Quarterly Report (10-q)

Date : 07/30/2019 @ 12:37PM
Source : Edgar (US Regulatory)
Stock : Franklin Resources Inc (BEN)
Quote : 27.3  -0.67 (-2.40%) @ 10:05PM
After Hours
Last Trade
Last $ 27.30 ◊ 0.00 (0.00%)

Quarterly Report (10-q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-09318
FRANKLIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware
13-2670991
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

One Franklin Parkway , San Mateo , CA 94403
(Address of principal executive offices) (Zip code)

(650) 312-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.        Yes        No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).        Yes        No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated Filer
 
Accelerated Filer
 
Non-accelerated Filer
 
Smaller Reporting Company
 
 
 
 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes       No
Number of shares of the registrant’s common stock outstanding at July 23, 2019 : 503,666,583 .




INDEX TO FORM 10-Q
 
 
Page
Financial Information
 
 
Item 1.
Financial Statements (unaudited)
 
 
 
3
 
 
4
 
 
5
 
 
6
 
 
8
 
 
10
 
Item 2.
26
 
Item 3.
52
 
Item 4.
52
 
 
 
 
Other Information
 
 
Item 1.
52
 
Item 1A.
52
 
Item 2.
52
 
Item 6.
52
 
 
 
 
53
54


2


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
 
 
Three Months Ended
June 30,
 
Nine Months Ended
June 30,
(in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Operating Revenues
 
 
 
 
 
 
 
 
Investment management fees
 
$
1,019.4

 
$
1,077.9

 
$
2,983.6

 
$
3,308.6

Sales and distribution fees
 
367.5

 
391.4

 
1,080.8

 
1,219.0

Shareholder servicing fees
 
52.7

 
53.9

 
164.9

 
170.1

Other
 
37.1

 
35.4

 
92.7

 
94.2

Total operating revenues
 
1,476.7

 
1,558.6

 
4,322.0

 
4,791.9

Operating Expenses
 
 
 
 
 
 
 
 
Sales, distribution and marketing
 
462.4

 
499.8

 
1,356.3

 
1,550.0

Compensation and benefits
 
437.7

 
357.5

 
1,202.3

 
1,045.5

Information systems and technology
 
65.7

 
62.5

 
188.7

 
175.6

Occupancy
 
32.2

 
30.5

 
94.8

 
94.0

General, administrative and other
 
103.8

 
105.2

 
314.0

 
286.9

Total operating expenses
 
1,101.8

 
1,055.5

 
3,156.1

 
3,152.0

Operating Income
 
374.9

 
503.1

 
1,165.9

 
1,639.9

Other Income (Expenses)
 
 
 
 
 
 
 
 
Investment and other income (losses), net
 
44.2

 
(33.8
)
 
103.8

 
134.9

Interest expense
 
(5.6
)
 
(22.1
)
 
(17.7
)
 
(42.9
)
Other income (expenses), net
 
38.6

 
(55.9
)
 
86.1

 
92.0

Income before taxes
 
413.5

 
447.2

 
1,252.0

 
1,731.9

Taxes on income
 
158.9

 
91.8

 
355.8

 
1,465.5

Net income
 
254.6


355.4

 
896.2

 
266.4

Less: net income (loss) attributable to
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests
 
0.1

 
(45.0
)
 
6.2

 
(18.3
)
Nonredeemable noncontrolling interests
 
8.6

 
(1.6
)
 
0.7

 
22.8

Net Income Attributable to Franklin Resources, Inc.
$
245.9

 
$
402.0

 
$
889.3

 
$
261.9

 
 
 
 
 
 
 
 
 
Earnings per Share
 
 
 
 
 
 
 
 
Basic
 
$
0.48

 
$
0.75

 
$
1.74

 
$
0.45

Diluted
 
0.48

 
0.75

 
1.74

 
0.45



See Notes to Consolidated Financial Statements.

