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Goodwill and Other Intangible Assets
 12 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and other intangible assets, net consisted of the following:
(in millions)
as of September 30,20252024
Goodwill$6,206.0 $6,211.4 
Indefinite-lived intangible assets3,400.3 3,851.5 
Definite-lived intangible assets, net765.7 950.6 
Goodwill and Other Intangible Assets, Net$10,372.0 $11,013.5 
Changes in the carrying value of goodwill were as follows:
(in millions)
for the fiscal years ended September 30,20252024
Balance at beginning of year$6,211.4 $6,003.8 
Acquisitions— 189.8 
Purchase price allocation adjustment— 4.7 
Foreign exchange revaluation(5.4)13.1 
Balance at End of Year$6,206.0 $6,211.4 
During fiscal years 2025 and 2024, no impairment of goodwill was recognized.
The Company recognized an impairment of an indefinite-lived intangible asset of $200.0 million during fiscal year 2025 related to certain contracts managed by Western Asset Management Company (“WAM”) primarily due to a decline in expected future growth rates and profit margins in the related AUM based on a shift to lower fee products resulting in lower discounted future cash flows generated from these management contracts. The impairment reduced the carrying value of this asset to $450.0 million. The Company also recognized impairment charges of $24.4 million related to certain other indefinite-lived intangible assets related to management contracts during fiscal year 2025. The Company recognized an impairment of $389.2 million of an indefinite-lived intangible asset related to WAM management contracts during fiscal year 2024.
During fiscal year 2025, the Company reclassified $223.9 million of certain indefinite-lived intangible assets related to management contracts to definite lived intangible assets, including $125.0 million related to WAM management contracts, and shortened the useful lives of certain trade name definite-lived intangible assets, primarily due to the planned retirement of the related brand names, lower expected future growth rates, and ongoing integration initiatives. Prior to the reclassifications, the Company tested the indefinite-lived intangible assets for impairment and concluded that the carrying value of these assets was not less than the estimated fair value.
Definite-lived intangible assets were as follows:
20252024
(in millions)Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization		Net
Carrying
Value
as of September 30,
Management contracts$1,255.3 $(709.3)$546.0 $1,758.8 $(1,061.8)$697.0 
Trade names286.2 (66.5)219.7 367.8 (115.9)251.9 
Developed software— — — 14.4 (12.7)1.7 
Total$1,541.5 $(775.8)$765.7 $2,141.0 $(1,190.4)$950.6 
The Company recognized an insignificant impairment of a definite-lived intangible asset during fiscal year 2025. No impairment of definite-lived intangible assets was recognized during fiscal year 2024.
Definite-lived intangible assets had a weighted-average remaining useful life of 8.6 years at September 30, 2025, with estimated remaining amortization expense as follows:
(in millions)
for the fiscal years ending September 30,Amount
2026$189.4 
2027136.8 
202885.5 
202942.1 
203041.5 
Thereafter270.4 
Total$765.7