Products - Schedule of Changes in Level 3 Assets of CIPs (Details) - CIPs [Member] - Level 3 [Member] - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | $ 584.9 | $ 1,063.8 |
Losses included in investment and other losses of consolidated investment products, net | (38.1) | (2.5) |
Purchases | 3.8 | 122.2 |
Sales | (0.2) | (5.8) |
Net consolidations/ (deconsolidations) | (199.2) | |
Transfers Into Level 3 | 1.7 | |
Balance at End of Period - assets | 552.1 | 978.5 |
Change in unrealized losses included in net income relating to assets held at December 31, 2023 | (37.8) | 5.8 |
Equity and debt securities [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | 584.9 | 555.8 |
Losses included in investment and other losses of consolidated investment products, net | (38.1) | (6.3) |
Purchases | 3.8 | 9 |
Sales | (0.2) | (5.6) |
Net consolidations/ (deconsolidations) | 2.9 | |
Transfers Into Level 3 | (1.1) | |
Balance at End of Period - assets | 551.5 | 555.8 |
Change in unrealized losses included in net income relating to assets held at December 31, 2023 | (37.8) | 2 |
Real Estate [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | 268.6 | |
Losses included in investment and other losses of consolidated investment products, net | 3.7 | |
Purchases | 85.7 | |
Sales | 0 | |
Net consolidations/ (deconsolidations) | 0 | |
Balance at End of Period - assets | 358 | |
Change in unrealized losses included in net income relating to assets held at December 31, 2023 | 3.7 | |
Loans [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Balance at beginning of period - assets | 0 | 239.4 |
Losses included in investment and other losses of consolidated investment products, net | 0 | 0.1 |
Purchases | 0 | 27.5 |
Sales | 0 | (0.2) |
Net consolidations/ (deconsolidations) | (202.1) | |
Transfers Into Level 3 | 0.6 | |
Balance at End of Period - assets | 0.6 | 64.7 |
Change in unrealized losses included in net income relating to assets held at December 31, 2023 | $ 0 | $ 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) $ in Millions | Dec. 31, 2023 USD ($) $ / shares | Sep. 30, 2023 USD ($) $ / shares | ||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | $ 894.2 | $ 872.8 | ||
CIPs [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | 9,363.1 | 9,637.2 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Equity and debt securities [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | 1,602.3 | 1,592.4 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Loans [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | 7,760.8 | 8,044.8 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | 551.5 | 584.9 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | $ 290.4 | $ 346 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | $ / shares | 0.37 | 0.01 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | $ / shares | 1,000 | 1,000 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Private sale pricing [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | $ / shares | [1] | 27.23 | 23.88 | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market pricing [Member] | Measurement Input, Discount for lack of liquidity | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.172 | 0.219 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | $ 261.1 | $ 238.9 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 1.2 | 11.4 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 31.2 | 13.5 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | EBITDA multiple [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 15.5 | 12.1 | [1] | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Minimum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.083 | 0.112 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Maximum [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.120 | 0.136 | ||
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Equity and debt securities [Member] | Market comparable companies [Member] | Discount for lack of marketability [Member] | Weighted Average [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Investments, measurement input | 0.099 | 0.122 | [1] | |
Fair Value, Recurring [Member] | CIPs [Member] | Level 3 [Member] | Loans [Member] | ||||
Schedule Of Consolidated Investment Products [Line Items] | ||||
