x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-2670991 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
One Franklin Parkway, San Mateo, CA | 94403 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | |||
Financial Information | |||
Item 1. | Financial Statements (unaudited) | ||
3 | |||
4 | |||
5 | |||
6 | |||
8 | |||
Item 2. | 20 | ||
Item 3. | 40 | ||
Item 4. | 40 | ||
Other Information | |||
Item 1. | 41 | ||
Item 1A. | 41 | ||
Item 2. | 41 | ||
Item 6. | 42 | ||
43 | |||
44 |
Three Months Ended December 31, | ||||||||
(in millions, except per share data) | 2015 | 2014 | ||||||
Operating Revenues | ||||||||
Investment management fees | $ | 1,186.7 | $ | 1,382.4 | ||||
Sales and distribution fees | 478.4 | 595.0 | ||||||
Shareholder servicing fees | 61.9 | 65.8 | ||||||
Other | 31.0 | 21.1 | ||||||
Total operating revenues | 1,758.0 | 2,064.3 | ||||||
Operating Expenses | ||||||||
Sales, distribution and marketing | 588.6 | 731.5 | ||||||
Compensation and benefits | 342.5 | 375.5 | ||||||
Information systems and technology | 51.2 | 51.2 | ||||||
Occupancy | 30.7 | 34.3 | ||||||
General, administrative and other | 91.4 | 89.8 | ||||||
Total operating expenses | 1,104.4 | 1,282.3 | ||||||
Operating Income | 653.6 | 782.0 | ||||||
Other Income (Expenses) | ||||||||
Investment and other income, net | 30.5 | 51.7 | ||||||
Interest expense | (12.0 | ) | (11.3 | ) | ||||
Other income, net | 18.5 | 40.4 | ||||||
Income before taxes | 672.1 | 822.4 | ||||||
Taxes on income | 209.7 | 256.1 | ||||||
Net income | 462.4 | 566.3 | ||||||
Less: net income (loss) attributable to | ||||||||
Nonredeemable noncontrolling interests | 13.6 | 6.7 | ||||||
Redeemable noncontrolling interests | 1.0 | (6.8 | ) | |||||
Net Income Attributable to Franklin Resources, Inc. | $ | 447.8 | $ | 566.4 | ||||
Earnings per Share | ||||||||
Basic | $ | 0.74 | $ | 0.91 | ||||
Diluted | 0.74 | 0.91 | ||||||
Dividends per Share | $ | 0.18 | $ | 0.65 |
(in millions) | Three Months Ended December 31, | |||||||
2015 | 2014 | |||||||
Net Income | $ | 462.4 | $ | 566.3 | ||||
Other Comprehensive Income (Loss) | ||||||||
Net unrealized losses on investments, net of tax | (5.9 | ) | (0.2 | ) | ||||
Currency translation adjustments, net of tax | (23.6 | ) | (61.5 | ) | ||||
Net unrealized gains on defined benefit plans, net of tax | 0.6 | 1.0 | ||||||
Total other comprehensive loss | (28.9 | ) | (60.7 | ) | ||||
Total comprehensive income | 433.5 | 505.6 | ||||||
Less: comprehensive income (loss) attributable to | ||||||||
Nonredeemable noncontrolling interests | 13.6 | 6.7 | ||||||
Redeemable noncontrolling interests | 1.0 | (6.8 | ) | |||||
Comprehensive Income Attributable to Franklin Resources, Inc. | $ | 418.9 | $ | 505.7 |
(in millions, except share and per share data) | December 31, 2015 | September 30, 2015 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 8,125.0 | $ | 8,184.9 | ||||
Receivables | 863.7 | 838.0 | ||||||
Investments (including $1,626.5 and $1,712.3 at fair value at December 31, 2015 and September 30, 2015) | 2,422.8 | 2,459.2 | ||||||
Assets of consolidated sponsored investment products | ||||||||
Cash and cash equivalents | 92.0 | 108.5 | ||||||
Investments, at fair value | 956.0 | 977.4 | ||||||
Assets of consolidated variable interest entities | ||||||||
Cash and cash equivalents | 52.0 | 74.7 | ||||||
Investments, at fair value | 649.6 | 672.5 | ||||||
Deferred taxes, net | 100.4 | 100.7 | ||||||
Property and equipment, net | 507.1 | 510.1 | ||||||
Goodwill and other intangible assets, net | 2,247.7 | 2,257.0 | ||||||
Other | 139.2 | 152.7 | ||||||
Total Assets | $ | 16,155.5 | $ | 16,335.7 | ||||
Liabilities | ||||||||
Compensation and benefits | $ | 209.8 | $ | 433.2 | ||||
Accounts payable and accrued expenses | 229.2 | 232.1 | ||||||
Dividends | 108.7 | 92.6 | ||||||
Commissions | 336.1 | 359.9 | ||||||
Income taxes | 193.5 | 32.5 | ||||||
Debt | 1,348.1 | 1,348.0 | ||||||
Debt of consolidated sponsored investment products | 81.8 | 81.2 | ||||||
Debt of consolidated variable interest entities | 690.4 | 726.1 | ||||||
Deferred taxes | 237.0 | 241.4 | ||||||
Other | 246.8 | 233.3 | ||||||
Total liabilities | 3,681.4 | 3,780.3 | ||||||
Commitments and Contingencies (Note 8) | ||||||||
Redeemable Noncontrolling Interests | 53.2 | 59.6 | ||||||
Stockholders’ Equity | ||||||||
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | — | — | ||||||
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 595,228,556 and 603,517,181 shares issued and outstanding at December 31, 2015 and September 30, 2015 | 59.5 | 60.4 | ||||||
Retained earnings | 12,064.8 | 12,094.8 | ||||||
Accumulated other comprehensive loss | (343.1 | ) | (314.2 | ) | ||||
Total Franklin Resources, Inc. stockholders’ equity | 11,781.2 | 11,841.0 | ||||||
Nonredeemable noncontrolling interests | 639.7 | 654.8 | ||||||
Total stockholders’ equity | 12,420.9 | 12,495.8 | ||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 16,155.5 | $ | 16,335.7 |
Three Months Ended December 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Net Income | $ | 462.4 | $ | 566.3 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Amortization of deferred sales commissions | 22.8 | 30.2 | ||||||
Depreciation and other amortization | 22.6 | 24.9 | ||||||
Stock-based compensation | 34.0 | 35.4 | ||||||
Excess tax benefit from stock-based compensation | — | (1.9 | ) | |||||
Gains on sale of assets | (7.2 | ) | (9.5 | ) | ||||
Income from investments in equity method investees | (24.8 | ) | (6.7 | ) | ||||
Net losses (gains) on other investments of consolidated sponsored investment products | 7.6 | (5.9 | ) | |||||
Net gains of consolidated variable interest entities | (1.7 | ) | (1.6 | ) | ||||
Deferred income taxes | (1.8 | ) | 23.8 | |||||
Other | 16.6 | 10.5 | ||||||
Changes in operating assets and liabilities: | ||||||||
Increase in receivables, prepaid expenses and other | (42.5 | ) | (6.7 | ) | ||||
Decrease in trading securities, net | 1.5 | 5.2 | ||||||
Decrease (increase) in trading securities of consolidated sponsored investment products, net | (102.5 | ) | 16.0 | |||||
Decrease in accrued compensation and benefits | (221.5 | ) | (220.6 | ) | ||||
Decrease in commissions payable | (23.8 | ) | (20.9 | ) | ||||
Increase in income taxes payable | 160.4 | 171.7 | ||||||
Decrease in other liabilities | (6.9 | ) | (37.8 | ) | ||||
Net cash provided by operating activities | 295.2 | 572.4 | ||||||
Purchase of investments | (20.9 | ) | (71.7 | ) | ||||
Liquidation of investments | 128.3 | 69.4 | ||||||
Purchase of investments by consolidated sponsored investment products | (27.6 | ) | (51.5 | ) | ||||
Liquidation of investments by consolidated sponsored investment products | 33.7 | 122.5 | ||||||
Purchase of investments by consolidated variable interest entities | (64.0 | ) | (88.8 | ) | ||||
Liquidation of investments by consolidated variable interest entities | 71.0 | 126.8 | ||||||
Additions of property and equipment, net | (19.1 | ) | (16.1 | ) | ||||
Decrease in cash and cash equivalents due to net deconsolidation of sponsored investment products | (12.2 | ) | (0.1 | ) | ||||
Net cash provided by investing activities | 89.2 | 90.5 | ||||||
Decrease in deposits | — | (0.3 | ) | |||||
Dividends paid on common stock | (91.5 | ) | (75.8 | ) | ||||
Repurchase of common stock | (381.5 | ) | (151.2 | ) | ||||
Excess tax benefit from stock-based compensation | — | 1.9 | ||||||
Proceeds from issuance of debt by consolidated sponsored investment products | 1.0 | 218.5 | ||||||
Payments on debt by consolidated sponsored investment products | — | (234.5 | ) | |||||
Payments on debt by consolidated variable interest entities | (27.9 | ) | (44.1 | ) | ||||
Payments on contingent consideration liabilities | (2.8 | ) | (7.1 | ) | ||||
Noncontrolling interests | 39.3 | (35.3 | ) | |||||
Net cash used in financing activities | (463.4 | ) | (327.9 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (20.1 | ) | (45.8 | ) |
Three Months Ended December 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Increase (decrease) in cash and cash equivalents | $ | (99.1 | ) | $ | 289.2 | |||
Cash and cash equivalents, beginning of period | 8,368.1 | 7,596.0 | ||||||
Cash and Cash Equivalents, End of Period | $ | 8,269.0 | $ | 7,885.2 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Cash paid for income taxes | $ | 48.1 | $ | 57.0 | ||||
Cash paid for interest | 8.8 | 12.9 | ||||||
Cash paid for interest by consolidated variable interest entities and consolidated sponsored investment products | 6.7 | 9.0 |
(in millions) | Franklin Resources, Inc. Stockholders’ Equity | Nonredeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||
for the three months ended December 31, 2015 | ||||||||||||
Balance at October 1, 2015 | $ | 11,841.0 | $ | 654.8 | $ | 12,495.8 | ||||||
Net income | 447.8 | 13.6 | 461.4 | |||||||||
Other comprehensive loss | (28.9 | ) | (28.9 | ) | ||||||||
Cash dividends on common stock | (107.6 | ) | (107.6 | ) | ||||||||
Repurchase of common stock | (404.1 | ) | (404.1 | ) | ||||||||
Net distributions | (28.7 | ) | (28.7 | ) | ||||||||
Other1 | 33.0 | 33.0 | ||||||||||
Balance at December 31, 2015 | $ | 11,781.2 | $ | 639.7 | $ | 12,420.9 |
1 | Primarily relates to stock-based compensation plans. |
(in millions) | Franklin Resources, Inc. Stockholders’ Equity | Nonredeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||
for the three months ended December 31, 2014 | ||||||||||||
Balance at October 1, 2014 | $ | 11,584.1 | $ | 628.3 | $ | 12,212.4 | ||||||
Adjustment for adoption of new accounting guidance | (14.2 | ) | (14.2 | ) | ||||||||
Net income | 566.4 | 6.7 | 573.1 | |||||||||
Other comprehensive loss | (60.7 | ) | (60.7 | ) | ||||||||
Cash dividends on common stock | (405.6 | ) | (405.6 | ) | ||||||||
Repurchase of common stock | (151.2 | ) | (151.2 | ) | ||||||||
Net distributions | (36.3 | ) | (36.3 | ) | ||||||||
Other1 | 37.0 | 37.0 | ||||||||||
Balance at December 31, 2014 | $ | 11,555.8 | $ | 598.7 | $ | 12,154.5 |
1 | Primarily relates to stock-based compensation plans. |
(in millions, except per share data) | Three Months Ended December 31, | |||||||
2015 | 2014 | |||||||
Net income attributable to Franklin Resources, Inc. | $ | 447.8 | $ | 566.4 | ||||
Less: allocation of earnings to participating nonvested stock and stock unit awards | 2.7 | 3.6 | ||||||
Net Income Available to Common Stockholders | $ | 445.1 | $ | 562.8 | ||||
Weighted-average shares outstanding – basic | 597.6 | 620.1 | ||||||
Dilutive effect of nonparticipating nonvested stock unit awards and common stock options | 0.1 | 0.1 | ||||||
Weighted-Average Shares Outstanding – Diluted | 597.7 | 620.2 | ||||||
Earnings per Share | ||||||||
Basic | $ | 0.74 | $ | 0.91 | ||||
Diluted | 0.74 | 0.91 |
(in millions) | December 31, 2015 | September 30, 2015 | ||||||
Investment securities, trading | $ | 1,249.0 | $ | 1,251.2 | ||||
Investment securities, available-for-sale | ||||||||
SIPs | 358.0 | 408.3 | ||||||
Debt securities | 1.7 | 23.0 | ||||||
Other equity securities | 3.3 | 15.1 | ||||||
Total investment securities, available-for-sale | 363.0 | 446.4 | ||||||
Investments in equity method investees | 701.7 | 655.3 | ||||||
Other investments | 109.1 | 106.3 | ||||||
Total | $ | 2,422.8 | $ | 2,459.2 |
(in millions) | Gross Unrealized | |||||||||||||||
as of December 31, 2015 | Cost Basis | Gains | Losses | Fair Value | ||||||||||||
SIPs | $ | 339.4 | $ | 29.4 | $ | (10.8 | ) | $ | 358.0 | |||||||
Debt securities | 1.6 | 0.1 | — | 1.7 | ||||||||||||
Other equity securities | 3.3 | — | — | 3.3 | ||||||||||||
Total | $ | 344.3 | $ | 29.5 | $ | (10.8 | ) | $ | 363.0 |
(in millions) | Gross Unrealized | |||||||||||||||
as of September 30, 2015 | Cost Basis | Gains | Losses | Fair Value | ||||||||||||
SIPs | $ | 382.6 | $ | 32.4 | $ | (6.7 | ) | $ | 408.3 | |||||||
Debt securities | 22.8 | 0.2 | — | 23.0 | ||||||||||||
Other equity securities | 15.1 | 0.2 | (0.2 | ) | 15.1 | |||||||||||
Total | $ | 420.5 | $ | 32.8 | $ | (6.9 | ) | $ | 446.4 |
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
as of December 31, 2015 | ||||||||||||||||||||||||
SIPs | $ | 117.3 | $ | (8.6 | ) | $ | 22.2 | $ | (2.2 | ) | $ | 139.5 | $ | (10.8 | ) |
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||
as of September 30, 2015 | ||||||||||||||||||||||||
SIPs | $ | 99.8 | $ | (5.6 | ) | $ | 21.0 | $ | (1.1 | ) | $ | 120.8 | $ | (6.7 | ) | |||||||||
Other equity securities | 10.9 | (0.2 | ) | — | — | 10.9 | (0.2 | ) | ||||||||||||||||
Total | $ | 110.7 | $ | (5.8 | ) | $ | 21.0 | $ | (1.1 | ) | $ | 131.7 | $ | (6.9 | ) |
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
as of December 31, 2015 | ||||||||||||||||
Assets | ||||||||||||||||
Investment securities, trading | $ | 1,164.2 | $ | 75.5 | $ | 9.3 | $ | 1,249.0 | ||||||||
Investment securities, available-for-sale | ||||||||||||||||
SIPs | 358.0 | — | — | 358.0 | ||||||||||||
Debt securities | — | 1.7 | — | 1.7 | ||||||||||||
Other equity securities | 0.5 | 2.8 | — | 3.3 | ||||||||||||
Life settlement contracts | — | — | 14.5 | 14.5 | ||||||||||||
Total Assets Measured at Fair Value | $ | 1,522.7 | $ | 80.0 | $ | 23.8 | $ | 1,626.5 | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration liability | $ | — | $ | — | $ | 115.8 | $ | 115.8 |
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
as of September 30, 2015 | ||||||||||||||||
Assets | ||||||||||||||||
Investment securities, trading | $ | 1,168.2 | $ | 77.0 | $ | 6.0 | $ | 1,251.2 | ||||||||
