QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-2670991 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.10 per share | BEN | New York Stock Exchange |
Large Accelerated Filer | Accelerated Filer | ||||||||||||||||
Non-accelerated Filer | Smaller Reporting Company | ||||||||||||||||
Emerging Growth Company |
Page | |||||||||||||
Financial Information | |||||||||||||
Item 1. | Financial Statements (unaudited) | ||||||||||||
3 | |||||||||||||
4 | |||||||||||||
5 | |||||||||||||
6 | |||||||||||||
8 | |||||||||||||
10 | |||||||||||||
Item 2. | |||||||||||||
Item 3. | 58 | ||||||||||||
Item 4. | 58 | ||||||||||||
Other Information | |||||||||||||
Item 1. | 59 | ||||||||||||
Item 1A. | 59 | ||||||||||||
Item 2. | 59 | ||||||||||||
Item 6. | 59 | ||||||||||||
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF INCOME Unaudited | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
(in millions, except per share data) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating Revenues | ||||||||||||||||
Investment management fees | $ | 809.2 | $ | 1,019.4 | $ | 2,697.1 | $ | 2,983.6 | ||||||||
Sales and distribution fees | 302.1 | 367.5 | 995.3 | 1,080.8 | ||||||||||||
Shareholder servicing fees | 44.6 | 52.7 | 149.4 | 164.9 | ||||||||||||
Other | 32.2 | 37.1 | 97.3 | 92.7 | ||||||||||||
Total operating revenues | 1,188.1 | 1,476.7 | 3,939.1 | 4,322.0 | ||||||||||||
Operating Expenses | ||||||||||||||||
Sales, distribution and marketing | 368.6 | 462.4 | 1,236.4 | 1,356.3 | ||||||||||||
Compensation and benefits | 386.5 | 437.7 | 1,141.6 | 1,202.3 | ||||||||||||
Information systems and technology | 62.1 | 65.7 | 186.4 | 188.7 | ||||||||||||
Occupancy | 31.5 | 32.2 | 100.4 | 94.8 | ||||||||||||
General, administrative and other | 85.7 | 103.8 | 271.8 | 314.0 | ||||||||||||
Total operating expenses | 934.4 | 1,101.8 | 2,936.6 | 3,156.1 | ||||||||||||
Operating Income | 253.7 | 374.9 | 1,002.5 | 1,165.9 | ||||||||||||
Other Income (Expenses) | ||||||||||||||||
Investment and other income (losses), net | 22.9 | 44.2 | (166.5 | ) | 103.8 | |||||||||||
Interest expense | (6.8 | ) | (5.6 | ) | (17.7 | ) | (17.7 | ) | ||||||||
Other income (expenses), net | 16.1 | 38.6 | (184.2 | ) | 86.1 | |||||||||||
Income before taxes | 269.8 | 413.5 | 818.3 | 1,252.0 | ||||||||||||
Taxes on income | 16.1 | 158.9 | 157.7 | 355.8 | ||||||||||||
Net income | 253.7 | 254.6 | 660.6 | 896.2 | ||||||||||||
Less: net income (loss) attributable to | ||||||||||||||||
Redeemable noncontrolling interests | 31.3 | 0.1 | 11.8 | 6.2 | ||||||||||||
Nonredeemable noncontrolling interests | (68.0 | ) | 8.6 | (71.2 | ) | 0.7 | ||||||||||
Net Income Attributable to Franklin Resources, Inc. | $ | 290.4 | $ | 245.9 | $ | 720.0 | $ | 889.3 | ||||||||
Earnings per Share | ||||||||||||||||
Basic | $ | 0.58 | $ | 0.48 | $ | 1.44 | $ | 1.74 | ||||||||
Diluted | 0.58 | 0.48 | 1.44 | 1.74 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||
Investment management fees | $ | 1,598.4 | $ | 908.2 | $ | 3,138.8 | $ | 1,887.9 | ||||||||||||||||||
Sales and distribution fees | 413.6 | 341.7 | 810.5 | 693.2 | ||||||||||||||||||||||
Shareholder servicing fees | 55.7 | 54.8 | 105.1 | 104.8 | ||||||||||||||||||||||
Other | 8.8 | 6.5 | 17.2 | 14.5 | ||||||||||||||||||||||
Total operating revenues | 2,076.5 | 1,311.2 | 4,071.6 | 2,700.4 | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Compensation and benefits | 732.3 | 365.7 | 1,457.8 | 755.1 | ||||||||||||||||||||||
Sales, distribution and marketing | 541.8 | 423.9 | 1,048.3 | 867.8 | ||||||||||||||||||||||
Information systems and technology | 117.5 | 61.8 | 234.0 | 124.3 | ||||||||||||||||||||||
Occupancy | 53.8 | 34.4 | 109.5 | 68.9 | ||||||||||||||||||||||
Amortization of intangible assets | 57.9 | 4.4 | 116.1 | 9.2 | ||||||||||||||||||||||
General, administrative and other | 116.9 | 81.1 | 240.5 | 162.3 | ||||||||||||||||||||||
Total operating expenses | 1,620.2 | 971.3 | 3,206.2 | 1,987.6 | ||||||||||||||||||||||
Operating Income | 456.3 | 339.9 | 865.4 | 712.8 | ||||||||||||||||||||||
Other Income (Expenses) | ||||||||||||||||||||||||||
Investment and other income (losses), net | 67.1 | (181.0) | 144.3 | (113.1) | ||||||||||||||||||||||
Interest expense | (15.9) | (3.7) | (45.6) | (9.8) | ||||||||||||||||||||||
Investment and other income (losses) of consolidated investment products, net | 111.2 | (40.9) | 202.3 | (25.7) | ||||||||||||||||||||||
Expenses of consolidated investment products | (5.2) | (11.4) | (15.6) | (15.7) | ||||||||||||||||||||||
Other income (expenses), net | 157.2 | (237.0) | 285.4 | (164.3) | ||||||||||||||||||||||
Income before taxes | 613.5 | 102.9 | 1,150.8 | 548.5 | ||||||||||||||||||||||
Taxes on income | 128.1 | 44.1 | 270.6 | 141.6 | ||||||||||||||||||||||
Net income | 485.4 | 58.8 | 880.2 | 406.9 | ||||||||||||||||||||||
Less: net income (loss) attributable to | ||||||||||||||||||||||||||
Redeemable noncontrolling interests | 12.0 | (28.5) | 30.7 | (19.5) | ||||||||||||||||||||||
Nonredeemable noncontrolling interests | 91.6 | 8.2 | 122.4 | (3.2) | ||||||||||||||||||||||
Net Income Attributable to Franklin Resources, Inc. | $ | 381.8 | $ | 79.1 | $ | 727.1 | $ | 429.6 | ||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||||||
Basic | $ | 0.74 | $ | 0.16 | $ | 1.42 | $ | 0.86 | ||||||||||||||||||
Diluted | 0.74 | 0.16 | 1.42 | 0.86 |
(in millions) | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net Income | $ | 485.4 | $ | 58.8 | $ | 880.2 | $ | 406.9 | ||||||||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Currency translation adjustments, net of tax | (34.8) | (102.5) | 58.7 | (44.5) | ||||||||||||||||||||||
Net unrealized gains (losses) on defined benefit plans, net of tax | 1.0 | 0.7 | 0.4 | (0.2) | ||||||||||||||||||||||
Net unrealized gains on investments, net of tax | 0 | 1.9 | 0 | 0.2 | ||||||||||||||||||||||
Total other comprehensive income (loss) | (33.8) | (99.9) | 59.1 | (44.5) | ||||||||||||||||||||||
Total comprehensive income (loss) | 451.6 | (41.1) | 939.3 | 362.4 | ||||||||||||||||||||||
Less: comprehensive income (loss) attributable to | ||||||||||||||||||||||||||
Redeemable noncontrolling interests | 12.0 | (28.5) | 30.7 | (19.5) | ||||||||||||||||||||||
Nonredeemable noncontrolling interests | 91.6 | 8.2 | 122.4 | (3.2) | ||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Franklin Resources, Inc. | $ | 348.0 | $ | (20.8) | $ | 786.2 | $ | 385.1 |
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited | ||||||||||||||||
(in millions) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Income | $ | 253.7 | $ | 254.6 | $ | 660.6 | $ | 896.2 | ||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||
Currency translation adjustments, net of tax | 26.1 | 1.9 | (18.4 | ) | (4.8 | ) | ||||||||||
Net unrealized gains (losses) on defined benefit plans, net of tax | — | 0.1 | (0.2 | ) | (1.0 | ) | ||||||||||
Net unrealized gains (losses) on investments, net of tax | (0.1 | ) | 3.6 | 0.1 | 3.5 | |||||||||||
Total other comprehensive income (loss) | 26.0 | 5.6 | (18.5 | ) | (2.3 | ) | ||||||||||
Total comprehensive income | 279.7 | 260.2 | 642.1 | 893.9 | ||||||||||||
Less: comprehensive income (loss) attributable to | ||||||||||||||||
Redeemable noncontrolling interests | 31.3 | 0.1 | 11.8 | 6.2 | ||||||||||||
Nonredeemable noncontrolling interests | (68.0 | ) | 8.6 | (71.2 | ) | 0.7 | ||||||||||
Comprehensive Income Attributable to Franklin Resources, Inc. | $ | 316.4 | $ | 251.5 | $ | 701.5 | $ | 887.0 |
(in millions, except share and per share data) | March 31, 2021 | September 30, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 3,740.2 | $ | 3,026.8 | ||||||||||
Receivables | 1,294.9 | 1,200.6 | ||||||||||||
Investments (including $554.3 and $504.8 at fair value at March 31, 2021 and September 30, 2020) | 1,433.9 | 1,270.5 | ||||||||||||
Assets of consolidated investment products | ||||||||||||||
Cash and cash equivalents | 624.5 | 930.7 | ||||||||||||
Investments, at fair value | 3,907.7 | 2,709.2 | ||||||||||||
Property and equipment, net | 768.0 | 813.8 | ||||||||||||
Goodwill | 4,516.4 | 4,500.8 | ||||||||||||
Intangible assets, net | 4,809.8 | 4,914.2 | ||||||||||||
Operating lease right-of-use assets | 498.0 | 534.8 | ||||||||||||
Other | 276.4 | 319.5 | ||||||||||||
Total Assets | $ | 21,869.8 | $ | 20,220.9 | ||||||||||
Liabilities | ||||||||||||||
Compensation and benefits | $ | 1,054.1 | $ | 1,064.0 | ||||||||||
Accounts payable and accrued expenses | 443.2 | 426.9 | ||||||||||||
Commissions | 279.3 | 268.0 | ||||||||||||
Income taxes | 664.4 | 703.3 | ||||||||||||
Debt | 3,486.5 | 3,017.1 | ||||||||||||
Liabilities of consolidated investment products | ||||||||||||||
Accounts payable and accrued expenses | 316.6 | 510.1 | ||||||||||||
Debt | 1,759.5 | 1,333.4 | ||||||||||||
Deferred taxes | 289.8 | 305.3 | ||||||||||||
Operating lease liabilities | 571.8 | 621.0 | ||||||||||||
Other | 507.6 | 456.1 | ||||||||||||
Total liabilities | 9,372.8 | 8,705.2 | ||||||||||||
Commitments and Contingencies (Note 12) | 0 | 0 | ||||||||||||
Redeemable Noncontrolling Interests | 815.7 | 541.9 | ||||||||||||
Stockholders’ Equity | ||||||||||||||
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued | 0 | 0 | ||||||||||||
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 504,341,424 and 495,116,677 shares issued and outstanding at March 31, 2021 and September 30, 2020 | 50.4 | 49.5 | ||||||||||||
Retained earnings | 10,861.5 | 10,472.6 | ||||||||||||
Accumulated other comprehensive loss | (348.5) | (407.6) | ||||||||||||
Total Franklin Resources, Inc. stockholders’ equity | 10,563.4 | 10,114.5 | ||||||||||||
Nonredeemable noncontrolling interests | 1,117.9 | 859.3 | ||||||||||||
Total stockholders’ equity | 11,681.3 | 10,973.8 | ||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 21,869.8 | $ | 20,220.9 |
FRANKLIN RESOURCES, INC. CONSOLIDATED BALANCE SHEETS Unaudited | ||||||||
(in millions, except share and per share data) | June 30, 2020 | September 30, 2019 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 6,358.7 | $ | 5,803.4 | ||||
Receivables | 810.3 | 740.0 | ||||||
Investments (including $572.1 and $589.7 at fair value at June 30, 2020 and September 30, 2019) | 1,135.0 | 1,555.8 | ||||||
Assets of consolidated investment products | ||||||||
Cash and cash equivalents | 617.2 | 154.2 | ||||||
Receivables | 117.5 | 99.0 | ||||||
Investments, at fair value | 2,274.3 | 2,303.9 | ||||||
Property and equipment, net | 705.2 | 683.7 | ||||||
Goodwill | 2,190.7 | 2,130.3 | ||||||
Intangible assets, net | 904.1 | 864.2 | ||||||
Operating lease right-of-use assets | 258.5 | — | ||||||
Other | 245.5 | 197.7 | ||||||
Total Assets | $ | 15,617.0 | $ | 14,532.2 | ||||
Liabilities | ||||||||
Compensation and benefits | $ | 439.8 | $ | 502.4 | ||||
Accounts payable and accrued expenses | 187.3 | 222.9 | ||||||
Dividends | 142.8 | 137.4 | ||||||
Commissions | 212.0 | 254.0 | ||||||
Income taxes | 747.3 | 824.7 | ||||||
Debt | 697.2 | 696.9 | ||||||
Liabilities of consolidated investment products | ||||||||
Accounts payable and accrued expenses | 154.6 | 81.5 | ||||||
Debt | 685.6 | 50.8 | ||||||
Deferred taxes | 77.2 | 120.1 | ||||||
Operating lease liabilities | 300.6 | — | ||||||
Other | 255.1 | 270.6 | ||||||
Total liabilities | 3,899.5 | 3,161.3 | ||||||
Commitments and Contingencies (Note 10) | ||||||||
Redeemable Noncontrolling Interests | 713.8 | 746.7 | ||||||
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; 495,369,948 and 499,303,269 shares issued and outstanding at June 30, 2020 and September 30, 2019 | 49.5 | 49.9 | ||||||
Retained earnings | 10,514.8 | 10,288.2 | ||||||
Accumulated other comprehensive loss | (450.1 | ) | (431.6 | ) | ||||
Total Franklin Resources, Inc. stockholders’ equity | 10,114.2 | 9,906.5 | ||||||
Nonredeemable noncontrolling interests | 889.5 | 717.7 | ||||||
Total stockholders’ equity | 11,003.7 | 10,624.2 | ||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 15,617.0 | $ | 14,532.2 |
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2020 | 495.1 | $ | 49.5 | $ | 0 | $ | 10,472.6 | $ | (407.6) | $ | 10,114.5 | $ | 859.3 | $ | 10,973.8 | |||||||||||||||||||||||||||||||||||
Adoption of new accounting guidance | (3.3) | (3.3) | (3.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 345.3 | 345.3 | 30.8 | 376.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 92.9 | 92.9 | 92.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.28 per share) | (144.0) | (144.0) | (144.0) | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (2.1) | (0.2) | (39.9) | (5.5) | (45.6) | (45.6) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 12.5 | 1.2 | 32.5 | 33.7 | 33.7 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 7.4 | 7.4 | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | 129.6 | 129.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 505.5 | $ | 50.5 | $ | 0 | $ | 10,665.1 | $ | (314.7) | $ | 10,400.9 | $ | 1,019.7 | $ | 11,420.6 | |||||||||||||||||||||||||||||||||||
Net income | 381.8 | 381.8 | 91.6 | 473.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (33.8) | (33.8) | (33.8) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.28 per share) | (143.7) | (143.7) | (143.7) | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (1.7) | (0.2) | (56.2) | 10.6 | (45.8) | (45.8) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 0.5 | 0.1 | 14.1 | 14.2 | 14.2 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 42.1 | 42.1 | 42.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | 38.2 | 38.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of investment products | (31.6) | (31.6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to fair value of redeemable noncontrolling interests | (52.3) | (52.3) | (52.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 504.3 | $ | 50.4 | $ | 0 | $ | 10,861.5 | $ | (348.5) | $ | 10,563.4 | $ | 1,117.9 | $ | 11,681.3 | |||||||||||||||||||||||||||||||||||
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY Unaudited | |||||||||||||||||||||||||||||||
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
for the nine months ended June 30, 2020 | Shares | Amount | |||||||||||||||||||||||||||||
Balance at October 1, 2019 | 499.3 | $ | 49.9 | $ | — | $ | 10,288.2 | $ | (431.6 | ) | $ | 9,906.5 | $ | 717.7 | $ | 10,624.2 | |||||||||||||||
Net income (loss) | 350.5 | 350.5 | (11.4 | ) | 339.1 | ||||||||||||||||||||||||||
Other comprehensive income | 55.4 | 55.4 | 55.4 | ||||||||||||||||||||||||||||
Dividends declared on common stock ($0.27 per share) | (135.3 | ) | (135.3 | ) | (135.3 | ) | |||||||||||||||||||||||||
Repurchase of common stock | (4.6 | ) | (0.4 | ) | (27.8 | ) | (95.4 | ) | (123.6 | ) | (123.6 | ) | |||||||||||||||||||
Issuance of common stock | 2.9 | 0.3 | 28.7 | 29.0 | 29.0 | ||||||||||||||||||||||||||
Stock-based compensation | (0.9 | ) | (0.9 | ) | (0.9 | ) | |||||||||||||||||||||||||
Net subscriptions and other | 28.2 | 28.2 | |||||||||||||||||||||||||||||