3


FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
(in millions)
 
Three Months Ended
June 30,
 
Nine Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net Income
 
$
254.6

 
$
355.4

 
$
896.2

 
$
266.4

Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
Currency translation adjustments, net of tax
 
1.9

 
(86.7
)
 
(4.8
)
 
(64.1
)
Net unrealized gains (losses) on defined benefit plans, net of tax
 
0.1

 
0.2

 
(1.0
)
 
(0.5
)
Net unrealized gains on investments, net of tax
 
3.6

 
3.3

 
3.5

 
6.6

Total other comprehensive income (loss)
 
5.6

 
(83.2
)
 
(2.3
)
 
(58.0
)
Total comprehensive income
 
260.2

 
272.2

 
893.9

 
208.4

Less: comprehensive income (loss) attributable to
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests
 
0.1

 
(45.0
)
 
6.2

 
(18.3
)
Nonredeemable noncontrolling interests
 
8.6

 
(1.6
)
 
0.7

 
22.8

Comprehensive Income Attributable to Franklin Resources, Inc.
 
$
251.5

 
$
318.8

 
$
887.0

 
$
203.9


See Notes to Consolidated Financial Statements.

4


FRANKLIN RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
(in millions, except share and per share data)
 
June 30,
2019
 
September 30,
2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
5,508.8

 
$
6,610.8

Receivables
 
757.8

 
733.7

Investments (including $619.4 and $551.6 at fair value at June 30, 2019 and September 30, 2018)
 
1,622.0

 
1,426.5

Assets of consolidated investment products
 
 
 
 
Cash and cash equivalents
 
248.8

 
299.8

Receivables
 
92.4

 
114.2

Investments, at fair value
 
2,351.1

 
2,109.4

Property and equipment, net
 
684.8

 
535.0

Goodwill and other intangible assets, net
 
3,013.4

 
2,333.4

Other
 
184.2

 
220.7

Total Assets
 
$
14,463.3

 
$
14,383.5

 
 
 
 
 
Liabilities
 
 
 
 
Compensation and benefits
 
$
460.0

 
$
405.6

Accounts payable and accrued expenses
 
207.8

 
158.9

Dividends
 
138.3

 
127.7

Commissions
 
263.4

 
297.9

Income taxes
 
850.1

 
1,034.8

Debt
 
697.0

 
695.9

Liabilities of consolidated investment products
 
 
 
 
Accounts payable and accrued expenses
 
52.6

 
68.0

Debt
 
31.8


32.6

Deferred taxes
 
118.9

 
126.5

Other
 
271.1

 
184.1

Total liabilities
 
3,091.0

 
3,132.0

Commitments and Contingencies (Note 11)
 

 

Redeemable Noncontrolling Interests
 
806.5

 
1,043.6

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; 504,120,477 and 519,122,574 shares issued and outstanding at June 30, 2019 and September 30, 2018
 
50.4

 
51.9

Retained earnings
 
10,241.5

 
10,217.9

Accumulated other comprehensive loss
 
(380.9
)
 
(370.6
)
Total Franklin Resources, Inc. stockholders’ equity
 
9,911.0

 
9,899.2

Nonredeemable noncontrolling interests
 
654.8

 
308.7

Total stockholders’ equity
 
10,565.8

 
10,207.9

Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
 
$
14,463.3

 
$
14,383.5


See Notes to Consolidated Financial Statements.

5


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, 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


See Notes to Consolidated Financial Statements.

6


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, 2018
Shares
 
Amount
Balance at October 1, 2017
 
554.9

 
$
55.5

 
$

 
$
12,849.3

 
$
(284.8
)
 
$
12,620.0

 
$
315.8

 
$
12,935.8

Adoption of new accounting guidance
 
 
 
 
 
2.1

 
(1.7
)
 
 
 
0.4

 
 
 
0.4

Net loss
 
 
 
 
 
 
 
(583.3
)
 
 
 
(583.3
)
 
(0.1
)
 
(583.4
)
Other comprehensive income
 
 
 
 
 
 
 
 
 
18.2

 
18.2

 
 