Investment securities, available-for-sale | ||||||||||||||||
SIPs | 408.3 | — | — | 408.3 | ||||||||||||
Debt securities | — | 23.0 | — | 23.0 | ||||||||||||
Other equity securities | 12.2 | 2.9 | — | 15.1 | ||||||||||||
Life settlement contracts | — | — | 14.7 | 14.7 | ||||||||||||
Total Assets Measured at Fair Value | $ | 1,588.7 | $ | 102.9 | $ | 20.7 | $ | 1,712.3 | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration liabilities | $ | — | $ | — | $ | 102.9 | $ | 102.9 |
2015 | 2014 | |||||||||||||||
(in millions) | Investments | Contingent Consideration Liabilities | Investments | Contingent Consideration Liabilities | ||||||||||||
for the three months ended December 31, | ||||||||||||||||
Balance at beginning of period | $ | 20.7 | $ | (102.9 | ) | $ | 14.0 | $ | (98.5 | ) | ||||||
Total realized and unrealized gains (losses) | ||||||||||||||||
Included in investment and other income, net | 0.6 | — | 0.6 | — | ||||||||||||
Included in general, administrative and other expense | — | (16.2 | ) | — | (9.4 | ) | ||||||||||
Other | — | — | — | (0.1 | ) | |||||||||||
Purchases | 3.3 | — | 0.1 | — | ||||||||||||
Settlements | (0.8 | ) | 3.3 | (0.5 | ) | 7.1 | ||||||||||
Foreign exchange revaluation | — | — | — | 0.2 | ||||||||||||
Balance at End of Period | $ | 23.8 | $ | (115.8 | ) | $ | 14.2 | $ | (100.7 | ) | ||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | 0.2 | $ | (16.2 | ) | $ | 0.3 | $ | (9.5 | ) |
(in millions) | ||||||||||
as of December 31, 2015 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average) | ||||||
Investment securities, trading | $ | 9.3 | Discounted cash flow | Discount rate | 4.9%–8.5% (6.5%) | |||||
Risk premium | 0.0%–2.8% (1.8%) | |||||||||
Life settlement contracts | 14.5 | Discounted cash flow | Life expectancy | 21–139 months (68) | ||||||
Discount rate | 3.3%–19.0% (11.7%) | |||||||||
Contingent consideration liability | 115.8 | Discounted cash flow | AUM growth rate | 6.1%–22.1% (11.5%) | ||||||
EBITDA margin | 21.3% | |||||||||
Discount rate | 13.0% |
(in millions) | ||||||||||
as of September 30, 2015 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average) | ||||||
Investment securities, trading | $ | 6.0 | Discounted cash flow | Discount rate | 5.2%–6.1% (5.7%) | |||||
Risk premium | 2.7%–2.8% (2.8%) | |||||||||
Life settlement contracts | 14.7 | Discounted cash flow | Life expectancy | 21–141 months (68) | ||||||
Discount rate | 3.3%–19.0% (11.7%) | |||||||||
Contingent consideration liabilities | 102.9 | Discounted cash flow | AUM growth rate | 0.5%–5.8% (4.4%) | ||||||
EBITDA margin | 19.3%–22.9% (22.0%) | |||||||||
Discount rate | 14.0% |
(in millions) | December 31, 2015 | September 30, 2015 | ||||||||||||||||
Fair Value Level | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Financial Assets | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 8,125.0 | $ | 8,125.0 | $ | 8,184.9 | $ | 8,184.9 | |||||||||
Other investments1 | 2 or 3 | 94.6 | 104.7 | 91.6 | 97.1 | |||||||||||||
Financial Liabilities | ||||||||||||||||||
Debt | 2 | 1,348.1 | 1,350.8 | 1,348.0 | 1,374.9 |
December 31, 2015 | September 30, 2015 | |||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||
(in millions) | SIPs | VIEs | Total | SIPs | VIEs | Total | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 92.0 | $ | 52.0 | $ | 144.0 | $ | 108.5 | $ | 74.7 | $ | 183.2 | ||||||||||||
Receivables | 11.3 | 6.2 | 17.5 | 10.0 | 11.5 | 21.5 | ||||||||||||||||||
Investments, at fair value | 956.0 | 649.6 | 1,605.6 | 977.4 | 672.5 | 1,649.9 | ||||||||||||||||||
Other assets | 0.6 | — | 0.6 | 0.7 | — | 0.7 | ||||||||||||||||||
Total Assets | $ | 1,059.9 | $ | 707.8 | $ | 1,767.7 | $ | 1,096.6 | $ | 758.7 | $ | 1,855.3 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 12.4 | $ | 12.1 | $ | 24.5 | $ | 10.8 | $ | 25.3 | $ | 36.1 | ||||||||||||
Debt | 81.8 | 690.4 | 772.2 | 81.2 | 726.1 | 807.3 | ||||||||||||||||||
Other liabilities | 6.4 | — | 6.4 | 6.3 | — | 6.3 | ||||||||||||||||||
Total liabilities | 100.6 | 702.5 | 803.1 | 98.3 | 751.4 | 849.7 | ||||||||||||||||||
Redeemable Noncontrolling Interests | 53.2 | — | 53.2 | 59.6 | — | 59.6 | ||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||||||
Franklin Resources, Inc.’s interests | 291.4 | 5.3 | 296.7 | 308.8 | 7.3 | 316.1 | ||||||||||||||||||
Nonredeemable noncontrolling interests | 614.7 | — | 614.7 | 629.9 | — | 629.9 | ||||||||||||||||||
Total stockholders’ equity | 906.1 | 5.3 | 911.4 | 938.7 | 7.3 | 946.0 | ||||||||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 1,059.9 | $ | 707.8 | $ | 1,767.7 | $ | 1,096.6 | $ | 758.7 | $ | 1,855.3 |
(in millions) | December 31, 2015 | September 30, 2015 | ||||||
Unpaid principal balance | $ | 678.2 | $ | 694.5 | ||||
Difference between unpaid principal balance and fair value | (28.6 | ) | (22.0 | ) | ||||
Fair Value | $ | 649.6 | $ | 672.5 |
December 31, 2015 | September 30, 2015 | |||||||||||||||||||||||
Consolidated | Consolidated | |||||||||||||||||||||||
(in millions) | SIPs | VIEs | Total | SIPs | VIEs | Total | ||||||||||||||||||
Investment securities, trading | $ | 173.3 | $ | — | $ | 173.3 | $ | 180.5 | $ | — | $ | 180.5 | ||||||||||||
Other debt securities | 123.0 | 649.6 | 772.6 | 129.2 | 672.5 | 801.7 | ||||||||||||||||||
Other equity securities | 659.7 | — | 659.7 | 667.7 | — | 667.7 | ||||||||||||||||||
Total | $ | 956.0 | $ | 649.6 | $ | 1,605.6 | $ | 977.4 | $ | 672.5 | $ | 1,649.9 |
December 31, 2015 | Effective Interest Rate | September 30, 2015 | Effective Interest Rate | |||||||||||
(in millions) | ||||||||||||||
Debt of consolidated SIPs due fiscal years 2016-2019 | $ | 81.8 | 4.67 | % | $ | 81.2 | 4.71 | % | ||||||
Debt of consolidated VIEs due fiscal years 2018-2024 | 690.4 | 1.70 | % | 726.1 | 1.62 | % | ||||||||
Total | $ | 772.2 | $ | 807.3 |
(in millions) | Carrying Amount | |||
for the fiscal years ending September 30, | ||||
2016 | $ | 21.0 | ||
2017 | 19.0 | |||
2018 | 148.5 | |||
2019 | 307.0 | |||
2020 | — | |||
Thereafter | 276.7 | |||
Total | $ | 772.2 |
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
as of December 31, 2015 | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents of consolidated VIEs | $ | 52.0 | $ | — | $ | — | $ | 52.0 | ||||||||
Receivables of consolidated VIEs | — | 6.2 | — | 6.2 | ||||||||||||
Investments of consolidated SIPs | ||||||||||||||||
Equity securities | 64.1 | 4.3 | 653.6 | 722.0 | ||||||||||||
Debt securities | — | 110.4 | 123.6 | 234.0 | ||||||||||||
Investments of consolidated VIEs | — | 649.3 | 0.3 | 649.6 | ||||||||||||
Total Assets Measured at Fair Value | $ | 116.1 | $ | 770.2 | $ | 777.5 | $ | 1,663.8 | ||||||||
Liabilities | ||||||||||||||||
Other liabilities of consolidated SIPs | $ | 3.2 | $ | 3.2 | $ | — | $ | 6.4 |
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
as of September 30, 2015 | ||||||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents of consolidated VIEs | $ | 74.7 | $ | — | $ | — | $ | 74.7 | ||||||||
Receivables of consolidated VIEs | — | 11.5 | — | 11.5 | ||||||||||||
Investments of consolidated SIPs | ||||||||||||||||
Equity securities | 88.9 | 8.5 | 656.4 | 753.8 | ||||||||||||
Debt securities | — | 93.8 | 129.8 | 223.6 | ||||||||||||
Investments of consolidated VIEs | — | 672.1 | 0.4 | 672.5 | ||||||||||||
Total Assets Measured at Fair Value | $ | 163.6 | $ | 785.9 | $ | 786.6 | $ | 1,736.1 | ||||||||
Liabilities | ||||||||||||||||
Other liabilities of consolidated SIPs | $ | 3.3 | $ | 3.0 | $ | — | $ | 6.3 |
(in millions) | Redemption Frequency | Fair Value Level | December 31, 2015 | September 30, 2015 | ||||||||
Hedge funds | Monthly or quarterly | 2 | $ | 3.4 | $ | 8.0 | ||||||
Real estate and private equity funds | Nonredeemable | 3 | 464.4 | 463.6 | ||||||||
Hedge funds | Triennially | 3 | 1.1 | 1.2 | ||||||||
Total | $ | 468.9 | $ | 472.8 |
(in millions) | Investments of Consolidated SIPs | Investments of Consolidated VIEs | Total Level 3 Assets | |||||||||||||
for the three months ended December 31, 2015 | Equity | Debt | ||||||||||||||
Balance at October 1, 2015 | $ | 656.4 | $ | 129.8 | $ | 0.4 | $ | 786.6 | ||||||||
Realized and unrealized gains (losses) included in investment and other income, net | (7.8 | ) | 1.2 | (0.1 | ) | (6.7 | ) | |||||||||
Purchases | 27.4 | 2.5 | — | 29.9 | ||||||||||||
Sales | (20.0 | ) | (9.6 | ) | — | (29.6 | ) | |||||||||
Foreign exchange revaluation | (2.4 | ) | (0.3 | ) | — | (2.7 | ) | |||||||||
Balance at December 31, 2015 | $ | 653.6 | $ | 123.6 | $ | 0.3 | $ | 777.5 | ||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at December 31, 2015 | $ | (7.8 | ) | $ | 0.4 | $ | (0.1 | ) | $ | (7.5 | ) |
(in millions) | Investments of Consolidated SIPs | Investments of Consolidated VIEs | Total Level 3 Assets | Debt of Consolidated VIEs | ||||||||||||||||
for the three months ended December 31, 2014 | Equity | Debt | ||||||||||||||||||
Balance at October 1, 2014 | $ | 614.3 | $ | 206.3 | $ | 0.5 | $ | 821.1 | $ | (47.2 | ) | |||||||||
Adjustment for adoption of new accounting guidance | — | — | — | — | 47.2 | |||||||||||||||
Realized and unrealized gains (losses) included in investment and other income, net | 8.3 | 3.9 | (0.1 | ) | 12.1 | — | ||||||||||||||
Purchases | 47.3 | 1.7 | — | 49.0 | — | |||||||||||||||
Sales | (65.1 | ) | (57.2 | ) | — | (122.3 | ) | — | ||||||||||||
Settlements | — | (0.6 | ) | — | (0.6 | ) | — | |||||||||||||
Foreign exchange revaluation | (2.0 | ) | (2.5 | ) | — | (4.5 | ) | — | ||||||||||||
Balance at December 31, 2014 | $ | 602.8 | $ | 151.6 | $ | 0.4 | $ | 754.8 | $ | — | ||||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at December 31, 2014 | $ | 2.6 | $ | 3.6 | $ | (0.1 | ) | $ | 6.1 | $ | — |
(in millions) | ||||||||||
as of December 31, 2015 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average) | ||||||
Equity securities | $ | 126.4 | Market comparable companies | EBITDA multiple | 4.2–10.7 (8.7) | |||||
Discount for lack of marketability | 25.0%–50.0% (34.9%) | |||||||||
46.9 | Market pricing | Price to book value ratio | 1.8–2.8 (2.3) | |||||||
14.8 | Discounted cash flow | Discount rate | 6.3%–19.0% (12.8%) | |||||||
Debt securities | 123.6 | Discounted cash flow | Discount rate | 3.5%–17.0% (9.6%) | ||||||
Risk premium | 0.3%–18.0% (5.3%) |
(in millions) | ||||||||||
as of September 30, 2015 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average) | ||||||
Equity securities | $ | 128.8 | Market comparable companies | EBITDA multiple | 4.2–10.7 (8.8) | |||||
Discount for lack of marketability | 25.0%–50.0% (34.9%) | |||||||||
47.7 | Market pricing | Price to book value ratio | 1.8–2.8 (2.3) | |||||||
15.1 | Discounted cash flow | Discount rate | 6.3%–19.0% (12.8%) | |||||||
Debt securities | 129.8 | Discounted cash flow | Discount rate | 3.5%–17.0% (9.4%) | ||||||
Risk premium | 0.0%–18.0% (4.6%) |
(in millions) | December 31, 2015 | September 30, 2015 | ||||||||||||||||
Fair Value Level | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Financial Assets | ||||||||||||||||||
Cash and cash equivalents of consolidated SIPs | 1 | $ | 92.0 | $ | 92.0 | $ | 108.5 | $ | 108.5 | |||||||||
Financial Liabilities | ||||||||||||||||||
Debt of consolidated SIPs | 3 | 81.8 | 79.2 | 81.2 | 77.9 | |||||||||||||
Debt of consolidated VIEs1 | 2 or 3 | 690.4 | 689.7 | 726.1 | 719.3 |
(in millions) | ||||||||
for the three months ended December 31, | 2015 | 2014 | ||||||
Balance at beginning of period | $ | 59.6 | $ | 234.8 | ||||
Net income (loss) | 1.0 | (6.8 | ) | |||||
Net subscriptions and other | 68.0 | 1.0 | ||||||
Net deconsolidations | (75.4 | ) | (155.0 | ) | ||||
Balance at End of Period | $ | 53.2 | $ | 74.0 |
(in millions) | December 31, 2015 | September 30, 2015 | ||||||
Receivables | $ | 35.7 | $ | 35.5 | ||||
Investments | 178.3 | 236.6 | ||||||
Total | $ | 214.0 | $ | 272.1 |
(shares in thousands) | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted-Average Grant-Date Fair Value | |||||||||
for the three months ended December 31, 2015 | |||||||||||||
Nonvested balance at October 1, 2015 | 2,085 | 1,173 | 3,258 | $ | 53.97 | ||||||||
Granted | 2,631 | 639 | 3,270 | 41.04 | |||||||||
Vested | (15 | ) | (396 | ) | (411 | ) | 50.21 | ||||||
Forfeited/canceled | (46 | ) | (60 | ) | (106 | ) | 46.15 | ||||||
Nonvested Balance at December 31, 2015 | 4,655 | 1,356 | 6,011 | $ | 47.33 |
Three Months Ended December 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Investment and Other Income, Net | ||||||||
Dividend income | $ | 2.8 | $ | 2.2 | ||||
Interest income | 3.6 | 2.0 | ||||||
Losses on trading investment securities, net | (7.3 | ) | (3.0 | ) | ||||
Realized gains on sale of investment securities, available-for-sale | 7.8 | 4.8 | ||||||
Realized losses on sale of investment securities, available-for-sale | (0.8 | ) | (0.3 | ) | ||||
Income from investments in equity method investees | 24.8 | 6.7 | ||||||
Other-than-temporary impairment of investments | (0.4 | ) | (1.0 | ) | ||||
Gains (losses) on investments of consolidated SIPs, net | (5.7 | ) | 2.9 | |||||
Gains from consolidated VIEs, net | 0.1 | 5.3 | ||||||
Foreign currency exchange gains, net | 3.5 | 23.3 | ||||||
Other, net | 2.1 | 8.8 | ||||||
Total | 30.5 | 51.7 | ||||||
Interest Expense | (12.0 | ) | (11.3 | ) | ||||
Other Income, Net | $ | 18.5 | $ | 40.4 |
(in millions) | Unrealized Gains on Investments | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | ||||||||||||
for the three months ended December 31, 2015 | ||||||||||||||||