Deconsolidation of investment product | (0.7 | ) | (0.7 | ) | |||||||||||||||||||||||||||
Acquisition | 19.0 | 19.0 | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 497.6 | $ | 49.8 | $ | — | $ | 10,408.0 | $ | (376.2 | ) | $ | 10,081.6 | $ | 752.8 | $ | 10,834.4 | |||||||||||||||
Net income | 79.1 | 79.1 | 8.2 | 87.3 | |||||||||||||||||||||||||||
Other comprehensive loss | (99.9 | ) | (99.9 | ) | (99.9 | ) | |||||||||||||||||||||||||
Dividends declared on common stock ($0.27 per share) | (134.6 | ) | (134.6 | ) | (134.6 | ) | |||||||||||||||||||||||||
Repurchase of common stock | (2.9 | ) | (0.4 | ) | (41.7 | ) | (22.5 | ) | (64.6 | ) | (64.6 | ) | |||||||||||||||||||
Issuance of common stock | 0.6 | 0.1 | 15.9 | 16.0 | 16.0 | ||||||||||||||||||||||||||
Stock-based compensation | 25.8 | 25.8 | 25.8 | ||||||||||||||||||||||||||||
Net subscriptions and other | 89.7 | 89.7 | |||||||||||||||||||||||||||||
Deconsolidation of investment product | (0.6 | ) | (0.6 | ) | |||||||||||||||||||||||||||
Balance at March 31, 2020 | 495.3 | $ | 49.5 | $ | — | $ | 10,330.0 | $ | (476.1 | ) | $ | 9,903.4 | $ | 850.1 | $ | 10,753.5 | |||||||||||||||
Net income (loss) | 290.4 | 290.4 | (68.0 | ) | 222.4 | ||||||||||||||||||||||||||
Other comprehensive income | 26.0 | 26.0 | 26.0 | ||||||||||||||||||||||||||||
Dividends declared on common stock ($0.27 per share) | (134.6 | ) | (134.6 | ) | (134.6 | ) | |||||||||||||||||||||||||
Repurchase of common stock | — | — | (29.1 | ) | 29.0 | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||
Issuance of common stock | 0.1 | — | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||
Stock-based compensation | 28.1 | 28.1 | 28.1 | ||||||||||||||||||||||||||||
Net subscriptions and other | 107.4 | 107.4 | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 495.4 | $ | 49.5 | $ | — | $ | 10,514.8 | $ | (450.1 | ) | $ | 10,114.2 | $ | 889.5 | $ | 11,003.7 |
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, 2020 | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at October 1, 2019 | 499.3 | $ | 49.9 | $ | 0 | $ | 10,288.2 | $ | (431.6) | $ | 9,906.5 | $ | 717.7 | $ | 10,624.2 | |||||||||||||||||||||||||||||||||||
Net income (loss) | 350.5 | 350.5 | (11.4) | 339.1 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 55.4 | 55.4 | 55.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.27 per share) | (135.3) | (135.3) | (135.3) | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (4.6) | (0.4) | (27.8) | (95.4) | (123.6) | (123.6) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 2.9 | 0.3 | 28.7 | 29.0 | 29.0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (0.9) | (0.9) | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | 28.2 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of investment product | (0.7) | (0.7) | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition | 19.0 | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 497.6 | $ | 49.8 | $ | 0 | $ | 10,408.0 | $ | (376.2) | $ | 10,081.6 | $ | 752.8 | $ | 10,834.4 | |||||||||||||||||||||||||||||||||||
Net income | 79.1 | 79.1 | 8.2 | 87.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (99.9) | (99.9) | (99.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.27 per share) | (134.6) | (134.6) | (134.6) | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (2.9) | (0.4) | (41.7) | (22.5) | (64.6) | (64.6) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 0.6 | 0.1 | 15.9 | 16.0 | 16.0 | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 25.8 | 25.8 | 25.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Net subscriptions and other | 89.7 | 89.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of investment product | (0.6) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 495.3 | $ | 49.5 | $ | 0 | $ | 10,330.0 | $ | (476.1) | $ | 9,903.4 | $ | 850.1 | $ | 10,753.5 | |||||||||||||||||||||||||||||||||||
Franklin Resources, Inc. | Non- redeemable Non- controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accum- ulated Other Compre- hensive Loss | Stockholders’ Equity | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
for the nine months ended June 30, 2019 | Shares | Amount | |||||||||||||||||||||||||||||
Balance at October 1, 2018 | 519.1 | $ | 51.9 | $ | — | $ | 10,217.9 | $ | (370.6 | ) | $ | 9,899.2 | $ | 308.7 | $ | 10,207.9 | |||||||||||||||
Adoption of new accounting guidance | 22.9 | (8.0 | ) | 14.9 | 14.9 | ||||||||||||||||||||||||||
Net income (loss) | 275.9 | 275.9 | (0.5 | ) | 275.4 | ||||||||||||||||||||||||||
Other comprehensive loss | (15.0 | ) | (15.0 | ) | (15.0 | ) | |||||||||||||||||||||||||
Dividends declared on common stock ($0.26 per share) | (133.8 | ) | (133.8 | ) | (133.8 | ) | |||||||||||||||||||||||||
Repurchase of common stock | (10.7 | ) | (1.1 | ) | (30.8 | ) | (295.0 | ) | (326.9 | ) | (326.9 | ) | |||||||||||||||||||
Issuance of common stock | 3.1 | 0.3 | 33.6 | 33.9 | 33.9 | ||||||||||||||||||||||||||
Stock-based compensation | (2.8 | ) | (2.8 | ) | (2.8 | ) | |||||||||||||||||||||||||
Net subscriptions and other | 23.1 | 23.1 | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | 511.5 | $ | 51.1 | $ | — | $ | 10,087.9 | $ | (393.6 | ) | $ | 9,745.4 | $ | 331.3 | $ | 10,076.7 | |||||||||||||||
Net income (loss) | 367.5 | 367.5 | (7.4 | ) | 360.1 | ||||||||||||||||||||||||||
Other comprehensive income | 7.1 | 7.1 | 7.1 | ||||||||||||||||||||||||||||
Dividends declared on common stock ($0.26 per share) | (132.6 | ) | (132.6 | ) | (132.6 | ) | |||||||||||||||||||||||||
Repurchase of common stock | (4.6 | ) | (0.4 | ) | (41.0 | ) | (103.3 | ) | (144.7 | ) | (144.7 | ) | |||||||||||||||||||
Issuance of common stock | 0.8 | 0.1 | 13.3 | 13.4 | 13.4 | ||||||||||||||||||||||||||
Stock-based compensation | 27.7 | 27.7 | 27.7 | ||||||||||||||||||||||||||||
Net subscriptions and other | 51.0 | 51.0 | |||||||||||||||||||||||||||||
Consolidation of investment product | 24.3 | 24.3 | |||||||||||||||||||||||||||||
Acquisition | 216.1 | 216.1 | |||||||||||||||||||||||||||||
Balance at March 31, 2019 | 507.7 | $ | 50.8 | $ | — | $ | 10,219.5 | $ | (386.5 | ) | $ | 9,883.8 | $ | 615.3 | $ | 10,499.1 | |||||||||||||||
Net income | 245.9 | 245.9 | 8.6 | 254.5 | |||||||||||||||||||||||||||
Other comprehensive income | 5.6 | 5.6 | 5.6 | ||||||||||||||||||||||||||||
Dividends declared on common stock ($0.26 per share) | (131.7 | ) | (131.7 | ) | (131.7 | ) | |||||||||||||||||||||||||
Repurchase of common stock | (3.6 | ) | (0.4 | ) | (28.7 | ) | (92.2 | ) | (121.3 | ) | (121.3 | ) | |||||||||||||||||||
Issuance of common stock | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||
Stock-based compensation | 28.1 | 28.1 | 28.1 | ||||||||||||||||||||||||||||
Net subscriptions and other | 30.9 | 30.9 | |||||||||||||||||||||||||||||
Balance at June 30, 2019 | 504.1 | $ | 50.4 | $ | — | $ | 10,241.5 | $ | (380.9 | ) | $ | 9,911.0 | $ | 654.8 | $ | 10,565.8 |
Six Months Ended March 31, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Net Income | $ | 880.2 | $ | 406.9 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Stock-based compensation | 86.2 | 57.8 | ||||||||||||
Amortization of deferred sales commissions | 38.4 | 41.5 | ||||||||||||
Depreciation and other amortization | 44.8 | 41.0 | ||||||||||||
Amortization of intangible assets | 116.1 | 9.2 | ||||||||||||
Losses (income) from investments in equity method investees | (84.4) | 120.3 | ||||||||||||
Net (gains) losses on investments of consolidated investment products | (140.5) | 67.7 | ||||||||||||
Net purchase of investments by consolidated investment products | (287.5) | (359.9) | ||||||||||||
Deferred income taxes | (16.0) | 8.6 | ||||||||||||
Other | (41.9) | (2.6) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Decrease (increase) in receivables and other assets | (115.5) | 4.1 | ||||||||||||
Decrease (increase) in investments, net | (2.8) | 50.4 | ||||||||||||
Decrease in accrued compensation and benefits | (12.5) | (161.1) | ||||||||||||
Increase (decrease) in commissions payable | 11.3 | (26.7) | ||||||||||||
Decrease in income taxes payable | (38.9) | (127.0) | ||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 45.6 | (12.9) | ||||||||||||
Increase in accounts payable and accrued expenses of consolidated investment products | 22.8 | 23.7 | ||||||||||||
Net cash provided by operating activities | 505.4 | 141.0 | ||||||||||||
Purchase of investments | (365.1) | (243.3) | ||||||||||||
Liquidation of investments | 207.8 | 193.0 | ||||||||||||
Purchase of investments by consolidated collateralized loan obligations | (881.4) | (80.5) | ||||||||||||
Liquidation of investments by consolidated collateralized loan obligations | 251.6 | 16.9 | ||||||||||||
Decrease in loans receivable, net | 42.7 | 0 | ||||||||||||
Additions of property and equipment, net | (20.8) | (73.5) | ||||||||||||
Acquisitions, net of cash acquired | 0 | (19.8) | ||||||||||||
Payments of contingent consideration asset | 10.6 | 0 | ||||||||||||
Net (deconsolidation) consolidation of investment products | (18.4) | 213.3 | ||||||||||||
Net cash (used in) provided by investing activities | (773.0) | 6.1 | ||||||||||||
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited | ||||||||
Nine Months Ended June 30, | ||||||||
(in millions) | 2020 | 2019 | ||||||
Net Income | $ | 660.6 | $ | 896.2 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Amortization of deferred sales commissions | 60.1 | 60.1 | ||||||
Depreciation and other amortization | 72.4 | 67.4 | ||||||
Stock-based compensation | 86.9 | 88.1 | ||||||
Losses (income) from investments in equity method investees | 110.3 | (15.1 | ) | |||||
Gain on swap agreements | (8.9 | ) | — | |||||
Net losses on investments of consolidated investment products | 103.0 | 15.5 | ||||||
Net purchase of investments by consolidated investment products | (616.2 | ) | (1,047.6 | ) | ||||
Deferred income taxes | (34.5 | ) | (1.5 | ) | ||||
Other | 10.5 | 27.1 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease (increase) in receivables and other assets | 50.9 | (11.5 | ) | |||||
Increase in receivables of consolidated investment products | (52.9 | ) | (17.1 | ) | ||||
Decrease in investments, net | 323.5 | 116.2 | ||||||
Decrease in operating lease right-of-use assets | 21.2 | — | ||||||
Increase (decrease) in accrued compensation and benefits | (61.0 | ) | 43.2 | |||||
Decrease in commissions payable | (42.0 | ) | (34.5 | ) | ||||
Decrease in income taxes payable | (73.7 | ) | (184.7 | ) | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (44.6 | ) | 104.1 | |||||
Increase in accounts payable and accrued expenses of consolidated investment products | 100.8 | 63.4 | ||||||
Decrease in operating lease liabilities | (19.8 | ) | — | |||||
Net cash provided by operating activities | 646.6 | 169.3 | ||||||
Purchase of investments | (416.9 | ) | (262.3 | ) | ||||
Liquidation of investments | 529.3 | 195.2 | ||||||
Purchase of investments by consolidated collateralized loan obligations | (325.4 | ) | — | |||||
Liquidation of investments by consolidated collateralized loan obligations | 105.4 | — | ||||||
Issuance of loans receivable, net | (57.4 | ) | — | |||||
Additions of property and equipment, net | (85.3 | ) | (202.6 | ) | ||||
Acquisitions, net of cash acquired | (81.8 | ) | (684.2 | ) | ||||
Net consolidation (deconsolidation) of investment products | 601.2 | (54.9 | ) | |||||
Net cash provided by (used in) investing activities | 269.1 | (1,008.8 | ) |
FRANKLIN RESOURCES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited [Table continued from previous page] | ||||||||
Nine Months Ended June 30, | ||||||||
(in millions) | 2020 | 2019 | ||||||
Issuance of common stock | $ | 12.1 | $ | 12.8 | ||||
Dividends paid on common stock | (399.1 | ) | (387.5 | ) | ||||
Repurchase of common stock | (188.3 | ) | (589.8 | ) | ||||
Proceeds from loan | 0.2 | 1.7 | ||||||
Payments on loan | (0.4 | ) | (1.2 | ) | ||||
Proceeds from debt of consolidated investment products | 206.5 | — | ||||||
Payments on debt by consolidated investment products | (1.0 | ) | (1.0 | ) | ||||
Payments on contingent consideration liability | (0.1 | ) | (20.4 | ) | ||||
Noncontrolling interests | 466.5 | 683.4 | ||||||
Net cash provided by (used in) financing activities | 96.4 | (302.0 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | 6.2 | (11.5 | ) | |||||
Increase (decrease) in cash and cash equivalents | 1,018.3 | (1,153.0 | ) | |||||
Cash and cash equivalents, beginning of period | 5,957.6 | 6,910.6 | ||||||
Cash and Cash Equivalents, End of Period | $ | 6,975.9 | $ | 5,757.6 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Cash paid for income taxes | $ | 266.8 | $ | 414.9 | ||||
Cash paid for interest | 12.2 | 16.5 | ||||||
Cash paid for interest by consolidated investment products | 1.5 | 1.7 |
Six Months Ended March 31, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Issuance of common stock | $ | 11.0 | $ | 12.1 | ||||||||||
Dividends paid on common stock | (276.8) | (265.2) | ||||||||||||
Repurchase of common stock | (90.4) | (187.4) | ||||||||||||
Proceeds from issuance of debt | 748.3 | 0 | ||||||||||||
Payment of debt issuance costs | (6.7) | 0 | ||||||||||||
Payment on debt | (250.0) | 0 | ||||||||||||
Proceeds from loan | 0 | 0.2 | ||||||||||||
Payments on loan | 0 | (0.2) | ||||||||||||
Proceeds from debt of consolidated investment products | 464.1 | 69.9 | ||||||||||||
Payment on debt of consolidated investment products | (184.9) | 0 | ||||||||||||
Noncontrolling interests | 245.3 | 306.5 | ||||||||||||
Net cash provided by (used in) financing activities | 659.9 | (64.1) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 14.9 | (4.8) | ||||||||||||
Increase in cash and cash equivalents | 407.2 | 78.2 | ||||||||||||
Cash and cash equivalents, beginning of period | 3,957.5 | 5,957.6 | ||||||||||||
Cash and Cash Equivalents, End of Period | $ | 4,364.7 | $ | 6,035.8 | ||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||
Cash paid for income taxes | $ | 319.2 | $ | 258.2 | ||||||||||
Cash paid for interest | 62.8 | 10.6 | ||||||||||||
Cash paid for interest by consolidated investment products | 10.4 | 1.1 |
Three Months Ended March 31, 2020 | ||||||||||||||||||||
(in millions) | As Reported | Adjustments | As Amended | |||||||||||||||||
Operating revenues | ||||||||||||||||||||
Other | $ | 33.6 | $ | (27.1) | $ | 6.5 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
General, administrative, and other1 | $ | 96.4 | $ | (10.9) | $ | 85.5 | ||||||||||||||
Other Income (Expenses) | ||||||||||||||||||||
Investment and other income (losses), net | $ | (249.0) | $ | 68.0 | $ | (181.0) | ||||||||||||||
Interest expense | (4.2) | 0.5 | (3.7) | |||||||||||||||||
Investment and other income (losses) of consolidated investment products, net | 0 | (40.9) | (40.9) | |||||||||||||||||
Expenses of consolidated investment products | 0 | (11.4) | (11.4) | |||||||||||||||||
