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Fair Value Measurements (Tables) | 9 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of assets and liabilities measured at fair value on a recurring basis | The assets and liabilities measured at fair value on a recurring basis were as follows:
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV as a Practical Expedient |  | Total
as of June 30, 2025 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Investments, at fair value |  |  |  |  |  |  |  |  |  |
Sponsored funds and separate accounts |  | $ | 497.2 |  |  | $ | 214.7 |  |  | $ | 3.2 |  |  | $ | 37.8 |  |  | $ | 752.9 |
Investments related to long-term incentive plans |  | 227.5 |  |  | 2.9 |  |  | — |  |  | 30.7 |  |  | 261.1 |
Other equity and debt investments |  | 11.6 |  |  | 9.3 |  |  | 1.8 |  |  | 27.8 |  |  | 50.5 |
Total Assets Measured at Fair Value |  | $ | 736.3 |  |  | $ | 226.9 |  |  | $ | 5.0 |  |  | $ | 96.3 |  |  | $ | 1,064.5 |
Liabilities |  |  |  |  |  |  |  |  |  |
Securities sold short |  | $ | 261.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 261.7 |
Contingent consideration liabilities |  | — |  |  | — |  |  | 21.5 |  |  | — |  |  | 21.5 |
Total Liabilities Measured at Fair Value |  | $ | 261.7 |  |  | $ | — |  |  | $ | 21.5 |  |  | $ | — |  |  | $ | 283.2 |
As of June 30, 2025, there were $16.1 million of other investments which were adjusted to fair value on a nonrecurring basis and excluded from the table above.
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV as a Practical Expedient |  | Total
as of September 30, 2024 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Investments, at fair value |  |  |  |  |  |  |  |  |  |
Sponsored funds and separate accounts |  | $ | 306.3 |  |  | $ | 157.4 |  |  | $ | 5.2 |  |  | $ | 40.2 |  |  | $ | 509.1 |
Investments related to long-term incentive plans |  | 242.5 |  |  | — |  |  | — |  |  | 29.1 |  |  | 271.6 |
Other equity and debt investments |  | 4.1 |  |  | 11.1 |  |  | 2.6 |  |  | 39.5 |  |  | 57.3 |
Total Assets Measured at Fair Value |  | $ | 552.9 |  |  | $ | 168.5 |  |  | $ | 7.8 |  |  | $ | 108.8 |  |  | $ | 838.0 |
Liabilities |  |  |  |  |  |  |  |  |  |
Securities sold short |  | $ | 178.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 178.1 |
Contingent consideration liabilities |  | — |  |  | — |  |  | 28.2 |  |  | — |  |  | 28.2 |
Total Liabilities Measured at Fair Value |  | $ | 178.1 |  |  | $ | — |  |  | $ | 28.2 |  |  | $ | — |  |  | $ | 206.3 |
Schedule of investments measured at NAV | Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity, private real estate funds and alternatives. These investments were as follows:
(in millions) |  | June 30, 2025 |  | September 30, 2024
Nonredeemable investments 1 |  |  |  |
Investments with known liquidation periods |  | $ | 19.5 |  |  | $ | 32.4 |
Investments with unknown liquidation periods |  | 15.3 |  |  | 16.1 |
Redeemable investments 2 |  | 61.5 |  |  | 60.3 |
Unfunded commitments |  | 12.5 |  |  | 14.0 |
Schedule of financial instruments not measured at fair value | Financial instruments that were not measured at fair value were as follows:
(in millions) |  | Fair Value Level |  | June 30, 2025 |  | September 30, 2024
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Financial Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | $ | 3,253.9 |  |  | $ | 3,253.9 |  |  | $ | 3,309.5 |  |  | $ | 3,309.5 |
Other investments |  |  |  |  |  |  |  |  |  |
Time deposits |  | 2 |  | 9.1 |  |  | 9.1 |  |  | 9.8 |  |  | 9.8 |
Equity securities |  | 3 |  | 372.8 |  |  | 372.8 |  |  | 270.9 |  |  | 270.9 |
Financial Liability |  |  |  |  |  |  |  |  |  |
Debt |  | 2 |  | $ | 2,666.7 |  |  | $ | 2,247.2 |  |  | $ | 2,780.3 |  |  | $ | 2,387.0 |

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- Definition Tabular disclosure of investments in certain entities that calculate net asset value per share or equivalent measured at fair value on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 54B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-8 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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