Balance at October 1, 2015 | $ | 19.3 | $ | (327.8 | ) | $ | (5.7 | ) | $ | (314.2 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax | 0.8 | (23.6 | ) | 0.6 | (22.2 | ) | ||||||||||
Reclassifications to net investment and other income, net of tax | (6.7 | ) | — | — | (6.7 | ) | ||||||||||
Total other comprehensive income (loss) | (5.9 | ) | (23.6 | ) | 0.6 | (28.9 | ) | |||||||||
Balance at December 31, 2015 | $ | 13.4 | $ | (351.4 | ) | $ | (5.1 | ) | $ | (343.1 | ) |
(in millions) | Unrealized Gains on Investments | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | ||||||||||||
for the three months ended December 31, 2014 | ||||||||||||||||
Balance at October 1, 2014 | $ | 31.0 | $ | (143.6 | ) | $ | (5.1 | ) | $ | (117.7 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax | 3.0 | (61.5 | ) | 1.0 | (57.5 | ) | ||||||||||
Reclassifications to net investment and other income, net of tax | (3.2 | ) | — | — | (3.2 | ) | ||||||||||
Total other comprehensive income (loss) | (0.2 | ) | (61.5 | ) | 1.0 | (60.7 | ) | |||||||||
Balance at December 31, 2014 | $ | 30.8 | $ | (205.1 | ) | $ | (4.1 | ) | $ | (178.4 | ) |
Three Months Ended December 31, | Percent Change | ||||||||||
(in millions, except per share data) | 2015 | 2014 | |||||||||
Operating revenues | $ | 1,758.0 | $ | 2,064.3 | (15 | )% | |||||
Operating income | 653.6 | 782.0 | (16 | )% | |||||||
Net income attributable to Franklin Resources, Inc. | 447.8 | 566.4 | (21 | )% | |||||||
Diluted earnings per share | $ | 0.74 | $ | 0.91 | (19 | )% | |||||
Operating margin1 | 37.2 | % | 37.9 | % |
1 | Defined as operating income divided by total operating revenues. |
(in billions) | December 31, 2015 | December 31, 2014 | Percent Change | ||||||||
Equity | |||||||||||
Global/international | $ | 211.7 | $ | 248.5 | (15 | )% | |||||
United States | 102.0 | 113.1 | (10 | )% | |||||||
Total equity | 313.7 | 361.6 | (13 | )% | |||||||
Hybrid | 134.4 | 157.1 | (14 | )% | |||||||
Fixed Income | |||||||||||
Tax-free | 72.4 | 73.2 | (1 | )% | |||||||
Taxable | |||||||||||
Global/international | 182.0 | 219.1 | (17 | )% | |||||||
United States | 54.8 | 62.2 | (12 | )% | |||||||
Total fixed income | 309.2 | 354.5 | (13 | )% | |||||||
Cash Management | 6.6 | 6.9 | (4 | )% | |||||||
Total | $ | 763.9 | $ | 880.1 | (13 | )% |
(in billions) | Average AUM | Percent Change | Mix of Average AUM | ||||||||||||||
for the three months ended December 31, | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity | |||||||||||||||||
Global/international | $ | 216.6 | $ | 255.7 | (15 | )% | 28 | % | 29 | % | |||||||
United States | 103.4 | 112.0 | (8 | )% | 13 | % | 12 | % | |||||||||
Total equity | 320.0 | 367.7 | (13 | )% | 41 | % | 41 | % | |||||||||
Hybrid | 139.2 | 158.7 | (12 | )% | 18 | % | 18 | % | |||||||||
Fixed Income | |||||||||||||||||
Tax-free | 72.0 | 72.7 | (1 | )% | 9 | % | 8 | % | |||||||||
Taxable | |||||||||||||||||
Global/international | 186.4 | 224.4 | (17 | )% | 24 | % | 25 | % | |||||||||
United States | 57.2 | 63.5 | (10 | )% | 7 | % | 7 | % | |||||||||
Total fixed income | 315.6 | 360.6 | (12 | )% | 40 | % | 40 | % | |||||||||
Cash Management | 6.7 | 7.1 | (6 | )% | 1 | % | 1 | % | |||||||||
Total | $ | 781.5 | $ | 894.1 | (13 | )% | 100 | % | 100 | % |
(in billions) | Three Months Ended December 31, | Percent Change | |||||||||
2015 | 2014 | ||||||||||
Beginning AUM | $ | 770.9 | $ | 898.0 | (14 | )% | |||||
Long-term sales | 33.1 | 46.7 | (29 | )% | |||||||
Long-term redemptions | (53.3 | ) | (50.0 | ) | 7 | % | |||||
Net cash management | (0.4 | ) | (0.2 | ) | 100 | % | |||||
Net new flows | (20.6 | ) | (3.5 | ) | 489 | % | |||||
Reinvested distributions | 11.5 | 15.1 | (24 | )% | |||||||
Net flows | (9.1 | ) | 11.6 | NM | |||||||
Distributions | (12.9 | ) | (17.4 | ) | (26 | )% | |||||
Appreciation (depreciation) and other1 | 15.0 | (12.1 | ) | NM | |||||||
Ending AUM | $ | 763.9 | $ | 880.1 | (13 | )% |
1 | Includes foreign exchange revaluation. |
(in billions) | Equity | Fixed Income | ||||||||||||||||||||||||||||||
for the three months ended December 31, 2015 | Global/ International | United States | Hybrid | Tax-Free | Taxable Global/ International | Taxable United States | Cash Management | Total | ||||||||||||||||||||||||
AUM at October 1, 2015 | $ | 212.1 | $ | 100.8 | $ | 138.3 | $ | 71.7 | $ | 182.7 | $ | 58.5 | $ | 6.8 | $ | 770.9 | ||||||||||||||||
Long-term sales | 6.6 | 3.5 | 4.0 | 1.7 | 15.0 | 2.3 | — | 33.1 | ||||||||||||||||||||||||
Long-term redemptions | (11.9 | ) | (7.0 | ) | (9.2 | ) | (2.2 | ) | (18.4 | ) | (4.6 | ) | — | (53.3 | ) | |||||||||||||||||
Net exchanges | (0.1 | ) | 0.4 | (0.4 | ) | 0.3 | (0.2 | ) | (0.2 | ) | 0.2 | — | ||||||||||||||||||||
Net cash management | — | — | — | — | — | — | (0.4 | ) | (0.4 | ) | ||||||||||||||||||||||
Net new flows | (5.4 | ) | (3.1 | ) | (5.6 | ) | (0.2 | ) | (3.6 | ) | (2.5 | ) | (0.2 | ) | (20.6 | ) | ||||||||||||||||
Reinvested distributions | 3.1 | 4.3 | 1.9 | 0.5 | 1.3 | 0.4 | — | 11.5 | ||||||||||||||||||||||||
Net flows | (2.3 | ) | 1.2 | (3.7 | ) | 0.3 | (2.3 | ) | (2.1 | ) | (0.2 | ) | (9.1 | ) | ||||||||||||||||||
Distributions | (3.4 | ) | (4.7 | ) | (2.1 | ) | (0.6 | ) | (1.6 | ) | (0.5 | ) | — | (12.9 | ) | |||||||||||||||||
Appreciation (depreciation) and other1 | 5.3 | 4.7 | 1.9 | 1.0 | 3.2 | (1.1 | ) | — | 15.0 | |||||||||||||||||||||||
AUM at December 31, 2015 | $ | 211.7 | $ | 102.0 | $ | 134.4 | $ | 72.4 | $ | 182.0 | $ | 54.8 | $ | 6.6 | $ | 763.9 |
1 | Includes foreign exchange revaluation. |
(in billions) | Equity | Fixed Income | ||||||||||||||||||||||||||||||
for the three months ended December 31, 2014 | Global/ International | United States | Hybrid | Tax-Free | Taxable Global/ International | Taxable United States | Cash Management | Total | ||||||||||||||||||||||||
AUM at October 1, 2014 | $ | 261.5 | $ | 109.5 | $ | 159.0 | $ | 72.1 | $ | 225.1 | $ | 63.8 | $ | 7.0 | $ | 898.0 | ||||||||||||||||
Long-term sales | 10.8 | 5.2 | 7.5 | 2.0 | 17.6 | 3.6 | — | 46.7 | ||||||||||||||||||||||||
Long-term redemptions | (14.2 | ) | (6.5 | ) | (6.5 | ) | (2.1 | ) | (16.5 | ) | (4.2 | ) | — | (50.0 | ) | |||||||||||||||||
Net exchanges | (0.1 | ) | 0.4 | — | 0.1 | (0.3 | ) | (0.2 | ) | 0.1 | — | |||||||||||||||||||||
Net cash management | — | — | — | — | — | — | (0.2 | ) | (0.2 | ) | ||||||||||||||||||||||
Net new flows | (3.5 | ) | (0.9 | ) | 1.0 | — | 0.8 | (0.8 | ) | (0.1 | ) | (3.5 | ) | |||||||||||||||||||
Reinvested distributions | 4.3 | 3.9 | 1.9 | 0.5 | 3.9 | 0.6 | — | 15.1 | ||||||||||||||||||||||||
Net flows | 0.8 | 3.0 | 2.9 | 0.5 | 4.7 | (0.2 | ) | (0.1 | ) | 11.6 | ||||||||||||||||||||||
Distributions | (4.9 | ) | (4.2 | ) | (2.1 | ) | (0.7 | ) | (4.8 | ) | (0.7 | ) | — | (17.4 | ) | |||||||||||||||||
Appreciation (depreciation) and other1 | (8.9 | ) | 4.8 | (2.7 | ) | 1.3 | (5.9 | ) | (0.7 | ) | — | (12.1 | ) | |||||||||||||||||||
AUM at December 31, 2014 | $ | 248.5 | $ | 113.1 | $ | 157.1 | $ | 73.2 | $ | 219.1 | $ | 62.2 | $ | 6.9 | $ | 880.1 |
1 | Includes foreign exchange revaluation. |
Three Months Ended December 31, | Percent Change | ||||||||||
(in billions) | 2015 | 2014 | |||||||||
United States | $ | 526.8 | $ | 587.7 | (10 | )% | |||||
International | |||||||||||
Europe, the Middle East and Africa | 116.9 | 145.8 | (20 | )% | |||||||
Asia-Pacific | 84.1 | 92.7 | (9 | )% | |||||||
Canada | 32.2 | 38.1 | (15 | )% | |||||||
Latin America1 | 21.5 | 29.8 | (28 | )% | |||||||
Total international | 254.7 | 306.4 | (17 | )% | |||||||
Total | $ | 781.5 | $ | 894.1 | (13 | )% |
1 | Latin America sales region includes North America-based advisers serving non-resident clients. |
Benchmark Comparison | Peer Group Comparison1 | |||||||||||||||||||||||
% of AUM Exceeding Benchmark | % of AUM in Top Two Peer Group Quartiles | |||||||||||||||||||||||
as of December 31, 2015 | 1-Year | 3-Year | 5-Year | 10-Year | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||
Equity | ||||||||||||||||||||||||
Global/international | 24 | % | 27 | % | 33 | % | 48 | % | 27 | % | 36 | % | 32 | % | 50 | % | ||||||||
United States | 40 | % | 13 | % | 10 | % | 33 | % | 34 | % | 45 | % | 42 | % | 61 | % | ||||||||
Total equity | 30 | % | 22 | % | 24 | % | 42 | % | 30 | % | 39 | % | 36 | % | 55 | % | ||||||||
Hybrid | 5 | % | 9 | % | 9 | % | 5 | % | 5 | % | 10 | % | 15 | % | 96 | % | ||||||||
Fixed Income | ||||||||||||||||||||||||
Tax-free | 29 | % | 30 | % | 58 | % | 39 | % | 24 | % | 48 | % | 67 | % | 86 | % | ||||||||
Taxable | ||||||||||||||||||||||||
Global/international | 8 | % | 87 | % | 87 | % | 91 | % | 43 | % | 92 | % | 92 | % | 99 | % | ||||||||
United States | 1 | % | 15 | % | 42 | % | 54 | % | 21 | % | 22 | % | 17 | % | 49 | % | ||||||||
Total fixed income | 12 | % | 60 | % | 72 | % | 69 | % | 34 | % | 68 | % | 72 | % | 86 | % |
1 | The peer group rankings are sourced from Lipper, a Thomson Reuters Company, Morningstar or eVestment in each fund’s market and were based on an absolute ranking of returns. © 2016 Morningstar, Inc. All rights reserved. The information herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. |
(in millions) | Three Months Ended December 31, | Percent Change | |||||||||
2015 | 2014 | ||||||||||
Investment management fees | $ | 1,186.7 | $ | 1,382.4 | (14 | )% | |||||
Sales and distribution fees | 478.4 | 595.0 | (20 | )% | |||||||
Shareholder servicing fees | 61.9 | 65.8 | (6 | )% | |||||||
Other | 31.0 | 21.1 | 47 | % | |||||||
Total Operating Revenues | $ | 1,758.0 | $ | 2,064.3 | (15 | )% |
(in millions) | Three Months Ended December 31, | Percent Change | |||||||||
2015 | 2014 | ||||||||||
Asset-based fees | $ | 377.2 | $ | 447.8 | (16 | )% | |||||
Sales-based fees | 99.1 | 144.7 | (32 | )% | |||||||
Contingent sales charges | 2.1 | 2.5 | (16 | )% | |||||||
Sales and Distribution Fees | $ | 478.4 | $ | 595.0 | (20 | )% |
Three Months Ended December 31, | Percent Change | ||||||||||
(in millions) | 2015 | 2014 | |||||||||
Sales, distribution and marketing | $ | 588.6 | $ | 731.5 | (20 | )% | |||||
Compensation and benefits | 342.5 | 375.5 | (9 | )% | |||||||
Information systems and technology | 51.2 | 51.2 | 0 | % | |||||||
Occupancy | 30.7 | 34.3 | (10 | )% | |||||||
General, administrative and other | 91.4 | 89.8 | 2 | % | |||||||
Total Operating Expenses | $ | 1,104.4 | $ | 1,282.3 | (14 | )% |
Three Months Ended December 31, | Percent Change | ||||||||||
(in millions) | 2015 | 2014 | |||||||||
Asset-based expenses | $ | 478.6 | $ | 567.6 | (16 | )% | |||||
Sales-based expenses | 87.2 | 133.7 | (35 | )% | |||||||
Amortization of deferred sales commissions | 22.8 | 30.2 | (25 | )% | |||||||
Sales, Distribution and Marketing | $ | 588.6 | $ | 731.5 | (20 | )% |
Three Months Ended December 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Net carrying value at beginning of period | $ | 89.8 | $ | 85.5 | ||||
Additions, net of disposals | 11.2 | 12.9 | ||||||
Amortization | (11.9 | ) | (12.0 | ) | ||||
Net Carrying Value at End of Period | $ | 89.1 | $ | 86.4 |
Three Months Ended December 31, | Percent Change | ||||||||||
(in millions) | 2015 | 2014 | |||||||||
Investment and other income, net | $ | 30.5 | $ | 51.7 | (41 | )% | |||||
Interest expense | (12.0 | ) | (11.3 | ) | 6 | % | |||||
Other Income, Net | $ | 18.5 | $ | 40.4 | (54 | )% |
(in millions) | Total Portfolio | Percent of Total Portfolio | Trading Securities Included in Portfolio | Percent of Total Trading Securities | Assets of Consolidated SIPs and VIEs Included in Total Portfolio | Percent of Total | |||||||||||||||
Cash and Cash Equivalents | $ | 8,269.0 | 67 | % | $ | — | 0 | % | $ | 144.0 | 8 | % | |||||||||
Investment Securities | |||||||||||||||||||||
Equity | |||||||||||||||||||||
Global/international | 639.9 | 5 | % | 0.2 | 0 | % | 590.1 | 34 | % | ||||||||||||
United States | 2.4 | 0 | % | 0.3 | 0 | % | — | 0 | % | ||||||||||||
Total equity | 642.3 | 5 | % | 0.5 | 0 | % | 590.1 | 34 | % | ||||||||||||
Hybrid | 140.2 | 1 | % | 0.4 | 0 | % | 66.3 | 4 | % | ||||||||||||
Fixed Income | |||||||||||||||||||||
Tax-free | 1.5 | 0 | % | — | 0 | % | — | 0 | % | ||||||||||||
Taxable | |||||||||||||||||||||
Global/international | 601.7 | 5 | % | 87.3 | 7 | % | 280.9 | 16 | % | ||||||||||||
United States | 1,831.9 | 15 | % | 1,160.8 | 93 | % | 668.3 | 38 | % | ||||||||||||
Total fixed income | 2,435.1 | 20 | % | 1,248.1 | 100 | % | 949.2 | 54 | % | ||||||||||||
Total investment securities | 3,217.6 | 26 | % | 1,249.0 | 100 | % | 1,605.6 | 92 | % | ||||||||||||
Other Investments | 810.8 | 7 | % | — | 0 | % | — | 0 | % | ||||||||||||
Total Cash and Cash Equivalents and Investments | $ | 12,297.4 | 100 | % | $ | 1,249.0 | 100 | % | $ | 1,749.6 | 100 | % |
Three Months Ended December 31, | ||||||||
(in millions) | 2015 | 2014 | ||||||
Cash Flow Data | ||||||||
Operating cash flows | $ | 295.2 | $ | 572.4 | ||||
Investing cash flows | 89.2 | 90.5 | ||||||
Financing cash flows | (463.4 | ) | (327.9 | ) |
(in millions) | December 31, 2015 | September 30, 2015 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 8,125.0 | $ | 8,184.9 | ||||
Receivables | 846.2 | 816.5 | ||||||
Investments | 2,034.5 | 2,105.8 | ||||||
Total Liquid Assets | $ | 11,005.7 | $ | 11,107.2 | ||||
Liabilities | ||||||||
Debt | $ | 1,348.1 | $ | 1,348.0 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
October 2015 | 2,183,068 | $ | 38.32 | 2,183,068 | 35,054,319 | ||||||||
November 2015 | 2,647,500 | $ | 40.96 | 2,647,500 | 32,406,819 | ||||||||
December 2015 | 5,662,358 | $ | 37.43 | 5,662,358 | 26,744,461 | ||||||||
Total | 10,492,926 | 10,492,926 |