Other income (expenses), net | $ | (253.2) | $ | 16.2 | $ | (237.0) |
Six Months Ended March 31, 2020 | ||||||||||||||||||||
(in millions) | As Reported | Adjustments | As Amended | |||||||||||||||||
Operating revenues | ||||||||||||||||||||
Other | $ | 65.1 | $ | (50.6) | $ | 14.5 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
General, administrative, and other1 | $ | 186.1 | $ | (14.6) | $ | 171.5 | ||||||||||||||
Other Income (Expenses) | ||||||||||||||||||||
Investment and other income (losses), net | $ | (189.4) | $ | 76.3 | $ | (113.1) | ||||||||||||||
Interest expense | (10.9) | 1.1 | (9.8) | |||||||||||||||||
Investment and other income (losses) of consolidated investment products, net | 0 | (25.7) | (25.7) | |||||||||||||||||
Expenses of consolidated investment products | 0 | (15.7) | (15.7) | |||||||||||||||||
Other income (expenses), net | $ | (200.3) | $ | 36.0 | $ | (164.3) |
(in millions, except per share data) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | 290.4 | $ | 245.9 | $ | 720.0 | $ | 889.3 | ||||||||
Less: allocation of earnings to participating nonvested stock and stock unit awards | 4.2 | 2.6 | 9.7 | 8.8 | ||||||||||||
Net Income Available to Common Stockholders | $ | 286.2 | $ | 243.3 | $ | 710.3 | $ | 880.5 | ||||||||
Weighted-average shares outstanding – basic | 490.4 | 501.6 | 492.2 | 505.6 | ||||||||||||
Dilutive effect of nonparticipating nonvested stock unit awards | 0.3 | 0.7 | 0.5 | 0.5 | ||||||||||||
Weighted-Average Shares Outstanding – Diluted | 490.7 | 502.3 | 492.7 | 506.1 | ||||||||||||
Earnings per Share | ||||||||||||||||
Basic | $ | 0.58 | $ | 0.48 | $ | 1.44 | $ | 1.74 | ||||||||
Diluted | 0.58 | 0.48 | 1.44 | 1.74 |
(in millions, except per share data) | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | 381.8 | $ | 79.1 | $ | 727.1 | $ | 429.6 | ||||||||||||||||||
Less: allocation of earnings to participating nonvested stock and stock unit awards | 16.9 | 1.8 | 31.3 | 5.7 | ||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 364.9 | $ | 77.3 | $ | 695.8 | $ | 423.9 | ||||||||||||||||||
Weighted-average shares outstanding – basic | 490.5 | 491.5 | 490.8 | 493.1 | ||||||||||||||||||||||
Dilutive effect of nonparticipating nonvested stock unit awards | 0.4 | 0.3 | 0.5 | 0.5 | ||||||||||||||||||||||
Weighted-Average Shares Outstanding – Diluted | 490.9 | 491.8 | 491.3 | 493.6 | ||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||||||
Basic | $ | 0.74 | $ | 0.16 | $ | 1.42 | $ | 0.86 | ||||||||||||||||||
Diluted | 0.74 | 0.16 | 1.42 | 0.86 |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 1,091.0 | $ | 311.5 | $ | 69.6 | $ | 83.6 | $ | 42.7 | $ | 1,598.4 | ||||||||||||||||||||||||||
Sales and distribution fees | 280.8 | 104.9 | 12.6 | 15.0 | 0.3 | 413.6 | ||||||||||||||||||||||||||||||||
Shareholder servicing fees | 43.6 | 10.1 | 0 | 2.0 | 0 | 55.7 | ||||||||||||||||||||||||||||||||
Other | 3.6 | 0.2 | 0 | 1.2 | 3.8 | 8.8 | ||||||||||||||||||||||||||||||||
Total | $ | 1,419.0 | $ | 426.7 | $ | 82.2 | $ | 101.8 | $ | 46.8 | $ | 2,076.5 |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 2,203.1 | $ | 533.3 | $ | 139.6 | $ | 162.3 | $ | 100.5 | $ | 3,138.8 | ||||||||||||||||||||||||||
Sales and distribution fees | 558.7 | 194.7 | 24.9 | 29.0 | 3.2 | 810.5 | ||||||||||||||||||||||||||||||||
Shareholder servicing fees | 81.6 | 15.9 | 0.1 | 3.9 | 3.6 | 105.1 | ||||||||||||||||||||||||||||||||
Other | 10.1 | 0.5 | 0 | 1.5 | 5.1 | 17.2 | ||||||||||||||||||||||||||||||||
Total | $ | 2,853.5 | $ | 744.4 | $ | 164.6 | $ | 196.7 | $ | 112.4 | $ | 4,071.6 |
Earned From Contracts With Customers | Not Earned From Contracts With Customers1 | Total | ||||||||||||||||||||||||||
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | |||||||||||||||||||||||
for the three months ended June 30, 2020 | ||||||||||||||||||||||||||||
Investment management fees | $ | 488.7 | $ | 203.3 | $ | 58.5 | $ | 41.3 | $ | 17.4 | $ | — | $ | 809.2 | ||||||||||||||
Sales and distribution fees | 205.4 | 83.9 | 11.9 | 0.7 | 0.2 | — | 302.1 | |||||||||||||||||||||
Shareholder servicing fees | 37.0 | 5.9 | — | 1.7 | — | — | 44.6 | |||||||||||||||||||||
Other | 4.8 | 0.3 | — | 0.1 | — | 27.0 | 32.2 | |||||||||||||||||||||
Total | $ | 735.9 | $ | 293.4 | $ | 70.4 | $ | 43.8 | $ | 17.6 | $ | 27.0 | $ | 1,188.1 |
Earned From Contracts With Customers | Not Earned From Contracts With Customers1 | Total | ||||||||||||||||||||||||||
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | |||||||||||||||||||||||
for the nine months ended June 30, 2020 | ||||||||||||||||||||||||||||
Investment management fees | $ | 1,590.7 | $ | 691.9 | $ | 201.7 | $ | 151.4 | $ | 61.4 | $ | — | $ | 2,697.1 | ||||||||||||||
Sales and distribution fees | 675.1 | 277.5 | 39.6 | 2.2 | 0.9 | — | 995.3 | |||||||||||||||||||||
Shareholder servicing fees | 123.1 | 19.4 | 0.2 | 6.7 | — | — | 149.4 | |||||||||||||||||||||
Other | 16.9 | 0.9 | — | 0.4 | 1.5 | 77.6 | 97.3 | |||||||||||||||||||||
Total | $ | 2,405.8 | $ | 989.7 | $ | 241.5 | $ | 160.7 | $ | 63.8 | $ | 77.6 | $ | 3,939.1 |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 528.9 | $ | 236.1 | $ | 68.2 | $ | 53.4 | $ | 21.6 | $ | 908.2 | ||||||||||||||||||||||||||
Sales and distribution fees | 232.3 | 94.8 | 13.3 | 1.0 | 0.3 | 341.7 | ||||||||||||||||||||||||||||||||
Shareholder servicing fees | 45.8 | 6.6 | 0.1 | 2.3 | 0 | 54.8 | ||||||||||||||||||||||||||||||||
Other | 6.0 | 0.3 | 0 | 0.2 | 0 | 6.5 | ||||||||||||||||||||||||||||||||
Total | $ | 813.0 | $ | 337.8 | $ | 81.6 | $ | 56.9 | $ | 21.9 | $ | 1,311.2 |
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | Total | ||||||||||||||||||||||||||||||||
for the six months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Investment management fees | $ | 1,102.0 | $ | 488.6 | $ | 143.2 | $ | 110.1 | $ | 44.0 | $ | 1,887.9 | ||||||||||||||||||||||||||
Sales and distribution fees | 469.7 | 193.6 | 27.7 | 1.5 | 0.7 | 693.2 | ||||||||||||||||||||||||||||||||
Shareholder servicing fees | 86.1 | 13.5 | 0.2 | 5.0 | 0 | 104.8 | ||||||||||||||||||||||||||||||||
Other | 12.1 | 0.6 | 0 | 0.3 | 1.5 | 14.5 | ||||||||||||||||||||||||||||||||
Total | $ | 1,669.9 | $ | 696.3 | $ | 171.1 | $ | 116.9 | $ | 46.2 | $ | 2,700.4 |
Earned From Contracts With Customers | Not Earned From Contracts With Customers1 | Total | ||||||||||||||||||||||||||
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | |||||||||||||||||||||||
for the three months ended June 30, 2019 | ||||||||||||||||||||||||||||
Investment management fees | $ | 585.7 | $ | 269.6 | $ | 79.3 | $ | 62.3 | $ | 22.5 | $ | — | $ | 1,019.4 | ||||||||||||||
Sales and distribution fees | 240.4 | 111.1 | 15.5 | 0.2 | 0.3 | — | 367.5 | |||||||||||||||||||||
Shareholder servicing fees | 42.3 | 7.7 | — | 2.7 | — | — | 52.7 | |||||||||||||||||||||
Other | 6.1 | 0.3 | — | 0.1 | 2.3 | 28.3 | 37.1 | |||||||||||||||||||||
Total | $ | 874.5 | $ | 388.7 | $ | 94.8 | $ | 65.3 | $ | 25.1 | $ | 28.3 | $ | 1,476.7 |
Earned From Contracts With Customers | Not Earned From Contracts With Customers1 | Total | ||||||||||||||||||||||||||
(in millions) | United States | Luxembourg | Americas Excluding United States | Asia-Pacific | Europe, Middle East and Africa, Excluding Luxembourg | |||||||||||||||||||||||
for the nine months ended June 30, 2019 | ||||||||||||||||||||||||||||
Investment management fees | $ | 1,684.4 | $ | 800.7 | $ | 247.8 | $ | 180.6 | $ | 70.1 | $ | — | $ | 2,983.6 | ||||||||||||||
Sales and distribution fees | 702.0 | 328.9 | 47.9 | 0.9 | 1.1 | — | 1,080.8 | |||||||||||||||||||||
Shareholder servicing fees | 134.3 | 22.8 | 0.1 | 7.7 | — | — | 164.9 | |||||||||||||||||||||
Other | 13.3 | 0.9 | — | 0.4 | 2.7 | 75.4 | 92.7 | |||||||||||||||||||||
Total | $ | 2,534.0 | $ | 1,153.3 | $ | 295.8 | $ | 189.6 | $ | 73.9 | $ | 75.4 | $ | 4,322.0 |
(in millions) | March 31, 2021 | September 30, 2020 | ||||||||||||
Investments, at fair value | ||||||||||||||
Sponsored funds and separate accounts | $ | 332.6 | $ | 303.4 | ||||||||||
Investments related to long-term incentive plans | 164.0 | 146.6 | ||||||||||||
Other equity and debt investments | 57.7 | 54.8 | ||||||||||||
Total investments, at fair value | 554.3 | 504.8 | ||||||||||||
Investments in equity method investees | 785.5 | 682.2 | ||||||||||||
Other investments | 94.1 | 83.5 | ||||||||||||
Total | $ | 1,433.9 | $ | 1,270.5 |
(in millions) | June 30, 2020 | September 30, 2019 | ||||||
Equity securities, at fair value | ||||||||
Sponsored funds | $ | 396.6 | $ | 466.4 | ||||
Other equity securities | 130.1 | 63.6 | ||||||
Total equity securities, at fair value | 526.7 | 530.0 | ||||||
Debt securities | ||||||||
Trading | 43.6 | 44.2 | ||||||
Available-for-sale | 1.8 | 4.0 | ||||||
Total debt securities | 45.4 | 48.2 | ||||||
Investments in equity method investees | 470.2 | 933.4 | ||||||
Other investments | 92.7 | 44.2 | ||||||
Total | $ | 1,135.0 | $ | 1,555.8 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of March 31, 2021 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||||||||||||||
Sponsored funds and separate accounts | $ | 202.1 | $ | 41.6 | $ | 19.5 | $ | 69.4 | $ | 332.6 | ||||||||||||||||||||||
Investments related to long-term incentive plans | 164.0 | 0 | 0 | 0 | 164.0 | |||||||||||||||||||||||||||
Other equity and debt investments | 6.0 | 5.4 | 0 | 46.3 | 57.7 | |||||||||||||||||||||||||||
Contingent consideration asset | 0 | 0 | 29.1 | — | 29.1 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 372.1 | $ | 47.0 | $ | 48.6 | $ | 115.7 | $ | 583.4 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration liabilities | $ | 0 | $ | 0 | $ | 25.3 | $ | — | $ | 25.3 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||
as of June 30, 2020 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Equity securities, at fair value | ||||||||||||||||||||
Sponsored funds | $ | 338.0 | $ | — | $ | — | $ | 58.6 | $ | 396.6 | ||||||||||
Other equity securities | 10.4 | 10.8 | 0.8 | 108.1 | 130.1 | |||||||||||||||
Debt securities | ||||||||||||||||||||
Trading | — | 26.4 | 17.2 | — | 43.6 | |||||||||||||||
Available-for-sale | — | 1.8 | — | 1.8 | ||||||||||||||||
Derivative asset | — | 22.3 | — | — | 22.3 | |||||||||||||||
Total Assets Measured at Fair Value | $ | 348.4 | $ | 61.3 | $ | 18.0 | $ | 166.7 | $ | 594.4 | ||||||||||
Liabilities | ||||||||||||||||||||
Contingent consideration liabilities | $ | — | $ | — | $ | 24.4 | $ | — | $ | 24.4 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of September 30, 2020 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Investments, at fair value | ||||||||||||||||||||||||||||||||
Sponsored funds and separate accounts | $ | 176.3 | $ | 40.9 | $ | 17.4 | $ | 68.8 | $ | 303.4 | ||||||||||||||||||||||
Investments related to long-term incentive plans | 145.5 | 0 | 0 | 1.1 | 146.6 | |||||||||||||||||||||||||||
Other equity and debt investments | 2.1 | 1.5 | 0 | 51.2 | 54.8 | |||||||||||||||||||||||||||
Contingent consideration asset | 0 | 0 | 39.7 | — | 39.7 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 323.9 | $ | 42.4 | $ | 57.1 | $ | 121.1 | $ | 544.5 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration liabilities | $ | 0 | $ | 0 | $ | 25.3 | $ | — | $ | 25.3 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||
as of September 30, 2019 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Equity securities, at fair value | ||||||||||||||||||||
Sponsored funds | $ | 397.0 | $ | — | $ | — | $ | 69.4 | $ | 466.4 | ||||||||||
Other equity securities | 22.6 | 3.2 | 0.8 | 37.0 | 63.6 | |||||||||||||||
Debt securities | ||||||||||||||||||||
Trading | — | 24.4 | 19.8 | — | 44.2 | |||||||||||||||
Available-for-sale | — | 4.0 | — | — | 4.0 | |||||||||||||||
Life settlement contracts | — | — | 11.5 | — | 11.5 | |||||||||||||||
Total Assets Measured at Fair Value | $ | 419.6 | $ | 31.6 | $ | 32.1 | $ | 106.4 | $ | 589.7 |
2021 | 2020 | |||||||||||||||||||||||||||||||
(in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Liabilities | |||||||||||||||||||||||||||
for the three months ended March 31, | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 17.8 | $ | 36.9 | $ | (25.5) | $ | 40.2 | $ | 0 | ||||||||||||||||||||||
Acquisitions | — | — | 0 | — | (7.6) | |||||||||||||||||||||||||||
Realized and unrealized losses included in investment and other income (losses), net | (0.1) | 0 | 0 | (0.4) | 0 | |||||||||||||||||||||||||||
Purchases | 3.0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Sales | (1.2) | 0 | 0 | (2.0) | 0 | |||||||||||||||||||||||||||
Settlements | 0 | (7.8) | 0 | (0.1) | 0 | |||||||||||||||||||||||||||
Consolidation of investment product | 0 | — | — | (10.0) | — | |||||||||||||||||||||||||||
Foreign exchange revaluation | 0 | 0 | 0.2 | 0 | 0 | |||||||||||||||||||||||||||
Balance at End of Period | $ | 19.5 | $ | 29.1 | $ | (25.3) | $ | 27.7 | $ | (7.6) | ||||||||||||||||||||||
Change in unrealized losses included in net income relating to assets and liabilities held at end of period | $ | (0.1) | $ | 0 | $ | 0 | $ | (1.1) | $ | 0 |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
(in millions) | Investments | Contingent Consideration Liabilities | Investments | (in millions) | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Liabilities | |||||||||||||||||||||||||||||||||||
for the three months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
for the six months ended March 31, | for the six months ended March 31, | Investments | Contingent Consideration Asset | Contingent Consideration Liabilities | Investments | Contingent Consideration Liabilities | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 27.7 | $ | (7.6 | ) | $ | 33.9 | Balance at beginning of period | ||||||||||||||||||||||||||||||||||||
Acquisitions | — | (16.7 | ) | — | Acquisitions | — | — | 0 | — | (7.6) | ||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||||||||||||||
Included in investment and other income (losses), net | 0.8 | — | 2.7 | |||||||||||||||||||||||||||||||||||||||||
Included in general, administrative and other expense | — | (0.2 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Realized and unrealized losses included in investment and other income (losses), net | Realized and unrealized losses included in investment and other income (losses), net | (0.2) | 0 | 0 | (0.7) | 0 | ||||||||||||||||||||||||||||||||||||||
Purchases | 2.3 | — | 3.7 | Purchases | 8.5 | 0 | 0 | 12.6 | 0 | |||||||||||||||||||||||||||||||||||
Sales | (10.5 | ) | — | (0.4 | ) | Sales | (5.5) | 0 | 0 | (3.5) | 0 | |||||||||||||||||||||||||||||||||
Settlements | (2.3 | ) | 0.1 | (2.5 | ) | Settlements | (0.5) | (10.6) | 0 | (2.8) | 0 | |||||||||||||||||||||||||||||||||
Consolidation of investment product | Consolidation of investment product | 0 | — | — | (10.0) | — | ||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | (5.0 | ) | Transfers out of Level 3 | (0.2) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Balance at End of Period | $ | 18.0 | $ | (24.4 | ) | $ | 32.4 | Balance at End of Period | $ | 19.5 | $ | 29.1 | $ | (25.3) | $ | 27.7 | $ | (7.6) | ||||||||||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | 0.1 | $ | (0.2 | ) | $ | 0.4 | |||||||||||||||||||||||||||||||||||||