 
18.2

Dividends declared on common stock ($0.23 per share)
 
 
 
 
 
 
 
(127.4
)
 
 
 
(127.4
)
 
 
 
(127.4
)
Repurchase of common stock
 
(4.6
)
 
(0.5
)
 
(32.1
)
 
(167.4
)
 
 
 
(200.0
)
 
 
 
(200.0
)
Issuance of common stock
 
2.1

 
0.2

 
27.6

 
 
 
 
 
27.8

 
 
 
27.8

Stock-based compensation
 
 
 
 
 
2.4

 
 
 
 
 
2.4

 
 
 
2.4

Net subscriptions and other
 
 
 
 
 
 
 
 
 
 
 
 
 
7.0

 
7.0

Deconsolidation of investment product
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.3
)
 
(0.3
)
Balance at December 31, 2017
 
552.4

 
$
55.2

 
$

 
$
11,969.5

 
$
(266.6
)
 
$
11,758.1

 
$
322.4

 
$
12,080.5

Adoption of new accounting guidance
 
 
 
 
 
 
 
0.1

 
(0.1
)
 

 
 
 

Net income
 
 
 
 
 
 
 
443.2

 
 
 
443.2

 
24.5

 
467.7

Other comprehensive income
 
 
 
 
 
 
 
 
 
7.0

 
7.0

 
 
 
7.0

Dividends declared on common stock ($3.23 per share)
 
 
 
 
 
 
 
(1,762.0
)
 
 
 
(1,762.0
)
 
 
 
(1,762.0
)
Repurchase of common stock
 
(11.1
)
 
(1.1
)
 
(44.6
)
 
(386.9
)
 
 
 
(432.6
)
 
 
 
(432.6
)
Issuance of common stock
 
0.4

 
0.1

 
13.7

 
 
 
 
 
13.8

 
 
 
13.8

Stock-based compensation
 
 
 
 
 
30.9

 
 
 
 
 
30.9

 
 
 
30.9

Net distributions and other
 
 
 
 
 
 
 
 
 
 
 
 
 
(1.3
)
 
(1.3
)
Deconsolidation of investment product
 
 
 
 
 
 
 
 
 
 
 
 
 
(1.8
)
 
(1.8
)
Balance at March 31, 2018
 
541.7


$
54.2


$


$
10,263.9


$
(259.7
)

$
10,058.4


$
343.8


$
10,402.2

Net income (loss)
 
 
 
 
 
 
 
402.0

 
 
 
402.0

 
(1.6
)
 
400.4

Other comprehensive loss
 
 
 
 
 
 
 
 
 
(83.2
)
 
(83.2
)
 
 
 
(83.2
)
Dividends declared on common stock ($0.23 per share)
 
 
 
 
 
 
 
(122.3
)
 
 
 
(122.3
)
 
 
 
(122.3
)
Repurchase of common stock
 
(13.4
)
 
(1.4
)
 
(54.7
)
 
(390.1
)
 
 
 
(446.2
)
 
 
 
(446.2
)
Issuance of common stock
 
 
 
 
 
0.8

 
 
 
 
 
0.8

 
 
 
0.8

Stock-based compensation
 
 
 
 
 
27.0

 
 
 
 
 
27.0

 
 
 
27.0

Acquisition
 
0.8

 
0.1

 
26.9

 
 
 
 
 
27.0

 
 
 
27.0

Net distributions and other
 
 
 
 
 
 
 
 
 
 
 
 
 
(19.8
)
 
(19.8
)
Consolidation of investment product
 
 
 
 
 
 
 
 
 
 
 
 
 
4.5

 
4.5

Balance at June 30, 2018
 
529.1

 
$
52.9

 
$

 
$
10,153.5

 
$
(342.9
)
 
$
9,863.5

 
$
326.9

 
$
10,190.4


See Notes to Consolidated Financial Statements.