Exhibit No. | Description | ||
3(i)(a) | Registrant’s Certificate of Incorporation, as filed November 28, 1969, incorporated by reference to Exhibit (3)(i) to the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 1994 (File No. 001-09318) (the “1994 Annual Report”) | ||
3(i)(b) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed March 1, 1985, incorporated by reference to Exhibit (3)(ii) to the 1994 Annual Report | ||
3(i)(c) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed April 1, 1987, incorporated by reference to Exhibit (3)(iii) to the 1994 Annual Report | ||
3(i)(d) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed February 2, 1994, incorporated by reference to Exhibit (3)(iv) to the 1994 Annual Report | ||
3(i)(e) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed on February 4, 2005, incorporated by reference to Exhibit 3(i)(e) to the Registrant’s Quarterly Report on Form 10-Q for the period ended December 31, 2004 (File No. 001-09318) | ||
3(ii) | Registrant’s Amended and Restated Bylaws (as adopted and effective September 16, 2015), incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 17, 2015 (File No. 001-09318) | ||
10.1 | 2002 Universal Stock Incentive Plan (as amended and restated effective December 15, 2015), incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 21, 2015 (File No. 001-09318)* | ||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) | ||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) | ||
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | ||
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | ||
101 | The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015, formatted in Extensible Business Reporting Language (XBRL), include: (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related notes (filed herewith) |
FRANKLIN RESOURCES, INC. | ||||
(Registrant) | ||||
Date: | February 3, 2016 | By: | /S/ KENNETH A. LEWIS | |
Kenneth A. Lewis | ||||
Chief Financial Officer and Executive Vice President | ||||
(Duly Authorized Officer and Principal Financial Officer) |
Exhibit No. | Description | ||
3(i)(a) | Registrant’s Certificate of Incorporation, as filed November 28, 1969, incorporated by reference to Exhibit (3)(i) to the Registrant’s Annual Report on Form 10-K for the fiscal year ended September 30, 1994 (File No. 001-09318) (the “1994 Annual Report”) | ||
3(i)(b) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed March 1, 1985, incorporated by reference to Exhibit (3)(ii) to the 1994 Annual Report | ||
3(i)(c) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed April 1, 1987, incorporated by reference to Exhibit (3)(iii) to the 1994 Annual Report | ||
3(i)(d) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed February 2, 1994, incorporated by reference to Exhibit (3)(iv) to the 1994 Annual Report | ||
3(i)(e) | Registrant’s Certificate of Amendment of Certificate of Incorporation, as filed on February 4, 2005, incorporated by reference to Exhibit 3(i)(e) to the Registrant’s Quarterly Report on Form 10-Q for the period ended December 31, 2004 (File No. 001-09318) | ||
3(ii) | Registrant’s Amended and Restated Bylaws (as adopted and effective September 16, 2015), incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 17, 2015 (File No. 001-09318) | ||
10.1 | 2002 Universal Stock Incentive Plan (as amended and restated effective December 15, 2015), incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 21, 2015 (File No. 001-09318)* | ||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) | ||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith) | ||
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | ||
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | ||
101 | The following materials from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2015, formatted in Extensible Business Reporting Language (XBRL), include: (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) related notes (filed herewith) |
1. | I have reviewed this quarterly report on Form 10-Q of Franklin Resources, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 3, 2016 | /s/ GREGORY E. JOHNSON | |
Gregory E. Johnson | |||
Chairman of the Board and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Franklin Resources, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 3, 2016 | /s/ KENNETH A. LEWIS | |
Kenneth A. Lewis | |||
Chief Financial Officer and Executive Vice President |
1. | The Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended December 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated. |
Date: | February 3, 2016 | /s/ GREGORY E. JOHNSON | |
Gregory E. Johnson | |||
Chairman of the Board and Chief Executive Officer |
1. | The Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended December 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated. |
Date: | February 3, 2016 | /s/ KENNETH A. LEWIS | |
Kenneth A. Lewis | |||
Chief Financial Officer and Executive Vice President |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Jan. 27, 2016 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Franklin Resources Inc | |
Entity Central Index Key | 0000038777 | |
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, 2015 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 592,645,982 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 462.4 | $ 566.3 |
Other Comprehensive Income (Loss) | ||
Net unrealized losses on investments, net of tax | (5.9) | (0.2) |
Currency translation adjustments, net of tax | (23.6) | (61.5) |
Net unrealized gains on defined benefit plans, net of tax | 0.6 | 1.0 |
Total other comprehensive loss | (28.9) | (60.7) |
Total comprehensive income | 433.5 | 505.6 |
Less: comprehensive income (loss) attributable to | ||
Nonredeemable noncontrolling interests | 13.6 | 6.7 |
Redeemable noncontrolling interests | 1.0 | (6.8) |
Comprehensive Income Attributable to Franklin Resources, Inc. | $ 418.9 | $ 505.7 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investments, at fair value | $ 1,626.5 | $ 1,712.3 |
Preferred stock, par value | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 595,228,556 | 603,517,181 |
Common stock, shares outstanding | 595,228,556 | 603,517,181 |
Basis of Presentation |
3 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim financial statements of Franklin Resources, Inc. and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared by the Company in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. These financial statements should be read together with the Company’s audited financial statements included in its Form 10-K for the fiscal year ended September 30, 2015 (“fiscal year 2015”). 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, 2015. |
New Accounting Guidance |
3 Months Ended |
---|---|
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Guidance | New Accounting Guidance In January 2016, the Financial Accounting Standards Board issued an amendment to the existing financial instruments guidance. The amendment requires substantially all equity investments in nonconsolidated entities to be measured at fair value with changes recognized in net income, except for those accounted for using the equity method of accounting. The amendment also provides an election to measure equity investments that do not have a readily determinable fair value at cost less impairment, if any. The amendment requires a cumulative-effect adjustment to the balance sheet at adoption, and is effective for the Company in the first quarter of the fiscal year ending September 30, 2019. The Company is currently evaluating the impact that the adoption of the amendment will have on its consolidated financial statements. There were no other significant updates to the new accounting guidance not yet adopted by the Company as disclosed in its Form 10-K for fiscal year 2015. |
Stockholders' Equity |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity and Redeemable Noncontrolling Interests | Stockholders’ Equity Changes in total stockholders’ equity were as follows:
__________________
__________________
During the three months ended December 31, 2015 and 2014, the Company repurchased 10.5 million and 2.7 million shares of its common stock at a cost of $404.1 million and $151.2 million under its stock repurchase program. In October 2015, the Company’s Board of Directors authorized the repurchase of up to 30.0 million additional shares of its common stock under the stock repurchase program. At December 31, 2015, 26.7 million shares remained available for repurchase under the program, which is not subject to an expiration date. |
Earnings per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The components of basic and diluted earnings per share were as follows:
Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 1.4 million and 0.6 million for the three months ended December 31, 2015 and 2014. |
Investments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The disclosures below include details of the Company’s investments, excluding those of consolidated sponsored investment products (“SIPs”) and consolidated variable interest entities (“VIEs”). See Note 7 – Variable Interest Entities and Consolidated Sponsored Investment Products for information related to the investments held by these entities. Investments consisted of the following:
At December 31, 2015 and September 30, 2015, investment securities with aggregate carrying amounts of $11.8 million and $4.3 million were pledged as collateral. Gross unrealized gains and losses relating to investment securities, available-for-sale were as follows:
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:
The Company recognized $0.4 million and $1.0 million of other-than-temporary impairment during the three months ended December 31, 2015 and 2014, all of which related to available-for-sale SIPs. |
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The disclosures below include details of the Company’s fair value measurements, excluding those of consolidated SIPs and consolidated VIEs. See Note 7 – Variable Interest Entities and Consolidated Sponsored Investment Products for information related to fair value measurements of the assets and liabilities of these entities. Assets and liabilities measured at fair value on a recurring basis were as follows:
The fair values of substantially all trading investments, all available-for-sale SIPs and certain other equity securities are determined based on their published net asset values. The fair values of certain trading investments, all available-for-sale debt securities and certain other equity securities are determined using quoted market prices, if available, or independent third-party broker or dealer price quotes, which are evaluated for reasonableness. The fair values of certain other trading investments and life settlement contracts are determined using discounted cash flow valuation techniques. The fair value of contingent consideration liabilities is determined using an income-based method which considers the net present value of anticipated future cash flows. There were no transfers between Level 1 and Level 2, or into or out of Level 3, during the three months ended December 31, 2015 and 2014. Changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows:
For investment securities, trading, a significant increase (decrease) in the discount rate or risk premium in isolation would result in a significantly lower (higher) fair value measurement. For life settlement contracts, a significant increase (decrease) in the life expectancy or the discount rate in isolation would result in a significantly lower (higher) fair value measurement. For the contingent consideration liability, a significant increase (decrease) in the AUM growth rate or EBITDA margin, or decrease (increase) in the discount rate, in isolation would result in a significantly higher (lower) fair value measurement. Financial instruments that were not measured at fair value were as follows:
_________________ 1 Primarily consist of Level 3 assets. |
VIEs and CSIPs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities and Consolidated Sponsored Investment Products | Variable Interest Entities and Consolidated Sponsored Investment Products The Company sponsors and manages various types of investment products, which consist of both VIEs and non-VIEs. The Company consolidates the VIE products for which it is the primary beneficiary and the non-VIE products which it controls. The Company has no right to the consolidated products’ assets, other than its direct equity investment in them, and/or investment management fees earned from them. The debt holders of these consolidated entities 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 entities’ liabilities. The balances of consolidated SIPs and consolidated VIEs included in the Company’s condensed consolidated balance sheets were as follows:
The consolidated SIPs and consolidated VIEs did not have a significant impact on net income attributable to the Company during the three months ended December 31, 2015 and 2014. Consolidated SIPs Consolidated SIPs consist of limited partnerships and similar structures that the Company controls and other fund products in which the Company has a controlling financial interest. The Company consolidated 33 SIPs as of December 31, 2015, and 32 SIPs as of September 30, 2015. SIPs are typically consolidated when the Company makes an initial investment in a newly launched fund or limited partnership entity. They are deconsolidated when the Company redeems its investment in the SIP or its voting interests decrease to a minority percentage. The Company’s investments in SIPs subsequent to deconsolidation are accounted for as trading or available-for-sale investment securities, or equity method or cost method investments depending on the nature of the SIP and the Company’s level of ownership. Consolidated VIEs Consolidated VIEs consist of sponsored collateralized loan obligations (“CLOs”), which are asset-backed financing entities collateralized by a pool of corporate debt securities. The Company recognized $0.1 million and $5.3 million of net gains related to its own economic interests in the CLOs during the three months ended December 31, 2015 and 2014. The unpaid principal balance and fair value of the investments of the CLOs were as follows:
There were no investments 90 days or more past due at December 31, 2015 or September 30, 2015. The unpaid principal balance of the debt of the CLOs was $747.3 million and $769.3 million at December 31, 2015 and September 30, 2015. Investments Investments of consolidated SIPs and consolidated VIEs consisted of the following:
Investment securities, trading held by consolidated SIPs consist of equity and debt securities that are traded in active markets. Other equity and debt securities held by consolidated SIPs primarily consist of direct investments in equity securities and secured and unsecured debt securities of entities in emerging markets, which are generally not traded in active markets. Other equity securities also include investments in funds that are not traded in active markets. Investments of consolidated VIEs consist of corporate debt securities. Debt Debt of consolidated SIPs and consolidated VIEs consisted of the following:
The debt of consolidated SIPs had fixed and floating interest rates ranging from 2.30% to 5.81% at both December 31, 2015 and September 30, 2015. The repayment of amounts outstanding under the debt agreements is secured by the assets of the consolidated SIPs or a pledge of the right to call capital. The debt of consolidated VIEs had floating interest rates ranging from 0.57% to 9.84% at December 31, 2015, and from 0.54% to 9.79% at September 30, 2015. At December 31, 2015, contractual maturities for debt of consolidated SIPs and consolidated VIEs were as follows:
Fair Value Measurements Assets and liabilities of consolidated SIPs and consolidated VIEs measured at fair value on a recurring basis were as follows.
Investments in fund products for which fair value was estimated using reported net asset value (“NAV”) as a practical expedient were as follows:
The investments in real estate and private equity funds are expected to be returned through distributions as a result of liquidations of the funds’ underlying assets over a weighted-average period of 3.8 years and 3.9 years at December 31, 2015 and September 30, 2015. The consolidated SIPs’ unfunded commitments to these funds totaled $91.6 million and $94.5 million at December 31, 2015 and September 30, 2015, of which the Company was contractually obligated to fund $2.6 million and $2.4 million based on its ownership percentage in the SIPs. There were no transfers between Level 1 and Level 2, or into or out of Level 3, during the three months ended December 31, 2015 and 2014. Changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows:
Level 3 equity securities held by consolidated SIPs consisted primarily of common and preferred shares, and debt securities consisted of corporate loans and notes and mezzanine loans at December 31, 2015 and September 30, 2015. The fair values of Level 3 assets and liabilities that were determined based on NAV or third-party pricing information are excluded from the above two tables. At December 31, 2015 and September 30, 2015, the asset exclusions consisted of $465.5 million and $464.8 million of investments in various funds held by consolidated SIPs for which fair value was estimated using NAV as a practical expedient. Following are descriptions of the sensitivity of the Level 3 recurring fair value measurements to changes in the significant unobservable inputs presented in the above tables. For securities utilizing the discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, risk premium or discount for lack of marketability in isolation would result in a significantly lower (higher) fair value measurement. The discount for lack of marketability used to determine fair value may include other factors such as liquidity or credit risk. Generally, a change in the discount rate is accompanied by a directionally similar change in the risk premium and discount for lack of marketability. For securities utilizing the market comparable companies valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the discount for lack of marketability in isolation would result in a significantly lower (higher) fair value measurement. The discount for lack of marketability used to determine fair value may include other factors such as liquidity or credit risk. For securities utilizing a market pricing valuation technique, a significant increase (decrease) in the price to book value ratio would result in a significantly higher (lower) fair value measurement. Financial instruments of consolidated SIPs and consolidated VIEs that were not measured at fair value were as follows:
_________________ 1 Substantially all is Level 2. Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests of consolidated SIPs were as follows:
Nonconsolidated VIEs VIEs for which the Company is not the primary beneficiary consist of sponsored and other investment products from which the Company earns investment management fees and/or in which it has an equity ownership interest. The carrying values of the investment management fees receivable from and the equity ownership interests in these VIEs included in the Company’s condensed consolidated balance sheets are set forth below. These amounts represent the Company’s maximum exposure to loss from these investment products.
While the Company has no contractual obligation to do so, it routinely makes cash investments in the course of launching SIPs. The Company also may voluntarily elect to provide its SIPs with additional direct or indirect financial support based on its business objectives. The Company did not provide financial or other support to its SIPs during fiscal year 2015 or the three months ended December 31, 2015. |
Commitments and Contingencies |
3 Months Ended |
---|---|
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is from time to time involved in 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, 2015 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, 2015, there were no material changes in the other commitments and contingencies as reported in the Company’s Form 10-K for fiscal year 2015. |
Stock-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Stock awards generally entitle holders to the right to sell the underlying shares of the Company’s common stock once the awards vest. Stock unit awards generally entitle holders to receive the underlying shares of common stock once the awards vest. Awards generally vest based on the passage of time or the achievement of predetermined Company financial performance goals. In the event a performance measure is not achieved at or above a specified threshold level, the portion of the award tied to such performance measure is forfeited. Stock and stock unit award activity was as follows:
Total unrecognized compensation cost related to nonvested stock and stock unit awards, net of estimated forfeitures, was $219.4 million at December 31, 2015. This cost is expected to be recognized over a remaining weighted-average vesting period of 2.0 years. |
Other Income (Expenses) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expenses) | Other Income (Expenses) Other income (expenses) consisted of the following:
Substantially all of the Company’s dividend income and realized gains and losses on sale of available-for-sale securities were generated by investments in its nonconsolidated SIPs. Interest income was primarily generated by trading investment securities and cash equivalents. Proceeds from the sale of available-for-sale securities were $106.6 million and $36.5 million for the three months ended December 31, 2015 and 2014. Net losses recognized on the Company’s trading investment securities that were held at December 31, 2015 and 2014 were $5.7 million and $3.0 million. Net gains (losses) recognized on trading investment securities of consolidated SIPs that were held at December 31, 2015 and 2014 were $2.3 million and $(5.9) million. |
Accumulated Other Comprehensive Income (Loss) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Fair Value Measurements Accounting Policies (Policies) |
3 Months Ended |
---|---|
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Fair Value Measurements | The fair values of substantially all trading investments, all available-for-sale SIPs and certain other equity securities are determined based on their published net asset values. The fair values of certain trading investments, all available-for-sale debt securities and certain other equity securities are determined using quoted market prices, if available, or independent third-party broker or dealer price quotes, which are evaluated for reasonableness. The fair values of certain other trading investments and life settlement contracts are determined using discounted cash flow valuation techniques. The fair value of contingent consideration liabilities is determined using an income-based method which considers the net present value of anticipated future cash flows. |
Consolidation | The Company sponsors and manages various types of investment products, which consist of both VIEs and non-VIEs. The Company consolidates the VIE products for which it is the primary beneficiary and the non-VIE products which it controls. The Company has no right to the consolidated products’ assets, other than its direct equity investment in them, and/or investment management fees earned from them. The debt holders of these consolidated entities 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 entities’ liabilities. |
Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in total stockholders' equity and redeemable noncontrolling interests | Changes in total stockholders’ equity were as follows:
__________________
__________________
|
Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings | The components of basic and diluted earnings per share were as follows:
|
Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments | Investments consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | Changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of valuation techniques and significant unobservable inputs used in level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments not measured at fair value | Financial instruments that were not measured at fair value were as follows:
_________________ 1 Primarily consist of Level 3 assets. |
VIEs and CSIPs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balances of CSIPs and CVIEs | The balances of consolidated SIPs and consolidated VIEs included in the Company’s condensed consolidated balance sheets were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of unpaid principal balance and fair value of investments and debt of CLOs | The unpaid principal balance and fair value of the investments of the CLOs were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments of CSIPs and CVIEs | Investments of consolidated SIPs and consolidated VIEs consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt of CSIPs and CVIEs | Debt of consolidated SIPs and consolidated VIEs consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contractual maturities for debt of CSIPs and CVIEs | At December 31, 2015, contractual maturities for debt of consolidated SIPs and consolidated VIEs were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balances of assets and liabilities of CSIPs and CVIEs measured at fair value on a recurring basis | Assets and liabilities of consolidated SIPs and consolidated VIEs measured at fair value on a recurring basis were as follows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments in fund products for which fair value was estimated using NAV as a practical expedient | Investments in fund products for which fair value was estimated using reported net asset value (“NAV”) as a practical expedient were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in Level 3 assets and liabilities of CSIPs and CVIEs on a recurring basis | Changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments of CSIPs and CVIEs not measured at fair value | Financial instruments of consolidated SIPs and consolidated VIEs that were not measured at fair value were as follows:
_________________ 1 Substantially all is Level 2. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in redeemable noncontrolling interests of CSIPs | Changes in redeemable noncontrolling interests of consolidated SIPs were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of maximum exposure loss from nonconsolidated VIEs | The carrying values of the investment management fees receivable from and the equity ownership interests in these VIEs included in the Company’s condensed consolidated balance sheets are set forth below. These amounts represent the Company’s maximum exposure to loss from these investment products.