Total investments, at fair value | $ 0.6 | $ 0 | ||
[1] Based on the relative fair value of the instruments. |
Consolidated Investment Produ_9
Consolidated Investment Products - Schedule of Financial Instruments of CIPs not Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 | |
Carrying Value [Member] | |||
Financial Assets [Abstract] | |||
Cash and cash equivalents | $ 3,327.4 | $ 3,686.4 | |
Financial Liability [Abstract] | |||
Debt of CLOs1 | 3,046.9 | 3,052.8 | |
Carrying Value [Member] | CIPs [Member] | |||
Financial Assets [Abstract] | |||
Cash and cash equivalents | 256 | 363.7 | |
Financial Liability [Abstract] | |||
Other debt | 0 | 21.8 | |
Estimated Fair Value [Member] | Level 1 [Member] | |||
Financial Assets [Abstract] | |||
Cash and cash equivalents | 3,327.4 | 3,686.4 | |
Estimated Fair Value [Member] | Level 2 [Member] | |||
Financial Liability [Abstract] | |||
Debt of CLOs1 | 2,566.4 | 2,419.4 | |
Estimated Fair Value [Member] | CIPs [Member] | Level 1 [Member] | |||
Financial Assets [Abstract] | |||
Cash and cash equivalents | 256 | 363.7 | |
Estimated Fair Value [Member] | CIPs [Member] | Level 3 [Member] | |||
Financial Liability [Abstract] | |||
Other debt | 0 | 8.6 | |
Receivables | 1,469.6 | 1,348.4 | |
Debt of CLOs1 | 3,046.9 | 3,052.8 | |
CIPs [Member] | |||
Financial Assets [Abstract] | |||
Cash and cash equivalents | 552.2 | 716 | |
Receivables | 294 | 166.7 | |
Financial Liability [Abstract] | |||
Debt of CLOs1 | 7,839.6 | 8,231.8 | |
Other debt | 0 | 21.8 | |
Collateralized loan obligations [Member] | Carrying Value [Member] | CIPs [Member] | |||
Financial Liability [Abstract] | |||
Debt of CLOs1 | [1] | 7,839.6 | 8,210 |
Collateralized loan obligations [Member] | Estimated Fair Value [Member] | CIPs [Member] | Level 2 [Member] | |||
Financial Liability [Abstract] | |||
Debt of CLOs1 | [1] | 7,618.9 | 8,013.2 |
Collateralized loan obligations [Member] | CIPs [Member] | |||
Financial Liability [Abstract] | |||
Debt of CLOs1 | $ 7,839.6 | $ 8,210 | |
[1] Substantially all was Level 2. |
Consolidated Investment Prod_10
Consolidated Investment Products - Schedule of Debt of CIPs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule Of Consolidated Investment Products [Line Items] | ||
Debt | $ 3,046.9 | $ 3,052.8 |
CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Debt | 7,839.6 | 8,231.8 |
Other debt | 0 | $ 21.8 |
Effective interest rate | 6% | |
Collateralized loan obligations [Member] | CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Debt | $ 7,839.6 | $ 8,210 |
Effective interest rate | 7.41% | 7.12% |
Collateralized loan obligations [Member] | CIPs [Member] | Minimum [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Stated interest rate | 2.39% | 2.39% |
Collateralized loan obligations [Member] | CIPs [Member] | Maximum [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Stated interest rate | 15.77% | 15.49% |
Consolidated Investment Prod_11
Consolidated Investment Products - Schedule of Contractual Maturities for Debt of CIPs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule Of Consolidated Investment Products [Line Items] | ||
Total | $ 3,046.9 | $ 3,052.8 |
CIPs [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
2024 (remainder of year) | 59.8 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 7,779.8 | |
Total | $ 7,839.6 |
Consolidated Investment Prod_12
Consolidated Investment Products - Schedule of Unpaid Principal Balance and Fair Value of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule Of Consolidated Investment Products [Line Items] | ||
Unpaid principal balance | $ 2,317.3 | $ 2,222 |
Total investments, at fair value | 894.2 | 872.8 |
Collateralized loan obligations [Member] | ||
Schedule Of Consolidated Investment Products [Line Items] | ||
Unpaid principal balance | 7,937.2 | 8,317.5 |
Difference between unpaid principal balance and fair value | (35.7) | (120.7) |
Total investments, at fair value | $ 7,901.5 | $ 8,196.8 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Noncontrolling Interest [Line Items] | ||
Balance at beginning of period | $ 1,026.1 | |
Net income (loss) | 9.5 | $ (1.5) |
Net subscriptions (distributions) and other | 9.6 | 95.9 |
Net consolidations (deconsolidations) | (35.7) | |