7


FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 
 
Nine Months Ended
June 30,
(in millions)
 
2019
 
2018
Net Income
 
$
896.2

 
$
266.4

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Amortization of deferred sales commissions
 
60.1

 
60.5

Depreciation and other amortization
 
67.4

 
58.7

Stock-based compensation
 
88.1

 
89.5

Income from investments in equity method investees
 
(15.1
)
 
(41.8
)
Net losses on investments of consolidated investment products
 
15.5

 
15.3

Net (purchase) liquidation of investments by consolidated investment products
 
(1,047.6
)
 
185.2

Deferred income taxes
 
(1.5
)
 
(54.5
)
Other
 
27.1

 
28.3

Changes in operating assets and liabilities:
 
 
 
 
Increase in receivables and other assets
 
(11.5
)
 
(79.2
)
Decrease (increase) in receivables of consolidated investment products
 
(17.1
)
 
97.1

Decrease (increase) in investments, net
 
116.2

 
(165.7
)
Increase (decrease) in accrued compensation and benefits
 
43.2

 
(18.6
)
Decrease in commissions payable
 
(34.5
)
 
(22.0
)
Increase (decrease) in income taxes payable
 
(184.7
)
 
1,106.6

Increase (decrease) in accounts payable, accrued expenses and other liabilities
 
104.1

 
(18.4
)
Increase in accounts payable and accrued expenses of consolidated investment products
 
63.4

 
1.1

Net cash provided by operating activities
 
169.3

 
1,508.5

Purchase of investments
 
(262.3
)
 
(250.0
)
Liquidation of investments
 
195.2

 
127.5

Purchase of investments by consolidated investment products
 

 
(46.1
)
Liquidation of investments by consolidated investment products
 

 
72.3

Additions of property and equipment, net
 
(202.6
)
 
(71.5
)
Acquisitions, net of cash acquired
 
(684.2
)
 
(97.0
)
Net deconsolidation of investment products
 
(54.9
)
 
(8.0
)
Net cash used in investing activities
 
(1,008.8
)
 
(272.8
)
Issuance of common stock
 
12.8

 
13.6

Dividends paid on common stock
 
(387.5
)
 
(1,994.9
)
Repurchase of common stock
 
(589.8
)
 
(1,056.0
)
Payment on debt
 
(1.2
)
 
(361.9
)
Proceeds from loan
 
1.7

 

Payments on debt by consolidated investment products
 
(1.0
)
 
(19.6
)
Payments on contingent consideration liability
 
(20.4
)
 
(21.6
)
Noncontrolling interests
 
683.4

 
123.7

Net cash used in financing activities
 
(302.0
)
 
(3,316.7
)
Effect of exchange rate changes on cash and cash equivalents
 
(11.5
)
 
(14.5
)
Decrease in cash and cash equivalents
 
(1,153.0
)
 
(2,095.5
)
Cash and cash equivalents, beginning of period
 
6,910.6

 
8,749.7

Cash and Cash Equivalents, End of Period
 
$
5,757.6

 
$
6,654.2


[Table continued on next page]

See Notes to Consolidated Financial Statements.

8


FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited

[Table continued from previous page]
 
 
Nine Months Ended
June 30,
(in millions)
 
2019
 
2018
Supplemental Disclosure of Cash Flow Information
 
 
 
 
Cash paid for income taxes
 
$
414.9

 
$
414.9

Cash paid for interest
 
16.5

 
34.2

Cash paid for interest by consolidated investment products
 
1.7

 
1.9




See Notes to Consolidated Financial Statements.