|
Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of nonvested stock and stock unit award activity | Stock and stock unit award activity was as follows:
|
Other Income (Expenses) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other income (expenses) | Other income (expenses) consisted of the following:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component were as follows:
|
Stockholders' Equity - Narrative (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Stockholders' Equity Note [Abstract] | ||
Number of shares repurchased during period | 10.5 | 2.7 |
Cost of shares repurchased during period | $ 404.1 | $ 151.2 |
Additional number of shares authorized to be repurchased | 30.0 | |
Remaining number of shares authorized to be repurchased | 26.7 |
Earnings per Share - Narrative (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share [Abstract] | ||
Shares of nonparticipating nonvested stock unit awards excluded from the calculation of diluted EPS | 1.4 | 0.6 |
Earnings per Share - Schedule of Earnings per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share Reconciliation [Abstract] | ||
Net Income Attributable to Franklin Resources, Inc. | $ 447.8 | $ 566.4 |
Less: Allocation of earnings to participating nonvested stock and stock unit awards - basic | 2.7 | 3.6 |
Less: Allocation of earnings to participating nonvested stock and stock unit awards - diluted | 2.7 | 3.6 |
Net Income Available to Common Stockholders - basic | 445.1 | 562.8 |
Net Income Available to Common Stockholders - diluted | $ 445.1 | $ 562.8 |
Weighted-average shares outstanding – basic | 597.6 | 620.1 |
Dilutive effect of nonparticipating nonvested stock unit awards and common stock options | 0.1 | 0.1 |
Weighted-Average Shares Outstanding – Diluted | 597.7 | 620.2 |
Earnings Per Share [Abstract] | ||
Basic | $ 0.74 | $ 0.91 |
Diluted | $ 0.74 | $ 0.91 |
Investments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
|
Investments [Abstract] | |||
Aggregate carrying values of investment securities pledged as collateral | $ 11.8 | $ 4.3 | |
Other-than-temporary impairment of investments | 0.4 | $ 1.0 | |
Other-than-temporary impairment of available-for-sale SIPs | $ (0.4) | $ (1.0) |
Investments - Summary of Investments (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Investment [Line Items] | ||
Investment securities, trading | $ 1,249.0 | $ 1,251.2 |
Investment securities, available-for-sale | 363.0 | 446.4 |
Investments in equity method investees | 701.7 | 655.3 |
Other investments | 109.1 | 106.3 |
Total Investments | 2,422.8 | 2,459.2 |
Sponsored Investment Products [Member] | ||
Investment [Line Items] | ||
Investment securities, available-for-sale | 358.0 | 408.3 |
Debt Securities [Member] | ||
Investment [Line Items] | ||
Investment securities, available-for-sale | 1.7 | 23.0 |
Other Equity Securities [Member] | ||
Investment [Line Items] | ||
Investment securities, available-for-sale | $ 3.3 | $ 15.1 |
Investments - Summary of gross unrealized gains and losses relating to investment securities, available-for-sale (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Investment [Line Items] | ||
Cost Basis | $ 344.3 | $ 420.5 |
Gross Unrealized Gains | 29.5 | 32.8 |
Gross Unrealized Losses | (10.8) | (6.9) |
Fair Value | 363.0 | 446.4 |
Sponsored Investment Products [Member] | ||
Investment [Line Items] | ||
Cost Basis | 339.4 | 382.6 |
Gross Unrealized Gains | 29.4 | 32.4 |
Gross Unrealized Losses | (10.8) | (6.7) |
Fair Value | 358.0 | 408.3 |
Debt Securities [Member] | ||
Investment [Line Items] | ||
Cost Basis | 1.6 | 22.8 |
Gross Unrealized Gains | 0.1 | 0.2 |
Gross Unrealized Losses | 0.0 | 0.0 |
Fair Value | 1.7 | 23.0 |
Other Equity Securities [Member] | ||
Investment [Line Items] | ||
Cost Basis | 3.3 | 15.1 |
Gross Unrealized Gains | 0.0 | 0.2 |
Gross Unrealized Losses | 0.0 | (0.2) |
Fair Value | $ 3.3 | $ 15.1 |
Investments - Continuous Loss Position (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 110.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (5.8) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 21.0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | (1.1) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 131.7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | (6.9) | |
Sponsored Investment Products [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 117.3 | 99.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Gross Unrealized Losses | (8.6) | (5.6) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 22.2 | 21.0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | (2.2) | (1.1) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 139.5 | 120.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Gross Unrealized Losses | $ (10.8) | (6.7) |
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 | (0.2) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Fair Value | 0.0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Greater, Gross Unrealized Losses | 0.0 | |
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 | $ (0.2) |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value Disclosures [Abstract] | ||
Transfers into Level 1 from Level 2 - assets | $ 0.0 | $ 0.0 |
Transfers into Level 2 from Level 1 - assets | 0.0 | 0.0 |
Transfers into Level 1 from Level 2 - liabilities | 0.0 | 0.0 |
Transfers into Level 2 from Level 1 - liabilities | 0.0 | 0.0 |
Transfers into Level 3 - assets | 0.0 | 0.0 |
Transfers into Level 3 - liabilities | 0.0 | 0.0 |
Transfers out of Level 3 - assets | 0.0 | 0.0 |
Transfers out of Level 3 - liabilities | $ 0.0 | $ 0.0 |
Fair Value Measurements - Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Investment securities, trading | $ 1,249.0 | $ 1,251.2 |
Investment securities, available-for-sale | 363.0 | 446.4 |
Life settlement contracts | 14.5 | 14.7 |
Total Assets Measured at Fair Value | 1,626.5 | 1,712.3 |
Contingent consideration liability | 115.8 | 102.9 |
Level 1 [Member] | ||
Investment securities, trading | 1,164.2 | 1,168.2 |
Life settlement contracts | 0.0 | 0.0 |
Total Assets Measured at Fair Value | 1,522.7 | 1,588.7 |
Contingent consideration liability | 0.0 | 0.0 |
Level 2 [Member] | ||
Investment securities, trading | 75.5 | 77.0 |
Life settlement contracts | 0.0 | 0.0 |
Total Assets Measured at Fair Value | 80.0 | 102.9 |
Contingent consideration liability | 0.0 | 0.0 |
Level 3 [Member] | ||
Investment securities, trading | 9.3 | 6.0 |
Life settlement contracts | 14.5 | 14.7 |
Total Assets Measured at Fair Value | 23.8 | 20.7 |
Contingent consideration liability | 115.8 | 102.9 |
Sponsored Investment Products [Member] | ||
Investment securities, available-for-sale | 358.0 | 408.3 |
Sponsored Investment Products [Member] | Level 1 [Member] | ||
Investment securities, available-for-sale | 358.0 | 408.3 |
Sponsored Investment Products [Member] | Level 2 [Member] | ||
Investment securities, available-for-sale | 0.0 | 0.0 |
Sponsored Investment Products [Member] | Level 3 [Member] | ||
Investment securities, available-for-sale | 0.0 | 0.0 |
Debt Securities [Member] | ||
Investment securities, available-for-sale | 1.7 | 23.0 |
Debt Securities [Member] | Level 1 [Member] | ||
Investment securities, available-for-sale | 0.0 | 0.0 |
Debt Securities [Member] | Level 2 [Member] | ||
Investment securities, available-for-sale | 1.7 | 23.0 |
Debt Securities [Member] | Level 3 [Member] | ||
Investment securities, available-for-sale | 0.0 | 0.0 |
Other Equity Securities [Member] | ||
Investment securities, available-for-sale | 3.3 | 15.1 |
Other Equity Securities [Member] | Level 1 [Member] | ||
Investment securities, available-for-sale | 0.5 | 12.2 |
Other Equity Securities [Member] | Level 2 [Member] | ||
Investment securities, available-for-sale | 2.8 | 2.9 |
Other Equity Securities [Member] | Level 3 [Member] | ||
Investment securities, available-for-sale | $ 0.0 | $ 0.0 |
Fair Value Measurements - Schedule of Changes in Level 3 assets and liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - liabilities | $ (102.9) | $ (98.5) |
Purchases - liabilities | 0.0 | 0.0 |
Settlements - liabilities | 3.3 | 7.1 |
Foreign exchange revaluation | 0.0 | 0.2 |
Balance at end of period - liabilities | (115.8) | (100.7) |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (16.2) | (9.5) |
Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period - assets | 20.7 | 14.0 |
Purchases - assets | 3.3 | 0.1 |
Settlements - assets | (0.8) | (0.5) |
Foreign exchange revaluation | 0.0 | 0.0 |
Balance at end of period - assets | 23.8 | 14.2 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | 0.2 | 0.3 |
Investment and other income [Member] | Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | 0.0 | 0.0 |
Investment and other income [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | 0.6 | 0.6 |
General, administrative and other expense [Member] | Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | (16.2) | (9.4) |
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 | 0.0 |
Other Income [Member] | Contingent Consideration Liability [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - liabilities | 0.0 | (0.1) |
Other Income [Member] | Investments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total realized and unrealized gains (losses) - assets | $ 0.0 | $ 0.0 |
Fair Value Measurements - Quantitative Information about Level 3 (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Investment securities, trading | $ 1,249.0 | $ 1,251.2 |
Life settlement contracts | 14.5 | 14.7 |
Contingent consideration liability | $ 115.8 | $ 102.9 |
Contingent Consideration Liability [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
AUM growth rate | 6.10% | 0.50% |
EBITDA margin | 19.30% | |
Contingent Consideration Liability [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
AUM growth rate | 22.10% | 5.80% |
EBITDA margin | 22.90% | |
Contingent Consideration Liability [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 13.00% | 14.00% |
AUM growth rate | 11.50% | 4.40% |
EBITDA margin | 21.30% | 22.00% |
Trading Securities [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 4.90% | 5.20% |
Risk premium | 0.00% | 2.70% |
Trading Securities [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 8.50% | 6.10% |
Risk premium | 2.80% | 2.80% |
Trading Securities [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 6.50% | 5.70% |
Risk premium | 1.80% | 2.80% |
Life settlement contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 3.30% | 3.30% |
Life Expectancy (in months) | 21 | 21 |
Life settlement contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 19.00% | 19.00% |
Life Expectancy (in months) | 139 | 141 |
Life settlement contracts [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Discount rate | 11.70% | 11.70% |
Life Expectancy (in months) | 68 | 68 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Investment securities, trading | $ 9.3 | $ 6.0 |
Life settlement contracts | 14.5 | 14.7 |
Contingent consideration liability | 115.8 | 102.9 |
Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Investment securities, trading | 9.3 | 6.0 |
Life settlement contracts | 14.5 | 14.7 |
Contingent consideration liability | $ 115.8 | $ 102.9 |
Fair Value Measurements - Schedule of financial instruments not measured at fair value (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
||
---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | $ 8,269.0 | $ 8,368.1 | $ 7,885.2 | $ 7,596.0 | ||
Carrying Value [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 8,125.0 | 8,184.9 | ||||
Other Investments | [1] | 94.6 | 91.6 | |||
Debt | 1,348.1 | 1,348.0 | ||||
Estimated Fair Value [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 8,125.0 | 8,184.9 | ||||
Estimated Fair Value [Member] | Level 2 or Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other Investments | 104.7 | 97.1 | ||||
Estimated Fair Value [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt | $ 1,350.8 | $ 1,374.9 | ||||
|
VIEs and CSIPs - Narrative (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2015
USD ($)
|
|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | |||
Number of sponsored investment products consolidated | 33 | 32 | |
Gains from consolidated VIEs, net | $ 0.1 | $ 5.3 | |
Debt, unpaid principal balance | $ 1,348.1 | $ 1,348.0 | |
Liquidation weighted average period | 3 years 9 months 24 days | 3 years 10 months 24 days | |
Consolidated SIPs' unfunded commitments | $ 91.6 | $ 94.5 | |
Unfunded commitments company contractually obligated to fund | 2.6 | 2.4 | |
Transfers into Level 2 from Level 1 - assets | 0.0 | 0.0 | |