Change in unrealized losses included in net income relating to assets and liabilities held at end of period | Change in unrealized losses included in net income relating to assets and liabilities held at end of period | $ | (0.2) | $ | 0 | $ | 0 | $ | (1.9) | $ | 0 |
2020 | 2019 | |||||||||||||||
(in millions) | Investments | Contingent Consideration Liabilities | Investments | Contingent Consideration Liability | ||||||||||||
for the nine months ended June 30, | ||||||||||||||||
Balance at beginning of period | $ | 32.1 | $ | — | $ | 32.6 | $ | (38.7 | ) | |||||||
Acquisitions | — | (24.3 | ) | — | — | |||||||||||
Total realized and unrealized gains (losses) | ||||||||||||||||
Included in investment and other income (losses), net | 0.1 | — | 6.3 | — | ||||||||||||
Included in general, administrative and other expense | — | (0.2 | ) | — | (2.0 | ) | ||||||||||
Purchases | 14.9 | — | 8.7 | — | ||||||||||||
Sales | (14.0 | ) | — | (4.7 | ) | — | ||||||||||
Settlements | (5.1 | ) | 0.1 | (3.4 | ) | 40.7 | ||||||||||
Consolidation of investment product | (10.0 | ) | — | — | — | |||||||||||
Transfers out of Level 3 | — | — | (7.1 | ) | — | |||||||||||
Balance at End of Period | $ | 18.0 | $ | (24.4 | ) | $ | 32.4 | $ | — | |||||||
Change in unrealized gains (losses) included in net income relating to assets and liabilities held at end of period | $ | (0.9 | ) | $ | (0.2 | ) | $ | 3.4 | $ | — |
(in millions) | ||||||||||
as of June 30, 2020 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||
Debt securities, trading | $ | 17.2 | Discounted cash flow | Discount rate | 0.6%–30.3% (6.7%) | |||||
Risk premium | 2.0%–9.7% (5.1%) | |||||||||
Contingent consideration liabilities | 24.4 | Monte Carlo pricing model | Revenue discount rate | 6.0%–13.0% (9.5%) |
(in millions) | ||||||||||
as of September 30, 2019 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||
Debt securities, trading | $ | 19.8 | Discounted cash flow | Discount rate | 2.7%–13.3% (6.7%) | |||||
Risk premium | 2.0%–6.1% (4.2%) | |||||||||
Life settlement contracts | 11.5 | Discounted cash flow | Life expectancy | 19–107 months (57) | ||||||
Discount rate | 8.0%–20.0% (13.2%) |
(in millions) | Fair Value Level | March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 3,740.2 | $ | 3,740.2 | $ | 3,026.8 | $ | 3,026.8 | |||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||||||||
Time deposits | 2 | 20.6 | 20.6 | 19.2 | 19.2 | |||||||||||||||||||||||||||
Equity securities | 3 | 73.5 | 78.1 | 64.3 | 67.3 | |||||||||||||||||||||||||||
Loans receivable | 3 | 0 | 0 | 42.4 | 42.4 | |||||||||||||||||||||||||||
Financial Liability | ||||||||||||||||||||||||||||||||
Debt | 2 | $ | 3,486.5 | $ | 3,462.9 | $ | 3,017.1 | $ | 3,086.5 |
(in millions) | Fair Value Level | June 30, 2020 | September 30, 2019 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||
Financial Assets | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 6,358.7 | $ | 6,358.7 | $ | 5,803.4 | $ | 5,803.4 | |||||||||
Other investments | ||||||||||||||||||
Time deposits | 2 | 16.6 | 16.6 | 15.4 | 15.4 | |||||||||||||
Equity securities | 3 | 76.1 | 81.7 | 17.3 | 19.2 | |||||||||||||
Loans receivable | 3 | 58.0 | 58.0 | — | — | |||||||||||||
Financial Liability | ||||||||||||||||||
Debt | 2 | $ | 697.2 | $ | 747.1 | $ | 696.9 | $ | 718.7 |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
(in millions) | Carrying Value | Effective Interest Rate | Carrying Value | Effective Interest Rate | ||||||||||||||||||||||
Notes issued by Franklin Resources, Inc. | ||||||||||||||||||||||||||
$300 million 2.800% senior notes due September 2022 | $ | 299.9 | 2.93 | % | $ | 299.8 | 2.93 | % | ||||||||||||||||||
$400 million 2.850% senior notes due March 2025 | 399.7 | 2.97 | % | 399.7 | 2.97 | % | ||||||||||||||||||||
$750 million 1.600% senior notes due October 2030 | 748.4 | 1.72 | % | 0 | N/A | |||||||||||||||||||||
Total notes issued by Franklin Resources, Inc. | 1,448.0 | 699.5 | ||||||||||||||||||||||||
Notes issued by Legg Mason (a subsidiary of Franklin) | ||||||||||||||||||||||||||
$250 million 3.950% senior notes due July 2024 | 269.5 | 1.53 | % | 272.4 | 1.53 | % | ||||||||||||||||||||
$450 million 4.750% senior notes due March 2026 | 516.3 | 1.80 | % | 523.0 | 1.80 | % | ||||||||||||||||||||
$550 million 5.625% senior notes due January 2044 | 745.1 | 3.38 | % | 747.5 | 3.38 | % | ||||||||||||||||||||
$250 million 6.375% junior notes due March 2056 | 0 | N/A | 260.7 | 6.08 | % | |||||||||||||||||||||
$500 million 5.450% junior notes due September 2056 | 515.9 | 5.25 | % | 516.1 | 5.25 | % | ||||||||||||||||||||
Total notes issued by Legg Mason | 2,046.8 | 2,319.7 | ||||||||||||||||||||||||
Debt issuance costs | (8.3) | (2.1) | ||||||||||||||||||||||||
Total | $ | 3,486.5 | $ | 3,017.1 |
(in millions) | June 30, 2020 | September 30, 2019 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 617.2 | $ | 154.2 | ||||
Receivables | 117.5 | 99.0 | ||||||
Investments, at fair value | 2,274.3 | 2,303.9 | ||||||
Total Assets | $ | 3,009.0 | $ | 2,557.1 | ||||
Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 154.6 | $ | 81.5 | ||||
Debt | 685.6 | 50.8 | ||||||
Other liabilities | 1.9 | — | ||||||
Total liabilities | 842.1 | 132.3 | ||||||
Redeemable Noncontrolling Interests | 713.8 | 746.7 | ||||||
Stockholders’ Equity | ||||||||
Franklin Resources, Inc.’s interests | 734.5 | 1,129.6 | ||||||
Nonredeemable noncontrolling interests | 718.6 | 548.5 | ||||||
Total stockholders’ equity | 1,453.1 | 1,678.1 | ||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 3,009.0 | $ | 2,557.1 |
(in millions) | March 31, 2021 | September 30, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 624.5 | $ | 930.7 | ||||||||||
Receivables | 101.3 | 85.8 | ||||||||||||
Investments, at fair value | 3,907.7 | 2,709.2 | ||||||||||||
Total Assets | $ | 4,633.5 | $ | 3,725.7 | ||||||||||
Liabilities | ||||||||||||||
Accounts payable and accrued expenses | $ | 316.6 | $ | 510.1 | ||||||||||
Debt | 1,759.5 | 1,333.4 | ||||||||||||
Other liabilities | 5.5 | 12.1 | ||||||||||||
Total liabilities | 2,081.6 | 1,855.6 | ||||||||||||
Redeemable Noncontrolling Interests | 609.9 | 397.3 | ||||||||||||
Stockholders’ Equity | ||||||||||||||
Franklin Resources, Inc.’s interests | 1,024.0 | 788.4 | ||||||||||||
Nonredeemable noncontrolling interests | 918.0 | 684.4 | ||||||||||||
Total stockholders’ equity | 1,942.0 | 1,472.8 | ||||||||||||
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity | $ | 4,633.5 | $ | 3,725.7 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | (in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||||||||||||||||
as of June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
as of March 31, 2021 | as of March 31, 2021 | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents of CLOs | $ | 22.2 | $ | — | $ | — | $ | — | $ | 22.2 | Cash and cash equivalents of CLOs | $ | 234.1 | $ | 0 | $ | 0 | $ | — | $ | 234.1 | |||||||||||||||||||||||||||||||
Receivables of CLOs | — | 2.1 | — | — | 2.1 | Receivables of CLOs | 0 | 40.7 | 0 | — | 40.7 | |||||||||||||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 186.2 | $ | 71.7 | $ | 393.6 | $ | 239.8 | $ | 891.3 | ||||||||||||||||||||||||||||||||||||||||||
Debt securities | 1.5 | 395.0 | 85.0 | — | 481.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity and debt securities | Equity and debt securities | 350.4 | 453.5 | 463.2 | 526.1 | 1,793.2 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans | — | 588.3 | 8.9 | — | 597.2 | Loans | 0 | 1,668.6 | 22.4 | — | 1,691.0 | |||||||||||||||||||||||||||||||||||||||||
Real estate | — | — | 304.3 | — | 304.3 | Real estate | 0 | 0 | 423.5 | — | 423.5 | |||||||||||||||||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 209.9 | $ | 1,057.1 | $ | 791.8 | $ | 239.8 | $ | 2,298.6 | Total Assets Measured at Fair Value | $ | 584.5 | $ | 2,162.8 | $ | 909.1 | $ | 526.1 | $ | 4,182.5 | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | 1.8 | $ | 0.1 | $ | — | $ | — | $ | 1.9 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||
as of September 30, 2019 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Investments | ||||||||||||||||||||
Equity securities | $ | 195.1 | $ | 223.9 | $ | 296.4 | $ | 204.1 | $ | 919.5 | ||||||||||
Debt securities | 0.1 | 1,083.6 | 131.4 | — | 1,215.1 | |||||||||||||||
Loans | — | — | 16.6 | — | 16.6 | |||||||||||||||
Real estate | — | — | 152.7 | — | 152.7 | |||||||||||||||
Total Assets Measured at Fair Value | $ | 195.2 | $ | 1,307.5 | $ | 597.1 | $ | 204.1 | $ | 2,303.9 |
(in millions) | Level 1 | Level 2 | Level 3 | NAV as a Practical Expedient | Total | |||||||||||||||||||||||||||
as of September 30, 2020 | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents of CLOs | $ | 488.8 | $ | 0 | $ | 0 | $ | — | $ | 488.8 | ||||||||||||||||||||||
Receivables of CLOs | 0 | 21.2 | 0 | — | 21.2 | |||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||
Equity and debt securities | 177.6 | 285.7 | 469.7 | 261.1 | 1,194.1 | |||||||||||||||||||||||||||
Loans | 0 | 1,151.0 | 24.9 | — | 1,175.9 | |||||||||||||||||||||||||||
Real estate | 0 | 0 | 339.2 | — | 339.2 | |||||||||||||||||||||||||||
Total Assets Measured at Fair Value | $ | 666.4 | $ | 1,457.9 | $ | 833.8 | $ | 261.1 | $ | 3,219.2 | ||||||||||||||||||||||
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 513.5 | $ | 407.8 | $ | 23.5 | $ | 944.8 | ||||||||||||||||||
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net | 2.7 | 1.2 | 0 | 3.9 | ||||||||||||||||||||||
Purchases | 75.4 | 21.2 | 0 | 96.6 | ||||||||||||||||||||||
Sales and settlements | (91.1) | 0 | (1.1) | (92.2) | ||||||||||||||||||||||
Deconsolidations | (36.0) | 0 | 0 | (36.0) | ||||||||||||||||||||||
Transfers into Level 3 | 1.1 | 0 | 0 | 1.1 | ||||||||||||||||||||||
Foreign exchange revaluation | (2.4) | (6.7) | 0 | (9.1) | ||||||||||||||||||||||
Balance at March 31, 2021 | $ | 463.2 | $ | 423.5 | $ | 22.4 | $ | 909.1 | ||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2021 | $ | 3.0 | $ | 1.2 | $ | (0.1) | $ | 4.1 |
(in millions) | Equity Securities | Debt Securities | Real Estate | Loans | Total Level 3 Assets | |||||||||||||||
for the three months ended June 30, 2020 | ||||||||||||||||||||
Balance at April 1, 2020 | $ | 351.6 | $ | 80.9 | $ | 288.0 | $ | 11.0 | $ | 731.5 | ||||||||||
Realized and unrealized gains (losses) included in investment and other income (losses), net | (26.0 | ) | 2.3 | (0.4 | ) | (0.4 | ) | (24.5 | ) | |||||||||||
Purchases | 120.5 | 2.6 | 12.1 | — | 135.2 | |||||||||||||||
Sales and settlements | (50.3 | ) | (1.2 | ) | — | (1.7 | ) | (53.2 | ) | |||||||||||
Transfers out of Level 3 | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||
Foreign exchange revaluation | (2.2 | ) | 0.5 | 4.6 | — | 2.9 | ||||||||||||||
Balance at June 30, 2020 | $ | 393.6 | $ | 85.0 | $ | 304.3 | $ | 8.9 | $ | 791.8 | ||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2020 | $ | (25.1 | ) | $ | 2.3 | $ | (0.4 | ) | $ | (0.4 | ) | $ | (23.6 | ) |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||
Balance at October 1, 2020 | $ | 469.7 | $ | 339.2 | $ | 24.9 | $ | 833.8 | ||||||||||||||||||
Realized and unrealized gains included in investment and other income (losses) of consolidated investment products, net | 21.8 | 2.7 | 0 | 24.5 | ||||||||||||||||||||||
Purchases | 130.3 | 72.3 | 0 | 202.6 | ||||||||||||||||||||||
Sales and settlements | (124.3) | 0 | (2.5) | (126.8) | ||||||||||||||||||||||
Deconsolidations | (36.0) | 0 | 0 | (36.0) | ||||||||||||||||||||||
Transfers into Level 3 | 1.1 | 0 | 0 | 1.1 | ||||||||||||||||||||||
Foreign exchange revaluation | 0.6 | 9.3 | 0 | 9.9 | ||||||||||||||||||||||
Balance at March 31, 2021 | $ | 463.2 | $ | 423.5 | $ | 22.4 | $ | 909.1 | ||||||||||||||||||
Change in unrealized gains included in net income relating to assets held at March 31, 2021 | $ | 21.3 | $ | 2.7 | $ | 0 | $ | 24.0 |
(in millions) | Equity Securities | Debt Securities | Real Estate | Loans | Total Level 3 Assets | |||||||||||||||
for the nine months ended June 30, 2020 | ||||||||||||||||||||
Balance at October 1, 2019 | $ | 296.4 | $ | 131.4 | $ | 152.7 | $ | 16.6 | $ | 597.1 | ||||||||||
Realized and unrealized losses included in investment and other income (losses), net | (36.0 | ) | (12.0 | ) | (1.3 | ) | (1.8 | ) | (51.1 | ) | ||||||||||
Purchases | 188.9 | 6.9 | 153.7 | — | 349.5 | |||||||||||||||
Sales and settlements | (53.6 | ) | (2.3 | ) | — | (5.9 | ) | (61.8 | ) | |||||||||||
Deconsolidation | — | (40.7 | ) | — | — | (40.7 | ) | |||||||||||||
Transfers into Level 3 | — | 2.2 | — | — | 2.2 | |||||||||||||||
Transfers out of Level 3 | — | (1.1 | ) | — | — | (1.1 | ) | |||||||||||||
Foreign exchange revaluation | (2.1 | ) | 0.6 | (0.8 | ) | — | (2.3 | ) | ||||||||||||
Balance at June 30, 2020 | $ | 393.6 | $ | 85.0 | $ | 304.3 | $ | 8.9 | $ | 791.8 | ||||||||||
Change in unrealized losses included in net income relating to assets held at June 30, 2020 | $ | (35.1 | ) | $ | (12.0 | ) | $ | (1.3 | ) | $ | (1.8 | ) | $ | (50.2 | ) |
(in millions) | Equity Securities | Debt Securities | Real Estate | Loans | Total Level 3 Assets | |||||||||||||||
for the three months ended June 30, 2019 | ||||||||||||||||||||
Balance at April 1, 2019 | $ | 257.6 | $ | 131.7 | $ | 29.1 | $ | 38.4 | $ | 456.8 | ||||||||||
Realized and unrealized gains (losses) included in investment and other income (losses), net | 0.5 | 8.6 | (0.2 | ) | (0.7 | ) | 8.2 | |||||||||||||
Purchases | 38.8 | — | — | 1.0 | 39.8 | |||||||||||||||
Sales | (29.4 | ) | — | — | (13.8 | ) | (43.2 | ) | ||||||||||||
Foreign exchange revaluation | 0.1 | 0.3 | 0.2 | — | 0.6 | |||||||||||||||
Balance at June 30, 2019 | $ | 267.6 | $ | 140.6 | $ | 29.1 | $ | 24.9 | $ | 462.2 | ||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2019 | $ | (13.3 | ) | $ | 8.8 | $ | (0.2 | ) | $ | — | $ | (4.7 | ) |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the three months ended March 31, 2020 | ||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 412.8 | $ | 219.9 | $ | 14.0 | $ | 646.7 | ||||||||||||||||||
Realized and unrealized gains (losses) included in investment and other income (losses) of consolidated investment products, net | (17.3) | 1.8 | (1.3) | (16.8) | ||||||||||||||||||||||
Purchases | 40.0 | 77.3 | 0 | 117.3 | ||||||||||||||||||||||
Sales and settlements | (2.8) | 0 | (1.7) | (4.5) | ||||||||||||||||||||||
Transfers into Level 3 | 2.2 | 0 | 0 | 2.2 | ||||||||||||||||||||||
Transfers out of Level 3 | (1.0) | 0 | 0 | (1.0) | ||||||||||||||||||||||
Foreign exchange revaluation | (1.4) | (11.0) | 0 | (12.4) | ||||||||||||||||||||||