9


FRANKLIN RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2019
(Unaudited)
Note 1 Basis of Presentation
The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared by the Company in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. These financial statements should be read together with the Company’s audited financial statements included in its Form 10-K for the fiscal year ended September 30, 2018 (“fiscal year 2018 ”). Certain comparative amounts for the prior fiscal year period have been reclassified to conform to the financial statement presentation as of and for the period ended June 30, 2019 .
Note 2 New Accounting Guidance
Recently Adopted Accounting Guidance
On October 1, 2018 , the Company adopted new guidance issued by the Financial Accounting Standards Board (“FASB”) that requires use of a single principles-based model for recognition of revenue from contracts with customers. The core principle of the model is that revenue is recognized upon the transfer of promised goods or services to customers in an amount that reflects the expected consideration to be received for the goods or services. The guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements. The Company adopted the new guidance using the modified retrospective approach which did not require the restatement of prior periods, and recognized a cumulative effect adjustment resulting in decreases in total assets, total liabilities and retained earnings of $9.1 million , $2.2 million and $6.9 million .
The adoption of the guidance had no impact on operating income or net income. Individual line items in the consolidated statements of income were impacted as follows:
 
 
Three Months Ended June 30, 2019
 
Nine Months Ended June 30, 2019
 
 
As
Reported
 
Adoption
Impact
 
Amount
Without
Adoption
 
As
Reported
 
Adoption
Impact
 
Amount
Without
Adoption
(in millions)
 
 
 
 
 
 
Operating Revenues
 
 
 
 
 
 
 
 
 
 
 
 
Investment management fees
 
$
1,019.4

 
$
14.7

 
$
1,034.1

 
$
2,983.6

 
$
45.1

 
$
3,028.7

Sales and distribution fees
 
367.5

 
(14.7
)
 
352.8

 
1,080.8

 
(45.1
)
 
1,035.7

Shareholder servicing fees
 
52.7

 
(2.0
)
 
50.7

 
164.9

 
(5.7
)
 
159.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses
 
 
 
 
 
 
 
 
 
 
 
 
General, administrative and other
 
$
103.8

 
$
(2.0
)
 
$
101.8

 
$
314.0

 
$
(5.7
)
 
$
308.3


On October 1, 2018 , the Company adopted an amendment to the financial instruments guidance issued by the FASB that requires substantially all equity investments in nonconsolidated entities to be measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting, which impacted all equity securities previously classified as available-for-sale and investments in fund products for which fair value was estimated using net asset value (“NAV”) as a practical expedient. The amendment also provides an election to measure equity investments that do not have a readily determinable fair value at cost adjusted for observable price changes and impairment, if any, which the Company made. The Company adopted the amendment using the modified retrospective approach and recognized a cumulative effect adjustment resulting in increases in investments, retained earnings and accumulated other comprehensive loss of $21.8 million , $29.8 million and $8.0 million .

10


Accounting Guidance Not Yet Adopted
The FASB issued new guidance for the accounting for leases in February 2016. The new guidance requires lessees to recognize assets and liabilities arising from substantially all leases. The guidance also requires an evaluation at the inception of a contract to determine whether the contract is or contains a lease. The Company will adopt the guidance on October 1, 2019 and recognize a cumulative effect adjustment to retained earnings as of that date.
There were no other significant updates to the new accounting guidance that the Company has not yet adopted as disclosed in its Form 10-K for fiscal year 2018.
Note 3 Acquisition
On February 1, 2019 , the Company acquired all of the outstanding ownership interests in Benefit Street Partners L.L.C., a U.S. alternative credit manager, for a purchase consideration of $720.1 million in cash, of which $135.0 million was used to retire debt. The acquisition provides the Company private credit capabilities that complement its alternative and fixed income strategies available to clients.
The purchase consideration was adjusted by $2.7 million during the quarter ended June 30, 2019 . The revised allocation of estimated fair values of the assets acquired and liabilities and noncontrolling interests assumed is as follows:
(in millions)
 