Transfers into Level 2 from Level 1 - liabilities | 0.0 | 0.0 | |
Transfers into Level 1 from Level 2 - assets | 0.0 | 0.0 | |
Transfers into Level 1 from Level 2 - liabilities | 0.0 | 0.0 | |
Transfers into Level 3 - assets | 0.0 | 0.0 | |
Transfers out of Level 3 - assets | 0.0 | 0.0 | |
Transfers into Level 3 - liabilities | 0.0 | 0.0 | |
Transfers out of Level 3 - liabilities | 0.0 | 0.0 | |
Investments in various funds held by consolidated SIPs for which fair value was estimated using NAV | 468.9 | 472.8 | |
Collateralized Loan Obligations [Member] | |||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | |||
Debt, unpaid principal balance | $ 747.3 | $ 769.3 | |
Consolidated sponsored investment products [Member] | |||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | |||
Interest Rate, Minimum | 2.30% | 2.30% | |
Interest Rate, Maximum | 5.81% | 5.81% | |
Transfers into Level 2 from Level 1 - assets | $ 0.0 | 0.0 | |
Transfers into Level 2 from Level 1 - liabilities | 0.0 | 0.0 | |
Transfers into Level 1 from Level 2 - assets | 0.0 | 0.0 | |
Transfers into Level 1 from Level 2 - liabilities | 0.0 | $ 0.0 | |
Investments in various funds held by consolidated SIPs for which fair value was estimated using NAV | $ 465.5 | $ 464.8 | |
Consolidated variable interest entities [Member] | |||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | |||
Interest Rate, Minimum | 0.57% | 0.54% | |
Interest Rate, Maximum | 9.84% | 9.79% |
VIEs and CSIPs - Schedule of balances of CSIPs and CVIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
---|---|---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | $ 8,269.0 | $ 8,368.1 | $ 7,885.2 | $ 7,596.0 |
Receivables | 863.7 | 838.0 | ||
Investments, at fair value | 1,626.5 | 1,712.3 | ||
Other assets | 139.2 | 152.7 | ||
Total Assets | 16,155.5 | 16,335.7 | ||
Accounts payable and accrued expenses | 229.2 | 232.1 | ||
Debt of consolidated SIPs | 81.8 | 81.2 | ||
Debt of consolidated VIEs | 690.4 | 726.1 | ||
Debt | 1,348.1 | 1,348.0 | ||
Other liabilities | 246.8 | 233.3 | ||
Total liabilities | 3,681.4 | 3,780.3 | ||
Redeemable Noncontrolling Interests | 53.2 | 59.6 | 74.0 | 234.8 |
Franklin Resources, Inc.’s interests | 11,781.2 | 11,841.0 | ||
Nonredeemable noncontrolling interests | 639.7 | 654.8 | ||
Total stockholders’ equity | 12,420.9 | 12,495.8 | $ 12,154.5 | $ 12,212.4 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 16,155.5 | 16,335.7 | ||
Consolidated sponsored investment products [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 92.0 | 108.5 | ||
Receivables | 11.3 | 10.0 | ||
Investments, at fair value | 956.0 | 977.4 | ||
Other assets | 0.6 | 0.7 | ||
Total Assets | 1,059.9 | 1,096.6 | ||
Accounts payable and accrued expenses | 12.4 | 10.8 | ||
Debt of consolidated SIPs | 81.8 | 81.2 | ||
Other liabilities | 6.4 | 6.3 | ||
Total liabilities | 100.6 | 98.3 | ||
Redeemable Noncontrolling Interests | 53.2 | 59.6 | ||
Franklin Resources, Inc.’s interests | 291.4 | 308.8 | ||
Nonredeemable noncontrolling interests | 614.7 | 629.9 | ||
Total stockholders’ equity | 906.1 | 938.7 | ||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 1,059.9 | 1,096.6 | ||
Consolidated variable interest entities [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 52.0 | 74.7 | ||
Receivables | 6.2 | 11.5 | ||
Investments, at fair value | 649.6 | 672.5 | ||
Other assets | 0.0 | 0.0 | ||
Total Assets | 707.8 | 758.7 | ||
Accounts payable and accrued expenses | 12.1 | 25.3 | ||
Debt of consolidated VIEs | 690.4 | 726.1 | ||
Other liabilities | 0.0 | 0.0 | ||
Total liabilities | 702.5 | 751.4 | ||
Redeemable Noncontrolling Interests | 0.0 | 0.0 | ||
Franklin Resources, Inc.’s interests | 5.3 | 7.3 | ||
Nonredeemable noncontrolling interests | 0.0 | 0.0 | ||
Total stockholders’ equity | 5.3 | 7.3 | ||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | 707.8 | 758.7 | ||
Total VIEs and SIPs [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 144.0 | 183.2 | ||
Receivables | 17.5 | 21.5 | ||
Investments, at fair value | 1,605.6 | 1,649.9 | ||
Other assets | 0.6 | 0.7 | ||
Total Assets | 1,767.7 | 1,855.3 | ||
Accounts payable and accrued expenses | 24.5 | 36.1 | ||
Debt | 772.2 | 807.3 | ||
Other liabilities | 6.4 | 6.3 | ||
Total liabilities | 803.1 | 849.7 | ||
Redeemable Noncontrolling Interests | 53.2 | 59.6 | ||
Franklin Resources, Inc.’s interests | 296.7 | 316.1 | ||
Nonredeemable noncontrolling interests | 614.7 | 629.9 | ||
Total stockholders’ equity | 911.4 | 946.0 | ||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ 1,767.7 | $ 1,855.3 |
VIEs and CSIPs - Schedule of unpaid principal balance and fair value of investments and debt of CLOs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Unpaid principal balance | $ 2,422.8 | $ 2,459.2 |
Fair Value | 1,626.5 | 1,712.3 |
Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Unpaid principal balance | 678.2 | 694.5 |
Difference between unpaid principal balance and fair value | (28.6) | (22.0) |
Fair Value | $ 649.6 | $ 672.5 |
VIEs and CSIPs - Schedule of investments of CSIPs and CVIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Investment securities, trading | $ 1,249.0 | $ 1,251.2 |
Investments, at fair value | 1,626.5 | 1,712.3 |
Consolidated sponsored investment products [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Investment securities, trading | 173.3 | 180.5 |
Other debt securities | 123.0 | 129.2 |
Other equity securities | 659.7 | 667.7 |
Investments, at fair value | 956.0 | 977.4 |
Consolidated variable interest entities [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Investment securities, trading | 0.0 | 0.0 |
Other debt securities | 649.6 | 672.5 |
Other equity securities | 0.0 | 0.0 |
Investments, at fair value | 649.6 | 672.5 |
Total VIEs and SIPs [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Investment securities, trading | 173.3 | 180.5 |
Other debt securities | 772.6 | 801.7 |
Other equity securities | 659.7 | 667.7 |
Investments, at fair value | $ 1,605.6 | $ 1,649.9 |
VIEs and CSIPs - Schedule of debt of CSIPs and CVIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Debt of consolidated SIPs | $ 81.8 | $ 81.2 |
Debt of consolidated VIEs | 690.4 | 726.1 |
Debt | 1,348.1 | 1,348.0 |
Consolidated sponsored investment products [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Debt of consolidated SIPs | $ 81.8 | $ 81.2 |
Effective Interest Rate | 4.67% | 4.71% |
Consolidated variable interest entities [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Debt of consolidated VIEs | $ 690.4 | $ 726.1 |
Effective Interest Rate | 1.70% | 1.62% |
Total VIEs and SIPs [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Debt | $ 772.2 | $ 807.3 |
VIEs and CSIPs - Schedule of contractual maturities for debt of CSIPs and CVIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Total | $ 1,348.1 | $ 1,348.0 |
Total VIEs and SIPs [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
2016 | 21.0 | |
2017 | 19.0 | |
2018 | 148.5 | |
2019 | 307.0 | |
2020 | 0.0 | |
Thereafter | 276.7 | |
Total | $ 772.2 | $ 807.3 |
VIEs and CSIPs - Schedule of balances of assets and liabilities of CSIPs and CVIEs measured at fair value (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
---|---|---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | $ 8,269.0 | $ 8,368.1 | $ 7,885.2 | $ 7,596.0 |
Investments, at fair value | 1,626.5 | 1,712.3 | ||
Total Assets Measured at Fair Value | 1,626.5 | 1,712.3 | ||
Consolidated variable interest entities [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 52.0 | 74.7 | ||
Equity securities | 0.0 | 0.0 | ||
Debt securities | 649.6 | 672.5 | ||
Investments, at fair value | 649.6 | 672.5 | ||
Consolidated sponsored investment products [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 92.0 | 108.5 | ||
Equity securities | 659.7 | 667.7 | ||
Debt securities | 123.0 | 129.2 | ||
Investments, at fair value | 956.0 | 977.4 | ||
Total [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 52.0 | 74.7 | ||
Receivables of consolidated VIEs | 6.2 | 11.5 | ||
Equity securities | 722.0 | 753.8 | ||
Debt securities | 234.0 | 223.6 | ||
Investments, at fair value | 649.6 | 672.5 | ||
Other liabilities of consolidated SIPs | 6.4 | 6.3 | ||
Total VIEs and SIPs [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 144.0 | 183.2 | ||
Equity securities | 659.7 | 667.7 | ||
Debt securities | 772.6 | 801.7 | ||
Investments, at fair value | 1,605.6 | 1,649.9 | ||
Total Assets Measured at Fair Value | 1,663.8 | 1,736.1 | ||
Level 1 [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Total Assets Measured at Fair Value | 1,522.7 | 1,588.7 | ||
Level 1 [Member] | Consolidated variable interest entities [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 52.0 | 74.7 | ||
Receivables of consolidated VIEs | 0.0 | 0.0 | ||
Investments, at fair value | 0.0 | 0.0 | ||
Level 1 [Member] | Consolidated sponsored investment products [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Equity securities | 64.1 | 88.9 | ||
Debt securities | 0.0 | 0.0 | ||
Other liabilities of consolidated SIPs | 3.2 | 3.3 | ||
Level 1 [Member] | Total VIEs and SIPs [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Total Assets Measured at Fair Value | 116.1 | 163.6 | ||
Level 2 [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Total Assets Measured at Fair Value | 80.0 | 102.9 | ||
Level 2 [Member] | Consolidated variable interest entities [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 0.0 | 0.0 | ||
Receivables of consolidated VIEs | 6.2 | 11.5 | ||
Investments, at fair value | 649.3 | 672.1 | ||
Level 2 [Member] | Consolidated sponsored investment products [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Equity securities | 4.3 | 8.5 | ||
Debt securities | 110.4 | 93.8 | ||
Other liabilities of consolidated SIPs | 3.2 | 3.0 | ||
Level 2 [Member] | Total VIEs and SIPs [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Total Assets Measured at Fair Value | 770.2 | 785.9 | ||
Level 3 [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Total Assets Measured at Fair Value | 23.8 | 20.7 | ||
Level 3 [Member] | Consolidated variable interest entities [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Cash and cash equivalents | 0.0 | 0.0 | ||
Receivables of consolidated VIEs | 0.0 | 0.0 | ||
Investments, at fair value | 0.3 | 0.4 | ||
Level 3 [Member] | Consolidated sponsored investment products [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Equity securities | 653.6 | 656.4 | ||
Debt securities | 123.6 | 129.8 | ||
Other liabilities of consolidated SIPs | 0.0 | 0.0 | ||
Level 3 [Member] | Total VIEs and SIPs [Member] | ||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||
Total Assets Measured at Fair Value | $ 777.5 | $ 786.6 |
VIEs and CSIPs - Schedule of investments in fund products for which fair value was estimated using NAV as a practical expedient (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | $ 468.9 | $ 472.8 |
Hedge Funds [Member] | Level 2 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | 3.4 | 8.0 |
Hedge Funds [Member] | Level 3 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | 1.1 | 1.2 |
Real Estate and Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in funds products for which fair value was estimated using NAV | $ 464.4 | $ 463.6 |
VIEs and CSIPs - Schedule of changes in Level 3 assets and liabilities of CSIPs and CVIEs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt of Consolidated VIEs [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Balance at beginning of period - liabilities | $ (47.2) | |
Adjustment for adoption of new accounting guidance | 47.2 | |
Realized and unrealized gains (losses) included in investment and other income, net - liabilities | 0.0 | |
Purchases - liabilities | 0.0 | |
Sales - liabilities | 0.0 | |
Settlements - liabilities | 0.0 | |
Foreign exchange revaluation | 0.0 | |
Balance at end of period - liabilities | 0.0 | |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | 0.0 | |
Equity Securities [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Balance at beginning of period - assets | $ 656.4 | 614.3 |
Adjustment for adoption of new accounting guidance | 0.0 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | (7.8) | 8.3 |
Purchases - assets | 27.4 | 47.3 |
Sales - assets | (20.0) | (65.1) |
Settlements - assets | 0.0 | |
Foreign exchange revaluation | (2.4) | (2.0) |
Balance at end of period - assets | 653.6 | 602.8 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (7.8) | 2.6 |
Debt Securities [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Balance at beginning of period - assets | 129.8 | 206.3 |