Balance at March 31, 2020 | $ | 432.5 | $ | 288.0 | $ | 11.0 | $ | 731.5 | ||||||||||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at March 31, 2020 | $ | (17.3) | $ | 1.8 | $ | (1.7) | $ | (17.2) |
(in millions) | Equity Securities | Debt Securities | Real Estate | Loans | Total Level 3 Assets | |||||||||||||||
for the nine months ended June 30, 2019 | ||||||||||||||||||||
Balance at October 1, 2018 | $ | 199.7 | $ | 118.0 | $ | — | $ | 32.3 | $ | 350.0 | ||||||||||
Acquisition | 45.2 | 39.7 | — | — | 84.9 | |||||||||||||||
Realized and unrealized gains (losses) included in investment and other income (losses), net | 7.4 | (2.4 | ) | 3.2 | (2.2 | ) | 6.0 | |||||||||||||
Purchases | 74.2 | 9.4 | 25.6 | 9.2 | 118.4 | |||||||||||||||
Sales and settlements | (30.8 | ) | (20.2 | ) | — | (14.4 | ) | (65.4 | ) | |||||||||||
Transfers into Level 3 | 0.1 | — | — | — | 0.1 | |||||||||||||||
Transfers out of Level 3 | (25.4 | ) | (3.6 | ) | — | — | (29.0 | ) | ||||||||||||
Foreign exchange revaluation | (2.8 | ) | (0.3 | ) | 0.3 | — | (2.8 | ) | ||||||||||||
Balance at June 30, 2019 | $ | 267.6 | $ | 140.6 | $ | 29.1 | $ | 24.9 | $ | 462.2 | ||||||||||
Change in unrealized gains (losses) included in net income relating to assets held at June 30, 2019 | $ | (6.3 | ) | $ | 4.9 | $ | 3.2 | $ | (0.8 | ) | $ | 1.0 |
(in millions) | Equity and Debt Securities | Real Estate | Loans | Total Level 3 Assets | ||||||||||||||||||||||
for the six months ended March 31, 2020 | ||||||||||||||||||||||||||
Balance at October 1, 2019 | $ | 427.8 | $ | 152.7 | $ | 16.6 | $ | 597.1 | ||||||||||||||||||
Realized and unrealized losses included in investment and other income (losses) of consolidated investment products, net | (24.3) | (0.9) | (1.4) | (26.6) | ||||||||||||||||||||||
Purchases | 72.7 | 141.6 | 0 | 214.3 | ||||||||||||||||||||||
Sales and settlements | (4.4) | 0 | (4.2) | (8.6) | ||||||||||||||||||||||
Deconsolidation | (40.7) | 0 | 0 | (40.7) | ||||||||||||||||||||||
Transfers into Level 3 | 2.2 | 0 | 0 | 2.2 | ||||||||||||||||||||||
Transfers out of Level 3 | (1.0) | 0 | 0 | (1.0) | ||||||||||||||||||||||
Foreign exchange revaluation | 0.2 | (5.4) | 0 | (5.2) | ||||||||||||||||||||||
Balance at March 31, 2020 | $ | 432.5 | $ | 288.0 | $ | 11.0 | $ | 731.5 | ||||||||||||||||||
Change in unrealized losses included in net income relating to assets held at March 31, 2020 | $ | (24.3) | $ | (0.9) | $ | (1.4) | $ | (26.6) |
(in millions) | ||||||||||
as of June 30, 2020 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||
Equity securities | $ | 157.9 | Discounted cash flow | Discount rate | 3.4%–30.0% (11.3%) | |||||
Discount for lack of marketability | 17.0% | |||||||||
128.3 | Market comparable companies | Enterprise value/ EBITDA multiple | 6.8–19.1 (10.0) | |||||||
Discount for lack of marketability | 20.0%–25.2% (21.9%) | |||||||||
Risk premium | 14.3%–55.0% (31.5%) | |||||||||
Enterprise value/ Revenue multiple | 7.5 | |||||||||
Price to earnings ratio | 11.0 | |||||||||
Price to book value ratio | 0.9 | |||||||||
107.4 | Market pricing | Private sale pricing | $0.12–$60.06 ($9.00) per share | |||||||
Debt securities | 75.1 | Discounted cash flow | Discount rate | 3.4%–17.8% (11.3%) | ||||||
Discount for lack of marketability | 17.0% | |||||||||
Risk premium | 6.5% | |||||||||
9.9 | Market comparable companies | Price to earnings ratio | 10.0 | |||||||
Enterprise value/ EBITDA multiple | 15.5 | |||||||||
Real estate | 201.9 | Discounted cash flow | Discount rate | 4.5%–6.0% (5.1%) | ||||||
102.4 | Yield capitalization | Equivalent yield | 4.2%–6.1% (5.2%) | |||||||
Loans | 8.9 | Discounted cash flow | Loss-adjusted discount rate | 0.0%–26.5% (12.8%) |
(in millions) | ||||||||||
as of September 30, 2019 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||
Equity securities | $ | 97.2 | Discounted cash flow | Discount rate | 4.8%–16.3% (10.3%) | |||||
Discount for lack of marketability | 17.0% | |||||||||
176.9 | Market comparable companies | Enterprise value/ EBITDA multiple | 4.5–11.8 (8.1) | |||||||
Discount for lack of marketability | 15.0%–30.0% (23.1%) | |||||||||
Risk premium | 18.9% | |||||||||
Enterprise value/ Revenue multiple | 3.7 | |||||||||
22.3 | Market pricing | Private sale pricing | $0.25–$20.13 ($2.06) per share | |||||||
Debt securities | 115.5 | Discounted cash flow | Discount rate | 4.8%–17.4% (9.7%) | ||||||
Discount for lack of marketability | 17.0%–24.7% (22.9%) | |||||||||
15.9 | Market comparable companies | Price-to-earnings ratio | 10.0 | |||||||
Enterprise value/ EBITDA multiple | 21.9 | |||||||||
Real estate | 84.7 | Discounted cash flow | Discount rate | 6.4%–7.4% (7.1%) | ||||||
68.0 | Yield capitalization | Equivalent yield | 4.3%–6.1% (5.4%) | |||||||
Loans | 16.6 | Discounted cash flow | Loss-adjusted discount rate | 3.0%–23.9% (12.0%) |
as of March 31, 2021 | Fair Value | Valuation Technique | Significant Unobservable Inputs | |||||||||||||||||||||||
Equity and debt securities | $ | 263.8 | Discounted cash flow | Discount rate | 3.5%–13.2% (10.2%) | |||||||||||||||||||||
Risk premium | 14.5% | |||||||||||||||||||||||||
138.5 | Market pricing | Private sale pricing | $0.02–$165.03 ($19.62) per share | |||||||||||||||||||||||
60.9 | Market comparable companies | Enterprise value/ EBITDA multiple | 13.5–20.6 (17.7) | |||||||||||||||||||||||
Discount for lack of marketability | 14.8%–25.5% (21.1%) | |||||||||||||||||||||||||
Enterprise value/ Revenue multiple | 0.6–7.2 (5.1) | |||||||||||||||||||||||||
Price to earnings ratio | 36.7 | |||||||||||||||||||||||||
Real estate | 316.6 | Discounted cash flow | Discount rate | 4.5%–7.0% (5.5%) | ||||||||||||||||||||||
Exit capitalization rate | 5.8% | |||||||||||||||||||||||||
106.9 | Yield capitalization | Equivalent yield | 4.3%–6.1% (5.2%) |
(in millions) | ||||||||||||||||||||||||||
as of September 30, 2020 | Fair Value | Valuation Technique | Significant Unobservable Inputs | Range (Weighted Average1) | ||||||||||||||||||||||
Equity and debt securities | $ | 244.9 | Discounted cash flow | Discount rate | 4.0%–23.0% (11.5%) | |||||||||||||||||||||
Discount for lack of marketability | 17.0% | |||||||||||||||||||||||||
Risk premium | 9.7%–19.3% (16.7%) | |||||||||||||||||||||||||
116.3 | Market pricing | Private sale pricing | $0.02–$100.00 ($13.01) per share | |||||||||||||||||||||||
108.5 | Market comparable companies | Enterprise value/ EBITDA multiple | 7.0–19.1 (10.8) | |||||||||||||||||||||||
Discount for lack of marketability | 20.0%–25.2% (21.9%) | |||||||||||||||||||||||||
Risk premium | 55.0% | |||||||||||||||||||||||||
Enterprise value/ Revenue multiple | 7.5 | |||||||||||||||||||||||||
Price to earnings ratio | 9.4–10.0 (9.7) | |||||||||||||||||||||||||
Real estate | 231.8 | Discounted cash flow | Discount rate | 4.5%–6.5% (5.2%) | ||||||||||||||||||||||
Exit capitalization rate | 6.0% | |||||||||||||||||||||||||
107.4 | Yield capitalization | Equivalent yield | 4.3%–6.1% (5.2%) |
(in millions) | Fair Value Level | June 30, 2020 | September 30, 2019 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||
Financial Asset | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | 595.0 | $ | 595.0 | $ | 154.2 | $ | 154.2 | |||||||||
Financial Liabilities | ||||||||||||||||||
Debt of CLOs | 2 | $ | 537.3 | $ | 548.0 | $ | — | $ | — | |||||||||
Other debt | 3 | 148.3 | 151.2 | 50.8 | 51.0 |
(in millions) | Fair Value Level | March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||||||
Financial Asset | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 390.4 | $ | 390.4 | $ | 441.9 | $ | 441.9 | |||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Debt of CLOs | 2 | $ | 1,649.6 | $ | 1,652.8 | $ | 1,179.7 | $ | 1,225.0 | |||||||||||||||||||||||
Other debt | 3 | 109.9 | 108.2 | 153.7 | 155.2 |
March 31, 2021 | September 30, 2020 | |||||||||||||||||||||||||
(in millions) | Amount | Weighted- Average Effective Interest Rate | Amount | Weighted- Average Effective Interest Rate | ||||||||||||||||||||||
Debt of CLOs | $ | 1,649.6 | 2.35% | $ | 1,179.7 | 2.85% | ||||||||||||||||||||
Other debt | 109.9 | 2.44% | 153.7 | 2.97% | ||||||||||||||||||||||
Total | $ | 1,759.5 | $ | 1,333.4 |
June 30, 2020 | September 30, 2019 | |||||||||||
(in millions) | Amount | Weighted- Average Effective Interest Rate | Amount | Weighted- Average Effective Interest Rate | ||||||||
Debt of CLOs | $ | 537.3 | 3.61% | $ | — | N/A | ||||||
Other debt | 148.3 | 3.08% | 50.8 | 5.09% | ||||||||
Total | $ | 685.6 | $ | 50.8 |
(in millions) | ||||
for the fiscal years ending September 30, | Amount | |||
2020 (remainder of year) | $ | 23.3 | ||
2021 | 146.4 | |||
2022 | — | |||
2023 | — | |||
2024 | 32.8 | |||
Thereafter | 483.1 | |||
Total | $ | 685.6 |
(in millions) | ||||||||
for the fiscal years ending September 30, | Amount | |||||||
2021 (remainder of year) | $ | 7.8 | ||||||
2022 | 61.6 | |||||||
2023 | 0 | |||||||
2024 | 36.7 | |||||||
2025 | 49.1 | |||||||
Thereafter | 1,604.3 | |||||||
Total | $ | 1,759.5 |
(in millions) | ||||||||
for the nine months ended June 30, | 2020 | 2019 | ||||||
Balance at beginning of period | $ | 746.7 | $ | 1,043.6 | ||||
Net income | 11.8 | 6.2 | ||||||
Net subscriptions and other | 241.2 | 578.4 | ||||||
Net deconsolidations | (285.9 | ) | (821.7 | ) | ||||
Balance at End of Period | $ | 713.8 | $ | 806.5 |
(in millions) | Amount | |||
Unpaid principal balance | $ | 679.7 | ||
Difference between unpaid principal balance and fair value | (91.4 | ) | ||
Fair Value | $ | 588.3 |
(in millions) | March 31, 2021 | September 30, 2020 | ||||||||||||
Unpaid principal balance | $ | 1,657.7 | $ | 1,196.5 | ||||||||||
Difference between unpaid principal balance and fair value | 10.9 | (45.5) | ||||||||||||
Fair Value | $ | 1,668.6 | $ | 1,151.0 |
(in millions) | 2021 | |||||||||||||||||||||||||
CIPs | Minority Interests | Total | 2020¹ | |||||||||||||||||||||||
for the three months ended March 31, | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 465.3 | $ | 150.3 | $ | 615.6 | $ | 790.4 | ||||||||||||||||||
Net income (loss) | 6.4 | 5.6 | 12.0 | (28.5) | ||||||||||||||||||||||
Net subscriptions (distributions) and other | 109.8 | (2.4) | 107.4 | 23.5 | ||||||||||||||||||||||
Net consolidations (deconsolidations) | 28.4 | 0 | 28.4 | (576.3) | ||||||||||||||||||||||
Adjustment to fair value | — | 52.3 | 52.3 | — | ||||||||||||||||||||||
Balance at End of Period | $ | 609.9 | $ | 205.8 | $ | 815.7 | $ | 209.1 |
(in millions) | 2021 | |||||||||||||||||||||||||
CIPs | Minority Interests | Total | 2020¹ | |||||||||||||||||||||||
for the six months ended March 31, | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 397.3 | $ | 144.6 | $ | 541.9 | $ | 746.7 | ||||||||||||||||||
Net income (loss) | 19.4 | 11.3 | 30.7 | (19.5) | ||||||||||||||||||||||
Net subscriptions (distributions) and other | 79.9 | (2.4) | 77.5 | 188.6 | ||||||||||||||||||||||
Net consolidations (deconsolidations) | 113.3 | 0 | 113.3 | (706.7) | ||||||||||||||||||||||
Adjustment to fair value | — | 52.3 | 52.3 | — | ||||||||||||||||||||||
Balance at End of Period | $ | 609.9 | $ | 205.8 | $ | 815.7 | $ | 209.1 |
(in millions) | June 30, 2020 | September 30, 2019 | ||||||
Investments | $ | 347.9 | $ | 458.1 | ||||
Receivables | 137.6 | 149.5 | ||||||
Loans receivable | 58.0 | — | ||||||
Total | $ | 543.5 | $ | 607.6 |
(in millions) | March 31, 2021 | September 30, 2020 | ||||||||||||
Investments | $ | 523.6 | $ | 439.2 | ||||||||||
Receivables | 156.4 | 168.0 | ||||||||||||
Loans receivable | 0 | 42.4 | ||||||||||||
Total | $ | 680.0 | $ | 649.6 |
Three Months Ended June 30, 2020 | Nine Months Ended June 30, 2020 | |||||||
(in millions) | ||||||||
Operating lease cost1 | $ | 14.5 | $ | 42.6 | ||||
Finance lease cost | 0.1 | 0.4 | ||||||
Variable lease cost2 | — | 0.5 | ||||||
Total lease expense | $ | 14.6 | $ | 43.5 |
(in millions) | Amount | |||
for the nine months ended June 30, 2020 | ||||
Operating cash flows from operating leases included in the measurement of operating lease liabilities | $ | 36.8 | ||
ROU assets obtained in exchange for new/modified operating lease liabilities | 10.9 |
(in millions) | Amount | |||
for the fiscal years ending September 30, | ||||
2020 (remainder of year) | $ | 12.7 | ||
2021 | 47.9 | |||
2022 | 45.4 | |||
2023 | 42.8 | |||
2024 | 38.9 | |||
Thereafter | 155.8 | |||
Total lease payments | 343.5 | |||
Less: interest | (42.9 | ) | ||
Operating lease liabilities | $ | 300.6 |
(in millions) | ||||
for the fiscal years ending September 30, | Amount | |||
2020 | $ | 49.5 | ||
2021 | 45.3 | |||
2022 | 40.9 | |||
2023 | 39.1 | |||
2024 | 36.7 | |||
Thereafter | 149.1 | |||
Total Minimum Lease Payments | $ | 360.6 |
(in millions) | Amount | |||
for the fiscal years ending September 30, | ||||
2020 (remainder of year) | $ | 8.1 | ||
2021 | 31.0 | |||
2022 | 28.0 | |||
2023 | 28.0 | |||
2024 | 29.0 | |||
Thereafter | 99.3 | |||
Total | $ | 223.4 |
(shares in thousands) | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted- Average Grant-Date Fair Value | |||||||||
for the nine months ended June 30, 2020 | |||||||||||||
Nonvested balance at October 1, 2019 | 3,778 | 1,854 | 5,632 | $ | 34.06 | ||||||||
Granted | 4,684 | 135 | 4,819 | 27.44 | |||||||||
Vested | (553 | ) | (374 | ) | (927 | ) | 34.30 | ||||||
Forfeited/canceled | (288 | ) | (542 | ) | (830 | ) | 33.64 | ||||||
Nonvested Balance at June 30, 2020 | 7,621 | 1,073 | 8,694 | $ | 30.41 |
(shares in thousands) | Time-Based Shares | Performance- Based Shares | Total Shares | Weighted- Average Grant-Date Fair Value | ||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||
Nonvested balance at October 1, 2020 | 12,141 | 4,808 | 16,949 | $ | 24.30 | |||||||||||||||||||||
Granted | 5,586 | 168 | 5,754 | 20.34 | ||||||||||||||||||||||
Vested | (935) | (223) | (1,158) | 30.36 | ||||||||||||||||||||||
Forfeited/canceled | (318) | (522) | (840) | 33.07 | ||||||||||||||||||||||
Nonvested Balance at March 31, 2021 | 16,474 | 4,231 | 20,705 | $ | 22.50 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Investment and Other Income (Losses), Net | ||||||||||||||||
Dividend income | $ | 5.5 | $ | 24.2 | $ | 44.1 | $ | 74.0 | ||||||||
Interest income | 2.3 | 7.2 | 11.4 | 24.7 | ||||||||||||
Gains (losses) on investments, net | 42.3 | 0.3 | (29.3 | ) | (16.1 | ) | ||||||||||
Income (losses) from investments in equity method investees | 10.0 | 5.5 | (110.3 | ) | 15.1 | |||||||||||
Gains (losses) on swap agreements | (20.2 | ) | — | 8.9 | — | |||||||||||
Gains (losses) on investments of CIPs, net | (26.7 | ) | 1.7 | (103.0 | ) | (15.5 | ) | |||||||||
Rental income | 7.7 | 4.7 | 23.0 | 14.6 | ||||||||||||
Foreign currency exchange (losses) gains, net | (0.6 | ) | 0.1 | (11.5 | ) | 7.3 | ||||||||||
Other, net | 2.6 | 0.5 | 0.2 | (0.3 | ) | |||||||||||
Total | 22.9 | 44.2 | (166.5 | ) | 103.8 | |||||||||||
Interest Expense | (6.8 | ) | (5.6 | ) | (17.7 | ) | (17.7 | ) | ||||||||