Revised
Estimated
Fair Value
as of February 1, 2019
 
Cash
 
$
33.2

Investments
 
138.8

Investments of consolidated investment products
 
84.9

Indefinite-lived intangible assets
 
307.5

Definite-lived intangible assets
 
75.8

Goodwill
 
318.3

Other assets
 
35.2

Other liabilities
 
(57.5
)
Nonredeemable noncontrolling interests
 
(216.1
)
Total Identifiable Net Assets
 
$
720.1


The goodwill is primarily attributable to expected growth from the private credit asset class. The amount of goodwill expected to be deductible for tax purposes is $425.8 million , which includes deferred payments that are recognized as compensation expense for accounting purposes.
The intangible assets relate to acquired investment management contracts. Indefinite-lived intangible assets represent contracts for which there is no foreseeable limit on the contract period. Definite-lived intangible assets are amortized over their estimated useful lives, which range from four to six years . Amortization expense related to the definite-lived intangible assets was $4.1 million and $7.2 million for the three and nine months ended June 30, 2019 . These assets had a weighted-average remaining useful life of 4.1 years at June 30, 2019 , with estimated remaining amortization expense as follows:
(in millions)
 
 
for the fiscal years ending September 30,
 
Amount
2019 (remainder of year)
 
$
4.3

2020
 
17.2

2021
 
17.2

2022
 
17.2

2023
 
8.0

Thereafter
 
4.7

Total
 
$
68.6

Costs incurred in connection with the acquisition were $6.8 million for the nine months ended June 30, 2019 .

11


The Company has not presented pro forma combined results of operations for this acquisition because the results of operations as reported in the accompanying consolidated statements of income would not have been materially different.
Note 4 Earnings per Share
The components of basic and diluted earnings per share were as follows:  
(in millions, except per share data)
 
Three Months Ended
June 30,
 
Nine Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income attributable to Franklin Resources, Inc.
 
$
245.9

 
$
402.0

 
$
889.3

 
$
261.9

Less: allocation of earnings to participating nonvested stock and stock unit awards
 
2.6

 
3.3

 
8.8

 
17.1

Net Income Available to Common Stockholders
 
$
243.3

 
$
398.7

 
$
880.5

 
$
244.8

 
 
 
 
 
 
 
 
 
Weighted-average shares outstanding – basic
 
501.6

 
533.0

 
505.6

 
542.9

Dilutive effect of nonparticipating nonvested stock unit awards
 
0.7

 
0.5

 
0.5

 
0.7

Weighted-Average Shares Outstanding – Diluted
 
502.3

 
533.5

 
506.1

 
543.6

 
 
 
 
 
 
 
 
 
Earnings per Share
 
 
 
 
 
 
 
 
Basic
 
$
0.48

 
$
0.75

 
$
1.74

 
$
0.45

Diluted
 
0.48

 
0.75

 
1.74

 
0.45


Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were 0.2 million for the three and nine months ended June 30, 2019 , and 0.8 million and 0.3 million for the three and nine months ended June 30, 2018 .
Note 5 Revenues
The Company earns revenue primarily from providing investment management and related services to its customers, which are generally investment products or investors in separate accounts. Related services include fund administration, sales and distribution, and shareholder servicing. Revenues are recognized when the Company’s obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. The obligations are satisfied over time as the services are rendered, except for the sales and distribution obligations for the sale of shares of sponsored funds which are satisfied on trade date. Multiple services included in customer contracts are accounted for separately when the obligations are determined to be distinct.
Fees from providing investment management and fund administration services (“investment management fees”), other than performance-based investment management fees, are determined based on a percentage of assets under management (“AUM”), primarily on a monthly basis using daily average AUM, and are recognized as the services are performed over time. Performance-based investment management fees are generated when investment products’ performance exceeds targets established in customer contracts. These fees are recognized when the amount is no longer probable of significant reversal and may relate to investment management services that were provided in prior periods.
Sales and distribution fees primarily consist of upfront sales commissions and ongoing distribution fees. Sales commissions are based on contractual rates for sales of certain classes of sponsored funds and are recognized on trade date. Distribution service fees are determined based on a percentage of AUM, primarily on a monthly basis using daily average AUM. As the fee amounts are uncertain on trade date, they are recognized over time as the amounts become known and may relate to sales and distribution services provided in prior periods.
Shareholder servicing fees are primarily determined based on a percentage of AUM on a monthly basis using daily average AUM and either the number of transactions in shareholder accounts or the number of shareholder accounts, while fees from certain investment products are based only on AUM. The fees are recognized as the services are performed over time.