Adjustment to fair value | (65.9) | |
Balance at End of Period | 1,078.5 | |
Minority Interests [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance at beginning of period | 446 | 583.6 |
Net income (loss) | 12.4 | 10.7 |
Net subscriptions (distributions) and other | (1.1) | 5.2 |
Net consolidations (deconsolidations) | 0 | 0 |
Adjustment to fair value | 65.9 | 0 |
Balance at End of Period | 523.2 | 599.5 |
Redeemable Noncontrolling Interests [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance at beginning of period | 1,026.1 | 1,525.8 |
Net income (loss) | 9.5 | (1.5) |
Net subscriptions (distributions) and other | 37 | 183.6 |
Net consolidations (deconsolidations) | (60) | 271.3 |
Adjustment to fair value | 65.9 | 0 |
Balance at End of Period | 1,078.5 | 1,979.2 |
Retained Earnings [Member] | ||
Noncontrolling Interest [Line Items] | ||
Adjustment to fair value | (65.9) | |
CIPs [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance at beginning of period | 580.1 | 942.2 |
Net income (loss) | (2.9) | (12.2) |
Net subscriptions (distributions) and other | 38.1 | 178.4 |
Net consolidations (deconsolidations) | (60) | 271.3 |
Adjustment to fair value | 0 | 0 |
Balance at End of Period | $ 555.3 | $ 1,379.7 |
Nonconsolidated Variable Inte_3
Nonconsolidated Variable Interest Entities - Schedule of Maximum Exposure to Loss (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 1,220 | $ 1,132 |
Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 997.2 | 925.9 |
Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 222.8 | $ 206.1 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Nov. 01, 2023 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 396.6 | |
Lessee, Operating Lease, Term of Contract | 16 years | |
Lessee, Operating Lease, Liability, Payments, Due | $ 707.3 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Unrecognized compensation expense related to nonvested stock and stock unit awards | $ 280 |
Remaining weighted-average vesting period | 2 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock and Stock Unit Award Activity (Details) shares in Thousands | 3 Months Ended |
Dec. 31, 2023 $ / shares shares | |
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, 2023 | 15,881 |
Granted | 7,480 |
Vested | (1,127) |
Forfeited/canceled | (340) |
Nonvested Balance at December 31, 2023 | 21,894 |
Nonvested beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 23.09 |
Weighted Average Grant Date Fair Value of shares granted | $ / shares | 23.60 |
Weighted Average Grant Date Fair Value of shares vested | $ / shares | 23.06 |
Weighted Average Grant Date Fair Value of shares forfeited/canceled | $ / shares | 21.25 |
Nonvested ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 23.29 |
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, 2023 | 12,782 |
Granted | 7,038 |
Vested | (965) |
Forfeited/canceled | (192) |
Nonvested Balance at December 31, 2023 | 18,663 |
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, 2023 | 3,099 |
Granted | 442 |
Vested | (162) |
Forfeited/canceled | (148) |
Nonvested Balance at December 31, 2023 | 3,231 |
Investment and Other Income, _3
Investment and Other Income, net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Net gains (losses) recognized on equity securities measured at fair value and trading debt securities | $ 68.5 | $ 68.3 |
Investment and Other Income , N
Investment and Other Income , Net - Schedule of Investment and Other Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Dividend and interest income | $ 54.8 | $ 36.5 |
Gains on investments, net | 60.1 | 45.5 |
Income from investments in equity method investees | 56.9 | 33.2 |
Rental income | 10.8 | 10.6 |
Foreign currency exchange losses, net | (7.4) | (27.1) |
Other, net | (2) | (7.6) |
Investment and other income, net | $ 173.2 | $ 91.1 |
Subsequent Events Narrative (De
Subsequent Events Narrative (Details) - Subsequent Event [Member] - Putnam Investments shares in Millions, $ in Millions | Jan. 01, 2024 USD ($) shares |
Subsequent Event [Line Items] | |
Cash purchase consideration | $ 220 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 31.6 |
PlannedPaymentsToAcquireBusinessesGross | $ 100 |
Contingent consideration liabilities | $ 375 |