Other Income (Expenses), Net | $ | 16.1 | $ | 38.6 | $ | (184.2 | ) | $ | 86.1 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Dividend income | $ | 1.3 | $ | 20.0 | $ | 3.8 | $ | 38.6 | ||||||||||||||||||
Interest income | 2.6 | 3.7 | 5.2 | 9.1 | ||||||||||||||||||||||
Gains (losses) on investments, net | 10.2 | (79.4) | 58.9 | (71.6) | ||||||||||||||||||||||
Income (losses) from investments in equity method investees | 45.9 | (159.4) | 84.4 | (120.3) | ||||||||||||||||||||||
Gains (losses) on derivatives, net | (6.1) | 31.4 | (16.1) | 29.1 | ||||||||||||||||||||||
Rental income | 7.8 | 7.8 | 15.5 | 15.3 | ||||||||||||||||||||||
Foreign currency exchange gains (losses), net | 6.5 | (2.4) | (10.0) | (10.9) | ||||||||||||||||||||||
Other, net | (1.1) | (2.7) | 2.6 | (2.4) | ||||||||||||||||||||||
Investment and other income (losses), net | $ | 67.1 | $ | (181.0) | $ | 144.3 | $ | (113.1) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||
Balance at January 1, 2021 | $ | (306.1) | $ | (8.6) | $ | (314.7) | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (35.6) | 1.0 | (34.6) | |||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | 0.8 | 0 | 0.8 | |||||||||||||||||
Total other comprehensive income (loss) | (34.8) | 1.0 | (33.8) | |||||||||||||||||
Balance at March 31, 2021 | $ | (340.9) | $ | (7.6) | $ | (348.5) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Total | |||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||
Balance at October 1, 2020 | $ | (399.6) | $ | (8.0) | $ | (407.6) | ||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Other comprehensive income before reclassifications, net of tax | 57.8 | 0.4 | 58.2 | |||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | 0.9 | 0 | 0.9 | |||||||||||||||||
Total other comprehensive income | 58.7 | 0.4 | 59.1 | |||||||||||||||||
Balance at March 31, 2021 | $ | (340.9) | $ | (7.6) | $ | (348.5) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains (Losses) on Investments | Total | ||||||||||||||||||||||
for the three months ended March 31, 2020 | ||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | (367.4) | $ | (7.1) | $ | (1.7) | $ | (376.2) | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | (103.0) | 0.7 | 1.9 | (100.4) | ||||||||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | 0.5 | 0 | 0 | 0.5 | ||||||||||||||||||||||
Total other comprehensive income (loss) | (102.5) | 0.7 | 1.9 | (99.9) | ||||||||||||||||||||||
Balance at March 31, 2020 | $ | (469.9) | $ | (6.4) | $ | 0.2 | $ | (476.1) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains on Investments | Total | ||||||||||||||||||||||
for the six months ended March 31, 2020 | ||||||||||||||||||||||||||
Balance at October 1, 2019 | $ | (425.4) | $ | (6.2) | $ | 0 | $ | (431.6) | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (44.9) | (0.2) | 0 | (45.1) | ||||||||||||||||||||||
Reclassifications to net investment and other income (losses), net of tax | 0.4 | 0 | 0.2 | 0.6 | ||||||||||||||||||||||
Total other comprehensive income (loss) | (44.5) | (0.2) | 0.2 | (44.5) | ||||||||||||||||||||||
Balance at March 31, 2020 | $ | (469.9) | $ | (6.4) | $ | 0.2 | $ | (476.1) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains on Investments | Total | ||||||||||||
for the three months ended June 30, 2020 | ||||||||||||||||
Balance at April 1, 2020 | $ | (469.9 | ) | $ | (6.4 | ) | $ | 0.2 | $ | (476.1 | ) | |||||
Other comprehensive income (loss) | ||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 26.1 | — | (0.5 | ) | 25.6 | |||||||||||
Reclassifications to net investment and other income (losses), net of tax | — | — | 0.4 | 0.4 | ||||||||||||
Total other comprehensive income (loss) | 26.1 | — | (0.1 | ) | 26.0 | |||||||||||
Balance at June 30, 2020 | $ | (443.8 | ) | $ | (6.4 | ) | $ | 0.1 | $ | (450.1 | ) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains on Investments | Total | ||||||||||||
for the nine months ended June 30, 2020 | ||||||||||||||||
Balance at October 1, 2019 | $ | (425.4 | ) | $ | (6.2 | ) | $ | — | $ | (431.6 | ) | |||||
Other comprehensive income (loss) | ||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (18.8 | ) | (0.2 | ) | (0.5 | ) | (19.5 | ) | ||||||||
Reclassifications to net investment and other income (losses), net of tax | 0.4 | 0.6 | 1.0 | |||||||||||||
Total other comprehensive income (loss) | (18.4 | ) | (0.2 | ) | 0.1 | (18.5 | ) | |||||||||
Balance at June 30, 2020 | $ | (443.8 | ) | $ | (6.4 | ) | $ | 0.1 | $ | (450.1 | ) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains (Losses) on Investments | Total | ||||||||||||
for the three months ended June 30, 2019 | ||||||||||||||||
Balance at April 1, 2019 | $ | (379.6 | ) | $ | (5.3 | ) | $ | (1.6 | ) | $ | (386.5 | ) | ||||
Other comprehensive income | ||||||||||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 1.9 | 0.1 | (4.9 | ) | (2.9 | ) | ||||||||||
Reclassifications to net investment and other income (losses), net of tax | — | — | 8.5 | 8.5 | ||||||||||||
Total other comprehensive income | 1.9 | 0.1 | 3.6 | 5.6 | ||||||||||||
Balance at June 30, 2019 | $ | (377.7 | ) | $ | (5.2 | ) | $ | 2.0 | $ | (380.9 | ) |
(in millions) | Currency Translation Adjustments | Unrealized Losses on Defined Benefit Plans | Unrealized Gains on Investments | Total | ||||||||||||
for the nine months ended June 30, 2019 | ||||||||||||||||
Balance at October 1, 2018 | $ | (372.9 | ) | $ | (4.2 | ) | $ | 6.5 | $ | (370.6 | ) | |||||
Adoption of new accounting guidance | — | — | (8.0 | ) | (8.0 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||
Other comprehensive loss before reclassifications, net of tax | (4.9 | ) | (1.0 | ) | (5.0 | ) | (10.9 | ) | ||||||||
Reclassifications to net investment and other income (losses), net of tax | 0.1 | — | 8.5 | 8.6 | ||||||||||||
Total other comprehensive income (loss) | (4.8 | ) | (1.0 | ) | 3.5 | (2.3 | ) | |||||||||
Balance at June 30, 2019 | $ | (377.7 | ) | $ | (5.2 | ) | $ | 2.0 | $ | (380.9 | ) |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | |||||||||||||||||||||||||||||||||||
(in millions, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating revenues1 | $ | 2,076.5 | $ | 1,311.2 | 58 | % | $ | 4,071.6 | $ | 2,700.4 | 51 | % | ||||||||||||||||||||||||||
Operating income1 | 456.3 | 339.9 | 34 | % | 865.4 | 712.8 | 21 | % | ||||||||||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | 381.8 | 79.1 | 383 | % | 727.1 | 429.6 | 69 | % | ||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.74 | $ | 0.16 | 363 | % | $ | 1.42 | $ | 0.86 | 65 | % | ||||||||||||||||||||||||||
Operating margin2 | 22.0 | % | 25.9 | % | 21.3 | % | 26.4 | % | ||||||||||||||||||||||||||||||
As adjusted (non-GAAP):3 | ||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 581.1 | $ | 385.9 | 51 | % | $ | 1,131.0 | $ | 791.4 | 43 | % | ||||||||||||||||||||||||||
Adjusted operating margin | 38.0 | % | 43.2 | % | 37.6 | % | 42.9 | % | ||||||||||||||||||||||||||||||
Adjusted net income | $ | 403.5 | $ | 332.8 | 21 | % | $ | 776.9 | $ | 671.1 | 16 | % | ||||||||||||||||||||||||||
Adjusted diluted earnings per share | $ | 0.79 | $ | 0.66 | 20 | % | $ | 1.51 | $ | 1.34 | 13 | % |
Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||
(in millions, except per share data) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Operating revenues | $ | 1,188.1 | $ | 1,476.7 | (20 | %) | $ | 3,939.1 | $ | 4,322.0 | (9 | %) | ||||||||||
Operating income | 253.7 | 374.9 | (32 | %) | 1,002.5 | 1,165.9 | (14 | %) | ||||||||||||||
Net income attributable to Franklin Resources, Inc. | 290.4 | 245.9 | 18 | % | 720.0 | 889.3 | (19 | %) | ||||||||||||||
Diluted earnings per share | $ | 0.58 | $ | 0.48 | 21 | % | $ | 1.44 | $ | 1.74 | (17 | %) | ||||||||||
Operating margin1 | 21.4 | % | 25.4 | % | 25.4 | % | 27.0 | % | ||||||||||||||
As adjusted (non-GAAP):2 | ||||||||||||||||||||||
Adjusted operating income | $ | 270.8 | $ | 430.7 | (37 | %) | $ | 1,062.2 | $ | 1,247.4 | (15 | %) | ||||||||||
Adjusted operating margin | 34.0 | % | 43.4 | % | 40.2 | % | 42.8 | % | ||||||||||||||
Adjusted net income | $ | 348.9 | $ | 281.5 | 24 | % | $ | 1,020.0 | $ | 972.9 | 5 | % | ||||||||||
Adjusted diluted earnings per share | $ | 0.70 | $ | 0.55 | 27 | % | $ | 2.04 | $ | 1.90 | 7 | % |
(in billions) | March 31, 2021 | March 31, 2020 | Percent Change | |||||||||||||||||
Fixed Income | $ | 642.3 | $ | 214.9 | 199 | % | ||||||||||||||
Equity | 511.9 | 200.9 | 155 | % | ||||||||||||||||
Multi-Asset | 148.2 | 107.4 | 38 | % | ||||||||||||||||
Alternative | 131.1 | 46.4 | 183 | % | ||||||||||||||||
Cash Management | 65.4 | 10.7 | 511 | % | ||||||||||||||||
Total | $ | 1,498.9 | $ | 580.3 | 158 | % |
(in billions) | June 30, 2020 | June 30, 2019 | Percent Change | ||||||||
Equity | |||||||||||
Global/international | $ | 127.4 | $ | 169.8 | (25 | %) | |||||
United States | 115.6 | 112.4 | 3 | % | |||||||
Total equity | 243.0 | 282.2 | (14 | %) | |||||||
Multi-Asset/Balanced | 129.3 | 136.0 | (5 | %) | |||||||
Fixed Income | |||||||||||
Tax-free | 66.3 | 65.0 | 2 | % | |||||||
Taxable | |||||||||||
Global/international | 106.6 | 154.9 | (31 | %) | |||||||
United States | 67.2 | 67.9 | (1 | %) | |||||||
Total fixed income | 240.1 | 287.8 | (17 | %) | |||||||
Cash Management | 10.4 | 9.2 | 13 | % | |||||||
Total | $ | 622.8 | $ | 715.2 | (13 | %) |
(in billions) | Average AUM | Percent Change | Mix of Average AUM | |||||||||||||||||||||||||||||
for the three months ended March 31, | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Fixed Income | $ | 658.6 | $ | 234.8 | 180 | % | 44 | % | 36 | % | ||||||||||||||||||||||
Equity | 500.2 | 246.0 | 103 | % | 33 | % | 37 | % | ||||||||||||||||||||||||
Multi-Asset | 143.4 | 118.5 | 21 | % | 10 | % | 18 | % | ||||||||||||||||||||||||
Alternative | 129.0 | 46.0 | 180 | % | 9 | % | 7 | % | ||||||||||||||||||||||||
Cash Management | 66.7 | 10.5 | 535 | % | 4 | % | 2 | % | ||||||||||||||||||||||||
Total | $ | 1,497.9 | $ | 655.8 | 128 | % | 100 | % | 100 | % |
(in billions) | Average AUM | Percent Change | Mix of Average AUM | |||||||||||||||||||||||||||||
for the six months ended March 31, | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Fixed Income | $ | 658.7 | $ | 240.4 | 174 | % | 45 | % | 36 | % | ||||||||||||||||||||||
Equity | 475.0 | 254.4 | 87 | % | 32 | % | 37 | % | ||||||||||||||||||||||||
Multi-Asset | 140.2 | 120.7 | 16 | % | 10 | % | 18 | % | ||||||||||||||||||||||||
Alternative | 125.9 | 45.8 | 175 | % | 9 | % | 7 | % | ||||||||||||||||||||||||
Cash Management | 67.2 | 10.1 | 565 | % | 4 | % | 2 | % | ||||||||||||||||||||||||
Total | $ | 1,467.0 | $ | 671.4 | 118 | % | 100 | % | 100 | % |
(in billions) | Average AUM | Percent Change | Mix of Average AUM | ||||||||||||||
for the three months ended June 30, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Equity | |||||||||||||||||
Global/international | $ | 122.6 | $ | 170.8 | (28 | %) | 20 | % | 24 | % | |||||||
United States | 106.3 | 110.3 | (4 | %) | 18 | % | 16 | % | |||||||||
Total equity | 228.9 | 281.1 | (19 | %) | 38 | % | 40 | % | |||||||||
Multi-Asset/Balanced | 124.8 | 134.4 | (7 | %) | 21 | % | 19 | % | |||||||||
Fixed Income | |||||||||||||||||
Tax-free | 65.0 | 64.2 | 1 | % | 11 | % | 9 | % | |||||||||
Taxable | |||||||||||||||||
Global/international | 109.5 | 153.7 | (29 | %) | 18 | % | 22 | % | |||||||||
United States | 66.5 | 68.2 | (2 | %) | 11 | % | 9 | % | |||||||||
Total fixed income | 241.0 | 286.1 | (16 | %) | 40 | % | 40 | % | |||||||||
Cash Management | 10.3 | 9.2 | 12 | % | 1 | % | 1 | % | |||||||||
Total | $ | 605.0 | $ | 710.8 | (15 | %) | 100 | % | 100 | % |
(in billions) | Average AUM | Percent Change | Mix of Average AUM | ||||||||||||||
for the nine months ended June 30, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Equity | |||||||||||||||||
Global/international | $ | 143.0 | $ | 175.5 | (19 | %) | 22 | % | 25 | % | |||||||
United States | 110.7 | 108.1 | 2 | % | 17 | % | 16 | % | |||||||||
Total equity | 253.7 | 283.6 | (11 | %) | 39 | % | 41 | % | |||||||||
Multi-Asset/Balanced | 130.1 | 133.1 | (2 | %) | 20 | % | 19 | % | |||||||||
Fixed Income | |||||||||||||||||
Tax-free | 66.3 | 63.2 | 5 | % | 10 | % | 9 | % | |||||||||
Taxable | |||||||||||||||||
Global/international | 126.6 | 151.8 | (17 | %) | 20 | % | 22 | % | |||||||||
United States | 67.0 | 55.8 | 20 | % | 10 | % | 8 | % | |||||||||
Total fixed income | 259.9 | 270.8 | (4 | %) | 40 | % | 39 | % | |||||||||
Cash Management | 10.3 | 9.4 | 10 | % | 1 | % | 1 | % | |||||||||
Total | $ | 654.0 | $ | 696.9 | (6 | %) | 100 | % | 100 | % |
(in billions) | Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Beginning AUM | $ | 1,498.0 | $ | 698.3 | 115 | % | $ | 1,418.9 | 692.6 | 105 | % | |||||||||||||||||||||||||||
Long-term inflows | 101.7 | 38.9 | 161 | % | 197.8 | 81.9 | 142 | % | ||||||||||||||||||||||||||||||
Long-term outflows | (105.9) | (64.3) | 65 | % | (206.5) | (119.6) | 73 | % | ||||||||||||||||||||||||||||||
Long-term net flows | (4.2) | (25.4) | (83 | %) | (8.7) | (37.7) | (77 | %) | ||||||||||||||||||||||||||||||
Cash management net flows | 1.2 | 0.5 | 140 | % | (9.0) | 1.5 | NM | |||||||||||||||||||||||||||||||
Total net flows | (3.0) | (24.9) | (88 | %) | (17.7) | (36.2) | (51 | %) | ||||||||||||||||||||||||||||||
Acquisition | — | 5.6 | (100 | %) | — | 5.6 | (100 | %) | ||||||||||||||||||||||||||||||
Net market change, distributions and other | 3.9 | (98.7) | NM | 97.7 | (81.7) | NM | ||||||||||||||||||||||||||||||||
Ending AUM | $ | 1,498.9 | $ | 580.3 | 158 | % | $ | 1,498.9 | $ | 580.3 | 158 | % |
(in billions) | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Beginning AUM | $ | 580.3 | $ | 712.3 | (19 | %) | $ | 692.6 | $ | 717.1 | (3 | %) | ||||||||||
Long-term sales | 21.9 | 28.4 | (23 | %) | 72.3 | 77.1 | (6 | %) | ||||||||||||||
Long-term redemptions | (36.7 | ) | (38.2 | ) | (4 | %) | (136.7 | ) | (116.8 | ) | 17 | % | ||||||||||
Long-term net exchanges | — | — | NM | (1.6 | ) | (0.5 | ) | 220 | % | |||||||||||||
Long-term reinvested distributions | 3.5 | 4.4 | (20 | %) | 17.0 | 21.2 | (20 | %) | ||||||||||||||
Net flows | (11.3 | ) | (5.4 | ) | 109 | % | (49.0 | ) | (19.0 | ) | 158 | % | ||||||||||
Acquisitions | 3.5 | — | NM | 9.1 | 26.4 | (66 | %) | |||||||||||||||
Net market change, distributions and other | 50.3 | 8.3 | 506 | % | (29.9 | ) | (9.3 | ) | 222 | % | ||||||||||||
Ending AUM | $ | 622.8 | $ | 715.2 | (13 | %) | $ | 622.8 | $ | 715.2 | (13 | %) |
(in billions) | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
AUM at January 1, 2021 | $ | 669.9 | $ | 495.7 | $ | 141.1 | $ | 127.1 | $ | 64.2 | $ | 1,498.0 | ||||||||||||||||||||||||||
Long-term inflows | 53.5 | 32.4 | 9.6 | 6.2 | — | 101.7 | ||||||||||||||||||||||||||||||||
Long-term outflows | (56.1) | (38.0) | (8.5) | (3.3) | — | (105.9) | ||||||||||||||||||||||||||||||||
Long-term net flows | (2.6) | (5.6) | 1.1 | 2.9 | — | (4.2) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | 1.2 | 1.2 | ||||||||||||||||||||||||||||||||