12


AUM is generally based on the fair value of the underlying securities held by investment products and is calculated using fair value methods derived primarily from unadjusted quoted market prices, unadjusted independent third-party broker or dealer price quotes in active markets, or market prices or price quotes adjusted for observable price movements after the close of the primary market in accordance with the Company’s global valuation and pricing policy. The fair values of the underlying securities for which market prices are not readily available are valued internally using various methodologies which incorporate significant unobservable inputs as appropriate for each security type and represent an insignificant percentage of total AUM.
Revenue is recorded gross of payments made to third-party service providers in the Company’s role as principal as it controls the delegated services provided to customers.
Operating revenues by geographic area were as follows:
 
 
Earned From Contracts With Customers
 
Not Earned From
Contracts With Customers  1
 
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 Customers  1
 
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

__________________  
1  
Consists of interest and dividend income from consolidated investment products.
Operating revenues are attributed to geographic areas based on the locations of the Company’s subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold.

13


Note 6 Investments
The disclosures below include details of the Company’s investments, excluding those of consolidated investment products. See Note  8 Consolidated Investment Products for information related to the investments held by these entities.
The Company adopted new accounting guidance on October 1, 2018 that requires substantially all equity investments in nonconsolidated entities to be measured at fair value with changes recognized in earnings, except for those accounted for using the equity method of accounting. The new guidance did not change the accounting for investments in non-equity securities. Investment balances and related changes for the prior year have not been reclassified to conform to the financial statement presentation as of and for the period ended June 30, 2019 .
Investments consisted of the following:
(in millions)
 
June 30,
2019
Equity securities, at fair value
 
 
Sponsored funds
 
$
381.8

Other equity securities
 
148.3

Total equity securities, at fair value
 
530.1

Debt securities
 
 
Trading
 
72.8

Available-for-sale
 
4.7

Total debt securities
 
77.5

Investments in equity method investees
 
971.9

Other investments
 
42.5

Total
 
$
1,622.0

(in millions)
 
September 30,
2018
Investment securities, trading
 
 
Sponsored funds
 
$
248.1

Debt and other equity securities
 
97.6

Total investment securities, trading
 
345.7

Investment securities, available-for-sale
 
 
Sponsored funds
 
178.6

Debt and other equity securities
 
15.5

Total investment securities, available-for-sale
 
194.1

Investments in equity method investees
 
780.8

Other investments
 
105.9

Total
 
$
1,426.5


Equity securities, at fair value include investments that were classified as trading or available-for-sale or carried at cost prior to adoption of the new guidance. Changes in the fair value of the investments are recognized as gains and losses in earnings. The fair value of funds is determined based on their published NAV or estimated using NAV as a practical expedient. The fair value of equity securities other than funds is determined using independent third-party broker or dealer price quotes or based on discounted cash flows using significant unobservable inputs.
Effective October 1, 2018 , equity investments that do not have a readily determinable fair value are measured at cost adjusted for observable price changes and impairment, if any, which are recognized in earnings. The impairment assessment for these investments considers qualitative factors, including the financial condition and specific events related to the investee, that may indicate the fair value of the investment is less than its carrying value. 
Investment securities with aggregate carrying amounts of $1.2 million were pledged as collateral at both June 30, 2019 and September 30, 2018 .

14


Gross unrealized gains and losses relating to investment securities, available-for-sale were as follows:
(in millions)
 
Cost Basis
 
Gross Unrealized
 
Fair Value
 
Gains
 
Losses
 
as of June 30, 2019
 
 
 
 
 
 
 
 
Debt securities
 
$
4.7

 
$

 
$

 
$
4.7

 
 
 
 
 
 
 
 
 
as of September 30, 2018
 
 
 
 
 
 
 
 
Sponsored funds
 
$
172.9

 
$
8.3

 
$
(2.6
)
 
$
178.6

Debt and other equity securities
 
16.8

 
0.5

 
(1.8
)