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Fair Value Measurements (Tables)

9 Months Ended

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 investments1
Investments with known liquidation periods						$	19.5					$	32.4
Investments with unknown liquidation periods						15.3						16.1
Redeemable investments2						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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Schedule of financial instruments not measured at fair value.

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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
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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).

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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

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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