Total net flows | (2.6) | (5.6) | 1.1 | 2.9 | 1.2 | (3.0) | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (25.0) | 21.8 | 6.0 | 1.1 | — | 3.9 | ||||||||||||||||||||||||||||||||
AUM at March 31, 2021 | $ | 642.3 | $ | 511.9 | $ | 148.2 | $ | 131.1 | $ | 65.4 | $ | 1,498.9 |
(in billions) | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
AUM at January 1, 2020 | $ | 243.0 | $ | 273.2 | $ | 125.6 | $ | 46.1 | $ | 10.4 | $ | 698.3 | ||||||||||||||||||||||||||
Long-term inflows | 15.6 | 13.4 | 6.7 | 3.2 | — | 38.9 | ||||||||||||||||||||||||||||||||
Long-term outflows | (29.3) | (23.2) | (9.4) | (2.4) | — | (64.3) | ||||||||||||||||||||||||||||||||
Long-term net flows | (13.7) | (9.8) | (2.7) | 0.8 | — | (25.4) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||
Total net flows | (13.7) | (9.8) | (2.7) | 0.8 | 0.5 | (24.9) | ||||||||||||||||||||||||||||||||
Acquisition | — | — | 5.6 | — | — | 5.6 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (14.4) | (62.5) | (21.1) | (0.5) | (0.2) | (98.7) | ||||||||||||||||||||||||||||||||
AUM at March 31, 2020 | $ | 214.9 | $ | 200.9 | $ | 107.4 | $ | 46.4 | $ | 10.7 | $ | 580.3 |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the three months ended June 30, 2020 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at April 1, 2020 | $ | 114.7 | $ | 92.7 | $ | 118.2 | $ | 64.9 | $ | 113.3 | $ | 65.8 | $ | 10.7 | $ | 580.3 | ||||||||||||||||
Long-term sales | 4.2 | 7.1 | 2.8 | 1.9 | 3.3 | 2.6 | — | 21.9 | ||||||||||||||||||||||||
Long-term redemptions | (8.5 | ) | (6.2 | ) | (5.1 | ) | (1.9 | ) | (12.5 | ) | (2.5 | ) | — | (36.7 | ) | |||||||||||||||||
Long-term net exchanges | (0.3 | ) | 0.6 | (0.2 | ) | — | (0.5 | ) | 0.4 | — | — | |||||||||||||||||||||
Long-term reinvested distributions | 0.1 | 0.4 | 1.7 | 0.4 | 0.7 | 0.2 | — | 3.5 | ||||||||||||||||||||||||
Net flows | (4.5 | ) | 1.9 | (0.8 | ) | 0.4 | (9.0 | ) | 0.7 | — | (11.3 | ) | ||||||||||||||||||||
Acquisition | — | — | 3.5 | — | — | — | — | 3.5 | ||||||||||||||||||||||||
Net market change, distributions and other | 17.2 | 21.0 | 8.4 | 1.0 | 2.3 | 0.7 | (0.3 | ) | 50.3 | |||||||||||||||||||||||
AUM at June 30, 2020 | $ | 127.4 | $ | 115.6 | $ | 129.3 | $ | 66.3 | $ | 106.6 | $ | 67.2 | $ | 10.4 | $ | 622.8 |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the three months ended June 30, 2019 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at April 1, 2019 | $ | 174.4 | $ | 109.5 | $ | 134.7 | $ | 63.4 | $ | 152.5 | $ | 68.9 | $ | 8.9 | $ | 712.3 | ||||||||||||||||
Long-term sales | 4.4 | 4.3 | 3.7 | 2.1 | 12.1 | 1.8 | — | 28.4 | ||||||||||||||||||||||||
Long-term redemptions | (10.1 | ) | (5.4 | ) | (5.6 | ) | (1.9 | ) | (12.0 | ) | (3.2 | ) | — | (38.2 | ) | |||||||||||||||||
Long-term net exchanges | (0.9 | ) | (0.6 | ) | 1.4 | 0.1 | — | — | — | — | ||||||||||||||||||||||
Long-term reinvested distributions | 0.3 | 0.6 | 1.6 | 0.4 | 1.2 | 0.3 | — | 4.4 | ||||||||||||||||||||||||
Net flows | (6.3 | ) | (1.1 | ) | 1.1 | 0.7 | 1.3 | (1.1 | ) | — | (5.4 | ) | ||||||||||||||||||||
Net market change, distributions and other | 1.7 | 4.0 | 0.2 | 0.9 | 1.1 | 0.1 | 0.3 | 8.3 | ||||||||||||||||||||||||
AUM at June 30, 2019 | $ | 169.8 | $ | 112.4 | $ | 136.0 | $ | 65.0 | $ | 154.9 | $ | 67.9 | $ | 9.2 | $ | 715.2 |
(in billions) | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the six months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
AUM at October 1, 2020 | $ | 656.9 | $ | 438.1 | $ | 129.4 | $ | 122.1 | $ | 72.4 | $ | 1,418.9 | ||||||||||||||||||||||||||
Long-term inflows | 95.5 | 73.9 | 18.9 | 9.5 | — | 197.8 | ||||||||||||||||||||||||||||||||
Long-term outflows | (104.0) | (78.2) | (18.1) | (6.2) | — | (206.5) | ||||||||||||||||||||||||||||||||
Long-term net flows | (8.5) | (4.3) | 0.8 | 3.3 | — | (8.7) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | (9.0) | (9.0) | ||||||||||||||||||||||||||||||||
Total net flows | (8.5) | (4.3) | 0.8 | 3.3 | (9.0) | (17.7) | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (6.1) | 78.1 | 18.0 | 5.7 | 2.0 | 97.7 | ||||||||||||||||||||||||||||||||
AUM at March 31, 2021 | $ | 642.3 | $ | 511.9 | $ | 148.2 | $ | 131.1 | $ | 65.4 | $ | 1,498.9 |
(in billions) | Fixed Income | Equity | Multi-Asset | Alternative | Cash Management | Total | ||||||||||||||||||||||||||||||||
for the six months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||
AUM at October 1, 2019 | $ | 250.6 | $ | 263.9 | $ | 123.6 | $ | 45.0 | $ | 9.5 | $ | 692.6 | ||||||||||||||||||||||||||
Long-term inflows | 32.3 | 30.8 | 13.6 | 5.2 | — | 81.9 | ||||||||||||||||||||||||||||||||
Long-term outflows | (54.7) | (44.1) | (17.1) | (3.7) | — | (119.6) | ||||||||||||||||||||||||||||||||
Long-term net flows | (22.4) | (13.3) | (3.5) | 1.5 | — | (37.7) | ||||||||||||||||||||||||||||||||
Cash management net flows | — | — | — | — | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||
Total net flows | (22.4) | (13.3) | (3.5) | 1.5 | 1.5 | (36.2) | ||||||||||||||||||||||||||||||||
Acquisition | — | — | 5.6 | — | — | 5.6 | ||||||||||||||||||||||||||||||||
Net market change, distributions and other | (13.3) | (49.7) | (18.3) | (0.1) | (0.3) | (81.7) | ||||||||||||||||||||||||||||||||
AUM at March 31, 2020 | $ | 214.9 | $ | 200.9 | $ | 107.4 | $ | 46.4 | $ | 10.7 | $ | 580.3 |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the nine months ended June 30, 2020 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at October 1, 2019 | $ | 158.4 | $ | 112.1 | $ | 134.3 | $ | 66.3 | $ | 144.6 | $ | 67.4 | $ | 9.5 | $ | 692.6 | ||||||||||||||||
Long-term sales | 12.6 | 17.9 | 11.4 | 6.4 | 16.6 | 7.4 | — | 72.3 | ||||||||||||||||||||||||
Long-term redemptions | (31.8 | ) | (21.5 | ) | (19.6 | ) | (7.0 | ) | (47.6 | ) | (9.2 | ) | — | (136.7 | ) | |||||||||||||||||
Long-term net exchanges | (0.8 | ) | 0.6 | (0.6 | ) | (0.2 | ) | (1.9 | ) | 1.3 | — | (1.6 | ) | |||||||||||||||||||
Long-term reinvested distributions | 2.6 | 5.3 | 4.7 | 1.2 | 2.5 | 0.7 | — | 17.0 | ||||||||||||||||||||||||
Net flows | (17.4 | ) | 2.3 | (4.1 | ) | 0.4 | (30.4 | ) | 0.2 | — | (49.0 | ) | ||||||||||||||||||||
Acquisition | — | — | 9.1 | — | — | — | — | 9.1 | ||||||||||||||||||||||||
Net market change, distributions and other | (13.6 | ) | 1.2 | (10.0 | ) | (0.4 | ) | (7.6 | ) | (0.4 | ) | 0.9 | (29.9 | ) | ||||||||||||||||||
AUM at June 30, 2020 | $ | 127.4 | $ | 115.6 | $ | 129.3 | $ | 66.3 | $ | 106.6 | $ | 67.2 | $ | 10.4 | $ | 622.8 |
(in billions) | Equity | Multi-Asset/ Balanced | Fixed Income | Cash Management | Total | |||||||||||||||||||||||||||
for the nine months ended June 30, 2019 | Global/ International | United States | Tax-Free | Taxable Global/ International | Taxable United States | |||||||||||||||||||||||||||
AUM at October 1, 2018 | $ | 194.4 | $ | 115.2 | $ | 138.9 | $ | 63.9 | $ | 150.6 | $ | 44.8 | $ | 9.3 | $ | 717.1 | ||||||||||||||||
Long-term sales | 13.8 | 12.4 | 9.6 | 5.5 | 30.6 | 5.2 | — | 77.1 | ||||||||||||||||||||||||
Long-term redemptions | (31.8 | ) | (17.5 | ) | (16.8 | ) | (8.0 | ) | (32.7 | ) | (10.0 | ) | — | (116.8 | ) | |||||||||||||||||
Long-term net exchanges | (1.5 | ) | (0.6 | ) | 1.3 | 0.1 | 0.2 | — | — | (0.5 | ) | |||||||||||||||||||||
Long-term reinvested distributions | 4.8 | 5.6 | 4.6 | 1.3 | 4.1 | 0.8 | — | 21.2 | ||||||||||||||||||||||||
Net flows | (14.7 | ) | (0.1 | ) | (1.3 | ) | (1.1 | ) | 2.2 | (4.0 | ) | — | (19.0 | ) | ||||||||||||||||||
Acquisition | — | — | — | — | — | 26.4 | — | 26.4 | ||||||||||||||||||||||||
Net market change, distributions and other | (9.9 | ) | (2.7 | ) | (1.6 | ) | 2.2 | 2.1 | 0.7 | (0.1 | ) | (9.3 | ) | |||||||||||||||||||
AUM at June 30, 2019 | $ | 169.8 | $ | 112.4 | $ | 136.0 | $ | 65.0 | $ | 154.9 | $ | 67.9 | $ | 9.2 | $ | 715.2 |
(in billions) | March 31, 2021 | March 31, 2020 | Percent Change | |||||||||||||||||
United States | $ | 1,100.5 | $ | 408.3 | 170 | % | ||||||||||||||
International | ||||||||||||||||||||
Asia-Pacific | 164.5 | 72.4 | 127 | % | ||||||||||||||||
Europe, Middle East and Africa | 150.1 | 70.8 | 112 | % | ||||||||||||||||
Latin America1 | 57.4 | 10.5 | 447 | % | ||||||||||||||||
Canada | 26.4 | 18.3 | 44 | % | ||||||||||||||||
Total international | 398.4 | 172.0 | 132 | % | ||||||||||||||||
Total | $ | 1,498.9 | $ | 580.3 | 158 | % |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in billions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 1,090.4 | $ | 454.8 | 140 | % | $ | 1,065.4 | $ | 464.4 | 129 | % | ||||||||||||||||||||||||||||||||||||||||||||
International | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia-Pacific | 171.5 | 83.4 | 106 | % | 170.2 | 85.9 | 98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East and Africa | 151.9 | 83.6 | 82 | % | 148.2 | 85.7 | 73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Latin America1 | 58.2 | 12.5 | 366 | % | 57.7 | 12.9 | 347 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Canada | 25.9 | 21.5 | 20 | % | 25.5 | 22.5 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total international | 407.5 | 201.0 | 103 | % | 401.6 | 207.0 | 94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,497.9 | $ | 655.8 | 128 | % | $ | 1,467.0 | $ | 671.4 | 118 | % |
Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||
(in billions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
United States | $ | 426.9 | $ | 485.2 | (12 | %) | $ | 455.0 | $ | 471.4 | (3 | %) | ||||||||||
International | ||||||||||||||||||||||
Europe, Middle East and Africa | 75.1 | 91.2 | (18 | %) | 83.0 | 92.4 | (10 | %) | ||||||||||||||
Asia-Pacific | 73.1 | 92.1 | (21 | %) | 82.1 | 90.4 | (9 | %) | ||||||||||||||
Canada | 19.2 | 27.6 | (30 | %) | 21.6 | 27.9 | (23 | %) | ||||||||||||||
Latin America1 | 10.7 | 14.7 | (27 | %) | 12.3 | 14.8 | (17 | %) | ||||||||||||||
Total international | 178.1 | 225.6 | (21 | %) | 199.0 | 225.5 | (12 | %) | ||||||||||||||
Total | $ | 605.0 | $ | 710.8 | (15 | %) | $ | 654.0 | $ | 696.9 | (6 | %) |
Peer Group Comparison1 | Benchmark Comparison2 | |||||||||||||||||||||||||||||||||||||||||||||||||
% of Mutual Fund AUM in Top Two Peer Group Quartiles | % of Composite AUM Exceeding Benchmark | |||||||||||||||||||||||||||||||||||||||||||||||||
as of March 31, 2021 | 1-Year | 3-Year | 5-Year | 10-Year | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income | 51 | % | 56 | % | 56 | % | 60 | % | 87 | % | 85 | % | 89 | % | 95 | % | ||||||||||||||||||||||||||||||||||
Equity | 35 | % | 50 | % | 40 | % | 48 | % | 39 | % | 38 | % | 39 | % | 50 | % | ||||||||||||||||||||||||||||||||||
Total AUM3 | 49 | % | 58 | % | 53 | % | 59 | % | 68 | % | 67 | % | 69 | % | 76 | % |
Benchmark Comparison1, 2 | Peer Group Comparison1, 3 | |||||||||||||||||||||||
% of AUM Exceeding Benchmark | % of AUM in Top Two Peer Group Quartiles | |||||||||||||||||||||||
as of June 30, 2020 | 1-Year | 3-Year | 5-Year | 10-Year | 1-Year | 3-Year | 5-Year | 10-Year | ||||||||||||||||
Equity | ||||||||||||||||||||||||
Global/international | 24 | % | 19 | % | 21 | % | 25 | % | 40 | % | 25 | % | 25 | % | 30 | % | ||||||||
United States | 49 | % | 51 | % | 42 | % | 32 | % | 40 | % | 59 | % | 80 | % | 48 | % | ||||||||
Total equity | 37 | % | 36 | % | 32 | % | 28 | % | 40 | % | 43 | % | 53 | % | 39 | % | ||||||||
Multi-Asset/Balanced | 9 | % | 11 | % | 12 | % | 6 | % | 13 | % | 18 | % | 18 | % | 17 | % | ||||||||
Fixed Income | ||||||||||||||||||||||||
Tax-free | 9 | % | 27 | % | 32 | % | 40 | % | 89 | % | 48 | % | 48 | % | 50 | % | ||||||||
Taxable | ||||||||||||||||||||||||
Global/international | 8 | % | 14 | % | 14 | % | 49 | % | 15 | % | 19 | % | 21 | % | 59 | % | ||||||||
United States | 17 | % | 2 | % | 1 | % | 14 | % | 31 | % | 25 | % | 8 | % | 4 | % | ||||||||
Total fixed income | 10 | % | 16 | % | 18 | % | 39 | % | 43 | % | 29 | % | 28 | % | 46 | % |
1 |
(in millions) | Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Investment management fees | $ | 1,598.4 | $ | 908.2 | 76 | % | $ | 3,138.8 | $ | 1,887.9 | 66 | % | ||||||||||||||||||||||||||
Sales and distribution fees | 413.6 | 341.7 | 21 | % | 810.5 | 693.2 | 17 | % | ||||||||||||||||||||||||||||||
Shareholder servicing fees | 55.7 | 54.8 | 2 | % | 105.1 | 104.8 | 0 | % | ||||||||||||||||||||||||||||||
Other | 8.8 | 6.5 | 35 | % | 17.2 | 14.5 | 19 | % | ||||||||||||||||||||||||||||||
Total Operating Revenues | $ | 2,076.5 | $ | 1,311.2 | 58 | % | $ | 4,071.6 | $ | 2,700.4 | 51 | % |
(in millions) | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Investment management fees | $ | 809.2 | $ | 1,019.4 | (21 | %) | $ | 2,697.1 | $ | 2,983.6 | (10 | %) | ||||||||||
Sales and distribution fees | 302.1 | 367.5 | (18 | %) | 995.3 | 1,080.8 | (8 | %) | ||||||||||||||
Shareholder servicing fees | 44.6 | 52.7 | (15 | %) | 149.4 | 164.9 | (9 | %) | ||||||||||||||
Other | 32.2 | 37.1 | (13 | %) | 97.3 | 92.7 | 5 | % | ||||||||||||||
Total Operating Revenues | $ | 1,188.1 | $ | 1,476.7 | (20 | %) | $ | 3,939.1 | $ | 4,322.0 | (9 | %) |
(in millions) | Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Asset-based fees | $ | 322.2 | $ | 271.6 | 19 | % | $ | 639.2 | $ | 559.4 | 14 | % | ||||||||||||||||||||||||||
Sales-based fees | 86.4 | 65.1 | 33 | % | 160.0 | 124.9 | 28 | % | ||||||||||||||||||||||||||||||
Contingent sales charges | 5.0 | 5.0 | 0% | 11.3 | 8.9 | 27 | % | |||||||||||||||||||||||||||||||
Sales and Distribution Fees | $ | 413.6 | $ | 341.7 | 21 | % | $ | 810.5 | $ | 693.2 | 17 | % |
(in millions) | Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Asset-based fees | $ | 243.5 | $ | 297.9 | (18 | %) | $ | 802.9 | $ | 891.9 | (10 | %) | ||||||||||
Sales-based fees | 52.5 | 66.4 | (21 | %) | 177.4 | 180.0 | (1 | %) | ||||||||||||||
Contingent sales charges | 6.1 | 3.2 | 91 | % | 15.0 | 8.9 | 69 | % | ||||||||||||||
Sales and Distribution Fees | $ | 302.1 | $ | 367.5 | (18 | %) | $ | 995.3 | $ | 1,080.8 | (8 | %) |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | |||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 732.3 | $ | 365.7 | 100 | % | $ | 1,457.8 | $ | 755.1 | 93 | % | ||||||||||||||||||||||||||
Sales, distribution and marketing | 541.8 | 423.9 | 28 | % | 1,048.3 | 867.8 | 21 | % | ||||||||||||||||||||||||||||||
Information systems and technology | 117.5 | 61.8 | 90 | % | 234.0 | 124.3 | 88 | % | ||||||||||||||||||||||||||||||
Occupancy | 53.8 | 34.4 | 56 | % | 109.5 | 68.9 | 59 | % | ||||||||||||||||||||||||||||||
Amortization of intangible assets | 57.9 | 4.4 | NM | 116.1 | 9.2 | NM | ||||||||||||||||||||||||||||||||
General, administrative and other | 116.9 | 81.1 | 44 | % | 240.5 | 162.3 | 48 | % | ||||||||||||||||||||||||||||||
Total Operating Expenses | $ | 1,620.2 | $ | 971.3 | 67 | % | $ | 3,206.2 | $ | 1,987.6 | 61 | % |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | |||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Salaries, wages and benefits | $ | 361.3 | $ | 251.0 | 44 | % | $ | 719.0 | $ | 491.7 | 46 | % | ||||||||||||||||||||||||||
