Fair Value Measurements

6 Months Ended

Mar. 31, 2024

The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 8 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities.

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 March 31, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts	$	318.3	$	211.6	$	16.4	$	42.3	$	588.6
Investments related to long-term incentive plans	232.8		—		—		25.7		258.5
Other equity and debt investments	3.6		9.0		1.0		39.0		52.6

Total Assets Measured at Fair Value	$	554.7	$	220.6	$	17.4	$	107.0	$	899.7

Liabilities
Securities sold short	$	199.3	$	—	$	—	$	—	$	199.3
Contingent consideration liabilities	—		—		51.4		—		51.4
Total Liabilities Measured at Fair Value	$	199.3	$	—	$	51.4	$	—	$	250.7


(in millions)	Level 1		Level 2		Level 3		NAV as a Practical Expedient		Total
as of September 30, 2023
Assets
Investments, at fair value
Sponsored funds and separate accounts	$	356.5	$	211.9	$	18.5	$	43.6	$	630.5
Investments related to long-term incentive plans	168.2		—		—		23.4		191.6
Other equity and debt investments	3.4		11.3		3.3		32.7		50.7

Total Assets Measured at Fair Value	$	528.1	$	223.2	$	21.8	$	99.7	$	872.8

Liabilities
Securities sold short	$	158.3	$	—	$	—	$	—	$	158.3
Contingent consideration liabilities	—		—		55.0		—		55.0
Total Liabilities Measured at Fair Value	$	158.3	$	—	$	55.0	$	—	$	213.3

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 and private real estate funds. These investments were as follows:


(in millions)	March 31, 2024		September 30, 2023
Nonredeemable investments1
Investments with known liquidation periods	$	36.7	$	32.1
Investments with unknown liquidation periods	16.4		17.4

Redeemable investments2	53.9		50.2

Unfunded commitments	43.1		43.1

_______________

1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.6 years and 2.9 years at March 31, 2024 and September 30, 2023.

2Investments are redeemable on a semi-monthly, monthly and quarterly basis.

Financial instruments that were not measured at fair value were as follows:


(in millions)	Fair Value Level	March 31, 2024				September 30, 2023
		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial Assets
Cash and cash equivalents	1	$	3,300.2	$	3,300.2	$	3,686.4	$	3,686.4
Other investments
Time deposits	2	10.1		10.1		9.9		9.9
Equity securities	3	251.2		251.2		250.1		250.1

Financial Liability
Debt	2	$	3,041.0	$	2,552.1	$	3,052.8	$	2,419.4

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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