Adjustment for adoption of new accounting guidance | 0.0 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | 1.2 | 3.9 |
Purchases - assets | 2.5 | 1.7 |
Sales - assets | (9.6) | (57.2) |
Settlements - assets | (0.6) | |
Foreign exchange revaluation | (0.3) | (2.5) |
Balance at end of period - assets | 123.6 | 151.6 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | 0.4 | 3.6 |
Investments of Consolidated VIEs [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Balance at beginning of period - assets | 0.4 | 0.5 |
Adjustment for adoption of new accounting guidance | 0.0 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | (0.1) | (0.1) |
Purchases - assets | 0.0 | 0.0 |
Sales - assets | 0.0 | 0.0 |
Settlements - assets | 0.0 | |
Foreign exchange revaluation | 0.0 | 0.0 |
Balance at end of period - assets | 0.3 | 0.4 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | (0.1) | (0.1) |
Level 3 [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Balance at beginning of period - assets | 786.6 | 821.1 |
Adjustment for adoption of new accounting guidance | 0.0 | |
Realized and unrealized gains (losses) included in investment and other income, net - assets | (6.7) | 12.1 |
Purchases - assets | 29.9 | 49.0 |
Sales - assets | (29.6) | (122.3) |
Settlements - assets | (0.6) | |
Foreign exchange revaluation | (2.7) | (4.5) |
Balance at end of period - assets | 777.5 | 754.8 |
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at period end | $ (7.5) | $ 6.1 |
VIEs and CSIPs - Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
|
Equity Securities [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 6.30% | 6.30% |
Equity Securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 4.2 | 4.2 |
Discount for lack of marketability | 25.00% | 25.00% |
Price to book value ratio | $ 1.8 | $ 1.8 |
Equity Securities [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 19.00% | 19.00% |
Equity Securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 10.7 | 10.7 |
Discount for lack of marketability | 50.00% | 50.00% |
Price to book value ratio | $ 2.8 | $ 2.8 |
Equity Securities [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 12.80% | 12.80% |
Equity Securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
EBITDA multiple | 8.7 | 8.8 |
Discount for lack of marketability | 34.90% | 34.90% |
Price to book value ratio | $ 2.3 | $ 2.3 |
Debt Securities [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 3.50% | 3.50% |
Risk premium | 0.30% | 0.00% |
Debt Securities [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 17.00% | 17.00% |
Risk premium | 18.00% | 18.00% |
Debt Securities [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Discount rate | 9.60% | 9.40% |
Risk premium | 5.30% | 4.60% |
Consolidated sponsored investment products [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | $ 659.7 | $ 667.7 |
Debt securities | 123.0 | 129.2 |
Consolidated sponsored investment products [Member] | Level 3 [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 653.6 | 656.4 |
Debt securities | 123.6 | 129.8 |
Consolidated sponsored investment products [Member] | Level 3 [Member] | Market comparable companies approach valuation technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 126.4 | 128.8 |
Consolidated sponsored investment products [Member] | Level 3 [Member] | Market pricing approach valuation technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | 46.9 | 47.7 |
Consolidated sponsored investment products [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Equity securities | $ 14.8 | $ 15.1 |
VIEs and CSIPs - Schedule of financial instruments of CSIPs and CVIEs not measured at fair value (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
||
---|---|---|---|---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | $ 8,269.0 | $ 8,368.1 | $ 7,885.2 | $ 7,596.0 | ||
Debt of consolidated SIPs | 81.8 | 81.2 | ||||
Debt of consolidated VIEs | 690.4 | 726.1 | ||||
Consolidated sponsored investment products [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 92.0 | 108.5 | ||||
Debt of consolidated SIPs | 81.8 | 81.2 | ||||
Consolidated variable interest entities [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 52.0 | 74.7 | ||||
Debt of consolidated VIEs | 690.4 | 726.1 | ||||
Consolidated variable interest entities [Member] | Level 1 [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 52.0 | 74.7 | ||||
Consolidated variable interest entities [Member] | Level 3 [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 0.0 | 0.0 | ||||
Carrying Value [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 8,125.0 | 8,184.9 | ||||
Carrying Value [Member] | Consolidated sponsored investment products [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 92.0 | 108.5 | ||||
Debt of consolidated SIPs | 81.8 | 81.2 | ||||
Carrying Value [Member] | Consolidated variable interest entities [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Debt of consolidated VIEs | 690.4 | 726.1 | ||||
Estimated Fair Value [Member] | Level 1 [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 8,125.0 | 8,184.9 | ||||
Estimated Fair Value [Member] | Consolidated sponsored investment products [Member] | Level 1 [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Cash and cash equivalents | 92.0 | 108.5 | ||||
Estimated Fair Value [Member] | Consolidated sponsored investment products [Member] | Level 3 [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Debt of consolidated SIPs | 79.2 | 77.9 | ||||
Estimated Fair Value [Member] | Consolidated variable interest entities [Member] | Level 2 or Level 3 [Member] | ||||||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||||||
Debt of consolidated VIEs | [1] | $ 689.7 | $ 719.3 | |||
|
VIEs and CSIPs - Schedule of redeemable noncontrolling interest of CSIPs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Temporary Equity [Line Items] | ||
Beginning balance | $ 59.6 | $ 234.8 |
Net income (loss) | 1.0 | (6.8) |
Net subscriptions and other | (28.7) | (36.3) |
Ending balance | 53.2 | 74.0 |
Redeemable Noncontrolling Interests [Member] | ||
Temporary Equity [Line Items] | ||
Net subscriptions and other | 68.0 | 1.0 |
Net deconsolidations | $ (75.4) | $ (155.0) |
VIEs and CSIPs - Schedule of maximum exposure loss from non-consolidated VIEs (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Nonconsolidated maximum exposure to loss | $ 214.0 | $ 272.1 |
Receivables [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Nonconsolidated maximum exposure to loss | 35.7 | 35.5 |
Investments [Member] | ||
Variable Interest Entities and Consolidated Sponsored Investment Products [Line Items] | ||
Nonconsolidated maximum exposure to loss | $ 178.3 | $ 236.6 |
Stock-Based Compensation - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Share-based Compensation [Abstract] | |
Unrecognized compensation cost related to nonvested awards net of estimated forfeitures | $ 219.4 |
Weighted-average remaining contractual term (in years) | 2 years |
Stock-Based Compensation (Details) shares in Thousands |
3 Months Ended |
---|---|
Dec. 31, 2015
$ / 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, 2015 | 3,258 |
Granted | 3,270 |
Vested | (411) |
Forfeited/canceled | (106) |
Nonvested Balance at December 31, 2015 | 6,011 |
Nonvested beginning balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 53.97 |
Weighted-Average Grant-Date Fair Value of shares granted | $ / shares | 41.04 |
Weighted-Average Grant-Date Fair Value of shares vested | $ / shares | 50.21 |
Weighted-Average Grant-Date Fair Value of shares forfeited/canceled | $ / shares | 46.15 |
Nonvested ending balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 47.33 |
Time-Based 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, 2015 | 2,085 |
Granted | 2,631 |
Vested | (15) |
Forfeited/canceled | (46) |
Nonvested Balance at December 31, 2015 | 4,655 |
Performance-Based 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, 2015 | 1,173 |
Granted | 639 |
Vested | (396) |
Forfeited/canceled | (60) |
Nonvested Balance at December 31, 2015 | 1,356 |
Other Income (Expenses) - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Income and Expenses [Abstract] | ||
Proceeds from the sale of available-for-sale securities | $ 106.6 | $ 36.5 |
Recognized net losses on trading investment securities | (5.7) | (3.0) |
Recognized net gains (losses) on trading investment securities of consolidated SIPs | $ 2.3 | $ (5.9) |
Other Income (Expenses) - Schedule of Other Nonoperating Income and Expense by Component (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Income and Expenses [Abstract] | ||
Dividend income | $ 2.8 | $ 2.2 |
Interest income | 3.6 | 2.0 |
Losses on trading investment securities, net | (7.3) | (3.0) |
Realized gains on sale of investment securities, available-for-sale | 7.8 | 4.8 |
Realized losses on sale of investment securities, available-for-sale | (0.8) | (0.3) |
Income from investments in equity method investees | 24.8 | 6.7 |
Other-than-temporary impairment of investments | (0.4) | (1.0) |
Gains (losses) on investments of consolidated SIPs, net | (5.7) | 2.9 |
Gains from consolidated VIEs, net | 0.1 | 5.3 |
Foreign currency exchange gains, net | 3.5 | 23.3 |
Other, net | 2.1 | 8.8 |
Total | 30.5 | 51.7 |
Interest expense | (12.0) | (11.3) |
Other Income, Net | $ 18.5 | $ 40.4 |
Accumulated Other Comprehensive Income (Loss) - Changes in accumulated other comprehensive income by component (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | $ (314.2) | |
Net unrealized gains (losses) on investments, net of tax | (5.9) | $ (0.2) |
Currency translation adjustments, net of tax | (23.6) | (61.5) |
Net unrealized gains (losses) on defined benefit plans, net of tax | 0.6 | 1.0 |
Total other comprehensive loss | (28.9) | (60.7) |
Balance at end of period | (343.1) | |
Unrealized Gains (Losses) on Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | 19.3 | 31.0 |
Other comprehensive income (loss) before reclassifications, net of tax | 0.8 | 3.0 |
Reclassifications to net investment and other income (losses), net of tax | (6.7) | (3.2) |
Net unrealized gains (losses) on investments, net of tax | (5.9) | (0.2) |
Balance at end of period | 13.4 | 30.8 |
Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (327.8) | (143.6) |
Other comprehensive income (loss) before reclassifications, net of tax | (23.6) | (61.5) |
Reclassifications to net investment and other income (losses), net of tax | 0.0 | 0.0 |
Currency translation adjustments, net of tax | (23.6) | (61.5) |
Balance at end of period | (351.4) | (205.1) |
Unrealized Gains (Losses) on Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (5.7) | (5.1) |
Other comprehensive income (loss) before reclassifications, net of tax | 0.6 | 1.0 |
Reclassifications to net investment and other income (losses), net of tax | 0.0 | 0.0 |
Net unrealized gains (losses) on defined benefit plans, net of tax | 0.6 | 1.0 |
Balance at end of period | (5.1) | (4.1) |
Total [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of period | (314.2) | (117.7) |
Other comprehensive income (loss) before reclassifications, net of tax | (22.2) | (57.5) |
Reclassifications to net investment and other income (losses), net of tax | (6.7) | (3.2) |
Total other comprehensive loss | (28.9) | (60.7) |
Balance at end of period | $ (343.1) | $ (178.4) |
<%.4>@3YC!A^(19$"RH+R7X_TL<^ 6=7Z>O;SA<)_IZ=KBY+I#?$,B30'ZS
MQ<^8[3]%V,69:K!M>CJ.5#@8/QW>DEU>YP-/=_(!+XM>M/!3V%8:1X[HP\VF
MNVD0/003V=V&DB[\GR50T/BX_!+6=GI24^"Q/W^0Y9>6?P%02P,$% @
MN$1#2.R6QK&T 0 %@0 !D !X;"]W;W)K *U2IOB%ON@8.'(!@@HTZ*6'"Y2
MK 98T ,*/<7\0,GZ0!W)5%866CC>(JBG[EEQ/IZZ8M7Y<%6I#6-OP=@[UE-R
M=CPE+92:,V0RWP-9& C7']4G3%9MW4UZ"9)N-2#'.N
M'G4_ &4CCGS4!"'8G1ODS1-^O+ JL?!%918#6E
MN+F8XF?,]9<@[*RF"DP;GXXE%0[:I>+-I_/KO,UC3S[@9='S%GYSTPIMR0&=
M[VSL38/HP)O(KM:4=/[_S!L)C0O+:[\VZ4FEC^]$'F7UK^!U!+ P04
M" "X1$-(B[Y'2L ! ![! &0 'AL+W=O
B/O&>JL
M_')35Q=TPK\0/;4#\W:$BQ-7G9E'0C@6>%$@6NE9W(2F28>/7 YS,:;Z;J G
MG%P>5YWIOE7_!U!+ P04 " "X1$-(V,6WTP," "H!0 &0 'AL+W=O
M 6KYF0J/GE$R]PVPHEOO-?+?J]IR":]V?UE4R7A_]>4[P@
M[9]FP_8\VLCW-GA;'UOV1DX_L,XA%8)KTE+Y[ZV/E)'N3/&]KOY2UZ:7UY-Z
MDT>:9B?$FA"/A 0Y"8DF)",!0"1K$-MAJLB=*B\R>&71D!HW,8!3;!5*'0/J(
MMYE#(+OOK8)DRC5P627:6@7*-2B'06&/!3EB01,W$ELU/IN8.+-^OP4R8BE@
MD!;FSQK]A %N,2:)Y(Y$H=_U<.NZ:GW3A@?
M?>3PLB6$81YY%/!*V?,I>7QH\9:)6\3O!S4WJ@=N)S%J_]02P,$%
M @ N$1#2.&VFWW3 P 8A, !D !X;"]W;W)K
+=>?1\J8IK;40-G#4B*BBIBDB1WK!*4)/=4$O+\
MHEGU[;@T!HS&P+D"/U;@0*[ &Q7X
1;%DF^:9'L+%9VNI4X-6Z[)9,9-]Z261E4D .Z^;,O-^EQ?%N?Q3:+2F\#ZSC#42[G1.G,/Y5R*5+E("&"3,@)H/X$DC8A="Q/#-,QL *)%B!2