Variable compensation | 313.9 | 87.5 | 259 | % | 630.8 | 214.9 | 194 | % | ||||||||||||||||||||||||||||||
Acquisition-related retention | 46.6 | 27.2 | 71 | % | 90.1 | 48.5 | 86 | % | ||||||||||||||||||||||||||||||
Special termination benefits | 10.5 | — | NM | 17.9 | — | NM | ||||||||||||||||||||||||||||||||
Compensation and Benefits Expenses | $ | 732.3 | $ | 365.7 | 100 | % | $ | 1,457.8 | $ | 755.1 | 93 | % |
Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Sales, distribution and marketing | $ | 368.6 | $ | 462.4 | (20 | %) | $ | 1,236.4 | $ | 1,356.3 | (9 | %) | ||||||||||
Compensation and benefits | 386.5 | 437.7 | (12 | %) | 1,141.6 | 1,202.3 | (5 | %) | ||||||||||||||
Information systems and technology | 62.1 | 65.7 | (5 | %) | 186.4 | 188.7 | (1 | %) | ||||||||||||||
Occupancy | 31.5 | 32.2 | (2 | %) | 100.4 | 94.8 | 6 | % | ||||||||||||||
General, administrative and other | 85.7 | 103.8 | (17 | %) | 271.8 | 314.0 | (13 | %) | ||||||||||||||
Total Operating Expenses | $ | 934.4 | $ | 1,101.8 | (15 | %) | $ | 2,936.6 | $ | 3,156.1 | (7 | %) |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | |||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Asset-based expenses | $ | 437.3 | $ | 334.2 | 31 | % | $ | 851.6 | $ | 695.0 | 23 | % | ||||||||||||||||||||||||||
Sales-based expenses | 85.1 | 68.5 | 24 | % | 158.3 | 131.3 | 21 | % | ||||||||||||||||||||||||||||||
Amortization of deferred sales commissions | 19.4 | 21.2 | (8 | %) | 38.4 | 41.5 | (7 | %) | ||||||||||||||||||||||||||||||
Sales, Distribution and Marketing | $ | 541.8 | $ | 423.9 | 28 | % | $ | 1,048.3 | $ | 867.8 | 21 | % |
Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | |||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Asset-based expenses | $ | 296.1 | $ | 371.7 | (20 | %) | $ | 991.1 | $ | 1,106.1 | (10 | %) | ||||||||||
Sales-based expenses | 53.9 | 70.4 | (23 | %) | 185.2 | 190.1 | (3 | %) | ||||||||||||||
Amortization of deferred sales commissions | 18.6 | 20.3 | (8 | %) | 60.1 | 60.1 | 0% | |||||||||||||||
Sales, Distribution and Marketing | $ | 368.6 | $ | 462.4 | (20 | %) | $ | 1,236.4 | $ | 1,356.3 | (9 | %) |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Net carrying value at beginning of period | $ | 105.1 | $ | 106.0 | $ | 112.0 | $ | 106.2 | ||||||||
Additions, net of disposals | 6.1 | 11.1 | 23.3 | 34.6 | ||||||||||||
Amortization | (12.9 | ) | (12.6 | ) | (37.0 | ) | (36.3 | ) | ||||||||
Net Carrying Value at End of Period | $ | 98.3 | $ | 104.5 | $ | 98.3 | $ | 104.5 |
Three Months Ended March 31, | Percent Change | Six Months Ended March 31, | Percent Change | |||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Investment and other income (losses), net | $ | 67.1 | $ | (181.0) | NM | $ | 144.3 | $ | (113.1) | NM | ||||||||||||||||||||||||||||
Interest expense | (15.9) | (3.7) | 330 | % | (45.6) | (9.8) | 365 | % | ||||||||||||||||||||||||||||||
Investment and other income (losses) of consolidated investment products, net | 111.2 | (40.9) | NM | 202.3 | (25.7) | NM | ||||||||||||||||||||||||||||||||
Expenses of consolidated investment products | (5.2) | (11.4) | (54 | %) | (15.6) | (15.7) | (1 | %) | ||||||||||||||||||||||||||||||
Other Income (Expenses), Net | $ | 157.2 | $ | (237.0) | NM | $ | 285.4 | $ | (164.3) | NM |
Three Months Ended June 30, | Percent Change | Nine Months Ended June 30, | Percent Change | ||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Investment and other income (losses), net | $ | 22.9 | $ | 44.2 | (48 | %) | $ | (166.5 | ) | $ | 103.8 | NM | |||||||||
Interest expense | (6.8 | ) | (5.6 | ) | 21 | % | (17.7 | ) | (17.7 | ) | 0% | ||||||||||
Other Income (Expenses), Net | $ | 16.1 | $ | 38.6 | (58 | %) | $ | (184.2 | ) | $ | 86.1 | NM |
Accounting Classification1 | Total Direct Portfolio | |||||||||||||||||||
(in millions) | Cash and Cash Equivalents and Other2 | Equity Securities, at Fair Value | Equity Method Investments | Direct Investments in CIPs | ||||||||||||||||
Cash and Cash Equivalents | $ | 6,358.7 | $ | — | $ | — | $ | — | $ | 6,358.7 | ||||||||||
Investments | ||||||||||||||||||||
Equity | ||||||||||||||||||||
Global/international | 36.1 | 165.8 | 185.4 | 145.2 | 532.5 | |||||||||||||||
United States | 35.0 | 3.5 | 46.0 | 84.8 | 169.3 | |||||||||||||||
Total equity | 71.1 | 169.3 | 231.4 | 230.0 | 701.8 | |||||||||||||||
Multi-Asset/Balanced | — | 33.8 | 1.9 | 130.5 | 166.2 | |||||||||||||||
Fixed Income | ||||||||||||||||||||
Tax-free | — | — | — | 10.9 | 10.9 | |||||||||||||||
Taxable | ||||||||||||||||||||
Global/international | 44.2 | 47.8 | 111.1 | 281.7 | 484.8 | |||||||||||||||
United States | 22.8 | 275.8 | 125.8 | 93.0 | 517.4 | |||||||||||||||
Total fixed income | 67.0 | 323.6 | 236.9 | 385.6 | 1,013.1 | |||||||||||||||
Total investments | 138.1 | 526.7 | 470.2 | 746.1 | 1,881.1 | |||||||||||||||
Total Cash and Cash Equivalents and Investments | $ | 6,496.8 | $ | 526.7 | $ | 470.2 | $ | 746.1 | $ | 8,239.8 |
Accounting Classification1 | Total Direct Portfolio | |||||||||||||||||||||||||||||||||||||
(in millions) | Cash and Cash Equivalents | Investments at Fair Value | Equity Method Investments | Other Investments | Direct Investments in CIPs | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 3,740.2 | $ | — | $ | — | $ | — | $ | — | $ | 3,740.2 | ||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Fixed Income | — | 225.5 | 39.1 | 36.7 | 321.4 | 622.7 | ||||||||||||||||||||||||||||||||
Equity | — | 200.3 | 479.7 | 33.5 | 116.7 | 830.2 | ||||||||||||||||||||||||||||||||
Multi-Asset | — | 33.4 | 5.2 | — | 77.3 | 115.9 | ||||||||||||||||||||||||||||||||
Alternative | — | 95.1 | 261.5 | 23.9 | 522.3 | 902.8 | ||||||||||||||||||||||||||||||||
Total investments | — | 554.3 | 785.5 | 94.1 | 1,037.7 | 2,471.6 | ||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Investments | $ | 3,740.2 | $ | 554.3 | $ | 785.5 | $ | 94.1 | $ | 1,037.7 | $ | 6,211.8 |
40 |
(in millions) | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Operating income | $ | 456.3 | $ | 339.9 | $ | 865.4 | $ | 712.8 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Elimination of operating revenues upon consolidation of investment products1 | 5.8 | 6.2 | 11.5 | 12.9 | ||||||||||||||||||||||
Acquisition-related retention | 46.6 | 27.2 | 90.1 | 48.5 | ||||||||||||||||||||||
Compensation and benefits expense from gains on deferred compensation and seed investments, net | 0.2 | — | 14.3 | — | ||||||||||||||||||||||
Other acquisition-related expenses | 3.8 | 5.4 | 15.7 | 5.2 | ||||||||||||||||||||||
Amortization of intangible assets | 57.9 | 4.4 | 116.1 | 9.2 | ||||||||||||||||||||||
Impairment of intangible assets | — | 2.8 | — | 2.8 | ||||||||||||||||||||||
Special termination benefits | 10.5 | — | 17.9 | — | ||||||||||||||||||||||
Adjusted operating income | $ | 581.1 | $ | 385.9 | $ | 1,131.0 | $ | 791.4 | ||||||||||||||||||
Total operating revenues | $ | 2,076.5 | $ | 1,311.2 | $ | 4,071.6 | $ | 2,700.4 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Acquisition-related pass through performance fees | (9.3) | — | (25.3) | — | ||||||||||||||||||||||
Sales and distribution fees | (413.6) | (341.7) | (810.5) | (693.2) | ||||||||||||||||||||||
Allocation of investment management fees for sales, distribution and marketing expenses | (128.2) | (82.2) | (237.8) | (174.6) | ||||||||||||||||||||||
Elimination of operating revenues upon consolidated of investment products1 | 5.8 | 6.2 | 11.5 | 12.9 | ||||||||||||||||||||||
Adjusted operating revenues | $ | 1,531.2 | $ | 893.5 | $ | 3,009.5 | $ | 1,845.5 | ||||||||||||||||||
Operating margin | 22.0 | % | 25.9 | % | 21.3 | % | 26.4 | % | ||||||||||||||||||
Adjusted operating margin | 38.0 | % | 43.2 | % | 37.6 | % | 42.9 | % |
(in millions) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating income | $ | 253.7 | $ | 374.9 | $ | 1,002.5 | $ | 1,165.9 | ||||||||
Add (subtract): | ||||||||||||||||
Operating income of consolidated investment products1 | (16.2 | ) | (18.8 | ) | (39.3 | ) | (40.4 | ) | ||||||||
Acquisition-related retention | 15.5 | 21.5 | 64.0 | 43.0 | ||||||||||||
Other acquisition-related expenses (gain) | 4.4 | (0.1 | ) | 9.6 | 9.3 | |||||||||||
Amortization of intangible assets | 4.7 | 5.1 | 13.9 | 9.7 | ||||||||||||
Impairment of intangible assets | — | 9.3 | 2.8 | 9.3 | ||||||||||||
Special termination benefits | 8.7 | 38.8 | 8.7 | 50.6 | ||||||||||||
Adjusted operating income | $ | 270.8 | $ | 430.7 | $ | 1,062.2 | $ | 1,247.4 | ||||||||
Total operating revenues | $ | 1,188.1 | $ | 1,476.7 | $ | 3,939.1 | $ | 4,322.0 | ||||||||
Add (subtract): | ||||||||||||||||
Sales and distribution fees | (302.1 | ) | (367.5 | ) | (995.3 | ) | (1,080.8 | ) | ||||||||
Allocation of investment management fees for sales, distribution and marketing expenses | (66.5 | ) | (94.9 | ) | (241.1 | ) | (275.5 | ) | ||||||||
Net revenues of consolidated investment products1 | (22.0 | ) | (21.4 | ) | (59.7 | ) | (51.7 | ) | ||||||||
Adjusted operating revenues | $ | 797.5 | $ | 992.9 | $ | 2,643.0 | $ | 2,914.0 | ||||||||
Operating margin | 21.4 | % | 25.4 | % | 25.4 | % | 27.0 | % | ||||||||
Adjusted operating margin | 34.0 | % | 43.4 | % | 40.2 | % | 42.8 | % |
(in millions, except per share data) | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | 381.8 | $ | 79.1 | $ | 727.1 | $ | 429.6 | ||||||||||||||||||
Add (subtract): | ||||||||||||||||||||||||||
Net (income) loss of consolidated investment products1 | (6.3) | (16.4) | 14.9 | (11.8) | ||||||||||||||||||||||
Acquisition-related retention | 46.6 | 27.2 | 90.1 | 48.5 | ||||||||||||||||||||||
Other acquisition-related expenses | 3.7 | 5.4 | 13.8 | 5.2 | ||||||||||||||||||||||
Amortization of intangible assets | 57.9 | 4.4 | 116.1 | 9.2 | ||||||||||||||||||||||
Impairment of intangible assets | — | 2.8 | — | 2.8 | ||||||||||||||||||||||
Special termination benefits | 10.5 | — | 17.9 | — | ||||||||||||||||||||||
Net gains on deferred compensation plan investments not offset by compensation and benefits expense | (0.2) | — | (1.4) | — | ||||||||||||||||||||||
Unrealized investment (gains) losses | (60.6) | 257.6 | (156.5) | 221.2 | ||||||||||||||||||||||
Interest expense for amortization of debt premium | (16.9) | — | (22.9) | — | ||||||||||||||||||||||
Net income tax expense of adjustments | (13.0) | (27.3) | (22.2) | (33.6) | ||||||||||||||||||||||
Adjusted net income | $ | 403.5 | $ | 332.8 | $ | 776.9 | $ | 671.1 | ||||||||||||||||||
Diluted earnings per share | $ | 0.74 | $ | 0.16 | $ | 1.42 | $ | 0.86 | ||||||||||||||||||
Adjusted diluted earnings per share | 0.79 | 0.66 | 1.51 | 1.34 |
(in millions, except per share data) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income attributable to Franklin Resources, Inc. | $ | 290.4 | $ | 245.9 | $ | 720.0 | $ | 889.3 | ||||||||
Add (subtract): | ||||||||||||||||
Net (income) loss of consolidated investment products1 | 5.7 | 0.4 | (6.1 | ) | 1.6 | |||||||||||
Acquisition-related retention | 15.5 | 21.5 | 64.0 | 43.0 | ||||||||||||
Other acquisition-related expenses (gain) | 2.7 | (0.1 | ) | 7.9 | 9.3 | |||||||||||
Amortization of intangible assets | 4.7 | 5.1 | 13.9 | 9.7 | ||||||||||||
Impairment of intangible assets | — | 9.3 | 2.8 | 9.3 | ||||||||||||
Special termination benefits | 8.7 | 38.8 | 8.7 | 50.6 | ||||||||||||
Unrealized investment (gains) losses included in investment and other (income) losses, net | 26.7 | (24.9 | ) | 247.9 | (9.9 | ) | ||||||||||
Net income tax benefit of adjustments | (5.5 | ) | (14.5 | ) | (39.1 | ) | (30.0 | ) | ||||||||
Adjusted net income | $ | 348.9 | $ | 281.5 | $ | 1,020.0 | $ | 972.9 | ||||||||
Diluted earnings per share | $ | 0.58 | $ | 0.48 | $ | 1.44 | $ | 1.74 | ||||||||
Adjusted diluted earnings per share | 0.70 | 0.55 | 2.04 | 1.90 |
|
(in millions) | Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues of consolidated investment products | $ | 27.0 | $ | 28.3 | $ | 77.6 | $ | 75.4 | ||||||||
Revenues eliminated upon consolidation of investment products | (5.0 | ) | (6.9 | ) | (17.9 | ) | (23.7 | ) | ||||||||
Net revenues of consolidated investment products | 22.0 | 21.4 | 59.7 | 51.7 | ||||||||||||
Expenses of consolidated investment products | 5.8 | 2.6 | 20.4 | 11.3 | ||||||||||||
Operating income of consolidated investment products | 16.2 | 18.8 | 39.3 | 40.4 | ||||||||||||
Investment and other income (losses), net of consolidated investment products | (42.0 | ) | (16.6 | ) | (78.9 | ) | (38.3 | ) | ||||||||
Less: income (loss) attributable to noncontrolling interests of consolidated investment products | (20.1 | ) | 2.6 | (45.7 | ) | 3.7 | ||||||||||
Net income (loss) of consolidated investment products | $ | (5.7 | ) | $ | (0.4 | ) | $ | 6.1 | $ | (1.6 | ) |
Six Months Ended March 31, | ||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||
Operating cash flows | $ | 505.4 | $ | 141.0 | ||||||||||
Investing cash flows | (773.0) | 6.1 | ||||||||||||
Financing cash flows | 659.9 | (64.1) |
Nine Months Ended June 30, | ||||||||
(in millions) | 2020 | 2019 | ||||||
Operating cash flows | $ | 646.6 | $ | 169.3 | ||||
Investing cash flows | 269.1 | (1,008.8 | ) | |||||
Financing cash flows | 96.4 | (302.0 | ) |
(in millions) | March 31, 2021 | September 30, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 3,740.2 | $ | 3,026.8 | ||||||||||
Receivables | 1,193.6 | 1,114.8 | ||||||||||||
Investments | 1,253.3 | 982.2 | ||||||||||||
Total Liquid Assets | $ | 6,187.1 | $ | 5,123.8 | ||||||||||
Liability | ||||||||||||||
Debt | $ | 3,486.5 | $ | 3,017.1 |
(in millions) | June 30, 2020 | September 30, 2019 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 6,358.7 | $ | 5,803.4 | ||||
Receivables | 810.3 | 740.0 | ||||||
Investments | 1,145.0 | 2,029.4 | ||||||
Total Liquid Assets | $ | 8,314.0 | $ | 8,572.8 | ||||
Liability | ||||||||
Debt | $ | 697.2 | $ | 696.9 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 2021 | — | $ | — | — | 36,120,342 | |||||||||||||||||||||
February 2021 | 704,808 | 27.02 | 704,808 | 35,415,534 | ||||||||||||||||||||||
March 2021 | 950,637 | 28.18 | 950,637 | 34,464,897 | ||||||||||||||||||||||
Total | 1,655,445 | 1,655,445 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
April 2020 | 2,942 | $ | 16.83 | 2,942 | 39,723,466 | ||||||||
May 2020 | 741 | 18.87 | 741 | 39,722,725 | |||||||||
June 2020 | 263 | 20.85 | 263 | 39,722,462 | |||||||||
Total | 3,946 | 3,946 |
Exhibit No. | Description | |||||||||
3.1 | ||||||||||
3.2 | ||||||||||
3.3 | ||||||||||
3.4 | ||||||||||
3.5 | ||||||||||
3.6 | ||||||||||
31.1 | ||||||||||
31.2 | ||||||||||
32.1 | ||||||||||
32.2 | ||||||||||
101 | The following materials from | |||||||||
104 | Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101) |
FRANKLIN RESOURCES, INC. | |||||||||||||||
Date: | By: | /s/ Matthew Nicholls | |||||||||||||
Matthew Nicholls | |||||||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||||||
Date: | By: | /s/ Gwen L. Shaneyfelt | |||||||||||||
Gwen L. Shaneyfelt | |||||||||||||||
Chief Accounting Officer |